/raid1/www/Hosts/bankrupt/TCR_Public/240904.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Wednesday, September 4, 2024, Vol. 28, No. 247
Headlines
15 BOSTON: Hires Joseph J. D'agostino Jr. as Attorney
2881 CHURCH: Gerard Luckman of Forchelli Named Subchapter V Trustee
345 SEVENTH: Secured Party Sets Sept. 12 Auction
384 SOUTH: Plan Contemplates Two Scenarios
985 JNC: Case Summary & Four Unsecured Creditors
ACI CAPITAL: Jodi Daniel Dubose Named Subchapter V Trustee
ACTION FACE: Seeks Court Nod to Sell Shares in Infinite Reality
AEGIS TOXICOLOGY: $300MM Bank Debt Trades at 27% Discount
AFB RESTAURANTS: Christopher Hayes Named Subchapter V Trustee
ALCOVY TRUCKING: Hires Natalyn M. Archibong as Counsel
ALLEN KNECHT: Hires Michael D. O'Brien & Associates as Attorney
AMERICAN TIRE: $1BB Bank Debt Trades at 31% Discount
ANTIA'S TENDER: Leon Jones Named Subchapter V Trustee
AQUA POOL: Hires Penn Law Firm as Bankruptcy Counsel
ART BUILDINGS: Hires Law Offices of Michael Jay Berger as Counsel
ATLAS PURCHASER: $128MM Bank Debt Trades at 79% Discount
B+T GROUP: Gladstone Investment $14MM Loan at 62% Off
BERKELEY HEIGHTS: No Patient Complaints, 2nd PCO Report Says
BLINK CHARGING: CEO Jones to Retire Next Year, Successor Named
BROWNIE'S MARINE: Posts $80K Net Income in Second Quarter
CHIMICHURRI CHICKEN: Unsecureds Will Get 10% over 60 Months
CTCHGC LLC: Case Summary & 20 Largest Unsecured Creditors
DANIEL J. WALLACE MD: No Patient Complaints, 1st PCO Report Says
DEL MONTE: $725MM Bank Debt Trades at 63% Discount
ELECTRONICS FOR IMAGING: $895MM Bank Debt Trades at 19% Discount
ELK CREEK: Seeks to Hire Doran & Doran P.C. as Legal Counsel
ELYSIUM AXIS: No Supply Concerns, First Interim PCO Report Says
ETON STREET: Hearing on Bid Rules Set for Sept. 17
EVOFEM BIOSCIENCES: Falls Short of Nasdaq Bid Price Requirement
F.N.B.C. OF LA GRANGE: ArrowMark $700,000 Loan at 17% Off
GB SCIENCES: Incurs $1.36M Net Loss in Fiscal Year Ended March 31
GLOBAL SUPPLIES: Hires Rachel S. Blumenfeld PLLC as Attorney
J.R. HOBBS: Gladstone Investment $16.5MM Loan at 46% Off
J.R. HOBBS: Gladstone Investment $2.4MM Loan at 46% Off
J.R. HOBBS: Gladstone Investment $26MM Loan at 46% Off
JACKSON GARDENS: Voluntary Chapter 11 Case Summary
JNJ HOME: No Patient Complaints, 4th PCO Report Says
JOE'S AUTO: Judy Wolf Weiker Named Subchapter V Trustee
LASERSHIP INC: $455MM Bank Debt Trades at 53% Discount
LILIUM N.V.: Schedules Extraordinary General Meeting for Sept. 18
LIVEONE INC: Extends Maturity of East West Bank Note
LUMEN TECHNOLOGIES: $1.63BB Bank Debt Trades at 19% Discount
LUMIO HOLDINGS: Case Summary & 30 Largest Unsecured Creditors
LUMIO HOLDINGS: Files Chapter 11 to Pursue Sale to White Oak
MAGENTA BUYER: $3.18BB Bank Debt Trades at 62% Discount
MAGNOLIA ROSE: Asset Sale Proceeds to Fund Plan Payments
MATCHBOX BUSINESS: Unsecureds to Split $48K in Consensual Plan
MEET UP PG: Unsecureds Will Get 88.6% in Subchapter V Plan
MEIER'S WINE: Hires Katten Muchin Rosenman as Legal Counsel
MEIER'S WINE: Hires Riveron RTS, LLC as Financial Advisor
MEIER'S WINE: Seeks to Hire Epiq as Administrative Advisor
MLN US HOLDCO: $576MM Bank Debt Trades at 87% Discount
MP BUILD: Seeks to Hire Tittle Law Group PLLC as Legal Counsel
MPH ACQUISITION: $1.33BB Bank Debt Trades at 21% Discount
MULLEN AUTOMOTIVE: Enters Into $210M Contract With Volt Mobility
MULLEN AUTOMOTIVE: Issues 13.82 Million Common Shares to Esousa
NAVIGA INC: Golub Capital $160,000 Loan at 55% Off
NIC ACQUISITION: $1.03BB Bank Debt Trades at 16% Discount
NJ MOBILE: U.S. Trustee Appoints Joseph Tomaino as PCO
ONDAS HOLDINGS: Closes $4 Million Registered Direct Offering
ORIGIN AGRITECH: Appoints New COO and CFO
ORIGIN AGRITECH: Board Appoints Weibin Yan as CEO and Director
PERASO INC: Signs $1.43M Sales Agreement With Ladenburg Thalmann
PHOENIX DOOR: Gladstone Investment $3.2MM Loan at 64% Off
POLARIS OPERATING: Court OKs Bid Rules for Sale of WGU Equity
PRETIUM PKG: $350MM Bank Debt Trades at 46% Discount
PSI MOLDED: Gladstone Investment $26MM Loan at 27% Off
Q.Y. TANG'S HWA: Unsecureds Unimpaired in Joint Plan
QUALITY CARE: No Patient Complaints, 2nd PCO Report Says
REALD INC: $60MM Bank Debt Trades at 39% Discount
REDSTONE HOLDCO 2: $1.11BB Bank Debt Trades at 21% Discount
REDSTONE HOLDCO 2: $450MM Bank Debt Trades at 26% Discount
RETO ECO-SOLUTIONS: Closes $19.45 Million Private Placement
RIVERTON 25: Voluntary Chapter 11 Case Summary
ROSE ANIMAL: Property Sale Proceeds to Fund Plan Payments
RWDY INC: Amends Plan to Include Jason Brazzel Claim
SAI BABA: Hires Oliver & Cheek PLLC as Legal Counsel
SHARING SERVICES: Sells $100K Convertible Note to HWH International
SHIELDS NURSING: PCO Files Fifth Report
SIR TAJ: Trustee Seeks Court OK to Sell Sir Taj Hotel by Auction
SKILLZ INC: Incurs $26.72 Million Net Loss in First Quarter
SKILLZ INC: Posts $26.05 Million Net Income in Second Quarter
STEWARD HEALTH: PCO Files Supplement to First Interim Report
STG LOGISTICS: $750MM Bank Debt Trades at 50% Discount
SYDOW FIRM: Sylvia Mayer Named Subchapter V Trustee
TI INTERMEDIATE: Golub Capital $1.1MM Loan at 15% Off
TI INTERMEDIATE: Golub Capital $192,000 Loan at 15% Off
TI INTERMEDIATE: Golub Capital $4.1MM Loan at 15% Off
TI INTERMEDIATE: Golub Capital $522,000 Loan at 15% Off
TI INTERMEDIATE: Golub Capital $696,000 Loan at 15% Off
TRANSPECOS FINANCIAL: ArrowMark $4MM Loan at 15% Off
TREMONT CHICAGO: Seeks to Extend Plan Exclusivity to Nov. 18
TRIMONT ENERGY: Proposes Immaterial Modifications to Plan
TULSA VALLEY: ArrowMark $1.7MM Loan at 20% Off
TYKMA INC: Gets Court Nod to Sell Assets to AMKYT for $5.7-Mil.
UNDERGROUND CREATIVE: Court Confirms Amended Exit Plan
VERANEX INC: Golub Capital $3.3MM Loan at 25% Off
VERANEX INC: Golub Capital $398,000 Loan at 25% Off
VERTEX ENERGY: Secures Consent to Get Unrestricted Cash of $25MM
VISION CAPITAL: Case Summary & Eight Unsecured Creditors
WILD CARGO: Aleida Martinez Molina Named Subchapter V Trustee
WISA TECHNOLOGIES: VP of Finance and Chief Accounting Officer Quits
WISCONSIN & MILWAUKEE: Hires LW Hospitality Advisors as Appraiser
WYATT RESTAURANT: Hires Home Tax Service as Accountant
*********
15 BOSTON: Hires Joseph J. D'agostino Jr. as Attorney
-----------------------------------------------------
15 Boston Post Road, LLC seeks approval from the U.S. Bankruptcy
Court for the District of Connecticut to employ Joseph J.
D'agostino, Jr., LLC as attorney.
The firm's services include:
a. advising the Debtor regarding its rights, duties and
powers as a debtor and a debtor-in-possession operating and
managing its affairs;
b. advising and assisting the Debtor with respect to
financial agreements, debt restructuring, cash collateral orders
and other financial transactions;
c. reviewing and advising the Debtor regarding the validity
of liens asserted against property of the debtor;
d. advising the Debtor as to actions to collect and recover
property for the benefit of the debtor's estate;
e. preparing on behalf of the debtor the necessary
applications, motions, complaints, answers, pleadings, orders,
reports, notices, schedules, and other documents, as well as
reviewing all financial reports and other reports filed in its
Chapter 11 case;
f. counseling the Debtor in connection with all aspects of a
plan of reorganization and related documents; and
g. performing all other legal services for the debtor which
may be necessary in its Chapter 11 case.
The firm will be paid at these rates:
Joseph J. D'Agostino, Jr. Attorney $350 per hour
Support Staff $150 per hour
The firm received a retainer in the amount of $7,000.
Joseph J. D'Agostino, Jr., 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:
Joseph J. D'Agostino, Jr., Esq.
Joseph J. D'Agostino, Jr., LLC
1062 Barnes Road
Wallingford, CT 06492
Telephone: (203) 265-5222
Facsimile: (203) 774-1269
Email: joseph@lawjjd.com
About 15 Boston Post Road
15 Boston Post Road, LLC, filed a Chapter 11 bankruptcy petition
(Bankr. D. Conn. Case No. 24-30728) on ugust 8, 2024. The Debtor
hires Joseph J. D'agostino, Jr., LLC as attorney.
2881 CHURCH: Gerard Luckman of Forchelli Named Subchapter V Trustee
-------------------------------------------------------------------
The U.S. Trustee for Region 2 appointed Gerard Luckman, Esq., at
Forchelli Deegan Terrana, LLP as Subchapter V trustee for 2281
Church Avenue, LLC.
Mr. Luckman will be paid an hourly fee of $695 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Luckman declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Gerard R. Luckman, Esq.
Forchelli Deegan Terrana, LLP
333 Earle Ovington Blvd., Suite 1010
Uniondale, NY 11553
Tel: (516) 812-6291
Email: gluckman@ForchelliLaw.com
About 2281 Church Avenue
2281 Church Avenue, LLC is the fee simple owner of two properties
in Brooklyn, N.Y., with a total value of $5.5 million.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. E.D. N.Y. Case No. 24-43449) on August 19,
2024, with $5,504,200 in assets and $2,437,642 in liabilities.
Oswald C. David, president, signed the petition.
Judge Jil Mazer-Marino oversees the case.
Kamini Fox, Esq., at Kamini Fox, PLLC represents the Debtor as
legal counsel.
345 SEVENTH: Secured Party Sets Sept. 12 Auction
------------------------------------------------
BSPODF TRS Holdco LLC ("secured party") offers for sale at public
auction on Sept. 12, 2024, at 3:30 p.m. Prevailing Eastern Time and
conducted via video conference, in connection with a Uniform Code
sale of all rights, title and interests of 345 Seventh Avenue
Holdings LLC, having an address of 150 Great Neck Road, Suite 304,
Great Neck New York 11021, and Empire 345 Mezz LLC, having an
address of 461 Fifth Avenue, 6th Floor, New York, New York 10017
("Debtor") in 100% of the limited liability company membership
interests in 7th City Realty LLC, and Empire 345 Seventh LLC
("mortgage borrower"), which are owners of the property at 341,
343, and 3454 Seventh Avenue and 167 West 29th Street, New York,
New York 10001 ("premises") and certain rights and property related
thereto pledged by the Debtor under that certain and security
agreement, made by the Debtor in favor of BSPODF TCRS Holdco LLC
("original lender") dated as of Sept. 2, 2021 ("pledged
agreement").
Original lender was granted a security interest in the interests to
secured a loan to the Debtor ("mezzanine loan"). The secured party
is offering interests for sale in connection with the foreclosure
on the pledge of such interests.
All bids must be for cash, with a $500,000 deposit due two days
prior to the auction, then with the deposit increase to 10% of the
winning bid within two business days after the auction, and with
the full amount due at closing.
The full terms and conditions of the sale, copies of the relevant
agreements, information for attending the auction, and other
information may be obtained by contacting Walker & Dunlop (Jordan
Casella: JCasella@walkerdunlop.com; 212-202-1805 or Christopher de
Raet: CdeRaet@walkerdunlop.com; 332-240-1658). In the event of any
conflict between the terms herein and the full terms of the public
sale, the full terms of public sale will goveren.
384 SOUTH: Plan Contemplates Two Scenarios
------------------------------------------
384 South 5th LLC submitted a First Amended Disclosure Statement
describing First Amended Plan of Reorganization dated August 7,
2024.
During the Chapter 11 case, the Debtor has been seeking out various
sources of capital as well as talking to potential brokers and
purchasers to either refinance or sell the Property.
On March 15, 2024, Toorak assigned the Mortgage and Note to KV
Mortgage Partners LLC ("KV" or the "Lender"), the Debtor's current
senior secured creditor. On March 29, 2024, the Court entered an
order setting the deadline for creditors to file proofs of claim in
this Chapter 11 case to May 10, 2024.
Recently, the Debtor has reached a settlement with KV that has
resulted in the filing of a consensual Plan which provides for
either the sale or refinance of the Property through a confirmed
Plan.
The Plan will be funded with the net proceeds from the sale or
refinance of the Property. The sale or refinance of the Property,
as applicable, following Confirmation of the Plan, shall not be
subject to any stamp or similar transfer or mortgage recording tax
pursuant to section 1146(a) of the Code because Debtor's assets
will be refinanced or sold under the Plan and after the Effective
Date.
Class 1 consists of the Secured Tax Claims. Class 1 Secured Tax and
Administrative Claims of the City of New York in the approximate
amount of $40,471.47, together with any unpaid statutory interest
accrued thereon through the Closing Date, shall be paid in full, in
Cash, from the proceeds of the Sale or Refinance, as applicable. In
the event of a credit bid by KV, KV shall be responsible for the
payment of all Class 1 Secured Tax Claims upon the Sale Closing.
Class 1 is unimpaired and deemed to accept the Plan.
The Lender Class 2 Secured Claim shall be Allowed in the amount of
$3,127,265.68, including accrued post-Petition Date interest at the
statutory judgment rate of 9% through the Sale Closing Date.
* Refinance Option: In the event the Refinance occurs on or
before October 31, 2024, the Lender shall accept the sum of
$2,295,000, in cash, inclusive of the Plan Deposit, in full and
final satisfaction of the Allowed Class 2 Secured Claim at the
Closing.
* Sale Option: In the event that the Refinance does not occur
on or before October 31, 2024, the Debtor shall conduct an auction
sale of the Property on or before November 30, 2024, which such
sale to close on or before December 15, 2024. Lender shall have the
right to credit bid the full amount of the Allowed Lender Class 2
Secured Claim at any auction or Sale as. In the event of a Sale to
a Third Party Purchaser, Lender shall receive all net Sale Proceeds
after payment of all Allowed Professional Fees and Class 1 Claims,
in cash at the Closing. In the event that the Lender is the
successful purchaser at Sale, the Lender shall, in addition to
payment the Allowed Professional Fees, pay the Allowed Class 1
Secured Claim, Allowed Professionals Fees of DHC and FIA not to
exceed the aggregate amount of $35,000 and the Allowed Fees of
Northgate in the amount equal to 2.25% of the amount of the Secured
Lender's credit bid at the Closing.
Class 3 consists of General Unsecured Claims:
* Refinance Option: In the event the Refinance occurs on or
before October 31, 2024, each holder of an Allowed General
Unsecured Class 3 Claim shall receive 5% of their Allowed Claims
upon completion of the sale of the condominium units, in full and
final satisfaction of Class 3 Claims.
* Sale Option: In the event of a Sale, Class 3 claimholders
shall each receive the remaining proceeds, if any, after the
payment in full of all Unclassified Claims, and Class 1 and Class 2
Claims in full. The Class 3 General Unsecured Claims are impaired
and are entitled to vote to accept or reject the Plan.
The Debtor shall continue to market the Property post-confirmation
and has engaged Northgate Realty Group as real estate broker and/or
mortgage broker to assist in such efforts in order to refinance or
sell and liquidate the Property for the highest and best price on
or before the respective Sale. Upon Closing, the proceeds of
refinance or sale shall be distributed to holders of Claims and
Interests.
In the event that (a) the Debtor has not refinanced the Property on
or before October 31, 2024, the Debtor shall conduct a public
auction of the Property no later than November 30, 2024, with a
closing to occur no later than December 15, 2024, subject to
extension on consent of the Lender in its sole and absolute
discretion.
A full-text copy of the First Amended Disclosure Statement dated
August 7, 2024 is available at https://urlcurt.com/u?l=6owhiv from
PacerMonitor.com at no charge.
Attorneys for the Debtor:
Jonathan S. Pasternak, Esq.
Robert L. Rattet, Esq.
Davidoff Hutcher & Citron, LLP
120 Bloomingdale Road, Suite 100
White Plains, NY 10605
Telephone: (914) 381-7400
About 384 South 5th
384 South 5th LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-40680) on Feb. 14,
2024. In the petition signed by David Goldwasser, chief
restructuring officer, the Debtor disclosed up to $10 million in
both assets and liabilities.
Judge Elizabeth S. Stong oversees the case.
The Debtor tapped Davidoff Hutcher & Citron, LLP as counsel and FIA
Capital Partners, LLC to provide a chief restructuring officer
(CRO) and certain additional personnel.
985 JNC: Case Summary & Four Unsecured Creditors
------------------------------------------------
Debtor: 985 JNC, LLC
985 Jack Nicklaus Ct
Kissimmee, FL 34747
Chapter 11 Petition Date: September 3, 2024
Court: United States Bankruptcy Court
Middle District of Florida
Case No.: 24-04700
Judge: Hon. Tiffany P Geyer
Debtor's Counsel: Daniel A. Velasquez, Esq.
LATHAM LUNA EDEN & BEAUDINE LLP
201 S. Orange Avenue
Suite 1400
Orlando, FL 32801
Tel: (407) 481-5800
Fax: (407) 481-5801
Email: dvelasquez@lathamluna.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Ben A. Kaley as managing member.
A full-text copy of the petition containing, among other items, a
list of the Debtor's four unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/NLOO2QI/985_JNC_LLC__flmbke-24-04700__0001.0.pdf?mcid=tGE4TAMA
ACI CAPITAL: Jodi Daniel Dubose Named Subchapter V Trustee
----------------------------------------------------------
The U.S. Trustee for Region 21 appointed Jodi Daniel Dubose, Esq.,
at Stichter, Riedel, Blain & Postler P.A. as Subchapter V trustee
for ACI Capital Partners, Inc.
Ms. Dubose will be paid an hourly fee of $350 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Dubose declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Jodi Daniel Dubose, Esq.
Stichter, Riedel, Blain & Postler P.A.
41 N. Jefferson Street, Suite 111
Pensacola, FL 32502
Phone: (850) 637-1836
Email: jdubose@srbp.com
About ACI Capital Partners
ACI Capital Partners Inc., a company in Tallahassee, Fla., filed
Chapter 11 petition (Bankr. N.D. Fla. Case No. 24-40217) on May 30,
2024, with $100,000 to $500,000 in assets and $1 million to $10
million in liabilities. ACI President Terry E. Taylor signed the
petition.
Judge Karen K. Specie oversees the case.
Bruner Wright, P.A. serves as the Debtor's legal counsel.
ACTION FACE: Seeks Court Nod to Sell Shares in Infinite Reality
---------------------------------------------------------------
Action Face, Inc. will ask the U.S. Bankruptcy Court for the
Central District of California at a hearing on Sept. 10 to approve
the sale of the company's shares of common stock in Infinite
Reality, Inc.
The company currently holds 949,959 common shares in Infinite
Reality.
Action Face originally received 1,187,449 shares from Infinite
Reality in consideration for the assets, which the latter purchased
from the company earlier this year. Infinite Reality estimated the
shares to be worth about $10 million or approximately $8.42 per
share).
After the closing of the sale, Action Face's intellectual property
advisor, Hilco IP Services, LLC, received its fee equal to 20% of
the gross proceeds from the sale of the company's assets, or
237,490 Infinite Reality shares.
Infinite Reality is currently a privately held company, which makes
monetization of the shares difficult since there is no public
market for the sale of such shares. However, Infinite Reality, has
recently announced plans to merge this year with a public company,
Newbury Street Acquisition Corporation, through a publicly-traded
special purpose acquisition company (SPAC). If this anticipated
merger occurs, Action Face can sell its Infinite Reality shares in
the public market for cash.
While Action Face seeks authority to sell its Infinite Reality
shares, or a portion thereof, based upon its sole discretion, the
company will only sell those shares if the price per share is at
least $1.00, which is approximately 12% of the estimated value of
such share at the time it was issued to the company, according to
court papers.
About Action Face
Action Face, Inc. is a developer of customized selfie action
figures and avatar videos starring the user, intended to capture
memorable events in life. The company is based in Woodlands Hills,
Calif.
Action Face filed its voluntary petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 24-10180) on
Feb. 5, 2024, listing $100,000 to $500,000 in assets and $1 million
to $10 million in liabilities. The petition was signed by Kenneth
Davis as chief executive officer.
Judge Martin R. Barash oversees the case.
Levene, Neale, Bender, Yoo & Golubchik, LLP is the Debtor's legal
counsel.
AEGIS TOXICOLOGY: $300MM Bank Debt Trades at 27% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Aegis Toxicology
Sciences Corp is a borrower were trading in the secondary market
around 73.1 cents-on-the-dollar during the week ended Friday, Aug.
30, 2024, according to Bloomberg's Evaluated Pricing service data.
The $300 million Term loan facility is scheduled to mature on May
9, 2025. About $282.0 million of the loan is withdrawn and
outstanding.
Aegis Toxicology Sciences Corporation, headquartered in Nashville,
TN, is a specialty toxicology laboratory providing services to the
healthcare, sports, workplace and biopharma industries. Aegis
Toxicology Sciences Corporation is privately-owned by affiliates of
financial sponsor ABRY Partners II, LLC (ABRY). Aegis Toxicology
Sciences Corporation generated revenue of approximately $360
million in the last twelve months to March 31, 2023.
AFB RESTAURANTS: Christopher Hayes Named Subchapter V Trustee
-------------------------------------------------------------
The U.S. Trustee for Region 17 appointed Christopher Hayes as
Subchapter V trustee for AFB Restaurants, Inc.
Mr. Hayes will be paid an hourly fee of $455 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Hayes declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Christopher Hayes
23 Railroad Avenue, #1238
Danville, CA 94526
Phone: (925) 725-4323
Email: chayestrustee@gmail.com
About AFB Restaurants
AFB Restaurants, Inc., doing business as Manakash Oven & Grill, is
a provider of catering for Mediterranean food in Walnut Creek.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Calif. Case No. 24-41235) on August
16, 2024, with $32,470 in assets and $1,103,058 in liabilities.
Ferass Nabil Abughan, chief executive officer, signed the
petition.
John G. Downing, Esq., at Downing Law Offices, P.C. represents the
Debtor as bankruptcy counsel.
ALCOVY TRUCKING: Hires Natalyn M. Archibong as Counsel
------------------------------------------------------
Alcovy Trucking, LLC, seeks approval from the U.S. Bankruptcy Court
for the Northern District of Georgia to employ Natalyn M. Archibong
as counsel.
The firm's services include:
a. preparing schedules, statements of financial affairs,
pleadings and applications;
b. conducting examinations;
c. advising Debtor of her rights and responsibilities as a
debtor-in-possession;
d. consulting with Debtor and representing Debtor with respect
to preparation and advocacy of a plan of reorganization;
e. representing Debtor in contested matters and adversary
proceedings; and
f. advising and representing Debtor with respect to such other
matters which may arise incidental to the proper preservation and
administration of Debtor's estate and business.
The firm will be paid at the rate of $350 per hour.
The firm will be paid a retainer in the amount of $3,2620.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Natalyn M. Archibong, 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:
Natalyn M. Archibong, Esq.
374 Maynard Terr SE, Ste. 206
Atlanta, GA 30316
Tel: (404) 626-9142
Email: nmarchibong@gmail.com
About Alcovy Trucking
Alcovy Trucking LLC is part of the general freight trucking
industry.
Alcovy Trucking LLC sought relief under Subchapter V of Chapter 11
of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 24-58210) on
August 6, 2024. In the petition filed by Edward Watkins, as
managing member, the Debtor reports estimated assets and
liabilities between $1 million and $10 million each.
The Debtor is represented by:
Natalyn Archibong, Esq.
LAW OFFICES OF NATALYN ARCHIBONG
374 Maynard Terrace SE
Suite 206
Atlanta, GA 30316
Tel: (404) 626-9142
Email: nmarchibong@gmail.com
ALLEN KNECHT: Hires Michael D. O'Brien & Associates as Attorney
---------------------------------------------------------------
Allen Knecht DC PC, seeks approval from the U.S. Bankruptcy Court
for the District of Oregon to employ Michael D. O'Brien &
Associates P.C. as attorney.
The firm will assist in negotiating financing orders, obtaining
authorization for use of cash collateral, reviewing and evaluating
the status and validity of secured claims, litigation implementing
their avoidance powers and formulating a plan of reorganization.
The firm will be paid at these rates:
Michael D. O'Brien, MDO, Partner $475 per hour
Theodore J. Piteo, TJP, Partner $400 per hour
Hugo Zollman, HZ, Senior Paralegal $185 per hour
Lauren Gary, LNG, Paralegal $125 per hour
On March 20, 2023, the firm was retained by Allen Knecht regarding
investigation into creditor collections and received $3,000 from
Allen Knecht. On June 12, 2024, Firm received $3,500.00, June 18,
2024 an additional $5,000 was received, another $13,000 was
received on July 8, 2024, $4,000 on July 31, 2024 and a final
payment of $2,000 on August 11, 2024 from Allen Knecht.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
In addition, the firm will seek reimbursement for its out-of-pocket
expenses.
Theodore J. Piteo, Esq., a partner at Michael D. O'Brien &
Associates, 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:
Theodore J. Piteo, Esq.
Michael D. O'Brien & Associates, P.C.
12909 SW 68th Pkwy, Suite 160
Portland, OR 97223
Tel: (503) 786-3800
About Allen Knecht DC PC
The Debtor offers a wide variety of services including,
chiropractic, doctor supervised weight loss, functional medicine,
massage therapy, mind body medicine, nutraceuticals, personal
injury and concussion rehabilitation, and red light body
contouring.
Allen Knecht DC PC in Portland, OR, filed its voluntary petition
for Chapter 11 protection (Bankr. D. Or. Case No. 24-32254) on
August 14, 2024, listing $252,598 in assets and $1,090,398 in
liabilities. Dr. Allen Knecht as president, signed the petition.
Judge David W Hercher oversees the case.
MICHAEL D. O'BRIEN & ASSOCIATES, P.C. serve as the Debtor's legal
counsel.
AMERICAN TIRE: $1BB Bank Debt Trades at 31% Discount
----------------------------------------------------
Participations in a syndicated loan under which American Tire
Distributors Inc is a borrower were trading in the secondary market
around 69.4 cents-on-the-dollar during the week ended Friday, Aug.
30, 2024, according to Bloomberg's Evaluated Pricing service data.
The $1 billion Term loan facility is scheduled to mature on October
23, 2028. The amount is fully drawn and outstanding.
American Tire Distributors, Inc. distributes motor vehicle parts.
The Company offers custom wheels, tires, and other related
products. American Tire Distributor serves customers in the United
States.
ANTIA'S TENDER: Leon Jones Named Subchapter V Trustee
-----------------------------------------------------
The U.S. Trustee for Region 21 appointed Leon Jones, Esq., at Jones
& Walden, LLC, as Subchapter V trustee for Antia's Tender Touch,
LLC.
Mr. Jones will be paid an hourly fee of $475 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Jones declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Leon S. Jones, Esq.
Jones & Walden, LLC
699 Piedmont Ave. NE
Atlanta, GA 30308
Phone: (404) 564-9300
Email: ljones@joneswalden.com
About Antia's Tender Touch
Antia's Tender Touch, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 24-58635) on August
19, 2024.
AQUA POOL: Hires Penn Law Firm as Bankruptcy Counsel
----------------------------------------------------
Aqua Pool Care, Inc. seeks approval from the U.S. Bankruptcy Court
for the District of South Carolina to employ Penn Law Firm, LLC as
bankruptcy counsel.
The firm's services include:
a. advising Debtor of its rights, powers and duties;
b. attending meetings with Debtor and hearings before the
Court;
c. assisting other professionals retained by Debtor in the
investigation of the acts, conduct, assets, liabilities and
financial condition of Debtor, and any other matters relevant to
the case or to the formulation of a plan of reorganization or
liquidation;
d. investigating the validity, extent, and priority of secured
claims against Debtor's estate, and investigating the acts and
conduct of such secured creditors and other parties to determine
whether any causes of action may exist;
e. advising Debtor with regard to the preparation and filing
of 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 these
matters;
f. advising Debtor with regard to the preparation and filing
of responses to applications, motions, pleadings, notices and other
papers that may be filed and served in these chapter 11 cases by
other parties; and
g. performing other necessary legal services for and on behalf
of Debtor that may be necessary or appropriate in the
administration of these chapter 11 cases.
The firm will be paid at these rates:
Attorneys $250 to $400 per hour
Paralegals and Assistants $100 to $175 per hour
W. Harrison Penn, Attorne $375 per hour 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.
W. Harrison Penn, Esq., a partner at Penn 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:
W. Harrison Penn, Esq.
PENN LAW FIRM, LLC
1517 Laurel Street
Columbia, SC 29201
Tel:(803) 771-8836
Email: hpenn@pennlawsc.com
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
ART BUILDINGS: Hires Law Offices of Michael Jay Berger as Counsel
-----------------------------------------------------------------
Art Buildings LLC seeks approval from the U.S. Bankruptcy Court for
the Eastern District of California to employ Law Offices of Michael
Jay Berger as bankruptcy counsel.
The firm's services include:
a. communicating with creditors of the Debtor,
b. reviewing the Debtor's Chapter 11 bankruptcy petition and
all supporting schedules to determine if amendments are needed;
c. advising the Debtor of its legal rights and obligations in
a bankruptcy proceeding, working to bring the Debtor into full
compliance with reporting requirements of the Office of the United
States Trustee; and
d. preparing status reports as required by the Court, and
responding to any motions filed in Debtor's bankruptcy proceeding.
The firm will be paid at these rates:
Michael Jay Berger $645 per hour
Sofa Davtyan, Partner $595 per hour
Robert Poteete, Associate Attorney $475 per hour
Senior paralegals and law clerks $275 per hour
Bankruptcy paralegals $200 per hour
The firm will be paid a retainer in the amount of $25,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Michael Jay Berger, a partner at Law Offices of Michael Jay Berger,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Michael Jay Berger, Esq.
Law Offices Of Michael Jay Berger
9454 Wilshire Boulevard, 6th Floor
Beverly Hills, CA 90212
Tel: (310) 271-6223
Email: michael.berger@bankruptcypower.com
About Art Buildings LLC
Art Buildings LLC is a Single Asset Real Estate debtor (as defined
in 11 U.S.C. Section 101(51B)).
Michael Jay Berger, Esq. in Modesto, CA, filed its voluntary
petition for Chapter 11 protection (Bankr. N.D. Cal. Case No.
24-41062) on July 19, 2024, listing as much as $1 million to $10
million in both assets and liabilities. Satpreet Thiara as managing
partner, signed the petition.
LAW OFFICES OF MICHAEL JAY BERGER serve as the Debtor's legal
counsel.
ATLAS PURCHASER: $128MM Bank Debt Trades at 79% Discount
--------------------------------------------------------
Participations in a syndicated loan under which Atlas Purchaser Inc
is a borrower were trading in the secondary market around 20.6
cents-on-the-dollar during the week ended Friday, Aug. 30, 2024,
according to Bloomberg's Evaluated Pricing service data.
The $128 million Term loan facility is scheduled to mature on May
18, 2028.
Atlas Purchaser, Inc., which does business as Alvaria, Inc.,
acquired the assets of Aspect Software in a leveraged buyout in
2021. Aspect is a provider of call center software and solution.
B+T GROUP: Gladstone Investment $14MM Loan at 62% Off
-----------------------------------------------------
Gladstone Investment Corporation has marked its $14,000,000 loan
extended to B+T Group Acquisition, Inc to market at $5,364,000 or
38% of the outstanding amount, according to a disclosure contained
in Gladstone Investment's Form 10-Q for the quarterly period ended
June 30, 2024, filed with the Securities and Exchange Commission.
Gladstone Investment is a participant in a Term Debt to B+T Group
Acquisition, Inc. The loan accrues interest at a rate of 7.3%
(SOFR+2%) per annum. The loan matures in December 2026.
Gladstone Investment said the Loan is on non-accrual status.
Gladstone Investment was incorporated under the General Corporation
Law of the State of Delaware on February 18, 2005, and completed an
initial public offering on June 22, 2005. Gladstone Investment is
an externally advised, closed-end, non-diversified management
investment company that has elected to be treated as a business
development company under the Investment Company Act of 1940.
Gladstone Investment is led by Rachael Easton, Chief Financial
Officer and Treasurer. The fund can be reach through:
Rachael Easton
Gladstone Investment Corporation
1521 WESTBRANCH DRIVE, SUITE 100
McLean, VA 22102
Tel: (703) 287-5800
B+T Group deliver engineering, construction and technical services
for the Wireless Industry.
BERKELEY HEIGHTS: No Patient Complaints, 2nd PCO Report Says
------------------------------------------------------------
Joseph Tomaino, the duly appointed patient care ombudsman, filed
with the U.S. Bankruptcy Court for the District of New Jersey his
second report regarding the quality of patient care provided by
Berkeley Heights Dental Specialists, LLC.
The PCO cited that the practice setting was recently built and very
spacious and clean. There were several dental operatories and an
open area for orthodontic work, including an innovative children's
tooth brushing station. The sterilization equipment and procedures
were reviewed and a staff member was observed in the equipment
handling area.
The PCO observed a small biological waste container and he inquired
whether there was a contract for biohazard waste removal. Berkeley
reported that it has a very small volume of waste and relied on the
generosity of the urgent care center next door to take in waste for
removal. Since that practice is now closed, there is a need to find
an alternative means of disposal.
Mr. Tomaino noted that the practice is equipped with modern digital
radiographic equipment. The PCO inquired whether Berkeley had a
contract for a radiology safety technician to come in periodically
and check the equipment. The healthcare provider said it was not
aware if this was required and would check.
The PCO concluded that no patient complaints have been received
during the period from June 12 to August 13, 2024.
The ombudsman may be reached at:
Joseph Tomaino
Grassi Healthcare Advisors, LLC
750 Third Avenue, 28th Floor
New York, NY 10017
Tel: (212) 223-5020
Email: jtomaino@grassihealthcareadvisors.com
About Berkeley Heights Dental Specialists
Berkeley Heights Dental Specialists, LLC filed its voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
D.N.J. Case No. 24-11298) on Feb. 11, 2024, with as much as $1
million in both assets and liabilities. Avijit Goel, managing
member of Berkeley owner, Advanced Dental Specialists LLC, signed
the petition.
The Law Offices of Herbert K. Ryder, LLC represents the Debtor as
bankruptcy counsel.
BLINK CHARGING: CEO Jones to Retire Next Year, Successor Named
--------------------------------------------------------------
Blink Charging Co. announced Aug. 28, 2024, that its President &
CEO, Brendan Jones, will retire on Jan. 31, 2025 concluding five
years of dedicated service. Following his retirement, Jones will
remain involved with the Company as a board member and executive
advisor through July 2025. Effective Feb. 1, 2025, Michael (Mike)
Battaglia, the Company's chief operating officer, will be promoted
to the role of president & CEO.
"When I joined Blink in early 2020, my plan was to lead the Company
for five years," said Brendan Jones. "As that time approaches, I
will officially step down as President and CEO as part of my
planned retirement. However, I will continue to support Blink as
an active Board member and advisor through July 2025."
Under Jones' leadership and with Battaglia's pivotal role, Blink
has experienced remarkable growth. In 2023, the Company achieved
$140.6 million in revenue and generated the highest gross margin
among comparable companies, a significant increase from $3 million
in revenue in 2019. Battaglia, who joined Blink in 2020 as VP of
Sales, was promoted to Chief Revenue Officer and now serves as
Chief Operating Officer. His contributions have been instrumental
in driving this growth.
Before joining Blink, Battaglia accumulated over 24 years of
experience in progressively senior roles. This includes more than
14 years at JD Power, a U.S.-based data analytics and consumer
intelligence company, significant positions at SmartDisk, a
consumer electronics and software solutions company and held
several roles at Toyota Motor Sales, U.S.A. Battaglia and his wife
will be relocating to the Washington, D.C. metro area to be closer
to Blink's Global Headquarters in Bowie, MD.
Blink's Board of Directors conducted a thorough succession planning
process, which involved an extensive evaluation of candidates and
alignment with the company's goals. This process led to the
recommendation of Michael Battaglia by the Nominating Committee.
"We have been diligently preparing for this leadership change to
ensure Blink's continued success," Jones added. "Mike has been a
vital part of our growth, contributing across Sales, Operations,
and Strategic Enablement. His deep understanding of our business
combined with his trusted relationships with both the executive
team and external stakeholders make him the ideal successor. My
decision to retire was influenced by the team's capability to lead
Blink into the future. I have full confidence in Mike's ability to
collaborate effectively with the other talented team members and
lead Blink to new heights. I am genuinely excited about the future
and the opportunities ahead."
Mike Battaglia expressed his perspective about the new role: "I am
honored to assume this position and proud of what our team has
accomplished. As we look to the future of the EV industry, we are
optimistic about the opportunities ahead. We remain committed to
advancing Blink's position as a leading provider of electrified
transportation solutions and innovative technologies. I am
grateful to be part of this great team and thankful for Brendan's
leadership and vision. I look forward to building on this strong
foundation."
Ritsaart van Montfrans, Chairman of Blink's Board, added: "Mike
Battaglia is a seasoned leader with a proven track record in the EV
charging industry. We are confident in his ability to drive
Blink's growth as we enter this new phase. All of us at Blink
Charging congratulate Brendan on his upcomi ng retirement. He has
made a positive and indelible mark on the EV industry, and his
contributions to Blink have been invaluable. We value his
contribution to building a strong team, including Mike, who is
exceptionally well-positioned to lead Blink into the future."
Advisor Agreement
From Feb. 1, 2025 through July 31, 2025, Mr. Jones will remain
employed by the Company as an Executive Advisor and will assist
with the transition of his responsibilities to his successor and
provide other services as needed. In connection with Mr. Jones'
planned transition, upon the recommendation of the Company's
Compensation Committee, the Company and Mr. Jones have entered into
the Executive Advisor Employment Agreement as approved by the Board
on Aug. 27, 2024. Pursuant to the Advisor Agreement:
* Mr. Jones will serve as an Executive Advisor of the Company
from February 1, 2025 through July 31, 2025, with an option to
extend such term for an additional six months subject to approval
by the Company's Board and management team;
* Mr. Jones' base salary will be $14,583 per month;
* Mr. Jones' role as Executive Advisor will include supporting
the Company's business, strategic objectives and other matters as
reasonably requested by the Board or Mr. Jones' successor;
* Mr. Jones' outstanding unvested equity awards on the date of
his retirement will continue to vest during and following the
Advisory Period, and accordingly will receive similar treatment as
other equity holders regarding such equity awards in the event of a
change in control of the Company during and following the Advisory
Period; and
* Mr. Jones will continue to have access to coverage under the
Company's employee benefit plans, including the Company's health
insurance plans, during the Advisory Period subject to any
limitations in those plans.
About Blink Charging
Based in Miami Beach, Florida, Blink Charging Co. (OTC: CCGID)
f/k/a Car Charging Group Inc. -- http://www.CarCharging.com/-- is
a manufacturer, owner, operator, and provider of electric vehicle
("EV") charging equipment and networked EV charging services in the
rapidly growing U.S. and international markets for EVs. Blink
offers residential and commercial EV charging equipment and
services, enabling EV drivers to recharge at various locations.
Blink's principal line of products and services is its Blink EV
charging networks and Blink EV charging equipment, also known as
electric vehicle supply equipment ("EVSE"), and other EV-related
services.
Blink Charging reported a net loss of $203.69 million in 2023, a
net loss of $91.56 million in 2022, a net loss of $55.12 million in
2021, a net loss of $17.85 million in 2020, a net loss of $9.65
million in 2019, and a net loss of $3.42 million in 2018. Blink
Charging reported a net loss of $37.23 million for the six months
ended June 30, 2024.
BROWNIE'S MARINE: Posts $80K Net Income in Second Quarter
---------------------------------------------------------
Brownie's Marine Group, Inc., filed with the Securities and
Exchange Commission its Quarterly Report on Form 10-Q disclosing
net income of $79,835 on $2.39 million of total revenues for the
three months ended June 30, 2024, compared to a net loss of
$189,844 on $2.07 million of total revenues for the three months
ended June 30, 2023.
For the six months ended June 30, 2024, the Company reported a net
loss of $255,881 on $4 million of total revenues, compared to a net
loss of $517,766 on $3.71 million of total revenues for the six
months ended June 30, 2023.
As of June 30, 2024, the Company had $5.40 million in total assets,
$4.03 million in total liabilities, and $1.37 million in total
stockholders' equity.
Brownie's Marine said, "We have a history of losses, and an
accumulated deficit of $17,941,491 as of June 30, 2024. Despite a
working capital surplus of $149,695 at June 30, 2024, the continued
losses and cash used in operations raise substantial doubt as to
the Company's ability to continue as a going concern. The
Company's ability to continue as a going concern is dependent upon
the Company's ability to continue to increase revenues, control
expenses, raise capital, and continue to sustain adequate working
capital to finance its operations. The failure to achieve the
necessary levels of profitability and cash flows would be
detrimental to the Company. We are continuing to engage in
discussions with potential sources for additional capital, however,
our ability to raise capital is somewhat limited based upon our
revenue levels, net losses and limited market for our common stock.
If we fail to raise additional funds when needed, or if we do not
have sufficient cash flows from operations, we may be required to
scale back or cease certain of our operations."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1166708/000149315224034525/form10-q.htm
About Brownie's Marine
Headquartered in Pompano Beach, Florida, Brownie's Marine Group,
Inc., through its wholly owned subsidiaries, designs, tests,
manufactures, and distributes tankless dive systems, rescue air
systems, and yacht-based self-contained underwater breathing
apparatus ("SCUBA") air compressor and nitrox generation fill
systems. The Company also acts as the exclusive distributor in
North and South America for Lenhardt & Wagner GmbH ("L&W")
compressors in the high-pressure breathing air and industrial gas
markets. The Company is the exclusive United States and Caribbean
distributor for Chrysalis Trading CC, a South African manufacturer
of fitness and dive equipment, which is doing business as Bright
Weights, of a dive ballast system produced in South Africa.
Margate, Florida-based Assurance Dimensions, the Company's auditor
since 2022, issued a "going concern" qualification in its report
dated May 9, 2024, citing that the Company had a net loss of
approximately $1,248,115 and cash used in operating activities of
approximately $374,827 for the year ended Dec. 31, 2023, as well as
an accumulated deficit of approximately $17,685,610 as of Dec. 31,
2023. These factors raise substantial doubt about the Company's
ability to continue as a going concern.
CHIMICHURRI CHICKEN: Unsecureds Will Get 10% over 60 Months
-----------------------------------------------------------
Chimichurri Chicken of Carle Place, Inc., filed with the U.S.
Bankruptcy Court for the Eastern District of New York a Plan of
Reorganization for Small Business dated August 7, 2024.
This Plan provides for two classes of general unsecured claim and
one class of equity holders, comprised solely of Zvi Ben Yosef, as
100% shareholder of the Debtor.
Class 1 consists of General Unsecured Claims:
* NYS Department of Taxation and Finance with $106,644.64
claim amount. The claim will be paid a 10% dividend ($10,664.46) in
60 monthly installment payments in the amount of $177.74,
commencing on the effective date of the plan.
* NYS Department of Taxation and Finance with $117,921.66
claim amount. The claim will be paid a 10% dividend ($11,792.16) in
60 monthly installment payments in the amount of $196.53,
commencing on the effective date of the Plan.
* Jamaica Ash & Rubbish Removal Co. Inc. with $12,526.20 claim
amount. The claim will be paid a 10% dividend ($1,252.62) in 60
monthly installment payments in the amount of $20.87, commencing on
the effective date of the plan.
Class 2 consists of the Unsecured Claim of Country Glen LLC with
$34,097.96 claim amount. The claim will be resolved in the related
bankruptcy case of Chimichurri Chicken Corp. since the lease is
concluded between the Country Glen LLC and Chimichurri Chicken
Corp. The parties agree that as of May 20, 2024, the amount of rent
arrears is $74,115.78, which will be paid in full within 36 months
in equal installment payments in the amount of $2,058.77,
commencing on the first day of the calendar month after entry of
the order approving the Stipulation by the Bankruptcy Court.
The equity interest holder shall retain his interest in the Debtor
following Confirmation, in consideration of a new value
contribution, being made by his as the equity holder toward the
payment of general unsecured creditor claims. The Debtor's
principal will contribute funds in installments over the life of
the plan, on a as needed basis, representing the principal's new
value contribution.
The Plan will be financed (i) by continuing the reorganized
business operations of the Debtor, (ii) from funds accumulated in
the Debtor in Possession bank account, as well as (iii) the
contribution of Zvi Ben Yosef, made from the personal funds on as
needed basis. The Debtor has no accounts receivables.
A full-text copy of the Plan of Reorganization dated August 7, 2024
is available at https://urlcurt.com/u?l=MDTOFF from
PacerMonitor.com at no charge.
Chimichurri Chicken of Carle Place, Inc. is represented by:
Alla Kachan, Esq.
Law Offices of Alla Kachan, PC
2799 Coney Island Avenue, Suite 202
Brooklyn, NY 11235
Telephone: (718) 513-3145
Email: alla@kachanlaw.com
About Chimichurri Chicken of Carle Place
Chimichurri Chicken of Carle Place, Inc., filed a Chapter 11
petition (Bankr. E.D.N.Y. Case No. 23-42489) on July 14, 2023, with
$50,001 to $100,000 in both assets and liabilities.
Judge Nancy Hershey Lord oversees the case.
The Debtor tapped Alla Kachan, Esq. at the Law Offices of Alla
Kachan PC as its bankruptcy counsel and Michael Shtarkman, CPA, at
Wisdom Professional Services, Inc. as accountant.
CTCHGC LLC: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: CTCHGC, LLC
d/b/a Central Texas Gun Works
d/b/a Centex Guns
d/b/a CTGW
321 W Ben White Blvd #203
Austin, TX 78704
Business Description: Central Texas Gun Works is a firearms
academy in Austin, Texas. The Company
offers a straightforward and hassle-free way
of obtaining Texas license to carry a
handgun and various gun safety classes,
including Identogo fingerprint services.
Central Texas Gun Works also has a great
selection of handguns, rifles, shotguns,
knives and accessories in stock at the gun
store showroom.
Chapter 11 Petition Date: September 2, 2024
Court: United States Bankruptcy Court
Western District of Texas
Case No.: 24-11072
Judge: Hon. Shad Robinson
Debtor's Counsel: Kell C. Mercer, Esq.
KELL C. MERCER, P.C.
901 S Mopac Expy Bldg 1 Ste 300
Austin, TX 78746
Tel: (512) 627-3512
Email: kell.mercer@mercer-law-pc.com
Total Assets: $363,309
Total Liabilities: $2,677,635
The petition was signed by Michael D. Cargill 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/X4M7P6I/CTCHGC_LLC__txwbke-24-11072__0001.0.pdf?mcid=tGE4TAMA
DANIEL J. WALLACE MD: No Patient Complaints, 1st PCO Report Says
----------------------------------------------------------------
Tamar Terzian, the patient care ombudsman, filed with the U.S.
Bankruptcy Court for the Central District of California her first
interim report regarding the quality of patient care provided by
Daniel J. Wallace M.D., a Medical Corporation.
In the report which covers the period June 7 to August 7, 2024, the
PCO conducted a site visit of the healthcare provider's
headquarters in Beverly Hills and met with its chief executive
officer who is responsible for coordination of patient care
services and responsible for all activities relevant to the patient
care services furnished, including the development of personnel
qualifications and the assignment of personnel.
The PCO confirmed that each patient is proposed with a treatment
plan that is reviewed by Dr. Wallace. The treatment plan varies
depending on the patients' needs and diagnosis. Dr. Wallace also
makes conducts telehealth in the event a patient has any adverse
reactions. Currently the census is slightly over 3,000 patients.
The staff and medical assistants are properly trained to provide
care.
Ms. Terzian observed that each patient's medical records and
information are well maintained and accessible to staff. Patient
care is properly documented with attached consent forms. The PCO
has no concerns or comments for this reporting period.
Ms. Terzian noted that the healthcare provider has received no
complaints from any patients. The PCO has received no complaints
from the various patients visited for this interim report.
The PCO finds that all care provided to the patients is well within
the standard of care. She will continue to monitor and will be
available to respond to any concerns or questions of the court or
interested party.
A copy of the ombudsman report is available for free at
https://urlcurt.com/u?l=OwIHSF from PacerMonitor.com.
The ombudsman may be reached at:
Tamar Terzian
Hanson Bridgett, LLP
777 S. Figueroa Street
Suite 4200
Los Angeles, CA 90017
Tel: (323) 210-77747
Email: tterzian@hansonbridgett.com
About Daniel J. Wallace M.D.
Daniel J. Wallace M.D., a Medical Corporation specializes in the
treatment of rheumatic diseases and the research of autoimmune and
inflammatory diseases. It conducts business under the name Wallace
and Lee Center in Beverly Hills.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Calif. Case No. 24-14429) on June 3,
2024, with $301,368 in assets and $3,884,496 in liabilities. Daniel
J. Wallace M.D., chief executive officer, signed the petition.
Judge Barry Russell presides over the case.
Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger
represents the Debtor as bankruptcy counsel.
Tamar Terzian has been appointed as patient care ombudsman in the
Debtor's Chapter 11 case.
DEL MONTE: $725MM Bank Debt Trades at 63% Discount
--------------------------------------------------
Participations in a syndicated loan under which Del Monte Foods Inc
is a borrower were trading in the secondary market around 36.7
cents-on-the-dollar during the week ended Friday, Aug. 30, 2024,
according to Bloomberg's Evaluated Pricing service data.
The $725 million Term loan facility is scheduled to mature on May
16, 2029. About $104.3 million of the loan is withdrawn and
outstanding.
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.
ELECTRONICS FOR IMAGING: $895MM Bank Debt Trades at 19% Discount
----------------------------------------------------------------
Participations in a syndicated loan under which Electronics For
Imaging Inc is a borrower were trading in the secondary market
around 80.7 cents-on-the-dollar during the week ended Friday, Aug.
30, 2024, according to Bloomberg's Evaluated Pricing service data.
The $895 million Term loan facility is scheduled to mature on July
23, 2026. About $853.4 million of the loan is withdrawn and
outstanding.
Electronics for Imaging is a worldwide provider of products,
technology and services leading the transformation of analog to
digital imaging.
ELK CREEK: Seeks to Hire Doran & Doran P.C. as Legal Counsel
------------------------------------------------------------
Elk Creek Escape, LLC seeks approval from the U.S. Bankruptcy Court
for the Middle District of Pennsylvania to employ Doran & Doran,
P.C. as counsel.
The firm's services include:
a. providing the debtor in possession with legal advice with
respect to its powers and duties as debtor in possession in the
continued operation of its business and management of its
property;
b. preparing the necessary applications, pleadings, briefs,
memoranda and such other documents and reports as may be required;
c. representing the debtor in possession at all hearings and
adversary proceedings;
d. representing the debtor in possession in its dealings with
its creditors;
e. providing legal services for debtor in possession which may
be necessary herein.
The firm will be paid at these rates:
Lisa M. Doran $285 per hour
The firm was paid a retainer in the amount of $252.50
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Lisa M. Doran, Esq., a partner at Doran & Doran, 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:
Lisa M. Doran, Esq.
Doran & Doran, P.C.
69 Public Square
Ste 700 Wilkes-Barre, PA 18701
Tel: (570) 823-9111
About Elk Creek Escape
Elk Creek Escape, LLC is a local campground that provides a variety
of camping amenities, including rustic style cabins and campsite
firepits. The company is based in Hillsgrove, Pa.
Elk Creek Escape filed a petition under Chapter 11, Subchapter V of
the Bankruptcy Code (Bankr. M.D. Pa. Case No. 24-02003) on August
14, 2024, with $1 million to $10 million in both assets and
liabilities. Connie J. Klick, member, signed the petition.
Judge Mark J. Conway presides over the case.
Lisa M. Doran, Esq., at Doran & Doran, PC represents the Debtor as
legal counsel.
ELYSIUM AXIS: No Supply Concerns, First Interim PCO Report Says
---------------------------------------------------------------
Tamar Terzian, the duly appointed patient care ombudsman, filed
with the U.S. Bankruptcy Court for the Central District of
California her first interim report regarding the quality of
patient care provided by Elysium Axis, LLC.
During the first interim reporting period (from June 27 to August
27), the PCO physically conducted a visit to the facilities, which
are comprised of two adjacent apartment buildings located in Garden
Grove, California. Elysium Axis is approved and licensed to provide
care for 33 participants but as of this interim report, the census
is nine participants.
The PCO observed staff being trained and reviewed employee records.
The staff and case manager are in charge of the participants' care.
The case manager assesses and plans the treatment for each
participant. The therapists implement, coordinate, monitor, and
evaluate the participants' treatment plan.
In addition, the staff coordinate in having group treatments and
each day is broken down with a schedule for the participants to
attend the different sessions available. The PCO finds that Elysium
Axis has sufficient staff that are providing the following
standards set by DCHS.
The PCO reviewed four incident reports that detailed the facts and
circumstances of the participants' altercations with staff or with
one another. She recommends that the company continue to provide
all incident reports immediately for the review. The PCO finds that
it is common to have such altercations in facilities and the
altercations are not due to any company failure to provide the
standard of care to the participants.
The PCO met with the staff in charge of administering all
medication to participants. DHCS requires at least one program
staff on duty at all times trained to adequately monitor clients
for signs and symptoms of their possible misuse of prescribed
medications, adverse medication reactions and related medical
complications. The PCO observed that all medication was properly
labeled and stored for each participant.
A copy of the ombudsman report is available for free at
https://urlcurt.com/u?l=5QPwod from PacerMonitor.com.
The ombudsman may be reached at:
Tamar Terzian, Esq.
Hanson Bridgett, LLP
777 Figueroa Street
Suite 4200
Los Angeles, CA 90017
Tel: (323) 210-7747
Email: tterzian@hansonbridgett.com
About Elysium Axis
Elysium Axis, LLC owns and operates a health care business. in
Garden Grove, Calif
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Calif. Case No. 24-11557) on June 20,
2024, with $500,000 to $1 million in assets and $1 million to $10
million in liabilities. John-Patrick Fritz serves as Subchapter V
trustee.
Judge Scott C. Clarkson presides over the case.
Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger
represents the Debtor as bankruptcy counsel.
Tamar Terzian has been appointed as patient care ombudsman in the
Debtor's Chapter 11 case.
ETON STREET: Hearing on Bid Rules Set for Sept. 17
--------------------------------------------------
Eton Street Brewery, LLC will ask the U.S. Bankruptcy Court for the
Eastern District of Michigan at a hearing on Sept. 17 to approve
the bid rules governing the sale of substantially all of its
assets.
The assets are being sold to ESB Acquisition LLC, a Michigan
limited liability company, or to another buyer who will be selected
as the winning bidder at a court-supervised auction to be held on
Oct. 7, 10:00 a.m. (EST).
ESB offered to buy the assets for $2.1 million in cash and assume
certain liabilities of Eton Street Brewery.
ESB is a new entity formed for the purpose of acquiring
substantially all assets of Eton Street Brewery and is wholly owned
by one of more members of the LePage family who, indirectly, are
equity intertest holders of the company.
To participate in the auction, interested buyers must submit their
bids on or before Oct. 3, at 4:00 p.m. (EST). Each bid must be
accompanied by a deposit equal to 10% of the purchase price
offered, according to the proposed bid rules.
Bidding at the auction will begin with the starting bid and
continue in bidding increments providing a net value to Eton Street
Brewery's estate of at least $75,000 above the prior bid.
The bid rules set Oct. 10 as the date for the hearing to approve
the sale to the winning bidder.
Daniel Dooley, a principal of Morris Anderson & Associates, Ltd.,
is assisting the company with the sale.
About Eton Street Brewery
Eton Street Brewery, LLC is a brewery and distillery company in
Birmingham, Mich., offering beer, spirits, vodka and soda and hard
cider.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. E.D. Mich. Case No. 24-47188) on July 26,
2024, with $10 million to $50 million in assets and $1 million to
$10 million in liabilities. Deborah Fish, Esq., managing partner at
Allard & Fish, P.C., serves as Subchapter V trustee.
Judge Mark A. Randon oversees the case.
Brendan G. Best, Esq., at Varnum, LLP represents the Debtor as
legal counsel.
EVOFEM BIOSCIENCES: Falls Short of Nasdaq Bid Price Requirement
---------------------------------------------------------------
Evofem Biosciences, Inc., disclosed in a Form 8-K filed with the
Securities and Exchange Commission that it received a written
notice, dated Aug. 28, 2024, from the OTC Markets Group notifying
the Company that, because the closing bid price for the Company's
common stock was below $0.01 per share for 30 consecutive trading
days, the Company is not currently in compliance with the minimum
bid price requirement for continued listing on OTCQB Venture
Market, as set forth in the OTCQB listing standards, section 2.3.
The OTC Notice has no immediate effect on the listing of the
Company's common stock on OTCQB, and, therefore, the Company's
listing remains fully effective.
In accordance with OTCQB Listing Standards, Section 4.1 the Company
has a compliance period of 90 calendar days, or until Nov. 26,
2024, to regain compliance with the Minimum Bid Price Requirement.
Compliance may be achieved if the Company's bid price is equal to
or greater than $0.01 for ten consecutive trading days at any time
during the 90-day compliance period, in which case OTC will notify
the Company of its compliance and the matter will be closed.
If the Company does not regain compliance with the Minimum Bid
Price Requirement by Nov. 26, 2024, OTC will provide written
notification to the Company that its common stock will be removed
from OTCQB.
The Company intends to continue actively monitoring the closing bid
price for the Company's common stock between now and Nov. 26, 2024,
and will consider available options to resolve the deficiency and
regain compliance with the Minimum Bid Price Requirement. There
can be no assurance that the Company will be successful in
maintaining the listing of its common stock on the OTCQB.
About Evofem
Evofem Biosciences, Inc. is a San Diego-based commercial-stage
biopharmaceutical company with a strong focus on innovation in
women's sexual and reproductive health. The Company's first
commercial product, Phexxi, was approved by the FDA on May 22,
2020. Phexxi is the first and only FDA-approved, hormone-free
prescription contraceptive vaginal gel.
Walnut Creek, Calif.-based BPM, LLP, the Company's auditor since
2023, issued a "going concern" qualification in its report dated
March 26, 2024, citing that the Company has suffered recurring
losses from operations; negative cash flows from operations since
inception; has received a notice of default for its convertible
notes, and does not have sufficient capital to repay such
obligations (which are now currently due); and has a net capital
deficiency that raise substantial doubt about its ability to
continue as a going concern.
F.N.B.C. OF LA GRANGE: ArrowMark $700,000 Loan at 17% Off
---------------------------------------------------------
ArrowMark Financial Corp has marked its $700,000 loan extended to
F.N.B.C. of La Grange, Inc to market at $577,500 or 83% of the
outstanding amount, according to a disclosure contained in
ArrowMark's Form N-CSR for the fiscal year ended June 30, 2024,
filed with the Securities and Exchange Commission on August 23,
2024.
ArrowMark is a participant in a Subordinated Term Loan to F.N.B.C.
of La Grange, Inc. The loan accrues interest at a rate of 6.63% per
annum. The loan matures on January 1, 2030.
ArrowMark is a Delaware corporation registered as a
non-diversified, closed-end management investment company under the
Investment Company Act of 1940, as amended, which commenced
investment operations on November 13, 2013. In addition, AMFC has
elected to be treated for tax purposes as a regulated investment
company under Subchapter M of the Internal Revenue Code of 1986, as
amended.As an investment company; the Company follows the
accounting and reporting guidance of the FinancialAccounting
Standards Board and theAccounting Standards CodificationTopic 946.
ArrowMark is led by Sanjai Bhonsle, Chief Executive Officer &
Chairman of the Board; and Patrick J. Farrell, Chief Financial
Officer. The fund can be reach through:
Sanjai Bhonsle
ArrowMark Financial Corp
100 Fillmore Street, Suite 325
Denver, CO 80206
Tel: (303) 398-2929
- and -
Sanjai Bhonsle
ArrowMark Asset Management, LLC
100 Fillmore Street, Suite 325
Denver, CO 80206
Tel: (303) 398-2929
Copies of Communications to:
John P. Falco, Esq.
Troutman Pepper Hamilton Sanders LLP
3000 Two Logan Square / Eighteenth and Arch Streets
Philadelphia, PA 19103-2799
Tel: (215) 981-4659
F.N.B.C. of La Grange, Inc. offers personal and commercial banking
services.
GB SCIENCES: Incurs $1.36M Net Loss in Fiscal Year Ended March 31
-----------------------------------------------------------------
GB Sciences, Inc., filed with the Securities and Exchange
Commission its Annual Report on Form 10-K disclosing a net loss of
$1.36 million on $0 of sales revenue for the year ended March 31,
2024, compared to a net loss of $4.13 million on $0 of sales
revenue for the year ended March 31, 2023.
As of March 31, 2024, the Company had $103,442 in total assets,
$5.42 million in total liabilities, and a total stockholders'
deficit of $5.31 million.
Coral Springs, Florida-based Assurance Dimensions, the Company's
auditor since 2020, issued a "going concern" qualification in its
report dated Aug. 30, 2024, citing that the Company incurred a net
loss of $1,361,677 and cash used in operations of $975,698 for the
year ended March 31, 2024. In addition, the Company had an
accumulated deficit of $110,066,992 and working capital deficit of
$4,992,115 at March 31, 2024. These factors 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/0001165320/000143774924028160/gblx20240331_10k.htm
About GB Sciences
GB Sciences, Inc. is a plant-inspired, biopharmaceutical research
and development company creating patented, disease-targeted
formulations of cannabis- and other plant-inspired therapeutic
mixtures for the prescription drug market through its wholly owned
Canadian subsidiary, GbS Global Biopharma, Inc.
GLOBAL SUPPLIES: Hires Rachel S. Blumenfeld PLLC as Attorney
------------------------------------------------------------
Global Supplies NY Inc. seeks approval from the U.S. Bankruptcy
Court for the Eastern District of New York to employ Rachel S.
Blumenfeld PLLC as attorney.
The firm will provide these services:
a. give advice to the Debtor with respect to its powers and
duties as Debtors-in-Possession and the continued management of its
property and affairs;
b. negotiate with creditors of the Debtor and work out a plan
of reorganization and take the necessary legal steps in order to
effectuate such a plan including, if need be, negotiations with
creditors and other parties in interest;
c. prepare on behalf of the Debtor all necessary schedules,
application, motions, answers, orders, reports, and other legal
papers required for the Debtors that seek protection from its
creditors under Chapter 11 of the Bankruptcy Code;
d. appear before the Bankruptcy Court to protect the interest
of the Debtors and to represent the Debtor in all matters pending
before the Court;
e. represent the Debtor, if need be, in connection with
obtaining post petition financing.
f. take any necessary action to obtain approval of a
disclosure statement and confirmation of a plan of reorganization;
and
g. perform all other legal services of the Debtor which may be
necessary for the preservation of the Debtor's estate and to
promote the best interest of the Debtor, its creditors and its
estate.
The firm will be paid at these rates:
Rachel S. Blumenfeld, Esq. $525 per hour
Of counsel $450 per hour
Paraprofessional $150 per hour
The firm will be paid a retainer in the amount of $30,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Rachel S. Blumenfeld, a partner at Rachel S. Blumenfeld 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:
Rachel S. Blumenfeld, Esq.
Law Offices Of Rachel Blumenfeld
26 Court Street, Suite 2220
Brooklyn, NY 11242
Tel: (718) 858-9600
Email: rachel@blumenfeldbankruptcy.com
About Global Supplies NY Inc.
Global Supplies NY Inc. is a distribution service provider in New
York.
Global Supplies NY Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-43232) on August 1,
2024. In the petition filed by Samuel Y. Seidenfeld, as president,
the Debtor reports total assets of $1,115,425 and total liabilities
of $3,633,514.
The Honorable Bankruptcy Judge Elizabeth S. Stong oversees the
case.
The Debtor is represented by:
Rachel S. Blumenfeld, Esq.
LAW OFFICE OF RACHEL S. BLUMENFIELD PLLC
26 Court Street
Suite 2220
Brooklyn, NY 11242
Tel: (718) 858-9600
Email: rachel@blumenfeldbankruptcy.com
J.R. HOBBS: Gladstone Investment $16.5MM Loan at 46% Off
--------------------------------------------------------
Gladstone Investment Corporation has marked its $16,500,000 loan
extended to J.R. Hobbs Co. - Atlanta, LLC to market at $8,18,000 or
54% of the outstanding amount, according to a disclosure contained
in Gladstone Investment's Form 10-Q for the quarterly period ended
June 30, 2024, filed with the Securities and Exchange Commission.
Gladstone Investment is a participant in a Term Debt to J.R. Hobbs
Co. - Atlanta, LLC. The loan accrues interest at a rate of 11.3%
(SOFR+6%) per annum. The loan matures in June 2025.
Gladstone Investment said the Loan is on non-accrual status.
Gladstone Investment was incorporated under the General Corporation
Law of the State of Delaware on February 18, 2005, and completed an
initial public offering on June 22, 2005. Gladstone Investment is
an externally advised, closed-end, non-diversified management
investment company that has elected to be treated as a business
development company under the Investment Company Act of 1940.
Gladstone Investment is led by Rachael Easton, Chief Financial
Officer and Treasurer. The fund can be reach through:
Rachael Easton
Gladstone Investment Corporation
1521 WESTBRANCH DRIVE, SUITE 100
McLean, VA 22102
Tel: (703) 287-5800
J.R. Hobbs is a leading mechanical contractor providing design,
build, plan and install to specification HVAC systems in the
multi-family residential new construction industry.
J.R. HOBBS: Gladstone Investment $2.4MM Loan at 46% Off
-------------------------------------------------------
Gladstone Investment Corporation has marked its $2,400,000 loan
extended to J.R. Hobbs Co. - Atlanta, LLC to market at $1,31,000 or
54% of the outstanding amount, according to a disclosure contained
in Gladstone Investment's Form 10-Q for the quarterly period ended
June 30, 2024, filed with the Securities and Exchange Commission.
Gladstone Investment is a participant in a Term Debt to J.R. Hobbs
Co. - Atlanta, LLC. The loan accrues interest at a rate of 11.3%
(SOFR+6%) per annum. The loan matures in June 2025.
Gladstone Investment said the Loan is on non-accrual status.
Gladstone Investment was incorporated under the General Corporation
Law of the State of Delaware on February 18, 2005, and completed an
initial public offering on June 22, 2005. Gladstone Investment is
an externally advised, closed-end, non-diversified management
investment company that has elected to be treated as a business
development company under the Investment Company Act of 1940.
Gladstone Investment is led by Rachael Easton, Chief Financial
Officer and Treasurer. The fund can be reach through:
Rachael Easton
Gladstone Investment Corporation
1521 WESTBRANCH DRIVE, SUITE 100
McLean, VA 22102
Tel: (703) 287-5800
J.R. Hobbs is a leading mechanical contractor providing design,
build, plan and install to specification HVAC systems in the
multi-family residential new construction industry.
J.R. HOBBS: Gladstone Investment $26MM Loan at 46% Off
------------------------------------------------------
Gladstone Investment Corporation has marked its $26,000,000 loan
extended to J.R. Hobbs Co. - Atlanta, LLC to market at $14,053,000
or 54% of the outstanding amount, according to a disclosure
contained in Gladstone Investment's Form 10-Q for the quarterly
period ended June 30, 2024, filed with the Securities and Exchange
Commission.
Gladstone Investment is a participant in a Term Debt to J.R. Hobbs
Co. - Atlanta, LLC. The loan accrues interest at a rate of 15.6%
(SOFR+10.3%) per annum. The loan matures in June 2025.
Gladstone Investment said the Loan is on non-accrual status.
Gladstone Investment was incorporated under the General Corporation
Law of the State of Delaware on February 18, 2005, and completed an
initial public offering on June 22, 2005. Gladstone Investment is
an externally advised, closed-end, non-diversified management
investment company that has elected to be treated as a business
development company under the Investment Company Act of 1940.
Gladstone Investment is led by Rachael Easton, Chief Financial
Officer and Treasurer. The fund can be reach through:
Rachael Easton
Gladstone Investment Corporation
1521 WESTBRANCH DRIVE, SUITE 100
McLean, VA 22102
Tel: (703) 287-5800
J.R. Hobbs is a leading mechanical contractor providing design,
build, plan and install to specification HVAC systems in the
multi-family residential new construction industry.
JACKSON GARDENS: Voluntary Chapter 11 Case Summary
--------------------------------------------------
Debtor: Jackson Gardens, LLC
1010 Jackson Ave
Pasadena, TX 77506-2657
Business Description: Jackson Gardens is a Single Asset Real
Estate debtor (as defined in 11 U.S.C.
Section 101(51B)).
Chapter 11 Petition Date: September 2, 2024
Court: United States Bankruptcy Court
Southern District of Texas
Case No.: 24-34106
Judge: Hon. Eduardo V Rodriguez
Debtor's Counsel: Reese Baker, Esq.
BAKER & ASSOCIATES
950 Echo Ln Ste 300
Houston TX 77024-2824
Email: courtdocs@bakerassociates.net
Estimated Assets: $100,000 to $500,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Mitchell Steiman as manager.
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/NYJRAVA/Jackson_Gardens_LLC__txsbke-24-34106__0001.0.pdf?mcid=tGE4TAMA
JNJ HOME: No Patient Complaints, 4th PCO Report Says
----------------------------------------------------
Joseph Tomaino, the duly appointed patient care ombudsman, filed
with the U.S. Bankruptcy Court for the Eastern District of New York
his fourth report regarding the quality of patient care provided by
JNJ Home Health Care, Inc.
Since the last report, the PCO has had several calls to interview
the healthcare provider and select staff. Care is provided in
patient homes so there is no way to observe care delivery.
On August 8, 2024, the PCO interviewed the healthcare provider,
which explained that census has dropped due to patient turnover.
JNJ currently is pursuing some additional contracts in order to
provide a better flow of patients and better flow of payments.
Census is currently reported in the 40's, however, JNJ explained
that it could quickly increase depending upon new referrals.
The PCO also attended a status conference and participated in a
follow up call with JNJ's counsel to discuss the case and the PCO's
concerns about cash flow.
The PCO received no patient or family complaints during this
reporting period.
A copy of the ombudsman report is available for free at
https://urlcurt.com/u?l=n6P6S5 from PacerMonitor.com.
The ombudsman may be reached at:
Joseph J. Tomaino
Grassi Healthcare Advisors LLC
750 Third Ave
New York, NY 10017
Telephone: (212) 223-5020
Email: jtomaino@grassihealthcareadvisors.com
About JNJ Home Health Care
JNJ Home Health Care, Inc. is a provider of home healthcare
services in Brooklyn, N.Y.
JNJ Home Health Care filed Chapter 11 petition (Bankr. E.D.N.Y.
Case No. 23-41382) on April 24, 2023. In the petition signed by its
chief executive officer, Caren D. Serieux-Bazelais, the Debtor
disclosed $1,616,300 in assets and $3,550,540 in liabilities.
Judge Jil Mazer-Marino oversees the case.
The Debtor tapped the Law Office of James J. Rufo as bankruptcy
counsel; the Law Office of Charles A. Higgs as special litigation
counsel; and Hickey & Hickey Accounting Consultants as accountant.
Joseph J. Tomaino, chief executive officer of Grassi Healthcare
Advisors, LLC, is the patient care ombudsman appointed in the
Debtor's case.
JOE'S AUTO: Judy Wolf Weiker Named Subchapter V Trustee
-------------------------------------------------------
The U.S. Trustee for Region 10 appointed Judy Wolf Weiker of
Manewitz Weiker Associates, LLC as Subchapter V trustee for Joe's
Auto Service, Inc.
Ms. Weiker will be paid an hourly fee of $375 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Weiker declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Judy Wolf Weiker
Manewitz Weiker Associates, LLC
P.O. Box 40185
Indianapolis, IN 46240
Phone: 973-768-2735
Email: JWWtrustee@manewitzweiker.com
About Joe's Auto Service
Joe's Auto Service, Inc., formerly known as Big O Tires,
specializes in brake repairs, diagnostic procedures, and tackling
automotive issues from battery problems. The company is based in
Noblesville, Ind.
Joe's Auto Service filed a petition under Chapter 11, Subchapter V
of the Bankruptcy Code (Bankr. S.D. Ind. Case No. 24-04264) on
August 9, 2024, with $500,000 to $1 million in assets and $1
million to $10 million in liabilities. Joe Peil, president, signed
the petition.
Judge Jeffrey J. Graham presides over the case.
David Krebs, Esq., at Hester Baker Krebs, LLC represents the Debtor
as legal counsel.
LASERSHIP INC: $455MM Bank Debt Trades at 53% Discount
------------------------------------------------------
Participations in a syndicated loan under which Lasership Inc is a
borrower were trading in the secondary market around 47.5
cents-on-the-dollar during the week ended Friday, Aug. 30, 2024,
according to Bloomberg's Evaluated Pricing service data.
The $455 million Term loan facility is scheduled to mature on May
7, 2029. The amount is fully drawn and outstanding.
LaserShip is a regional last-mile delivery company that services
the Eastern and Midwest United States. Founded in 1986, LaserShip
is based in Vienna, Virginia, and has sorting centers in New
Jersey, Ohio, North Carolina, and Florida.
LILIUM N.V.: Schedules Extraordinary General Meeting for Sept. 18
-----------------------------------------------------------------
Lilium N.V. published Aug. 30 a convocation notice and agenda for
its extraordinary general meeting of shareholders, which will be
held on Wednesday, Sept. 18, 2024, at 2:30 p.m. CEST (8:30 a.m.
EST) at the offices of Freshfields Bruckhaus Deringer LLP,
Strawinskylaan 10, 1077 XZ Amsterdam, the Netherlands.
The convocation notice for the Extraordinary General Meeting, the
agenda with explanatory notes as well as all ancillary documents
relevant for the meeting are available on the Investor's page of
the Company's website (https://ir.lilium.com). Such documents
provide further details regarding the Extraordinary General
Meeting, including information regarding the record date, voting by
proxy, and the live audio webcast of the Extraordinary General
Meeting.
The Company's non-executive directors, Thomas Enders, David
Wallerstein, Niklas Zennstrom, Gabrielle Toledano, David Neeleman
and Margaret M. Smyth, will stand for re-appointment as
non-executive director at the Extraordinary General Meeting for a
period of one-year with effect as of the annual general meeting to
be held in 2024 until the close of the annual general meeting of
shareholders to be held in 2025. Barry Engle and Henri Courpron,
whose terms end at the annual general meeting of shareholders to be
held in 2024, do not plan to stand for re-appointment. In
addition, Mr. Engle has stepped down as a member of the Audit
Committee. Mr. Engle and Mr. Courpron have not advised the board
of directors of the Company of any disagreement on any matters
related to the operations of Lilium.
The Company's non-executive directors made a binding nomination to
the Extraordinary General Meeting for the appointment of Mr.
Philippe Balducchi as a non-executive director for a period of
one-year with effect as of the Extraordinary General Meeting
(assuming shareholder approval) until the close of the annual
general meeting of shareholders to be held in 2025. Mr. Philippe
Balducchi will serve as Audit Committee Chair once appointed as the
non-executive director (assuming shareholder approval). Mr.
Balducchi is the chief financial officer of KNDS, a European
defense technology group, and was the chief executive officer of
Airbus Canada.
The Board also recommends that shareholders vote for the issuance
of shares; the amendment of the articles of association of the
Company; and the cancellation of shares.
The Company noted this is an extraordinary general meeting. The
Company will convene an annual general meeting for the approval of
2023 annual accounts following the completion of the audit.
About Lilium
Lilium (NASDAQ: LILM) -- www.lilium.com -- is creating a
sustainable and accessible mode of high-speed, regional
transportation for people and goods. Using the Lilium Jet, an
all-electric vertical take-off and landing jet, designed to offer
leading capacity, low noise, and high performance with zero
operating emissions, Lilium is accelerating the decarbonization of
air travel. Working with aerospace, technology, and infrastructure
leaders, and with announced sales and indications of interest in
Europe, the United States, China, Brazil, UK, and the Kingdom of
Saudi Arabia, Lilium's 1000+ strong team includes approximately 500
aerospace engineers and a leadership team responsible for
delivering some of the most successful aircraft in aviation
history. Founded in 2015, Lilium's headquarters and manufacturing
facilities are in Munich, Germany, with teams based across Europe
and the U.S.
Munich, Germany-based PricewaterhouseCoopers GmbH
Wirtschaftsprufungsgesellschaft, the Company's auditor since 2019,
issued a "going concern" qualification in its report dated March
15, 2024, citing that the Company has incurred recurring losses
from operations since its inception and expects to continue to
generate operating losses that raise substantial doubt about its
ability to continue as a going concern.
LIVEONE INC: Extends Maturity of East West Bank Note
----------------------------------------------------
LiveOne, Inc. disclosed in a Form 8-K filed with the Securities and
Exchange Commission that on Aug. 26, 2024, it extended the maturity
date of its promissory note issued to East West Bank, underlying
the Company's asset-backed loan credit facility with EWB, to Sept.
15, 2024.
About LiveOne
Headquartered in Los Angeles, Calif., LiveOne, Inc. (NASDAQ: LVO)
(formerly known as LiveXLive Media, Inc.) is a creator-first,
music, entertainment, and technology platform focused on delivering
premium experiences and content worldwide through memberships and
live and virtual events. LiveOne's wholly-owned subsidiaries
include Slacker Radio, PodcastOne (Nasdaq: PODC), PPVOne, CPS,
LiveXLive, DayOne Music Publishing, Drumify and Splitmind. LiveOne
is available on iOS, Android, Roku, Apple TV, Spotify, Samsung,
Amazon Fire, Android TV, and through STIRR's OTT applications. For
more investor information, please visit ir.liveone.com.
Los Angeles, Calif.-based Macias Gini & O'Connell LLP, the
Company's auditor since 2022, issued a "going concern"
qualification in its report dated July 1, 2024, citing that the
Company has suffered recurring losses from operations, negative
cash flows from operating activities and has a net capital
deficiency. These matters raise substantial doubt about the
Company's ability to continue as a going concern.
LUMEN TECHNOLOGIES: $1.63BB Bank Debt Trades at 19% Discount
------------------------------------------------------------
Participations in a syndicated loan under which Lumen Technologies
Inc is a borrower were trading in the secondary market around 81.2
cents-on-the-dollar during the week ended Friday, Aug. 30, 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 companyโs smaller Mass Markets segment primarily provides
broadband services to its residential and small business customer
base.
LUMIO HOLDINGS: Case Summary & 30 Largest Unsecured Creditors
-------------------------------------------------------------
Two affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
Lumio Holdings, Inc. (Lead Case) 24-11916
1550 W Digital Drive
Suite 200
Lehi UT 84043
Lumio HX, Inc. 24-11917
1550 W Digital Drive
Suite 200
Lehi UT 84043
Business Description: Lumio is a privately held residential solar
provider that is fully vertically integrated
with a full suite of photovoltaic solar
system sales, installation and operations.
Chapter 11 Petition Date: September 3, 2024
Court: United States Bankruptcy Court
District of Delaware
Judge: TBD
Debtors'
General
Bankruptcy
Counsel: Robert J. Dehney, Sr., Esq.
Matthew B. Harvey, Esq.
Matthew O. Talmo, Esq.
Scott D. Jones, Esq.
Erin L. Williamson, Esq.
MORRIS, NICHOLS, ARSHT & TUNNELL LLP
1201 N. Market Street, 16th Floor
P.O. Box 1347
Wilmington DE 19801
Tel: (302) 658-9200
Fax: (302) 658-3989
Email: rdehney@morrisnichols.com
mharvey@morrisnichols.com
mtalmo@morrisnichols.com
sjones@morrisnichols.com
ewilliamson@morrisnichols.com
Debtors'
Claims &
Noticing
Agent &
Administrative
Advisor: STRETTO, INC.
Debtors'
Investment
Banker: HOULIHAN LOKEY CAPITAL, INC.
Each Debtor's
Estimated Assets: $100 million to $500 million
Each Debtor's
Estimated Liabilities: $100 million to $500 million
The petitions were signed by Jeffrey T. Varsalone as chief
restructuring officer.
Full-text copies of the petitions are available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/3SEPNXQ/Lumio_Holdings_Inc__debke-24-11916__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/3YVUPMQ/Lumio_HX_Inc__debke-24-11917__0001.0.pdf?mcid=tGE4TAMA
Consolidated List of Debtors' 30 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. Slim Ventures LLC Note $5,465,719
1905 W 4700 S
Salt Lake City, UT 84129
Phone: 801-831-5201
Email: dmikebishop@gmail.com
2. Palmetto Solar, LLC Prebate $4,800,000
1616 Camden Rd #300
Charlotte, NC 28203
Derek Heckendorn
Phone: 856-816-5521
Email: derek.heckendorn@palmetto.com
3. Solar Mosaic LLC Prebate $2,465,814
601 12th Street, Suite 325
Oakland, CA 94607
John Bumgarner
Phone: 619-209-1964
Email: john.bumgarner@joinmosaic.com
4. Sales Rabbit, Inc. Trade Debt $2,004,122
2000 Ashton Blvd
Lehi, UT 84043
Brady Anderson
Phone: 801-418-9009
Email: Brady@salesrabbit.com
5. Sunnova Energy Corporation Prebate $1,700,000
20 Greenway Plaza Suite 540
Houston, TX 77046
Mark Delaney
Phone: 832-683-2766
Email: mark.delaney@sunnova.com
6. Consolidated Electrical Trade Debt $1,460,514
Distributors, Inc.
603 CR 7150 Suite 2
Lubbock, TX 79404
Dan Fadden
Phone: 614-856-0685
Email: daniel.fadden@greentechrenewables.com
7. Dentons Durham Jones Professional $1,194,538
Pinegar PC Fees
111 S Main St Suite 2400
Salt Lake City, UT 84111
David Tufts
Phone: 801-415-3000
Email: david.tufts@dentons.com
8. Soligent Distribution, LLC Trade Debt $1,156,380
1400 N McDowell Blvd Suite 201
Petaluma, CA 94954
Jessica Holt
Phone: 469-699-8870
Email: Jessica.Holt@soligent.net
9. Workday, Inc. Trade Debt $931,370
6110 Stoneridge Mall Road
Pleasanton, CA 94588
Andrew Athens
Phone: 801-834-3458
Email: andrew.athens@workday.com
10. Salesforce.com Trade Debt $770,904
415 Mission Street, 3rd Floor
San Francisco, CA 94105
James Restelli
Phone: 224-676-8513
Email: jrestelli@salesforce.com
11. Podium Corporation, Inc Trade Debt $738,382
Podium Corporation, Inc 1650 W.
Digital Drive
Lehi, UT 84043
Sam Simmons
Phone: 801-438-4425
Email: samuel.simmons@podium.com
12. Wilson Sonsini Goodrich & Professional $724,326
Rosati, Professional Corporation Fees
650 Page Mill Road
Palo Alto, CA 94304
Deno Himonas
Phone: 801-401-8520
Email: dhimonas@wsgr.com
13. TripActions, Inc Trade Debt $655,614
1501 Page Mill Road Building 1
Upper
Palo Alto, CA 94304
David Matty
Phone: 206-379-5540
Email: dmatty@navan.com
14. Redwood Fire and Casualty Insurance $635,690
Insurance Company Trade Debt
1314 Douglas StreetOmahaNE
68102, CA 90074
c/o Berkshire Hathaway
Homestate Companies
Jodi Van Winkle
Email: Jvanwinkle@BHHC.com
15. Ballard Spahr LLP Professional $610,857
PO Box 825470 Fees
Philadelphia, PA 19182-5470
Attn: Thomas F. Burke
Phone: 215-864-8463
Email: BurkeT@ballardspahr.com
16. Stanley Desir Trade Debt $560,943
Address on File
Email: sunstreamsolarllc@gmail.com
17. Holland & Knight LLP Professional $493,126
PO Box 936937 Fees
Atlanta, GA 31193-6937
John Grugan
Phone: 215-252-9610
Email: John.Grugan@hklaw.com
18. Sahalee Partners LLC Professional $480,000
357 Roberts Circle Fees
Alpine, UT 84004
Travis Wilson
Phone: 801-897-5644
Email: travis@sahaleepartners.com
19. Paul Hastings LLP Professional $450,000
515 S Flower St Suite 2500 Fees
Los Angeles, CA 90071
Katherine E. Bell
Phone: 714-668-6238
Email: katherinebell@paulhastings.com
20. inContact Inc Trade Debt $329,648
75 W Towne Ridge Parkway Tower 1
Sandy, UT 84070-5522
Jamie Boyack
NICE inContact
Phone: 801 -320-3200
Email: Jamie.Boyack@niceincontact.com
21. Reyes Gonzales III Trade Debt $309,802
Elite Energy LLC
Address on File
Reyes Gonzales III
Phone: 432-231-7208
Email: reyes.gonzales@eliteenergyusa.com
22. Lehi Spectrum Office 2, L.C Lease $298,712
101 S 200 E
Salt Lake City, UT 84111
Ryan Simmons
Phone: 801-592-2495
Email: rsimmons@boyercompany.com
23. Okta Inc Trade Debt $282,589
100 First Street Suite 600
San Francisco, CA 94105
Marla Espenschied
Phone: 415-534-6728
Email: maria.espenschied@okta.com
24. Losey PLLC Professional $250,000
1420 Edgewater Dr Fees
Orlando, FL 32804
Adam Losey
Phone: 407-906-1605
Email: alosey@losey.law
25. Albany Road- Challenger South LLC Lease $212,295
155 Federal Street Suite 1202
Boston, MA 2110
Melissa Edgin
Phone: 812-830-2068
Email: medgin@commonwealthcommercial.com
26. Salesloft, Inc Trade Debt $201,177
1180 W Peachtree St NW Suite 2400
Atlanta, GA 30309
Rufus Thompson
Phone: 770-756-8022
Email: Rufus.thompson@salesloft.com
27. Holland & Hart Professional $200,002
PO Box 8749 Fees
Denver, CO 80201
Eric Maxfield
Phone: 801-799-5882
Email: jjameson@bellwetherfoodgroup.com;
egmaxfield@hollandhart.com
28. BairesDev LLC Trade Debt $196,260
1999 S Bascom Ave Suite 700
Campbell, CA 95008
David Lara
Phone: 408-478-2739
Email: David.lara@bairesdev.com
29. SADA Systems Inc Trade Debt $191,147
5250 Lankershim Blvd Suite 620
North Hollywood, CA 91601
Sam Wells
Phone: 561-212-4071
Email: sam.wells@sada.com
30. AOB Lamar LLC Lease $175,679
450 Skokie Blvd Ste 1000
Northbrook, IL 60062-7917
701 NW 5th Street
Cheryl Zellers
Phone: 817-226-0000
Email: czellers@advisorstx.com
LUMIO HOLDINGS: Files Chapter 11 to Pursue Sale to White Oak
------------------------------------------------------------
Lumio, a leader in personalized renewable energy, on Sept. 3, 2024,
announced that it has filed voluntary petitions for relief under
Chapter 11 in the United States Bankruptcy Court for the District
of Delaware to complete a value-maximizing sale process and
strengthen its financial position. The Company anticipates
completing the sale process in less than two months. During the
sale process, the Companyโs operations will continue as usual
without interruption.
Prior to its Chapter 11 filing, Lumio entered into a stalking horse
asset purchase agreement (the "APA") with an affiliate of White Oak
Global Advisors, LLC, the Company's primary senior secured lender.
By the APA, White Oak proposes to acquire substantially all of the
Company's assets for a total purchase price of approximately $100
million in the form of a credit bid. If selected as the successful
bidder, White Oak also intends to offer significant equity
ownership to the Company's employees.
Lumio will continue its prepetition sale process through a
Court-supervised process designed to elicit the highest or
otherwise best bid for its assets in order to maximize value for
all stakeholders. A sale transaction will provide certainty
regarding the continuation of the business for employees,
customers, and trade creditors whose claims will be assumed in the
sale.
"Today's announcement marks an important step forward for Lumio and
a continuation of our deliberate efforts to position the business
with the strategic, operational, and financial foundation to
operate at the forefront of the solar industry as it enters its
recovery phase," said Andrew Walton, Chief Executive Officer at
Lumio. "With enhanced financial stability and the support of new
ownership following the completion of our sale process, we will be
well-positioned to capitalize on growth opportunities and better
serve our customers through every step of their switch to solar.
As we complete our sale process, we are committed to continuing to
deliver our industry leading solutions and an excellent experience
to our customers across the country."
Lumio has filed a number of customary "first day" motions which,
upon approval by the Court, will enable the Company to continue its
operations without disruption. The Company has also entered into an
agreement with White Oak to receive $8 million of
debtor-in-possession ("DIP") financing which, following Court
approval, is expected to support operations in the ordinary course
as the Company completes its sale process.
Additional information is available through the Company's claims
agent, Stretto at https://cases.stretto.com/Lumio. Stakeholders
with questions can email LumioInquiries@stretto.com or call
toll-free at (855) 328-2638 or (714) 203-6409 if calling from
outside the U.S.
Advisors
Morris, Nichols, Arsht & Tunnell LLP is serving as legal advisors,
Houlihan Lokey is serving as investment banker, and C Street
Advisory Group is serving as strategic communications advisor to
the Company.
About Lumio
Lumio changed the residential solar industry by merging four
leading regional solar providers and a software company into a
powerful national brand in December 2020. Today, Lumio leads the
industry in customer experience, quality, and technological
innovation. The company's vision to make power personal diversifies
and decentralizes power production via good clean sun
energyโmaking electricity cheaper, cleaner, and more reliable for
homeowners across the country. Lumio's more than 1,000 team members
are dedicated to their stewardship with nature and crafting earth's
best home experience. For more information about Lumio, visit
lumio.com.
About White Oak Global Advisors
White Oak Global Advisors, LLC, a leading global alternative asset
manager that manages $9.7 billion of balance sheet assets. White
Oak is headquartered in San Francisco and specializes in
originating and providing financing solutions to facilitate the
growth, refinancing and recapitalization of small and medium
enterprises.
MAGENTA BUYER: $3.18BB Bank Debt Trades at 62% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Magenta Buyer LLC
is a borrower were trading in the secondary market around 37.6
cents-on-the-dollar during the week ended Friday, Aug. 30, 2024,
according to Bloomberg's Evaluated Pricing service data.
The $3.18 billion Term loan facility is scheduled to mature on July
27, 2028. 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.
MAGNOLIA ROSE: Asset Sale Proceeds to Fund Plan Payments
--------------------------------------------------------
Magnolia Rose Veterinary Clinic, Inc., filed with the U.S.
Bankruptcy Court for the Northern District of Georgia a Plan of
Liquidation dated August 7, 2024.
The Debtor formerly operated a veterinary clinic which is now
subject to a court ordered receivership.
The remaining proceeds from the sale of the Debtor's assets as well
as certain refunds in the amount of $34,563.68 (the "Proceeds") are
being held in the court appointed receiver (the "Receiver")'s
escrow account.
This Plan deals with all property of Debtor and provides for
treatment of all Claims against Debtor and its property.
Class 6 shall consist of General Unsecured Claims including any
potential deficiency claims pursuant to Sections 506 and 522(f) of
the Bankruptcy Code. No funds above the value of the Proceeds are
available for distribution for General Unsecured Claims and General
Unsecured Creditors will receive no distributions under this Plan.
The Debtor will seek to confirm this plan under Section 1191(a) of
the Bankruptcy Code, however, if the Plan is confirmed under
Section 1191(b) of the Bankruptcy Code, Class 6 shall be treated
the same as if the Plan was confirmed under Section 1191(a) of the
Bankruptcy Code.
The Claims of the Class 6 Creditors are Impaired by the Plan, and
the holders of Class 6 Claims are entitled to vote to accept or
reject the Plan. Nothing herein shall constitute an admission as to
the nature, validity, or amount of such claim. Debtor reserves the
right to object to any and all claims.
Upon confirmation, Debtor will be charged with administration of
the Plan. Debtor will be authorized and empowered to take such
actions as are required to effectuate the Plan. Debtor will file
all post-confirmation reports required by the United States
Trustee's office or by the Subchapter V Trustee.
The source of funds for the payments pursuant to the Plan are the
Proceeds being held in the Receiver's escrow account in the amount
of $34563.68.
The Debtor has ceased operations and will cease to exist upon
confirmation of the Plan. There is no projected revenue to be
disclosed by the Debtor.
A full-text copy of the Liquidating Plan dated August 7, 2024 is
available at https://urlcurt.com/u?l=IP451r from PacerMonitor.com
at no charge.
Attorneys for the Debtor:
William A. Rountree, Esq.
Caitlyn Powers, Esq.
Rountree, Leitman, Klein & Geer, LLC
Century Plaza I
2987 Clairmont Road, Suite 350
Atlanta, GA 30329
Tel: (404) 584-1238
Email: wrountree@rlkglaw.com
cpowers@rlkglaw.com
About Magnolia Rose Veterinary Clinic
Magnolia Rose Veterinary Clinic Inc. is a veterinary clinic in
Roswell, Georgia.
Magnolia Rose Veterinary Clinic Inc. sought relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 24-55900) on
June 4, 2024. In the petition signed by Justin O'Dell, as receiver,
the Debtor reports estimated assets up to $50,000 and estimated
liabilities between $1 million and $10 million.
The Honorable Bankruptcy Judge Jeffery W Cavender oversees the
case.
MATCHBOX BUSINESS: Unsecureds to Split $48K in Consensual Plan
--------------------------------------------------------------
Matchbox Business, LLC, filed with the U.S. Bankruptcy Court for
the Western District of Michigan a Subchapter V Plan of
Reorganization dated August 7, 2024.
The Debtor operates a restaurant located at 1345 Lake Dr. SE, Grand
Rapids, Michigan 49506.
Over approximately 10 months between Orange assuming control of the
Debtor's finances and the petition date, the Debtor was able to
generate sufficient revenue to pay its ongoing operational costs,
pay GRB approximately $3,000.00 per month, and generate net
income.
The Debtor's ability to pay its ongoing operational costs, pay GRB
approximately $3,000.00 per month, and generate additional net
disposable income was further confirmed by its operations while
acting as DIP during this proceeding.
Under the Debtor's Plan, all impaired claims receive better
treatment than they would in a Chapter 7 liquidation, including:
(i) immediate payment of GRB's secured claim of $50,025.38; (ii)
payment to the SBA of the $136,732.62 secured portion of its claim
plus the largest percentage of the pro rata share of the
distribution to unsecured non-priority claims; (iii) full payment
of all administrative claims and unsecured claims entitled to
priority; and (iv) pro rata distributions to unsecured non-priority
claims, the amount of which will be determined pursuant to the
"consensual" or "non-consensual" terms contained.
Class 5 consists of all unsecured, non-priority claims. The Debtor
estimates that the unsecured non-priority claims in this estate
will be approximately $1,475,000.00.
* If the Debtor's plan is confirmed as "consensual," within
the meaning of Section 1191(a), then General Unsecured Claims shall
receive a pro rata share of $48,000.00 (the, "Consensual General
Unsecured Claim Base"). The Consensual General Unsecured Claim Base
shall be satisfied through pro rata semi-annual payments of at
least $6,000.00. The semi-annual payments of at least $6,000.00
shall be paid on or before the first day of March and the first day
of September until the total base has been distributed to
creditors. The first semi-annual payment shall be due on or before
March 1, 2025.
* If the Debtor's Plan is confirmed as "non-consensual," then
the General Unsecured Claims shall receive a pro rata share of
$27,000.00 (the "Non-Consensual General Unsecured Claim Base"). The
Debtor's plan must provide for all of its "projected disposable
income" for 36 to 60 months. The Debtor's projected disposable
income is $1,000.00 per month. However, in a non-consensual plan,
the Debtor will continue to insure additional administrative costs
estimated at $250.00 per month, which effectively reduces the
Debtor's projected disposable income to $750.00 per month under a
non-consensual plan. Accordingly, the Debtor asserts that General
Unsecured Creditors receive a significantly higher distribution
under its proposed consensual distributions.
Payments required under the Plan will be made from: (i) the
Debtor's sales revenue as projected in the Debtor's Cash Flow
Projection, and (ii) funds recovered from third-party claims.
A full-text copy of the Subchapter V Plan dated August 7, 2024 is
available at https://urlcurt.com/u?l=hr9BPe from PacerMonitor.com
at no charge.
Counsel to the Debtor:
Steven M. Bylenga, Esq.
CBH Attorneys & Counselors, PLLC
25 Division Ave S, Suite 500
Grand Rapids, MI 49503
Tel: (616) 608-3061
About Matchbox Business, LLC
Matchbox Business, LLC is a modern diner and deli restaurant in
Grand Rapids, Mich.
Matchbox Business filed a petition under Chapter 11, Subchapter V
of the Bankruptcy Code (Bankr. W.D. Mich. Case No. 24-01263) on May
9, 2024, with up to $500,000 in assets and up to $10 million in
liabilities. Nathan Orange, member, signed the petition.
Judge Scott W. Dales oversees the case.
Steven M. Bylenga, Esq., at CBH Attorneys & Counselors, PLLC,
represents the Debtor as legal counsel.
MEET UP PG: Unsecureds Will Get 88.6% in Subchapter V Plan
----------------------------------------------------------
Meet Up PG, Limited Liability Company filed with the U.S.
Bankruptcy Court for the District of Maryland a Subchapter V Plan
of Reorganization dated August 7, 2024.
The Debtor is a Maryland Limited Liability Company, formed to
operate a corporate event and meeting space in Lanham, Maryland.
The Debtor was formed on April 18, 2023. The Debtor entered into a
Lease with Tang Enterprise, LLC for the space at 4400 Forbes
Boulevard, Lanham, Maryland 20706. The Debtor began operations in
September of 2023.
The Debtor is solely owned by Willie J. Young as holder of one
hundred percent of the membership interests in the Debtor.
During the term of this Plan, the Debtor shall submit the
disposable income (or value of such disposable income) necessary
for the performance of this plan to the Subchapter V Trustee and
shall pay the Trustee the sums set forth herein.
The term of this Plan begins on the date of Effective Date of this
Plan and ends on the 24th month subsequent to that date, or if all
payments are made at an earlier time, upon the completion of all
required payments.
Class 1 consists of the Unsecured claim of Tang Enterprise, LLC.
Payment of $20,000.00 on the effective date, $20,000.00 on or about
December 15, 2024, and the balance to be paid at a minimum rate of
$3,000,00 per month until paid. The allowed unsecured claims total
$70,523.79. This Class will receive a distribution of 88.6% of
their allowed claims.
The Debtor has three sources of funds for the funding of the plan.
* Monthly contracts. The Debtor has monthly contracts with
Employ Prince George's, National League of Cities and Abundant Life
Family Fellowship Church. Those contracts currently are in the
aggregate amount of $8,750.00 per month. Employ Prince George's has
committed to increase its contract and the Debtor will then net
$11,750.00 per month.
* Single events. The Debtor projects that it will receive
$3,000 to $5,000 per month in single events per month. Single
events typically generate between $1,500 and $2,500 per event and
the Debtor estimates a minimum of 2 events per month.
* Grant funds. The Debtor is scheduled to receive a grant
payment from Prince George's County in the amount of $20,000 within
the first two months of the county's fiscal year, after August 1,
2024, and a second grant payment in the amount of $20,000 prior to
the end of 2024.
A full-text copy of the Subchapter V Plan dated August 7, 2024 is
available at https://urlcurt.com/u?l=lGlSfY from PacerMonitor.com
at no charge.
Counsel to the Debtor:
Geri Lyons Chase, Esq.
Law Office of Geri Lyons Chase
2007 Tidewater Colony Drive, Suite 2B
Annapolis, MD 21401
Tel: (410) 573-9004
Email: gchase@glchaselaw.com
About Meet UP PG, Limited Liability Company
Meet Up PG, Limited Liability Company, is a Maryland Limited
Liability Company, formed to operate a corporate event and meeting
space in Lanham, Maryland.
The Debtor filed a Chapter 11 bankruptcy petition (Bankr. D. Md.
Case No. 24-13963) on May 9, 2024, disclosing under $1 million in
both assets and liabilities. The Debtor is represented by LAW
OFFICE OF GERI LYONS CHASE.
MEIER'S WINE: Hires Katten Muchin Rosenman as Legal Counsel
-----------------------------------------------------------
Debtor Vintage Wine Estates, Inc., one of the affiliates in the
bankruptcy case Meier's Wine Cellars Acquisition, LLC, seeks
approval from the U.S. Bankruptcy Court for the District of
Delaware to employ Katten Muchin Rosenman LLP as counsel.
The firm will render legal services on behalf of and at the sole
direction of Ivona Smith and Steven Strom, the independent
directors of the board of directors of the Debtor.
The firm will be paid at these rates:
Partner $1,050 to $2,170 per hour
Of Counsel $1,015 to $1,750 per hour
Counsel and Special Staff $555 to $1,475 per hour
Associate $650 to $1,070 per hour
Paralegal $210 to $785 per hour
The firm received an advanced retainer in the amount of $50,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Cindi M. Giglio, a partner at Katten Muchin Rosenman LLP, disclosed
in a court filing that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Cindi M. Giglio
Katten Muchin Rosenman LLP
50 Rockefeller Plaza
New York, NY 10020
Tel: (212) 940-8800
About Meier's Wine Cellars Acquisition
Meier's Wine Cellars Acquisition, LLC --
https://www.vintagewineestates.com -- and its affiliates comprise a
leading vintner in the United States, producing, bottling and
selling wines and hard ciders through wholesale, direct-to-consumer
and business-to-business sales. The Debtors' current portfolio
consists of more than 30 brands, including luxury and lifestyle
wines. The Debtors own and lease approximately 1,850 acres in
premium wine-growing regions of the United States, operating 11
wineries that support nine tasting rooms.
The Debtors filed Chapter 11 petitions (Bankr. D. Del. Lead Case
No. 24-11575) on July 24, 2024, listing $100 million to $500
million in both assets and liabilities. Kristina Johnston,
secretary and treasurer, signed the petitions.
Judge Mary F. Walrath oversees the cases.
The Debtors tapped Richards, Layton & Finger, P.A. and Jones Day as
legal counsels; GLC Advisors & Co., LLC as investment banker; and
Riveron Consulting, LLC as financial advisor. Epiq Corporate
Restructuring, LLC is the Debtors' claims and noticing agent.
MEIER'S WINE: Hires Riveron RTS, LLC as Financial Advisor
---------------------------------------------------------
Meier's Wine Cellars Acquisition, LLC, seeks approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Riveron
RTS, LLC as financial advisor.
The firm will provide these services:
a. review the following to obtain a general understanding and
background of the Debtors and their current situation:
i. Recent historical financial results, segment
profitability and performance issues;
ii. Operations, overhead support functions, recurring and
fixed costs;
iii. Financial projections and performance improvement
initiatives, including most recent liquidity projections, i.e.
13-week cash flow; monthly, quarterly or annual three statement
financial projections; and capital expenditure
projections/budgets;
iv. Working capital position and typical working capital
requirements;
v. Capital structure, credit agreements and amendments,
borrowing base certificates, and ABL availability;
b. assist management with refining/developing/preparing a
liquidity projection (i.e. 13-week cash flow) for delivery to its
senior lender, and provide budget vs. actual updates on an as
required basis;
c. provide management with potential recommendations for
improvements to its liquidity outlook, liquidity projection
process, daily treasury management processes and assist with
implementing such improvements and processes, as needed;
d. assist management with refining its three statement
financial projections to synchronize with the near-term liquidity
projections;
e. develop the above tools to allow for flexibility modelling
various strategic initiates and scenarios, including but not
limited to business divestures, capital raises, asset sales, etc.;
f. assist management, where appropriate, in its
communications and negotiations with key constituents and
stakeholders critical to the successful execution of the 'Debtor's
near-term plan;
g. assist management with vendor management processes,
communications and negotiations, as needed;
h. In connection with the Company's Chapter 11 Cases:
i. assist the Company in its Chapter 11 proceedings,
including preparation and oversight of its financial statements and
schedules related to the bankruptcy process, monthly operating
reports, and other information required in the bankruptcy;
ii. assist the Company in support of first day motions;
iii. assist the Company in obtaining approval for use of
cash collateral and other financing including developing forecasts
and information;
iv. assist the Company with respect to its
bankruptcy-related claims management and reconciliation process;
v. assist the Company in development and execution of a
plan of reorganization, including preparation of a liquidation
analysis, historical financial data and projections;
vi. work with the Company and its professionals, as
appropriate, to assess any offer(s) made pursuant to bankruptcy
court-approved sale procedures;
vii. prepare for court hearings, for the argument of
motions and objections asserted by the Company, and provide
testimony as required;
viii. assist management, where appropriate, in
communications and negotiations with other constituents critical to
the successful execution of the Company's bankruptcy proceedings;
i. Accounting Advisory Services
i. assist the Company with respect to developing,
recording and the processing of its accounting functions, including
but not limited to vendor management, month-end close, interim
reporting and ad hoc requests;
ii. assist the Company with respect to developing,
recording and the processing of its accounts payables and accounts
receivables processes;
iii. assist the Company with respect to developing, and
the processing of its inventory management and standardization;
and
iv. other matters as requested and as mutually agreed,
including general ledger management and related activities.
j. other matters as requested and as mutually agreed.
The firm will be paid at these rates:
Senior Managing Director $865 to $1450 per hour
Managing Director $710 to $960 per hour
Associate Director to Senior Director $580 to $850 per hour
Associate to Manager $460 to $565 per hour
The firm received a retainer in the amount of $200,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Jerry Levin, a Director at Riveron RTS, 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:
Jerry Levin
Riveron RTS, LLC
461 Fifth Avenue 12th Floor
New York, NY 10017
Tel: (917) 386-7063
About Meier's Wine Cellars Acquisition
Meier's Wine Cellars Acquisition, LLC --
https://www.vintagewineestates.com -- and its affiliates comprise a
leading vintner in the United States, producing, bottling and
selling wines and hard ciders through wholesale, direct-to-consumer
and business-to-business sales. The Debtors' current portfolio
consists of more than 30 brands, including luxury and lifestyle
wines. The Debtors own and lease approximately 1,850 acres in
premium wine-growing regions of the United States, operating 11
wineries that support nine tasting rooms.
The Debtors filed Chapter 11 petitions (Bankr. D. Del. Lead Case
No. 24-11575) on July 24, 2024, listing $100 million to $500
million in both assets and liabilities. Kristina Johnston,
secretary and treasurer, signed the petitions.
Judge Mary F. Walrath oversees the cases.
The Debtors tapped Richards, Layton & Finger, P.A. and Jones Day as
legal counsels; GLC Advisors & Co., LLC as investment banker; and
Riveron Consulting, LLC as financial advisor. Epiq Corporate
Restructuring, LLC is the Debtors' claims and noticing agent.
MEIER'S WINE: Seeks to Hire Epiq as Administrative Advisor
----------------------------------------------------------
Meier's Wine Cellars Acquisition, LLC, seeks approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Epiq
Corporate Restructuring as administrative advisor.
The firm will provide these services:
a. assist with, among other things, solicitation, balloting
and tabulation of votes, and prepare any related reports, as
required in support of confirmation of a Chapter 11 plan, and in
connection with such services, process requests for documents from
parties in interest, including, if applicable, brokerage firms,
bank back-offices and institutional holders;
b. prepare an official ballot certification and, if necessary,
testify in support of the ballot tabulation results;
c. assist with the preparation of the Debtors' schedules of
assets and liabilities and statements of financial affairs and
gather data in conjunction therewith;
d. provide a confidential data room, if requested;
e. manage and coordinate any distributions pursuant to a
Chapter 11 plan; and
f. provide such other processing, solicitation, balloting and
other administrative services described in the Engagement
Agreement, but not included in the Section 156(c) Application, as
may be requested from time to time by the Debtors, the Court or the
Office of the Clerk of the Bankruptcy Court (the "Clerk").
The firm will be paid at these hourly rates:
IT / Programming $45 to $70
Case Managers $75 to $160
Project Managers/Consultants/ Directors $170 to 190
Solicitation Consultant $190
Executive Vice President, Solicitation $195
Executives No Charge
The firm will be paid a retainer in the amount of $25,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Brian Hunt, a consulting director at Epiq Corporate Restructuring,
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:
Brian Hunt
Epiq Corporate Restructuring, LLC
777 Third Avenue, 12th Floor
New York, NY 10017
Tel: (646) 282-2532
Email: bhunt@epiqglobal.com
About Meier's Wine Cellars Acquisition
Meier's Wine Cellars Acquisition, LLC --
https://www.vintagewineestates.com -- and its affiliates comprise a
leading vintner in the United States, producing, bottling and
selling wines and hard ciders through wholesale, direct-to-consumer
and business-to-business sales. The Debtors' current portfolio
consists of more than 30 brands, including luxury and lifestyle
wines. The Debtors own and lease approximately 1,850 acres in
premium wine-growing regions of the United States, operating 11
wineries that support nine tasting rooms.
The Debtors filed Chapter 11 petitions (Bankr. D. Del. Lead Case
No. 24-11575) on July 24, 2024, listing $100 million to $500
million in both assets and liabilities. Kristina Johnston,
secretary and treasurer, signed the petitions.
Judge Mary F. Walrath oversees the cases.
The Debtors tapped Richards, Layton & Finger, P.A. and Jones Day as
legal counsels; GLC Advisors & Co., LLC as investment banker; and
Riveron Consulting, LLC as financial advisor. Epiq Corporate
Restructuring, LLC is the Debtors' claims and noticing agent.
MLN US HOLDCO: $576MM Bank Debt Trades at 87% Discount
------------------------------------------------------
Participations in a syndicated loan under which MLN US Holdco LLC
is a borrower were trading in the secondary market around 13.3
cents-on-the-dollar during the week ended Friday, Aug. 30, 2024,
according to Bloomberg's Evaluated Pricing service data.
The $576 million Term loan facility is scheduled to mature on
October 18, 2027. The amount is fully drawn and outstanding.
MLN US Holdco LLC, dba Mitel, headquartered in Ottawa, Canada,
provides phone systems, collaboration applications (voice, video
calling, audio and web conferencing, instant messaging etc.) and
contact center solutions through on-site and cloud offerings. The
Companyโs customer focus is on small and medium sized businesses.
Mitel is majority-owned by private equity firm Searchlight Capital
Partners.
MP BUILD: Seeks to Hire Tittle Law Group PLLC as Legal Counsel
--------------------------------------------------------------
MP Build Group LLC, seeks approval from the U.S. Bankruptcy Court
for the Eastern District of Texas to employ Tittle Law Group, PLLC
as counsel.
The firm will provide these services:
a. provide legal advice with respect to the Debtor's powers
and duties as debtor-in-possession in the continued operation of
its business and the management of its property;
b. take all necessary action to protect and preserve the
Debtor's estate, including the prosecution of actions on behalf of
the Debtor, the defense of any actions commenced against the
Debtor, negotiations concerning litigation in which the Debtor is
involved, and objections to claims filed against the Debtor's
estates;
c. prepare on behalf of the Debtor necessary motions, answers,
orders, reports, and other legal papers in connection with the
administration of its estate;
d. assist the Debtor in preparing for and filing a plan of
reorganization at the earliest possible date;
e. perform any and all other legal services for the Debtor in
connection with the Debtor's Chapter 11 Case; and
f. perform such legal services as the Debtor may request with
respect to any matter, including, but not limited to, corporate
finance and governance, contracts, antitrust, labor, and tax.
On August 5, 2024, the firm received a retainer in the amount of
$3,000.
In addition, the firm will seek reimbursement for its out-of-pocket
expenses.
Brandon J. Tittle, a partner at Tittle Law Group, PLLC, disclosed
in a court filing that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Brandon Tittle, Esq.
Tittle Law Group, PLLC
5465 Legacy Drive, Suite 650
Plano TX 75024
Tel: (972) 731-2590
E-mail: btittle@tittlelawgroup.com
About MP Build Group LLC
MP Build Group LLC is a Single Asset Real Estate debtor (as defined
in 11 U.S.C. Section 101(51B)).
MP Build Group LLC sought relief under Chapter 11 of the Bankruptcy
Code (Bankr. E.D. Tex. Case No. 24-41841) on August 5, 2024. In the
petition filed by Micaiah Pruitt, as sole member, the Debtor
reports estimated assets and liabilities between $1 million and $10
million each.
The Honorable Bankruptcy Judge Brenda T. Rhoades handles the case.
The Debtor is represented by:
Brandon Tittle, Esq.
TITTLE LAW GROUP, PLLC
5465 Legacy Drive, Suite 650
Plano TX 75024
Tel: (972) 731-2590
E-mail: btittle@tittlelawgroup.com
MPH ACQUISITION: $1.33BB Bank Debt Trades at 21% Discount
---------------------------------------------------------
Participations in a syndicated loan under which MPH Acquisition
Holdings LLC is a borrower were trading in the secondary market
around 79.1 cents-on-the-dollar during the week ended Friday, Aug.
30, 2024, according to Bloomberg's Evaluated Pricing service data.
The $1.33 billion Term loan facility is scheduled to mature on
September 1, 2028. About $1.29 billion of the loan is withdrawn and
outstanding.
MPH Acquisition Holdings LLC, doing business as MultiPlan, provides
health care solutions. The Company offers payment integrity,
network, and analytics-based solutions. MultiPlan serves customers
in the United States.
MULLEN AUTOMOTIVE: Enters Into $210M Contract With Volt Mobility
----------------------------------------------------------------
Mullen Automotive, Inc. announced Aug. 26 that the Company entered
into a $210 million purchase agreement with Volt Mobility Holding
Ltd. pursuant to which Volt Mobility will acquire 3,000 Class 1 and
Class 3 EV cargo vans and trucks over a 16-month period. Mullen
will receive an initial $3 million deposit within 60 days and
additional payments as the vehicles are delivered. The Company
will begin shipping the first vehicles immediately.
Mullen expects to recognize approximately $210 million in revenue
over the next 16 months of the agreement. Volt intends to lease
these vehicles to its corporate customers based in the Middle East
and Gulf States. Current Volt clients include UPS, DHL and FedEx
throughout the Gulf Cooperation Council region, which includes
Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab
Emirates (UAE).
Volt's vehicle order will be assembled at Mullen's Tunica,
Mississippi-based Commercial Vehicle Facility, which is capable of
producing 20,000 Class 1 and 6,000 Class 3 vehicles annually with
two production shifts.
Founded in 2020, Volt quickly established itself as one of the
largest and most influential commercial EV leasing companies in the
region. Volt's vehicle portfolio includes 17 models with focus on
light, medium and heavy-duty electric vehicles. Volt leases
vehicles to corporate customers providing first to last-mile
delivery for fast moving goods and provides heavy duty trucks for
shuttling service across the region, serving clients including
large transport businesses under a long-term secured leasing model
The UAE has identified e-mobility as a priority policy area and is
now seven years into an ambitious plan to decarbonize its
infrastructure and energy production. The Emirate's Clean Energy
Strategy 2050 and Net Zero Carbon Emissions Strategy 2050 seek to
generate 100% power from clean energy sources by 2050.
Furthermore, Dubaiโs Roads and Transport Authority ("RTA") has
rolled out a long-term strategy to migrate towards net-zero
emission public transport by 2050.
"At Volt, we don't just follow trends; we set them. Our mission is
clear: lead the transformation to sustainable, efficient and
cutting-edge transportation," said Sophia Nau, managing director
and CFO for Volt Mobility.
"Volt is reshaping the way people and businesses move across the
UAE and GCC," said David Michery, CEO and chairman of Mullen
Automotive. "This landmark agreement provides Mullen with exposure
to leading global transportation companies and the opportunity for
utilizing Mullen EVs across the UAE and other areas of the Middle
East."
About Mullen
Mullen Automotive Inc. (f/k/a Net Element Inc.) is a Southern
California-based automotive company building the next generation of
commercial electric vehicles ("EVs") with two United States-based
vehicle plants located in Tunica, Mississippi, (120,000 square
feet) and Mishawaka, Indiana (650,000 square feet). In August 2023,
Mullen began commercial vehicle production in Tunica. In September
2023, Mullen received IRS approval for federal EV tax credits on
its commercial vehicles with a Qualified Manufacturer designation
that offers eligible customers up to $7,500 per vehicle. As of
January 2024, both the Mullen ONE, a Class 1 EV cargo van, and
Mullen THREE, a Class 3 EV cab chassis truck, are California Air
Resource Board (CARB) and EPA certified and available for sale in
the U.S. Recently CARB issued HVIP approval on the Mullen THREE,
Class 3 EV truck, providing up to $45,000 cash voucher at time of
vehicle purchase. The Company has also recently expanded its
commercial dealer network with the addition of Pritchard EV and
National Auto Fleet Group, providing sales and service coverage in
key Midwest and West Coast markets. The Company also recently
announced Foreign Trade Zone ("FTZ") status approval for its
Tunica, Mississippi, commercial vehicle manufacturing center. FTZ
approval provides a number of benefits, including deferment of
duties owed and elimination of duties on exported
vehicles.
Larkspur, California-based RBSM LLP, the Company's auditor since
2023, issued a "going concern" qualification in its report dated
Jan. 16, 2024, citing that the Company has an accumulated deficit,
recurring losses, and expects continuing future losses. These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.
MULLEN AUTOMOTIVE: Issues 13.82 Million Common Shares to Esousa
---------------------------------------------------------------
Mullen Automotive Inc. disclosed in a Form 8-K filed with the
Securities and Exchange Commission that on Aug. 27, 2024, pursuant
to the common stock purchase agreement dated May 21, 2024, between
Esousa Holdings LLC (as investor) and the Company, the Company
issued 13,816,105 shares of common stock to the Investor as
"Commitment Shares." The issuance was exempt from registration
pursuant to Section 4(a)(2) of the Securities Act of 1933, as
amended. The Investor represented to the Company, among other
things, that it was an "accredited investor" (as such term is
defined in Rule 501(a) of Regulation D under the Securities Act).
Between August 12 and 21, 2024, the Company issued an aggregate of
3,714,515 shares of common stock pursuant to the terms of the
Settlement Agreement and Stipulation dated May 13, 2024 with
Silverback Capital Corporation. The issuance of such shares is
exempt from the registration requirements of the Securities Act
pursuant to Section 3(a)(10) thereof, as an issuance of securities
in exchange for bona fide outstanding claims, where the terms and
conditions of such issuance are approved by a court after a hearing
upon the fairness of such terms and conditions.
As of Aug. 29, 2024, a total of 158,909,504 shares of the Company's
common stock, par value $0.001 per share, were issued and
outstanding.
About Mullen
Mullen Automotive Inc. (f/k/a Net Element Inc.) is a Southern
California-based automotive company building the next generation of
commercial electric vehicles ("EVs") with two United States-based
vehicle plants located in Tunica, Mississippi, (120,000 square
feet) and Mishawaka, Indiana (650,000 square feet). In August 2023,
Mullen began commercial vehicle production in Tunica. In September
2023, Mullen received IRS approval for federal EV tax credits on
its commercial vehicles with a Qualified Manufacturer designation
that offers eligible customers up to $7,500 per vehicle. As of
January 2024, both the Mullen ONE, a Class 1 EV cargo van, and
Mullen THREE, a Class 3 EV cab chassis truck, are California Air
Resource Board (CARB) and EPA certified and available for sale in
the U.S. Recently CARB issued HVIP approval on the Mullen THREE,
Class 3 EV truck, providing up to $45,000 cash voucher at time of
vehicle purchase. The Company has also recently expanded its
commercial dealer network with the addition of Pritchard EV and
National Auto Fleet Group, providing sales and service coverage in
key Midwest and West Coast markets. The Company also recently
announced Foreign Trade Zone ("FTZ") status approval for its
Tunica, Mississippi, commercial vehicle manufacturing center. FTZ
approval provides a number of benefits, including deferment of
duties owed and elimination of duties on exported
vehicles.
Larkspur, California-based RBSM LLP, the Company's auditor since
2023, issued a "going concern" qualification in its report dated
Jan. 16, 2024, citing that the Company has an accumulated deficit,
recurring losses, and expects continuing future losses. These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.
NAVIGA INC: Golub Capital $160,000 Loan at 55% Off
--------------------------------------------------
Golub Capital BDC, Inc has marked its $160,000 loan extended to
Naviga Inc to market at $72,000 or 45% of the outstanding amount,
according to a disclosure contained in Golub Capital's Form 10-Q
for the quarterly period ended June 30, 2024, filed with the
Securities and Exchange Commission.
Golub Capital is a participant in a Senior Secured Loan to Naviga
Inc. The loan accrues interest at a rate of 12.33% (SF+6.75%) per
annum. The loan was scheduled to mature in July 2024.
Golub Capital. is an externally managed, closed-end,
non-diversified management investment company. GBDC has elected to
be regulated as a business development company under the Investment
Company Act of 1940, as amended.
Golub Capital is led by David B. Golub, Chief Executive; and
Christopher C. Ericson, Chief Financial Officer. The fund can be
reach through:
David B. Golub
Golub Capital BDC, Inc.
200 Park Avenue, 25th Floor
New York, NY 10166
Tel: (212) 750-6060
Naviga Inc develops and delivers software technology solutions. The
Company offers business operations strengthening and expanding
services using networking, digital publishing, and cloud computing.
Naviga serves customers in the United States.
NIC ACQUISITION: $1.03BB Bank Debt Trades at 16% Discount
---------------------------------------------------------
Participations in a syndicated loan under which NIC Acquisition
Corp is a borrower were trading in the secondary market around 83.6
cents-on-the-dollar during the week ended Friday, Aug. 30, 2024,
according to Bloomberg's Evaluated Pricing service data.
The $1.03 billion Term loan facility is scheduled to mature on
December 29, 2027. The amount is fully drawn and outstanding.
NIC Acquisition Corp., d/b/a Innovative Chemical Products Group,
based in Andover, Mass., is a formulator of specialty coatings,
adhesives, sealants, and elastomers serving the industrial and
construction markets. ICP operates in two business segments -- ICP
Building Solutions Group and ICP Industrial Solutions Group.
NJ MOBILE: U.S. Trustee Appoints Joseph Tomaino as PCO
------------------------------------------------------
Andrew Vara, the U.S. Trustee for Regions 3 and 9, appointed Joseph
Tomaino at Grassi Healthcare Advisors, LLC as patient care
ombudsman for NJ Mobile HealthCare, LLC.
The appointment was made pursuant to the order from the U.S.
Bankruptcy Court for the District of New Jersey on July 28.
Section 333 of the Bankruptcy Code provides that the patient care
ombudsman shall:
* Monitor the quality of patient care provided to patients of
the debtor, to the extent necessary under the circumstances,
including interviewing patients and physicians;
* Not later than 60 days after the date of appointment, and
not less frequently than at 60-day intervals thereafter, report to
the court after notice to the parties in interest, at a hearing or
in writing, regarding the quality of patient care provided to
patients of the debtor;
* If such ombudsman determines that the quality of patient
care provided to patients of the debtor is declining significantly
or is otherwise being materially compromised, file with the court a
motion or a written report, with notice to the parties in interest
immediately upon making such determination; and
* Shall maintain any information obtained by such ombudsman
under section 333 of the Bankruptcy Code that relates to patients
(including information relating to patient records) as confidential
information. Such ombudsman may not review confidential patient
records unless the court approves such review in advance and
imposes restrictions on such ombudsman to protect the
confidentiality of such records.
About NJ Mobile HealthCare
NJ Mobile HealthCare, LLC, a company in Mahwah, N.J., provides
compliance-focused, state-of the-art emergency medical services
(EMS) and ambulance transportation services.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D.N.J. Case No. 24-16239) on June 20, 2024,
with $1 million to $10 million in both assets and liabilities.
Louis V. Greco III, manager, signed the petition.
Judge John K. Sherwood oversees the case.
Tracy L. Klestadt, Esq. at Klestadt Winters Jureller Southard &
Stevens, LLP represents the Debtor as legal counsel.
ONDAS HOLDINGS: Closes $4 Million Registered Direct Offering
------------------------------------------------------------
Ondas Holdings Inc. announced Aug. 30 that it has closed its
offering of 5,333,334 units of the Company, with each unit
consisting of one share of common stock, one Series A warrant to
purchase one share of common stock, and one Series B warrant to
purchase one share of common stock. Each unit was sold at a public
offering price of $0.75, for gross proceeds of $4.0 million, before
deducting commissions and offering expenses. The warrants have an
exercise price of $0.8073 per share, will be exercisable six months
from the date of issuance, and in the case of the Series A warrant,
will expire on the two and one half-year anniversary from the date
of issuance, and in the case of the Series B warrant, will expire
on the five and one half-year anniversary from the date of
issuance.
Maxim Group LLC acted as the sole placement agent for the
Offering.
Ondas currently intends to use the net proceeds from the Offering
for working capital and general corporate purposes.
The Offering was made pursuant to an effective shelf registration
statement on Form S-3, as amended, (File No. 333-276852) previously
filed with and subsequently declared effective by the SEC on Feb.
15, 2024. A prospectus supplement relating to the securities
issued in the Offering has been filed by the Company with the SEC.
Copies of the prospectus supplement relating to the Offering,
together with the accompanying prospectus, can be obtained at the
SEC's website at www.sec.gov or by contacting Maxim Group LLC, at
300 Park Avenue, 16th Floor, New York, NY 10022, Attention:
Syndicate Department, or via email at syndicate@maximgrp.com or by
telephone at (212) 895-3745.
About Ondas Holdings
Marlborough, Mass.-based Ondas Holdings Inc. is a provider of
private wireless, drone, and automated data solutions through its
subsidiaries Ondas Networks Inc., Ondas Autonomous Holdings Inc.,
Airobotics, Ltd, and American Robotics, Inc. Ondas Networks,
American Robotics and Airobotics together provide users in defense,
homeland security, public safety and other critical industrial and
government security and infrastructure markets with improved
connectivity, situational awareness and data collection and
information processing capabilities.
Somerset, N.J.-based Rosenberg Rich Baker Berman, P.A., the
Company's auditor since 2017, issued a "going concern"
qualification in its report dated April 1, 2024, citing that the
Company has experienced recurring losses from operations, negative
cash flows from operations, and a working capital deficit as of
Dec. 31, 2023.
ORIGIN AGRITECH: Appoints New COO and CFO
-----------------------------------------
Origin Agritech Limited disclosed in a Form 8-K filed with the
Securities and Exchange Commission that on Aug. 7, 2024, the board
of directors appointed two new officers and each of these officers
as directors of the Company.
Mr. Li Yang was appointed the chief operation officer of the
Company and a director of the Company. Mr. Li has over 20 years of
experience in investment activities and senior corporate
management. From July 2024 to the present, Mr. Li has been serving
as the executive director of Asia Television Holdings Limited.
From March 2023 to the present, Mr. Li has been serving as the
executive director and Deputy Chairman of IBO Technology Company
Limited. From April 2022 to March 2024, Mr. Li was an Independent
Non-Executive Director of HG Semiconductor Limited and redesignated
as Executive Director since March 2024. From January 2022 to the
present, Mr. Li has been serving as Chairman and Executive Director
of Virtual Mind Holding Company. From August 2020 to February
2021, Mr. Li served as the executive director of CT Environmental
Group Limited. From November 2018 to December 2020, Mr. Li served
as Deputy Chairman and Executive Director of Leyou Technologies
Holdings Limited. All of the above companies are listed companies
on the Hong Kong Stock Exchange.
Prior to the above indicated employments, Mr. Li served in other
executive and senior management positions with Sino Haijing
Holdings Limited, Guanghe Landscape Culture Communiction Co., Ltd.
Shanxi and China Best group Holdings Limited.
Mr. Li holds a Master Degree from the Chinese Academy of Social
Sciences, where he majored in world economics, a Masters of
Business Administration from Shenzhen Economic and Management
Institute, and a Diploma from Shenzhen University.
Mr. Li was appointed a director of the Company because of his
extensive management experience in senior positions and because of
his long experience in managing the operations of a significant
public listed company, particularly in reference to its investment
and financial activities.
Chief Financial Officer Appointment
Cheng chi Kin (Patrick) was appointed the chief financial officer
and a director of the Company. From April 2024 to the present, Mr.
Cheng has served as an Independent Non-Executive Director of
Asiasec Properties Limited, a property investment holding company.
From September 2019 to the present, Mr. Cheng has served as an
Non-Executive Director and from September 2019 to March 2024, he
was the Chairman and Executive Director, of Affluent Partners
Holdings Limited, a company engaged in manufacturing pearls and
jewelry and providing research and development services and skin
care solutions. From June 2022 to March 2024 Mr. Cheng was the CEO
and Executive Director of China Uptown Group Company Limited, a
property development and commodity trading company. From June 2018
to June 2020, Mr. Cheng was director and the responsible officer of
Kingston Asset Management Limited, a company engaged in asset
management and business restructuring.
Prior to the above indicated employments, Mr. Cheng served in
senior management positions with IRC Limited, where he represented
private equity funds, Etone Investment Development Limited, where
he managed an Australia land bank investment and engaged in
residential property development, and was director of Zhongrong
International Asset Management Co Limited, where he was the
responsible officer for risk management and operational audits.
Mr. Cheng also held operational and senior management positions
with Sino Haijing Holdings Limited (a packaging company), Yuexiu
REIT Asset Management Limited (a property investment company with
acquisitions in China that provided capital and debt financing for
property development projects), Great Field (Cambodia)
International Limited (a company engaged in land and plantation
development). In these positions, Mr. Cheng provided risk
management, asset management, financial and audit, internal audit
and finance relationship services. He has also acted as financial
controller, senior project manager, senior investment manager,
senior credit analyst (BNP Bank), and as an auditor in a UK
accountancy firm.
Mr. Cheng holds an MBA from the Cardiff Business School in the
United Kingdom, an Honors Degree in Business Studies from the
University of Glamorgan in the United Kingdom, and an Hong Kong
Advance Level degree from St Gloria College (HK). Mr. Cheng holds
Licenses 1, 4 and 9 from the SFC, and is a Fellow Member of the
Hong Kong Institute of Certified Public Accountants, a Fellow
Member of International Accountants, a Member of the Institute of
Management Accountants, and a Chartered Marketer of the Chartered
Institute of Marketing. He is also a member of the Greater Bay
Areas Association of Listed Companies, the Hong Kong Commerce &
Industry Association, the China Real Estate Chamber of Commerce
Hong Kong and International Chapter and the Hong Kong Business
Accountants Association.
Mr. Cheng was appointed a director of the Company because of his
extensive management experience in senior positions, his long
experience in managing the operations of a public listed company,
particularly in reference to its investment and financial
activities, and his experience in audit and financial statement
experience and responsibilities in significant public and private
companies.
About Origin Agritech
Headquartered in Beijing, China, Origin Agritech Limited, along
with its subsidiaries, is focused on agricultural biotechnology,
operating in the PRC. The Company's seed research and development
activities specialize in crop seed breeding and genetic
improvement. Origin believes that it has built a solid capacity for
seed breeding technologies, including marker-assisted breeding and
doubled haploids technologies, which it believes, along with its
rich germplasm resources, will allow it to become a significant
seed technology company in China.
Lakewood, Colorado-bsaed B F Borgers CPA PC, the Company's auditor
since 2020, issued a "going concern" qualification in its report
dated Feb. 15, 2024, citing that the Company incurred recurring
losses from operations, has net current liabilities and an
accumulated deficit that raise substantial doubt about its ability
to continue as a going concern.
ORIGIN AGRITECH: Board Appoints Weibin Yan as CEO and Director
--------------------------------------------------------------
Origin Agritech Limited disclosed in a Form 6-K filed with the
Securities and Exchange Commission that on Aug. 21, 2024, the board
of directors of the Company appointed Weibin Yan as the chief
executive officer and as an additional director of the Company.
Mr. Weibin Yan, aged 58, was elected as the vice-chairman of Hunan
Provincial Federation of Industrial and Commerce in June 2020. Mr.
Yan was one of the principal founders of the Ausnutria Dairy
Corporation Ltd, a company listed on the Hongkong Stock Exchange,
and has been acting as the chairman of Ausnutria from its
establishment to September 2023. Mr. Yan was a director of Yuan
Longping High-tech Agriculture Co., Ltd, a company listed on the
Shenzhen Stock Exchange, from 2004 to January 2016. At Longping
High-tech, he served as chief executive officer from 2004 to April
2010, vice chairman of the Board of directors from 2010 to January
2016. Mr. Weibian Yan had served on the Origin Board as an
Independent Director from 2017 to 2018.
Mr. Yan holds a Bachelor's Degree in engineering and a Master's
Degree in business administration from Hunan University.
Mr. Yan was appointed a director of the Company because of his
extensive management experience in senior positions and because of
his long experience in managing the operations of a significant
public listed company.
In addition, Dr. Gengchen Han was appointed as the president of the
Company and continues as the Chairman of the Board.
About Origin Agritech
Headquartered in Beijing, China, Origin Agritech Limited, along
with its subsidiaries, is focused on agricultural biotechnology,
operating in the PRC. The Company's seed research and development
activities specialize in crop seed breeding and genetic
improvement. Origin believes that it has built a solid capacity for
seed breeding technologies, including marker-assisted breeding and
doubled haploids technologies, which it believes, along with its
rich germplasm resources, will allow it to become a significant
seed technology company in China.
Lakewood, Colorado-bsaed B F Borgers CPA PC, the Company's auditor
since 2020, issued a "going concern" qualification in its report
dated Feb. 15, 2024, citing that the Company incurred recurring
losses from operations, has net current liabilities and an
accumulated deficit that raise substantial doubt about its ability
to continue as a going concern.
PERASO INC: Signs $1.43M Sales Agreement With Ladenburg Thalmann
----------------------------------------------------------------
Peraso Inc. disclosed in a Form 8-K filed with the Securities and
Exchange Commission that on Aug. 30, 2024, it entered into an At
The Market Offering Agreement with Ladenburg Thalmann & Co. Inc.
with respect to an "at the market" offering program, under which
the Company may, from time to time, in its sole discretion, issue
and sell through Ladenburg, acting as agent or principal, shares of
the Company's common stock, par value $0.001 per share, initially
having an aggregate offering price of up to $1,425,000.
On Aug. 30, 2024, the Company filed a prospectus supplement with
the SEC in connection with the offer and sale of the Shares
pursuant to the Sales Agreement. The issuance and sale of the
Shares by the Company under the Sales Agreement will be made
pursuant to the Company's registration statement on Form S-3 (File
No. 333-280798) filed with the SEC on July 12, 2024 and declared
effective on July 22, 2024 and a base prospectus dated as of July
22, 2024 included in the Registration Statement, as supplemented by
the Prospectus Supplement.
Pursuant to the Sales Agreement, Ladenburg may sell the Shares by
any method permitted by law deemed to be an "at the market"
offering as defined in Rule 415 under the Securities Act of 1933,
as amended. Ladenburg will use commercially reasonable efforts
consistent with its normal trading and sales practices to sell the
Shares from time to time, based upon instructions from the Company
(including any price or size limits or other customary parameters
or conditions the Company may impose).
The Company will pay Ladenburg a cash commission of 3.0% of the
aggregate gross sales proceeds of Shares sold through Ladenburg
under the Sales Agreement. The Company also agreed to reimburse
Ladenburg for certain specified expenses, including the fees and
disbursements of its counsel, in an amount not to exceed $60,000,
in addition to certain ongoing disbursements of its legal counsel
up to $7,500 in connection with diligence bring downs.
Under the terms of the Sales Agreement, the Company may also sell
Shares to Ladenburg as principal for its own account at prices
agreed upon at the time of sale. If the Company sells Shares to
Ladenburg as principal, it will enter into a separate terms
agreement with Ladenburg in substantially the form attached to the
Sales Agreement.
The Company is not obligated to sell any Shares under the Sales
Agreement. The offering of the Shares pursuant to the Sales
Agreement may be terminated by either the Company or Ladenburg, as
permitted therein.
The Sales Agreement contains representations, warranties and
covenants that are customary for transactions of this type. In
addition, the Company has agreed to indemnify Ladenburg against
certain liabilities, including liabilities under the Securities Act
and the Securities Exchange Act of 1934, as amended.
About Peraso Inc.
Headquartered in San Jose, California, Peraso Inc. (NASDAQ: PRSO)
-- www.perasoinc.com -- is a pioneer in high-performance 60 GHz
unlicensed and 5G mmWave wireless technology, offering chipsets,
antenna modules, software and IP. Peraso supports a variety of
applications, including fixed wireless access, immersive video and
factory automation. In addition, Peraso's solutions for data and
telecom networks focus on Accelerating Data Intelligence and
Multi-Access Edge Computing, providing end-to-end solutions from
the edge to the centralized core and into the cloud.
Los Angeles, California-based Weinberg & Company, the Company's
auditor since 2020, issued a "going concern" qualification in its
report dated March 29, 2024, citing that during the year ended Dec.
31, 2023, the Company incurred a net loss and utilized cash in
operations. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.
PHOENIX DOOR: Gladstone Investment $3.2MM Loan at 64% Off
---------------------------------------------------------
Gladstone Investment Corporation has marked its $3,200,000 loan
extended to Phoenix Door Systems, Inc to market at $1,138,000 or
36% of the outstanding amount, according to a disclosure contained
in Gladstone Investment's Form 10-Q for the quarterly period ended
June 30, 2024, filed with the Securities and Exchange Commission.
Gladstone Investment is a participant in a Term Debt to Phoenix
Door Systems, Inc. The loan accrues interest at a rate of 16.3%
(SOFR+11.0%) per annum. The loan matures in September 2026.
Gladstone Investment was incorporated under the General Corporation
Law of the State of Delaware on February 18, 2005, and completed an
initial public offering on June 22, 2005. Gladstone Investment is
an externally advised, closed-end, non-diversified management
investment company that has elected to be treated as a business
development company under the Investment Company Act of 1940.
Gladstone Investment is led by Rachael Easton, Chief Financial
Officer and Treasurer. The fund can be reach through:
Rachael Easton
Gladstone Investment Corporation
1521 WESTBRANCH DRIVE, SUITE 100
McLean, VA 22102
Tel: (703) 287-5800
Phoenix Door Systems manufactures high impact traffic doors for the
commercial and industrial market and architectural doors for the
municipal market.
POLARIS OPERATING: Court OKs Bid Rules for Sale of WGU Equity
-------------------------------------------------------------
CCCB Energy Partners, LLC, an affiliate of Polaris Operating, LLC,
got the green light from the U.S. Bankruptcy Court for the Southern
District of Texas to solicit bids for its asset.
The bankruptcy court, at a hearing on Aug. 29, approved the bid
rules for the proposed sale of CCCB's 30.357% equity interest in
WGU Energy, LLC.
WGU Energy is an Oklahoma limited liability company owning oil and
gas mineral interests in the West Goldsby Osborn Unit in McClain
County, Okla.
The court-approved bid rules set a deadline of Sept. 23, at 5:00
p.m. (prevailing Central Time) for interested buyers to place their
bids on the asset. Each bid must be accompanied by a deposit equal
to 10% of the purchase price offered.
CCCB will hold an auction on Sept. 26, at 10:00 a.m. (prevailing
Central Time) if it receives offers by the bid deadline.
The company may select a stalking horse bidder who will set the
price floor for bidding in the auction. The deadline to select the
stalking horse bidder is on Sept. 16, at 5:00 p.m. (prevailing
Central Time).
In the event it is not selected as the winning bidder, the stalking
horse bidder will receive a break-up fee and reimbursement of
work-related expenses.
A court hearing to approve the sale to the winning bidder is
scheduled for Oct. 3. Objections are due by Sept. 30.
SP Securities, LLC, an investment banker, assists the company with
the sale.
About Polaris Operating
Polaris Operating, LLC and affiliates are privately held
independent oil and gas companies focused on acquiring, optimizing,
and developing conventional oil and gas properties with
redevelopment and new development opportunities. The Debtors' core
area of operations is in the Texas Panhandle, specifically in
Moore, Potter and Roberts counties, where they own and operate
hundreds of shallow oil and gas wells with a significant amount
infrastructure including gathering systems, power lines, disposal
wells, workover rigs and water trucks.
Polaris and affiliates filed Chapter 11 petitions (Bankr. S.D.
Texas Lead Case No. 23-32810) on July 28, 2023. In the petition
signed by its chief executive officer, Christopher Czuppon, Polaris
reported $10 million to $50 million in both assets and
liabilities.
Judge Christopher M. Lopez oversees the cases.
The Debtors tapped Okin Adams Bartlett Curry, LLP as legal counsel;
SP Securities, LLC as investment banker; and Stout Risius Ross, LLC
as restructuring advisor. Douglas J. Brickley of Stout Risius Ross
serves as the Debtors' chief restructuring officer. Donlin, Recano
& Company, Inc. is the notice, claims and balloting agent.
PRETIUM PKG: $350MM Bank Debt Trades at 46% Discount
----------------------------------------------------
Participations in a syndicated loan under which Pretium PKG
Holdings Inc is a borrower were trading in the secondary market
around 54.5 cents-on-the-dollar during the week ended Friday, Aug.
30, 2024, according to Bloomberg's Evaluated Pricing service data.
The $350 million Term loan facility is scheduled to mature on
October 1, 2029. The amount is fully drawn and outstanding.
Pretium PKG Holdings, Inc. is a manufacturer of rigid plastic
containers for variety of end markets, including food and beverage,
chemicals, healthcare, wellness and personal care. Pretium PKG
Holdings, Inc. is a portfolio company of Clearlake since January
2020.
PSI MOLDED: Gladstone Investment $26MM Loan at 27% Off
------------------------------------------------------
Gladstone Investment Corporation has marked its $26,618,000 loan
extended to PSI Molded Plastics, Inc to market at $19,487,000 or
73% of the outstanding amount, according to a disclosure contained
in Gladstone Investment's Form 10-Q for the quarterly period ended
June 30, 2024, filed with the Securities and Exchange Commission.
Gladstone Investment is a participant in a Term Debt to PSI Molded
Plastics, Inc. The loan accrues interest at a rate of 10.8%
(SOFR+8.5%) per annum. The loan matures in January 2026.
Gladstone Investment was incorporated under the General Corporation
Law of the State of Delaware on February 18, 2005, and completed an
initial public offering on June 22, 2005. Gladstone Investment is
an externally advised, closed-end, non-diversified management
investment company that has elected to be treated as a business
development company under the Investment Company Act of 1940.
Gladstone Investment is led by Rachael Easton, Chief Financial
Officer and Treasurer. The fund can be reach through:
Rachael Easton
Gladstone Investment Corporation
1521 WESTBRANCH DRIVE, SUITE 100
McLean, VA 22102
Tel: (703) 287-5800
PSI Molded Plastics specializes in the design, development, and
manufacturing of injection molded plastics products for a wide
range of industries.
Q.Y. TANG'S HWA: Unsecureds Unimpaired in Joint Plan
----------------------------------------------------
Q.Y. Tang's Hwa Yuan, Inc., and Owemanco Mortgage NY Limited
Partnership filed with the U.S. Bankruptcy Court for the Southern
District of New York a Disclosure Statement for Joint Plan of
Reorganization dated August 7, 2024.
The Debtor is the owner of the improved real property located at 42
East Broadway, New York, New York (the "Building" or "Property").
The Property is occupied by a restaurant owned and operated by 42
44 East Broadway Restaurant, Inc., which does business as Hwa Yuan
Szechuan, serving fine Szechuan styled cuisine and occupying a
total of three floors (inclusive of improved basement space) (the
"Restaurant") and a Karaoke Bar owned and operated by 42 East
Broadway Enterprise Inc. (the "Karaoke Bar"). Each of the Debtor,
the Restaurant and the Karaoke Bar are wholly owned by Chen Lieh
Tang.
After delays, the Restaurant ultimately opened in late October,
2018. To effectuate the projects, the Company incurred additional
debt, all of which was consolidated and assigned to Owemanco
Mortgage Holding Corporation, a Canadian financial institution, in
the total sum of $7,350,000.00. In June of 2020, the Owemanco
Mortgage Holding Corporation mortgages and related obligations were
assigned to an affiliated company, Owemanco Mortgage NY Limited
Partnership (the "Lender" or "Owemanco"), and a contested mortgage
foreclosure action (the "Foreclosure Action") ensued.
The Debtor filed its voluntary petition for relief under Chapter 11
of the Bankruptcy Code on October 30, 2023 (the "Petition Date") as
a result of which the foreclosure sale was stayed.
Class 3 consists of the Allowed Unsecured Claims of non-insider
general unsecured claimants of the Debtor, to the extent not
included in another class of claims, including any claims arising
from the rejection of executory contracts and unexpired leases,
other than the Amended Lease. Unless otherwise agreed to by Holders
of Allowed Class 3 Claims and the Debtor, each Holder of an Allowed
General Unsecured Claim will receive payment in full on account of
their Allowed Class 3 Claim on the Effective Date. Class 3 Claims
are unimpaired under the Plan and are not entitled to vote to
accept or reject the Plan.
Class 4 consists of the Unsecured Claims of Chen Lieh Tang against
the Debtor and equity security interests in the Debtor. Tang will
retain his equity interest in the Reorganized Debtor. Class 3
Claims shall otherwise be deemed extinguished and cancelled upon
the Effective Date and shall receive no distribution under this
Plan. Class 3 Claims and Interests are unimpaired under the Plan
and are deemed to accept the Plan.
The Plan is the product of extensive negotiations between, and a
settlement by and among the Debtor, the Debtor's principal, Tang,
and Owemanco, pursuant to which the Property will be transferred to
the New Owner in full and final satisfaction of the Owemanco Claim
against the Debtor. Contemporaneously with the transfer of the
Property, the New Owner and one of the Tenants, the Restaurant will
enter into an amended lease, covering the entire building for a
term of 36 months.
The amended lease will be a triple-net lease (with real property
taxes paid directly to the New Owner) and provide for base rent as
follows: (i) for the first 18 months of the lease, $100,000/month
rent; and (ii) for months 19-36, $85,000/month rent. Upon the
Effective Date of the Plan the Karaoke Bar's lease shall be
terminated. Pending confirmation of this Plan, the Debtor shall
continue to make monthly adequate protection payments to Owemanco
in the amount of $82,500.00.
In conjunction with the transfer of the Property to the New Owner,
(i) the New Owner will grant to Tang (or an entity to be formed by
him) the Purchase Option; (ii) Tang will remain personally liable
to New Owner in the amount of $3,500,000.00; (iii) the Tenant shall
guaranty Tang's personally liability to New Owner; and (iv) Tang
will guaranty the rent payable by the Tenant under the Amended
Lease with the New Owner. In the event that Tang timely exercises
the Purchase Option and completes the purchase of the Property
pursuant to the terms of the Option Agreement, his personal
liability to New Owner on account of the Tang Guaranty Claim shall
be reduced to $2,500,000.00. Interest on the Tang Guaranty Claim
shall accrue at 12% per annum, and all amounts due and owing on
account of the Tang Guaranty Claim shall be payable in a balloon
payment at the conclusion of the 36-month term of the Amended Lease
unless paid prior thereto.
A full-text copy of the Disclosure Statement dated August 7, 2024
is available at https://urlcurt.com/u?l=8httKU from
PacerMonitor.com at no charge.
Attorneys for the Debtor:
Randolph E. White, Esq.
White & Wolnerman, PLLC
950 Third Avenue, 11th Floor
New York, NY 10022
Telephone: (212) 308-0667
Email: info@wwlawgroup.com
Attorneys for Owemanco Mortgage NY:
Eric P. Wainer, Esq.
Lawrence & Walsh, P.C.
215 Hilton Avenue, PO Box 1200
Hempstead, New York 11551
(516) 538-2400
About Q.Y. Tang's Hwa Yuan
Q.Y. Tang's Hwa Yuan, Inc., is a Single Asset Real Estate debtor
(as defined in 11 U.S.C. Section 101(51B)).
Q.Y. Tang's Hwa Yuan filed a Chapter 11 petition (Bankr. S.D.N.Y.
Case No. 23-11730) on Oct. 30, 2023, with $10 million to $50
million in both assets and liabilities. Chen Lieh Tang, president,
signed the petition.
Judge David S. Jones oversees the case.
The Debtor tapped Randolph E. White, Esq., at White & Wolnerman,
PLLC as bankruptcy counsel; Matthew Sheppe, Esq., at Reiss Sheppe
LLP as special real estate counsel; and Trachtenberg & Pauker, LLP
as accountant.
QUALITY CARE: No Patient Complaints, 2nd PCO Report Says
--------------------------------------------------------
Joseph Tomaino, the duly appointed patient care ombudsman, filed
with the U.S. Bankruptcy Court for the Eastern District of New York
his second report regarding the quality of patient care provided by
Quality Care Physical Therapy, P.C.
The PCO found that Quality Care Physical Therapy's practice is very
small. The current roster of patients is reported to be no more
than 12. A substantial volume of activity is provided under
contract to New York City Schools.
The PCO stated that the healthcare provider reports no payroll and
supply issues, which impact its ability to function during the
reorganization period.
During the site visit, the PCO toured a ground floor storefront
practice setting with a waiting room and treatment room. The PCO
observed one patient being treated and a family member of a
prospective patient being met with. The PCO was given a tour and
found that the facility was equipped with treatment tables and
weights and other basic equipment for the practice of physical
therapy. The environment was orderly and in operation at the time
of visit.
Since his appointment, the PCO has received no calls or emails with
patient or employee complaints, according to the report, which
covers the period from June 12 to August 12, 2024.
A copy of the ombudsman report is available for free at
https://urlcurt.com/u?l=PApseY from PacerMonitor.com.
The ombudsman may be reached at:
Joseph J. Tomaino
Grassi Healthcare Advisors LLC
750 Third Ave
New York, NY 10017
Telephone: (212) 223-5020
Email: jtomaino@grassihealthcareadvisors.com
About Quality Care Physical Therapy
Quality Care Physical Therapy, P.C. sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-40865)
on February 27, 2024, with up to $50,000 in assets and up to
$500,000 in liabilities.
Judge Nancy Hershey Lord presides over the case.
Brian J. Hufnagel, Esq., at Morrison Tenenbaum, PLLC represents the
Debtor as legal counsel.
Joseph Tomaino has been appointed as patient care ombudsman in the
Debtor's Chapter 11 case.
REALD INC: $60MM Bank Debt Trades at 39% Discount
-------------------------------------------------
Participations in a syndicated loan under which RealD Inc is a
borrower were trading in the secondary market around 61.5
cents-on-the-dollar during the week ended Friday, Aug. 30, 2024,
according to Bloomberg's Evaluated Pricing service data.
The $60 million Term loan facility is scheduled to mature on
November 30, 2024. The amount is fully drawn and outstanding.
RealD Inc. is a private company known for its RealD 3D system,
which is used for projecting films in stereoscopic 3D using
circularly polarized light.
REDSTONE HOLDCO 2: $1.11BB Bank Debt Trades at 21% Discount
-----------------------------------------------------------
Participations in a syndicated loan under which Redstone Holdco 2
LP is a borrower were trading in the secondary market around 79.4
cents-on-the-dollar during the week ended Friday, Aug. 30, 2024,
according to Bloomberg's Evaluated Pricing service data.
The $1.11 billion Term loan facility is scheduled to mature on
April 27, 2028. The amount is fully drawn and outstanding.
Redstone Holdco 2 LP and Redstone Buyer LLC were formed as part of
the buyout of the RSA Security business from Dell Inc.
REDSTONE HOLDCO 2: $450MM Bank Debt Trades at 26% Discount
----------------------------------------------------------
Participations in a syndicated loan under which Redstone Holdco 2
LP is a borrower were trading in the secondary market around 73.8
cents-on-the-dollar during the week ended Friday, Aug. 30, 2024,
according to Bloomberg's Evaluated Pricing service data.
The $450 million Term loan facility is scheduled to mature on April
27, 2029. The amount is fully drawn and outstanding.
Redstone Holdco 2 LP and Redstone Buyer LLC were formed as part of
the buyout of the RSA Security business from Dell Inc.
RETO ECO-SOLUTIONS: Closes $19.45 Million Private Placement
-----------------------------------------------------------
ReTo Eco-Solutions, Inc., disclosed in a Form 8-K filed with the
Securities and Exchange Commission that on Aug. 30, 2024, it
entered into a securities purchase agreement with certain
purchasers in connection with the issuance and sale of an aggregate
of 14,095,200 Class A shares, par value US$0.10 per share, of the
Company at $1.38 per share for an aggregate of purchase price of
$19,451,376.
The Securities Purchase Agreement contains customary
representations, warranties and agreements by the Company and the
Purchasers, and indemnification obligations of the Company against
certain liabilities, including for liabilities under the Securities
Act of 1933, as amended.
The sale of the Class A Shares was being made pursuant to the
provisions of Regulation S promulgated under the Securities Act.
On the same day, the parties closed the Private Placement. The
Company intends to use the net proceeds from the Private Placement
for future mergers and acquisitions and working capital purposes.
On Aug. 30, 2024, the Company engaged Jaash Investment Limited, a
company organized under the laws of Hong Kong, for consulting
services in connection with the Private Placement and agreed to
issue 1,268,568 Class A Shares to the Financial Advisor as
consideration for its services within five business days after the
closing of the Private Placement. The 1,268,568 Class A Shares
were issued pursuant to Section 4(a)(2) of the Securities Act on
the closing date of the Private Placement.
About ReTo Eco-Solutions
ReTo Eco-Solutions, Inc., through its operating subsidiaries in
China, is engaged in the manufacture and distribution of
eco-friendly construction materials (aggregates, bricks, pavers,
and tiles), made from mining waste (iron tailings), as well as
equipment used for the production of these eco-friendly
construction materials. In addition, the Company provides
consultation, design, project implementation, and construction of
urban ecological protection projects through its operating
subsidiaries in China. The Company also provides parts,
engineering support, consulting, technical advice and service, and
other project-related solutions for its manufacturing equipment and
environmental protection projects.
Irvine, California-based YCM CPA, Inc., the Company's auditor since
2021, issued a "going concern" qualification in its report dated
May 15, 2024, citing that the Company recorded an accumulated
deficit as of Dec. 31, 2023, and the Company currently has a net
working capital deficit, continued net losses, and negative cash
flows from operations. These conditions raise substantial doubt
about the Company's ability to continue as a going concern.
RIVERTON 25: Voluntary Chapter 11 Case Summary
----------------------------------------------
Debtor: Riverton 25 LLC
25 Riverton Drive
Upper Nyack, NY 10960
Business Description: Riverton 25 LLC is a Single Asset Real
Estate debtor (as defined in 11 U.S.C.
Section 101(51B)).
Chapter 11 Petition Date: September 2, 2024
Court: United States Bankruptcy Court
Southern District of New York
Case No.: 24-22750
Debtor's Counsel: Julie Curley, Esq.
KIRBY AISNER & CURLEY LLP
700 Post Road
Suite 237
Scarsdale, NY 10583
Tel: (914) 401-9503
E-mail: jcurley@kacllp.com
Estimated Assets: $500,000 to $1 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Beril Friedman 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/UZ7UR2I/Riverton_25_LLC__nysbke-24-22750__0001.0.pdf?mcid=tGE4TAMA
ROSE ANIMAL: Property Sale Proceeds to Fund Plan Payments
---------------------------------------------------------
Rose Animal Hospital, LLC, filed with the U.S. Bankruptcy Court for
the Northern District of Georgia a Plan of Liquidation dated August
7, 2024.
The Debtor formerly owned real property from which operated a
veterinary clinic with Magnolia Rose Veterinary Clinic, Inc.
The remaining proceeds from the sale of the Debtor's real property
in the amount of $82,382.97 (the "Proceeds") are being held in the
court appointed receiver (the "Receiver")'s escrow account.
This Plan deals with all property of Debtor and provides for
treatment of all Claims against Debtor and its property.
Class 1 shall consist of the Claim of the National Funding.
National Funding has filed a proof of claim for $75,037.64.
Pursuant to Section 506 of the Bankruptcy Code, no equity exists in
National Funding's purported collateral to which its Claim may
attach because the only funding for this Plan are the proceeds of
the prepetition sale of the Debtor's real property, which proceeds
are not collateral of National Funding. Therefore, the secured
portion of National Funding's claim is valued at $0.00 (the
"Secured Class 1 Claim") under Section 506 of the Bankruptcy Code,
with the entirety of the claim to be treated as unsecured.
Accordingly, National Funding will only be entitled to vote with
the Class 2 General Unsecured Claims. Upon confirmation of the
Plan, National Funding's UCC shall be determined to be void and
unenforceable. National Funding's claim shall receive the same
treatment as General Unsecured Creditors. Class 1 is impaired.
Class 2 shall consist of General Unsecured Claims. The allowed
unsecured claims total $ 436,196.78. The Claims of the Class 2
Creditors are Impaired by the Plan. If the Plan is confirmed under
Section 1191(a) of the Bankruptcy Code, the Debtor shall pay the
General Unsecured Creditors their pro rata share of the Proceeds in
excess of any allowed administrative or priority claimants.
If the Plan is confirmed under Section 1191(b) of the Bankruptcy
Code, Class 2 shall be treated the same as if the Plan was
confirmed under Section 1191(a) of the Bankruptcy Code.
Upon confirmation, Debtor will be charged with administration of
the Plan. Debtor will be authorized and empowered to take such
actions as are required to effectuate the Plan. Debtor will file
all post-confirmation reports required by the United States
Trustee's office or by the Subchapter V Trustee.
The source of funds for the payments pursuant to the Plan are the
Proceeds being held in the Receiver's escrow account in the amount
of $82,382.97.
The Debtor has ceased operations and will cease to exist upon
confirmation of the Plan. There is no projected revenue to be
disclosed by the Debtor.
A full-text copy of the Liquidating Plan dated August 7, 2024 is
available at https://urlcurt.com/u?l=IP451r from PacerMonitor.com
at no charge.
Attorneys for the Debtor:
William A. Rountree, Esq.
Caitlyn Powers, Esq.
Rountree, Leitman, Klein & Geer, LLC
Century Plaza I
2987 Clairmont Road, Suite 350
Atlanta, GA 30329
Tel: (404) 584-1238
Email: wrountree@rlkglaw.com
cpowers@rlkglaw.com
About Rose Animal Hospital
Rose Animal Hospital, LLC formerly owned real property from which
operated a veterinary clinic with Magnolia Rose Veterinary Clinic,
Inc.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. N.D. Ga. Case No. 24-55937) on June 4,
2024, with up to $50,000 in assets and up to $1 million in
liabilities.
William A. Rountree, Esq., at Rountree Leitman Klein & Geer, LLC
represents the Debtor as legal counsel.
RWDY INC: Amends Plan to Include Jason Brazzel Claim
----------------------------------------------------
RWDY, Inc. submitted a Modified Disclosure Statement in support of
Plan of Reorganization dated August 7, 2024.
The Plan aims to reorganize the Debtor's assets and provide a
structured payment mechanism to creditors. The Plan's approval will
allow RWDY to continue operations while satisfying creditor claims
under the restructured terms.
On August 7, 2024, the Debtor filed an Amended Schedule A/B to
reflect the CPA Claims and Causes of Actions against the
Respondents/Liable Parties.
The Debtor entered into an agreement under which Seacoast Business
Funding, a Division of Seacoast National Bank, continues to provide
financing for the Debtor. The Bankruptcy Court's order maintains
the pre-petition agreements with Seacoast Business Funding in
effect, along with the security interests and liens of Seacoast
Business Funding.
Class 5 consists of the rights of Jason Brazzel to receive payment
of the remaining balance of $4,217,466.60, on which distributions
were previously made to him as a beneficiary of the RWDY
Distribution Trust by the Distribution Trustee. RWDY shall commence
paying a monthly installment in the amount of $10,000.00 per month
to Jason Brazzel on or before the 5th day of the first full
calendar month after the Effective Date in this Chapter 11 Case,
and prior to the 5th day of each calendar month thereafter, until
the Allowed Claim in Class 4 has been paid in full with interest.
Upon completion of the payments required to be made to the RWDY
Distribution Trust on account of the Class 4 Claim, and beginning
on the 5th day of the first full calendar month after the full
payment of the Class 4 Claim, RWDY shall commence paying a monthly
installment in the amount of $125,000.00 to Jason Brazzel, which
payments shall continue until the balance of $4,217,466.60 has been
paid in full to Jason Brazzel without interest. The confirmation of
this Plan will amend the provisions of the RWDY Distribution Trust
Agreement to the extent necessary to implement the provisions
herein.
Class 9 shall consist of all other Allowed Unsecured Claims against
the Debtor not placed in any other class. Notwithstanding the
foregoing, Class 9 shall not include any Claims 2, 3, 7-1, and 13,
all of which are subsumed by the Distribution Trustee's Allowed
Claim in Class 5. Class 9 shall include the unsecured amount of
$29,674.86 which is included in Claim 1 filed by the NM Taxation
and Revenue Department.
Creditors holding Allowed Class 9 General Unsecured Claims shall be
paid 100% of their Allowed Class 9 Claims. Each holder of an
Allowed Class 9 Claim shall be paid in full over 60 months with
interest on the principal amount of the Allowed Claim accruing from
the Effective Date at the rate of 5.25% per annum. Consecutive
monthly payments shall be made on or before the 5th day of each
calendar month beginning with the first full calendar month after
the Effective Date. The Class 9 General Unsecured Claims are
Impaired under the Plan.
The Plan will be funded through two primary sources. The Plan will
initially be funded by cash on hand at confirmation, which cash
will be used to pay Administrative Claims, Professional Claims, and
Priority Claims. Since the cash needed to pay these Claims will be
on deposit with the Debtor in order for the Plan to become
effective, there is little risk of these payments not being made in
full.
A full-text copy of the Modified Disclosure Statement dated August
7, 2024 is available at https://urlcurt.com/u?l=Hggmvs from
PacerMonitor.com at no charge.
Attorneys for the Debtor:
Robert W. Raley, Esq.
290 Benton Spur Road
Bossier City, LA 71111
Telephone: 318-747-2230
Email: bankruptcy@robertraleylaw.com
- and -
Curtis R. Shelton, Esq.
AYRES, SHELTON, WILLIAMS, BENSON & PAINE, LLC
Suite 1400, Regions Tower
333 Texas Street (71101)
P.O. Box 1764
Shreveport, LA 71166-1764
Telephone: (318) 227-3500
Facsimile: (318) 227-3806
E-mail: curtisshelton@arklatexlaw.com
About RWDY Inc.
RWDY Inc. -- https://www.rwdyinc.com/ -- is an oil and energy
company based out of 1302 Dekort St, Copperas Cove, Texas.
RWDY filed a petition for relief under Chapter 11 of the Bankruptcy
Code (Bankr. W.D. La. Case No. 22-11308) on Dec. 21, 2022, with $10
million to $50 million in both assets and liabilities. Mark Allen,
manager, signed the petition.
Judge John S. Hodge oversees the case.
The Debtor tapped Robert W. Raley, Esq., at Ayres, Shelton,
Williams, Benson & Paine, LLC as legal counsel; Leland G. Horton,
Esq., at Bradley Murchison Kelly & Shea LLC as special counsel; and
Postlethwaite & Netterville, APAC as accountant.
SAI BABA: Hires Oliver & Cheek PLLC as Legal Counsel
----------------------------------------------------
Sai Baba Hospitality of NC, LLC seeks approval from the U.S.
Bankruptcy Court for the Eastern District of North Carolina to
employ Oliver & Cheek, PLLC to handle its Chapter 11 case.
The firm will be paid based upon its normal and usual hourly
billing rates and will be reimbursed for out-of-pocket expenses
incurred.
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.
Benjamin R. Eisner, Esq., a partner at The Law Offices of Oliver &
Cheek, 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:
Benjamin R. Eisner, Esq.
The Law Offices of Oliver & Cheek, PLLC
PO Box 1548
New Bern, NC 28563
Tel: (252) 633-1930
Fax: (252) 633-1950
Email: ben@olivercheek.com
About Sai Baba Hospitality of NC
Sai Baba Hospitality of NC, LLC owns a hotel located at 2149 N
Marine Blvd., Jacksonville, N.C., with an appraised value of $4.3
million. The company conducts business under the name Rodeway Inn &
Suites.
Sai Baba filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr E.D. N.C. Case No. 24-02714) on August 14,
2024, with $4,300,000 in assets and $1,900,000 in liabilities. Arti
Jethwa, general manager, signed the petition.
Judge David M. Warren presides over the case.
Benjamin R. Eisner, Esq., at The Law Offices of Oliver & Cheek,
PLLC represents the Debtor as bankruptcy counsel.
SHARING SERVICES: Sells $100K Convertible Note to HWH International
-------------------------------------------------------------------
Sharing Services Global Corporation disclosed in a Form 8-K filed
with the Securities and Exchange Commission that on Aug. 13, 2024,
it entered into a securities purchase agreement with HWH
International Inc., a Delaware corporation, pursuant to which it
issued and sold to HWH a convertible promissory note for an
aggregate principal amount of $100,000 convertible into 50,000,000
shares of Company Common Stock. The HWH August Note contains a
commitment fee of 8% payable in cash or at the option of the holder
may be convertible into shares of Common Stock. The HWH August
Note bears interest at 8% per annum, paid quarterly in cash or at
the option of the holder, shares of Common Stock of the Company.
The maturity date and related accrued interest is the earliest of
(i) the third anniversary of the date of issuance; (ii) the
acceleration of the HWH August Note upon an occurrence of an event
of default (as defined in the HWH August Note); (iii) the fifth
business day after the holder has delivered the Company a written
demand for payment of the HWH August Note. HWH may, at its option,
at any time during the term of the HWH August Note, redeem a
portion or all amounts of outstanding principal amount, without
incurring penalties, additional interest, or other fees or
charges.
About Sharing Services
Headquartered in Plano, Texas, Sharing Services Global Corporation
currently markets and distributes health and wellness products
primarily in the U.S and Canada, and delivers its member-based
travel services, primarily in the U.S., using a direct selling
business model. The Company markets its health and wellness
products through its proprietary website: www.thehappyco.com; and
its member-based travel services using www.mytravelventures.com.
Currently, the Company is in the process of revamping its
subscription-based travel services and plans to relaunch it in
November 2024.
The Company intends to continue to grow its business both
organically and by making strategic acquisitions, from time to
time, of businesses and technologies that augment its product
portfolio, complement its business competencies and fit its growth
strategy.
Jericho, New York-based Grassi & Co., CPAs, P.C., the Company's
auditor since 2023, issued a "going concern" qualification in its
reprot dated July 1, 2024, citing that the Company (i) has incurred
losses and negative cash flows from operations for consecutive
years, (ii) has an accumulated deficit and negative equity, which
raise substantial doubt about its ability to continue as a going
concern.
SHIELDS NURSING: PCO Files Fifth Report
---------------------------------------
Blanca Castro, the patient care ombudsman, filed with the U.S.
Bankruptcy Court for the Northern District of California her fifth
report regarding the quality of patient care provided at Shields
Nursing Centers, Inc.'s skilled nursing facilities.
The local Long-Term Care Ombudsman (LTCO) visited Shields Richmond
Nursing Center on July 15 and July 30. During each visit, the LTCO
found the entrance and surrounding areas of the facility to be
clean and inviting.
The PCO is raising the following concerns that continue to persist
in the Shield Nursing Facility in Richmond, Calif. Residents' needs
are going unattended, and several residents continue to experience
extended wait times for assistance with daily living activities
such as toileting, medicine administration and food.
In addition, one resident reported that after pressing the call
button, the request was announced on the facility speaker system,
however, the staff still did not attend for another 15-20 minutes.
Several residents reported to the LTCO that there are not enough
staff to care for their needs or staff are engaged in things other
than caring for the residents.
The LTCO visited Shields Nursing Center, El Cerrito, on July 15 and
July 30. During both visits, the outside of the facility was clean
and well organized. The LTCO was greeted by the receptionist and
screened at the reception area during both visits.
The LTCO observed adequate staffing levels throughout the facility.
During the July 30 visit, two residents pressed their call light
and staff promptly attended to each resident. During both visits,
residents reported call light response times were prompt.
Moreover, food quality is noted as good. Meals served are
consistent with the posted menu. No complaints from residents. The
LTCO met with several residents during both visits, and they did
not have any concerns.
A copy of the ombudsman report is available for free at
https://urlcurt.com/u?l=lPViOQ from PacerMonitor.com.
The ombudsman may be reached at:
Blanca E. Castro
2880 Gateway Oaks Drive, Suite 200,
Sacramento, CA 95833
Phone: (916) 928-2500
Email: Blanca.Castro@aging.ca.gov
About Shields Nursing Centers
Shields Nursing Centers, Inc. owns and operates a skilled nursing
facility in Hercules, Calif., which offers rehabilitation programs
including physical, occupational and speech therapy.
Shields Nursing Centers filed its voluntary Chapter 11 petition
(Bankr. N.D. Calif. Case No. 23-41201) on Sept. 20, 2023, with
$1,726,970 in assets and $13,504,710 in liabilities. Judge Charles
Novack oversees the case.
The Law Offices of Michael Jay Berger serves as the Debtor's
bankruptcy counsel.
Blanca E. Castro has been appointed as patient care ombudsman in
the Debtor's Chapter 11 case.
SIR TAJ: Trustee Seeks Court OK to Sell Sir Taj Hotel by Auction
----------------------------------------------------------------
John Pringle, Chapter 11 trustee for Sir Taj, LLC, will ask a U.S.
bankruptcy court at a hearing on Sept. 10 to approve the sale of
Sir Taj Hotel by auction.
Sir Taj Hotel is a 32-room hotel in Beverly Hills, which is owned
by the company.
The trustee is selling the property to 6830 Sunset, LLC, a
California limited liability company, or to another buyer who will
be selected as the winning bidder at a court-supervised auction.
6830 Sunset offered $14 million in cash for the property. Its offer
will serve as the stalking horse bid at the auction.
In the event it is not selected as the winning bidder, 6830 Sunset
will receive a break-up fee of 3% of its last bid amount.
On Aug. 19, Judge Vincent Zurzolo of the U.S. Bankruptcy Court for
the Central District of California approved the bid rules for the
sale of the property.
The bid rules required interested buyers to make an overbid of at
least $14.5 million and set a deadline for filing bids on the
property. The deadline expired on Aug. 27.
At the auction, the trustee will select the leading bid.
Thereafter, the trustee will solicit better and higher offers for
the property, in bidding increments of at least $50,000 in cash, or
the equivalent value of non-cash consideration from the qualified
bidders, including 6830 Sunset, if it chooses to participate.
The auction will take place in Judge Zurzolo's courtroom at the
date and time of the hearing.
The proceeds from the sale will be used to, among other things, pay
the undisputed portion of the secured claim of Wells Fargo Bank,
National Association, the company's senior lender.
About Sir Taj
Sir Taj, LLC, a company in Beverly Hills, Calif., filed Chapter 11
petition (Bankr. C.D. Calif. Case No. 24-10874) on Feb. 6, 2024,
listing $10 million to $50 million in assets and $500,000 to $1
million in liabilities. Sergey Vershinin, manager, signed the
petition.
Judge Vincent P. Zurzolo oversees the case.
The Law Offices of Michael D. Kwasigroch and Hahn Fife & Company,
LLC serve as the Debtor's bankruptcy counsel and accountant,
respectively.
SKILLZ INC: Incurs $26.72 Million Net Loss in First Quarter
-----------------------------------------------------------
Skillz Inc. filed with the Securities and Exchange Commission its
Quarterly Report on Form 10-Q disclosing a net loss of $26.72
million on $25.24 million of revenue for the three months ended
March 31, 2024, compared to a net loss of $35.59 million on $44.38
million of revenue for the three months ended March 31, 2023.
As of March 31, 2024, the Company had $382.35 million in total
assets, $196.80 million in total liabilities, and $185.56 million
in total stockholders' equity.
Since inception, the Company has financed its operations primarily
from the sales of capital stock. As of March 31, 2024, the
Company's principal sources of liquidity were its cash and cash
equivalents in the amount of $290.6 million, which are primarily
invested in money market funds and marketable securities with
maturities of less than three months, and marketable securities in
the amount of $0.4 million.
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/1801661/000180166124000102/sklz-20240331.htm
About Skillz Inc.
Las Vegas-based Skillz Inc. -- https://www.skillz.com/ -- operates
a competitive mobile gaming platform, driving the future of
entertainment by accelerating the convergence of sports, video
games and media. The Company's principal activities are to develop
and support a proprietary online-hosted technology platform that
enables independent game developers to host tournaments and provide
competitive gaming activity to end-users worldwide.
Skillz Inc. reported a net loss of $101.36 million in 2023, a net
loss of $438.87 million in 2022, a net loss of $187.92 million in
2021, and a net loss of $149.08 million in 2020.
* * *
Skillz Inc.'s credit rating as of Dec. 31, 2023 was CCC+ from S&P
Global Ratings. As reported by the TCR in January 2024, S&P Global
Ratings retained its ratings on Las Vegas-based Skillz Inc.,
including its 'CCC+' issuer credit rating, following the assignment
of the new management and governance (M&G) assessment. S&P said,
"S&P Global Ratings assigned a new M&G modifier assessment of
negative to Skillz following the revision to our criteria for
evaluating the credit risks. The terms management and governance
encompass the broad range of oversight and direction conducted by
an entity's owners, board representatives, and executive managers.
These activities and practices can impact an entity's
creditworthiness and, as such, the M&G modifier is an important
component of our analysis."
SKILLZ INC: Posts $26.05 Million Net Income in Second Quarter
-------------------------------------------------------------
Skillz Inc. filed with the Securities and Exchange Commission its
Quarterly Report on Form 10-Q reporting net income of $26.05
million on $25.30 million of revenue for the three months ended
June 30, 2024, compared to a net loss of $16.71 million on $40.17
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 $678,000 on $50.53 million of revenue, compared to a net
loss of $52.30 million on $84.55 million of revenue for the six
months ended June 30, 2023.
As of June 30, 2024, the Company had $402.86 million in total
assets, $187.63 million in total liabilities, and $215.23 million
in total stockholders' equity.
Since inception, the Company has financed our operations primarily
from the sales of capital stock. As of June 30, 2024, the
Company's principal sources of liquidity were its cash and cash
equivalents in the amount of $316.4 million, which are primarily
invested in money market funds and marketable securities with
maturities of less than three months.
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/1801661/000180166124000104/sklz-20240630.htm
About Skillz Inc.
Las Vegas-based Skillz Inc. -- https://www.skillz.com -- operates a
competitive mobile gaming platform, driving the future of
entertainment by accelerating the convergence of sports, video
games and media. The Company's principal activities are to develop
and support a proprietary online-hosted technology platform that
enables independent game developers to host tournaments and provide
competitive gaming activity to end-users worldwide.
Skillz Inc. reported a net loss of $101.36 million in 2023, a net
loss of $438.87 million in 2022, a net loss of $187.92 million in
2021, and a net loss of $149.08 million in 2020.
* * *
Skillz Inc.'s credit rating as of Dec. 31, 2023 was CCC+ from S&P
Global Ratings. As reported by the TCR in January 2024, S&P Global
Ratings retained its ratings on Las Vegas-based Skillz Inc.,
including its 'CCC+' issuer credit rating, following the assignment
of the new management and governance (M&G) assessment. S&P said,
"S&P Global Ratings assigned a new M&G modifier assessment of
negative to Skillz following the revision to our criteria for
evaluating the credit risks. The terms management and governance
encompass the broad range of oversight and direction conducted by
an entity's owners, board representatives, and executive managers.
These activities and practices can impact an entity's
creditworthiness and, as such, the M&G modifier is an important
component of our analysis."
STEWARD HEALTH: PCO Files Supplement to First Interim Report
------------------------------------------------------------
Susan Goodman, the patient care ombudsman, filed with the U.S.
Bankruptcy Court for the Southern District of Texas her first
supplemental report to update the court of the changes in patient
care delivery at Steward Health Care System, LLC and affiliates'
Arizona facility.
The PCO's first interim report for the Arizona facility was filed
on July 22, 2024. As detailed in the first report, St. Luke's
Behavioral Health Hospital (SLBH) is a 127-bed licensed inpatient
behavioral health facility. The PCO has had regular interaction
with the interim president and chief nursing officer since
revisiting the location for a second visit on July 23, 2024. The
PCO was made aware that the Arizona Department of Health Services
(AZDHS) Licensure Survey Team was conducting a survey at SLBH the
week of August 5, 2024.
During the survey, AZDHS made adverse findings regarding the status
of the kitchen, consistent with kitchen environment challenges
noted in the first report. In response to those findings, the
kitchen was closed. Food services have since been provided through
Mountain Vista Medical Center's kitchen and delivered to the SLBH
location.
Additionally, on the evening of August 8, 2024, the SLBH team and
market leadership notified the PCO that the two chiller systems
necessary for proper HVAC (heating, ventilation, air conditioning)
functioning catastrophically failed. Again, the first report
detailed that the major plant equipment supporting SLBH hospital
operations are situated in the shuttered, former St. Luke's
Hospital facility.
The PCO immediately visited the SLBH location after learning of the
HVAC failure. The leadership team was in incident command status, a
vendor was on site placing spot coolers, and clinical leadership
reported patient-focused efforts related to effectuating patient
transfers and shifting care delivery locations to cooler portions
of the building until spot coolers brought temperatures down.
At the time the PCO visited the location on August 8, 2024, the
outpatient side of the building remained cooler. The PCO will
remain engaged to understand what impacts, if any, there are for
the SLBH outpatient behavioral health patient population.
A copy of the first supplemental report is available for free at
https://urlcurt.com/u?l=Z49Crr from PacerMonitor.com.
The ombudsman may be reached at:
Susan N. Goodman
PIVOT HEALTH LAW, LLC
P.O. Box 69734 |Oro Valley, AZ 85737
Ph: 520.744.7061 (message)
Email: sgoodman@pivothealthaz.com
About Steward Health Care
Steward Health Care System, LLC owns and operates the largest
private physician-owned for-profit healthcare network in the U.S.
Headquartered in Dallas, Texas, Steward's operations include 31
hospitals in eight states, approximately 400 facility locations,
4,500 primary and specialty care physicians, 3,600 staffed beds,
and nearly 30,000 employees. Steward Health Care provides care to
more than two million patients annually.
Steward and 166 affiliated debtors filed Chapter 11 petitions
(Bankr. S.D. Texas Lead Case No. 24-90213) on May 6, 2024. 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 has been appointed as patient care ombudsman in
the Debtors' Chapter 11 cases.
STG LOGISTICS: $750MM Bank Debt Trades at 50% Discount
------------------------------------------------------
Participations in a syndicated loan under which STG Logistics Inc
is a borrower were trading in the secondary market around 50.0
cents-on-the-dollar during the week ended Friday, Aug. 30, 2024,
according to Bloomberg's Evaluated Pricing service data.
The $750 million Term loan facility is scheduled to mature on March
24, 2028. About $733.1 million of the loan is withdrawn and
outstanding.
STG Logistics, Inc., also known as St. George Logistics, is a
logistics company with a corporate office in North Bergen, New
Jersey.
SYDOW FIRM: Sylvia Mayer Named Subchapter V Trustee
---------------------------------------------------
The U.S. Trustee for Region 7 appointed Sylvia Mayer, Esq., at S.
Mayer Law, PLLC as Subchapter V trustee for The Sydow Firm.
Ms. Mayer will be paid an hourly fee of $450 for her services as
Subchapter V trustee and an hourly fee of $195 for paralegal
services. In addition, the Subchapter V trustee will receive
reimbursement for work-related expenses incurred.
Ms. Mayer declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Sylvia Mayer, Esq.
S. Mayer Law, PLLC
P.O. Box 6542
Houston, TX 77265
Telephone: (713) 893-0339
Facsimile: (713) 661-3738
Email: smayer@smayerlaw.com
About the Sydow Firm
The Sydow Firm, a Texas-based law firm, filed a petition under
Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas
Case No. 24-80236) on August 14, 2024, with $1 million to $10
million in assets and $10 million to $50 million in liabilities.
Michael Sydow, controlling partner, signed the petition.
Judge Alfredo R. Perez oversees the case.
Bennett G. Fisher, Esq., at Lewis Brisbois Bisgaard & Smith
represents the Debtor as legal counsel.
TI INTERMEDIATE: Golub Capital $1.1MM Loan at 15% Off
-----------------------------------------------------
Golub Capital BDC, Inc has marked its $1,182,000 loan extended to
TI Intermediate Holdings, LLC to market at $ 943,000 or 85% of the
outstanding amount, according to a disclosure contained in Golub
Capital's Form 10-Q for the quarterly period ended June 30, 2024,
filed with the Securities and Exchange Commission.
Golub Capital is a participant in a Senior Secured Loan to TI
Intermediate Holdings, LLC. The loan accrues interest at a rate of
9.93% (SF+4.50%) per annum. The loan was scheduled to mature in
December 2024.
Golub Capital. is an externally managed, closed-end,
non-diversified management investment company. GBDC has elected to
be regulated as a business development company under the Investment
Company Act of 1940, as amended.
Golub Capital is led by David B. Golub, Chief Executive; and
Christopher C. Ericson, Chief Financial Officer. The fund can be
reach through:
David B. Golub
Golub Capital BDC, Inc.
200 Park Avenue, 25th Floor
New York, NY 10166
Tel: (212) 750-6060
Transportation Insight, LLC operates as a logistics company. The
Company provides managed drayage, transportation, parcel audit and
claim management, freight and parcel, data intelligence,
warehousing, and supply chain consulting services. Transportation
Insight serves customers in the United States.
TI INTERMEDIATE: Golub Capital $192,000 Loan at 15% Off
-------------------------------------------------------
Golub Capital BDC, Inc has marked its $192,000 loan extended to TI
Intermediate Holdings, LLC to market at $163,000 or 85% of the
outstanding amount, according to a disclosure contained in Golub
Capital's Form 10-Q for the quarterly period ended June 30, 2024,
filed with the Securities and Exchange Commission.
Golub Capital is a participant in a Senior Secured Loan to TI
Intermediate Holdings, LLC. The loan accrues interest at a rate of
9.93% (SF+4.50%) per annum. The loan was scheduled to mature in
December 2024.
Golub Capital. is an externally managed, closed-end,
non-diversified management investment company. GBDC has elected to
be regulated as a business development company under the Investment
Company Act of 1940, as amended.
Golub Capital is led by David B. Golub, Chief Executive; and
Christopher C. Ericson, Chief Financial Officer. The fund can be
reach through:
David B. Golub
Golub Capital BDC, Inc.
200 Park Avenue, 25th Floor
New York, NY 10166
Tel: (212) 750-6060
Transportation Insight, LLC operates as a logistics company. The
Company provides managed drayage, transportation, parcel audit and
claim management, freight and parcel, data intelligence,
warehousing, and supply chain consulting services. Transportation
Insight serves customers in the United States.
TI INTERMEDIATE: Golub Capital $4.1MM Loan at 15% Off
-----------------------------------------------------
Golub Capital BDC, Inc has marked its $4,182,000 loan extended to
TI Intermediate Holdings, LLC to market at $3,554,000 or 85% of the
outstanding amount, according to a disclosure contained in Golub
Capital's Form 10-Q for the quarterly period ended June 30, 2024,
filed with the Securities and Exchange Commission.
Golub Capital is a participant in a Senior Secured Loan to TI
Intermediate Holdings, LLC. The loan accrues interest at a rate of
9.93% (SF+4.50%) per annum. The loan was scheduled to mature in
December 2024.
Golub Capital. is an externally managed, closed-end,
non-diversified management investment company. GBDC has elected to
be regulated as a business development company under the Investment
Company Act of 1940, as amended.
Golub Capital is led by David B. Golub, Chief Executive; and
Christopher C. Ericson, Chief Financial Officer. The fund can be
reach through:
David B. Golub
Golub Capital BDC, Inc.
200 Park Avenue, 25th Floor
New York, NY 10166
Tel: (212) 750-6060
Transportation Insight, LLC operates as a logistics company. The
Company provides managed drayage, transportation, parcel audit and
claim management, freight and parcel, data intelligence,
warehousing, and supply chain consulting services. Transportation
Insight serves customers in the United States.
TI INTERMEDIATE: Golub Capital $522,000 Loan at 15% Off
-------------------------------------------------------
Golub Capital BDC, Inc has marked its $522,000 loan extended to TI
Intermediate Holdings, LLC to market at $443,000 or 85% of the
outstanding amount, according to a disclosure contained in Golub
Capital's Form 10-Q for the quarterly period ended June 30, 2024,
filed with the Securities and Exchange Commission.
Golub Capital is a participant in a Senior Secured Loan to TI
Intermediate Holdings, LLC. The loan accrues interest at a rate of
9.93% (SF+4.50%) per annum. The loan was scheduled to mature in
December 2024.
Golub Capital. is an externally managed, closed-end,
non-diversified management investment company. GBDC has elected to
be regulated as a business development company under the Investment
Company Act of 1940, as amended.
Golub Capital is led by David B. Golub, Chief Executive; and
Christopher C. Ericson, Chief Financial Officer. The fund can be
reach through:
David B. Golub
Golub Capital BDC, Inc.
200 Park Avenue, 25th Floor
New York, NY 10166
Tel: (212) 750-6060
Transportation Insight, LLC operates as a logistics company. The
Company provides managed drayage, transportation, parcel audit and
claim management, freight and parcel, data intelligence,
warehousing, and supply chain consulting services. Transportation
Insight serves customers in the United States.
TI INTERMEDIATE: Golub Capital $696,000 Loan at 15% Off
-------------------------------------------------------
Golub Capital BDC, Inc has marked its $696,000 loan extended to TI
Intermediate Holdings, LLC to market at $ 592,000 or 85% of the
outstanding amount, according to a disclosure contained in Golub
Capital's Form 10-Q for the quarterly period ended June 30, 2024,
filed with the Securities and Exchange Commission.
Golub Capital is a participant in a Senior Secured Loan to TI
Intermediate Holdings, LLC. The loan accrues interest at a rate of
9.93% (SF+4.50%) per annum. The loan was scheduled to mature in
December 2024.
Golub Capital. is an externally managed, closed-end,
non-diversified management investment company. GBDC has elected to
be regulated as a business development company under the Investment
Company Act of 1940, as amended.
Golub Capital is led by David B. Golub, Chief Executive; and
Christopher C. Ericson, Chief Financial Officer. The fund can be
reach through:
David B. Golub
Golub Capital BDC, Inc.
200 Park Avenue, 25th Floor
New York, NY 10166
Tel: (212) 750-6060
Transportation Insight, LLC operates as a logistics company. The
Company provides managed drayage, transportation, parcel audit and
claim management, freight and parcel, data intelligence,
warehousing, and supply chain consulting services. Transportation
Insight serves customers in the United States.
TRANSPECOS FINANCIAL: ArrowMark $4MM Loan at 15% Off
----------------------------------------------------
ArrowMark Financial Corp has marked its $4,000,000 loan extended to
TransPecos Financial Corp to market at $3,400,000 or 85% of the
outstanding amount, according to a disclosure contained in
ArrowMark's Form N-CSR for the fiscal year ended June 30, 2024,
filed with the Securities and Exchange Commission on August 23,
2024.
ArrowMark is a participant in a Senior Term Loan to TransPecos
Financial Corp. The loan accrues interest at a rate of 9% per
annum. The loan matures on October 1, 2028.
ArrowMark is a Delaware corporation registered as a
non-diversified, closed-end management investment company under the
Investment Company Act of 1940, as amended, which commenced
investment operations on November 13, 2013. In addition, AMFC has
elected to be treated for tax purposes as a regulated investment
company under Subchapter M of the Internal Revenue Code of 1986, as
amended.As an investment company; the Company follows the
accounting and reporting guidance of the FinancialAccounting
Standards Board and theAccounting Standards CodificationTopic 946.
ArrowMark is led by Sanjai Bhonsle, Chief Executive Officer &
Chairman of the Board; and Patrick J. Farrell, Chief Financial
Officer. The fund can be reach through:
Sanjai Bhonsle
ArrowMark Financial Corp
100 Fillmore Street, Suite 325
Denver, CO 80206
Tel: (303) 398-2929
- and -
Sanjai Bhonsle
ArrowMark Asset Management, LLC
100 Fillmore Street, Suite 325
Denver, CO 80206
Tel: (303) 398-2929
Copies of Communications to:
John P. Falco, Esq.
Troutman Pepper Hamilton Sanders LLP
3000 Two Logan Square / Eighteenth and Arch Streets
Philadelphia, PA 19103-2799
Tel: (215) 981-4659
Transpecos Financial Corporation is a bank holding company owning
or controlling one or more banks.
TREMONT CHICAGO: Seeks to Extend Plan Exclusivity to Nov. 18
------------------------------------------------------------
Tremont Chicago, LLC, asked the U.S. Bankruptcy Court for the
District of Delaware to extend its exclusivity periods to file a
plan of reorganization and obtain acceptance thereof to November
18, 2024 and January 17, 2025, respectively.
The Debtor owns and operates the (i) Tremont Chicago Hotel (the
"Hotel"), a 16-story, 122-room, boutique hotel located at 100 E.
Chestnut Street between the world renowned Magnificent Mile and
Rush Street in Chicago, and (ii) the adjoining property, located at
108 E. Chestnut Street, which houses a restaurant space.
The Debtor has reached a short-term agreement with its senior
secured lender, LMREC IV Note Holder, Inc., which has resulted in
an interim "pencils down" approach to minimize administrative costs
while the Debtor pursues a refinancing of LMREC's loan. The success
of the refinance will dictate the Debtor's strategy for a plan
moving forward.
The Debtor claims that it has focused on various critical issues
related to its Chapter 11 Case during the first few months of the
Chapter 11 Case. Further, the refinance of the Debtor's secured
debt will largely dictate the direction of this case, and the
Debtor's plan prospects. Given the flux of the case at this time,
and until the refinance is completed, the Debtor asserts that there
is sufficient "cause" for an extension of the Exclusive Periods.
The Debtor explains that the extension of the Exclusive Periods
will afford the company and all other parties in interest an
opportunity to fully develop the grounds upon which a plan can be
based following the refinance of the secured debt. Terminating the
Exclusive Periods prematurely would defeat the very purpose of
section 1121 of the Bankruptcy Code, to afford the Debtor a
meaningful and reasonable opportunity to negotiate with creditors
and propose and confirm a consensual plan.
The Debtor believes that the requested extension of the Exclusive
Periods is warranted and appropriate under the circumstances. The
Debtor submits that the requested extension is realistic and
necessary, will not prejudice the legitimate interests of creditors
and other parties in interest, and will afford it a meaningful
opportunity to pursue a consensual plan, all as contemplated by
chapter 11 of the Bankruptcy Code.
Tremont Chicago, LLC, is represented by:
GOLDSTEIN & MCCLINTOCK LLLP
Maria Aprile Sawczuk, Esq.
501 Silverside Road, Suite 65
Wilmington, DE 19809
Telephone: (302) 444-6710
Email: marias@goldmclaw.com
-and-
Matthew E. McClintock, Esq.
Ainsley G. Moloney, Esq.
Amrit S. Kapai, Esq.
111 W. Washington Street, Suite 1221
Chicago, IL 60602
Telephone: (312) 337-7700
Email: mattm@goldmclaw.com
ainsleym@goldmclaw.com
amritk@goldmclaw.com
About Tremont Chicago, LLC
Tremont Chicago, LLC is part of the traveler accommodation
industry.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 24-10844) on April 22,
2024. In the petition signed by Michael Collier, sole member of
Hotel Capital, LLC, Debtor's Manager, the Debtor disclosed up to
$50 million in both assets and liabilities.
Judge Laurie Selber Silverstein oversees the case.
Maria Aprile Sawczuk, Esq., at GOLDSTEIN & McCLINTOCK LLLP, is the
Debtor's legal counsel.
TRIMONT ENERGY: Proposes Immaterial Modifications to Plan
---------------------------------------------------------
Trimont Energy (GIB), LLC, submitted a First Amended Plan of
Reorganization Under Subchapter V with Immaterial Modifications
dated August 7, 2024.
The First Amended Plan contains immaterial modifications to address
concerns raised by the United States Trustee and the Louisiana
Department of Revenue ("LDR").
This is a liquidation plan and all proceeds from the Sale and cash
on hand as of the Effective Date of the Plan will be distributed as
provided for in this Plan. Inasmuch as the sale of the GIB assets
has closed, there will be no further oil and gas operations. The
Sale Proceeds will be distributed in accordance with the Plan.
Consistent with 11 U.S.C. ยง1129(a)(11), a liquidation is part of
the Plan, thereby mooting any feasibility analysis.
GIB intends to distribute cash generated from the Sale of its
Assets to: 1) Allowed LOWLA Lien holders; 2) Administrative Claim
holders; 3) Claims of State (including Severance taxes) and Local
taxing authorities for allowed tax claims against the assets of
GIB; 4) holders allowed claims of royalty and overriding royalty
interest holders (exclusive of any penalty claims); and 5)
unsecured creditors on a pro rata basis.
It is believed the unsecured creditors of the Debtor will not be
paid in full. It is believed however, a distribution will be made
to the unsecured creditors.
This Plan provides for the treatment of Claims and Interests as
follows, and as more fully described herein:
* One Class of Secured Claims (allowed LOWLA Lien Claims),
which will be paid on the later of the Effective Date or the
allowance of such Claim
* One Class of allowed State and Local Tax Claims. The State
Tax Claims include, but are not limited to, prepetition Severance
Oil tax liabilities owed to the LDR exclusive of penalties. The
Local Tax Claims include the prepetition ad valorem tax liabilities
for the GIB Wells (exclusive of penalties). Collectively, the State
Tax Claims and the Local Tax Claims will be referred to as the
"Priority Tax Claims"). The Priority Tax Claims will receive full
payment on the later of the Effective Date or the date such claims
are allowed. Interest on the allowed Priority Tax Claims shall be
paid interest
* One Class of allowed Royalty and Overriding Royalty Claims
(exclusive of penalty claims)
* One Class of Unsecured Claims and Penalty that will be paid
their pro rata share of the remaining funds from the sale of the
GIB Assets and GIB cash after payment in full of Administrative
Claims and claims related to Plan implementation and distribution,
Tax Claims, Royalty and Overriding Royalty Claims.
* No claim in a junior class shall receive any payment until
claims in senior classes have been paid in full or a reserve has
been set up for such senior claims.
Class 2 consists of State and Local Taxes owed by assets owned by
GIB. The Debtor estimates the State and Local Tax Claims are
$1,430,415.43, exclusive of interest. Class 2 shall receive payment
in full from the sale proceeds and cash held by the Debtor. Class 2
is impaired and entitled to vote.
Like in the prior iteration of the Plan, all remaining amounts from
the proceeds of the sale after classes 1, 2, and 3, have been paid
in full shall be distributed pro rata among the general unsecured
creditors in Class 4.
GIB shall fund the plan from the proceeds from the sale of the GIB
Assets and cash on hand as of the Effective Date.
A full-text copy of the First Amended Subchapter V Plan dated
August 7, 2024 is available at https://urlcurt.com/u?l=7zwkMq from
PacerMonitor.com at no charge.
The Debtor's Counsel:
Douglas S. Draper, Esq.
HELLER, DRAPER & HORN, LLC
650 Poydras Street
Suite 2500
New Orleans, LA 70130
Tel: 504-299-3300
E-mail: ddraper@hellerdraper.com
About Trimont Energy
Trimont Energy (GIB), LLC is a Houston-based company, which
operates in the oil and gas extraction industry.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. E.D. La. Case No. 23-11869) on Oct. 25,
2023, with $1 million to $10 million in both assets and
liabilities. Christopher O. Ryals, chief restructuring officer,
signed the petition.
Judge Meredith S. Grabill oversees the case.
Douglas S. Draper, Esq., at Heller, Draper & Horn, LLC represents
the Debtor as legal counsel.
TULSA VALLEY: ArrowMark $1.7MM Loan at 20% Off
----------------------------------------------
ArrowMark Financial Corp has marked its $1,700,000 loan extended to
Tulsa Valley Bancshares to market at $1,364,250 or 80% of the
outstanding amount, according to a disclosure contained in
ArrowMark's Form N-CSR for the fiscal year ended June 30, 2024,
filed with the Securities and Exchange Commission on August 23,
2024.
ArrowMark is a participant in a Subordinated Term Loan to Tulsa
Valley Bancshares. The loan accrues interest at a rate of 6.63% per
annum. The loan matures on December 31, 2038.
ArrowMark is a Delaware corporation registered as a
non-diversified, closed-end management investment company under the
Investment Company Act of 1940, as amended, which commenced
investment operations on November 13, 2013. In addition, AMFC has
elected to be treated for tax purposes as a regulated investment
company under Subchapter M of the Internal Revenue Code of 1986, as
amended.As an investment company; the Company follows the
accounting and reporting guidance of the FinancialAccounting
Standards Board and theAccounting Standards CodificationTopic 946.
ArrowMark is led by Sanjai Bhonsle, Chief Executive Officer &
Chairman of the Board; and Patrick J. Farrell, Chief Financial
Officer. The fund can be reach through:
Sanjai Bhonsle
ArrowMark Financial Corp
100 Fillmore Street, Suite 325
Denver, CO 80206
Tel: (303) 398-2929
- and -
Sanjai Bhonsle
ArrowMark Asset Management, LLC
100 Fillmore Street, Suite 325
Denver, CO 80206
Tel: (303) 398-2929
Copies of Communications to:
John P. Falco, Esq.
Troutman Pepper Hamilton Sanders LLP
3000 Two Logan Square / Eighteenth and Arch Streets
Philadelphia, PA 19103-2799
Tel: (215) 981-4659
Tulsa Valley Bancshares Corporation operates as a bank. The Bank
offers financial products and services such as savings accounts,
personal and business loans, debit and credit cards, letter of
credit, certificate of deposits, mortgages, equipment financing,
cash management, and online banking services.
TYKMA INC: Gets Court Nod to Sell Assets to AMKYT for $5.7-Mil.
---------------------------------------------------------------
Tykma, Inc. got the green light from the U.S. Bankruptcy Court for
the Middle District of Florida to sell most of its assets to AMKYT,
LLC.
AMKYT, a Delaware limited liability company, offered to pay $5.7
million for the assets, plus up to $10,000 to cure Tykma's defaults
under certain contracts.
In connection with the sale, Tykma will assume its nonresidential
real property lease with its landlord, GECO, LLC, and then assign
it to AMKYT.
The closing of the sale is conditioned upon court approval of the
lease assignment to the buyer, among other things.
No later than two business days following the closing, Tykma will
pay Bank of America from the sale proceeds after payment of the
cure amount, and the bank's lien will attach, in first position, to
the retained cash ($300,000 of cash and cash equivalents).
About Tykma Inc.
Tykma, Inc.is a manufacturer of navigational, measuring, medical
and control instruments in Winter Park, Fla.
Tykma filed its voluntary petition for Chapter 11 protection
(Bankr. M.D. Fla. Case No. 24-02729) on May 30, 2024, with as much
as $1 million to $10 million in both assets and liabilities. Paul
R. Dupee, chairman, signed the petition.
Judge Tiffany P. Geyer oversees the case.
Shuker & Dorris, P.A. serves as the Debtor's legal counsel.
The U.S. Trustee for Region 21 appointed an official committee to
represent unsecured creditors in the Debtor's Chapter 11 case.
UNDERGROUND CREATIVE: Court Confirms Amended Exit Plan
------------------------------------------------------
Judge Whitman L. Holt of the United States Bankruptcy Court for the
Eastern District of Washington issued Findings of Fact and
Conclusions of Law, and Order Confirming the First Amended Chapter
11 Subchapter V Plan of Reorganization of Underground Creative,
LLC, fdba Underground Creative, Inc., on August 21, 2024.
The Court held that:
1. The Debtor filed the Plan on August 5, 2024. The Plan
contains a brief history of the business operations of the Debtor,
a liquidation analysis, and projections with respect to the ability
of the Debtor to make Plan payments. The Plan provides for the
submission of future income as is necessary for the execution of
the Plan. As such, the Plan complies with 11 U.S.C. Sec. 1190.
2. The Debtor gave proper notice of the original plan filing
and the hearing on confirmation of the Plan to creditors and
parties in interest as required by FRBP 2002, LBR 2002-1, and LBR
3018-1, as well as other applicable provisions of the Bankruptcy
Code and the Federal Rules of Bankruptcy Procedure by properly
serving the original Plan, List of Classifying Claims and Interest,
Ballot, and notice. Proof of service of such was filed with the
court on July 1, 2024.
3. The hearing on confirmation after notice to creditors was
held by telephone conference on August 19, 2024.
4. Certain classes of claims are impaired under the Plan.
5. The Debtor filed a Ballot Summary on August 5, 2024. The
Ballot Summary indicates that all Classes who cast a ballot, voted
in favor of the Plan. There were no Classes that voted against the
Plan.
6. No ballots other than those identified in the Ballot
Summary have been received by the Debtor except Class 6 voted after
the voting deadline.
7. Any payment made or to be made by the Debtor for services
or for costs and expenses in or in connection with the case, or in
connection with the Plan and incident to the case, has been
approved by, or is subject to the approval of, the court as
reasonable. Any and all payments for professional services,
including authorization required by 11 U.S.C. Secs. 327 and 330,
shall remain subject to bankruptcy court approval notwithstanding
confirmation of the Plan.
8. The Debtor shall continue the operation of the Debtor's
Business, defined in Art. 9.1 of Plan, after confirmation of the
Plan. The net income from the Debtor's business operations shall be
used by the Debtor to pay creditors as provided by the Plan.
9. The Debtor's Plan contains a Liquidation Analysis, which in
a liquidation scenario, projects that all creditors would not be
paid in full. As such, the creditors who are impaired by the plan,
and who did not vote for the plan, will receive not less than the
amount they would receive in a liquidation, as required by 11
U.S.C. Sec. 1129(a)(7).
10. No government regulatory commission or agency is required
to approve the Plan or terms of the Plan.
11. The Debtor's Plan satisfies the requirements of 11 U.S.C.
Sec. 1129(a)(7) in that each holder of a claim or interest has
accepted the Plan or will receive or retain under the Plan property
of a value, as of the effective date of the Plan, that is not less
than the amount that such holder would receive or retain if Debtor
was liquidated under Chapter 7 of the Bankruptcy Code on such
date.
12. No 11 U.S.C. Sec. 1111(b) elections have been made by any
secured creditor.
13. With respect to the class of claims that did not vote for
the Plan, the Plan does not discriminate unfairly, and is fair and
equitable, with respect to such class of claims as required by 11
U.S.C. Secs. 1129(b)(1) and 1191(a). As stated above, the Plan
calls for the Debtor's payment of its disposable income to
creditors over a period of three years. Furthermore, the Debtor has
provided a Plan Budget, Monthly Operating Reports and the
Declaration of the Debtor's representative Jerrod Lindblom, which
demonstrate the Debtor's ability to make the Plan payments.
14. Class 1 claims are unimpaired under the Plan and are not
entitled to vote. Classes numbered 3, 7, and 10 represent insider
claims and are not voting classes under the Plan.
15. Administrative priority claims described by 11 U.S.C. Sec.
503(b) and 11 U.S.C. Sec. 507(2) are provided for as required by 11
U.S.C. Sec. 1129(a)(9).
16. The Plan has been accepted in writing by at least one
non-insider class of impaired creditors as required by 11 U.S.C.
Sec. 1129(a)(10). The provisions of Chapter 11 of the Bankruptcy
Code have been complied with, and the Plan complies with all
provisions of the Bankruptcy Code as well as other applicable law.
17. Confirmation of the Plan is not likely to be followed by
liquidation, or the need for further financial reorganization, of
the Debtor.
18. The Debtor's Plan should be confirmed. The provisions of
Chapter 11 have been complied with, and the Plan has been proposed
in good faith and not by any means forbidden by law.
19. The requirements for confirmation of the Plan imposed by
the Bankruptcy Code, Federal Rules of Bankruptcy Procedure and
other applicable law, including the requirements of 11 U.S.C. Sec.
1129, have been met.
20. The effective date of the Plan will be the first business
day following the date on which the confirmation order becomes a
final non-appealable order. The Debtor is authorized to begin
consummation of the Plan on the effective date.
A copy of the Court's decision dated August 20, 2024, is available
at https://urlcurt.com/u?l=JIvPVu
Attorney for Debtor:
Dan O'Rourke, Esq.
SOUTHWELL & O'ROURKE, P.S. A PROFESSIONAL SERVICE CORPORATION
ATTORNEYS AT LAW
Suite 960, Paulsen Center
West 421 Riverside Avenue
Spokane, WA 99201
Telephone: (509) 624-0159
E-mail: dorourke@southwellorourke.com
About Underground Creative, LLC
Underground Creative, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D. Wash. Case No. 24-00850) on May
28, 2024. In the petition signed by Michael Page and Herrod
Lindblom, co-owners, the Debtor disclosed up to $500,000 in assets
and up to $1 million in liabilities.
Judge Whitman L. Holt oversees the case.
Dan O'Rourke, Esq., at Southwell & O'Rourke, P.S., represents the
Debtor as legal counsel.
VERANEX INC: Golub Capital $3.3MM Loan at 25% Off
-------------------------------------------------
Golub Capital BDC, Inc has marked its $3,329,000 loan extended to
Veranex, Inc to market at $2,496,000 or 75% of the outstanding
amount, according to a disclosure contained in Golub Capital's Form
10-Q for the quarterly period ended June 30, 2024, filed with the
Securities and Exchange Commission.
Golub Capital is a participant in a Senior Secured Loan to Veranex,
Inc. The loan accrues interest at a rate of 7.65% (SF+6.75%, 4.25%
Payment in Kind) per annum. The loan matures in April 2028.
Golub Capital. is an externally managed, closed-end,
non-diversified management investment company. GBDC has elected to
be regulated as a business development company under the Investment
Company Act of 1940, as amended.
Golub Capital is led by David B. Golub, Chief Executive; and
Christopher C. Ericson, Chief Financial Officer. The fund can be
reach through:
David B. Golub
Golub Capital BDC, Inc.
200 Park Avenue, 25th Floor
New York, NY 10166
Tel: (212) 750-6060
Veranex is designed to enable accelerated speed to market,
controlled development costs, development risk mitigation and
accelerated market viability assessment.
VERANEX INC: Golub Capital $398,000 Loan at 25% Off
---------------------------------------------------
Golub Capital BDC, Inc has marked its $398,000 loan extended to
Veranex, Inc to market at $299,000 or 75% of the outstanding
amount, according to a disclosure contained in Golub Capital's Form
10-Q for the quarterly period ended June 30, 2024, filed with the
Securities and Exchange Commission.
Golub Capital is a participant in a Senior Secured Loan to Veranex,
Inc. The loan accrues interest at a rate of 7.81% (SF+6.75%, 4.25%
Payment in Kind) per annum. The loan matures in April 2028.
Golub Capital. is an externally managed, closed-end,
non-diversified management investment company. GBDC has elected to
be regulated as a business development company under the Investment
Company Act of 1940, as amended.
Golub Capital is led by David B. Golub, Chief Executive; and
Christopher C. Ericson, Chief Financial Officer. The fund can be
reach through:
David B. Golub
Golub Capital BDC, Inc.
200 Park Avenue, 25th Floor
New York, NY 10166
Tel: (212) 750-6060
Veranex is designed to enable accelerated speed to market,
controlled development costs, development risk mitigation and
accelerated market viability assessment.
VERTEX ENERGY: Secures Consent to Get Unrestricted Cash of $25MM
----------------------------------------------------------------
Vertex Energy Inc. disclosed in a Form 8-K Report filed with the
U.S. Securities and Exchange Commission that Vertex Refining
Alabama LLC, a Delaware limited liability company indirectly
wholly-owned by the Company, and Macquarie Energy North America
Trading Inc. entered into a Fifth Limited Consent, in connection
with that certain Supply and Offtake Agreement, dated as of April
1, 2022, between Vertex Refining and Macquarie.
Pursuant to the Macquarie Limited Consent, Macquarie provided a
limited consent to allow Vertex Refining to have unrestricted cash
of less than $25 million, but not less than $12 million, for any
period of not more than three consecutive business days, without
triggering an event of default under such Supply and Offtake
Agreement, through September 20, 2024. The Macquarie Limited
Consent also provides that it would be an event of default under
the Supply and Offtake Agreement if unrestricted cash is less than
$25 million as of September 20, 2024.
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 of June 30, 2024, Vertex Energy had $772.4 million in total
assets, $642.8 million in total liabilities, and $129.5 million in
total stockholders' equity.
* * *
In August 2024, Fitch Ratings downgraded Vertex Energy Inc.'s
(Vertex) and Vertex Refining Alabama LLC's Long-Term Issuer Default
Ratings (IDRs) to 'CC' from 'CCC+'. Fitch has also downgraded the
rating of Vertex Refining Alabama's senior secured term loan to
'CCC-'/'RR3' from 'B-'/'RR3'.
The downgrade reflects Vertex's lack of liquidity buffers to cover
Fitch-estimated negative FCF in the near term, ongoing preparation
of a restructuring support agreement (RSA), and the management's
doubt around Vertex's ability to operate as a going concern
mentioned in its financial statements. Fitch considers a scenario
under which Vertex announces a restructuring transaction that could
be considered a distressed debt exchange (DDE) as probable.
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.
VISION CAPITAL: Case Summary & Eight Unsecured Creditors
--------------------------------------------------------
Debtor: Vision Capital Holdings, Ltd., Co.
4514 Chamblee Dunwoody Road
Atlanta, GA 30338
Chapter 11 Petition Date: September 3, 2024
Court: United States Bankruptcy Court
Northern District of Georgia
Case No.: 24-59271
Debtor's Counsel: Theodore N. Stapleton, Esq.
THEODORE N. STAPLETON, PC
2802 Paces Ferry Road, SE
Suite 100-B
Atlanta, GA 30339
Tel: 770-436-3334
Fax: 404-935-5344
Email: tstaple@tstaple.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Julia Burton as managing member.
A full-text copy of the petition containing, among other items, a
list of the Debtor's eight unsecured creditors is available for
free at PacerMonitor.com at:
https://www.pacermonitor.com/view/QZAW3KQ/Vision_Capiltal_Holdings_Ltd_Co__ganbke-24-59271__0001.0.pdf?mcid=tGE4TAMA
WILD CARGO: Aleida Martinez Molina Named Subchapter V Trustee
-------------------------------------------------------------
The U.S. Trustee for Region 21 appointed Aleida Martinez Molina,
Esq., as Subchapter V trustee for Wild Cargo Pets, Inc.
Ms. Molina will be paid an hourly fee of $450 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Molina declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Aleida Martinez Molina, Esq.
2121 NW 2nd Avenue, Suite 201
Miami, FL 33127
Telephone: (305) 297-1878
Email: Martinez@subv-trustee.com
About Wild Cargo Pets
Wild Cargo Pets, Inc. filed a petition under Chapter 11, Subchapter
V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-18380) on
August 19, 2024, with up to $50,000 in assets and up to $500,000 in
liabilities.
Judge Erik P. Kimball presides over the case.
John M. Weinberg, Esq., represents the Debtor as legal counsel.
WISA TECHNOLOGIES: VP of Finance and Chief Accounting Officer Quits
-------------------------------------------------------------------
Wisa Technologies, Inc., disclosed in a Form 8-K filed with the
Securities and Exchange Commission that on Aug. 23, 2024, Gary
Williams, vice president of Finance and chief accounting officer
(principal financial officer and principal accounting officer) of
the Company, resigned, effective Nov. 30, 2024. Mr. Williams'
resignation was not because of a disagreement with the Company on
any matter relating to the Company's operations, policies or
practices.
In connection with his resignation, on Aug. 23, 2024, Mr. Williams
and the Company entered into a Transition Agreement, pursuant to
which if he remains employed by the Company until and through the
Separation Date and adequately fulfills his duties and
responsibilities to the Company, including providing training,
information transfer and/or any other assistance reasonably
requested by or on behalf of any person(s) hired and/or designated
by the Company to assume any or all of his duties and
responsibilities, Mr. Williams is entitled to receive the following
compensation and benefits: (a) a one-time bonus in the gross amount
of $151,925, to be paid on the Separation Date, less applicable
taxes and withholdings, and (b) the full, accelerated vesting of
any and all restricted stock awards he has been issued and have not
vested, effective as of the Separation Date.
Mr. Williams and the Company intend to execute a separation
agreement on the Separation Date. The Separation Agreement sets
forth various terms regarding the treatment of other employee
benefits that Mr. Williams is entitled to receive under the
Company's existing plans. As a material condition to the
Separation Agreement, Mr. Williams is required to timely execute
the Supplemental Release attached as an exhibit to the Separation
Agreement, which includes a customary release of claims by him (on
behalf of himself, his heirs, executors, administrators and
assigns) in favor of the Company.
About WiSA Technologies
WiSA Technologies, Inc. (NASDAQ: WISA) -- www.wisatechnologies.com
-- develops, markets, and sells spatial audio wireless technology
for smart devices and next-generation home entertainment systems.
The Company's consortium -- the WiSA Association -- works with
leading consumer electronics companies, technology providers,
retailers, and industry partners to make spatial audio an
experience that everyone can enjoy. WiSA E is WiSA's proprietary
technology that delivers seamless integration across platforms and
devices, setting a new standard for interoperable high-quality
audio excellence.
San Jose, California-based BPM LLP, the Company's auditor since
2016, issued a "going concern" qualification in its report dated
April 1, 2024, citing that the Company's recurring losses from
operations, a net capital deficiency, available cash and cash used
in operations raise substantial doubt about its ability to continue
as a going concern.
WISCONSIN & MILWAUKEE: Hires LW Hospitality Advisors as Appraiser
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Wisconsin & Milwaukee Hotel LLC seeks approval from the U.S.
Bankruptcy Court for the Eastern District of Wisconsin to employ LW
Hospitality Advisors as appraiser.
The firm will provide these services:
a. conduct a site visit of the hotel located at 625 N.
Milwaukee Street, Milwaukee, for interior and exterior
observations;
b. determine value based upon a combination of valuation
approaches necessary to develop a credible opinion;
c. deliver a current value report for the Hotel;
d. consult with Richman & Richman LLC, bankruptcy counsel for
the Debtor, on all matters related to valuation of the Hotel; and
e. if requested, act as the Debtor's valuation expert in this
Case, including providing reports and testimony in plan
confirmation proceedings.
The firm will be paid at these rates:
Jonathan Jaeger Sr., Managing Director $750 per hour
Christopher Hutsen, Vice President $550 per hour
The firm will be paid a retainer in the amount of $12,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Jonathan Jaeger, a Senior Managing Director at LW Hospitality
Advisors, disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached at:
Jonathan Jaeger
LW Hospitality Advisors
200 West 41st Street, Suite 602
New York, NY 10036
Tel: (212) 300-6684
About Wisconsin & Milwaukee Hotel LLC
Wisconsin & Milwaukee Hotel LLC sought protection under Chapter 11
of the Bankruptcy Code (Bankr. E.D. Wisc. Case No. 24-21743) on
April 9, 2024. In the petition signed by Mark Flaherty, as manager,
the Debtor disclosed up to $50 million in both assets and
liabilities.
Judge G. Michael Halfenger oversees the case.
Michael P. Richman, Esq., at RICHMAN & RICHMAN LLC, is the Debtor's
legal counsel.
WYATT RESTAURANT: Hires Home Tax Service as Accountant
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Wyatt Restaurant Group, LLC, seeks approval from the U.S.
Bankruptcy Court for the Middle District of Alabama to employ Home
Tax Service as accountant.
The firm will assist with general accounting and bookkeeping tasks
for the Debtor.
The firm will be paid at $250 per hour.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Mark Leopin, a partner at Home Tax Service, disclosed in a court
filing that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Mark Leopin
Home Tax Service
4097 Helena Rd.
Helena, AL 35080
Tel: (205) 585-7971
About Wyatt Restaurant Group, LLC
Wyatt Restaurant Group is a privately held full-service
restaurant.
Wyatt Restaurant Group, LLC filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Ala. Case No.
24-31689) on July 31, 2024, listing $500,000 to $1 million in
assets and $1 million to $10 million in liabilities. The petition
was signed by Stephanie Leigh Wyatt as member.
Judge Bess M Parrish Creswell presides over the case.
Anthony Brian Bush, Esq. at THE BUSH LAW FIRM, LLC represents the
Debtor as counsel.
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