/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/241010.mbx T R O U B L E D C O M P A N Y R E P O R T E R Thursday, October 10, 2024, Vol. 28, No. 283 Headlines 1100 REBA MCENTIRE: Taps Robert W. Buchholz as Bankruptcy Counsel 11824 OCEAN PARK: Cash Collateral Stipulation with CALCAP OK'd 1416 EASTERN AVE: Trustee Hires Marcus & Millichap as Realtors 1700 EDGEWATER: Commences Subchapter V Bankruptcy Proceeding 1ST HAVEN: Seeks Chapter 11 Bankruptcy Protection 257 WASHINGTON: Seeks to Hire Raven Property Advisors as Broker 301 W NORTH: Court Approves Use of Cash Collateral Through Nov. 6 304 WILLOW CREEK: Sec. 341(a) Meeting of Creditors on Nov. 7 31-41 44TH ST REALTY: Kicks Off Subchapter V Bankruptcy Process 3400 REMINGTON: Seeks to Tap Robert W. Buchholz as Legal Counsel 47 BROOKLYN LOFTS: Seeks Chapter 11 Bankruptcy Protection 5 F PROPERTIES: Case Summary & Three Unsecured Creditors 58 DOBBIN: Case Summary & Three Unsecured Creditors AC DESIGN PROPERTY: Taps Corash & Hollender as Bankruptcy Counsel AQUAGRILLE LLC: Wins Court Approval to Get $200K Additional Loan ARC MANAGEMENT: Seeks to Extend Plan Exclusivity to Nov. 1 ASOCIACION CIVIL: Seeks to Hire BransonLaw as Bankruptcy Counsel ASP UNIFRAX: Fitch Lowers LongTerm IDR to 'RD' on DDE Announcement ASSETTA ENTERPRISES: Gets OK to Use Cash Collateral Until Nov. 22 AZORRA FINANCE: S&P Rates New $500MM Unsecured Notes 'BB-' BEAUFORT MEMORIAL: S&P Rates $92.745MM Healthcare Rev. Bonds 'BB' BIG LOTS: Adds Troy Location to Its Closure List BIG LOTS: Announces Store Closures in California in Chapter 11 BIOLASE INC: Delisted From OTCQB; Shares Now Trading on Pink Market BL & MORE: Seeks to Hire Landrau Rivera & Assoc. as Legal Counsel CABLE ONE: S&P Lowers $782MM Term Loan B-4 Rating to 'BB' CALERA CORPORATION: Voluntary Chapter 11 Case Summary CENTURY BUILDERS: Seeks to Extend Plan Exclusivity to Feb. 24, 2025 CHALFONT LLC: Seeks Chapter 11 Bankruptcy Protection CLARITY DIAGNOSTICS: Hires Crown Medical as Collections Counsel CLARITY DIAGNOSTICS: Taps Bast Amron as Special Litigation Counsel CLASS ACT: Gets Interim OK to Use Cash Collateral Until Dec. 19 CONNORSVILLE COMMONS: Seeks Chapter 11 Bankruptcy Protection CRYSTAL PACKAGING: Asset Sale Proceeds to Fund Plan DELTA APPAREL: Salt Life Announces Store Closure Timeline DIOCESE OF BURLINGTON: Hires Fredrikson & Byron as Legal Counsel DIOCESE OF BURLINGTON: Seeks to Hire Dinse PC as Special Counsel DIOCESE OF BURLINGTON: Taps Obuchowski Law Office as Local Counsel DISTRIBUIDORA MI HONDURAS: Starts Subchapter V Bankruptcy Process DIXON FLEET: Case Summary & 16 Unsecured Creditors DOYLE'S TAVERN: Seeks to Hire Richard Feinsilver as Legal Counsel DULIN FAMILY: Unsecured Creditors to Split $6K over 60 Months E & J EXPEDITE: Seeks to Hire Paul Reece Marr as Attorney ECO ROOF: Oct. 29 Final Hearing on Bid to Use Cash Collateral ELENAROSE CAPITAL: Gets Interim OK to Use Cash Collateral EVEREST LENDING: Plan Exclusivity Period Extended to October 21 EXELA TECHNOLOGIES: Two Directors Quit From Board FARRELL'S ON 145TH: Hires Richard Feinsilver as Legal Counsel FARRELL'S ON ROUND: Hires Richard Feinsilver as Legal Counsel FITZGERALD HILL: Court Denies Use of Cash Collateral FOREST BEND: Seeks to Hire Robert W. Buchholz as Legal Counsel FORGE FLIGHTWORKS: Commences Subchapter V Bankruptcy Process FRANCISCAN FRIARS: Hires Gust Rosenfeld PLC as Special Counsel FRANCISCAN FRIARS: Hires Jeffrey E. Jones as Special Counsel FRANCISCAN FRIARS: Hires Weintraub Tobin as Special Counsel FRANCISCAN FRIARS: Taps Bledsoe Diestel Treppa as Special Counsel FROM START: Trustee Taps McManimon Scotland & Baumann as Counsel FULCRUM LOAN: Plan Exclusivity Period Extended to Dec. 8 FUNDIMENSION LLC: Seeks Chapter 11 Bankruptcy Protection G-MAC CONSTRUCTION: Seeks to Hire Robert Robben as Tax Preparer GNSP CORP: Gets Final Approval to Use Over $502K in Cash Collateral GOLD EQUITY: Seeks to Hire Berger Fischoff Wexler as Counsel GOLDNER CAPITAL: Blames Lender for Chapter 11 Filing GRAYSTONE DRIVE: Files for Chapter 11 Bankruptcy GRINDING MEDIA: Moody's Alters Outlook on 'B3' CFR to Stable HAQUE MEDICAL: Cash Access Denied as Moot After Bankruptcy Exit HORIZON INTERIORS: Gets OK to Use Cash Collateral Until Oct. 31 IRWIN NATURALS: Taps Jerrel G. John CPA as Tax Accountant IVANKOVICH FAMILY: Taps Christenson Law Firm as Special Counsel JD WIDEMAN: Gets OK to Tap Wadsworth Garber as Bankruptcy Counsel JOONKO DIVERSITY: Seeks to Hire Bayard P.A. as Special Counsel K & P COMMERCIAL: Commences Subchapter V Bankruptcy KROWNED KRYSTALS: Gets Interim OK to Hire Bankruptcy Counsel LD HOLDINGS: Moody's Affirms 'Caa1' CFR, Outlook Remains Negative LIKEMIND BRANDS: May Use Cash Collateral Until Dec. 31 LUMEN TECHNOLOGIES:S&P Raises ICR to 'CCC+' on Bolstered Liquidity LYCRA CO: In Negotiations w/ Creditors as Debt Maturities Loom MADISON 33 OWNER: Taps Gerstein Strauss as Real Estate Counsel MAJESTIC CHRISTIAN: Taps Milledge Law Group as Bankruptcy Counsel MBIA INSURANCE: Moody's Cuts Insurance Fin. Strength Rating to Caa2 MBTT INVESTMENTS: Gets OK to Tap Wadsworth Garber as Legal Counsel MBTT INVESTMENTS: Sec. 341(a) Meeting of Creditors on Nov. 6 MESEARCH MEDIA: Seeks to Tap Fuchs Law Office as Bankruptcy Counsel MID-STATES PAINT: Hires Investment Recovery Services as Auctioneer MMA LAW FIRM: Committee Taps Otterbourg PC as Co-Counsel MONROE & KING: Property Sale Proceeds to Fund Plan Payments MOUNTAINS OF SABER: Hires Brooklyn Property Managers as Manager NEONODE INC: Appoints Peter Kruk to Board of Directors NEW YORK, NY: Court Certifies Class in EMS Discrimination Suit NEXTTRIP INC: Sells Additional 66,225 Series I Preferred Shares NORMAN REGIONAL: Moody's Lowers Rating on Revenue Bonds to B1 ON POINT DIRECTIONAL: Seeks to Hire Osborn & Osborn as Accountant PROSPER ASSISTED: Seeks to Tap Robert W. Buchholz as Legal Counsel PULMATRIX INC: Board Schedules Annual Meeting for December 18 QSR STEEL: Has Court Permission to Use Cash Collateral R.A.R.E. CORP: Gets Court Nod to Use Cash Collateral Until Oct. 31 REDFISH PROPERTY: Hires Count on Me Accounting as Bookkeeper RISE MANAGEMENT: Seeks to Hire Patrick J. Gros as Accountant SCILEX HOLDING: Closes $50 Million Registered Convertible Financing SILVERSHORE CYPRESS: Taps Northgate as Real Estate Broker SKYLOCK INDUSTRIES: Gets OK to Use Cash Collateral Until Nov. 8 SKYX PLATFORMS: Grosses $11 Million From Sale of Preferred Stock SONOMA CELLAR: Gets Interim OK to Use Cash Collateral STG LOGISTICS: Reaches Deal With Lenders to Slash Debt SUPERIOR CONTRACT: Seeks Court Approval to Hire Special Counsel SVB FINANCIAL: Court Rejects Heller et al. Severance Claims TARRANT COUNTY SENIOR: Taps Kroll Restructuring as Claims Agent TERRA TECHNOLOGIES: Gets OK to Use Cash Collateral Until Oct 31 TOPHILL LLC: Seeks to Hire Robert W. Buchholz as Legal Counsel TRI-MAXX INDUSTRIES: Taps L. Laramie Henry as Bankruptcy Counsel TRILOGY METALS: Incurs $1.59 Million Net Loss in Third Quarter UNICORNS AND UNICORNS: Hires Ellenoff Grossman as Special Counsel VIA ESCUELA: Seeks to Hire Anyama Law Firm as Bankruptcy Counsel VINTAGE WINE ESTATES: Former Owners Buy Laetitia Winery WATER GREMLIN: Seeks to Extend Plan Exclusivity to Jan. 17, 2025 WELCOME GROUP: Seeks to Extend Plan Exclusivity to Feb. 28, 2025 WEST CENTRO: Seeks to Hire Patrick J. Gros as Accountant WEST HARWICH: Trustee Taps Murtha Cullina LLP as Legal Counsel YELLOW CORP: Court Rules on Withdrawal Liability Calculation [*] Commercial Bankruptcy Filing Rose 36% from Jan. to Sept. 2024 [*] Three Recent Healthcare Bankruptcy Exits [^] Recent Small-Dollar & Individual Chapter 11 Filings ********* 1100 REBA MCENTIRE: Taps Robert W. Buchholz as Bankruptcy Counsel ----------------------------------------------------------------- 1100 Reba McEntire, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ The Law Office of Robert W. Buchholz, PC to handle its Chapter 11 case. The firm's counsel and staff will be paid at these hourly rates: Robert Buchholz, Attorney $350 Paralegal $125 In addition, the firm will seek reimbursement for expenses incurred. The firm also received a filing fee of $1,738 from Lake Point Healthcare, LP, an entity with an ownership interest in the Debtor. ` ` Mr. Buchholz disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Robert W. Buchholz, Esq. The Law Office of Robert W. Buchholz, P.C. 5220 Spring Valley Road, Suite 618 Dallas, TX 75254 Telephone: (214) 754-5500 Facsimile: (214) 754-9100 Email: bob@attorneybob.com About 1100 Reba McEntire 1100 Reba McEntire, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-32701) on Sept. 1, 2024. In the petition filed by Dan Blackburn, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Stacey G. Jernigan handles the case. The Law Office of Robert W. Buchholz, P.C. serves as the Debtor's counsel. 11824 OCEAN PARK: Cash Collateral Stipulation with CALCAP OK'd -------------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California has approved the Eighth Stipulation for Interim Use of Cash Collateral and Adequate Protection reached between 11824 Ocean Park Partners LLC and its secured creditor, CalCap Income Fund I, LLC. In light of the confirmation of the Debtor's First Amended Plan of Reorganization, the parties agreed on the Debtor's final interim use of CALCAP's cash collateral prior to the Effective Date of the Plan from September 24, 2024 through October 31, 2024. CALCAP asserts that it holds liens against property of the Debtor's estate on account of a 2021 construction loan the Debtor obtained from CALCAP's predecessor in the maximum principal amount of $4,350,000. CALCAP asserts that all rents, issues, profits, royalties, bonuses, accounts, and any other income derived from the Property, are its cash collateral. Among others, the Debtor stipulates to provide replacement liens and monthly reports to CALCAP. The Debtor will also pay $14,000 monthly to the lender as adequate protection to CALCAP for the use of its Cash Collateral during the interim period covered by the Stipulation. CALCAP may apply the payments to the amounts due under the Loan Documents. Notwithstanding, if the Bankruptcy Court later determines that the adequate protection payments provided by Debtor under the Budget and this Stipulation do not adequately protect CALCAP for the use of its cash collateral, CALCAP shall be granted an administrative claim under 11 U.S.C. Section 507(b) to the extent of any shortfall in adequate protection payments as determined by the Bankruptcy Court. The Debtor and CALCAP have resolved CALCAP's Plan Objection. The Court confirmed the Plan at the Confirmation Hearing held on September 24, 2024. A copy of the Stipulation is available at https://urlcurt.com/u?l=FHAZJF About 11824 Ocean Park Partners 11824 Ocean Park Partners LLC was formed in the State of California on April 17, 2019, for the sole purpose of acquiring, owning and operating a real property located at 11824 Ocean Park Blvd., Los Angeles, CA 90064. The Debtor filed its voluntary petition for Chapter 11 protection (Bankr. C.D. Cal. Case No. 23-16465) on October 3, 2023, listing as much as $1 million to $10 million in both assets and liabilities. Ronald L. Meer as president of Bear Capital Partners, Inc., the Managing Member of Ocean Park Manager, LLC, the Managing Member of the Debtor, signed the petition. Judge Deborah J. Saltzman oversees the case. RHM LAW, LLP serve as the Debtor's legal counsel. Counsel for Secured Creditor, CALCAP Income Fund I, LLC: Michele Sabo Assayag, Esq. Byron B. Mauss, Esq. SNELL & WILMER L.L.P. 600 Anton Blvd., Suite 1400 Costa Mesa, CA 92626-7689 Telephone: (714) 427-7000 Facsimile: (714) 427-7799 E-mail: massayag@swlaw.com bmauss@swlaw.com 1416 EASTERN AVE: Trustee Hires Marcus & Millichap as Realtors -------------------------------------------------------------- Marc Albert, the trustee appointed in the Chapter 11 cases of 1416 Eastern Ave NE, LLC and its affiliates, seeks approval from the U.S. Bankruptcy Court for the District of Columbia to employ Marcus & Millichap Real Estate Investment Services of North Carolina, Inc. as realtors. The firm's services include: (a) market the Debtors' properties; (b) meet with prospective purchasers; (c) draft sales contracts (subject to approval by this bankruptcy court); (d) provide advice on the value of the Debtors' properties; and (e) perform any other service which may be reasonably necessary to consummate sales of the properties. The firm will receive a commission of 4 percent of the gross purchase price of any approved sale of the properties. John Zupancic III, a real estate agent at Marcus & Millichap, 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: John M. (Marty) Zupancic III Marcus & Millichap Real Estate Investment Services of North Carolina, Inc. 7200 Wisconsin Ave., Suite 1101 Bethesda, MD 20614 Telephone: (604) 675-5200 About 1416 Eastern Ave NE 1416 Eastern Ave NE, LLC filed Chapter 11 bankruptcy petition (Bankr. D.C. Case No. 24-00180) on May 29, 2024, with as much as $1 million in both assets and liabilities. Judge Elizabeth L. Gunn oversees the case. The Debtor is represented by Maurice Verstandig, Esq., at The Belmont Firm. 1700 EDGEWATER: Commences Subchapter V Bankruptcy Proceeding ------------------------------------------------------------ 1700 Edgewater LLC filed Chapter 11 protection in the District of Oregon. 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 November 5, 2024 at 9:30 a.m. in Room Telephonically on telephone conference line: 866-564-0532. participant access code: 8835427. About 1700 Edgewater LLC 1700 Edgewater LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Or. Case No. 24-62194) on Sept. 30, 2024. In the petition filed by Charles A. Sides, as member, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. The Honorable Bankruptcy Judge David W. Hercher handles the case. The Debtor is represented by: Nicholas J. Henderson, Esq. ELEVATE LAW GROUP 6000 SW Meadows Road, Suite 450 Lake Oswego, OR 97035 Tel: (503) 417-0500 Email: nick@elevatelawpdx.com 1ST HAVEN: Seeks Chapter 11 Bankruptcy Protection ------------------------------------------------- 1st Haven Apartments LLC filed Chapter 11 protection in the Northern District of Georgia. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under 11 U.S.C. Section 341(a) is slated for November 1, 2024 at 10:00 a.m. in Room Telephonically on telephone conference line: 866-643-3080. participant access code: 1614372. About 1st Haven Apartments LLC 1st Haven Apartments LLC is part of the traveler accommodation industry. 1st Haven Apartments LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Northern District of Georgia) on Case No. 24-21227 on September 30, 2024. In the petition filed by Edward Fernanzez, as member, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by: William Rountree, Esq. ROUNTREE, LEITMAN, KLEIN & GEER, LLC 2987 Clairmont Road Suite 350 Atlanta GA 30329 Tel: 404-584-1238 E-mail: wrountree@rlkglaw.com 257 WASHINGTON: Seeks to Hire Raven Property Advisors as Broker --------------------------------------------------------------- 257 Washington Avenue LLC filed with the U.S. Bankruptcy Court for the Eastern District of New York to hire Raven Property Advisors as exclusive broker. The firm will sell, arrange financing or refinancing, recapitalization, negotiate a joint venture, net lease or otherwise dispose of all or any portion of the real property and/or air rights pertaining to 257 Washington Avenue, Brooklyn, NY (Block 1918/Lot 20). The firm will be paid a commission equal to 3 percent of the gross purchase price of the property. Rich Velotta, CEO of Raven Property Advisors, disclosed in the court filings that his firm is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: Rich Velotta Raven Property Advisors LLC 497 Carroll Street, Suite 32 Brooklyn, NY 11215 About 257 Washington Ave 257 Washington Ave LLC is the owner of the Property which is a defendant in a foreclosure action with a sale scheduled for May, 2024. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No 24-42152) on May 22, 2024, with $10,000,001 to $50 million in assets and liabilities. Judge Jil Mazer-Marino presides over the case. Joel Shafferman, Esq. at SHAFFERMAN & FELDMAN LLP represents the Debtor as legal counsel. 301 W NORTH: Court Approves Use of Cash Collateral Through Nov. 6 ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois approved a stipulation between 301 W North Avenue, LLC and its secured lender, BDS III Mortgage Capital G, LLC, allowing the company to use cash collateral until Nov. 6. The stipulation aims to avoid immediate litigation over the company's motion to access the lender's cash collateral. BDS previously objected to the motion. This is the seventh time the company obtained interim court approval since the filing of its motion in March. The company's continued use of cash collateral is subject to the agreed terms of prior orders. A status hearing is scheduled for Nov. 6. If an agreement on the extension is not reached by that time, the companies will seek a briefing schedule. About 301 W North Avenue 301 W North Avenue, LLC is a Chicago-based company engaged in activities related to real estate. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-02741) on February 27, 2024, with up to $50 million in both assets and liabilities. The petition was signed by F. Martin Paris, Jr., president of MK Manager Corp., which manages the Debtor. Judge Donald R. Cassling oversees the case. Much Shelist, PC represents the Debtor as legal counsel. 304 WILLOW CREEK: Sec. 341(a) Meeting of Creditors on Nov. 7 ------------------------------------------------------------ 304 Willow Creek LLC filed Chapter 11 protection in the Northern District of Texas. According to court documents, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under 11 U.S.C. Section 341(a) is slated for November 7, 2024 at 2:00 p.m. in Room Telephonically. About 304 Willow Creek LLC 304 Willow Creek LLC is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). 304 Willow Creek LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-33032) on September 30, 2024. In the petition filed by Dan Blackburn, as president, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. The Debtor is represented by: Robert Buchholz, Esq. THE LAW OFFICE OF ROBERT W. BUCHHOLZ, P.C. 5220 Spring Valley Road, Suite 618 Dallas, TX 75254 Tel: (214) 754-5500 E-mail: BOB@ATTORNEYBOB.COM 31-41 44TH ST REALTY: Kicks Off Subchapter V Bankruptcy Process --------------------------------------------------------------- 31-41 44th St Realty LLC filed for Chapter 11 protection in the Eastern District of New York. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About 31-41 44th St Realty LLC 31-41 44th St Realty LLC is a limited liability company. 31-41 44th St Realty LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-44145) on October 4, 2024. In the petition filed by Anthony Koutsidis, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Honorable Bankruptcy Judge Jil Mazer-Marino oversees the case. The Debtor is represented by: Julio E Portilla, Esq. Law Office Julio E. Portilla, P.C. 31-41 44th St. Astoria, NY 11103 3400 REMINGTON: Seeks to Tap Robert W. Buchholz as Legal Counsel ---------------------------------------------------------------- 3400 Remington Drive, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ The Law Office of Robert W. Buchholz, PC to handle its Chapter 11 case. The firm's counsel and staff will be paid at these hourly rates: Robert Buchholz, Attorney $350 Paralegal $125 The firm will also seek reimbursement for expenses incurred. The firm also received a filing fee of $1,738 from Lake Point Healthcare, LP, an entity with an ownership interest in the Debtor. ` ` Mr. Buchholz disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Robert W. Buchholz, Esq. The Law Office of Robert W. Buchholz, P.C. 5220 Spring Valley Road, Suite 618 Dallas, TX 75254 Telephone: (214) 754-5500 Facsimile: (214) 754-9100 Email: bob@attorneybob.com About 3400 Remington Drive 3400 Remington Drive, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-32703) on Sept. 1, 2024. In the petition filed by Dan Blackburn, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Michelle V. Larson handles the case. The Law Office of Robert W. Buchholz, P.C. serves as the Debtor's counsel. 47 BROOKLYN LOFTS: Seeks Chapter 11 Bankruptcy Protection --------------------------------------------------------- 47 Brooklyn Lofts LLC filed for Chapter 11 protection in the Eastern District of New York. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 50 and 99 creditors. The petition states funds will be available to unsecured creditors. About 47 Brooklyn Lofts LLC 47 Brooklyn Lofts LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-44146) on Oct. 4, 2024. In the petition filed by Daniel McCrossin, as authorized signatory, the Debtor estimated assets and liabilities between $1 million and $10 million each. The Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtor is represented by: Lawrence Morrison, Esq. 411 Hempstead Tpke West Hempstead, NY 11552 5 F PROPERTIES: Case Summary & Three Unsecured Creditors -------------------------------------------------------- Debtor: 5 F Properties, LLC 171 Clark Road Sulphur, LA 70663 Business Description: 5 F Properties is primarily engaged in renting and leasing real estate properties. Chapter 11 Petition Date: October 8, 2024 Court: United States Bankruptcy Court Western District of Louisiana Case No.: 24-20471 Judge: Hon. John W Kolwe Debtor's Counsel: Wade N. Kelly, Esq. WADE N KELLY, LLC Packard LaPray 2201 Oak Park Boulevard Lake Charles, LA 70601 Tel: 337-431-7170 Email: staff@packardlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Rhett Fontenot as managing member. A full-text copy of the petition containing, among other items, a list of the Debtor's three unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/R6KZGAI/5_F_Properties_LLC__lawbke-24-20471__0001.0.pdf?mcid=tGE4TAMA 58 DOBBIN: Case Summary & Three Unsecured Creditors --------------------------------------------------- Debtor: 58 Dobbin LLC 58 Dobbin Street Brooklyn, NY 11222 Business Description: 58 Dobbin is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). Chapter 11 Petition Date: October 8, 2024 Court: United States Bankruptcy Court Eastern District of New York Case No.: 24-44179 Judge: Hon. Elizabeth S Stong Debtor's Counsel: Linda Tirelli, Esq. TIRELLI LAW GROUP, LLC 50 Main Street Suite 1265 White Plains, NY 10606 Tel: 914-732-3222 Fax: 914-517-2696 E-mail: LTirelli@tirellilawgroup.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Henrick Weiss as sole member. A full-text copy of the petition containing, among other items, a list of the Debtor's three unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/Z7TL3II/58_Dobbin_LLC__nyebke-24-44179__0001.0.pdf?mcid=tGE4TAMA AC DESIGN PROPERTY: Taps Corash & Hollender as Bankruptcy Counsel ----------------------------------------------------------------- AC Design Property & Equipment Corp. seeks approval from the U.S. Bankruptcy Court for Eastern District of New York to employ Corash & Hollender, PC as bankruptcy counsel. The firm will provide these services: (a) give the Debtor legal advice with respect to its powers and duties in the continued operation of its business and management of its property; (b) take all necessary steps to enjoin and stay creditors who have already instituted, or who are about to institute suits against the Debtor; (c) negotiate with the Debtor's creditors in working out a plan of reorganization or liquidation and take necessary legal steps to consummate such plan; (d) prepare, on the Debtor's behalf, necessary legal papers, except for papers related to adversary proceedings, any dischargeability actions, judicial lien avoidances, relief from stay actions or appeals; (e) appear before the Bankruptcy Judge, and protect the Debtor's interests, before said Judge, and represent it in all matters before said Judge except for appearances related to adversary proceedings, any dischargeability actions, judicial lien avoidances, relief from stay actions or appeals; (f) assist the Debtor in working out an arrangement with the Director of Internal Revenue, and other tax agencies which may file claims in this proceeding; (g) represent the Debtor before various administrative agencies, federal, state and city, having jurisdiction over the Debtor's business activities; and (h) assist the Debtor in negotiations with creditors, potential asset purchasers and other interested parties, and in disposition of any assets, to enable it to successfully conclude this Chapter 11 case, and perform all other legal services. The hourly rates of the firm's counsel are as follows: Partners $550 Associates and Of Counsel Attorneys $450 Paralegals $175 In addition, the firm will seek reimbursement for expenses incurred. The firm also received a retainer of $25,000 from the Debtor. Paul Hollender, Esq., a principal at Corash & Hollender, 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: Paul Hollender, Esq. Corash & Hollender, P.C. 1200 South Avenue, Suite 201 The Corporate Park of Staten Island Staten Island, NY 10301 Telephone: (718) 442-4424 Facsimile: (718) 273-4847 About AC Design Property AC Design Property & Equipment Corp. is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). AC Design Property & Equipment Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-43277) on August 7, 2024. In the petition filed by Jeffrey Arcello, an authorized representative, the Debtor disclosed between $1 million and $10 million in both assets and liabilities. Judge Nancy Hershey Lord oversees the case. Paul Hollender, Esq., at Corash & Hollender, P.C. serves as the Debtor's counsel. AQUAGRILLE LLC: Wins Court Approval to Get $200K Additional Loan ---------------------------------------------------------------- AquaGrille LLC received the green light from a U.S. bankruptcy judge to get additional loan from Swedish Restaurant Mafia, Inc. Judge Mindy Mora of the U.S. Bankruptcy Court for the Southern District of Florida authorized the company to borrow an additional $200,000, increasing the total loan amount to $450,000. The additional funding will allow the company to pay $66,625.76 in rent due to Loggerhead Plaza, LLC and $42,776.69 in administrative expenses due to Kelley, Kaplan & Eller, PLLC, the company's legal counsel. The remaining funds will be used to pay operating expenses including payroll and supplies until AquaGrille's business is sold. The loan will be secured with an administrative expense claim subordinate only to U.S. Trustee fees and professional fees and a superpriority lien on all assets of the company. It is set to mature in four months from Oct. 2, with an option to extend for an additional three months upon mutual agreement. AquaGrille is required to cooperate with Elsa Investments, LLC to facilitate discovery concerning its financial affairs. About AquaGrille LLC AquaGrille, LLC, owns and operates a restaurant in Juno Beach, Fla., offering contemporary, coastal American dining set in a warm, modern beach house-inspired decor. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 23-20253) on December 12, 2023, with $84,305 in total assets and $2,820,727 in total liabilities. Judge Mindy A. Mora oversees the case. Craig I. Kelley, Esq., at Kelley Kaplan & Eller, PLLC, is the Debtor's legal counsel. ARC MANAGEMENT: Seeks to Extend Plan Exclusivity to Nov. 1 ---------------------------------------------------------- ARC Management Group, LLC, asked the U.S. Bankruptcy Court for the Northern District of Georgia to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to November 1 and December 30, 2024, respectively. The Debtor claims that it cannot formulate a plan of reorganization or solicit acceptances of a plan until the United States Trustee completes its examination of Debtor, which will not occur prior to the current deadlines for the Exclusivity Periods in this Case; therefore, Debtor requires an extension of such deadlines. The Debtor explains that it seeks an extension to the Exclusivity Periods to preclude the costly disruption and instability that would occur if competing plans were proposed or in having to amend a premature plan. The Debtor asserts that the request for an extension will not unfairly prejudice or pressure its creditors or grant Debtor any unfair bargaining leverage. Debtor needs creditor support to confirm any plan, so Debtor is in no position to impose or pressure its creditors to accept unwelcome plan terms. The Debtor further asserts that termination of the current Exclusivity Periods may engender duplicative expense and litigation associated with multiple competing plans. Any litigation with respect to competing plans and resulting administrative expenses will only decrease recoveries to Debtor's creditors and significantly delay, if not undermine entirely, the possibility of prompt confirmation of a plan of reorganization. ARC Management Group, LLC is represented by: Ceci Christy, Esq. ROUNTREE LEITMAN KLEIN & GEER, LLC Century Plaza I 2987 Clairmont Road, Suite 350 Atlanta, GA 30329 Tel: (404) 584-1238 About ARC Management Group ARC Management Group, LLC, is a provider of billing, collection and debt recovery services. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 23-61742) on Nov. 28, 2023. In the petition signed by William D. Wilson, chief executive officer, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Wendy L. Hagenau oversees the case. William Rountree, Esq., at Rountree, Leitman, Klein & Geer, LLC, represents the Debtor as legal counsel. ASOCIACION CIVIL: Seeks to Hire BransonLaw as Bankruptcy Counsel ---------------------------------------------------------------- Asociacion Civil San Antonio De Lisboa, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ BransonLaw, PLLC as its legal counsel. The firm will render these services: (a) prosecute and defend any causes of action on behalf of the Debtor; prepare all necessary legal papers; (b) assist in the formulation of a plan of reorganization; and (c) provide all other services of a legal nature. The hourly rates of the firm's attorneys and paralegals range between $450 to $200. In addition, the firm will seek reimbursement for expenses incurred. Prior to the petition date, the firm received an advance fee of $3,230 for post-petition services and the filing fee of $1,738 from the Debtor. Jeffrey Ainsworth, Esq., an attorney at BransonLaw, 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: Jeffrey S. Ainsworth, Esq. BransonLaw, PLLC Orlando, FL 32803 Telephone: (407) 894-6834 Facsimile: (407) 894-8559 E-mail: jeff@bransonlaw.com About Asociacion Civil San Antonio De Lisboa Asociacion Civil San Antonio De Lisboa, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-05221) on Sept. 27, 2024, listing under $1 million in both assets and liabilities. Judge Grace E. Robson oversees the case. Jeffrey S. Ainsworth, Esq., at BransonLaw, PLLC serves as the Debtor's counsel. ASP UNIFRAX: Fitch Lowers LongTerm IDR to 'RD' on DDE Announcement ------------------------------------------------------------------ Fitch Ratings has downgraded the Long-Term Issuer Default Rating (IDR) of ASP Unifrax Holdings, Inc. (aka Alkegen) to 'RD' (Restricted Default) from 'CCC-' and its senior secured ratings to 'CC'/'RR3' from 'CCC'/'RR3'. Fitch has also affirmed the company's senior unsecured notes at 'C'/'RR6'. These actions follow the company's execution of a refinancing and exchange offering on Sept. 30, 2024, which meets the conditions for a Distressed Debt Exchange (DDE) as per Fitch's corporate ratings criteria. Key Rating Drivers Ratings Downgraded on DDE: On Sept. 30, 2024, Alkegen announced the closing of a refinancing and debt exchange transaction of its outstanding debt, which Fitch believes imposes material reductions in terms and is being done to avoid an eventual probable default. The transaction was led by a consortium of new and existing lenders. As part of this transaction, Alkegen entered into new term loans and notes facilities as well as a new first-out revolving credit facility. These facilities refinanced in full its existing first-lien term loans, paid down outstanding borrowings under its revolver, extend maturities from 2025 to 2029, and provided additional liquidity. A majority of existing holders of Alkegen's secured and unsecured notes due 2028 and 2029 also exchanged their notes for new second-lien notes due 2029. Exchange Offer Executed: A majority of existing holders of Alkegen's secured and unsecured notes, due 2028 and 2029, exchanged their notes for new second-lien notes due 2029. Fitch views these transactions as a DDE. The proposed transaction is a material reduction in terms as existing secured noteholders are being offered new second-lien notes, weakening security and claim priority. The exchange price for the secured and unsecured notes has not been publicly disclosed. Fitch also believes the proposed transaction allows the issuer to avoid a likely eventual default. There was a high probability of default absent this exchange offer as Alkegen entered the process with weak operating performance, a tightening liquidity profile, looming maturities, and unsustainable leverage. Deteriorating Operating Performance: Alkegen's operating performance continued to weaken in 2024 due to increased price competition in filtration and catalysis products and inconsistent demand, leading to declining revenue and EBITDA. While the company benefitted from cost containment programs that led to moderate sequential EBITDA margin improvements in the first half of 2024, Fitch expects continued market weakness to limit any volume and pricing improvement through the remainder of 2024 and into 2025. High Leverage, Weak Coverage: Alkegen's EBITDA leverage exceeded 13x at YE2023, and Fitch expects it to remain above 10x over the forecast horizon, along with continued negative FCF. The company's financial flexibility is further constrained by weak EBITDA interest coverage, which is expected to remain at 1.0x in 2024 and tight thereafter. Although about half of Alkegen's debt is fixed rate, rising SOFR and higher debt balances from the Lydall and Luyang acquisitions have caused interest expense to climb materially over the past several years. Diversified Platform: Alkegen is well-diversified by end market, customer base, geographic presence and raw material spend. The company operates out of over 60 sites across more than 10 countries and serves over 4,000 customers. Key end markets include industrial applications, chemicals and metals, battery applications, and transportation. Geographic breadth spans across North America, Europe and the Asia-Pacific region. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Fitch will reassess the rating once the pending exchange offer successfully closes. Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Enactment of a formal bankruptcy procedure. Liquidity and Debt Structure Fitch expects that Alkegen's liquidity will improve as part of this transaction given that the company is extending maturities on its debt and terming out at least part of its revolving credit facility, thereby improving availability. However, Fitch expects that free cash flow will remain tight with continued reliance on the revolver. Issuer Profile Alkegen manufactures specialty materials that provide thermal management, emission control, filtration, and energy solutions for multiple end markets and applications. It is one of two vertically integrated global manufacturers of high temperature refractory and insulating fiber and engineered products. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- ASP Unifrax Holdings, Inc. LT IDR RD Downgrade CCC- senior unsecured LT C Affirmed RR6 C senior secured LT CC Downgrade RR3 CCC ASSETTA ENTERPRISES: Gets OK to Use Cash Collateral Until Nov. 22 ----------------------------------------------------------------- Assetta Enterprises, Inc. received interim approval from the U.S. Bankruptcy Court for the District of Massachusetts to use its secured creditors' cash collateral until Nov. 22. Assetta can use the cash collateral in accordance with the court-approved budget that allows for a 10% variance in expenses. The company is not authorized to pay any professional fees or additional protection payments without further court approval. Brookline Bank and other creditors will be granted replacement liens. These liens will have the same priority as pre-bankruptcy liens to protect creditors against any decrease in the value of their collateral. The next hearing is scheduled for Nov. 19. About Assetta Enterprises Assetta Enterprises, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Mass. Case No. 24-11594) on August 7, 2024, with up to $50,000 in assets and up to $1 million in liabilities. Judge Janet E. Bostwick oversees the case. Laurel E. Bretta, Esq. at Bretta Law Advisors, P.C. represents the Debtor as bankruptcy counsel. AZORRA FINANCE: S&P Rates New $500MM Unsecured Notes 'BB-' ---------------------------------------------------------- S&P Global Ratings assigned its 'BB-' issue rating to Azorra Finance Ltd.'s proposed $500 million unsecured notes due 2030. The notes will be guaranteed on an unsecured basis by parent Azorra Aviation Holdings LLC (BB-/Stable/--). S&P expects Azorra to use the proceeds, in conjunction with the $514 million term loan B launched Sept. 30, 2024, to repay existing bilateral facilities and for general corporate purposes, including funding capital expenditures. S&P said, "We expect an average recovery for the unsecured notes--with a recovery rating of '4' and rounded estimate of 45%--in the event of a hypothetical default. As a result, we rate the proposed unsecured notes in line with the ICR on Azorra, resulting in a 'BB-' rating on the notes. "The recovery expectations for Azorra's existing term loan B remain unchanged with a recovery rating of '2', indicating our expectation for a substantial recovery (rounded estimate of 80%) in the event of a hypothetical default." Issue Ratings--Recovery Analysis Key analytical factors -- In S&P's analysis, 27 aircraft and one engine serve as collateral for the $514 million term loan B. -- The term loan, revolver, and bilateral facilities are supported by separate dedicated collateral pools. -- Azorra Aviation Holdings LLC guarantees the term loan and unsecured notes on an unsecured basis. S&P expects the company's unencumbered assets to be available to support the recovery of the unsecured notes and deficiency claims from the secured debt on a pari passu basis. -- S&P said, "We value the company on a going-concern basis following a discrete asset valuation (DAV) approach. The fleet assets include aircraft and engines. We depreciate the appraised value of aircraft to the default year, at which point realization rates are applied to reflect contraction in value in distress circumstances." -- S&P's simulated default scenario assumes a disruption in the air travel industry in 2028, causing airlines to renegotiate leases and turn back aircraft on lease. This causes aircraft values to decline, requiring the company to use cash flow to pay down certain secured aircraft financing to meet. Simplified waterfall -- Gross enterprise value (DAV approach): $1.2 billion -- Valuation split between unencumbered assets/ bilateral collateral/ revolver/ term loan: 39%/27%/4%/30% -- Net enterprise value after 5% administrative expenses: $1.2 billion -- Estimated collateral value available to term loan: $352 million -- Additional recovery through unencumbered assets: $82 million -- Total value available to the proposed term loan: $434 million -- Estimated term loan balance at default: $521 million --Term loan recovery expectations: 70%-90% (rounded estimate: 80%) -- Estimated unencumbered asset value available to unsecured claims: $463 million -- Estimated unsecured note balance at default: $519 million -- Other unsecured claims (deficiency claims from secured debt categories): $412 million -- Total unsecured claims: $930 million --Unsecured note recovery expectations: 30%-50% (rounded estimate: 45%) Notes: All debt amounts include six months of prepetition interest. BEAUFORT MEMORIAL: S&P Rates $92.745MM Healthcare Rev. Bonds 'BB' ----------------------------------------------------------------- S&P Global Ratings assigned its 'BB' long-term rating on South Carolina Jobs Economic Development Authority's $92.754 million series 2024A healthcare revenue bonds, issued on behalf of Beaufort Memorial Hospital (Beaufort), S.C. The outlook is stable. "The rating reflects our view of Beaufort's constrained balance sheet, weak reserves relative to operations, and construction risk," said S&P Global Ratings credit analyst David Mares. "The rating further reflects our view of Beaufort's leading market position in a competitive market," Mr. Mares added. Bond proceeds will be used to finance the construction and expansion projects in Beaufort's southern market, namely a future 28-bed facility in Bluffton, a capitalized interest fund, and a debt service reserve fund. Its long-term capital plans also include the construction of a free-standing emergency department in Hilton Head. Beaufort Memorial Hospital operates a 201-bed general acute care hospital, along with multiple outpatient centers, two cancer centers, and member physician group. BIG LOTS: Adds Troy Location to Its Closure List ------------------------------------------------ The Times Union (Albany, New York) reports that Big Lots is adding its store in Troy to the list of locations the discount retailer plans to close as part of its bankruptcy plan. The chain delivered news of its plan to close the 120 Hoosick St. store in a coupon circular sent to customers. The Hill reported the store and Big Lots in Binghamton were among 50 new stores added to the chain’s original closure list. Big Lots last month agreed to be purchased by an investment firm, Nexus Capital Management LP. As part of the deal, Big Lots has entered Chapter 11 bankruptcy in U.S. District Court in Delaware. In Chapter 11, a business can reorganize in a way that helps pay off creditors and solves the company’s financial problems. Progressive Grocer, a trade publication, noted that the Columbus, Ohio-based company will continue to operate while seeking other potential investors. It will also look at closing more stores. The firm has already shuttered about 300 of nearly 1,400 stores nationwide, although many of the closures were in California. About Big Lots Big Lots (NYSE: BIG) -- http://www.biglots.com/-- is one of the nation's largest closeout retailers focused on extreme value, delivering bargains on everything for the home, including furniture, decor, pantry and more. On Sept. 9, 2024, Big Lots, Inc. and each of its subsidiaries initiated voluntary Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 24-11967). The case is being administered by the Honorable J. Kate Stickles. Davis Polk & Wardwell LLP is serving as legal counsel, Guggenheim Securities, LLC is serving as financial advisor, AlixPartners LLP is serving as restructuring advisor, and A&G Real Estate Partners is serving as real estate advisor to the Company. Kroll is the claims agent. Kirkland & Ellis is serving as legal counsel to Nexus Capital Management LP. PNC Bank, National Association, the DIP ABL Agent and Prepetition ABL Agent, is represented by Choate, Hall & Stewart, LLP; and Blank Rome, LLP. 1903P Loan Agent, LLC, the DIP Term Agent, and the Prepetition Term Loan Agent are represented by Otterbourg, P.C. and Richards, Layton & Finger, P.A. BIG LOTS: Announces Store Closures in California in Chapter 11 -------------------------------------------------------------- James Ward and Vanessa Countryman of Palm Springs Desert Sun report that Big Lots is making waves with the announcement that it will close nearly 50 more stores nationwide in October, including several in California. The retailer filed for Chapter 11 bankruptcy protection earlier this 2024 and has since announced several waves of closures. According to a bankruptcy court filing submitted at the end of September, the retailer is closing 49 more locations across the country, in October on top of the nearly 300 closures announced in August 2024. According to the full list, on USA Today, here are the 10 new stores closing in California: * 1625 E Valley Pkwy, Escondido, CA 92027 * 299 Borchard Dr, Ventura, CA 93003 * 1445 N Montebello Blvd, Montebello, CA 90640 * 150 South 11th Ave, Hanford, CA 93230 * 610 Las Tunas Dr, Arcadia, CA 06512 * 1141 Sanguinetti Rd, Sonora, CA 95370 * 2243 Foothill Blvd, La Canada Flintridge, CA 91011 * 3003 W Manchester Blvd, Inglewood, CA 35235 * 10251 Fairway Dr, Roseville, CA 95678 * 32241 Mission Trl, Unit C, Lake Elsinore, CA 92530 About Big Lots Big Lots (NYSE: BIG) -- http://www.biglots.com/-- is one of the nation's largest closeout retailers focused on extreme value. The Company is dedicated to being the big difference for a better life by delivering bargains to brag about on everything for the home, including furniture, decor, pantry and more. It fulfills its mission to help customers "Live BIG and Save LOTS" with sourcing strategies to grow extreme bargains through closeouts, liquidations, overstocks, private labels, and value-engineered products. The Big Lots Foundation, together with the Company's customers, associates, and vendors, has delivered more than $176 million of philanthropic support to critical needs in hunger, housing, healthcare, and education. On the Web: http://biglots.com/ On Sept. 9, 2024, Big Lots, Inc. and each of its subsidiaries initiated voluntary Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 24-11967). The case is being administered by the Honorable J. Kate Stickles. Davis Polk & Wardwell LLP is serving as legal counsel, Guggenheim Securities, LLC, is serving as financial advisor, AlixPartners LLP is serving as restructuring advisor, and A&G Real Estate Partners is serving as real estate advisor to the Company. Kroll is the claims agent. Kirkland & Ellis is serving as legal counsel to Nexus. BIOLASE INC: Delisted From OTCQB; Shares Now Trading on Pink Market ------------------------------------------------------------------- Biolase Inc. reported in a Form 8-K filed with the Securities and Exchange Commission that on Oct. 2, 2024, it received notice from OTC Markets Group, Inc. that the Company no longer meets the Standards for Continued Eligibility for OTCQB as per the OTCQB Standards, Section 2.3(5). The Company's shares of common stock commenced trading on the Pink Market platform operated by the OTC at the market open on Oct. 3, 2024 under the "BIOLQ" ticker symbol. Existing stockholders will find the securities quoted on the OTC Pink Market and freely tradable without any further action needed. About Biolase Inc. BIOLASE -- http://www.biolase.com-- is a provider of advanced laser systems for the dental industry. The Company develops, manufactures, markets, and sells laser systems that provide significant benefits for dental practitioners and their patients. The Company's proprietary systems allow dentists, periodontists, endodontists, pediatric dentists, oral surgeons, and other dental specialists to perform a broad range of minimally invasive dental procedures, including cosmetic, restorative, and complex surgical applications. The Company's laser systems are designed to provide clinically superior results for many types of dental procedures compared to those achieved with drills, scalpels, and other conventional instruments. Irvine, Calif.-based Macias Gini & O'Connell, LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 21, 2024, citing that the Company has suffered recurring losses from operations and has had negative cash flows from operations for each of the three years ended Dec. 31, 2023. This raises substantial doubt about the Company's ability to continue as a going concern. BL & MORE: Seeks to Hire Landrau Rivera & Assoc. as Legal Counsel ----------------------------------------------------------------- BL & More, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ the law offices of Landrau Rivera & Assoc. as its legal counsel. The firm will render these services: (a) advise the Debtor with respect to its duties, powers and responsibilities; (b) advise the Debtor in connection with a determination whether a reorganization is feasible and, if not, aid it in the orderly liquidation of its assets; (c) assist the Debtor with respect to negotiations with creditors for the purpose of proposing a viable plan of reorganization; (d) prepare on behalf of the Debtor necessary legal papers or documents; (e) appear before the Bankruptcy Court, or any court in which the Debtor asserts a claim interest or defense directly or indirectly related to this bankruptcy case; (f) perform such other legal services for the Debtor as may be required in these proceedings or in connection with the operation of/and involvement with its business; and (g) employ other professional services as necessary to complete the Debtor's financial reorganization with Chapter 11 of the Bankruptcy Code. The hourly rates of the firm's counsel and staff are as follows: Noemi Landrau Rivera, Attorney $250 Josue Landrau Rivera, Attorney $175 Legal and Financial Assistants $75 In addition, the firm will seek reimbursement for expenses incurred. The firm also received a $15,000 retainer from the Debtor. Ms. Rivera 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: Noemi Landrau Rivera, Esq. Landrau Rivera & Assoc. P.O. Box 270219 San Juan, PR 00928 Telephone: (787) 774-0224 Facsimile: (787) 919-7713 Email: nlandrau@landraulaw.com About BL & More BL & More, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 24-04130) on Sept. 27, 2024, listing under $1 million in both assets and liabilities. Noemi Landrau Rivera, Esq., at Landrau Rivera & Assoc. serves as the Debtor's counsel. CABLE ONE: S&P Lowers $782MM Term Loan B-4 Rating to 'BB' --------------------------------------------------------- S&P Global Ratings lowered its issue-level rating on Phoenix-based cable TV and internet provider Cable One Inc.'s $782 million term loan B-4 due in 2028 to 'BB' from 'BB+' and revised the recovery rating to '3' from '2', indicating its expectation for meaningful (50%-70%; rounded estimate: 65%) recovery in the event of a payment default. In addition, S&P lowered its issue-level rating on Cable One's 4%, $650 million senior unsecured notes due in 2030 to 'B+' from 'BB-' and revised the recovery rating to '6' from '5', indicating our expectation for negligible (0%-10%; rounded estimate: 5%) recovery. The recovery rating revisions reflect the amendment to Cable One's credit agreement that upsizes its revolving credit facility due in 2028 (unrated) to $1.25 billion from $1 billion. Based on S&P's assumption of an 85% draw on its revolver under our hypothetical default scenario, the upsize increases Cable One's secured debt at default, diluting recovery prospects for both secured and unsecured lenders. S&P's 'BB' issuer credit rating and negative outlook on Cable One are unaffected. We view the transaction favorably because it improves the company's liquidity position by increasing its revolver availability. The amendment also provides enhanced capital structure optionality if it acquires the remaining 55% interest in cable operator Mega Broadband Investments Intermediate I LLC (Vyve Broadband). ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- S&P's simulated default scenario assumes Cable One's competitive position deteriorates after an unforeseen technological disruption allows rivals to offer comparable broadband speeds. S&P believes such a scenario would affect the entire industry, particularly small and midsize cable operators that depend more than their larger peers on broadband earnings. -- S&P's default scenario also considers competitive pressures from cable overbuilders and incumbent telephone companies such as AT&T and Lumen if the cost of fiber overbuilding substantially declines. -- S&P values Cable One on a going-concern basis using a 6x multiple, in line with the multiple it typically use for pure incumbent cable operators. -- S&P's valuation also includes the unpledged Vyve Broadband investment. Because our scenario envisions an industrywide disruption, there would be only modest value at Vyve Broadband available to secured and unsecured Cable One lenders in a default. -- Unsecured lenders share ratably in the unpledged value from Cable One's minority equity interest in Vyve Broadband, which results in modest recovery prospects despite the secured lenders not being fully covered. -- The $1.25 billion revolver is 85% drawn and all debt includes six months of prepetition interest. Simulated default assumptions -- Simulated year of default: 2029 -- EBITDA at emergence: $350 million -- EBITDA multiple: 6x Simplified waterfall -- Net enterprise value (after 5% administrative costs): $2 billion -- Valuation split (obligors/nonobligors): 92%/8% -- Collateral value available to secured creditors: $1.8 billion -- Secured debt: $2.8 billion --Recovery expectations: 50%-70% (rounded estimate: 65%) -- Collateral value available to unsecured claims: $160 million -- Senior unsecured debt and pari passu claims: $1.6 billion --Recovery expectations: 0%-10% (rounded estimate: 5%) CALERA CORPORATION: Voluntary Chapter 11 Case Summary ----------------------------------------------------- Debtor: Calera Corporation d/b/a Chemetry 11500 Dolan Road Moss Landing, CA 95039 Chapter 11 Petition Date: October 9, 2024 Court: United States Bankruptcy Court Northern District of California Case No.: 24-51527 Judge: Hon. Stephen L Johnson Debtor's Counsel: Ron Bender, Esq. LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P. 2818 La Cienega Ave. Los Angeles, CA 90034 Tel: (310) 229-1234 Fax: (310) 229-1244 Email: rb@lnbyg.com Total Assets: $508,946 Total Liabilities: $6,158,940 The petition was signed by Brian Paperny as CEO. The Debtor indicated in the petition it has no unsecured creditors. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/QWETSGI/Calera_Corporation__canbke-24-51527__0001.0.pdf?mcid=tGE4TAMA CENTURY BUILDERS: Seeks to Extend Plan Exclusivity to Feb. 24, 2025 ------------------------------------------------------------------- Century Builders Management Inc. asked the U.S. Bankruptcy Court for the Eastern District of New York to extend its exclusive period to file a plan of reorganization and disclosure statement to February 24, 2025. The Debtor explains that this fourth requested extension of the time period to file a plan is necessary due to the fact, that the time to file a plan and disclosure statement is set to expire on November 24, 2024, and the Debtor needs an additional time to reach an agreement with the Creditors, to obtain Court approval for the settlement terms and to file a plan of reorganization and disclosure statement, offering treatment to the Creditors of the estate. Further, the Debtor is currently working on several claim objections, which will be filed with the Court shortly. Furthermore, the fourth extension of the time to file a plan and disclosure statement will allow the Debtor to file a Chapter 11 plan and disclosure statement without violating the Bankruptcy Code and to provide treatment to its Creditors. Century Builders Management Inc. is represented by: Alla Kachan, Esq. LAW OFFICES OF ALLA KACHAN, P.C. 2799 Coney Island Avenue, Suite 202 Brooklyn, NY 11235 Tel: (718) 513-3145 About Century Builders Management Century Builders Management Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-41978) on June 2, 2023, with $810,446 in total assets and $1,080,393 in liabilities. Gustavo Reyes, president, signed the petition. Judge Elizabeth S. Stong oversees the case. The Debtor tapped the Law Offices of Alla Kachan, PC as legal counsel and Wisdom Professional Services Inc. as accountant. CHALFONT LLC: Seeks Chapter 11 Bankruptcy Protection ---------------------------------------------------- Chalfont LLC filed Chapter 11 protection in the Northern District of Texas. According to court documents, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under 11 U.S.C. Section 341(a) is slated for November 7, 2024 at 2:00 p.m. in Room Telephonically. About Chalfont LLC Chalfont LLC is engaged in activities related to real estate. Chalfont LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-33035) on Sept. 30, 2024. In the petition filed by Daniel C. Blackburn, as president/chief executive officer, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by: Robert Buchholz, Esq. THE LAW OFFICE OF ROBERT W. BUCHHOLZ, P.C. 5220 Spring Valley Road, Suite 618 Dallas, TX 75254 Tel: (214) 754-5500 E-mail: BOB@ATTORNEYBOB.COM CLARITY DIAGNOSTICS: Hires Crown Medical as Collections Counsel --------------------------------------------------------------- Clarity Diagnostics, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Crown Medical Collections, LLC, as special collections counsel. The firm's services include: (a) contacting and negotiating with third-party health insurance payers to collect outstanding AR for COVID-19 testing on behalf of Debtor; (b) conducting discovery related to the outstanding AR for COVID-19 testing on behalf of Debtor pursuant to FRCP 2004; (c) advising/counseling Debtor of its rights related to collection of the outstanding AR for COVID-19 testing balances; and (d) performing all other services for and on behalf of Debtor that may be necessary or appropriate in the collection of the outstanding AR COVID-19 balances. Crown will receive a contingent fee in the amount of 30 percent of the gross recovery of any amounts recovered. As disclosed in the court filings, Crown does not hold or presently represent any parties with interests adverse to the Debtor's estate, and is a disinterested person qualified to represent the Debtor in this case. The firm can be reached through: Richard Hersperger, Esq. Crown Medical Collections, LLC 110 W. High Street Ebensburg, PA 15931 Tel: (833) 205-4455 About Clarity Diagnostics, LLC Clarity Diagnostics is a manufacturer of point of care rapid diagnostic tests, diagnostic equipment, and over-the-counter diagnostic tests that are targeted toward the Continuum of Care, Alternative Care, Acute Care, Laboratory, and OTC markets. Clarity Diagnostics, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-18938) on August 30, 2024. At the time of filing, the Debtor estimated $1 million to $10 million in both assets and liabilities. The petition was signed by Richard Simpson as president. Judge Erik P Kimball presides over the case. Bradley S. Shraiberg, Esq. at SHRAIBERG PAGE PA represents the Debtor as counsel. CLARITY DIAGNOSTICS: Taps Bast Amron as Special Litigation Counsel ------------------------------------------------------------------ Clarity Diagnostics, LLC and Clarity Lab Solutions, LLC seek approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Bast Amron LLP as special litigation counsel. The Debtors need a special counsel to assist in the investigation and prosecution of claims against their prepetition lender, FCS Advisors LLC d/b/a Brevet Capital Advisors, LLC. The hourly rates of the firm's attorneys and paralegals are as follows: Brett Amron, Attorney $725 Paralegals and Attorneys $230 - $725 The firm received an initial retainer in the amount of $15,000 from the Debtors. Mr. Amron 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: Brett Amron, Esq. Bast Amron, LLP 1 SE 3rd Ave. Miami, FL 33131 Telephone: (305) 379-7904 About Clarity Diagnostics Clarity Diagnostics is a manufacturer of point of care rapid diagnostic tests, diagnostic equipment, and over-the-counter diagnostic tests that are targeted toward the Continuum of Care, Alternative Care, Acute Care, Laboratory, and OTC markets. On August 30, 2024, and September 10, 2024, Clarity Diagnostics, LLC and Clarity Lab Solutions, LLC filed their voluntary petitions for relief under Chapter 11 of the Bankrutpcy Code (Bankr. S.D. Fla. Lead Case No. 24-18938). At the time of filing, Clarity Diagnostics disclosed $1 million to $10 million in both assets and liabilities, while Clarity Lab Solutions disclosed up to $10 million in assets and up to $50 million in liabilities. The petitions were signed by Richard Simpson, president. Judge Erik P. Kimball presides over the cases. The Debtors tapped Bradley S. Shraiberg, Esq. at Shraiberg Page PA as bankruptcy counsel and Brett Amron, Esq., at Bast Amron, LLP as special litigation counsel. CLASS ACT: Gets Interim OK to Use Cash Collateral Until Dec. 19 --------------------------------------------------------------- Class Act Restaurant Group, LLC received interim approval from the U.S. Bankruptcy Court for the Southern District of Florida to use cash collateral until Dec. 19. The company can use the cash collateral to pay its operating expenses in accordance with an approved budget that allows for a maximum 10% variance in expenses. It is also allowed to utilize the cash collateral for U.S. Trustee fees due and payable on or before Dec. 19. The court order prohibits the company from using the cash collateral on a deficit basis. The company, however, can accept funds from certain related entities, which will be considered capital infusions. The order emphasizes that it does not grant any additional security interests in the cash collateral to any party and protects existing secured parties' rights. The next hearing is scheduled for Dec. 19. About Class Act Restaurant Group Class Act Restaurant Group, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-16626) on July 1, 2024, listing up to $50,000 in assets and up to $10 million in liabilities. The petition was signed by Panagiota Lazarou-Amanna, authorized representative of the Debtor. Judge Peter D Russin presides over the case. David A. Ray, Esq., at David A. Ray, P.A. represents the Debtor as legal counsel. CONNORSVILLE COMMONS: Seeks Chapter 11 Bankruptcy Protection ------------------------------------------------------------ Connorsville Commons LLC filed for Chapter 11 protection in the Southern District of Texas. 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. About Connorsville Commons Connorsville Commons LLC is a Single Asset Real Estate (as defined in 11 U.S.C. Sec. 101(51B)). Connorsville Commons LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-34691) on October 4, 2024. In the petition filed by Thomas Noons, as managing partner, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by: Bennett Greg Fisher, Esq. Lewis Brisbois Bisgaard & Smith 600 Travis Street Ste 5050 Houston, TX 77002 CRYSTAL PACKAGING: Asset Sale Proceeds to Fund Plan --------------------------------------------------- Crystal Packaging Inc. filed with the U.S. Bankruptcy Court for the District of Colorado a Subchapter V Plan of Liquidation dated September 3, 2024. The Debtor is a Colorado corporation incorporated in 1986. The Debtor's business involves blending and packaging windshield washer fluid; industrial and consumer cleaning products; and bulk lubricants and glycols. The Debtor has 41 employees. The company's customer base distributes nationwide, with a focus in the Midwest and Western United States. During the Chapter 11 Case, the Debtor continued operations, but its performance did not meet its projections. The Debtor is currently negotiating a sale of its assets to one of its creditors. If an agreement is reached, the Debtor intends to seek approval of the sale by separate motion. The Debtor intends to seek authorization to sell substantially all of its assets to one buyer. What will remain after the sale for distribution to creditors under this Plan will be (a) recoveries, if any, from the Secret Service or insurance in connection with the $125,000 wire frauds and (b) proceeds from the asset sale remaining after payment of secured claims and other payments required in connection with the sale. The Debtor scheduled 36 general unsecured creditors. Certain creditors were paid post-petition pursuant to the Bankruptcy Court's Order dated July 18, 2024. As of the date of the Plan, the Debtor believes general unsecured claims total approximately $3 million. Class 3 consists of Allowed Claims of unsecured creditors. This Class shall receive the Net Proceeds, if any, after all Disputed Claims have been adjudicated. This Class is impaired. Class 4 consists of Interests in the Debtor. Upon confirmation of the Plan, Interest holders will retain their identical ownership interests in the Debtor. A full-text copy of the Subchapter V Liquidating Plan dated September 3, 2024 is available at https://urlcurt.com/u?l=xm43gy from PacerMonitor.com at no charge. About Crystal Packaging Inc. Crystal Packaging Inc. is a family owned liquid blending company offering a variety of contract and toll services for organizations across the country. Crystal Packaging Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 24-13093) on June 4, 2024. In the petition signed by C. Scott Vincent, as president, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Thomas B. Mcnamara oversees the cse. The Debtor is represented by: David V. Wadsworth, Esq. WADSWORTH GARBER WARNER CONRARDY, P.C. 2580 West Main Street Suite 200 Littleton, CO 80120 Tel: 303-296-1999 Email: dwadsworth@wgwc-law.com DELTA APPAREL: Salt Life Announces Store Closure Timeline --------------------------------------------------------- Georgie English of The U.S. Sun reports that one of America's top beach brands has confirmed the timeline of its upcoming store closures which are set to begin in the coming weeks. The popular Salt Life retailer has 28 stores across 10 states but has been forced to switch strategies after facing a bankruptcy bloodbath -- leaving all its shops to be closed down for good. Management has decided to pivot to e-commerce and wholesale after their parent company Delta Apparel Inc. was sold to brand management companies Iconix International and Hilco. All 28 stores have begun liquidation sales with discounts of up to 40 per cent. Shoppers will see sales on items like t-shirts, shorts, performance clothing, hoodies, tumblers and more. Additionally, customers can also purchase store fixtures and equipment at much cheaper prices than usual up until at least the end of October. A spokeperson for Salt Life told The Sun: "As of today, the plan is for the Salt Life closing sale in stores to run beyond October. "Close dates will be dependent on remaining inventory and could vary by location. "Customers are encouraged to shop often as new merchandise may be arriving in stores and its never too early to start holiday shopping!" It is still unclear when each individual shop will officially be closed for good. 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 estimated assets and liabilities between $100 million and $500 million each. Polsinelli PC, led by Christopher A. Ward, is the Debtor's counsel. DIOCESE OF BURLINGTON: Hires Fredrikson & Byron as Legal Counsel ---------------------------------------------------------------- Roman Catholic Diocese of Burlington, Vermont seeks approval from the U.S. Bankruptcy Court for the District of Vermont to employ Fredrikson & Byron, PA as its legal counsel. The firm's services include: (a) analyze the Debtor's financial situation and render advice and assistance in determining how to proceed; (b) assist with the preparation and filing of the petition, exhibits, attachments, schedules, statements, lists, motions, and other documents required by the Bankruptcy Code, the Federal Rules of Bankruptcy Procedure, the Local Rules, or the court in the course of this bankruptcy case; (c) represent the Debtor at the meetings of creditors; (d) negotiate with creditors and other parties in interest; (e) make and respond to motions, applications, and other requests for relief; (f) work with the Debtor and other parties to prepare and file a plan of reorganization and disclosure statement; and (g) perform other services requested by the Debtor or services reasonably necessary to represent it in this case. The firm's standard hourly rates are as follows: James Baillie, Shareholder $950 Steven Kinsella, Shareholder $575 Samuel Andre, Shareholder $525 Katherine Nixon, Associate $420 Shataia Stallings, Paralegal $210 In addition, the firm will seek reimbursement for expenses incurred. The Debtor paid the firm a retainer of $200,000. Mr. Baillie 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: James Baillie, Esq. Fredrikson & Byron, P.A. 60 South Sixth Street, Suite 1500 Minneapolis, MN 55402 Telephone: (612) 492-7000 Facsimile: (612) 492-7077 Email: jbaillie@fredlaw.com About Roman Catholic Diocese of Burlington Roman Catholic Diocese of Burlington sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Vt. Case No. 24-10205) on Sept. 30, 2024. In the petition signed by Reverend John Joseph McDermott, bishop, the Debtor disclosed up to $50 million in assets and up to $10 million in liabilities. Judge Heather Z. Cooper oversees the case. The Debtor tapped James Baillie, Esq., at Fredrikson & Byron, P.A. as bankruptcy counsel and Obuchowski Law Office as local counsel. DIOCESE OF BURLINGTON: Seeks to Hire Dinse PC as Special Counsel ---------------------------------------------------------------- The Roman Catholic Diocese of Burlington, Vermont seeks approval from the U.S. Bankruptcy Court for the District of Vermont to hire Dinse P.C. as special counsel. The firm's services include: a. representing the Diocese in the Litigation Cases to the extent the Litigation Cases are not stayed or the stay is modified for any reason; b. assisting the Diocese with investigating and evaluating the Litigation Cases; c. advising the Diocese on non-bankruptcy legal matters that may arise after the Petition Date, including, but not limited to, corporate matters and research and analysis on matters specific to Vermont law where Dinse's experience and expertise with the Diocese, knowledge of specific Vermont law, and hourly rates provide a direct benefit to the Diocese and the estate. The firm's standard hourly rates are: Nicole Andreson $425 per hour Kendall Hoechst $345 per hour Margarita Warren $325 per hour Mark Langan $470 per hour Amy McLaughlin $405 per hour Maggie Platzer $425 per hour Lena Capps $275 per hour The Diocese paid Dinse a retainer of $150,000 on August 26, 2024. Dinse P.C. is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates, according to court filings. The firm can be reached through: Nicole Andreson Dinse P.C. P.O. Box 988, 209 Battery Street Burlington, VT 05402-0988 Tel: (802) 859-7049 Email: nandreson@dinse.com About the Catholic Diocese of Burlington Catholic Diocese of Burlington is a Diocese of Burlington is a Latin Church diocese of the Catholic Church for Vermont in the United States. Catholic Diocese of Burlington sought relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Vt. Case No. 24-10205) on September 30, 2024. The Honorable Bankruptcy Judge Heather Z. Coope handles the case. The Debtor is represented by Raymond J. Obuchowski, Esq. DIOCESE OF BURLINGTON: Taps Obuchowski Law Office as Local Counsel ------------------------------------------------------------------ Roman Catholic Diocese of Burlington, Vermont seeks approval from the U.S. Bankruptcy Court for the District of Vermont to employ Obuchowski Law Office as its local bankruptcy counsel. The firm's services include: (a) advise the Debtor as to local procedures, advise substantively on motions and strategies where appropriate; (b) prepare, review and file pleadings with the court; (c) attend court hearings when necessary, and seek to minimize duplicative services at all times; (d) advise as necessary the Debtor as to its duties and operations; (e) take all actions necessary to preserve the estate; (f) prepare all necessary motions and other papers in the ordinary administration of the estate; (g) assist in the formulation, negotiation, and confirmation of the plan; (h) perform any and all other legal services for the Debtor that it determines are necessary and appropriate after advice and consultation with Fredrikson & Byron, PA, its bankruptcy counsel. Raymond Obuchowski, Esq., the primary attorney in this representation, will be paid $350 per hour. The firm received a retainer of $50,000 from the Debtor. Mr. Obuchowski 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: Raymond Obuchowski, Esq. Obuchowski Law Office 1542 Rte. 107 Bethel, VT 05032 Telephone: (802) 234-6244 Facsimile: (802) 234-624 About Roman Catholic Diocese of Burlington Roman Catholic Diocese of Burlington sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Vt. Case No. 24-10205) on Sept. 30, 2024. In the petition signed by Reverend John Joseph McDermott, bishop, the Debtor disclosed up to $50 million in assets and up to $10 million in liabilities. Judge Heather Z. Cooper oversees the case. The Debtor tapped James Baillie, Esq., at Fredrikson & Byron, P.A. as bankruptcy counsel and Obuchowski Law Office as local counsel. DISTRIBUIDORA MI HONDURAS: Starts Subchapter V Bankruptcy Process ----------------------------------------------------------------- Distribuidora Mi Honduras LLC filed for chapter 11 protection in the District of Maryland. The Debtor is a Maryland limited liability company which operates an import business whereby they import specialty non-perishable foods, cosmetics, and cleaning supplies from Mexico and Central America since 2016, currency has 8 employees, and has a monthly revenue of approximately $150,000 and estimated increase to $450,000 to $500,000 within the next six months. Prepetition, the Debtor entered into loan agreements with various lenders which have a security interest in the Debtor's cash and cash equivalents via UCC-1 Financing Statements filed with the State of Marylandas reflected in the Debtor's Chapter 11 Petition. The Debtor's primary asset is its import business, and the money derived from the same. As of the Petition Date, Debtor has earned revenue from operating its business in the amount of approximately $1,000,000 for the current year. The Debtor generates monthly revenues of over $100,000 per month. The Debtor plans to continue operation of its business throughout the Chapter 11, Subchapter V, case and propose a Plan of Reorganization which provides for the continuation of the Debtor's business. The Debtor says it is only through a Plan that unsecured creditors will see a recovery on account of their claims, because through a Plan, and as a going concern, Debtor's business will maintain its top and highest value. According to court documents, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Distribuidora Mi Honduras Distribuidora Mi Honduras LLC, doing business as DMH LLC, import sspecialty non-perishable foods, cosmetics, and cleaning supplies from Mexico and Central America. Distribuidora Mi Honduras sought relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No. 24-18364) on Oct. 4, 2024. In the petition filed by Omar Rubinstein, as managing member, the Debtor estimated assets between $500,000 and $1 million and liabilities between $1 million and $10 million. The Debtor is represented by: David Erwin Cahn, Esq. Law Office of David Cahn, LLC 4451 Georgia Pacific Blvd., Suite A Frederick, MD 21704 DIXON FLEET: Case Summary & 16 Unsecured Creditors -------------------------------------------------- Debtor: Dixon Fleet Services, LLC 324 Perry Curtis Road Zebulon, NC 27597-8873 Chapter 11 Petition Date: October 8, 2024 Court: United States Bankruptcy Court Eastern District of North Carolina Case No.: 24-03534 Debtor's Counsel: Laurie B. Biggs, Esq. BIGGS LAW FIRM PLLC 9208 Falls of Neuse Road Suite 120 Raleigh, NC 27615 Tel: (919) 375-8040 Email: lbiggs@biggslawnc.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Billy W. Perry, Jr. as member/manager. A full-text copy of the petition containing, among other items, a list of the Debtor's 16 unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/LSWPFSI/Dixon_Fleet_Services_LLC__ncebke-24-03534__0001.0.pdf?mcid=tGE4TAMA DOYLE'S TAVERN: Seeks to Hire Richard Feinsilver as Legal Counsel ----------------------------------------------------------------- Doyle's Tavern on 145 LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Richard Feinsilver, Esq., an attorney practicing in Carle Place, New York, as its counsel. Mr. Feinsilver will render these services: (a) prepare and file the Chapter 11 petition; (b) negotiate with creditors, as required; (c) attend all Section 341(a) meetings with creditors and the U.S. Trustee; (d) prepare the Chapter 11 plan and all amendments to same, as required; (e) attend all hearings; (f) review monthly financial statements; and (g) post confirmation conferences with the U.S. Trustee and creditors, if required. The attorney will be billed at his hourly rate of $450 plus reimbursement of expenses incurred. His legal assistant will be billed at $100 per hour. The attorney also received a retainer of $5,000, plus the $1,738 filing fee. Mr. Feinsilver disclosed in a court filing that he is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The attorney can be reached at: Richard S. Feinsilver, Esq. One Old Country Road, Suite 347 Carle Place, NY 11514 Telephone: (516) 873-6330 Facsimile: (516) 873-6183 About Doyle's Tavern on 145 LLC Doyle's Tavern on 145 LLC owns a commercial building located at 2478 Route 145, East Durham, New York 12423 valued at $400,000. Doyle's Tavern on 145 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-35908) on September 9, 2024. In the petition filed by Garrett P Doyle, as managing member, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Richard S. Feinsilver, Esq. DULIN FAMILY: Unsecured Creditors to Split $6K over 60 Months ------------------------------------------------------------- Dulin Family Dentistry PA, filed with the U.S. Bankruptcy Court for the District of Kansas a Plan of Reorganization dated September 3, 2024. The Debtor operates a family dental practice in Topeka, Kansas. The Debtor is a Professional Association owned by Kevin Dulin. The current ownership group purchased the Debtor on January 1, 2020. Since then, the business has struggled to be cash flow positive. The Debtor also struggled because of personal issues with principal Kevin Dulin that has abated. The business cannot survive under the debt structure that existed when the case was filed. Because of poor cash flow, the Debtor had to borrow money from merchant case advance lenders to make payroll and other operational costs. The Debtor's business can operate at a profit, but only if it is not encumbered with the legacy debt. The Debtor proposes to pay the secured value of the claim of Bank of America, the priority claim of the Internal Revenue Service and a $6,000.00 distribution to the unsecured creditors over sixty months beginning December 1, 2024. Class 2 consists of Priority unsecured claim. The claim will be paid 7% interest of 60 months with payments estimated to be $358.97 per month commencing December 1, 2024. The amount of claim in this Class total $430.69. Class 3 consists of General Unsecured Claims. This Class shall receive a Monthly payment of $100.00 to be disbursed pro-rata. However, the Debtor reserves the right to make annual payments to certain if the creditor's pro-rata payments total $15.00 or less annually. No interest to be paid. This Class is impaired. The Debtor's Ch. 11 Plan will be implemented from ongoing business operations, collection against third parties, collection on insurance company, and contributions from the equity interest holder of the Debtor. Subject to the Plan or the order confirming the Plan, on Confirmation of the Plan all property of the Debtor, tangible and intangible, including, without limitation, licenses, furniture, fixtures and equipment, will revert, free and clear of all Claims and Equitable Interests except as provided in the Plan, to the Debtor. The Debtor expects to have sufficient cash on hand to make the payments required on the Effective Date. The Debtor must submit all or such portion of the future earnings or other future income of the Debtor to the supervision and control of the Trustee as is necessary for the execution of the Plan. The final Plan payment is expected to be paid on or before November 29, 2029. A full-text copy of the Plan of Reorganization dated September 3, 2024 is available at https://urlcurt.com/u?l=7Rb3vF from PacerMonitor.com at no charge. Attorneys for the Debtor: Colin N. Gotham, Esq. Evans & Mullinix P.A. 7225 Renner Road, Suite 200 Shawnee, KS 66217 Telephone: (913) 962-8700 Facsimile: (913) 962-8701 Email: cgotham@emlawkc.com About Dulin Family Dentistry Dulin Family Dentistry, P.A., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 24-40362) on June 3, 2024, with up to $500,000 in assets and up to $1 million in liabilities. Kevin J. Dulin, owner, signed the petition. Judge Dale L. Somers oversees the case. Colin Gotham, Esq., at Evans & Mullinix, P.A., is the Debtor's legal counsel. E & J EXPEDITE: Seeks to Hire Paul Reece Marr as Attorney --------------------------------------------------------- E & J Expedite 4 Jesus, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Paul Reece Marr, P.C. as its bankruptcy attorneys. The firm's services include : (a) providing the Debtor with legal advice regarding its powers and duties as a debtor in possession in the continued operation and management of its affairs; (b) preparing on behalf of the Debtor the necessary applications, statements, schedules, lists, answers, orders and other legal papers pursuant to the Bankruptcy Code; and (c) performing all other legal services in the Chapter 11 bankruptcy proceeding for the Debtor which may be reasonably necessary. The hourly rates of the firm's counsel and staff are as follows: Paul Reece Marr, Esq. $450 Paralegal $250 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer in the amount of $10,000 and a filing fee in the amount of $1,738. Paul Reece Marr, Esq., an attorney at Paul Reece Marr, 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 through: Paul Reece Marr, Esq. Paul Reece Marr, PC 6075 Barfield Road; Suite 213 Sandy Springs, GA 30328 Telephone: (770) 984-2255 Email: paul.marr@marrlegal.com About E & J Expedite 4 Jesus, LLC E & J Expedite 4 Jesus, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 24-59829) on September 18, 2024, listing $100,001 to $500,000 in both assets and liabilities. Judge James R Sacca presides over the case. Paul Reece Marr, Esq. at Paul Reece Marr, PC represents the Debtor as counsel. ECO ROOF: Oct. 29 Final Hearing on Bid to Use Cash Collateral ------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Colorado granted Eco Roof and Solar INC. authorization to use cash collateral effective through the date of the final hearing and subject to a budget. As part of the order, the debtor is required to make timely monthly payments to La Plata Capital, which will also receive a replacement lien on post-petition account proceeds as adequate protection against any decrease in its interest in the cash collateral. The debtor must maintain adequate insurance on all personal property assets to protect against potential losses. The court mandates that the debtor provide periodic reports and bi-weekly cash flow statements to ensure transparency and compliance. Furthermore, any expenditures from the cash collateral must adhere to the budget, allowing for a maximum fluctuation of 15% per expense line item. A final hearing to review the debtor's request for the continued use of cash collateral is set for October 29, 2024, at 2:00 p.m. The deadline for filing objections is October 18. About Eco Roof and Solar INC Eco Roof and Solar Inc. specializes in renewable energy solutions, particularly focused on solar energy systems and sustainable roofing options. The Company aims to provide environmentally friendly alternatives for residential and commercial properties, emphasizing energy efficiency and reduced carbon footprints. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 24-15628), listing between $1 million and $10 million in estimated assets and between $10 million and $50 million in estimated liabilities. The petition was signed by Dylan Lucas as president. The Hon. Joseph G. Rosania Jr. presides over the case. David V. Wadsworth, Esq., at WASDWORTH GARBER WARNER CONRARDY, P.C. represents the Debtor as legal counsel. ELENAROSE CAPITAL: Gets Interim OK to Use Cash Collateral --------------------------------------------------------- ElenaRose Capital, LLC received interim approval from the U.S. Bankruptcy Court for the Southern District of Indiana to use its secured creditors' cash collateral. The company can use the cash collateral for operating expenses in accordance with a court-approved budget until the earlier of the final hearing date or the closing of the sale of its assets. As protection, KTB Equity, Inc. and Peapack Capital Corp. will be granted replacement liens and superpriority administrative expense claims. In addition, KTB and Peapack will receive payment of $10,701 and $150,000, respectively, starting Oct. 14. The final hearing is scheduled for Oct. 31. About ElenaRose Capital ElenaRose Capital, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 23-70665) on Sept. 8, 2023, with up to $50,000 in assets and up to $10 million. Louis Capolino, president and manager, signed the petition. Judge Andrea K. McCord oversees the case. Weston E. Overturf, Esq., at Kroger, Gardis & Regas, LLP, is the Debtor's legal counsel. EVEREST LENDING: Plan Exclusivity Period Extended to October 21 --------------------------------------------------------------- Judge Jeffery A. Deller of the U.S. Bankruptcy Court for the Western District of Pennsylvania extended Everest Lending Group, LLC's exclusive period to file a plan of reorganization to October 21, 2024. As shared by Troubled Company Reporter, the Debtor initiated this Chapter 11 case to restructure secured mortgage debts and unsecured debts related to business operations. The Debtor explains that it has ongoing negotiations with parties related to mortgage claims, which will impact the construction of a feasible 11 plan of reorganization. The parties continue to make progress in these negotiations. The Debtor has complied with all of their post-filing Chapter 11 obligations. Everest Lending Group, LLC, is represented by; Brian C. Thompson, Esq. Thompson Law Group, PC 125 Warrendale Bayne Road, Suite 200 Warrendale, PA 15086 Tel: (724) 799-8404 Fax: (724) 799-8409 Email: bthompson@thompsonattorney.com About Everest Lending Group Everest Lending Group, LLC, filed a Chapter 11 bankruptcy petition (Bankr. W.D. Pa. Case No. 24-21018) on April 26, 2024, disclosing under $1 million in both assets and liabilities. The Debtor is represented by THOMPSON LAW GROUP, P.C. EXELA TECHNOLOGIES: Two Directors Quit From Board ------------------------------------------------- Exela Technologies, Inc. reported in a Form 8-K filed with the Securities and Exchange Commission that on Oct. 2, 2024, Marc A. Beilinson notified the Board of Directors of the Company of his intention to resign as a director of the Company, effective as of Oct. 3, 2024. On Oct. 3, 2024, Sharon Chadha, notified the Board of Directors of the Company of her intention to resign as a director of the Company, effective as of Oct. 3, 2024. According the Company, each of Mr. Beilinson's and Mrs. Chadha's resignation was not the result of any dispute or disagreement with the Company or the Company's Board of Directors on any matter relating to the operations, policies or practices of the Company. About Exela Technologies Headquartered in Irving, Texas, Exela Technologies, Inc. -- http://www.exelatech.com/-- is a business process automation (BPA) company, leveraging a global footprint and proprietary technology to provide digital transformation solutions enhancing quality, productivity, and end-user experience. With decades of experience operating mission-critical processes, Exela serves a growing roster of more than 4,000 customers throughout 50 countries, including over 60% of the Fortune 100. Utilizing foundational technologies spanning information management, workflow automation, and integrated communications, Exela's software and services include multi-industry, departmental solution suites addressing finance and accounting, human capital management, and legal management, as well as industry-specific solutions for banking, healthcare, insurance, and the public sector. Iselin, New Jersey-based EisnerAmper LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated April 3, 2024, citing that the Company has experienced recurring losses, has a working capital deficit and stockholders' deficit, and significant future required cash payments for interest under its long-term debt obligations that raise substantial doubt about its ability to continue as a going concern. FARRELL'S ON 145TH: Hires Richard Feinsilver as Legal Counsel ------------------------------------------------------------- Farrell's on 145th, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Richard Feinsilver, Esq., an attorney practicing in Carle Place, New York, as its counsel. Mr. Feinsilver will render these services: (a) prepare and file the Chapter 11 petition; (b) negotiate with creditors, as required; (c) attend all Section 341(a) meetings with creditors and the U.S. Trustee; (d) prepare the Chapter 11 plan and all amendments to same, as required; (e) attend all hearings; (f) review monthly financial statements; and (g) post confirmation conferences with the U.S. Trustee and creditors, if required. The attorney will be billed at his hourly rate of $450 plus reimbursement of expenses incurred. His legal assistant will be billed at $100 per hour. The attorney also received a retainer of $5,000, plus the $1,738 filing fee. Mr. Feinsilver disclosed in a court filing that he is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The attorney can be reached at: Richard S. Feinsilver, Esq. One Old Country Road, Suite 347 Carle Place, NY 11514 Telephone: (516) 873-6330 Facsimile: (516) 873-6183 About Farrell's on 145th, LLC Farrell's on 145th, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-35907) on September 9, 2024, listing $500,001 to $1 million in assets and $100,001 to $500,000 in liabilities. Richard S. Feinsilver, Esq., is the Debtor's legal counsel. FARRELL'S ON ROUND: Hires Richard Feinsilver as Legal Counsel ------------------------------------------------------------- Farrell's on Round Top LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Richard Feinsilver, Esq., an attorney practicing in Carle Place, New York, as its counsel. Mr. Feinsilver will render these services: (a) prepare and file the Chapter 11 petition; (b) negotiate with creditors, as required; (c) attend all Section 341(a) meetings with creditors and the U.S. Trustee; (d) prepare the Chapter 11 plan and all amendments to same, as required; (e) attend all hearings; (f) review monthly financial statements; and (g) post confirmation conferences with the U.S. Trustee and creditors, if required. The attorney will be billed at his hourly rate of $450 plus reimbursement of expenses incurred. His legal assistant will be billed at $100 per hour. The attorney also received a retainer of $10,000, plus the $1,738 filing fee. Mr. Feinsilver disclosed in a court filing that he is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The attorney can be reached at: Richard S. Feinsilver, Esq. One Old Country Road, Suite 347 Carle Place, NY 11514 Telephone: (516) 873-6330 Facsimile: (516) 873-6183 About Farrell's on Round Top Farrell's on Round Top LLC owns a mixed use commercial property (105 acres, hotel, bar/restaurant (dormant) located at Mountain Avenue, Purling NY 12470 having a current value $3 million. Farrell's on Round Top LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-35906) on September 9, 2024. In the petition filed by Garrett P. Doyle, as managing member, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Richard S. Feinsilver, Esq. FITZGERALD HILL: Court Denies Use of Cash Collateral ---------------------------------------------------- The U.S. Bankruptcy Court for the District of Massachusetts conducted a hearing on Oct. 1 concerning the motion filed by Fitzgerald Hill, LLC for approval to use cash collateral on an interim and final basis. After reviewing the motion and hearing arguments, the court denied the request. The specific reasons for the denial were articulated on the record during the hearing. The company on Aug. 15 requested to use its secured creditors' cash collateral to fund the operations of its rental property in Wellfleet, Mass., and pay administrative expenses. This collateral consists of income generated from the property. The property secures the loans from Seamen's Bank and the U.S. Small Business Administration. About Fitzgerald Hill Fitzgerald Hill, LLC, a company in Wellfleet, Mass., filed Chapter 11 petition (Bankr. D. Del. Case No. 24-11583) on Aug. 5, 2024, with $1 million to $10 million in both assets and liabilities. John O'Toole and Grant Hester, managers at Fitzgerald Hill, signed the petition. Judge Janet E. Bostwick oversees the case. The Debtor is represented by Peter M. Daigle, Esq., at Daigle Law Office. FOREST BEND: Seeks to Hire Robert W. Buchholz as Legal Counsel -------------------------------------------------------------- Forest Bend, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ The Law Office of Robert W. Buchholz, PC to handle its Chapter 11 case. The firm's counsel and staff will be paid at these hourly rates: Robert Buchholz, Attorney $350 Paralegal $125 In addition, the firm will seek reimbursement for expenses incurred. The firm also received a filing fee of $1,738 from Lake Point Healthcare, LP, an entity with an ownership interest in the Debtor. ` ` Mr. Buchholz disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Robert W. Buchholz, Esq. The Law Office of Robert W. Buchholz, P.C. 5220 Spring Valley Road, Suite 618 Dallas, TX 75254 Telephone: (214) 754-5500 Facsimile: (214) 754-9100 Email: bob@attorneybob.com About Forest Bend Forest Bend, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-32702) on Sept. 1, 2024. In the petition filed by Dan Blackburn, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Stacey G. Jernigan handles the case. The Law Office of Robert W. Buchholz, P.C. serves as the Debtor's counsel. FORGE FLIGHTWORKS: Commences Subchapter V Bankruptcy Process ------------------------------------------------------------ Forge Flightworks Inc. filed for Chapter 11 protection in the Middle District of Tennessee. 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. About Forge Flightworks Inc. Forge Flightworks Inc. -- https://www.forgeflightworks.com -- operates as a avionics service centre. The Company installs, maintains, and repairs avionics systems, interiors, engines, and airframe systems for general aviation aircraft, business jets, twin turboprops, and single-engine piston airplanes. Forge Flightworks serves in the State of Tennessee. Forge Flightworks Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 24-03831) on October 4, 2024. In the petition filed by Van Mark Lee, as CEO, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. The Debtor is represented by: Henry E. Hildebrand, Esq. Dunham Hildebrand Payne Waldron, PLLC 624B Fitzhugh Blvd Smyrna, TN 37167 FRANCISCAN FRIARS: Hires Gust Rosenfeld PLC as Special Counsel -------------------------------------------------------------- Franciscan Friars of California, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ Gust Rosenfeld P.L.C. as special counsel. The Debtor is filing four coordinated applications to employ or to expand the scope of employment of the four Defense Firms to perform legal services associated with the proofs of claims filed in this case to include the review and production of abuse-related documents requested by the Official Committee of Unsecured Creditors, evaluation of covered claims for mediation, and preparation of objections to claims if appropriate. The Defense Firms include Bledsoe, Diestel, Treppa & Crane LLP, Gust Rosenfeld P.L.C., Weintraub Tobin Chediak Coleman Grodin Law Corporation, and The Law Offices of Jeffrey E. Jones. The firm will also represent the Debtor with respect to Claim No. 20071 in the event that neither Travelers nor California Insurance Guarantee Association funds the defense of the claim. Gust Rosenfeld P.L.C. is a disinterested person and neither represents nor holds any interest adverse to the Debtor, its estate, or the creditors, according to court filings. The firm can be reached through: A. Daniel Coumides, Esq. Gust Rosenfeld P.L.C. One East Washington Street, Suite 1600 Phoenix, AZ 85004 Tel: (602) 257-7422 Email: dcoumides@gustlaw.com About Franciscan Friars of California Franciscan Friars of California, Inc. is a tax-exempt religious organization in Oakland, Calif. The Debtor was formed to provide religious, charitable, and educational acts, ministry, and service to the poor. Franciscan Friars of California, Inc. filed its voluntary petition for Chapter 11 protection (Bankr. N.D. Cal. Case No. 23-41723) on December 31, 2023, listing $1 million to $10 million in assets and $10 million to $50 million in liabilities. David Gaa, OFM, president of the Debtor, signed the petition. Judge William J. Lafferty oversees the case. The Debtor tapped Binder Malter Harris & Rome-Banks LLP as bankruptcy counsel; Hanson Bridgett LLP, Weintraub Tobin Chediak Coleman Grodin Law Corporation, and Bledsoe, Diestel, Treppa & Crane LLP as special counsel; and GlassRatner Advisory & Capital Group LLC, doing business as B. Riley Advisory Services, as financial advisor. Donlin, Recano & Company, Inc. is the Debtor's administrative advisor. The U.S. Trustee appointed an official committee of unsecured creditors. The committee selected Lowenstein Sandler LLP and Keller Benvenutti Kim LLP as counsel and Berkeley Research Group, LLC as its financial advisor. FRANCISCAN FRIARS: Hires Jeffrey E. Jones as Special Counsel ------------------------------------------------------------ Franciscan Friars of California, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ The Law Offices of Jeffrey E. Jones as special counsel. The Debtor is filing four coordinated applications to employ or to expand the scope of employment of the four Defense Firms to perform legal services associated with the proofs of claims filed in this case to include the review and production of abuse-related documents requested by the Official Committee of Unsecured Creditors, evaluation of covered claims for mediation, and preparation of objections to claims if appropriate. The Defense Firms include Bledsoe, Diestel, Treppa & Crane LLP, Gust Rosenfeld P.L.C., Weintraub Tobin Chediak Coleman Grodin Law Corporation, and The Law Offices of Jeffrey E. Jones. The firm will also represent the Debtor with respect to Claim No. 20071 in the event that neither Travelers nor California Insurance Guarantee Association (CIGA) funds the defense of the claim. The Law Office of Jeffrey Jones is a disinterested person and neither represents nor holds any interest adverse to the Debtor, its estate, or the creditors, according to court filings. The firm can be reached through: Jeffrey E. Jones, Esq. The Law Office of Jeffrey Jones 6540 Stage Road Bartlett, TN 38134 Phone: (901) 902-5088 About Franciscan Friars of California Franciscan Friars of California, Inc. is a tax-exempt religious organization in Oakland, Calif. The Debtor was formed to provide religious, charitable, and educational acts, ministry, and service to the poor. Franciscan Friars of California, Inc. filed its voluntary petition for Chapter 11 protection (Bankr. N.D. Cal. Case No. 23-41723) on December 31, 2023, listing $1 million to $10 million in assets and $10 million to $50 million in liabilities. David Gaa, OFM, president of the Debtor, signed the petition. Judge William J. Lafferty oversees the case. The Debtor tapped Binder Malter Harris & Rome-Banks LLP as bankruptcy counsel; Hanson Bridgett LLP, Weintraub Tobin Chediak Coleman Grodin Law Corporation, and Bledsoe, Diestel, Treppa & Crane LLP as special counsel; and GlassRatner Advisory & Capital Group LLC, doing business as B. Riley Advisory Services, as financial advisor. Donlin, Recano & Company, Inc. is the Debtor's administrative advisor. FRANCISCAN FRIARS: Hires Weintraub Tobin as Special Counsel ----------------------------------------------------------- Franciscan Friars of California, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ Weintraub Tobin Chediak Coleman Grodin Law Corporation as special counsel. The Debtor is filing four coordinated applications to employ or to expand the scope of employment of the four Defense Firms to perform legal services associated with the proofs of claims filed in this case to include the review and production of abuse-related documents requested by the Official Committee of Unsecured Creditors, evaluation of covered claims for mediation, and preparation of objections to claims if appropriate. The Defense Firms include Bledsoe, Diestel, Treppa & Crane LLP, Gust Rosenfeld P.L.C., Weintraub Tobin Chediak Coleman Grodin Law Corporation, and The Law Offices of Jeffrey E. Jones. The firm will also represent the Debtor with respect to Claim No. 20071 in the event that neither Travelers nor California Insurance Guarantee Association (CIGA) funds the defense of the claim. Weintraub Tobin Chediak Coleman Grodin is a disinterested person and neither represents nor holds any interest adverse to the Debtor, its estate, or the creditors, according to court filings. The firm can be reached through: Daniel C. Zamora, Esq. Weintraub Tobin Chediak Coleman Grodin 475 Sansome Street, Suite 510 San Francisco, CA 94111 Telephone: (415) 772-9639 Facsimile: (415) 433-3883 About Franciscan Friars of California Franciscan Friars of California, Inc. is a tax-exempt religious organization in Oakland, Calif. The Debtor was formed to provide religious, charitable, and educational acts, ministry, and service to the poor. Franciscan Friars of California, Inc. filed its voluntary petition for Chapter 11 protection (Bankr. N.D. Cal. Case No. 23-41723) on December 31, 2023, listing $1 million to $10 million in assets and $10 million to $50 million in liabilities. David Gaa, OFM, president of the Debtor, signed the petition. Judge William J. Lafferty oversees the case. The Debtor tapped Binder Malter Harris & Rome-Banks LLP as bankruptcy counsel; Hanson Bridgett LLP, Weintraub Tobin Chediak Coleman Grodin Law Corporation, and Bledsoe, Diestel, Treppa & Crane LLP as special counsel; and GlassRatner Advisory & Capital Group LLC, doing business as B. Riley Advisory Services, as financial advisor. Donlin, Recano & Company, Inc. is the Debtor's administrative advisor. The U.S. Trustee appointed an official committee of unsecured creditors. The committee selected Lowenstein Sandler LLP and Keller Benvenutti Kim LLP as counsel and Berkeley Research Group, LLC as its financial advisor. FRANCISCAN FRIARS: Taps Bledsoe Diestel Treppa as Special Counsel ----------------------------------------------------------------- Franciscan Friars of California, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ Bledsoe, Diestel, Treppa & Crane LLP as special counsel. The Debtor is filing four coordinated applications to employ or to expand the scope of employment of the four Defense Firms to perform legal services associated with the proofs of claims filed in this case to include the review and production of abuse-related documents requested by the Official Committee of Unsecured Creditors, evaluation of covered claims for mediation, and preparation of objections to claims if appropriate. The Defense Firms include Bledsoe, Diestel, Treppa & Crane LLP, Gust Rosenfeld P.L.C., Weintraub Tobin Chediak Coleman Grodin Law Corporation, and The Law Offices of Jeffrey E. Jones. The firm will also represent the Debtor with respect to Claim No. 20071 in the event that neither Travelers nor California Insurance Guarantee Association (CIGA) funds the defense of the claim. Bledsoe, Diestel, Treppa & Crane LLP is a disinterested person and neither represents nor holds any interest adverse to the Debtor, its estate, or the creditors, according to court filings. The firm can be reached through: Alison M. Crane, Esq. Bledsoe, Diestel, Treppa & Crane LLP 601 California Street, 16th Floor San Francisco, CA 94108-2805 Tel: (415) 981-5411 Email: acrane@bledsoelaw.com About Franciscan Friars of California Franciscan Friars of California, Inc. is a tax-exempt religious organization in Oakland, Calif. The Debtor was formed to provide religious, charitable, and educational acts, ministry, and service to the poor. Franciscan Friars of California, Inc. filed its voluntary petition for Chapter 11 protection (Bankr. N.D. Cal. Case No. 23-41723) on December 31, 2023, listing $1 million to $10 million in assets and $10 million to $50 million in liabilities. David Gaa, OFM, president of the Debtor, signed the petition. Judge William J. Lafferty oversees the case. The Debtor tapped Binder Malter Harris & Rome-Banks LLP as bankruptcy counsel; Hanson Bridgett LLP, Weintraub Tobin Chediak Coleman Grodin Law Corporation, and Bledsoe, Diestel, Treppa & Crane LLP as special counsel; and GlassRatner Advisory & Capital Group LLC, doing business as B. Riley Advisory Services, as financial advisor. Donlin, Recano & Company, Inc. is the Debtor's administrative advisor. The U.S. Trustee appointed an official committee of unsecured creditors. The committee selected Lowenstein Sandler LLP and Keller Benvenutti Kim LLP as counsel and Berkeley Research Group, LLC as its financial advisor. FROM START: Trustee Taps McManimon Scotland & Baumann as Counsel ---------------------------------------------------------------- Mark Politan, the trustee appointed in the Chapter 11 case of From Start 2 Flipping, LLC, seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to employ McManimon, Scotland & Baumann, LLC as legal counsel. The firm will provide these services: (a) advise the trustee with respect to his powers and duties; (b) assist in the identifying, marshalling, and liquidating of the assets of the Debtor; (c) prosecute any claims that may arise in connection with this Chapter 11 proceeding; and (d) perform such other legal services for the trustee as may be necessary and appropriate herein. The hourly rates of the firm's counsel and staff are as follows: Anthony Sodono, III, Member $725 Sari B. Placona, Partner $525 Partners $350 - $695 Associates $220 - $350 Law Clerks $150 - $175 Paralegals and Support Staff $175 - $275 In addition, the firm will seek reimbursement for expenses incurred. Ms. Placona 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: Sari B. Placona, Esq. McManimon, Scotland & Bauman, LLC 75 Livingston Avenue, Suite 201 Roseland, NJ 07068 Telephone: (973) 622-1800 Email: splacona@msbnj.com About From Start 2 Flipping From Start 2 Flipping, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 24-17551) on July 31, 2024. Judge Stacey L. Meisel oversees the case. Mark Politan was appointed as trustee in this Chapter 11 case. He tapped Sari B. Placona, Esq., at McManimon, Scotland & Bauman, LLC as his counsel. FULCRUM LOAN: Plan Exclusivity Period Extended to Dec. 8 -------------------------------------------------------- Judge Paul W. Bonapfel of the U.S. Bankruptcy Court for the Northern District of Georgia extended Fulcrum Loan Holdings, LLC and affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to December 8, 2024 and February 6, 2025, respectively. As shared by Troubled Company Reporter, the Debtors are exploring potential financing and asset sale options that will allow them to emerge from chapter 11 and are analyzing various complex issues related to the claims of actual and alleged creditors. The Debtors claim that it anticipates filing and confirming a plan in the coming months and seek an extension to the Exclusivity Periods to preclude the costly disruption and instability that would occur if competing plans were proposed either before the plan is confirmed, or, if the plan is not confirmed, before the Debtors have a meaningful opportunity to work with its key constituencies to put forth an amended proposal. The Debtors assert that premature termination of the Exclusivity Periods may engender duplicative expense and litigation associated with multiple competing plans. Any litigation with respect to competing plans and resulting administrative expenses will only decrease recoveries to the Debtors' creditors and significantly delay, if not undermine entirely, the possibility of prompt confirmation of a plan of reorganization. The Debtors further assert that given the consequences for the Debtors' estates if the relief requested herein is not granted the requested extension of the Exclusivity Periods will not prejudice the legitimate interests of any party in interest in this case. Rather, the extension will further the Debtors' efforts to preserve value and avoid unnecessary and wasteful litigation. Counsel to the Debtors: Benjamin R. Keck, Esq. Law Firm of Keck Legal Druid Chase 2801 Buford Highway NE, Suite 115 Atlanta, GA 30329 Tel: (470) 826-6020 About Fulcrum Loan Holdings Fulcrum Loan Holdings is engaged in activities related to real estate. Fulcrum Loan Holdings filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 24-56114) on June 11, 2024, listing $10 million to $50 million in assets and $1 million to $10 million in liabilities. The petition was signed by Ronald S. Leventhal as CEO of Manager of Managing Member of Senior Member of Sole Member. Benjamin Keck, Esq. at KECK LEGAL, LLC, is the Debtor's counsel. FUNDIMENSION LLC: Seeks Chapter 11 Bankruptcy Protection -------------------------------------------------------- FunDimension LLC filed for Chapter 11 protection in the Southern District of Florida. 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. About FunDimension LLC FunDimension LLC -- https://fundimensionusa.com/ -- is a limited liability company. FunDimension LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-20351) on Oct. 4, 2024. In the petition filed by Joyce Alarcon-Frohman, as managing member, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. The Honorable Bankruptcy Judge Corali Lopez-Castro handles the case. The Debtor is represented by: Chad T. Van Horn, Esq. 2129 NW 1st Court Miami, FL 33127 G-MAC CONSTRUCTION: Seeks to Hire Robert Robben as Tax Preparer --------------------------------------------------------------- G-Mac Construction, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Kansas to employ Robert Robben Tax Service to prepare income tax returns for the bankruptcy estate. The accountant will be compensated at the rate of $200 per hour. Robert Robben Tax Service does not hold or represent any interest adverse to the Debtor or the estate, according to court filings. The firm can be reached through: Robert Robben Robert Robben Tax Service 4402 S 151th West Wichita, KS 67227 Tel: (316) 794-2609 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. GNSP CORP: Gets Final Approval to Use Over $502K in Cash Collateral ------------------------------------------------------------------- GNSP Corp. received final approval from a U.S. bankruptcy judge to use $502,958.86 of its secured creditors' cash collateral. The final order penned by Judge Catherine Peek McEwen of the U.S. Bankruptcy Court for the Middle District of Florida approved the use of cash collateral from Sept. 10 through the effective date of a confirmed Chapter 11 plan. GNSP can use the cash collateral for court-approved payments and necessary expenses including $45,759.34 in monthly operating expenses as outlined in the budget, plus up to 10% for each line item. As protection, secured creditors will have a perfected post-petition lien on the cash collateral. About GNSP Corp. GNSP Corp. operates RX Oasis, an independent pharmacy servicing the community of Riverview, Fla. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-00300) on January 22, 2024, with $1 million to $10 million in both assets and liabilities. Todd Tortoretti, GNSP Corp.'s president, signed the petition. Judge Catherine Peek McEwen oversees the case. Amy Denton Mayer, Esq., at Stichter, Riedel, Blain & Postler, P.A. represents the Debtor as legal counsel. GOLD EQUITY: Seeks to Hire Berger Fischoff Wexler as Counsel ------------------------------------------------------------ Gold Equity LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Berger, Fischoff, Shumer, Wexler & Goodman, LLP as attorney. The firm's services include: a. providing legal advice with respect to the powers and duties of the Debtor-in-Possession in the continued management of its business and property; b. representing the Debtor before the Bankruptcy Court and at all hearings on matters pertaining to its affairs, as Debtor-in-Possession, including prosecuting and defending litigated matters as they arises during the Chapter 11 case; c. advising and assisting the Debtor in the preparation and negotiation of a Plan Reorganization with its creditors; d. preparing all necessary or desirable applications, answers, orders, reports, documents and other legal papers; and e. performing all other legal services for the Debtor which may be desirable and necessary. The firm will be paid at these rates: Partners $550 to $675 per hour Associates $400 to $510 per hour Paralegals $210 per hour The firm will be paid a retainer in the amount of $19,250. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Gary C. Fischoff, Esq., a partner at Berger, Fischoff, Shumer, Wexler, Goodman, 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: Gary C. Fischoff, Esq. Berger, Fischoff, Shumer, Wexler, Goodman, LLP 6901 Jericho Turnpike, Suite 230 Syosset, NY 11791 Tel: (516) 747-1136 About Gold Equity Gold Equity LLC filed Chapter 11 petition (Bankr. E.D.N.Y. Case No. 23-42406) on July 7, 2023, with $0 to $50,000 in assets and liabilities. Judge Jil Mazer-Marino oversees the case. Charles Wertman, Esq. of THE LAW OFFICES OF CHARLES WERTMAN is the Debtors' legal counsel. GOLDNER CAPITAL: Blames Lender for Chapter 11 Filing ---------------------------------------------------- Rick Archer of Law360 Bankruptcy Authority reports that private equity firm and nursing home operator Goldner Capital Management has filed for Chapter 11 in New York bankruptcy court, claiming a lender orchestrated a "Trojan horse" scheme to cause it to default on $20.2 million in notes. About Goldner Capital Management LLC Goldner Capital Management LLC is a limited liability company. Goldner Capital Management LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-73789) on October 2, 2024. In the petition filed by Samuel Goldner, as manager, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $10 million and $50 million. Bankruptcy Judge Alan S. Trust handles the case. The Debtor is represented by: Gary F. Herbst, Esq. LAMONICA HERBST & MANISCALCO, LLP 3305 Jerusalem Avenue, Suite 201 Wantagh, NY 11793 Tel: 516-826-6500 E-mail: gfh@lhmlawfirm.com GRAYSTONE DRIVE: Files for Chapter 11 Bankruptcy ------------------------------------------------ Graystone Drive LLC filed Chapter 11 protection in the Northern District of Texas. According to court documents, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states that funds will be available to unsecured creditors. A meeting of creditors under 11 U.S.C. Section 341(a) is slated for November 7, 2024 at 2:00 p.m. in Room Telephonically. About Graystone Drive LLC Graystone Drive LLC is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). Graystone Drive LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-33036) on September 30, 2024. In the petition filed by Daniel C. Blackburn, as president, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by: Robert Buchholz, Esq. THE LAW OFFICE OF ROBERT W. BUCHHOLZ, P.C. 5220 Spring Valley Road, Suite 618 Dallas, TX 75254 Tel: (214) 754-5500 E-mail: BOB@ATTORNEYBOB.COM GRINDING MEDIA: Moody's Alters Outlook on 'B3' CFR to Stable ------------------------------------------------------------ Moody's Ratings changed Grinding Media Inc.'s (Molycop or Grinding Media) outlook to stable from negative. At the same time, Moody's affirmed its B3 corporate family rating, its B3-PD probability of default rating and a B3 rating of its first lien senior secured term loan. RATINGS RATIONALE Governance considerations were a key driver of the rating action. The change in the ratings outlook to stable from negative and the affirmation of a B3 CFR reflect the $280 million cash injection by the company's PE owner American Industrial Partners and the subsequent repayment of $225 million second lien term loan and $50 million of ABL borrowings, which improved Molycop's leverage, reduced its interest expenses and will enable the company to generate positive free cash flow in fiscal 2025. This, along with Moody's expectations of modest earnings growth in the medium term and no debt maturities until 2028, other than the ABL maturing in 2026, will support the credit profile commensurate with a B3 CFR. Molycop's B3 corporate family rating reflects its still high financial leverage and relatively small size versus other worldwide manufacturers of steel products, lack of end-market diversification and moderate customer concentration. The company is dependent on the highly cyclical mining sector with grinding media sales to this sector accounting for about 85% - 90% of its revenues, and is particularly exposed to copper and gold mining which account for around 85% of its grinding media sales. The lack of end market diversity reduces the company's operational flexibility and limits its ability to reduce the volatility of earnings through various mining cycles, especially if there is weakness in copper or gold demand and mining activity. Nevertheless, the company is exposed to the production level of mined commodities rather than price volatility, and global production of these two metals has been less volatile than their prices over the past several years. Grinding Media's rating is supported by its long-term relationship with well-established blue-chip customers, its good geographic diversity, large industry scale with forged grinding media capacity that is more than 3 times greater than its next largest competitor, and its high market share which it estimates at about 50% - 60% in each of its core regions. It also benefits from the recurring nature of its revenues since it sells products that wear down over time, require continuous replenishment and are critical in the processing of minerals. Its rating is also supported by its relatively low capital spending requirements, Moody's expectations for positive, albeit modest, free cash flow and its adequate liquidity profile. After the debt repayment in June 2024, Molycop's credit metrics improved materially with the leverage ratio (Debt/EBITDA), as adjusted by Moody's, declining to 5.9x in FY2024 (June year-end) from 7.1x in FY2023. The company also managed to generate positive free cash flow in the last quarter of FY2024 after generating negative free cash flow in the first nine months of the fiscal year. For FY2025-26, Moody's forecast modestly higher earnings from higher EBITDA in Australia, incremental contributions from the new SAG line in Indonesia, growth in process optimization business and other growth initiatives, which will be partially offset by lost volumes at the Cobre Panama mine (unless it is restarted). Moody's expect the company to use some of the projected positive free cash flow towards additional, more modest debt repayment, which should support further reduction in leverage towards mid-5x. Interest coverage ratio (EBIT/Interest) is expected to improve to 1.1x from 0.7x in FY2024. Grinding Media is expected to maintain an adequate liquidity profile. As of June 30, 2024, the company had about $57 million of unrestricted cash and $128 million of availability under its $220 million senior revolving credit facility which matures in October 2026. The B3 rating of the $900 million first lien term loan, in line with a B3 CFR, reflects its preponderance in the company's capital structure. The term loan has the first priority security interest in all the assets of the borrowers not securing the ABL credit facility. The credit facility has a springing fixed charge coverage ratio of 1.0x that applies when excess availability is less than the greater of 10% of the line cap and $10 million. Moody's do not expect borrowing availability to decline, in the next twelve months, to a level that would require compliance with this covenant. The stable ratings outlook reflects Moody's expectations that company's operating results will improve moderately over the next 12 to 18 months and following the recent gross debt reduction, its credit metrics will remain commensurate with a B3 corporate family rating. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings are not likely to be upgraded in the near term considering still high gross debt position and Moody's expectations of only modest earnings growth and positive free cash flow generation. However, an upgrade would be considered if the company maintains a leverage ratio below 5.0x, an interest coverage ratio of at least 2.0x and (CFO-dividends)/debt of at least 12%. The ratings could be downgraded if the leverage ratio were expected to sustain above 6.0x, interest coverage below 1.5x and (CFO-dividends)/debt below 10%. A significant reduction in borrowing availability or liquidity could also result in a downgrade. Grinding Media Inc., (Molycop), headquartered in Omaha, Nebraska, is a global manufacturer and supplier of forged steel grinding media used extensively in the processing of copper, gold and other minerals. Its products include steel balls and grinding rods, which are primarily sold to customers located in North and South America and Australasia. The company generated revenues of approximately $1.6 billion for the fiscal year ended June 30, 2024. American Industrial Partners is the majority owner of Grinding Media Inc. The principal methodology used in these ratings was Steel published in November 2021. HAQUE MEDICAL: Cash Access Denied as Moot After Bankruptcy Exit --------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of North Carolina, Greensboro Division, has entered a final order on the use of cash collateral in the bankruptcy case of Haque Medical Properties LLC. The Court held that any further relief on the Debtor's request is denied as moot following the effective date of its reorganization plan. The Court previously entered a Third Interim Order authorizing the Debtor's use of cash collateral through the effective date of any confirmed Chapter 11 plan in this proceeding. The debtor's Second Amended Plan of Reorganization was confirmed on September 3, 2024, and became effective 14 days later. The Plan having been confirmed, no further relief from the Court is necessary on the Cash Collateral Motion, the Court said. About Haque Medical Properties Haque Medical Properties, LLC, was created on February 17, 2021 in order to purchase a medical building located at 1380 Eastchester Dr., High Point, NC. Haque Medical is solely owned by Dr. Imran Haque. On February 2, 2021 the building was purchased and leases office space to Horizon Interna Medicine and Koher Medical. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D.N.C. Case No. 24-10022) on January 17, 2024. In the petition signed by Imran Haque, member/manager, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Benjamin A. Kahn oversees the case. Dirk W. Siegmund, Esq., at Ivey, McClellan, Siegmund, Brumbaugh & McDonough, LLP, is the Debtor's legal counsel. HORIZON INTERIORS: Gets OK to Use Cash Collateral Until Oct. 31 --------------------------------------------------------------- Horizon Interiors, LLC received interim approval from the U.S. Bankruptcy Court for the District of Massachusetts to use its secured creditors' cash collateral until Oct. 31. The company can use the cash collateral in accordance with the court-approved budget that allows for a 10% variance in monthly expenses. As protection, secured creditors will receive replacement liens on the company's post-petition assets, maintaining the same priority as their pre-bankruptcy liens. These replacement liens will be considered valid and enforceable as long as the pre-bankruptcy liens are also valid. The next hearing is scheduled for Oct. 29. About Horizon Interiors Horizon Interiors, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Mass. Case No. 24-11196) on June 17, 2024, with as much as $1 million in both assets and liabilities. Stephen Darr of Huron Consulting Group serves as Subchapter V trustee. Judge Janet E. Bostwick oversees the case. Marques Lipton, Esq., at Lipton Law Group, LLC represents the Debtor as legal counsel. IRWIN NATURALS: Taps Jerrel G. John CPA as Tax Accountant --------------------------------------------------------- Irwin Naturals seek approval from the U.S. Bankruptcy Court for the Central District of California to employ Jerrel G. John CPA as their bookkeeper and tax accountant. The firm will perform ordinary course accounting, bookkeeping, and tax preparation services. These services include preparing consolidated tax returns that include the Debtors' Non-Debtor Subsidiaries. The firm will be paid at these hourly rates: Jerrel John, CPA $300 Manager $150 Staff Person $120 As disclosed in the court filings, JGJ and each of its employees is a "disinterested person" within the meaning of sections 101(14) and 327 of the Bankruptcy Code. Jerrell G. John, CPA Jerrel G. John CPA 2901 N Ventura Rd Oxnard, CA, 93036-1150 About Irwin Naturals Irwin Naturals Inc. is a provider of business support services. Irwin Naturals Inc. sought relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 24-11324) on Aug. 9, 2024. In the petition filed by Klee Irwin, as chief executive officer, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. The Honorable Bankruptcy Judge Victoria S. Kaufman oversees the case. The Debtor is represented by Joseph Axelrod, Esq. IVANKOVICH FAMILY: Taps Christenson Law Firm as Special Counsel --------------------------------------------------------------- Ivankovich Family LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Christenson Law Firm LLP as special counsel. The firm will represent the Debtor Atlas P2 in the pending action styled Township Orlando LLC et al., v. Atlas P2 Managing Member, LLC et al. Case No.19STCV00630. The firm will bill these rates: Vonn R. Christenson $400/hour Associates $225/hour Paralegals $150/hour Vonn R. Christenson, Esq., a partner at Christenson Law Firm LLP, 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: Vonn R. Christenson, Esq. Christenson Law Firm, LLP 472 West Putnam Ave. Porterville CA Telephone: (559) 784-4934 Facsimile: (559) 784-3431 E-mail: vrc@christensonlaw.com About Ivankovich Family LLC Ivankovich Family LLC and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 24-15755) on June 10, 2024, listing under $1 million in both assets and liabilities. Steven Ivankovich and Anthony Ivankovich, managers, signed the petitions. Eyal Berger, Esq., at Akerman, LLP serves as the Debtors' counsel. JD WIDEMAN: Gets OK to Tap Wadsworth Garber as Bankruptcy Counsel ----------------------------------------------------------------- JD Wideman, DO, PC received approval from the U.S. Bankruptcy Court for the District of Colorado to employ Wadsworth Garber Warner Conrardy, PC as its bankruptcy counsel. The firm will render these services: (a) prepare on behalf of the Debtor of all necessary legal papers required in this Chapter 11 proceeding; (b) perform all legal services for the Debtor; and (c) represent the Debtor in any litigation which it determines is in the best interest of the estate whether in state or federal court(s). The firm's hourly rates are as follows: David Wadsworth, Attorney $500 Aaron Garber, Attorney $500 David Warner, Attorney $425 Aaron Conrardy, Attorney $425 Lindsay Riley, Attorney $325 Paralegals $125 In addition, the firm will seek reimbursement for expenses incurred. Prior to the petition date, the firm received a retainer in the amount of $26,738 from the Debtor. Mr. Garber 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: Aaron A. Garber, Esq. Wadsworth Garber Warner Conrardy, P.C. 2580 West Main Street, Suite 200 Littleton, CO 80120 Telephone: (303) 296-1999 Email: agarber@wgwc-law.com About JD Wideman JD Wideman, DO, PC filed its voluntary petition for Chapter 11 protection (Bankr. D. Colo. Case No. 24-15758) on Sept. 30, 2024, listing under $1 million in both assets and liabilities. Judge Kimberley H. Tyson oversees the case. Aaron A. Garber, Esq., at Wadsworth Garber Warner Conrardy, P.C. serves as the Debtor's counsel. JOONKO DIVERSITY: Seeks to Hire Bayard P.A. as Special Counsel -------------------------------------------------------------- Joonko Diversity Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Bayard, P.A. as special counsel. The firm will conduct an independent investigation into causes of action, if any, that may be held by the Debtor against its board of directors. Bayard will be paid at these rates: Jason C. Jowers $850 per hour Ericka F. Johnson $795 per hour Ian D. McCauley $750 per hour Seven D. Adler $525 per hour Abraham Schneider $435 per hour Jay M. Dewey $375 per hour Rebecca Hudson (paralegal) $350 per hour In addition, the firm will receive reimbursement for out-of-pocket expenses incurred. The Debtors paid retainer fees in the total amount of $264,139. Ericka F. Johnson, Esq., a director at Bayard, 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: Ericka F. Johnson, Esq. Bayard, P.A. 600 N. King Street, Suite 400 P.O. Box 25130 Wilmington, DE 19899 Tel: (302) 429-4275 Fax: (302) 658-6395 Email: ejohnson@bayardlaw.com About Joonko Diversity Inc. Joonko Diversity Inc. is an AI-powered employee recruitment venture. Joonko Diversity Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-11007) on May 14, 2024. In the petition filed by Ilan Band, as chief executive officer, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities up to $50,000. The Debtor is represented by David R. Hurst, Esq. at Mcdermott Will & Emery LLP. K & P COMMERCIAL: Commences Subchapter V Bankruptcy --------------------------------------------------- K & P Commercial Contractors LLC filed for Chapter 11 protection in the Southern District of Texas. According to court documents, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About K & P Commercial Contractors LLC K & P Commercial Contractors LLC -- https://kandpconst.com/ --, doing business as K&P Construction Services, provides commercial construction, renovations, and project management services. K & P Commercial Contractors LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-34688) on Oct. 4, 2024. In the petition filed by Landon Knapp, as president, the Debtor estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. The Honorable Bankruptcy Judge Eduardo V. Rodriguez handles the case. The Debtor is represented by: Robert C Lane, Esq. The Lane Law Firm 9949 Clodine Rd Richmond, TX 77407-7968 KROWNED KRYSTALS: Gets Interim OK to Hire Bankruptcy Counsel ------------------------------------------------------------ Krowned Krystals, LLC received interim approval from the U.S. Bankruptcy Court for the Eastern District of Louisina to employ The De Leo Law Firm LLC to handle its Chapter 11 case. The firm will be paid at these hourly rates: Robin De Leo, Attorney $375 Paralegal $95 The firm received a total sum of $15,531 from the Debtor. Mr. De Leo 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: Robin De Leo, Esq. The De Leo Law Firm, LLC 800 Ramon Street Mandeville, LA 70448 Telephone: (985) 727-1664 Email: elaine@northshoreattorney.com About Krowned Krystals Krowned Krystals, LLC filed its voluntary petition for relief under Chapter 11 of the Bankrutpcy Code (Bankr. E.D. La. Case No. 24-11896) on Sept. 30, 2024, listing under $1 million in both assets and liabilities. Judge Meredith S. Grabill oversees the case. Robin De Leo, Esq., at The De Leo Law Firm, LLC serves as the Debtor's counsel. LD HOLDINGS: Moody's Affirms 'Caa1' CFR, Outlook Remains Negative ----------------------------------------------------------------- Moody's Ratings has affirmed LD Holdings Group, LLC's (loanDepot) Caa1 corporate family rating and Caa2 backed senior unsecured debt ratings. loanDepot's outlook remains negative. RATINGS RATIONALE loanDepot's CFR reflects the company's weak capitalization and persistent operational losses. Although loanDepot recently completed an exchange offer of $500 million of senior unsecured notes coming due in November 2025 by extending the maturity to 2027, Moody's believe the company's liquidity profile remains constrained given its weak profitability and declining market share. loanDepot's capitalization, as measured by tangible common equity (TCE) to adjusted tangible managed assets (TMA, excluding Ginnie Mae loans eligible for repurchase), was a modest 10.3% as of June 30, 2024, down from 14.4% at year-end 2022 as loanDepot's non-volume expense remained elevated while mortgage volumes contracted. Moody's anticipate that the company's capitalization will decline further as loan origination volumes begin to pick up in 2025, surpassing the pace at which retained earnings are generated. In mid-2022, the company announced its "Vision 2025" plan, aimed at right-sizing its cost structure and focusing on growth in areas of the originations market that it deems opportunistic and underserved. The company 's execution of exiting the wholesale origination channel and transferring all subservicing to in-house has succeeded in cutting costs, with total expenses decreasing 36% ($694 million) in 2023 compared to 2022, and is investing capital in its operating platform with the goal of further improving automation and its customer experience. However, the narrower focus has not helped loanDepot achieve positive operating results since the beginning of the market downturn in 2022. In Q2 2024, the company reported a net loss of $66 million, compared to a loss of $50 million in Q2 2023. The company reported higher gain-on-sale margins, but total expenses increased 5% from the same period a year ago. Moody's expect that loanDepot's profitability will remain weak over the next 12-18 months, but show signs of improvement as the expected decline in mortgage rates will result in higher forecasted originations volumes. It will likely be challenging for loanDepot to earn a modest level of profitability, such as core return on assets at or above 1%, in 2025. As of June 30, 2024, the company held $533 million in unrestricted cash, down from $604 million at March 31, 2024 and $661 million at the end of 2023. The company has $520 million of unsecured debt outstanding, with $20 million of non-tendered exchanged November 2025 notes and $500 million maturing in April 2028. loanDepot's Caa2 long-term senior unsecured debt rating is one notch below its Caa1 CFR and is reflective of its subordinate ranking to mortgage servicing rights (MSR) secured debt facilities and senior secured notes in loanDepot's capital structure. The lower senior unsecured debt rating reflects the company's current ratio of MSR secured corporate debt to total corporate debt of around 50%. The negative outlook reflects Moody's expectation that loanDepot's profitability will remain weak over the next 12-18 months, but show signs of improvement in early 2025 as the expected decline in mortgage rates will result in higher forecasted originations volumes; capitalization will remain modest; and reliance on secured funding will remain elevated compared to peers. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company can generate consistently stronger profitability with return on asset (excluding MSR fair value marks) reaching and remaining above 1.5%, and TCE to TMA improves to above 14% on sustained basis. The ratings could be downgraded if TCE to TMA declines to below 8%, if the company is unable to generate consistent profitability when the market downturn fades, or if the company's liquidity deteriorates. The principal methodology used in these ratings was Finance Companies published in July 2024. LIKEMIND BRANDS: May Use Cash Collateral Until Dec. 31 ------------------------------------------------------ The U.S. Bankruptcy Court for the Western District of Michigan, Southern Division, granted Likemind Brands Inc., authorization to use cash collateral in line with the submitted budget through December 31, 2024. However, no adequate protection payments to secured creditors or plan payments, including payments to Industrial Leasing, can be made without further court approval. Legal fees for the debtor's attorneys and Subchapter V Trustee must be held in a separate savings account and cannot be disbursed without court approval. Creditors with claims to the cash collateral are granted continuing and replacement security interests in the cash collateral, in the same rank and priority as of the petition date. These liens will not improve the creditor's positions regarding the collateral's value and will exclude any property without a properly perfected security interest before the petition date. Amazon Capital Services (ACS), a secured creditor, is granted a post-petition lien against the debtor's assets to the extent of any value loss in its pre-petition collateral. This lien is valid, choate, and enforceable and remains effective regardless of any future conversion or dismissal of the bankruptcy case. The debtor can continue selling products on Amazon's platform, with Amazon remitting the debtor's net proceeds. Amazon is authorized to continue netting fees, expenses, and reimbursements from the debtor's proceeds. Any holds on the debtor's Amazon seller account due to third-party claims are to be released. The order does not waive ACS's or any creditor's rights to seek further protection of their interests. Any modification or stay of the order by a future court will not affect the validity of the liens and priorities granted before such modification. The automatic stay is modified to allow for the terms and provisions of this final order. The debtor's counsel is instructed to serve a copy of the final order on all creditors and interested parties. The order reserves the right for all parties, including the Subchapter V Trustee and any future Chapter 7 or Chapter 11 trustee, to contest the nature and priority of ACS's or other creditors liens. About LikeMind Brands Inc. LikeMind Brands Inc. is a privately held e-commerce retailer. LikeMind Brands Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Mich. Case No. 24-02042) on August 2, 2024. In the petition filed by Justin Trump, as president, the Debtor reports total assets of $515,939 and total liabilities of $2,051,905. The Honorable Judge James W. Boyd presides over the case. Perry G. Pastula, Esq., at Dunn Schouten & Snoap PC, serves as counsel to the Debtor. LUMEN TECHNOLOGIES:S&P Raises ICR to 'CCC+' on Bolstered Liquidity ------------------------------------------------------------------ S&P Global Ratings raised the issuer-credit rating on U.S.-based telecommunications service provider Lumen Technologies Inc. to 'CCC+' from 'SD' (selective default). S&P said, "We also assigned a 'CCC+' issue-level rating and '3' recovery rating to Level 3's senior secured second-lien notes due 2032 and lowered the issue-level rating on the existing Level 3 second-lien notes to 'CCC+'. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 60%) recovery in the event of payment default. "At the same time, we assigned a 'B' issue-level rating and '1' recovery rating to Lumen's 10% super-priority second-out notes due 2032. The recovery rating indicates our expectation for very high (90%-100%; rounded estimate: 95%) recovery in the event of payment default. "The developing outlook reflects that we could raise the rating on Lumen if it successfully executes on its network and IT systems integration project while building customer networks for Microsoft and other hyperscalers with upfront cash payments such that earnings grow and leverage declines. Conversely, we could lower the rating if Lumen announces another exchange transaction or liquidity deteriorates because of execution missteps." Recent business wins could prove material in Lumen's path to repairing its balance sheet, which could take several years and will rely on successful execution. Lumen announced it secured $5 billion in new business to support increased demand for artificial intelligence (AI) connectivity from hyperscalers, including a new partnership with Microsoft. Further, the company stated it is in active discussions to secure another $7 billion in sales opportunities to meet increased bandwidth demand. Its contracts with Microsoft and other customers will provide custom networks that include dedicated access to existing fiber in the Lumen network and the installation of new fiber on existing and new routes, enabling them to support increasing demand for AI workloads. Lumen disclosed that these transactions will be structured as Indefeasible Rights Of Use (IRUs) with an average length of 20 years. While the economics will vary by deal, management indicated that it will fund operating expenses and capex with upfront cash payments from its customers totaling about $5 billion over the next five years. However, revenue will be realized starting at delivery and will take a few years to reach the amortized run rate over the 20 years of the contract. Management anticipates the cash contribution margin (EBITDA less project capex) will approach Lumen's adjusted EBITDA margin (in the low-30% area) and it will pay most of the cash taxes one year after cash is collected at a 25% tax rate. If Lumen secures the additional $7 billion of new sales with other hypersclarers, it could accelerate credit metric improvement and give the company additional cushion to execute on its turnaround strategy. Ongoing secular industry pressures continue to present headwinds. Lumen faces substantial execution risk as it builds out and integrates legacy networks and IT systems from various acquisitions, including Level 3 and Qwest. At the same time, the company faces secular industry pressures in most of its business lines given its exposure to legacy products and services. In the business segment, Lumen has seen some success from selling new products from its digital platform, including network-as-a-service and ExaSwitch. It is also building some momentum in the public sector. However, amid intense competition, it will likely take several years to expand these newer products and services at scale, in our view, while revenue from higher-margin legacy services continue to decline. In the mass market segment, Lumen's fiber-to-the-home (FTTH) penetration lags its peer group, covering about 18% of its footprint. As a result, its revenue among consumer and small and midsize customers fell 8% in the second quarter of 2024 compared with the year-ago period. In addition, the company lost about 52,000 broadband customers during the quarter as declines from copper-based broadband more than offset growth fiber customers. Lumen's peers have been more aggressive in deploying FTTH across their various service territories and have dramatically improved revenue and subscriber trends. S&P said, "Lumen's additional liquidity is credit positive, although we expect its credit metrics to deteriorate through 2025. We still view the company's capital structure as unsustainable given the secular industry pressures, elevated leverage, and our view that Lumen is still reliant on favorable market conditions to meet its financial obligations. That said, if it can demonstrate successful execution, we believe Lumen could reduce leverage longer term. "We expect the cash payments will be front-end loaded, which will bolster Lumen's near-term liquidity position and cover much of the negative free operating cash flow (FOCF) and near-term maturities through 2027. That said, we expect its EBITDA to decline in 2024 and 2025 because of the network expansion and integration of legacy networks, with only limited growth in 2026. As a result, we expect its S&P Global Ratings-adjusted debt to EBITDA to increase to about 5.2x in 2024 and 5.6x in 2025. If the company is successful with its turnaround strategy, we believe leverage could decline to the low-5x area by 2026, although its ability to improve leverage and FOCF is uncertain and will depend on solid execution as it integrates networks and IT systems while expanding its fiber footprint for its customer base. "The developing outlook reflects that we could raise the rating on Lumen if it can successfully execute on its network and IT systems integration project while expanding its intercity fiber network for Microsoft and other hyperscalers with the upfront cash payments such that earnings grow and leverage declines. Conversely, we could lower the rating if Lumen announces another exchange transaction or its liquidity deteriorates because of execution missteps." S&P could lower the rating on Lumen if: -- It experiences execution missteps during its network build and integration of legacy networks; -- Secular and competitive industry pressures are greater than we expect, resulting in sustained revenue and earnings declines; -- The company engages in a transaction that we view as distressed; or -- S&P believes the company will default in the next 12 months. Longer-term, S&P could raise the rating on Lumen if: -- It yields reasonable returns on its new contracts and executes on its turnaround strategy; -- Revenue declines moderate to the 2%-3% range and earnings grow on a sustained basis; -- Leverage improves to below 5x and we have confidence that it will continue to decline longer term; or -- The company demonstrates that it can refinance its debt instruments at rates that support positive FOCF. LYCRA CO: In Negotiations w/ Creditors as Debt Maturities Loom -------------------------------------------------------------- Giulia Morpurgo and Dorothy Ma report that textile company Lycra Co. is in talks with its creditors about extending its more than $1 billion in looming debt maturities. The firm has about $700 million in dollar bonds, €300 million of euro notes and a term loan of over $150 million due next year, according to data compiled by Bloomberg. To address that maturity wall, Lycra is getting financial advice from bankers at Houlihan Lokey Inc., said people with knowledge of the matter. The company has been pitching an extension of the debt deadlines to creditors, said the people, who spoke on the condition of anonymity. About Lycra Co. Lycra Co. is a textile company. MADISON 33 OWNER: Taps Gerstein Strauss as Real Estate Counsel -------------------------------------------------------------- Madison 33 Owner LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Gerstein Strauss & Rinaldi LLP as its special real estate counsel. The Debtor is the owner of 12 unsold condominium units located at 172 Madison Avenue, New York, New York. The Debtor intends to utilize Chapter 11 to market and sell remaining condominium units at the Property under a Chapter 11 plan to pay all owed claims in full, with a hopeful return to equity. To achieve the above goal, the Debtor seeks the retention of Gerstein Strauss for two specific purposes: i) represent the Debtor in connection with obtaining the necessary and proper AG approvals for the remaining condominium units to be sold; and ii) represent the Debtor in connection with the closing of the condominium units once sold under a contemplated plan. The firm's billing rates are as follows Partner $650 per hour Counsel $600 per hour Associate $485 to $575 per hour Paralegal services $195 to $285 per hour Gerstein Strauss & Rinaldi LLP is a disinterested person and neither represents nor holds any interest adverse to the Debtor, its estate, or the creditors, according to court filings. The firm can be reached through: Lisa J. Rinaldi Esq. Gerstein Strauss & Rinaldi LLP 57 W 38th St - 9th Floor New York, NY 10018 Telephone: (212) 398-7900 Facsimile: (212) 575-2387 Email: lrinaldi@gsrlaw.com About Madison 33 Owner LLC Madison 33 Owner LLC is the fee simple owner of real property located at 172 Madison Avenue, New York, NY 10016 having an appraised value of $100.6 million. Madison 33 Owner LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-11463) on August 26, 2024. In the petition signed by David Goldwasser, as chief restructuring officer, the Debtor reports total assets of $100,600,000 and total liabilities of $39,466,304. Honorable Bankruptcy Judge Philip Bentley oversees the case. The Debtor is represented by Jonathan S. Pasternak, Esq. at DAVIDOFF HUTCHER & CITRON LLP. MAJESTIC CHRISTIAN: Taps Milledge Law Group as Bankruptcy Counsel ----------------------------------------------------------------- Majestic Christian Center seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire The Milledge Law Group, P.C. as its counsel. The firm will render these services: (a) provide the Debtor legal advice concerning its powers and duties as a Debtor-in-possession in the continued operation of its business, and management of its property; (b) prepare all pleadings on behalf of the Debtor, as Debtor-in-possession, which may be necessary; (c) negotiate and submit a potential plan of arrangement satisfactory to the Debtor, its estate, and the creditors at large; and (d) perform all other legal services for the Debtor as a Debtor-in-possession which may become necessary to these proceedings. At present, the firm charges the following billing rates: Samuel L. Milledge, Sr., Attorney $450 an hour Associates $150 to $200 an hour Law Clerks & Legal Assistants $60 to $75 an hour In addition, the firm will seek reimbursement for out-of-pocket expenses incurred. Samuel Milledge, Sr., Esq., an attorney at The Milledge Law Firm, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Samuel L. Milledge, Sr. The Milledge Law Firm, PLLC 2500 East T.C. Jester Blvd. Suite 510 Houston, TX 77092 Telephone: (713) 812-1409 Facsimile: (713) 812-1418 Email: milledge@milledgelawfirm.com About Majestic Christian Center Majestic Christian Center sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-34062) on August 30, 2024, listing $1,000,001 to $10 million in assets and $500,001 to $1 million in liabilities. Judge Jeffrey P Norman presides over the case. Samuel L. Milledge, Sr. at The Milledge Law Group, P.C. represents the Debtor as counsel. MBIA INSURANCE: Moody's Cuts Insurance Fin. Strength Rating to Caa2 ------------------------------------------------------------------- Moody's Ratings has downgraded the insurance financial strength (IFS) rating of National Public Finance Guarantee Corporation (National) to Baa3 from Baa2 and the IFS rating of MBIA Insurance Corporation (MBIA Corp.) to Caa2 from Caa1. In the same rating action, Moody's affirmed the senior unsecured debt rating of MBIA Inc. (MBIA) at Ba3 and affirmed MBIA Corp.'s preferred stock, preferred stock non-cumulative and surplus notes ratings at C (hyb). The outlooks for the ratings of MBIA and National were changed to stable from negative. The outlook for MBIA Corp. remains negative. These rating actions also have implications for the various transactions wrapped by National and MBIA Corp. as discussed later in this press release. RATINGS RATIONALE The downgrade of National's IFS rating to Baa3 reflects the company's reduced risk-adjusted capital adequacy following adverse credit developments in its insured portfolio, as well as the extraction of $647 million of capital from National through dividends during 2023, which increased the sensitivity of its credit profile to large single risks. In Moody's opinion, the significant extraction of capital from National highlights the weak alignment of interests between shareholders and policyholders at the company. MBIA expects to make additional extraordinary dividend requests in the future, which could further weaken National's risk-adjusted capital adequacy over time. The downgrade of MBIA Corp.'s IFS rating to Caa2 reflects the company's stressed liquidity position, the continued reduction in its total cash and invested assets and the significant write-down of its salvage recoverable asset this year. MBIA Corp. reported that it held cash and investments of $164 million at Q2 2024 on a statutory basis, of which $28 million was liquid and immediately available to the company. As the firm's claims-paying resources have fallen, the company's operating leverage has increased, making the company vulnerable to any further deterioration in its insured portfolio. Moody's note that MBIA Corp.'s policyholders' surplus is just $15 million above the minimum regulatory threshold required and the company's longer-term solvency remains dependent on the outcome of the firm's asset recovery efforts. The affirmation of MBIA's senior debt rating at Ba3 reflects Moody's view that the rating is appropriately positioned at the current level, which is three notches below the Baa3 IFS rating of National, which is consistent with Moody's typical notching practices for US insurance holding company structures. Prior to the rating actions, the notching differential had been four notches. National Public Finance Guarantee Corporation National's Baa3 IFS rating reflects the insurer's capital resources relative to its remaining exposures, the meaningful delinking from its weaker affiliates and the continued amortization of its insured portfolio. Offsetting these strengths is National's run-off status, which results in a weak alignment of interests between shareholders and policyholders, as well as its exposure to below investment grade credits and large single risks. Approximately 10.4% of its insured book (including accreted interest on capital appreciation bonds (CABs) was rated below investment grade at Q2 2024, representing approximately 293% of its qualified statutory capital plus gross loss reserves. Although National's insured portfolio has amortized down to less than $37 billion of gross par outstanding (including accreted interest on CABs), there are a number of large single risks that are becoming a more concentrated portion of the remaining portfolio. Likewise, the proportion of National's below investment grade exposure has increased as the portfolio has shrunk. Although Moody's estimate National's capital adequacy score remains in the single-A rating category, Moody's believe the reduced amount of capital resources available to mitigate the increasing single risk and below investment grade concentrations following last year's large capital extraction make the company more vulnerable to adverse credit developments in its insured portfolio. The reduction in capital also reduces the firm's core earnings power due to lower prospective investment income going forward. MBIA Inc. The Ba3 senior unsecured debt rating of MBIA is three notches below the Baa3 IFS rating of National. MBIA has an adequate liquidity profile stemming from the firm's liquid cash and invested assets held at the holding company level ($315 million at Q2 2024). Moody's expect ordinary dividend payments from National to continue over the next several years, generally in-line with the firm's net investment income. MBIA's debt burden is slowly improving and the firm's debt service obligations are manageable over the next several years. The notching between MBIA Inc.'s senior debt rating and the IFS rating of its lead insurance subsidiary, National, is three notches, which is consistent with most other US insurance holding company structures. MBIA Insurance Corporation MBIA Corp.'s Caa2 IFS rating and negative outlook reflects the firm's lower capital adequacy position as the firm's claims-paying resources have deteriorated due to claims payments and write-downs of its salvage recoverable asset. There remains significant uncertainty associated with the outcomes of ongoing asset recovery efforts and the company's stressed liquidity position. MBIA Corp.'s longer-term viability rests on its ability to recover the substantial majority of the firm's $170 million of expected salvage recoverables, primarily relating to sales of collateral from the defaulted Zohar I and Zohar II collateralized loan obligation transactions, excess spread recoveries on RMBS securities and by purchasing MBIA Corp. wrapped securities as part of its loss mitigation strategies. Additionally, the firm's thin surplus cushion to the minimum regulatory level required leaves little room for adverse developments in its insured portfolio or further write-downs of its estimated salvage recoverable. Additionally, the company's weak ability to organically generate capital heightens the firm's vulnerability to breaching regulatory capital thresholds as discounted loss reserves accrete higher over time. The inability of MBIA Corp. to realize substantial salvage recoveries over the near term could precipitate a regulatory intervention, which could result in a claims payment freeze, partial claims payments, or rehabilitation proceedings. The C (hyb) ratings on MBIA Corp.'s surplus notes and preferred stock reflect Moody's expectation that recovery rates on these securities are likely to be very low given their deeply subordinated status and the limited amount of capital resources available at the company. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS National Public Finance Guarantee Corporation Given National's business and financial profile as a run-off financial guarantor, its rating is unlikely to be upgraded. However, the following factors could positively influence the firm's credit profile: 1) Favorable resolution of certain defaulted transactions, including the firm's remaining Puerto Rico exposures; and 2) improved risk-adjusted capital adequacy. Conversely, the following factors could result in a downgrade of National's rating: 1) significant deterioration in the credit quality of its insured portfolio; 2) capital extraction in excess of the firm's ordinary dividend capacity without a commensurate reduction of insured risk; 3) significant additional purchases of MBIA common stock; and 4) provision of material capital support to MBIA Corp. MBIA Insurance Corporation The following factors could result in an upgrade of MBIA Corp.'s IFS rating: 1) improved capital adequacy and liquidity profile; 2) a reduction in exposure to large single risks; and 3) substantial recoveries from Zohar collateral sales. Conversely, the following factors could result in a downgrade: 1) failure to secure substantial recoveries on Zohar collateral; 2) portfolio losses in excess of current expectations; and 3) further deterioration in the company's liquidity profile. MBIA Inc. MBIA's Ba3 senior debt rating is currently three notches below the Baa3 IFS rating of National, which is consistent with Moody's typical notching practices for US insurance holding company structures. The notching could be expanded to four or more notches below the IFS rating of National if there were constrained liquidity at the holding company with visible projected cash inflows and existing liquid assets covering less than two years of debt service. TREATMENT OF WRAPPED TRANSACTIONS Moody's ratings on securities that are guaranteed or "wrapped" by a financial guarantor are generally maintained at a level equal to the higher of the following: a) the rating of the guarantor (if rated at the investment grade level); or b) the published underlying rating (and for structured securities, the published or unpublished underlying rating). Moody's approach to rating wrapped transactions is outlined in Moody's methodology "Guarantees, Letters of Credit and Other Forms of Credit Substitution Methodology" (July 2022). The principal methodology used in these ratings was Financial Guarantors published in March 2024. MBIA Insurance Corporation and National Public Finance Guarantee Corporation are financial guaranty insurance companies domiciled in New York State and are wholly owned subsidiaries of MBIA Inc. As of June 30, 2024, MBIA Inc. had consolidated gross par outstanding of approximately $39 billion (including accreted interest on CABs) and total claims paying resources at its operating subsidiaries of approximately $2.0 billion. MBTT INVESTMENTS: Gets OK to Tap Wadsworth Garber as Legal Counsel ------------------------------------------------------------------ MBTT Investments, LLC received approval from the U.S. Bankruptcy Court for the District of Colorado to employ Wadsworth Garber Warner Conrardy, PC as its bankruptcy counsel. The firm will render these services: (a) prepare on behalf of the Debtor of all necessary legal papers required in this Chapter 11 proceeding; (b) perform all legal services for the Debtor; and (c) represent the Debtor in any litigation which it determines is in the best interest of the estate whether in state or federal court(s). The firm's hourly rates are as follows: David Wadsworth, Attorney $500 Aaron Garber, Attorney $500 David Warner, Attorney $425 Aaron Conrardy, Attorney $425 Lindsay Riley, Attorney $325 Paralegals $125 In addition, the firm will seek reimbursement for expenses incurred. Prior to the petition date, the firm received a retainer in the amount of $11,738 from the Debtor. Mr. Garber 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: Aaron A. Garber, Esq. Wadsworth Garber Warner Conrardy, P.C. 2580 West Main Street, Suite 200 Littleton, CO 80120 Telephone: (303) 296-1999 Email: agarber@wgwc-law.com About MBTT Investments MBTT Investments, LLC is primarily engaged in renting and leasing real estate properties. The Debtor owns the real property located at 324 E Oak St., Fort Collins, CO 80524 valued at $1.3 million. MBTT Investments filed its voluntary petition for Chapter 11 protection (Bankr. D. Colo. Case No. 24-15766) on Sept. 30, 2024, listing up to $1 million in both assets and liabilities. Dr. JD Wideman, D.O., president, signed the petition. Aaron A. Garber, Esq., at Wadsworth Garber Warner Conrardy, P.C. serves as the Debtor's counsel. MBTT INVESTMENTS: Sec. 341(a) Meeting of Creditors on Nov. 6 ------------------------------------------------------------ MBTT Investments filed Chapter 11 protection in the District of Colorado. According to court filing, the Debtor reports $1,283,614 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 November 6, 2024 at 1:00 p.m. in Room Telephonically on telephone conference line: 888-497-4718. participant access code: 6026644#. About MBTT Investments MBTT Investments is primarily engaged in renting and leasing real estate properties. The Debtor owns the real property located at 324 E Oak St., Fort Collins, CO 80524 valued at $1.3 million. MBTT Investments sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 24-15766) on Sept. 30, 2024. In the petition filed by Dr. JD Wideman, D.O., as president, the Debtor reports total assets of $1,301,200 and total liabilities of $1,283,614. The Debtor is represented by: Aaron A. Garber, Esq. WADSWORTH GARBER WARNER CONRARDY, P.C. 2580 West Main Street Suite 200 Littleton, CO 80120 Tel: 303-296-1999 E-mail: agarber@wgwc-law.com MESEARCH MEDIA: Seeks to Tap Fuchs Law Office as Bankruptcy Counsel ------------------------------------------------------------------- MeSearch Media Technologies Limited seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to employ Fuchs Law Office, LLC as counsel. The firm's services include: (a) assist in the administration of the estate; (b) represent the Debtor on matters involving legal issues that are present or are likely to arise in the case; (c) prepare any legal documentation on behalf of the Debtor; (d) review reports for legal sufficiency; (e) furnish information on legal matters regarding legal actions and consequences; and (f) perform all necessary legal services connected with Chapter 11 proceedings. The hourly rates of the firm's attorneys are as follows: David Fuchs, Esq. $325 Teresa Fuchs, Esq. $250 Mr. Fuchs 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 L. Fuchs, Esq. Fuchs Law Office, LLC 554 Washington Avenue, First Floor Carnegie, PA 15106 Telephone: (412) 223-5404 Facsimile: (412) 223-5406 Email: dfuchs@fuchslawoffice.com About MeSearch Media Technologies RMS Funding Company, LLC, Game Creek Holdings, LLC and Trib Total Media, LLC filed involuntary Chapter 11 petition against MeSearch Media Technologies Limited (Bankr. W.D. Pa. Case No. 24-21982) on August 13, 2024. Kirk B. Burkley, Esq., at Bernstein-Burkley, P.C. represents the petitioning creditors in MeSearch's bankruptcy case. Judge John C. Melaragno oversees the case. David L. Fuchs, Esq., at Fuchs Law Office, LLC serves as the Debtor's counsel. MID-STATES PAINT: Hires Investment Recovery Services as Auctioneer ------------------------------------------------------------------ Mid-States Paint, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Missouri to employ Investment Recovery Services as auctioneer. The Debtor needs an auctioneer to market and sell at auction its equipment located at 9315 Watson Industrial Park, Saint Louis, Missouri. The firm will be compensated as follows: (a) expense reimbursement of up to $7,500, plus (b) a 10 percent commission, plus (c) a buyer's premium chargeable to winning bidders of 18 percent. Bud Moore, a principal at Investment Recovery Services, 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: Bud Moore Investment Recovery Services 3421 N. Sylvania Ave. Fort Worth, TX 76111 Telephone: (817) 409-6544 Facsimile: (817) 834-4075 About Mid-States Paint Mid-States Paint, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mo. Case No. 24-40277) on Jan. 29, 2024, listing $500,001 to $1 million in both assets and liabilities. Judge Bonnie L. Clair oversees the case. Spencer P. Desai, Esq. at The Desai Law Firm, LLC represents the Debtor as counsel. MMA LAW FIRM: Committee Taps Otterbourg PC as Co-Counsel -------------------------------------------------------- The official committee of unsecured creditors MMA Law Firm, PLLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Otterbourg P.C. as co-counsel. The firm's services include: a. advising the Committee in connection with its powers and duties under the Bankruptcy Code, the Bankruptcy Rules, and the Local Rules; b. assisting and advising the Committee in its consultation with the Debtors relative to the administration of the chapter 11 case; c. attending meetings and negotiating with the representatives of the Debtors and other parties-in-interest; d. assisting and advising the Committee in its examination and analysis of the conduct of the Debtors' affairs; e. assisting and advising the Committee in connection with any sale of the Debtors' assets pursuant to section 363 of the Bankruptcy Code; f. assisting the Committee in review, analysis, and negotiation of any chapter 11 plan(s) of reorganization or liquidation that may be filed and assisting the Committee in the review, analysis, and negotiation of the disclosure statement accompanying any such plan(s); g. taking all necessary actions to protect and preserve the interests of the Committee, including: (i) possible prosecution of actions on its behalf; (ii) if appropriate, negotiations concerning all litigation in which the Debtors are involved; and (iii) if appropriate, review and analysis of claims filed against the Debtors' estates; h. generally preparing on behalf of the Committee all necessary motions, applications, answers, orders, reports, replies, responses, and papers in support of positions taken by the Committee; i. appearing, as appropriate, before this Court, the appellate courts, and the U.S. Trustee, and protecting the interests of the Committee before those courts and before the U.S. Trustee; and j. performing all other necessary legal services in the chapter 11 case. The firm will be paid at these rates: Members/Of Counsel $830 to $1,850 per hour Associates $375 to $985 per hour Paralegals $395 per hour Sunni Beville, Esq., a member of Otterbourg PC, disclosed in a court filing that the firm does not have interest adverse to the Debtor and its estate, creditors or equity holders. The firm can be reached through: Sunni P. Beville, Esq. Otterbourg PC 230 Park Ave 30th Floor New York, NY 10169 Phone: (212) 661-9100 (212) 905-3677 Email: sbeville@otterbourg.com About MMA Law Firm MMA Law Firm PLLC is a law firm specializing in insurance claim management, negotiation, and litigation. MMA Law Firm PLLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-31596) on April 9, 2024. In the petition signed by Zach Moseley, as managing member, the Debtor estimated assets between $100 million and $500 million and estimated liabilities between $10 million and $50 million. The Honorable Bankruptcy Judge Eduardo V. Rodriguez oversees the case. The Debtor is represented by Johnie Patterson, Esq., at Walker & Patterson, P.C. MONROE & KING: Property Sale Proceeds to Fund Plan Payments ----------------------------------------------------------- Monroe & King, P.A., d/b/a First Coast Criminal Defense, filed with the U.S. Bankruptcy Court for the Middle District of Florida a Plan of Liquidation dated September 3, 2024. The Debtor is a professional association and criminal law firm founded by D. Scott Monroe, Esq., in 2016, properly formed and authorized to do business in the state of Florida. Mr. Monroe is the sole shareholder and director of the Debtor. The Debtor's principal place of business is located at 1805 Copeland Street, Jacksonville, Florida, 32204 ("Property"), which is owned by the Debtor. The Debtor intends to use this Plan to sell all of the Debtor's real property and personal property and to resolve all claims for the benefit of secured creditors, unsecured creditors, clients, and equity holders. Accordingly, Debtor proposes to distribute the proceeds from the sale of its property to all secured creditors in order of lien priority, then to general unsecured creditors, with the remaining proceeds (if any) to equity holders, whereupon all Equity Interests will be extinguished, terminated, and cancelled, and the Debtor will be dissolved. This Plan provides for: 2 classes of secured claims; 1 class of unsecured claims; and 1 class of equity security holders. Class 3 consists of the Allowed Unsecured Claims against the Debtor. Class 3 includes all deficiency claims. This Class is Impaired. In full satisfaction of the Allowed Class 3 General Unsecured Claims, holders of such Allowed Claims shall receive a pro rata distribution of the remaining proceeds (if any) from the sale of the Debtor's real property and personal property, after payment and satisfaction of all Secured Claims and Claims secured by an interest in such property. Class 4 consists of any and all equity interests and warrants currently issued or authorized in the Debtor. D. Scott Monroe, Esq., is the sole shareholder and director of the Debtor. This Class is Impaired. Holders of Class 4 equity interests shall receive the remaining proceeds (if any) from the sale of the Debtor's real property and personal property (after payment of all secured and unsecured claims) in the same pro rata percentage as their respective ownership interests. D. Scott Monroe, Esq., is the sole shareholder and director of the Debtor. After the Effective Date, all Class 4 Equity Interests shall be extinguished, and the Debtor shall be dissolved. All client files shall be sent to counsel at a new law firm in accordance with all requirements of the Rules Regulating the Florida Bar and all other ethical and legal requirements. Except as explicitly set forth in this Plan, all cash in excess of operating expenses generated from operation until the Effective Date will be used for Plan Payments or Plan implementation, cash on hand as of Confirmation shall be available for Administrative Expenses. The Plan contemplates that all of the Debtor's real property and personal property will be sold, and the proceeds thereof shall be used to pay and satisfy all claims secured by said property, with any excess proceeds used to implement the other provisions of this Plan. A full-text copy of the Liquidating Plan dated September 3, 2024 is available at https://urlcurt.com/u?l=M44tzY from PacerMonitor.com at no charge. Attorneys for the Debtor: Jeffrey S. Ainsworth, Esq. Jacob D. Flentke, Esq. BransonLaw, PLLC 1501 E. Concord Street Orlando, Florida 32803 Telephone (407) 894-6834 Fax (407) 894-8559 E-mail: jeff@bransonlaw.com E-mail: jacob@bransonlaw.com About Monroe & King Monroe & King, P.A., doing business as First Coast Criminal Defense, is a law firm specializing in criminal law. The firm is well-versed in a variety of criminal matters, including driving under the influence of alcohol/drugs (DUI), drug crimes, federal offenses, and domestic violence, among many others. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-02526) on August 22, 2024, with $1 million to $10 million in both assets and liabilities. D. Scott Monroe, director, signed the petition. Judge Jason A. Burgess presides over the case. Amy M. Leitch, Esq., at Akerman, LLP, is the Debtor's legal counsel. MOUNTAINS OF SABER: Hires Brooklyn Property Managers as Manager --------------------------------------------------------------- Mountains of Saber, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Brooklyn Property Managers Corp. as property manager. The Debtor needs a property manager to assume primary responsibility for all aspects of the operation of its property, which consists of nine commercial rental units located at 797-815 Stanley Avenue, Brooklyn, New York. The firm will be paid for a monthly management fee of the greater of: (i) $375; or (ii) 4 percent of rents actually collected each month. Glenn Sorensen, a principal at Brooklyn Property Managers, 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: Glenn Sorensen Brooklyn Property Managers Corp. 5215 7th Avenue Brooklyn, NY 11220 Telephone: (718) 972-0700 About Mountains of Saber Mountains of Saber LLC is the fee simple owner of nine rentable commercial spaces varying in size located at 797-815 Stanley Avenue Brooklyn, NY valued at $3 million (based on Debtor's estimate). Mountains of Saber LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-43693) on September 5, 2024. In the petition filed by Ali Alsaede, chief restructuring officer, the Debtor reports total assets of $3,000,000 and total liabilities of $525,677. Judge Jil Mazer-Marino oversees the case. H. Bruce Bronson, Esq., at Bronson Law Offices, P.C. serves as the Debtor's counsel. NEONODE INC: Appoints Peter Kruk to Board of Directors ------------------------------------------------------ Neonode Inc. announced Oct. 8, 2024, that Peter Kruk has joined the company's Board of Directors as a Class II director. Peter Kruk currently serves as the chief executive officer and as a board member of NCAB Group AB, a Nasdaq Stockholm-listed company and a leading global producer of printed circuit boards. Mr. Kruk brings extensive experience as a leader in global industrial companies. From 2018 to 2020, Mr. Kruk served as the President of the EMEA region in the Dometic Group and was a member of Dometic Group's management team. From 2009 to 2018, he served as President of Electronics and a member of the executive management team of Stoneridge Inc., a United States-listed company and a leading supplier of advanced electronics to the global automotive industry. "I am very excited about joining Neonode's Board of Directors. The company has a great history of innovation and developing pioneering technology and I look forward to supporting the team and contributing to the future development of the company," said Peter Kruk. "We are pleased that Peter will join the Board of Directors and contribute both with his general management experience and also his deep knowledge of the automotive industry," said Ulf Rosberg, Chairman of the Board. In accordance with the Company's current Non-Employee Director Compensation Policy, Mr. Kruk will receive cash compensation of $25,000 per year for his service on the Board. About Neonode Neonode Inc. (NASDAQ:NEON) is a publicly traded company, headquartered in Stockholm, Sweden and established in 2001. The Company provides advanced optical sensing solutions for touch, contactless touch, and gesture sensing. The Company also provides software solutions for machine perception that feature advanced machine learning algorithms to detect and track persons and objects in video streams for cameras and other types of imagers. The Company bases its contactless touch, touch, and gesture sensing products and solutions using its zForce technology platform and its machine perception solutions on its MultiSensing technology platform. The Company markets and sells its solutions to customers in many different markets and segments including, but not limited to, office equipment, automotive, industrial automation, medical, military and avionics. Neonode reported a net loss attributable to the Company of $10.12 million for the year ended Dec. 31, 2023, a net loss attributable to the Company of $4.88 million for the year ended Dec. 31, 2022, a net loss attributable to the Company of $6.45 million for the year ended Dec. 31, 2021, a net loss attributable to the Company of $5.61 million for the year ended Dec. 31, 2020, and a net loss attributable to the Company of $5.30 million for the year ended Dec. 31, 2019. For the six months ended June 30, 2024, the Company reported a net loss of $3.78 million. NEW YORK, NY: Court Certifies Class in EMS Discrimination Suit -------------------------------------------------------------- Duncan Freeman, writing for The Chief, reports that a federal judge has certified litigation brought by two dozen members of FDNY EMS and their unions as a class action discrimination suit covering all EMS workers, from EMTs to division commanders, employed by the department in the last five years. Judge Analisa Torres had already denied the city's request to throw out the suit and last week once again sided with the EMS workers. The suit, filed in December 2022, alleges that the city has engaged in discriminatory pay practices against members of FDNY EMS on the basis of race and sex. Prior to filing their suit, FDNY EMS workers had filed a discrimination complaint with the U.S. Equal Employment Opportunity Commission in 2019. The federal EEOC found in 2021 that former and current EMS workers had been discriminated against and told the workers the following year that they had a legal basis to sue. Workers filed the suit with support from District Council 37 Local 2507, which represents EMTs and paramedics, and Local 3621, the EMS officers union. Vincent Variale, Local 3621's president, said the suit's certification as a class action was "monumental and historic." "It's another step towards EMS receiving justice for all these years," he added. Variale said that the two unions' negotiations with the city for a new collective bargaining agreement has made little progress as the locals continue to demand raises that would put them on a course to parity with other first responders. Officials with the city's Office of Labor Relations, Variale said, have proposed giving EMS workers raises adhering to the civilian pattern despite the fact that they're uniformed employees. In her March decision declining to throw out the case, Torres argued that failing to provide EMS workers with the higher, uniformed wage pattern "raises the specter of discrimination." In the decision handed down last week, Torres wrote that EMS workers' arguments "offer significant proof that the City has 'operated under a general policy of discrimination.'" The evidence includes "statistical analyses showing that the EMS First Responders are more diverse by race and sex/gender than Fire First Responders and are paid significantly less; and expert analyses showing that EMS and Fire First Responders perform similar jobs and that no job-relevant rationale explains the difference in compensation." Torres also certified two subclasses, one for EMS workers who identify as women, and another for those who are non-white. Last year, Torres oversaw a $29.2 million settlement between the city and the FDNY's fire protection inspectors after the inspectors filed a class action lawsuit of their own. "We are grateful to the Court for giving us the opportunity to correct the long overdue problem of pay inequity in the FDNY," Oren Barzilay, the president of Local 2507, said in a statement. "Despite being underpaid and undervalued, our brave EMTs and paramedics protect the lives of New Yorkers every day. We look forward to the day when our members are extended the same treatment and recognition they deserve as uniform first responders." The FDNY deferred a comment request to the city's Law Department "The City values all of its first responders and the critical services they perform," a Law Department spokesperson said in a statement. "Class certification is a way to streamline the case and in no way speaks to the merits of these claims. The City is confident that it will ultimately prevail in this litigation." [GN] NEXTTRIP INC: Sells Additional 66,225 Series I Preferred Shares --------------------------------------------------------------- NextTrip, Inc. disclosed in a Form 8-K filed with the Securities and Exchange Commission that on Oct. 2, 2024, the Company sold an additional 66,225 shares of Series I Preferred at a price of $3.02 per share. On Aug. 15, 2024 and Aug. 30, 2024, the Company had also sold an additional 4,967 and 24,834 shares, respectively, of Series I Preferred at a price of $3.02 per share. The aggregate gross proceeds raised under the additional sales of securities in August and October totaled $290,000. The sales of the foregoing securities, in the aggregate and on as converted basis, exceeded 5% of the Company's outstanding common stock since its last report. On Feb. 15, 2024, NextTrip entered into a securities purchase agreement with certain accredited investors, pursuant to which the Company issued and sold an aggregate of $672,500 of the Company's securities, consisting of (i) 222,680 restricted shares of Series I Convertible Preferred Stock of the Company, and (ii) unregistered warrants to purchase up to 111,340 shares of Company common stock. Each share of Series I Preferred was sold together with one-half of a Warrant at a combined price of $3.02. The Offering was priced at the "Minimum Price" under Nasdaq Rule 5635(d). About NextTrip Inc. NextTrip (formerly known as Sigma Additive Solutions, Inc. -- https://investors.nexttrip.com -- is an innovative technology company that is building next generation solutions to power the travel industry. NextTrip, through its subsidiaries, provides travel technology solutions with sales originating in the United States, with a primary emphasis on accommodations, hotels, flights, wellness, and all-inclusive travel packages. Its proprietary booking engine, branded as NXT2.0, provides travel distributors access to a sizeable inventory. NextTrip's NXT2.0 booking technology was built upon a platform acquired in June 2022, which previously powered the Bookit.com business, a well-established online leisure travel agent generating over $400 million in annual sales as recently as 2019 (pre-pandemic). Salt Lake City, Utah-based Haynie & Company, the Company's auditor since 2024, issued a "going concern" qualification in its report dated Sept. 4, 2024, citing that the Company has suffered recurring losses from operations and has a negative working capital that raise substantial doubt about its ability to continue as a going concern. NORMAN REGIONAL: Moody's Lowers Rating on Revenue Bonds to B1 ------------------------------------------------------------- Moody's Ratings has downgraded Norman Regional Hospital Authority's (NRH) (OK) revenue bonds rating to B1 from Ba1. The ratings are under review for further downgrade. Previously, the outlook was stable. NRH had approximately $328 million of debt outstanding at June 30, 2024. The downgrade of NRH's rating to B1 reflects a material and precipitous decline in liquidity well in excess of projections at the time of Moody's most recent review. Heavy reliance on a short-term line of credit, which is currently fully drawn, ongoing cash flow losses, and challenges with the master facility project have also contributed to the downgrade. Management turnover during significant financial stress contributes to high governance risk related to financial strategy and track record, which is a key driver to this rating action. The rating is under review for further downgrade as Moody's assess the risk of additional liquidity drains and cashflow losses, as well as risks related to renewal of the line of credit which is currently under negotiation. RATINGS RATIONALE The B1 favorably reflects NRH's leading market position, which will continue to be protected by a local city ordinance that restricts entrance of inpatient competition. The organization will benefit from the expansion of the main facility (opened August 2024), which will provide cost saving opportunities following consolidation of services. However, liquidity will remain very weak with 60 days cash on hand at FYE 2024, with the likelihood of additional material weakening through Q1 2025. NRH is fully drawn on a $35 million line of credit (included in Moody's liquidity calculations) which further weakens leverage metrics with cash to debt below 30%. Continued weak operating performance, lower than expected volumes and additional capital spending needs through the beginning of FY 2025 will contribute to further cash deterioration. Management risk is higher with the unexpected departure of the CEO. RATING OUTLOOK The rating is under review for further downgrade as Moody's assess the risk of additional liquidity declines, ongoing cash flow losses and challenges related to the master facility expansion. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS The upgrade is unlikely in the foreseeable future, but could result from a combination of: -- Material growth in liquidity absent additional debt -- Sustained and material improvement in operating performance FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Decline in cash on hand to below 30 days or cash to debt to below 15% -- Failure to stem operating cash flow losses on a month to month basis -- Failure to renew current line of credit or secure alternative source of liquidity LEGAL SECURITY The bonds are secured by a gross revenue pledge of the hospital. Required covenants relating to the master trust indenture, loan agreement and other related legal documents include 1.1x maximum annual debt service coverage. PROFILE Norman Regional Hospital Authority (NRH) is a regional hospital system located in Cleveland County, Oklahoma (approximately 20 miles south of Oklahoma City) with 387 licensed beds and $566 million of operating revenues. NRH is a public trust and GASB-reporting hospital. NRH operates Norman Regional Hospital, Norman Regional HealthPlex, Norman Regional Moore facility, and recently opened Norman Regional Nine facility, as well as numerous outpatient locations. METHODOLOGY The principal methodology used in these ratings was US Not-for-profit Healthcare published in February 2024. ON POINT DIRECTIONAL: Seeks to Hire Osborn & Osborn as Accountant ----------------------------------------------------------------- On Point Directional Drilling and Trenching, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Arkansas to employ the Osborn & Osborn, CPA's, PLLC as its accountant. The firm's services include: (a) prepare financial statements and bankruptcy operating reports; and (b) file state and federal income, use, sales or personal property tax returns. The firm will be paid at these hourly rates: Matt Knight, CPA $120 - $140 Staff $70 - $110 Mr. Knight 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: Matt Knight, CPA Osborn & Osborn, CPA's, PLLC 515 W. Monroe Ave. Jonesboro, AR 72401 Telephone: (870) 932-8306 About On Point Directional Drilling and Trenching On Point Directional Drilling and Trenching LLC specializes in providing drilling and trenching services. On Point Directional Drilling and Trenching LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ark. Case No. 24-12506) on July 31, 2024. In the petition filed by Matthew Mommsen, managing member, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Judge Phyllis M. Jones oversees the case. The Debtor tapped Kevin P. Keech, Esq., at Keech Law Firm, PA as counsel and Matt Knight, CPA, at Osborn & Osborn, CPA's, PLLC as accountant. PROSPER ASSISTED: Seeks to Tap Robert W. Buchholz as Legal Counsel ------------------------------------------------------------------ Prosper Assisted Living, LP seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ The Law Office of Robert W. Buchholz, PC to handle its Chapter 11 case. The firm's counsel and staff will be paid at these hourly rates: Robert Buchholz, Attorney $350 Paralegal $125 In addition, the firm will seek reimbursement for expenses incurred. The firm also received a filing fee of $1,738 from Lake Point Healthcare, LP, an entity with an ownership interest in the Debtor. ` ` Mr. Buchholz disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Robert W. Buchholz, Esq. The Law Office of Robert W. Buchholz, P.C. 5220 Spring Valley Road, Suite 618 Dallas, TX 75254 Telephone: (214) 754-5500 Facsimile: (214) 754-9100 Email: bob@attorneybob.com About Prosper Assisted Living Prosper Assisted Living, LP sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-32700) on Sept. 1, 2024. In the petition filed by Dan Blackburn, general partner, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Stacey G. Jernigan handles the case. The Law Office of Robert W. Buchholz, P.C. serves as the Debtor's counsel. PULMATRIX INC: Board Schedules Annual Meeting for December 18 ------------------------------------------------------------- Pulmatrix, Inc. disclosed in a Form 8-K filed with the Securities and Exchange Commission that on Oct. 3, 2024, the Board of Directors of the Company determined that the Company's 2024 Annual Meeting of Stockholders will be held on Wednesday, Dec. 18, 2024, and that the record date for the determination of stockholders of the Company entitled to receive notice of and to vote at the 2024 Annual Meeting shall be the close of business on Oct. 31, 2024. The time and location of the 2024 Annual Meeting will be as set forth in the Company's definitive proxy statement for the 2024 Annual Meeting to be filed with the SEC. Due to the fact that the date of the 2024 Annual Meeting has been changed by more than 30 days from the anniversary date of the 2023 Annual Meeting of Stockholders, the Company is providing the due date for submission of any qualified stockholder proposal or qualified stockholder nominations. In accordance with the requirements contained in the Company's Restated Bylaws, stockholders of the of the Company who wish to have a proposal considered for inclusion in the Company's proxy materials for the 2024 Annual Meeting pursuant to Rule 14a-8 under the Securities Exchange Act of 1934, must ensure that such proposal is received by the Company's Corporate Secretary at 945 Concord Street, Suite 1217, Framingham, MA 01701, on or before the close of business on Oct. 18, 2024, which is the 10th calendar date following Oct. 8, 2024. Any such proposal must also meet the requirements set forth in the rules and regulations of the SEC in order to be eligible for inclusion in the proxy materials for the 2024 Annual Meeting. Additionally, in accordance with the requirements contained in the Bylaws, stockholders of the Company who wish to bring business before the 2024 Annual Meeting outside of Rule 14a-8 of the Exchange Act or to nominate a person for election as a director must ensure that written notice of such proposal (including all information specified in the Company's Bylaws) is received by the Company's Chief Executive Officer at the address specified above no later than the close of business on Oct. 18, 2024, which is the 10th calendar date following Oct. 8, 2024. Any such proposal must meet the requirements set forth in the Company's Bylaws in order to be brought before the 2024 Annual Meeting. In addition, to comply with the universal proxy rules, stockholders who intend to solicit proxies in support of director nominees other than the Company's nominees must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act by Oct. 18, 2024, which is the 10th calendar date following Oct. 8, 2024. About Pulmatrix Pulmatrix, Inc. -- http://www.pulmatrix.com-- is a clinical-stage biopharmaceutical company focused on the development of novel inhaled therapeutic products intended to prevent and treat central nervous system ("CNS"), respiratory and other diseases with important unmet medical needs using its patented iSPERSE technology. The Company's proprietary product pipeline includes treatments for CNS disorders such as acute migraine and serious lung diseases such as Chronic Obstructive Pulmonary Disease ("COPD") and allergic bronchopulmonary aspergillosis ("ABPA"). Pulmatrix's product candidates are based on its proprietary engineered dry powder delivery platform, iSPERSE, which seeks to improve therapeutic delivery to the lungs by maximizing local concentrations and reducing systemic side effects to improve patient outcomes. Pulmatrix reported a net loss of $14.12 million in 2023, a net loss of $18.84 million in 2022, a net loss of $20.17 million in 2021, a net loss of $19.31 million in 2020, a net loss of $20.59 million in 2019, and a net loss of $20.56 million for the year ended Dec. 31, 2018. QSR STEEL: Has Court Permission to Use Cash Collateral ------------------------------------------------------ The U.S. Bankruptcy Court for the District of Connecticut, Hartford Division, granted QSR Steel Corporation, LLC authorization to use cash collateral, which includes funds subject to liens held by Liberty Bank, First-Citizens Bank & Trust Company, and Philadelphia Indemnity Insurance Company. The court previously issued interim orders allowing the debtor to use these funds to maintain operations. Liberty Bank holds a significant prepetition claim against QSR Steel, stemming from a $1.5 million line of credit extended in 2019, which is secured by the company's assets, including accounts receivable and equipment. As of the petition date, QSR Steel owed Liberty approximately $659,716. Additionally, First-Citizens Bank and Philadelphia Indemnity have security interests in certain assets of the debtor, with amounts owed totaling about $40,390.84 to First-Citizens Bank. The debtor has an immediate need to access the cash collateral to fund payroll and operational expenses. Without it, the company risks severe disruption to its business. The court's third interim order permits the use of cash collateral up to $933,763.44 for the months of October and November 2024, subject to specific budgetary constraints, and establishes terms for revising the budget if necessary. In exchange for allowing QSR Steel to use the cash collateral, the court grants Liberty Bank, First-Citizens Bank, and Philadelphia Indemnity replacement liens on the debtor's assets to ensure their interests are protected. The order also outlines protections for Liberty in case the value of its collateral diminishes during the bankruptcy process. The court further stipulates that professional fees, Subchapter V trustee expenses, and wages must be paid using available unencumbered funds or the Carve-Out provided in the order, which allows for certain priority payments to be made ahead of other claims. About QSR Steel Corporation LLC QSR Steel Corporation, LLC is a one-stop, full service structural steel company based in Hartford, Conn., offering everything from steel buildings to stairs and railings. The Debtor filed Chapter 11 petition (Bankr. D. Conn. Case No. 24-20562) on June 18, 2024, with $2,838,179 in assets and $2,124,057 in liabilities as of March 31, 2024. Glenn Salamone, its member, signed the petition. Irve J. Goldman, Esq., at Pullman & Comley, LLC represents the Debtor as legal counsel. R.A.R.E. CORP: Gets Court Nod to Use Cash Collateral Until Oct. 31 ------------------------------------------------------------------ R.A.R.E. Corporation received interim approval from a U.S. bankruptcy judge to continue to use the cash collateral of its secured creditors. The interim order penned by Judge David Cleary of the U.S. Bankruptcy Court for the Northern District of Illinois authorized the company to use cash collateral until Oct. 31 in accordance with the budget it submitted to the court. This latest approval aligns with the terms of the court's Feb. 20 order, which remains in effect. The next hearing is scheduled for Oct. 30, with an objection deadline of Oct. 25. About R.A.R.E. Corporation R.A.R.E. Corporation sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-02127) on February 15, 2024, with up to $500,000 in assets and up to $1 million in liabilities. R.A.R.E. President Rocky Eastland signed the petition. Judge David D. Cleary oversees the case. William J. Factor, Esq., at FactorLaw, represents the Debtor as legal counsel. REDFISH PROPERTY: Hires Count on Me Accounting as Bookkeeper ------------------------------------------------------------ Redfish Property Holdings LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Lisa Tepper and Count on Me Accounting as its bookkeeper. The firm will provide bookkeeping services to the Debtor for its Chapter 11 plan. Tepper has proposed to complete such tasks for no more than $3,000. For any further work, Ms. Tepper will charge $35 per hour for her services. As disclosed in the court filings, Tepper is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The broker can be reached through: Lisa Tepper Count on Me Accounting 5461 Newcastle Ave. #8 Encino, CA, 91316 Office number: (310) 382-7973 Email: lisa@countonmeaccounting.com. About Redfish Property Holdings LLC Redfish Property Holdings LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-33115) on July 1, 2024, listing $1 million to $10 million in both assets and liabilities. Judge Jeffrey P Norman presides over the case. Reese W Baker, Esq. at Baker & Associates represents the Debtor as counsel. RISE MANAGEMENT: Seeks to Hire Patrick J. Gros as Accountant ------------------------------------------------------------ Rise Management, LLC seeks approval from the U.S. Bankruptcy Court for the District of Louisiana to employ Patrick J. Gros, CPA, A Professional Accounting Corporation as accountant. The Debtor needs the assistance of an accountant to prepare its monthly operating reports and provide general accounting services. The hourly rates of the firm's professionals are as follows: Partners $275 per hour Managers $175 per hour Seniors $150 per hour Staff & Paraprofessionals $105 per hour The retainer fee is $3,000. Patrick Gros, a certified public accountant at Patrick J. Gros CPA APAC, disclosed in a court filing that his firm is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Patrick J. Gros, CPA Patrick J. Gros CPA APAC 651 River Highlands Blvd. Covington, LA 70433 Telephone: (985) 898-3512 Email: info@PJGrosCPA.com About Rise Management, LLC Rise Management LLC is primarily engaged in renting and leasing real estate properties. The Debtor owns three properties located in New Orleans having a total current value of $1.3 million. Rise Management LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 24-11535) on August 7, 2024. In the petition filed by Cullan Maumas of MagNola Ventures, LLC, the Debtor's manager, the Debtor reports total assets of $2,628,537 and total liabilities of $2,952,920. The Honorable Bankruptcy Judge Meredith S. Grabill oversees the case. The Debtor is represented by Patrick Garrity, Esq. at THE DERBES LAW FIRM, LLC. SCILEX HOLDING: Closes $50 Million Registered Convertible Financing ------------------------------------------------------------------- Scilex Holding Company announced Oct. 8, 2024, the closing of its registered direct offering of new tranche B senior secured convertible notes in the aggregate principal amount of $50 million and warrants to purchase up to 7,500,000 shares of the Company's common stock. The Notes have an original issue discount of 10.0% and bear interest at a rate of 5.5% per annum and unless earlier converted or redeemed, the Notes mature on the two-year anniversary of the issuance date. The Company has received in exchange for the issuance of the Notes to 3i LP and the affiliates of Murchinson an aggregate amount in cash equal to $22,500,00, excluding fees and expenses payable by the Company. The Company has received from Oramed Pharmaceuticals Inc. in consideration for the Note issued to Oramed an exchange and reduction of the principal balance under the Company's existing Senior Secured Promissory Note with Oramed of $22,500,000. All amounts due under the Notes are convertible at any time, in whole or in part, subject to certain beneficial ownership limitations, at the option of the holder into shares of the Company's common stock at a conversion price equal to $1.09, subject to adjustment as described in the Notes. The warrants have an exercise price of $1.09 (subject to adjustment as described in the warrants) and will become exercisable immediately upon issuance and will expire on the date that is five years from the issuance date. StockBlock Securities LLC and its affiliate, Rodman & Renshaw LLC, served as the exclusive placement agents in connection with the offering. The net proceeds from the offering are approximately $20,500,000, after deducting the placement agents' fees and other offering expenses payable by the Company. The Company intends to use the net proceeds from the offering for repayment and satisfaction of $12,500,000 of the outstanding balance under the Oramed Note, payoff of the revolving credit facility with eCapital Healthcare Corp, satisfaction of certain costs, fees and expenses of the purchasers of the Notes and the collateral agent, and, to the extent there are any remaining proceeds, for working capital and other general corporate purposes of the Company. The securities described above were offered by the Company pursuant to a "shelf" registration statement on Form S-3 (File No. 333-276245), as amended, which was originally filed with the Securities and Exchange Commission on Dec. 22, 2023, and declared effective by the SEC on Jan. 11, 2024. The securities were offered only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A prospectus supplement and accompanying prospectus relating to, and describing the terms of, the offering have been filed with the SEC and are available on the SEC's website at http://www.sec.gov. Electronic copies of the prospectus supplement and accompanying prospectus may also be obtained by contacting Rodman & Renshaw LLC at 600 Lexington Avenue, 32nd Floor, New York, NY 10022, by telephone at (212) 540-4414, or by email at info@rodm.com; and StockBlock Securities LLC at 600 Lexington Avenue, 32nd Floor, New York, NY 10022, by telephone at (212) 540-4440, or by email at info@stockblock.com. 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 are 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. SILVERSHORE CYPRESS: Taps Northgate as Real Estate Broker --------------------------------------------------------- Silvershore Cypress LLC filed an amended application seeking approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Northgate Real Estate Group as real estate broker to market and sell its real property located at 10-71 Cypress Avenue a/k/a 1708 Summerfield Street, Queens NY [Block 3567, Lot 7] . Previously, the Original Application provided for commissions to Northgate as follows: (i) 5 percent of the gross purchase price of the Property if sold to a third-party, as a buyer premium; (ii) 2 percent if Valley National Bank (the "Lender") is the successful bidder through a credit bid; or (iii) 5 percent in the event of a refinancing; with (iv) a minimum fee of $100,000 in all events. At the request of the Lender, Northgate has now agreed to revise and reduce its commissions: (i) 4.5 percent of the gross purchase price of the Property if sold to a third party, as a buyer premium; or (ii) 2 percent if the Lender is the successful bidder through a credit bid; with no minimum fee or reimbursement of expenses. The Debtors do not intend to refinance. 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 percent TIC interest in the Property. Silvershore Cypress LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-43223) on August 1, 2024, listing $1,000,001 to $10 million in both assets and liabilities. Judge Elizabeth S Stong presides over the case. J Ted Donovan, Esq. at Goldberg Weprin Finkel Goldstein LLP represents the Debtor as counsel. SKYLOCK INDUSTRIES: Gets OK to Use Cash Collateral Until Nov. 8 --------------------------------------------------------------- Skylock Industries Inc. received interim court approval to use its creditors' cash collateral until Nov. 8. The interim order penned by Judge Sheri Bluebond of the U.S. Bankruptcy Court for the Central District of California authorized the company to use up to $565,000 of its creditors' cash collateral per an approved budget. The company may exceed any line item in the budget by up to 15%. Creditors with interests in the cash collateral will receive replacement liens in the proceeds of their respective collateral except avoidance actions or the proceeds thereof. Additionally, Skylock must make a $2,511 adequate protection payment to the U.S. Small Business Administration by Nov. 1. The final hearing is scheduled for Nov. 6. Objections are due by Oct. 23. About Skylock Industries Skylock Industries Inc. is a California-based aircraft parts manufacturer. Skylock Industries sought relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 24-17820) on Sept. 26, 2024, with $10 million to $50 million in both assets and liabilities. Judge Sheri Bluebond handles the case. The Debtor is represented by Jeffrey S. Shinbrot, Esq., at The Shinbrot Firm. SKYX PLATFORMS: Grosses $11 Million From Sale of Preferred Stock ---------------------------------------------------------------- SKYX Platforms Corp. reported in a Form 8-K filed with the Securities and Exchange Commission that on Oct. 4, 2024, it sold an aggregate of 440,000 shares of two series of newly-authorized preferred stock, resulting in total gross proceeds to the Company of $11.0 million which preferred stock may be converted into shares of the Company's common stock at $2.00 per share and bears an 8% annual dividend. The Company intends to use the proceeds for working capital and other general corporate purposes. Series A Preferred Stock On Oct. 4, 2024, the Company entered into a Securities Purchase Agreement with an accredited investor, pursuant to which such investor purchased an aggregate of 200,000 shares of the Company's newly-authorized Series A Preferred Stock, no par value per share, at a purchase price of $25.00 per share. The Series A Purchase Agreement contains customary representations, warranties, agreements and indemnification rights and obligations of the parties and provides the purchaser with certain registration rights. The Certificate of Designation of Rights, Preferences and Privileges of Series A Preferred Stock provides for cumulative cash dividends at an annual rate of 8% of the original issue price of $25.00 per share of Series A Preferred Stock, payable quarterly in arrears. In the event the full cumulative dividends are not paid on a dividend payment date, dividends will accrue on the sum of the original issue price, plus the amount of unpaid dividends, at an annual rate of 12%, until such date as the Company has paid all previously accrued but unpaid dividends. In addition, holders of Series A Preferred Stock are also entitled to participate in and receive any dividends declared or paid on the Company's common stock on an as-converted basis. Each holder of Series A Preferred Stock has the right, at such holder's option, to convert such holder's shares of Series A Preferred Stock into shares of common stock at an initial conversion price per share of $2.00, subject to price protection up to a maximum of 40% in the event the Company issues common stock below $2.00 per share. In addition, for two years following the closing date of the Series A Purchase Agreement, the Series A Preferred Stock is subject to mandatory conversion by the Company upon the occurrence of specified events. In no event will the aggregate number of shares of common stock that may be issued upon the conversion of the Series A Preferred Stock exceed 19.99% of the common stock outstanding on the date of the Series A Purchase Agreement prior to closing, unless the Company obtains stockholder approval. The Company may redeem all or any of the Series A Preferred Stock for cash at any time beginning five years after the closing date of the Series A Purchase Agreement at a redemption price per share equal to $25.00, plus all accrued and unpaid dividends on the Series A Preferred Stock being redeemed. Upon a "Fundamental Change" (involving a change of control, as further described in the Series A Certificate of Designation), each holder may require the Company to redeem the holder's Series A Preferred Stock at the Series A Redemption Price. In the event of any liquidation, dissolution or winding up of the Company, the holders of Series A Preferred Stock shall be entitled to receive an amount equal to $25.00 per share, plus accrued and unpaid dividends. With respect to the payment of dividends and rights upon the voluntary or involuntary liquidation, dissolution or winding up of the Company, the Series A Preferred Stock ranks senior to the Company's common stock and any other class or series of capital stock of the Company created after the Series A Preferred Stock, the terms of which do not expressly provide that such class or series ranks on a parity basis with or senior to the Series A Preferred Stock, and on parity with any class or series of capital stock of the Company expressly designated as ranking on parity with the Series A Preferred Stock. The Series A Preferred Stock has no stated maturity, is not subject to any sinking fund and will remain outstanding indefinitely unless converted into common stock or redeemed by the Company, in which case such shares of Series A Preferred Stock may not be reissued and will automatically be retired and cancelled and resume the status of authorized but unissued shares of preferred stock. Holders of Series A Preferred Stock generally will be entitled to vote with the holders of the Company's common stock on all matters submitted for a vote of holders of common stock (voting together with the holders of common stock as a single class) on an as-converted basis. The Series A Preferred Stock is entitled to a separate class vote on all matters that impact the rights, value or conversion terms or ranking of the Series A Preferred Stock. Additionally, the Company shall not, without the approval of 51% of the then outstanding shares of Series A Preferred Stock, (i) issue additional shares of Series A Preferred Stock; (ii) create or issue (A) any class or series of capital stock ranking senior to the Series A Preferred Stock with respect to dividends or distributions or (B) any other securities ranking on parity with the Series A Preferred Stock having the same liquidation preference as the Series A Preferred Stock; or (iii) amend, modify or alter in any manner (A) the Series A Certificate of Designation or (B) the Company's Certificate of Incorporation (including by filing any new certificate of designation or elimination) or its Amended and Restated Bylaws in a manner that adversely affects the rights, preferences, privileges or restrictions of the Series A Preferred Stock. Pursuant to the Series A Purchase Agreement, the investors in the Series A Preferred Stock consented to the sale and issuance of up to 400,000 shares of a series of preferred stock that, among other things, ranks on parity with or junior to the Series A Preferred Stock. Series A-1 Preferred Stock Also on Oct. 4, 2024, the Company entered into a Securities Purchase Agreement with certain accredited investors, pursuant to which such investors purchased an aggregate of 240,000 shares of the Company's newly-authorized Series A-1 Preferred Stock, no par value per share, at a purchase price of $25.00 per share. Investors in this offering included Steven Schmidt, president of the Company, John P. Campi, co-chief executive officer of the Company, and Leonard J. Sokolow, co-chief executive Officer and a director of the Company, as well as significant stockholders. The Series A-1 Purchase Agreement contains customary representations, warranties, agreements and indemnification rights and obligations of the parties and provides the purchasers with certain registration rights. The Certificate of Designation of Rights, Preferences and Privileges of Series A-1 Preferred Stock provides for cumulative cash dividends at an annual rate of 8% of the original issue price of $25.00 per share of Series A-1 Preferred Stock, payable quarterly in arrears. In the event the full cumulative dividends are not paid on a dividend payment date, dividends will accrue on the sum of the original issue price, plus the amount of unpaid dividends, at an annual rate of 12%, until such date as the Company has paid all previously accrued but unpaid dividends. In addition, holders of Series A-1 Preferred Stock are also entitled to participate in and receive any dividends declared or paid on the Company's common stock on an as-converted basis. Each holder of Series A-1 Preferred Stock has the right, at such holder's option, to convert such holder's shares of Series A-1 Preferred Stock into shares of common stock at an initial conversion price per share of $2.00, subject to price protection up to a maximum of 40% in the event the Company issues common stock below $2.00 per share. In addition, for two years following the closing date of the Series A-1 Purchase Agreement, the Series A-1 Preferred Stock is subject to mandatory conversion by the Company upon the occurrence of specified events. In no event will the aggregate number of shares of common stock that may be issued upon the conversion of both the Series A Preferred Stock and the Series A-1 Preferred Stock exceed 19.99% of the common stock outstanding on the date of the applicable Purchase Agreement prior to closing, unless the Company obtains stockholder approval. The Company may redeem all or any of the Series A-1 Preferred Stock for cash at any time beginning three years after the closing date of the Series A-1 Purchase Agreement at a redemption price per share equal to $25.00, plus all accrued and unpaid dividends on the Series A-1 Preferred Stock being redeemed. Upon a "Fundamental Change" (involving a change of control, as further described in the Series A-1 Certificate of Designation), the Company may redeem the outstanding Series A-1 Preferred Stock at the Series A-1 Redemption Price. In the event of any liquidation, dissolution or winding up of the Company, the holders of Series A-1 Preferred Stock shall be entitled to receive an amount equal to $25.00 per share, plus accrued and unpaid dividends. With respect to the payment of dividends and rights upon the voluntary or involuntary liquidation, dissolution or winding up of the Company, the Series A-1 Preferred Stock ranks senior to the Company's common stock and any other class or series of capital stock of the Company created after the Series A-1 Preferred Stock, the terms of which do not expressly provide that such class or series ranks on a parity basis with or senior to the Series A-1 Preferred Stock, and on parity with any class or series of capital stock of the Company expressly designated as ranking on parity with the Series A-1 Preferred Stock. The Series A-1 Preferred Stock has no stated maturity, is not subject to any sinking fund and will remain outstanding indefinitely unless converted into common stock or redeemed by the Company, in which case such shares of Series A-1 Preferred Stock may not be reissued and will automatically be retired and cancelled and resume the status of authorized but unissued shares of preferred stock. Holders of Series A-1 Preferred Stock generally will be entitled to vote with the holders of the Company's common stock on all matters submitted for a vote of holders of common stock (voting together with the holders of common stock as a single class) on an as-converted basis. The Series A-1 Preferred Stock is entitled to a separate class vote on all matters that impact the rights, value or conversion terms or ranking of the Series A-1 Preferred Stock. Additionally, the Company shall not, without the approval of 51% of the then outstanding shares of Series A-1 Preferred Stock, (i) issue additional shares of Series A-1 Preferred Stock; (ii) create or issue (A) any class or series of capital stock ranking senior to the Series A-1 Preferred Stock with respect to dividends or distributions or (B) any other securities ranking on parity with the Series A-1 Preferred Stock having the same liquidation preference as the Series A-1 Preferred Stock; or (iii) amend, modify or alter in any manner (A) the Series A-1 Certificate of Designation or (B) the Company's Certificate of Incorporation (including by filing any new certificate of designation or elimination) or its Amended and Restated Bylaws in a manner that adversely affects the rights, preferences, privileges or restrictions of the Series A-1 Preferred Stock. Pursuant to the Series A-1 Purchase Agreement, the investors in the Series A-1 Preferred Stock consented to the sale and issuance of up to 400,000 shares of the Series A Preferred Stock. About SKYX Platforms Corp. Sky Platforms' offers a series of highly disruptive advanced-safe-smart platform technologies, with over 97 U.S. and global patents and patent pending applications. Additionally, the Company owns over 60 lighting and home decor websites for both retail and commercial segments. The Company's technologies place an emphasis on high quality and ease of use, while significantly enhancing both safety and lifestyle in homes and buildings. The Company believes that its products are a necessity in every room in both homes and other buildings in the U.S. and globally. The Woodlands, TX-based M&K CPAS, PLLC, the Company's auditor since 2018, issued a "going concern" qualification in its report dated April 1, 2024, citing that the Company has an accumulated deficit, negative cash flows from operations and recurring net losses, which raise substantial doubt about its ability to continue as a going concern. SONOMA CELLAR: Gets Interim OK to Use Cash Collateral ----------------------------------------------------- Sonoma Cellar, LLC received interim court approval to use the cash collateral of WebBank, N.A. and the U.S. Small Business Administration. The interim order penned by Judge Klinette Kindred of the U.S. Bankruptcy Court for the Eastern District of Virginia approved the use of cash collateral from Sept. 24 to Oct. 15 in accordance with an approved budget. The company is required to provide adequate protection to WebBank and SBA, including monthly payments of $2,000 to WebBank, beginning one month after the petition date. A final hearing is scheduled for Oct. 15. Objections are due by Oct. 14. About Sonoma Cellar Sonoma Cellar, LLC is a company that operates in the wine industry. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 24-11780) with $10,000 to $50,000 in assets and $500,000 to $1 million in liabilities. Judge Klinette H. Kindred. Mark oversees the case. Justin Fasano at Mcnamee Hosea, P.A. represents the Debtor as legal counsel. STG LOGISTICS: Reaches Deal With Lenders to Slash Debt ------------------------------------------------------ Reshmi Basu and Jill R. Shah of Bloomberg News report that private Equity-backed STG Logistics reached a deal with a group of lenders that overhauls its debt stack and allows them to jump ahead of peers in the repayment priority line, according to people with knowledge of the matter. The deal, part of a $300 million debt and equity financing package the company announced late Thursday, October 3, 2024, calls for a below-par exchange in which creditors can swap into a mix of senior and junior-ranking paper. Those that negotiated the transaction will receive a larger chunk of the higher-ranking obligations, the people said. About STG Logistics STG Logistics, Inc., also known as St. George Logistics, is a logistics company with a corporate office in North Bergen, New Jersey. SUPERIOR CONTRACT: Seeks Court Approval to Hire Special Counsel --------------------------------------------------------------- Superior Contract Cleaning, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Louisiana to employ William Kellner, Esq., and Matthew Voorhies Spizale, Esq., attorneys practicing in Lafeyette Parish, Louisiana, as its special counsel. The attorneys will provide legal services for the Debtor which are necessary in this Chapter 11 case that relate directly to state law, federal non-bankruptcy law and related matters. The attorneys will be paid at these hourly rates: William Kellner $310 Matthew Spizale $210 The attorneys disclosed in court filings that they are "disinterested persons" as the term is defined in Section 101(14) of the Bankruptcy Code. The attorneys can be reached at: William Kellner, Esq. Matthew Voorhies Spizale, Esq. 900 South College Road, Suite 205 Lafayette, LA 70503 Telephone: 337 (534)-4864 About Superior Contract Cleaning Superior Contract Cleaning, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. La. Case No. 24-50807) on September 20, 2024, listing under $1 million in both assets and liabilities. Judge John W. Kolwe oversees the case. The Debtor tapped H. Kent Aguillard, Esq., and Caleb K. Aguillard, Esq., as bankruptcy counsel and William Kellner, Esq., and Matthew Voorhies Spizale, Esq., as special counsel. SVB FINANCIAL: Court Rejects Heller et al. Severance Claims ----------------------------------------------------------- Chief Judge Martin Glenn of the United States Bankruptcy Court for the Southern District of New York sustained SVB Financial Group's third omnibus objections to the proofs of claim filed by Timothy Heller, Frank Xu and Adrian Norfleet. The Claims are expunged from the claims register. The Debtor's objection to Robert Zwolfer's claim is overruled without prejudice. On March 10, 2023, the California Department of Financial Protection and Innovation issued an order closing SVB, and on the same day DFPI appointed the FDIC as receiver of Silicon Valley Bank. Heller et al. are former SVB employees who separated from SVB and/or its subsidiaries or, in the case of Zwolfer, agreed to eventually separate from SVB, in the weeks before the Closure Date. All Severance Claimants allege the Debtor is obligated to make severance payments to them under purported agreements related to their separation from SVB. Claimant Date Filed Asserted Claim Amount -------- ---------- --------------------- Timothy Heller 8/8/2023 $145,385.00 Frank Xu 5/15/2023 22,565.00 Adrian Norfleet 8/7/2023 43,846.00 Robert Zwolfer 6/14/2023 459,452.00 Heller, Norfleet and Xu bring claims for severance payments on the basis of Separation and Release Agreements that they allege are binding upon the Debtor. The SRAs are form agreements that generally provide that the terminated employee will receive a severance payment in exchange for the employee's agreement to release SVB Financial Group and all of its subsidiaries and affiliates from all causes of action. Each were provided copies of the SRAs on February 7, 2023, but did not immediately sign the SRAs. Specifically, the Debtor indicates that Heller and Xu sought to negotiate with SVB for higher severance pay while Norfleet delayed submitting her signature to SVB. Meanwhile, Heller attributed this delay to the Debtor. On the Closure Date and after the DFPI announced that it had taken possession of SVB and appointed FDIC-R1 as receiver, Heller, Norfleet, and Xu sent signed copies of the SRAs to former SVB employees that were, at the time, operating under the control of the FDIC. The Debtor objected to each of the Heller, Norfleet, and Xu Claims in the Third Claims Objection on "No Liability" grounds and sought entry of an order disallowing and expunging each from the Debtor's claims register in its entirety. For each, the Debtor indicated that, based on a review of its books and records, the underlying severance agreements were "nonexecuted," rendering the Debtor "not liable for the [respective] Claimant's assertions." The Debtor submitted that these claims, along with other "No Liability" claims, "unjustifiably encumber[ed] the Debtor's asset pool and hinder[ed] the equitable treatment of legitimate creditors." In support, the Debtor pointed to section 502(b)(1) of the Bankruptcy Code, which provides that a claim may not be allowed to the extent that "such claim is unenforceable against the debtor." The Debtor first objected to the Zwolfer Claim in the Sixth Claims Objection. Specifically, the Debtor categorized the Zwolfer Claim as a "No Liability Claim" and sought to disallow and expunge it in full. The Debtor summarized that Zwolfer had filed a proof of claim seeking to recover benefits related to an alleged severance agreement. However, the supporting documentation annexed to the Zwolfer Claim showed that "any separation benefits [were] contingent upon the claimant entering into a separation and general release of claims agreement. Zwolfer, however, had deferred on the "execution of such separation and general release of claims agreement until he terminate[d] his relationship with SVB Financial Group." The Debtor maintained that it did not have a record of the executed SRA and Zwolfer had not provided a copy. As a result, the Debtor concluded that Zwolfer was not entitled to the benefits asserted in the Zwolfer claim. A. Heller Claim According to the Court, Heller is already recovering the amounts he seeks in the Heller Claim from the FDIC, the Heller Claim is unenforceable against the Debtor as the claim has been satisfied. Heller will not be permitted to obtain a double recovery on account of a single obligation. The Third Claims Objection is also sustained as to the Heller Claim because the Heller SRA is unenforceable against the Debtor, the Court concludes. B. Xu Claim As with Heller and Norfleet, the Debtor argues that Xu's SRA is unenforceable against the Debtor because (i) Xu waited until March 10, 2023 when the Debtor was no longer affiliated with SVB, and (ii) it was understood by all parties that only Xu's execution would be insufficient to create a binding obligation on the Debtor. Like Heller, none of the employees Xu communicated with possessed the authority to receive Xu's acceptance on the Debtor's behalf, the Court finds. Moreover, there is no evidence that Xu communicated his acceptance of the SRA to the Debtor before the deadline for him to accept the SRA expired on March 24, 2023 or the Petition Date. Accordingly, Xu's acceptance of the SRA was not communicated to the Debtor. Additionally, Xu recognized that the Debtor's countersignature was necessary in order for the SRA to be effective. Accordingly, in light of the foregoing, the Court sustains the Third Claims Objection as to the Xu Claim. C. Norfleet Claim With respect to Norfleet's SRA, the Debtor makes similar arguments. Specifically, the Debtor argues that (i) Norfleet's acceptance was not timely communicated to the Debtor, and (ii) the Debtor's signature was necessary to effectuate the SRA. Therefore, as with Xu, Norfleet did not timely communicate her acceptance of the SRA to the Debtor, the Court states. At the time of Norfleet's submission of her SRA, like Xu, the Debtor's relationship with SVB and all former SVB employees had been severed, and none of the employees Norfleet interacted with possessed the authority to receive Norfleet's acceptance on the Debtor's behalf. As there is also no evidence that she communicated her acceptance prior to the Petition Date or the March 24 deadline for her to sign the SRA, Norfleet's acceptance was not communicated to the Debtor, the Court nots. In addition, Norfleet was aware of the requirement that the Debtor's signature was required for the SRA to be effective. Additionally, Norfleet's SRA contains the same provisions as Xu's that indicate that both parties' signatures were required to effectuate the agreement. Accordingly, in light of the foregoing, the Court sustains the Third Claims Objection as to the Norfleet Claim. D. Zwolfer Claim The Court points out the Debtor does not consider the potential application of prevention doctrine or clarify if it intentionally prevented Zwolfer from signing the SRA. These ambiguities prevent the Court from expunging the Zwolfer Claim. Accordingly, the Zwolfer Claim Objection is denied without prejudice. The Court urges the Debtor and Zwolfer to engage in mediation in an effort to resolve the dispute. If the Debtor elects to renew an objection to the Zwolfer Claim, it will have to further develop the record consistent with the analysis contained in this Opinion. A copy of the Court's decision is available at https://urlcurt.com/u?l=YjZZU1 Attorneys for the Debtor: James L. Bromley, Esq. Andrew G. Dietderich, Esq. Christian P. Jensen, Esq. SULLIVAN & CROMWELL LLP 125 Broad Street New York, NY 10004 E-mail: bromleyj@sullcrom.com dietdericha@sullcrom.com jensenc@sullcrom.com About SVB Financial Group SVB Financial Group (Pink Sheets: SIVBQ) is a financial services company focusing on the innovation economy, offering financial products and services to clients across the United States and in key international markets. Prior to March 10, 2023, SVB Financial Group owned and operated Silicon Valley Bank, a state chartered bank. During the week of March 6, 2023, Silicon Valley Bank, Santa Clara, CA, experienced a severe "run-on-the-bank." On the morning of March 10, the California Department of Financial Protection and Innovation seized SVB and placed it under the receivership of the Federal Deposit Insurance Corporation. SVB was the nation's 16th largest bank and the biggest to fail since the 2008 financial meltdown. On March 17, 2023, SVB Financial Group sought Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 23-10367). The Debtor had assets of $19,679,000,000 and liabilities of $3,675,000,000 as of Dec. 31, 2022. The Hon. Martin Glenn is the bankruptcy judge. The Debtor tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Centerview Partners, LLC as investment banker; and Alvarez & Marsal North America, LLC as restructuring advisor. William Kosturos, a partner at Alvarez & Marsal, serves as the Debtor's chief restructuring officer. Kroll Restructuring Administration, LLC, is the claims and noticing agent and administrative advisor. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. The committee tapped Akin Gump Strauss Hauer & Feld, LLP as bankruptcy counsel; Cole Schotz P.C. as conflict counsel; Lazard Freres & Co. LLC as investment banker; and Berkeley Research Group, LLC as financial advisor. TARRANT COUNTY SENIOR: Taps Kroll Restructuring as Claims Agent --------------------------------------------------------------- Tarrant County Senior Living Center, Inc. d/b/a The Stayton at Museum Way seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Kroll Restructuring Administration LLC as its claims and noticing agent. The firm will oversee the distribution of notices and will assist in the maintenance, processing and docketing of proofs of claim filed in the Debtors' Chapter 11 cases. Prior to the petition date, the Debtors provided Kroll an advance in the amount of $50,000. Benjamin Steele, managing director at Kroll, disclosed in a court filing that his firm is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached at: Benjamin J. Steele Kroll Restructuring Administration LLC 55 East 52nd Street, 17th Floor New York, NY 10055 About Tarrant County Senior Living Center Incorporated in 2006, Stayton owns and operates a continuing care retirement community in Fort Worth, Texas dedicated to giving its residents a vibrant, active, and independent lifestyle. Stayton offers its senior residents a continuum of care in a luxury campus-style setting, providing living accommodations and related health care and support services to a market of seniors aged 62 and older. Tarrant County Senior Living Center, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-80068) on October 1, 2024, listing $100 million to $500 million in assets and $100 million to $500 million in liabilities. The petition was signed by Jeff Gentry as SVP and chief financial officer. Judge Scott W Everett presides over the case. Candice Marie Carson, Esq. at Butler Snow LLP represents the Debtor as counsel. TERRA TECHNOLOGIES: Gets OK to Use Cash Collateral Until Oct 31 --------------------------------------------------------------- Terra Technologies, Inc. received interim approval from the U.S. Bankruptcy Court for the Western District of Kentucky to use the cash collateral of The U.S. Small Business Administration until Oct. 31. Terra can utilize the cash collateral to pay ordinary post-petition expenses. Additionally, the company may, in its discretion, can use up to $10,000 as a non-wage distribution or dividend to Michael Triplett, the company's sole officer and shareholder, instead of the initially requested $17,000. As protection, the court granted SBA replacement liens on the company's post-petition property. These liens will not prime any pre-existing liens held by other creditors. The final hearing is scheduled for Oct. 29. About Terra Technologies Terra Technologies, Inc. offers a full-system repair and service for lab equipment. The company is based in Louisville, Ky. Terra Technologies filed Chapter 11 petition (Bankr. W.D. Ky. Case No. 24-32233) on Sept. 12, 2024, with $500,001 to $1 million in assets and $1 million to $10 million in liabilities. Michael Wheatley serves as Subchapter V trustee. Tyler R. Yeager, Esq., at Kaplan Johnson Abate & Bird, LLP is the Debtor's legal counsel. TOPHILL LLC: Seeks to Hire Robert W. Buchholz as Legal Counsel -------------------------------------------------------------- Tophill, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ The Law Office of Robert W. Buchholz, PC to handle its Chapter 11 case. The firm's counsel and staff will be paid at these hourly rates: Robert Buchholz, Attorney $350 Paralegal $125 In addition, the firm will seek reimbursement for expenses incurred. The firm also received a filing fee of $1,738 from Lake Point Healthcare, LP, an entity with an ownership interest in the Debtor. ` ` Mr. Buchholz disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Robert W. Buchholz, Esq. The Law Office of Robert W. Buchholz, P.C. 5220 Spring Valley Road, Suite 618 Dallas, TX 75254 Telephone: (214) 754-5500 Facsimile: (214) 754-9100 Email: bob@attorneybob.com About Tophill LLC Tophill, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-32699) on Sept. 1, 2024. In the petition filed by Dan Blackburn, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Stacey G. Jernigan handles the case. The Law Office of Robert W. Buchholz, P.C. serves as the Debtor's counsel. TRI-MAXX INDUSTRIES: Taps L. Laramie Henry as Bankruptcy Counsel ---------------------------------------------------------------- Tri-Maxx Industries LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Louisiana to hire L. Laramie Henry, Esq., a practicing attorney in Alexandria, La., to handle its Chapter 11 case. Mr. Henry's services include: (a) giving legal advice with respect to the Debtor's business; (b) managing the Debtor's property; and (c) performing all legal services for the Debtor, which may be necessary in the case. The rate to be charged is $350 per hour for attorney time and $75 per hour for paralegal time. Mr. Henry disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. Mr. Henry can be reached at: L. Laramie Henry, Esq. L. Laramie Henry Attorney at Law 1227 MacArthur Dr. Alexandria, LA 71303 Phone: (318) 445-6000 Email: Info@Henry-Law.com About Tri-Maxx Industries Tri-Maxx Industries LLC -- https://www.trimaxxusa.com -- is a limited liability company. Tri-Maxx Industries LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. La. Case No. 24-80594) on September 27, 2024. In the petition filed by Rebekah French, as managing member, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $500,000 and $1 million. The Honorable Bankruptcy Judge Stephen D. Wheelis handles the case. The Debtor is represented by L. Laramie Henry, Esq. TRILOGY METALS: Incurs $1.59 Million Net Loss in Third Quarter -------------------------------------------------------------- Trilogy Metals Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a loss and comprehensive loss of $1.59 million for the three months ended Aug. 31, 2024, compared to a loss and comprehensive loss of $4.05 million for the three months ended Aug. 31, 2023. For the nine months ended Aug. 31, 2024, the Company reported a loss of $6.95 million compared to a loss and comprehensive loss of $11.93 million for the same period in 2023. As of Aug. 31, 2024, the Company had $134.38 million in total assets, $553,000 in total liabilities, and $133.82 million in total shareholders' equity. Liquidity and Capital Resources The Company has a 2024 fiscal year cash budget totaling $2.8 million. The Company expended $1.9 million on operating activities during the nine-month period ending Aug. 31, 2024 compared with budgeted cash expenditures totaling $2.1 million, with the majority of cash spent on professional fees and American and Canadian securities commission fees related to our annual regulatory filings, annual fees paid to the Toronto Stock Exchange and the NYSE American Exchange, and corporate salaries. As at Aug. 31, 2024, the Company had cash and cash equivalents and working capital of $25.7 million. During the nine months ended Aug. 31, 2024, Trilogy received a total of $25.0 million from Ambler Metals as a return of excess cash to the joint venture owners. Although the Company has a strong cash position, management continues with cash preservation strategies to reduce cash expenditures where feasible, including but not limited to reductions in marketing, investor conferences and office expenses. In addition, the Company's board of directors continues to receive all of their fees in deferred share units in an effort to preserve cash. The Company's senior management team is also continuing to receive a portion of their base salaries and all of their short- and long-term compensation in shares of the Company to preserve cash. All project-related costs are funded by Ambler Metals. Ambler Metals had $9.8 million in cash and cash equivalents and $8.7 million in working capital as at Aug. 31, 2024. There are sufficient funds at Ambler Metals to fund this fiscal year's budget. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1543418/000155837024013186/tmq-20240831x10q.htm About Trilogy Metals Trilogy Metals Inc. is a metal exploration and development company holding a 50 percent interest in Ambler Metals LLC, which has a 100 percent interest in the Upper Kobuk Mineral Projects in northwestern Alaska. On Dec. 19, 2019, South32, a globally diversified mining and metals company, exercised its option to form a 50/50 joint venture with Trilogy. The UKMP is located within the Ambler Mining District which is one of the richest and most-prospective known copper-dominant districts in the world. It hosts world-class polymetallic volcanogenic massive sulphide ("VMS") deposits that contain copper, zinc, lead, gold and silver, and carbonate replacement deposits which have been found to host high-grade copper and cobalt mineralization. Exploration efforts have been focused on two deposits in the Ambler Mining District -- the Arctic VMS deposit and the Bornite carbonate replacement deposit. Both deposits are located within a land package that spans approximately 190,929 hectares. Ambler Metals has an agreement with NANA Regional Corporation, Inc., an Alaska Native Corporation that provides a framework for the exploration and potential development of the Ambler Mining District in cooperation with local communities. Trilogy's vision is to develop the Ambler Mining District into a premier North American copper producer while protecting and respecting subsistence livelihoods. Vancouver, Canada-based PricewaterhouseCoopers LLP, the Company's auditor since 2012, issued a "going concern" qualification in its report dated Feb. 8, 2024, citing that the Company has no recurring source of operating cash inflows at its current stage and is dependent on its ability to obtain additional financing or to generate future operating cash inflows. These material uncertainties raise substantial doubt about its ability to continue as a going concern. UNICORNS AND UNICORNS: Hires Ellenoff Grossman as Special Counsel ----------------------------------------------------------------- Unicorns and Unicorns LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Ellenoff Grossman & Schole LLP as special counsel. The firm will assist the Debtor in addressing an independent contractor status misclassification determination and audit by the California Employment Development Department effective nunc pro tunc to July 23, 2024. The firm's standard hourly rates are: Partners $650 to $990 Of Counsel $525 to $990 Associates $400 to $725 Paraprofessionals $125 to $175 The firm received a $5,000 retainer. Ellenoff Grossman & Schole is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates, according to court filings. The firm can be reached through: Linda Guthmann Krieger, Esq. Ellenoff Grossman & Schole LLP 249 East Ocean Boulevard, Suite 750 Long Beach, CA 90802 Telephone: (562) 901-2500 Facsimile: (562) 901-2522 Email: Lkrieger@egsllp.com About Unicorns and Unicorns LLC The Debtor is a creative production studio specializing in branded content, immersive experiences, product fabrication, and code. Unicorns and Unicorns, LLC in Los Angeles, CA, filed its voluntary petition for Chapter 11 protection (Bankr. C.D. Cal. Case No. 24-15827) on July 23, 2024, listing as much as $1 million to $10 million in both assets and liabilities. Adrianne McCurrach as managing member, signed the petition. VIA ESCUELA: Seeks to Hire Anyama Law Firm as Bankruptcy Counsel ---------------------------------------------------------------- Via Escuela Consulting, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Anyama Law Firm as counsel. The firm will render these services: (a) examine claims of creditors in order to determine their validity; (b) advise the Debtor in connection with legal issues; (c) negotiate with creditors holding secured and unsecured claim; (d) prepare and present a plan of reorganization and disclosure statement; (e) possible prosecution of claims of the estate, object to claims as may be appropriate; and (f) act as counsel on behalf of the Debtor in any and all bankruptcy law and related matters which may arise in the course of this case. The firm's hourly rates are as follows: Onyinye Anyama, Attorney $400 Paralegal $150 The firm received a pre-petition retainer of $10,000 from Melissa Regina Alvarado, the Debtor's principal. Mr. Anyama 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: Onyinye N. Anyama, Esq. Anyama Law Firm, A Professional Corporation 18000 Studebaker Road, Suite 325 Cerritos, CA 90703 Telephone: (562) 645-4500 Facsimile: (562) 645-4494 Email: info@anyamalaw.com About Via Escuela Consulting Via Escuela Consulting, LLC owns two properties in California having a total current value of $2.26 million. Via Escuela Consulting sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 24-17567) on September 17, 2024. In the petition signed by Melissa Regina Alvarado, principal, the Debtor disclosed $2,260,700 in assets and $2,019,299 in liabilities. Onyinye N. Anyama, Esq., at Anyama Law Firm serves as the Debtor's counsel. VINTAGE WINE ESTATES: Former Owners Buy Laetitia Winery ------------------------------------------------------- Kaytlyn Leslie of Yahoo! Finance reports that Laetitia Vineyard and Winery has new owners -- marking a turning point for the San Luis Obispo County vineyard that appeared on the brink of disappearing earlier this year after its corporate owners declared bankruptcy. According to a news release, Laetitia Winery has been acquired from former owners Vintage Wine Estates by "three families with local ties and long-term plans for the winery and estate." The new owners are Eric Hickey, Ejnar Knudsen and Jeff Nicholson. "The ownership change reconnects the winery with its 42-year San Luis Obispo County heritage," the release said. "Everyone involved has their own unique ties to the community." Laetitia's future was left in jeopardy in January 2024 after Vintage Wine Estates abruptly closed the Arroyo Grande winery's tasting room off Highway 101. At the time, the company said the closure was a part of corporate restructuring. Then in July 2024, Vintage Wine Estates filed for bankruptcy and announced plans to lay off workers across its 10 properties, including at Laetitia. The company auctioned off its California properties in September as part of bankruptcy proceedings, at which point Knudsen was able to secure Laetitia Vineyard and three other properties for $9.3 million, the San Francisco Chronicle reported September 18, 2024. About Vintage Wine Estates Vintage Wine Estates, Inc. (NASDAQ: VWE) produces and sells wines and craft spirits in the United States, Canada, and internationally. The company offers its products under the Layer Cake, Cameron Hughes, Clos Pegase, B.R. Cohn, Firesteed, Bar Dog, Kunde, Cherry Pie, and others. It also owns and operates hospitality facilities; and provides bottling, fulfillment, and storage services to other companies on a contract basis. The company was founded in 2019 and is headquartered in Incline Village, Nevada. As of March 31, 2024, the Company had $478.63 million in total assets, $393.47 million in total liabilities, and $84.92 million in total stockholders' equity. As of Dec. 31, 2023, the Company had $502.5 million in total assets and $391.6 million in total liabilities. Vintage Wine Estates, Inc., announced that the Company and certain of its subsidiaries filed a voluntary petition for reorganization under chapter 11 of title 11 of the United States Code in the United States Bankruptcy Court for the District of Delaware. This process is intended to establish a fair, structured process for VWE to address outstanding debt obligations while the business pursue the sale of its assets. Over the preceding months, the Company experienced negative financial headwinds that severely impacted its liquidity position. In response, the Company explored several solutions to overcome these challenges, with the monetization of all assets being the most viable path forward to maximize value. On July 24, 2024, Meier Wine Cellars Acquisition, LLC, and 11 subsidiaries, including Vintage Wine Estates, Inc. (CA) and Vintage Wine Estates, Inc. (NV), each filed petitions in the United States Bankruptcy Court for the District of Delaware seeking relief under chapter 11 of the United States Bankruptcy Code. The Debtors cases are jointly administered under In re Meier's Wine Cellars Acquisition, LLC, Case No. 24-11575. The Debtors entered chapter 11 with approximately $310 million in secured debt and successfully negotiated a $60.5 million debtor-in-possession financing facility, including $26.5 million of new money, with their prepetition secured lenders. The Debtors intend to seek confirmation of a chapter 11 plan following the successful sale of their assets. Jones Day and Richards, Layton & Finger, P.A., serve as counsel to the Debtors. Riveron RTS, LLC, is the financial advisor. Epiq is the claims agent. Fox Rothschild LLP is the Creditors' Committee's counsel. WATER GREMLIN: Seeks to Extend Plan Exclusivity to Jan. 17, 2025 ---------------------------------------------------------------- Water Gremlin Company and 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 17, 2025 and April 18, 2025, respectively. Factors to the facts and circumstances of these chapter 11 cases demonstrate that good cause exists to extend the Debtors' Exclusive Periods include: * First, the complexity of the Debtors' chapter 11 cases warrant an extension of the Exclusivity Periods. The multitude of tort claims, the various Sales of the Debtors' assets to multiple buyers, the involvement of governmental regulators in the sale order process, and the myriad of reporting obligations with respect to local, state, and federal regulatory agencies that the Debtors complied with through the Sales lends to the complexity of these Chapter 11 Cases. * The Debtors have obtained and paid off post-petition financing; engaged in a robust sale and marketing process and closed on three Sales of the assets of the various Debtor entities to maximize the value of their estates; set their various Bar Dates; rejected various executory contracts and leases while assigning others to the new owners of the Debtors' sold assets; and participated in a mediation session with the Parties; and the Debtors are continuing their claims reconciliation process and will soon commence the filing of claim objections. * Third, having completed the mediation session, the Debtors are closer to achieving a global resolution with the Committee and other stakeholders of the treatment of various claims asserted against the Debtors, and to developing a chapter 11 plan of liquidation based on the outcome of such discussions. Thus, the Debtors' substantial progress administering these Chapter 11 Cases weighs in favor of an extension of the Exclusivity Periods. * Fourth, the Debtors have paid their post-petition debts in the ordinary course or as otherwise provided by Court order. * Fifth, the Debtors' request for a further extension of the Exclusivity Periods is the Debtors' third of such request and comes approximately ten months after the Petition Date, a reasonable period of time in a chapter 11 given what the Debtors have already achieved. As discussed, during this short time, the Debtors have accomplished a great deal, including approval of the three Sales of the Debtors' assets; engaging in claims administration; and spearheaded a fruitful mediation with key stakeholders to achieve consensus on a global resolution. * Lastly, the Debtors 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 are progressing towards a global resolution for many of their unliquidated claims. 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. Counsel for the Debtors: DORSEY & WHITNEY (DELAWARE) LLP Eric Lopez Schnabel, Esq. Alessandra Glorioso, Esq. 300 Delaware Avenue, Suite 1010 Wilmington, Delaware 19801 Telephone: (302) 425-7171 Email: schnabel.eric@dorsey.com glorioso.alessandra@dorsey.com -and- Eric Lopez Schnabel, Esq. Michael Galen, Esq. Courina Yulisa, Esq. Laura Goforth, Esq. Dorsey & Whitney LLP 51 West 52nd Street New York, NY 10019 Tel: (212) 415-9200 Fax: (212) 953-7201 Email: schnabel.eric@dorsey.com About Water Gremlin Company Water Gremlin Company is the world's technological and market leader in battery terminals. It was founded in 1949 as a manufacturer of recreational fishing products. In 1970, the Debtor expanded to battery terminal production. Water Gremlin uses custom engineering, design, and automation to deliver consistent quality solutions for industries like automotive, agriculture, commercial trucking, marine, telecommunications, recreation, and military and government operations. Water Gremlin and its affiliates filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 23-11775) on Oct. 27, 2023. At the time of the filing, Water Gremlin reported $10 million to $50 million in both assets and liabilities. Judge Laurie Selber Silverstein oversees the cases. The Debtors tapped Alessandra Glorioso, Esq., at Dorsey & Whitney (Delaware) LLP as bankruptcy counsel; Intrepid Investment Bankers, LLC as investment banker; Riveron RTS, LLC as financial advisor. Kekst CNC and Padilla provide public relations services to the Debtors. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee is represented by Norman Pernick, Esq. WELCOME GROUP: Seeks to Extend Plan Exclusivity to Feb. 28, 2025 ---------------------------------------------------------------- Welcome Group 2, LLC, and affiliates asked the U.S. Bankruptcy Court for the Southern District of Ohio to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to February 28, 2025 and May 30, 2025, respectively. The Debtors explain that there are currently pending before the Court for determination three pending motions: (i) Hilton Franchise Holdings, LLC Motion for Relief from Stay (the "Hilton Motion"); (ii) RSS WCFM2019-C50 – OH WG2 LLC's ("RSS") Motion for Relief from the Automatic Stay for 1600 Hampton Court, Sidney, Ohio 45365 (the "RSS Motion"); and (iii) RSS's Motion to Appoint an Examiner (the "Examiner Motion"). The Debtors claim that the Hilton Motion, RSS Motion, and Examiner Motion's outcomes will have a substantial impact on the formation by the Debtors of a Plan of Reorganization. The Debtors assert that there is still discovery ongoing and remaining issues in the Hilton Motion to be determined by this Court, which will not likely be finalized before the Court for several months, while the Court has recently rendered its decision as to the issue of the actual v hypothetical test. The Debtors further assert that a final decision on the RSS Motion and Examiner Motion are not likely to be handed down for several months as the briefing deadlines are currently set for October. Further, the parties are still working on the issues presented in the Examiner Motion. Counsel for the Debtors: Darlene E. Fierle, Esq. Ira H. Thomsen, Esq. Denis E. Blasius, Esq. THOMSEN LAW GROUP, LLC 140 North Main Street, Suite A Springboro, OH 45066 Telephone: (937) 748-5001 Facsimile: (937) 748-5003 Email: ithomsen@ihtlaw.com dfierle@ihtlaw.com dblasius@ihtlaw.com About Welcome Group 2 Welcome Group 2, LLC, Hilliard Hotels, LLC and Dayton Hotels, LLC own hotels and are headquartered at 5955 E. Dublin Granville Road, New Albany, Ohio. Debtor Hilliard Hotels owns the Hampton Inn-Sidney, a Hilton property. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Lead Case No. 23-53043) on Sept. 1, 2023. In the petition signed by Abhijit Vasani, as president, InnVite Opco, Inc., sole member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Mina Nami Khorrami oversees the case. Denis E. Blasius, Esq., at Thomsen Law Group, LLC, is the Debtor's legal counsel. WEST CENTRO: Seeks to Hire Patrick J. Gros as Accountant -------------------------------------------------------- West Centro LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to hire Patrick J. Gros, CPA, A Professional Accounting Corporation as accountant. The Debtor needs the assistance of an accountant to prepare its monthly operating reports and provide general accounting services. The hourly rates of the firm's professionals are as follows: Partners $275 per hour Managers $175 per hour Seniors $150 per hour Staff & Paraprofessionals $105 per hour The retainer fee is $3,000. Patrick Gros, a certified public accountant at Patrick J. Gros CPA APAC, disclosed in a court filing that his firm is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Patrick J. Gros, CPA Patrick J. Gros CPA APAC 651 River Highlands Blvd. Covington, LA 70433 Telephone: (985) 898-3512 Email: info@PJGrosCPA.com About West Centro LLC West Centro LLC is primarily engaged in renting and leasing real estate properties. The Debtor is the owner of the real property located at 2100-2108 Franklin Street Gretna, LA 70053 valued at $2.4 million. West Centro LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 24-11536) on Aug. 7, 2024. In the petition filed by Cullan Maumus of MagNola Ventures, LLC, as manager, the Debtor reports total assets of $3,362,535 and total liabilities of $3,478,874. The Honorable Bankruptcy Judge Meredith S. Grabill oversees the case. The Debtor is represented by Patrick Garrity, Esq. at THE DERBES LAW FIRM, LLC. WEST HARWICH: Trustee Taps Murtha Cullina LLP as Legal Counsel -------------------------------------------------------------- Mark G. DeGiacomo, Chapter 11 Trustee of West Harwich Holdings, LLC, seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to employ Murtha Cullina LLP as his counsel. The Trustee requires Murtha Cullina to: a. prepare all necessary pleadings associated with the liquidation and recovery of estate assets; b. represent the Trustee at all Court proceedings; c. assist the Trustee in the investigation of fraudulent transfers and insider and non-insider preferences; and d. perform such other legal services as may be required in the interest of creditors of the Debtor. Murtha Cullina 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. Mark DeGiacomo, partner of Murtha Cullina LLP, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Murtha Cullina can be reached at: Mark G. DeGiacomo, Esq. MURTHA CULLINA LLP 99 High Street Boston, MA 02110 Tel: (617) 457-4000 Fax: (617) 482-3868 E-mail: mdegiacomo@murthalaw.com About West Harwich Holdings West Harwich Holdings, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Mass. Case No. 24-11294) on July 1, 2024. The Law Office of Peter M. Daigle represents the Debtor as counsel. YELLOW CORP: Court Rules on Withdrawal Liability Calculation ------------------------------------------------------------ Judge Craig T. Goldblatt of the United States Bankruptcy Court for the District of Delaware entered a partial summary judgment in favor of the multiemployer pension plans and partial summary judgment in favor of Yellow Corporation and its affiliates in the claims-allowance dispute between the parties. The debtors assert without contradiction that 11 multiemployer pension plans that are parties to this dispute collectively received more than $40 billion in special financial assistance. The debtors, who once operated one of the nation's largest trucking companies, shut down their business in the summer of 2023. As a result of shutdown, the debtors withdrew from the various multiemployer pension plans to which they had contributed. When an employer withdraws from a multiemployer pension plan that has "unfunded vested benefits," the Employee Retirement Income Security Act makes the withdrawing employer liable to the plan for that employer's share of those unfunded vested benefits. The employer's share of unfunded vested benefits (with certain adjustments) is generally referred to as the employer's "withdrawal liability." The principal question before the Court is whether federal funds awarded to the plans under the American Rescue Plan Act should count as "plan assets" for the purposes of calculating the plans' "unfunded vested benefits" and thus for determining -- and potentially reducing or eliminating -- the debtors' withdrawal liability. The debtors contend the federal funds should count. The Pension Benefit Guaranty Corporation, however, issued two regulations designed to ensure that a plan's receipt of special financial assistance would not operate to let a withdrawing employer off the hook for withdrawal liability it would have otherwise owed. One regulation -- referred to as the "No-Receivables Regulation" -- provides that American Rescue Plan Act funds that have been awarded but not yet paid to the plan do not count as assets of the plan. The other regulation -- referred to as the "Phase-In Regulation" -- provides that, for the purpose of calculating plan assets, the funds received under the American Rescue Plan Act should be treated as if they were received by the plans over time, even after they are in fact paid to the plan in a lump sum. In the present motions for partial summary judgment, the debtors argue that these two regulations exceed the PBGC's statutory authority and are contrary to law. The Court rejects that argument. Judge Goldblatt says, "The American Rescue Plan Act gave the PBGC express authority to 'impose, by regulation or other guidance, reasonable conditions on an eligible multiemployer plan that receives special financial assistance relating to . . . withdrawal liability.' In addition, ERISA gives the PBGC general authority to adopt 'regulations as may be necessary to carry out the purposes' of Title IV of ERISA, which includes the provisions that relate to an employer's withdrawal liability. " The debtors argue that the regulations cannot properly be regarded as "reasonable conditions on an eligible multiemployer plan that receives special financial assistance relating to . . . withdrawal liability" because the conditions affect the withdrawal liability of the employer, which is not the entity that receives the federal funds. The debtors also argue that the Phase-In Regulation is contrary to a statutory provision that describes the special financial assistance funds, once paid to a plan, as an "asset." The Court concludes, however, that this passing use of the term "asset" cannot prevail over the specific directive of the American Rescue Plan Act that expressly prohibits the use of special financial assistance for any purpose other than paying benefits and plan expenses. The debtors alternatively contend that the regulations are arbitrary and capricious. However, the Court finds that the administrative record makes clear that the PBGC considered the relevant factors and provided a reasoned analysis in support of its regulatory decision. The debtors also seek partial summary judgment on three discrete issues regarding the calculation of withdrawal liability. According to the Court, the debtors are correct that the effect of their default on their obligations is simply to accelerate what would otherwise be a 20-year payment schedule to pay their withdrawal liability. Judge Goldblatt explains that the liability is calculated by determining (through a formula) a cap on the withdrawing employer's annual payment obligation. Under the statute, an employer's withdrawal liability will never exceed 20 times that annual payment, even if it would take 25 or 50 or 1,000 such payments to repay the employer's allocable share of the fund's unfunded vested benefits. A default operates to accelerate the payments that would have otherwise been due over 20 years. It does not however, contrary to the arguments made by the plans, remove the cap imposed on the employer's withdrawal liability, which limits that liability to no more than 20 times the amount of the annual payments. But because the default does accelerate the debtors' obligation, the debtors are incorrect to argue that their obligation needs to be present discounted to be equal to the value of payments spread out over 20 years. The point of the acceleration is that the obligation is not spread out over 20 years, it is presently due and owing. The debtors are also incorrect in arguing that there is anything in ERISA that should relieve them of their contractual obligation to pay the New York Teamsters and the Western Pennsylvania Teamsters more than they might have otherwise owed in the absence of such agreement. A copy of the Court's decision is available at https://urlcurt.com/u?l=lCd6ig About Yellow Corporation Yellow Corporation -- http://www.myyellow.com/-- operates logistics and less-than-truckload (LTL) networks in North America, providing customers with regional, national, and international shipping services throughout. Yellow's principal office is in Nashville, Tenn., and is the holding company for a portfolio of LTL brands including Holland, New Penn, Reddaway, and YRC Freight, as well as the logistics company Yellow Logistics. Yellow Corporation and 23 affiliates concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11069) on August 6, 2023, before the Hon. Craig T. Goldblatt. As of March 31, 2023, Yellow Corporation had $2,152,200,000 in total assets against $2,588,800,000 in total liabilities. The petitions were signed by Matthew A. Doheny as chief restructuring officer. The Debtors tapped Kirkland & Ellis, LLP as restructuring counsel; Pachulski Stang Ziehl & Jones, LLP as Delaware local counsel; Kasowitz, Benson and Torres, LLP as special litigation counsel; Goodmans, LLP as special Canadian counsel; Ducera Partners, LLC, as investment banker; and Alvarez and Marsal as financial advisor. Epiq Bankruptcy Solutions is the claims and noticing agent. Milbank LLP serves as counsel to certain investment funds and accounts managed by affiliates of Apollo Capital Management, L.P. while White & Case, LLP and Arnold & Porter Kaye Scholer, LLP serve as counsels to Beal Bank USA and the U.S. Department of the Treasury, respectively. On Aug. 16, 2023, the U.S. Trustee for Region 3 appointed an official committee of unsecured creditors in the Chapter 11 cases. The committee tapped Akin Gump Strauss Hauer & Feld, LLP and Benesch, Friedlander, Coplan & Aronoff, LLP as counsel; Miller Buckfire as investment banker; and Huron Consulting Services, LLC, as financial advisor. [*] Commercial Bankruptcy Filing Rose 36% from Jan. to Sept. 2024 ----------------------------------------------------------------- The 6,067 total commercial chapter 11 bankruptcies filed during the first nine months of 2024 represented a 36 percent increase over the 4,561 filed during the same period in 2023, according to data provided by Epiq AACER, the leading provider of U.S. bankruptcy filing data. "As we close out the third quarter in 2024, we continue to see a steady increase in both individual and commercial filings this year to date. The recent Fed rate cut (and signal for further cuts) spurred by slowing job gains and an increase in the unemployment rate leads me to believe the steady increase in those seeking bankruptcy protection will continue through 2024 and into 2025," said Michael Hunter, vice president of Epiq AACER. "The recent devastation from hurricane Helene in the Southeast, current geopolitical conflicts and a potential for large supply chain impacts (duration of strike) will all influence bankruptcy volumes in the months ahead." Overall commercial filings registered 22,550 for the first nine months of 2024, representing a 20 percent increase from the commercial filing total of 18,774 during the same period in 2023. Small business filings, captured as subchapter V elections within chapter 11, totaled 1,837 in the first nine months of 2024, a 41 percent increase from the 1,303 elections during the same period in 2023. A large portion of the increase in subchapter V filings took place prior to the debt eligibility limit being reset on June 21 from $7.5 million to just over $3 million. Since that date, the monthly pace of small businesses electing to restructure under subchapter V has slowed considerably. Total bankruptcy filings were 383,182 during the first nine months of 2024, a 15 percent increase from the 332,213 total filings during the same period a year ago. Total individual filings also registered a 15 percent increase year-to-date to 360,632 filings, up from the 313,439 filings during the first nine months of 2023. The 143,177 individual chapter 13 filings in the first nine months of 2024 represented a 9 percent increase over the 131,230 filings during the same period in 2023. Individual chapter 7 filings increased 19 percent to 216,831 from the 181,703 filed in the first nine months of 2023. "As filings steadily increase toward pre-pandemic levels, potential economic challenges continue to mount for distressed consumers and businesses," said ABI Executive Director Amy Quackenboss. "Amid the resumption of student loan payments, renewed concerns regarding supply chains and growing geopolitical tensions, bankruptcy provides the opportunity for a fresh start for financially overwhelmed families and companies." All chapters increased in September 2024 compared to September 2023. Overall commercial filings increased 9 percent to 2,422 from 2,225 in 2023. September 2024 commercial chapter 11s increased 26 percent to 734 from 585 in September 2023. Total subchapter V elections within chapter 11 increased 9 percent to 167 in September 2024 from 153 in September 2023. The 42,532 total bankruptcy filings in September 2024 represented an increase of 14 percent from the 37,360 filed in September 2023. Total individual filings were also up 14 percent, to 40,110 from 35,135. The 24,096 individual chapter 7 filings in September 2024 increased 22 percent over the 19,789 filings in September 2023. Individual chapter 13s were up 4 percent in September 2024 to 15,946 from 15,287 the previous year. [*] Three Recent Healthcare Bankruptcy Exits -------------------------------------------- Andrew Cass of Becker's Hospital CFO Report says that a health system, drugstore chain and value-based primary care provider have recently emerged from Chapter 11 bankruptcy: 1. Gardner, Mass.-based Heywood Healthcare exited Chapter 11 bankruptcy on Sept. 30, 2024 after addressing contract issues, seeking commercial rate improvements and organizing finances. Heywood spent the last year restoring financial stability as an independent community-owned and community-governed organization. The system restructured its debt and out-of-market contracts while growing and maintaining regional services including behavioral and obstetric care. 2. Drugstore chain Rite Aid emerged from Chapter 11 bankruptcy September 3, 2024 after completing a financial restructuring. Philadelphia-based Rite Aid filed for bankruptcy in October 2023. The company cut around $2 billion in debt and received around $2.5 billion in exit financing. It is now operating as a private company and named CFO Matt Schroeder its new CEO. 3. Value-based primary care provider Cano Health emerged from Chapter 11 on June 28, 2024 as a reorganized private company focused on providing quality care in the Florida market. The Miami-based company filed for bankruptcy in February. Cano reorganized its assets, including by exiting underperforming expansion markets and pruning its medical center portfolio to focus on specific Florida markets. The company said it achieved over $270 million in cost reductions and productivity improvements and is performing favorably against its $290 million cost-cutting goal for 2024. [^] Recent Small-Dollar & Individual Chapter 11 Filings ------------------------------------------------------- In re FS International Inc. Bankr. C.D. Cal. Case No. 24-18038 Chapter 11 Petition filed October 1, 2024 See https://www.pacermonitor.com/view/P4BGIPA/FS_International_Inc__cacbke-24-18038__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Fournes, LLC Bankr. N.D. Cal. Case No. 24-51491 Chapter 11 Petition filed October 1, 2024 See https://www.pacermonitor.com/view/KKYPB2Y/Fournes_LLC__canbke-24-51491__0001.0.pdf?mcid=tGE4TAMA represented by: David A. Boone, Esq. LAW OFFICES OF DAVID A. BOONE E-mail: ecfdavidboone@aol.com In re Luis Angel Torres Bankr. N.D. Cal. Case No. 24-41542 Chapter 11 Petition filed October 1, 2024 represented by: Marc Voisenat, Esq. In re Quadruple D Trust Bankr. D. Colo. Case No. 24-15830 Chapter 11 Petition filed October 1, 2024 See https://www.pacermonitor.com/view/C7N6I3Y/Quadruple_D_Trust__cobke-24-15830__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re D.I.P. Foundation Inc. Bankr. M.D. Fla. Case No. 24-02977 Chapter 11 Petition filed October 1, 2024 See https://www.pacermonitor.com/view/GKTPRUA/DIP_FOUNDATION_INC__flmbke-24-02977__0001.0.pdf?mcid=tGE4TAMA represented by: Bryan K. Mickler, Esq. LAW OFFICES OF MICKLER & MICKLER, LLP E-mail: bkmickler@planlaw.com In re Cornerstone-ICM Oak Plantation, LLC Bankr. M.D. Fla. Case No. 24-05355 Chapter 11 Petition filed October 1, 2024 See https://www.pacermonitor.com/view/FWME4PI/Cornerstone-ICM_Oak_Plantation__flmbke-24-05355__0001.0.pdf?mcid=tGE4TAMA represented by: Jeffrey S. Ainsworth, Esq. BRANSONLAW, PLLC E-mail: jeff@bransonlaw.com In re OP Development FL, LLC Bankr. M.D. Fla. Case No. 24-05356 Chapter 11 Petition filed October 1, 2024 represented by: Jeffrey S. Ainsworth, Esq. BRANSONLAW, PLLC E-mail: jeff@bransonlaw.com In re Goldwin Realty Inc Bankr. S.D. Fla. Case No. 24-20231 Chapter 11 Petition filed October 1, 2024 See https://www.pacermonitor.com/view/ZV7BHJA/Goldwin_Realty_Inc__flsbke-24-20231__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Jallen Travel Nurse Bankr. N.D. Ga. Case No. 24-60378 Chapter 11 Petition filed October 1, 2024 Filed Pro Se In re A.I. Flippers, LLC Bankr. N.D. Ga. Case No. 24-60395 Chapter 11 Petition filed October 1, 2024 See https://www.pacermonitor.com/view/3QMK4FI/AI_Flippers_LLC__ganbke-24-60395__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Maria Quintua Galicia Bankr. D. Hawaii Case No. 24-00901 Chapter 11 Petition filed October 1, 2024 In re Matthew Joe Mahone and Leigh Ann Mahone Bankr. E.D. Tex. Case No. 24-42337 Chapter 11 Petition filed October 1, 2024 represented by: Sarah Cox, Esq. In re KND Hospitality Company, Inc. Bankr. N.D. Tex. Case No. 24-33108 Chapter 11 Petition filed October 1, 2024 See https://www.pacermonitor.com/view/LG74OJY/KND_Hospitality_Company_Inc__txnbke-24-33108__0001.0.pdf?mcid=tGE4TAMA represented by: Gregory W. Mitchell, Esq. FREEMAN LAW, PLLC E-mail: gmitchell@freemanlaw.com In re Ponderosa Pines, LP Bankr. N.D. Cal. Case No. 24-10599 Chapter 11 Petition filed October 2, 2024 See https://www.pacermonitor.com/view/JIKK7GY/Ponderosa_Pines_LP__canbke-24-10599__0001.0.pdf?mcid=tGE4TAMA represented by: Thomas B. Rupp, Esq. KELLER BENVENUTTI KIM LLP E-mail: trupp@kbkllp.com In re Jerico Pictures, Inc. Bankr. S.D. Fla. Case No. 24-20281 Chapter 11 Petition filed October 2, 2024 See https://www.pacermonitor.com/view/ROHKFPY/Jerico_Pictures_Inc__flsbke-24-20281__0001.0.pdf?mcid=tGE4TAMA represented by: Angelo Gasparri, Esq. KELLEY KRONENBERG E-mail: agasparri@kelleykronenberg.com In re NI-JO LLC Bankr. N.D. Ill. Case No. 24-14686 Chapter 11 Petition filed October 2, 2024 See https://www.pacermonitor.com/view/PRPFNPI/NI-JO_LLC__ilnbke-24-14686__0001.0.pdf?mcid=tGE4TAMA represented by: Jay M. Reese, Esq. LAW OFFICE OF JAY M. REESE, P.C. E-mail: lawofficeofjmreese@sbcglobalnet.com In re Bellissi Furniture Inc. Bankr. E.D.N.Y. Case No. 24-44118 Chapter 11 Petition filed October 2, 2024 See https://www.pacermonitor.com/view/A43OTRQ/Bellissi_Furniture_Inc__nyebke-24-44118__0001.0.pdf?mcid=tGE4TAMA represented by: Alla Kachan, Esq. LAW OFFICES OF ALLA KACHAN, P.C. E-mail: alla@kachanlaw.com In re Raider Contracting, Inc. Bankr. E.D. Tex. Case No. 24-42354 Chapter 11 Petition filed October 2, 2024 See https://www.pacermonitor.com/view/3T2WI5Q/Raider_Contracting_Inc__txebke-24-42354__0001.0.pdf?mcid=tGE4TAMA represented by: Robert T DeMarco, Esq. DEMARCO MITCHELL, PLLC E-mail: robert@demarcomitchell.com In re AK investments, LLC Bankr. E.D. Cal. Case No. 24-24458 Chapter 11 Petition filed October 3, 2024 See https://www.pacermonitor.com/view/HWEL3TI/AK_investments_LLC__caebke-24-24458__0001.0.pdf?mcid=tGE4TAMA represented by: Pauldeep Bains, Esq. SACRAMENTO BANKRUPTCY LAWYER In re Alisia Cheuk Bankr. N.D. Cal. Case No. 24-30740 Chapter 11 Petition filed October 3, 2024 In re Washington Boi Transport, LLC Bankr. S.D. Ga. Case No. 24-40870 Chapter 11 Petition filed October 3, 2024 See https://www.pacermonitor.com/view/7VYQPEA/Washington_Boi_Transport_LLC__gasbke-24-40870__0001.0.pdf?mcid=tGE4TAMA represented by: Jon Levis, Esq. LEVIS LAW FIRM, LLC E-mail: levis@levislawfirmllc.com In re American Quality Industries, Inc. Bankr. N.D. Ill. Case No. 24-81382 Chapter 11 Petition filed October 3, 2024 Filed Pro Se In re Boothe Investments LLC Bankr. D. Mass. Case No. 24-41004 Chapter 11 Petition filed October 3, 2024 See https://www.pacermonitor.com/view/L4IL5ZQ/Boothe_Investments_LLC__mabke-24-41004__0001.0.pdf?mcid=tGE4TAMA represented by: James P. Ehrhard, Esq. EHRHARD & ASSOCIATES, P.C. E-mail: ehrhard@ehrhardlaw.com In re Robert Egbert Edwards Bankr. D. Nev. Case No. 24-15169 Chapter 11 Petition filed October 3, 2024 represented by: Seth Ballstaedt, Esq. In re 119-44 155 St. Inc. Bankr. E.D.N.Y. Case No. 24-44132 Chapter 11 Petition filed October 3, 2024 See https://www.pacermonitor.com/view/26YXSJI/119-44_155_ST_INC__nyebke-24-44132__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re William McKinley Brooks, Jr. Bankr. N.D. Cal. Case No. 24-41570 Chapter 11 Petition filed October 4, 2024 represented by: Ryan Wood, Esq. In re Raymond Wu Bankr. N.D. Cal. Case No. 24-51505 Chapter 11 Petition filed October 4, 2024 represented by: Arasato Farsad, Esq. In re Bahama Bay II Development LLC Bankr. M.D. Fla. Case No. 24-05407 Chapter 11 Petition filed October 4, 2024 See https://www.pacermonitor.com/view/BYRQTKY/Bahama_Bay_II_Development_LLC__flmbke-24-05407__0001.0.pdf?mcid=tGE4TAMA represented by: Jeffrey S. Ainsworth, Esq. BRANSONLAW, PLLC E-mail: jeff@bransonlaw.com In re BB2 Development Holdings LLC Bankr. M.D. Fla. Case No. 24-05408 Chapter 11 Petition filed October 4, 2024 See https://www.pacermonitor.com/view/GBA53XA/BB2_Development_Holdings_LLC__flmbke-24-05408__0001.0.pdf?mcid=tGE4TAMA represented by: Jeffrey S. Ainsworth, Esq. BRANSONLAW, PLLC E-mail: jeff@bransonlaw.com In re Digital Graphics Plus, LLC Bankr. M.D. Fla. Case No. 24-05422 Chapter 11 Petition filed October 4, 2024 See https://www.pacermonitor.com/view/CPW5QRY/Digital_Graphics_Plus_LLC__flmbke-24-05422__0001.0.pdf?mcid=tGE4TAMA represented by: Jeffrey S. Ainsworth, Esq. BRANSONLAW, PLLC E-mail: jeff@bransonlaw.com In re James David Satterfield and Cheryl Ann Satterfield Bankr. M.D. Fla. Case No. 24-05415 Chapter 11 Petition filed October 4, 2024 represented by: Daniel Velasquez, Esq. In re Clayton William Hicks Bankr. N.D. Fla. Case No. 24-30810 Chapter 11 Petition filed October 4, 2024 In re Louisiana Apple LLC Bankr. S.D. Fla. Case No. 24-20336 Chapter 11 Petition filed October 4, 2024 See https://www.pacermonitor.com/view/JZXFHWY/Louisiana_Apple_LLC__flsbke-24-20336__0001.0.pdf?mcid=tGE4TAMA represented by: Eyal Berger, Esq. AKERMAN LLP E-mail: eyal.berger@akerman.com In re Kentucky Apple LLC Bankr. S.D. Fla. Case No. 24-20337 Chapter 11 Petition filed October 4, 2024 See https://www.pacermonitor.com/view/ZCIFGHA/Kentucky_Apple_LLC__flsbke-24-20337__0001.0.pdf?mcid=tGE4TAMA represented by: Eyal Berger, Esq. AKERMAN LLP E-mail: eyal.berger@akerman.com In re TechGroupOne Inc Bankr. S.D. Fla. Case No. 24-20339 Chapter 11 Petition filed October 4, 2024 See https://www.pacermonitor.com/view/OMYC2NA/TechGroupOne_Inc__flsbke-24-20339__0001.0.pdf?mcid=tGE4TAMA represented by: Diego G. Mendez, Esq. MENDEZ LAW OFFICES E-mail: INFO@MENDEZLAWOFFICES.COM In re Mountain Apple LLC Bankr. S.D. Fla. Case No. 24-20340 Chapter 11 Petition filed October 4, 2024 See https://www.pacermonitor.com/view/O74R5RQ/Mountain_Apple_LLC__flsbke-24-20340__0001.0.pdf?mcid=tGE4TAMA represented by: Luis Casas Meyer, Esq. AKERMAN LLP E-mail: luis.casasmeyer@akerman.com In re Oklahoma Apple LLC Bankr. S.D. Fla. Case No. 24-20341 Chapter 11 Petition filed October 4, 2024 See https://www.pacermonitor.com/view/64WVE4A/Oklahoma_Apple_LLC__flsbke-24-20341__0001.0.pdf?mcid=tGE4TAMA represented by: Luis Casas Meyer, Esq. AKERMAN LLP E-mail: luis.casasmeyer@akerman.com In re SC-GA Administrative Holdings, LLC Bankr. N.D. Ga. Case No. 24-60571 Chapter 11 Petition filed October 4, 2024 See https://www.pacermonitor.com/view/7EMQ4JY/SC-GA_Administrative_Holdings__ganbke-24-60571__0001.0.pdf?mcid=tGE4TAMA represented by: Matthew W. Levin, Esq. SCROGGINS, WILLIAMSON & RAY, P.C. E-mail: mlevin@swlawfirm.com In re SC-GA 2018 Partners, LLC Bankr. N.D. Ga. Case No. 24-60572 Chapter 11 Petition filed October 4, 2024 See https://www.pacermonitor.com/view/7PS7MZQ/SC-GA_2018_Partners_LLC__ganbke-24-60572__0001.0.pdf?mcid=tGE4TAMA represented by: Matthew W. Levin, Esq. SCROGGINS, WILLIAMSON & RAY, P.C. E-mail: mlevin@swlawfirm.com In re SC-GA Propco Holdings, LLC Bankr. N.D. Ga. Case No. 24-60574 Chapter 11 Petition filed October 4, 2024 See https://www.pacermonitor.com/view/WU65M7I/SC-GA_Propco_Holdings_LLC__ganbke-24-60574__0001.0.pdf?mcid=tGE4TAMA represented by: Matthew W. Levin, Esq. SCROGGINS, WILLIAMSON & RAY, P.C. E-mail: mlevin@swlawfirm.com In re Rage N Axe LLC Bankr. W.D. Ky. Case No. 24-10703 Chapter 11 Petition filed October 4, 2024 See https://www.pacermonitor.com/view/ZMINLYY/Rage_N_Axe_LLC__kywbke-24-10703__0001.0.pdf?mcid=tGE4TAMA represented by: Robert C. Chaudoin, Esq. HARLIN PARKER E-mail: chaudoin@harlinparker.com In re William Lamar Ramey, Jr. Bankr. S.D. Miss. Case No. 24-51426 Chapter 11 Petition filed October 4, 2024 represented by: Craig Geno, Esq. In re Original Harold's Chicken of Nevada LLC III Bankr. D. Nev. Case No. 24-15201 Chapter 11 Petition filed October 4, 2024 See https://www.pacermonitor.com/view/K2P6SPQ/ORIGINAL_HAROLDS_CHICKEN_OF_NEVADA__nvbke-24-15201__0001.0.pdf?mcid=tGE4TAMA represented by: David A. Riggi, Esq. RIGGI LAW FIRM E-mail: riggilaw@gmail.com In re MTJ of Bellport LLC Bankr. E.D.N.Y. Case No. 24-73826 Chapter 11 Petition filed October 4, 2024 See https://www.pacermonitor.com/view/GY5ZGZI/MTJ_of_Bellport_LLC__nyebke-24-73826__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Carolina Auto Body & Hollywood's, Inc. Bankr. E.D.N.C. Case No. 24-03493 Chapter 11 Petition filed October 4, 2024 See https://www.pacermonitor.com/view/SCLNWUA/Carolina_Auto_Body__Hollywoods__ncebke-24-03493__0001.0.pdf?mcid=tGE4TAMA represented by: Philip M. Sasser, Esq. SASSER LAW FIRM E-mail: travis@sasserbankruptcy.com In re Millennia Cardiovascular, P.A. Bankr. E.D.N.C. Case No. 24-03494 Chapter 11 Petition filed October 4, 2024 See https://www.pacermonitor.com/view/TGCFIGY/Millennia_Cardiovascular_PA__ncebke-24-03494__0001.0.pdf?mcid=tGE4TAMA represented by: Jason L. Hendren, Esq. HENDREN, REDWINE & MALONE, PLLC E-mail: jhendren@hendrenmalone.com In re Katomka Enterprises, LLC Bankr. N.D. Ohio Case No. 24-31890 Chapter 11 Petition filed October 4, 2024 See https://www.pacermonitor.com/view/NRHTX3A/Katomka_Enterprises_LLC__ohnbke-24-31890__0001.0.pdf?mcid=tGE4TAMA represented by: Steven L. Diller, Esq. DILLER AND RICE, LLC E-mail: Steven@drlawllc.com; Kim@drlawllc.com; Eric@drlawllc.com In re Distinguished Motorsports LLC Bankr. W.D. Tex. Case No. 24-11243 Chapter 11 Petition filed October 4, 2024 See https://www.pacermonitor.com/view/YKZZQUQ/Distinguished_Motorsports_LLC__txwbke-24-11243__0001.0.pdf?mcid=tGE4TAMA represented by: Edward P. Fahey, Jr., Esq. EDWARD FAHEY E-mail: faheylaw247@gmail.com In re Good Choice Vending, LLC Bankr. N.D. Fla. Case No. 24-50151 Chapter 11 Petition filed October 5, 2024 See https://www.pacermonitor.com/view/WPGDANA/Good_Choice_Vending_LLC__flnbke-24-50151__0001.0.pdf?mcid=tGE4TAMA represented by: Robert C. Bruner, Esq. BRUNER WRIGHT, P.A. E-mail: rbruner@brunerwright.com In re Houston Truck Wash Bankr. S.D. Tex. Case No. 24-34706 Chapter 11 Petition filed October 6, 2024 See https://www.pacermonitor.com/view/G6IZOJY/Houston_Truck_Wash__txsbke-24-34706__0001.0.pdf?mcid=tGE4TAMA represented by: Reese Baker, Esq. BAKER & ASSOCIATES E-mail: courtdocs@bakerassociates.net In re Valencia Hospitality Group, LLC Bankr. S.D. Tex. Case No. 24-34705 Chapter 11 Petition filed October 6, 2024 See https://www.pacermonitor.com/view/5CLRXXA/Valencia_Hospitality_Group_LLC__txsbke-24-34705__0001.0.pdf?mcid=tGE4TAMA represented by: Walter J. Cicack, Esq. HAWASH CICACK & GASTON LLP E-mail: wcicack@hcgllp.com In re TOS Wheels and Tires LLC Bankr. W.D. Wash. Case No. 24-12549 Chapter 11 Petition filed October 6, 2024 See https://www.pacermonitor.com/view/32X5WJI/TOS_Wheels_and_Tires_LLC__wawbke-24-12549__0001.0.pdf?mcid=tGE4TAMA represented by: Jennifer L. Neeleman, Esq. NEELEMAN LAW GROUP, P.C. E-mail: courtmail@expresslaw.com In re TOS Wheels and Tires Marysville LLC Bankr. W.D. Wash. Case No. 24-12550 Chapter 11 Petition filed October 6, 2024 See https://www.pacermonitor.com/view/YOD6EDY/TOS_Wheels_and_Tires_Marysville__wawbke-24-12550__0001.0.pdf?mcid=tGE4TAMA represented by: Jennifer L. Neeleman, Esq. NEELEMAN LAW GROUP, P.C. E-mail: courtmail@expresslaw.com xxxx In re Motoo Noda Bankr. C.D. Cal. Case No. 24-12546 Chapter 11 Petition filed October 7, 2024 represented by: Andy Warshaw, Esq. In re Town & Country Event Center LLC Bankr. E.D. Cal. Case No. 24-24492 Chapter 11 Petition filed October 7, 2024 See https://www.pacermonitor.com/view/GTIUGJY/Town__Country_Event_Center_LLC__caebke-24-24492__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Town & Country West LLC Bankr. E.D. Cal. Case No. 24-24493 Chapter 11 Petition filed October 7, 2024 See https://www.pacermonitor.com/view/HNODNMA/Town__Country_West_LLC__caebke-24-24493__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Cody Harrison Turner Bankr. N.D. Ind. Case No. 24-11308 Chapter 11 Petition filed October 7, 2024 represented by: Scot T. Skekloff, Esq. H. Faith Welch, Esq. HALLERCOLVIN, PC In re Umbrine Fatima Bankr. W.D.N.Y. Case No. 24-11131 Chapter 11 Petition filed October 7, 2024 represented by: Robert Gleichenhaus, Esq. In re 375 1/2 Main St. PA, LLC Bankr. W.D. Pa. Case No. 24-22470 Chapter 11 Petition filed October 7, 2024 See https://www.pacermonitor.com/view/FFYPOZA/375_12_Main_St_PA_LLC__pawbke-24-22470__0001.0.pdf?mcid=tGE4TAMA represented by: Rodney D. Shepherd, Esq. LAW OFFICES OF RODNEY SHEPHERD E-mail: rodsheph@cs.com ********* 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. 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