/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/241001.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, October 1, 2024, Vol. 28, No. 274 Headlines 175 NASSAU: Gets OK to Tap Silber Investment as Real Estate Broker 255 NORTH: Seeks to Hire Richard P. Cook PLLC as Legal Counsel 506 ROUTE 17: Extends Use of Cash Collateral to Oct. 24 ADVANCED URGENT: Taps Allen Mooney & Barnes as Investment Banker ADVENTURE COAST: Seeks Court's Nod to Use $100,000 Cash Collateral ALLEN KNECHT: Wins Court Approval to Use Cash Collateral ALLSTATE REALTY : Sec. 341(a) Meeting of Creditors on Oct. 22 ALTITUDE GROUP: Court OKs Use of Cash Collateral AMAZING POOLS: Hires Orsini Law Group LLC as Attorney AMERICORE HOLDINGS: Office, Aviation Property Sold for $25.2Mil. ARQ LLC: Seeks to Hire Clifton Larson Allen as Accountant ART OLDCO: Seeks to Hire Marashlian & Donahue as Special Counsel AV CONTRACTORS: Hires Latham Luna Eden & Beaudine as Counsel AVON PRODUCTS: Judge Pauses Deal With Parent Firm BERENSON ACQUISITION: Intends to Dissolve and Liquidate BRAD'S RAW CHIPS: Seeks Chapter 11 Bankruptcy Protection BUCA DI BEPPO: Closes Several Locations in Utah and California BUILD BAYTOWN: Hires Lapin & Landa LLP as Special Counsel BURGERFI INTL: Closes Jacksonville Location Abruptly in Chapter 11 CAGLE CONSTRUCTION: Armistead Long Named Subchapter V Trustee CARROTHERS INSPECTION: Seeks Court Approval to Use Cash Collateral CD&R VIALTO: S&P Downgrades ICR to 'CCC-', Outlook Negative CENTER FOR ALLERGIC: Taps Hooper as Real Estate Broker CHERNY PROPERTIES: Realty Unsecureds Will Get 10% of Claims CINNAMINSON MECHANICAL: Seeks Court Approval to Use Cash Collateral CONN'S INC: Closes Alamance Warehouse as Part of Chapter 11 CONNEMARA HOLDINGS: Hires Province LLC as Financial Advisor CONNEMARA HOLDINGS: Taps Sommer Appraisal Services as Appraiser CWI CHEROKEE: Exits Bankruptcy With Full Creditor Recovery DELTA APPAREL: Sells Salt Life for $35.94MM, Soffe for $15.3MM DIOCESE OF ROCKVILLE: Reaches $323M Plan Deal With Abuse Survivors DR. ERNIE F SOTO: Taps Morgan & Morgan as Litigation Counsel EBURY STREET: Seeks 120-Day Extension of Plan Filing Deadline ECO ROOF: Seeks Court Approval to Use Cash Collateral EYM PIZZA LP: Intends to Sell All 127 Stores as Part of Chapter 11 FAIR STATE BREWING: Exits Chapter 11 Bankruptcy Protection FIRST STATES: Hires Gellert Seitz Busenkell & Brown LLC as Counsel FIRSTBASE.IO INC: Hits Chapter 11 Bankruptcy Protection FIVEMILETOWN HOLDINGS: Hires CR3 Partners as Financial Advisor FIVEMILETOWN HOLDINGS: Hires Stretto as Administrative Advisor FIVEMILETOWN HOLDINGS: Seeks to Hire Paul Hastings as Counsel FIVEMILETOWN HOLDINGS: Taps Young Conaway as Bankruptcy Co-Counsel FTX TRADING: Reaches Chapter 11 Plan Deal w/ MDL Counsel G-MAC CONSTRUCTION: Gets Final Approval to Use Cash Collateral GAUCHO GROUP: Expands U.S. Distribution Network With Giannone Wine GHOST TRAIN BREWING: Hits Chapter 7 Bankruptcy GLASS MANAGEMENT: Seeks Court Approval to Use Cash Collateral GLOBAL TECHNOLOGIES: Swings to $812K Net Income in FY Ended June 30 GNC HOLDINGS: Hires A&G Real to Help with Rent Negotiations GOLDEN STAR: Incurs $47.6K Net Loss in FY Ended June 30 GOODY'S FLEET: Seeks to Hire Buddy D. Ford P.A as Legal Counsel GREELEY FLATS: Updates Priority Claims Pay Details GREEN ENERGY: Case Summary & 10 Unsecured Creditors HAILYN INVESTMENTS: Armistead Long Named Subchapter V Trustee HAWKEYE ENTERTAINMENT: Seeks to Extend Plan Exclusivity HEALTHLYNKED CORP: Issues $900K in Convertible Notes and Warrant HERITAGE COLLEGIATE: Court Modifies Cash Collateral Order HERITAGE HOTELS: Aransas Bay Lighthouse Inn Up for Bankruptcy Sale HIGH WIRE: Edward Vasko Appointed as New COO HOME BUILDING: Hires Maltz Auctions as Real Estate Broker HYPERION UTS: Gets Interim OK to Use Cash Collateral ICAP ENTERPRISES: Files Amended Plan; Confirmation Hearing Oct. 16 INDEPENDENCE REALTY: C. Jerome Teel Named Subchapter V Trustee INFOW LLC: Trustee Gets Go Signal to Start IP Platform Auction INK! COFFEE: Hires Smith Brooks Bolshoun & Co as Accountant INSEEGO CORP: All Proposals Approved at Annual Meeting INTRUSION INC: Inks $2 Million Contract With Department of Defense INW MANUFACTURING: S&P Raises ICR to 'CCC+' on Improved Liquidity IR4C INC: Seeks to Hire Bleakley Bavol Denman as Attorney JJJ CONTRACTING: Glen Watson Named Subchapter V Trustee JON-JAY EQUITIES: Taps Baumeister Denz as General Legal Counsel JP NAIL: Seeks to Tap Arthur Lander C.P.A. P.C. as Accountant KULR TECHNOLOGY: Secures $2.4M Expanded US Army Battery Contract L & L CONSTRUCTION: Unsecureds to Split $12K via Quarterly Payments LEVEL UP AUTO SALES: Hits Chapter 11 Bankruptcy Protection LUMEN TECHNOLOGIES: Commences Exchange Offers for Unsecured Notes MACLEOD ALE: Seeks to Hire Dinsmore & Shohl as Bankruptcy Counsel MAGIPORT GROUP: Seeks to Hire Yankwitt Law as Bankruptcy Counsel MAUDE'S ALABAMA: Hires George E. Jacobs as Legal Counsel METRO MATTRESS: U.S. Trustee Appoints Creditors' Committee MEXICAN MANUFACTURERS: Gets Interim OK to Use Cash Collateral MICHAEL'S INC: Asks Court Okay to Sell Mentor Hotel & Event Center MIMS AND SON: Seeks to Hire Bryan K. Mickler as Attorney NAJAR TRUCKING: Unsecureds Will Get 10.44% of Claims in Plan NANTAHALA FOREST: Has Court Permission to Use Cash Collateral NATHALIE BEAUTY: Charles Persing Named Subchapter V Trustee NOVALENT MIDDLECO: Bankr. Administrator Unable to Appoint Committee NUVO GROUP: Seeks to Hire Intrepid as Investment Banker OAK PARK LEASING: Starts Subchapter V Bankruptcy Proceeding OCEAN POWER: Alumni Capital Holds 9.48% Equity Stake ODYSSEY ACADEMY: S&P Affirms 'BB' Rating on School Revenue Bonds PARK VIEW: U.S. Trustee Unable to Appoint Committee PLOW UNDERGROUND: Gary Murphey Named Subchapter V Trustee RADIATE HOLDCO: S&P Downgrades ICR to 'CCC', Outlook Negative RED RIVER: Trustee Says J&J is 'Forum-Shopping' in 3rd Chapter 11 RESHAPE LIFESCIENCES: Implements 1-for-58 Reverse Stock Split RJ HAWK TRANSPORT: Case Summary & One Unsecured Creditor RLK GROUP: Seeks to Hire Baker & Associates as Bankruptcy Counsel RYLEE & COMPANY: Hires Griffith Jay & Michel LLP as Counsel SARC IL: Receives Court's Approval to Use Cash Collateral SARC US: Wins Court Approval to Use Cash Collateral SCILEX HOLDING: Court Extends Share Lock-Up Period to January 2025 SHINY BUD: Completes NOI Process Amid Financial Struggles SIGNATURE MECHANICAL: Gets Approval to Further Use Cash Collateral SIGNATURE MECHANICAL: Hires JL Littler CPA PLLC as Accountant SILVERGATE CAPITAL: Fails to Stop Election, Board Meeting SILVERSHORE CYPRESS: Hires Northgate Real Estate Group as Broker SKILLZ INC: Seth Schorr Quits From Board SONOMA CELLAR: Seeks Court Approval to Use Cash Collateral SSM INDUSTRIES: Hits Chapter 11 Bankruptcy Protection STEWARD HEALTH: Gets Court Okay to Sell Wadley to Christus Health SURFER'S PARADISE: Property Sale Proceeds to Fund Plan THREE STAR: Trustee Taps Joseph M. Banker CPA as Accountant THRIVE MERGER: S&P Downgrades ICR to 'CCC+', Outlook Negative TJ BEAR: U.S. Trustee Unable to Appoint Committee TOHI LLC: Seeks to Hire Smith Kane Holman LLC as Counsel TOSCA SERVICES: S&P Ups ICR to 'CCC+' Following Term Loan Exchange TOWER HEALTH: S&P Lowers Debt Rating to 'D' on Distressed Exchange TRAN URGENT: Hires Neeleman Law Group as Legal Counsel TUPPERWARE BRANDS: Gets 2 Weeks to Pay Bills, Workers Amid Spat TUPPERWARE BRANDS: Gets Okay to Use Cash Despite Lender Disputes TURKEY LEG: Closes Alameda Road Location Citing Several Violations TURKEY LEG: Court Denies Trustee's Bid to Convert Case to Ch. 7 ULTRACUTS OF AMERICA: Hires Buddy D. Ford P.A as Legal Counsel UPHEALTH HOLDINGS: Gets Majority of $115M Award in Glocal Row UROGEN PHARMA: Secures $25M Third Tranche of Senior Loan US FOODS: S&P Rates New $500MM Senior Unsecured Notes 'BB' VIVAKOR INC: Closes $120 Million Acquisition of Endeavor Entities VYAIRE MEDICAL: Seeks to Extend Plan Exclusivity to January 6, 2025 W.R. GRACE ASBESTOS: Wants to End 2001 Asbestos Bankruptcy Case WHAIRHOUSE LIMITED: Plan Exclusivity Period Extended to November 22 WINDTREE THERAPEUTICS: All Proposals Approved at Annual Meeting WISCONSIN & MILWAUKEE: Seeks to Tap ICAP Development as Accountant WOODLAND PLACE: $2.16M Sale to P&M Realco to Fund Plan Payments ZACHRY HOLDINGS: Seeks to Extend Plan Exclusivity to Dec. 17 [] Famous Pizza Chains That Filed for Chapter 11 Bankruptcy [^] Large Companies with Insolvent Balance Sheet ********* 175 NASSAU: Gets OK to Tap Silber Investment as Real Estate Broker ------------------------------------------------------------------ 175 Nassau Road Holding Inc. received approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Silber Investment Properties, Ltd. as real estate broker. The firm will market and sell the Debtor's property located at 163-175 Nassau Rd., Roosevelt, New York 11575. Silber will receive a commission in the amount equal to 4 percent of the gross selling price of the property. Silber is a "disinterested person" within the meaning of Bankruptcy Code Secs. 101(14) and 327, according to court filings. The firm can be reached through: Adam Silber Silber Investment Properties, Ltd. 125 Newtown Road, Suite 300 Plainview, NY 11803 Phone: (516) 864-8000 Email: asilber@silberproperties.com About 175 Nassau Road Holding Inc. 175 Nassau Road Holding Inc. is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). 175 Nassau Road Holding sought relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-72765) on July 15, 2024. In the petition filed by Latasha Smith, as president, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Honorable Bankruptcy Judge Robert E. Grossman oversees the case. The Debtor is represented by Adam P. Wofse, Esq. at LAMONICA HERBST & MANISCALCO, LLP. 255 NORTH: Seeks to Hire Richard P. Cook PLLC as Legal Counsel -------------------------------------------------------------- 255 North Front Street Condos, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Richard P. Cook, PLLC, as attorney. The firm will represent and assist Debtor in carrying out its duties under the provisions of Chapter 11 of the Bankruptcy Code. The firm will be paid at these rates: Richard P. Cook $375 per hour Paralegals $100 per hour Adrian Holdings, LLC (an entity owned by Thomas Monaghan) paid $10,000 to Richard P. Cook, PLLC prior to the filing of this Chapter 11 case. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Richard P. Cook, Esq., a partner at Richard P. Cook, PLLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Richard P. Cook, Esq. Richard P. Cook, PLLC 7036 Wrightsville Ave, Suite 101 Wilmington, NC 28403 Telephone: (910) 399-3458 Email: Richard@CapeFearDebtRelief.com About 255 North Front Street Condos, Inc. 255 North Front Street Condos, Inc. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.C. Case No. 24-03153) on September 12, 2024, listing up to $50,000 in assets and $500,001 to $1 million in liabilities. Richard Preston Cook, Esq. at Richard P. Cook, PLLC represents the Debtor as counsel. 506 ROUTE 17: Extends Use of Cash Collateral to Oct. 24 ------------------------------------------------------- 506 Route 17 Ramsey, LLC obtained a court order extending its use of cash collateral to Oct. 24. The order penned by Judge Vincent Papalia of the U.S. Bankruptcy Court for the District of New Jersey directed the company to make a scheduled monthly payment of $30,000 to Stabilis Lending, LLC by Oct. 2 on account of its claim. Judge Papalia emphasized that all terms and conditions outlined in the first interim order will continue to apply and that the extension does not waive any of Stabilis' rights or objections in the bankruptcy case. Stabilis, a creditor with an interest in the cash collateral, previously raised an objection to its further use. The hearing on the objection has been adjourned to Oct. 24. About 506 Route 17 Ramsey 506 Route 17 Ramsey, LLC operates a car wash and auto lubrication facility located at 506 Route 17 in Ramsey, N.J. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 24-15167) on May 21, 2024. In the petition signed by Thomas J. Caleca, sole member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Vincent F. Papalia oversees the case. Dougas J. McGill, Esq., at Webber McGill, LLC, is the Debtor's legal counsel. ADVANCED URGENT: Taps Allen Mooney & Barnes as Investment Banker ---------------------------------------------------------------- Advanced Urgent Care, LLC and The Pegton Building LLC seek approval from the U.S. Bankruptcy Court for the District of Colorado to hire Allen Mooney & Barnes Brokerage Services, LLC as investment banker. The firm will render these services: a. assist Debtor in reviewing and analyzing Debtor's results of operations, financial condition and business plan; b. assist Debtor in reviewing and analyzing a potential Transaction; c. provide to Debtor valuation services and testimony in connection with potential sales and this chapter 11 case; d. assist Debtor in negotiating a Transaction; e. advise Debtor on the terms of securities it offers in any potential Transaction; f. prepare, with Debtor's assistance, Debtor's marketing materials for a potential Transaction (the "Marketing Materials"); g. identify and contact, with Debtor's assistance, potential acquirers or purchasers that AMB and Debtor agree are appropriate, and meet with and provide them with the Marketing Materials and such additional information about Debtor's assets, properties or businesses that is acceptable to Debtor, subject to customary business confidentiality agreements; and h. provide such other investment banking services in connection with a Transaction as AMB and Debtor may mutually agree upon. The firm will be compensated as follows: a. The Sale Transaction Fee shall be equal to a specific fee percentage applied to the Purchase Price, such percentage depending on the applicable Purchase Price: percent Fee Purchase Price 5.50 percent Up to $35,000,000 5.50 percent Greater than $35,000,000 and up to $40,000,000 6 percent Greater than $40,000,000 There shall be no Minimum Sale Transaction Fee. The Sales Transaction Fee shall not be reduced by the Retainer Payments. b. Alternative Transaction Fees: 5.0 percent times the Purchase of any payment or series of payments received by the Company in exchange for the Company's equity securities in connection with an Alternative Transaction. c. Buyside Transaction Fees: If requested, to be determined in good faith by the Company and AMB in writing prior to the commencement of buyside transaction services based on a mutually agreed fair value for the services to be provided. d. Break-up Fees: 30 percent of all break-up fees received by the Company, subject to a maximum equal to the Sale Transaction Fees payable in respect of a Sale Transaction. e. Debt Financing Fees: If requested, to be determined in good faith by the Company and AMB in writing prior to the commencement of such debt capital raise services based on a mutually agreed fair value for the services to be provided. f. Retainer Fees: $5,000 per month and shall increase to $6,000 per month upon the receipt of a letter of intent from a Purchaser. AMB will waive the $76,897.17 in retainer fees incurred by the Company prior to the Petition Date. Mikel L. Parker, managing director of Allen Mooney & Barnes, assured the court that his firm is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14) of the Bankruptcy Code and does not hold or represent an interest materially adverse to the Debtor or its estate. The firm can be reached through: Mikel L. Parker Allen Mooney & Barnes Brokerage Services, LLC 135 S. Madison Street Thomasville, GA 31792 Phone: (843) 501-2183 Email: mikel.parker@ambadvisors.com About Advanced Urgent Care LLC Advanced Urgent Care LLC is a locally owned and operated urgent care services provider. It also offers on-site laboratory services, x-ray services, and physical exams. Advanced Urgent Care LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 24-14536) on August 7, 2024. In the petition filed by Anthony G. Euser, as managing member, the Debtor reports total liabilities of $7,261,749. The Debtor is represented by David J. Warner, Esq. at WADSWORTH GARBER WARNER CONRARDY, P.C. ADVENTURE COAST: Seeks Court's Nod to Use $100,000 Cash Collateral ------------------------------------------------------------------ Adventure Coast, LLC asks the U.S. Bankruptcy Court for the Northern District of Georgia for authorization to use approximately $100,000 in cash collateral to continue operations while addressing its financial challenges stemming from a significant downturn in the film and television industry. The Debtor, specializing in trailer manufacturing and rentals, experienced a successful year in 2022. However, in 2023, the industry faced severe disruptions due to prolonged strikes involving SAG/AFTRA and DGA, leading to a 40% decline in production nationwide. This downturn severely impacted Adventure Coast's cash flow, making it difficult to meet its financial obligations, including monthly payments on loans exceeding $10,000. The Debtor has outstanding loans from various creditors, including Channel Capital Partners, with an equipment loan and a working capital loan totaling approximately $4,366.67, and Northwest Georgia Factoring Group, with around $100,000 outstanding. Additionally, the Debtor has an EIDL loan with the U.S. Small Business Administration, carrying a principal balance of approximately $15,000. This financial strain has necessitated the filing for Chapter 11 bankruptcy on September 23, 2024. The Debtor further asserts that revenue from its ongoing business operations qualifies as cash collateral under the Bankruptcy Code. By using these funds, Adventure Coast aims to cover essential operational and administrative expenses as outlined in the proposed budget, which is critical for stabilizing its financial position and restructuring its debts. The Debtor is committed to restructuring its operations and addressing its financial challenges while protecting the interests of all stakeholders involved. About Adventure Coast Adventure Coast, LLC is a trailer manufacturing and rental company serving clients across United States, with a focused presence in the Southeastern region of the country, primarily serving the film and television industry. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 24-60023). Marcus Cooley, chief executive officer,, signed the petition. Benjamin R. Keck. Esq., at Keck Legal, LLC, represents the Debtor as legal counsel. ALLEN KNECHT: Wins Court Approval to Use Cash Collateral -------------------------------------------------------- The U.S. Bankruptcy Court for the District of Oregon granted Allen Knecht DC PC authorization to use cash collateral to access essential funds from the U.S. Small Business Administration and junior secured creditors during the bankruptcy process. The Court finds that adequate protection for the SBA is established through measures including maintaining insurance, making monthly payments of $1,500 starting September 26, 2024, and granting a replacement lien on post-petition collateral. In case of emergencies, the Debtor may utilize up to $5,000 of Cash Collateral without prior consent, while seeking approval for any amount exceeding that limit. Junior creditors are granted replacement liens on their collateral, preserving their existing rights and protections without enhancing their secured positions. The Debtor's authority to use cash collateral pursuant to the terms of this Order shall terminate upon the earliest to occur of the following: a default under the terms of this Order, the conversion of this case to a case under Chapter 7, the appointment of a trustee other than under Subchapter V of this Title, the dismissal of this case. About Allen Knecht DC PC Allen Knecht DC PC, doing business as Namaste Integrated Medicine, Namaste Chriopractic, and Namaste Integrative Chiropractic Medicine, offers a wide variety of services including, chiropractic, doctor supervised weight loss, functional medicine, massage therapy, mind body medicine, nutraceuticals, personal injury and concussion rehabilitation, and red light body contouring. Allen Knecht DC PC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Or. Case No. 24-32254) on August 14, 2024. In the petition filed by Dr. Allen Knecht, as president, the Debtor reports total assets of $252,598 and total liabilities of $1,090,398 The Honorable Bankruptcy Judge David W. Hercher handles the case. The Debtor is represented by: Theodore J. Piteo, Esq. MICHAEL D. O'BRIEN & ASSOCIATES, P.C. 12909 SW 68th Parkway, Suite 160 Portland, OR 97223 Tel: (503) 786-3800 Fax: (503) 272-7796 Email: enc@pdxlegal.com ALLSTATE REALTY : Sec. 341(a) Meeting of Creditors on Oct. 22 ------------------------------------------------------------- Allstate Realty Group Inc. filed Chapter 11 protection in the Central District of California. According to court documents, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under 11 U.S.C. Section 341(a) is slated for October 22, 2024 at 9:30 a.m. at UST-SVND2 TELEPHONIC MEETING. CONFERENCE LINE:1-866-820-9498, PARTICIPANT CODE:6468388. About Allstate Realty Group Inc. Allstate Realty Group Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 24-11555) on Sept. 17, 2024. In the petition filed by Joseph Kashki, as CEO, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by: Onyinye N Anyama, Esq. ANYAMA LAW FIRM, APC 18000 Studebaker Rd., Suite 325 Cerritos, CA 90703 Tel: (562) 645-4500 Fax: (562) 645-4494 Email: info@anyamalaw.com ALTITUDE GROUP: Court OKs Use of Cash Collateral ------------------------------------------------ The Altitude Group, LLC got the green light from the U.S. Bankruptcy Court for the Southern District of Florida to use its secured creditors' cash collateral for operating expenses. The secured creditors include Newtek, the U.S. Small Business Administration, Funding Circle, and Headway Capital, LLC. These creditors have a perfected security interest and liens on Altitude Group's accounts, accounts receivable and contracts, which constitute the company's cash collateral. As protection, Altitude Group will grant secured creditors a perfected post-petition lien against cash collateral that retains the same validity and priority as their pre-bankruptcy liens. Moreover, the company will maintain adequate insurance coverage for its property in compliance with the loan and security agreements with the secured creditors, according to the order penned by Judge Erik Kimball. In the event of a default on the terms of the order, Newtek must notify Altitude Group and allow five days to cure the default. If unresolved, Newtek can request a hearing to prohibit cash collateral use but Altitude Group may continue to use the funds until a decision is made. About The Altitude Group The Altitude Group LLC, doing business as Core Home Security, sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-17893) on August 1, 2024. In the petition filed by Ryan Neill, manager, the Debtor disclosed between $1 million and $10 million in both assets and liabilities. Judge Erik P. Kimball oversees the case. The Debtor tapped Tate M. Russack, Esq., at RLC, PA Lawyers & Consultants as bankruptcy counsel and Ken Kirschenbaum, Esq., at Kirschenbaum & Kirschenbaum PC as special counsel. AMAZING POOLS: Hires Orsini Law Group LLC as Attorney ----------------------------------------------------- Amazing Pools and Services, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Orsini Law Group, LLC as attorney. The firm will provide these services: a. give advice to the debtor with respect to its powers and duties as a debtor in possession and the continued management of its business operations; b. advise the debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; c. prepare motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the administration of the case; d. protect the interest of the debtor in all matters pending before the court; e. represent the debtor in negotiation with its creditors in the preparation of a plan. The firm will be paid based upon its normal and usual hourly billing rates. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Scott T. Orsini, a partner at Orsini Law Group, LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Scott T. Orsini, Esq. Orsini Law Group, LLC 6160 Central Avenue, Suite 300 St. Petersburg, FL 33707 Tel: (727) 323-9633 Fax: (727) 362-1690 E-Mail: sorsini@attorneysusa.com About Amazing Pools and Services Amazing Pools and Services, Inc., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case 24-04136) on July 19, 2024, with up to $50,000 in assets and up to $500,000 in liabilities. Judge Roberta A. Colton presides over the case. Scott T. Orsini, Esq., at Orsini Law Group, LLC represents the Debtor as bankruptcy counsel. AMERICORE HOLDINGS: Office, Aviation Property Sold for $25.2Mil. ---------------------------------------------------------------- Brian Bandell of South Florida Business Journal reports that a vacant office and aviation property near Fort Lauderdale Executive Airport sold via U.S. Bankruptcy Court for $25.2 million. A court-ordered bankruptcy sale was conducted on behalf of Cypress Creek Florida LLC for the 20,150-square-foot office and 18,048-square-foot private hangar with a two-bedroom apartment at 1200 and 1400 N.W. 62nd St., with Avison Young's John Crotty, Michael T. Fay, David Duckworth, Brian C. de la Fé and Philip Shapiro brokering the sale. B. Riley Advisory Services was the liquidating trustee. FXE Gateway Complex was purchased by 1200 W. Cypress Creek Property LLC, managed by Jennifer Bet-David, Thomas Ellsworth and Carvajal Samuel in Oakland Park. Ellsworth is the host of the Biz Doc Podcast and an executive with PHP Agency and Valuetainment Investments Group. "The FXE Gateway Complex offers the best of both worlds: a state-of-the-art office with top-tier amenities such as a spacious private hangar and opulent residences, as well as the opportunity to develop an industrial building or an additional airplane hangar on the second lot," Crotty said. "The asset's direct access to Fort Lauderdale Executive Airport allows for easy access in and out of one of the region's busiest airports." The buildings were developed on the 10.7-acre site in 1993 and expanded in 2018. They last traded for $10 million in 2003. In 2022, a lender filed an $11.43 million foreclosure lawsuit against Cypress Creek Florida LLC. According to the lawsuit, the defendant was owned by Fort Lauderdale-based First Choice Laboratory. Americore Holdings, which is part of First Choice Laboratory, filed Chapter 11 in U.S. Bankruptcy Court in Kentucky in 2019, which resulted in the foreclosure being stayed years later. Then, Fort Lauderdale resident Daniel Hurt pleaded guilty in 2022 to federal charges of Medicare fraud brought by the U.S. attorney in Pittsburgh over his business at First Choice Laboratory. Hurt agreed to pay more than $97 million in restitution and forfeit more than $30 million in assets, including real estate in Florida. In May, Hurt and First Choice Laboratory reached another agreement to pay over $27 million to resolve allegations that his companies violated the False Claims Act with Medicare billings. Ultimately, a settlement was reached with the lender on the Cypress Creek property in the Americore Holdings bankruptcy case in August. Its first mortgage was recognized as having a secured value of $16.68 million. The lender agreed to dismiss the lawsuit upon the sale of the property. "Our decades-long track record of success working with the courts and receivers to handle intricate litigation and bankruptcy cases made us the top choice to sell this prime asset in a timely manner," Fay said. "We're continuing to see more of these special situation transactions and are well-equipped to identify and target an appropriate buyer." About Americore Holdings Americore Holdings, LLC and its affiliates, including Americore Health LLC, own and operate the Ellwood City Medical Center in Pennsylvania, Southeastern Kentucky Medical Center (formerly Pineville Community Hospital), Izard County Medical Center in Arkansas; and St. Alexius Hospital in St. Louis. Americore Holdings and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Ky. Lead Case No.19-61608) on Dec. 31, 2019. At the time of the filing, Americore Holdings reported as much as $50,000 in both assets and liabilities. Judge Gregory R. Schaaf oversees the cases. Bingham Greenebaum Doll, LLP and Rose Grasch Camenisch Mains, PLLC serve as the Debtors' bankruptcy counsel and special counsel, respectively. Saul Ewing Arnstein & Lehr, LLP represents Suzanne Koeing, the patient care ombudsman appointed in the cases. On October 2, 2023, the court confirmed the Debtors' joint Chapter 11 plan of liquidation. The plan became effective as of January 1, 2024. By virtue of the confirmation of the Debtors' confirmed plan, Carol Fox serves as the liquidating trustee of the Ellwood Liquidating Trust. ARQ LLC: Seeks to Hire Clifton Larson Allen as Accountant --------------------------------------------------------- ARQ, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Clifton Larson Allen, LLP, as accountants. The firm will prepare and file the Debtor's 2023 state and federal tax returns in a timely manner, and to provide such other accounting services as the parties deem appropriate. The firm will be paid at these rates: Said Garcia, Manager $300/hr. Jonathan Thorpe, Associate $170/hr. Said Garcia, manager at Clifton Larson Allen, LLC, assures the Court that he and his firm are "disinterested persons" within the meaning of 11 U.S.C. Sec. 101(14). The firm can be reached at: Said Garcia Clifton Larson Allen, LLP 2875 Michelle Drive, Suite 300 Irvine, CA 92606 Phone: (714) 795-5466 About ARQ LLC ARQ, LLC specializes in the engineering and installation of solutions to enhance wireless coverage and reliability in any location, from office buildings and conference halls to university campuses and sports venues, using technologies such as Distributed Antenna Systems (DAS), Small Cells, and Citizens Broadband Radio Service (CBRS). ARQ filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 24-11556) on June 20, 2024. In the petition signed by Kunal Hinduja, president, the Debtor disclosed $404,207 in assets and $5,093,247 in liabilities. Judge Scott C. Clarkson oversees the case. Andy C. Warshaw, Esq., at DiMarco Warshaw, APLC serves as the Debtor's counsel. ART OLDCO: Seeks to Hire Marashlian & Donahue as Special Counsel ---------------------------------------------------------------- ART Oldco, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Marashlian & Donahue, PLLC as special counsel. The firm will render these services: a. serve as regulatory and telecommunications counsel and advise the Debtor generally regarding matters pertaining to the USF and USAC including, without limitation, possible filings and payment of fees; b. assist with any filings that may be necessary in connection with the USAC or USF; and c. render such other advice and services as the Debtor requires in connection with the foregoing. The firm will bill $560 per hour for the services rendered by Allison D. Rule, Esq., a partner at Marashlian & Donahue. Michael P. Donahue, Esq., a partner at Marashlian & Donahue, assured the court that his firm is a "disinterested person" within the meaning on 11 U.S.C. 101(14). The firm can be reached through: Michael P. Donahue, Esq. Allison D. Rule, Esq. MARASHLIAN & DONAHUE, PLLC 1430 Spring Hill Rd., Suite 310 McLean, VA 22102 Phone: (703) 714-1300 About ART Oldco, Inc. ART Oldco, Inc. filed its voluntary petition for relief under Chapter of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-15483) on July 13, 2024, listing $1,000,001 to $10 million in both assets and liabilities. Judge Laurel M Isicoff presides over the case. Michael D. Seese, Esq. represents the Debtor as counsel. AV CONTRACTORS: Hires Latham Luna Eden & Beaudine as Counsel ------------------------------------------------------------ AV Contractors Services, LLC, seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Latham, Luna, Eden & Beaudine, LLP as counsel. The firm's services include: a. advising as to the Debtor's rights and duties in this case; b. preparing pleadings related to this case, including a disclosure statement and plan of reorganization; c. taking any and all other necessary action incident to the proper preservation and administration of this estate. The firm will be paid at these rates: Attorney $500 per hour Paraprofessional $105 per hour Daniel Velasquez $425 per hour The firm received an advance retainer in the amount of $26,738. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Daniel Velasquez, a partner at Latham, Luna, Eden & Beaudine, LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Daniel A Velasquez, Esq. Latham Luna Eden & Beaudine, LLP 201 S. Orange Ave., Suite 1400 Orlando, FL 32801 Tel: (407) 481-5800 Fax: (407) 481-5801 Email: dvelasquez@lathamluna.com About AV Contractors Services, LLC AV Contractors Services LLC in Longwood, FL, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. M.D. Fla. Case No. 24-04875) on Sept. 11, 2024, listing $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Daniel A. Bula as managing member, signed the petition. Judge Tiffany P Geyer oversees the case. LATHAM LUNA EDEN & BEAUDINE LLP serve as the Debtor's legal counsel. AVON PRODUCTS: Judge Pauses Deal With Parent Firm ------------------------------------------------- Rick Archer of Law360 Bankruptcy Authority reports that a Delaware bankruptcy judge told cosmetics giant Avon Products Inc. on Thursday, September 26, 2024, that it needs to give creditors more time to investigate its dealings with its Brazilian parent company before he can approve a proposed settlement of claims against the parent. About AIO US and Avon Products AIO US Inc., Avon Products Inc, and some of its affiliates are manufacturers and marketers of beauty, fashion, and home products with operations and customers across the globe. AIO US sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-11836) on Aug. 12, 2024. In the petition filed by Philip J. Gund as chief restructuring officer, AIO US disclosed $1 billion to $10 billion in assets and debt. Richards, Layton & Finger, P.A. and Weil, Gotshal & Manges LLP are counsel to the Debtors. Ankura Consulting Group LLC serves as restructuring advisor to the Debtors. Rothschild & Co US Inc is the Debtors' investment banker and financial advisor. Epiq Corporate Restructuring LLC acts as claims and noticing agent to the Debtors. BERENSON ACQUISITION: Intends to Dissolve and Liquidate ------------------------------------------------------- Berenson Acquisition Corp. I, a special purpose acquisition company, announced Sept. 25 that it will not complete its initial business combination by Sept. 30, 2024, and therefore, the Company will dissolve and liquidate. The liquidation of the Trust Account is expected to occur on Oct. 16, 2024. The last day that the Company's securities will trade on the NYSE American will be Sept. 27, 2024. Dissolution and Liquidation of the Company The Company's existing certificate of incorporation dated as of Sept. 27, 2021, as amended on March 28, 2023 by that certain First Amendment to the Amended and Restated Certificate of Incorporation, as further amended on Sept. 28, 2023 by that certain Second Amendment to the Amended and Restated Certificate of Incorporation requires the Company to complete its initial business combination by Sept. 30, 2024. The Company will not complete the initial business combination by Sept. 30, 2024; therefore, the Charter requires the Company to, and the Company will: (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter subject to lawfully available funds therefor, redeem 100% of the Offering Shares in consideration of a per-share price, payable in cash, equal to the quotient obtained by dividing (A) the aggregate amount then on deposit in the Trust Account, including interest (net of taxes payable, and less up to $100,000 of such net interest to pay dissolution expenses), by (B) the total number of then outstanding Offering Shares, which redemption will completely extinguish rights of the Public Stockholders (including the right to receive further liquidating distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining stockholders and the Board in accordance with applicable law, dissolve and liquidate, subject in each case to the Corporation's obligations under the DGCL to provide for claims of creditors and other requirements of applicable law. The per-share redemption price for the class A common stock of the Company is expected to be approximately $10.69. In accordance with the terms of the related trust agreement, the Company expects to retain $100,000 of the interest and dividend income from the Company's trust account to pay dissolution expenses. The Company expects that the balance of the Company's trust account, including any interest income to be earned on the trust account and the reduction for the dissolution expenses and tax payment, at liquidation will be approximately $11,389,831. The number of remaining public shares of the Company as of Aug. 31, 2024 was 1,065,468. The Redemption Amount will be payable to the holders of the Company's public shares upon presentation of their respective share or unit certificates or other delivery of their shares or units to the Company's transfer agent, Continental Stock Transfer & Trust Company. Beneficial owners of the Company's public shares held in "street name," however, will not need to take any action in order to receive the Redemption Amount. There will be no redemption rights or liquidating distributions with respect to the Company's warrants, which will expire worthless. After Sept. 30, 2024, the Company shall cease all operations except for those required to wind up its business. About Berenson Acquisition Corp. I BACA is a special purpose acquisition corporation focused on identifying a leading technology-enabled services or software company led by a passionate management team of subject matter experts. BACA is affiliated with Berenson Holdings LLC, a merchant bank founded in 1990 with two principal lines of business: investment banking and private equity investing. Berenson was co-founded by Jeffrey Berenson, the former head of M&A and founder and co-head of merchant banking at Merrill Lynch, and is a trusted financial advisor to executives, founders, boards, family offices, financial sponsors, pension funds and government-related entities seeking to drive transformational growth as well as other value creation and preservation initiatives. New York, New York-based Grant Thornton LLP, the Company's auditor since 2021, issued a "going concern" qualification in its report dated May 31, 2024, citing that the Company incurred a net loss of $20,814,064 during the year ended Dec. 31, 2023, and as of that date has a net working capital deficiency of $4,004,819. These conditions, along with other matters, raise substantial doubt about the Company's ability to continue as a going concern. BRAD'S RAW CHIPS: Seeks Chapter 11 Bankruptcy Protection -------------------------------------------------------- Michael-Paul Kidd of Bucksco.Today reports that Pipersville-based Brad's Raw Chips, which operates under Brad's Plant Based, filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Eastern District of Pennsylvania, writes Emma Dooling for the Philadelphia Business Journal. The plant-based snack maker already has one of its creditors lined up to buy the company. Snack Right Super Foods, a subsidiary of Mexico-based Deshitec, will acquire the Bucks County company's assets and assume its liabilities of around $2.63 million. Brad's has proposed to hold a public auction on November 10 to allow other potential buyers to place their bids, and to hold a sale hearing on November 21, 2024. The company has estimated assets worth between $500,001 and $1 million and estimated liabilities of between $1,000,001 and $10 million. Brad's also has between 100 and 199 estimated creditors. Brad's Plant Based, was founded by Brad Gruno in 2009. It sells air-dried, vegetable-based snacks such as kale chips, crackers made from cauliflower, and salad mixes. It originally operated out of a Pipersville facility but transitioned last year to outsourcing its operations to Deshitec, its prospective buyer. About Brad's Raw Chips Brad's Raw Chips is a provider of snack foods. Brad's Raw Chips sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 24-13412) on Sept. 23, 2024. In the petition filed by Arthur Pergament, as CEO, the Debtor estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. The Honorable Bankruptcy Judge Ashely M. Chan handles the case. The Debtor is represented by: Albert A. Cirdi III, Esq. CIARDI CIARDI & ASTIN 1905 Spruce Street Philadelphia PA 19103 Tel: 215-557-3550 BUCA DI BEPPO: Closes Several Locations in Utah and California -------------------------------------------------------------- Cat Country Utah reports that Buca di Beppo, a popular Italian restaurant chain known for its family-style dining and lively atmosphere, has quietly closed the doors to BOTH Utah locations. Once a staple for large gatherings and group celebrations, the Salt Lake City and Midvale spots are now permanently closed. These Utah closures are part of a larger wave of shutdowns for the chain, as Buca di Beppo has closed a several stores over the past 2 months. Utah isn't the ONLY state to experience closures with Buca di Beppo, however. Multiple other states are experiencing shutdowns as well, like Arizona, California, Colorado, Florida, Hawaii, Indiana, Maryland, Michigan, New Jersey, New York, North Carolina, Ohio, and Pennsylvania. FULL LIST OF CLOSURES ACROSS UNITED STATES: * Arizona - 7111 West Ray Road, Chandler, AZ * California - 1249 Howe Avenue, Sacramento, CA * Colorado - 615 Flatiron Marketplace Drive, Broomfield, CO * Florida - 351 South Orlando Avenue, Maitland, FL * Hawaii - 1030 Auahi Street, Honolulu, Hi * Indiana - 6045 East 86th Street, Indianapolis, IN * Maryland - 112 Kentlands Blvd, Gaithersburg, MD * Michigan (2) 38888 Six Mile Road, Livonia & 12575 Hall * Road, Utica * New Jersey - 44 Wolf Road, Atlantic City, NJ * New York - 1900 Pacific Avenue, Colonie, NY * North Carolina - 10915 Carolina Place Parkway, Pineville, NC * Ohio - 60 East Wilson Bridge, Worthington, OH * Pennsylvania (3) - 3 East Station Square Drive, Pittsburgh, 6600 Robinson Centre Drive, Pittsburgh, & 2745 Paper Mill Road, Wyomissing, * Utah (2) - 202 West 200 South, Salt Lake City & 935 East Fort Union Blvd, Midvale, UT Reasons for closures Buca di Beppo's closures follow the recent trend of popular chain restaurants struggling to stay afloat in a challenging economic climate. Earlier this year, Red Lobster also filed for Chapter 11 bankruptcy. Now, Buca di Beppo has followed suit, filing for bankruptcy protection and downsizing its operations. Both restaurant chains point to similar financial pressures. With inflation driving up costs for both consumers and businesses, many people are cutting back on dining out, choosing to save money where they can. These reduced consumer spending habits have significantly impacted the bottom lines of restaurants like Buca di Beppo. While economic challenges are a major factor, Buca di Beppo has also highlighted the long-lasting effects of the COVID-19 pandemic as a driving force behind the closures. In court filings, the company explained how the pandemic disrupted operations in ways they hadn't foreseen, drastically cutting customer demand and making it difficult to maintain profitability at certain locations. While Utah now has ZERO remaining locations, California still has 15. * Brea * Campbell * Carlsbad * Claremont * Encino * Garden Grove * Huntington Beach * Palo Alto * Pasadena * Redondo Beach * Roseville * San Diego * Santa Clarita * Thousand Oaks * Universal City 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 BUILD BAYTOWN: Hires Lapin & Landa LLP as Special Counsel --------------------------------------------------------- Build Baytown I, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Tennessee to hire Lapin & Landa, L.L.P. as special counsel. The firm will investigate and pursue any and all claims that the Debtor may have against the City of Baytown, Texas, and any and all responsible parties, their insurers, and any and all other persons, firms, corporations, and/or organizations responsible for damages Debtor has suffered arising out of the execution and aftermath of the Chapter 380 Program Agreement for Economic Development Initiatives and Lease entered into between the Debtor and the City of Baytown. Lapin & Landa will be reimbursed on a contingency fee of 40 percent and for the reimbursement of any and all expenses advanced in the course of the litigation. Lapin & Landa does not hold or represent any interest adverse to the Debtor or its estate, according to court filings. The firm can be reached through: Robert E. Lapin, Esq. Lapin & Landa, L.L.P. 500 Jefferson Street, Suite 2000 Houston, TX 77002 Tel: (713) 654-4400 Email: blapin@lapinlanda.com About Build Baytown I, LLC Build Baytown I, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tenn. Case No. 24-30748) on May 2, 2024, listing $10 million to $50 million in assets and $1 million to $10 million in liabilities. The petition was signed by David Hinkle as member. Thomas Lynn Tarpy, Esq. at Tarpy, Cox, Fleishman & Leveille, PLLC represents the Debtor as counsel. BURGERFI INTL: Closes Jacksonville Location Abruptly in Chapter 11 ------------------------------------------------------------------ Gary T. Mills of Jacksonville Florida Times-Union reports that a week after BurgerFi said all of its U.S. restaurants would remain open following its September 11, 2024 filing for Chapter 11 bankruptcy protection, the Fort Lauderdale-based chain has already closed at least two in Florida, including one in the Jacksonville area. Restaurants in Neptune Beach and Naples are no longer listed on BurgerFi's website or have active licenses with the state. Seven others are no longer listed on the company's website but still had active licenses on Friday. It wasn't immediately clear whether those locations had closed. Following the closure of its restaurant at 628-3 Atlantic Blvd. at the Seminole Shoppes in Neptune Beach, three other Jacksonville-area locations remain open: 108 Riverside Ave., No. 501, at Brooklyn Station and 4890 Big Island Drive at Markets at Town Center in Jacksonville; and 345 Beachwalk Shore Dr. which just opened at Beachwalk in Saint Johns. BurgerFi also has a location at Jacksonville International Airport. The closings, which also extend to a handful of BurgerFi-owned Anthony's Coal Fired Pizza & Wings locations, were first reported by the South Florida Business Journal. The Neptune Beach restaurant opened three years ago, taking over the former SmashBurger spot, at the Publix-anchored retail center that is also home to Hurricane Grill & Wings, Cousins Maine Lobster, KFC, Renna's Pizza and Tokyo Ramen & Sushi Burrito. The fast-casual, "better burger" concept is known for its 100% Angus Beef burgers, hand-cut fries and frozen custard. At the time of the bankruptcy filing, BurgerFi International said it operated 144 BurgerFi and Anthony Coal Fired Pizza locations. "BurgerFi and Anthony's Coal Fired Pizza & Wings are dynamic and beloved brands, and in the face of a drastic decline in post-pandemic consumer spending amidst sustained inflation and increasing food and labor costs, we need to stabilize the business in a structured process," said Jeremy Rosenthal, the chief restructuring officer of BurgerFi International, Inc., said in a statement, USA TODAY reported. "We are confident that this process will allow us to protect and grow our brands and to continue the operational turnaround started less than 12 months ago and secure additional capital." About BurgerFi Int'l BurgerFi International, Inc. (NASDAQ:BFI) is a multi-brand restaurant company that develops, markets, and acquires fast-casual and premium-casual dining restaurant concepts around the world, including corporate-owned stores and franchises. BurgerFi International, Inc. is the owner and franchisor of two brands with a combined 144 locations: (i) Anthony's, a premium pizza and wing brand with 51 restaurants (50 corporate-owned casual restaurant locations and one dual brand franchise location), as of Sept. 10, 2024, and (ii) BurgerFi, among the nation's fast-casual better burger concepts with 93 BurgerFi restaurants (76 franchised and 17 corporate-owned) as of Sept. 10, 2024. BurgerFi International, Inc. and 114 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code on Sept. 11, 2024 (Bankr. D. Del. Lead Case No. 24-12017). The cases are pending before the Honorable Judge Craig T Goldblatt. Raines Feldman Littrell LLP serves as the Debtors' counsel. Force Ten Partners' Jeremy Rosenthal serves as the Company's Chief Restructuring Officer. Sitrick And Company serves as strategic communications advisor to the Company. Stretto is the claims agent. CAGLE CONSTRUCTION: Armistead Long Named Subchapter V Trustee ------------------------------------------------------------- The Acting U.S. Trustee for Region 5 appointed Armistead Long as Subchapter V trustee for Cagle Construction, LLC. Mr. Long will be paid an hourly fee of $415 for his services as Subchapter V trustee and an hourly fee of $140 for his legal assistant. In addition, the Subchapter V trustee will receive reimbursement for work-related expenses incurred. Mr. Long declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Armistead M. Long 400 E. Kaliste Saloom Road Lafayette LA 70508 Email: along@gamb.com Phone: (337) 237-0132 About Cagle Construction Cagle Construction, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. La. Case No. 24-50769) on September 5, 2024, with $100,001 to $500,000 in both assets and liabilities. Judge John W. Kolwe presides over the case. Thomas E. St. Germain, Esq., at Weinstein & St. Germain, LLC represents the Debtor as legal counsel. CARROTHERS INSPECTION: Seeks Court Approval to Use Cash Collateral ------------------------------------------------------------------ Carrothers Inspection Services, LLC asks the U.S. Bankruptcy Court for the Southern District of Indiana for authority to utilize its cash collateral during the Chapter 11 bankruptcy proceedings. This access is critical for the Debtor to cover ongoing operational expenses, taxes, and other necessary costs, enabling the company to continue functioning while restructuring its debts and to grant adequate protection to pre-petition secured creditors by establishing replacement liens over the cash collateral, ensuring their interests are safeguarded throughout the bankruptcy process. The Debtor identifies Hendricks County Bank and Trust Company and Kapitus LLC as potential lien holders on its cash collateral, with HCB believed to hold a first lien position. All of the Debtor's cash, cash equivalents, receivables, cash on deposit, and inventory as of the Petition Date may constitute cash collateral as that term is defined in Section 363(a) of the Bankruptcy Code. The Debtor has performed a preliminary investigation and analysis of UCC filings, and based upon that investigation believes -- and without waiver of rights to challenge the validity, priority, and extent of the liens -- that the following parties collectively, the Cash Collateral Lenders may assert a lien on the Debtor's cash collateral: -- Hendricks County Bank and Trust Company "HCB"; and -- Kapitus LLC. (disputed) The Debtor includes a request for court authorization to utilize cash collateral according to weekly budgets, covering the period up to October 11, 2024, with modifications allowed upon court approval. About Carrothers Inspection Carrothers Inspection Services, LLC, operating as Pillar to Post Home Inspectors, is a home inspection company based in Brownsburg, Indiana, established in 2017. With two salaried employees and two commission-based staff, the company provides inspection services to homeowners and real estate professionals. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 24-05110-JMC-11). Jonathon Carrothers, member, signed the petition. David R. Krebs, Esq. at Hester Baker Krebs LLC serves as Debtor's legal counsel. CD&R VIALTO: S&P Downgrades ICR to 'CCC-', Outlook Negative ----------------------------------------------------------- S&P Global Ratings lowered all its ratings on lowered all its ratings on CD&R Vialto UK Intermediate 3 Ltd (Vialto), including the issuer credit rating to 'CCC-' from 'CCC+'. S&P said, "The negative outlook reflects the risk of a liquidity shortfall that could result in a payment default or a transaction that we view as tantamount to a default in the coming six months, including the issuer credit rating to 'CCC-' from 'CCC+'. "The negative outlook reflects the risk of a liquidity shortfall that could result in a payment default or a transaction that we view as tantamount to a default in the coming six months. Vialto's cash flow deficits will likely be amplified through fiscal 2025 (ending June 30, 2025), and it may struggle to service its debt obligations. Through the first three quarters of fiscal 2024, Vialto generated an unadjusted free operating cash flow (FOCF) deficit of about $168 million, reflecting a continuation of spinoff execution issues and an overly burdensome cost structure. S&P said, "The higher interest rate environment has contributed to the cash burn, and despite our expectation for loosening monetary policy, we still anticipate cash interest of around $150 million-$160 million in fiscal 2025. As of the third quarter (ended March 31, 2024) Vialto reported about $24 million of cash and $46 million of undrawn capacity under its revolver. Meanwhile, $85 million of payables owed to PwC remained on the balance sheet, which we expect will be repaid through the first half of fiscal 2025." S&P said, "Though dependent on actual operating performance and working capital movements, we forecast Vialto's total liquidity position improved by about $60 million in the fourth quarter to around $130 million by the end of fiscal 2024. This includes our expectation for a tailwind from unwinding receivables. Still, our forecast implies that Vialto started its fiscal 2025 with little cushion to absorb seasonal cash burn and could lead to a liquidity shortfall during the current fiscal year (2025). Therefore, we believe a traditional payment default or debt restructuring is likely over the next six months." Vialto's financial hardships follow a series of execution missteps since its carveout from PwC. Vialto has faced numerous impediments through its separation from PwC. S&P said, "In our view, an initial failure to recognize the complexity of the separation process and to anticipate the needs of the stand-alone business have led to mounting operational challenges that the company is unable to overcome under its existing capital structure. Some of its missteps included initially underestimating the cost structure of the stand-alone organization, not anticipating certain expenses associated with the separation, facing working capital challenges related to billing and collecting its receivables, and absorbing cost overruns related to building out its infrastructure. Despite a seemingly compelling value proposition, the complexity of operating the business on a large scale with a physical footprint throughout the globe has proven to be overly burdensome. We think some of these challenges ultimately led to its leadership transition in April 2024. We believe a business restructuring is inevitable amid ongoing execution troubles." The negative outlook reflects S&P's view that Vialto could face a potential default or distressed exchange scenario within the next six months because of a liquidity shortfall. S&P could consider a negative rating action if it believes a default or distressed debt exchange is a virtual certainty. S&P said, "We could raise the rating if Vialto improves its liquidity position and demonstrates improved cash flow prospects such that we no longer believe a default or distressed exchange appears inevitable. "We view governance factors as a negative consideration in our credit rating analysis of Vialto due partly to its ownership by private-equity sponsors. We believe the company's highly leveraged financial risk profile points to corporate decision-making that prioritizes the interests of the controlling owners. This also reflects private-equity sponsors' generally finite holding periods and focus on maximizing shareholder returns. Additionally, we note the company's performance has deviated significantly from expectations, owing to shortcomings in management's planning and preparations through the separation process." CENTER FOR ALLERGIC: Taps Hooper as Real Estate Broker ------------------------------------------------------ Center for Allergic Diseases, LLC seeks approval from the U.S. Bankruptcy Court for the District of Maryland to employ Hooper & Associates as real estate broker. The firm will act as an advisor to the Debtor and to lease the commercial condominium unit of the Debtor located 4255 Altamont Pace, Suite 202, Waldorf, White Plains, MD 20695. The firm will be paid at 6 percent of the gross base rental value of the lease. Anne M. Hooper, a partner at Hooper & Associates, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Anne M. Hooper Hooper & Associates 3605 Old Washington Road Waldorf, MD 20602 Tel: (443) 977-9613 Email: anne@hooper.associates About Center for Allergic Diseases, LLC Center for Allergic Diseases, LLC, operated medical facilities in each of the properties located at 12150 Annapolis Road, Bowie, Maryland and 4255 Altamont Place, Unit 202, White Plains, Maryland. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 23-17168) on October 4, 2023. Judge Maria Ellena Chavez-Ruark presides over the case. Diana L. Klein, at Klein & Associates, LLC, is the Debtor's legal counsel. CHERNY PROPERTIES: Realty Unsecureds Will Get 10% of Claims ----------------------------------------------------------- EV2 Holdings LLC (the "Proponent"), Cherny Properties Inc. and Cherny Realty Inc., submitted an Amended Joint Disclosure Statement for the Joint Chapter 11 Plan dated August 26, 2024. The Plan provides for the sale and/or refinancing of the assets of the Debtors and the distribution of the proceeds thereof to the Debtors' Creditors. The Proponents intend to use Keen Summit Capital Partners LLC (the "Broker") as the broker on the sale (the "Sale") and refinance of the Properties pursuant to Bankruptcy Code Sections 363 and 1123(a)(5)(D). An application will be filed for approval of the Broker. That application contains information concerning the Broker, including the compensation sought for its services. The Plan provides for the Sale of the C. Properties Property, with the net proceeds thereof to be paid to EV2 on account of the EV2 Claim. Following that Sale, the Debtors have until the Repayment Deadline to enter into a refinancing or other transaction and make payment on the EV2 Claim in Full, as well as all other required payments under the Plan. If the Debtors do not make such payments by the Repayment Deadline, the Realty Property will be sold, with the net proceeds thereof used to make payment to the EV2 Claim in Full, payment to creditors in Class 1 (C. Properties Other Secured Claims) (to the extent not already paid at the closing of the Sale of the C. Properties Property), Class 3 (C. Properties Priority Claims) (to the extent not already paid at the closing of the Sale of the C. Properties Property), Class 6 (Realty Other Secured Claims) and Class 7 (Realty Priority Claims) in full. In general, the proceeds of the Sale of the C. Properties Property will be distributed to creditors of C. Properties and the proceeds of the Sale of the Realty Property will be distributed to creditors of Realty. In light of the amount of the EV2 Claim and the fact that the EV2 Claim is secured by both Properties, however, in the event of a Sale of the Properties for cash (as opposed to a credit bid), it is likely that most of the proceeds would be paid to EV2 on account of its Secured Claim. EV2 has guaranteed a minimum distribution to creditors in Class 4 (C. Properties General Unsecured Creditors) of $9,613.68. In the event both Properties are sold in a credit bid, the distribution to unsecured creditors will be reduced by $2,500. The Proponents intend to sell the C. Properties Property and the Realty Property (if there is no refinance or other transaction providing necessary payments by the Repayment Date) to obtain their highest and best price, in accordance with applicable provisions of the Bankruptcy Code. The closing of the Sale of each Property shall take place following the Auction for each Property in accordance with the Bid Procedures. Class 2 consists of the EV2 Secured Claim, which comprises the secured portion of the EV2 Claim, which is secured by a first priority security interest in the Properties. Since the EV2 Secured Claim is the same Claim against both Debtors, the Claim is contained within one class. To the extent necessary, Class 2 shall constitute two separate subclasses: C. Properties EV2 Secured Claim Class and a Realty EV2 Secured Claim Class. The Plan allows the EV2 Claim at $14,005,802.28 as of the Petition Date, plus interest at 9%, protective advances, fees, costs, and expenses after the Petition Date. The amount of the EV2 Secured Claim shall be determined based on the extent to which the EV2 Claim is secured by an interest in each of the Properties, which shall be determined by the amount of net proceeds received from the Sale of the Properties. To the extent that the EV2 Claim is not secured by an interest in the Properties (which shall be determined by the amount of proceeds received from the Sale of the Properties), the resulting unsecured portion of the EV2 Claim shall constitute the EV2 Unsecured Claim to the extent allowed under Section 506(b) of the Bankruptcy Code, which shall be a Claim in Class 4 (C. Properties General Unsecured Claims) and Class 8 (Realty General Unsecured Claims). As between C. Properties and Realty, the EV2 Unsecured Claim, if any, shall be allocated pari passu based on the relative net proceeds received in connection with the Sale of the Properties. If one or both Properties are sold to a third party, the EV2 Claim increases by $2,500. The EV2 Secured Claim is impaired under the Plan. Class 8 consists of Realty General Unsecured Claims. Each holder of an Allowed Class 8 Realty General Unsecured Claim will receive on account of such claim a pro rata distribution of Realty Available Cash after all payments to the EV2 Claim in Full, Class 6 Claims, and Class 7 Claims, and Statutory Fees and Administrative Claims against Realty, with interest from the Petition at the Federal Judgment Rate as to all such Claims other than the EV2 Claim and Fees, with interest as to all such Classes being paid in full prior to any payments being made on account of principal; provided, however, that EV2 will guaranty a distribution of $502.45 to holders of Claims in Class 8 other than the EV2 Unsecured Claim, EV2 agreeing to waive the right to receive any distribution from such $502.45 as a member of this Class. If the Debtors enter into a refinancing or other transaction by the Repayment Deadline, in addition to making payment to the holder of the EV2 Claim in Full, the Debtors will guaranty a distribution of $502.45 to holders of Claims in Class 8 (excluding the EV2 Unsecured Claim, since payment will have been made on the EV2 Claim in Full). This Class will receive a distribution of 100% of their allowed claims. A full-text copy of the Amended Joint Disclosure Statement dated August 26, 2024 is available at https://urlcurt.com/u?l=yGNpkv from PacerMonitor.com at no charge. Attorneys for EV2 Holdings LLC: KRISS & FEUERSTEIN LLP Jerold C. Feuerstein, Esq. Daniel N. Zinman, Esq. Stuart L. Kossar, Esq. 360 Lexington Avenue, Suite 1200 New York, New York 10017 (212) 661-2900 Counsel to the Debtors: MANATT PHELPS & PHILLIPS LLP Schuyler Carroll, Esq. Russell Potter, Esq. 7 Times Square New York, New York 10036 Telephone: (212) 790-4500 Email: scarroll@manatt.com About Cherny Properties Cherny Properties Inc. and Cherny Realty Inc. own mixed used buildings located at 511 East 6th Street, New York, NY 10009, consisting of 8 residential units and 1 commercial unit valued at $5.7 million in the aggregate and 421 East 12th Street, New York, NY 10009, consisting of 10 residential units and 1 commercial unit valued at $12 million, respectively. Cherny Properties and Cherny Realty sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case Nos. 24-10281 and 24-10283) on Feb. 21, 2024. The case is jointly administered in Case No. 24-10281. In the petitions signed by Alexa Czerny, vice president, Cherny Properties disclosed $5,808,142 in assets and $12,192,368 in liabilities, while Cherny Realty listed $12,025,000 in assets and $12,302,896 in liabilities. Judge David S. Jones oversees the case. Gary C. Fischoff, Esq., at Berger, Fischoff, Shumer, Wexler, Goodman, LLP, serves as the Debtors' counsel. CINNAMINSON MECHANICAL: Seeks Court Approval to Use Cash Collateral ------------------------------------------------------------------- Cinnaminson Mechanical Contractors, Inc. asks the U.S. Bankruptcy Court for the District of New Jersey for authorization to use cash collateral and to provide adequate protection to its primary secured creditor, Gulf Coast Bank & Trust Co. The motion is scheduled to be heard on October 15, 2024, at 11:00 a.m. The Debtor identifies Gulf Coast as its sole secured creditor, holding a claim totaling approximately $231,084.89, secured by all assets of the Debtor, except for titled vehicles which are financed separately. The Debtor seeks to utilize cash collateral to meet its operational needs, covering essential expenses, such as payroll and other business-related costs. The proposed arrangement allows Cinnaminson to use the cash collateral while committing to make monthly payments of $1,800 to Gulf Coast, commencing on October 20, 2024. In exchange for the use of cash collateral, Gulf Coast will receive a replacement lien on the Debtor's post-petition assets, ensuring its secured position is preserved. The replacement lien will cover the same asset classes as the pre-petition lien, protecting Gulf Coast's interests as the case progresses. The firm can be reached through: Daniel Reinganum, Esq. Law Offices of Daniel Reinganum 615 White Horse Pike Haddon Heights, NJ 08035 Telephone: (856) 548-5440 Email: Daniel@reinganumLaw.com About Cinnaminson Mechanical Contractors Cinnaminson Mechanical Contractors, Inc., operating as CMC, specializes in heating, ventilation, and air conditioning (HVAC) services. Established on May 3, 2011, and fully owned by Salvatore “Jason” Ortiz, the company also manufactures sheet metal used in HVAC installations. CMC is recognized for its expertise in providing comprehensive HVAC solutions, including installation and maintenance, serving both residential and commercial clients. Cinnaminson Mechanical Contractors, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 24-18910) on Sept. 9, 2024, listing under $1 million in both assets and liabilities. The Law Offices of Daniel Reinganum represents the Debtor as counsel. CONN'S INC: Closes Alamance Warehouse as Part of Chapter 11 ----------------------------------------------------------- Kevin Ellis of Business North Carolina reports that Conn's Appliances will close an Alamance County warehouse in Mebane as part of its Chapter 11 bankruptcy process, which will also lead to the closing of 12 North Carolina stores. Layoffs at the warehouse will begin October 31, 2024, according to a filing with the N.C. Department of Commerce. Conn's announced in July it had filed for bankruptcy protection and would be closing nearly half of its 170 stores. The company is based in a Houston suburb. The Conn's store in Burlington will close on Sept. 27, according to a store employee. The retailer primarily sells electronics and furniture. Last 2023, Conn's bought W.S. Badcock, another home goods retailer that operates 380 stores in the southeast US as "Badcock Home Furniture & more." Thirty-four Badcock stores are closing, including seven in North Carolina. About Conn's, Inc. Conn's, Inc., is a retailer of home goods and furniture in The Woodlands, Texas. Conn's and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 24-33357) on July 23, 2024. In its petition, Conn's reported $1 billion to $10 billion in both assets and liabilities. Judge Jeffrey P. Norman oversees the cases. The Debtors tapped Duston K. McFaul, Esq., at Sidley Austin, LLP as legal counsel; Houlihan Lokey, Inc. as investment banker; and BRG Capital Advisors, LLC as interim management services provider. Epiq Corporate Restructuring, LLC, is the Debtors' notice and claims agent. CONNEMARA HOLDINGS: Hires Province LLC as Financial Advisor ----------------------------------------------------------- Connemara Holdings, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Nevada to hire Province, LLC as financial advisor. The firm will render these services: a. diligence each of the medical lien claims owned by Frontline Medical Associates, Inc., and registered with the California Electronic Adjudication Management System (the "Medical Liens"); and b. provision of reports and expert testimony, as reasonably requested by the Debtor or its counsel, regarding the value of such Medical Liens. The hourly rates of the firm's professionals are as follows: Managing Directors and Principals $870-$1,450 Vice Presidents, Directors, and Senior Directors $690-$950 Analysts, Associates, and Senior Associates $370-$700 Other/Para-Professional $270-$410 In addition, the firm will seek reimbursement for expenses incurred. David Dachelet, a managing director at Province, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: David Dachelet Province, LLC 2360 Corporate Circle, Suite 340 Henderson, NV 89074 Telephone: (702) 685-5555 Email: ddachelet@provincefirm.com About Connemara Holdings, Inc. Connemara Holdings is engaged in activities related to real estate. Connemara Holdings, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No. 24-12212) on May 1, 2024, listing $1 million to $10 million in both assets and liabilities. The petition was signed by Adib Kassir as president. Mark M. Weisenmiller, Esq. at Andersen Beede Weisenmiller represents the Debtor as counsel. CONNEMARA HOLDINGS: Taps Sommer Appraisal Services as Appraiser --------------------------------------------------------------- Connemara Holdings, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Nevada to hire Sommer Appraisal Service as real property appraiser. Sommer Appraisal will appraise the multi-family residence located at located at 5509 Ocean Front Walk, Marina del Rey, CA 90292 for the purpose of expressing a professional opinion as to its current market value. The firm will be paid at these rates: Laurence Sommer, ASA $300 per hour Staff Appraisers $250 per hour The fee for court appearances or deposition testimony is $500 per hour with a $1,500 minimum. In addition, the firm will bill for all out-of-pocket expenses reasonably and actually incurred by the appraiser in connection with the matters contemplated by this application. As disclosed in the court filings, Sommer Appraisal Service represents no other entity in the Chapter 11 Case, is disinterested as that term is defined in Section 101(14), and represents or holds no interest adverse to the interest of the Debtor's estate with respect to the matters on which it is to be employed. The appraiser can be reached through: Laurence Sommer Sommer Appraisal Service 12304 Santa Monica Blvd, Ste 300 Los Angeles, CA 90025 Phone: (310) 478-2300 About Connemara Holdings, Inc. Connemara Holdings is engaged in activities related to real estate. Connemara Holdings, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No. 24-12212) on May 1, 2024, listing $1 million to $10 million in both assets and liabilities. The petition was signed by Adib Kassir as president. Mark M. Weisenmiller, Esq. at Andersen Beede Weisenmiller represents the Debtor as counsel. CWI CHEROKEE: Exits Bankruptcy With Full Creditor Recovery ---------------------------------------------------------- WI Cherokee LF LLC announces the successful resolution of its Chapter 11 bankruptcy, including full recovery for its secured and unsecured creditors. On August 15, 2024, the United States Bankruptcy Court for the Northern District of Georgia, Atlanta Division, confirmed CWI's Bankruptcy Reorganization Plan. With the expiration of the official appeal period, the plan is now finalized. Notably, all secured and unsecured creditors have been paid in full - an outcome that is almost unheard of in the context of Chapter 11 bankruptcy. On March 7, 2023, CWI, the operator of the Cherokee Landfill (Cherokee, AL), Shoals MSW Transfer Station (Tuscumbia, AL), and Huntsville Transfer Station (Madison, AL), filed for Chapter 11 reorganization to protect its assets and address creditors' claims after the landfill was temporarily closed due to leachate levels. Leachate disposal is a critical aspect of landfill operations. The landfill project was financially impaired when local wastewater treatment plants would not accept Cherokee's leachate for treatment due to unregulated low level PFAS constituents. CWI could not secure any disposal options with other publicly owned treatment works and was relegated to shipping the leachate over 135 miles for final treatment. In October 2023, as part of the bankruptcy proceeding, CWI sold its leasehold interest in the Cherokee Landfill and Shoals MSW Transfer Station to Tri Cities Solid Waste Disposal Authority. The transaction was valued at over $28 million. Separately, Steve Witmer, principal owner of CWI, sold his Huntsville Transfer Station to Evergreen Environmental Partners. The two transactions combined enabled CWI to proceed with its reorganization plan that paid its creditors 100%. Witmer, a 30-year waste industry veteran, concluded, "Leachate treatment at local wastewater plants is essential, especially when the host community significantly benefits from the landfill through lower disposal costs and tonnage royalties. Refusing to treat leachate while reaping the financial rewards from a landfill is unsustainable and ultimately jeopardized the Cherokee project. This issue is a nationwide challenge for landfills, and I am committed to helping the waste industry reshape the national conversation, which has so far been disingenuous and unfair to an industry that provides critical infrastructure for our citizens, businesses, and industries". This remarkable result is a testament to the diligence and commitment of everyone involved in the bankruptcy process. Such a comprehensive resolution speaks volumes about the strength and integrity of the reorganization, setting a new standard for how bankruptcies of this nature can be resolved. B. Riley Securities acted as financial advisor to the Debtor. About CWI Cherokee LF CWI Cherokee LF, LLC, is an Atlanta-based company that provides waste treatment and disposal services. CWI Cherokee LF filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 23 52262) on March 7, 2023, with $10 million to $50 million in both assets and liabilities. Judge Sage M. Sigler oversees the case. John A. Christy, Esq., at Schreeder, Wheeler & Flint, LLP, is the Debtor's counsel. DELTA APPAREL: Sells Salt Life for $35.94MM, Soffe for $15.3MM -------------------------------------------------------------- Delta Apparel, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that in connection with the Chapter 11 Cases, on August 27, 2024, the Company held an auction pursuant to a Bankruptcy Court approved bidding procedures order to sell its assets to qualified bidders pursuant to Section 363 of the Bankruptcy Code. As previously disclosed, on June 30, 2024, the Company and its domestic direct and indirect subsidiaries, including Salt Life, LLC and M.J. Soffe, LLC, filed voluntary petitions under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. Salt Life Asset Purchase Agreement At the conclusion of the Auction, Iconix International, Inc., a Delaware corporation, and Hilco Merchant Resources, LLC, a Delaware limited liability company, were selected as the successful bidder. Pursuant to Bankruptcy Court approval obtained on September 16, 2024, on September 19, 2024, the Company and Salt Life entered into an asset purchase agreement with the Salt Life Buyers, pursuant to which, subject to the terms and conditions set forth in the Salt Life Purchase Agreement, the Salt Life Buyers agreed to acquire certain assets related to the Salt Life Sellers' business of marketing, sourcing, licensing, and selling of Salt Life branded products and assume certain specified liabilities of the Salt Life Sellers, for a total purchase price of approximately $35.94 million in cash. The Salt Life Purchase Price is subject to adjustment after closing of the Salt Life Transaction based on final net accounts receivable and certain inventory calculations. The closing of the Salt Life Transaction occurred on September 19, 2024. Soffe Asset Purchase Agreement In connection with the Chapter 11 Cases and the Auction, on September 18, 2024, the Company and Soffe entered into an asset purchase agreement with Renfro LLC, a Delaware limited liability company, pursuant to which, subject to the terms and conditions set forth in the Soffe Purchase Agreement, the Soffe Buyer agreed to acquire certain assets related to the Soffe Sellers' business of sourcing, producing, manufacturing, marketing, licensing, and selling of Soffe branded products and assume certain specified liabilities of the Soffe Sellers, for a total purchase price of approximately $15.3 million in cash, plus the payment of certain expenses. The closing of the Soffe Transaction occurred on September 20, 2024. The representations, warranties and covenants set forth in each of the Salt Life Purchase Agreement and the Soffe Purchase Agreement have been made only for purposes of the Salt Life Purchase Agreement and the Soffe Purchase Agreement and solely for the benefit of the respective parties thereto, and may be subject to limitations agreed upon by the contracting parties, including being qualified by confidential disclosures made for the purposes of allocating contractual risk between the respective parties to the Salt Life Purchase Agreement and the Soffe Purchase Agreement instead of establishing these matters as facts. In addition, information regarding the subject matter of the representations and warranties made in each of the Salt Life Purchase Agreement and the Soffe Purchase Agreement may change after the date of each such agreement and do not purport to be accurate as of the date of this Report. Accordingly, investors should not rely upon the representations and warranties in the Salt Life Purchase Agreement and the Soffe Purchase Agreement as statements of factual information. As previously disclosed, on June 28, 2024, the Salt Life Sellers entered into an asset purchase agreement with FCM Saltwater Holdings, Inc., a Delaware corporation to sell certain assets related to the Salt Life Sellers' business of marketing, sourcing, licensing, and selling of Salt Life branded products for a total purchase price of approximately $28.03 million in cash, along with FCM Saltwater's assumption of certain specified liabilities of the Salt Life Sellers. As a result of the closing of the Salt Life Transaction on September 19, 2024, the FCM Saltwater Agreement was terminated. As previously disclosed, under the FCM Saltwater Agreement, the Company has agreed to pay to FCM Saltwater a break-up fee equal to approximately $840,981 and to expense reimbursement up to an aggregate of approximately $420,491. The closing of the Salt Life Transaction occurred on September 19, 2024. About Delta Apparel Headquartered in Duluth, Georgia, Delta Apparel, Inc. -- https://www.deltaapparelinc.com -- is a vertically integrated, international apparel company with approximately 6,800 employees worldwide. The Company designs, manufactures, sources, and markets a diverse portfolio of core activewear and lifestyle apparel products under its primary brands of Salt Life, Soffe, and Delta. The Company specializes in selling casual and athletic products through a variety of distribution channels and tiers, including outdoor and sporting goods retailers, independent and specialty stores, better department stores and mid-tier retailers, mass merchants, eRetailers, the U.S. military, and through its business-to-business digital platform. Delta Apparel sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-11469) on June 30, 2024. In the petition signed by J. Tim Pruban, as chief restructuring officer, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. The Debtor is represented by Christopher A. Ward, Esq., at Polsinelli PC. DIOCESE OF ROCKVILLE: Reaches $323M Plan Deal With Abuse Survivors ------------------------------------------------------------------ Long Island's Roman Catholic diocese said in a statement that it has agreed to a nearly $323 million deal with hundreds of survivors of sexual abuse, a historic settlement that will bring to a close after four years the church's Chapter 11 case. The Diocese of Rockville Centre announced Sept. 26, 2024, that the Diocese and its related ministries have reached "preliminary terms" for the settlement of their bankruptcy case. The total proposed settlement amount is just over $323 million, which includes insurance contributions, Diocesan assets and sale proceeds from Diocesan property, and contributions from parishes and other related entities. "For the sake of survivors and the Church's mission on Long Island, we pray that the plan is approved and completed as quickly as possible," the Diocese said. "All participated in order to help offer equitable compensation to survivors and move this difficult ordeal towards a conclusion," the Diocese added. Part of the settlement plan involves all parishes entering into an abbreviated Chapter 11 with the approval of the court and the parties to the case in order to secure a release from liability for the parishes. It is expected that parish Chapter 11's will be resolved within 48 hours of filing and will not interfere with parish work and ministries. No parishes are closing as a result of this process. The Diocese said its goal has always been the equitable compensation of survivors of abuse while allowing the Church to continue her essential mission. It believes that this plan will achieve those goals. $234.8-Mil. From Diocese and Parishes The total proposed settlement amount is just over $323 million, which includes insurance contributions, Diocesan assets and sale proceeds from Diocesan property, and contributions from parishes and other related entities. The Diocese, Parishes and other related entities will contribute a total of $234.8 million. Insurance companies will contribute a total of just over $85 million. Counsel for the Creditor's Committee will contribute $3 million. About The Roman Catholic Diocese of Rockville Centre, New York The Roman Catholic Diocese of Rockville Centre, New York, is the seat of the Roman Catholic Church on Long Island. The Diocese has been under the leadership of Bishop John O. Barres since February 2017. The State of New York established the Diocese as a religious corporation in 1958. The Diocese is one of eight Catholic dioceses in New York, including the Archdiocese of New York. The Diocese's total Catholic population is approximately 1.4 million, roughly half of Long Island's total population of 3.0 million. The Diocese is the eighth largest diocese in the United States when measured by the number of baptized Catholics. To deal with sexual abuse claims, the Roman Catholic Diocese of Rockville Centre, New York, filed a Chapter 11 petition (Bankr. S.D.N.Y. Case No. 20-12345) on Sept. 30, 2020, listing as much as $500 million in both assets and liabilities. Judge Martin Glenn oversees the case. The Diocese tapped Jones Day as legal counsel, Alvarez & Marsal North America, LLC, as restructuring advisor, and Sitrick and Company, Inc., as communications consultant. Epiq Corporate Restructuring, LLC is the claims agent. The U.S. Trustee for Region 2 appointed an official committee of unsecured creditors in the Diocese's Chapter 11 case. The committee tapped Pachulski Stang Ziehl & Jones, LLP and Ruskin Moscou Faltischek, PC as its bankruptcy counsel and special real estate counsel, respectively. Robert E. Gerber, the legal representative for future claimants of the Diocese, is represented by the law firm of Joseph Hage Aaronson, LLC. DR. ERNIE F SOTO: Taps Morgan & Morgan as Litigation Counsel ------------------------------------------------------------ Dr. Ernie F. Soto, P.A. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Morgan & Morgan, P.A. as special litigation counsel. The Debtor needs the firm's legal assistance in connection with potential professional malpractice and negligence claim against Koleos Rosenberg McMahon P.L. and Daniel Koleos, Esq. arising from the adverse jury verdict obtained against the Debtor in the state court litigation involving SEFL Management, LLC f/k/a Solomon Acquisitions Company, LLC and the judgment against Dr. Ernie F. Soto, individually. The firm will be paid on the following contingent fee: a. 35 percent of the Gross Value of any Recovery that occurs after the Agreement is executed, but before a lawsuit or arbitration in the malpractice and negligence claims are filed; b. 40 percent of the Gross Value of any Recovery that occurs after the Agreement is executed, but prior to the first day of a trial or arbitration hearing in the malpractice and negligence claims; and c. 45 percent of the Gross Value of any Recovery that occurs on the date a trial or arbitration hearing in this case begins or any date thereafter. Keith W. Meehan, Esq, a partner at Morgan & Morgan, P.A, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Keith W. Meehan, Esq. Morgan & Morgan, P.A. 201 N. Franklin St., Fl. 7 Tampa FL 33602-5157 Tel: (813) 223-5505 Fax: (813) 223-5505 About Dr. Ernie F Soto P.A. Dr. Ernie F Soto P.A. is a family & cosmetic dentist in Plantation, FL. The Dental Office provides regular checkups, prompt treatment of dental conditions, and individualized preventative dental plans. It also offers traditional braces and Invisalign braces for children and adults. Dr. Ernie F Soto P.A. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-15979) on June 17, 2024. In the petition filed by Dr. Ernie F. Soto, D.D.S., as president and director, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. The Honorable Bankruptcy Judge Scott M. Grossman oversees the case. The Debtor is represented by: Kathleen L. DiSanto, Esq. BUSS ROSS, P.A. PO Box 3913 Tampa, FL 33601-3913 Tel: (813) 224-9255 Email: kdisanto@bushross.com EBURY STREET: Seeks 120-Day Extension of Plan Filing Deadline ------------------------------------------------------------- Ebury Street Capital, LLC and its affiliates asked the U.S. Bankruptcy Court for the Middle District of Alabama to extend their exclusive time to file and Plan and Disclosure Statement for a period of 120 days. The Debtors commenced this case by filing voluntary petitions for relief under chapter 11 of the Bankruptcy Code with the Clerk of this Court on May 13, 2024 (the "Petition Date"). The Debtors continue to operate their businesses and manage their properties as Debtors in possession pursuant to Sections 1107(a) and 1108 of the Bankruptcy Code. The Debtors explain that their estates are complex and the Debtors and their counsel have spent significant amounts of time since the Petition Date attending to procedural matters. The Debtors claim that they require additional time to prepare adequate information and pursue an effective plan of reorganization given the number of Debtors and the complexity of this case, the pending 341 Meeting, and the Debtors' forthcoming amendments to their schedules. The Debtors assert that sufficient grounds exist to extend the time for filing and exclusivity based on the complexity of this estate, the multiple issues faced by the Debtors and their counsel, and that this is the Debtors' first request. Attorneys for the Debtors: R. Scott Williams, Esq. Frederick D. Clarke, Esq. Julia M. Potts, Esq. Rumberger, Kirk & Caldwell, PC 1300 Park Place Tower 2001 Park Place North Birmingham, AL 35203 Tel: (205) 572-4926 Fax: (205) 326-6786 Email: swilliams@rumberger.com About Ebury Street Capital Ebury Street Capital, LLC filed a Chapter 11 petition (Bankr. M.D. Ala. Case No. 24-10499) on May 13, 2024, with as much as $50,000 in both assets and liabilities. Judge Bess M. Parrish Creswell oversees the case. Richard Scott Williams, Esq., is the Debtor's legal counsel. ECO ROOF: Seeks Court Approval to Use Cash Collateral ----------------------------------------------------- Eco Roof and Solar Inc. asks the U.S. Bankruptcy Court for the District of Colorado for authority to use cash collateral and grant adequate protection as part of its Chapter 11 bankruptcy proceedings. Following a period of expansion, the company has encountered unpaid receivables totaling approximately $3.5 million and inventory issues stemming from supply chain disruptions during the COVID-19 pandemic. These challenges have prompted the need for immediate access to funds to maintain business operations. Eco Roof and Solar holds a bank account with around $52,000 and has substantial assets, including accounts receivable valued at $5 million and inventory worth approximately $2.36 million. The only creditor potentially asserting a lien on the cash collateral is La Plata Capital, which is owed $6,665,583.33. The Debtor's motion emphasizes the necessity of utilizing cash collateral to cover essential operational costs. The Debtor outlines a budget for the first six months following the filing and requests interim authorization to use cash collateral to ensure continuity of operations. To protect La Plata's interests, the Debtor plans to make timely monthly payments and grant a replacement lien on post-petition accounts, thereby mitigating the risk associated with cash collateral usage. The firm can be reached at: David V. Wadsworth, Esq. WADSWORTH GARBER WARNER CONRARDY, P.C. 2580 W. Main Street, Suite 200 Littleton, CO 80120 Phone: (303) 296-1999 Fax: (303) 296-7600 E-mail: dwadsworth@wgwc-law.com About Eco Roof and Solar Eco Roof and Solar Inc. is a full-service contractor specializing in roofing and solar energy solutions for commercial, residential, and multi-family properties. Founded in 2007, the company has expanded its operations across multiple states, including Colorado, Texas, Louisiana, and Florida. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 24-15628 JGR) with $1 million to $10 million in assets and $10 million to $50 million in liabilities. Dylan Lucas, the president, signed the petition. Hon. Joseph G. Rosania Jr. presides the case. David V. Wadsworth Esq. of Wasdworth Garber Warner Conrardy, P.C., represents the Debtor as legal counsel. EYM PIZZA LP: Intends to Sell All 127 Stores as Part of Chapter 11 ------------------------------------------------------------------ Alicia Kelso of Nation's Restaurant News reports that EYM Pizza L.P., a Pizza Hut franchisee that filed for bankruptcy in July, is selling all 127 of its stores in Illinois, Indiana, Georgia, South Carolina, and Wisconsin, as part of a financial restructuring process. EYM engaged M&A advisory and brokerage firm National Franchise Sales to facilitate the sale, including assistance in the asset recovery process to maximize recovery for creditors. EYM's bankruptcy filing listed two creditors: Manufacturers Bank, which it owes more than $21 million, and Pizza Hut itself, which is owed just under $2.25 million. "National Franchise Sales is dedicated to navigating this challenging period with EYM Pizza L.P. and its affiliates. Our goal is to ensure a smooth transition and maximize value for all parties impacted by this process," NFS Asset Recovery Team lead advisor Alan Gallup said in a statement. EYM's bankruptcy came after Pizza Hut sued the franchisee for not paying royalties on time even after a forbearance period was granted. EYM had previously sued Pizza Hut for breach of fiduciary duty, among other claims, but the case was dismissed, opening the way for Pizza Hut's own lawsuit. In August 2024, EYM Pizza's sibling company EYM Chicken abruptly closed about 25 KFC restaurants in various markets in Illinois, Indiana, and Wisconsin. Both are owned by EYM Group, which also franchises Denny's and Panera locations. Those KFC stores will remain closed until the locations have new owners. About EYM Pizza LP EYM Pizza LP is a Pizza Hut franchisee. EYM Pizza LP and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 24-41669) on president of EYM Group Inc., the Debtor reports estimated assets under $2.25 million and estimated liabilities more than $21 million. The Debtors are represented by Howard Marc Spector, Esq. at Spector & Cox, PLLC. FAIR STATE BREWING: Exits Chapter 11 Bankruptcy Protection ---------------------------------------------------------- Brooks Johnson of The Minnesota Star Tribune reports that Minnesota's first cooperative brewery has exited bankruptcy protection and plans to spend millions to upgrade equipment and grow sales through the coming years by producing THC seltzers for other brands. Fair State Brewing Cooperative won court approval this summer for its plan to cover millions owed to suppliers, lenders and others that threatened the viability of the business. "This milestone represents a fresh start for our brewery," CEO Evan Sallee said in a prepared statement last month. "As we embark on this next chapter, we are more excited than ever about the future." Part of that comes from its revenue projections: By 2027, sales could surpass $14 million after hitting just $830,000 last year, according to court filings. The brewery will funnel boosted profits into $3.3 million in new equipment through the next three years, according to the financial outlook. The expected sales growth is largely due to contracts the brewery has to manufacture hemp-derived THC drinks for other companies, which is already Fair State's largest revenue stream. This year, the brewery expects to earn $2.5 million from its cannabis co-manufacturing operation, 64% of total projected revenue. Fair State also produces and distributes its own cannabis beverages, Chill State. Closures during the pandemic, skyrocketing ingredient costs and lost customers or delayed deals all contributed to a mountain of debt that culminated with a cash crisis earlier this year, according to court documents. An inability to obtain certain federal pandemic aid because of IRS rules about cooperatives filing taxes on paper also contributed to the shortfall that led to the Chapter 11 bankruptcy filing in February. Fair State might consider changing its structure, according to court records, which could leave the existing cooperative in charge of the taproom and a spun-off production brewery that could more easily access financing. The brewery would also like to expand the Central Avenue taproom, but the landlord did not allow it in the past, according to the bankruptcy filing. "[Fair State] may not be able to negotiate a lease for the new space, and the time to build out the addition is unknown," the filing said. About Fair State Brewing Cooperative Fair State Brewing Cooperative is a consumer-owned brewery. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 24-30381) on February 13, 2024. In the petition signed by D. Evan Sallee, chief executive officer, the Debtor disclosed $6,101,388 in assets and $5,162,568 in liabilities. Judge Katherine A Constantine oversees the case. Kenneth Edstrom, Esq., at SAPIENTIA LAW GROUP, is the Debtor's legal counsel. FIRST STATES: Hires Gellert Seitz Busenkell & Brown LLC as Counsel ------------------------------------------------------------------ First States Realty Corp., LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to employ Gellert Seitz Busenkell & Brown LLC as counsel. The firm's services include: a. providing the Debtor with advice and preparing all necessary documents regarding debt restructuring, bankruptcy, and asset dispositions; b. taking all necessary actions to protect and preserve the Debtor's estate during the pendency of the chapter 11 case, including responding to motions filed against the Debt or and objecting to certain claims filed against the estate; c. preparing on behalf of the Debtor, as debtor in possession, all necessary motions, applications, answers, orders, reports and papers in connection with the administration of the chapter 11 case; d. counseling the Debtor with regard to its rights and obligations as debtor in possession; e. appearing in Court and to protect the interests of the Debtor before the Court; and f. performing all other legal services for the Debtor which may be necessary and proper in this proceeding. The firm will be paid at these rates: Ronald S. Gellert $525 per hour Associates $375 per hour Paraprofessionals $105 to $225 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The firm received from the Debtor a retainer of $35,000. Ronald S. Gellert, Esq. a partner at Gellert Seitz Busenkell & Brown LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Ronald S. Gellert, Esq. Gellert Seitz Busenkell & Brown, LLC 1201 N. Orange St., Ste. 300 Wilmington, Delaware 19801 Tel: (302) 425-5800 Fax: (302) 425-5814 Email: rgellert@gsbblaw.com About First States Realty Corp. The Debtor is primarily engaged in renting and leasing real estate properties. First States Realty Corp., LLC in Miami, FL, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. E.D. Pa. Case No. 24-13283) on Sept. 16, 2024, listing as much as $1 million to $10 million in both assets and liabilities. Richard Sabella as manager, signed the petition. Judge Patricia M Mayer oversees the case. GELLERT SEITZ BUSENKELL & BROWN, LLC serve as the Debtor's legal counsel. FIRSTBASE.IO INC: Hits Chapter 11 Bankruptcy Protection ------------------------------------------------------- Alex Wittenberg of Law360 Bankruptcy Authority reports that Y Combinator-Backed Firstbase.io Inc. has filed for Chapter 11 protection in New York bankruptcy court with up to $50 million of debt, more than three years after the business services company nabbed an investment from startup accelerator Y Combinator. About Firstbase.io Inc. Firstbase.io Inc. is a platform that connects businesses with venture capitalists by allowing VCs to view and reach out to potential investment opportunities. Firstbase.io Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-11647) on Sept. 25, 2024. In the petition filed by Mike Milastsivy, as CEO, the Debtor estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. The Debtor is represented by: Dawn Kirby, Esq. Kirby Aisner & Curley, LLP Unit 187, Floor 2, 447 Broadway New York, NY 10013 FIVEMILETOWN HOLDINGS: Hires CR3 Partners as Financial Advisor -------------------------------------------------------------- Fivemiletown Holdings Limited seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire CR3 Partners, LLC as financial advisor. The firm will render these services: a. provide oversight and support to the Company and the Company's other professionals in connection with the overall administration of activities within the Chapter 11 proceeding; b. provide oversight and assistance in connection with the preparation of schedules and analysis required to file motions or other documents with the Court; c. provide oversight and assistance in connection with the preparation of financial-related disclosures required by the bankruptcy court, including the Schedules of Assets and Liabilities, the Statement of Financial Affairs and Monthly Operating Reports, and any other disclosures required by the Office of the U.S. Trustee, the Company, regulatory authorities, or otherwise in connection with the bankruptcy process; d. assist with post-petition accounting and procedures required to comply with bankruptcy regulations and relief granted in motions; e. participate in meetings, as requested, and provide assistance to any official or ad hoc committee(s) appointed in the case, the U.S. Trustee, other parties in interest, including contractual counterparties, and professionals hired by the same; f. provide oversight and assistance in connection with the preparation of financial information for distribution to creditors and stakeholders; g. assist in development of a plan of reorganization, best interests test and in the preparation of information and analysis necessary for the confirmation of a plan in the chapter 11 proceeding; and h. perform other tasks as directed by the Board of Directors or requested by the U.S. Trustee or Court and agreed to by CR3 Partners, including all tasks necessary to facilitate the Company's restructuring, or otherwise in keeping with our ethical and professional responsibilities. CR3 Partners' current standard hourly rates are: Partners $895 to $1,295 Senior Directors $695 to $795 Directors $625 to $775 Manager or Senior Associate $450 to $550 The firm shall receive a retainer of $75,000. CR3 Partners does not hold any interest adverse to the Debtors' estates, and is a "disinterested person" as defined by section 101 (14) of the Bankruptcy Code. The firm can be reached through: Jeff Huddleston CR3 Partners, LLC 13355 Noel Road, Suite 2005 Dallas, TX 75240 Tel: (713) 702-7181 Email: jeff.huddleston@cr3partners.com About Fivemiletown Holdings Fivemiletown Holdings Limited manufactures military aircraft, armored vehicles, maritime systems and equipment. Fivemiletown Holdings Limited and its affiliates, Paramount Group Ltd., Paramount Intellectual Property Holdings, Inc. and Paramount Logistics Corporation Limited, filed Chapter 11 petitions (Bankr. D. Del. Case Nos. 24-11848 to 24-11851) on Aug. 15, 2024. At the time of the filing, Fivemiletown reported $500 million to $1 billion in assets and $100 million to $500 million in liabilities. Judge Laurie Selber Silverstein oversees the cases. The Debtors tapped Paul Hastings, LLP and Young Conaway Stargatt & Taylor, LLP as legal counsels; and CR3 Partners, LLC as financial advisor. Stretto, Inc. is the Debtors' claims and noticing agent and administrative advisor. FIVEMILETOWN HOLDINGS: Hires Stretto as Administrative Advisor -------------------------------------------------------------- Fivemiletown Holdings Limited seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Stretto, Inc. as administrative advisor. The firm will provide these services: a. assist with, among other things, solicitation, balloting, and tabulation of votes, and prepare any related reports, as required in support of confirmation of a Chapter 11 plan, and in connection with such services, process requests for documents from parties in interest, including, if applicable, brokerage firms, bank back-offices and institutional holders; b. prepare an official ballot certification and, if necessary, testify in support of the ballot tabulation results; c. assist with the preparation of the Debtor's schedules of assets and liabilities and statements of financial affairs and gather data in conjunction therewith; d. provide a confidential data room, if requested; e. manage and coordinate any distributions pursuant to a Chapter 11 plan; and f. provide such other processing, solicitation, balloting, and other administrative services described in the Engagement Agreement, but not included in the Section 156(c) Application, as may be requested from time to time by the Debtor, the Court, or the Office of the Clerk of the Bankruptcy Court (the "Clerk"). The firm will be paid a retainer in the amount of $25,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Sheryl Betance, a partner at Stretto, Inc., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Sheryl Betance Stretto, Inc. 410 Exchange, Ste. 100 Irvine, CA 92602 Telephone: (714) 716-1872 Email: sheryl.betance@stretto.com About Fivemiletown Holdings Fivemiletown Holdings Limited manufactures military aircraft, armored vehicles, maritime systems and equipment. Fivemiletown Holdings Limited and its affiliates, Paramount Group Ltd., Paramount Intellectual Property Holdings, Inc. and Paramount Logistics Corporation Limited, filed Chapter 11 petitions (Bankr. D. Del. Case Nos. 24-11848 to 24-11851) on Aug. 15, 2024. At the time of the filing, Fivemiletown reported $500 million to $1 billion in assets and $100 million to $500 million in liabilities. Judge Laurie Selber Silverstein oversees the cases. The Debtors tapped Paul Hastings, LLP and Young Conaway Stargatt & Taylor, LLP as legal counsels; and CR3 Partners, LLC as financial advisor. Stretto, Inc. is the Debtors' claims and noticing agent and administrative advisor. FIVEMILETOWN HOLDINGS: Seeks to Hire Paul Hastings as Counsel ------------------------------------------------------------- Fivemiletown Holdings Limited seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Paul Hastings LLP as counsel. The firm's services include: (a) advising the Debtors of their rights, powers, and duties as debtors and debtors in possession while operating and managing their business and properties under chapter 11 of the Bankruptcy Code; (b) preparing on behalf of the Debtors necessary and appropriate applications, motions, proposed orders, other pleadings, notices, schedules, and other documents, and reviewing financial and other reports to be filed in the Chapter 11 Cases; (c) advising the Debtors concerning, and preparing responses to, applications, motions, other pleadings, notices, and other papers that may be filed by other parties in the Chapter 11 Cases; (d) advising the Debtors with respect to, and assisting in the negotiation and documentation of, financing agreements and related transactions; (e) reviewing the nature and validity of liens asserted against the Debtors' property and advising the Debtors concerning the enforceability of such liens; (f) advising the Debtors regarding their ability to initiate actions to collect and recover property for the benefit of their estates; (g) advising and assisting the Debtors in connection with any potential asset sales and property dispositions; (h) advising the Debtors concerning executory contract and unexpired lease assumptions, assignments, and rejections as well as lease restructurings and recharacterizations; (i) advising the Debtors in connection with the formulation, negotiation, and promulgation of a plan or plans of reorganization, and related transactional documents; (j) assisting the Debtors in reviewing, estimating, and resolving claims asserted against the Debtors' estates; (k) negotiating with parties in interest; (l) commencing, conducting, and/or continuing litigation necessary and appropriate to assert rights held by the Debtors, protect assets of the Debtors' chapter 11 estates, or otherwise further the goal of completing the Debtors' successful reorganization; and (m) providing non-bankruptcy services for the Debtors to the extent requested by the Debtors. Paul Hastings' current customary hourly rate are as follows: Partners $1,585 to $2,300 Of Counsel $1,550 to $2,185 Associates $795 to $1,395 Paralegals $360 to $625 Paul Hastings received advance payments from the Debtors totaling $175,000. Paul Hastings provides the following response to the request for information set forth in Paragraph D.1. of the U.S. Trustee Guidelines. Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: No. Paul Hastings and the Debtors have not agreed to any variations from, or alternatives to, Paul Hastings' standard billing arrangements for this engagement. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Response: The billing rates charged the Debtors in the prepetition period are the same as the rates that Paul Hastings is charging in the postpetition period. Question: Has your client approved your prospective budget and staffing plan, and, if so, for what budget period? Response: The Debtors and Paul Hastings are working together on a budget and staffing plan for the period from the Petition Date through Oct. 31, 2024. Paul Hastings is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code, as modified by section 1107(b), according to court filings. The firm can be reached through: Matthew B. Lunn, Esq. Robert F. Poppiti, Jr., Esq. Jared W. Kochenash, Esq. YOUNG CONAWAY STARGATT & TAYLOR, LLP Rodney Square, 1000 North King Street Wilmington, DE 19801 Telephone: (302) 571-6600 Facsimile: (302) 571-1253 Email: mlunn@ycst.com rpoppiti@ycst.com jkochenash@ycst.com About Fivemiletown Holdings Fivemiletown Holdings Limited manufactures military aircraft, armored vehicles, maritime systems and equipment. Fivemiletown Holdings Limited and its affiliates, Paramount Group Ltd., Paramount Intellectual Property Holdings, Inc. and Paramount Logistics Corporation Limited, filed Chapter 11 petitions (Bankr. D. Del. Case Nos. 24-11848 to 24-11851) on Aug. 15, 2024. At the time of the filing, Fivemiletown reported $500 million to $1 billion in assets and $100 million to $500 million in liabilities. Judge Laurie Selber Silverstein oversees the cases. The Debtors tapped Paul Hastings, LLP and Young Conaway Stargatt & Taylor, LLP as legal counsels; and CR3 Partners, LLC as financial advisor. Stretto, Inc. is the Debtors' claims and noticing agent and administrative advisor. FIVEMILETOWN HOLDINGS: Taps Young Conaway as Bankruptcy Co-Counsel ------------------------------------------------------------------ Fivemiletown Holdings Limited seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Young Conaway Stargatt & Taylor, LLP as bankruptcy co-counsel. The firm's services include: a. providing legal advice with respect to the Debtors' powers and duties as debtors in possession in the continued operation of their business, management of their properties, and the potential sale of their assets; b. preparing documents in connection with and pursuing confirmation of a plan and approval of a disclosure statement; c. preparing, on behalf of the Debtors, necessary applications, motions, answers, orders, reports, and other legal papers; d. appearing in Court and protecting the interests of the Debtors before the Court; and e. performing all other legal services for the Debtors that may be necessary and proper in these Chapter 11 Cases. The firm will be paid at these rates: Matthew B. Lunn, Partner $1,110 Robert F. Poppiti, Jr., Partner $985 Jared W. Kochenash, Associate $630 Chad A. Corazza, Paralegal $375 Young Conaway received retainer payments in the amounts of $41,952 on July 25, 2024, and $35,000 on July 29, 2024. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. As set forth in the Mr. Lunn Declaration, the following is provided in response to the request for additional information contained in paragraph D.1. of the U.S. Trustee Guidelines: a. Young Conaway has not agreed to a variation of its standard or customary billing arrangements for this engagement; b. None of the firm's professionals included in this engagement have varied their rate based on the geographic location of these Chapter 11 Cases; c. Young Conaway was retained by the Debtors pursuant to an engagement agreement dated as of July 22, 2024. The billing rates and material terms of the prepetition engagement are the same as the rates and terms described in the Application. d. The Debtors will be approving a prospective budget and staffing plan for Young Conaway's engagement for the postpetition period as appropriate. In accordance with the U.S. Trustee Guidelines, the budget may be amended as necessary to reflect changed or unanticipated developments. Matthew Lunn, Esq., a partner at Young Conaway Stargatt & Taylor, LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Matthew B. Lunn, Esq. Young Conaway Stargatt & Taylor, LLP Rodney Square 1000 North King Street Wilmington, DE 19801 Telephone: (302) 571-6600 Facsimile: (302) 571-1253 Email: mlunn@ycst.com About Fivemiletown Holdings Fivemiletown Holdings Limited manufactures military aircraft, armored vehicles, maritime systems and equipment. Fivemiletown Holdings Limited and its affiliates, Paramount Group Ltd., Paramount Intellectual Property Holdings, Inc. and Paramount Logistics Corporation Limited, filed Chapter 11 petitions (Bankr. D. Del. Case Nos. 24-11848 to 24-11851) on Aug. 15, 2024. At the time of the filing, Fivemiletown reported $500 million to $1 billion in assets and $100 million to $500 million in liabilities. Judge Laurie Selber Silverstein oversees the cases. The Debtors tapped Paul Hastings, LLP and Young Conaway Stargatt & Taylor, LLP as legal counsels; and CR3 Partners, LLC as financial advisor. Stretto, Inc. is the Debtors' claims and noticing agent and administrative advisor. FTX TRADING: Reaches Chapter 11 Plan Deal w/ MDL Counsel -------------------------------------------------------- Emlyn Cameron of Law360 Bankruptcy Authority reports that FTX Trading Ltd. has asked a Delaware bankruptcy judge for permission to enact a settlement with plaintiffs and counsel it's facing in multidistrict litigation in Florida, saying the proposed deal would prevent potentially costly legal tussles and bring the plaintiffs on board to support FTX's Chapter 11 plan. 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. G-MAC CONSTRUCTION: Gets Final Approval to Use Cash Collateral -------------------------------------------------------------- G-Mac Construction, Inc. received final approval from the U.S. Bankruptcy Court for the District of Kansas to use the cash collateral of U.S. Small Business Administration (SBA). As of Aug. 19, G-Mac owns accounts receivable totaling approximately $80,000, which constitutes SBA's cash collateral. The bankruptcy court previously issued an order authorizing the company on an interim basis to use its accounts receivable and grant SBA a replacement lien in and against the company's post-petition accounts receivable. The interim order became a final order on Sept. 24, subject to removal of the "adequate protection" lien granted to SBA in and against G-Mac's 2006 Kenworth Rolloff Truck and 2009 Chevy 3500 Series 4 door truck. About G-Mac Construction G-Mac Construction, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 24-10797) on Aug. 19, 2024. In the petition signed by Gary W. McGonigle, president, the Debtor disclosed under $1 million in both assets and liabilities. Judge Mitchell L. Herren oversees the case. Mark J. Lazzo, P.A. serves as the Debtor's legal counsel. GAUCHO GROUP: Expands U.S. Distribution Network With Giannone Wine ------------------------------------------------------------------ Gaucho Group Holdings, Inc. announced Sept. 25 the addition of Giannone Wine & Liquor Co to the wine retailer network of Algodon Fine Wines. Giannone Wine & Liquor Co (gwine.com) is a well-established Wine & Liquor store with locations in West New York and Hoboken, NJ, offering a wide assortment of wines from around the world, as well as international beers and spirits, including the hard-to-find. As part of this collaboration, Giannone Wine & Liquor Co will serve as Algodon's stateside e-commerce fulfillment center for AlgodonFineWines.com. The e-commerce store, powered by Giannone Wine & Liquor Co, links to a virtual storefront showcasing the Algodon wines currently distributed in the U.S. In addition to the Algodon Fine Wines site powered by Giannone Wine & Liquor Co, Algodon Fine Wines are also available throughout the U.S. via 3Js Imports, both in-stores and online at such retailers as Giannone Wine & Liquor Co, Fanwood Liquors, Sebonack Golf & Country Club, Off the Hook Restaurant, The Frog and the Peach Restaurant, Dittrick’s Wine & Liquors, and Vineborough Lounge & Liquors, among others. Scott Mathis, CEO, and Founder of Gaucho Group Holdings, Inc., stated, "We are pleased to welcome Giannone Wine & Liquor Co into our trusted network. This collaboration is a significant step in our efforts to expand the reach of Algodon Fine Wines in the United States, providing wine enthusiasts with greater access to our exceptional wines." About Gaucho Group Holdings, Inc. For more than ten years, Gaucho Group Holdings, Inc.'s (gauchoholdings.com) mission has been to source and develop opportunities in Argentina's undervalued luxury real estate and consumer marketplace. The Company company has positioned itself to take advantage of the continued and fast growth of global e-commerce across multiple market sectors, with the goal of becoming a leader in diversified luxury goods and experiences in sought after lifestyle industries and retail landscapes. With a concentration on fine wines (algodonfinewines.com & algodonwines.com.ar), hospitality (algodonhotels.com), and luxury real estate (algodonwineestates.com) associated with our proprietary Algodon brand, as well as the leather goods, ready-to-wear and accessories of the fashion brand Gaucho - Buenos Aires (gaucho.com), these are the luxury brands in which Argentina finds its contemporary expression. New York, NY-based Marcum LLP, the Company's auditor since 2013, issued a "going concern" qualification in its report dated April 29, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses, and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. GHOST TRAIN BREWING: Hits Chapter 7 Bankruptcy ---------------------------------------------- William Thornton of al.com reports that Birmingham-based Ghost Train Brewing has filed for Chapter 7 bankruptcy. According to court documents filed on September 4, 2024 the business stated it has $9.3 million in total liabilities, with $1.6 million in total property holdings. The business also has $3.04 million in nonpriority unsecured claims and $303,578 in priority unsecured claims. Ghost Train Brewing in May 2024 announced it was temporarily closed. A sign on the Brewery at 3501 First Ave. S. read: "Our Apologies - Ghost Train will be temporarily closed, to make exciting changes. Updates coming soon!" Ghost Train had operated at the First Avenue South location since 2022. Prior to that, it had been since 2016 at 2616 3rd Ave S., which is now occupied by Uproot. About Ghost Train Brewing Ghost Train Brewing is a Birmingham-based brewery. Ghost Train Brewing sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. N.D. Ala. Case No. 24-02688) on Sept. 4, 2024. In its petition, the Debtor reports $9.3 million in total liabilities and $1.6 million in total property holdings. The Honorable Bankruptcy Judge Tamara O. Mitchell oversees the case. The Debtor is represented by: C Taylor Crockett C. TAYLOR CROCKETT, P.C. 2067 Columbiana Road Birmingham, AL 35216 Tel: (205) 978-3550 Email: taylor@taylorcrockett.com GLASS MANAGEMENT: Seeks Court Approval to Use Cash Collateral ------------------------------------------------------------- Glass Management Services, Inc. asks the U.S. Bankruptcy Court for the Northern District of Illinois for authorization to use cash collateral and to provide adequate protection to Old National Bank. The voluntary Chapter 11 petition, filed on September 22, 2024, allows the Debtor to manage its business operations and assets as a debtor in possession. No trustee or examiner has been appointed, nor have any official committees been designated. The company has two loans from Old National Bank, totaling $4.1 million, secured by a blanket lien on all its assets, including accounts receivable. Glass Management's inability to utilize cash collateral could jeopardize ongoing projects, as it would lead to a loss of workforce and hinder its ability to fulfill existing contracts. To support its request, the Debtor has prepared a budget outlining anticipated revenues and expenses from September through December 2024. The Debtor believes that granting a replacement lien on post-petition accounts receivable will adequately protect Old National Bank's interests. Given the urgency of the situation, the Debtor has provided a seven-day notice of the motion to relevant parties and seeks expedited court approval. The Debtor is represented by: David P. Leibowitz, Esq. LEIBOWITZ, HILTZ & ZANIG, LLC 53 W Jackson Blvd Ste 1301 Chicago, IL 60604-3552 Tel: (312) 662-5750 Email: dleibowitz@lakelaw.com About Glass Management Glass Management Services, Inc. is a construction contractor based in Illinois, specializing in glazing services. Established with a focus on high-profile projects, the company has been involved in significant developments, including the Obama Presidential Library, Terminal 5 at O’Hare Airport, and multiple Chicago Public Schools and CTA transit stations. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-14036) with $3,029,997 in assets and $11,989,444 in liabilities. Ernest B. Edwards, president, signed the petition. Hon. Janet S. Baer presides the case. David P. Leibowitz, Esq. at LEIBOWITZ, HILTZ & ZANIG, LLC represents the Debtor as legal counsel. GLOBAL TECHNOLOGIES: Swings to $812K Net Income in FY Ended June 30 ------------------------------------------------------------------- Global Technologies, Ltd., filed with the Securities and Exchange Commission its Annual Report on Form 10-K reporting net income of $812,081 on $1.06 million of revenue for the year ended June 30, 2024, compared to a net loss of $1.03 million on $17,000 of revenue for the year ended June 30, 2023. As of June 30, 2024, the Company had $8.36 million in total assets, $6.83 million in total liabilities, and $1.53 million in total stockholders' equity. Lagos, Nigeria-based Olayinka Oyebola & Co., the Company's auditor since 2024, issued a "going concern" qualification in its report dated Sept. 20, 2024, citing that the Company suffered an accumulated deficit of $(166,666,296), and a negative working capital of $(6,304,772). These matters raise substantial doubt about the Company's ability to continue as a going concern. A full-text copy of the Form 10-K is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/0000932021/000149315224038049/form10-k.htm About Global Technologies Headquartered in Parsippany, NJ, Global Technologies, Ltd -- http://www.globaltechnologiesltd.info/-- is a multi-operational company with a strong desire to drive transformative innovation and sustainable growth across the technology and service sectors, empowering businesses and communities through advanced, scalable solutions that enhance connectivity, efficiency, and environmental stewardship. The Company envisions a future where technology seamlessly integrates into every aspect of life, improving the quality of life and the health of the planet. The Company's vision is to lead the industries it serves with groundbreaking initiatives that set new standards in innovation, customer experience, and corporate responsibility, thereby creating enduring value for all shareholders. GNC HOLDINGS: Hires A&G Real to Help with Rent Negotiations ----------------------------------------------------------- Reshmi Basu of Bloomberg News reports that GNC Holdings LLC is working with advisory firm A&G Real Estate Partners as the nutrition supplement retailer seeks concessions from landlords, according to people with knowledge of the situation. Pittsburgh-based GNC is seeking to cut expenses to shore up its cash reserves, said people, who asked not to be identified discussing a private matter. "Optimizing expenses, including real estate, is a small part of our broader strategy to drive efficiency and long-term growth," a representative for GNC said in an emailed statement. About GNC Holdings GNC Holdings Inc. -- http://www.gnc.com/-- is a global health and wellness brand with a diversified omni-channel business. In its stores and online, GNC Holdings sells an assortment of performance and nutritional supplements, vitamins, herbs and greens, health and beauty, food and drink, and other general merchandise, featuring innovative private-label products as well as nationally recognized third-party brands, many of which are exclusive to GNC Holdings. GNC Holdings and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 20-11662) on June 23, 2020. The Debtors disclosed $1,415,957,000 in assets and $895,022,000 in liabilities as of March 31, 2020. Judge Karen B. Owens oversees the cases. The Debtors tapped Young Conaway Stargatt & Taylor, LLP and Latham & Watkins, LLP as legal counsel; Evercore Group, LLC as investment banker and financial advisor; FTI Consulting, Inc., as financial advisor; and Prime Clerk as claims and noticing agent. Torys LLP is the legal counsel in the Companies' Creditors Arrangement Act case. GOLDEN STAR: Incurs $47.6K Net Loss in FY Ended June 30 ------------------------------------------------------- Golden Star Resource Corp. filed with the Securities and Exchange Commission its Annual Report on Form 10-K disclosing a net loss and comprehensive loss of $47,628 for the year ended June 30, 2024, compared to a net loss and comprehensive loss of $46,221 for the year ended June 30, 2023. As of June 30, 2024, the Company had $2,813 in total assets, $821,854 in total liabilities, and a total stockholders' deficiency of $819,041. Vancouver, Washington-based Michael Gillespie & Associates, PLLC, the Company's auditor since 2023, issued a "going concern" qualification in its report dated Sept. 9, 2024, citing that although the Company has limited operations it has yet to attain profitability. This raises substantial doubt about its ability to continue as a going concern. A full-text copy of the Form 10-K is available for free at the SEC's website at: https://www.sec.gov/ix?doc=/Archives/edgar/data/0001375348/000149315224038066/form10-k.htm About Golden Star Golden Star Resource Corp. is an exploration stage mining company, incorporated in Nevada. The Company has been in the exploration stage since its formation and is primarily engaged in the acquisition and exploration of mining claims. Upon location of a commercial minable reserve, the Company expects to actively prepare the site for its extraction and enter a development stage. GOODY'S FLEET: Seeks to Hire Buddy D. Ford P.A as Legal Counsel --------------------------------------------------------------- Goody's Fleet Solutions, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Buddy D. Ford, P.A. as counsel. The firm will provide these services: a. analyzing the financial situation, and rendering advice and assistance to the Debtor in determining whether to file a petition under Title 11, United States Code; b. advising the Debtor with regard to the powers and duties of the debtor and as Debtor-in-Possession in the continued operation of the business and management of the property of the estate; c. preparing and filing of the petition, schedules of assets and liabilities, statement of affairs, and other documents required by the Court; d. representing the Debtor at the Section 341 Creditors' meeting; e. giving the Debtor legal advice with respect to its powers and duties as Debtor and as Debtor-in Possession in the continued operation of its business and management of its property; if appropriate; f. advising the Debtor with respect to its responsibilities in complying with the United States Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; g. preparing, on the behalf of your Applicant, necessary motions, pleadings, applications, answers, orders, complaints, and other legal papers and appear at hearings thereon; h. protecting the interest of the Debtor in all matters pending before the court; i. representing the Debtor in negotiation with its creditors in the preparation of the Chapter 11 Plan; and j. performing all other legal services for Debtor as Debtor-in-Possession which may be necessary, and it is necessary for Debtor as Debtor-in-Possession to employ this attorney for such professional services. The firm will be paid at these rates: Buddy D. Ford $450 per hour Jonathan A. Semach $400 per hour Heather M. Reel $350 per hour Paralegal $150 per hour The firm was paid by the Debtor a retainer in the amount of $9,238. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Buddy D. Ford, Esq., a partner at Buddy D. Ford, P.A., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Buddy D. Ford, Esq. Buddy D. Ford, P.A. 9301 West Hillsborough Avenue Tampa, FL 33615-3008 Telephone: (813) 877-4669 Email: Buddy@tampaesq.com About Goody's Fleet Solutions Goody's Fleet Solutions, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-05407) on September 11, 2024, listing up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Roberta A Colton presides over the case. Buddy D Ford, Esq. at Buddy D. Ford, P.A. represents the Debtor as counsel. GREELEY FLATS: Updates Priority Claims Pay Details -------------------------------------------------- Greeley Flats, DST, submitted an Amended Disclosure Statement in support of Chapter 11 Plan dated August 26, 2024. The Debtor owns certain real property located at 1758 6th Avenue, Greeley, Colorado 80631 (the "Real Property"), which predominantly houses students at the University of Northern Colorado. The Property has 93 rental units with 262 beds. In addition to the Debtor's ownership interest in the Real Property, the Debtor's assets consist of accounts receivables and a note receivable, the property furnishings and appliances contained within the individual units, the fixtures contained therein, and the office equipment at the Real Property. The accounts receivable owed to the Debtor, as of the Petition Date, totaled $125,468.34, with post-petition receivables, as of June 30, 2024, totaling $97,174. The Debtor is also the payee under that certain note receivable in the amount of $165,000.00, which represents an outstanding amount due under an intercompany loan made to Nelson Partners, LLC. The Debtor intends to seek collection of both the outstanding accounts receivable (which predominantly relate to unpaid rent obligations) and the Nelson Partners note receivable; however, the Debtor cannot estimate at this time the percentage of such receivables that are collectible. In the case of the Nelson Partners note receivable, collectability will largely depend on Nelson Partners' future ability to generate income to satisfy the claims of its creditors. Other than the secured debts described more fully herein, the Debtor's debts principally consist of legal fees, ordinary course trade debt, tax indebtedness, and similar industry standard obligations. Although the Bar Date has not yet passed, the Debtor estimates that it has approximately $55,844.00 in prepetition priority debt (consisting of property tax claims of Weld County, Colorado) and $38,944.00 in prepetition general unsecured debt. This Plan itself is a "toggle" plan. That is, the Debtor is simultaneously pursuing both a sale process and a plan that contemplates the exploration of a transaction involving the refinancing of the Debtor's secured indebtedness and the retention of its property. After its marketing process, the Debtor will determine, in consultation with key constituencies, the highest and best proposal that maximizes the value of its property and distributions to creditors and holders of beneficial trust interests. Pursuant to the Plan, the Debtor shall distribute the net proceeds from either the Sale Transaction1 or the Refinancing Transaction to creditors in conformity with the Bankruptcy Code and this Plan. In the event of a Sale Transaction, the Debtor's Real Property will be sold pursuant to the Plan to a buyer and the Plan will be a liquidating plan. In the event of a Refinancing Transaction, the Debtor's secured lender, Fannie Mae, will be paid its Allowed Class 1.a Claim (or such other amounts as agreed to by Fannie Mae), holders of administrative and priority claims will be paid, and, pursuant to the terms of the Plan, the Debtor has the option to either satisfy unsecured creditors with payment in full (provided that the proceeds of Sale or a Refinancing Transaction are sufficient to satisfy such Claims after payment of costs of closing and the Allowed Claims of all senior creditors) or reinstate the claims of unsecured claims in accordance with this Plan. The Debtor's beneficial trust interests will be reinstated as interests in the Reorganized Debtor. Class 2 consists of Priority Claims including any Allowed property tax claims of Weld County, Colorado. To the extent such claims are filed prior to the Bar Date and are Allowed, the Holder of a Class 2 Claim shall be paid in full on or before the date that is 45 days after the Effective Date. For the avoidance of doubt, a Class 2 claimant shall not receive a greater amount under the Plan than the amount of its Allowed Claim. Like in the prior iteration of the Plan, holders of Allowed Unsecured Claims in Class 3 shall, in the event of a Sale Transaction, be paid Pro Rata from Net Sale Proceeds upon the closing of the Sale Transaction, after payment in full of all Allowed Administrative Claims, Tax Claims, Class 1 Claims, and Class 2 Claims, or, in the event of a Refinancing Transaction, at the Debtor's election in its sole discretion, either be paid from the proceeds of the Refinancing Transaction or reinstated and paid in the ordinary course of business. The Debtor shall effectuate the Plan through either the Sale Transaction or the Refinancing Transaction. The process of marketing the Property for either sale or refinancing shall be conducted simultaneously to ensure that the Property's value is maximized. The Sale Transaction In the event the Debtor liquidates its Assets through a Sale Transaction, the following provisions shall apply. The Confirmation Order with respect to the Plan shall authorize, pursuant to sections 363, 365, 1123(a)(5)(B), and 1123(a)(5)(D) of the Bankruptcy Code, all actions necessary or appropriate to effectuate the Sale Transaction(s), including, (i) the execution and delivery of the Asset Purchase Agreement(s) and all other Sale Transaction Documents, (ii) the transfer of the purchased assets free and clear of all Liens, Claims, charges, or other encumbrances, to the applicable Purchaser(s), and (iii) all transactions contemplated by the Asset Purchase Agreement. The Refinancing Transaction In the event the Debtor seeks consummation of a Refinancing Transaction, the following provisions shall apply. The Confirmation Order with respect to the Plan shall authorize, pursuant to sections 363, 1123(a)(5)(A), and 1123(a)(5)(E) of the Bankruptcy Code, all actions necessary or appropriate to effectuate the Refinancing Transaction(s), including, (i) the execution and delivery of any loan agreement and all other Refinancing Transaction Documents, and (ii) all transactions contemplated by the Refinancing Transaction. A full-text copy of the Amended Disclosure Statement dated August 26, 2024 is available at https://urlcurt.com/u?l=Lgekqm from PacerMonitor.com at no charge. Attorneys for the Debtor: Thomas R. Fawkes, Esq. Tucker Ellis LLP 233 S. Wacker Dr., Suite 6950 Chicago, IL 60606 Tel: (312) 256-9425 Fax: (312) 624-6309 Email: thomas.fawkes@tuckerellis.com About Greeley Flats, DST Greeley Flats, DST, is organized as a Delaware statutory trust. The Debtor filed a Chapter 11 bankruptcy petition (Bankr. D. Colo. Case No. 24-11573-KHT) on On April 3, 2024. The Debtor hired Tucker Ellis LLP as counsel. GREEN ENERGY: Case Summary & 10 Unsecured Creditors --------------------------------------------------- Debtor: Green Energy Partners, LLC 22330 Sam Fred Road Middleburg, VA 20118 Chapter 11 Petition Date: September 29, 2024 Court: United States Bankruptcy Court Eastern District of Virginia Case No.: 24-33634 Debtor's Counsel: James P. Campbell, Esq. CAMPBELL FLANNERY, P.C. 1602 Village Market Boulevard Suite 225 Leesburg, VA 20175 Tel: (703) 771-8344 Fax: (703) 777-1485 Email: jcampbell@campbellflannery.com Total Assets: $16,658,923 Total Liabilities: $3,002,077 The petition was signed by Mark E. Andrews, Manager. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/7UP726I/Green_Energy_Partners_LLC__vaebke-24-33634__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 10 Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Andrews Land Investment Loan $211,895 Middleburg, VA 20117 2. Bill Puckett Loan $110,027 1 West Federal Street Middleburg, VA 20118 3. JAAIT Loan $2,140,566 22330 Sam Fred Road Middleburg, VA 20117 4. Kaufman & Canoles Professional $3,180 PO Box 3037 Services Norfolk, VA 23514 5. Kirk Surry LLC Potential $0 102 West Road, Contract Portsmouth, VA Breach 23707 6. Kirk Trust Properties, LLC Potential $0 102 West Road, Contract Portsmouth, VA Breach 23707 7. Puckett Marketing Services $205,922 1 West Federal Street Rendered Middleburg, VA 20118 8. Rita Pierce Loan $110,027 9. Timmons Group Professional $12,083 1001 Boulders Parkway Services Suite 300 Richmond, VA 23225 10. Viridian Consulting LLC Services $208,375 513 Youngs Rendered Mountain Drive Germantown, MD 20874 HAILYN INVESTMENTS: Armistead Long Named Subchapter V Trustee ------------------------------------------------------------- The Acting U.S. Trustee for Region 5 appointed Armistead Long as Subchapter V trustee for Hailyn Investments 2, LLC. Mr. Long will be paid an hourly fee of $415 for his services as Subchapter V trustee and an hourly fee of $140 for his legal assistant. In addition, the Subchapter V trustee will receive reimbursement for work-related expenses incurred. Mr. Long declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Armistead M. Long 400 E. Kaliste Saloom Road Lafayette LA 70508 Email: along@gamb.com Phone: (337) 237-0132 About Hailyn Investments 2 Hailyn Investments 2, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. La. Case No. 24-50768) on Sept. 5, 2024, with $100,001 to $500,000 in both assets and liabilities. Judge John W. Kolwe oversees the case. The Debtor tapped Weinstein & St. Germain, LLC as legal counsel. HAWKEYE ENTERTAINMENT: Seeks to Extend Plan Exclusivity ------------------------------------------------------- Hawkeye Entertainment, LLC, asked the U.S. Bankruptcy Court for the Central District of California to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to April 18, 2025 and June 18, 2025, respectively. Since the Petition Date, the Debtor has devoted significant effort and time on Chapter 11 administration and the Assumption Motion, which is a critical motion in the case. Since that time the Debtor has been attempting to focus on discovery efforts with respect to the Assumption Motion, while also filing the Adversary Proceeding and addressing the injunctive issues arising therein, together with Smart Capital's Counterclaims. The Debtor explains that cause exists for the requested extension and an extension is clearly warranted when applying the standard factors to the present case. This case has been pending for less than a year, during which the Debtor has sought to address and respond to a number of important issues. The Debtor filed this Chapter 11 on October 18, 2023, and the Debtor has been working diligently to move it forward. The Debtor asserts that assumption of the Lease and Sublease are material to the Debtor's successful reorganization. Therefore, the Debtor timely moved to assume the Lease and Sublease by filing the Assumption Motion on December 19, 2023, significantly in advance of the expiration of the initial 120-day deadline imposed under Section 365(d)(4) of the Bankruptcy Code. Contemporaneously with the filing of the Assumption Motion, the Debtor filed the Section 365(d)(3) Motion. The Debtor further asserts that the issues relating to the nonmonetary defaults asserted by the Landlord, and contested by the Debtor, are complex and need to be resolved as part of both the Assumption Motion and now the Counterclaims in the Adversary Proceeding. The Debtor is proceeding to resolve the Lease and Sublease issues before the Court as expeditiously as reasonably possible under the circumstances. The Debtor claims that it is not seeking a further extension to pressure creditors to accede to its reorganization proposals. Rather, the additional time requested is necessary to ensure that the Debtor is able to present a comprehensive plan. In fact, once the issues concerning the Lease and Sublease are decided by the Court, the Debtor intends to make a good faith effort toward a consensual plan. Hawkeye Entertainment, LLC, is represented by: Sandford L. Frey, Esq. Lori A. Schwartz, Eq. Leech Tishman Robinson Brog, PLLC 200 South Los Robles Avenue, Suite 300 Pasadena, CA 91101 Tel: (212) 603-6300 Fax: (212) 956-2164 Email: sfrey@leechtishman.com About Hawkeye Entertainment Hawkeye Entertainment, LLC, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 23-11501) on Oct. 18, 2023. In the petition signed by Adi McAbian, president of Saybian Gourmet, Inc., member of Hawkeye, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Martin R. Barash oversees the case. Sandford L. Frey, Esq., at Leech Tishman Fuscaldo & Lampl, LLC, is the Debtor's legal counsel. HEALTHLYNKED CORP: Issues $900K in Convertible Notes and Warrant ---------------------------------------------------------------- HealthLynked Corp.disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on September 19, 2024, the Company issued and sold 10 separate senior secured convertible promissory note in the aggregate principal amount of $900,000 and issued a warrant to purchase 9,259,258 shares of common stock, par value $0.0001 per share, of the Company to the Mary S. Dent Gifting Trust pursuant to a note and warrant purchase agreement between the Company and the Purchaser dated September 19, 2024. The Purchaser is controlled by the Chief Executive Officer and Chairman of the Company, Dr. Michael Dent. The Company's obligations under the Note are secured by a first priority lien on all of the assets of the Company pursuant to that certain security agreement between the Company and the Purchaser dated September 19, 2024. The Notes were issued with an original issue discount of 5%, resulting in net proceeds to the Company of $855,000, which was advanced to the Company in installments between July 10, 2024 and September 10, 2024 as follows: * Note #1 - Cash Advance: 09/18/24 - Original Note Issue Date: 07/10/24 - Maturity Date: 01/10/25 - Amount Advanced: $35,000 - Discount: $1,842.11 - Principal: $36,842.11 * Note #2 - Cash Advance: 09/18/24 - Original Note Issue Date: 07/16/24 - Maturity Date: 01/16/25 - Amount Advanced: $10,000 - Discount: $526.32 - Principal: $10,526.32 * Note #3 - Cash Advance: 09/18/24 - Original Note Issue Date: 07/16/24 - Maturity Date: 01/16/25 - Amount Advanced: $70,000 - Discount: $3,684.21 - Principal: $73,684.21 * Note #4 - Cash Advance: 09/18/24 - Original Note Issue Date: 07/19/24 - Maturity Date: 01/19/25 - Amount Advanced: $20,000 - Discount: $1,052.63 - Principal: $21,052.63 * Note #5 - Cash Advance: 09/18/24 - Original Note Issue Date: 07/30/24 - Maturity Date: 01/30/25 - Amount Advanced: $100,000 - Discount: $5,263.16 - Principal: $105,263.16 * Note #6 - Cash Advance: 09/18/24 - Original Note Issue Date: 08/14/24 - Maturity Date: 02/14/25 - Amount Advanced: $120,000 - Discount: $6,315.79 - Principal: $126,315.79 * Note #7 - Cash Advance: 09/18/24 - Original Note Issue Date: 08/20/24 - Maturity Date: 02/20/25 - Amount Advanced: $100,000 - Discount: $5,263.16 - Principal: $105,263.16 * Note #8 - Cash Advance: 09/18/24 - Original Note Issue Date: 08/28/24 - Maturity Date: 02/28/25 - Amount Advanced: $50,000 - Discount: $2,631.58 - Principal: $52,631.58 * Note #9 - Cash Advance: 09/18/24 - Original Note Issue Date: 09/04/24 - Maturity Date: 03/04/25 - Amount Advanced: $150,000 - Discount: $7,894.74 - Principal: $157,894.74 * Note #10 - Cash Advance: 09/18/24 - Original Note Issue Date: 09/10/24 - Maturity Date: 03/10/25 - Amount Advanced: $200,000 - Discount: $10,526.32 - Principal: $210,526.32 * Total - Amount Advanced: $855,000 - Discount: $45,000.02 - Principal: $900,000.02 Each of the Notes matures six months from the date for which the cash advance underlying the individual Note was made. Proceeds from the Notes have been and will be used for working capital and other general corporate purposes. The Notes accrue interest at a rate of 12% per annum. However, such rate shall increase to an annual rate of 18% per annum for so long as any Event of Default remains uncured. The Notes are convertible into shares of Common Stock at the option of the Purchaser prior to the Maturity Date. The Notes are subject to mandatory conversion upon the occurrence of a Qualified Equity Financing or upon the Maturity Date of each of the Notes. The conversion price per share of Common Stock under each of the Notes is $0.0486. The Warrant has an exercise price of $0.0486 per share and a term of 10 years. The Warrant is exercisable for cash at any time. The Purchase Agreement and the Security Agreement contain customary representations, warranties, and covenants of the Company and Purchaser as detailed therein. The Notes and the Warrant were issued to the Purchaser, an accredited investor, in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933 and Regulation D promulgated thereunder. The Company will rely on this exemption from registration based in part on representations made by the Purchaser in the Purchase Agreement. The Notes and the Warrant, and any shares issuable upon conversion of the Note and exercise of the Warrant, have not been registered under the Securities Act or applicable state securities laws and may not be offered or sold in the United States absent registration under the Securities Act or an exemption from such registration requirements. About HealthLynked Corp. Naples, Fla.-based HealthLynked Corp. was incorporated in the State of Nevada on August 4, 2014. It operates a cloud-based patient information network and record archiving system in the United States, and currently operates through three distinct divisions: the Health Services Division, the Digital Healthcare Division, and the Medical Distribution Division. New York, N.Y.-based RBSM LLP, the Company's auditor since 2014, issued a "going concern" qualification in its report dated April 1, 2024, citing that the Company has recurring losses from operations, limited cash flow, and an accumulated deficit. These conditions raise substantial doubt about the Company's ability to continue as a going concern. HERITAGE COLLEGIATE: Court Modifies Cash Collateral Order --------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Michigan, Southern Division, granted Heritage Collegiate Apparel, Inc., authorization to modifies the final cash collateral. On September 24, 2024, a Stipulation Order was filed involving the Debtor, the Official Committee of Unsecured Creditors, the Office of the United States Trustee, and several financial institutions, including Bank of Ann Arbor and Newtek Small Business Finance, LLC. This stipulation seeks to modify a previous order regarding the use of cash collateral, originally issued on September 19, 2024. The Order aims to clarify the rights of creditors regarding replacement liens on collateral. Specifically, the Debtor seeks permission to use cash collateral while ensuring that creditors can maintain their security interests in any collateral created after the petition date, contingent upon any decrease in the cash collateral's value. Aside from the specified modifications, the original final cash collateral order remains in full effect. The Court found sufficient cause to approve these changes, ensuring the ongoing management of the Debtor's financial obligations while protecting the interests of the creditors involved. The firm can be reached through: Scott A. Wolfson, Esq. 3150 Livernois, Suite 275 Troy, MI 48083 Telephone: (248) 247-7105 Facsimile: (248) 247-7099 Email: akochis@wolfsonbolton.com About Heritage Collegiate Apparel Heritage Collegiate Apparel, Inc. serves as the official retailer of the University of Michigan Athletic Department. For more than 20 years, the Debtor has provided a selection of clothing, merchandise and gifts to the University of Michigan. Heritage Collegiate Apparel filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 24-47922) on August 16, 2024, listing $1 million to $10 million in assets and $10 million to $50 million in liabilities. The petition was signed by Scott Hirth as president. Judge Thomas J. Tucker presides over the case. Kim K. Hillary, Esq., at Schafer and Weiner, PLLC represents the Debtor as legal counsel. On September 3, 2024, the United States Trustee appointed an official committee of unsecured creditors in this Chapter 11 case. The committee tapped Wolfson Bolton Kochis PLLC as counsel and Capstone Partners as financial advisor. HERITAGE HOTELS: Aransas Bay Lighthouse Inn Up for Bankruptcy Sale ------------------------------------------------------------------ Hilco Real Estate Sales announces October 30, 2024, as the qualifying bid deadline for the 78-room Lighthouse Inn at Aransas Bay located at 200 South Fulton Beach Road in Rockport, Texas. The Chapter 11 bankruptcy sale is subject to approval by the United States Bankruptcy Court for the Southern District of Texas, Corpus Christi Division. This offering allows for the acquisition of an operating asset with the full staff in place. This waterfront property is situated on 2.056+/- acres along the scenic southwestern Texas Gulf Coast, making it an ideal listing for opportunistic hospitality operators, investors and redevelopers alike. The 49,084+/- SF hotel features ample meeting and event space, a full-service restaurant and bar overlooking the bay, a fitness room, private pier access, an outdoor pool, garden area, grill space and 82+/- surface parking spaces. Fully renovated in 2018, this independent property presents significant upside potential as the premier waterfront hospitality hotel in the area. Situated approximately 30 miles northeast of Corpus Christi, the hotel site is located off State Highway 35 on Fulton Beach Road at the entrance to Fulton Harbor. Corpus Christi is recognized for its high-output port activity and steady population growth, along with economic expansion in sectors such as energy, manufacturing and logistics. Additionally, its appeal as a popular tourist destination, with access to beautiful beaches, waterfront attractions and cultural sites, provides a strong foundation for the hospitality sector. The ongoing recovery from the COVID-19 pandemic has seen increased travel demand, which is expected to continue, boosting hotel occupancy and other hospitality services. Rockport is particularly known for its fishing, art community, restaurants and the state's only Blue Wave Beach. Stephen Madura, senior vice president at Hilco Real Estate Sales, stated, "The sale of the Lighthouse Inn represents a significant milestone for the Rockport real estate market. This property has long been a beloved fixture in the community, offering charm and unique appeal that attracts both locals and tourists. We anticipate that the new ownership will continue to build on the Lighthouse Inn's legacy, enhancing its offerings and contributing positively to Rockport's tourism industry." Terence Rochford, J.D., executive vice president of business development at Hilco Real Estate Sales, added, "As we move forward, we're optimistic that the new owners will leverage its strategic position and strong community ties to further elevate the property's appeal and contribute to Rockport's tourism industry." The sale is subject to Bankruptcy Court Approval of the United States Bankruptcy Court for the Southern District of Texas, Corpus Christi Division, In re: Heritage Hotels Rockport LLC, Case No. 24-20201 (MI). Bids must be received on or before the deadline of October 30 at 5:00 p.m. (CT) and must be submitted on the Asset Purchase Agreement (APA) document available for review and download from Hilco Real Estate Sale's website. Interested bidders should review the requirements in order to participate in the bankruptcy sale process available on Hilco Real Estate Sale's website. For further information, please contact Michael Kneifel at (847) 201-2322 or mkneifel@hilcoglobal.com or Jordan Schack at (847) 504-3297 or jschack@hilcoglobal.com. For further information on the property, sale process, and terms or to obtain access to due diligence documents, please visit HilcoRealEstateSales.com or call (855) 755-2300. About Hilco Real Estate Sales Successfully positioning the real estate holdings within a company's portfolio is a material component of establishing and maintaining a strong financial foundation for long-term success. At Hilco Real Estate Sales (HRE), a Hilco Global company (HilcoGlobal.com), we advise and execute strategies to assist clients seeking to optimize their real estate assets, improve cash flow, maximize asset value and minimize liabilities and portfolio risk. We help clients traverse complex transactions and transitions, coordinating with internal and external networks and constituents to navigate ever-challenging market environments. About Heritage Hotels Rockport LLC Heritage Hotels is part of the traveler accommodation industry. Heritage Hotels Rockport LLC in Marble Falls, TX, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. S.D. Tex. Case No. 24 20201) on July 24, 2024, listing as much as $10 million to $50 million in both assets and liabilities. James R. Reese as manager, signed the petition. LAW OFFICE OF VINCENT SLUSHER serve as the Debtor's legal counsel. HIGH WIRE: Edward Vasko Appointed as New COO -------------------------------------------- High Wire Network, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on September 19, 2024, Stephen LaMarche resigned from his position as Chief Operations Officer of the Company. Mr. LaMarche will remain on the Company's Board of Directors. Accordingly, the Board appointed Edward Vasko, the Chief Executive Officer of the Company's Overwatch managed cybersecurity services division, to serve as Chief Operations Officer of the Company, effective immediately. Mr. Vasko will continue to serve as the Chief Executive Officer of Overwatch. Mr. Vasko, 54, has more than 33 years of experience in the cybersecurity industry, including extensive experience in business formation and development. He has also led several strategic mergers and acquisitions and exits. As a respected industry thought leader, he has addressed the national cybersecurity workforce development requirements for protecting the United States and its allies. Prior to joining the Company, from February 2020 until July 2024, Mr. Vasko served as the Director of Boise State University's Institute of Pervasive Cybersecurity, a leader in cybersecurity research and host of the competency development hub known as the Cyberdome. From May 2019 until May 2020, Mr. Vasko served as Senior Vice President, Service Delivery, DevSecOps, and Customer Success of Avertium, a cybersecurity firm. Pursuant to the Offer Letter from the Company in connection with Mr. Vasko's position as Chief Executive Officer of Overwatch, which will remain in effect in connection with his appointment as Chief Operations Officer of the Company, in consideration for his service Mr. Vasko will receive an annualized base salary of $260,000 and will receive a one-time equity award with a grant date fair value of $40,000. In addition, Mr. Vasko will be eligible for: (i) a target quarterly cash bonus in an amount of up to $45,000 based on a revenue target for existing revenue. (ii) a target quarterly cash bonus in an amount of up to $81,250 based on a revenue target for incremental net new revenue. There are no family relationships between Mr. Vasko and any director or executive officer of the Company, and he does not have any direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K. About High Wire High Wire Network, Inc., incorporated on Jan. 20, 2017, is a global provider of managed cybersecurity, managed networks, and tech-enabled professional services delivered exclusively through a channel sales model. The Company's Overwatch managed security platform-as-a-service offers organizations end-to-end protection for networks, data, endpoints, and users via multiyear recurring revenue contracts in this fast-growing technology segment. HWN has continuously operated under the High Wire Networks brand for 23 years. Draper, Utah-based Sadler, Gibb & Associates, LLC, the Company's auditor since 2014, issued a "going concern" qualification in its report dated April 19, 2024, citing that the Company has incurred losses since inception, has negative cash flows from operations, and has negative working capital, which creates substantial doubt about its ability to continue as a going concern. High Wire Networks reported a net loss attributable to the Company's common shareholders of $14.48 million for the year ended Dec. 31, 2023, compared to a net loss attributable to the company's shareholders of $19.04 million for the year ended Dec. 31, 2022. As of March 31, 2024, the Company had $12.95 million in total assets, $15.92 million in total liabilities, and a total stockholders' deficit of $2.97 million. HOME BUILDING: Hires Maltz Auctions as Real Estate Broker --------------------------------------------------------- Home Building Corporation seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Maltz Auctions, Inc as broker. The firm will market and sell the Debtor's property located at 350 Sunrise Highway, West Babylon, New York 11704. Maltz shall be entitled to a flat commission of four percent inclusive of all expenses including advertising, publication and marketing expenses, upon the closing of the sale. Richard Maltz, president of Maltz Auctions, assured the court that his firm has no adverse interest to the Debtor's estate, is disinterested and will provide a valuable service to the Debtor by assisting it in valuing its assets. The firm can be reached through: Richard Maltz Maltz Auctions Inc 39 Windsor Place Central Islip, NY 11722 Phone: (516) 349-7022 About Home Building Corporation Home Building Corporation is primarily engaged in renting and leasing real estate properties. The Debtor owns the real property located at 350 Sunrise Highway, West Babylon, NY 11704 valued at $1.5 million. Home Building Corporation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-72229) on June 10, 2024. In the petition filed by Eugeniusz Rogoza, as president, the Debtor reports total assets of $1,507,500 and total liabilities of $480,000. Honorable Bankruptcy Judge Robert E. Grossman oversees the case. The Debtor is represented by Ronald D. Weiss, Esq. at RONALD D. WEISS, P.C. HYPERION UTS: Gets Interim OK to Use Cash Collateral ---------------------------------------------------- Hyperion UTS, Inc. received interim approval from the U.S. Bankruptcy Court for the Western District of North Carolina to use cash collateral to fund its operating expenses. The interim order penned by Judge Laura Beyer authorized the company to use the cash collateral of its creditors according to the budget it filed with the court. However, the company must not exceed the budget by more than 10% per line item on a cumulative basis. The creditors, including First Corporation Solutions, Crossroads Equipment Lease & Finance, LLC and England Carrier Services will receive a replacement lien in post-petition property, and the proceeds thereof, to protect their interests, according to the interim order. The court order also authorized Hyperion UTS to continue factoring with Gulf Coast Bank & Trust, doing business as Phoenix Capital Group, and obtain post-petition financing from the factoring company. As protection, Phoenix will be granted senior security interest in the collateral. Hyperion UTS utilizes Phoenix as its factoring company pursuant to their agreement dated March 14, 2023. The next hearing is scheduled for October 23. About Hyperion UTS Inc. Hyperion UTS Inc., doing business as United Trucking Solutions, is an active interstate freight carrier based out of Huntersville, North Carolina. Hyperion UTS sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D.N.C. Case No. 24-30777) on Sept. 10, 2024, with $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Yurii Stiahlii signed the petition as officer of the company. Hyperion UTS is represented by John C. Woodman, Esq., at Essex Richards, PA. ICAP ENTERPRISES: Files Amended Plan; Confirmation Hearing Oct. 16 ------------------------------------------------------------------ iCap Enterprises, Inc., and affiliates submitted a Second Amended Disclosure Statement for the Second Amended Joint Chapter 11 Plan of Liquidation dated August 26, 2024. Significantly, the proposed Plan is a "single pot" plan, meaning that under the Plan, generally, all of the assets and liabilities of all the Debtors will be pooled and consolidated for distribution purposes. This is legally referred to under the Plan as "substantive consolidation." In these Chapter 11 Cases, the Plan contemplates a liquidation of each of the Debtors and is therefore referred to as a "plan of liquidation." The Debtors' assets largely consist of interests in real properties, Cash, and the iCap Trust Actions under the Plan. The iCap Trust Actions include all Avoidance Actions and Causes of Action held by the Debtors or the Estates and any Causes of Action that are contributed to the iCap Trust as Contributed Claims, in each case as against any Person that is not a Released Party. The Plan provides for the creation of the iCap Trust, as well as the appointment of the iCap Trustees, who will administer and liquidate all remaining property of the Debtors and their Estates, subject to the supervision and oversight of the iCap Trust Supervisory Board. The Plan also provides for Distributions to be made to certain Holders of Administrative Expense Claims, Priority Tax Claims, Priority Claims, Secured Claims, Investor Claims, General Unsecured Claims, and potentially Subordinated Claims, and for the funding of the iCap Trust. The Plan also provides for substantive consolidation of the Debtors and their Estates as of the Effective Date. Finally, the Plan provides for the approval of the Exit Financing, the dissolution and wind-up of the affairs of the Debtors, and the administration of any remaining assets of the Debtors' Estates by the iCap Trustees. On August 21, 2024, the Debtors filed a motion pursuant to Bankruptcy Code section 363(b) and Bankruptcy Rule 9019 seeking approval of a settlement agreement (the "Serene Settlement Agreement") by and between the Debtors and Serene. Among other things, the Serene Settlement Agreement (i) resolves Serene's remaining claims under the Serene DIP Loan, (ii) provides for the resolution, or transfer to the Debtors, of certain claims against Christensen arising under the Serene DIP Loan, (iii) provides for mutual releases among Serene and the Debtors, and (iv) grants Serene an exclusive option to purchase the real property commonly known as 715–775 Broadway, Tacoma, WA. The Debtors intend to continue marketing certain of the real properties owned by the Estates and may sell additional properties prior to the Effective Date, subject to the Transaction Sale Procedures and Bankruptcy Court approval. Like in the prior iteration of the Plan, the Holders of Allowed General Unsecured Claims in Class 4 will receive on the later of the Effective Date and thirty calendar days following the date on which such General Unsecured Claim becomes an Allowed General Unsecured Claim, one Class A iCap Trust Interest for each dollar of Allowed General Unsecured Class A Claims and one Class B iCap Trust Interest for each dollar of Allowed General Unsecured Class B Claims held by the applicable Holder (any resulting fractional iCap Trust Interests will be rounded to the nearest hundredth of such iCap Trust Interest). The Plan provides for the distribution of the proceeds of the liquidation of all Estate Assets to Investors and other Creditors as contemplated under the Plan. The Plan provides for the creation and funding of the iCap Trust to administer and liquidate all remaining property of the Debtors, including (i) any real properties owned by the Debtors immediately prior to the Effective Date and (ii) the iCap Trust Actions, which include, among other things, any and all causes of action, claims, remedies, or rights that may be brought by or on behalf of the Debtors or the Estates under Bankruptcy Code sections 542, 544, 547, 548, 549, 550, 551, or 553, or under related state or federal statutes, or pursuant to any theory or cause of action under common law, regardless whether such action has been commenced prior to the Effective Date. The Bankruptcy Court has scheduled the Confirmation Hearing to commence on October 16, 2024, at 9:30 a.m., before the Honorable Whitman L. Holt, Tower Bldg, 2nd Floor Courtroom, 402 East Yakima Avenue, Yakima, WA 98901. A full-text copy of the Second Amended Disclosure Statement dated August 26, 2024 is available at https://urlcurt.com/u?l=WiKhT5 from PacerMonitor.com at no charge. Co-Counsel to the Debtors: Julian I. Gurule, Esq. O'MELVENY & MYERS LLP 400 South Hope Street, 18th Floor Los Angeles, California 90071 Telephone: (213) 430-6067 E-mail: jgurule@omm.com Co-Counsel to the Debtors: Oren B. Haker, Esq. BLACK HELTERLINE LLP 805 SW Broadway Suite 1900 Portland, OR 97205 Telephone: 503 224-5560 Email: oren.haker@bhlaw.com About iCap Enterprises iCap Enterprises, Inc. and affiliates were founded in 2007 by Chris Christensen to invest in real estate opportunities in the Pacific Northwest. iCap Enterprises et al. grew quickly, raising more than $211 million in capital and deploying those funds toward real estate investments. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wash. Lead Case No. 23-01243) on September 29, 2023. In the petition signed by Lance Miller, chief restructuring officer, iCap Enterprises disclosed up to $100 million in assets and up to $500 million in liabilities. Judge Whitman L. Holt oversees the case. The Debtors tapped Buchalter, A Professional Corporation as counsel, Paladin Management Group, LLC as restructuring financial advisor, BMC Group Inc. as claims noticing agent and administrative advisor. INDEPENDENCE REALTY: C. Jerome Teel Named Subchapter V Trustee -------------------------------------------------------------- The Acting U.S. Trustee for Region 8 appointed C. Jerome Teel, Jr., Esq. at Teel & Gay, PLC as Subchapter V trustee for Independence Realty & Investments, LLC. Mr. Teel will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Teel declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: B. Jerome Teel, Jr. Teel & Gay, PLC 79 Stonebridge Blvd., Suite B Jackson, TN 38305 Phone: (731) 424-3315 Email: Jerome@tennesseefirm.com About Independence Realty & Investments Independence Realty & Investments, LLC, a company in Memphis, Tenn., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 24-24362) on September 6, 2024, with up to $50,000 in assets and up to $10 million in liabilities. Derrick Brown, managing member, signed the petition. Toni Campbell Parker, Esq., at the Law Firm of Toni Campbell Parker represents the Debtor as bankruptcy counsel. INFOW LLC: Trustee Gets Go Signal to Start IP Platform Auction -------------------------------------------------------------- James Nani of Bloomberg Law reports that The trustee overseeing the liquidation of right-wing provocateur Alex Jones' assets was given the green light by a Houston bankruptcy court to start auctioning off the property of his Infowars media platform. US Bankruptcy Judge Christopher M. Lopez at a hearing Tuesday, September 24, 2024, said he would approve a motion by Christopher R. Murray, the Chapter 7 trustee for Jones' estate, to employ a sales broker and wind down the assets of Infowars parent company Free Speech Systems LLC. Murray is tasked with with liquidating Jones' estate to help him pay down approximately $1.5 billion in defamation judgments related to statements he made calling the 2012 Sandy Hook Elementary School shooting a hoax. "The Connecticut families have always sought a fair and equitable distribution of Free Speech System's assets for all of the families, and today's decision is a significant step forward," Chris Mattei of Koskoff Koskoff & Bieder PC, representing some of the victims' families, said in a statement. "FSS will now be sold at auction, meaning Alex Jones will no longer own or control the company he built. This brings the families closer to their goal of holding him accountable for the harm he has caused, ” Mattei said. The trustee will first concentrate on selling the company’s intellectual property, Murray attorney Joshua W. Wolfshohl of Porter Hedges LLP at the hearing Tuesday. Jones' own IP, which has already attracted several potential bidders, will not yet go up for sale but may be added soon, Murray said. The Jones estate, which Murray now controls, has a 100% membership interest in Free Speech Systems. The deadline for bidding on the IP is scheduled for Nov. 8, and an auction is tentatively set for Nov. 13, according to court documents. The remaining assets would go to auction in December. A website to sell Infowars assets offers bidders the ability to buy production rights and materials, more than 400 domain names, social media accounts, podcast sites, newsletter subscribers, product trademarks, and production equipment, according to the site. The bankruptcy court in June converted Jones' personal Chapter 11 into a Chapter 7, and tossed out Free Speech Systems' separate bankruptcy, allowing the Sandy Hook victims' families and others to pursue their judgments in state courts. The Justice Department's bankruptcy watchdog, the US Trustee, had objected to the sale, arguing that Murray only controls Jones membership interests but not Free Speech Systems' actual assets, and therefore could only sell those equity interests. But Lopez Tuesday said he always intended for Murray to have control over the sale of the company's assets, and would issue a clarifying order to make his original intent clear. Funds from the sales would be set aside as creditors sort out who has priority rights to collect on their debts from Jones first. The Chapter 7 trustee is represented by Jones Murray LLP and Porter Hedges LLP. Jones is represented Crowe & Dunlevy PC. The case is Alexander E. Jones and Official Committee Of Unsecured Creditors, Bankr. S.D. Tex., No. 22-33553, hearing 9/24/24. About Free Speech Systems Free Speech Systems LLC is a broadcast media production and distribution company that provides broadcasting aural programs by radio to the public. Free Speech Systems is a family-run business founded by Alex Jones. FSS is presently engaged in the business of producing and syndicating Jones' radio and video talk shows and selling products targeted to Jones' loyal fan base via the Internet. Today, FSS produces Alex Jones' syndicated news/talk show (The Alex Jones Show) from Austin, Texas, which airs via the Genesis Communications Network on over 100 radio stations across the United States and via the internet through websites including Infowars.com. Due to the content of Alex Jones' shows, Jones and FSS have faced an all-out ban of Infowars from mainstream online spaces. Shunning from financial institutions and banning Jones and FSS from major tech companies began in 2018. Conspiracy theorist Alex Jones has been sued by victims' family members over Jones' lies that the 2012 Sandy Hook Elementary School shooting was a hoax. Jones' InfoW LLC and affiliates, IWHealth, LLC and Prison Planet TV, LLC, filed petitions under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 22-60020) on April 18, 2022. INK! COFFEE: Hires Smith Brooks Bolshoun & Co as Accountant ----------------------------------------------------------- Ink! Coffee Company seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ Smith, Brooks, Bolshoun & Co LLP to prepare and file its 2023 tax returns. The firm has agreed to prepare and file Debtor's 2023 tax returns in exchange for a flat fee of $4,950. Smith, Brooks, Bolshoun & Co LLP is disinterested, as that term is defined in 11 U.S.C. Sec.101(14), as modified by 11 U.S.C. Sec. 1195, according to court filings. The firm can be reached through: Amanda Widgery Smith, Brooks, Bolshoun & Co LLP 5840 E Evans Ave. Denver, CO 80222 Phone: (303) 480-1200 About Ink! Coffee Company Ink! Coffee Company in Aurora, CO, filed its voluntary petition for Chapter 11 protection (Bankr. D. Colo. Case No. 24-13445) on June 20, 2024, listing $0 to $50,000 in assets and $1 million to $10 million in liabilities. Keith Herbert as president, signed the petition. ONSAGER | FLETCHER | JOHNSON | PALMER LLC serve as the Debtor's legal counsel. R2 ADVISORS LLC as financial advisor. INSEEGO CORP: All Proposals Approved at Annual Meeting ------------------------------------------------------ Inseego Corp. held its annual meeting of its stockholders on September 23, 2024. Of the 12,282,559 shares of the Company's common stock entitled to vote at the Annual Meeting, a total of 8,078,334 shares were represented at the Annual Meeting in person or by proxy. During the Annual Meeting, the Stockholders: Proposal 1: Elected Christopher Harland to serve as director for a three-year term until the 2027 annual meeting of stockholders. Proposal 2: Ratified the appointment of Marcum LLP as the Company's independent registered public accountants for the fiscal year ending December 31, 2024. Proposal 3: Approved, on a non-binding advisory basis, the compensation paid to the Company's named executive officers. Proposal 4: Approved the proposal to authorize an amendment to the Company's 2018 Omnibus Incentive Compensation Plan to increase the number of shares issuable under the plan by 2,500,000 shares. Proposal 5: Approved the proposal to authorize an amendment to the Company's Amended and Restated 2000 Employee Stock Purchase Plan to increase the number of shares issuable under the plan by 500,000 shares. About Inseego San Diego, Calif.-based Inseego Corp. is in the design and development of cloud-managed wireless broadband and intelligent edge solutions. As of June 30, 2024, Inseego had $149.6 million in total assets, $251.3 million in total liabilities, and $101.8 million in total stockholders' deficit. Going Concern As of March 31, 2024, Inseego reported 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, was voluntarily paid off and terminated effective April 18, 2024. The Company generated positive cash flow from operations for both the year ended December 31, 2023, and the three months ended March 31, 2024. Additionally, in April 2024, Inseego received a $15 million upfront payment from a customer related to a two-year service contract. These developments contributed positively to its liquidity, prompting the voluntary termination of the Credit Facility to reduce financing costs. Inseego's 3.25% convertible senior notes due in May 2025 carry a principal balance of $161.9 million, maturing on May 1, 2025. The Company intends to restructure or refinance the 2025 Notes and is actively negotiating to do so. However, there is no assurance that any necessary restructuring or financing will be available on favorable terms or at all. Due to the uncertainty surrounding the refinancing of the 2025 Notes, accounting guidance necessitates disclosure of 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. INTRUSION INC: Inks $2 Million Contract With Department of Defense ------------------------------------------------------------------ Intrusion Inc. announced Sept. 26, 2024, a $2 million contract with the U.S. Department of Defense (DoD) to support its cybersecurity efforts. This contract, facilitated through a prime contractor, represents a substantial addition to the Company's portfolio and underscores Intrusion's commitment to enhancing national security through advanced cyber-attack prevention measures. Under this new contract, the Company will deliver a tailored solution based on a combination of Intrusion's products and intellectual property, including Intrusion Shield and TraceCop, as well as consulting services designed to fortify the DoD's resiliency and security efforts. The scope of work encompasses Intrusion's full range of capabilities, including high-speed metadata extraction, contextual flow enrichment, advanced threat analytics, and continuous network monitoring to provide actionable insights to defend against cyber threats. "We are honored to support the Department of Defense in its mission to protect our national security," said Tony Scott, CEO of Intrusion. "This contract is not only a testament to the strength of our technology and the expertise of our team but also demonstrates the increasing acceptance of Intrusion Shield by the government sector. Intrusion is committed to enhancing cybersecurity effectiveness and our technology will help ensure that U.S. systems remain robust and adaptive in the face of evolving cyber threats. We look forward to delivering comprehensive solutions that will significantly enhance the Department of Defense's operational effectiveness and security posture." The period of performance for this contract is 12 months, during which Intrusion will work closely with DoD personnel and commercial partners to ensure the highest standards of security and operational efficiency are met. Intrusion's team of experts is dedicated to providing cutting-edge solutions and insights that enhance cyber resiliency, addressing the evolving threats faced by our nation’s critical defense infrastructure. This contract will begin contributing to earnings results in the third quarter of 2024, reinforcing the Company's position as a key player in the cybersecurity space of the defense sector. As the Company continues to expand its presence in the defense sector, Intrusion remains committed to driving innovation and excellence in all aspects of its operations. About Intrusion Headquartered in Plano, Texas, Intrusion Inc. is a cybersecurity company based in Plano, Texas. The Company offers its customers access to its exclusive threat intelligence database containing the historical data, known associations, and reputational behavior of over 8.5 billion IP addresses. After years of gathering global internet intelligence and working exclusively with government entities, the Company released its first commercial product in 2021. Intrusion Shield is designed to allow businesses to incorporate a Zero Trust, reputation-based security solution into their existing infrastructure. Intrusion Shield observes traffic flow and instantly blocks known malicious or unknown connections from both entering or exiting a network to help protect against Zero-Day and ransomware attacks. Incorporating Intrusion Shield into a network can elevate an organization's overall security posture by enhancing the performance and decision-making of other solutions in its cybersecurity architecture. Dallas, Texas-based Whitley Penn LLP, the Company's auditor since 2009, issued a "going concern" qualification in its report dated April 1, 2024, citing that the Company has suffered recurring losses from operations, negative cash flows from operations, and has a net working capital deficiency that raise substantial doubt about its ability to continue as a going concern. INW MANUFACTURING: S&P Raises ICR to 'CCC+' on Improved Liquidity ----------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on U.S.-based INW Manufacturing LLC to 'CCC+' from 'CCC'. Concurrently, S&P raised its issue-level rating on the company's first-lien term loan to 'CCC+' from 'CCC'. S&P revised its recovery rating on this debt to '3' from '4', reflecting its expectation for meaningful recovery (50%-70%; rounded estimate: 50%) in the event of a payment default. The revised recovery rating reflects its anticipated lower debt balance at default given the company's sizable debt amortization. The stable outlook reflects S&P's view that while INW's capital structure remains unsustainable, it is unlikely to default in the next year. S&P said, "The ratings upgrade reflects our view that INW's improved liquidity and cash flow generation reduce the risk of a default over the next 12-months. The company amended and extended the maturity dates on its ABL facility and delayed draw term loan tranche A to January 2027 from March 2026. INW has no debt maturities until 2027. The company also increased the availability on its ABL with the inclusion of a work-in-process inventory and a borrowing base for its U.K. based subsidiaries. As of June 30, 2024, we estimate the company had about $25 million available to draw on its ABL and $62 million available on its delayed draw term loan tranche B, which provides a sufficient liquidity cushion over the next 12 months. "Nonetheless, INW's availability under its ABL facility is constrained by its springing minimum fixed-charge coverage covenant of 1x, and we do not believe the company would have a sufficient cushion for or be able to comply with if tested. This is because of the company's high debt amortization and interest costs. "INW reported improved operating performance during the first half of fiscal 2024, supported by a meaningful sales increase. Category demand is recovering following a post-COVID-19 decline, and INW gained new business with direct-to-consumer (DTC) and consumer packaged goods (CPGs) companies. We believe category recovery and new business wins will drive revenue growth in the low double-digit percent area in fiscal 2024. INW is also realizing cost savings from various initiatives, including procurement centralization, headcount optimization, reorganization, and lower travel, entertainment, and marketing spend. As a result of improved profitability, we no longer forecast free operating cash flow (FOCF) deficits in 2024. We do not expect the company will require large amounts of external sources to fund its liquidity needs over the next 12-months. "We estimate INW's S&P Global Ratings-adjusted EBITDA levels will remain below its debt service requirements in 2024. INW's S&P Global Ratings-adjusted EBITDA materially improved during the six months ended June 30, 2024, relative to the same prior-year period. The company's delayed draw terms loans' interest payments are fully paid in kind, which provides relief. However, we forecast the company's EBITDA levels for fiscal 2024 will not fully cover its high debt service requirements, which include $22 million of annual first-lien term loan amortization and cash interest payments of about $55 million. "We forecast EBITDA to interest coverage of 1.3x for fiscal 2024, which remains weak. We expect the company's EBITDA and FOCF will improve more meaningfully in fiscal 2025 as business optimization and other one-time costs roll off and the company realizes full year cost savings. Still, lowering debt costs will be critical to achieving a sustainable capital structure and potentially higher ratings. "The stable outlook reflects our view that while INW's capital structure remains unsustainable, it is unlikely to default in the next year." S&P could lower its ratings on INW if it believes the risk that it will default over the next 12 months is increased. This could occur if: -- Cash flow generation deteriorates due to lower demand, leading to a decline in INW's liquidity cushion; -- Working capital and capital investment to support growth is higher than expected, pressuring liquidity; or -- S&P believes the company could restructure its debt to lower its high debt service requirements or fail to meet its upcoming debt service requirements. S&P could raise the rating on INW if its performance improves such that it views its capital structure as sustainable. This could occur if: -- Category demand continues to recover and the company continues to capture market share; -- INW generates sufficient FOCF to cover its debt service and working capital requirements; or -- The company can meet its 1x springing fixed-charge coverage ratio and its EBITDA cash interest coverage approaches 2x, which may require refinancing with lower debt service requirements. S&P said, "Governance factors are a moderately negative consideration in our credit rating analysis of INW. Our assessment of the company's financial risk profile as highly leveraged reflects corporate decision-making that prioritizes the interests of the controlling owners, in line with our view of the majority of rated entities owned by private-equity sponsors. Our assessment also reflects the generally finite holding periods and a focus on maximizing shareholder returns." IR4C INC: Seeks to Hire Bleakley Bavol Denman as Attorney --------------------------------------------------------- IR4C, Inc., d/b/a Yes.Fit, seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Bleakley Bavol Denman & Grace as bankruptcy counsel. The firm will provide these services: a. analyze the financial situation, and rendering advice and assistance to the Debtor in determining legal options under Title 11, United States Code; b. advise the Debtor with regard to the powers and duties of the Debtor and as Debtor-in-possession in the continued operation of the business and management of the property of the estate; c. prepare and file the petition, schedules of assets and liabilities, statement of affairs, and other documents as required by the Court; d. represent the Debtor at the Section 341 Meeting of Creditors; e. give the Debtor legal advice with respect to its powers and duties as Debtor and as Debtor-in-possession in the continued operation of its business and management of its property, if appropriate; f. advise the Debtor with respect to its responsibilities in complying with the United States Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; g. prepare, on behalf of your Applicant, necessary motions, pleadings, applications, answers, orders, complaints, and other legal papers and appear on hearings thereon; h. protect the interest of the Debtor in all matters pending before the court; i. represent the Debtor in negotiation with its creditors in the preparation of the Chapter 11 Plan; and j. perform all other legal services for Debtor as Debtor-in-Possession which may be necessary herein, and it is necessary for Debtor as Debtor-in-Possession to employ this attorney for such professional services. The firm will be paid at the rate of $425 per hour. Bleakley Bavol Denman was paid an advance retainer fee in the amount of $20,738. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Samantha L. Dammer, Esq., a partner at Bleakley Bavol Denman & Grace, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Samantha L. Dammer, Esq. Bleakley Bavol Denman & Grace 15316 N. Florida Avenue Tampa, FL 33613 Tel: (813) 221-3759 Fax: (813) 221-3198 Email: sdammer@bbdglaw.com About IR4C IR4C, Inc. d/b/a Yes.Fit and Make Yes Happen, is the owner and operator of a mobile application fitness program using augmented reality to create virtual "races." IR4C Inc., based in Lakeland, Fla., filed for Chapter 11 bankruptcy petition (Bankr. M.D. Fla. Case No. 24-05458) on Sept. 13, 2024, before the Hon. Roberta A Colton. Samantha L Dammer, Esq., at Bleakley Bavol Denman & Grace, serves as the Debtor's counsel. In its petition, the Debtor listed total assets of $4,280,839 and total liabilities of $7,922,422. The petition was signed by Kevin D. Transue as president. Byzfunder is represented by Lieberman & Klestzick LLP. JJJ CONTRACTING: Glen Watson Named Subchapter V Trustee ------------------------------------------------------- The Acting U.S. Trustee for Region 8 appointed Glen Watson, Esq., at Watson Law Group, PLLC as Subchapter V trustee for JJJ Contracting, LLC. Mr. Watson will be paid an hourly fee of $425 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Watson declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Glen Watson, Esq., Watson Law Group, PLLC 1114 17th Av. S., Suite 201 P.O. Box 121950 Nashville, TN 37212 Telephone: (615) 823-4680 Email: glen@watsonpllc.com About JJJ Contracting JJJ Contracting, LLC is a construction company that offers planning and design, construction management, building construction, renovation and repair, landscape and outdoor living, and demolition services. JJJ Contracting sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 24-03462) on September 9, 2024, with total assets of $451,690 and total liabilities of $3,248,479. Jeff Juengling, company owner, signed the petition. Judge Charles M. Walker oversees the case. The Debtor is represented by R. Alex Payne, Esq., at Dunham Hildebrand Payne Waldron, PLLC. JON-JAY EQUITIES: Taps Baumeister Denz as General Legal Counsel --------------------------------------------------------------- Jon-Jay Equities Corp. seeks approval from the U.S. Bankruptcy Court for the Western District of New York to hire Baumeister Denz LLP as general legal counsel. The firm will provide general legal services in bankruptcy, corporate, litigation, tax and other areas of law throughout the course of the Debtor's Chapter 11 case. Arthur Baumeister, Jr., Esq., the firm's attorney who will be handling the case, will be paid at his hourly rate of $350 and will be reimbursed for out-of-pocket expenses incurred. The Debtor paid the firm a retainer of $7,500. Arthur Baumeister, Jr., Esq., a partner at Baumeister Denz, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Arthur G. Baumeister, Jr., Esq. BAUMEISTER DENZ, LLP 172 Franklin Street, Suite 2 Buffalo, NY 14202 Telephone: (716) 852-1300 Email: abaumeister@bdlegal.net About Jon-Jay Equities Corp. Jon-Jay Equities Corp. sought protection for relief under Chapter of the Bankruptcy Code (Bankr. W.D.N.Y. Case No. 24-10898) on August 20, 2024, listing $100,001 to $500,000 in both assets and liabilities. Judge Carl L Bucki presides over the case. Arthur G Baumeister, Jr., Esq. at Baumeister Denz LLP represents the Debtor as counsel. JP NAIL: Seeks to Tap Arthur Lander C.P.A. P.C. as Accountant ------------------------------------------------------------- JP Nail Salon, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to employ Arthur Lander, C.P.A., P.C. as accountant. The firm's services include: a. compiling books and records; b. preparing and filing all necessary tax returns on behalf of the debtor-in-possession; c. advising Debtor of his duties and responsibilities under the Internal Revenue Code; work with the Debtor in assessing the Debtor's financial condition; and d. preparing monthly reports, and other matters that arise in the administration of this Chapter 11 case in bankruptcy relating to accounting matters. The firm will be paid at these rates: Arthur Lander C.P.A $510 per hour Chris Mueller $200 per hour Scott Johnson $170 per hour Preparation of the monthly report is charge at $200 a month. Arthur Lander, C.P.A., P.C. does not represent or hold any interest adverse to the Debtor or its estate, according to court filings. The accountant can be reached through: Arthur Lander, C.P.A Arthur Lander, C.P.A., P.C. 300 N Washington St # 104 Alexandria, VA 22314 Phone: (703) 486-0700 Email: cpa@arthurlander.com About JP Nail Salon, LLC JP Nail Salon, LLC, filed a Chapter 11 bankruptcy petition (Bankr. E.D. Va. Case No. 24-11598) on August 28, 2024, listing $50,000 in assets and $500,001 to $1 million in liabilities. The Debtor hires Richard G. Hall, Esq., as counsel. KULR TECHNOLOGY: Secures $2.4M Expanded US Army Battery Contract ---------------------------------------------------------------- KULR Technology Group, Inc. announced Sept. 25 that it is on track to successfully complete its initial engagement with the United States Army by Q3 2024. Building on the momentum of this ongoing partnership, the Army will expand its battery contract with the Company to $2.4M. This contract includes the development of additional prototypes and comprehensive environmental qualification testing in accordance with MIL-STD-810E standards. This expanded contract underscores KULR's commitment to advancing the performance and reliability of silicon anode lithium-ion battery cells under the most demanding conditions. These prototypes will undergo rigorous testing to ensure that the increased energy density does not compromise safety or reliability in active-duty environments. By maintaining stringent standards, KULR aims to support the Army's mission readiness and operational efficiency. As part of its broader growth strategy, KULR sees this collaboration as a key driver for expanding the deployment of its innovative technologies, such as the KULR ONE platform. This engagement with the U.S. Army enhances product capabilities and lays the groundwork for a growing adoption of KULR ONE, with product sales expected to accelerate in 2025. The Company's forward-looking strategy is centered on delivering solutions that drive both technological advancements and cost efficiencies for its partners. Michael Mo, CEO of KULR Technology Group, commented, "This expanded contract is a crucial step in our collaboration with the U.S. Army. By pushing the boundaries of energy density while maintaining the highest safety and reliability standards, we are laying the foundation for future adoption across the Army's technological infrastructure. Our focus remains on delivering innovative solutions that meet the operational demands of our armed forces in the harshest environments." This contract aligns with KULR's long-term strategy of forming strong partnerships and developing technologies that enhance energy efficiency and resilience in critical military applications. Success in these efforts only reinforces KULR's role as a key contributor to mission readiness in the defense and aerospace sectors. About KULR Technology Group KULR Technology Group Inc. -- www.kulrtechnology.com -- delivers cutting edge energy storage solutions for space, aerospace, and defense by leveraging a foundation of in-house battery design expertise, comprehensive cell and battery testing suite, and battery fabrication and production capabilities. The Company's holistic offering allows delivery of commercial-off-the-shelf and custom next generation energy storage systems in rapid timelines for a fraction of the cost compared to traditional programs. Los Angeles, Calif.-based Marcum LLP, the Company's auditor since 2018, issued a "going concern" qualification in its report dated April 12, 2024, citing that the Company has a working capital deficit, has incurred losses from operations, and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. L & L CONSTRUCTION: Unsecureds to Split $12K via Quarterly Payments ------------------------------------------------------------------- L & L Construction Services, LLC filed with the U.S. Bankruptcy Court for the Northern District of Florida an Amended Plan of Reorganization dated August 23, 2024. The Debtor is a small construction company in Tallahassee, Florida that primarily handles residential construction and remodels. The Debtor filed this case to reorganize its business affairs. Due primarily to the COVID-19 pandemic, the Debtor took loans from Merchant Cash Advance ("MCA") lenders to keep its business going. The MCA loans began to affect the Debtor's ability to maintain its financial position, and the Debtor saw no option other than to file this case. While the Debtor has experienced financial issues as indicated, the Debtor strongly believes there is a path to a successful reorganization in this case. The Debtor will be able to fund this Plan from its income. This Plan of Reorganization proposes to pay creditors of the Debtor out of cash flow from the normal operations of the Debtor's business and employee retention credit fund ("ERC Funds") that the Debtor has not yet received but has applied for. The Debtor estimates that the net amount of ERC Funds due to the estate could be as much as $150,000.00. The sole-owner of the Debtor, Jeffrey Strickland, will remain in that role post-confirmation. This Plan provides for the payment of one class of secured claims, one class of general unsecured claims, and one class of equity security holders. This Plan provides for the payment of administrative and priority claims in full. Class 2 consists of General Unsecured claims. The class of general unsecured claims shall receive, at minimum, a total dividend of $12,000.00 paid pro-rata by the Debtor amongst the creditors in this class. Payments shall commence on the fifteenth day of the month, on the first month that begins more than 90 days after the Effective Date and shall continue quarterly for eleven additional quarters. The Debtor shall pay a total of $1,000.00 per quarter for a total of 12 payments (disbursed pro-rata). Additionally, after the payment of administrative expenses (Debtor's attorneys' fees and fees owed to the Subchapter V Trustee), any funds remaining from the anticipated ERC funds will be paid to the creditors in Class 2 on a pro rata basis. General Unsecured Creditors include: Swift Financial, LLC (acquired from Paypal, Inc. according to Proof of Claim) ($30,754.52); Karen Durden ($865,000.00); East Shore Equities ($95,000.00); QFS Capital ($124,055.14); and Regal Capital ($20,000.00). Class 2 is impaired. Class 3 consists of Equity Security Holder Jeffrey Strickland. The equity security holder will retain his equity ownership and will continue to receive his Court approved salary and/or benefits. The Debtor shall fund its Plan from the continued operations of its business. Additionally, the ERC Funds will be dedicated to the Plan. The Debtor will submit the ERC Funds to the trust account of its counsel for distribution in accordance with this Plan. Unless otherwise ordered by the Court, the Debtor will make the payments under this Plan, rather than the Subchapter V Trustee. A full-text copy of the Amended Plan dated August 23, 2024 is available at https://urlcurt.com/u?l=o0c50K from PacerMonitor.com at no charge. Counsel for the Debtor: Robert C. Bruner, Esq. Byron Wright III, Esq. Samantha A. Kelley, Esq. Bruner Wright, PA 2810 Remington Green Circle Tallahassee, FL 32308 Telephone: (850) 385-0342 Facsimile: (850) 270-2441 Email: rbruner@brunerwright.com twright@brunerwright.com skelley@brunerwright.com About L & L Construction L & L Construction Services, LLC is a small construction company in Tallahassee, Florida that primarily handles residential construction and remodels. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Fla. Case No. 23-40336) on Aug. 29, 2023, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Byron Wright, III of Bruner Wright, P.A. represents the Debtor as legal counsel. LEVEL UP AUTO SALES: Hits Chapter 11 Bankruptcy Protection ---------------------------------------------------------- Catalyst reports that Level Up Auto Sales recently filed for Chapter 11 bankruptcy. The St. Petersburg used car dealership reported between $10 million and $50 million in debt and $1 million and $10 million in assets. Used car prices surged during the pandemic, and dealerships have since faced declining margins and less demand. About Level Up Auto Sales Inc. Level Up Auto Sales Inc., doing business as Level Up Auto Sales of Hudson and DZM Auto Sales, is a St. Petersburg used car dealership. Level Up Auto Sales sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-05588) on September 18, 2024. In the petition filed by Rizah Mahmuti, as manager, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. The Honorable Bankruptcy Judge Roberta A. Colton handles the case. The Debtor is represented by: Edward J. Peterson, Esq. JOHNSON, POPE, BOKOR, RUPPEL & BURNS, LLP 400 N Ashley Dr. #3100 Tampa, FL 33602 Tel: 813-225-2500 LUMEN TECHNOLOGIES: Commences Exchange Offers for Unsecured Notes ----------------------------------------------------------------- Lumen Technologies, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on September 3, 2024, it announced that the Company and its indirect, wholly-owned subsidiary, Level 3 Financing, Inc., had each commenced a series of exchange offers for certain of their outstanding unsecured notes. As previously announced, the Company has offered to exchange its outstanding: (i) 5.125% senior notes due 2026 for its newly-issued 10.000% secured notes due 2032 and certain cash consideration, as applicable, (ii) 4.000% senior secured notes due 2027 (unsecured) for New Lumen Notes (iii) 6.875% debentures, series G, due 2028 for New Lumen Notes, and (iv) 4.500% senior notes due 2029 for New Lumen Notes, subject to the terms and conditions specified in the Company's private offering memorandum, dated September 3, 2024. Level 3 has offered to exchange its outstanding: (i) 3.400% senior secured notes due 2027 (unsecured) for its newly-issued 10.000% second lien notes due 2032, (ii) 4.625% senior notes due 2027 for New Level 3 Notes, and (iii) 4.250% senior notes due 2028 for New Level 3 Notes, subject to the terms and conditions specified in Level 3's private offering memorandum, dated September 3, 2024. Each Exchange Offer will expire at 5:00 p.m., New York City time, on October 1, 2024, unless extended or earlier terminated by the Company or Level 3, as applicable. On September 24, 2024, in connection with completing the early settlement of the Exchange Offers: * Lumen issued approximately $438.3 million aggregate principal amount of New Lumen Notes and paid approximately $13.7 million cash (excluding accrued and unpaid interest payable with respect to the exchanged Subject Notes) in exchange for approximately $490.8 million aggregate principal amount of Subject Lumen Notes, and * Level 3 issued approximately $350 million aggregate principal amount of New Level 3 Notes in exchange for approximately $357.1 million aggregate principal amount of Subject Level 3 Notes. The issuances of New Notes in connection with the Early Settlement Transactions were not registered under the Securities Act of 1933, as amended, or any state securities laws, and the New Notes therefore will be subject to restrictions on transferability and resale. The Exchange Offers are only being made, and the New Notes are only being offered and issued, to Eligible Holders of Subject Notes. An Eligible Holder of Subject Notes is a beneficial owner of Subject Notes that (i) makes the certifications in the eligibility certification that it is a (a) "qualified institutional buyer" or (b) non-U.S. person outside the United States who is a "non-U.S. qualified offeree", would not be acquiring New Notes and any cash consideration (as applicable) for the account or benefit of a U.S. person and would be participating in any transaction in accordance with Regulation S under the Securities Act, or (ii) in the case of Canadian residents, also makes the certifications in the Canadian certification that it is (a) an "accredited investor" as defined in section 73.3(1) of the Securities Act (Ontario), or National Instrument 45-106 - Prospectus Exemptions, as applicable, and (b) a "permitted client" as defined in National Instrument 31-103 - Registration Requirements, Exemptions and Ongoing Registrant Obligations. In connection with the Early Settlement Transactions, (1) Lumen, as issuer, certain guarantors party thereto, Regions Bank, as trustee, and Bank of America, N.A., as collateral agent, entered into an indenture, dated September 24, 2024, which governs the terms of the New Lumen Notes issued on such date, and (2) Level 3, as issuer, Level 3 Parent, LLC, as a guarantor, certain other guarantors party thereto, U.S. Bank Trust Company, National Association, as trustee, and Wilmington Trust, National Association, as collateral agent, entered into an indenture, dated September 24, 2024, which governs the terms of the New Level 3 Notes issued on such date. The New Notes will mature on October 15, 2032. Interest on the New Notes will accrue from the Issue Date and is payable on April 15 and October 15 of each year, beginning on April 15, 2025. The New Notes are subject to redemption at the option of the Issuer, in whole or in part, at any time or from time to time after the Issue Date at a price equal to 100.0% of the principal amount of the New Notes so redeemed, plus any accrued and unpaid interest thereon to, but not including, the redemption date. On each interest payment date after the fifth anniversary of the Issue Date, each Issuer is required to redeem for cash at a price equal to 100% of the principal amount of the New Notes redeemed on such interest payment date (plus any accrued and unpaid interest) such portion of the New Notes on a pro rata basis necessary to prevent such New Notes from being treated as an "applicable high yield discount obligation" within the meaning of Section 163(i) of the Internal Revenue Code of 1986, as amended, subject to certain exceptions set forth in the applicable Indenture. Upon the occurrence of certain specified change of control events, the Issuer will, subject to certain limited exceptions, be required to make an offer to repurchase the New Notes at a price in cash equal to 101% of the principal amount of the New Notes so redeemed, plus any accrued and unpaid interest thereon. The Indentures provide for certain customary events of default, including, among others, the: (i) failure to pay principal or premium (if any) or interest (subject to a grace period) on the New Notes when due; (ii) failure of the Issuer and certain other entities to perform specified covenants or agreements continued for 90 days after written notice with respect thereto to the Issuer by the Trustee or the holders of at least 30% of the aggregate principal amount of such New Notes then outstanding; or (iii) occurrence of certain specified defaults, payment of final judgments, bankruptcy proceedings, insolvencies or other events. In addition, subject to the terms and conditions set forth in the Indentures, if certain specified events of default with respect to the New Notes occur and are continuing, either the Trustee or holders of at least 30% of the aggregate principal amount of the New Notes then outstanding may declare the principal of the New Notes to be due and payable immediately. The Indentures contain certain restrictive covenants, including covenants limiting the incurrence of additional indebtedness, liens and certain corporate transactions. These covenants are subject to a number of important limitations and exceptions. A full-text copy of the Company's SEC Report with additional information regarding each series of New Note is available at: https://tinyurl.com/2b8zjhks About Lumen Technologies Headquartered in Monroe, Louisiana, Lumen Technologies, Inc. -- lumen.com -- is a facilities-based technology and communications company that provides a broad array of integrated products and services to its domestic and global business customers and its domestic mass markets customers. The Company's platform empowers its customers to swiftly adjust digital programs to meet immediate demands, create efficiencies, accelerate market access, and reduce costs, which allows its customers to rapidly evolve their IT programs to address dynamic changes. Lumen reported a net loss of $10.30 billion in 2023 following a net loss of $1.55 billion in 2022. As of June 30, 2024, Lumen Technologies had $32.94 billion in total assets, $3.74 billion in total current liabilities, $18.41 billion in long-term debt, $10.33 billion in total deferred credits and other liabilities, and $466 million in total stockholders' equity. * * * In September 2024, S&P Global Ratings lowered its issuer credit rating on U.S.-based telecommunications service provider Lumen Technologies Inc. to 'CC' from 'CCC+'. S&P also lowered the affected issue-level debt ratings to 'C'. S&P said, "The negative outlook on Lumen reflects the expectation that we will lower our issuer credit rating to 'SD' (selective default) upon completion of these exchanges because we consider them to be tantamount to default. At the same time, we would lower our issue-level rating on the affected debt to 'D'. Also in September 2024, Fitch Ratings has affirmed the Long-Term Issuer Default Ratings (IDRs) of Lumen Technologies, Inc., Level 3 Financing, Inc., Qwest Corporation, and related subsidiaries at 'CCC+', following recent contract wins and announced exchange offers for certain senior unsecured notes. Fitch has also downgraded Lumen's senior unsecured notes to 'CCC-' from 'CCC', and assigned an expected 'CCC(EXP)' rating to the new second-lien secured issuances under Level 3 Financing, as well as an expected 'B+(EXP)' rating to the superpriority second-out senior notes under Lumen. MACLEOD ALE: Seeks to Hire Dinsmore & Shohl as Bankruptcy Counsel ----------------------------------------------------------------- MacLeod Ale Brewing Company, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Dinsmore & Shohl LLP as its general bankruptcy counsel. The firm will render these services: a. advise the Debtor of its rights, powers, and duties as a debtor and debtor in possession while operating and managing its business under Chapter 11, Subchapter V, of the Bankruptcy Code; b. prepare, on behalf of the Debtor, all necessary motions, applications, answers, proposed orders, other pleadings, notices, schedules, and other documents, and review all financial and other reports filed in this Case; c. advise the Debtor concerning applications, motions, other pleadings, notices, and other papers that may be filed by other parties in this Case, and prepare responses thereto; d. advise and represent the Debtor with respect to the negotiation and documentation of, any proposed sale of assets, financing agreements, and other transactions; e. represent the Debtor at any proceeding, litigation, or hearing in the Bankruptcy Court; f. advise the Debtor regarding actions to collect and recover property for the benefit of its estate; g. advise the Debtor concerning executory contract and unexpired leases assumptions and assignments and rejections; h. assist the Debtor in reviewing, objecting, and resolving claims asserted against the Debtor's estate; i. commence and conduct litigation or other action as necessary or appropriate to protect or recover assets of the Debtor's bankruptcy estate; j. prepare and prosecute on behalf of the Debtor a chapter 11 plan; and k. provide any other legal services to the extent requested by the Debtor. Dinsmore received a prepetition retainer in the amount of $52,082 plus the $1,738 chapter 11 filing fee. The hourly rates for the lawyers are: Lovee D. Sarenas, Partner $695 Matthew J. Stockl, Associate $480 Jonathan Serrano, Associate $430 Dinsmore shall be reimbursed for its customary cost and expense incurred in the work performed. Lovee Sarenas, a partner with the law firm Dinsmore & Shohl, disclosed in a court filing that his firm is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached through: Lovee D. Sarenas, Esq. Dinsmore & Shohl, LLP 550 S. Hope Street, Suite 1765 Los Angeles, CA 90071 Phone: (213) 335-7737 Fax: (213) 335-7740 Email: lovee.sarenas@dinsmore.com About MacLeod Ale Brewing Company, LLC Established in 2014, MacLeod Ale Brewing Company offers a huge selection of craft beer, brewed in Van Nuys, including traditional British Cask ale. MacLeod Ale Brewing Company, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No, 24-11399) on August 22, 2024, listing $1 million to $10 million in both assets and liabilities. The petition was signed by Jennifer A. Febre as president. Judge Martin R Barash presides over the case. Lovee D. Sarenas, Esq. at DINSMORE & SHOHL LLP represents the Debtor as counsel. MAGIPORT GROUP: Seeks to Hire Yankwitt Law as Bankruptcy Counsel ---------------------------------------------------------------- Magiport Group, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Yankwitt Law Firm, P.L.L.C. as counsel. The firm will render these services: a. prepare Schedules, Statements, Declarations, and other papers to be filed in this case on behalf of the Debtor; b. advise the Debtor with respect to its responsibilities in complying with the United States Trustee's Guidelines and Reporting Requirements and with the rules of the Court; c. defend any cause of action on behalf of the Debtor; d. protect the interest of the Debtor in all matters before the Court; e. prepare on behalf of the Debtor all necessary motions, pleadings, orders, applications, adversary proceedings, reports, and other legal documents necessary in the administration of these cases; f. counsel the Debtor regarding its rights and obligations as Debtor-in-Possession; g. represent the Debtor in negotiations with his creditors and in the preparation of a Chapter 11 Plan of Reorganization and a Disclosure Statement: and h. provide all services to the Debtor of a legal nature in the field of bankruptcy law. The firm will be paid as follows: Eric D. Yankwitt $350 per hour Associate Attorneys $250 per hour Paraprofessionals $150 per hour Legal Secretarial Time $50 per hour The firm has been paid $2,262 by Gineton Alencar, the president of the prepetition Debtor, of which $2,262 was paid before the filing of this case. The firm can be reached through: Eric D. Yankwitt, Esq. Yankwitt Law Firm, P.L.L.C. 2800 West State Road 84, Suite 118 Fort Lauderdale, FL 33312 Tel: (954) 449-4368 Email: yankwittlawfirm@gmail.com About Magiport Group Magiport Group, Inc., a for-profit corporation in Boca Raton, Fla., is engaged in residential real estate development, including 'fix and flip' projects. It manages multiple properties in Smith County and Nacogdoches County, Texas. Magiport Group filed Chapter 11 petition (Bankr. S.D. Fla. Case No. 24-18977) on August 30, 2024, with $1 million to $10 million in assets and $100,000 to $500,000 in liabilities. Gineton Alencar, president and chief executive officer, signed the petition. The Hon. Mindy A. Mora is the case judge. Eric Yankwitt, Esq., at the Eric Yankwitt Law Office, serves as the Debtor's bankruptcy counsel. MAUDE'S ALABAMA: Hires George E. Jacobs as Legal Counsel -------------------------------------------------------- Maude's Alabama BBQ, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to employ George E. Jacobs, Esq. of Bankruptcy Law Offices as counsel. The attorney will provide these services: a. give the LLC legal advice with respect to its rights and duties in connection with this Chapter 11 proceeding; and b. perform all other legal services which may be necessary herein. George E. Jacobs, Esq. will be paid at $325 per hour. The firm was paid a retainer in the amount of $12,500 and will also be reimbursed for reasonable out-of-pocket expenses incurred. George E. Jacobs, Esq., a partner at Bankruptcy Law Offices, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: George E. Jacobs, Esq. Bankruptcy Law Offices 2425 S. Linden Rd., Ste. C Flint, MI 48532 Tel: (810) 720-4333 Email: George@bklawoffice.com About Maude's Alabama BBQ Maude's Alabama BBQ, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 24-31583) on August 23, 2024, with $100,001 to $500,000 in both assets and liabilities. George E. Jacobs, Esq., at Bankruptcy Law Offices represents the Debtor as counsel. METRO MATTRESS: U.S. Trustee Appoints Creditors' Committee ---------------------------------------------------------- The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Chapter 11 case of Metro Mattress Corp. The committee members are: 1. Ryder Transportation Services 2333 Ponce De Leon Blvd. Coral Gables, FL 33134 2. Knickerbocker Bed Company 11 Hallwoods Road Ithaca, NY 14850 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 Metro Mattress Corp. Metro Mattress Corp. is specialty retailer of mattresses serving New York, Connecticut, New Hampshire, Massachusetts, and Rhode Island customers. Metro Mattress Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 24-30773) on September 4, 2024. In the petition filed by Dino Cifelli, chief executive officer, the Debtor disclosed estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Judge Wendy A. Kinsella oversees the case. Barclay Damon LLP serves as the Debtor's counsel. MEXICAN MANUFACTURERS: Gets Interim OK to Use Cash Collateral ------------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Texas has given Mexican Manufacturers, Inc. the go-signal to use the cash collateral of its previous owner to fund its operations. John Martino, former owner of Mexican Manufacturers, has security interest in the company's accounts receivable and other assets, which constitute his cash collateral. Mr. Martino sold Mexican Manufacturers in 2022 to Marco Guzman, the company's current principal, for $1.4 million. He receives monthly payment of $7,694.84 from the sale. The bankruptcy court's Sept. 24 order required Mexican Manufacturers to continue its monthly payment to Mr. Martino, grant him additional liens on the company's assets, and maintain casualty insurance to protect the assets. In the event of a default by the company, Mr. Martino has the right to terminate access to his cash collateral following a 15-day notice period. A subsequent hearing is scheduled for Oct. 8. About Mexican Manufacturers Mexican Manufacturers, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Texas Case No. 24-30459) on April 16, 2024, listing under $1 million in both assets and liabilities. Judge Christopher G. Bradley oversees the case. Miranda & Maldonado, PC represents the Debtor as counsel. MICHAEL'S INC: Asks Court Okay to Sell Mentor Hotel & Event Center ------------------------------------------------------------------ Mary Vanac of the Cleveland Business Journal reports that Mentor hotel and event center may be sold as part of the bankruptcy case of Michael's Inc. The company that owns the Wingate by Wyndham hotel and LaMalfa event center in Mentor has asked a Cleveland bankruptcy court judge to approve the property's sale -- free of liens and other encumbrances -- to a buyer based near Erie, Pennsylvania. About Michael's Inc. Michael's Inc., owns the Wingate by Wyndham hotel and LaMalfa event center at 5783 Heisley Road, in Mentor, Ohio. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio, Case No. 24-13743) on Sept. 13, 2024. Judge Jessica E. Price Smith presides over the case. Glenn E. Forbes, Esq. at Forbes Law LLC, is the Debtor's legal counsel. MIMS AND SON: Seeks to Hire Bryan K. Mickler as Attorney -------------------------------------------------------- Mims and Son Construction, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Bryan K. Mickler as attorney. The firm will provide general representation to the Debtor in the bankruptcy case and perform all legal services necessary. The firm will be paid a retainer in the amount of $300-$400 per hour. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Bryan K. Mickler, Esq., a partner at Law Offices of Mickler & Mickler, LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Bryan K. Mickler Law Offices of Mickler & Mickler, LLP 5452 Arlington Expressway Jacksonville, FL 322211 Tel: (904) 725-0822 Fax: (904) 725-0855 About Mims and Son Construction, LLC Mims and Son Construction, LLC, filed a Chapter 11 bankruptcy petition (Bankr. M.D. Fla. Case No. 24-02800) on Sept. 13, 2024, disclosing under $1 million in both assets and liabilities. The Debtor is represented by LAW OFFICES OF MICKER & MICKLER, LLP. NAJAR TRUCKING: Unsecureds Will Get 10.44% of Claims in Plan ------------------------------------------------------------ Najar Trucking, Inc. filed with the U.S. Bankruptcy Court for the District of Nevada a Subchapter V Plan of Reorganization dated August 23, 2024. The Debtor is a small family trucking company based in Las Vegas, Clark County, Nevada that has been in business since 2008. Martin A. Najar is the sole officer, director and shareholder of the Debtor. The Debtor's financial projections show that it will have projected disposable income of $33,204 over the next 3 years. The final Plan payment is expected to be paid by October 2027. This Plan of Reorganization proposes to pay creditors of the Debtor from cash flow from future operations as needed. Non-priority unsecured creditors holding Allowed claims will receive distributions, which the Debtor has valued at about $0.10 on the dollar, based on $25,704 in total distributions to this Class, divided by an estimated $246,263 in claims in this Class, and thus a distribution of about 10.44%. Class 3 consists of Non-Priority General Unsecured Claims. Each holder of an allowed general unsecured, non-priority claim in Class 3 shall receive its pro rata share of the aggregate sum of $25,704, or such greater amount as the Court may require at the confirmation hearing on the Plan, which aggregate sum shall be paid in equal quarterly disbursements of $2,570 per calendar quarter, and commencing on the 15th day off the 9th month following the effective date, and continuing each and every calendar quarter (10 total quarters) thereafter until the aggregate sum is paid in full. The allowed unsecured claims total $246,263. Class 3 is impaired. Class 4 consists of equity security holders of the Debtor. Except to the extent that the holder of Class 4 Equity Interests agree to less favorable treatment, they shall retain their Equity Interests, subject to the terms and conditions of this Plan. This Plan will be funded through cash on hand as of the Plan's Effective Date, and cash flow generated from the future operations of the Debtor's business. A full-text copy of the Subchapter V Plan dated August 23, 2024 is available at https://urlcurt.com/u?l=e5MSQI from PacerMonitor.com at no charge. Attorneys for the Debtor: Matthew C. Zirzow, Esq. Larson & Zirzow, LLC 850 E. Bonneville Ave. Las Vegas, NV 89101 Telephone: (702) 382-1170 Facsimile: (702) 382-1169 Email: mzirzow@lzlawnv.com About Najar Trucking Najar Trucking, Inc. is a small family trucking company based in Las Vegas, Clark County, Nevada that has been in business since 2008. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Nev. Case No. 24-14221) on Aug. 16, 2024, with as much as $1 million in both assets and liabilities. Judge Mike K. Nakagawa oversees the case. Matthew C. Zirzow, Esq., at Larson & Zirzow, LLC serves as the Debtor's legal counsel. NANTAHALA FOREST: Has Court Permission to Use Cash Collateral ------------------------------------------------------------- Nantahala Forest Products, LLC received approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to continue to use its secured creditors' cash collateral to fund its operations. Nantahala had cash on hand of $5,834.21 and unencumbered personal property valued at around $22,500 at the time of its Chapter 11 filing. The company plans to use these funds according to a budget that allows up to a 10% variance in expenditures. Blue Vine Capital, Inc. and six other creditors may have claims on cash generated from the company's revenues. Nantahala offers creditors a replacement lien on post-petition cash and personal property as protection. In addition, Blue Vine will receive payment of $705.67, beginning on Aug. 1 and continuing monthly as long as cash collateral use is approved. This amount is roughly equal to the secured payment that Nantahala expects to provide to Bluevine in its proposed Chapter 11 plan of reorganization. The company's use of cash collateral will expire if operations cease or if there is a default on the order's terms. The next hearing is scheduled for Oct. 10. About Nantahala Forest Products Nantahala Forest Products, LLC is a company in Fairfield, N.C., which specializes in log procurement for both domestic and international export markets. Nantahala sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 24-02329) on June 15, 2024, with total assets of $448,334 and total liabilities of $1,464,783. In the petition was signed by Cody Nations as member. Judge Joseph N. Callaway oversees the case. The Debtor is represented by Danny Bradford, Esq., at Paul D. Bradford, PLLC. NATHALIE BEAUTY: Charles Persing Named Subchapter V Trustee ----------------------------------------------------------- The U.S. Trustee for Region 2 appointed Charles Persing, a certified public accountant at Bederson, LLP, as Subchapter V trustee for Nathalie Beauty Salon of NYC Corp. Mr. Persing will be paid an hourly fee of $500 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Persing declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Charles N. Persing, CPA/CFF, CVA, CIRA, CFE Bederson LLP 100 Passaic Avenue, Suite 310 Fairfield, NJ 07004 Phone: (973) 530-9181 Fax: (862) 926-2481 Email: cpersing@bederson.com About Nathalie Beauty Salon Nathalie Beauty Salon of NY Corp. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-11537) on September 5, 2024, with up to $50,000 in assets and up to $500,000 in liabilities. Judge John P. Mastando III presides over the case. Julio E. Portilla, Esq., at the Law Office of Julio E. Portilla, P.C. represents the Debtor as bankruptcy counsel. NOVALENT MIDDLECO: Bankr. Administrator Unable to Appoint Committee ------------------------------------------------------------------- The U.S. Bankruptcy Administrator for the Eastern District of North Carolina disclosed in a filing that no official committee of unsecured creditors has been appointed in the Chapter 11 cases of Novalent MiddleCo, Inc. and its affiliates. About Novalent MiddleCo Novalent is a biotechnology engineering firm which has pioneered the development of long-lasting technology to protect against bacteria and viruses. Novalent MiddleCo, Inc. and its affiliates sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Lead Case No. 24-02756) on Aug. 16, 2024, listing up to $50,000 in assets and up to $10 million in liabilities. Judge Joseph N. Callaway oversees the case. Kevin L. Sink, Esq., at Waldrep Wall Babcock & Bailey, PLLC serves as the Debtor's counsel. NUVO GROUP: Seeks to Hire Intrepid as Investment Banker ------------------------------------------------------- Holdco Nuvo Group D.G Ltd, a pioneer in remote pregnancy monitoring, filed a motion on September 10, 2024 to retain Intrepid Investment Bankers to act as its investment banker for the process of exploring and reviewing strategic alternatives as part of its ongoing Chapter 11 process pending before the United States Bankruptcy Court for the District of Delaware. "We are committed to evaluating a range of strategic options to maximize value for our stakeholders," said Rice Powell, Chief Executive Officer of Nuvo. "As part of this effort, our Board of Directors has approved the retention of certain legal and financial advisors, including Intrepid, and is focused on achieving an efficient outcome that will allow for the continued development and distribution of the Nuvo pregnancy monitoring system for patients and providers." Nuvo intends to continue to manage and operate its business under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and the orders of the Bankruptcy Court. Potential alternatives, to be explored further and evaluated during the review process, may include a plan of reorganization and investment for future growth, and/or the licensing, sale or divestiture of some, or all, of the company's proprietary technologies. There can be no assurance that the exploration of strategic alternatives will result in any agreements or transactions, or as to the timing of any such agreements or transactions. About Holdco Nuvo Group DG Ltd. Holdco Nuvo Group DG Ltd. is a Tel Aviv-based firm that sells monitoring devices for babies' heart rates. Holdco Nuvo Group DG Ltd. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-11881) 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 OAK PARK LEASING: Starts Subchapter V Bankruptcy Proceeding ----------------------------------------------------------- Oak Park Leasing LLC filed Chapter 11 protection in the Southern District of Mississippi. 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 October 23, 2024 at 10:00 a.m. in Room Telephonically. About Oak Park Leasing LLC Oak Park Leasing LLC is a limited liability company. Oak Park Leasing LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Miss. Case No. 24-02157) on September 17, 2024. The Honorable Bankruptcy Judge Jamie A. Wilson handles the case. The Debtor is represented by: Craig M. Geno, Esq. LAW OFFICES OF CRAIG M. GENO, PLLC 587 Highland Colony Parkway Ridgeland, MS 39157 Tel: 601-427-0048 OCEAN POWER: Alumni Capital Holds 9.48% Equity Stake ---------------------------------------------------- Alumni Capital LP disclosed in a Schedule 13G Report filed with the U.S. Securities and Exchange Commission that as of September 23, 2024, it beneficially owned 10,416,667 shares of Ocean Power Technologies, Inc.'s common stock, representing 9.48% of the shares outstanding, based on 109,936,034 shares of Common Stock issued and outstanding as of September 23, 2024. The shares were issued to Alumni Capital pursuant to a securities purchase agreement. On September 13, 2024, Ocean Power Technologies entered into the purchase agreement with Alumni Capital. Pursuant to the Purchase Agreement, the Company may sell to Alumni Capital up to $4,000,000 of shares of common stock, $0.001 par value per share, of the Company from time to time during the term of the Purchase Agreement. A full-text copy of Alumni Capital's SEC Report is available at: https://tinyurl.com/25zj677h About Ocean Power Technologies Ocean Power Technologies, Inc. -- https://oceanpowertechnologies.com/ -- provides intelligent maritime solutions and services that enable safer, cleaner, and more productive ocean operations for the defense and security, oil and gas, science and research, and offshore wind markets. The Company's PowerBuoy platforms provide clean and reliable electric power and real-time data communications for remote maritime and subsea applications. The Company also offers WAM-V autonomous surface vessels (ASVs) and marine robotics services. The Company's headquarters is located in Monroe Township, New Jersey, with an additional office in Richmond, California. Iselin, New Jersey-based EisnerAmper LLP, the Company's auditor since 2020, issued a "going concern" qualification in its report dated July 25, 2024, citing that the Company has recurring net losses and net cash flow used in operations that raise substantial doubt about its ability to continue as a going concern. ODYSSEY ACADEMY: S&P Affirms 'BB' Rating on School Revenue Bonds ---------------------------------------------------------------- S&P Global Ratings revised its outlook to negative from stable and affirmed its 'BB' long-term rating on Arlington Higher Education Finance Corp., Texas' series charter school revenue bonds, issued for Odyssey Academy Inc. (OA). "The negative outlook reflects the expected covenant violation in fiscal 2024 for failing to maintain 45 days' cash on hand (DCOH), as well as continued pressure on financial operations overall, leading to what we consider weak lease-adjusted maximum annual debt service (MADS) coverage, an elevated lease-adjusted MADS burden, and thin operating margins through at least fiscal 2024," said S&P Global Ratings credit analyst Alexander Enriquez. Total debt outstanding as of fiscal 2023 year-end was approximately $40.3 million consisting of $11.3 million in series 2015A bonds, $35,000 in series 2015B bonds, $23.9 million in series 2023A bonds, $1.1 million in series 2023B bonds, $2.9 million in notes payable, and $1.1 million in capital leases. The bonds are secured by OA's revenue, consisting primarily of per-pupil allotment from the state, as defined in the governing bond documents. "Our negative outlook reflects that we believe there is at least a one-in-three chance that the rating will be lowered over the one-year outlook period if lease-adjusted MADS coverage or DCOH were not to sufficiently improve, or if additional covenant violations were to occur," added Mr. Enriquez. Further, if enrollment were not to grow with projections, S&P could consider a negative rating action. PARK VIEW: U.S. Trustee Unable to Appoint Committee --------------------------------------------------- The U.S. Trustee for Region 3 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Park View Apt, LLC. About Park View APT Los Angeles-based Park View Apt, LLC is a single asset real estate debtor (as defined in 11 U.S.C. Section 101(51B)). Park View Apt sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-11663) on August 6, 2024, with $10 million to $50 million in both assets and liabilities. Houshang Neyssani, sole member and manager, signed the petition. Judge Laurie Selber Silverstein handles the case. The Debtor is represented by Bayard, P.A., led by Ericka F. Johnson, Esq., and Stven D. Adlder, Esq. PLOW UNDERGROUND: Gary Murphey Named Subchapter V Trustee --------------------------------------------------------- The U.S. Trustee for Region 21 appointed Gary Murphey as Subchapter V trustee for Plow Underground Construction, LLC. Mr. Murphey will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Murphey declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Gary Murphey Resurgence Financial Services, LLC 3330 Cumberland Blvd., Suite 500 Atlanta, GA 30330 Tel: (770) 933-6855 Email: Murphey@RFSLimited.com About Plow Underground Construction Plow Underground Construction, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 24-21101) on September 9, 2024, with $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Judge James R. Sacca presides over the case. William A. Rountree, Esq., at Rountree Leitman Klein & Geer, LLC represents the Debtor as legal counsel. RADIATE HOLDCO: S&P Downgrades ICR to 'CCC', Outlook Negative ------------------------------------------------------------- S&P Global Ratings lowered all of its ratings on U.S.-based cable provider Radiate Holdco LLC one notch, including its issuer credit rating to 'CCC' from 'CCC+', to reflect the increased likelihood of a distressed exchange or default over the next year. The negative outlook reflects Radiate's narrowing liquidity and high debt, which could lead to a default over the next 12 months. Radiate's near-term liquidity position is deteriorating. The company had $85 million of availability (81% drawn) under its $455 million revolving credit facility that matures on Sept. 25. While S&P recognizes that Radiate received some support from its private-equity sponsor in September 2024 ($50 million payment-in-kind loan), S&P believes likelihood of an equity infusion from its sponsor over the next 12 months is decreased given continued weak operating performance. S&P said, "We expect that Radiate will have only about $120 million-$140 million of total liquidity, which includes cash and revolver availability, by the end of 2024 based on free operating cash flow (FOCF) deficits of about $100 million and about $34 million of annual debt amortization in 2024. Even with lower capital spending in 2025, we expect FOCF deficits of $50 million-$60 million, which could require external liquidity support over the next 12 months. "Radiate's capital structure is unsustainable. Lower earnings and negative FOCF have weakened credit metrics. For example, S&P Global Ratings-adjusted leverage will likely approach 8.4x (from about 7.9x at fiscal year-end 2023) in 2024 with limited prospects for improvement in 2025. We believe this could make it more difficult for Radiate to raise incremental funding. Therefore, in light of its unsustainable capital structure, we believe there is an increased risk that Radiate will be unwilling or unable to make its interest payments or that it will choose to restructure its debt, which we would consider tantamount to a default." The negative outlook reflects Radiate's narrowing liquidity and high debt balances, which could lead to a default over the next 12 months. Given the company's elevated leverage and narrowing liquidity, S&P could lower the rating on Radiate if: -- S&P believes it is likely to pursue a distressed exchange; or -- S&P concludes that it is likely to default on its debt obligations within the next six months. S&P could raise the rating one notch if: -- EBITDA declines stabilize; and -- Radiate improves its liquidity position. S&P said, "This would most likely result from an equity infusion from the company's sponsor. Because we expect leverage to be above 8x for the next couple of years, a two-notch upgrade is highly unlikely in the near term. Furthermore, an upgrade would be predicated on our expectation that Radiate would not pursue a distressed exchange, which we would view as tantamount to a default, over the next year." RED RIVER: Trustee Says J&J is 'Forum-Shopping' in 3rd Chapter 11 ----------------------------------------------------------------- Clara Geoghegan of Law360 Bankruptcy Authority reports that the U.S. Department of Justice's bankruptcy watchdog has asked a judge to send the latest Johnson & Johnson talc-liability spinoff bankruptcy to New Jersey, saying Thursday that J&J subsidiary Red River Talc's Chapter 11 petition in the Southern District of Texas is an "assault on the very integrity of the bankruptcy system" and amounts to forum-shopping. About J&J Talc Units LLT Management, LLC (formerly known as LTL Management LLC) was a subsidiary of Johnson & Johnson that was formed to manage and defend thousands of talc-related claims and oversee the operations of Royalty A&M. Royalty A&M owns a portfolio of royalty revenue streams, including royalty revenue streams based on third-party sales of LACTAID, MYLANTA/MYLICON and ROGAINE products. LTL Management first filed a petition for Chapter 11 protection (Bankr. W.D.N.C. Case No. 21-30589) on Oct. 14, 2021. The case was transferred to New Jersey (Bankr. D.N.J. Case No. 21-30589) on Nov. 16, 2021. The Hon. Michael B. Kaplan is the case judge. At the time of the filing, the Debtor was estimated to have $1 billion to $10 billion in both assets and liabilities. In the 2021 case, LTL Management tapped Jones Day and Rayburn Cooper & Durham, P.A., as bankruptcy counsel; King & Spalding, LLP and Shook, Hardy & Bacon LLP as special counsel; McCarter & English, LLP as litigation consultant; Bates White, LLC as financial consultant; and AlixPartners, LLP as restructuring advisor. Epiq Corporate Restructuring, LLC, served as the claims agent. On Dec. 24, 2021, the U.S. Trustee for Regions 3 and 9 reconstituted the talc claimants' committee and appointed two separate committees: (i) the official committee of talc claimants I, which represents ovarian cancer claimants, and (ii) the official committee of talc claimants II, which represents mesothelioma claimants. The official committee of talc claimants I tapped Genova Burns LLC, Brown Rudnick LLP, Otterbourg PC and Parkins Lee & Rubio LLP as its legal counsel. Meanwhile, the official committee of talc claimants II is represented by the law firms of Cooley LLP, Bailey Glasser LLP, Waldrep Wall Babcock & Bailey PLLC, Massey & Gail LLP, and Sherman Silverstein Kohl Rose & Podolsky P.A. Re-Filing of Chapter 11 Petition On Jan. 30, 2023, a panel of the Third Circuit issued an opinion directing this Court to dismiss the 2021 Chapter 11 Case on the basis that it was not filed in good faith. Although the Third Circuit panel recognized that the Debtor "inherited massive liabilities" and faced "thousands" of future claims, it concluded that the Debtor was not in financial distress before the filing. On March 22, 2023, the Third Circuit entered an order denying the Debtor's petition for rehearing. The Third Circuit entered an order denying LTL's stay motion on March 31, 2023, and, on the dame day, issued its mandate directing the Bankruptcy Court to dismiss the 2021 Chapter 11 Case. The Bankruptcy Court entered an order dismissing the 2021 Case on April 4, 2023. Johnson & Johnson on April 4, 2023, announced that its subsidiary LTL Management LLC (LTL) has re-filed for voluntary Chapter 11 bankruptcy protection (Bankr. D.N.J. Case No. 23-12825) to obtain approval of a reorganization plan that will equitably and efficiently resolve all claims arising from cosmetic talc litigation against the Company and its affiliates in North America. In the new filing, J&J said it has agreed to contribute up to a present value of $8.9 billion, payable over 25 years, to resolve all the current and future talc claims, which is an increase of $6.9 billion over the $2 billion previously committed in connection with LTL's initial bankruptcy filing in October 2021. LTL also has secured commitments from over 60,000 current claimants to support a global resolution on these terms. In August 2023, U.S. Bankruptcy Judge Michael Kaplan in Trenton, New Jersey, ruled that the second bankruptcy case should be dismissed. 3rd Try In May 2024, J&J announced its subsidiary LLT Management LLC is soliciting support for a consensual prepackaged bankruptcy plan to resolve its talc-related liabilities. Under the terms of the plan, a trust would be funded with over $5.4 billion in the first three years and more than $8 billion over the course of 25 years, which J&J calculates to have a net present value of $6.475 billion. Claimants must cast their vote to accept or reject the Plan by 4:00 p.m. (Central Time) on July 26, 2024. A solicitation package may be requested at www.OfficialTalcClaims.com or by calling 1-888-431-4056. If the Plan is accepted by at least 75% of voters, a bankruptcy may be filed under the case name In re: Red River Talc LLC in a bankruptcy court in Texas or in the bankruptcy court of another jurisdiction. Epiq Corporate Restructuring, LLC is serving as balloting and solicitation agent for LLT. On Sept. 20, 2024, Red River Talc LLC filed a Chapter 11 bankruptcy petition (Bankr. S.D. Tex. Case No. 24-90505). Porter Hedges LLP and Jones Day serve as counsel in the new Chapter 11 case. Epiq is the claims agent. Paul Hastings LLP is counsel to the Ad Hoc Committee of Supporting Counsel. Randi S. Ellis is the proposed prepetition legal representative of future claimants. RESHAPE LIFESCIENCES: Implements 1-for-58 Reverse Stock Split ------------------------------------------------------------- ReShape Lifesciences Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on September 18, 2024, the Company filed a Certificate of Amendment to its Restated Certificate of Incorporation, as amended, with the Secretary of State of the State of Delaware to effect a 1-for-58 reverse split of the Company's outstanding common stock, $0.001 par value per share. The Reverse Stock Split became effective for trading purposes upon the commencement of trading on September 23, 2024, at which point the Company's common stock began trading on a split adjusted basis on the Nasdaq Capital Market. As a result of the Reverse Stock Split, each 58 shares of issued and outstanding common stock and equivalents were converted into one share of common stock. Any fractional shares of common stock resulting from the Reverse Stock Split were rounded up to the nearest whole share. As a result of the Reverse Stock Split, proportional adjustments were made to the number of shares of common stock issuable upon exercise or conversion, and the per share exercise or conversion price, of the Company's outstanding warrants, stock options and convertible preferred stock, in each case in accordance with their terms. The Reverse Stock Split does not reduce the number of authorized shares of common stock and preferred stock under the Certificate of Incorporation. Therefore, the effect of the Reverse Stock Split is to increase the number of shares of common stock and preferred stock available for issuance relative to the number of shares issued and outstanding. The Reverse Stock Split does not alter the par value of the common stock or preferred stock or modify any voting rights or other terms of the common stock or any series of preferred stock. The Reverse Stock Split was approved by the Company's stockholders at its annual meeting of stockholders held on February 23, 2024. About ReShape Lifesciences ReShape Lifesciences Inc. (Obalon Therapeutics, Inc.) is a weight loss and metabolic health-solutions company, offering an integrated portfolio of proven products and services that manage and treat obesity and metabolic disease. ReShape Lifesciences reported a net loss of $11.38 million for the year ended Dec. 31, 2023, compared to a net loss of $46.21 million for the year ended Dec. 31, 2022. Irvine, California-based RSM US LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated April 1, 2024, citing that the Company has suffered recurring losses from operations and negative cash flows. The Company currently does not generate revenue sufficient to offset operating costs and anticipates such shortfalls to continue. This raises substantial doubt about the Company's ability to continue as a going concern. RJ HAWK TRANSPORT: Case Summary & One Unsecured Creditor -------------------------------------------------------- Debtor: RJ Hawk Transport Inc. 3668 S. Fm 51 Decatur, TX 76234 Chapter 11 Petition Date: September 29, 2024 Court: United States Bankruptcy Court Northern District of Texas Case No.: 24-43507 Judge: Hon. Edward L Morris Debtor's Counsel: Robert T DeMarco, Esq. DEMARCO MITCHELL, PLLC 500 N. Central Expressway Suite 500 Plano, TX 75074 Tel: (972) 991-5591 Email: robert@demarcomitchell.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Omar R. Jimenez as vice president. The Debtor listed Mulligan Funding LLC located at 4715 Viewridge Ave. Ste. 100, San Diego, CA 92123 as its sole unsecured creditor holding a claim of $40,000. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/HQIYGSI/RJ_Hawk_Transport_Inc__txnbke-24-43507__0001.0.pdf?mcid=tGE4TAMA RLK GROUP: Seeks to Hire Baker & Associates as Bankruptcy Counsel ----------------------------------------------------------------- RLK Group, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Baker & Associates as attorneys. The firm will render these services: (a) analyze the financial situation, and render advice and assistance to the Debtor; (b) advise the Debtor with respect to its duties; (c) prepare and file all appropriate legal papers; (d) represent the Debtor at the first meeting of creditors and such other services as may be required during the course of the bankruptcy proceedings; (e) represent the Debtor in all proceedings before the court and in any other judicial or administrative proceeding where its rights may be litigated or otherwise affected; (f) prepare and file a Disclosure Statement (if required) and Chapter 11 Plan of Reorganization; and (g) assist the Debtor in any matters relating to or arising out of the captioned case. The firm received a retainer in the amount of $11,738. Baker applied $1,738 of such amount for filing fees and other amounts for pre-petition fees and expenses. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Reese Baker, Esq., a partner at Baker & Associates, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Reese W. Baker, Esq. Baker & Associates 950 Echo Lane Ste. 300 Houston, TX 77024 Telephone: (713) 869-9200 Facsimile: (713) 869-9100 Email: courtdocs@bakerassociates.net About RLK Group, LLC RLK Group, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-70217) on September 12, 2024, listing up to $50,000 in assets and $500,001 to $1 million in liabilities. Judge Eduardo V Rodriguez presides over the case. Reese W Baker, Esq. at Baker & Associates represents the Debtor as counsel. RYLEE & COMPANY: Hires Griffith Jay & Michel LLP as Counsel ----------------------------------------------------------- Rylee & Company, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Eastern to employ Griffith Jay & Michel, LLP as counsel. The firm will provide these services: a. advise the Debtor generally with respect to general corporate and restructuring matters; b. represent and advise the Debtor with respect to matters that generally arise in this matter or an ordinary chapter 11 case; c. assist the Debtor with the protection and preservation of the estate of the Debtor; d. assist the Debtor with preparing necessary motions, applications, answers, orders, reports, and papers in connection with and required for the orderly administration of the estate; and e. perform any and all other general corporate and restructuring legal services for the Debtor in connection with the Chapter 11 case the Debtor determines are necessary and appropriate. The firm will be paid at these rates: Mark J. Petrocchi $450 per hour Attorneys $350 to $550 per hou The firm received a retainer in the amount of $2,500. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mark J. Petrocchi, Esq., a partner at Griffith, Jay & Michel, LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Mark J. Petrocchi, Esq. Griffith, Jay & Michel, LLP 2200 Forest Park Blvd. Fort Worth, TX 76110 Tel: (817) 926-2500 Fax: (817) 926-2505 Email: mpetrocchi@lawgjm.com About Rylee & Company, LLC Rylee & Company, LLC in Ponder TX, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. E.D. Tex. Case No. 24-42062) on Aug. 30, 2024, listing $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Amber Castillo, owner/director, signed the petition. GRIFFITH, JAY & MICHEL, LLP serve as the Debtor's legal counsel. SARC IL: Receives Court's Approval to Use Cash Collateral --------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Missouri, Southeastern Division, granted SARC IL, LLC authorization to use cash collateral as part of its Chapter 11 bankruptcy proceedings. The order allows the Debtor to use cash collateral, primarily rental income from its real estate in Wheaton, Illinois, to manage operations and service its debt to MRV Banks amounting to approximately $2.92 million, secured by a lien on its property in Wheaton. The Debtor acknowledges this debt and lien as valid. Monthly rent income of $16,788.75 will be used to meet debt obligations. As adequate protection, the court granted MRV Banks a security interest in the property's post-petition collateral, which includes the rental income. Additionally, the bank will receive monthly payments of $16,788.75 from the rental income as protection for its interest in the property. The Debtor is also required to maintain insurance on the property, with MRV Banks listed as an additional insured. The Debtor's projected budget over six months shows a financial shortfall. While total income is expected to be $100,732.50, the anticipated expenses, including $8,000 in property taxes, result in total expenses of $109,266, leaving a $8,534 shortfall. About SARC IL LLC The company primarily operates in the real estate sector, holding a significant property located at 1910 E. Roosevelt Road, Wheaton, IL. SARC IL LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Miss. Case No. 24-10358) on July 2, 2024. In the petition filed by Steven Caton, as manager, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The petition was signed by Steven Caton as manager. Spencer P. Desai, Esq., an attorney from Desai Law Firm LLC, represents the Debtor as legal counsel. SARC US: Wins Court Approval to Use Cash Collateral --------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Missouri, Southeastern Division, granted SARC US, LLC authorization to use cash collateral as part of its Chapter 11 bankruptcy proceedings. The cash collateral refers to funds derived from the Debtor's real estate in Carol Stream, Illinois, that are subject to a lien held by MRV Banks. The Debtor owes MRV Banks $2,677,944, secured by a promissory note and a lien on the real estate. The Court order allows the Debtor to use rents collected from the property, labeled as cash collateral, to make payments towards the outstanding debt and to help manage its assets and ensure that creditors can maximize recovery. In terms of protection for the lender, MRV Banks is granted adequate security through a continuing lien on the real estate and its income. Additionally, the lender will receive monthly payments of $11,175 from the rental income of the property. These payments will be used exclusively to service the debt owed to MRV Banks under the terms set forth in the court order. The order also includes a detailed budget for income and expenses from July to December 2024, showing that while rental income will cover the monthly debt service, the Debtor will face a shortfall of $7,800 due to property tax obligations. No other expenses, such as utilities or insurance, are listed in the budget, and the debtor is required to maintain insurance with MRV Banks as an additional insured party. The total projected income from rent over six months is $67,050, all of which goes to debt service. The debtor will have a negative cash flow of $7,800 due to property tax payments. Finally, the order specifies several conditions that would constitute an event of default, such as converting the case to Chapter 7, dismissal of the case, or termination of the automatic stay protecting the debtor. If any of these events occur, the debtor's access to the cash collateral may be limited or terminated. The firm can be reached at: Spencer P. Desai, Esq. The Desai Law Firm, LLC 13321 North Outer Forty Road, Suite 300 St. Louis, MO 63017 Tel: (314) 666-9781 Fax: (314) 448-4320 Email: spd@desailawfirmllc.com About SARC US SARC US, LLC owns real estate in Carol Stream, Illinois, which generates rental income. SARC US, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mo. Case No. 24-10335) on June 20, 2024, with $1 million to $10 million in both assets and liabilities. Steven Caton, manager, signed the petition. Spencer Desai, Esq., at The Desai Law Firm represents the Debtor as legal counsel. SCILEX HOLDING: Court Extends Share Lock-Up Period to January 2025 ------------------------------------------------------------------ Scilex Holding Company, an innovative revenue-generating company focused on acquiring, developing and commercializing non-opioid pain management products for the treatment of acute and chronic pain, announced that the U.S. Bankruptcy Court for the Southern District of Texas has extended the expiration of the restrictions on transfer of the shares of common stock of Scilex that were previously distributed by Sorrento Therapeutics, Inc., Scilex's former controlling stockholder, to Sorrento's stockholders as a dividend on January 19, 2023. Such lock-up period was previously set to expire on the earlier of (i) September 30, 2024 or (ii) the date on which Sorrento and its Official Committee of Unsecured Creditors agreed in writing or on the record in Sorrento's chapter 11 cases certain claims that may be asserted in potential litigation to avoid Sorrento's distribution of Dividend Stock and to recover such Dividend Stock, should not be pursued, or on such date that the Court deems just and proper. On September 25, 2024, the Court approved a motion to extend the lock-up period on the Dividend Stock to January 31, 2025. Accordingly, any shares of the Dividend Stock (including any such shares held by brokerage firms) may not be sold, transferred or otherwise disposed of. The foregoing extension shall apply only to the Dividend Stock and does not apply to any other outstanding securities of Scilex. About Scilex Holding Headquartered in Palo Alto, Calif., Scilex Holding Company is focused on acquiring, developing, and commercializing non-opioid pain management products for the treatment of acute and chronic pain. Scilex targets indications with high unmet needs and large market opportunities with non-opioid therapies for the treatment of patients with acute and chronic pain and is dedicated to advancing and improving patient outcomes. Scilex's commercial products include: (i) ZTlido (lidocaine topical system) 1.8%, a prescription lidocaine topical product approved by the U.S. Food and Drug Administration for the relief of neuropathic pain associated with postherpetic neuralgia, which is a form of post-shingles nerve pain; (ii) ELYXYB, a potential first-line treatment and the only FDA-approved, ready-to-use oral solution for the acute treatment of migraine, with or without aura, in adults; and (iii) Gloperba, the first and only liquid oral version of the anti-gout medicine colchicine indicated for the prophylaxis of painful gout flares in adults, expected to launch in the first half of 2024. San Diego, California-based Ernst & Young LLP, the Company's auditor since 2020, issued a "going concern" qualification in its report dated March 11, 2024, citing that the Company has negative working capital, has suffered losses from operations, has recurring negative cash flows from operations, and has stated that substantial doubt exists about the Company's ability to continue as a going concern. Scilex incurred net losses of $114.3 million, $23.4 million, and $88.4 million for the years ended December 31, 2023, 2022, and 2021, respectively. As of June 30, 2024, Scilex had $104.5 million in total assets, $319.2 million in total liabilities, and $214.7 million in total stockholders' deficit. SHINY BUD: Completes NOI Process Amid Financial Struggles --------------------------------------------------------- Shiny Health & Wellness Corp. on Sept. 25, 2024, provided an update to its press release issued on May 24, 2024, after the filing by its wholly-owned subsidiary, Shiny Bud Inc., of a Notice of Intention to Make a Proposal pursuant to the provisions of the Bankruptcy and Insolvency Act (Canada). The principal purpose of the NOI filing was to create a stabilized environment for Shiny Bud and its financial advisors to run an orderly and flexible sale, investment and solicitation process with the goal of identifying one or more interested parties to acquire or make an investment in Shiny Bud's business or all or some of its assets. B Riley Farber Inc. was appointed as the trustee under the NOI. In connection with the filing of the NOI, Shiny Bud entered into an agreement with its existing senior creditor, pursuant to which the DIP lender advanced a debtor-in-possession loan to Shiny Bud in the amount of up to $580,000 to generally fund working capital needs and expenses related to the NOI proceedings. The DIP Loan and the SISP were approved by the Ontario Superior Court of Justice on June 6, 2024. Notwithstanding an unsuccessful SISP, effective September 20, 2024, pursuant to a subscription agreement dated August 9, 2024, between Shiny Bud and a related party of the DIP Lender, 1000973177 Ontario Limited, and approved by the Court, the Company issued 100 common shares to the Purchaser and all other previously issued securities of Shiny Bud were cancelled without consideration. The Purchaser is now the sole securityholder of Shiny Bud. In addition, on September 19, 2024, the Company assigned to the Purchaser its interest in an intercompany loan owing by its distressed subsidiary, Shiny Bud, for an initial amount which has been used to satisfy certain government remittances owing by the Company and a possible additional capped amount to be used for possible costs associated with a restructuring or bankruptcy process or other general maintenance fees of the Company. Notwithstanding the disposition of Shiny Bud and its related liabilities and the liquidation of its currently uncollectible intercompany loan owing by Shiny Bud, the Company continues to be without financial resources to carry on business or meet its continuous disclosure obligations. Accordingly, the Company continues to consider all possible strategic alternatives. About Shiny Bud ShinyBud (TSXV: SNYB) is a well-established multi-banner cannabis retailer with 20 corporate stores and 20 licensed stores strategically located across Ontario in markets less saturated with cannabis retailers. SIGNATURE MECHANICAL: Gets Approval to Further Use Cash Collateral ------------------------------------------------------------------ Signature Mechanical Inc. received the green light from the U.S. Bankruptcy Court for the District of Arizona to further use the cash collateral of U.S. Small Business Administration. The order penned by Judge Daniel Collins approved the company's continued use of SBA's cash collateral to fund its expenses for the period from Sept. 24 to Oct. 31. The company estimated total expenses of $92,781 for September and $96,581 for October. Judge Collins reaffirmed his initial order requiring the company to grant SBA replacement liens in its post-petition assets, including cash and receivables, and continue its monthly payment of $1,012 to SBA. Signature Mechanical expects its post-petition monthly revenue to exceed its monthly expenses, hence granting replacement liens to SBA would be enough to protect the creditor's interest. The company anticipates total revenues of $95,000 in September and $98,000 in October. About Signature Mechanical Signature Mechanical Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Ariz. Case No. 24-06640) on August 12, 2024, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Daniel P. Collins presides over the case. Ronald J. Ellett, Esq., at Ellett Law Offices, P.C. represents the Debtor as bankruptcy counsel. SIGNATURE MECHANICAL: Hires JL Littler CPA PLLC as Accountant ------------------------------------------------------------- Signature Mechanical Inc. received approval from the U.S. Bankrutpcy Court for the District of Arizona to hire JL Littler CPA, PLLC as accountant. The firm will assist in preparing and filing Debtor's income tax returns and provide general bookkeeping. The firm will charge $150 per hour for the services of Julie L. Littler, CPA. JL Littler CPA does not hold or represent any interest adverse to the Debtor or the estate, according to court filings. The accountant can be reached through: Julie L. Littler, CPA JL Littler CPA, PLLC About Signature Mechanical Signature Mechanical Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Ariz. Case No. 24-06640) on August 12, 2024, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Daniel P. Collins presides over the case. Ronald J. Ellett, Esq., at Ellett Law Offices, P.C. represents the Debtor as bankruptcy counsel. SILVERGATE CAPITAL: Fails to Stop Election, Board Meeting --------------------------------------------------------- Alex Wolf of Bloomberg Law reports that the parent of defunct Silvergate Bank must go forward with a Sept. 27 meeting where an activist investor will likely be appointed to the company's board during its wind-down in bankruptcy, a judge ruled. According to Bloomberg Law, Silvergate Capital Corp. failed to show it will be irreparably harmed by going through with the court-ordered board meeting, which had been sought by shareholder Joseph Stilwell, Judge Karen B. Owens of the US Bankruptcy Court for the District of Delaware ruled at a hearing Wednesday. About Silvergate Capital Silvergate Capital operates as a bank holding company. The Company, through its subsidiary Silvergate Bank provides a banking platform for innovators, especially in the digital currency industry, and developing product and service solutions addressing the needs of entrepreneurs. Silvergate Capital serves customers in the United States. On Sept. 17, 2024, Silvergate Capital and two affiliates sought Chapter 11 protection (Bankr. D. Del. Case No. 24-12158) on Sept. 17, 2024. In its petition, Silvergate Capital estimated assets between $100 million and $500 million and estimated liabilities between $10 million and $50 million. The Debtors tapped CRAVATH, SWAINE & MOORE LLP as counsel; RICHARDS, LAYTON & FINGER, P.A., as local bankruptcy counsel; and ALIXPARTNERS, LLP, as financial advisor. STRETTO, INC., is the claims agent. SILVERSHORE CYPRESS: Hires Northgate Real Estate Group as Broker ---------------------------------------------------------------- Silvershore Cypress LLC and its affiliate seek approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Northgate Real Estate Group as real estate broker. The firm will market and sell the Debtors' mixed-use, multi-family apartment building located at 10-71 Cypress Avenue a/k/a 1708 Summerfield Street, Queens NY. The firm will be paid as follows: (i) a 5 percent commission in the form of a buyer's premium, if the Property is sold to a third party or an unrelated assignee of the secured creditor's credit bid; (ii) a 2 percent commission if the secured creditor credit bids and closed on its bid; (iii) a 5 percent refinancing fee if the Property is refinanced, or (iv) a minimum $100,000 fee. Greg Corbin, a partner at Northgate Real Estate Group, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Greg Corbin Northgate Real Estate Group 433 5 th Avenue, Fourth Floor New York, NY 10016 Tel: (212) 369-4000 About Silvershore Cypress LLC Silvershore Cypress owns a tenant-in-common interest in a mixed-use, multi-family apartment building located at 10-71 Cypress Avenue a/k/a 1708 Summerfield Street, Queens NY. The Debtor owns 69.5% TIC interest in the Property. Silvershore Cypress LLC in Ridgewood, NY, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. E.D.N.Y. Case No. 24-43223) on Aug. 1, 2024, listing as much as $1 million to $10 million in both assets and liabilities. David Goldwasser as chief restructuring officer, signed the petition. Judge Elizabeth S Stong oversees the case. GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP serve as the Debtor's legal counsel. SKILLZ INC: Seth Schorr Quits From Board ---------------------------------------- Skillz Inc. disclosed in a Form 8-K filed with the Securities and Exchange Commission that on Sept. 19, 2024, Seth Schorr informed the Company of his decision to resign from the Company's Board of Directors, effective immediately. Mr. Schorr has served on the Board since August 2022. Mr. Schorr's decision to resign is not the result of any dispute or disagreement with the Company on any matter relating to its operations, policies or practices. The Company thanked Mr. Schorr for his dedicated service to the Company. About Skillz Inc. Las Vegas-based Skillz Inc. -- https://www.skillz.com -- operates a competitive mobile gaming platform, driving the future of entertainment by accelerating the convergence of sports, video games and media. The Company's principal activities are to develop and support a proprietary online-hosted technology platform that enables independent game developers to host tournaments and provide competitive gaming activity to end-users worldwide. Skillz Inc. reported a net loss of $101.36 million in 2023, a net loss of $438.87 million in 2022, a net loss of $187.92 million in 2021 and a net loss of $149.08 million in 2020. * * * As reported by the TCR on Jan. 19, 2024, S&P Global Ratings retained its ratings on Las Vegas-based Skillz Inc., including its 'CCC+' issuer credit rating, following the assignment of the new management and governance (M&G) assessment. S&P said, "S&P Global Ratings assigned a new M&G modifier assessment of negative to Skillz following the revision to our criteria for evaluating the credit risks. The terms management and governance encompass the broad range of oversight and direction conducted by an entity's owners, board representatives, and executive managers. These activities and practices can impact an entity's creditworthiness and, as such, the M&G modifier is an important component of our analysis." SONOMA CELLAR: Seeks Court Approval to Use Cash Collateral ---------------------------------------------------------- Sonoma Cellar LLC filed an expedited motion for entry of interim order to the U.S. Bankruptcy Court for the Eastern District of Virginia for authority to the immediate use of cash collateral to cover essential business expenses during its Chapter 11 reorganization. The Debtor filed a voluntary petition for relief under Chapter 11 of the United States Code On September 24, 2024. The Debtor elected to proceed under SubChapter V of Chapter 11. Since the Petition Date, the Debtor has remained in possession of its property and has continued to manage its affairs as a Debtor-in-possession pursuant to Section 1183 and 1184 of the Code. The secured debt potentially asserted against the Debtor's cash collateral is relatively small. WebBank, which operates the Debtor's point of sale system, is owed $25,247.57. WebBank is typically paid 10% of each days sales, which comes to about $6,000 per month. There is a potential senior lien in favor of the United States Small Business Administration for an Economic Injury Disaster Loan. This loan was supposed to have been paid in full when the current owners of the Debtor purchased the Debtor. However, the UCC-1 financing statement has not been released. A review of the records of the Virginia Division of Corporations reveals the following filed financing statements, including the asserted and/or believed claim amounts. UCC-1 Filer Date of Filing Estimated Amount of Lien WebBank 1/23/24 $25,247.57 U.S. Small Business 7/11/20 Unknown Administration The budget includes a $10,863.17 in management payments to Fontaine Caffe, LLC, an entity owned by Daniel Wharam. Mr. Wharam owns 4 restaurants, including the Debtor, which share certain employees and expenses. The payment constitutes the Debtor's share of shared expenses, which includes a $5,307.92 monthly payment to a lender to the Wharams, and $725.25 in automobile leases, one of which is operated by Stacey Wharam and two of which are operated by non-insiders. The fee includes $4,830 in shared salary expenses, of which approximately $1,895.83 per month is allocable to Stacey Wharam. All other payments covered by the management fee are to non-insider shared employees. Mr. Wharam does not draw a salary from any of the restaurants. To ensure protection of lenders' interests, the Debtor proposes granting secured lenders a replacement lien on the collateral. The Debtor will also make $2,000 monthly payments to WebBank to protect its interest in the collateral. The firm can be reached at: Justin Fasano, Esq. McNamee Hosea, P.A. 6404 Ivy Lane, Suite 820 Greenbelt, MD 20770 Telephone: (301) 441-2420 Facsimile: (301) 982-9450 E-mail: jfasano@mhlawyers.com About Sonoma Cellar Sonoma Cellar LLC is a Virginia-based limited liability company that operates a restaurant and wine bar located at 207 King Street in Alexandria, Virginia. The company offers a combination of dining and wine experiences, serving both as a restaurant and wine bar. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 24-11780). Daniel Wharam, sole member, signed the petition. Hon. Judge Frank J. Santoro presides the case. Justin Fasano, Esq. at McNamee Hosea, P.A. represents the Debtor as legal counsel. SSM INDUSTRIES: Hits Chapter 11 Bankruptcy Protection ----------------------------------------------------- SSM Industries Inc. filed Chapter 11 protection in the Eastern District of Tennessee. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 50 and 99 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 Oct. 16, 2024 at 10:00 a.m. in Room Telephonically on telephone conference line: 877-647-0236. participant access code: 1558052. About SSM Industries Inc. SSM Industries Inc. -- https://www.ssmi.biz/who-we-are.html -- is a full-service Mechanical Contractor that provides clients with a complete range of services including HVAC, Plumbing, Refrigeration, Process Piping, Design Build, Shop Fabrication, Nuclear HVAC, BIM, 3D Coordination and Repair Service. SSM Industries Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 24-31617) on September 16, 2024. In the petition filed by Scott Neill Hilleary, as president and CEO, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Honorable Bankruptcy Judge Suzanne H. Bauknight handles the case. The Debtor is represented by: Maurice K. Guinn, Esq. GENTRY, TIPTON AND MCLEMORE, PC P.O. Box 1990 Knoxville, TN 37901 Tel: (865) 525-5300 Email: mkg@tennlaw.com STEWARD HEALTH: Gets Court Okay to Sell Wadley to Christus Health ----------------------------------------------------------------- Jonathan Randles of Bloomberg News reports that bankrupt Steward Health Care won court approval to sell one of its Texas hospitals to not-for-profit CHRISTUS Health. Judge Christopher Lopez said Tuesday, September 24, 2024, he’d approve the sale after Steward said it didn't receive any other qualified offers for the Wadley Regional Medical Center in Texarkana. According to Bloomberg News, CHRISTUS will pay between $4.5 million and $5.5 million for the hospital, depending upon price adjustments, according to court documents. Lopez first approved the sale earlier this month; CHRISTUS’s offer was in the form of a stalking horse bid, meaning it was subject to better offers, the report states. About Steward Health Care Steward Health Care System, LLC, owns and operates the largest private physician-owned for-profit healthcare network in the U.S. Headquartered in Dallas, Texas, Steward's operations include 31 hospitals in eight states, approximately 400 facility locations, 4,500 primary and specialty care physicians, 3,600 staffed beds, and nearly 30,000 employees. Steward Health Care provides care to more than two million patients annually. Steward and 166 affiliated debtors filed Chapter 11 petitions (Bankr. S.D. Texas Lead Case No. 24-90213) on May 6, 2024. Judge Christopher M. Lopez oversees the proceeding. The Debtors tapped Weil, Gotshal & Manges, LLP as bankruptcy counsel; McDermott Will & Emery as special corporate and regulatory counsel; AlixPartners, LLP as financial advisor and John Castellano of AlixPartners as chief restructuring officer. Lazard Freres & Co. LLC, Leerink Partners LLC, and Cain Brothers, a division of KeyBanc Capital Markets Inc., provide investment banking services to the Debtors. Kroll is the claims agent. Susan N. Goodman has been appointed as patient care ombudsman in the Debtors' Chapter 11 cases. SURFER'S PARADISE: Property Sale Proceeds to Fund Plan ------------------------------------------------------ Surfer's Paradise Two, LLC filed with the U.S. Bankruptcy Court for the District of Idaho a Disclosure Statement for Plan of Reorganization dated August 26, 2024. The Debtor owns 10 completed townhouses on the Boise River in Garden City, Idaho. The development, known as Waterhouse Rowe, originally consisted of two phases of 16 townhouses each. On July 7, 2021, Debtor entered into a construction loan, drawing by its calculation $4,997,723 in total from Builders Capital Loan Acquisition Trust 2022-1. Townhouse sales were used to pay Builders Capital $2,087,863, leaving a principal balance of $2,909,860 plus interest and fees. On June 27, 2021, David and Annette Love entered into an agreement with Debtor to purchase townhome units 31, 32, and 33 for approximately $1.5 million dollars. Loves paid a $600,000 deposit that was used to finish out those townhouses. In December of 2022 the three townhouses were complete. But, Builders Capital refused to allow closing of all three, allowing Loves to only purchase unit 33. In January of 2024 Builders Capital took steps to foreclose its lien. Loves in May of 2024 sued to enforce their contract to purchase Units 31 and 32. Both led to the Debtor filing bankruptcy on May 28, 2024. Overall, the Debtor has relatively few creditors and proposes to resolve its financial issues as outlined in the Plan. Here is a brief overview of the key elements of the Plan: * The Debtor's key creditor is Builders Capital. Debtor proposes the following: -- Close with David and Annette Love on the two townhouses they have under contract with the Debtor in 60 days, with the net proceeds of $600,000, minus costs of sale, turned over to Builders Capital. -- In the 90 days after the Effective Date, if Builders Capital is willing to accept an offer on its claim from a third party entity, it will be paid out on its claim at a reduced amount. -- After 90 days after the Effective Date, Builders Capital can opt either to foreclosure on the townhouses or allow the Debtor to sell them with 90% of the proceeds, after closing costs, going to Builders Capital. * Ada County will be paid for 2023 property taxes due as each townhouse is sold. * If Builders Capital's interest is sold to a third-party, such shall have a secured claim in the remaining townhouses until sold and be paid per its loan documents. * General unsecured creditors shall be paid from any net proceeds received after payments to the secured credits plus funds from Mr. Weltner related to a rental. Class UC1 consists of General Unsecured Claims. Such claims are to be paid pro-rata at the rate of 85% of any net proceeds received by the Debtor after payments are made under either 3.3, 3.4 or 3.5 to those secured creditors. Class E1 consists of Equity Interest Holders. Todd A. Weltner shall retain his ownership interest in the Debtor and shall continue to manage the Debtor, at his discretion, as long as the Plan is complied with and fulfilled. All Administrative Expenses and Professional Fees shall be paid, upon Court approval, pursuant to the terms and conditions contained in Articles 13.1.1 and 13.1.2 from funds received by the Debtor. Any sales of Townhouses under 3.3.1, 3.3.2 or 3.3.3 shall be disbursed under either 3.3, 3.4 and 3.5. Todd Weltner shall, over 12 months after confirmation, pay the Debtor the amount of any rents received personally for renting any of the townhouses. Such shall be disbursed as if a townhouse had been sold. Pursuant to the Confirmation Order and upon Confirmation of this Plan, the Debtor shall be authorized to take all necessary steps, and perform all necessary acts, to consummate the terms and conditions of this Plan, in accordance with its terms. On or before the Effective Date, Debtor may file with the Bankruptcy Court such agreements and other documents as may be necessary or appropriate to effectuate or further evidence the terms and conditions of this Plan and the other agreements referred to herein. A full-text copy of the Disclosure Statement dated August 26, 2024 is available at https://urlcurt.com/u?l=ovv9Kd from PacerMonitor.com at no charge. Counsel to the Debtor: Steven L. Taggart, Esq. Olsen Taggart, PLLC P.O. Box 3005 Idaho Falls, ID 83403 Telephone: (208) 552-6442 Email: staggart@olsentaggart.com About Surfer's Paradise Two Surfer's Paradise Two, LLC is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). The Debtor owns 10 properties in Garden City, ID having a total current value of $8.13 million. Surfer's Paradise Two sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Idaho Case No. 24-00313) on May 28, 2024. In the petition signed by Todd A. Weltner, manager, the Debtor disclosed $8,131,250 in assets and $9,972,563 in liabilities. Judge Benjamin P. Hursh oversees the case. The Debtor tapped Steven L. Taggart, Esq., at Olsen Taggart, PLLC as counsel and Idaho Accounting Services, LLC as its accountant. THREE STAR: Trustee Taps Joseph M. Banker CPA as Accountant ----------------------------------------------------------- Michael P. Coury, Chapter 11 Trustee of Three Star Farms, LLC, seeks approval from the U.S. Bankruptcy Court for the Western District of Mississippi to employ Joseph M. Banker, CPA as accountant. Mr. Banker will provide tax advice and prepare the federal and state tax returns and perform such other requested services as needed during the course of this Chapter 11 case. The firm will be paid at $300 per hour. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Joseph M. Banker, CPA, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Joseph M. Banker Joseph M. Banker, CPA 1906 Exeter Road #1 Germantown, TN 38138-2900 Tel: (901) 309-9495 Fax: (901) 309-9446 Email: joe@joebankercpa.com About Three Star Farms, LLC Three Star Farms, LLC in Finger, TN, filed its voluntary petition for Chapter 11 protection (Bankr. W.D. Tenn. Case No. 24-21085) on March 7, 2024, listing $1 million to $10 million in assets and $500,000 to $1 million in liabilities. Ryan Wenzel as managing member, signed the petition. Judge Denise E. Barnett oversees the case. LAW OFFICES OF CRAIG M. GENO, PLLC, and PAYNE LAW FIRM, serve as the Debtor's legal counsels. THRIVE MERGER: S&P Downgrades ICR to 'CCC+', Outlook Negative ------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Thrive Merger Sub LLC's (d/b/a Therapy Brands) to 'CCC+' from 'B-'. S&P also lowered its issue-level rating on the company's revolving credit facility and first-lien term loan to 'CCC+' from 'B-' and our issue-level rating on the company's second-lien term loan to 'CCC-' from 'CCC'. The recovery ratings are unchanged. The negative outlook reflects S&P's expectations that cash flow deficits in 2024 and 2025 will diminish the company's liquidity position, causing it to rely on the revolver when it becomes current. S&P said, "The downgrade reflects our expectation that the company's cash flow generation will continue to be depressed for a prolonged period. The company produced lower-than-anticipated revenue and EBITDA in the first half of 2024. The Change Healthcare cyber attack, and the migration of a legacy platform caused greater churn in customers, and we anticipate further platform consolidations could have a similar effect in 2025. In addition, the company continues to invest in product development to accelerate platform migration and enhance product features, as well as invest in sales and marketing, both of which we view positively strategically but expect will have a prolonged downward impact on margins. While we expect operational improvement in 2025, EBITDA margins will continue to be burdened with the company's internal investments and we do not expect EBITDA to cover interest and debt amortization through 2025. We anticipate free operating cash flow (FOCF) deficits of about $20 million-$25 million in 2024, decreasing to $15 million-$20 million in 2025. "We believe Therapy Brands will maintain sufficient liquidity over the next 12 months, but it could become strained. We view the company's current liquidity, which includes about $33 million of cash and full availability under its $40 million revolver, as sufficient to cover projected uses over the near term. However, we believe that liquidity will deteriorate due to a prolonged cash flow deficit. As the company's cash balance declines, we expect Therapy Brands to rely increasingly on its revolver, which will become current in May 2025. If the revolver becomes current, and the company is relying on it to meet its obligations, liquidity could become strained." The company is relatively small and narrowly focused within a crowded market. Though the company has grown rapidly, its revenue and EBITDA base is still low in comparison with other health care IT providers in the space. The company operates in the highly fragmented market with low barriers to entry (specifically, software providers to mental health, behavioral health, and rehabilitation clinicians), and S&P's view the customer churn related to the Change Healthcare cyber attack and platform consolidation as indication of limited stickiness among smaller providers because it primarily serves practices with one or two clinicians. Over time, as the company completes the consolidation of its platforms and returns to a more normal level of customer churn, it should benefit from the tailwinds in its end markets, including increasing demand for mental/behavioral health services and increasing the attach rate of add on products. S&P said, "The negative outlook reflects our expectations that cash flow deficits in 2024 and 2025 will diminish the company's liquidity position, causing it to rely on the revolver when it becomes current. It also reflects execution risk and risk to our base case projections, which assume that revenue growth and margins will rebound in 2025." S&P could lower its rating on Therapy Brands if: -- S&P no longer believed its liquidity position were adequate and the company's sources could no longer support its uses. This may occur if the company's revolver became current, and the company were relying on it for operational purposes or because benefits from ongoing initiatives took longer than anticipated to materialize, resulting in higher-than-expected cash burn; or -- S&P saw a heightened risk of default in the next 12 months, which could include a restructuring that it deemed to be a distressed exchange. S&P said, "We could revise the outlook to stable if the revolver maturity were extended, and we believed the company had sufficient liquidity for the next 24 months. We could raise our rating on Therapy Brands if EBITDA increased materially, such that we expected the company to cover fixed charges on a sustained basis. In this scenario, free operating cash flow would likely be improving and trending positive." TJ BEAR: 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 TJ Bear Transportation, LLC. About TJ Bear Transportation TJ Bear Transportation, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Okla. Case No. 24-12417) on August 27, 2024, listing $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Stephen Moriarty, Esq., at Fellers, Snider, Blankenship, Bailey & Tippens, P.C., serves as Subchapter V trustee. Judge Sarah A Hall presides over the case. Ron Brown, Esq. at Brown Law Firm PC represents the Debtor as counsel. TOHI LLC: Seeks to Hire Smith Kane Holman LLC as Counsel -------------------------------------------------------- Tohi LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to employ Smith Kane Holman, LLC as counsel. The firm's services include: a. advising the Debtor with respect to its rights and obligations pursuant to the Bankruptcy Code; b. assisting the Debtor in the preparation of the schedules and statement of financial affairs and any amendments thereto; c. representing the Debtor at its first meeting of creditors and any and all Rule 2004 examinations; d. preparing any and all necessary applications, motions, answers, responses, orders, reports and any other type of pleading or document regarding any proceeding instituted by or against the Debtor with respect to this case; e. assisting the Debtor in the formulation and seeking confirmation of a chapter 11 plan and disclosure materials; and f. performing all other legal services for the Debtor which may be necessary or desirable in connection with this case. The firm will be paid at these rates: Partners $475 to $500 per hour Associates $300 to $375 per hour Paralegals $75 to $100 per hour The firm was paid a retainer in the amount of $17,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. David B. Smith, a partner at Smith Kane Holman, LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: David B. Smith, Esq. Smith Kane Holman, LLC 112 Moores Road, Suite 300 Malvern, PA 19355 Tel: (610) 407-7217 Fax: (610) 407-7218 Email: dsmith@skhlaw.com About Tohi LLC TOHI LLC is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). TOHI LLC in Doylestown, PA, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. E.D. Pa. Case No. 24-13285) on Sept. 16, 2024, listing as much as $1 million to $10 million in both assets and liabilities. Shawn Touhill as president, signed the petition. Judge Ashely M Chan oversees the case. SMITH KANE HOLMAN, LLC serve as the Debtor's legal counsel. TOSCA SERVICES: S&P Ups ICR to 'CCC+' Following Term Loan Exchange ------------------------------------------------------------------ S&P Global Ratings assigned their 'B' issue-level rating and '1' recovery on Tosca Services LLC's new $100 million super-priority first-out first-lien term loan due November 2028. S&P's '1' recovery rating reflects its expectation for very high (90%-100%; rounded estimate: 95%) recovery in the event of a default. S&P said, "We are also assigning our 'CCC' issue-level rating and '5' recovery rating to its $605 million second-out first-lien term loan due November 2028. Our '5' recovery rating reflects our expectation for modest recovery (10%-30%; rounded estimate: 20%) recovery in the event of a default. "The negative outlook reflects our expectation for continued cash flow deficits over the next 12 months, which could weaken liquidity." Tosca closed its term loan exchange on Sept. 17, 2024, and raised an additional $100 million super-priority first-out first-lien term loan. S&P said, "Despite the improved liquidity following its loan exchange, we still view Tosca's capital structure as unsustainable. The 'CCC+' rating on Tosca reflects the company's high financial leverage and sustained FOCF deficits following the company's term loan exchange, in which it swapped $605 million of its existing term loan for a new second-out first-lien term loan. At the same time, Tosca raised an additional $100 million first-out first-lien term loan, the proceeds of which it will use to pay down its asset-based revolving credit facility (ABL). Therefore, the company will have additional liquidity to fund growth capital expenditures (capex). We view this, along with the extended maturities on its debt, favorably. The pay-in-kind feature of a portion of the second-out first-lien term loan will reduce cash interest expense, but we still forecast the company's S&P Global Ratings-adjusted EBITDA will not fully cover its cash interest expense and total capex. Therefore, we believe Tosca is dependent on favorable business conditions to right size its capital structure over the long term. "Tosca has reduced its capex, but we expect it to remain high. In addition to sizeable maintenance capex requirements, which we estimate will be about 6% of revenue in 2024, the company also funds growth capex for new business wins. We don't believe Tosca will see the full run rate benefit of the new wins for some time, leaving it dependent on its ABL. Tosca has significantly reduced its total capex over the past few years and we anticipate the company will spend around $70 million this year, compared with $121 million in 2021. The company will need to see the benefit of reduced interest rates, grow its S&P Global Ratings-adjusted EBITDA, and maintain discipline in its capex spending to begin generating positive FOCF. "We expect Tosca to modestly improve its performance in the second half of 2024. We believe the company will begin to benefit from some of its prior new business wins during the remainder of the year, resulting in S&P Global Ratings-adjusted EBITDA of about $100 million. We think the company benefits from the stability of grocery stores, but believe some of the company's products that are more discretionary in nature could come under modest pressure during weaker consumer conditions. In the first half of 2024, the company's U.S. revenues declined 7.8% compared with the same prior-year period, with a decline in both direct sales and pooling revenue. In Europe, sales were up 6.7% compared with the same prior-year period, with strong pooling revenue offsetting weaker direct sales. "The negative outlook reflects our expectation that Tosca's cash flow deficits will continue over the next 12 months, which could weaken liquidity. In our view, Tosca's elevated leverage and high capex provides limited opportunity to improve credit metrics, although lower interest rates will help. In addition, we expect the company's margin expansion will be limited due to the current operating environment. We believe continued negative FOCF over the next few years could increase the likelihood that the company could pursue another exchange that we consider distressed. "We could lower our rating on Tosca if liquidity deteriorates materially due to persistent negative FOCF, resulting in a default, distressed exchange, or restructuring becoming more likely over the next 12 months. For instance, if the company's capex remains elevated without a meaningful return on investment or if the company loses material customer contracts. "We could upgrade Tosca if its operating performance improves such that the company demonstrates a track record of sustaining at least neutral FOCF on average, leading us to view the capital structure as sustainable over the long term. "Governance factors are a moderately negative consideration in our credit rating analysis of Tosca, as is the case for most rated entities owned by private-equity sponsors. We believe the company's highly leveraged financial risk profile points to corporate decision-making that prioritizes the interests of the controlling owners. This also reflects the generally finite holding periods and a focus on maximizing shareholder returns. "Environmental factors are an overall neutral consideration in our credit rating analysis. Although Tosca's products are primarily made of plastic, the reusable nature of its plastic packaging containers somewhat offset environmental risks associated with the material." TOWER HEALTH: S&P Lowers Debt Rating to 'D' on Distressed Exchange ------------------------------------------------------------------ S&P Global Ratings lowered its long-term and underlying rating to 'D' from 'CC' on Berks County Municipal Authority, Pa.'s debt issued for Tower Health (Tower), Pa. On Sept. 19, 2024, Tower Health completed what S&P views as distressed exchange transaction with its existing lenders, which it originally announced in May 2024. "We are lowering our underlying rating to 'D' because we view Tower Health's recently finalized transaction with its existing lenders as a distressed debt exchange under our criteria, which we view as a de facto default. Under the terms of the transaction even though lenders were offered a par exchange, they will not receive principal and interest payments in line with the terms of the originally issued bonds because the majority of exchange bonds (the series 2024A-3 and 2024A-4) have no amortization until 2039," said S&P Global Ratings credit analyst Anne Cosgrove Also, there will be a 60-month interest accretion period on the series 2024B-1 and series 2024B-2 bonds, which S&P views as providing less value to bondholders relative to the terms and amortization of the original transaction. There will also be an amortization holiday on exchange bonds, with an excess cash flow sweep available on series 2024A-1 and series 2024A-2 bonds and then, if applicable, on the series 2024B-1 and 2024B-2 bonds. S&P expects to withdraw its rating in 30 days. TRAN URGENT: Hires Neeleman Law Group as Legal Counsel ------------------------------------------------------ Tran Urgent Care & Wellness Centers, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Washington to employ Neeleman Law Group as legal counsel. The firm's services include: a. assisting the Debtor in the investigation of the financial affairs of the estate; b. providing legal advice and assistance to the Debtor with respect to matters relating to this case and creditor distribution; c. preparing all pleadings necessary for proceedings arising under this case; and d. performing all necessary legal services for the estate in relation to this case. The firm will be paid at these rates: Principal $550 per hour Associate $475 per hour Paralegal $225 per hour The firm received a retainer in the amount of $17,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Jennifer L. Neeleman, Esq., a partner at Neeleman Law Group, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Jennifer L. Neeleman, Esq. Neeleman Law Group 1403 8th Street Marysville, WA 98270 Tel: (425) 212-4800 Fax: (425) 212-4802 About Tran Urgent Care & Wellness Centers Tran Urgent Care & Wellness Centers LLC offers urgent care, primary care, pain management, and rehabilitation services. Tran Urgent Care & Wellness Centers LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 24-41827) on August 19, 2024. In the petition filed by Dat Tran, as managing member, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. The Honorable Bankruptcy Judge Mary Jo Heston handles the case. The Debtor is represented by: Thomas D. Neeleman, Esq. NEELEMAN LAW GROUP, P.C. 1403 8th Street Marysville, WA 98270 Tel: (425) 212-4800 Fax: (425) 212-4802 Email: courtmail@expresslaw.com TUPPERWARE BRANDS: Gets 2 Weeks to Pay Bills, Workers Amid Spat --------------------------------------------------------------- Dorothy Ma of Bloomberg Law reports that bankrupt Tupperware Brands Corp. was allowed to pay utility bills and workers for the next couple of weeks, but beyond that the path forward for the household food storage company remains uncertain. US Bankruptcy Judge Brendan Linehan Shannon granted a so-called "bridge order" at a Wednesday hearing in Delaware, allowing the company to temporarily use cash under a budget until October 11, 2024, when a final hearing will be held over disputes. The struggle of getting approval to use cash stemmed from the objection of a group lenders, who are secured by substantially all of Tupperware's assets, including the cash. About Tupperware Brands Tupperware Brands Corporation (NYSE: TUP) -- https://www.tupperwarebrands.com/ -- is a global consumer products company that designs innovative, functional, and environmentally responsible products. Founded in 1946, Tupperware's signature container created the modern food storage category that revolutionized the way the world stores, serves, and prepares food. Today, this iconic brand has more than 8,500 functional design and utility patents for solution-oriented kitchen and home products. The company distributes its products into nearly 70 countries, primarily through independent representatives around the world. Tupperware Brands sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-12166) on Sept. 17, 2024. In the bankruptcy petition, Tupperware reported more than $1.2 billion in total debts and $679.5 million in total assets. Kirkland & Ellis LLP is serving as legal advisor to Tupperware, Moelis & Company LLC is serving as the Company's investment banker, and Alvarez & Marsal is serving as the Company's financial and restructuring advisor. Epiq is the claims agent and has put up the page https://dm.epiq11.com/Tupperware TUPPERWARE BRANDS: Gets Okay to Use Cash Despite Lender Disputes ---------------------------------------------------------------- Dorothy Ma of Bloomberg Law reports that bankrupt Tupperware Brands Corp. was allowed to pay utility bills and workers for the next couple of weeks, but beyond that the path forward for the household food storage company remains uncertain. US Bankruptcy Judge Brendan Linehan Shannon granted a so-called "bridge order" at a Wednesday, September 25, 2024, hearing in Delaware, allowing the company to temporarily use cash under a budget until Oct. 11, when a final hearing will be held over disputes. The struggle of getting approval to use cash stemmed from the objection of a group lenders, who are secured by substantially all of Tupperware's assets, including the cash. About Tupperware Brands Tupperware Brands Corporation (NYSE: TUP) -- https://www.tupperwarebrands.com/ -- is a global consumer products company that designs innovative, functional, and environmentally responsible products. Founded in 1946, Tupperware's signature container created the modern food storage category that revolutionized the way the world stores, serves, and prepares food. Today, this iconic brand has more than 8,500 functional design and utility patents for solution-oriented kitchen and home products. The company distributes its products into nearly 70 countries, primarily through independent representatives around the world. Tupperware Brands sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-12166) on Sept. 17, 2024. In the bankruptcy petition, Tupperware reported more than $1.2 billion in total debts and $679.5 million in total assets. Kirkland & Ellis LLP is serving as legal advisor to Tupperware, Moelis & Company LLC is serving as the Company's investment banker, and Alvarez & Marsal is serving as the Company's financial and restructuring advisor. Epiq is the claims agent and has put up the page https://dm.epiq11.com/Tupperware TURKEY LEG: Closes Alameda Road Location Citing Several Violations ------------------------------------------------------------------ T.J. Parker of Click 2 Houston reports that it's another setback for popular Third Ward restaurant, The Turkey Leg Hut. The Alameda Road, restaurant, closed, after the Houston Health Department found several violations. In an email sent to KPRC 2, the health department said they ordered the closure on September 19, 2024 due to serious health code violations. An inspection revealed 35 violations, which the department says include conditions that "pose an imminent threat to public health." The restaurant will remain closed until all the issues have been resolved, a follow up inspection is done and the restaurant is up to safety standards. The Turkey Leg Hut's Instagram account had a post saying they were closed over the weekend for renovations. This comes after the restaurants filed for Chapter 11 Bankruptcy, earlier this 2024. About Turkey Leg Hut Turkey Leg Hut is a Houston based restaurant specializing in turkey legs. Turkey Leg Hut sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-31275) on March 26, 2024. In the petition filed by Nakia Price, as managing member, the Debtor estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. The Honorable Bankruptcy Judge Eduardo V. Rodriguez oversees the case. The Debtor is represented by: James Q. Pope, Esq. THE POPE LAW FIRM 6161 Savoy Drive 1125 Houston, TX 77036 Tel: (713) 449-4481 E-mail: jamesp@thepopelawfirm.com TURKEY LEG: Court Denies Trustee's Bid to Convert Case to Ch. 7 --------------------------------------------------------------- Shakari Briggs of Houston Chronicle reports that less than 48 hours after a court appointed trustee filed for Chapter 7 bankruptcy against The Turkey Leg Hut, a Texas judge denied the motion. On Tuesday, September 24, 2024, Chief United States Bankruptcy Judge Eduardo Rodriguez, of the Southern District of Texas, submitted an order denying emergency relief requested for nearly $5 million of debt owed to creditors by the restaurant's co-founder Nakia Holmes. The motion proposed converting the restaurant's Chapter 11 bankruptcy to Chapter 7. The filing lacked certain requirements for emergency motions, including a "detailed statement as to why an emergency exists" and "a certification for its accuracy" by the parties owed the relief, according to the judge's order. The action comes on the heels of the restaurant, known for its unique spin on stuffed turkey legs, receiving more than 30 health code violations from the Houston Health Department resulting in the temporary closure of the Third Ward business. Despite social media posts indicating the eatery would reopen following renovations over the weekend, the business remain closed on Tuesday. "We're working on making your Turkey Leg Hut experience even better," a post read on Instagram. "So, stay tuned for what's coming next. Trust us. It's worth the wait." In the five-page emergency motion, Subchapter V trustee Brendon Singh listed multiple reasons why he felt the business as it stands today could not stay afloat. Singh said the restaurant inspection, conducted by the Houston Health Department, led to several items being tagged and finding "structural concerns and issues with commercial equipment." "(Health and Human Services) red tagged the pit room, because the pit room must be fully enclosed and the ventilation must be replaced or repaired," the court document reads. "The pit room is where the restaurant smokes all of its turkey legs and without use of the pit room, the restaurant cannot operate. Further, (Health and Human Services) marked the sinks and floor drains as not properly working or installed incorrectly." A BUSINESS DECISION: Turkey Leg Hut owner Nakia Holmes files for Chapter 11 bankruptcy, court records show In March, Holmes filed for Chapter 11 bankruptcy. At the time, court records showed she owed nearly $4.8 million to 19 creditors. Two of the largest accounts included the Texas Comptroller of Public Accounts in the amount of $1.95 million and a disputed amount of $931,111.12 by former co-owner, Steven Rogers. Lyndell "Lynn" Price, Holmes' estranged husband, separated from the business months ago after allegedly being fired. The couple started the business together in 2015 in a parking lot at the Houston Livestock Show and Rodeo before opening the brick and mortar location off of Almeda Road. Ultimately, the court granted Holmes a restraining order from Price who had operated his business, The Oyster Hut, alongside The Turkey Leg Hut. "Lyndell Price also made explicit threats to Turkey Leg Hut's staff, indicating that he intended to shut down the restaurant through his connections in the city," Singh wrote. "These threats caused staff to fear for their jobs and personal safety due to Lyndell Price's history of violence." Price, in an Instagram post, denied any involvement with Turkey Leg Hut in the past eight months, adding he never handled money. He said he planned to focus on building his new brand, the Oyster Hut. "Today, I was made aware of outrageous and false claims stating that I have stolen, threatened and brought down the business that I built from the ground up," Price wrote. "As everyone knows, I have always been passionate and care about every project I am involved in and are connected to." Filing under Subchapter V of Chapter 11 bankruptcy allowed Holmes to continue running her business until all parties involved agreed on a fair and equitable plan for the creditors. Based on the 149-page court filing on June 24, Holmes planned to pay "holders of unsecured claims" 56% of the amount of their claims throughout five years. About Turkey Leg Hut Turkey Leg Hut is a Houston based restaurant specializing in turkey legs. Turkey Leg Hut sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-31275) on March 26, 2024. In the petition filed by Nakia Price, as managing member, the Debtor estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. The Honorable Bankruptcy Judge Eduardo V. Rodriguez oversees the case. The Debtor is represented by: James Q. Pope, Esq. THE POPE LAW FIRM 6161 Savoy Drive 1125 Houston, TX 77036 Tel: (713) 449-4481 E-mail: jamesp@thepopelawfirm.com ULTRACUTS OF AMERICA: Hires Buddy D. Ford P.A as Legal Counsel -------------------------------------------------------------- Ultracuts of America, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Buddy D. Ford, P.A. as counsel. The firm will provide these services: a. analyzing the financial situation, and rendering advice and assistance to the Debtor in determining whether to file a petition under Title 11, United States Code; b. advising the Debtor with regard to the powers and duties of the debtor and as Debtor-in-Possession in the continued operation of the business and management of the property of the estate; c. preparing and filing of the petition, schedules of assets and liabilities, statement of affairs, and other documents required by the Court; d. representing the Debtor at the Section 341 Creditors' meeting; e. giving the Debtor legal advice with respect to its powers and duties as Debtor and as Debtor-in Possession in the continued operation of its business and management of its property; if appropriate; f. advising the Debtor with respect to its responsibilities in complying with the United States Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; g. preparing, on the behalf of your Applicant, necessary motions, pleadings, applications, answers, orders, complaints, and other legal papers and appear at hearings thereon; h. protecting the interest of the Debtor in all matters pending before the court; i. representing the Debtor in negotiation with its creditors in the preparation of the Chapter 11 Plan; and j. performing all other legal services for Debtor as Debtor-in-Possession which may be necessary, and it is necessary for Debtor as Debtor-in-Possession to employ this attorney for such professional services. The firm will be paid at these rates: Buddy D. Ford $450 per hour Jonathan A. Semach $400 per hour Heather M. Reel $350 per hour Paralegal $150 per hour The firm was paid by the Debtor a retainer in the amount of $9,238. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Buddy D. Ford, Esq., a partner at Buddy D. Ford, P.A., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Buddy D. Ford, Esq. Buddy D. Ford, P.A. 9301 West Hillsborough Avenue Tampa, FL 33615-3008 Telephone: (813) 877-4669 Email: Buddy@tampaesq.com About Ultracuts of America, Inc. Ultracuts of America, Inc. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-05468) on September 13, 2024, listing $100,001 to $500,000 in both assets and liabilities. Judge Roberta A Colton presides over the case. Buddy D Ford, Esq. at Buddy D. Ford, P.A. represents the Debtor as counsel. UPHEALTH HOLDINGS: Gets Majority of $115M Award in Glocal Row ------------------------------------------------------------- Joyce Hanson of Law360 reports that bankrupt digital health services company UpHealth can enforce a large part of a $115 million arbitral award against the Indian healthcare services platform Glocal in their feud over an ill-fated merger, an Illinois federal judge has ruled. About UpHealth Holdings UpHealth Holdings Inc. is a global digital health company delivering technology platforms, infrastructure, and services to modernize care delivery and health management. UpHealth Holdings and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 23-11476) on Sept. 19, 2023. In the petitions filed by Samuel J. Meckey, chief executive officer, UpHealth Holdings disclosed up to $500 million in both assets and liabilities. Judge Laurie Selber Silverstein oversees the cases. The Debtors tapped Stuart M. Brown, Esq., at DLA Piper LLP (US) as counsel; Morrison & Foerster LLP as litigation counsel; and FTI Consulting, Inc. as financial advisor. Omni Agent Solutions is the Debtors' claims agent and administrative agent. UROGEN PHARMA: Secures $25M Third Tranche of Senior Loan -------------------------------------------------------- Urogen Pharma Ltd. disclosed in a Form 8-K filed with the Securities and Exchange Commission that on Sept. 23, 2024, it received the third tranche of a senior secured loan (the "Tranche C Loan") in the amount of $25,000,000. The proceeds of the Tranche C Loan will be used to fund the Credit Parties' general corporate and working capital requirements. On March 13, 2024, UroGen Pharma, UroGen Pharma, Inc., as the borrower, and certain direct and indirect subsidiaries of the Company party thereto from time to time, as guarantors (the "Credit Parties") entered into an amended and restated loan agreement with BPCR Limited Partnership (as a Lender), BioPharma Credit Investments V (Master) LP (as a Lender), and BioPharma Credit PLC, as collateral agent for the Lenders, pursuant to which the Lenders agreed to make available third and fourth tranches of a senior secured loan. The Tranche C Loan will mature on March 16, 2027, unless the Company receives U.S. Food and Drug Administration approval of a new drug application for UGN-102 (mitomycin) in the United States on or before June 30, 2025, in which case the Tranche C Loan will instead mature on March 16, 2028. The Tranche C Loan bears interest using a benchmark rate of three month Secured Overnight Financing Rate ("SOFR") plus 7.25% plus an additional adjustment of 0.26161% per annum with a floor of 2.50%. Interest is payable quarterly in arrears. Repayment of outstanding principal of the Tranche C Loan will be made in four equal quarterly payments of principal commencing on June 30, 2026 (unless the Tranche D Approval Condition occurs, in which case such outstanding principal will be repaid in four equal quarterly payments commencing on June 30, 2027). All outstanding loans under the Loan Agreement can be prepaid in whole at the Company's discretion, at any time, subject to prepayment premiums, make-whole amounts and fees. If the Tranche C Loan is accelerated following the occurrence of an event of default, the Borrower shall immediately pay to Lenders the sum of all obligations for principal, interest, and the applicable makewhole and prepayment premium. The Borrower is also required to prepay the Tranche C Loan upon a change of control and prior to certain prepayments or redemptions of permitted convertible debt, subject to exceptions for refinancings and conversions or exchanges for equity. The obligations of the Borrower under the Loan Agreement are guaranteed on a full and unconditional basis by the Company and the other Guarantor and are secured by substantially all of the respective Credit Parties' tangible and intangible assets and property, including intellectual property, subject to certain exceptions. About UroGen Pharma Ltd. Headquartered in Princeton, NJ, UroGen Pharma Ltd. -- http://www.urogen.com-- is a biotechnology company dedicated to developing and commercializing innovative solutions that treat urothelial and specialty cancers. The Company has developed RTGel reverse-thermal hydrogel, a proprietary sustained release, hydrogel-based technology that has the potential to improve therapeutic profiles of existing drugs. The Company's technology is designed to enable longer exposure of the urinary tract tissue to medications, making local therapy a potentially more effective treatment option. Florham Park, New Jersey-based PricewaterhouseCoopers LLP, the Company's auditor since 2020, issued a "going concern" qualification in its report dated March 14, 2024, citing that the Company has incurred losses and experienced negative operating cash flows since its inception that raise substantial doubt about its ability to continue as a going concern. US FOODS: S&P Rates New $500MM Senior Unsecured Notes 'BB' ---------------------------------------------------------- S&P Global Ratings assigned its 'BB' issue-level rating and '4' recovery rating to US Foods Inc.'s proposed $500 million senior unsecured notes due 2033. The '4' recovery rating indicates its expectation for average (30%-50%; rounded estimate: 40%) recovery for noteholders in the event of a payment default. The company intends to use the proceeds from the senior unsecured notes and its proposed $725 million term loan (rated 'BBB-') to refinance its existing $1.1 billion term loan B due 2026. Following the transaction, US Foods' outstanding secured debt will decrease roughly 25% to $1.3 billion; the company's $2.3 billion asset-based lending (ABL) facility remains undrawn. S&P said, "As a result, we revised our recovery rating on the company's existing senior unsecured notes to '4' (30%-50%; rounded estimate: 40%) from '5' (10%-30%; rounded estimate: 25%) and raised the issue-level rating to 'BB' from 'BB-'. We will withdraw our rating on the term loan B due 2026 after it is repaid." S&P's 'BB' issuer credit rating and positive outlook on US Foods are unchanged. Its ratings reflect the company's scale as the second-largest broadline food-service distributor in the U.S., improving operating trends stemming from organic case volume growth with independent restaurant customers, and strengthening credit metrics achieved through EBITDA growth and cost management. ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- S&P's simulated default contemplates lower discretionary spending on food away from home amid weak economic conditions. This leads to EBITDA and cash flow deterioration, causing a payment default in 2029. -- S&P believes creditors would receive maximum recovery in a payment default scenario if the company reorganized instead of liquidated. This is because of the group's national scale and its extensive supplier and customer relationships. Therefore, in evaluating the recovery prospects for debtholders, S&P assumes the company continues as a going concern and arrive at its emergence enterprise value by applying a 6.5x multiple to its assumed emergence EBITDA. S&P believes US Foods could issue additional secured debt as it approaches a hypothetical default, which would pressure the recovery prospects of its unsecured debtholders. Security and guarantee package S&P considers the $2.3 billion ABL facility as priority debt because it has first-priority security interest on inventory, receivables, and transportation equipment. The borrowers under the ABL are US Foods Inc. and several subsidiary borrowers. The term loans have a second lien on the assets securing the ABL facility, and a first lien on substantially all other non-real-estate assets, subject to certain exceptions. The ABL has a second lien on this other, non-real-estate collateral. The borrower under the term loans is US Foods Inc. The ABL and term loans are guaranteed by US Foods' direct and indirect wholly owned domestic subsidiaries. US Foods Inc. is the issuer of the unsecured notes, which are guaranteed by the wholly owned domestic subsidiaries that guarantee the term loans or ABL. Simulated default assumptions -- Simulated year of default: 2029 -- EBITDA at emergence: $548 million -- Implied enterprise value (EV) multiple: 6.5x -- Estimated gross EV at emergence: $3.6 billion Simplified waterfall -- Net recovery value (after 5% administrative expenses): $3.4 billion -- Obligor/nonobligor valuation split: 100%/0% -- Estimated priority ABL claims: $847 million -- Collateral value available for secured debt claims: About $2.5 billion -- Estimated secured debt claims: $1.3 billion --Recovery range: 90%-100% (rounded estimate: 95%) -- Estimated senior unsecured debt claims: $3 billion --Recovery range: 10%-30% (rounded estimate: 40%) Note: All debt amounts include six months of prepetition interest VIVAKOR INC: Closes $120 Million Acquisition of Endeavor Entities ----------------------------------------------------------------- Vivakor, Inc., an integrated provider of energy transportation, storage, reuse, and remediation services, announced on September 24, 2024, that its Board of Directors approved the closing of its planned acquisition of Endeavor Crude, LLC, Meridian Equipment Leasing, LLC, Equipment Transport, LLC, and Silver Fuels Processing, LLC, and their subsidiaries as previously announced. The closing will be effective on October 1, 2024. The Endeavor Entities comprise a fully-integrated, flexible and scalable midstream logistics business that transports, stores, treats, remediates, and sells crude oil, produced water, and associated hydrocarbons. They own and operate one of the largest combined oilfield trucking fleets in the continental United States transporting crude oil, petroleum products, and produced water, which is fully integrated with a network of station, terminal, and pipeline facilities for blending, processing, reuse and remediation. In addition, the Endeavor Entities have a series of long-term strategic partnerships with customers in the Permian Basin, Eagle Ford Basin, and STACK play of Oklahoma. For the six months ended June 30, 2024, the Endeavor Entities realized revenues of $47.3 million and $9.3 million of earnings before interest, taxes, depreciation, and amortization, yielding an annualized projection of $94.6 million in revenue and $18.6 million of EBITDA for the Endeavor Entities. "The acquisition of the Endeavor Entities is a significant milestone for Vivakor," said James Ballengee, Chairman, President, & CEO. "They strategically integrate with our existing Colorado City, Texas and Delhi, Louisiana, facilities, provide an immediate platform for our company to expand, and unlock additional opportunities and revenues for the Company." The purchase price for the Endeavor Entities is $120 million, subject to standard post-closing adjustments, including assumed debt, and an earn-out adjustment, payable by the Company in a combination of Company common stock and Series A Convertible Preferred Stock. Ballengee continued, "Vivakor now owns and operates one of the largest combined fleets of oilfield trucking services in the continental United States. Our focus on flexible and scaleable crude oil and produced water logistics solutions that are fully integrated with our network of station, terminal, and pipeline facilities providing blending, reuse, and remediation services will provide us with a key competitive advantage." About Vivakor Inc. Coralville, Iowa-based Vivakor, Inc. is a socially responsible operator, acquirer, and developer of technologies and assets in the oil and gas industry, as well as related environmental solutions. Currently, the Company's efforts are primarily focused on operating crude oil gathering, storage, and transportation facilities, as well as contaminated soil remediation services. Houston, Texas-based Marcum LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated April 16, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses, and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2024, Vivakor had $73.68 million in total assets, $58.65 million in total liabilities, and $15.03 million in total stockholders' equity. VYAIRE MEDICAL: Seeks to Extend Plan Exclusivity to January 6, 2025 ------------------------------------------------------------------- Vyaire Medical, Inc and its affiliates asked the U.S. Bankruptcy Court for the District of Delaware to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to January 6, 2025 and March 6, 2025, respectively. These chapter 11 cases involve 28 affiliated-Debtor entities with approximately 950 full-time employees throughout the United States. The Debtors continue to operate their global company focused exclusively on supporting breathing through every stage of life and Vyaire's products are available in more than 100 countries. As of the Petition Date, the company operated two business segments: ventilation and respiratory diagnostics, and each segment offered customers certain products, services and related consumables. Additionally, the company held a differentiated portfolio of valuable intellectual property related to its product offerings consisting of, among other things, over 700 U.S. patents. Moreover, the Debtors had approximately $533.6 million in total funded debt obligations as of the Petition Date. Furthermore, the Debtors have a wide variety of parties in interest, from various vendors and contractual counterparties to local, state and federal agencies, many of whom have been active in these chapter 11 cases. Accordingly, the size and complexity of these chapter 11 cases weigh in favor of extending the Exclusivity Periods. The Debtors claim that they have engaged in good faith with the Committee. Since the Committee's formation, the Debtors have had extensive negotiations and shared information related to the marketing and sale process. Accordingly, the Debtors' substantial progress in administering these chapter 11 cases and good faith to resolve outstanding issues with the Committee and other parties-in-interest weigh in favor of extending the Exclusivity Periods. The Debtors explain that their request for an extension of the Exclusivity Periods is the first such request and comes less than four months after the Petition Date. As discussed, during this short time, the Debtors have accomplished a great deal and worked diligently toward a timely resolution of these chapter 11 cases. The Debtors assert that they are not seeking an extension of the Exclusivity Periods to pressure or prejudice any of their stakeholders. The Debtors have been diligently moving these chapter 11 cases forward and the Court has already confirmed a sale of certain of the Debtors' Ventilation Assets and substantially all the Debtors' Respiratory Diagnostics Assets. Thus, the Debtors' request for an extension to the Exclusivity Periods is not requested for the impermissible purpose of pressuring creditors to agree to a plan. Accordingly, the relief requested herein is without prejudice to the Debtors' creditors and will benefit the Debtors' estates, their creditors and all other key parties in interest. Co-Counsel to the Debtors: Joshua A. Sussberg, P.C. KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 601 Lexington Ave New York, New York 10022 Tel: (212) 446-4800 Fax: (212) 446-4900 Email: joshua.sussberg@kirkland.com - and - Spencer A. Winters, P.C. Yusuf U. Salloum, Esq. 333 West Wolf Point Plaza Chicago, Illinois 60654 Tel: (312) 862-2000 Fax: (312) 862-2200 Email: spencer.winters@kirkland.com yusuf.salloum@kirkland.com Co-Counsel to the Debtors: Patrick J. Reilley, Esq. COLE SCHOTZ P.C. 500 Delaware Avenue, Suite 1410 Wilmington Delaware 19801 Tel: (302) 652-3131 Fax: (302) 652-3117 Email: preilley@coleschotz.com - and - Michael D. Sirota, Esq. Warren A. Usatine, Esq. Court Plaza North, 25 Main Street Hackensack, New Jersey 07601 Tel: (201) 489-3000 Fax: (201) 489-1536 Email: msirota@coleschotz.com wusatine@coleschotz.com 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. W.R. GRACE ASBESTOS: Wants to End 2001 Asbestos Bankruptcy Case --------------------------------------------------------------- Law 360 reports that chemical manufacturer W.R. Grace is seeking to put an end to its 2001 asbestos-driven bankruptcy case in a legal landscape that may mean courts will never see an asbestos bankruptcy of this length and complexity again. About W.R. Grace Headquartered in Columbia, Maryland, W.R. Grace & Co. (NYSE:GRA) -- http://www.grace.com/-- supplies catalysts and silica products, especially construction chemicals and building materials, and container products globally. Grace employs approximately 6,500 people in over 40 countries and had 2012 net sales of $3.2 billion. The company and its debtor-affiliates filed for chapter 11 protection on April 2, 2001 (Bankr. D. Del. Case No. 01-01139). The Debtors were represented by lawyers at Kirkland & Ellis LLP, in Chicago; The Law Offices of Roger Higgins, in Chicago, and lawyers at Pachulski Stang Ziehl & Jones, LLP, in Wilmington, Delaware. The Debtors hired Blackstone Group, L.P., for financial advice. PricewaterhouseCoopers LLP served as the Debtors' accountant. Stroock & Stroock & Lavan, LLP, and Duane Morris, LLP, represented the Official Committee of Unsecured Creditors. The Creditors Committee tapped Capstone Corporate Recovery LLC for financial advice. Roger Frankel served as legal representative for victims of asbestos exposure who may file claims against W.R. Grace. Mr. Frankel, a partner at Orrick Herrington & Sutcliffe LLP, replaced David Austern, who was appointed to that role in 2004. Mr. Frankel served as legal counsel for Mr. Austern who passed away in May 2013. The FCR was represented by Orrick Herrington & Sutcliffe LLP as counsel; P hillips Goldman & Spence, P.A., as Delaware co-counsel; and Lincoln Partners Advisors LLC as financial adviser. Caplin & Drysdale, Chartered, and Campbell & Levine, LLC, represented the Official Committee of Asbestos Personal Injury Claimants. The Asbestos Committee of Property Damage Claimants tapped Bilzin Sumberg Baena Price & Axelrod, LLP, to represent it. Kramer Levin Naftalis & Frankel, LLP, represented the Official Committee of Equity Security Holders. W.R. Grace obtained confirmation of a plan co-proposed with the Official Committee of Asbestos Personal Injury Claimants, the Official Committee of Equity Security Holders, and the Asbestos Future Claimants Representative. The Chapter 11 plan is built around an April 2008 settlement for all present and future asbestos personal injury claims, and a subsequent settlement for asbestos property damage claims. District Judge Ronald Buckwalter on Jan. 31, 2012, entered an order affirming the bankruptcy court's confirmation of the Plan. Bankruptcy Judge Judith Fitzgerald had approved the Plan on Jan. 31, 2011. W.R. Grace defeated four appeals from approval of the Plan. A fifth appeal was by secured bank lenders claiming the right to $185 million of interest at the contractual default rate. Pursuant to a settlement announced in December 2013, lenders are to receive $129 million in settlement of the claim for additional interest. W.R. Grace & Co. and its debtor affiliates notified the U.S. Bankruptcy Court for the District of Delaware that they have satisfied or waived conditions to the occurrence of the effective date of the First Amended Joint Plan of Reorganization co-proposed by the Official Committee of Asbestos Personal Injury Claimants, the Asbestos PI Future Claimants' Representative, and the Official Committee of Equity Security Holders. The effective date of the Plan occurred on Feb. 3, 2014. WHAIRHOUSE LIMITED: Plan Exclusivity Period Extended to November 22 ------------------------------------------------------------------- Judge Stacey L. Meisel of the U.S. Bankruptcy Court for the District of New Jersey extended Mark Politan's, the Chapter 11 Trustee for Whairhouse Limited Liability Company and Taylor Court Apartments LLC, exclusive period to file a chapter 11 plan to November 22, 2024. As shared by Troubled Company Reporter, the Chapter 11 Trustee filed a Motion to Sell Property Free and Clear of Liens Under Section 363(f) for the real property owned by Taylor (the "Sale Motion") on April 30, 2024. The initial sale contract for the Sale Motion contemplated a purchase price of $1,950,000. There were several parties interested in bidding on the real property being sold pursuant to the Sale Motion. As a result, the Chapter 11 Trustee's counsel held a spirited telephonic auction between the interested parties. The Sale Motion resulted in a purchase price of $3,200,000. On June 18, 2024, this Court entered an Order approving the Sale Motion. The sale transaction closed on August 7, 2024. The Chapter 11 Trustee has received the proceeds in connection with the Sale Motion. Given the skeletal information filed with the commencement of these cases and the efforts required through formal subpoenas and informal requests to obtain the necessary information from the debtors' principals and former advisors, the administration of these cases towards a confirmable plan has been slowed. For the reasons set forth, cause exists to provide additional time for the Chapter 11 Trustee to discharge his duties and propose a plan on an exclusive basis. Counsel for Mark Politan, Ch. 11 Trustee: Anthony Sodono, III, Esq. McMANIMON, SCOTLAND & BAUMANN, LLC 75 Livingston Avenue, Second Floor Roseland, NJ 07068 Tel: (973) 622-1800 E-mail: asodono@msbnj.com About Whairhouse LLC and Taylor Court Apartments Taylor Court Apartments, LLC filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. N.J. Case No. 23-16641) on August 2, 2023, with $1 million to $10 million in both assets and liabilities. On August 4, 2023, Whairhouse Real Estate Investments, LLC filed a voluntary Chapter 11 petition (Bankr. D. N.J. Case No. 23-16723), with $1 million to $10 million in both assets and liabilities. On August 22, 2023, an involuntary petition was filed against Whairhouse Limited Liability Company by RG3, LLC and eight other creditors (Bankr. D.N.J. Case No. 23-17272). The creditors are represented by Sean Mack, Esq., at Pashman Stein Walder Hayden, PC. Judge Rosemary Gambardella oversees the cases. Mark Politan was appointed the Chapter 11 trustee on October 16, 2023. The trustee is represented by McManimon, Scotland & Baumann, LLC. On April 19, 2024, the court ordered the joint administration of the cases of Whairhouse LLC and Taylor under Case No. 23-17272, and on April 23, 2024, ordered the dismissal of Whairhouse RE's case. Whairhouse LLC and Taylor are represented by the Law Firm of Brian W. Hofmeister. WINDTREE THERAPEUTICS: All Proposals Approved at Annual Meeting --------------------------------------------------------------- Windtree Therapeutics, Inc. on September 24, 2024, held its Annual Meeting of Stockholders virtually. As of August 28, 2024, the record date for the Annual Meeting, there were 591,909 outstanding shares of the Company's common stock. At the Meeting, Stockholders: (a) Approved the proposal to elect Craig E. Fraser, Jed Latkin, Saundra Pelletier, and Mark Strobeck, Ph.D., as directors who will hold office until the 2025 annual meeting; (b) Approved, on an advisory basis, the proposal to compensate the Company's named executive officers; (c) Approved the proposal to ratify the appointment of EisnerAmper LLP as the Company's Independent Registered Public Accounting Firm for 2024; (d) Approved the proposal to issue shares of common stock in accordance with Nasdaq Listing Rule 5635(d), pursuant to the Committed Equity Financing. (e) Approved the proposal to issue shares of common stock, in accordance with Nasdaq Listing Rule 5635(d), upon (i) the conversion of the Company's Series C Convertible Preferred Stock with an initial conversion price of $3.74, which is subject to adjustment to no lower than $1.28 per share, and (ii) the exercise of warrants to purchase common stock issued in connection therewith, with an initial exercise price of $4.11, subject to customary adjustments. About Windtree Therapeutics Headquartered in Warrington, Pennsylvania, Windtree Therapeutics, Inc. -- windtreetx.com -- is a biotechnology company focused on advancing early and late-stage innovative therapies for critical conditions and diseases. Windtree's portfolio of product candidates includes istaroxime, a Phase 2 candidate with SERCA2a activating properties for acute heart failure and associated cardiogenic shock, preclinical SERCA2a activators for heart failure, and preclinical precision aPKCi inhibitors that are being developed for potential use in rare and broad oncology applications. Windtree also has a licensing business model with partnership out-licenses currently in place. Philadelphia, Pennsylvania-based EisnerAmper LLP, the company's auditor since 2022, issued a "going concern" qualification in its report dated April 16, 2024, citing that the company has suffered recurring losses from operations and expects to incur losses for the foreseeable future, which raises substantial doubt about its ability to continue as a going concern. Windtree Therapeutics reported a net loss of $20.3 million for the year ended December 31, 2023, compared to a net loss of $39.2 million for the year ended December 31, 2022. As of June 30, 2024, Windtree Therapeutics had $28.71 million in total assets, $18.26 million in total liabilities, $6.95 million in total mezzanine equity, and $3.49 million in total stockholders' equity. WISCONSIN & MILWAUKEE: Seeks to Tap ICAP Development as Accountant ------------------------------------------------------------------ Wisconsin & Milwaukee Hotel LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Wisconsin to employ ICAP Development LLC as accountant. The Debtor wishes to engage ICAP for the limited purpose of assisting the Debtor with the analysis and preparation of the its consolidated quarterly and yearend financial statements during the pendency of this Chapter 11 Case. ICAP shall be paid a flat fee in the amount of $1,825 per quarterly report prepared. As disclosed in the court filings, ICAP Development is a "disinterested person" as the term is defined in U.S.C. 101(14). The firm can be reached through: Shaun Geracie, CPA ICAP Development LLC 1830 N Hubbard St, Suite 700 Milwaukee, WI 53212 Email: shaun.geracie@icap-dev.com About Wisconsin & Milwaukee Hotel LLC Wisconsin & Milwaukee Hotel LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Wisc. Case No. 24-21743) on April 9, 2024. In the petition signed by Mark Flaherty, as manager, the Debtor disclosed up to $50 million in both assets and liabilities. Judge G. Michael Halfenger oversees the case. Michael P. Richman, Esq., at RICHMAN & RICHMAN LLC, is the Debtor's legal counsel. WOODLAND PLACE: $2.16M Sale to P&M Realco to Fund Plan Payments --------------------------------------------------------------- Woodland Place Apartments LLC filed with the U.S. Bankruptcy Court for the Northern District of Florida an Amended Disclosure Statement for Plan of Liquidation dated August 26, 2024. The Debtor owns approximately 10.18 acres of partially developed property located at 8221 Pittman Avenue in Pensacola, Florida (the "Property"). The Debtor is solely owned by Prem & Mary Investments, LLC ("P&M"). P&M is owned by Premnauth Rabindranauth and Mary Zaky. During the one year prior to the filing of this Chapter 11 case, neither P&M, Mr. Rabindranauth nor Ms. Zaky received distributions from the Debtor. NAI Pensacola ("Broker") has been actively marketing the Property since the time of its employment. At the Auction Sale the bidders who had previously submitted bids participated, as well as other potential bidders who had not previously submitted bids. The Debtor invited anyone who had expressed any interest in purchasing the Property to participate in the Auction Sale. The highest bid received at the Auction Sale was the credit bid of P&M in the amount of $2,160,000.00. On July 23, 2024, EMJ filed a Motion to Limit Credit Bidding. EMJ asserts that the credit bid is not proper and objects to P&M's credit bid, or alternatively to limit the amount of P&M's credit bid. It is the Debtor's position that the credit bid is proper pursuant to Section 363(k) of the Bankruptcy Code. In the event that P&M credit bid is approved, there will likely be no distributions to creditors unless insiders agree to make contributions. On August 21, 2024, the Debtor filed a Motion for Order Authorizing the Sale of Substantially All of Its Assets to P&M Realco, LLC Pursuant to Section 363 of the Bankruptcy Code, Free and Clear of Liens, Claims and Encumbrances seeking final approval of the sale of the Debtor's Property to P & M. Class 6 consists of all Allowed General Unsecured Claims not otherwise classified in the Plan. Each Holder of an Allowed Class 6 General Unsecured Claim shall receive on such date determined by the Debtor, in full and final satisfaction of such Holder's Allowed Class 6 General Unsecured Claim, such Holder's Pro Rata Share of the Net Sale Proceeds, cash on hand, and net recoveries from Causes of Action, after reserving for U.S. Trustee fees, and payment of Allowed Secured Claims, Allowed Administrative Expense Claims, Allowed Priority Tax Claims, and Allowed Priority Claims in full. The procedures for Distributions to Holders of Allowed General Unsecured Claims in Class 6 shall be in accordance with Article 9 of the Plan and the Confirmation Order. Class 6 is Impaired and, therefore, is entitled to vote to accept or reject the Plan. In the event that P & M credit bid is approved, there will likely be no distributions to the Class 6 creditors unless insiders agree to make contributions. Class 7 consists of Equity Interests. The Holders of Class 7 Equity Interests shall be entitled to receive the remaining Net Sale Proceeds, cash on hand, if any, and net recoveries from Causes of Action, if any, only after all Allowed Claims in Classes senior to Class 7 have been paid in full pursuant to the terms of the Plan and after reserving for U.S. Trustee fees. Class 7 is Unimpaired. Each Holder of an Equity Interest is presumed to have accepted the Plan and, therefore, is not entitled to vote to accept or reject the Plan. The Plan provides for an orderly liquidation of the Debtor's assets and the payment of Allowed Claims, including contingent, unliquidated, and Disputed Claims to the extent they become Allowed Claims, in the order of their priority. Accordingly, the Plan is per se feasible. A full-text copy of the Amended Disclosure Statement dated August 26, 2024 is available at https://urlcurt.com/u?l=SScrMZ from PacerMonitor.com at no charge. Attorney for the Debtor: Edward J. Peterson, Esq. JOHNSON POPE BOKOR RUPPEL & BURNS, LLP 400 N Ashley Dr., Ste. 3100 Tampa, FL 33602 Tel: (813) 225-2500 Email: edwardp@jpfirm.com About Woodland Place Apartments Woodland Place Apartments, LLC is a single asset real estate debtor (as defined in 11 U.S.C. Section 101(51B)). The company is based in Pensacola, Fla. Woodland Place Apartments filed Chapter 11 petition (Bankr. N.D. Fla. Case No. 24-30073) on February 1, 2024, with $1 million to $10 million in both assets and liabilities. Judge Jerry C. Oldshue, Jr. oversees the case. Edward J. Peterson, III, Esq. at Johnson Pope Bokor Ruppel & Burns, LLP represents the Debtor as legal counsel. ZACHRY HOLDINGS: Seeks to Extend Plan Exclusivity to Dec. 17 ------------------------------------------------------------ Zachry Holdings, Inc. and its affiliates asked the U.S. Bankruptcy Court for the Southern District of Texas to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to December 17, 2024 and February 15, 2025, respectively. The Debtors commenced these chapter 11 cases with the goals of (i) continuing their current operations in chapter 11 with as little disruption as possible, (ii) maintaining the confidence and support of their employees, customers and vendors, (iii) negotiating a structured exit from the role of lead contractor on the Golden Pass LNG Terminal project (the "GPX Project"), and (iv) proposing and confirming a plan of reorganization. The Debtors explain that these chapter 11 cases are large and complex. This factor alone supports an extension of exclusivity. The 21 Debtors have thousands of creditors, $281 million in secured debt, and over $5.4 billion in operating revenue on a consolidated basis. The Debtors are involved in numerous large construction projects worth tens of billions of dollars. This is the Debtors' first request for an extension of the Exclusive Periods. As discussed, in fewer than four months, the Debtors negotiated the GPX Settlement, stabilized their businesses, and obtained the consensual use of cash collateral. The Debtors have accomplished a great deal in these chapter 11 cases and now require additional time to develop a plan of reorganization. In addition to the GPX Settlement, the Debtors have (i) obtained critical financial and operational relief, (ii) prepared and filed their Schedules and Statements, (iii) established the Bar Date for filing proofs of claim, (iv) developed a go-forward business plan, and (v) actively engaged with their existing lenders on capital solutions for emergence from bankruptcy. The Debtors claim that they are not seeking an extension of the Exclusive Periods to pressure or prejudice creditors. The Debtors seek an extension of time to engage with their creditors and propose a plan that will best serve the interests of the Debtors and their stakeholders, and to ensure maximum recovery for all stakeholders. The additional time will allow the Debtors to further engage with their creditors without the potential distraction that would be created by competing plans. The Debtors assert that a relatively short amount of time has elapsed since the Petition Date. As discussed, in fewer than four months, the Debtors have resolved several gating issues and have worked with creditors on a value-maximizing plan. The Debtors' accomplishments during the short time they have spent in chapter 11 weigh in favor of extending the Exclusive Periods. Counsel to the Debtors: Charles R. Koster, Esq. WHITE & CASE LLP 609 Main Street, Suite 2900 Houston, Texas 77002 Tel: (713) 496-9700 Fax: (713) 496-9701 Email: charles.koster@whitecase.com - and - Bojan Guzina, Esq. Andrew F. O'Neill, Esq. RJ Szuba, Esq. Barrett Lingle, Esq. 111 South Wacker Drive, Suite 5100 Chicago, Illinois 60606 Tel: (312) 881-5400 Email: bojan.guzina@whitecase.com aoneill@whitecase.com rj.szuba@whitecase.com barrett.lingle@whitecase.com About Zachry Holdings Zachry Holdings, Inc., is the engineering, construction, maintenance, turnaround and fabrication services offshoot of the storied family-owned business that began as H.B. Zachry Company one hundred years ago. The other offshoot, Zachry Construction, has operated separately from Zachry Industrial since the two businesses branched off from their common roots in 2008. The Zachry Group provides engineering and construction services to clients in the energy, chemicals, power, manufacturing, and industrial sectors across North America. None of the entities affiliated with Zachry Construction are Debtors in the chapter 11 cases. Zachry Holdings and its subsidiaries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 24-90377) on May 21, 2024, with $1 billion to $10 billion in assets and liabilities. James R. Old, general counsel, signed the petitions. Judge Marvin Isgur presides over the case. The Debtors tapped White & Case LLP as general bankruptcy counsel; Susman Godfrey L.L.P. and Hicks Thomas, LLP as special litigation counsel; and Kurtzman Carson Consultants as notice & claims agent. [] Famous Pizza Chains That Filed for Chapter 11 Bankruptcy ----------------------------------------------------------- Alex Springer of Chowhound reports that regardless of how popular pizza is to American diners, several well-known national pizza chains have recently filed for bankruptcy or have been on the brink of doing so. Some of them have undergone financial restructuring and are seeing some positive numbers, but others have not been so fortunate. While the pizza-throwing future of these brands has yet to be seen, here are a few well-known restaurants that recently turned their playbooks to Chapter 11. * Anthony's Coal Fired Pizza & Wings Popular along the East Coast, Anthony's Coal Fired Pizza & Wings was eventually acquired by BurgerFi, a Florida-based burger company that operates around 120 locations nationwide. As the restaurant's name implies, Anthony's made a name for itself with its coal-fired pizza ovens that helped give its pizza crusts a crispier texture, much more akin to New York-style pies. With the news that BurgerFi recently filed for bankruptcy amid financial losses of over $18 million, Anthony's has also been impacted. According to a recent press release from BurgerFi, Chief Restructuring Officer Jeremy Rosenthal attributed the decision to a "drastic decline in post-pandemic consumer spending amidst sustained inflation and increasing food and labor costs." During the organization's period of financial restructuring, it sounds like most locations of Anthony's and BurgerFi will remain open for business, though BurgerFi did close 19 underperforming stores as the result of their financial struggles. While the future is still uncertain for Anthony's and BurgerFi, company leadership is looking to reinvigorate the menus, address employee turnover issues, and an ongoing evaluation of its business model. * Mary's Pizza Shack Moving over to the West Coast, we have Mary's Pizza Shack, a popular Bay Area pizza parlor that has been in business for over 60 years, which puts it close to some of the oldest pizza joints in the country. Mary's recently announced its decision to file for bankruptcy after financial struggles caused the company to close three locations. Per the company's press release, this decision is being met with optimism as it reshuffles the organization into smaller, "family-owned units" as opposed to their previous model which functioned as a single corporation. Throughout its many years in business, Mary's Pizza Shack has been an enthusiastic contributor to local schools and nonprofits. This community-minded perspective along with the restaurant's classic pizza, pasta, and salad recipes have turned Mary's into a well-known fixture of the Bay Area. In contrast to some of the other pizza restaurants on this list, Mary's is filing for Chapter 7 bankruptcy, which implies a plan to pay off its current debts by liquidating current assets. Mary's doesn't plan on closing any more locations as it navigates the bankruptcy process. * Buca di Beppo Buca di Beppo's international presence made for a high-profile news story when it recently filed for bankruptcy. According to Restaurant Business Magazine, Buca di Beppo has closed 30 restaurants amid the bankruptcy filings. William Snyder, chief restructuring officer for Buca di Beppo, cited pandemic lockdown restrictions as the main reason for the restaurant's financial difficulties. Restaurant Business Magazine also reports that Buca di Beppo's liabilities where somewhere between $10 million and $50 million. Buca di Beppo started out with one location in Minneapolis, but its family style service model, "more-is-more" take on wall art, and surprisingly good chicken Parmesan started to catch on with the locals. Though Buca di Beppo maintained its popularity for a number of years, this recent bankruptcy filing isn't the first of the company's woes. Before the restaurant was acquired by Planet Hollywood, the SEC investigated an alleged earnings management scheme carried out by the restaurant's former CEO and CFO. Buca di Beppo continues to operate 44 locations with plans to open one more. According to a press release, Buca di Beppo president Rich Saultz is optimistic about the restaurant's current situation, and remains "enthusiastic about entering this next phase." * Chuck E. Cheese While Chuck E. Cheese filed for bankruptcy, it is one of the national pizza restaurants on this list to officially leave bankruptcy behind. Shortly after filing for bankruptcy, David McKillips stepped in as CEO of CEC Entertainment, which is Chuck E. Cheese's parent company. According to a Nation's Restaurant News article, Chuck E. Cheese emerged from bankruptcy with $705 million of its debt paid off, leaving the restaurant with $100 million to invest in the company's future. In an interview with D Magazine, McKillips discussed the restaurant's plans to renovate all of its 470 venues along with further plans to develop a Chuck E. Cheese game show. Perhaps best known for its mascot Charles Entertainment Cheese — better known as Chuck E. Cheese to his pals — this pizza restaurant has been the backdrop to kids' birthday parties for decades. Its cast of animal characters, limitless pizza, and wide range of arcade games have established the restaurant as a kind of paradise for anyone under the age of 10. Based on recent reports, it's looking like Chuck E. Cheese will be around for many more birthday parties to come — though its slightly creepy animatronic band will likely be disappearing from most locations. * California Pizza Kitchen Like Chuck E. Cheese, California Pizza Kitchen is bouncing back from its bankruptcy filing. According to Forbes, current CEO Jeff Warne has helped guide the company and rebuild the brand after California Pizza Kitchen emerged from bankruptcy. Part of Warne's plan moving forward is to invest in their existing customers, step up their marketing strategy, and help current franchisees open more locations. As one of the restaurants on the list that does more business from dine-in instead of takeout, California Pizza Kitchen's plan looks to emphasize that aspect of its brand by strengthening its current fanbase. California Pizza Kitchen started out in Beverly Hills and over the years has built up a reputation for getting creative with its pizza toppings. Its Beverly Hills roots helped inform the restaurant's adherence to California-style pizza, and its seasonal offerings helped add variety to the restaurant's menu. Currently, California Pizza Kitchen has 184 locations, 29 of which are located outside the United States. * Cicis Pizza Cicis Pizza is a Texas-based pizza restaurant that also recently emerged from bankruptcy after being sold to D&G Investors. According to Restaurant Business Online, the investment group acquired Cicis and its $82 million in debt before the restaurant filed for bankruptcy and converted the debt into equity during the sale process. Cicis Pizza has closed over 100 locations since it filed for bankruptcy, leaving over 300 locations still in operation. Unlike the other pizza restaurants on the list, Cicis is an all-you-can-eat pizza buffet. In addition to featuring pizzas with several combinations of toppings, it also offers regional pizza styles like deep dish, thin crust, and stuffed crust. With a wide range of sauces and plenty of unconventional toppings, there is plenty of variety on display at Cicis. Since emerging from bankruptcy, Cicis has continued to focus on its dine-in service model despite the fact that pizza restaurants with similar models have been hit hard by pandemic economics. * MOD Pizza When places like California Pizza Kitchen and Chuck E. Cheese were in the throes of bankruptcy, MOD Pizza was also rumored to be considering bankruptcy itself. With a recent acquisition by Elite Restaurant Group, however, MOD Pizza seems to have staved off these rumors. Elite Restaurant Group, which also owns Patxi's Chicago Pizza, Marie Callender's, California Greek, and Mimi's Cafe, has acquired 100% of MOD Pizza's equity and is thus in control of its financial future. When MOD Pizza closed 44 restaurants to cope with financial struggles around the same time that several fast-casual pizza restaurants filed for bankruptcy, it was rumored to be on the verge of bankruptcy. Since being acquired by Elite Restaurant Group, however, MOD Pizza is focusing on refreshing its brand and improving its guest experience. MOD — short for "made on demand" — Pizza set itself apart from other pizza restaurants by offering highly customized pies for their customers. Its service model allows customers to select everything from their crust, toppings and amount of cheese for dine-in or carryout–many of them even have drive-throughs. While many of these beloved brands are placing bankruptcy in the rearview mirror, it's tough to deny that fast-casual pizza spots are quickly seeing the need to adapt to a rapidly changing consumer landscape. [^] Large Companies with Insolvent Balance Sheet ------------------------------------------------ Total Share- Total Total Holders' Working Assets Equity Capital Company Ticker ($MM) ($MM) ($MM) ------- ------ ------ -------- ------- AA MISSION ACQ-A AAM US 0.6 (0.1) (0.7) AA MISSION ACQUI AAM/U US 0.6 (0.1) (0.7) AGENUS INC AGEN US 292.4 (220.8) (170.7) ALCHEMY INVESTME ALCY US 124.6 (5.8) (0.7) ALCHEMY INVESTME ALCYU 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 US 0.8 (5.3) (2.6) AUTOZONE INC AZO US 15,694.7 (4,838.2) (2,260.9) 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 BIOAGE LABS INC BIOA US - - - 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) CHILDREN'S PLACE PLCE US 921.4 (68.9) (71.2) CHOICE HOTELS CHH US 2,518.9 (146.8) (3.9) CINEPLEX INC CPXGF US 2,247.5 (14.1) (277.7) CINEPLEX INC CGX CN 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 93.6 (37.9) (24.9) COOPER-STANDARD CPS US 1,767.0 (160.9) 218.9 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 1,458.7 (298.3) 132.4 FERRELLGAS-LP FGPR US 1,458.7 (298.3) 132.4 FOGHORN THERAPEU FHTX US 328.6 (14.3) 238.8 GCM GROSVENOR-A GCMG US 543.9 (93.7) 125.0 GCT SEMICONDUCTO GCTS US 23.4 (58.3) (42.3) GOAL ACQUISITION PUCKU US 4.0 (11.1) (13.4) 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 HAWAIIAN HOLDING HAEUR EU 4,242.8 (105.5) 155.0 HAWAIIAN HOLDING 1HW QT 4,242.8 (105.5) 155.0 HAWAIIAN HOLDING 1HW TH 4,242.8 (105.5) 155.0 HAWAIIAN HOLDING 1HW GZ 4,242.8 (105.5) 155.0 HAWAIIAN HOLDING 1HW GR 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 M3-BRIGADE -A MBAV US 0.7 (0.0) (0.0) M3-BRIGADE ACQUI MBAVU US 0.7 (0.0) (0.0) MADISON SQUARE G MSGE US 1,552.7 (23.2) (286.7) MADISON SQUARE G MSGS US 1,346.3 (266.3) (305.0) 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 US 121.6 (27.5) 110.1 NOVAGOLD RES NG CN 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 PRTH US 1,673.4 (64.6) 23.6 PRIORITY TECHNOL PRTHU 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 REALREAL INC/THE REAL US 407.4 (335.3) (4.4) REDFIN CORP RDFN US 1,181.5 (12.8) 171.0 REVANCE THERAPEU RVNC US 494.8 (129.7) 256.5 RH RH US 4,376.4 (234.7) 208.7 RIGEL PHARMACEUT RIGL US 128.4 (29.9) 36.1 RINGCENTRAL IN-A RNG US 1,831.8 (328.8) 66.5 RUBRIK INC-A RBRK US 1,218.2 (499.3) 112.3 SABRE CORP SABR US 4,666.4 (1,476.9) 80.5 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) - SIRIUS XM HOLDIN SIRI US 11,185.0 (2,113.0) (1,458.0) 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) VERITONE INC VERI US 321.8 (5.7) (39.7) WAYFAIR INC- A W US 3,436.0 (2,760.0) (385.0) WINGSTOP INC WING US 451.8 (437.5) 78.3 WINMARK CORP WINA US 44.7 (42.2) 21.5 WORKIVA INC WK US 1,242.7 (77.7) 426.2 WPF HOLDINGS INC WPFH US 0.0 (0.3) (0.3) WYNN RESORTS LTD WYNN US 13,289.8 (902.0) 771.5 XPONENTIAL FIT-A XPOF US 475.2 (100.8) (6.1) 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. 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