/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/240910.mbx T R O U B L E D C O M P A N Y R E P O R T E R Tuesday, September 10, 2024, Vol. 28, No. 253 Headlines 303 HIGHLINE: Sec 341(a) Creditors' Meeting on Sept. 17, 2024 ACADEMIA SANTA: Claims to be Paid From Future Income ADVENTURE ENVIRONMENTAL: Continued Operations to Fund Plan ANASTASIA PARENT: $650MM Bank Debt Trades at 32% Discount ASM HOLDINGS: Seeks to Hire Milton Jones as Bankruptcy Attorney ASTRA ACQUISITION: Eaton Vance Marks $213,000 Loan at 59% Off ASTRA ACQUISITION: Eaton Vance Marks $319,000 Loan at 70% Off AVENTIV TECHNOLOGIES: $1.03BB Bank Debt Trades at 24% Discount BC TREE FRUITS: NOVEM to Buy Key Storage Facility Amid Bankruptcy BEN'S CREEK: Receives No Bids for Assets; May Extend Bid Deadline BESTWALL LLC: Asbestos Claimants Wants Chapter 11 Case Tossed BIG LOTS: Case Summary & 30 Largest Unsecured Creditors BIG LOTS: Files for Chapter 11 to Facilitate Sale to Nexus BIG LOTS: Supplier Demise, e-Commerce Shift Cited for Bankruptcy BISHOP OF OAKLAND: Plan Exclusivity Period Extended to Nov. 8 BLUE BIOFUELS: Posts $548,823 Net Loss in Fiscal Q2 BOWFLEX INC: Posts $90.4MM Net Loss in Fiscal Year Ended March 31 BOY SCOUTS: Art Collection Auction Sets for November 2024 BRIGANTI ENTERPRISE: Updates Unsecured Claims Pay Details BRILLIANT ENERGY: Trustee Joins Bid to Transfer Judge Romance Venue BUCA DI BEPPO: Gets Court Okay for $36Mil. Financing BURFORD CAPITAL: S&P Upgrades ICR to 'BB', Outlook Stable C M HEAVY MACHINERY: U.S. Trustee Unable to Appoint Committee CANO HEALTH: Eaton Vance Marks $978,000 Loan at 16% Off CASTLE US: $295MM Bank Debt Trades at 39% Discount CCRR PARENT: Eaton Vance Marks $686,000 Loan at 15% Off CELSIUS NETWORK: Returns 93% Customer Assets CHINOS INTERMEDIATE: S&P Alters Outlook to Stable, Affirms 'B' ICR CLEARSIDE BIOMEDICAL: Financial Strain Raises Going Concern Doubt CONSERVATORY LAB: S&P Assigns 'BB' ICR, Outlook Stable CPC ACQUISITION: Eaton Vance Marks $401,000 Loan at 16% Off CUBIC CORP: $300MM Bank Debt Trades at 21% Discount CUTERA INC: Financial Strain Raises Going Concern Doubt DARIOHEALTH CORP: Recurring Losses Raise Going Concern Doubt DEL MONTE: Eaton Vance Marks $297,000 Loan at 23% Off DIAMOND P LLC: Unsecureds Will Get 5% of Claims in Plan DING TRANS: Plan Exclusivity Period Extended to Dec. 9 DIOCESE OF SAN FRANCISCO: Seeks to Extend Plan Exclusivity DYNACAST INTERNATIONAL: Eaton Vance Marks $160,000 Loan at 26% Off EL DORADO SENIOR: No Resident Care Concern, 1st PCO Report Says ELEVATION GOLD: Sells Hercules Property to StrikePoint for $250,000 EMPLOYBRIDGE HOLDING: Eaton Vance Marks $585,000 Loan at 30% Off ENDEAVOR GROUP: $2.2 Bil. Loan Maturity Raises Going Concern Doubt FIGS INC:Continues to Defend Securities Violations Class Suit FIRST COAST ROLL OFFS: Starts Subchapter V Bankruptcy in Florida FOCUS FINANCIAL: S&P Assigns 'B+' Rating on New Sr. Secured Notes FOUNDEVER WORLDWIDE: Eaton Vance Marks $878,000 Loan at 23% Off FTX TRADING: Reaches $3.3 Million Settlement With Kroll FUTURE LEGENDS: Placed into Receivership After Skipping Payments GEE HOLDINGS: Eaton Vance Marks $186,000 Loan at 20% Off GEE HOLDINGS: Eaton Vance Marks $446,000 Loan at 56% Off GEO. J. & HILDA: PCO Reports Resident Care Complaints GIGAMONSTER NETWORKS: Court Plans to Approve Chapter 11 Plan GIRARDI & KEESE: Court Convicts Tom Girardi for Wire Fraud GIRARDI & KEESE: Tom Lies to Clients Multiple Times,Says Prosecutor GOL LINHAS AEREAS: Nears Castlelake LP Deal to Raise $1.3Mil. Funds GRANITE ASSET GROUP: Kicks Off Chapter 11 Bankruptcy Protection GSM OUTDOORS: S&P Assigns 'B' ICR, Outlook Stable HAPI METAVERSE: Posts $899,135 Net Income in Fiscal Q2 HDI AEROSPACE: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable HEALTHIER CHOICES: Posts $2.5 Million Net Loss in Fiscal Q2 HEMPACCO CO: DBBMcKennon Raises Going Concern Doubt IMMUNIC INC: Financial Strain Raises Going Concern Doubt INSEEGO CORP: Posts $624,000 Net Income in Fiscal Q2 IVANTI SOFTWARE: Eaton Vance Marks $208,000 Loan at 21% Off IYS VENTURES: Unsecureds Owed $25.7M Will Get $1.2M in Plan JACKSON HOSPITAL: S&P Lowers 2015 Bond Rating to 'D' JAG CAPITAL: Hires Berkshire Hathaway as Real Estate Broker JC PENNEY: US Trustee Wants to Unseal Old Status Conference JEFFERIES FINANCE: S&P Alters Outlook to Stable, Affirms 'BB-' ICR JRGC LLC: $18.25M Sale to Inverness Natural to Fund Plan KPM INVESTMENT: Unsecureds to Split $398K over 60 Months KRONOSNET CX: EUR870MM Bank Debt Trades at 31% Discount LANNETT: Files Cancer-Drug Deal Suit vs. Areya After Chapter 11 LERETA LLC: $250MM Bank Debt Trades at 21% Discount LI-CYCLE HOLDINGS: Narrows Net Loss to US$8.2 Million in Fiscal Q2 LIBERTY TRIPADVISOR: Several Obligations Raise Going Concern Doubt LITIGATION PRACTICE: Runs a "Criminal Business," Says Judge LL FLOORING: Agrees to Going-Concern Sale With F9 Investments LOOP MEDIA: Continued Losses Raise Going Concern Doubt LV OPPORTUNITY: Seeks to Hire Hunter Parker as Bankruptcy Counsel MADISON 33 OWNER LLC: Ends in Chapter 11 Bankruptcy Filing MEDICAL SOLUTIONS: $1.05BB Bank Debt Trades at 26% Discount MEDICAL SOLUTIONS: Eaton Vance Marks $638,000 Loan at 24% Off MOTORS ACCEPTANCE: Seeks Chapter 11 Bankruptcy Protection NAKED JUICE: $450MM Bank Debt Trades at 32% Discount NEPHRITE FUND 1: Unsecureds to Get Share of Income for 5 Years NOVAVAX INC: Reports $162.4 Million Net Income in Fiscal Q2 NUVO GROUP: Gets Court Approval for $100 Mil. Debtor-in-Possession OZOP ENERGY: Posts $1.3 Million Net Loss in Fiscal Q2 P3 HEALTH: Incurs $28.8 Million Net Loss in Fiscal Q2 PARKCLIFFE DEVELOPMENT: No Resident Care Concern, PCO Report Says PHYSICIAN PARTNERS: $600MM Bank Debt Trades at 34% Discount PLURALSIGHT INC: Davis Polk Advises Lenders on Recapitalization POWER REIT: Reports $19.1 Million Net Loss in Fiscal Q2 PREMIUM PKG: Eaton Vance Marks $100,000 Loan at 39% Off PULSE PHYSICIAN: U.S. Trustee Appoints Thomas Albert Mackey as PCO RACKSPACE TECHNOLOGY: Eaton Vance Marks $961,000 Loan at 53% Off RADIATE HOLDCO: Fails to Reach Deal With Lenders After Talks End REALD INC: $60MM Bank Debt Trades at 42% Discount RED LOBSTER: Gets Court Okay to Decline 23 Restaurant Leases RED LOBSTER: Lenders Hire Damola Adamolekun as CEO RED LOBSTER: Wants to Add Plan Liability Protection RESIDENTIAL ADVERSITIES: Gets OK to Hire Real Estate Professional RITE AID CORP: Defeats Approved Restructuring Plan Pause Bid RUNNER BUYER: $500MM Bank Debt Trades at 49% Discount SANGAMO THERAPEUTICS: Narrows Net Loss to $36.1MM in Fiscal Q2 SC HEALTHCARE: No Supply Concerns, 2nd PCO Report Says SC HEALTHCARE: Petersen Wants Ch. 11 Exec Bonuses Hearing Postponed SCHOLAR ROCK: Financial Woes Raise Going Concern Doubt SEMILEDS CORP: All Seven Proposals Approved at Annual Meeting SERTA SIMMONS: Eaton Vance Marks $700,000 Loan at 19% Off SHEPHERD-HULDY DEVELOPMENT: Files Amendment to Disclosure Statement SIERRA ENTERPRISES: S&P Places 'CCC+' ICR on CreditWatch Positive SOUND INPATIENT: Eaton Vance Marks $185,000 Loan at 23% Off SPIN HOLDCO: Eaton Vance Marks $1.2MM Loan at 15% Off SQRL SERVICE STATIONS: Hits Chapter 11 Bankruptcy Protection ST. MARGARET'S HEALTH: Gets Court Nod to Sell Prairieland Property STEWARD HEALTH: CHRISTUS to Acquire Wadley Medical Amid Bankruptcy STEWARD HEALTH: Court OKs Sale of 6 Hospitals to Non-Profit Groups STEWARD HEALTH: Finds Buyers for 2 Massachusetts Hospitals STEWARD HEALTH: Reaches Hospital Lease Deal With Medical Properties SUMMIT THERAPEUTICS: Widens Net Loss to $60.4 Million in Fiscal Q2 SVB FINANCIAL: Farella Pursues Unpaid Legal Fees From FDIC TCI HOLDINGS: Commences Subchapter V Bankruptcy Protection TUMWATER MEADOWS: No Resident Complaints, 1st PCO Report Says U.S. TOBACCO: $10Mil. Insurance Suit Proceeds to Mediation VERASTEM INC: Raises Going Concern Doubt Amid Ongoing Losses VERIFONE SYSTEMS: Eaton Vance Marks $492,000 Loan at 18% Off VILLAGE OAKS SENIOR: No Resident Care Concern, 1st PCO Report Says VYAIRE MEDICAL: Gets Court Okay for $90 Mil. Business Units' Sale VYAIRE MEDICAL: Gets OK to Sell Respiratory Diagnostics Assets WHEEL PROS: Case Summary & 30 Largest Unsecured Creditors WHEEL PROS: Hoonigan Files Chapter 11 With Deal to Cut $1.2B Debt WHEEL PROS: Hoonigan Proposes Debt-for-Equity Plan WHITTIER SEAFOOD: U.S. Trustee Appoints Creditors' Committee WW INTERNATIONAL: WeightWatchers Creditors Tap Houlihan as Adviser [*] A&G Real Estate Conducts Chapter 7 Sale of Maryland Properties [*] Ana Alfonso Joins O'Melveny's Restructuring Practice Group [*] Commercial Litigation Attorney Phillip Wang Joins Strategy Law [*] U.S. Commercial Bankruptcy Filings Rise 8% in August 2024 [^] Large Companies with Insolvent Balance Sheet ********* 303 HIGHLINE: Sec 341(a) Creditors' Meeting on Sept. 17, 2024 ------------------------------------------------------------- 303 Highline Corp. filed Chapter 11 protection in the Southern District of New York. According to court filing, the Debtor reports $2,161,207 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under 11 U.S.C. Section 341(a) is slated for Sept. 27, 2024 at 2:00 p.m. at Office of UST (TELECONFERENCE ONLY). About 303 Highline Corp. 303 Highline Corp. owns a grocery store in New York. 303 Highline Corp. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-11409) on August 15, 2024. In the petition filed by Hyeon ("Jeff") Jin Kim, as president, the Debtor reports total assets amounting to $207,164 and total liabilities of $2,161,207. The Debtor is represented by: Douglas Pick, Esq. PICK & ZABICKI LLP 369 Lexington Avenue 12th Floor New York City NY 10017 Tel: (212) 695-6000 Email: dpick@picklaw.net ACADEMIA SANTA: Claims to be Paid From Future Income ---------------------------------------------------- Academia Santa Teresita de Naranjito Inc., filed with the U.S. Bankruptcy Court for the District of Puerto Rico a Disclosure Statement describing Chapter 11 Plan of Reorganization dated August 12, 2024. The Debtor operates an educational institution in Naranjito, Puerto Rico. Before filing for bankruptcy, the Debtor managed its own professional and personal financial affairs. The Debtor is still managing its financial affairs but with the assistance and advice of the professionals retained in the instant case. It provides educational services to minors with the purpose of enabling them to become independent individuals with the skills and values to engage in collaborative relation with society in general. The Debtor is seeking to restructure its debt obligations due to unexpected debt to the Internal Revenue Service, the substantial monthly gross reduction in the monthly gross income as a consequence of the damages caused by the impact of Hurricane Maria in 2017 and the judgment awarded to a former employee of the institution for the wrongful termination of employment. The Debtor believes that it will have enough cash on hand on the effective date of the Plan to pay all the claims and expenses that are entitled to be paid on that date. This Plan proposes to pay creditors of the Debtor with funds from the cash flow and donations of its future income as an educational institution. This Plan provides for secured claims classified in Class 1 and 2, general unsecured claims classified in Class 3 and Insiders classified in Class 4. This Plan also provides for the payment of administrative expenses and unsecured priority claims which are unclassified classes. Class 3 consists of General Unsecured Claims. The Debtor will one lump sum payment in the amount of $40,679.00 in the first year of the plan upon the effective date of the plan. This Class is impaired. Class 4 consists of Insiders. There will be no distribution to this class. This Class is impaired. Payments and distributions under the Plan will be funded by the cash flow from future income of the Debtor, including donations. A full-text copy of the Disclosure Statement dated August 12, 2024 is available at https://urlcurt.com/u?l=0d56sl from PacerMonitor.com at no charge. Attorney for the Debtor: Carlos A. Ruiz Rodriguez, Esq. LICENCIADO CARLOS ALBERTO RUIZ, LLC P.O. Box 1298 Caguas, PR 00726 Telephone: (787) 286-9775 Email: carlosalbertoruizquiebras@gmail.com About Academia Santa Teresita De Naranjito Academia Santa Teresita De Naranjito, Inc., operates an educational institution in Naranjito, Puerto Rico. The Debtor filed a Chapter 11 bankruptcy petition (Bankr. D.P.R. Case No. 23-03352) on October 17, 2023, disclosing under $1 million in both assets and liabilities. The Debtor is represented by Licenciado Carlos Alberto Ruiz, LLC. ADVENTURE ENVIRONMENTAL: Continued Operations to Fund Plan ---------------------------------------------------------- Adventure Environmental, Inc., filed with the U.S. Bankruptcy Court for the Southern District of Florida a Disclosure Statement in support of Plan of Reorganization dated August 12, 2024. The Debtor is a real estate holding company that owns the real property located at 6500 Cow Pen Rd. The Debtor was founded in 1997 by the same management team as today with the sole purpose of improving the water quality and marine ecosystems of South Florida and the Florida Keys. Being a government contracting firm, the Debtor's business was substantially impacted by the COVID-19 pandemic. At that time, all projects in development shut down, along with many of the governmental agencies that the Debtor generally worked for. In order to ensure sufficient cash flow to operate as a going concerned, in the fall of 2020, the Debtor began the process of applying for a loan under the Main Street Lending Program, established by the Federal Reserve. Ultimately, the Debtor secured a loan for the principal amount of $12,000,000 with City National Bank of Florida, through the Main Street Lending Program (the "Loan"). Although the Debtor was current with the Loan as of the Petition Date, the Debtor became aware that further payment of the Loan pursuant to the underlying loan documents would render the unable to continue to operate as a going concern. As such, the Debtor commenced this Chapter 11 proceeding to modify its secured debt obligations, including the Loan and other equipment and vehicle loans and obligations. Creditors are receiving a 100% distribution of any amounts due. As such, the Debtor does not intend to pursue preference, fraudulent conveyance or other avoidable actions under Chapter 5 of the Bankruptcy Code. Class 1 – Priority Unsecured Claim of the Internal Revenue Service (Claim # 8). Class 1, the Priority Unsecured Claim of the Internal Revenue Service, is unimpaired by the Plan. This alleged claim relates to unpaid pension taxes in the amount of $39,519.42. The Debtor disputes that any amount is due on account of pension taxes and believes that all amounts have been paid for the appropriate years. As such, the Debtor will be filing an Objection to Claim. The Internal Revenue Service will be paid in full (the full amount of its Allowed Priority Unsecured Claim), plus statutory interest, over 60 months from the Petition Date, in equal quarterly payments, which will begin on the First Payment Date, and continue on the first day of every quarter thereafter until paid in full. Class 2, Other Priority Unsecured Claims, are unimpaired by the Plan. No other Priority Claims have been filed; and no other undisputed, noncontingent and/or liquidated Priority Claims have been scheduled by the Debtor. However, in the event that it is determined by the Court that any other allowed Priority Claims do exist, then each holder of a Class 2 Priority Claim will be paid in full, plus statutory interest if applicable, over 60 months from the First Payment Date, in 20 equal quarterly payments, which will begin on the First Payment Date, and continue on the first day of every quarter thereafter. There are no classes of General Unsecured Claims in the Plan. Class 10 consists of all allowed equity interests in the Debtor, which includes interest in any share of preferred stock, common stock or other instruments evidencing an ownership interest in the Debtor. All Equity Security Holders of the Debtor will retain their interest(s) in the Debtor as such interest(s) existed prior to the Petition Date, with Gregory J. Tolpin retaining a 50% stock interest and Christopher L. Colarusso retaining a 50% stock interest. The means necessary for the implementation of the Plan include the Debtor's cash flow from operations for a period of 5 years. The Debtor's financial projections show that the Debtor will have sufficient cash over the life of the Plan to make the required Plan payments and operate its business. A full-text copy of the Disclosure Statement dated August 12, 2024 is available at https://urlcurt.com/u?l=2NrGi5 from PacerMonitor.com at no charge. Adventure Environmental, Inc. is represented by: Christian Somodevilla, Esq. LSS Law 2 South Biscayne Boulevard, Suite 2200 Miami, FL 33131 Telephone (305) 894-6163 Facsimile (305) 503-9447 About Adventure Environmental Adventure Environmental, Inc., was founded in 1997 as a State of Florida Corporation that has been awarded and successfully completed hundreds of government and private contracts throughout the Country for: coastal environmental restoration of seagrasses, mangroves and wetlands; marine contracting involving dredging, canal & waterway stabilization/erosion control, commercial diving and barge/crane work; marine debris/derelict vessel salvage and removal; oil spill response and contingency planning; exotic and nuisance vegetation removal and control from land and sea; disaster response services; water quality monitoring and improvements; heavy equipment operation/earthwork/site preparation; and general construction. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 23-19328) on Nov. 13, 2023. In the petition signed by J. Gregory Tolpin, vice president and secretary, the Debtor disclosed $10,582,122 in assets and $13,253,968 in liabilities. Judge Corali Lopez-Castro oversees the case. Timothy S. Kingcade, Esq., at KINGCADE, GARCIA & MCMAKEN, P.A., is the Debtor's legal counsel. ANASTASIA PARENT: $650MM Bank Debt Trades at 32% Discount --------------------------------------------------------- Participations in a syndicated loan under which Anastasia Parent LLC is a borrower were trading in the secondary market around 68.0 cents-on-the-dollar during the week ended Friday, Sept. 6, 2024, according to Bloomberg's Evaluated Pricing service data. The $650 million Term loan facility is scheduled to mature on August 11, 2025. The amount is fully drawn and outstanding. Anastasia Parent, LLC is the parent company of Anastasia Beverly Hills, Inc., a prestige cosmetics brand that focuses on eyebrow shaping products. ASM HOLDINGS: Seeks to Hire Milton Jones as Bankruptcy Attorney --------------------------------------------------------------- ASM Holdings 64, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Milton Jones, Esq., a practicing attorney in Lovejoy, Ga., to handle its Chapter 11 case. The Debtor requires a bankruptcy attorney to: (a) prepare pleading and applications; (b) conduct examination; (c) advise the Debtor of its rights, duties and obligations; (d) consult with and represent the Debtor with respect to a Chapter 11 plan; (e) perform those legal services incidental and necessary to the day-to-day operation of the Debtor's business, including, but not limited to, institution and prosecution of necessary legal proceedings, and general business and corporate legal services; and (f) take other actions incident to the proper preservation and administration of the Debtor's estate and business. Mr. Jones charges $350 per hour for his services and $150 per hour for his legal assistants. In addition, the attorney will seek reimbursement for out-of-pocket expenses incurred. The Debtor paid the attorney a retainer in the amount of $10,000. As disclosed in court filings, Mr. Jones is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. Mr. Jones holds office at: Milton D. Jones, Esq. PO Box 533 Lovejoy, GA 30250 Tel: (770) 899-8486 Email: miltondjonesatty@gmail.com About ASM Holdings 64 ASM Holdings 64, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 24-58125) on August 5, 2024, with $500,001 to $1 million in assets and $100,001 to $500,000 in liabilities. Milton D. Jones, Esq., represents the Debtor as legal counsel. ASTRA ACQUISITION: Eaton Vance Marks $213,000 Loan at 59% Off ------------------------------------------------------------- Eaton Vance Senior Income Trust has marked its $213,000 loan extended to Astra Acquisition Corp to market at $86,400 or 41% of the outstanding amount, according to a disclosure contained in Eaton Vance's Amended Form N-CSR for the fiscal year ended June 30, 2024 filed with the Securities and Exchange Commission on August 26, 2024. Eaton Vance is a participant in a Term Loan to Astra Acquisition Corp. The loan accrues interest at a rate of 10.585% (SOFR+5.25%) per annum. The loan matures on October 25, 2028. Eaton Vance is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended, as a diversified, closed-end management investment company. Eaton Vance is led by Kenneth A. Topping, Principal Executive Officer; and James F. Kirchner, Principal Financial Officer. The Fund can be reached through: Kenneth A. Topping Eaton Vance Senior Income Trust One Post Office Square, Boston, Massachusetts 02109 Tel.: (617) 482-8260 - and - Deidre E. Walsh Eaton Vance Senior Income Trust One Post Office Square, Boston, Massachusetts 02109 Tel.: (617) 482-8260 Astra Acquisition Corp. is a provider of cloud-based software solutions for higher educational institutions. ASTRA ACQUISITION: Eaton Vance Marks $319,000 Loan at 70% Off ------------------------------------------------------------- Eaton Vance Senior Income Trust has marked its $319,000 loan extended to Astra Acquisition Corp to market at $97,195 or 30% of the outstanding amount, as of June 30, 2024, according to a disclosure contained in Eaton Vance's Amended Form N-CSR for the fiscal year ended June 30, 2024 filed with the Securities and Exchange Commission on August 26, 2024. Eaton Vance is a participant in a Term Loan to Astra Acquisition Corp. The loan accrues interest at a rate of 18.665% (SOFR+13.33%) per annum. The loan matures on October 25, 2028. Eaton Vance is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended, as a diversified, closed-end management investment company. Eaton Vance is led by Kenneth A. Topping, Principal Executive Officer; and James F. Kirchner, Principal Financial Officer. The Fund can be reached through: Kenneth A. Topping Eaton Vance Senior Income Trust One Post Office Square, Boston, Massachusetts 02109 Tel.: (617) 482-8260 - and - Deidre E. Walsh Eaton Vance Senior Income Trust One Post Office Square, Boston, Massachusetts 02109 Tel.: (617) 482-8260 Astra Acquisition Corp. is a provider of cloud-based software solutions for higher educational institutions. AVENTIV TECHNOLOGIES: $1.03BB Bank Debt Trades at 24% Discount -------------------------------------------------------------- Participations in a syndicated loan under which Aventiv Technologies LLC is a borrower were trading in the secondary market around 75.8 cents-on-the-dollar during the week ended Friday, Sept. 6, 2024, according to Bloomberg's Evaluated Pricing service data. The $1.03 billion Term loan facility is scheduled to mature on November 1, 2024. The amount is fully drawn and outstanding. Carrollton, Texas-based Aventiv Technologies LLC is a diversified technology company that provides innovative solutions to customers in the corrections and government services sectors. Aventiv is the parent company to Securus Technologies and AllPaid. BC TREE FRUITS: NOVEM to Buy Key Storage Facility Amid Bankruptcy ----------------------------------------------------------------- NOVEM on September 06, 2024, has agreed to terms to purchase BC Tree Fruits' largest controlled atmosphere and cold chain storage facility in Kelowna, B.C. Prior to closing the transaction, NOVEM will lease the facility on an emergency-basis to allow the tree-fruit industry to avoid the loss of as many as 25 million pounds of apples. This year's harvest, and the livelihoods of hundreds of growers and thousands of workers, was put at significant risk when BC Tree Fruits Cooperative announced that it would cease operations and enter bankruptcy proceedings. "Saving this year's harvest is our immediate goal," said Colin Davison, CEO of NOVEM. "But we believe NOVEM can also play a role in helping farmers create a modernized version of the Canadian fruit tree industry here in British Columbia." "However, we can't do it alone. Strengthening Canada's food security should be of national interest and a priority for all levels of government over the long term. Private industry is doing its part, but it will take government support to cultivate an industry that is more sustainable and stable." Finalizing and funding this transaction is expected to require the support of provincial and federal governments. Government officials at both levels have expressed support for the project leading up to the signed conditional purchase agreement for the facility. The emergency lease on the facility will run through the entire fruit season, or upon closing of this financial transaction. NOVEM has already secured committed contracts from most of the major packing houses in B.C.'s Interior and the space is expected to be 100 per cent committed prior to September 15 -- just one week after possession. NOVEM, which has facilities in Kelowna and Edmonton, plans to continue storage operations at the Sexsmith Road site as well as expand the facility to accommodate future growth plans across a broader range of the overarching Agrifood industry. Those plans also include upgrades to existing operations and an increase in the overall controlled ambient storage and cold chain capacity to support the biopharmaceuticals and pharmaceutical industries. These expansion plans will increase employment opportunities in the region, including new staff working at the facilities and local farms. For more information about this exciting purchase and its impact in B.C., please visit NOVEM at novempharma.com. About NOVEM NOVEM specializes in combining processing and packaging, with cold chain warehouse and distribution services for the Agrifood, Pharmaceutical and Biopharmaceutical industries. Novem has warehouses across Canada and has international partners for global exports and distribution. About BC Tree Fruits Cooperative BC Tree Fruits Cooperative -- https://www.bctreefruits.com/ -- engages in crafting a premium cider using only fruit from growers. Court Appointed Monitor: Todd Martin Anthony Tillman Pinky Law Monica Cheung Alvarez & Marsal Canada Inc. Email: tmartin@alvarezandmarsal.com atillman@alvarezandmarsal.com pinky.law@alvarezandmarsal.com monicacheung@alvarezandmarsal.com Counsel for the Monitor, Alvarez & Marsal Canada Inc.: Kibben Jackson Mishaal Gill Heidi Esslinger Suzanne Volkow Fasken Martineau DuMoulin LLP Email: kjackson@fasken.com mgill@fasken.com hesslinger@fasken.com svolkow@fasken.com jbeaulieu@fasken.com richeung@fasken.com Counsel for the Companies: Howard Gorman, K.C., Esq. Candace Formosa, Esq. Norton Rose Fulbright Canada LLP Email: howard.gorman@nortonrosefulbright.com candace.formosa@nortonrosefulbright.com BEN'S CREEK: Receives No Bids for Assets; May Extend Bid Deadline ----------------------------------------------------------------- Ben's Creek Operations WV, LLC and its affiliates did not receive offers for substantially all of their assets before the bid deadline, according to a Sept. 4 bidding report filed with the U.S. Bankruptcy Court for the Southern District of West Virginia. James Lane, Jr., Esq., one of the companies' attorneys, disclosed in the report that the companies did not receive bids by the Sept. 3 deadline although there are three potential bidders who expressed interest in acquiring the assets. Two of the potential bidders sent written requests to the companies to extend the bid deadline so they could conduct due diligence, Mr. Lane stated in the bidding report. Last month, the bankruptcy court approved the bid rules governing the sale of the companies' assets to Avani Resources PTE, Ltd. or to another buyer with a better offer. The bid rules initially set a bid deadline of Aug. 23 and an auction date of Aug. 28. Avani, the court-approved stalking horse bidder, terminated its sale agreement with the companies based on the allegedly unsatisfactory mine plan. Following the termination of the sale agreement, the bid deadline was moved twice upon request by the companies to give them enough time to contact potential bidders. Mr. Lane said the companies will address the need for another extension of the bid deadline in subsequent pleadings. About Ben's Creek Operations WV Ben's Creek Operations WV, LLC and its affiliates filed Chapter 11 bankruptcy petitions (Bankr. S.D.W.V. Lead Case No. 24-20079) on April 14, 2024. At the time of the filing, Ben's Creek reported $1 million to $10 million in assets and $10 million to $50 million in liabilities. Judge David L. Bissett oversees the cases. Flaherty Sensabaugh Bonasso, PLLC is the Debtors' legal counsel. The U.S. Trustee for Region 4 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Whiteford, Taylor & Preston, LLP and George Law Group, PLLC as legal counsels; and Mineral Energy Resource Associates, LLC as mining consultant. BESTWALL LLC: Asbestos Claimants Wants Chapter 11 Case Tossed ------------------------------------------------------------- Vince Sullivan of Law360 reports that asbestos claimants wants the 4th Circuit to toss Bestwall's Chapter 11 case. The official committee of asbestos claimants in the Chapter 11 case of Georgia-Pacific unit Bestwall told the Fourth Circuit that the company's bankruptcy should be tossed because commitments to fund asbestos liabilities by the parent mean the debtor isn't facing financial distress. About Bestwall LLC Bestwall LLC -- http://www.Bestwall.com/-- was created in an internal corporate restructuring and now holds asbestos liabilities. Bestwall's asbestos liabilities relate primarily to joint systems products manufactured by Bestwall Gypsum Company, a company acquired by Georgia-Pacific in 1965. The former Bestwall Gypsum entity manufactured joint compounds containing small amounts of chrysotile asbestos; the manufacture of these asbestos-containing products ceased in 1977. Bestwall's non-debtor subsidiary, GP Industrial Plasters LLC ("PlasterCo"), develops, manufactures, sells and distributes gypsum plaster products, including gypsum floor underlayment, industrial plaster, metal casting plaster, industrial tooling plaster, dental plaster, medical plaster, arts and crafts plaster, pottery plaster and general purpose plaster. On Nov. 2, 2017, Bestwall sought Chapter 11 protection (Bankr. W.D.N.C. Case No. 17-31795) in an effort to equitably and permanently resolve all its current and future asbestos claims. The Debtor estimated assets and debt of $500 million to $1 billion. It has no funded indebtedness. The Hon. Laura T. Beyer is the case judge. The Debtor tapped Jones Day as bankruptcy counsel; Robinson, Bradshaw & Hinson, P.A., as local counsel; Schachter Harris, LLP as special litigation counsel for medicine science issues; King & Spalding as special counsel for asbestos matters; and Bates White, LLC, as asbestos consultants. Donlin Recano LLC is the claims and noticing agent. On Nov. 8, 2017, the U.S. bankruptcy administrator appointed an official committee of asbestos claimants in the Debtor's case. The committee retained Montgomery McCracken Walker & Rhoads, LLP as legal counsel; and Hamilton Stephens Steele + Martin, PLLC and JD Thompson Law as local counsel. On Feb. 22, 2018, the court approved the appointment of Sander L. Esserman as the future claimants' representative in the Debtor's case. Mr. Esserman tapped Young Conaway Stargatt & Taylor, LLP, as legal counsel; Hull & Chandler, P.A., as local counsel; Ankura Consulting Group, LLC, as claims evaluation consultant; and FTI Consulting, Inc., as financial advisor. BIG LOTS: Case Summary & 30 Largest Unsecured Creditors ------------------------------------------------------- Lead Debtor: Big Lots, Inc. 4900 E. Dublin-Granville Road Columbus OH 43081 Business Description: Big Lots is a one-stop shop home discount retailer. Big Lots' mission is to help customers "Live BIG and Save LOTS" by offering bargains on everything for their homes, including furniture, decor, pantry essentials, kitchenware, groceries, and pet supplies. Headquartered in Columbus, Ohio, Big Lots operates more than 1,300 stores across 48 states in the United States, as well as an e-commerce store with expanded fulfillment and delivery capabilities. Chapter 11 Petition Date: September 9, 2024 Court: United States Bankruptcy Court District of Delaware Nineteen affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Big Lots, Inc. (Lead Case) 24-11967 AVDC, LLC 24-11981 Big Lots eCommerce LLC 24-11980 Big Lots F&S, LLC 24-11984 Big Lots Management, LLC 24-11969 Big Lots Stores - CSR, LLC 24-11976 Big Lots Stores - PNS, LLC 24-11970 Big Lots Stores, LLC 24-11973 BLBO Tenant, LLC 24-11972 Broyhill LLC 24-11971 Closeout Distribution, LLC 24-11978 Consolidated Property Holdings, LLC 24-11968 CSC Distribution LLC 24-11974 Durant DC, LLC 24-11975 GAFDC LLC 24-11977 Great Basin, LLC 24-11966 INFDC, LLC 24-11983 PAFDC LLC 24-11982 WAFDC, LLC 24-11979 Judge: Hon. J Kate Stickles Debtors' Delaware Counsel: Robert J. Dehney, Sr., Esq. Sophie Rogers Churchill, Esq. Andrew R. Remming, Esq. Tamara K. Mann, Esq. Casey B. Sawyer, Esq. MORRIS, NICHOLS, ARSHT & TUNNELL LLP 1201 N. Market Street, 16th Floor Wilmington, DE 19801 Tel: (302) 658-9200 Email: rdehney@morrisnichols.com aremming@morrisnichols.com tmann@morrisnichols.com srchurchill@morrisnichols.com csawyer@morrisnichols.com Debtors' Counsel: Brian M. Resnick, Esq. Adam L. Shpeen, Esq. Stephen D. Piraino, Esq. Ethan Stern, Esq. DAVIS POLK & WARDWELL LLP 450 Lexington Avenue New York, NY 10017 Tel: (212) 450-4000 Email: brian.resnick@davispolk.com adam.shpeen@davispolk.com stephen.piraino@davispolk.com ethan.stern@davispolk.com Debtors' Financial Advisor: ALIXPARTNERS, LLP 909 Third Avenue, New York, NY 10022 Debtors' Investment Banker: GUGGENHEIM SECURITIES, LLC 330 Madison Avenue New York, NY 10017 Debtors' Retail Consultants: GORDON BROTHERS RETAIL PARTNERS, LLC 800 Boylston Street 27th Floor Boston, MA 02199 Debtors' Claims, Noticing, Solicitation & Administrative Agent: KROLL RESTRUCTURING ADMINISTRATION LLC Total Assets as of May 4, 2024: $3,178,342,000 Total Debts as of May 4, 2024: $3,096,901,000 The petitions were signed by Jonathan Ramsden as chief financial officer and administrative officer. A full-text copy of the Lead Debtor's petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/6GINMIQ/Big_Lots_Inc__debke-24-11967__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Ashley Furniture Trade Debt $12,281,796 PO Box 190 Arcadia WI 54612-0190 US Todd Wanek - CEO Phone: 608-886-7773 Email: twanek@ashleyfurniture.com 2. Serta Inc. Trade Debt $5,956,768 2600 Forbs Ave Hoffman Estates IL 60192-3723 US Mark Genender - Chairman Tel: 310-909-6878 Email: mgenender@sertasimmons.com 3. Big Avca Owner LLC Real Property $4,329,538 30 North LaSalle, Suite 4140 Lease Chicago, IL 60602 c/o Blue Owl Real Estate Capital LLC Drew Wides Phone: 773-389-6523 Email: drew.wides@blueowl.com 4. Sealy Inc. Trade Debt $4,240,250 PO Box 931855 Atlanta GA 31193-1855 US Steve Rusing - President Phone: 646-295-5043 Email: steve.rusing@tempursealy.com 5. Everstar Merchandise Co Trade Debt $3,786,843 Unit 12 13 11F Hatbour Cntr TWR1 Kowloon, CN Andy Pan Phone: 86-755-616825 Email: pan4190@hotmail.com 6. Fusion Furniture Inc. Trade Debt $3,262,323 PO Box 734183 Dallas, TX 75373-4183 US Mark Weber - CEO Phone: 662-509-5578 Email: mweber@southernmotion.com 7. Elite Comfort Solutions Trade Debt $2,637,484 Conover, NC 28613 US Tim Landers - VP Sales Phone: 803-370-3102 Email: tim.landers@elitecomfortsolutions.com 8. Zest Garden Limited Trade Debt $2,254,976 10F No 143 Shih Shang Rd Shihlin Taipei, TW Nina Truong - President Phone: 909-438-7937 Email: nina@concordcitya.com 9. FXI Inc. Trade Debt $2,233,611 PO Box 747067 Atlanta, GA 30374-7067 US Harold Early CEO/ Kevin Blossom GM Kevin 704-775-2925 Harold 215-498-4316 Email: KBLOSSOM@FXI.COM, HEARLEY@FXI.COM 10. Pan Asian Creations Limited Trade Debt $3,183,746 5F-6 No 294 SEC 1 Dunhua S Rd Da-An Dist Taipei TW Stephen Lee Phone: 86-755-27977-1666 11. Polygroup Evergreen Limited Trade Debt $2,157,316 Unit 606, Fairmont House Hong Kong CN Ricky Tong Phone: 86-769-8391-5520 Email: ricky.tong@polygroup.com 12. Round Tripping Ltd Trade Debt $2,146,393 14F/ Shui Centre 6-8 Harbour Rd Wanshai HK Sheryl Ting Phone: 852-2972-8729 Email: SHERYL@FIRSTE.COM.HK 13. Keeco, LLC/22155 Trade Debt $2,119,776 PO Box 809207 Chicago, IL 60680 US Steve Henderson CMO President Phone: 775-843-9259 Email: SHENDERSON@IKEECO.COM 14. PPJ LLC Trade Debt $2,027,334 2 Carsha Drive Natick MA 01760-4658 US Phil McCarty - CEO Phone: 617-930-8733 Email: PHIL.MCCARTY@CUSTOMATICBEDS.COM 15. Ameriworld Industries Trade Debt $1,936,980 410 E First St. South Wright City MO 63390 US Norman Braunstein - CEO Phone: 514-934-3034 Email: NORMAN.BRAUNSTEIN@DOREL.COM 16. Singsong International Trade Debt $1,870,485 Trade Co Lim Room 1405A 14/F Lucky Centre CN Sunny Zhang Phone: 86-21-5813-4099 Email: SUNNY@SINGSONG.COM.CN 17. All Courtesy Int'l Ltd Trade Debt $1,782,876 Flat/RM E9F Hollywood Centre TST Kowlong HK 999077 CN Jlie Zhu Phone: 86-755-8325-3709 Email: JULIE@CENTRESKY.COM.CN 18. Giftree Crafts Co Ltd Trade Debt $1,737,473 No 50 Fagang Development Shenzhen Guangdong CN Joe Peng Phone: 86-755-6113-2862 Email: JOEPENG@GIFTREE.NET 19. Carlington Industries Limited Trade Debt $1,670,896 Room 1114 Sincere House 83 Argyle, Hong Kong HK Billy Yu - Principle Phone: 86-15920245665 Email: BILLY@CARLINGTON.COM.TW 20. Ningbo Electrical Appliance Trade Debt $1,611,329 Co. LT No 758 Kaifa East Zhouxiang Cixi Ningbo CN John Link Phone: 224-246-8072 Email: john.link@gdhwd.com 21. 3M Company Trade Debt $1,586,000 PO Box 371227 Pittsburgh, PA 15250-7227 US Colby Ring Phone: 517331935 Email: CRING@MMM.COM 22. Millennium Gifts Ltd Trade Debt $1,475,143 Hongfan Building Jiangnan Quanzhou Fujian CN Peter Chuang VP Sales Phone: 86-595-2467-1815 Email: PETER@HONGFANGIFTS.COM 23. Zhejiang Hengtai Crafts Trade Debt $1,388,347 Hehua Rd Baihuashan Industrial ARE Yiwu Zhejiang CN Cain Wang Phone: 86-134-2907-5766 Email: CAIN@CHRISTMASCN.COM 24. Building Air Services Trade Debt $1,328,798 HVAC LLC 10460 68th St North Pinnellas Park, FL 33782-2360 US Steve Boose Phone: 727-412-2114 Email: SBOOSE@COOLSYS.COM 25. Boston Warehouse Corp Trade Debt $1,304,295 59 Davis Ave Norwood MA 02062-3031 Alan Kanter Phone: 401-523-7695 Email: ALAN.KANTER@BWTC.COM 26. Dell Financial Services LLC Trade Debt $1,279,002 PO Box 5292 Carol Stream, IL 60197-6547 US Mark Hoeck Phone: 513-550-3555 Email: MARK.HOECK@DELL.COM 27. Hongkong GMS Intl Co Ltd Trade Debt $1,233,484 8th FLR Tianxin Bldg Nantong Jiangsu CN Carl Guo Owner Phone: 0086-513-8118231 Email: CARL@FUTINGTEXTILES.COM 28. Twin Star International Trade Debt $1,231,380 1690 S Congress Ave Ste 210 Delray Beach, FL 33445-6330 US Heather Brown Phone: 561-252-5700 Email: HBROWN@TWINSTARHOME.COM 29. Topmost Design Co Ltd Trade Debt $1,198,255 3FL-19, No. 3 Tien Mou Rd Taipei TW Lindbergh Lin Phone: 886-2-2874-1966 Email: LINDBERGH@ELUCEO.COM.TW 30. ESI Cases and Accessories Inc. Trade Debt $1,117,850 44 E 32nd St 6th Floor New York, NY 10016-5508 US Maria Torres Phone: 212-883-8838-124 Email: JET@ESICELLULAR.COM BIG LOTS: Files for Chapter 11 to Facilitate Sale to Nexus ---------------------------------------------------------- Big Lots, Inc. on Sept. 9, 2024, announced it has entered into an agreement with an affiliate of Nexus Capital Management LP, pursuant to which Nexus has agreed to acquire substantially all of the Company's assets and ongoing business operations. To facilitate the transaction, the Company, together with each of its subsidiaries, initiated voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware. During and after this process, Big Lots will continue to serve customers at their nearest store location or online at biglots.com. Nexus Capital has agreed to acquire substantially all of the Company's assets and business operations. Under the terms of the APA, Nexus will serve as the "stalking horse bidder" in an auction process that will be conducted pursuant to Section 363 of the U.S. Bankruptcy Code. Accordingly, the proposed transaction is subject to higher or otherwise better offers, Court approval, and other conditions. In connection with the court-supervised process, Big Lots has secured commitments for $707.5 million of financing, including $35 million in new financing from certain of its current lenders, in the form of a postpetition credit facility. Upon Court approval, the DIP Financing Facility, coupled with cash generated from the Company's ongoing operations, are expected to provide sufficient liquidity to support the Company while it works to complete the sale transaction. Bruce Thorn, the Company's President and Chief Executive Officer, said, "We are proud of the work we do every day across Big Lots to provide our customers with unmistakable value and exceptional savings, as well as building stronger communities through our philanthropic efforts. The actions we are taking today will enable us to move forward with new owners who believe in our business and provide financial stability, while we optimize our operational footprint, accelerate improvement in our performance, and deliver on our promise to be the leader in extreme value." Mr. Thorn continued, "We appreciate the tremendous loyalty of our customers, and our core purpose of helping them 'Live BIG and Save LOTS' has never been stronger. As we move through this process, we remain committed to offering extreme bargains, enabling easy shopping in our stores and online, and providing an outstanding customer experience. We are grateful for the hard work and dedication of our associates who remain focused on delivering the best service possible for our valued customers, and we deeply appreciate the partnership of our vendors as we start a new chapter for our business." Evan Glucoft, Managing Director of Nexus, said, "We are excited to have the opportunity to partner with Big Lots and help return this iconic brand to its status as America's leading extreme value retailer. The Big Lots business has incredible potential and we are confident that its greatest days are ahead." Since the pandemic, Big Lots has taken steps to accelerate its strategic initiatives focused on improving sales and boosting its long-term performance and profitability. Like many other retail businesses, the Company has been adversely affected by recent macroeconomic factors such as high inflation and interest rates that are beyond its control. The prevailing economic trends have been particularly challenging to Big Lots, as its core customers curbed their discretionary spending on the home and seasonal product categories that represent a significant portion of the Company's revenue. While the Company's underlying performance has been improving, the Board of Directors conducted a broad strategic review of alternatives and determined that entering into the Sale Agreement with Nexus, and initiating a court-supervised sale process, is the best path forward to maximize value and ensure continued operations. Ongoing Optimization of Go-Forward Store Footprint As part of the court-supervised sale process, the Company is continuing to assess its operational footprint, which will include closing additional store locations. The Company will also continue to evaluate and optimize its distribution center model. Mr. Thorn added, "Though the majority of our store locations are profitable, we intend to move forward with a more focused footprint to ensure that we operate efficiently and are best positioned to serve our customers. To accomplish this, we intend to use the tools afforded by this process to continue optimizing our store fleet in an orderly manner." Court-Supervised Process Under the terms of the Sale Agreement, Nexus will serve as the "stalking horse bidder" in a court-supervised auction process pursuant to section 363 of the U.S. Bankruptcy Code. Accordingly, the proposed transaction is subject to higher or otherwise better offers, Court approval, and other conditions. Under the Sale Agreement, if Nexus is deemed the winning bidder, the parties anticipate closing the transaction during the fourth quarter of 2024. The Company has also filed a number of customary motions seeking Court approval to continue supporting its operations, including continued payment of employee wages and benefits, and payments to certain critical vendors in the ordinary course of business. The Company anticipates receiving Court approval for these requests and expects to pay vendors in full under normal terms for any goods and services provided after the filing. Additional information regarding the Company's restructuring and sale process is available at a dedicated website, bigstepforbiglots.com. Court filings and other information related to the proceedings, including how to file a proof of claim, are available on a separate website administrated by the Company's claims agent, Kroll Restructuring Administration LLC, at https://cases.ra.kroll.com/biglots, by calling toll-free at (844) 217-1398 (or +1 (646) 809-2073 for calls originating outside of the U.S. or Canada), or by sending an email to biglotsinfo@ra.kroll.com. 2nd Quarter 2024 Preliminary Results Turning to the Company's second quarter 2024 performance, Mr. Thorn stated, "Despite a challenging consumer environment and financial pressures facing our business, we are pleased to have achieved underlying comp sales, gross margin, and operating expenses in line with our guidance. Underlying comp sales improved sequentially relative to Q1 on a year-over-year basis and gross margins significantly improved, driven in part by advancing our five key actions, particularly through increasing our extreme bargain offerings. Additionally, Q3 to date is off to a good start, with a significant sequential improvement in underlying comp sales relative to Q2, as well as underlying gross margin expansion versus last year. We expect the positive momentum to continue into the back half of the year." The Company will report full second quarter results as part of its upcoming 10-Q filing, which is due to be filed on September 12, 2024. New York Stock Exchange Notice The Company also announced that it was notified by the New York Stock Exchange that it is not in compliance with Section 802.01C of the NYSE Listed Company Manual because the average closing price of the Company's common shares was less than $1.00 over a consecutive 30 trading-day period. The notice does not result in the immediate delisting of the Company's common shares from the NYSE. About Big Lots Big Lots (NYSE: BIG) -- http://www.biglots.com/-- is one of the nation's largest closeout retailers focused on extreme value. The Company is dedicated to being the big difference for a better life by delivering bargains to brag about on everything for the home, including furniture, decor, pantry and more. It fulfills its mission to help customers "Live BIG and Save LOTS" with sourcing strategies to grow extreme bargains through closeouts, liquidations, overstocks, private labels, and value-engineered products. The Big Lots Foundation, together with the Company's customers, associates, and vendors, has delivered more than $176 million of philanthropic support to critical needs in hunger, housing, healthcare, and education. On the Web: http://biglots.com/ On Sept. 9, 2024, Big Lots, Inc. and each of its subsidiaries initiated voluntary Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 24-11967). The case is being administered by the Honorable J. Kate Stickles. Davis Polk & Wardwell LLP is serving as legal counsel, Guggenheim Securities, LLC is serving as financial advisor, AlixPartners LLP is serving as restructuring advisor, and A&G Real Estate Partners is serving as real estate advisor to the Company. Kroll is the claims agent. Kirkland & Ellis is serving as legal counsel to Nexus. BIG LOTS: Supplier Demise, e-Commerce Shift Cited for Bankruptcy ---------------------------------------------------------------- Big Lots, Inc., sought Chapter 11 protection after negotiating a $620 million going concern sale transaction for certain of its core business lines with Nexus Capital Management LP. Big Lots, Inc. has entered into an asset purchase agreement with an affiliate of Nexus Capital, which has agreed to acquire substantially all of the Company's assets and business operations. Nexus will serve as the "stalking horse bidder" in an auction process that will be conducted pursuant to section 363 of the U.S. Bankruptcy Code. The Company was founded in 1967 by Sol Shenk, initially operating under the brand name Consolidated International, Inc. In the decades that followed, the Company completed a series of acquisitions and expansions, ultimately assembling a portfolio of closeout stores operating under various brand names. In 2001, Consolidated International changed its name (and the names of its portfolio of closeout stores) to Big Lots, bringing all brands under the Big Lots umbrella. Big Lots is now the fourth largest home goods retailer, generating operating revenues of approximately $4.7 billion in 2023. As of the Petition Date, Big Lots employs 27,700 people. As of the bankruptcy, filing, Big Lots has approximately $556.1 million in the aggregate of outstanding principal funded debt obligations: (i)$433.6 million outstanding under an asset based revolving credit facility with PNC Bank, National Association, as administrative agent, and (ii) $122.5 million under a term loan facility with 1903P Loan Agent, LLC, as administrative agent and collateral agent. Road to Chapter 11 Jonathan Ramsden, chief financial and administrative officer, explains that over the last several years, Big Lots, like many retailers, has been forced to contend with numerous significant macroeconomic and industry-specific headwinds that have strained its business and resources, and ultimately led the Debtors to seek chapter 11 relief. Mr. Ramsden notes that over the past decade, multiple large brand store-front retailers have experienced distress attributed to a common set of underlying factors: the marked shift by consumers towards e-commerce, the resulting loss of in-store foot traffic and in-store sales, the difficulties presented by maintaining a right-sized real estate portfolio and distribution network, and diminishing profit margins across a broad spectrum of retail product verticals. In November 2022, United Furniture Industries Inc. ("UFI") unexpectedly ceased operations and terminated its employees. At that time, UFI was the Company's largest supplier and the primary vendor for its signature Broyhill furniture brand. Furniture products supplied by UFI represented approximately 6% of the Company's merchandise purchases in 2022. In 2023, Big Lots decreased its net store count by 33 stores, which included the closure of 48 store locations. The decrease in net store count was principally the result of Big Lots management identifying underperforming store locations where the facts and circumstances supported closures. The financing made available by the $122 million term loan facility, together with the $300 million sale leaseback transaction and cost-cutting measures, was not sufficient to fully address Big Lots' continuing financial obligations and commitments. Restructuring Alternatives To assist Big Lots in analyzing its financing needs and developing capital structure solutions and restructuring alternatives, in May 2024, Big Lots retained Guggenheim Securities, LLC, as its investment banker, A&G Realty Partners, LLC, as its real estate advisor and Davis Polk & Wardwell LLP as legal counsel. Big Lots also engaged AlixPartners, LLP as its operational advisor to conduct a footprint assessment, assist with the business plan and transformation, accelerate cost savings and support contingency preparations. From May 2024 through the Petition Date, the Company, together with its advisors, considered and exhaustively pursued a range of possible options, including: (i) seeking to raise additional financing from new financing sources and existing stakeholders; (ii) soliciting interest in strategic combinations; (iii) attempting to market and sell all or a portion of its assets and/or operations to third parties; and (iv) exploring a plan to close a portion (but not all) of its stores, with a view towards restructuring around a smaller, right-sized footprint. The Company went to great lengths to pursue all such options. Unfortunately, despite these comprehensive efforts, during June 2024, the Company concluded that, based on recent performance trends, the only viable pathway to maintain its business as a going concern and preserve liquidity was to rationalize its footprint, close underperforming stores, and identify a purchaser for the remaining assets. In July 2024, the Company initiated a first wave of store closing sales, which continued with a second wave of closings in August 2024. On July 31, 2024, Big Lots entered into certain amendments to the ABL Facility and the Term Loan Facility. These amendments, among other things, (i) increased the number of stores which Big Lots is permitted to close from 150 to 315, (ii) reduced the aggregate commitments under the ABL Facility from $900 million to $800 million and increased the interest rate of borrowings under the ABL Facility by 50 basis points and (iii) required Big Lots to share certain additional reporting with the lenders to the ABL Facility and the Term Loan Facility. The Company, in consultation with its advisors, is continuing to review its store commitments to identify the real estate portfolio that is consistent with the Company's go-forward operational needs and represents the greatest potential for a value maximizing recovery to the estates. Marketing for All Assets Big Lots conducted a marketing process for substantially all of its assets for 13 weeks over the summer of 2024. Big Lots, with the assistance of Guggenheim Securities, prepared marketing materials and contacted approximately 20 potential strategic and financial purchasers. Of those potential purchasers, 12 entities executed non-disclosure agreements and were provided with a confidential information memorandum and granted access to a virtual data room containing confidential information regarding the Bid Assets. Big Lots will use the chapter 11 process to complete the marketing process. The Company was successful in negotiating a going concern sale transaction for certain of its core business lines to Nexus Capital Management LP, setting the floor for other potential bids to acquire certain assets during these Chapter 11 Cases. Under the September 8, 2024 asset purchase agreement between the Company and Nexus, the Stalking Horse has committed, subject to Court approval, to acquire substantially all of the assets of the Company in exchange for a purchase price of $620 million, inclusive of the assumption of certain liabilities on the terms and conditions set forth in the Stalking Horse APA. About Big Lots Big Lots (NYSE: BIG) -- http://www.biglots.com/-- is one of the nation's largest closeout retailers focused on extreme value. The Company is dedicated to being the big difference for a better life by delivering bargains to brag about on everything for the home, including furniture, décor, pantry and more. It fulfills its mission to help customers "Live BIG and Save LOTS" with sourcing strategies to grow extreme bargains through closeouts, liquidations, overstocks, private labels, and value-engineered products. Headquartered in Columbus, Ohio, Big Lots operated more than 1,300 stores across 48 states in the United States, as well as an e-commerce store with expanded fulfillment and delivery capabilities. On Sept. 9, 2024, Big Lots, Inc. and each of its subsidiaries initiated voluntary Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 24-11967). The case is being administered by the Honorable J. Kate Stickles. Davis Polk & Wardwell LLP is serving as legal counsel, Guggenheim Securities, LLC is serving as financial advisor, AlixPartners LLP is serving as restructuring advisor, and A&G Real Estate Partners is serving as real estate advisor to the Company. Kroll is the claims agent. Kirkland & Ellis is serving as legal counsel to Nexus. BISHOP OF OAKLAND: Plan Exclusivity Period Extended to Nov. 8 ------------------------------------------------------------- Judge William J. Lafferty, III of the U.S. Bankruptcy Court for the Northern District of California extended The Roman Catholic Bishop of Oakland's exclusive periods to file a plan of reorganization and obtain acceptance thereof to November 8, 2024 and January 8, 2025, respectively. As shared by Troubled Company Reporter, the Debtor believes it has made significant progress toward a reorganization plan during the first 15 months of this complex and difficult Chapter 11 Case. Since the Court approved the Debtor's most recent request for an extension of exclusivity, the Debtor's attention and efforts have been mainly focused on two things: (1) developing a plan of reorganization to present to this Court for confirmation, through continued mediation with the Official Committee of Unsecured Creditors (the "Committee") and, since June 2024 through commencing mediation with its historical insurance carriers (the "Insurers"); and (2) continuing to aggressively pursue recovery on its insurance assets through two adversary proceedings now pending in District Court (the "Insurance Coverage Litigation"). The Debtor claims that it needs additional time to continue mediation, evaluate how a plan can be structured, and prepare a proposed plan. It remains the Debtor's objective to reach a resolution, through mediation, which will result in a consensual plan of reorganization to be proposed by the Debtor being confirmed by this Court, without competing plans on file. Even if not fully consensual, the Debtor anticipates proposing a plan of reorganization on or by November 8th. The Roman Catholic Bishop of Oakland is represented by: Jeffrey R. Blease, Esq. Thomas F. Carlucci, Esq. Shane J. Moses, Esq. Emil P. Khatchatourian, Esq. Ann Marie Uetz, Esq. Matthew D. Lee, Esq. FOLEY & LARDNER LLP 555 California Street, Suite 1700 San Francisco, CA 94104-1520 Email: jblease@foley.com tcarlucci@foley.com smoses@foley.com ekhatchatourian@foley.com auetz@foley.com mdlee@foley.com About The Roman Catholic Bishop of Oakland The Roman Catholic Bishop of Oakland, a tax-exempt religious organization, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 23-40523) on May 8, 2023. In the petition signed by Bishop Michael Charles Barber, the Debtor disclosed $100 million to $500 million in both assets and liabilities. Judge William J. Lafferty oversees the case. The Debtor tapped Foley & Lardner LLP as legal counsel and Alvarez & Marsal North America, LLC as restructuring advisor. Kurtzman Carson Consultants LLC is the Debtors' claims and noticing agent and administrative advisor. The U.S. Trustee for Region 17 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. The committee tapped Lowenstein Sandler, LLP as bankruptcy counsel; Burns Bair LLP as special insurance counsel; and Berkeley Research Group, LLC as financial advisor. BLUE BIOFUELS: Posts $548,823 Net Loss in Fiscal Q2 --------------------------------------------------- Blue Biofuels, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $548,823 for the three months ended June 30, 2024, compared to a net loss of $1,154,198 for the three months ended June 30, 2023. For the six months ended June 30, 2024, the Company reported a net loss of $1,495,695, compared to a net loss of $2,218,288 for the same period in 2023. The Company has not generated any significant revenue since inception and has incurred losses since inception. As of June 30, 2024, the Company has incurred accumulated losses of $57,332,475. The Company expects to incur significant additional losses and liabilities in connection with its start-up and commercialization activities. These factors, among others, 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 its ability to obtain the necessary financing to meet its obligations and repay its liabilities when they become due and to generate sufficient revenues from its operations to pay its operating expenses. Management believes that the Company's future success is dependent upon its ability to achieve profitable operations, generate cash from operating activities, and obtain additional financing. There is no assurance that the Company will be able to generate sufficient cash from operations, or sell additional shares of stock or borrow additional funds. The Company's inability to obtain additional cash could have a material adverse effect on its financial position, results of operations, and its ability to continue in existence. As of June 30, 2024, the Company had $1,305,453 in total assets, $6,058,006 in total liabilities, and $4,752,553 in total stockholders' deficit. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/y74cr3p6 About Blue Biofuels Inc. Blue Biofuels, Inc., was incorporated in Nevada on March 28, 2012, as Alliance Media Group Holdings, Inc. Since December 2013, Blue Biofuels, Inc. has been a technology company focused on emerging technologies in renewable energy, biofuels, and lignin. Lakewood, Colo.-based BF Borgers CPA PC, the Company's former auditor, issued a "going concern" qualification in its report dated March 26, 2024, citing that the Company's significant operating losses raise substantial doubt about its ability to continue as a going concern. On May 3, 2024, the independent audit firm BF Borgers CPA PC utilized by the Company was denied the privilege of appearing or practicing before the Securities and Exchange Commission as an accountant after the firm and its owner, Benjamin F. Borgers, were charged by the Securities and Exchange Commission with deliberate and systemic failures to comply with Public Company Accounting Oversight Board (PCAOB) standards in its audits and reviews incorporated in more than 1,500 SEC filings from January 2021 through June 2023; falsely representing to their clients that the firm's work would comply with PCAOB standards; fabricating audit documentation to make it appear that the firm's work did comply with PCAOB standards; and falsely stating in audit reports included in more than 500 public company SEC filings that the firm's audits complied with PCAOB standards. Borgers agreed to pay a $14 million civil penalty and agreed to permanent suspensions from appearing and practicing before the Commission as accountants, effective immediately. On May 16, 2024, the Company engaged Assure CPA, LLC to serve as the Company's independent accountant and PCAOB certified audit firm for purposes of auditing the Company's financial statements for the periods ending December 31, 2023, and December 31, 2024, and reviewing the Company's financial statements for the period ending March 31, 2024, and subsequent periods. BOWFLEX INC: Posts $90.4MM Net Loss in Fiscal Year Ended March 31 ----------------------------------------------------------------- BowFlex Inc. filed with the Securities and Exchange Commission its Annual Report on Form 10-K disclosing a net loss of $90.4 million on $206 million of net sales for the fiscal year ended March 31, 2024, compared to a net loss of $105.4 million on $286.8 million for the fiscal year ended March 31, 2023. Bellevue, Wash.-based Grant Thornton LLP, the Company's auditor since 2021, issued a 'going concern' qualification in its report dated August 5, 2024. The report cites the continued challenging retail operating environment, deteriorating macroeconomic conditions, and a decline in customer demand as factors negatively affecting the Company's liquidity projections. Additionally, the voluntary petitions for relief under the Bankruptcy Code raise substantial doubt about the Company's ability to continue as a going concern." The Company is presently undergoing Chapter 11 proceedings in the United States Bankruptcy Court for the District of New Jersey. Cash provided by operating activities was $6.1 million for fiscal 2024, compared to cash provided by operating activities of $18.8 million for fiscal 2023. The decrease in cash flows from operating activities for fiscal 2024 compared to fiscal 2023 was primarily due to changes in our operating assets and liabilities discussed below, offset by a decrease in our net loss. Accrued liabilities decreased by $4 million to $11.6 million as of March 31, 2024, compared to $15.6 million as of March 31, 2023, primarily driven by a $1.1 million decrease in severance accrual, a $1 million decrease for licensing expense accrual, a $1 million decrease in accrued bonuses, a $0.5 million decrease in accrued chargebacks, and a $0.3 million decrease in sales return reserve. Cash provided by investing activities of $10.0 million in fiscal 2024 was primarily due to $10.5 million from the sale of intellectual property and $2.4 million from the sale of an equity investment, partially offset by $2.9 million of capital purchases related to our digital platform. Cash used in financing activities of $12.3 million in fiscal 2024 was primarily related to payments on our long-term debt of $32.1 million and payment of debt issuance costs of $1.4 million, offset by proceeds from long-term debt of $17.2 million and net proceeds from our public securities offering in the first quarter of 2024 of $4.5 million. As of March 31, 2024, the Company had $86.3 million in total assets, $110.1 million in total liabilities, and $23.8 million in total shareholders' deficit. A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/yvrr6mbu About Bowflex Inc. Headquartered in Vancouver, Washington, BowFlex Inc. (NYSE: BFX) is a global leader in digitally connected home fitness solutions. BowFlex Inc. and BowFlex New Jersey LLC concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No. 24-12364) on March 4, 2024. In the petition signed by Jim Barr as chief executive officer, the Debtor disclosed $140,117,000 in total assets and $125,956,000 in total liabilities. Judge Andrew B. Altenburg Jr. presides over the case. Joseph J. DiPasquale, Esq. at Fox Rothschild, LLP represents the Debtor as counsel. BOY SCOUTS: Art Collection Auction Sets for November 2024 --------------------------------------------------------- Rick Archer of Law360 reports that the Boy Scouts of America abuse trust art sales to start in November 2024. An auction house announced Wednesday, August 28, 2024, that parts of the Boy Scouts of America's former art collection, including a number of Norman Rockwell pieces, will go on the auction block in November 2024 to pay for claims by sexual abuse survivors, Law360 reports. About Boy Scouts of America The Boy Scouts of America -- https://www.scouting.org/ -- is a federally chartered non-profit corporation under title 36 of the United States Code. Founded in 1910 and chartered by an act of Congress in 1916, the BSA's mission is to train youth in responsible citizenship, character development, and self-reliance through participation in a wide range of outdoor activities, educational programs, and, at older age levels, career-oriented programs in partnership with community organizations. Its national headquarters is located in Irving, Texas. The Boy Scouts of America and affiliate Delaware BSA, LLC, sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-10343) on Feb. 18, 2020, to deal with sexual abuse claims. Boy Scouts of America was estimated to have $1 billion to $10 billion in assets and at least $500 million in liabilities as of the bankruptcy filing. The Debtors have tapped Sidley Austin LLP as their bankruptcy counsel, Morris, Nichols, Arsht & Tunnell LLP as Delaware counsel, and Alvarez & Marsal North America, LLC, as financial advisor. Omni Agent Solutions is the claims agent. The U.S. Trustee for Region 3 appointed a tort claimants' committee and an unsecured creditors' committee on March 5, 2020. The tort claimants' committee is represented by Pachulski Stang Ziehl & Jones, LLP, while the unsecured creditors' committee is represented by Kramer Levin Naftalis & Frankel, LLP. The Debtors obtained confirmation of their Third Modified Fifth Amended Chapter 11 Plan of Reorganization (with Technical Modifications) on September 8, 2022. The Order was affirmed on March 28, 2023. The Plan was declared effective on April 19, 2023. The Hon. Barbara J. House (Ret.) has been appointed as trustee of the BSA Settlement Trust. BRIGANTI ENTERPRISE: Updates Unsecured Claims Pay Details --------------------------------------------------------- Briganti Enterprise, Inc., d/b/a Mattress Central, d/b/a Briganti Home, d/b/a Soy Crafters, submitted an Amended Plan of Reorganization for Small Business dated August 9, 2024. The Plan Proponent's financial projections show that the Debtor will have projected disposable income of approximately $887 per month. The final Plan payment is expected to be paid on September 2029 (estimated). The Debtor's proposed 5-year projections itemize the Debtor's revenue source and the expenses for the next 5 years. The Debtor intends to fund its plan from the continued operation of its business. Since the filing of the present bankruptcy case, the Debtor reorganized its affairs, and downsized its business operation by closing two of the three locations (Burbank and Culver City) and focusing on increasing revenue for the main Los Angeles location. Debtor's projections were prepared by carefully analyzing the historical income and expenses, the Debtor's performance during the present case, and the prospective income and expenses, with the recent changes made to its business operation. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately 5 cents on the dollar. This Plan also provides for the payment of administrative and priority claims. Class 3(a) includes claims of $5,000.00 or less. The total amount of claims in Class 3(a) is $11,335.77. The holders of allowed Class 3(a) claims will receive a 5% pro-rata distribution in one installment on the effective date. This Class is impaired. Class 3(b) includes the general unsecured claims, other than those identified in Class 3(a). The total amount of the allowed general unsecured claims in Class 3(b) is $1,053,185.50, and includes the undersecured portion of the claims of the SBA, national Funding and OnDeck Capital. Based on the liquidation analysis and the income valuation of the Debtor's assets, the holders of allowed general unsecured claims in Class 3(b) will receive an estimated 5% pro-rata distribution through the Amended Plan. The distribution to allowed general unsecured claims in Class 3(b) will be made monthly, with the first payment of $877.59 due on the effective date, followed by 59 consecutive payments, each in the amount of $877.59, to be paid pro-rata to each holder of allowed general unsecured claims. This Class is impaired. The Debtor's proposed 5-year projections itemize the Debtor's revenue sources and the expenses for the next 5-years. The Debtor intends to fund its plan from the continued operation on its business. Since the filing of the present bankruptcy case, the Debtor reorganized its affairs, and downsized its business operation by closing two of the three locations (Burbank and Culver City) and focusing on increasing revenue for the main Los Angeles location. A full-text copy of the Amended Plan dated August 9, 2024 is available at https://urlcurt.com/u?l=b1OWzx from PacerMonitor.com at no charge. About Briganti Enterprise Briganti Enterprise, Inc., serves as a mattress outlet in Los Angeles, California. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 24-12006) on March 15, 2024. In the petition signed by Vahe Vince Delakyan, president, the Debtor disclosed $171,649 in assets and $1,318,798 in liabilities. Judge Neil W Bason oversees the case. Michael Jay Berger, Esq., at LAW OFFICES OF MICHAEL JAY BERGER, represents the Debtor as legal counsel. BRILLIANT ENERGY: Trustee Joins Bid to Transfer Judge Romance Venue ------------------------------------------------------------------- Alex Wolf of Bloomberg Law reports that the trustee appointed to liquidate defunct electric utility Brilliant Energy LLC joined with Justice Department attorneys in calling for a federal district court to take over bankruptcy clawback proceedings targeting Jackson Walker LLP. Brilliant Energy Chapter 7 trustee Randy W. Williams on Tuesday urged the US District Court for the Southern District of Texas to assert control over matters related to Jackson Walker's collection of $13 million in fees in cases handled by former Houston bankruptcy judge David R. Jones. About Brilliant Energy Brilliant Energy, LLC, is an electricity provider based in Houston and has served Texans since 2007. Brilliant Energy filed a Chapter 7 bankruptcy petition (Bankr. S.D. Tex. Case No. 21-30936) on March 16, 2021, adding to a growing list of companies that have stumbled after power outages caused by a winter freeze in February 2021. Brilliant estimated liabilities of $50 million to $100 million compared with assets of $10 million to $50 million as of the bankruptcy filing. Okin & Adams LLP, led by Matthew Scott Okin, is the Debtor's counsel. BUCA DI BEPPO: Gets Court Okay for $36Mil. Financing ---------------------------------------------------- Jonathan Randles of Bloomberg News reports that Italian restaurant chain Buca di Beppo won bankruptcy court approval to tap $36.3 million in Chapter 11 financing as it attempts to sell the eatery. Judge Stacey G.C. Jernigan said during a Thursday court hearing she’d sign-off on Buca's financing, which will provide the company with about $12.1 million in new money and rolls-up $24.2 million in existing debt. The financing is being provided by Main Street Capital Corp., according to court documents. Buca, which filed Chapter 11 earlier this month, won court approval after resolving a challenge from a committee representing the restaurant chain's unsecured creditors. About Buca di Beppo Founded in Minneapolis in 1993, Buca di Beppo restaurants embody the Italian traditions of food, friendship, fun, celebration, and hospitality. Dishes enjoyed for generations in villages throughout Italy inspire the menu, which features both Northern and Southern Italian favorites and delicious cocktails inspired by the region. While the food has pleased millions of palates from coast-to-coast, Buca di Beppo is equally famous for its quirky decor and upbeat atmosphere. For more information, visit bucadibeppo.com and follow along on Facebook, Instagram, TikTok or Twitter @bucadibeppo. Buca di Beppo sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-80058) on August 5, 2024. In the petition filed by William Snyder, as chief restructuring officer, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $10 million and $50 million. The Debtor is represented by: Amber Michelle Carson, Esq. Gray Reed & McGraw LLP 4700 Millenia Boulevard, Suite 400 Orlando, FL 32839 BURFORD CAPITAL: S&P Upgrades ICR to 'BB', Outlook Stable --------------------------------------------------------- S&P Global Ratings raised its issuer credit and issue ratings on Burford Capital Ltd. (Burford) and on its senior unsecured notes to 'BB' from 'BB-'. The outlook is stable. S&P said, "We also raised our issuer credit ratings on Burford's subsidiaries, Burford Capital Global Finance LLC and Burford Capital LLC, to 'BB' from 'BB-'. We continue to view these entities as core subsidiaries of Burford." As of June 30, 2024, the company's Burford-only capital provision assets rose to $3.5 billion from $2.3 billion at year-end 2021. The portfolio's larger scale has resulted in steadier cash generation, with Burford-only quarterly cash receipts ranging from $97 million to $150 million between third-quarter 2022 and second-quarter 2024, versus $41 million in second-quarter 2022. The company's realizations are still somewhat lumpy, given the binary nature of litigation finance investments. For example, realizations in fourth-quarter 2023 were elevated due to the quick resolution of a large Fortune 50 company portfolio, to which Burford deployed capital starting in second-quarter 2023. However, larger realizations usually convert to cash over several quarters, versus all at the time of realization. This leads to smoother cash generation on a quarterly basis. For the first half of 2024, Burford reported Burford-only capital provision income of $137 million, down from $351 million last year. The decline was due to $25 million of Burford-only unrealized gains on the YPF litigation during the first half of 2024, versus $182 million last year. Burford-only net realized gains, on the other hand, rose to $129 million in the first half of 2024 from $94 million last year. As of June 30, 2024, the company's leverage, measured as debt to adjusted total equity (ATE), was 0.85x. As of June 30, 2024, Burford's balance sheet had $1.52 billion of undrawn commitments and $443 million of available liquidity, including $350 million in cash on the balance sheet and $93 million in marketable securities. Deployments on unfunded commitments have historically been gradual (12%-30% per year), and about 53% of unfunded commitments were discretionary, meaning Burford can control whether to deploy them. Assuming 20% of undrawn commitments are deployed in the next 12 months and operating expense (including interest expense) of about $240 million, Burford would need about $540 million of liquidity to meet these needs. C M HEAVY MACHINERY: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------------- The U.S. Trustee for Region 20 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of C M Heavy Machinery, LLC. About C M Heavy Machinery C M Heavy Machinery, LLC sells and rents a full range of heavy machinery and equipment. It is based in Okemah, Okla. C M Heavy Machinery filed Chapter 11 petition (Bankr. E.D. Okla. Case No. 24-80617) on August 8, 2024, with total assets of $19,152,335 and total liabilities of $5,491,300. C M President Clint Meadors signed the petition. Judge Paul R. Thomas oversees the case. The Debtor is represented by Maurice VerStandig, Esq., at The Verstanding Law Firm, LLC. CANO HEALTH: Eaton Vance Marks $978,000 Loan at 16% Off ------------------------------------------------------- Eaton Vance Senior Income Trust has marked its $978,000 loan extended to Cano Health LLC to market at $272,409 or 28% of the outstanding amount, according to a disclosure contained in Eaton Vance's Amended Form N-CSR for the fiscal year ended June 30, 2024 filed with the Securities and Exchange Commission on August 26, 2024. Eaton Vance is a participant in a Term Loan to Cano Health LLC. The loan matures on November 23, 2027. Eaton Vance is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended, as a diversified, closed-end management investment company. Eaton Vance is led by Kenneth A. Topping, Principal Executive Officer; and James F. Kirchner, Principal Financial Officer. The Fund can be reached through: Kenneth A. Topping Eaton Vance Senior Income Trust One Post Office Square, Boston, Massachusetts 02109 Tel.: (617) 482-8260 - and - Deidre E. Walsh Eaton Vance Senior Income Trust One Post Office Square, Boston, Massachusetts 02109 Tel.: (617) 482-8260 Cano Health, LLC operates primary care centers and supports affiliated medical practices. The Company specializes in primary care for seniors, as well as promotes activities and care to improve both physical health and well-being and offers population health management programs. Cano Health serves patients in the United States. CASTLE US: $295MM Bank Debt Trades at 39% Discount -------------------------------------------------- Participations in a syndicated loan under which Castle US Holding Corp is a borrower were trading in the secondary market around 61.5 cents-on-the-dollar during the week ended Friday, Sept. 6, 2024, according to Bloomberg's Evaluated Pricing service data. The $295 million Term loan facility is scheduled to mature on January 29, 2027. The amount is fully drawn and outstanding. Castle US Holding Corporation provides database tools and software to public relations and communications professionals. CCRR PARENT: Eaton Vance Marks $686,000 Loan at 15% Off ------------------------------------------------------- Eaton Vance Senior Income Trust has marked its $686,000 loan extended to CCRR Parent, Inc to market at $584,714 or 85% of the outstanding amount, according to a disclosure contained in Eaton Vance's Amended Form N-CSR for the fiscal year ended June 30, 2024 filed with the Securities and Exchange Commission on August 26, 2024. Eaton Vance is a participant in a Term Loan to CCRR Parent, Inc. The loan accrues interest at a rate of 9.708% (SOFR+4.25%) per annum. The loan matures on March 6, 2028. Eaton Vance is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended, as a diversified, closed-end management investment company. Eaton Vance is led by Kenneth A. Topping, Principal Executive Officer; and James F. Kirchner, Principal Financial Officer. The Fund can be reached through: Kenneth A. Topping Eaton Vance Senior Income Trust One Post Office Square, Boston, Massachusetts 02109 Tel.: (617) 482-8260 - and - Deidre E. Walsh Eaton Vance Senior Income Trust One Post Office Square, Boston, Massachusetts 02109 Tel.: (617) 482-8260 CCRR, with operating head offices in Ohio, is a temporary healthcare staffing agency providing nurses on assignments to hospitals and medical centers, including both traditional and fast response staffing, across the US. The company also supplies nurses during strikes and provides interventional cardiologists for rural and remote hospitals. CCRR is majority owned by Cornell and Trilantic Capital Partners. CELSIUS NETWORK: Returns 93% Customer Assets -------------------------------------------- Rick Archer of Law360 Bankruptcy Authority reports that Celsius Network on Tuesday, August 27, 2024, told a New York bankruptcy judge it has distributed more than $2.5 billion of its former customers' assets in its Chapter 11 case, approximately 93% of the amount it owes ex-customers under its plan. About Celsius Network Celsius Network LLC -- http://www.celsius.network/-- is a financial services company that generates revenue through cryptocurrency trading, lending, and borrowing, as well as by engaging in proprietary trading. Celsius helps over a million customers worldwide to find the path towards financial independence through a compounding yield service and instant low-cost loans accessible via a web and mobile app. Celsius has a blockchain-based fee-free platform where membership provides access to curated financial services that are not available through traditional financial institutions. The Celsius Wallet claims to be one of the only online crypto wallets designed to allow members to use coins as collateral to get a loan in dollars, and in the future, to lend their crypto to earn interest on deposited coins (when they're lent out). Crypto lenders such as Celsius boomed during the COVID-19 pandemic, drawing depositors with high interest rates and easy access to loans rarely offered by traditional banks. But the lenders' business model came under scrutiny after a sharp sell-off in the crypto market spurred by the collapse of major tokens terraUSD and luna in May 2022. New Jersey-based Celsius froze withdrawals in June 2022, citing "extreme" market conditions, cutting off access to savings for individual investors and sending tremors through the crypto market. The list of major crypto firms that have filed for bankruptcy protection in 2022 now includes Celsius Network, Three Arrows Capital and Voyager Digital. Celsius Network, LLC and its subsidiaries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 22-10964) on July 14, 2022. In the petition filed by CEO Alex Mashinsky, the Debtors estimated assets and liabilities between $1 billion and $10 billion. The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis International, LLP as bankrupty counsels; Fischer (FBC & Co.) as special counsel; Centerview Partners, LLC as investment banker; and Alvarez & Marsal North America, LLC as financial advisor. Stretto is the claims agent and administrative advisor. On July 27, 2022, the U.S. Trustee appointed an official committee of unsecured creditors. The committee tapped White & Case, LLP as its bankruptcy counsel; Elementus Inc. as its blockchain forensics advisor; M3 Advisory Partners, LP as its financial advisor; and Perella Weinberg Partners, LP as its investment banker. Shoba Pillay, Esq., is the examiner appointed in the Debtors'Chapter 11 cases. Jenner & Block, LLP and Huron Consulting Services, LLC, serve as the examiner's legal counsel and financial advisor, respectively. CHINOS INTERMEDIATE: S&P Alters Outlook to Stable, Affirms 'B' ICR ------------------------------------------------------------------ S&P Global Ratings revised its outlook on specialty apparel retailer Chinos Intermediate 2 LLC (Chinos) to stable from negative and affirmed its ratings on Chinos, including the 'B' issuer credit rating. At the same time, S&P assigned its 'B' issue-level rating to the proposed $450 million new term loan with a '3' recovery rating. The stable outlook reflects S&P's expectation that the company will successfully execute its growth initiatives while sustaining operating margins, leading to better credit metrics. The outlook revision to stable reflects revenue expansion and the proposed debt refinance transaction. Chinos reported revenue expansion of 8.5% and same-store sales improvement of 4.0% in the second quarter of 2024, which was ahead of S&P's expectations due to new customer acquisition. Despite challenging macroeconomic conditions, the increase in sales largely reflected the repositioning of the company's main brands and a focus on value-oriented consumers. The company expanded its operations by opening a net total of 87 new Factory stores in the last 12 months primarily in value-centric shopping centers. S&P said, "We forecast revenue will grow more than 8% in 2024, further accelerating to 9% in 2025 as the company continues to invest in its business. In addition, we believe an improvement in comparable sales will contribute to support more stable operating margins." Chinos plans to extend its asset-based lending (ABL) and term loan maturities to 2029 and 2031, respectively, from the current 2027 maturities. While the refinancing transaction results in a modest increase in the company's outstanding debt, S&P forecasts annual interest expenses savings of about $10 million due to a lower spread. S&P said, "We expect S&P Global Ratings-adjusted EBITDA will expand over the next two years supported by profitable growth. Last 12 months adjusted EBITDA margin improved to 11.7% in the second quarter of 2024 due to lower promotions partially offset by store opening expenses. The repositioning of the brands and a focus on full price selling led to average unit retail (AUR) improvement in the J. Crew and Madewell brands. In addition, optimized inventory management resulted in a decline of almost 2% in inventory levels in the quarter, which we believe will contribute to support the company's pricing strategy and reduce the need for excess inventory clearance. We forecast adjusted EBITDA margin of 13.3% in 2024, further improving to 14.4% in 2025 as Chinos continues to execute its strategic initiatives. "We anticipate S&P Global Ratings-adjusted leverage will improve to the mid-2x area in 2025 due to operating margin improvement. Higher adjusted EBITDA levels resulted in an improvement in S&P Global Ratings-adjusted leverage to 3.1x from 3.4x year over year in the quarter ended Aug. 3, 2024. We expect adjusted leverage will improve to the high-2x area this year as adjusted EBITDA growth offset elevated lease liabilities from new store openings. "In addition, we expect reported free operating cash flow (FOCF) will be negative this year because the company will consume about $180 million of its free cash flow in about 90 new store openings. In our view, aggressive store openings during a period of weak consumer demand presents elevated execution risks. We believe the company's credit metrics and liquidity position could weaken if the new stores underperform relative to expectations. Given these factors, we assign a negative comparable rating analysis modifier. "The stable outlook reflects our expectation that the company will sustain improved margins supported by profitable growth, which will lead to adjusted leverage of 2.8x and adjusted funds from operations (FFO) to debt of 25% in 2024." S&P could lower the rating on Chinos if: -- The company faced execution issues on its growth initiatives that could challenge its ability to sustain operating margins or generate free cash flow; -- It underperformed our base case, potentially because of soft demand or inventory challenges that led to greater-than-anticipated promotional activities; or -- A more aggressive financial policy worsened credit metrics. S&P could raise the rating on Chinos if: -- The company sustained operating margins with positive comparable sales while its growth initiatives gain traction; and -- The company maintained adjusted leverage comfortably below 3x and adjusted FFO to debt above 30%. ESG credit factors are a neutral consideration to S&P's credit rating analysis of Chinos. CLEARSIDE BIOMEDICAL: Financial Strain Raises Going Concern Doubt ----------------------------------------------------------------- Clearside Biomedical, Inc. disclosed in a Form 10-Q Report filed with the U.S. Securities and Exchange Commission for the quarterly period ended June 30, 2024, that there is substantial doubt about its ability to continue as a going concern. According to the Company, as of June 30, 2024, it had an accumulated deficit of $340.3 million and had cash, cash equivalents and short-term investments of $29.4 million. These conditions raise substantial doubt about the Company's ability to continue as a going concern within 12 months after the quarterly report for June 30, 2024 are issued. Based on its current plans and forecasted expenses, the Company expects that its cash, cash equivalents and short-term investments as of the filing date, August 12, 2024, will enable the Company to fund its planned operating expenses and capital expenditure requirements into the third quarter of 2025. The Company has based this estimate on assumptions that may prove to be wrong, and it could exhaust its capital resources sooner than expected. Until the Company can generate sufficient revenue, the Company will need to finance future cash needs through public or private equity offerings, license agreements, debt financings or restructurings, collaborations, strategic alliances and marketing or distribution arrangements. "The perception of our ability to continue as a going concern may make it more difficult for us to obtain financing for the continuation of our operations and could result in the loss of confidence by investors and employees. Additionally, if we are unable to continue as a going concern, our stockholders may lose some or all of their investment in the Company." "Additional financing may not be available to us when needed or, if available, it may not be obtained on commercially reasonable terms. If we are not able to obtain the necessary additional financing on a timely or commercially reasonable basis, we will be forced to delay or scale down some or all of our development activities (or perhaps even cease the operation of our business). Our access to additional capital may be negatively affected by future recessions, downturns in the economy or the markets as a whole, or inflation." "We have no commitments for any additional financing and such commitments may not be obtained on favorable terms, if at all. Any additional equity financing will be dilutive to our stockholders, and debt financing, if available, may involve restrictive covenants with respect to dividends, raising future capital, and other financial and operational matters. If we are unable to obtain additional financing as needed, we may be required to reduce the scope of our operations or our anticipated expansion, which could have a material adverse effect on us." A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/5ymdbj4v About Clearside Biomedical, Inc. Clearside Biomedical, Inc. is a biopharmaceutical company focused on revolutionizing the delivery of therapies to the back of the eye through the suprachoroidal space. Incorporated in the State of Delaware on May 26, 2011, the Company has its corporate headquarters in Alpharetta, Georgia. As of June 30, 2024, the Company had $33.9 million in total assets, $62.2 million in total liabilities, and $28.3 million in total stockholders' deficit. CONSERVATORY LAB: S&P Assigns 'BB' ICR, Outlook Stable ------------------------------------------------------ S&P Global Ratings assigned its 'BB' issuer credit rating (ICR) to Conservatory Lab Charter School Foundation Inc. (dba Conservatory Lab Charter School [CLCS]), Mass. The outlook is stable. "The rating reflects our view of CLCS's small but stable enrollment base and healthy supporting waitlist trends, with consistently positive operations supporting healthy reserves for the rating level, but somewhat thin pro forma maximum annual debt service coverage, especially in upcoming years as the school grows into its debt," said S&P Global Ratings credit analyst Sue Ryu. S&P said, "While enrollment has been near capacity in recent years, enrollment is not expected to increase with the issuance, which we believe limits operational flexibility. Overall, operations have been supported by careful budgeting, favorable per-pupil funding, and flexibility provided by federal relief funds. We assessed CLCS's enterprise profile as adequate and its financial profile as vulnerable; combined, these credit factors lead to an anchor of 'bb' and a final rating of 'BB'." S&P said, "The stable outlook reflects our expectation that over the one-year outlook period, CLCS will successfully navigate relocation and construction while seeing little impact on enrollment, and will continue to generate sufficient operations such that maximum annual debt service (MADS) coverage remains consistent with the current rating. "We could consider a negative rating action should enrollment or operations weaken notably, leading to MADS coverage sustained below 1x or a decline in liquidity beyond what is currently expected after project-related expenses, or if indications emerge that the school is leveraged beyond manageable levels. "While unlikely during our outlook period given CLCS's high leverage and contingent liability risk, we could consider a positive rating action should CLCS maintain its enterprise profile characteristics and complete its capital project without cost overruns and delays, all while growing MADS coverage and unrestricted reserves and moderating debt." CPC ACQUISITION: Eaton Vance Marks $401,000 Loan at 16% Off ----------------------------------------------------------- Eaton Vance Senior Income Trust has marked its $401,000 loan extended to CPC Acquisition Corp to market at $336,096 or 84% of the outstanding amount, according to a disclosure contained in Eaton Vance's Amended Form N-CSR for the fiscal year ended June 30, 2024 filed with the Securities and Exchange Commission on August 26, 2024. Eaton Vance is a participant in a Term Loan to CPC Acquisition Corp. The loan accrues interest at a rate of 9.346% (SOFR+3.75%) per annum. The loan matures on December 29, 2027. Eaton Vance is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended, as a diversified, closed-end management investment company. Eaton Vance is led by Kenneth A. Topping, Principal Executive Officer; and James F. Kirchner, Principal Financial Officer. The Fund can be reached through: Kenneth A. Topping Eaton Vance Senior Income Trust One Post Office Square, Boston, Massachusetts 02109 Tel.: (617) 482-8260 - and - Deidre E. Walsh Eaton Vance Senior Income Trust One Post Office Square, Boston, Massachusetts 02109 Tel.: (617) 482-8260 CPC Acquisition Corp is in the chemicals industry. CUBIC CORP: $300MM Bank Debt Trades at 21% Discount --------------------------------------------------- Participations in a syndicated loan under which Cubic Corp is a borrower were trading in the secondary market around 79 cents-on-the-dollar during the week ended Friday, Sept. 6, 2024, according to Bloomberg's Evaluated Pricing service data. The $300 million Term loan facility is scheduled to mature on May 25, 2028. The amount is fully drawn and outstanding. Cubic Corporation is an American public transportation and defense corporation. It operates two business segments: Cubic Transportation Systems and Cubic Mission and Performance Solutions. CUTERA INC: Financial Strain Raises Going Concern Doubt ------------------------------------------------------- Cutera, Inc. disclosed in a Form 10-Q Report filed with the U.S. Securities and Exchange Commission for the quarterly period ended June 30, 2024, that its financial situation creates doubt whether it will continue as a going concern. According to the Company, it reported a net loss of $47.5 million for the six months ended June 30, 2024, and an accumulated deficit of $350.8 million at June 30, 2024. The Company had $84.3 million in cash, cash equivalents and restricted cash at June 30, 2024. The Company expects to continue incurring losses for the foreseeable future. The perception that the Company may not be able to continue as a going concern may have a material adverse effect on the Company's share price and the Company's ability to raise new capital (whether it is through the issuance of equity or debt securities or otherwise), enter into critical contractual relations with third parties and otherwise execute the Company's business objectives. The Company may need to raise additional capital, either through debt or equity financings to achieve our business plan and operating objectives. The Company's ability to obtain additional financing will depend on a number of factors, including, among others, the condition of the capital markets and the other risks described in our Annual Report. If any one of these risks are realized, the Company may not be able to obtain additional funding, in which case, the Company's business could be jeopardized and the Company may not be able to continue its operations or pursue its strategic plans. If the Company is forced to scale down, limit or cease operations, its stockholders could lose all of their investment. Even if the Company is successful at raising capital, there is no assurance that any funds raised will be sufficient to enable it to attain profitable operations or continue as a going concern. To the extent that the Company is unsuccessful raising sufficient capital, it may need to curtail or cease operations and implement a plan to extend payables or reduce overhead until sufficient additional capital is raised to support further operations. There can be no assurance that such a plan will be successful. If adequate funds are not available, the Company may be required to curtail its operations significantly or to obtain funds on unfavorable terms, through dilutive financings or entering into arrangements with collaborative partners or others that may require the Company to relinquish rights to certain of its products that it would not otherwise relinquish. If the Company issues equity or convertible debt securities to raise additional funds, the Company's existing stockholders will experience further dilution, and the new equity or debt securities may have rights, preferences and privileges senior to those of our existing stockholders. If the Company incurs debt, its fixed payment obligations, liabilities and leverage relative to its equity capitalization would increase, which could increase the cost of future capital. Further, the terms of any debt securities the Company issues or borrowings it incurs, if available, could impose significant restrictions on its operations, such as limitations on its ability to incur additional debt or issue additional equity or other operating restrictions that could adversely affect the Company's ability to conduct its business, and any such debt could be secured by any or all of the Company's assets pledged as collateral. Additionally, the Company may incur substantial costs in pursuing future capital, including investment banking, legal and accounting fees and other costs. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/3bjs5tmv About Cutera, Inc. Brisbane, Calif.-based Cutera, Inc. develops, manufactures, distributes, and markets energy-based product platforms for medical practitioners, enabling them to offer treatments to their customers. As of June 30, 2024, the Company has $276.3 million in total assets, $492 million in total liabilities, and $215.7 million in total stockholders' deficit. DARIOHEALTH CORP: Recurring Losses Raise Going Concern Doubt ------------------------------------------------------------ DarioHealth Corp. disclosed in a Form 10-Q Report filed with the U.S. Securities and Exchange for the quarterly period ended June 30, 2024, that there is substantial doubt about its ability to continue as a going concern. According to the Company, it has incurred recurring losses and negative cash flows since inception and has an accumulated deficit of $363,474,000. For the three and six months ended June 30, 2024, the Company reported net loss of $13,610,000 and $20,785,000, respectively. For the six months ended June 30, 2024, the Company used approximately $24,473,000 of cash in operations. The Company expects to incur future net losses and its transition to profitability is dependent upon, among other things, the successful development and commercialization of the Company's products and the achievement of a level of revenues adequate to support the cost structure. Until the Company achieves profitability or generates positive cash flows, it will continue to be dependent on raising additional funds to fund its operations. The Company intends to fund its future operations through cash on hand, additional private and/or public offerings of debt or equity securities or a combination of the foregoing. There are no assurances, however, that the Company will be able to obtain an adequate level of financial resources that are required for the long-term development and commercialization of its product offerings. These conditions raise substantial doubt about the Company's ability to continue as a going concern for 12 months from the date of issuance the quarterly period ended June 30, 2024. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/2abz529c About DarioHealth Corp. New York, N.Y.-based DarioHealth is a global digital therapeutics (DTx) company delivering personalized evidence-based interventions that are driven by precision data analytics, software, and personalized coaching, DarioHealth has developed an approach with the intent to empower individuals to adjust their lifestyle in holistic way. As of June 30, 2024, the Company had $122,134,000 in total assets, $54,079,000 in total liabilities, and $68,055,000 in total stockholders' equity. DEL MONTE: Eaton Vance Marks $297,000 Loan at 23% Off ----------------------------------------------------- Eaton Vance Senior Income Trust has marked its $297,000 loan extended to Del Monte Foods, Inc to market at $229,513 or 77% of the outstanding amount, according to a disclosure contained in Eaton Vance's Amended Form N-CSR for the fiscal year ended June 30, 2024 filed with the Securities and Exchange Commission on August 26, 2024. Eaton Vance is a participant in a Term Loan to Del Monte Foods, Inc. The loan accrues interest at a rate of 9.736% (SOFR+4.25%) per annum. The loan matures on May 16, 2029. Eaton Vance is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended, as a diversified, closed-end management investment company. Eaton Vance is led by Kenneth A. Topping, Principal Executive Officer; and James F. Kirchner, Principal Financial Officer. The Fund can be reached through: Kenneth A. Topping Eaton Vance Senior Income Trust One Post Office Square, Boston, Massachusetts 02109 Tel.: (617) 482-8260 - and - Deidre E. Walsh Eaton Vance Senior Income Trust One Post Office Square, Boston, Massachusetts 02109 Tel.: (617) 482-8260 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. DIAMOND P LLC: Unsecureds Will Get 5% of Claims in Plan ------------------------------------------------------- Diamond P LLC filed with the U.S. Bankruptcy Court for the Eastern District of New York a Disclosure Statement describing Chapter 11 Plan dated August 12, 2024. The Debtor corporation was formed in 2013 and commenced operations shortly thereafter. From 2013 to the date of filing, the Debtor has owned and operated a retail liquor store with offices at 156 Estate Main Street, Port Jefferson, New York. During that time, it has served the north central villages of Suffolk County, New York. During the first four months in Chapter 11, the Debtor initiated a series of marketing initiatives, which together with its usual and customary seasonal increase in sales during the third and fourth quarters of each year, has began to produce the positive cash flow necessary to fund the Chapter 11 Plan. Class 2 consists of General Unsecured Claims. Class 2 claimants, whose claims total $230,305.26, will be paid 5% of their allowed claim, pursuant to Section 1129(a)(9)[c], in cash on the effective date. The aggregate sum to be paid to the unsecured creditors shall be $11,515.26. General unsecured creditors are impaired. Stephen J. Plunkett, the sole and managing member of the Debtor shall retain his interest in the reorganized debtor and act as post confirmation manager of the Debtor. Equity Security Holders are not impaired under the Plan. The payments to cover initial cash required on the effective date of the Debtor's Plan will come from the Debtor's cash flow and ca capital contribution from Stephen J. Plunkett. A full-text copy of the Disclosure Statement dated August 12, 2024 is available at https://urlcurt.com/u?l=ykGuoR from PacerMonitor.com at no charge. Attorney for the Debtor: Richard S. Feinsilver, Esq. One Old Country Road, Suite 347 Carle Place, New York 11514 Phone: (516) 873-6330 About Diamond P LLC Diamond P LLC has owned and operated a retail liquor store with offices at 156 Easte Main Street, Port Jefferson, New York. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-71423) on April 11, 2024, with up to $50,000 in assets and up to $500,000 in liabilities. Judge Robert E. Grossman presides over the case. Richard S. Feinsilver, Esq., is the Debtor's legal counsel. DING TRANS: Plan Exclusivity Period Extended to Dec. 9 ------------------------------------------------------ Judge Nancy Hershey Lord of the U.S. Bankruptcy Court for the Eastern District of New York extended Ding Trans Corp.'s exclusive period in which to file a chapter 11 plan of reorganization and disclosure statement to December 9, 2024. As shared by Troubled Company Reporter, the Debtor is a taxi medallion corporation. Due to the proliferation of Uber and other mobile ride applications, the Debtor was unable to generate income sufficient to make loan payments on the medallion loans. The medallions have consequently suffered a catastrophic decline in value causing the inability to refinance and restructure the loans. In order to reach a settlement with the medallion lender, the Debtor sought Chapter 11 Bankruptcy protection. The Debtor explains that the requested extension of the exclusivity period and the time period to file a plan is necessary due to the fact, that the time to file a plan and disclosure statement is set to expire on September 9, and the Debtor needs time to reach an agreement with the main Creditor OSK VIII LLC, to obtain Court approval of the settlement terms and to file a plan of reorganization and disclosure statement, offering treatment to the main and other remaining Creditors of the estate. The Debtor asserts that the requested extensions of the exclusivity period and the time period to file a plan and disclosure statement will allow the Debtor to file a Chapter 11 plan and disclosure statement without violating the Bankruptcy Code and to provide treatment to its Creditors. Ding Trans Corp. is represented by: Alla Kachan, Esq. LAW OFFICES OF ALLA KACHAN, P.C. 2799 Coney Island Avenue., Suite 202 Brooklyn, NY 11235 Telephone: (718) 513-3145 Email: alla@kachanlaw.com About Ding Trans Corp. Ding Trans Corp., a New York-based transportation company, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 22-41126) on May 24, 2022, listing as much as $500,000 in both assets and liabilities. Shimon Navaro, president of Ding Trans Corp., signed the petition. Judge Nancy Hershey Lord oversees the case. The Law Offices of Alla Kachan P.C. and Wisdom Professional Services, Inc. serve as the Debtor's legal counsel and accountant, respectively. DIOCESE OF SAN FRANCISCO: Seeks to Extend Plan Exclusivity ---------------------------------------------------------- The Roman Catholic Archbishop of San Francisco asked the U.S. Bankruptcy Court for the Northern District of California to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to February 20, 2025 and April 21, 2025, respectively. The Debtor claims that it has timely taken steps to put itself in a position to formulate a plan of reorganization. The bar date for Survivor Claims has been established and passed. The Debtor contends that the limited estate resources should not be consumed with extensive discovery and litigation and, the interests of all parties are served by progressing toward a global mediation process. Consequently, this factor supports granting the requested extension. The Debtor states that in each diocesan bankruptcy where a plan of reorganization has been confirmed, the plan confirmed by the bankruptcy court was a pot plan negotiated among the interested parties in the case which settled disputes over insurance coverage, property of the bankruptcy estate, and estimated claims of survivors. The Debtor intends to propose a similar type of pot plan. The process generally takes over a year. Key to the achievement of this goal is progress toward a process to resolve the amount and nature of claims, and available insurance coverage. The Debtor asserts that it has been diligently working to resolve critical issues in this case for the benefit of its creditors as a whole, and to lay the groundwork for the global mediation process. The Debtor is not seeking an extension of the Exclusive Periods in order to pressure creditors to acquiesce to its reorganization demands and, therefore, this factor also supports the extension. The Debtor further asserts that the composition of its proposed plan will be based in significant part on addressing the survivor claims. The claims and the available insurance coverage for such claims, are being analyzed since the claims bar date has been established and passed. Accordingly, this factor also favors the requested extension. Attorneys for the Debtor: Paul J. Pascuzzi, Esq. Jason E. Rios, Esq. Thomas R. Phinney, Esq. FELDERSTEIN FITZGERALD WILLOUGHBY PASCUZZI & RIOS LLP 500 Capitol Mall, Suite 2250 Sacramento, CA 95814 Tel: (916) 329-7400 Fax: (916) 329-7435 Email: ppascuzzi@ffwplaw.com jrios@ffwplaw.com tphinney@ffwplaw.com Ori Katz, Esq. Alan H. Martin, Esq. Sheppard, Mullin, Richter & Hampton LLP Four Embarcadero Center, 17th Floor San Francisco, CA 94111-4109 Telephone: (415) 434-9100 Facsimile: (415) 434-3947 Email: okatz@sheppardmullin.com amartin@sheppardmullin.com About The Roman Catholic Archbishop of San Francisco The Roman Catholic Archbishop of San Francisco filed a Chapter 11 petition (Bankr. N.D. Cal. Case No. 23-30564) on Aug. 21, 2023, with $100 million to $500 million in both assets and liabilities. Judge Dennis Montali oversees the case. The Debtor tapped Felderstein Fitzgerald Willoughby Pascuzzi & Rios, LLP and Sheppard, Mullin, Richter & Hampton LLP as counsel. Weintraub Tobin Chediak Coleman & Grodin as special litigation counsel. Weinstein & Numbers, LLP as special insurance counsel. GlassRatner Advisory & Capital Group LLC d/b/a B. Riley Advisory Services as financial advisor. Omni Agent Solutions, Inc., is the administrative agent. DYNACAST INTERNATIONAL: Eaton Vance Marks $160,000 Loan at 26% Off ------------------------------------------------------------------ Eaton Vance Senior Income Trust has marked its $160,000 loan extended to Dynacast International LLC to market at $118,023 or 74% of the outstanding amount, according to a disclosure contained in Eaton Vance's Amended Form N-CSR for the fiscal year ended June 30, 2024 filed with the Securities and Exchange Commission on August 26, 2024. Eaton Vance is a participant in a Term Loan to Dynacast International LLC. The loan accrues interest at a rate of 14.697% (SOFR+9%) per annum. The loan matures on October 22, 2025. Eaton Vance is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended, as a diversified, closed-end management investment company. Eaton Vance is led by Kenneth A. Topping, Principal Executive Officer; and James F. Kirchner, Principal Financial Officer. The Fund can be reached through: Kenneth A. Topping Eaton Vance Senior Income Trust One Post Office Square, Boston, Massachusetts 02109 Tel.: (617) 482-8260 - and - Deidre E. Walsh Eaton Vance Senior Income Trust One Post Office Square, Boston, Massachusetts 02109 Tel.: (617) 482-8260 Dynacast International, LLC is a leading global manufacturer of small engineered precision components utilizing proprietary multi-slide die-casting technology and tooling techniques. EL DORADO SENIOR: No Resident Care Concern, 1st PCO Report Says --------------------------------------------------------------- Blanca Castro, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Eastern District of California her first report regarding the quality of patient care provided at El Dorado Senior Care, LLC's assisted care living facility. The Local Long-Term Care Ombudsman Program (LTCOP) ombudsman visited Oak Creek Senior Care facility on June 15 and 25, July 24, and August 13, with a total census of five residents. The Ombudsman discovered that residents have been informed about the bankruptcy proceedings and are maintaining regular communication with the facility staff regarding the matter. The Ombudsman reports no indication that residents or staff are concerned by the proceedings. The Ombudsman observed no resident discharges or transfers have taken place. No quality of care issues have been reported to the LTCOP by any resident. Moreover, resident rooms and common areas of the facility were observed to be clean and well-maintained. Ombudsman observed evidence of active utility, communications and waste-removal service accounts at the facility. A stock of both perishable and non-perishable food items, stored in the appropriate conditions was noted. No concerns expressed by residents regarding the quality or quantity of food. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=l4RFpF from PacerMonitor.com. The ombudsman may be reached at: Blanca E. Castro State Long-Term Care Ombudsman Office of the State Long-Term Care Ombudsman California Department of Aging 2880 Gateway Oaks Drive, Suite 200 Sacramento, CA 95833 Telephone: (916) 928-2500 Email: blanca.castro@aging.ca.gov About El Dorado Senior Care El Dorado Senior Care, LLC owns and operates community care facilities for the elderly, El Dorado Senior Care filed its voluntary petition for Chapter 11 protection (Bankr. E.D. Calif. Case No. 24-22208) on May 21, 2024, with $3,420,371 in assets and $3,127,562 in liabilities. Lisa Holder, Esq., a practicing attorney in Bakersfield, Calif., serves as Subchapter V trustee. Judge Fredrick E. Clement oversees the case. D. Edward Hays, Esq., at Marshack Hays Wood, LLP serves as the Debtor's legal counsel. Blanca Castro has been appointed as patient care ombudsman in the Debtor's Chapter 11 case. ELEVATION GOLD: Sells Hercules Property to StrikePoint for $250,000 ------------------------------------------------------------------- Elevation Gold Mining Corporation announced that its wholly-owned subsidiary Eclipse Gold Mining Corporation has closed the disposition of its Hercules Property by way of the sale of all of the issued and outstanding common shares of its wholly-owned subsidiary Alcmene Mining Inc. to StrikePoint Gold Inc. in consideration for $250,000, pursuant to the terms of a share purchase agreement dated as of August 29, 2024 between Strikepoint, Eclipse and Alcmene. Alcmene holds 100% of the membership interests of Hercules Gold USA, LLC, a Nevada-based company that holds the Hercules Property, comprised of (i) one thousand two hundred and seven (1207) unpatented mining claims and 4 patented mining claims situated in Lyon County, Nevada, and (ii) the 116 unpatented mining claims owned by Minquest Inc., situated in Lyon County, Nevada, which are subject to an option agreement dated August 9, 2019 among Great Basin Resources, Inc., Iconic Minerals, Ltd., Eclipse and Hercules USA. The Disposition remains subject to the final approval of the TSX Venture Exchange. StrikePoint is not a Non-Arm's Length Party to the Company. No finder's fee is payable in connection with the Disposition. The Disposition is acceptable under the amended and restated initial court order dated August 12, 2024 (the "Order") of the Supreme Court of British Columbia under the Companies' Creditors Arrangement Act, and the Disposition has been consented to by KSV Restructuring Inc., the court-appointed monitor of the Company, as it was in compliance with terms of the Order. About Elevation Gold Mining Corporation Elevation Gold Mining Corporation -- https://elevationgold.com/ -- is a publicly listed gold and silver producer, engaged in the acquisition, exploration, development and operation of mineral properties located in the United States. Elevation Gold's common shares are listed on the TSX Venture Exchange ("TSXV") in Canada under the ticker symbol ELVT and on the OTCQB in the United States under the ticker symbol EVGDF. The Company's principal operation is its 100% owned Moss Mine in the Mohave County of Arizona. Elevation also holds the title to the Hercules exploration property, located in Lyon County, Nevada. EMPLOYBRIDGE HOLDING: Eaton Vance Marks $585,000 Loan at 30% Off ---------------------------------------------------------------- Eaton Vance Senior Income Trust has marked its $585,000 loan extended to Employbridge Holding Co to market at $407,836 or 70% of the outstanding amount, according to a disclosure contained in Eaton Vance's Amended Form N-CSR for the fiscal year ended June 30, 2024 filed with the Securities and Exchange Commission on August 26, 2024. Eaton Vance is a participant in a Term Loan to Employbridge Holding Co. The loan accrues interest at a rate of 10.314% (SOFR+4.75%) per annum. The loan matures on July 19, 2028. Eaton Vance is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended, as a diversified, closed-end management investment company. Eaton Vance is led by Kenneth A. Topping, Principal Executive Officer; and James F. Kirchner, Principal Financial Officer. The Fund can be reached through: Kenneth A. Topping Eaton Vance Senior Income Trust One Post Office Square, Boston, Massachusetts 02109 Tel.: (617) 482-8260 - and - Deidre E. Walsh Eaton Vance Senior Income Trust One Post Office Square, Boston, Massachusetts 02109 Tel.: (617) 482-8260 Employbridge, LLC operates as an industrial staffing company. The Company offers temporary associates in manufacturing, logistics, warehousing, and contact centers. ENDEAVOR GROUP: $2.2 Bil. Loan Maturity Raises Going Concern Doubt ------------------------------------------------------------------ Endeavor Group Holdings, Inc. disclosed in a Form 10-Q Report filed with the U.S. Securities and Exchange for the quarterly period ended June 30, 2024, that there is substantial doubt about its ability to continue as a going concern. Historically, the Company has relied principally on liquidity generated from operating activities to fund the Company's day-to-day operations and routine capital expenditures, invest in revenue-generating activities, and service its long-term debt. As of June 30, 2024, the Company had an aggregate of $5.1 billion outstanding indebtedness, of which $2.2 billion is a term loan scheduled to mature on May 18, 2025. The Company expects that the term loan then outstanding will be repaid as part of the Merger-Related Transactions or will otherwise be refinanced prior to its maturity. Absent the Company's ability to secure additional liquidity, extend the maturity of or refinance such term loan, the Company's operations may be adversely impacted in the event the lenders declare an event of default and exercise their rights and remedies under the first lien credit agreement. As a result of the upcoming maturity of the term loan on May 18, 2025, the Company has evaluated plans over the next twelve months beyond the date the accompanying unaudited interim consolidated financial statements are issued to secure additional liquidity which include, but are not limited to, (i) repayment or refinancing of the term loan as part of the Merger-Related Transactions (ii) reducing discretionary capital and operating expenses (iii) obtaining additional facilities from banks and renewal of existing bank borrowings; and (iv) proceeds from asset sales. While the Company has had a history of being able to secure additional liquidity or refinance its outstanding indebtedness, the feasibility of some of these plans is contingent upon factors outside of the control of the Company, and as such, these uncertainties raise substantial doubt about its ability to continue as a going concern. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/3pxx3m5h About Endeavor Group Holdings Beverly Hills, Calif.-based Endeavor Group Holdings, Inc. is a global sports and entertainment company incorporated as a Delaware corporation in January 2019. The Company was formed as a holding company for the purpose of completing an initial public offering and other related transactions in order to carry on the business of Endeavor Operating Company, LLC (d.b.a. Endeavor) and its subsidiaries. As the sole managing member of Endeavor Manager, LLC, which in turn is the sole managing member of EOC, the Company operates and controls all the business and affairs of Endeavor, and through Endeavor and its subsidiaries, conducts the Company's business. As of June 30, 2024, the Company has $21.2 billion in total assets, $10.3 billion in total liabilities, $229.7 million in redeemable non-controlling interests, and $10.6 billion in total shareholders' equity. FIGS INC:Continues to Defend Securities Violations Class Suit ------------------------------------------------------------- FIGS Inc. disclosed in its Form 10-Q Report for the quarterly period ending June 30, 2024 filed with the Securities and Exchange Commission on August 13, 2024, that the Company continues to defend itself from IPO class suit in the United States District Court for the Central District of California. On November 1, 2022, a putative class action complaint was filed against the Company and certain of its executive officers and directors in the United States District Court for the Central District of California alleging, among other things, violations of the Securities Act and Exchange Act for allegedly making false and misleading statements in our IPO in May 2021 and thereafter. An additional putative class action complaint was filed against the Company, certain of its executive officers and directors, stockholders and the underwriters to its IPO, in the United States District Court for the Central District of California on December 8, 2022, making similar allegations to the previously referenced purported class action. On February 14, 2023, the court consolidated the two complaints and appointed lead plaintiffs. On April 10, 2023, the lead plaintiffs filed a consolidated amended complaint against the Company, certain of its executive officers and directors, stockholders and the underwriters to its IPO, alleging, among other things, violations of the Securities Act and Exchange Act for allegedly making false and misleading statements between May 27, 2021 and February 28, 2023 with respect to its ability to predict customer demand and to manage its supply chain, inventory, air freight usage and costs (the "Class Action Securities Litigation"). The complaint sought unspecified compensatory damages and attorney's fees and costs. On May 25, 2023, defendants filed a motion to dismiss the consolidated amended complaint. On January 17, 2024, the court granted the motion in its entirety as to all defendants, dismissed the case without prejudice, and granted plaintiffs leave to amend the complaint. On March 19, 2024, plaintiffs filed an amended complaint alleging violations of the Securities Act and Exchange Act similar to those alleged in the previously dismissed amended complaint. On May 3, 2024, defendants filed a motion to dismiss the amended complaint, which is fully briefed and pending before the court. FIGS Inc. is a company that owns and operates www.wearfigs.com offering features which should allow all consumers to access the goods and services.[BN] FIRST COAST ROLL OFFS: Starts Subchapter V Bankruptcy in Florida ---------------------------------------------------------------- First Coast Roll Offs LLC filed Chapter 11 protection in the Middle District of Florida. According to court filing, the Debtor reports $2,613,527 in debt owed to 1 and 49 creditors. The petition states funds will not be available to unsecured creditors. A meeting of creditors under 11 U.S.C. Section 341(a) is slated for September 18, 2024 at 10:00 a.m. in Room Telephonically on telephone conference line: 866-718-3566. participant access code: 2721444#. About First Coast Roll Offs LLC First Coast Roll Offs LLC is a waste management company based in St. Augustine, FL, specializing in providing roll-off dumpster rental services. First Coast Roll Offs LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-02476) on August 19, 2024. In the petition filed by John Adams, Jr., as owner/manager, the Debtor reports total assets of $1,717,750 and total liabilities of $2,613,527. The Honorable Bankruptcy Judge Jacob A. Brown handles the case. The Debtor is represented by: Bryan K. Mickler, Esq. LAW OFFICES OF MICKLER & MICKLER, LLP 5452 Arlington Expy. Jacksonville, FL 32211 Phone: (904) 725-082 Email: bkmickler@planlaw.com FOCUS FINANCIAL: S&P Assigns 'B+' Rating on New Sr. Secured Notes ----------------------------------------------------------------- S&P Global Ratings assigned its 'B+' issue rating to Focus Financial Partners LLC's (Focus'; B+/Stable/--) proposed senior secured notes that will mature in 2031. S&P expects the issuance amount to be $700 million. S&P said, "In our view, Focus will use the proceeds from this issuance, in conjunction with those from the term loan B-8, to repay outstanding debt of approximately $3.4 billion and fund a $550 million distribution to its shareholders. The senior secured notes and term loan facilities are pari passu. "We expect the company's weighted-average debt to EBITDA to increase marginally due to the debt-funded distribution but remain comfortably below 7x, our downside threshold for the issuer credit rating. "In our view, Focus will continue to make debt-funded registered investment advisors (RIA) acquisitions, similar to wealth management peers. We could lower the issuer credit rating if Focus operates with adjusted debt to EBITDA above 7x or adjusted EBITDA interest coverage below 2x on a sustained basis, per our calculations. This could occur if the company incurs significant one-time costs from its strategic changes, growth strains margins, or it issues further debt without commensurate earnings growth. We could also lower the ratings if we view Focus' competitive advantage as weakening compared with wealth management peers." Issue Ratings--Recovery Analysis Key analytical factors -- S&P's recovery analysis includes the company's $4.0 billion secured debt, assumes 100% usage of the $325 million delayed draw term loan, and assumes 85% usage of the $925 million secured revolving credit facility. -- S&P applies a 5.0x multiple for all wealth managers because it thinks this represents an average multiple for asset managers emerging from a default scenario. Simulated default assumptions -- S&P's simulated default scenario includes substantial market depreciation, leading to a reduction in EBITDA sufficient to trigger a payment default. Simplified waterfall -- Emergence EBITDA: $544 million -- Multiple: 5x -- Gross recovery value: $2.7 billion -- Net recovery value for waterfall after 5% administrative expenses: $2.6 billion -- Total first-lien debt: $5.1 billion --First priority recovery: 50%, Recovery rating of '3', implying our expectation for meaningful recovery in the event of default. Note: All debt amounts include six months of prepetition interest. FOUNDEVER WORLDWIDE: Eaton Vance Marks $878,000 Loan at 23% Off --------------------------------------------------------------- Eaton Vance Senior Income Trust has marked its $878,000 loan extended to Foundever Worldwide Corp to market at $67,426 or 77% of the outstanding amount, according to a disclosure contained in Eaton Vance's Amended Form N-CSR for the fiscal year ended June 30, 2024 filed with the Securities and Exchange Commission on August 26, 2024. Eaton Vance is a participant in a Term Loan to Foundever Worldwide Corp. The loan accrues interest at a rate of 9.208% (SOFR+3.75%) per annum. The loan matures on August 28, 2028. Eaton Vance is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended, as a diversified, closed-end management investment company. Eaton Vance is led by Kenneth A. Topping, Principal Executive Officer; and James F. Kirchner, Principal Financial Officer. The Fund can be reached through: Kenneth A. Topping Eaton Vance Senior Income Trust One Post Office Square, Boston, Massachusetts 02109 Tel.: (617) 482-8260 - and - Deidre E. Walsh Eaton Vance Senior Income Trust One Post Office Square, Boston, Massachusetts 02109 Tel.: (617) 482-8260 Foundever Worldwide Corp provides business process outsourcing services. The Company offers digital, technology, training, analytics, technical support, and consulting services. Foundever Worldwide serves telecoms, utilities, and healthcare industries worldwide. FTX TRADING: Reaches $3.3 Million Settlement With Kroll ------------------------------------------------------- Alex Wolf of Bloomberg Law reports that FTX Trading Ltd. reached a $3.3 million settlement with corporate bankruptcy servicer Kroll Restructuring Administration LLC over a 2023 breach of customers' personal data. Kroll, a vendor that helps large bankrupt companies collect claims data and disseminate information to creditors, has agreed to reimburse FTX for costs and damages that the collapsed crypto company incurred from the breach, according to a filing Thursday, August 29, 2024, in the US Bankruptcy Court for the District of Delaware, Bloomberg Law reports. About FTX Trading Ltd. FTX is the world's second-largest cryptocurrency firm. FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that FTX paused customer withdrawals after it was hit with roughly $5 billion worth of withdrawal requests. Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell itself to its giant rival Binance, but Binance walked away from the deal amid reports on FTX regarding mishandled customer funds and alleged US agency investigations. At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step aside, and restructuring vet John J. Ray III was quickly named new CEO. FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and certain affiliated companies then commenced Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022. Additional entities sought Chapter 11 protection on Nov. 14, 2022. FTX Trading and its affiliates each listed $10 billion to $50 million in assets and liabilities, making FTX the biggest bankruptcy filer in the US this year. According to Reuters, SBF shared a document with investors on Nov. 10 showing FTX had $13.86 billion in liabilities and $14.6 billion in assets. However, only $900 million of those assets were liquid, leading to the cash crunch that ended with the company filing for bankruptcy. The Hon. John T. Dorsey is the case judge. The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal North America, LLC as financial advisor. Kroll is the claims agent, maintaining the page https://cases.ra.kroll.com/FTX/Home-Index The official committee of unsecured creditors tapped Paul Hastings as bankruptcy counsel; Young Conaway Stargatt & Taylor, LLP as Delaware and conflicts counsel; FTI Consulting, Inc. as financial advisor; and Jefferies, LLC as investment banker. Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory T. Donilon, Edward L. Schnitzer, and David M. Banker, is representing Sam Bankman-Fried in the Chapter 11 cases. White-collar crime specialist Mark S. Cohen has reportedly been hired to represent SBF in litigation. Lawyers at Paul Weiss previously represented SBF but later renounced representing the entrepreneur due to a conflict of interest. FUTURE LEGENDS: Placed into Receivership After Skipping Payments ---------------------------------------------------------------- BizWest reports that a district court judge in Weld County, Colorado, has ordered the Future Legends structures into receivership after owner Jeff Katofsky and Future Legends failed to repay six notes now amounting to over $45 million. According to the Greeley Tribune, the facility was envisioned as a premier sports destination but has been plagued by unpaid debts, lawsuits, and liens. According to BizWest, lawsuits seeking more than $11 million in total claims have been filed in the federal courts and the Weld District Court, while more than $13 million in liens have been registered with the Weld County Clerk and Recorder's office. About Future Legends Future Legends -- https://futurelegendscomplex.com/ -- is a premium multi-sport complex located in Windsor, Colorado. GEE HOLDINGS: Eaton Vance Marks $186,000 Loan at 20% Off -------------------------------------------------------- Eaton Vance Senior Income Trust has marked its $186,000 loan extended to GEE Holdings 2 LLC to market at $149,071 or 80% of the outstanding amount, according to a disclosure contained in Eaton Vance's Amended Form N-CSR for the fiscal year ended June 30, 2024 filed with the Securities and Exchange Commission on August 26, 2024. Eaton Vance is a participant in a Term Loan to GEE Holdings 2 LLC. The loan accrues interest at a rate of 13.444% (SOFR+8%) per annum. The loan matures on March 24, 2025. Eaton Vance is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended, as a diversified, closed-end management investment company. Eaton Vance is led by Kenneth A. Topping, Principal Executive Officer; and James F. Kirchner, Principal Financial Officer. The Fund can be reached through: Kenneth A. Topping Eaton Vance Senior Income Trust One Post Office Square, Boston, Massachusetts 02109 Tel.: (617) 482-8260 - and - Deidre E. Walsh Eaton Vance Senior Income Trust One Post Office Square, Boston, Massachusetts 02109 Tel.: (617) 482-8260 GEE Holdings 2, LLC, doing business as Anuvu, specializes in providing connectivity and content to the worldwide travel industry. GEE HOLDINGS: Eaton Vance Marks $446,000 Loan at 56% Off -------------------------------------------------------- Eaton Vance Senior Income Trust has marked its $446,000 loan extended to GEE Holdings 2 LLC to market at $195,436 or 44% of the outstanding amount, according to a disclosure contained in Eaton Vance's Amended Form N-CSR for the fiscal year ended June 30, 2024 filed with the Securities and Exchange Commission on August 26, 2024. Eaton Vance is a participant in a Second Lien Term Loan to GEE Holdings 2 LLC. The loan accrues interest at a rate of 13.597%, (SOFR + 8.25%), 5.347% cash, 8.25% Payment in Kind)) per annum. The loan matures on March 23, 2026. Eaton Vance is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended, as a diversified, closed-end management investment company. Eaton Vance is led by Kenneth A. Topping, Principal Executive Officer; and James F. Kirchner, Principal Financial Officer. The Fund can be reached through: Kenneth A. Topping Eaton Vance Senior Income Trust One Post Office Square, Boston, Massachusetts 02109 Tel.: (617) 482-8260 - and - Deidre E. Walsh Eaton Vance Senior Income Trust One Post Office Square, Boston, Massachusetts 02109 Tel.: (617) 482-8260 GEE Holdings 2, LLC, doing business as Anuvu, specializes in providing connectivity and content to the worldwide travel industry. GEO. J. & HILDA: PCO Reports Resident Care Complaints ----------------------------------------------------- Jenny Hollandsworth, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Western District of Missouri her report regarding the quality of patient care provided by The Geo. J. & Hilda Meyer Foundation. The PCO observed residents and staff during all eight visits (for the period June 1 to July 31). No key personnel turnover has been noted during this period. The PCO noted some concerns by a resident during the June 14th visit related to bed not being made and breakfast dishes left for an extended amount of time. During the visit, this was correct while Ombudsman was still in the room. Also, during the June 14th visit, meal wait times were noted to be lengthy and dietary staff was consulted. Noted improvement during the June 28th visit per resident comments to this concern. During the July 22nd visit, it was noted by some residents that the menu items they select are not what is served to them. This was again noted during the July 26th visit and will be monitored during subsequent visits. Dietary manager was made aware of this concern. Additionally, during the July 26th visit, a representative of the office noted that a urine odor was detected in a resident room, urinal visible and housekeeping had not yet made it to the room that day. Resident was not bothered by this odor. In addition, resident noted to be participating in therapy and activities during visits and activity director continues to plan and promote social engagement with residents. No resident council meetings attended by Ombudsman representatives during this time frame, however as evidenced by activity calendars, they continue to be conducted. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=YKLcc8 from PacerMonitor.com. The ombudsman may be reached at: Jenny Hollandsworth State Office of Long-Term Care Ombudsman Program Missouri Department of Health and Senior Services PO Box 570 Jefferson City, MO 65102-0570 Phone: (800) 309-3282 Email: LTCOmbudsman@health.mo.gov About The Geo. J. & Hilda Meyer Foundation The Geo. J. & Hilda Meyer Foundation owns and operates a senior living community in Higginsville Mo. The Debtor filed Chapter 11 petition (Bankr. W.D. Mo. Case No. 23-41685) on Dec. 4, 2023, with up to $10 million in both assets and liabilities. Judge Brian T. Fenimore oversees the case. Conroy Baran, LLC serves as the Debtor's bankruptcy counsel. Jenny Hollandsworth has been appointed as patient care ombudsman in the Debtor's Chapter 11 case. GIGAMONSTER NETWORKS: Court Plans to Approve Chapter 11 Plan ------------------------------------------------------------ Emily Lever of Law360 Bankruptcy Authority reports that Delaware Judge nixes Purdue concerns in GigaMonster Chapter 11 plan. A Delaware bankruptcy judge on Tuesday, August 28, 2024, agreed to approve the Chapter 11 liquidation and wind-down plan of defunct internet service provider GigaMonster, finding the plan's third-party releases and overall creditor settlement were acceptable. About GigaMonster Networks GigaMonster Networks, LLC and affiliates develop and deploy universal access networks (UANs) in multi-family and commercial real estate properties, providing internet, video and other network services to approximately 400 customer properties and nearly 35,000 end-user subscribers. The Debtors contract with property owners to set up UANs in their buildings and also provide internet services to subscribers in those buildings. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10051) on Jan. 16, 2023. In the petition signed by its chief restructuring officer, Rian Branning of Novo Advisors, LLC, GigaMonster Networks disclosed up to $100 million in both assets and liabilities. Judge Kate Stickles oversees the cases. The Debtors tapped Pachulski Stang Ziehl and Jones, LLP as legal counsel; Novo Advisors, LLC as restructuring advisor; Bank Street Group, LLC as investment banker; and Kroll Restructuring Administration as claims and noticing agent. On Jan. 30, 2023, the U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Faegre Drinker Biddle & Reath, LLP as legal counsel and M3 Advisory Partners, LP as financial advisor. GIRARDI & KEESE: Court Convicts Tom Girardi for Wire Fraud ---------------------------------------------------------- Craig Clough of Law360 reports that disbarred lawyer Tom Girardi has been convicted of defrauding his clients. A California federal jury on Tuesday, August 27, 2024, convicted disbarred attorney Tom Girardi on all four counts of wire fraud, finding that the former titan of the plaintiffs bar misappropriated $15 million of his clients' settlement funds, Law360 reports. About Girardi & Keese Girardi and Keese or Girardi & Keese was a Los Angeles-based law firm founded in 1965 by lawyers Thomas Girardi and Robert Keese. It served clients in California in a variety of legal areas. It was known for representing plaintiffs against major corporations. An involuntary Chapter 7 petition (Bankr. C.D. Cal. Case No. 20-21022) was filed in December 2020 against GIRARDI KEESE by alleged creditors Jill O'Callahan, Robert M. Keese, John Abassian, Erika Saldana, Virginia Antonio, and Kimberly Archie. The petitioners' attorneys: Andrew Goodman Goodman Law Offices, Apc Tel: 818-802-5044 E-mail: agoodman@andyglaw.com Elissa D. Miller, a member of the firm SulmeyerKupetz, has been appointed as Chapter 7 trustee for GIRARDI KEESE. The Chapter 7 trustee can be reached at: Elissa D. Miller 333 South Grand Ave., Suite 3400 Los Angeles, California 90071-1406 Telephone: (213) 626-2311 Facsimile: (213) 629-4520 E-mail: emiller@sulmeyerlaw.com An involuntary Chapter 7 petition was also filed against Thomas Vincent Girardi (Case No. 20-21020) on Dec. 18, 2020. The Chapter 7 trustee can be reached at: Jason M. Rund Email: trustee@srlawyers.com 840 Apollo Street, Suite 351 El Segundo, CA 90245 GIRARDI & KEESE: Tom Lies to Clients Multiple Times,Says Prosecutor ------------------------------------------------------------------- Craig Clough of Law360 Bankruptcy Authority reports that Girardi lied 'Over And Over,' jury told as fraud trial wraps. A federal prosecutor told a California federal jury during closing arguments in Tom Girardi's criminal fraud trial Monday that the now-disbarred attorney lied to his clients "over and over and over again" in order to misappropriate millions of their settlement money as part of a yearslong Ponzi scheme. About Girardi & Keese Girardi and Keese or Girardi & Keese was a Los Angeles-based law firm founded in 1965 by lawyers Thomas Girardi and Robert Keese. It served clients in California in a variety of legal areas. It was known for representing plaintiffs against major corporations. An involuntary Chapter 7 petition (Bankr. C.D. Cal. Case No. 20-21022) was filed in December 2020 against GIRARDI KEESE by alleged creditors Jill O'Callahan, Robert M. Keese, John Abassian, Erika Saldana, Virginia Antonio, and Kimberly Archie. The petitioners' attorneys: Andrew Goodman Goodman Law Offices, Apc Tel: 818-802-5044 E-mail: agoodman@andyglaw.com Elissa D. Miller, a member of the firm SulmeyerKupetz, has been appointed as Chapter 7 trustee for GIRARDI KEESE. The Chapter 7 trustee can be reached at: Elissa D. Miller 333 South Grand Ave., Suite 3400 Los Angeles, California 90071-1406 Telephone: (213) 626-2311 Facsimile: (213) 629-4520 E-mail: emiller@sulmeyerlaw.com An involuntary Chapter 7 petition was also filed against Thomas Vincent Girardi (Case No. 20-21020) on Dec. 18, 2020. The Chapter 7 trustee can be reached at: Jason M. Rund Email: trustee@srlawyers.com 840 Apollo Street, Suite 351 El Segundo, CA 90245 GOL LINHAS AEREAS: Nears Castlelake LP Deal to Raise $1.3Mil. Funds ------------------------------------------------------------------- Reshmi Basu of Bloomberg News reports that the largest shareholder of ailing Brazilian airline Gol Linhas Aereas Inteligentes SA is nearing a deal to raise $1.3 billion of funds from investment firm Castlelake LP to stave off the risk of defaulting on its bonds. Abra Group Ltd., which also owns Colombian airline Avianca Holdings SA, outlined Castlelake's proposal to its investors last week, according to people familiar with the matter, who asked not to be named because they aren't authorized to talk about it. About Gol GOLL4.SA GOL Linhas Aereas Inteligentes S.A. provides scheduled and non-scheduled air transportation services for passengers and cargo; and maintenance services for aircraft and components in Brazil and internationally. The company offers Smiles, a frequent-flyer program to approximately 20.5 million members, allowing clients to accumulate and redeem miles. It operates a fleet of 146 Boeing 737 aircraft with 674 daily flights. The company was founded in 2000 and is headquartered in Sao Paulo, Brazil. GOL Linhas Aereas Inteligentes S.A. and its affiliates and its subsidiaries voluntarily filed for Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 24-10118) on Jan. 25, 2024. GOL Linhas estimated $1 billion to $10 billion in assets as of the bankruptcy filing. The Debtors tapped Milbank Llp as counsel, Seabury Securities Llc as restructuring advisor, financial advisor and investment banker, Alixpartners, LLP, as financial advisor, and HUGHES Hubbard & Reed LLP as aviation related counsel. Kroll Restructuring Administration LLC is the claims agent. GRANITE ASSET GROUP: Kicks Off Chapter 11 Bankruptcy Protection --------------------------------------------------------------- Granite Asset Group LLC filed Chapter 11 bankruptcy in the District of New Jersey. According to court filing, the Debtor reports $777,557 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under 11 U.S.C. Section 341(a) is slated for September 25, 2024 at 9:00 a.m. in Room Telephonically. About Granite Asset Group LLC Granite Asset Group LLC owns real properties located at 110 Woodfern Rd, Units D1A, D1B & D4 Branchburg Township, NJ valued at $1.1 million and 110 Woodfern Rd, Unit A, Branchburg Township, NJ having an appraised value of $815,000. Granite Asset Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 24-18209) on August 19, 2024. In the petition filed by Samuel Ornstein, as owner, the Debtor reports total assets of $1,915,000 and total liabilities of $777,557. The Debtor is represented by: John O'Boyle, Esq. NORGAARD OBOYLE HANNON 184 Grand Avenue Englewood, NJ 07631 Email: joboyle@norgaardfirm.com GSM OUTDOORS: S&P Assigns 'B' ICR, Outlook Stable ------------------------------------------------- S&P Global Ratings assigned its 'B' issuer credit rating to Irving, Texas-based GSM Outdoors Intermediate Holding II Corp. and its 'B' issue-level rating to the proposed senior secured credit facility, with a recovery rating of '3', indicating its expectation for meaningful (50%-70%; rounded estimate: 50%) recovery in the event of a payment default. The stable outlook reflects S&P's expectation for modest pro forma revenue and EBITDA growth such that GSM maintains S&P Global Ratings-adjusted leverage around 6x in 2024 with positive free operating cash flow (FOCF). GSM participates in the niche outdoor products and accessories industry, catering to a limited customer base of outdoor enthusiasts. The company has modest scale and a narrow business focus in a sector with customers that S&P believes tend to be lower-to-moderate income individuals. GSM has a diverse product portfolio of over 50 brands in categories that include hunting, fishing, and precision shooting sports. Its portfolio mix includes brands that cater to various demographics from value to premium. GSM is highly acquisitive, with more than half its brands acquired since 2021. GSM's growth strategy depends on effectively integrating acquired entities while innovating in a fragmented and highly competitive market with some product types becoming commoditized. The company maintains market leading positions in hearing protection, treestands, hunting accessories, waterfowl and turkey decoys, and connected camera technology for specific uses such as game tracking and land management. Nevertheless, GSM is a relatively small and niche operator with strong reliance on hunting. More than half of the company's business is indexed to the sport of hunting, and it generates substantially all its sales in the U.S. and Canada. S&P said, "We expect GSM's focus on launching new products will improve organic volumes in 2025, but we expect flat volumes in 2024 and do not anticipate significant contribution from pricing this year following strong performance in 2023 against an easy 2022 comparable from an EBITDA perspective. Additionally, we believe tuck-in acquisitions and increasing market penetration in connected camera technology, which carries higher margins, should drive top-line growth and modest S&P Global Ratings-adjusted EBITDA margin expansion over the next year. We expect S&P Global Ratings-adjusted leverage maintained around 6x. "Our ratings reflect moderate cyclicality and high seasonality inherent to the outdoor products industry. Macroeconomic conditions significantly affect consumer spending on discretionary items. The products GSM sells are all discretionary, though we recognize that consumers of outdoor goods view them as important to their lifestyles. Moreover, just under half of GSM's business is durable goods, with purchase cycles of two to three years. Replenishment frequency can elongate when consumers are pressured." Seasonality is also particularly pronounced, with demand fluctuating significantly throughout the year. GSM generates roughly 60% of sales and profits in the third and fourth quarters, with peak demand immediately preceding and during key hunting seasons from September to January. Ultimately, effectively planning inventory ordering and managing the working capital cycle to meet high seasonal demand, especially given its long supply chain, is essential for meeting profit expectations and generating satisfactory cash flow. In 2021, GSM invested heavily in inventory to service strong demand and fund growth from COVID-19 pandemic-related industry tailwinds, but significant working capital outflows resulted in a FOCF deficit. S&P expects a moderate amount of working capital outflows in 2024, with about $10 million in FOCF. GSM operates a highly global supply chain that includes complexity and risk. Heavy reliance on Asia-Pacific (APAC) outsourced manufacturing (83% APAC procurement, 17% manufactured in-house domestically) exposes the company to risks such as geopolitical tensions, trade disputes, regional disruptions, and tariffs. The global nature of its supply chain increases lead times and logistics costs, but leverages the lower cost labor supply inherent to APAC countries. Quality control from suppliers is also harder to manage overseas. Ocean freight dependence makes GSM vulnerable to shipping delays, port congestions, and rising transportation costs, potentially affecting product availability and margins. In 2022, S&P Global Ratings-adjusted EBITDA contracted 21% because of inflationary pressures and soaring container rates. While S&P recognizes this model enables competitive pricing, it may limit agility in responding to demand fluctuations or supply shocks in the future. S&P said, "We expect GSM will maintain aggressive financial policies with a strong likelihood of debt financed mergers and acquisitions (M&A).GSM's capital structure will be highly leveraged pro forma for the proposed transaction. The company will also maintain access to a $160 million delayed-draw term loan with a 24-month draw period and up to three allowable draws to fund acquisitions, which could increase leverage further depending on target valuations. We also cannot rule out the possibility of debt-funded distributions to the sponsor. Nevertheless, we expect GSM to maintain adequate liquidity to fund operations and execute its growth strategy over the next 12 months. "The stable outlook reflects our expectation for modest pro forma revenue and EBITDA growth such that GSM maintains S&P Global Ratings-adjusted leverage around 6x in 2024 with positive FOCF." S&P could lower its ratings on GSM if S&P Global Ratings-adjusted leverage is sustained above 7.0x or FOCF approaches break-even levels. This could occur if: -- Consumer preferences shift away from traditional outdoor activities, or stretched consumers curtail spending on discretionary purchases in the company's categories; -- GSM faces significant supply chain disruptions or increased input costs; -- Regulatory changes that enhance wildlife preservation decreases demand for the company's products directly related to hunting sports; or -- Financial policies become more aggressive, perhaps driven by substantial M&A activity or sponsor distributions. While unlikely over the next 12 months, S&P could raise its ratings on GSM if: -- Financial policies support S&P Global Ratings-adjusted leverage below 5x and we expect this to be sustained; and -- The business continues to perform satisfactorily. HAPI METAVERSE: Posts $899,135 Net Income in Fiscal Q2 ------------------------------------------------------ Hapi Metaverse Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net income of $899,135 on $87,153 of total revenues for the three months ended June 30, 2024, compared to a net loss of $107,112 on $66,938 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 $2,843,452 on $134,256 of revenues, compared to a net loss of $1,349,276 on $129,501 of revenues for the same period in 2023. The Company has net working capital deficit of $5,074,914 at June 30, 2024. As of June 30, 2024, the Company had $4,837,727 in total assets, $10,108,539 in total liabilities, and $5,270,812 million in total stockholders' deficit. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/yxrtd9au About Hapi Metaverse Bethesda, Md.-based Hapi Metaverse Inc., formerly GigWorld Inc. was incorporated in the State of Delaware on March 7, 2012 and established a fiscal year end of December 31. The Company's business is focused on serving business-to-business needs in e-commerce, collaboration and social networking functions. The Company also started its Food and Beverage business in 2022 and its travel business in 2023. Going Concern The Company cautioned in its Form 10-Q Report for the quarter ended March 31, 2024, that there is substantial doubt about its ability to continue as a going concern. Since inception, the Company has incurred net losses of $17,156,259 and has a net working capital deficit of $5,776,874 at March 31, 2024. Management has evaluated the significance of the conditions in relation to the Company's ability to meet its obligations and believes that its current cash balance along with its current operations will not provide sufficient capital to continue as a going concern. The Company's ability to continue as a going concern is dependent upon achieving sales growth, management of operating expenses and ability of the Company to obtain the necessary financing to meet its obligations and pay its liabilities arising from normal business operations when they come due, and upon profitable operations. HDI AEROSPACE: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable ------------------------------------------------------------------- S&P Global Ratings assigned its 'B' issuer credit rating to HDI Aerospace Intermediate Holding II Corp. (doing business as Héroux-Devtek). S&P said, "At the same time, we assigned our 'B' issue-level rating and '4' recovery rating to HDI's proposed term loan. The '4' recovery rating reflects average (30%-50%; rounded estimate: 40%) recovery in the event of a default. "The stable rating outlook on HDI reflects our view that the company will execute well on its roughly C$1 billion backlog and increase revenue by 9%-10% over the next two years, with steady to improving adjusted EBITDA margins supported by favorable pricing initiatives." HDI has agreed to be acquired by private equity firm Platinum Equity and plans to issue a new US$125 million asset-based lending (ABL) facility and US$475 million term loan B to fund the acquisition and pay outstanding debt and fees. S&P's rating primarily reflects HDI's entrenched position in the highly technical aircraft landing gear systems market as well as the company's relatively small size and limited breadth of product offerings. HDI is the third-largest landing gear provider and a tier 1 supplier to key original equipment manufacturers (OEMs) in both defense and civil aerospace markets. In S&P's view, HDI benefits from long-standing customer relationships and a solid reputation as a provider of highly technical landing gear. This has enabled the company to win a number of significant programs over the past several years, including the Boeing 777 program, which it was awarded in 2013. The company derives a large portion of revenue from intellectual property (IP)-owned designs, providing it with prospective maintenance, repair, and overhaul revenue as the sole provider of spare parts and maintenance. In addition, S&P believes owning the IP on landing gear programs provides HDI with a competitive advantage over new entrants, as it increases switching costs for its customers. Key programs such as the Boeing 777, F-35, F-15, and CH-47k, as well as a strong backlog of about C$1 billion, provide revenue visibility in the short term. The company participates in over 20 programs as a tier 1 supplier, including a good mix of commercial and defense programs. S&P said, "We view the company as being moderately diversified by program type, with a good mix within aircraft types as well. We estimate the company currently captures about 15% of the total landing gear market, behind much larger peers such as Safran S.A. and RTX Corp. and is narrowly focused on providing landing gear products, and to a smaller extent, actuation products. We consider HDI's concentration in landing gear systems and its relatively small scale with annual adjusted EBITDA of less than C$120 million as the key credit risks, particularly if the company is not able to keep up with OEM demands regarding new technology investments or faces quality issues that weaken its reputation in the landing gear market. That said, we also recognize that the products HDI offers are highly engineered and not easily replicated by competitors." Margin expansion and solid growth prospects should improve credit metrics over the next couple of years, with adjusted debt to EBITDA below 6x and free operating cash flow (FOCF) to debt above 3% by fiscal 2027. S&P Global Ratings-adjusted debt to EBITDA is expected to be 6.4x in fiscal 2025 (fiscal year ends March 31) and decline to the low-6x area in fiscal 2026, reflecting strong EBITDA growth as the company executes its C$1 billion backlog and previously negotiated price increases take effect. S&P said, "We expect annual revenue growth of 9%-10% over the next two years and modestly expanding margins. Our view of HDI's solid growth prospects over the next few years also considers industry growth tailwinds and the company's favorable market position. This growth in earnings combined with amortization on the company's proposed term loan should lead to improving credit measures in the near term, with adjusted debt to EBITDA approaching the mid-5x area by fiscal 2027. Furthermore, we expect adjusted FOCF to debt to be less than 5% through fiscal 2026 but improve to about 5% in fiscal 2027 as elevated restructuring expenses related to the acquisition in fiscal 2026 (which we consider as an operating expense) moderate. After the acquisition, HDI will be owned by private equity firm Platinum Equity, which we consider to be a financial sponsor. We view financial sponsors to be more aggressive in nature with regard to financial policy, which we think makes it unlikely that leverage would decline and be sustained below 5x." S&P said, "The stable rating outlook on HDI reflects our view that the company will execute well its roughly C$1 billion backlog and increase revenue by 9%-10% over the next two years, with steady to improving adjusted EBITDA margins supported by favorable pricing initiatives. We expect S&P Global Ratings-adjusted debt to EBITDA to be in the mid-6x area in fiscal 2025, improving to the low-6x area in fiscal 2026. Furthermore, we expect strong growth in FOCF generation to about 5% of adjusted debt by fiscal 2027. "We could lower our ratings on HDI within the next 12 months if adjusted debt to EBITDA approaches 7x or we expect adjusted FOCF to debt to be sustained below 3%. This could occur if the company pursues a more aggressive financial policy than we currently anticipate, including large debt-funded acquisitions or shareholder distributions. This could also occur if the company's earnings trend lower than we expect, potentially stemming from the loss of a key program, weaker industry demand, or higher sustained operating costs. "Although unlikely within the next 12 month given the company's financial sponsor ownership, we could raise our ratings on HDI if adjusted debt to EBITDA declines below 5x and we think there is a low likelihood that it would increase to above 5x. This could occur if the company and its financial sponsor owners demonstrate a commitment to a more conservative financial policy. "We consider HDI's ESG factors as broadly neutral compared with the overall aerospace and defense industry. The company faces long-term risks related to environmental emissions, with the company actively working toward improving its carbon outlays through renewable energy sources and striving for carbon neutrality in its facilities. Social factors present some risk to HDI, especially as it relates to product safety. Providing critical landing gear systems to highly visible and important civil and defense programs exposes the company to considerable legal and social issues should its products fail as a result of a design flaw or manufacturing defect. These issues could lead to a reputational damage and cause the company to lose programs and significantly reduce earnings. That being said, HDI has not had major problems with its designs or manufacturing processes that has affected results. We view the company's management and governance as a moderately negative factor, reflecting the company's private equity ownership." HEALTHIER CHOICES: Posts $2.5 Million Net Loss in Fiscal Q2 ----------------------------------------------------------- Healthier Choices Management Corp. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $2.5 million on $15.6 million of total net sales for the three months ended June 30, 2024, compared to a net loss of $2.7 million on $13.6 million of total net sales for the three months ended June 30, 2023. For the six months ended June 30, 2024, the Company reported a net loss of $5.4 million on $31.5 million of total net sales, compared to a net loss of $4.6 million on $27.1 million of total net sales for the same period in 2023. As of June 30, 2024, the Company had cash and cash equivalent of approximately $3.4 million and negative working capital of $2.6 million. Management has made plans to reduce certain costs and raise needed capital, however there can be no assurance the Company can successfully implement these plans. The Company contracted a third-party consultant, whose expertise is streamlining operations, to identify areas of improvement and cost savings. The Company will enact the consultant's recommendation in anticipation of realizing savings and achieving profitability. The Company plans on evaluating non-performing stores and continuing to expand via acquisition which will help achieve profitability. Also, the Company is formulating plans to raise capital from outside investors, as it has done in the past, to fund operating losses and also provide capital for further business acquisitions. On May 16, 2024, the Company secured a financing commitment with a private lender. This commitment allows the Company to draw up to $5 million from its revolving credit facility to be used for expansion and working capital purposes. The loan will be repayable in full on August 31, 2025 and the interest rate on the loan is 12%. On July 18, 2024, HCWC entered into a $7.5 million loan and security agreement with a private lender to support its expansion plans and funding of any working capital needs, of which $4.2 million was used for the July 18, 2024 purchase of GreenAcres Market. The face amount of the loan is $7.5 million with 12% annual interest and has a maturity date of July 17, 2027. On July 24, 2024, the Company finalized the closing of Saugerties building sale with all parties involved and received net proceeds of $695,000. Management has made plans to reduce certain costs and raise needed capital, however, there can be no assurance the Company can successfully implement these plans. The result of the capital raise is to improve the Company's operating and financial performance. The success of these plans is dependent upon various factors, foremost being the ability to reduce outside consulting expenses and the ability to secure additional capital from outside investors. There can be no assurance that such plans will be successful. As of June 30, 2024, the Company had $27.6 million in total assets, $22.8 million in total liabilities, $1.1 million in liquidation preference of Series E redeemable convertible preferred stock, and $3.7 million in total stockholders' equity. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/3pdymz9p About Healthier Choices Management Hollywood, Fla.-based Healthier Choices Management Corp. is a holding company focused on providing consumers with healthier daily choices with respect to nutrition and other lifestyle alternatives. Through its wholly owned subsidiary HCMC Intellectual Property Holdings, LLC, the Company manages its intellectual property portfolio. Saddle Brook, N.J.-based Marcum LLP, the Company's auditor since 2017, issued a "going concern" qualification in its report dated March 27, 2024, citing that the Company has a working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations to sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. For the year ended December 31, 2023, Healthier Choices reported a net loss of $18.5 million, compared to a net loss of 7.2 million for the same period in 2022. HEMPACCO CO: DBBMcKennon Raises Going Concern Doubt --------------------------------------------------- Hempacco Co., Inc. disclosed in a Form 10-K Report filed with the U.S. Securities and Exchange Commission for the fiscal year ended December 31, 2023, that its auditor expressed substantial doubt about the Company's ability to continue as a going concern. San Diego, Calif.-based DBBMcKennon, the Company's auditor since 2021, issued a "going concern" qualification in its report dated August 9, 2024, citing that the Company has suffered recurring losses from operations and has used cash in operating activities, which raises substantial doubt about its ability to continue as a going concern. According to the Company, it incurred a net loss of $13,442,221 during the year ended December 31, 2023, and has an accumulated deficit of $23,588,666 as of December 31, 2023. During the year ended December 31, 2023, the Company's net cash used in operations was $5,844,807. Management intends to raise additional operating funds through equity and/or debt offerings. However, there can be no assurance management will be successful in its endeavors. There are no assurances that the Company will be able to either (1) achieve a level of revenues adequate to generate sufficient cash flow from operations; or (2) obtain additional financing through either private placement, public offerings and/or bank financing necessary to support its working capital requirements. To the extent that funds generated from operations and any private placements, public offerings and/or bank financing are insufficient, the Company will have to raise additional working capital. No assurance can be given that additional financing will be available, or if available, will be on terms acceptable to the Company. If adequate working capital is not available to the Company, it may be required to curtail or cease its operations. "If we are not able to successfully execute our future operating plans, our financial condition and results of operation may be materially adversely affected, and we may not be able to continue as a going concern." A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/4f3zwm2h About Hempacco Co. San Diego, Calif.-based Hempacco Co., Inc. is focused on Disrupting Tobacco™ by manufacturing and selling nicotine-free and tobacco-free alternatives to traditional cigarettes. It utilizes a proprietary, patented spraying technology for terpene infusion and patent-pending flavored filter infusion technology to manufacture hemp and herb-based smokable alternatives, and also offers nutritional supplement and beauty product manufacturing services through its recently acquired subsidiary, Green Star Labs, Inc. As of December 31, 2023, the Company had $18,043,080 in total assets, $18,822,405 in total liabilities, -$411,513 in non-controlling interests, and $367,812 in total stockholders' equity. IMMUNIC INC: Financial Strain Raises Going Concern Doubt -------------------------------------------------------- Immunic, Inc. disclosed in a Form 10-Q Report filed with the U.S. Securities and Exchange for the quarterly period ended June 30, 2024, that there is substantial doubt about its ability to continue as a going concern. Immunic has no products approved for commercial sale and has not generated any revenue from product sales. It has never been profitable and has incurred operating losses in each year since inception in 2016. The Company has an accumulated deficit of approximately $461.9 million as of June 30, 2024 and $410.9 million as of December 31, 2023. Substantially all of Immunic's operating losses resulted from expenses incurred in connection with its research and development programs and from general and administrative costs associated with its operations. Immunic expects to incur significant expenses and increasing operating losses for the foreseeable future as it initiates and continues the development of its product candidates and adds personnel necessary to advance its pipeline of product candidates. Immunic expects that its operating losses will fluctuate significantly from quarter-to-quarter and year-to-year due to timing of development programs. From inception through June 30, 2024, Immunic has raised net cash of approximately $430.9 million from private and public offerings of preferred stock, common stock, pre-funded warrants and tranche rights. As of June 30, 2024, the Company had cash and cash equivalents of approximately $79.7 million. With these funds, the Company does not have adequate liquidity to fund its operations for at least twelve months from the issuance of these consolidated financial statements without raising additional capital and such actions are not solely within the control of the Company. If the Company is unable to obtain additional capital, it would have a material adverse effect on the operations of the Company, its clinical development program, and the Company may have to cease operations altogether. The Company reported a net loss of $21.4 million for the three months ended June 30, 2024, compared to a net loss of $24 million for the three months ended June 30, 2023. For the six months ended June 30, 2024, the Company reported a net loss of $50.96 million, compared to a net loss of $49.3 million for the same period in 2023. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/4up6ktbx About Immunic, Inc. Immunic, Inc. is a biotechnology company developing a clinical pipeline of selective oral immunology therapies focused on treating chronic inflammatory and autoimmune diseases. The Company is headquartered in New York City with its main operations in Grafelfing near Munich, Germany. As of June 30, 2024, the Company had $86.5 million in total assets, $22.9 million in total liabilities, and $63.6 million in total stockholders' equity. INSEEGO CORP: Posts $624,000 Net Income in Fiscal Q2 ---------------------------------------------------- Inseego Corp. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net income of $624,000 on $59.1 million of total revenues for the three months ended June 30, 2024, compared to a net loss of $4.9 million on $53.6 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 $3.8 million on $104.2 million of revenues, compared to a net loss of $10 million on $104.4 million of revenues for the same period in 2023. As of June 30, 2024, the Company had $149.6 million in total assets, $251.3 million in total liabilities, and $101.8 million in total stockholders' deficit. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/bdezpncu About Inseego San Diego, Calif.-based Inseego Corp. is in the design and development of cloud-managed wireless broadband and intelligent edge solutions. Going Concern As of March 31, 2024, Inseego had available cash and cash equivalents totaling $12.3 million and working capital of $3.6 million. The Company's Credit Facility, which had an outstanding balance of $4.7 million as of March 31, 2024, was voluntarily paid off and terminated by the Company effective April 18, 2024. The Company generated positive cash flow from operations both for the year ended December 31, 2023, and in the three months ended March 31, 2024. In April 2024, the Company received a $15 million upfront payment from a customer in connection with a two-year service contract. Based on these factors, and to reduce financing costs, the Company voluntarily paid off and terminated the Credit Facility effective April 18, 2024. These factors have had a positive impact on its liquidity. The Company's 3.25% convertible senior notes due in May 2025 have a principal balance of $161.9 million and mature on May 1, 2025. The Company's intention is to restructure or refinance the 2025 Notes, and the Company is in active negotiations to do so, however, there can be no assurance that any required or desired restructuring or financing will be available on terms favorable to the Company, or at all. As the refinancing of the 2025 Notes cannot be assured, accounting guidance requires disclosure that this raises substantial doubt about the Company's ability to continue as a going concern within the next 12 months following the filing of its financial statements. IVANTI SOFTWARE: Eaton Vance Marks $208,000 Loan at 21% Off ----------------------------------------------------------- Eaton Vance Senior Income Trust has marked its $208,000 loan extended to Ivanti Software, Inc to market at $165,146 or 79% of the outstanding amount, according to a disclosure contained in Eaton Vance's Amended Form N-CSR for the fiscal year ended June 30, 2024 filed with the Securities and Exchange Commission on August 26, 2024. Eaton Vance is a participant in a Term Loan to Ivanti Software, Inc. The loan accrues interest at a rate of 9.814% (SOFR+4.25%) per annum. The loan matures on December 1, 2027. Eaton Vance is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended, as a diversified, closed-end management investment company. Eaton Vance is led by Kenneth A. Topping, Principal Executive Officer; and James F. Kirchner, Principal Financial Officer. The Fund can be reached through: Kenneth A. Topping Eaton Vance Senior Income Trust One Post Office Square, Boston, Massachusetts 02109 Tel.: (617) 482-8260 - and - Deidre E. Walsh Eaton Vance Senior Income Trust One Post Office Square, Boston, Massachusetts 02109 Tel.: (617) 482-8260 Ivanti is IT Software Company headquartered in South Jordan, Utah. It produces software for IT Security, IT Service Management, IT Asset Management, Unified Endpoint Management, Identity Management and supply chain management. IYS VENTURES: Unsecureds Owed $25.7M Will Get $1.2M in Plan ----------------------------------------------------------- IYS Ventures LLC submitted a Second Amended Disclosure Statement to Second Amended Plan of Reorganization dated August 12, 2024. The Plan contemplates the reorganization of the Debtor business operations, the restructuring of its debts and the distribution of payments to holders of the various Allowed Claims. The Debtor's Second Amended Plan of Reorganization provides for distribution to the holders of allowed claims and interests from cash, cash equivalents and other funds and income derived from i) the sale of the Leased Stations, or the continued operations of the Leased Stations, ii) the Net Proceeds of Litigation Claims including the PMPA Adversary and CAP Adversary, and iii) the monetization and sale of the Reorganized Debtor's equity membership interests upon completion of all plan payments. Class 5 consists of General Non-Priority Unsecured Claims. Class 5 Claims, aggregating approximately $25,732,014.04 including the allowed unsecured claims of Class 1(b), Class 2 and Class 4 Claimants and Priority Tax Claimants shall be paid pro rata distributions of deferred cash payments aggregating $1,200,000.00 by the IYS Ventures LLC Creditors Trust payable in annual distributions of $240,000.00 annually commencing on December 31, 2025, and each 31st of December thereafter through December 31, 2029. The Class 5 Claims will be paid annual pro rata distributions of all Net Litigation Proceeds resulting from recovery of Litigation Claims including the PMPA Adversary, the CAP Adversary and the monetization and sale of the Reorganized Debtor's equity membership interests upon completion of all plan payments Class 5 Claims are impaired under the Plan. Class 6 consists of Equity Interests of Muwafak Rizek and IMart Stores, LLC. All equity interests shall be deemed to be terminated and canceled upon the Effective Date. Newly issued membership interests of the Reorganized Debtor consisting of 100% of the membership interests shall be issued to the IYS Ventures LLC Creditors Trust, care of Matthew Brash as Trustee of the IYS Ventures LLC Creditors Trust. Under the Plan, the Debtor is proposing to repay general non priority unsecured creditors holding Class 5 Claims from sources, being (i) $1,200,000.00 from annual payments of $240,000.00 for a period of 5 years, (ii) the Net Proceeds of Litigation Claims, including the PMPA Adversary and CAP Adversary, and iii) the monetization and sale of the Reorganized Debtor's equity membership interests upon completion of all plan payments which is not estimated to cumulatively exceed 100% of allowed Class 5 Claims. The Debtor has projected that its sources of funding will generate sufficient funds to make the disbursements and payments required under the Plan. Except as otherwise provided in the Plan or the Confirmation Order, all cash necessary for the Debtor to make payments pursuant to the Plan to Allowed Administrative Claims, Priority Claims, Priority Tax Claims, Secured Claims and General Unsecured NonPriority Claims will be from i) the sale of the Leased Stations, or the continued operations of the Leased Stations, ii) the Net Proceeds of Litigation Claims including the PMPA Adversary and CAP Adversary, and iii) the monetization and sale of the Reorganized Debtor's equity membership interests upon completion of all plan payments. A full-text copy of the Second Amended Disclosure Statement dated August 12, 2024 is available at https://urlcurt.com/u?l=agoQAc from PacerMonitor.com at no charge. Attorneys for the Debtor: Gregory K. Stern, Esq. Monica C. O'Brien, Esq. Dennis E. Quaid, Esq. Rachel S. Sandler, Esq. GREGORY K. STERN, P.C. 53 West Jackson Boulevard Suite 1442 Chicago, IL 60604 Tel: (312) 427-1558 About IYS Ventures IYS Ventures LLC leases, owns and operates gas stations located in Illinois, Minnesota, Michigan, Indiana, Ohio, South Dakota, Virginia, Wisconsin, and Louisiana. The Debtor filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 23-06782) on May 23, 2023. In the petition filed by Muwafak Rizek, as manager and member, the Debtor reported assets between $1 million and $10 million and liabilities between $10 million and $50 million. The Honorable Bankruptcy Judge David D. Cleary oversees the case. Gregory K. Stern, P.C., is the Debtor's legal counsel. JACKSON HOSPITAL: S&P Lowers 2015 Bond Rating to 'D' ---------------------------------------------------- S&P Global Ratings lowered its long-term rating to 'D' (default) from 'CC' on The Medical Clinic Board of the City of Montgomery, Ala.'s series 2015 bonds, issued for Jackson Hospital & Clinic (Jackson). At the same time, S&P Global Ratings removed the rating from CreditWatch, where it had been placed with negative implications June 11, 2024. The outlook is not meaningful. "The 'D' rating reflects that Jackson missed its most recent interest payment to bondholders on the series 2015 bonds, which was due on Sept. 3, 2024," said S&P Global Ratings credit analyst Marc Arcas. "The 'D' rating, by definition, indicates that the obligation is in default or in breach of an imputed promise, and this rating category is used when payments on an obligation are not made on the due date," Mr. Arcas added. This missed interest payment follows a notice of acceleration of the series 2015 bonds from the trustee, posted publicly on Aug. 9, 2024. S&P understands that Jackson's liquidity is very thin and insufficient to meet the bondholders' demand for full payment. As of Dec. 31, 2021, the latest audited period, the amount outstanding for the series 2015 bonds was $70 million, which accounted for 86% of Jackson's long-term debt. The trustee has recently provided a more updated amount of $60 million that is outstanding for the series 2015 bonds. The majority of Jackson's long-term debt consists of the series 2015 bonds, which are secured by revenue and mortgage pledges on a number of properties from the obligated group. Jackson's obligated group consists solely of the hospital. JAG CAPITAL: Hires Berkshire Hathaway as Real Estate Broker ----------------------------------------------------------- Jag Capital Investments LLC received approval from the U.S. Bankruptcy Court for the District of Montana to employ Airika Lakkala with Berkshire Hathaway HomeServices Montana Properties as real estate broker. Ms. Lakkala will act as listing agent for commercial real estate of the Debtor located at 000 Discovery Drive, Butte, Montana including any engineering and architectural plans specific to the property. The broker will receive compensation equal to 6 percent of the sale price for the property. Ms. Lakkala assured the court that she is a 'disinterested person" as defined in 11 U.S.C. 101(14). Ms. Lakkala can be reached at: Airika Lakkala Berkshire Hathaway HomeServices Montana Properties 2001 Stadium Dr. Ste. A Bozeman, MT, 59715 Direct:(406) 498-6465 Email: airika.lakkala@bhhsmt.com About Jag Capital Investments LLC JAG Capital Investments, LLC is a commercial and multifamily investment company. It offers multiple investment opportunities within its diverse portfolio including commercial real estate ventures, single family home subdivision projects, apartment complex properties, and development of multi-use sites. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mont. Case No. 24-90120) on June 21, 2024, with up to $50,000 in assets and up to $10 million in liabilities. Gina Bjorkman, managing member, signed the petition. Judge Benjamin P. Hursh presides over the case. Matt Shimanek, Esq., at Shimanek Law, PLLC represents the Debtor as legal counsel. JC PENNEY: US Trustee Wants to Unseal Old Status Conference ----------------------------------------------------------- Evan Ochsner of Bloomberg Law reports that the Justice Department's bankruptcy watchdog is moving to unseal records of a four-year-old status conference in JC Penney's bankruptcy. Judge David R. Jones, who subsequently retired from the bench amid a romance scandal, called the Aug. 19, 2020, status conference amid concerns about a lack of progress in the bankruptcy, reports Bloomberg Law. "The parties have reached the end of the Court's patience," Jones wrote in an order at the time, calling lawyers for JC Penney and its creditors to appear remotely later that day. "The parties should be prepared to have a frank discussion," Jones wrote. About J.C. Penney Co. Inc. J.C. Penney Company, Inc. -- http://www.jcpenney.com/-- is an apparel and home retailer, offering merchandise from an extensive portfolio of private, exclusive, and national brands at over 850 stores and online. It sells clothing for women, men, juniors, kids, and babies. On May 15, 2020, J.C. Penney entered into a restructuring support agreement with lenders holding 70% of its first lien debt. The RSA contemplates agreed-upon terms for a pre-arranged financial restructuring plan that is expected to reduce several billion dollars of indebtedness. To implement the plan, J.C. Penney and its affiliates on May 15, 2020, filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 20-20182). At the time of the filing, J.C. Penney disclosed assets of between $1 billion and $10 billion and liabilities of the same range. Judge David R. Jones oversaw the cases. The Debtors tapped Kirkland & Ellis and Jackson Walker, LLP as legal counsel; Katten Muchin Rosenman, LLP as special counsel; Lazard Freres & Co. LLC as investment banker; AlixPartners, LLP as restructuring advisor; and KPMG, LLP as tax consultant. Prime Clerk is the claims agent, maintaining the page http://cases.primeclerk.com/JCPenney The committee of unsecured creditors retained Cole Schotz, P.C., and Cooley, LLP. * * * J.C. Penney in November 2020 won approval to sell substantially all of its retail and operating assets ("OpCo") to a group formed by landlords Brookfield Asset Management, Inc. and Simon Property Group and senior lenders through a combination of cash and new term loan debt. Paul, Weiss, Rifkind, Wharton & Garrison LLP was the legal counsel, and BRG Capital Advisors, LLC, served as financial adviser to Simon and Brookfield. JEFFERIES FINANCE: S&P Alters Outlook to Stable, Affirms 'BB-' ICR ------------------------------------------------------------------ S&P Global Ratings revised its outlook on Jefferies Finance LLC (JFIN) to stable from negative. At the same time, S&P affirmed its 'BB-' issuer credit rating on JFIN and its 'BB-' rating on its senior unsecured notes. The recovery of the syndicated leveraged loan market has led to increased transactional activity for JFIN. As a result, for the six months ended May 31, 2024, JFIN's fee income increased by 41.6% to $105.6 million from the same period the prior year. Also, JFIN's risk related to its exposure to Forma Brands LLC, a cosmetics company that went bankrupt in 2023, has fallen, and JFIN has reduced its leverage. In 2023, Forma declared bankruptcy, leading to a large loss and JFIN Parent LLC taking ownership of it. Because JFIN at that time consolidated Forma on its balance sheet and recognized significant goodwill, S&P's calculation of its leverage rose sharply to over 6x, which led to its negative outlook on the rating on JFIN last year. Since then, Forma has emerged from bankruptcy. The company's consolidated leverage declined substantially to 3.7x as of May 31, 2024, from 6.6x a year ago and from 5.8x as of Feb. 28, 2024. We believe JFIN still has a loan exposure to Forma. Still, S&P thinks the loss JFIN has already taken on the loan and steps Forma has taken to improve its performance have reduced the odds of a significant additional loss on the loan. S&P now expects the company's consolidated leverage to remain below 4.5x following a rebound in the broadly syndicated loan market. In addition, S&P Global Ratings economists believe the Federal Reserve will start cutting its benchmark rate in September. Lower rates could support syndication activity, assuming the U.S. economy continues to grow. For the six months ended May 31, 2024, JFIN's gross fee income almost doubled from the same period the previous year. It closed 104 transactions with $35 billion in arranged volume compared to 34 transactions totaling $6 billion in the prior year's period. However, JFIN's earnings can also be volatile depending on conditions in the leveraged loan market. As of May 31, 2024, JFIN had $142.9 million of unrestricted cash and $81 million available on its $1.65 billion credit facility (adjusted for fronting lines). The company also had $1.8 billion of fronting lines at its disposal and $1.9 billion of capacity through revolver CLOs and warehouses to fund revolving commitments. Underwriting commitments were $4 billion, net of $1.7 billion syndicated to third parties, and undrawn commitments were $4.1 billion. This is because priority debt has been less than 30% of our calculation of adjusted assets while unencumbered assets have been in excess of its outstanding unsecured debt. If the company's priority debt was to exceed 30% on a sustained basis, and the unencumbered assets to unsecured debt ratio remains above 1.0x, S&P would likely lower its unsecured debt rating by one notch to 'B+'. JRGC LLC: $18.25M Sale to Inverness Natural to Fund Plan -------------------------------------------------------- JRGC, LLC filed with the U.S. Bankruptcy Court for the Middle District of Florida a Disclosure Statement for Plan of Liquidation dated August 12, 2024. The Debtor is a real estate company that acquires, develops and sells property. It has been operating since 2009 and operates from Hillsborough County, Florida. The Debtor's principal, Jordan Ruben, owns 100% of the company. The company presently owns separate tracts of land in Southwest Florida consisting of 366 lots in Charlotte County, Florida. All of the lots have the horizontal infrastructure completed which includes paved streets, water, sewage and electricity. A recent appraisal of the Debtor's property dated January 2, 2024, indicates an "as-is" value of $18.25 million for the Debtor's 366 lots. Pre-petition, the Debtor was involved in several lawsuits that had been filed against the Debtor, including a foreclosure action which ultimately resulted in a Final Judgment of Foreclosure entered against the Debtor and in favor of A.A.D.A, Inc. and various other defendants. That Final Judgment of Foreclosure also set a sale of the Debtor's property. The case was filed to stop the foreclosure sale and preserve the equity in the property. Since the filing of the instant case, the Debtor has been working towards paying its creditors and protecting its significant equity in the various tracts of land. The Debtor has attempted to sell both its real estate holdings and equity in itself several times during the pendency of the bankruptcy. Presently, the Debtor has received an offer to purchase its real estate holdings for $18,250,000 from Inverness Natural Lagoon, LLC. On August 2, 2024, the Court orally approved the sale of the property to Inverness Natural Lagoon, LLC pursuant to Section 363 of the Bankruptcy Code. Class 9 consists of General Unsecured Claims. Claimants will be paid their pro rata share of any funds that remain after payment in full of all allowed administrative, priority, and secured claims. Distributions will be made on the thirtieth day following the final payment made to administrative, priority, and secured claimants. The Debtor anticipates that the sale of its real estate assets will be sufficient to pay all Class 9 claimant's allowed claims in full; however, this assessment could change as the case and sale progresses. This Class is impaired. Class 10 consists of Equity Security Holders of the Debtor. Equity will retain ownership in the Debtor post-confirmation. Jordan Ruben will continue to manage the Debtor post-confirmation, to the extent that there are any remaining assets to manage. The Plan will be funded by the sale of the Debtor's various real estate holdings. The Debtor's plan will be funded through Section 363 sale of its real estate holdings to Inverness Natural Lagoon, LLC. The Debtor is also pursuing a potential equity sale that would provide sufficient capital to pay all allowed claims in full; however, said sale has not yet been finalized. A full-text copy of the Disclosure Statement dated August 12, 2024 is available at https://urlcurt.com/u?l=0lTEmQ from PacerMonitor.com at no charge. JRGC, LLC is represented by: Buddy D. Ford, Esq. Jonathan A. Semach, Esq. Heather M. Reel, Esq. Buddy D. Ford, P.A. 9301 West Hillsborough Avenue Tampa, FL 33615-3008 Telephone: (813) 877-4669 Email: Buddy@tampaesq.com Jonathan@tampaesq.com Heather@tampaesq.com About JRGC LLC JRGC, LLC, a company in Tampa, Fla., owns multiple properties having an aggregate value of $18.3 million. JRGC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-04975) on Nov. 2, 2023, with $18,300,202 in assets and $9,714,612 in liabilities. Jordan Ruben, managing member, signed the petition. Buddy D. Ford, Esq., at Buddy D. Ford, P.A. represents the Debtor as legal counsel. KPM INVESTMENT: Unsecureds to Split $398K over 60 Months -------------------------------------------------------- KPM Investment O, LLC and KPM Investment B, LLC submitted a Second Amended Disclosure Statement for Joint Plan of Reorganization dated August 12, 2024. The Debtors seek substantive consolidation of the four separate corporate Debtors under the Plan into the Consolidated Debtor solely for voting on, Confirmation of and Distributions under the Plan. As a result of such substantive consolidation, the Plan will treat Claims and Interests in respect of the Consolidated Debtor. On the Effective Date of the Plan, the Debtors will be substantively consolidated pursuant hereto and in accordance herewith into the Consolidated Debtor. The Debtors believe that substantive consolidation as proposed in the Plan is not only appropriate under the facts and circumstances of these Chapter 11 Cases, but it is in the best interests of all Holders of Allowed Claims in the Consolidated Debtor. Class 12 consists of all general unsecured claims against the Debtor. Holders of Class 12 claims shall be paid $397,702.54 over60 months, to be paid a pro rata payment with payment commencing on the 10th of the month following the Effective Date and continuing by the 10th day of each subsequent month that will end on the 60th month anniversary of the Effective Date for a total of 60 payments until paid in full. Payments on Class 12 claims shall be mailed to the address of the creditor on the proof of claim (or, if allowed pursuant to the schedules, to the address on the schedules), unless the creditor files a change of address notice with the Court. Any check mailed to the proper address and returned by the post office as undeliverable, or not deposited within 180 days, shall be void and the funds may be retained by the Debtor. The allowed unsecured claims total $97,702.54. Class 12 is impaired. Class 13 consists of general unsecured claims by non-statutory insiders or affiliates of the Debtors against the Debtors. Holders of Class 13 claims shall be subordinated to Classes 2 through 12. The Reorganized Debtor shall not make any distributions to Class 13 unless and until all distributions related to all Allowed Claims in Classes 2 through 12 have been made in full. Thereafter, Class 13 shall be paid $ $296,917.60 over 60 months, to be paid a pro rata payment with payment commencing on the 10th of the month following the last payment to Classes 2 through 12 and continuing by the 10th day of each subsequent month for a total of 60 payments until paid in full. The amount of claim in this Class total $296,917.60. Class 13 is impaired. Class 14 consists of Equity Security Holders of Debtors. The Reorganized Debtors shall not make any distributions or pay any dividends related to any Equity Interests unless and until all distributions related to all Allowed Claims in Classes 1 through 13 have been made in full. Holders of Equity Interests in the Debtors will retain those interests. Class 14 is Impaired and entitled to vote on the Plan. The source of funds for payments pursuant to the Plan will be the profits of the Reorganized Debtors' business operations. The Plan provides that Debtors shall act as the Disbursing Agent to make payments under the Plan unless Debtors appoint some other entity to do so. Debtors may maintain bank accounts under the confirmed Plan in the ordinary course of business. Debtors may also pay ordinary and necessary expenses of administration of the Plan in due course. A full-text copy of the Second Amended Disclosure Statement dated August 12, 2024 is available at https://urlcurt.com/u?l=paeVWL from PacerMonitor.com at no charge. Counsel to the Debtors: William A. Rountree, Esq. Rountree Leitman Klein & Geer, LLC Century Plaza I 2987 Clairmont Road, Suite 350 Atlanta, GA 30329 Telephone: (404) 584-1238 Facsimile: (404) 704-0246 Email: wrountree@rlkglaw.com About KPM Investment O KPM Investment O, LLC is engaged in activities related to real estate. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 24-53073) on March 25, 2024. In the petition signed by Isaac Perlmutter, authorized representative, the Debtor disclosed up to $50,000 in assets and up to $50 million in liabilities. Judge Paul W. Bonapfel oversees the case. William Rountree, Esq., at ROUNTREE, LEITMAN, KLEIN & GEER, LLC, is the Debtor's legal counsel. KRONOSNET CX: EUR870MM Bank Debt Trades at 31% Discount ------------------------------------------------------- Participations in a syndicated loan under which Kronosnet CX Bidco 2022 SL is a borrower were trading in the secondary market around 69.1 cents-on-the-dollar during the week ended Friday, Sept. 6, 2024, according to Bloomberg's Evaluated Pricing service data. The EUR870 million Term loan facility is scheduled to mature on October 25, 2029. The amount is fully drawn and outstanding. Kronosnet CX Bidco 2022 SL operates as a special purpose entity. The Company was formed for the purpose of issuing debt securities to repay existing credit facilities, refinance indebtedness, and for acquisition purposes. LANNETT: Files Cancer-Drug Deal Suit vs. Areya After Chapter 11 --------------------------------------------------------------- Dorothy Atkins of Law360 Bankruptcy Authority reports that Lannett says Areva reneged on cancer-drug deal after Chapter 11. Lannett Pharmaceuticals hit generic-drug maker Areva Pharmaceuticals with a contract suit in Delaware's Court of Chancery on Thursday, August 29, 2024, accusing Areva of breaching their 2022 agreement that gave Lannett exclusive rights to distribute Areva's injectable anticancer drug after Lannett emerged from a prepackaged Chapter 11 bankruptcy. About Lannett Co. Inc. Founded in 1942, Lannett Company, Inc. -- http://www.lannett.com/ -- develops, manufactures, packages, markets and distributes generic pharmaceutical products for a wide range of medical indications. Lannett and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10559) on May 3, 2023. Lannett disclosed total assets of $334,600,000 and total debt of $708,940,000 as of March 31, 2023. Judge J. Kate Stickles oversees the cases. The Debtors tapped Kirkland & Ellis, LLP, Kirkland & Ellis International, LLP and Fox Rothschild, LLP as bankruptcy counsels; FTI Consulting, Inc. as financial advisor; Guggenheim Securities, Inc. as investment banker; Street Advisory Group as communications advisor; and PricewaterhouseCoopers, LLP as tax restructuring services provider. Omni Agent Solutions is the claims agent. Secured creditors are being advised by Sullivan & Cromwell, LLP as legal counsel and Houlihan Lokey, Inc. as financial advisor. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Womble Bond Dickinson (US), LLP and Kilpatrick Townsend & Stockton, LLP as legal counsels, and Dundon Advisers, LLC as financial advisor. LERETA LLC: $250MM Bank Debt Trades at 21% Discount --------------------------------------------------- Participations in a syndicated loan under which Lereta LLC is a borrower were trading in the secondary market around 78.7 cents-on-the-dollar during the week ended Friday, Sept. 6, 2024, according to Bloomberg's Evaluated Pricing service data. The $250 million Term loan facility is scheduled to mature on August 7, 2028. The amount is fully drawn and outstanding. Headquartered in Pomona, California, Lereta LLC is a technology-enabled property tax and flood determination service provider to the financial services industry. The company provides services in the areas of tax certification management and flood determination to mortgage originators and servicers. Lereta is owned by Flexpoint Ford and Vestar Capital Partners. LI-CYCLE HOLDINGS: Narrows Net Loss to US$8.2 Million in Fiscal Q2 ------------------------------------------------------------------ Li-Cycle Holdings Corp. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss and comprehensive loss of US$8.2 million on US$8.4 million of total revenues for the three months ended June 30, 2024, compared to a net loss and comprehensive loss of US$32 million on US$3.6 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 and comprehensive loss of US$144.9 million on US$12.6 million of revenues, compared to a net loss and comprehensive loss of US$68.4 million on US$12.6 million of revenues for the same period in 2023. As of June 30, 2024, the Company had US$899.9 million in total assets, US$664.2 million in total liabilities, and US$235.7 million in total equity. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/2crup59h About Li-Cycle Holdings Corp. Li-Cycle Holdings Corp. is a Canada-based global lithium-ion battery resource recovery company and pure-play lithium-ion battery recycler. Vaughan, Canada-based KPMG LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated March 15, 2024, citing that the Company has suffered recurring losses from operations since inception, continued cash outflows from operating activities and paused its construction of the Rochester Hub project, that raise substantial doubt about its ability to continue as a going concern. LIBERTY TRIPADVISOR: Several Obligations Raise Going Concern Doubt ------------------------------------------------------------------ Liberty Tripadvisor Holdings, Inc. disclosed in a Form 10-Q Report filed with the U.S. Securities and Exchange for the quarterly period ended June 30, 2024, that there is substantial doubt about its ability to continue as a going concern. TripCo has several obligations due within the next 12 months. The Series A Preferred Stock is required to be redeemed for cash on March 27, 2025. As of June 30, 2024, the Redemption Price of the Series A Preferred Stock was $260 million. In addition, the Debentures may be redeemed by TripCo, in whole or in part, on or after March 27, 2025. Holders of the Debentures also have the right to require TripCo to purchase their Debentures on March 27, 2025. As of June 30, 2024, the fair value of the Debentures was $307 million. If all holders exchanged their Debentures on March 27, 2025, and upon the redemption of the Company's Series A Preferred Stock, TripCo would not have sufficient cash on hand to cover these obligations as of June 30, 2024. TripCo notes that Tripadvisor Inc. has sufficient cash to cover these obligations, but TripCo does not have ready access to Tripadvisor Inc.'s cash. On February 9, 2024, TripCo's board of directors authorized TripCo to engage in discussions with respect to a potential transaction, pursuant to which all of the outstanding stock of TripCo and all of the outstanding common stock and Class B common stock of Tripadvisor, would be acquired concurrently for cash. The board of directors of Tripadvisor has formed a special committee comprised of independent and disinterested directors of the board of directors of Tripadvisor. TripCo and the Special Committee have ceased discussions with third parties with respect to a Potential Transaction. Strategic alternatives with respect to TripCo remain under consideration. In light of current circumstances, management's plans do not alleviate the substantial doubt that the entity will continue as a going concern. Tripadvisor believes that its available cash and cash equivalents will be sufficient to fund Tripadvisor's foreseeable working capital requirements, capital expenditures, existing business growth initiatives, debt and interest obligations, lease commitments, tax-related payments and other financial commitments through at least the next 12 months. Tripadvisor's future capital requirements may also include capital needs for acquisitions, and/or other expenditures in support of its business strategy, and may potentially reduce Tripadvisor's cash balance and/or require Tripadvisor to borrow under the Credit Facility or to seek other financing alternatives. The Company said, "Although we are exploring alternatives to cover the obligations of the Series A Preferred Stock and Debentures, there can be no assurance that we will be able to enter into a transaction or find such an alternative, in which case we would be forced to cease operations. If we ceased operations, it is likely that our investors would lose their investment." A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/d5vamt6v About Liberty TripAdvisor Englewood, Colo.-based Liberty TripAdvisor Holdings, Inc. (OTCMKTS: LTRPA, LTRPB) consists of its subsidiary Tripadvisor. Tripadvisor operates as a family of brands that connects people to experiences worth sharing, and aims to be the world's most trusted source for travel and experiences. Tripadvisor leverages its brands, technology, and capabilities to connect its global audience with partners through rich content, travel guidance, and two-sided marketplaces for experiences, accommodations, restaurants, and other travel categories. The Company had net income of $67 million and $29 million for the three months ended June 30, 2024 and 2023, respectively, and net losses of $45 million and $59 million for the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024, the Company had $3.8 billion in total assets, $2.6 billion in total liabilities, and $1.2 billion in total equity. LITIGATION PRACTICE: Runs a "Criminal Business," Says Judge ----------------------------------------------------------- Daniel Connolly of Law360 Bankruptcy Authority reports that a California bankruptcy judge ruled Tuesday, August 27, 2024, that the defunct Orange County debt relief law firm Litigation Practice Group operated a "criminal enterprise" and possibly a Ponzi scheme, a finding that representatives for the firm's court-appointed bankruptcy trustee say they will use to claw money back from investors. About The Litigation Practice Group The Litigation Practice Group P.C. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 23-10571) on March 20, 2023, with as much as $1 million in both assets and liabilities. Judge Scott C. Clarkson presides over the case. The Debtor tapped Khang & Khang, LLP as legal counsel and Grobstein Teeple, LLP as accountant. The U.S. Trustee for Region 16 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. The committee is represented by Fox Rothschild, LLP. LL FLOORING: Agrees to Going-Concern Sale With F9 Investments ------------------------------------------------------------- LL Flooring Holdings, Inc. announced on September 06, 2024, that as part of its ongoing Chapter 11 process, the Company has signed an agreement with F9 Investments for a going-concern sale of the business. Under the terms of the asset purchase agreement, F9 Investments will acquire 219 stores, inventory in those stores and in the Company's Sandston, Virginia, distribution center, LL Flooring's intellectual property and other company assets. The transaction is expected to be completed by the end of September, subject to approval by the Bankruptcy Court and other closing conditions. Charles Tyson, President and Chief Executive Officer of LL Flooring, said, "We are pleased to have reached this agreement with F9 Investments for a going-concern sale following significant efforts by our team and advisors to preserve the business and maintain ongoing operations. As we move through the court-supervised process toward the approval and completion of this transaction, we remain committed to continuing to serve our valued customers and working closely with our vendors and partners. I continue to be appreciative of the ongoing focus and efforts of our associates to provide the best experience for our customers." As previously communicated, prior to entering the Chapter 11 process, the Company conducted extensive marketing processes with respect to its business and certain of its assets. The marketing process garnered significant interest, and the Company has used the Chapter 11 proceedings to continue pursuing a going-concern sale of its business under the Bankruptcy Code. While the Company had filed materials with the Bankruptcy Court on August 30, 2024 regarding the intent to pivot to a full liquidation of the business, the Company was able to subsequently reach the asset purchase agreement with F9 Investments that will maintain the business as a going-concern, pending approval by the Bankruptcy Court. During the Chapter 11 process and as the Company works to complete the going-concern sale of the business, LL Flooring continues to generally operate in the normal course and remains focused on providing customers with a broad range of hard and soft surface flooring and an exceptional shopping experience. The 219 continuing stores that are part of the asset purchase agreement, along with the Company's online platform, are open and continuing to serve customers with few changes to store operations and policies. LL Flooring also continues to work with Hilco Merchant Resources, LLC, to assist the Company in store closing sales at 211 of its locations, including the recently initiated 117 store closings and the 94 store closings already in process that had been previously announced on August 11, 2014. These locations will remain open and serving customers through the store closing process. About LL Flooring Holdings LL Flooring Holdings, Inc. is a specialty retailer of flooring. The company carries a wide range of hard-surface floors and carpets in a range of styles and designs, and primarily sells to consumers or flooring-focused professionals. LL Flooring and four of its affiliates sought relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-11680) on August 11, 2024. In the petitions signed by Holly Etlin as chief restructuring officer, LL Flooring disclosed total assets of $501,117,025 and total debt of $416,298,035 as of July 31, 2024. Judge Brendan Linehan Shannon oversees the cases. The Debtors tapped Skadden, Arps, Slate, Meagher & Flom LLP as counsel. Houlihan Lokey Capital Inc. serves as the Debtors' investment banker, AlixPartners LLP acts as the Debtors' financial advisor, and Stretto, Inc. acts as the Debtors' claims and noticing agent. LOOP MEDIA: Continued Losses Raise Going Concern Doubt ------------------------------------------------------ Loop Media, Inc. disclosed in a Form 10-Q Report filed with the U.S. Securities and Exchange for the quarterly period ended June 30, 2024, that there is substantial doubt about its ability to continue as a going concern. According to the Company, it has incurred recurring losses resulting in an accumulated deficit. For the three months ended June 30, 2024 and 2023, the Company reported net losses of $5,451,617 and $7,875,532, respectively. For the nine months ended June 30, 2024 and 2023, the Company reported net losses of $18,307,6527 and $22,952,087, respectively. The Company has generated limited revenue, and as of June 30, 2024, its cash totaled $1,546,088, and it had an accumulated deficit of $146,593,195. It anticipates further losses as well as negative cash flows used in operations in the foreseeable future. "Historically, our principal sources of cash have included proceeds from the issuance of Common Stock, preferred stock and warrants and proceeds from the issuance of debt. Our principal uses of cash have included cash used in operations, payments for license rights and payments relating to purchases of property and equipment. We expect that the principal uses of cash in the future will be for continuing operations, and general working capital requirements. We expect that as our operations continue to grow, we will need to raise additional capital to sustain operations and growth," Loop Media said. "Our primary source of operating funds since inception has been cash proceeds from the sale of our Common Stock and debt and equity financing transactions. Our ability to continue as a going concern is dependent upon our ability to generate sufficient revenue and our ability to raise additional funds by way of our debt and equity financing efforts," the Company said. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/3bfer85f About Loop Media Burbank, Calif.-based Loop Media, Inc. (OTC Pink Current: LPTV) is a leading digital out of home (DOOH)TV and digital signage platform optimized for businesses, streaming more than 200 free music video, news, sports and entertainment channels through its Loop TV service. As of June 30, 2024, the Company had $10,343,953 in total assets, $22,797,169 in total liabilities, and $12,453,216 in total stockholders' deficit. LV OPPORTUNITY: Seeks to Hire Hunter Parker as Bankruptcy Counsel ----------------------------------------------------------------- LV Opportunity Zone LLC, Series 9 seeks approval from the U.S. Bankruptcy Court for the District of Nevada to employ Hunter Parker LLC as its bankruptcy counsel. The firm will render these services: (a) examine the preparation of records and reports as required by the Bankruptcy Code, Federal Rules of Bankruptcy Procedure and Local Bankruptcy Rules; (b) prepare on behalf of the Debtor all necessary or appropriate legal papers in connection with the administration of its bankruptcy estate; (c) take all necessary or appropriate actions in connection with a plan of reorganization and all related documents, and such further actions as may be required in connection with the administration of the Debtor's estate; (d) take all necessary actions to protect and preserve the Debtor's estate, the negotiation of disputes in which it is involved, and the preparation of objections to claims filed against its estate; and (e) examine proofs of claim anticipated to be filed herein and the possible prosecution of objections to certain of such claims; (f) advise the Debtor and prepare documents in connection with the contemplated ongoing operation of its business, if any; (g) assist and advise the Debtor in performing other official functions as set forth in Section 521, et seq., of the Bankruptcy Code; (h) advise and prepare a disclosure statement, plan of reorganization and financial forecasts, budget, and related documents, and confirmation of said plan, as provided in Section 1101, et. seq., of the Bankruptcy Code; and (i) perform all other necessary legal services in connection with the prosecution of the Chapter 11 case. The hourly rates of the firm's counsel and staff are as follows: Andrew J. Van Ness, Attorney $550 Paraprofessionals $225 In addition, the firm will seek reimbursement for expenses incurred. The firm also received a flat fee of $66,613 from the Debtor's member, JAG Property Solutions LLC, for prepetition services rendered. Mr. Van Ness disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Andrew J. Van Ness, Esq. Hunter Parker LLC 3815 S. Jones Blvd., Ste. 1A Las Vegas, NV 89103 Telephone: (702) 686-9297 Email: andrew@hunterparkerlaw.com About LV Opportunity Zone LLC Series 9 LV Opportunity Zone LLC Series 9 is primarily engaged in renting and leasing real estate properties. The Debtor is the fee simple owner of two properties located in Los Angeles having a total appraised value of $3.6 million. LV Opportunity Zone LLC Series 9 sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 24-14002) on August 6, 2024. In the petition filed by Christopher Craig, member, the Debtor disclosed total assets of $3,600,000 and total liabilities of $3,900,000. Judge Natalie M. Cox oversees the case. Andrew J. Van Ness, Esq., at Hunter Parker LLC represents the Debtor as counsel. MADISON 33 OWNER LLC: Ends in Chapter 11 Bankruptcy Filing ---------------------------------------------------------- Jonathan Randles of Bloomberg News reports that Madison Avenue condos near Empire State building hit Chapter 11. A handful of Madison Avenue condominiums located in a luxury high-rise building near the Empire State building have wound up in bankruptcy and will be sold in Chapter 11, according to Bloomberg News. The residences include five penthouses, five non-penthouse residential units and two commercial units, according to developer Madison 33 Owner LLC, which filed Chapter 11 on Monday, August 26, 2024. Some of the units at 172 Madison Avenue aren't fully finished, reports Bloomberg News. The company said it will cost about $13.5 million to complete the penthouses "before they can be sold at optimum value." About Madison 33 Owner LLC Madison 33 Owner LLC is the fee simple owner of real property located at 172 Madison Avenue, New York, NY 10016 having an appraised value of $100.6 million. Madison 33 Owner LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-11463) on August 26, 2024. In the petition signed by David Goldwasser, as chief restructuring officer, the Debtor reports total assets of $100,600,000 and total liabilities of $39,466,304. Honorable Bankruptcy Judge Philip Bentley oversees the case. The Debtor is represented by: Jonathan S. Pasternak, Esq. DAVIDOFF HUTCHER & CITRON LLP 605 Third Avenue 34th Floor New York, NY 10158 Tel: 212-557-7200 Fax: 212 286 1884 MEDICAL SOLUTIONS: $1.05BB Bank Debt Trades at 26% Discount ----------------------------------------------------------- Participations in a syndicated loan under which Medical Solutions Holdings Inc is a borrower were trading in the secondary market around 74.1 cents-on-the-dollar during the week ended Friday, Sept. 6, 2024, according to Bloomberg's Evaluated Pricing service data. The $1.05 billion Term loan facility is scheduled to mature on November 1, 2028. The amount is fully drawn and outstanding. Medical Solutions provides contingent clinical labor solutions to hospitals across the US. It was acquired by Centerbridge Partners, L.P. and Caisse de depot et placement du Quebec from TPG Growth in 2021. MEDICAL SOLUTIONS: Eaton Vance Marks $638,000 Loan at 24% Off ------------------------------------------------------------- Eaton Vance Senior Income Trust has marked its $638,000 loan extended to Medical Solutions Holdings, Inc to market at $468,371 or 76% of the outstanding amount, according to a disclosure contained in Eaton Vance's Amended Form N-CSR for the fiscal year ended June 30, 2024 filed with the Securities and Exchange Commission on August 26, 2024. Eaton Vance is a participant in a Term Loan to Medical Solutions Holdings, Inc. The loan accrues interest at a rate of 8.64% (SOFR+3.25%) per annum. The loan matures on November 1, 2028. Eaton Vance is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended, as a diversified, closed-end management investment company. Eaton Vance is led by Kenneth A. Topping, Principal Executive Officer; and James F. Kirchner, Principal Financial Officer. The Fund can be reached through: Kenneth A. Topping Eaton Vance Senior Income Trust One Post Office Square, Boston, Massachusetts 02109 Tel.: (617) 482-8260 - and - Deidre E. Walsh Eaton Vance Senior Income Trust One Post Office Square, Boston, Massachusetts 02109 Tel.: (617) 482-8260 Medical Solutions provides contingent clinical labor solutions to hospitals across the US. It was acquired by Centerbridge Partners, L.P. and Caisse de depot et placement du Quebec from TPG Growth in 2021. MOTORS ACCEPTANCE: Seeks Chapter 11 Bankruptcy Protection --------------------------------------------------------- Motors Acceptance Corporation filed Chapter 11 protection in the Middle District of Georgia. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. the petition states funds will be available to unsecured creditors. A meeting of creditors under 11 U.S.C. Section 341(a) is slated for September 19, 2024 at 10:00 a.m. at U.S. Trustee Teleconference 2. About Motors Acceptance Corporation Motors Acceptance Corporation retails automobiles. The Company provides variety of new and used cars, trucks, vans, and SUVs, as well as offers parts distribution, repair, maintenance, and finance services. Nissan Motor Acceptance serves customers in the United States. [BN] Motors Acceptance Corporation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Ga. Case No. 24-40483) on August 15, 2024. In the petition filed by Shannon Arnette, as vice president, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by: Wesley J. Boyer, Esq. BOYER TERRY LLC 348 Cotton Avenue, Suite 200 Macon, GA 31201 Tel: (478) 742-6481 Fax: (770) 200-9230 E-mail: Wes@BoyerTerry.com NAKED JUICE: $450MM Bank Debt Trades at 32% Discount ---------------------------------------------------- Participations in a syndicated loan under which Naked Juice LLC is a borrower were trading in the secondary market around 68.1 cents-on-the-dollar during the week ended Friday, Sept. 6, 2024, according to Bloomberg's Evaluated Pricing service data. The $450 million Term loan facility is scheduled to mature on January 24, 2030. The amount is fully drawn and outstanding. Naked Juice LLC is the entity resulting from a spin-off from PepsiCo, with PAI Partners owning 61% and Pepsi retaining a 39% stake. Naked Juice, LLC owns the Tropicana, Naked Juice, KeVita and other select juice brands. NEPHRITE FUND 1: Unsecureds to Get Share of Income for 5 Years -------------------------------------------------------------- Nephrite Fund I, LLC, filed with the U.S. Bankruptcy Court for the Western District of Missouri a Disclosure Statement for Plan of Reorganization dated August 12, 2024. The Debtor's bankruptcy was brought about by the pending foreclosure sale of KC 9805, LLC and the State Court Action styled E. Puga, et al., v. Nephrite, et al., filed by the Puga Class, a class consisting of tenants of Debtor's Apartment Complex from 2016 to present. The Puga Class brought claims against the Defendants for violations of the Missouri Merchandising Practices Act ("MMPA"), claiming that the conditions of the Apartment Complex were substandard and that all or a substantial majority of the rents paid by the Puga Class for the past eight years should be reimbursed through damages. Due to the cost of the State Court Action, Debtor's difficulties in collecting rent and taking legal action against tenants that are a part of the Puga Class, and the cost of certain renovations that Debtor has undertaken in the past years, Debtor found itself in a situation wherein it could not afford its debt obligations. Since the Petition Date, Debtor has continued to operate its apartment complex in the ordinary course. Debtor intends to continue to operate the Apartment Complex unless and until the Apartment Complex is sold pursuant to Debtor's Plan. Class 6 shall consist of the Unsecured Claim of the Puga Class. The Puga Class holds a contingent, unliquidated claim based on its class action claims pending in the State Court Action. The Puga Class's claim shall be liquidated through either disposition in the State Court Action, estimation by this Court, or through settlement of the parties. The liquidated claim shall be treated as a Class 7 General Unsecured Claim, unless further order of this Court provides for relief consistent with allowance as a Secured Claim in which case the Puga Class shall be paid consistent with other allowed Secured Claims under the Plan. The Class 6 Claimants are Impaired. Class 7 shall consist of all Allowed General Unsecured Claims. Holders of Allowed General Unsecured Claims will receive their Pro Rata share of Excess Monthly Income on the first day of the month after Class 1 Claims are paid in full, and quarterly thereafter for 5 years, until the Apartment Complex has been sold, or the holders of Allowed Class 7 Claims are paid in full, whichever is shorter. The Class 7 Claimants are Impaired. Class 8 consists of all Allowed Interests in Debtor. All Class 8 Allowed Interests will be retained and are therefore unimpaired under the Plan. Class 8 Claims shall be paid their Pro Rata share of any remaining proceeds from the sale or refinancing of the Apartment Complex after paying Secured and Unsecured Creditors in whole, or in accordance with any agreement with Unsecured Creditors as between Class 7 and Class 8 claims. The Class 8 Claimants are Unimpaired. On the Effective Date, all Estate Property, including Chapter 5 Claims, will revest in the Reorganized Debtor and shall be free and clear of all claims and interests of Creditors and Parties in Interest, except as expressly provided in this Plan or the Confirmation Order. The Plan will be funded through either or both the sale and refinancing of Debtor's Apartment Complex. Debtor estimates that its Apartment Complex carries a value of approximately $7.5 million and is encumbered by approximately $6.5 million in liens. Debtor believes that the sale or refinance of the Apartment Complex in addition to Debtor's continued operations will generate a greater return for creditors than a Chapter 7 Liquidation. The Debtor's business operations will continue in the same manner they have throughout the duration of the case until such time that the Apartment Complex is sold. A full-text copy of the Disclosure Statement dated August 12, 2024 is available at https://urlcurt.com/u?l=QLQUpN from PacerMonitor.com at no charge. Attorneys for the Debtor: Robert E. Eggman, Esq. Thomas H. Riske, Esq. Nathan R. Wallace, Esq. Carmody MacDonald P.C. 12 S. Central Ave., Suite 1800 St. Louis, MO 63105 Telephone: (314) 854-8600 Facsimile: (314) 854-8600 Email: ree@carmodymacdonald.com About Nephrite Fund 1 LLC Nephrite Fund 1 LLC owns Suncrest Apartments located in Raytown, Missouri. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D.N.Y. Case No. 24-40655) on May 14, 2024. In the petition signed by Alan Sheehy, member, the Debtor disclosed $7,895,492 in assets and $7,194,305 in liabilities. Judge Cynthia A. Norton oversees the case. Robert E. Eggmann, Esq., at Carmody MacDonald PC represents the Debtor as legal counsel. NOVAVAX INC: Reports $162.4 Million Net Income in Fiscal Q2 ----------------------------------------------------------- Novavax, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net income of $162.4 million on $415.5 million of total revenues for the three months ended June 30, 2024, compared to a net income of $58 million on $424.4 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 income of $14.8 million on $509.3 million of revenues, compared to a net loss of $235.9 million on $505.4 million of revenues for the same period in 2023. In May 2024, the Company entered into the Sanofi CLA and a securities subscription agreement with Sanofi as a result of which, the Company received a total of $568.8 million during the second quarter of 2024. As of June 30, 2024, the Company had $680.2 million in cash and cash equivalents, $369.4 million in marketable securities, and working capital of $45.6 million. During the six months ended June 30, 2024, the Company recognized net income of $14.8 million, and had net cash flows provided by operating activities of $230.7 million. In accordance with Accounting Standards Codification Topic 205-40, Presentation of Financial Statements - Going Concern, the Company evaluated its ability to continue as a going concern within one year after the date that these consolidated financial statements are issued. Based on the Company's current cash and cash equivalents and marketable securities balances and its current cash flow forecast for the one-year going concern look forward period, the Company has concluded that it will have sufficient capital available to fund its operations for the one-year period from the date that these financial statements are issued. As of December 31, 2023, the Company had concluded that there was substantial doubt about its ability to continue as a going concern primarily due to significant uncertainty related to its ability to successfully develop, manufacture, distribute, and market its updated vaccine and execute on certain cost-reduction initiatives. The Sanofi CLA has alleviated the substantial doubt. As of June 30, 2024, the Company had $1.8 billion in total assets, $2.3 billion in total liabilities, and $431.7 million in total stockholders' deficit. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/yyrbbn8c About Novavax Headquartered in Gaithersburg, Maryland, Novavax, Inc. -- https://global.novavax.com/ -- together with its wholly owned subsidiaries, is a biotechnology company that promotes improved health globally through the discovery, development, and commercialization of innovative vaccines to prevent serious infectious diseases. The Company's proprietary recombinant technology platform harnesses the power and speed of genetic engineering to efficiently produce highly immunogenic nanoparticle vaccines designed to address urgent global health needs. * * * This concludes the Troubled Company Reporter's coverage of Novavax, Inc. until facts and circumstances, if any, emerge that demonstrate financial or operational strain or difficulty at a level sufficient to warrant renewed coverage. NUVO GROUP: Gets Court Approval for $100 Mil. Debtor-in-Possession ------------------------------------------------------------------ Ben Zigterman of Law360 Bankruptcy Authority reports that a Delaware bankruptcy judge said Wednesday, August 28, 2024, she would give interim approval to a $10 million debtor-in-possession financing package for Nuvo Group USA Inc., the maker of a remote pregnancy monitoring band that filed for Chapter 11 on Aug. 22 with more than $12 million in secured debt. About Nuvo Group USA Inc. Nuvo Group USA Inc. is leading a transformation in pregnancy care by providing clinicians and expectant mothers with access to medically-necessary remote pregnancy monitoring. Nuvo Group USA sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-11880) on August 22, 2024. In its petition, it listed $3.5 million in assets and $39.4 million in debt. The Debtor is represented by: Derek C. Abbott, Esq. Morris, Nichols, Arsht & Tunnell Yigal Alon 94 Tower 1 Tel Aviv 6789155 OZOP ENERGY: Posts $1.3 Million Net Loss in Fiscal Q2 ----------------------------------------------------- Ozop Energy Solutions, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $1,291,791 on $941,972 of revenue for the three months ended June 30, 2024, compared to a net loss of $3,432,736 on $1,241,326 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 $2,715,586 on $1,193,694 of revenues, compared to a net loss of $5,960,288 on $4,032,524 of revenues for the same period in 2023. As of June 30, 2024, the Company had an accumulated deficit of $221,386,066 and a working capital deficit of $28,736,003 (including derivative liabilities of $570,497). As of June 30, 2024, the Company was in default of $3,315,000 plus accrued interest on debt instruments due to non-payment upon maturity dates. As of June 30, 2024, the Company had $3,413,231 in total assets, $31,714,727 in total liabilities, and $28,301,496 in total stockholders' deficit. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/4pyvwd7u About Ozop Energy Warwick, N.Y.-based Ozop Energy Solutions, Inc. operates in the renewable, electric vehicle, energy storage, and energy resiliency sectors. It is engaged in multiple business lines that include project development as well as equipment distribution. As of March 31, 2024, the Company has $3,339,761 in total assets, $30,931,188 in total liabilities, and $27,591,427 in total stockholders' deficit. Going Concern The Company cautioned in its Form 10-Q Report the quarter ended March 31, 2024, that there is substantial doubt about its ability to continue as a going concern within the next 12 months. The Company stated, "Currently, our current capital and our other existing resources will be sufficient to provide the working capital needed for our current business, however, additional capital will be required to meet our debt obligations, and to further expand our business. We may be unable to obtain the additional capital required. If we are unable to generate capital or raise additional funds when required, it will have a negative impact on our business development and financial results. These conditions raise substantial doubt about our ability to continue as a going concern as well as our recurring losses from operations, deficit in equity, and the need to raise additional capital to fund operations. This 'going concern' could impair our ability to finance our operations through the sale of debt or equity securities." P3 HEALTH: Incurs $28.8 Million Net Loss in Fiscal Q2 ----------------------------------------------------- P3 Health Partners, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $28.8 million on $379.2 million of total operating revenue for the three months ended June 30, 2024, compared to a net loss of $27.6 million on $329.1 million of total operating revenue for the three months ended June 30, 2023. For the six months ended June 30, 2024, the Company reported a net loss of $78.4 million on $767.6 million of total operating revenue, compared to a net loss of $80 million on $631.2 million of total operating revenue for the same period in 2023. As of June 30, 2024 and December 31, 2023, the Company had $73.1 million and $36.3 million, respectively, in unrestricted cash and cash equivalents available to fund future operations. The Company's capital requirements will depend on many factors, including the pace of the Company's growth, ability to manage medical costs, the maturity of its members, and its ability to raise capital. The Company continues to explore raising additional capital through a combination of debt financing and equity issuances. When the Company pursues additional debt and/or equity financing, there can be no assurance that such financing will be available on terms commercially acceptable to the Company. If the Company is unable to obtain additional funding when needed, it will need to curtail planned activities in order to reduce costs, which will likely have an unfavorable effect on the Company's ability to execute on its business plan, and have an adverse effect on its business, results of operations, and future prospects. As a result of these matters, substantial doubt exists about the Company's ability to continue as a going concern within one year after the date the financial statements are issued. As of June 30, 2024, the Company had $892.8 million in total assets, $527.9 million in total liabilities, $197.99 million in redeemable non-controlling interest, and $166.8 million in total stockholders' equity. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/2z9r8vp6 About P3 Health Partners Henderson, Nev.-based P3 Health Partners Inc is a patient-centered and physician-led population health management company and, for accounting purposes, the successor to P3 Health Group Holdings, LLC and its subsidiaries after the consummation of a series of business combinations in December 2021 with Foresight Acquisition Corp. As the sole manager of P3 LLC, P3 operates and controls all of the business and affairs of P3 LLC and P3′s only assets are equity interests in P3 LLC. PARKCLIFFE DEVELOPMENT: No Resident Care Concern, PCO Report Says ----------------------------------------------------------------- Leilani Pelletier, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Northern District of Ohio her report regarding the quality of patient care provided by Parkcliffe Development, LLC. The PCO cited that there have been no observed or reported concerns or complaints regarding care, staffing, resident's rights or any related issues at Parkcliffe Community at Toledo facilities. Activities, overall condition of facilities, general attentiveness of staff to resident needs, and meal related services appear to be in good order. A certified long-term care ombudsman has been at Parkcliffe Community at Northwood facility on at least three occasions. There have been no complaints or concerns made or observed. Care, general conditions, staff responsiveness, resident's rights, activities, meals and all related services are consistent with their experience during the routine quarterly visits made to the facility. There does not appear to be any change in the standard of care the residents are receiving because of the action, according to the report which covers the period April 30 to August 14. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=IuB0SS from PacerMonitor.com. The ombudsman may be reached at: Leilani Pelletier Office of the State Long-Term Care Ombudsman 30 E Broad St., 22nd Floor Columbus, Ohio 43215 (614) 632-5122 About Parkcliffe Development Parkcliffe Development, LLC owns 10 real properties, all located in Ohio, having a total current value of $2.96 million. Parkcliffe Development filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ohio Case No. 24-30814) on April 30, 2024, listing $3,672,259 in assets and $6,244,978 in liabilities. Parkcliffe President Wayne H. Bucher signed the petition. Judge John P Gustafson presides over the case. Steven L. Diller, Esq., at Diller and Rice, LLC represents the Debtor as legal counsel. Leilani Pelletier has been appointed as patient care ombudsman in the Debtor's Chapter 11 case. PHYSICIAN PARTNERS: $600MM Bank Debt Trades at 34% Discount ----------------------------------------------------------- Participations in a syndicated loan under which Physician Partners LLC is a borrower were trading in the secondary market around 65.9 cents-on-the-dollar during the week ended Friday, Sept. 6, 2024, according to Bloomberg's Evaluated Pricing service data. The $600 million Term loan facility is scheduled to mature on December 22, 2028. The amount is fully drawn and outstanding. Physician Partners LLC (dba Better Health Group) is a value-based primary care physician group and managed service organization (MSO) network that services over 250,000 members, with over 1,000 providers and 111 owned centers. Private equity firm, Kinderhook Industries, is an investor in Better Health Midco, LLC with LTM revenue as of June 30, 2023 of approximately $1.1 billion. PLURALSIGHT INC: Davis Polk Advises Lenders on Recapitalization --------------------------------------------------------------- Davis Polk advised the administrative agent and group of first-lien lenders in connection with a comprehensive out-of-court recapitalization of Pluralsight, Inc. and its affiliates (collectively, "Pluralsight"). In August 2024, Pluralsight consummated a comprehensive recapitalization transaction that was supported by all existing lenders and its sponsor. The transaction significantly reduced Pluralsight’s funded debt by approximately $1.2 billion. The lender group also provided additional capital to Pluralsight in the form of a $225 million delayed draw term loan facility and a $50 million revolving credit facility. Pluralsight provides the only learning platform dedicated to accelerating the technology skills and capabilities of today's tech workforce. Thousands of companies, government organizations and individuals around the world rely on Pluralsight to support critical technology skill development in areas that are crucial to innovation. These include artificial intelligence, cloud computing, cybersecurity, software development and machine learning. Pluralsight provides highly curated content developed by vetted technology experts, industry leading skill assessments and hands-on, immersive learning experiences designed to help individuals skill-up faster. The Davis Polk restructuring team included partners Brian M. Resnick and Natasha Tsiouris and associates Amber Leary and Kyle Kreider. The finance team included partner David Hahn, counsel Andrei Takhteyev and associate Kendra L. Sandidge. The corporate team included partner Evan Rosen and associate Andrew R. Board. Partner Corey M. Goodman and associate Bradford Sherman provided tax advice. All members of the Davis Polk team are based in the New York office. Davis Polk refers to Davis Polk & Wardwell LLP, a New York limited liability partnership, and its associated entities. POWER REIT: Reports $19.1 Million Net Loss in Fiscal Q2 ------------------------------------------------------- Power REIT filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $19,145,169 on $519,349 of total revenue for the three months ended June 30, 2024, compared to a net loss of $2,191,439 on $217,898 of total revenue for the three months ended June 30, 2023. For the six months ended June 30, 2024, the Company reported a net loss of $21,222,167 on $1,053,961 of total revenue, compared to a net loss of $2,530,485 on $1,222,630 of total revenue for the same period in 2023. The Trust's cash and cash equivalents and restricted cash totaled $2,935,628 as of June 30, 2024, a decrease of $1,169,256 from December 31, 2023. During the six months ended June 30, 2024, the decrease in cash was primarily due to the property carrying costs for the properties that are security for the Greenhouse Loan and paydown of the Greenhouse Loan. The Trust's current loan liabilities totaled approximately $16.4 million as of June 30, 2024. The current loan liabilities include approximately $15.7 million for the Greenhouse Loan which is in default and is non-recourse to the Trust. Of the total amount of cash, approximately $2.5 million is non-restricted cash available for general corporate purposes and approximately $480,000 is restricted cash related to the Greenhouse Loan. As of June 30, 2024, the Company had $49,789,487 in total assets, $39,834,459 in total liabilities, $9,632,402 of Series A 7.75% cumulative redeemable perpetual preferred stock, and $322,626 in total stockholders' equity. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/2aud5xdz About Power REIT Old Bethpage, N.Y.-based Power REIT is a Maryland-domiciled, internally-managed real estate investment trust that owns a portfolio of real estate assets related to transportation, energy infrastructure, and Controlled Environment Agriculture in the United States. Going Concern The Company cautioned in a Form 10-Q Report for the quarterly period ended March 31, 2024, that there is substantial doubt as to its ability to continue as a going concern as a result of current liabilities that far exceed current assets, net losses incurred, expected reduced revenue and increased property expenses related to the greenhouse portfolio. The Greenhouse Loan is in default and the subject of litigation. Power REIT continues to try to work with the lender to establish a path forward. However, the Greenhouse Loan is non-recourse to Power REIT, which means that in the event it cannot resolve issues with the lender, and they foreclose on the properties, Power REIT should be able to continue as a going concern, albeit with a smaller portfolio of assets. In addition, it is possible the Greenhouse Loan will lead to distressed sales, including possibly through foreclosures, which would have a negative impact on its prospects. A forbearance agreement with the lender for the Greenhouse Loan was effective on May 10, 2024, which provides additional time to retire the loan. The expiration date of the forbearance agreement is September 30, 2024. "There can be no assurance that our efforts to sell, re-lease, or recapitalize the assets secured by the Greenhouse Loan will ultimately retire the loan per the requirements of the forbearance agreement," the Trust said. PREMIUM PKG: Eaton Vance Marks $100,000 Loan at 39% Off ------------------------------------------------------- Eaton Vance Senior Income Trust has marked its $100,000 loan extended to Pretium PKG Holdings, Inc to market at $61,250 or 61% of the outstanding amount, according to a disclosure contained in Eaton Vance's Amended Form N-CSR for the fiscal year ended June 30, 2024 filed with the Securities and Exchange Commission on August 26, 2024. Eaton Vance is a participant in a Second Lien Term Loan to Pretium PKG Holdings, Inc. The loan accrues interest at a rate of 12.333% (SOFR+6.75%) per annum. The loan matures on October 1, 2029. Eaton Vance is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended, as a diversified, closed-end management investment company. Eaton Vance is led by Kenneth A. Topping, Principal Executive Officer; and James F. Kirchner, Principal Financial Officer. The Fund can be reached through: Kenneth A. Topping Eaton Vance Senior Income Trust One Post Office Square, Boston, Massachusetts 02109 Tel.: (617) 482-8260 - and - Deidre E. Walsh Eaton Vance Senior Income Trust One Post Office Square, Boston, Massachusetts 02109 Tel.: (617) 482-8260 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. PULSE PHYSICIAN: U.S. Trustee Appoints Thomas Albert Mackey as PCO ------------------------------------------------------------------ Kevin Epstein, the U.S. Trustee for Region 7, appointed Thomas Albert Mackey, a licensed nurse practitioner, as patient care ombudsman for Pulse Physician Organization, PLLC and its affiliates. Section 333(b) of the Bankruptcy Code provides that the PCO 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 this 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; and * 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 Section 333(c) of the Bankruptcy Code provides further that: * An ombudsman appointed under section 333(a) of the Bankruptcy Code 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. The PCO will keep contemporaneous records of time and expenses in tenths (.1) hour increments and bill the estate at no more than $375 per hour for services rendered, $187.50 per hour for travel time, and for reimbursement of actual and necessary expenses. The PCO may, if necessary and only upon application to the court, hire legal counsel to represent him in this case. The ombudsman may be reached at: Thomas Albert Mackey 2883 Palomino Springs Banderas, TX 78003 Tel: (713) 775-2892 About Pulse Physician Organization Pulse Physician Organization, PLLC is a medical group that specializes in medical weight loss, pain management, interventional cardiology, internal medicine, family medicine, and podiatry. Pulse Physician Organization and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 24-32860) on June 20, 2024. At the time of the filing, Pulse Physician Organization disclosed $2,556,518 in total assets and $3,395,617 in total liabilities. Judge Jeffrey P. Norman oversees the case. The Debtors tapped Robert C. Lane, Esq., at the Lane Law Firm as counsel, Saleem Lakhani CPA, LLC as accountant, and Viking Advisory Group, LLC as bookkeeper. RACKSPACE TECHNOLOGY: Eaton Vance Marks $961,000 Loan at 53% Off ---------------------------------------------------------------- Eaton Vance Senior Income Trust has marked its $961,000 loan extended to Rackspace Technology Global, Inc to market at $449,483 or 47% of the outstanding amount, according to a disclosure contained in Eaton Vance's Amended Form N-CSR for the fiscal year ended June 30, 2024 filed with the Securities and Exchange Commission on August 26, 2024. Eaton Vance is a participant in a Second Lien Term Loan to Rackspace Technology Global, Inc. The loan accrues interest at a rate of 8. 192% (SOFR+2.75%) per annum. The loan matures May 15, 2028. Eaton Vance is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended, as a diversified, closed-end management investment company. Eaton Vance is led by Kenneth A. Topping, Principal Executive Officer; and James F. Kirchner, Principal Financial Officer. The Fund can be reached through: Kenneth A. Topping Eaton Vance Senior Income Trust One Post Office Square, Boston, Massachusetts 02109 Tel.: (617) 482-8260 - and - Deidre E. Walsh Eaton Vance Senior Income Trust One Post Office Square, Boston, Massachusetts 02109 Tel.: (617) 482-8260 Rackspace Technology Global, Inc., supports and manages cloud platforms, as well as offers managed hosting, colocation, security, data processing, and enterprise application development. RADIATE HOLDCO: Fails to Reach Deal With Lenders After Talks End ---------------------------------------------------------------- Reshmi Basu of Bloomberg News reports that Stonepeak Partners LP-backed Radiate Holdco and its lenders have hit an impasse over how to tackle the cable provider's liquidity needs, according to people familiar with the situation. Some creditors had entered into non-disclosure agreements with the company, also known as Astound Broadband, to craft a debt restructuring in which Stonepeak would write an equity check to help shore up cash reserves, said the people, who asked not to be identified discussing a private matter. The discussions also touched on below-par debt exchanges. About Radiate Holdco LLC Radiate Holdco LLC, also known as Astound Broadband, and backed by Stonepeak, is a broadband communications services provider and cable operator doing business via regional providers RCN, Grande Communications, Wave Broadband and enTouch Systems. REALD INC: $60MM Bank Debt Trades at 42% Discount ------------------------------------------------- Participations in a syndicated loan under which RealD Inc is a borrower were trading in the secondary market around 58.5 cents-on-the-dollar during the week ended Friday, Sept. 6, 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. RED LOBSTER: Gets Court Okay to Decline 23 Restaurant Leases ------------------------------------------------------------ Carolina Bolado of Law360 reports that bankruptcy judge allows Red Lobster to reject 23 leases. Troubled seafood chain Red Lobster gained a Florida bankruptcy judge's approval for its proposal to reject leases of an additional 23 restaurant locations slated to close at the end of the month. About Red Lobster Seafood Co. Red Lobster Management, LLC, owns and operates 705 Red Lobster seafood restaurants throughout North America. Red Lobster generates about $2.4 billion of annual revenue. Red Lobster is owned by private equity firm Golden Gate Capital. On the Web: http://www.redlobster.com/ Red Lobster Management and its affiliates sought Chapter 11 protection (Bankr. M.D. Fla. Lead Case NO. 24-02486) on May 19, 2024. As part of these filings, Red Lobster has entered into a stalking horse purchase agreement pursuant to which Red Lobster will sell its business to an entity formed and controlled by its existing term lenders. King & Spalding LLP is lead counsel to the Debtors; Berger Singerman LLP serves as local counsel; and Blake, Cassel & Graydon, LLC represents the Canadian applicants. Alvarez & Marsal North America, LLC is serving as financial advisor and providing corporate leadership as Chief Executive and Chief Restructuring Officers. Jonathan Tibus, a Managing Director at Alvarez & Marsal, serves as the debtors' CEO. Hilco Corporate Finance is serving as M&A advisor to Red Lobster. Keen-Summit is serving as real estate advisor. RED LOBSTER: Lenders Hire Damola Adamolekun as CEO -------------------------------------------------- Jonathan Randles of Bloomberg News reports that Red Lobster Lenders Tap Ex-P.F. Chang's Head Adamolekun as CEO. Fortress Investment Group has appointed the former chief executive officer of P.F. Chang's to lead Red Lobster when it is acquired by lenders out of Chapter 11, reports Bloomberg News. Damola Adamolekun will become Red Lobster CEO after after a Florida bankruptcy judge approves the restaurant’s proposed plan for exiting Chapter 11 under new ownership, Fortress said in a statement. The bankruptcy court is scheduled to consider approving the plan on September 5, 2024, according to court documents. About Red Lobster Seafood Co. Red Lobster Management, LLC, owns and operates 705 Red Lobster seafood restaurants throughout North America. Red Lobster generates about $2.4 billion of annual revenue. Red Lobster is owned by private equity firm Golden Gate Capital. On the Web: http://www.redlobster.com/ Red Lobster Management and its affiliates sought Chapter 11 protection (Bankr. M.D. Fla. Lead Case NO. 24-02486) on May 19, 2024. As part of these filings, Red Lobster has entered into a stalking horse purchase agreement pursuant to which Red Lobster will sell its business to an entity formed and controlled by its existing term lenders. King & Spalding LLP is lead counsel to the Debtors; Berger Singerman LLP serves as local counsel; and Blake, Cassel & Graydon, LLC represents the Canadian applicants. Alvarez & Marsal North America, LLC is serving as financial advisor and providing corporate leadership as Chief Executive and Chief Restructuring Officers. Jonathan Tibus, a Managing Director at Alvarez & Marsal, serves as the debtors' CEO. Hilco Corporate Finance is serving as M&A advisor to Red Lobster. Keen-Summit is serving as real estate advisor. RED LOBSTER: Wants to Add Plan Liability Protection --------------------------------------------------- Evan Ochsner of Bloomberg Law reports that Red Lobster is seeking to add liability shields to plan, DOJ says. Red Lobster's 704-page supplement to its reorganization plan is a "back door" attempt to add additional liability shields, the Justice Department's bankruptcy watchdog said. "The Plan Supplement generally broadens the exculpations in the Amended Plan in a manner that is contrary to the Court's prior ruling regarding what the Court considers to be an acceptable exculpation," the US Trustee said in an objection Wednesday in the US Bankruptcy Court for the Middle District of Florida. About Red Lobster Seafood Co. Red Lobster Management, LLC, owns and operates 705 Red Lobster seafood restaurants throughout North America. Red Lobster generates about $2.4 billion of annual revenue. Red Lobster is owned by private equity firm Golden Gate Capital. On the Web: http://www.redlobster.com/ Red Lobster Management and its affiliates sought Chapter 11 protection (Bankr. M.D. Fla. Lead Case NO. 24-02486) on May 19, 2024. As part of these filings, Red Lobster has entered into a stalking horse purchase agreement pursuant to which Red Lobster will sell its business to an entity formed and controlled by its existing term lenders. King & Spalding LLP is lead counsel to the Debtors; Berger Singerman LLP serves as local counsel; and Blake, Cassel & Graydon, LLC represents the Canadian applicants. Alvarez & Marsal North America, LLC is serving as financial advisor and providing corporate leadership as Chief Executive and Chief Restructuring Officers. Jonathan Tibus, a Managing Director at Alvarez & Marsal, serves as the debtors' CEO. Hilco Corporate Finance is serving as M&A advisor to Red Lobster. Keen-Summit is serving as real estate advisor. RESIDENTIAL ADVERSITIES: Gets OK to Hire Real Estate Professional ----------------------------------------------------------------- Residential Adversities LLC received approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Corey Williams, a member at Keller Williams Atlanta West, as real estate professional. The Debtor needs a real estate professional to market and sell its property located at 244 Eureka Drive, Atlanta, Georgia. Mr. Williams will receive a commission of 2 percent of the property's sale price, with an optional 2 percent for a buyer's broker. Mr. Williams disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The professional can be reached at: Corey Williams Keller Williams Atlanta West 2700 Cumberland Pkwy. SE, Suite 400 Atlanta, GA 30339 Telephone: (470) 213-9564 Email: mycwhomes@gmail.com About Residential Adversities Residential Adversities, LLC is primarily engaged in leasing buildings, dwellings, or other real estate property to others. The Debtor owns three properties, all located in Georgia, having a total appraised value of $2.95 million. Residential Adversities sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 24-54366) on April 30, 2024, with $2,980,000 in assets and $1,182,056 in liabilities. Lacey Murry-Bullock, member, signed the petition. Judge Sage M. Sigler oversees the case. Brad Fallon, Esq., at Fallon Law, PC represents the Debtor as bankruptcy counsel. RITE AID CORP: Defeats Approved Restructuring Plan Pause Bid ------------------------------------------------------------ Alex Wolf of Bloomberg Law reports that Rite Aid Corp. defeated an effort by the state of Maryland to pause the retailer's multibillion-dollar bankruptcy restructuring plan, securing a path to emerge quickly from Chapter 11. Maryland has failed to substantiate arguments that it and others will suffer harm if Rite Aid's reorganization plan moves forward while the state pursues an appeal, Judge Michael B. Kaplan of the US Bankruptcy Court for the District of New Jersey ruled at the conclusion of a hearing Thursday, August 29, 2024. About Rite Aid Corp. Rite Aid -- http://www.riteaid.com-- is a full-service pharmacy that improves health outcomes. Rite Aid is defining the modern pharmacy by meeting customer needs with a wide range of vehicles that offer convenience, including retail and delivery pharmacy, as well as services offered through our wholly owned subsidiaries, Elixir, Bartell Drugs and Health Dialog. Elixir, Rite Aid's pharmacy benefits and services company, consists of accredited mail and specialty pharmacies, prescription discount programs and an industry leading adjudication platform to offer superior member experience and cost savings. Health Dialog provides healthcare coaching and disease management services via live online and phone health services. Regional chain Bartell Drugs has supported the health and wellness needs in the Seattle area for more than 130 years. Rite Aid employs more than 6,100 pharmacists and operates more than 2,100 retail pharmacy locations across 17 states. The Debtors sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No. 23-18993) on Oct. 15, 2023. In the petition signed by Jeffrey S. Stein, chief executive officer and chief restructuring officer, Rite Aid disclosed $7,650,418,000 in total assets and $8,597,866,000 in total liabilities. Judge Michael B. Kaplan oversees the cases. The Debtors tapped Kirkland & Ellis LLP and Kirkland & Ellis International LLP as general bankruptcy counsel, Cole Schotz, P.C., as local bankruptcy counsel, Guggenheim Partners as investment banker, Alvarez & Marsal North America, LLC as financial, tax and restructuring advisor, and Kroll Restructuring Administration as claims and noticing agent. RUNNER BUYER: $500MM Bank Debt Trades at 49% Discount ----------------------------------------------------- Participations in a syndicated loan under which Runner Buyer Inc is a borrower were trading in the secondary market around 51.3 cents-on-the-dollar during the week ended Friday, Sept. 6, 2024, according to Bloomberg's Evaluated Pricing service data. The $500 million Term loan facility is scheduled to mature on October 23, 2028. About $487.5 million of the loan is withdrawn and outstanding. Runner Buyer, Inc. is an e-commerce provider of rugs and home decor products through its website rugsausa.com and e-commerce marketplaces. SANGAMO THERAPEUTICS: Narrows Net Loss to $36.1MM in Fiscal Q2 -------------------------------------------------------------- Sangamo Therapeutics, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $36.1 million on $356,000 of revenue for the three months ended June 30, 2024, compared to a net loss of $114.5 million on $6.8 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 $85.2 million on $837,000 of revenue, compared to a net loss of $93.4 million on $164.8 million of revenues for the same period in 2023. As of June 30, 2024, the Company had $93 million in total assets, $69.3 million in total liabilities, and $23.7 million in total stockholders' equity. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/33byd2r4 About Sangamo Therapeutics Richmond, Calif.-based Sangamo Therapeutics, Inc. was incorporated in the State of Delaware in June 1995 and changed its name from Sangamo Biosciences, Inc. in January 2017. Sangamo is a genomic medicine company committed to translating ground-breaking science into medicines that transform the lives of patients and families afflicted with serious neurological diseases. Going Concern The Company cautioned in a Form 10-Q Report for the quarterly period ended March 31, 2024, that substantial doubt exists about its ability to continue as a going concern. According to the Company, its history of significant losses, negative cash flows from operations, limited liquidity resources currently on hand, and its dependence on additional financing to fund its operations after the current resources are exhausted raise substantial doubt about its ability to continue to operate as a going concern the next 12 months. Sangamo reported a history of recurring net losses, including $49.1 million for the three months ended March 31, 2024, compared to a net income of $21.1 million for the three months ended March 31, 2023. The Company also reported net losses of $257.8 million and $192.3 million for the years ended December 31, 2023, and 2022, respectively. SC HEALTHCARE: No Supply Concerns, 2nd PCO Report Says ------------------------------------------------------ Suzanne Koenig, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the District of Delaware her second report regarding the quality of patient care provided by SC Healthcare Holding, LLC and its affiliates. In the report which covers the period June 15 to August 13, the PCO discovered that vendor relationships are secure. The delivery of medical supplies (Medline) and food supply (Martin Brothers) is consistently punctual. The linen inventory was ample to ensure adequate medical care for the inhabitants. For all visits, the PCO and her representatives noted the following: * The companies' employees are generally demonstrating a strong commitment to caring for the residents in their communities; however, they are facing challenges and issues to be addressed. The financial distress and media coverage surrounding these facilities can also be worrisome for staff and residents alike, and the administrators are continuing to work toward leading their teams forward to serve the interest of the residents in their charge. * Several facilities have been previously cited for abuse by surveyors. Although the Ombudsman and her representatives did not find any evidence of continued noncompliance, it is essential that facilities remain vigilant for recurrence of issues that resulted in abuse citations, and that staff continues to receive appropriate in-service education to prevent recurrence. * The Ombudsman did not find any concerns related to procurement of adequate supplies such as food, medical supplies and equipment, and other necessary items. The facilities have endeavored to cooperate with each other to share supplies and equipment as needed to prevent shortages. * Physical plant issues remain problematic at several facilities, which they have no ability to resolve without provision of funds. Some of the physical plant issues are more serious than others. Additionally, observations indicate a possible lack of regular environmental rounding and sanitation routines at some facilities, routines that are within the control of local management who can effect improvements going forward. * The Ombudsman did not find evidence of problems with disbursement of trust funds to residents; however, the Ombudsman and her representatives found that the Facilities are generally not sharing the quarterly reporting of trust funds required by law with each resident. * There are concerns related to some of the companies' Facilities as related to the Life Safety Code. It appears that the companies are lacking funds to maintain certain equipment which can potentially lead to life safety concerns. Based upon the Ombudsman and her representative's in-person visits to the Facilities covered in this Report Period, there are a number of concerns identified in greater detail in the Facility specific reviews that require attention and action by the companies. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=AVvvjS from PacerMonitor.com. About SC Healthcare Holding SC Healthcare Holding, LLC and its affiliates comprise one of the largest nursing home operators in the United States and work in partnership with physicians, skilled nurses, and other health care providers in order to provide various healthcare and rehabilitation services for elderly citizens in Illinois, Missouri, and Iowa. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-10443) on March 20, 2024. In the petition signed by David R. Campbell as authorized signatory, SC Healthcare disclosed up to $100 million to $500 million in assets and $100 million to $500 million in liabilities. Judge Hon. Thomas M. Horan oversees the cases. The Debtors tapped Young Conaway Stargatt & Taylor, LLP and Winston & Strawn LLP as legal counsel and RubinBrown, LLP as accounting services provider. Suzanne Koenig has been appointed as patient care ombudsman in the Debtors' Chapter 11 cases. SC HEALTHCARE: Petersen Wants Ch. 11 Exec Bonuses Hearing Postponed ------------------------------------------------------------------- Vince Sullivan of Law360 Bankruptcy Authority reports that bankrupt nursing home operator Petersen Health Care told a Delaware judge Wednesday, August 28, 2024, that it wanted more time to work towards a resolution with creditors and the U.S. Trustee's Office on its proposed executive incentive bonuses. About Petersen Health Care Inc. SC Healthcare Holding, LLC, et al., comprise one of the largest nursing home operators in the United States and work in partnership with physicians, skilled nurses, and other health care providers in order to provide various healthcare and rehabilitation services for elderly citizens in Illinois, Missouri, and Iowa. SC Healthcare Holding, LLC, and its affiliates, including Petersen Health Care, Inc., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-10443) on March 20, 2024. In the petition signed by David R. Campbell as authorized signatory, SC Healthcare disclosed up to $100 million to $500 million in assets and $100 million to $500 million in liabilities. Judge Hon. Thomas M Horan oversees the case. Young Conaway Stargatt & Taylor, LLP, and Winston & Strawn LLP, serve as the Debtors' legal counsel. SCHOLAR ROCK: Financial Woes Raise Going Concern Doubt ------------------------------------------------------ Scholar Rock Holding Corp. disclosed in a Form 10-Q Report filed with the U.S. Securities and Exchange for the quarterly period ended June 30, 2024, that there is substantial doubt about its ability to continue as a going concern. Scholar Rock said, "We have incurred losses since our inception, and as of June 30, 2024 we had an accumulated deficit of $791.8 million. During the six months ended June 30, 2024, we recorded a net loss of $115.4 million. In addition, during the six months ended June 30, 2024 our cash, cash equivalents and marketable securities balance decreased by $89.4 million, resulting in a cash, cash equivalents and marketable securities balance of $190.5 million as of June 30, 2024. Based on current operating plans, we may not have sufficient cash, cash equivalents and marketable securities to fund our operating expenses and capital requirements beyond one year from the issuance of these consolidated financial statements without receiving additional external financing and, therefore, we have concluded that there is substantial doubt about our ability to continue as a going concern." "Until such time, if ever, as we can generate substantial product revenues, we expect to finance our cash needs through a combination of equity offerings, debt financings, collaborations, strategic alliances and licensing arrangements. To the extent that we raise additional capital through the sale of equity or convertible debt securities, common stockholder ownership interests may be diluted, and the terms of these securities may include liquidation or other preferences that could adversely affect the rights of a common stockholder. Additional debt financing, if available, may involve agreements that include restrictive covenants that limit our ability to take specific actions, such as incurring additional debt, making capital expenditures or declaring dividends, that could adversely impact our ability to conduct our business." The Company will require additional funding through a combination of contribution from revenues, equity offerings, debt financings or other capital sources, such as collaborations with other companies, strategic alliances or licensing arrangements to finance its future operations. The Company may not be able to obtain such funding on acceptable terms, or at all, and the Company may not be able to enter into collaborations or other arrangements. The terms of any such funding may adversely affect the holdings or rights of the Company's stockholders. If the Company is unable to obtain sufficient capital, the Company may be forced to delay or reduce the scale of some of its operations. "If we raise funds through collaborations, strategic alliances or licensing arrangements with third parties, we may have to relinquish valuable rights to our technologies, future revenue streams, research programs or product candidates or to grant licenses on terms that may not be favorable to us. Market volatility or other factors could also adversely impact our ability to access capital as and when needed. If we are unable to raise additional funds through equity or debt financings when needed, we may be required to delay, limit, reduce or terminate our product development or future commercialization efforts or grant rights to develop and market product candidates that we would otherwise prefer to develop and market ourselves." A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/y7xnvdhy About Scholar Rock Holding Corp. Scholar Rock Holding Corporation is a late-stage biopharmaceutical company focused on the discovery, development, and delivery of innovative medicines for the treatment of serious diseases in which signaling by protein growth factors plays a fundamental role. As of June 30, 2024, the Company had $226.9 million in total assets, $93.2 million in total liabilities, and $133.6 million in total stockholders' equity. SEMILEDS CORP: All Seven Proposals Approved at Annual Meeting ------------------------------------------------------------- SemiLEDs Corporation disclosed in a Form 8-K filed with the Securities and Exchange Commission that on Aug. 29, 2024, it held its 2024 Annual Meeting of Stockholders at which the stockholders: (1) elected Trung T. Doan, Walter Michael Gough, Dr. Edward Hsieh, Scott R. Simplot, and Dr. Chris Chang Yua to serve as directors of the Company for a one-year term ending with the 2025 Annual Meeting of Stockholders; (2) ratified the appointment of KCCW Accountancy Corp. as the Company's independent registered public accounting firm for the fiscal year ending Aug. 31, 2024; (3) approved, on an advisory (non-binding) basis, the compensation of the Company's named executive officers; (4) approved, on an advisory (non-binding) basis, the frequency of holding future advisory votes on executive compensation every three years; (5) approved the amendment of the restated certificate of incorporation to increase the number of authorized shares of common stock from 7,500,000 to 15,000,000; (6) approved the issuance of shares of the Company's common stock to repay a Loan Agreement with Mr. Trung Doan; and (7) approved the amendment of the restated certificate of incorporation to include an officer exculpation provision. About SemiLEDs Headquartered in Miao-Li County, Taiwan, R.O.C., SemiLEDs -- http://www.semileds.com-- develops, manufactures and sells light emitting diode (LED) chips, LED components, LED modules and systems. The Company's products are used for general specialty industrial applications, including ultraviolet, or UV, curing of polymers, LED light therapy in medical/cosmetic applications, counterfeit detection, LED lighting for horticulture applications, architectural lighting and entertainment lighting. Diamond Bar, California-based KCCW Accountancy Corp., the Company's auditor since 2019, issued a "going concern" qualification in its report dated Nov. 27, 2023, citing that the Company incurred recurring losses from operations and has an accumulated deficit, which raises substantial doubt about its ability to continue as a going concern. The Company suffered losses from operations of $3.4 million and $3.2 million and used net cash in operating activities of $984,000 and $1.5 million for the years ended Aug. 31, 2023 and 2022, respectively. The Company said these facts and conditions raise substantial doubt about the Company's ability to continue as a going concern, even though gross profit on product sales was $1.0 million for the year ended Aug. 31, 2023 compared to $1.4 million for the year ended Aug. 31, 2022. Loss from operations for the three and nine months ended May 31, 2024 was $473,000 and $2.1 million, respectively. Net cash used in operating activities for the nine months ended May 31, 2024 was $570,000. Moreover, at May 31, 2024, the Company's cash and cash equivalents had decreased to $1.7 million. Management believes that it has developed a liquidity plan that, if executed successfully, should provide sufficient liquidity to meet the Company's obligations as they become due for a reasonable period of time, and allow the development of its core business. SERTA SIMMONS: Eaton Vance Marks $700,000 Loan at 19% Off --------------------------------------------------------- Eaton Vance Senior Income Trust has marked its $700,000 loan extended to Serta Simmons Bedding LLC to market at $564,412 or 81% of the outstanding amount, according to a disclosure contained in Eaton Vance's Amended Form N-CSR for the fiscal year ended June 30, 2024 filed with the Securities and Exchange Commission on August 26, 2024. Eaton Vance is a participant in a Second Lien Term Loan to Serta Simmons Bedding LLC. The loan accrues interest at a rate of 12. 949% (SOFR+7.50%) per annum. The loan matures on June 29, 2028. Eaton Vance is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended, as a diversified, closed-end management investment company. Eaton Vance is led by Kenneth A. Topping, Principal Executive Officer; and James F. Kirchner, Principal Financial Officer. The Fund can be reached through: Kenneth A. Topping Eaton Vance Senior Income Trust One Post Office Square, Boston, Massachusetts 02109 Tel.: (617) 482-8260 - and - Deidre E. Walsh Eaton Vance Senior Income Trust One Post Office Square, Boston, Massachusetts 02109 Tel.: (617) 482-8260 Serta Simmons Bedding, the nation’s largest mattress company, combined all of their company’s locations into a new headquarters in Atlanta, Georgia. SHEPHERD-HULDY DEVELOPMENT: Files Amendment to Disclosure Statement ------------------------------------------------------------------- Shepherd-Huldy Development I, LLC, submitted an Amended Disclosure Statement in support of Plan of Reorganization dated August 12, 2024. The Debtor's primary asset is a Class A office building located at 2419 S Shepherd Dr. Houston, Texas 77019 (the "Property"). The Property is fully covered by commercial property and liability insurance. The Plan provides for the marketing and sale and/or refinance of the Property within 12 months of the effective date, at which time the allowable claims of the creditors shall be paid in order of their priority as set forth in the Plan. The Debtor filed a Plan to reorganize Debtor's financial affairs on July 26, 2024 and hopes that the Plan, as it may hereafter be amended, modified, or restated, in whole or in part, will be confirmed on a consensual basis through acceptance by all Classes of Creditors entitled to vote on the Plan. If one or more of the Debtor's Creditor Classes fails to accept the Plan, the Plan Proponents will request the Court to confirm the Plan on a consensual basis through acceptance by all classes of creditors entitled to vote on the Plan. If one or more of the Debtor's creditor classes fails to accept the Plan, the Plan Proponents will request the Court to confirm the Plan under Section 1129(b) of the Bankruptcy Code. The Debtor is involved in current litigation. The litigation is described as follows: Case No. D-1-GN-23-004783; Magnolia Bridgeco, LLC et al. v. Shepherd-Huldy Development I, LLC, et al.; In the 419th Judicial District of Travis County, Texas. The Debtor has continued to operate its business and the Property during the pendency of the Bankruptcy Case. The Amended Disclosure Statement does not alter the proposed treatment for unsecured creditors and the equity holder: * Class 5 consists of General Unsecured Claims. The Debtor will pay any Allowed General Unsecured Claims after the payment of all Class 1 to 4 Claims, pro rata, within 12 months of the Effective Date or upon the sale of the Property or the refinance of the debt on the Property, whichever date is earlier in time. The Debtor reserves the right to dispute the claim of any creditor unless expressly stated in this plan. Class 5 Allowed Claims are impaired by the Plan. * Class 6 consists of Equity Interest Holders. The Debtor will pay any Allowed Claims to the equity interest holders after the payment of all Class 1 to 5 Claims, pro rata, within 12 months of the Effective Date or upon the sale of the Property or the refinance of the debt on the Property, whichever date is earlier in time Class 6 Interests are Impaired by the Plan. The Plan shall be implemented by the Debtor using DIP Financing or cash collateral to market and maintain the Property and use real estate professionals to obtain sales offers for the Property or, alternatively, refinance the Loan on the Property. A full-text copy of the Amended Disclosure Statement dated August 12, 2024 is available at https://urlcurt.com/u?l=GLaJFt from PacerMonitor.com at no charge. Counsel to the Debtor: Kevin M. Madden, Esq. Law Offices Of Kevin Michael Madden PLLC 16310 State Highway 249, Unit 1304 Houston, Texas 77064 Phone: 281-888-9681 Fax: 832-538-0937 Email: kmm@kmaddenlaw.com About Shepherd-Huldy Development I Shepherd-Huldy Development I, LLC is a Texas limited liability company founded on April 26, 2018, with an office building located at 2419 S Shepherd Dr. Houston, Texas 77019 (the "Property"). The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-32146) on May 6, 2024, with $1,000,001 to $10 million in assets and liabilities. Judge Jeffrey P. Norman presides over the case. Kevin M Madden, Esq., at the Law Offices Of Kevin Michael Madden PLLC, is the Debtor's legal counsel. SIERRA ENTERPRISES: S&P Places 'CCC+' ICR on CreditWatch Positive ----------------------------------------------------------------- S&P Global Ratings placed all of its ratings on California-based Sierra Enterprises LLC, including the 'CCC+' issuer credit rating, on Credit Watch with positive implications, indicating the possibility of an upgrade after S&P has assessed and verified the sale of the Beloit facility, the stand-alone performance of its acquisition, and its impact on the remainder of Sierra Enterprises' financial composition. S&P said, "The CreditWatch placement reflects the possibility of an upgrade to 'B-' once we have quantified the product recall-related expenses in its fiscal year-end audit (September 2024) to confirm the company's improved pro forma credit measures , more closely review the competitive benefit of the company's pending acquisition, and assess sequential operating trends. This would likely occur after we review the company's audited financial statement for fiscal 2024 and strategic plan for 2025 based on its revised mix of businesses. In addition, we would further assess whether recent weak foot traffic at its on-premises retail customers has begun to stabilize to better inform our outlook for 2025. "We will seek to resolve the CreditWatch once we have assessed the financial impact of the sale of the Beloit facility and the operating outlook of the remaining businesses in fiscal 2025. This would likely occur after we reviewed the company's audited financial statements for fiscal 2024 and its budget for fiscal 2025." SOUND INPATIENT: Eaton Vance Marks $185,000 Loan at 23% Off ----------------------------------------------------------- Eaton Vance Senior Income Trust has marked its $185,000 loan extended to Sound Inpatient Physicians to market at $142,226 or 77% of the outstanding amount, according to a disclosure contained in Eaton Vance's Amended Form N-CSR for the fiscal year ended June 30, 2024 filed with the Securities and Exchange Commission on August 26, 2024. Eaton Vance is a participant in a Term Loan to Sound Inpatient Physicians. The loan accrues interest at a rate of 10.596%, (SOFR + 5.00%), 9.096% cash, 1.50% Payment in Kind)) per annum. The loan matures on June 28, 2028. Eaton Vance is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended, as a diversified, closed-end management investment company. Eaton Vance is led by Kenneth A. Topping, Principal Executive Officer; and James F. Kirchner, Principal Financial Officer. The Fund can be reached through: Kenneth A. Topping Eaton Vance Senior Income Trust One Post Office Square, Boston, Massachusetts 02109 Tel.: (617) 482-8260 - and - Deidre E. Walsh Eaton Vance Senior Income Trust One Post Office Square, Boston, Massachusetts 02109 Tel.: (617) 482-8260 Sound Inpatient Physicians, Inc. is a provider of physician services in acute, post-acute, emergency medicine, and intensivist facilities through its wholly owned subsidiaries and affiliated companies. Sound Inpatient’s principal business is to provide hospitalist services to hospitals and health plans designed to improve the well-being of patients while reducing their associated costs through the management of medical care. The company is primarily owned by private equity sponsor Summit Partners and Optum Health. SPIN HOLDCO: Eaton Vance Marks $1.2MM Loan at 15% Off ----------------------------------------------------- Eaton Vance Senior Income Trust has marked its $1,245,000 loan extended to Spin Holdco, Inc to market at $1,063,392 or 85% of the outstanding amount, according to a disclosure contained in Eaton Vance's Amended Form N-CSR for the fiscal year ended June 30, 2024 filed with the Securities and Exchange Commission on August 26, 2024. Eaton Vance is a participant in a Term Loan to Spin Holdco, Inc. The loan accrues interest at a rate of 9.60% (SOFR+4%) per annum. The loan matures on March 4, 2028. Eaton Vance is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended, as a diversified, closed-end management investment company. Eaton Vance is led by Kenneth A. Topping, Principal Executive Officer; and James F. Kirchner, Principal Financial Officer. The Fund can be reached through: Kenneth A. Topping Eaton Vance Senior Income Trust One Post Office Square, Boston, Massachusetts 02109 Tel.: (617) 482-8260 - and - Deidre E. Walsh Eaton Vance Senior Income Trust One Post Office Square, Boston, Massachusetts 02109 Tel.: (617) 482-8260 Spin Holdco Inc. provides laundry solutions. The Company offers residential and commercial laundry solutions, as well as tire inflation and vacuum vending services at convenience stores and gas stations. Spin Holdco serves clients in North America and Europe. SQRL SERVICE STATIONS: Hits Chapter 11 Bankruptcy Protection ------------------------------------------------------------ SQRL Service Stations LLC filed Chapter 11 protection in the Northern District of Texas. According to court documents, the Debtor reports between $1 billion and $10 billion in debt owed to 200 and 999 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under 11 U.S.C. Section 341(a) is slated for September 25, 2024 at 2:00 p.m. in Room Telephonically. About SQRL Service Stations LLC SQRL Service Stations LLC, doing business as SQRL Service Stations LLC (Florida LLC), is a limited liability company. SQRL Service Stations LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-32457) on Aug. 16, 2024. In the petition filed by Jamal Hizam, as managing member, the Debtor reports between $10 million and $50 million and estimated liabilities between $1 billion and $10 billion. The Honorable Bankruptcy Judge Stacey G. Jernigan oversees the case. The Debtor is represented by: Joyce Lindauer, Esq. JOYCE W. LINDAUER ATTORNEY, PLLC 1412 Main Street, Suite 500 Dallas TX 75202 Tel: (972) 503-4033 Email: joyce@joycelindauer.com ST. MARGARET'S HEALTH: Gets Court Nod to Sell Prairieland Property ------------------------------------------------------------------ St. Margaret’s Health-Spring Valley got the green light from a U.S. bankruptcy judge to sell its real property located at 409 E. 2nd St., Spring Valley, Ill. Judge David Cleary of the U.S. Bankruptcy Court for the Northern District of Illinois approved the sale of the property to David Leigh, Pik To Wise and Gerald Wesbecker for $210,000. The property is being sold "free and clear" of liens, claims, encumbrances and interests, according to court filings. "The Prairieland property is unencumbered and the $210,000 purchase price will generate needed funds for SMH-SV's estate," Steven Chaiken, one of SMH-SV's attorneys, said in a court filing. Malooley Dahm Realty, a real estate broker, assisted SMH-SV with the sale. About St. Margaret's Health St. Margaret's Health-Peru and St. Margaret's Health-Spring Valley are providers of healthcare services. The Debtors filed Chapter 11 petitions (Bankr. N.D. Ill. Lead Case No. 23-11641) on Aug. 31, 2023. At the time of the filing, the Debtors reported $10 million to $50 million in both assets and liabilities. Judge David D. Cleary oversees the cases. The Debtors tapped Adelman & Gettleman, Ltd. as bankruptcy counsel; Hinshaw & Culbertson, LLP as special counsel; Huron Consulting Services, LLC as financial advisor; and Eide Bailly, LLP as benefit plan auditor. Epiq Corporate Restructuring, LLC is the noticing, claims, and balloting agent. The U.S. Trustee for Region 11 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. Levenfeld Pearlstein, LLC and KCP Advisory Group, LLC serve as the committee's legal counsel and financial advisor, respectively. STEWARD HEALTH: CHRISTUS to Acquire Wadley Medical Amid Bankruptcy ------------------------------------------------------------------ Steward Health Care, the country's largest physician-led, minority-owned, integrated health care system, announced on September 03, 2024, that it has entered into a definitive agreement to sell Wadley Regional Medical Center in Texarkana, Texas to CHRISTUS Health, an international, not-for-profit Catholic health system. CHRISTUS Health's bid has been designated as the stalking horse and, subject to the terms of the agreement, will be subject to higher or better qualified bids received by September 9, 2024, at which time a bankruptcy court-approved auction may occur. "As Steward continues to move through the Chapter 11 process, we are working closely with various parties, officials and stakeholders in the Court supervised process to obtain the best results we can for our patients, employees, and the communities we serve," said John Castellano, Steward's Chief Restructuring Officer. "We are pleased to have found a new operator for Wadley in CHRISTUS Health, who we believe will continue our mission to provide high-quality and compassionate care to the people of Texarkana." "CHRISTUS Health has a long, proud history of providing exceptional and compassionate care to the Texarkana community for over 100 years," said President and CEO Ernie Sadau of CHRISTUS. "We want to ensure that legacy of service continues into the next century and are best positioned to do that by bringing Wadley Regional Medical Center into the CHRISTUS family." "We have proudly built a reputation of providing high-quality care to all those in need," said Jason Adams, president of CHRISTUS St. Michael Health System in Texarkana. "We are committed to our mission of extending the healing ministry of Jesus Christ, to ensure that all people, including the underserved, have access to needed care." The transaction is subject to customary closing conditions, including Bankruptcy Court and regulatory approvals. The transaction is expected to close in Q4 2024 should CHRISTUS Health emerge as the winning buyer at the auction. About CHRISTUS Health CHRISTUS Health is an international faith-based, not-for-profit health care system based in Irving, Texas, with more than 60 hospitals in Texas, Louisiana, New Mexico, Chile, Colombia and Mexico. CHRISTUS Health is made up of 51,000 Associates providing compassionate and individualized care at more than 600 centers, including community hospitals, clinics, long-term care facilities and health ministries. Sponsored by the Sisters of Charity of the Incarnate Word of Houston, Sisters of Charity of the Incarnate Word of San Antonio and the Sisters of the Holy Family of Nazareth, our mission is to extend the healing ministry of Jesus Christ to every individual we serve. For more information, visit www.christushealth.org About Steward Health Care Steward Health Care System, LLC owns and operates the largest private physician-owned for-profit healthcare network in the U.S. Headquartered in Dallas, Texas, Steward's operations include 31 hospitals in eight states, approximately 400 facility locations, 4,500 primary and specialty care physicians, 3,600 staffed beds, and nearly 30,000 employees. Steward Health Care provides care to more than two million patients annually. Steward and 166 affiliated debtors filed Chapter 11 petitions (Bankr. S.D. Texas Lead Case No. 24-90213) on May 6, 2024. Judge Christopher M. Lopez oversees the proceeding. The Debtors tapped Weil, Gotshal & Manges, LLP as bankruptcy counsel; McDermott Will & Emery as special corporate and regulatory counsel; AlixPartners, LLP as financial advisor and John Castellano of AlixPartners as chief restructuring officer. Lazard Freres & Co. LLC, Leerink Partners LLC, and Cain Brothers, a division of KeyBanc Capital Markets Inc., provide investment banking services to the Debtors. Kroll is the claims agent. Susan N. Goodman is the patient care ombudsman appointed in the Debtors' cases. STEWARD HEALTH: Court OKs Sale of 6 Hospitals to Non-Profit Groups ------------------------------------------------------------------ The Massachusetts Nurses Association, which represents more than 2,800 registered nurses working in hospitals impacted by the Steward crisis was pleased to see U.S, Bankruptcy Judge Christopher Lopez's approval yesterday of Asset Purchase Agreements that will secure new, responsible not-for-profit operators for Good Samaritan Medical Center in Brockton and St. Elizabeth's Medical Center in Brighton by Boston Medical Center, Holy Family Hospitals in Haverhill and Methuen by Lawrence General Hospital, and Morton Hospital in Taunton and Saint Anne's Hospital in Fall River by Lifespan (located in Providence RI). Under the Judge's ruling the transition to new ownership can proceed with a final closing date on the sales set for the end of September. This is a long-awaited and very positive development for the communities and dedicated workforce at these facilities and we look forward to working with all parties to ensure a smooth transition for these facilities to new operators in the coming days and weeks. As part of that process the MNA has already engaged in conversations with the leadership of the new operators to begin the process of reviewing and addressing outstanding issues and concerns. "As we said upon the initial announcement of these agreements, our goal is to resolve transition issues amicably over the coming days to ensure the efficient delivery of care to these communities; as well as to ensure that our nurses and health professionals, who have held the line for these facilities and these communities throughout this process, will maintain their union contracts and all the rights and benefits the law says they are entitled to." As to the fate of Carney Hospital and Nashoba Valley Medical Center, we continue to share and echo the concerns of the hundreds of community members, public officials, first responders and frontline caregivers, who participated recent, jam-packed DPH public hearings in their call for equally bold steps to be taken to save these facilities, as the loss of these hospitals would precipitate a public disaster for those communities. The MNA continues to promote efforts by local public officials, the state and potential bidders to find a way to reopen both Carney Hospital and Nashoba Valley Medical Center as full-service hospitals. MassNurses.org Facebook.com/MassNurses Twitter.com/MassNurses Founded in 1903, the Massachusetts Nurses Association is the largest union of registered nurses in the Commonwealth of Massachusetts. Its 23,000 members advance the nursing profession by fostering high standards of nursing practice, promoting the economic and general welfare of nurses in the workplace, projecting a positive and realistic view of nursing, and by lobbying the Legislature and regulatory agencies on health care issues affecting nurses and the public. About Steward Health Care Steward Health Care System, LLC owns and operates the largest private physician-owned for-profit healthcare network in the U.S. Headquartered in Dallas, Texas, Steward's operations include 31 hospitals in eight states, approximately 400 facility locations, 4,500 primary and specialty care physicians, 3,600 staffed beds, and nearly 30,000 employees. Steward Health Care provides care to more than two million patients annually. Steward and 166 affiliated debtors filed Chapter 11 petitions (Bankr. S.D. Texas Lead Case No. 24-90213) on May 6, 2024. Judge Christopher M. Lopez oversees the proceeding. The Debtors tapped Weil, Gotshal & Manges, LLP as bankruptcy counsel; McDermott Will & Emery as special corporate and regulatory counsel; AlixPartners, LLP as financial advisor and John Castellano of AlixPartners as chief restructuring officer. Lazard Freres & Co. LLC, Leerink Partners LLC, and Cain Brothers, a division of KeyBanc Capital Markets Inc., provide investment banking services to the Debtors. Kroll is the claims agent. Susan N. Goodman is the patient care ombudsman appointed in the Debtors' cases. STEWARD HEALTH: Finds Buyers for 2 Massachusetts Hospitals ---------------------------------------------------------- Jonathan Randles of Bloomberg News reports that bankrupt health care system Steward Health Care has found buyers for six of its Massachusetts hospitals after state authorities provided a $30 million lifeline. Privately owned Steward said Thursday, August 29, 2024, that not-for-profit health system Lifespan has agreed to purchase Morton Hospital and Saint Anne's Hospital. Steward said it also has agreements to sell Holy Family Hospitals in Methuen and Haverhill to Lawrence General Hospital, reports Bloomberg News. The sales are subject to customary closing conditions, including regulatory and bankruptcy court approval, Steward said. About Steward Health Care Steward Health Care System, LLC owns and operates the largest private physician-owned for-profit healthcare network in the U.S. Headquartered in Dallas, Texas, Steward's operations include 31 hospitals in eight states, approximately 400 facility locations, 4,500 primary and specialty care physicians, 3,600 staffed beds, and nearly 30,000 employees. Steward Health Care provides care to more than two million patients annually. Steward and 166 affiliated debtors filed Chapter 11 petitions (Bankr. S.D. Texas Lead Case No. 24-90213) on May 6, 2024. Judge Christopher M. Lopez oversees the proceeding. The Debtors tapped Weil, Gotshal & Manges, LLP as bankruptcy counsel; McDermott Will & Emery as special corporate and regulatory counsel; AlixPartners, LLP as financial advisor and John Castellano of AlixPartners as chief restructuring officer. Lazard Freres & Co. LLC, Leerink Partners LLC, and Cain Brothers, a division of KeyBanc Capital Markets Inc., provide investment banking services to the Debtors. Kroll is the claims agent. Susan N. Goodman is the patient care ombudsman appointed in the Debtors' cases. STEWARD HEALTH: Reaches Hospital Lease Deal With Medical Properties ------------------------------------------------------------------- Steward Health Care, the country's largest physician-led, minority-owned, integrated health care system, announced it has reached an agreement in principle with its landlord, Medical Properties Trust, Inc. ("MPT"), supported by the "FILO" secured lenders under its funded debt and the official committee of unsecured creditors. Following Bankruptcy Court approval, the agreement allows for the transfer of hospitals that are governed by MPT's master lease to new interim operators and the funding of ongoing operational costs by MPT. Additionally, Steward and MPT have agreed to the mutual release of all claims on secured lease obligations between them, including the release of billions of dollars of claims held by MPT against Steward. Upon transferring Steward's interests in these hospitals, MPT will become fully responsible for all related operational expenses, and Steward will be well positioned to advance towards effectively and efficiently administering the balance of their chapter 11 cases and providing recoveries to creditors. Additionally, the global agreement provides for Steward's retention of proceeds from the sale of its "Space Coast" hospitals located in Florida to pay lenders and creditors. Steward is seeking approval from the court on the settlement agreement as soon as possible with a possible hearing on September 10, 2024. This settlement achieves a major milestone in Steward's chapter 11 efforts and, together with the binding agreements reached for the transition of six Steward hospitals in Massachusetts, supports continuity of patient care by establishing a path for keeping the majority of Steward hospitals open, provides stability for its valued workforce by retaining nearly 30,000 jobs and a potential recovery for general unsecured creditors, avoiding contentious and costly litigation. "This is a crucial and positive development today in our ongoing effort to transition Steward hospitals to new operators, pay Steward's debts, and support our patients, employees, and the communities we have had the privilege of serving for many years," said Dr. Ralph de la Torre, Chief Executive Officer of Steward Health Care. "After exhaustive, round-the-clock efforts by all parties, we are extremely pleased that this potential agreement creates a path that we hope will enable all remaining Steward hospitals to stay open and allows our dedicated staff of providers and others to devote their full attention to patient care." The agreement marks a pivotal point in the chapter 11 process and pending approval from the Bankruptcy Court, Steward, with the oversight of the Transformation Committee, will engage with key stakeholders in connection with formulating the terms of a confirmable chapter 11 plan. Bloomberg News reports that Steward and MPT will release all claims on lease obligations including claims held by MPT against Steward. The agreement creates a path for keeping vast majority of hospitals across Steward's network open. About Steward Health Care Steward Health Care System, LLC owns and operates the largest private physician-owned for-profit healthcare network in the U.S. Headquartered in Dallas, Texas, Steward's operations include 31 hospitals in eight states, approximately 400 facility locations, 4,500 primary and specialty care physicians, 3,600 staffed beds, and nearly 30,000 employees. Steward Health Care provides care to more than two million patients annually. Steward and 166 affiliated debtors filed Chapter 11 petitions (Bankr. S.D. Texas Lead Case No. 24-90213) on May 6, 2024. Judge Christopher M. Lopez oversees the proceeding. The Debtors tapped Weil, Gotshal & Manges, LLP as bankruptcy counsel; McDermott Will & Emery as special corporate and regulatory counsel; AlixPartners, LLP as financial advisor and John Castellano of AlixPartners as chief restructuring officer. Lazard Freres & Co. LLC, Leerink Partners LLC, and Cain Brothers, a division of KeyBanc Capital Markets Inc., provide investment banking services to the Debtors. Kroll is the claims agent. Susan N. Goodman is the patient care ombudsman appointed in the Debtors' cases. SUMMIT THERAPEUTICS: Widens Net Loss to $60.4 Million in Fiscal Q2 ------------------------------------------------------------------ Summit Therapeutics Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $60.4 million for the three months ended June 30, 2024, compared to a net loss of $14.7 million for the three months ended June 30, 2023. For the six months ended June 30, 2024, the Company reported a net loss of $103.9 million, compared to a net loss of $557.1 million for the same period in 2023. As of June 30, 2024, the Company had an accumulated deficit of $1,097.1 million, cash and cash equivalents of $28.4 million, and short-term investments in U.S. treasury securities of $297 million, and expects to continue to generate operating losses for the foreseeable future. As of June 30, 2024, the Company had $341.9 million in total assets, $146.8 million in total liabilities, and $195.1 million in total stockholders' equity. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/pac69z3c About Summit Therapeutics Miami, Fla.-based Summit Therapeutics Inc. is a biopharmaceutical company focused on the discovery, development, and commercialization of patient-, physician-, caregiver- and societal-friendly medicinal therapies intended to improve quality of life, increase potential duration of life, and resolve serious unmet medical needs. As of March 31, 2024, the Company has $176.8 million in total assets, $132.6 million in total liabilities, and $44.2 in total stockholders' equity. Going Concern The Company cautioned in a Form 10-Q Report for the quarterly period ended March 31, 2024, that substantial doubt exists about its ability to continue as a going concern. According to the Company, it has evaluated whether its cash, cash equivalents and U.K. research and development tax credits provide sufficient cash to fund its operating cash needs for the next 12 months since the filing of the quarterly report. The Company is investing in the clinical development of ivonescimab, including its ongoing clinical trials. In addition, the Company has a $100 million promissory note and interest payable to a related party that matures on April 1, 2025. Based upon its cash and cash equivalents and short-term investments as of March 31, 2024, the Company expects to be able to operate through the first quarter of 2025. In order to further fund its operating cash needs and repay the promissory note, the Company intends to raise additional capital. As of the date of the filing, the additional capital has not been secured. As a result, these conditions raise substantial doubt about the Company's ability to continue as a going concern. SVB FINANCIAL: Farella Pursues Unpaid Legal Fees From FDIC ---------------------------------------------------------- Jack Karp of Law360 reports that Farella Braun & Martel LLP can go after the Federal Deposit Insurance Corp. for $49,000 in legal fees owed by Silicon Valley Bank's parent, SVB Financial, after the agency was appointed as the bank's receiver, a California federal judge ruled Wednesday, August 28, 2024, Law360 reports. About SVB Financial Group SVB Financial Group (Pink Sheets: SIVBQ) is a financial services company focusing on the innovation economy, offering financial products and services to clients across the United States and in key international markets. Prior to March 10, 2023, SVB Financial Group owned and operated Silicon Valley Bank, a state chartered bank. During the week of March 6, 2023, Silicon Valley Bank, Santa Clara, CA, experienced a severe "run-on-the-bank." On the morning of March 10, the California Department of Financial Protection and Innovation seized SVB and placed it under the receivership of the Federal Deposit Insurance Corporation. SVB was the nation's 16th largest bank and the biggest to fail since the 2008 financial meltdown. On March 17, 2023, SVB Financial Group sought Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 23-10367). The Debtor had assets of $19,679,000,000 and liabilities of $3,675,000,000 as of Dec. 31, 2022. The Hon. Martin Glenn is the bankruptcy judge. The Debtor tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Centerview Partners, LLC as investment banker; and Alvarez & Marsal North America, LLC as restructuring advisor. William Kosturos, a partner at Alvarez & Marsal, serves as the Debtor's chief restructuring officer. Kroll Restructuring Administration, LLC, is the claims and noticing agent and administrative advisor. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. The committee tapped Akin Gump Strauss Hauer & Feld, LLP as bankruptcy counsel; Cole Schotz P.C. as conflict counsel; Lazard Freres & Co. LLC as investment banker; and Berkeley Research Group, LLC as financial advisor. TCI HOLDINGS: Commences Subchapter V Bankruptcy Protection ---------------------------------------------------------- TCI Holdings LLC filed Chapter 11 protection in the District of Massachusetts. According to court documents, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under 11 U.S.C. Section 341(a) is slated for September 9, 2024 at 11:00 a.m. in Room Telephonically. About TCI Holdings LLC TCI Holdings LLC is engaged in activities related to real estate. TCI Holdings LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 24-30411) on August 14, 2024. In the petition filed by Jacob Trudeau, as president of TCI Holdings, LLC, the Debtor estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by: Andrea M. O'Connor, Esq. FITZGERALD LAW, P.C. 46 Center Square East Longmeadow MA 01028 Tel: (413) 486-1110 E-mail: amo@fitzgeraldpc.com TUMWATER MEADOWS: No Resident Complaints, 1st PCO Report Says ------------------------------------------------------------- Patricia Hunter, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Western District of Washington her first report regarding the quality of patient care provided by Tumwater Meadows Adult Family Home, Inc. The PCO made two visits to Tumwater Meadows Adult Family Home on July 11, and on August 14. At the direction of the PCO, an initial visit was made on July 10 by Susan Howard, Regional Long-Term Care Ombudsman. Nothing of concern was observed during these visits. The PCO noted that no residents had complaints or concerns about their care, medications, rooms, meals, or services. The PCO is not aware of any regulatory compliance issues in the facility. Accordingly, the PCO has no concerns about the quality of care at the facility. At the time of the PCO visits, five of the six available beds were occupied. Visits were made to three of the five residents. All residents who were interviewed reported having visits and communication with their family and friends. One resident reported that she is active in the community -- participating in exercise groups, religious activities, shopping, and using the public transportation system for people with disabilities. The PCO stated that residents reported being comfortable and well taken care of. Residents expressed no complaints or concerns about staffing or care services. The licensed provider, Ms. Muscan, reported that she is the primary caregiver and her spouse shares in caregiving duties. Ms. Muscan reported that she occasionally hires a caregiver during the week to help out. The Ombudsman Program did not receive any complaints about the facility during the time period. Also, no complaint reports are reported by the Department of Health and Social Services, which oversees the licensing enforcement of all adult family homes in the state. The PCO has no concerns about the quality of care received by the residents at the facility. She and the Regional Ombudsman left their business cards with contact information with the residents. The PCO obtained the contact information for residents' representatives such as family members and legal representatives and will ask them about the quality of care as needed. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=rNtvCN from PacerMonitor.com. The ombudsman may be reached at: Patricia Hunter Washington State Long-Term Care Ombudsman State LTC Ombudsman Program P.O. Box 23699 Federal Way, WA 98093-0699 Phone: 1-(800) 562-6028 Email: ltcop@multi-servicecenter.com About Tumwater Meadows Adult Family Home Tumwater Meadows Adult Family Home, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 24-41141) on May 22, 2024, with $500,001 to $1 million in both assets and liabilities. Judge Mary Jo Heston presides over the case. Marc S. Stern, Esq., at the Law Office of Marc S. Stern represents the Debtor as legal counsel. Patricia Hunter has been appointed as patient care ombudsman in the Debtor's Chapter 11 case. U.S. TOBACCO: $10Mil. Insurance Suit Proceeds to Mediation ---------------------------------------------------------- Travis Bland of Law360 reports that Tobacco Co-Op's $10 million Insurance suit headed to mediation. Tobacco grower cooperative U. S. Tobacco Cooperative Inc. will go into mediation with Axis Specialty Insurance Co. as part of a lawsuit brought by the grower alleging the insurer has refused to pay $10 million in excess coverage. About U.S. Tobacco Cooperative U.S. Tobacco Cooperative Inc. produces U.S. flue-cured tobacco grown by more than 500 member growers in Florida, Georgia, South Carolina, North Carolina, and Virginia. Member-grown tobacco is processed and sold as raw materials to cigarette manufacturers worldwide. U.S. Tobacco Cooperative and affiliates sought Chapter 11 protection (Bankr. E.D.N.C. Lead Case No. 21-01511) on July 7, 2021. In the petition signed by Keith H. Merrick, chief financial officer, U.S. Tobacco Cooperative estimated assets of between $100 million and $500 million and estimated liabilities of between $100 million and $500 million. Judge Joseph N. Callaway oversees the cases. The Debtors tapped Hendren, Redwine & Malone, PLLC as bankruptcy counsel, and McGuireWoods, LLP and Robinson, Bradshaw & Hinson, P.A., as special counsel. BDO Consulting Group, LLC, SSG Advisors, LLC and CliftonLarsonAllen serve as the Debtors' financial advisor, investment banker and accountant, respectively. VERASTEM INC: Raises Going Concern Doubt Amid Ongoing Losses ------------------------------------------------------------ Verastem, Inc. disclosed in a Form 10-Q Report filed with the U.S. Securities and Exchange for the quarterly period ended June 30, 2024, that there is substantial doubt about its ability to continue as a going concern. According to the Company, as of June 30, 2024, it had cash, cash equivalents, and investments of $83.4 million. On July 25, 2024, the Company received net proceeds of approximately $51.1 million from the sale of 13,333,334 shares of common stock and accompanying warrants to purchase up to 13,333,334 shares of common stock and the sale of pre-funded warrants to purchase an aggregate of 5,000,000 shares of common stock and accompanying warrants to purchase up to 5,000,000 shares of common stock. In accordance with applicable accounting standards, the Company evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern within 12 months after the date of the issuance the Company's quarterly report for the period ended June 30, 2024. The Company anticipates operating losses may continue for the foreseeable future since the Company does not yet have regulatory approval to sell any of its product candidates, and the Company continues to incur operating costs to execute its strategic plan, including costs related to research and development of its product candidates and commercial readiness activities. The Company expects to finance its operations with its existing cash, cash equivalents and investments, through potential future milestones and royalties received pursuant to the asset purchase agreement dated August 10, 2020, between the Company and Secura, through the loan and security agreement with Oxford Finance LLC, or through other strategic financing opportunities that could include, but are not limited to collaboration agreements, future offerings of its equity, or the incurrence of debt. However, given the risks associated with these potential strategic or financing opportunities, they are not deemed probable for purposes of the going concern assessment. If the Company fails to obtain additional future capital, it may be unable to complete its planned preclinical studies and clinical trials and obtain approval of certain investigational product candidates from the FDA or foreign regulatory authorities. Therefore, there is substantial doubt about the Company's ability to continue as a going concern. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/4h2e84ps About Verastem, Inc. Verastem, Inc. is a late-stage development biopharmaceutical company, with an ongoing registration directed trial, committed to the development and commercialization of new medicines to improve the lives of patients diagnosed with cancer. The Company's pipeline is focused on ras sarcoma ("RAS")/ mitogen activated pathway kinase ("MAPK") driven cancers, specifically novel drug candidates that inhibit signaling pathways critical to cancer cell survival and tumor growth, particularly RAF/MEK inhibition and FAK inhibition. As of June 30, 2024, the Company had $105.7 million in total assets, $65.7 million in total liabilities, $21.2 million of Series B convertible preferred stock, and $18.9 million in total stockholders' equity. VERIFONE SYSTEMS: Eaton Vance Marks $492,000 Loan at 18% Off ------------------------------------------------------------ Eaton Vance Senior Income Trust has marked its $492,000 loan extended to Verifone Systems, Inc to market at $404,852 or 82% of the outstanding amount, according to a disclosure contained in Eaton Vance's Amended Form N-CSR for the fiscal year ended June 30, 2024 filed with the Securities and Exchange Commission on August 26, 2024. Eaton Vance is a participant in a Term Loan to VeriFone Systems, Inc. The loan accrues interest at a rate of 9.598% (SOFR+4%) per annum. The loan matures on August 20, 2025. Eaton Vance is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended, as a diversified, closed-end management investment company. Eaton Vance is led by Kenneth A. Topping, Principal Executive Officer; and James F. Kirchner, Principal Financial Officer. The Fund can be reached through: Kenneth A. Topping Eaton Vance Senior Income Trust One Post Office Square, Boston, Massachusetts 02109 Tel.: (617) 482-8260 - and - Deidre E. Walsh Eaton Vance Senior Income Trust One Post Office Square, Boston, Massachusetts 02109 Tel.: (617) 482-8260 VeriFone Systems, Inc. — http://www.verifone.com/— is the global leader in secure electronic payment solutions. VeriFone provides expertise, solutions and services that add value to the point of sale with merchant-operated, consumer-facing and self- service payment systems for the financial, retail, hospitality, petroleum, government and healthcare vertical markets. VeriFone solutions are designed to meet the needs of merchants, processors and acquirers in developed and emerging economies worldwide. VILLAGE OAKS SENIOR: No Resident Care Concern, 1st PCO Report Says ------------------------------------------------------------------ Blanca Castro, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Eastern District of California her first report regarding the quality of patient care provided at Village Oaks Senior Care, LLC's assisted care living facility. The Local Long-Term Care Ombudsman Program (LTCOP) ombudsman visited the facility on June 15 and 25, July 24, and August 13, with a total census of 10 residents. The Ombudsman discovered that residents have been informed about the bankruptcy proceedings and are maintaining regular communication with the facility staff regarding the matter. The Ombudsman reports no indication that residents or staff are concerned by the proceeding. The Ombudsman observed no resident discharges or transfers have taken place. No quality of care issues have been reported to the LTCOP by any resident. Moreover, resident rooms and common areas of the facility were observed to be clean and well-maintained. Ombudsman observed evidence of active utility, communications and waste-removal service accounts at the facility. A stock of both perishable and non-perishable food items, stored in the appropriate conditions was noted. No concerns expressed by residents regarding the quality or quantity of food. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=faGOpe from PacerMonitor.com. The ombudsman may be reached at: Blanca E. Castro State Long-Term Care Ombudsman Office of the State Long-Term Care Ombudsman California Department of Aging 2880 Gateway Oaks Drive, Suite 200 Sacramento, CA 95833 Telephone: (916) 928-2500 Email: blanca.castro@aging.ca.gov About Village Oaks Senior Care Village Oaks Senior Care, LLC owns and operates community care facilities for the elderly. Village Oaks Senior Care filed Chapter 11 petition (Bankr. E.D. Calif. Case No. 24-22206) on May 21, 2024, with total assets of $1,440,832 and total liabilities of $3,369,013 as of Dec. 31, 2023. Lisa Holder, Esq., a practicing attorney in Bakersfield, Calif., serves as Subchapter V trustee. Judge Christopher D. Jaime oversees the case. D. Edward Hays, Esq., at Marshack Hays Wood, LLP is the Debtor's legal counsel. Blanca Castro has been appointed as patient care ombudsman in the Debtor's Chapter 11 case. VYAIRE MEDICAL: Gets Court Okay for $90 Mil. Business Units' Sale ----------------------------------------------------------------- Rick Archer of Law360 reports that a Delaware bankruptcy judge Friday, August 30, 2024, approved the $90.5 million sale of ventilator maker Vyaire Medical's businesses, overriding creditor arguments that a deal with lenders apportioning the sale proceeds would leave Vyaire too little cash to get to the end of its Chapter 11 case, according to Law360. About Vyaire Medical Vyaire Medical, Inc., together with its direct and indirect subsidiaries, is a global company focused on developing products and providing related services for the diagnosis, treatment, and monitoring of various cardiology, pulmonology, and respiratory health conditions. With a 70-year history of pioneering breathing technology, the integrated solutions offered by the Company help enable, enhance, and extend lives. Headquartered in Mettawa, Illinois, Vyaire operates approximately 27 offices and manufacturing facilities, and employs approximately 950 individuals around the world. The Company has a global reach, and Vyaire products are available in more than 100 countries. Its customers are the hospitals, health centers, and private practice facilities delivering life-enhancing products and services to patients every day. Vyaire Medical and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-11217) on June 9, 2024. In the petitions signed by John Bibb, chief executive officer, the Debtors disclosed up to $500 million in estimated assets and up to $1 billion in estimated liabilities. Judge Brendan Linehan Shannon oversees the cases. The Debtors tapped Kirkland & Ellis LLP and Cole Schotz P.C. as counsel; AlixPartners, LLP as financial advisor; and PJT Partners, LP as investment banker. Omni Agent Solutions, Inc., is the Debtors' claims and noticing agent. VYAIRE MEDICAL: Gets OK to Sell Respiratory Diagnostics Assets -------------------------------------------------------------- A U.S. bankruptcy judge has given the go-signal for Vyaire Medical, Inc. to sell some of its respiratory diagnostics assets to the winning bidder. Judge Brendan Shannon of the U.S. Bankruptcy Court for the District of Delaware approved the sale of the assets to Trudell Medical Limited whose $53.5 million cash offer was selected as the winning bid. The sale agreement provides for the assumption by Trudell of certain liabilities of Vyaire Medical in exchange for the acquired assets. In connection with the sale, Vyaire Medical has agreed to perform transition services. Trudell would not consummate the sale absent Vyaire Medical's agreement to perform its obligations under their transition services agreement. Immediately upon the closing of the sale, Vyaire Medical will utilize the cash proceeds from the sale to remit to the debtor-in-possession (DIP) agent an amount of up to $42.25 million in partial satisfaction of the DIP superpriority claims on a dollar-for-dollar basis, and remit to the pre-bankruptcy first lien term loan agent the amount of $1,463,162. About Vyaire Medical Vyaire Medical, Inc., together with its direct and indirect subsidiaries, is a global company focused on developing products and providing related services for the diagnosis, treatment, and monitoring of various cardiology, pulmonology, and respiratory health conditions. With a 70-year history of pioneering breathing technology, the integrated solutions offered by the company help enable, enhance, and extend lives. Headquartered in Mettawa, Illinois, Vyaire operates approximately 27 offices and manufacturing facilities, and employs approximately 950 individuals around the world. The company has a global reach, and Vyaire products are available in more than 100 countries. Its customers are the hospitals, health centers, and private practice facilities delivering life-enhancing products and services to patients. Vyaire Medical and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-11217) on June 9, 2024. In the petition signed by its chief executive officer John Bibb, Vyaire Medical disclosed $100 million to $500 million in assets and $500 million to $1 billion in liabilities. The Debtors tapped Kirkland & Ellis, LLP, Kirkland & Ellis International, LLP and Cole Schotz, P.C. as restructuring counsels; AlixPartners, LLP as financial advisor; PJT Partners, LP as investment banker; and Omni Agent Solutions as notice and claims agent and administrative advisor. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. WHEEL PROS: Case Summary & 30 Largest Unsecured Creditors --------------------------------------------------------- Lead Debtor: Wheel Pros, LLC 5347 S Valentia Way #200 Greenwood Village, CO 80111 Business Description: Wheel Pros, LLC, together with its direct and indirect subsidiaries and certain affiliates, is a designer, marketer, and distributor of state-of-the-art, premium aftermarket automotive products. Founded in 1994, the Company began as a producer of customized wheels and wheel accessories and has expanded its portfolio over the course of three decades to include aftermarket suspension systems, lighting, powersports products, and a digital content brand. Headquartered in Denver, Colorado, the Company operates a global enterprise employing approximately 1,750 individuals. Chapter 11 Petition Date: September 8, 2024 Court: United States Bankruptcy Court District of Delaware Twenty-seven affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Wheel Pros, LLC (Lead Case) 24-11939 Throtl, Inc. 24-11940 Wheel Pros Holdings, L.P. 24-11941 MF IP Holding, LLC 24-11942 TRS Holdco, LLC 24-11943 43 Racing, LLC 24-11944 Wheel Pros Intermediate Holdings, Inc. 24-11945 Hoonigan Industries, LLC 24-11946 Wheel Pros Parent II, Inc. 24-11947 Defoor Products, LLC 24-11948 TAP Manufacturing, LLC 24-11949 American Racing Equipment, Inc. 24-11950 TAP Worldwide, LLC 24-11951 The Retrofit Source, LLC 24-11952 WP NewCo Holdco, LLC 24-11953 Just Wheels & Tires LLC 24-11954 Hoonigan, LLC 24-11955 Wheel Pros Parent, Inc. 24-11956 Morimoto Lighting LLC 24-11957 MF Equipment, LLC 24-11958 WP NewCo, LLC 24-11959 TAP Automotive Holdings, LLC 24-11960 WPM Holdings, LLC 24-11961 Wheel Pros Intermediate, Inc. 24-11962 Mobile Hi-Tech Wheels, LLC 24-11963 Teraflex, Inc. 24-11964 Wheel Pros, Inc. 24-11965 Debtors' Delaware Restructuring Counsel: Laura Davis Jones, Esq. Timothy P. Cairns, Esq. Edward Corma, Esq. PACHULSKI STANG ZIEHL & JONES LLP 919 North Market Street, 17th Floor Wilmington, Delaware 19801 Tel: (302) 652-4100 Fax: (302) 652-4400 Email: ljones@pszjlaw.com tcairns@pszjlaw.com ecorma@pszjlaw.com Debtors' Restructuring Counsel: Steven N. Serajeddini, P.C. Erica Clark, Esq. KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 601 Lexington Avenue New York, New York 10022 Tel: (212) 446-4800 Fax: (212) 446-4900 Email: steven.serajeddini@kirkland.com erica.clark@kirkland.com - and - Anup Sathy, P.C. Yusuf Salloum, Esq. 333 West Wolf Point Plaza Chicago, Illinois 60654 Tel: (312) 862-2000 Fax: (312) 862-2200 Email: anup.sathy@kirkland.com yusuf.salloum@kirkland.com Debtors' Financial Advisor: ALVAREZ & MARSAL NORTH AMERICA, LLC Debtors' Co-Investment Banker: HOULIHAN LOKEY CAPITAL, INC. Debtors' Co-Investment Banker: STIFEL FINANCIAL CORPORATION Debtors' Tax Advisor: DELOITTE TOUCHE TOHMATSU LIMITED Debtors' Notice, & Claims Agent and Administrative Advisor: STRETTO, INC. Estimated Assets (on a consolidated basis): $1 billion to $10 billion Estimated Liabilities (on a consolidated basis): $1 billion to $10 billion The petitions were signed by Vance Johnston as chief executive officer. A full-text copy of the Lead Debtor's petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/UXKATIA/Wheel_Pros_LLC__debke-24-11939__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Wilmington Trust, National 6.500% Unsecured $92,671,000 Association, as Trustee Notes due May 2029 50 South Sixth Street, Suite 1290 Minneapolis, N 55402 Attn: Barry D. Somrock Tel: 612-217-5642 Fax: 612-217-5651 2. Nitto Tire Inc. Trade Payable $18,095,302 3565 Harbor Blvd Costa Mesas, CA 92626-1405 Attn: Keiko Brockel Phone: 714-229-6100 Email: info@nittotire.com 3. Sinolion (HK) Int'l Trade Payable $10,707,404 Trading Co Ltd. Room D 10 F, Tower A Billi On 1 Bay Centre, Wang Kwong Rd Hong Kong, Hong Kong Email: Teresacy_xlwheels@outlook.com 4. Hong Kong Mirim Limited Trade Payable $6,291,285 Unit 1707, Level 17, Millenium City 2 378 Kwun Tong Rd Kwun Tong, KLN, Hong Kong Phone: 852-2881-0883 Email: ch@8iwheel.com 5. Taian Qicheng Wheel Trade Payable $3,352,469 Manufacturing No. 68 Kejixi Rd, East New Zone Taishan District Taian City, Shandong Province, 271000, China Tel: 86-0538-5059201 Fax: 0538-5059201 Email: qicheng@qcwheel.com; taqicheng@qcwheel.com 6. Wheels India Limited Trade Payable $3,334,597 No. 1, M.T.H. Rd Padi Chennai Tamil Nadu, 600050, India Phone: 91-44-262-58511 Email: avinash_s@wheelsindia.com 7. Meyer Distributing Trade Payable $3,070,961 560 E 25th St Jasper, IN 47546-8117 Attn: Jeff Braun Phone: 800-639-3787 Email: hosting@meyerdistributing.com 8. Taian Hexin Manufacturing Trade Payable $2,862,366 Co., Ltd. No. 1 Guomao Rd Xintai City Taian, 271200, China Email: ch@8iwheel.com 9. YHI Manufacturing (China) Trade Payable $2,436,055 Co., Ltd. No 611 Shen Fu Road Shanghai, 201108, China Tel: 86-21-3407-4121 Fax: 86-21-6489-6326 Email: wumeng@yhias.com 10. Turn 14 Distribution Trade Payable $2,270,124 100 Tournament Drive, Ste 100 Horsham, PA 19044 Phone: 267-468-0350 Email: general@turn14.com 11. King Sword Manufacturing Trade Payable $2,197,109 Co., Ltd. No. 10 Zhangbin E 3rd Road Changhua County, 50741, Taiwan Tel: 886-4-7911133 Fax: 886-4-7911135 Email: kingswordmfg@gmail.com 12. C.H. Robinson Worldwide Trade Payable $2,178,350 15701 Charlson Rd Eden Prairie, MN 55347-5076 Phone: 952-937-8500; 612-817-9753 Email: chrobinson@padillaco.com 13. Vossen Manufacture Co. Ltd Trade Payable $1,664,546 7/526 Moo. 6 T. Mapyangporn A. Rayong Province, 21140, Thailand Phone: 86-137-3898-2165 Email: huangliyan2165@jinfei.cn 14. Ningbo Lianda Winch Co Trade Payable $1,525,748 Yushan Village Dongqiao Town, Haishu, 315156, China Phone: 88151208 Email: cui@ldnb.com; kai@ldnd.com; emily@ldnd.com 15. Adobe Inc. Trade Payable $1,308,619 345 Park Ave San Jose, CA 95110 Tel: 408-536-6000 Fax: 408-537-6000 16. Toyo Tire USA Corp Trade Payable $1,284,441 5665 Plaza Drive, Suite 300 Cypress, CA 90630 Tel: 714-236-2080 Fax: 714-229-6183 Email: shearers@toyotires.com 17. Zhejiang Dicastal Trade Payable $1,222,868 Hongxin Technolog No. 75 Dejian Rd, Food Industrial Park, Huangyan District Taizhou City, Zhejiang Province, 318020, China Phone: 0576-84161818 Email: xiaomiao@hxtwheel.com 18. Gourmet Equipment Trade Payable $1,127,079 (Taiwan) Corporation 6F, No. 6 Lane 39, Zhongstan N Rd, Sec. 2 Taipei City, Taipei, 104010, Taiwan Email: michael@gecformosa.com.tw 19. Mickey Thompson Trade Payable $1,098,244 4651 Prosper Drive Stow, OH 44224 Tel: 330-928-9092 Fax: 330-928-0503 Email: dsneddon@mickeythompsontires.com 20. FedEx Trade Payable $865,718 3875 Airways Memphis, TN 38116 Phone: 800-463-3339 Email: ftn_us@fedex.com 21. 31 Incorporated Trade Payable $782,328 PO Box 278 Newcomerstown, OH 43832 Phone: 740-498-8324 Email: lkelley@31inc.com 22. Keystone Automotive Trade Payable $701,481 Operations 44 Tunkhannock Ave Exeter, PA 18643-1221 Phone: 800-521-9999 Email: kaocustomercare@key-stone.com 23. Winbo Dongjian Trade Payable $687,937 Automotive Technology B333 Lecong Avenue W. Foshan, 528315, China Phone: 075-7280-82888 Email: lisa@dongjiancorp.com 24. Zhejiang Yueling Co. Ltd. Trade Payable $654,455 No.888 Zeguo Road Zeguo Wenling, China Tel: 86-576-86448228 Fax: 86-576-86402683 Email: wheels@yueling.com.cn 25. Coplus Inc. Trade Payable $647,094 No. 50, Keji 2nd Rd., Annan Dist Tainan City, 709031, Taiwan P: 886-6-384-0179 Email: jack.lin@coplus.com.tw 26. Sumitomo Rubber North Trade Payable $522,853 America 8656 Haven Ave Rancho Cucamonga, CA 91730-9103 Phone: 800-723-2553 Email: hocampo@srnatire.com 27. T-Max (HANGZHOU) Trade Payable $516,140 Technology Ltd. No. 5, Road 5, Dongzhou Industrial Area Fuyang City, 311401, China Tel: 860571-87191166; 860571- 87191022 Phone: 0571-87191088 Email: tmax@tmaxtools.com 28. R&L Carriers, Inc. Trade Payable $475,301 600 Gillam Rd Wilmington, OH 45177 Phone: 937-382-1494 29. Ningbo Wheelman Trade Payable $470,644 Auto Parts Co Ltd. Room 1905 Haoru Bldg 468# Ningbo, 315100, China Email: david@wheelman-auto.com 30. Zhejiang Jinfei Kaida Trade Payable $443,786 Wheel Co No. 888 Zeguo Rd, Zeguo Town Wenling City, Zheijiang, China Fax: 576-86402683 Email: huangliyan2165@jinfei.cn WHEEL PROS: Hoonigan Files Chapter 11 With Deal to Cut $1.2B Debt ----------------------------------------------------------------- Wheel Pros, LLC (d/b/a Hoonigan) and certain of its North American-based affiliates, a leading provider of aftermarket vehicle enhancements, commenced an in-court financial restructuring process to position it to drive long-term growth. The Company has entered into a Restructuring Support Agreement with a majority of its debtholders through which it expects to eliminate approximately $1.2 billion of the Company's debt and secure up to approximately $570 million of new capital, substantially improving the Company's balance sheet and financial position. "With a significantly strengthened balance sheet and new capital, this transaction will position us to invest in innovation and further drive financial performance. With the strong support of our financial partners, we remain laser-focused on providing cutting-edge products and best-in-class service to our partners throughout this process." "T[he] announcement marks an important step forward for Hoonigan that will enable us to advance our industry leading position in the growing automotive aftermarket sector," said Vance Johnston, CEO of Hoonigan. "With a significantly strengthened balance sheet and new capital, this transaction will position us to invest in innovation and further drive financial performance. With the strong support of our financial partners, we remain laser-focused on providing cutting-edge products and best-in-class service to our partners throughout this process." In order to implement the RSA, Hoonigan has filed voluntary petitions for Chapter 11 relief in the U.S. Bankruptcy Court for the District of Delaware. As contemplated under the RSA, the Company expects to emerge under the majority ownership of a group of its current lenders, who recognize the potential of the automotive aftermarket industry and are confident in Hoonigan's ability to continue to operate at its forefront. The RSA contemplates a swift in-court restructuring, with emergence from Chapter 11 anticipated within two months. Importantly, the RSA provides for a consensual, prepackaged restructuring proceeding, including a motion seeking to approve $110 million term loan debtor-in-possession facility and a $175 million ABL DIP facility. The Company anticipates that this will allow the business to continue operating in the ordinary course during the restructuring without impacting trade creditors, customers, employees, vendors, or suppliers and will allow the Company to honor its commitments to strategic partners. Further, the Company's operations outside of North America are not part of the Court-supervised restructuring process. Additional information regarding the Chapter 11 process is available at https://cases.stretto.com/WheelPros. Stakeholders with questions can contact the Company's claims agent, Stretto, by calling (855) 371-7511 (U.S. toll free) or +1 (714) 716-1978 (International) or emailing TeamWheelPros@stretto.com. About Hoonigan Hoonigan -- http://www.hoonigan.com/-- serves the automotive enthusiast industry with entertaining content and a wide selection of vehicle enhancements from its portfolio of lifestyle brands, including Fuel Off-Road, American Racing, KMC, Morimoto, TeraFlex, Rotiform, and Black Rhino. Utilizing its expanding global network of distribution centers spanning North America, Australia, and Europe, Hoonigan serves over 30,000 retailers. It has a growing e-commerce presence to provide enthusiast consumers with access to a variety of aftermarket enhancements including wheels, suspension, lighting, and accessories. Wheel Pros, LLC (d/b/a Hoonigan) and certain of its North American-based affiliates, including Hoonigan Industries, LLC, sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 24-11939) on Sept. 8, 2024. Kirkland & Ellis LLP and Pachulski Stang Ziehl & Jones LLP are serving as legal counsel, Houlihan Lokey, Inc. is serving as investment banker, Alvarez & Marsal is serving as financial advisor, and C Street Advisory Group is serving as strategic communications advisor to the Company. Stretto is the claims agent. WHEEL PROS: Hoonigan Proposes Debt-for-Equity Plan -------------------------------------------------- Wheel Pros, LLC, doing business as Hoonigan, sought Chapter 11 protection with a prepackaged plan that will return 100 cents on the dollar to unsecured creditors and grant most of the equity of the reorganized company to its first lien lenders. Confirmation of the Plan will enable Hoonigan to eliminate approximately $1.2 billion of funded debt obligations and emerge from chapter 11 in a better position than ever to remain a global leader in the automotive aftermarket space. Founded in 1994 as "Wheel Pros", the Company, now known as Hoonigan, serves automotive enthusiasts worldwide, selling wheels, tires, and related accessories -- as well as automotive products in the suspension, off-roading, and lighting spaces. Hoonigan's products reach millions of customers through a trusted network of thousands of dealers, distributors, retail stores, e-commerce platforms, and digital content. Hoonigan employs over 1,750 employees worldwide. Road to Chapter 11 CEO Vance Johnston explained in court filings that over the past few years, Hoonigan has experienced a series of unprecedented headwinds and challenges. The COVID-19 pandemic led to sharp increases in product demand, largely due to increased outdoor leisure time and governmental stimulus support provided to customers. Indeed, heightened demand, coupled with a series of acquisitions in the automotive space, resulted in the Company's revenue almost doubling between 2019 and 2022. During this period, the Company also acquired companies that expanded its sales channels outside of the scope of its historic core business and distribution model, including retail locations and e-commerce platforms, with the intention of keeping up with consumer purchasing preferences and expanding the availability of Hoonigan's products. However, macroeconomic issues, including a rapid and dramatic rise in interest rates, persistent inflation, burdensome supply chain disruptions, a decline in customer demand well below the historical trendline, and unsustainable debt service obligations all placed significant pressure on the Company's revenue and cost structure. These factors, together with the inherent challenges of integrating the new products, brands, and operations of acquired companies resulted in significant liquidity challenges for Hoonigan in 2023. The Company initially sought to improve its liquidity through balance sheet initiatives. In September 2023, after arm's-length negotiations, the Company entered into a financing transaction with 99.7% of its existing secured term lenders, which provided a $235 million new money FILO credit facility and a $1.4 billion discounted debt exchange, allowing the Company to capture $140 million of discount on its funded debt obligations. The FILO Transaction extended the Company's liquidity runway, providing some breathing room for the Company to address legacy SG&A and operational challenges directly. While the additional liquidity supported the Company's balance sheet, the Company continued to miss near term projections, requiring the Company to consider broader initiatives. To spearhead these initiatives, the Company brought in new executive leadership and commenced aggressive, tailored efforts to: (a) reduce costs and stabilize the Company; (b) improve internal policies and processes, including those related to accounting and finance; (c) transition to a product-based operating model with business divisions focused on product categories (e.g., Lighting); (d) divest non-core and underperforming assets; and (e) direct resources to drive growth in the business in certain, key areas of the enterprise. The Company's cost-cutting measures produced an annualized run-rate EBITDA improvement of $39 million in FY 2023, and the Company is continuing to invest in improving operations throughout the enterprise. Despite the material improvements to the Company, led by management’s swift turnaround efforts, the Company's operational challenges and market headwinds necessitated consideration of additional strategic alternatives. Thus, in Q2 2024, the Company again commenced discussions with its lenders and its equity sponsor, Clearlake Capital Group, L.P. -- together with certain affiliates, the "Sponsor" -- regarding additional solutions to address its substantial debt service obligations and significant liquidity constraints. At the time negotiations commenced, certain holders of Hoonigan's funded debt formed a crossover ad hoc group consisting of the Company's FILO Lenders, NewCo First Lien Lenders, and NewCo Noteholders. Strategic Value Partners, LLC and certain of its managed funds -- the largest holder of the Debtors' NewCo First Lien Loans and NewCo Notes -- also actively engaged in those discussions. Initial discussions centered around a potential incremental financing transaction to inject additional liquidity into the business; however, in late July 2024, the parties determined that a comprehensive solution was in the best interests of the Company and pivoted to discussions around an equitization transaction. Plan Deal Thereafter, following several weeks of intense, arm's-length negotiations, the Debtors and their advisors successfully bridged negotiations among the Ad Hoc Group, the ABL Lenders, and SVP to reach an agreement on a consensual restructuring. On September 8, 2024, the Debtors, the Ad Hoc Group, SVP, and the Sponsor executed the restructuring support agreement pursuant to which the Debtors will effectuate a recapitalization transaction through "prepackaged" Chapter 11 cases. The RSA enjoys the support of the holders of 74% of the obligations under the FILO Loans, 99% of the obligations under the First Lien Loans, 100% of the obligations under the NewCo Notes, and 7% of the obligations under the Legacy Notes. The key terms of the RSA include: * the Debtors' entry into debtor-in-possession financing facilities to provide funding throughout the duration of these chapter 11 cases in the form of (a) $175 million via continued access to the Debtors' ABL Facility subject to a "creeping" roll-up of outstanding ABL Loans into DIP ABL Loans, (b) a $110 million new money senior secured superpriority term loan facility, and (c) access to the prepetition secured lenders' cash collateral; * each Holder of an ABL Claim and FILO Claim will receive payment in full; * each Holder of an Allowed First Lien Claim will receive (a) its pro rata share of 85% of the New Equity Interests, subject to dilution on account of the MIP Shares; and (b) the right to fund its pro rata share of the Exit Term Loan Facility in accordance with the terms of the Plan; * each Holder of an Allowed Junior Funded Debt Claim will receive its pro rata share of $500,000 in cash, i.e., the Junior Funded Debt Consideration; * repayment in full or reinstatement of all General Unsecured Claims; * the cancellation of Existing Equity Interests; and * funding for plan distributions in the form of an exit term loan facility in the amount of $570 million, which is backstopped by certain Consenting NewCo First Lien Lenders in exchange for the remaining 15% of the New Equity Interests, subject to dilution on account of the management incentive plan. The Plan is structured to support Hoonigan's ongoing commitment to its customers, business partners, and stakeholders while strengthening the business as a going-concern. With the support of their lenders and other key stakeholders the Debtors seek authority to move through the chapter 11 process efficiently. The Debtors commenced solicitation prior to the Petition Date and seek to proceed through these chapter 11 cases on an approximately 40-day timeline, subject to Court approval, to minimize disruption to the business and accrual of administrative expenses. The Debtors will also use the time in chapter 11 to (a) continue their prepetition efforts to seek commitments for an exit ABL facility to further bolster the Company's go-forward liquidity, and (b) consummate sales of certain non-core assets to generate additional liquidity to fund plan distributions and the go-forward business, including the Debtors’ 4WP business unit and certain assets related to Poison Spyder Customs, Inc. About Hoonigan Hoonigan -- http://www.hoonigan.com/-- serves the automotive enthusiast industry with entertaining content and a wide selection of vehicle enhancements from its portfolio of lifestyle brands, including Fuel Off-Road, American Racing, KMC, Morimoto, TeraFlex, Rotiform, and Black Rhino. Utilizing its expanding global network of distribution centers spanning North America, Australia, and Europe, Hoonigan serves over 30,000 retailers. It has a growing e-commerce presence to provide enthusiast consumers with access to a variety of aftermarket enhancements including wheels, suspension, lighting, and accessories. Wheel Pros, LLC (d/b/a Hoonigan) and certain of its North American-based affiliates, including Hoonigan Industries, LLC, sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 24-11939) on Sept. 8, 2024. Kirkland & Ellis LLP and Pachulski Stang Ziehl & Jones LLP are serving as legal counsel, Houlihan Lokey, Inc. is serving as investment banker, Alvarez & Marsal is serving as financial advisor, and C Street Advisory Group is serving as strategic communications advisor to the Company. Stretto is the claims agent. WHITTIER SEAFOOD: U.S. Trustee Appoints Creditors' Committee ------------------------------------------------------------ Gregory Garvin, Acting U.S. Trustee for Region 18, appointed an official committee to represent unsecured creditors in the Chapter 11 case of Whittier Seafood, LLC. The committee members are: 1. Thomas E. Turner 6409 Hyatt Anchorage, AK 99507 (907) 862-7078 Pallet.Tom@icloud.com 2. Amanda Guffey Seattle Tacoma Box Company 23400 71st Place S. Kent, WA 98032 (253) 854-9700 Amandag@seattlebox.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Whittier Seafood Whittier Seafood, LLC owns and operates a fish processing plant in Whittier, Alaska. Whittier Seafood filed Chapter 11 petition (Bankr. D. Alaska Case No. 24-00139) on Aug. 19, 2024, with $10 million to $50 million in both assets and liabilities. Judge Gary Spraker oversees the case. Thomas A. Buford, Esq., at Bush Kornfeld, LLP is the Debtor's legal counsel. WW INTERNATIONAL: WeightWatchers Creditors Tap Houlihan as Adviser ------------------------------------------------------------------ Reshmi Basu of Bloomberg News reports that WeightWatchers creditors select Houlihan as its financial adviser. A group of creditors of WW International Inc. selected Houlihan Lokey as an adviser should the company want to engage in debt talks, according to people familiar with the situation, who asked not to identified discussing a private matter. The group is working with law firm Gibson Dunn & Crutcher, Bloomberg previously reported. The messages left with WW International and Gibson Dunn were not immediately returned, while a representative with Houlihan declined to comment. About WW International WW International Inc., formerly weight watchers international Inc., is a global company headquartered in the US that offers weight loss. [*] A&G Real Estate Conducts Chapter 7 Sale of Maryland Properties ------------------------------------------------------------------ A&G Real Estate Partners is now accepting purchase offers for a 3.44-acre development site with 19 commercial and residential land lots, as well as linked condo units in two professional buildings, all in suburban Maryland. The New York-based firm is conducting the Chapter 7 bankruptcy sale on behalf of court-appointed, Maryland-based trustees Roger Schlossberg and Merrill Cohen. The three available assets are: -- A 3.44-acre development site, located in suburban Laurel on U.S. Route 1 (Baltimore Ave.), boasting 19 commercial and residential land lots. -- Two linked medical office units in a professional building in Laurel, also on U.S. Route 1, (Baltimore Ave.). -- Two linked units in a professional condo building in Greenbelt, part of a thriving tech hub near the Capital Beltway. "The land parcels in Laurel provide ample space for potential development projects, allowing for versatility in design and construction," said Emilio Amendola, Co-President of A&G Real Estate Partners and head of the firm's real estate sales division. "Laurel and Greenbelt are highly desirable locales, with major potential, making these professional condo units attractive assets for developers, investors and tenants." The 3.44-acre development site is comprised of sixteen commercial and three residential parcels in Laurel located just off Route 1 in the Oakcrest subdivision along Walnut Avenue, Maple Ridge Drive and Maple Street. They are close to major transportation routes like Interstate 95 as well as multiple public transit options. Several of the lots are adjacent to one another. The two medical office condo units in Laurel are connected and boast ample parking as well as proximity to parks, hotels and attractions. One unit encompasses 3,172 square feet, the other 6,342 square feet. "This area in Laurel is known for its hospitals, clinics and medical offices, making it an ideal location for medical professionals looking to start or expand a business or practice," noted Mike Matlat, a Senior Managing Director in A&G's real estate sales division. The two linked office condo units on Belle Point Drive in Greenbelt are 860 and 880 square feet, respectively. "These second-floor units, which are in a townhouse-type property that houses four such units in total, are ideal for an array of office users," Amendola said. "They're close to major roadways like I-495, I-95 and Route 193 and so they provide easy access to customers in Washington D.C. as well as dense markets in Maryland and Virginia." Packed with tech and research companies, fast-growing Greenbelt also is home to numerous legal offices, in part because it is just minutes from the federal courthouse on Cherrywood Lane. "These assets represent a very strong opportunity for real estate tenants and investors," Amendola said. For further information on the assets, visit https://agrep.com/real-estate-for-sale or contact Emilio Amendola, (631) 465-9507, emilio@agrep.com, or Mike Matlat, (631) 465-9508, mike@agrep.com. [*] Ana Alfonso Joins O'Melveny's Restructuring Practice Group -------------------------------------------------------------- O'Melveny announced that leading restructuring lawyer Ana Alfonso has joined the firm's New York office as a partner in the Restructuring Practice Group, bolstering the team's East Coast capabilities and expanding its roster of top-tier nationwide restructuring practitioners. Regularly recognized by The Legal 500 US and IFLR1000, Alfonso brings nearly three decades of experience to O'Melveny. While she has represented major parties in myriad high-profile matters across the US, she is best known for her creditor-side work and her representation of some of the market's leading agent banks, lender groups, and structured product investors in complex debt restructurings, insolvency proceedings, risk mitigation, and enforcement strategies. Her work spans major industries that align with O'Melveny's strengths and strategic priorities, including financial services, energy, and insurance. Ms. Alfonso is an active and respected leader in the bankruptcy bar—both in New York and nationally. She serves on the board of directors of the New York City Bar Association, and she previously served as chair of the City Bar's Bankruptcy and Corporate Reorganization Committee. Ms. Alfonso comes to O'Melveny from the New York office of Willkie Farr & Gallagher, where she was a partner in the firm's Business Reorganization & Restructuring Department. With her arrival, 19 lateral partners have now joined the firm in the past year, including 10 corporate partners. "It's a pleasure to welcome Ana to O'Melveny and to our award-winning Restructuring Team," said O'Melveny chair Bradley J. Butwin. "Our clients will immediately benefit from her deep experience, practical approach to complex issues, and practice successes—particularly in the financial services, energy, and insurance sectors. And Ana's creditor-side restructuring skills integrate perfectly with our firm's relationships with major commercial banks, distressed funds, and private equity clients. We're delighted to welcome her aboard." "The chance to move my practice to O'Melveny and join the firm's world class Restructuring Team is an opportunity I could not pass up," said Ms. Alfonso. "The firm's platform is a perfect fit for what I do, and the Restructuring Team is loaded with talented, accomplished people of the highest integrity. The collaborative culture across the firm, which is an enduring hallmark of O'Melveny's reputation, is authentic and palpable. I have no doubt that our clients will benefit from our combined strength and our shared dedication to delivering the best outcomes." Ms. Alfonso earned her J.D. from New York University School of Law and her B.S. from Vanderbilt University. About O'Melveny With more than 800 lawyers on three continents, O'Melveny -- http://www.omm.com-- is an international law firm. [*] Commercial Litigation Attorney Phillip Wang Joins Strategy Law ------------------------------------------------------------------- Strategy Law, LLP is pleased to announce that Attorney Phillip Wang has joined the firm. Phillip Wang practices in the areas of commercial litigation, real estate, and bankruptcy and creditors' rights. Phil's commercial litigation practice focuses on representing companies in disputes including commercial contracts, real estate, intellectual property, and other related matters. He also represents commercial developers, owners, landlords, tenants, lenders and borrowers in all aspects of disputes and litigation. Phil has extensive experience in multiple jurisdictions with foreclosures and workouts related to troubled loans, distressed assets, the appointment of receivers, and other pre-judgment remedies. Prior to joining Strategy Law, Phil spent over 9 years as a Partner at Rimon P.C. in San Francisco, as well as other prestigious law firms, including Duane Morris and Gordon & Rees. Phil received his undergraduate degree from Princeton University and JD from Golden Gate University. Managing Partner, Tamara Pow, said: "Phil, Jack Easterbrook, Kevin Martin and I worked together many years ago as young associates and we are now delighted to welcome Phil to Strategy Law. His extensive experience in bankruptcy, commercial and real estate litigation are a perfect fit with our firm's existing capabilities. His friendly, outgoing personality, intelligence and dedication to the community are the right fit for our clients and our team." About Strategy Law, LLP Strategy Law, LLP is a business and real estate law firm located in downtown San Jose with clients throughout the Bay Area, the State of California and internationally. The firm focuses on Business and Entity Formations, Business Transactions and Litigation, Corporations, Employment, Limited Liability Companies, Limited Partnerships, Mergers and Acquisitions, Problem Loans and Insolvency, Real Estate Transactions and Litigation, Technology Transfer and E-Commerce, and Bankruptcy and Creditors' Rights. Strategy Law, LLP has attorneys throughout California, with offices in San Jose and Danville. For more information about Strategy Law, LLP, please go to www.strategylaw.com. [*] U.S. Commercial Bankruptcy Filings Rise 8% in August 2024 ------------------------------------------------------------- Overall commercial bankruptcy filings increased 8 percent in August 2024 to 2,562 from 2,358 in August 2023, according to data provided by Epiq AACER, the leading provider of U.S. bankruptcy filing data. August 2024 commercial Chapter 11 filings decreased 3 percent to 616 from the 635 filings in August 2023. The number of distressed small businesses electing to file for Subchapter V of Chapter 11 of the U.S. Bankruptcy Code increased 5 percent to 185 last month from 176 registered in August 2023. The 45,131 total U.S. bankruptcy filings in August 2024 increased 8 percent from the August 2023 total of 41,642. Individual bankruptcy filings also registered an 8 percent increase, to 42,569 in August 2024 from the August 2023 individual total of 39,284. The number of consumers filing for Chapter 7 increased 11 percent to 25,432 in August 2024 from the 22,888 who filed for Chapter 7 last August, while Chapter 13 filings increased 4 percent to 17,056 in August 2024 from the 16,338 Chapter 13 filings in August 2023. "August new filing volumes remained relatively flat month-over-month to end the summer while year-over-year volumes continue to show a steady increase," said Michael Hunter, vice president of Epiq AACER. "As delinquency rates increase in many domains, debt levels continue to grow, high interest rates remain intact with relatively flat household income, we expect continued increases in new filing volumes this fall and into the winter of 2024." August's total bankruptcy filings represented a 2 percent increase from July's total of 44,439. Total individual filings for August represented a 1 percent increase from the July 2024 individual filing total of 42,083. Commercial filings registered a 9 percent increase from the July 2024 commercial filing total of 2,356, and commercial Chapter 11 filings grew 21 percent over the 511 filings in July 2024. Consumer Chapter 13 filings increased 5 percent over the 16,303 filings last month, while Chapter 7 filings decreased 1 percent from the 25,716 Chapter 7s filed in July 2024. "As debt loads continue to steadily climb, access to the financial lifeline of bankruptcy is imperative for consumers and businesses," said ABI Executive Director Amy Quackenboss. "ABI remains committed to research focused on improving the availability of a financial fresh start for struggling families and businesses." ABI recently launched a portal for practitioners and experts to provide their experiences on the real-world impact of small businesses electing to file for Subchapter V. The site, available at https://abi.org/subvstories, allows professionals to share videos and written accounts about their experiences with distressed small businesses or creditors who have used or benefited from the Subchapter. Subchapter V originally went into effect on February 19, 2020, to provide a more streamlined path for distressed small businesses to restructure their debts. Although it launched with a debt eligibility limit of $2,725,625, Congress increased the Subchapter V debt eligibility limit to $7.5 million through the CARES Act in March 2020. Congress subsequently extended the higher debt eligibility limit twice, but despite legislative efforts to extend it further, the limit reset on June 21, 2024, to $3,024,725 due to a statutory sunset. The impact of the lower debt eligibility limit on Subchapter V filings has been substantial. Between January 1 and June 21, 2024, there were 1,153 Subchapter V cases filed -- an increase of 66.2 percent from the same period in 2023. Since then, 391 Subchapter V cases have been filed, an increase of only 4.5 percent from last year. Epiq AACER is a division of Epiq and is the leading provider of data, technology, and services for companies operating in the business of bankruptcy. Its Bankruptcy Analytics subscription service provides on-demand access to the industry's most dynamic bankruptcy data, updated daily. Learn more at https://bankruptcy.epiqglobal.com. About Epiq Epiq, a global technology-enabled services leader to the legal industry and corporations, takes on large-scale, increasingly complex tasks for corporate counsel, law firms, and business professionals with efficiency, clarity, and confidence. Clients rely on Epiq to streamline the administration of business operations, class action and mass tort, court reporting, eDiscovery, regulatory, compliance, restructuring, and bankruptcy matters. Epiq subject-matter experts and technologies create efficiency through expertise and deliver confidence to high-performing clients around the world. Learn more at https://www.epiqglobal.com. About ABI ABI is the largest multi-disciplinary, nonpartisan organization dedicated to research and education on matters related to insolvency. ABI was founded in 1982 to provide Congress and the public with unbiased analysis of bankruptcy issues. The ABI membership includes nearly 10,000 attorneys, accountants, bankers, judges, professors, lenders, turnaround specialists and other bankruptcy professionals, providing a forum for the exchange of ideas and information. For additional information on ABI, visit www.abi.org. For additional conference information, visit http://www.abi.org/calendar-of-events. [^] Large Companies with Insolvent Balance Sheet ------------------------------------------------ Total Share- Total Total Holders' Working Assets Equity Capital Company Ticker ($MM) ($MM) ($MM) ------- ------ ------ -------- ------- 99 ACQUISITION G NNAGU US 78.5 (2.9) (0.9) AGENUS INC AGEN US 292.4 (220.8) (170.7) ALCHEMY INVESTME ALCYU US 124.6 (5.8) (0.7) ALCHEMY INVESTME ALCY US 124.6 (5.8) (0.7) ALNYLAM PHARMACE ALNY US 4,009.6 (3.1) 2,117.6 ALPHAVEST ACQUIS ATMVU US 52.2 (0.9) (0.9) ALTRIA GROUP INC MO US 34,387.0 (2,966.0) (4,242.0) AMC ENTERTAINMEN AMC US 8,594.7 (1,696.6) (575.7) AMERICAN AIRLINE AAL US 64,125.0 (4,746.0) (9,815.0) AMNEAL PHARM INC AMRX US 3,509.9 (4.1) 371.1 ANNOVIS BIO ANVS US 5.0 (1.8) 1.0 APPIAN CORP-A APPN US 554.6 (45.7) 70.3 AQUESTIVE THERAP AQST US 117.6 (35.5) 90.1 AULT DISRUPTIVE ADRT/U U 0.8 (5.3) (2.6) AUTOZONE INC AZO US 17,108.4 (4,838.2) (1,903.1) AVEANNA HEALTHCA AVAH US 1,664.5 (119.0) (25.1) AVIS BUDGET GROU CAR US 33,882.0 (482.0) (406.0) BATH & BODY WORK BBWI US 4,948.0 (1,718.0) 169.0 BAUSCH HEALTH CO BHC US 26,495.0 (227.0) 842.0 BAUSCH HEALTH CO BHC CN 26,495.0 (227.0) 842.0 BELLRING BRANDS BRBR US 804.1 (243.2) 346.3 BEYOND MEAT INC BYND US 711.2 (590.0) 233.7 BIOCRYST PHARM BCRX US 472.4 (475.6) 258.9 BIOTE CORP-A BTMD US 92.9 (141.7) 15.5 BOEING CO/THE BA US 142,720.0 (17,982.0) 17,809.0 BOMBARDIER INC-A BBD/A CN 12,603.0 (2,144.0) 283.0 BOMBARDIER INC-A BDRAF US 12,603.0 (2,144.0) 283.0 BOMBARDIER INC-B BBD/B CN 12,603.0 (2,144.0) 283.0 BOMBARDIER INC-B BDRBF US 12,603.0 (2,144.0) 283.0 BOOKING HOLDINGS BKNG US 28,541.0 (4,276.0) 3,087.0 BOWLERO CORP - A BOWL US 3,114.0 (49.9) (68.8) BRIDGEBIO PHARMA BBIO US 794.4 (1,082.1) 481.9 BRIDGEMARQ REAL BRE CN 194.8 (54.9) (75.6) BRIGHTSPHERE INV BSIG US 533.1 (18.8) - CALUMET INC CLMT US 2,670.9 (320.8) (424.5) CANTOR PA CEP US 0.0 (0.3) (0.4) CARDINAL HEALTH CAH US 45,121.0 (3,212.0) (756.0) CARTESIAN THERAP RNAC US 347.7 (101.5) 98.7 CHENIERE ENERGY CQP US 17,515.0 (756.0) (658.0) CHOICE HOTELS CHH US 2,518.9 (146.8) (3.9) CINEPLEX INC CGX CN 2,247.5 (14.1) (277.7) CINEPLEX INC CPXGF US 2,247.5 (14.1) (277.7) CLIPPER REALTY I CLPR US 1,274.6 (4.7) - COMMSCOPE HOLDIN COMM US 8,821.0 (2,124.5) 93.7 COMMUNITY HEALTH CYH US 14,411.0 (879.0) 1,027.0 COMPOSECURE IN-A CMPO US 213.4 (209.1) 87.5 CONSENSUS CLOUD CCSI US 608.5 (124.4) 3.5 CONTANGO ORE INC CTGO US 66.2 (34.0) (23.7) COOPER-STANDARD CPS US 1,767.0 (160.9) 218.9 CORE SCIENTIFIC CORZ US 761.5 (1,083.9) 43.0 CPI CARD GROUP I PMTS US 321.4 (44.6) 110.8 CROSSAMERICA PAR CAPL US 1,164.7 (8.2) (39.8) DELEK LOGISTICS DKL US 1,623.3 (51.3) 26.5 DELL TECHN-C DELL US 82,687.0 (2,797.0) (14,490.0) DENNY'S CORP DENN US 459.9 (53.2) (60.9) DIGITALOCEAN HOL DOCN US 1,536.8 (253.8) 323.6 DINE BRANDS GLOB DIN US 1,693.5 (231.7) (74.6) DOMINO'S PIZZA DPZ US 1,856.0 (3,891.1) 478.3 DOMO INC- CL B DOMO US 197.8 (166.4) (95.8) DROPBOX INC-A DBX US 2,718.5 (371.3) 47.4 ELUTIA INC ELUT US 41.9 (64.3) (9.5) EMBECTA CORP EMBC US 1,267.5 (763.7) 410.4 ETSY INC ETSY US 2,448.1 (635.0) 794.5 EXCO RESOURCES EXCE US 1,032.7 (1,026.5) (421.2) FAIR ISAAC CORP FICO US 1,708.8 (829.3) 293.9 FENNEC PHARMACEU FRX CN 63.2 (1.4) 54.4 FENNEC PHARMACEU FENC US 63.2 (1.4) 54.4 FERRELLGAS PAR-B FGPRB US 1,487.7 (262.7) 148.3 FERRELLGAS-LP FGPR US 1,487.7 (262.7) 148.3 FOGHORN THERAPEU FHTX US 328.6 (14.3) 238.8 GCM GROSVENOR-A GCMG US 543.9 (93.7) 125.0 GOAL ACQUISITION PUCKU US 4.0 (10.4) (12.7) GOOSEHEAD INSU-A GSHD US 338.2 (19.7) 6.3 GRINDR INC GRND US 435.0 (41.7) 8.1 GUARDANT HEALTH GH US 1,609.3 (1.6) 1,088.4 HAWAIIAN HOLDING HA US 4,242.8 (105.5) 155.0 HERBALIFE LTD HLF US 2,602.2 (1,037.2) 237.6 HILTON WORLDWIDE HLT US 15,737.0 (3,078.0) (1,537.0) HP INC HPQ US 38,059.0 (1,392.0) (7,728.0) HUMACYTE INC HUMA US 138.3 (28.3) 78.4 IMMUNITYBIO INC IBRX US 444.3 (697.4) 180.7 INSEEGO CORP INSG US 149.6 (101.8) (146.0) INSPIRED ENTERTA INSE US 326.6 (77.4) 47.8 INTUITIVE MACHIN LUNR US 140.1 (10.4) (1.9) IRONWOOD PHARMAC IRWD US 395.6 (321.7) 132.7 JACK IN THE BOX JACK US 2,745.2 (845.8) (249.2) LAUNCH ONE ACQUI LPAAU US 0.2 (0.0) (0.3) LAUNCH ONE ACQUI LPAA US 0.2 (0.0) (0.3) LIFEMD INC LFMD US 63.8 (2.1) (6.6) LINDBLAD EXPEDIT LIND US 858.3 (155.5) (99.0) LOWE'S COS INC LOW US 44,934.0 (13,763.0) 4,091.0 MADISON SQUARE G MSGS US 1,346.3 (266.3) (305.0) MADISON SQUARE G MSGE US 1,552.7 (23.2) (286.7) MANNKIND CORP MNKD US 443.8 (225.8) 245.9 MARBLEGATE ACQ-A GATE US 7.0 (15.8) (0.4) MARBLEGATE ACQUI GATEU US 7.0 (15.8) (0.4) MARRIOTT INTL-A MAR US 25,740.0 (2,091.0) (4,783.0) MARTIN MIDSTREAM MMLP US 535.1 (57.9) 26.3 MATCH GROUP INC MTCH US 4,368.9 (130.1) 773.6 MBIA INC MBI US 2,304.0 (1,985.0) - MCDONALDS CORP MCD US 53,801.0 (4,824.0) 295.0 MCKESSON CORP MCK US 71,670.0 (1,381.0) (4,182.0) MEDIAALPHA INC-A MAX US 198.2 (78.0) 11.5 METTLER-TOLEDO MTD US 3,249.2 (152.8) (102.9) MSCI INC MSCI US 5,456.8 (734.5) (61.4) NATHANS FAMOUS NATH US 58.5 (25.5) 30.8 NEW ENG RLTY-LP NEN US 383.7 (67.0) - NOVAGOLD RES NG CN 121.6 (27.5) 110.1 NOVAGOLD RES NG US 121.6 (27.5) 110.1 NOVAVAX INC NVAX US 1,818.6 (431.7) 45.6 NUTANIX INC - A NTNX US 2,143.9 (728.1) 237.0 O'REILLY AUTOMOT ORLY US 14,393.2 (1,583.4) (2,443.7) OMEROS CORP OMER US 356.3 (124.6) 143.5 OTIS WORLDWI OTIS US 9,858.0 (4,882.0) (1,657.0) OUTLOOK THERAPEU OTLK US 47.1 (83.7) 3.1 PAPA JOHN'S INTL PZZA US 838.4 (445.2) (49.5) PELOTON INTERA-A PTON US 2,185.2 (519.1) 580.8 PHATHOM PHARMACE PHAT US 319.4 (233.8) 257.8 PHILIP MORRIS IN PM US 65,782.0 (7,942.0) (1,388.0) PITNEY BOWES INC PBI US 4,078.4 (427.9) (72.4) PLANET FITNESS-A PLNT US 2,974.0 (319.8) 221.7 PRIORITY TECHNOL PRTHU US 1,673.4 (64.6) 23.6 PRIORITY TECHNOL PRTH US 1,673.4 (64.6) 23.6 PROS HOLDINGS IN PRO US 384.9 (83.0) 36.2 PTC THERAPEUTICS PTCT US 1,916.4 (963.7) 748.1 RAPID7 INC RPD US 1,526.6 (52.9) 95.8 RE/MAX HOLDINGS RMAX US 571.4 (69.2) 45.1 REDFIN CORP RDFN US 1,181.5 (12.8) 171.0 REVANCE THERAPEU RVNC US 494.8 (129.7) 256.5 RH RH US 4,186.5 (289.9) 179.5 RIGEL PHARMACEUT RIGL US 128.4 (29.9) 36.1 RINGCENTRAL IN-A RNG US 1,831.8 (328.8) 66.5 RMG ACQUISITION RMGUF US 7.0 (11.0) (7.5) RUBRIK INC-A RBRK US 1,166.4 (514.6) 114.9 SBA COMM CORP SBAC US 9,786.2 (5,275.9) (1,999.6) SCOTTS MIRACLE SMG US 3,489.3 (146.2) 684.0 SEAGATE TECHNOLO STX US 7,739.0 (1,491.0) 233.0 SEMTECH CORP SMTC US 1,368.0 (141.4) 317.1 SHOULDERUP TEC-A SUAC US 9.6 (17.4) (4.6) SHOULDERUP TECHN SUACU US 9.6 (17.4) (4.6) SIM ACQUISITI-A SIMA US 0.2 (0.0) - SIM ACQUISITION SIMAU US 0.2 (0.0) - SIX FLAGS ENTERT FUN US 2,347.8 (682.1) (268.5) SLEEP NUMBER COR SNBR US 883.6 (447.0) (723.2) SPECTRAL CAPITAL FCCN US 0.1 (0.3) (0.3) SPIRIT AEROSYS-A SPR US 6,858.6 (1,513.5) 870.9 SQUARESPACE IN-A SQSP US 1,000.9 (242.9) (140.4) STARBUCKS CORP SBUX US 30,111.8 (7,937.4) (841.6) STARDUST POWER I SDST US 1.9 (22.3) (11.4) SYMBOTIC INC SYM US 1,558.4 379.3 323.2 TORRID HOLDINGS CURV US 487.5 (188.9) (28.4) TOWNSQUARE MED-A TSQ US 579.6 (64.1) 26.4 TPI COMPOSITES I TPIC US 715.4 (274.3) 0.7 TRANSDIGM GROUP TDG US 21,828.0 (2,510.0) 5,210.0 TRAVEL + LEISURE TNL US 6,693.0 (884.0) 675.0 TRINSEO PLC TSE US 2,847.8 (413.8) 431.8 TRISALUS LIFE SC TLSI US 32.4 (24.1) 15.9 TRIUMPH GROUP TGI US 1,492.8 (119.6) 446.6 TUCOWS INC-A TC CN 758.2 (33.1) (15.2) TUCOWS INC-A TCX US 758.2 (33.1) (15.2) UNISYS CORP UIS US 1,867.8 (160.6) 315.7 UNITED PARKS & R PRKS US 2,756.9 (364.9) (92.7) UNITI GROUP INC UNIT US 5,119.2 (2,492.4) - VECTOR GROUP LTD VGR US 1,094.0 (713.3) 401.4 VERISIGN INC VRSN US 1,505.1 (1,816.4) (430.1) WAYFAIR INC- A W US 3,436.0 (2,760.0) (385.0) WINGSTOP INC WING US 451.8 (437.5) 78.3 WINMARK CORP WINA US 44.7 (42.2) 21.5 WORKIVA INC WK US 1,242.7 (77.7) 426.2 WPF HOLDINGS INC WPFH US 0.0 (0.3) (0.3) WYNN RESORTS LTD WYNN US 13,289.8 (902.0) 771.5 XPONENTIAL FIT-A XPOF US 475.2 (100.8) (6.1) YELLOW CORP YELLQ US 2,147.6 (447.8) (1,098.0) YUM! BRANDS INC YUM US 6,395.0 (7,630.0) 499.0 ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2024. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $975 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***