/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/241105.mbx T R O U B L E D C O M P A N Y R E P O R T E R Tuesday, November 5, 2024, Vol. 28, No. 309 Headlines 1065 FULTON: Nov. 8 Public Sale Auction for Interest 175 FRANKLIN: Secured Party Sets Dec. 10 Auction 568 REALTY: Voluntary Chapter 11 Case Summary ACHIEVEMENT FIRST: S&P Alters Outlook to Stable, Affirms 'BB+' ICR AMERICAN TIRE: $1BB Bank Debt Trades at 85% Discount AMERICAN TIRE: Gets Interim OK for DIP Loan, Cash Collateral Access ARCON CONSTRUCTION: Seeks Cash Collateral Access ARCUTIS BIOTHERAPEUTICS: BlackRock Holds 7.7% Equity Stake ASP LS ACQUISITION: $1.38BB Bank Debt Trades at 56% Discount ASTRA ACQUISITION: $615.7MM Bank Debt Trades at 91% Discount ASTRO ONE: $155MM Bank Debt Trades at 76% Discount ATLAS PURCHASER: $134.6MM Bank Debt Trades at 92% Discount ATLAS PURCHASER: $154.4MM Bank Debt Trades at 93% Discount ATLAS PURCHASER: $45.6MM Bank Debt Trades at 94% Discount AVON PRODUCTS: Wins OK for Natura-Led Auction on Nov. 19 AXESHACK LLC: Gets Interim OK to Use Cash Collateral B.A.S.S. & M. INC: Hires Stretto as Claims and Noticing Agent BAUDAX BIO: Seeks to Extend Plan Exclusivity to Dec. 18 BELT ENTERTAINMENT: Seeks Cash Collateral Access BISHOP OF SACRAMENTO: Comm. Taps Stout Risius as Valuation Expert BISHOP OF SACRAMENTO: Committee Taps Burns Bair as Special Counsel BISHOP OF SAN DIEGO: Seeks to Extend Plan Exclusivity to Dec. 16 BLUEBIRD BIO: BlackRock Holds 8% Equity Stake BURGERFI INTERNATIONAL: Committee Hires McDonald Hopkins as Counsel CAESARS ENTERTAINMENT:S&P Affirms 'B+' ICR, Alters Outlook to Pos. CARABOBO PROSPER: Gets Final Approval to Use Cash Collateral CLARITY DIAGNOSTICS: Court Approves Interim Use of Cash Collateral CLR ADMIN: Claims to be Paid From Available Cash & Cash Infusion COBRA HOLDINGS: $205MM Bank Debt Trades at 19% Discount COBRA HOLDINGS: $560MM Bank Debt Trades at 19% Discount COMMSCOPE HOLDING: BlackRock Holds 7.8% Equity Stake CONTAINER STORE: $200MM Bank Debt Trades at 31% Discount COST LESS DISTRIBUTING: Gets Final Approval to Use Cash Collateral CUBIC CORP: $1.48BB Bank Debt Trades at 28% Discount CUBIC CORP: $300MM Bank Debt Trades at 27% Discount D.I.P. FOUNDATION: Gets Interim OK to Use Cash Collateral DCERT BUYER: $515MM Bank Debt Trades at 15% Discount DEL MONTE FOODS: $472.4MM Bank Debt Trades at 43% Discount DEL MONTE FOODS: $725MM Bank Debt Trades at 44% Discount DIFONZO HOLDINGS: Unsecureds Will Get 2.05% of Claims over 5 Year DIVERSIFIED HEALTHCARE: Flat Footed LLC Reports 9.8% Equity Stake EDGIO INC: Committee Hires Alvarez & Marsal as Financial Advisor EDGIO INC: Committee Hires Chipman Brown Cicero as Counsel EDGIO INC: Committee Hires Kelley Drye & Warren as Lead Counsel EEI GLOBAL: EEI Mobile Unsecured Claims Will Get 5% in Plan EL CHILITO: Hires RHM Law LLP as General Bankruptcy Counsel EMERGENCY HOSPITAL: Gets Interim OK to Use Cash Collateral EMX ROYALTY: Sells Gumsberg Project in Sweden to Alpha Future Funds ENSERVCO CORP: Corsair Entities Hold 3.1% Equity Stake EXACTECH INC: S&P Cuts ICR to 'D' on Chapter 11 Bankruptcy Filing FLEET SERVICES: Has Deal on Cash Collateral Access FLORIDA GLASS: Motion for Summary Judgment Denied in ERISA Suit FORMING MACHINING: $260MM Bank Debt Trades at 40% Discount FUEL FITNESS: Seeks Court OK to Use Cash Collateral FUEL FITNESS: Seeks to Hire Sasser Law Firm as Attorney FUEL HOMESTEAD: Seeks Court Nod to Use Cash Collateral FUEL HOMESTEAD: Seeks to Hire Sasser Law Firm as Attorney FUEL REYNOLDA: Seeks to Hire Sasser Law Firm as Attorney G.D. III INC: Hires Craig B. Leavers LLC as Special Counsel GCPS HOLDINGS: Seeks to Extend Plan Filing Deadline to Dec. 6 GOLDEN WEST PACKAGING: $290MM Bank Debt Trades at 16% Discount GREEN ENERGY: Seeks to Hire Campbell Flannery as Legal Counsel GREENWICH INVESTMENT: Trustee to Sell Asset Management Business GRITSTONE BIO: Hires Pachulski Stang Ziehl & Jones LLP as Counsel GRITSTONE BIO: Hires PWC US Business as Financial Advisor GRITSTONE BIO: Hires Raymond James as Investment Banker H-FOOD HOLDINGS: $1.15BB Bank Debt Trades at 28% Discount H-FOOD HOLDINGS: $415MM Bank Debt Trades at 28% Discount H-FOOD HOLDINGS: $515MM Bank Debt Trades at 28% Discount HISTORIC TIMBER: Unsecured Creditors to Split $25K in Sale Plan IBF RETAIL: Plan Exclusivity Period Extended to Nov. 26 ICAHN ENTERPRISES: S&P Downgrades ICR to 'BB-', Outlook Stable IHEARTCOMMUNICATIONS: $2.10BB Bank Debt Trades at 15% Discount INDRA HOLDINGS: $50MM Bank Debt Trades at 49% Discount INFINITE PRODUCT: Hires Kutner Brinen Dickey Riley as Counsel INGENOVIS HEALTH: $675MM Bank Debt Trades at 25% Discount INKSTER, MI: S&P Affirms 'BB' Long-Term Rating on GO Bonds INTEGRITY CARBON: Hires Oxford Restructuring as Financial Advisor INTEGRITY CARBON: Seeks to Extend Plan Exclusivity to Nov. 24 IQSTEL: Secures 12-Month Note Extension, Targets Nasdaq Uplisting IVANTI SOFTWARE: $545MM Bank Debt Trades at 37% Discount JAZN PROPERTIES: Case Summary & Four Unsecured Creditors JRJR33 INC: Court Grants Continental's Rule 12(c) Motion K & M AMUSEMENT: Gets Interim OK to Use Cash Collateral KULR TECHNOLOGY: To Host Q3 2024 Earnings Call on Nov. 13 KUMAS HOLDINGS: Court Allows $26,107.83 in Attorney Fees L.O.F. INC: Gets OK to Use Cash Collateral Until Nov. 26 LASERSHIP INC: $455MM Bank Debt Trades at 62% Discount LEARNINGSEL LLC: Seeks to Tap First Steps Financial as Bookkeeper LEFEVER MATTSON: Taps Kurtzman Carson as Administrative Advisor LIFESCAN GLOBAL: $1.01BB Bank Debt Trades at 68% Discount LOGIX HOLDING: $250MM Bank Debt Trades at 63% Discount LOVESWORTH HOLDINGS: Hires KW Commercial as Real Estate Agent LUMEN TECHNOLOGIES: $5BB Bank Debt Trades at 16% Discount MAGENTA SECURITY: $1.04BB Bank Debt Trades at 63% Discount MAGENTA SECURITY: $1.07BB Bank Debt Trades at 32% Discount MASTIN LABS: Seeks to Hire Lane Law Firm as Counsel MAVENIR SYSTEMS: $585MM Bank Debt Trades at 30% Discount MAVERICK GAMING: $217.4MM Bank Debt Trades at 32% Discount MBMG HOLDING: Deadline to File Claims Set for Dec. 23 MEDICAL SOLUTIONS: $1.05BB Bank Debt Trades at 25% Discount MES FASTENERS: Unsecureds Will Get 100% of Claims over 60 Months MICHAELS COS: $1.95BB Bank Debt Trades at 24% Discount MIDSTATE BASEMENT: Gets Interim Approval to Use Cash Collateral MIMS AND SON: Gets Interim Approval to Use Cash Collateral NABORS INDUSTRIES: Net Loss Widens to $56-Mil. in Fiscal Q3 NAKED JUICE: $1.82BB Bank Debt Trades at 24% Discount NAKED JUICE: $450MM Bank Debt Trades at 43% Discount NEXTDECADE CORP: BlackRock Holds 7.7% Equity Stake NORRIS TRAINING: Seeks to Extend Plan Exclusivity to Feb. 5, 2025 OCUGEN INC: BlackRock Holds 6.5% Equity Stake ODYSSEY MARINE: Terminates Unit Purchase Deal With Ocean Minerals OFFICE PROPERTIES: Negotiates Refinancing With Debt Holders ONESOURCE COMMUNITY: Gets Interim OK to Use Cash Collateral ORTHOCARE SOLUTIONS: Hires Ennis Legacy as Financial Consultant PHYSICIAN PARTNERS: $600MM Bank Debt Trades at 44% Discount PICCARD PETS: Court Wants Bid to Sell Jacksonville Asset Revised PLA FOUR 24: $7.75M Cash Infusion to Fund Plan Payments QHSLAB INC: Welcomes Dr. Juan Oms as Medical Advisor QUEST SOFTWARE: $2.81BB Bank Debt Trades at 47% Discount QUEST SOFTWARE: $765MM Bank Debt Trades at 72% Discount QURATE RETAIL: Sets Annual Investor Meeting for Nov. 14 RATHER OUTDOORS: $365MM Bank Debt Trades at 17% Discount RED RIVER: Gets OK to Hire Bates White as Talc Consultant RED RIVER: Hires McCarter & English as Special Counsel REDLINE METALS: Gets Interim OK to Use Cash Collateral REDLINE RECREATIONAL: Available Cash and Income to Fund Plan REKOR SYSTEMS: BlackRock Holds 5.3% Equity Stake REKOR SYSTEMS: Eliminates $20MM Optional Advance in PPA Amendment RKO SERVICES: Seeks to Hires BurksBaker PLLC as Counsel ROTI RESTAURANTS: Hires Arm Consulting as Real Estate Consultant ROYSTONE ON QUEEN: Seeks Cash Collateral Access Until Dec. 31 RQMJXL LLC: Seeks to Hire BurksBaker PLLC as Legal Counsel RUNNER BUYER: $500MM Bank Debt Trades at 53% Discount SAFE & GREEN: David Villarreal Steps Down as Director SANUWAVE HEALTH: Manchester Management Holds 12.8% Equity Stake SANUWAVE HEALTH: Opaleye Management Reports 11.06% Stake SHEPHERD-HULDY DEVELOPMENT: Taps American SMS as Real Estate Broker SIYATA MOBILE: To Release Q3 2024 Financial Results on Nov. 14 SONOMA PHARMACEUTICALS: To Distribute Wound Care Products in Canada SPLASH BEVERAGE: Seeks to Resolve Defaults Under SPAs STG LOGISTICS: $750MM Bank Debt Trades at 43% Discount TELESAT LLC: $1.91BB Bank Debt Trades at 55% Discount TRANSOCEAN LTD: BlackRock Holds 8.1% Equity Stake TW MEDICAL: Hires Cohne Kinghorn PC as Bankruptcy Counsel TW MEDICAL: Seeks to Hire Pia Hoyt LLC as Special Counsel URBAN CHESTNUT: Gets Interim Approval to Use Cash Collateral VISION CAPITAL: Hires Watson Realty Co. as Real Estate Agent VIVOT EQUIPMENT: Taps CPA Luis R. Carrasquillo & Co. as Accountant VORTEX OPCO: $1.60BB Bank Debt Trades at 31% Discount WHITTIER SEAFOOD: Seeks to Hire Hilco as Investment Banker WINESTEAD LLC: Gets Interim OK to Use Cash Collateral Thru Nov. 26 WOODFIELD ROAD: Court OKs Use of Cash Collateral Until Dec. 31 X4 PHARMACEUTICALS: BlackRock Holds 6.7% Equity Stake XRC LLC: Case Summary & 20 Largest Unsecured Creditors ********* 1065 FULTON: Nov. 8 Public Sale Auction for Interest ---------------------------------------------------- Pursuant to Section 9-610 of the Uniform Commercial Code, 1065 Fulton SME LLC will sell at public auction on Nov. 8, 2024, at 9:30 a.m. (Prevailing Eastern Time) to the highest and qualified bidder for cash of the interest of 1065 Fulton Mez LLC, virtually via online video conference by Matthew D. Mannion, William Mannion and John O'Keefee for Mannion Auctions LLC. Any interested bidders must contact John Daniels of Newmark at (312) 224-3260 or john.daniels@nmrk.com no later than 10:00 a.m. (New York Time) on Nov. 6, 2024, in order to receive instructions on how to register as a qualified bidder and how to place the required deposit. The URL address and password will be provided to all registered participants. 175 FRANKLIN: Secured Party Sets Dec. 10 Auction ------------------------------------------------ Newmark, on behalf of DC Franklin Lender LLC, as assignee of G4 18228 LLC ("secured party") will offer for sale at public auction 100% of the limited liability company membership interests held by Bahram Benaresh ("pledgor") in Franklin 175 LLC ("pledged entity") as set forth in that certain ownership interests pledge and security agreement dated April 13, 2022, together with certain rights and property representing, relating to, or arising from the interests ("collateral"). The sale will take place on Dec. 10, 2024, at 2:00 p.m. Eastern Time in compliance with New York Uniform Commercial Code Section 9-610 (i) in person at the offices of Moritt Hock & Hamroff LLP 1407 Broadway, 39th Floor, New York, New York 10018, and (ii) virtually via online video conference. The URL address and password for the online video conference will be provided to all registered participants. The sale is being made in connection with the foreclosure on a pledge of the collateral to the secured party by pledgor under the pledge agreement pursuant to which pledgor has granted to secured party a first priority lien on the collateral as collateral for the loan in the original principal amount of $11.2 million ("loan") from secured party to pledge entity. An online datasite for the sale is available at https://bit.ly/175franklinuccsale. Further information regarding the sale contact Brock Cannon at +1 646-315-4785 or Brock.Cannon@nmrk.com. 568 REALTY: Voluntary Chapter 11 Case Summary --------------------------------------------- Debtor: 568 Realty LLC c/o Back Office Inc. 469 7th Avenue Suite 105 New York, NY 10018 Business Description: The Debtor is primarily engaged in renting and leasing real estate properties. Chapter 11 Petition Date: October 31, 2024 Court: United States Bankruptcy Court Southern District of New York Case No.: Hon. 24-11890 Judge: Hon. John P Mastando III Debtor's Counsel: Carlos J. Cuevas, Esq. CARLOS J. CUEVAS, ESQ. 1250 Central Park Avenue Yonkers, NY 10704 Tel: 914-964-7060 Fax: 914-423-6117 E-mail: ccuevas576@aol.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $100,000 to $500,000 The petition was signed by Joel Fishman as managing member. The Debtor failed to include in the petition a list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/DLIYZAA/568_Realty_LLC__nysbke-24-11890__0001.0.pdf?mcid=tGE4TAMA ACHIEVEMENT FIRST: S&P Alters Outlook to Stable, Affirms 'BB+' ICR ------------------------------------------------------------------ S&P Global Ratings revised the outlook to stable from negative and affirmed its 'BB+' issuer credit rating (ICR) on Achievement First Rhode Island Inc. (AFRI). "The outlook revision reflects our opinion of AFRI's improved financial metrics, translating to healthier maximum annual debt service coverage and growing liquidity, which we expect to be sustained through at least fiscal 2025," said S&P Global Ratings credit analyst David Holmes. While liquidity remains moderate for the rating, S&P believes the school's healthy demand, which is expected to continue to strengthen given its expansion plans, supports the outlook. S&P said, "The stable outlook reflects our opinion that the school will continue generating operating surpluses, maintain liquidity and lease-adjusted maximum annual debt service (MADS) coverage sufficient for the rating level, and execute enrollment targets in line with expansion plans. "We could consider a negative rating action if AFRI fails to meet enrollment targets, resulting in sustained operating deficits, materially weakened lease-adjusted MADS coverage, or a decline in liquidity. We would also take a negative view of unexpected increases in debt without sufficient revenue stream support. "While unlikely over the outlook period, we could take a positive rating action over the longer term if AFRI strengthens its liquidity position to a level consistent with that of higher-rated peers, along with maintaining healthy full-accrual operating surpluses and sufficient moderating debt metrics, while meeting its growing enrollment projections." AMERICAN TIRE: $1BB Bank Debt Trades at 85% Discount ---------------------------------------------------- Participations in a syndicated loan under which American Tire Distributors Inc is a borrower were trading in the secondary market around 14.9 cents-on-the-dollar during the week ended Friday, November 1, 2024, according to Bloomberg's Evaluated Pricing service data. The $1 billion Term loan facility is scheduled to mature on October 23, 2028. The amount is fully drawn and outstanding. American Tire Distributors, Inc. distributes motor vehicle parts. The Company offers custom wheels, tires, and other related products. American Tire Distributor serves customers in the United States. AMERICAN TIRE: Gets Interim OK for DIP Loan, Cash Collateral Access ------------------------------------------------------------------- American Tire Distributors, Inc. and its affiliates received interim approval from the U.S. Bankruptcy Court for the District of Delaware to use cash collateral and get debtor-in-possession loan to get through bankruptcy. The interim order, signed by Judge Craig Goldblatt, authorized the companies to obtain (i) debtor-in-possession asset-based financing facility, which consists of a $1.1 million asset-based revolving credit facility and a $100 million FILO term loan facility; and (ii) a DIP term loan facility, which consists of a new money term loan facility in the amount of $250 million, of which $125 million will be available to the companies upon interim approval of the loan while the remaining $125 million will be available upon final approval of the loan. Wells Fargo Bank, National Association serves as agent under the DIP ABL Credit Agreement while Wilmington Savings Fund Society, FSB is the agent under the DIP Term Loan Agreement. As adequate protection, pre-bankruptcy secured lenders will be granted replacement liens on the companies' property as well as interest in all assets and properties, and a superpriority administrative expense, subject and subordinate to the so-called carve out. Under the loan agreements, the companies are required to meet certain milestones, which include the filing of a business plan no later than 21 days following the petition date, and consummation of the sale of their assets no later than 80 days following the petition date. Prior to the petition date, the companies faced significant headwinds brought on by rising inflation, residual effects of the COVID-19 pandemic, and ongoing shifts in consumer demand and market channels in the tire industry. The companies had approximately $1.910 billion in total third-party funded debt obligations as of Oct. 22. The final hearing is scheduled for Nov. 19. Objections are due by Nov. 12. About American Tire Distributors Headquartered in Huntersville, N.C., American Tire Distributors Inc. and its affiliates are the largest distributor of replacement tires in North America based on dollar amount of wholesale sales. With their network of over 115 distribution centers and 1,500 delivery vehicles, the Debtors service a geographic region covering more than 90 percent of the replacement tire market for passenger vehicles and light trucks in the United States. The Debtors carry many of the nation's leading tire brands including Michelin, Pirelli, and Continental. In addition, the Debtors' proprietary Hercules brand is a leading private tire brand in North America. American Tire Distributors and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-12391) on October 22, 2024. In its petition, American Tire Distributors reported $1 billion to $10 billion in both assets and liabilities. Judge Craig T. Goldblatt oversees the cases. The Debtors tapped Kirkland & Ellis as bankruptcy counsel; Pachulski Stang Ziehl & Jones, LLP as Delaware counsel; AP Services, LLC as restructuring advisor; and Moelis & Company, LLC as financial advisor. Donlin, Recano & Company, Inc. is the notice and claims agent and administrative advisor. ARCON CONSTRUCTION: Seeks Cash Collateral Access ------------------------------------------------ Arcon Construction Corp. asked the U.S. Bankruptcy Court for the Northern District of California, San Francisco District for authority to use the cash collateral of its secured creditors to pay its operating expenses. The use of cash collateral will be for the duration of the company's bankruptcy case until the earlier of Dec. 12, or the company exits Chapter 11. The company estimates total cash disbursements of $5.78 million for the first six months beginning Sept. 13. Secured creditors with an interest in the cash collateral are the U.S. Small Business Administration and the Internal Revenue Service. To protect the interests of secured creditors, Arcon proposed to make monthly payments of $1,000 and $500 to SBA and IRS, respectively. In May 2020, Arcon received an SBA disaster loan for $150,000, secured by the assets of the company. The agreed monthly payment on that note is $731. The note has a first priority lien on the company’s business assets. The balance on the loan is $132,748. Meanwhile, IRS has a secured claim of $110,743 against assets of the company based on its proof of claim. In addition, Arcon owes a priority debt of $138,909 to IRS and a priority debt of $900 to the Franchise Tax Board. A court hearing is set for Nov. 8. About Arcon Construction Arcon Construction Corp. operates a general construction and development business in Daly City, Calif., which includes planning, design, general contracting, and construction management. Arcon filed Chapter 11 petition (Bankr. N.D. Calif. Case No. 24-30679) on Sept. 13, 2024, with up to $500,000 in assets and up to $10 million in liabilities. Andrey Libov, chief operating officer, signed the petition. Judge Dennis Montali oversees the case. The Law Offices of Eric J. Gravel represents the Debtor as bankruptcy counsel. ARCUTIS BIOTHERAPEUTICS: BlackRock Holds 7.7% Equity Stake ---------------------------------------------------------- BlackRock, Inc. disclosed in Schedule 13G/A Report filed with the U.S. Securities and Exchange Commission that as of September 30, 2024, it beneficially owned 9,029,624 shares of Arcutis Biotherapeutics, Inc.'s common stock, representing 7.7% of the shares outstanding. A full-text copy of BlackRock's SEC Report is available at: https://tinyurl.com/4m8ezyvc About Arcutis Arcutis Biotherapeutics, Inc. (Nasdaq: ARQT) -- www.arcutis.com -- is a commercial-stage medical dermatology company. It owns a growing portfolio of products for a range of inflammatory dermatological conditions including scalp and body psoriasis, atopic dermatitis, and alopecia areata. Los Angeles, California-based Ernst & Young LLP, the Company's auditor since 2019, issued a "going concern" qualification in its report dated Feb. 27, 2024, citing that the Company has not yet met a requirement under its loan agreement to raise capital by April 1, 2024, has recurring losses from operations, and has stated that substantial doubt exists about the Company's ability to continue as a going concern. Arcutis' net loss for the year ended December 31, 2023, was approximately $262.1 million. As of June 30, 2024, Arcutis had $444.8 million in total assets, $258.3 million in total liabilities, and $186.4 million in total stockholders' equity. ASP LS ACQUISITION: $1.38BB Bank Debt Trades at 56% Discount ------------------------------------------------------------ Participations in a syndicated loan under which ASP LS Acquisition Corp is a borrower were trading in the secondary market around 43.6 cents-on-the-dollar during the week ended Friday, November 1, 2024, according to Bloomberg's Evaluated Pricing service data. The $1.38 billion Term loan facility is scheduled to mature on May 8, 2028. The amount is fully drawn and outstanding. ASP LS Acquisition Corp. was formed to effectuate the acquisition of Laser Ship, Inc. by the private equity firm American Securities LLC. ASTRA ACQUISITION: $615.7MM Bank Debt Trades at 91% Discount ------------------------------------------------------------ Participations in a syndicated loan under which Astra Acquisition Corp is a borrower were trading in the secondary market around 9.1 cents-on-the-dollar during the week ended Friday, November 1, 2024, according to Bloomberg's Evaluated Pricing service data. The $615.7 million Term loan facility is scheduled to mature on October 25, 2028. The amount is fully drawn and outstanding. Astra Acquisition Corp. is a provider of cloud-based software solutions for higher educational institutions. ASTRO ONE: $155MM Bank Debt Trades at 76% Discount -------------------------------------------------- Participations in a syndicated loan under which Astro One Acquisition Corp is a borrower were trading in the secondary market around 24.0 cents-on-the-dollar during the week ended Friday, November 1, 2024, according to Bloomberg's Evaluated Pricing service data. The $155 million Term loan facility is scheduled to mature on October 25, 2029. The amount is fully drawn and outstanding. Founded in 2021 and based in the U.S., Astro One Acquisition Corporation is a merged entity of Petmate and Brody. Both companies engage in the production and distribution of pet products such as cat waste management products, toys, kennels, shelters, chews, and feeding and watering products. ATLAS PURCHASER: $134.6MM Bank Debt Trades at 92% Discount ---------------------------------------------------------- Participations in a syndicated loan under which Atlas Purchaser Inc is a borrower were trading in the secondary market around 8.5 cents-on-the-dollar during the week ended Friday, November 1, 2024, according to Bloomberg's Evaluated Pricing service data. The $134.6 million Payment in kind Term loan facility is scheduled to mature on May 5, 2028. The amount is fully drawn and outstanding. Atlas Purchaser, Inc., which does business as Alvaria, Inc., acquired the assets of Aspect Software in a leveraged buyout in 2021. Aspect is a provider of call center software and solution. ATLAS PURCHASER: $154.4MM Bank Debt Trades at 93% Discount ---------------------------------------------------------- Participations in a syndicated loan under which Atlas Purchaser Inc is a borrower were trading in the secondary market around 6.6 cents-on-the-dollar during the week ended Friday, November 1, 2024, according to Bloomberg's Evaluated Pricing service data. The $154.4 million Term loan facility is scheduled to mature on May 5, 2028. The amount is fully drawn and outstanding. Atlas Purchaser, Inc., which does business as Alvaria, Inc., acquired the assets of Aspect Software in a leveraged buyout in 2021. Aspect is a provider of call center software and solution. ATLAS PURCHASER: $45.6MM Bank Debt Trades at 94% Discount --------------------------------------------------------- Participations in a syndicated loan under which Atlas Purchaser Inc is a borrower were trading in the secondary market around 5.8 cents-on-the-dollar during the week ended Friday, November 1, 2024, according to Bloomberg's Evaluated Pricing service data. The $45.6 million Term loan facility is scheduled to mature on May 5, 2028. The amount is fully drawn and outstanding. Atlas Purchaser, Inc., which does business as Alvaria, Inc., acquired the assets of Aspect Software in a leveraged buyout in 2021. Aspect is a provider of call center software and solution. AVON PRODUCTS: Wins OK for Natura-Led Auction on Nov. 19 -------------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware approved the bidding procedures for the sale of substantially all of the assets of AIO US Inc. and its debtor-affiliates, free and clear of all liens, claims, interests and encumbrances, and authorized the Debtors' designation of one or more affiliates of their parent company and senior secured debt holder, Natura & Co Holdings SA as the stalking horse bidder. The deadline to submit bid for the Debtors' assets is Nov. 15, 2024, at 4:00 p.m. (Prevailing Eastern Time), followed by an auction on Nov. 19, 2024, at 10:00 a.m. (Prevailing Eastern Time) at the offices of Weil Gotshal & Manges LLP, 767 Fifth Avenue, New York, New York 10153. Interested parties who wished to submit a bid should contact the Debtors' investment banker, Rothschild & Co., 1251 Avenue of the Americas, 33rd Floor, New York, New York 10020, Attn: Marcel Messer, marcel.messer@rothschildandco.com, Pratyush Hiremath, pratyush.hiremath@rothschildandco.com. The Court set Dec. 2-3, 2024, at 9:30 a.m. (Prevailing Eastern Time) to approve the sale. Objections to the approval of the sale, if any, must be filed no later than 4:00 p.m. (Prevailing Eastern Time) on Nov. 15, 2024. About AIO US and Avon Products AIO US Inc., Avon Products Inc, and some of its affiliates are manufacturers and marketers of beauty, fashion, and home products with operations and customers across the globe. AIO US and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-11836) on Aug. 12, 2024. In the petition filed by Philip J. Gund as chief restructuring officer, AIO US disclosed $1 billion to $10 billion in assets and debt. Richards, Layton & Finger, P.A. and Weil, Gotshal & Manges LLP are counsel to the Debtors. Ankura Consulting Group LLC serves as restructuring advisor to the Debtors. Rothschild & Co US Inc is the Debtors' investment banker and financial advisor. Epiq Corporate Restructuring LLC acts as claims and noticing agent to the Debtors. AXESHACK LLC: Gets Interim OK to Use Cash Collateral ---------------------------------------------------- Axeshack, LLC received interim approval from the U.S. Bankruptcy Court for the Western District of Texas, San Antonio Division to use the cash collateral of Huntington Bank. The company requires the continued use of cash collateral to pay its operating expenses. As protection, Huntington Bank will be granted replacement liens on all post-petition inventory and accounts receivable acquired by Axeshack and will receive a monthly payment of $1,000 beginning on Nov. 15 until the confirmation of the company's Chapter 11 plan of reorganization. In addition, Axeshack will remain current on all of its tax obligations. Huntington Bank has a blanket security interest in all of the company's assets, including but not limited to, equipment and account receivables. The amount claimed by the bank to be owed by the company is approximately $230,000. The final hearing is scheduled for Nov. 25. About Axeshack LLC Axeshack LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Texas Case No. 24-52039) on October 14, 2024. In the petition signed by Spencer Birtciel, manager, the Debtor disclosed up to $50,000 in assets and up to $500,000 in liabilities. Judge Craig A. Gargotta oversees the case. Morris E. "Trey" White, III, Esq., at Villa & White, LLP, represents the Debtor as legal counsel. B.A.S.S. & M. INC: Hires Stretto as Claims and Noticing Agent ------------------------------------------------------------- B.A.S.S. & M., Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Stretto, Inc. as claims and noticing agent. The firm will provide these services: a. prepare and serve required notices and documents in these Chapter 11 Cases in accordance with the Bankruptcy Code and the Bankruptcy Rules in the form and manner directed by the Debtors and/or the Court, including (i) notice of any claims bar date, (ii) notices of transfers of claims, (iii) notices of objections to claims and objections to transfers of claims, (iv) notices of any hearings on a disclosure statement and confirmation of the Debtors' plan or plans of reorganization, including under Bankruptcy Rule 3017(d), (v) notice of the effective date of any plan, and (vi) all other notices, orders, pleadings, publications and other documents as the Debtors or Court may deem necessary or appropriate for an orderly administration of these Chapter 11 Cases; b. maintain an official copy of the Debtors' schedules of assets and liabilities and statements of financial affairs (collectively, "Schedules"), listing the Debtors' known creditors and the amounts owed thereto; c. maintain (i) a list of all potential creditors, equity holders and other parties-ininterest; and (ii) a "core" mailing list consisting of all parties described in Bankruptcy Rule 2002(i), (j) and (k) and those parties that have filed a notice of appearance pursuant to Bankruptcy Rule 9010; update said lists and make said lists available upon request by a party-in-interest or the Clerk; d. furnish a notice to all potential creditors of the last date for the filing of proofs of claim and a form for the filing of a proof of claim, after such notice and form are approved by this Court, and notify said potential creditors of the existence, amount and classification of their respective claims as set forth in the Schedules, which may be effected by inclusion of such information (or the lack thereof, in cases where the Schedules indicate no debt due to the subject party) on a customized proof of claim form provided to potential creditors; e. maintain a post office box or address for the purpose of receiving claims and returned mail, and process all mail received; f. for all notices, motions, orders or other pleadings or documents served, prepare and file or caused to be filed with the Clerk an affidavit or certificate of service within seven (7) business days of service which includes (i) either a copy of the notice served or the docket numbers(s) and title(s) of the pleading(s) served, (ii) a list of persons to whom it was mailed (in alphabetical order) with their addresses, (iii) the manner of service, and (iv) the date served; (vii) Process all proofs of claim received, including those received by the Clerk's Office, check said processing for accuracy, and maintain the original proofs of claim in a secure area; g. maintain the official claims register for the Debtors (the "Claims Register") on behalf of the Clerk; upon the Clerk's request, provide the Clerk with certified, duplicate unofficial Claims Register; and specify in the Claims Register the following information for each claim docketed: (i) the claim number assigned, (ii) the date received, (iii) the name and address of the claimant and agent, if applicable, who filed the claim, (iv) the amount asserted, (v) the asserted classification(s) of the claim (e.g., secured, unsecured, priority, etc.), and (vi) any disposition of the claim; h. provide public access to the Claims Register, including complete proofs of claim with attachments, if any, without charge; i. implement necessary security measures to ensure the completeness and integrity of the Claims Register and the safekeeping of the original claims; j. record all transfers of claims and provide any notices of such transfers as required by Bankruptcy Rule 3001(e); k. relocate, by messenger or overnight delivery, all of the court-filed proofs of claim to the offices of the Claims Agent, not less than weekly; l. upon completion of the docketing process for all claims received to date for each case, turn over to the Clerk a copy of the Claims Register for the Clerk's review (upon the Clerk's request); m. monitor the Court's docket for all notices of appearance, address changes, and claims-related pleadings and orders filed and make necessary notations on and/or changes to the Claims Register and any service or mailing lists, including to identify and eliminate duplicative names and addresses from such lists; n. identify and correct any incomplete or incorrect addresses in any mailing or service lists; o. assist in the dissemination of information to the public and respond to requests for administrative information regarding the Cases as directed by the Debtors or the Court, including through the use of a case website and/or call center; p. if the Cases are converted to chapter 7, contact the Clerk's Office within three (3) days of the notice to the Claims Agent of entry of the order converting the case; q. 30 days prior to the close of this case, to the extent practicable, request that the Debtors submit to the Court a proposed Order dismissing the Claims Agent and terminating the services of such agent upon completion of its duties and responsibilities and upon the closing of the case; r. within seven days of notice to the Claims Agent of entry of an order closing the Chapter 11 Cases, provide to the Court the final version of the Claims Register as of the date immediately before the close of this case; and s. at the close of the Chapter 11 Cases, (i) box and transport all original documents, in proper format, as provided by the Clerk's Office, to (A) the Philadelphia Federal Records Center, 14470 Townsend Road, Philadelphia, PA 19154 or (B) any other location requested by the Clerk's Office; and (ii) docket a completed SF-135 Form indicating the accession and location numbers of the archived claims. The firm will charge the Debtor for its legal services on flat fee basis in accordance with its ordinary and customary rates. Stretto, Inc. will be paid a retainer in the amount of $15,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Sheryl Betance, a senior managing director at Stretto, disclosed in a court filing that her firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Sheryl Betance Stretto, Inc. 410 Exchange, Ste. 100 Irvine, CA 92602 Telephone: (714) 716-1872 Email: sheryl.betance@stretto.com About B.A.S.S. & M. Inc. B.A.S.S. & M. Inc. is primarily engaged in renting and leasing real estate properties. B.A.S.S. & M. Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ill. Lead Case No. 24-15381) on Oct. 16, 2024. In the petition filed by Suzie B. Wilson, as authorized representative, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtors tapped ARENTFOX SCHIFF LLP as general bankruptcy counsel, and ROCK CREEK ADVISORS, LLC, as financial advisor. STRETTO, INC., is the claims agent. BAUDAX BIO: Seeks to Extend Plan Exclusivity to Dec. 18 ------------------------------------------------------- Baudax Bio, Inc., asked the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to December 18, 2024 and February 16, 2025, respectively. This is the Debtor's third request for an extension of its exclusive periods and represents a proposed extension of 60 days for each period. In the instant case, cause for a third extension of exclusivity exists because the Debtor requires additional time to analyze the claims of ordinary and alleged administrative creditors, organize its creditors into appropriate classes, and craft a plan of reorganization that can accommodate various and previously unanticipated forms of monetizing the Debtor's intellectual property. The Debtor claims that it would be premature (at best), as well as a waste of time, effort and resources, including judicial resources, to require the Debtor to file a plan by October 19, 2024 to maintain its right to exclusivity. The Debtor asserts that it should be afforded a full and fair opportunity to negotiate, propose, and seek acceptances to a confirmable plan of reorganization. The Debtor believes that the extension of the exclusive periods is warranted and appropriate under the circumstances and should be granted. In addition, it is submitted that, particularly in light of the anticipated liquidation plan to be proposed by the Debtor, the extension requested will not prejudice the legitimate interests of any creditor and will likely afford parties in interest an opportunity to pursue to fruition the beneficial objectives of a consensual reorganization. Baudax Bio, Inc., is represented by: David B. Smith, Esq. Nicholas M. Engel, Esq. SMITH KANE HOLMAN, LLC 112 Moores Road, Suite 300 Malvern, PA 19355 Telephone: (610) 407-7215 Facsimile: (610) 407-7218 Email: dsmith@skhlaw.com About Baudax Bio, Inc. Baudax Bio, Inc. is a biotechnology company focused on developing T cell receptor therapies utilizing human regulatory T cells, as well as a portfolio of clinical stage neuromuscular blocking agents and an associated reversal agent. Baudax Bio, Inc., filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 24-10583) on February 22, 2024, listing up to $50,000 in assets and $10 million to $50 million in liabilities. The petition was signed by Gerri Henwood as chief executive officer. Judge Magdeline D. Coleman presides over the case. David B. Smith, Esq. at SMITH KANE HOLMAN, LLC, is the Debtor's counsel. BELT ENTERTAINMENT: Seeks Cash Collateral Access ------------------------------------------------ Belt Entertainment, LC asked the U.S. Bankruptcy Court for the Western District of Missouri for authority to continue to use its cash collateral until a Chapter 11 plan of reorganization is confirmed. The company requires the use of cash collateral to pay expenses related to the operation of its business and maintenance of its building. Incredible Bank, a secured creditor, will be granted a replacement lien in all post-petition cash, accounts receivable and other cash assets of the company, and will receive a monthly payment of $8,068.35 starting Dec. 1 until the bankruptcy plan is confirmed. Incredible Bank is owed balances on three promissory notes: $3.2 million, $597,934, and $947,851 secured by a deed of trust on the company's real estate in St. Joseph, Mo., and a lien on all personal property assets of the company, including cash assets. A court hearing is scheduled for Nov. 6. About Belt Entertainment Belt Entertainment, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Mo. Case No. 24-50306) on October 24, 2024, with up to $10 million in both assets and liabilities. Michael White, managing member, signed the petition. Judge Cynthia A. Norton oversees the case. Erlene W. Krigel, Esq., at Krigel, Nugent + Moore, P.C., represents the Debtor as legal counsel. BISHOP OF SACRAMENTO: Comm. Taps Stout Risius as Valuation Expert ----------------------------------------------------------------- The official committee of unsecured creditors of the Roman Catholic Bishop Of Sacramento received approval from the U.S. Bankruptcy Court for the Eastern District of California to employ Stout Risius Ross, LLC as its valuation expert. The firm's services include: a. providing expert consulting services and expert testimony regarding the appropriate aggregate value of claims of survivors who have filed claims in this case; b. providing expert consulting services and expert testimony in connection with any contested matters or litigation arising in this case, including without limitation, any settlements entered into by the Debtor and its insurers without Committee consent; c. providing expert consulting services and expert testimony in the review and evaluation of reports prepared by the Debtor, its professionals, the Debtor's insurers, and their professionals; d. assisting with the preparation of case filings concerning the issues for which Stout is providing expert consulting services and expert testimony; e. preparing for and providing deposition and court testimony regarding the issues for which Stout is providing expert consulting services or expert testimony; f. participating in meetings or discussions with the Debtor, the Debtor's professionals, the Debtor's insurers, or other parties-in-interest; and g. providing such other expert consulting and advisory services as may be requested by the Committee. Stout's proposed hourly rates are: Managing Director $625 to $900 Director $450 to $575 Managers/Senior Managers $375 to $450 Analysts/Associates $275 to $405 Katie McNally, a managing director at Stout, disclosed that each of Stout's professionals is a "disinterested" person within the meaning of 11 U.S.C. Sec. 101(14). The firm can be reached through: Katie McNally Stout Risius Ross, LLC One South Wacker Drive, 38th Floor Chicago, IL 60606 Office: (312) 546-3426 Email: kmcnally@stout.com About Roman Catholic Bishop of Sacramento The Roman Catholic Bishop of Sacramento, filed a Chapter 11 bankruptcy petition (Bankr. E.D. Cal. Case No. 24-21326) on April 1, 2024. The Debtor hires Paul J. Pascuzzi, Esq., as counsel. Keller Benvenutti Kim LLP as local counsel. BISHOP OF SACRAMENTO: Committee Taps Burns Bair as Special Counsel ------------------------------------------------------------------ The official committee of unsecured creditors of the Roman Catholic Bishop Of Sacramento received approval from the U.S. Bankruptcy Court for the Eastern District of California to employ Burns Bair LLP as special insurance counsel. The firm's services include: (a) analyzing, investigating, and assessing the availability of coverage under the Debtor's insurances policies; (b) representing the Committee in any adversary proceedings by and between the Debtor and its insurers, pending Court approval; (c) engaging in potential mediation and/or other resolution of the claims, demands, and/or lawsuits related to the Debtor's insurance policies; (d) advising, negotiating, and advocating on behalf of the Committee with respect to the Debtor's insurance policies; and (e) providing related advice and assistance to the Committee as necessary. The firm's customary hourly rates are: Partners $900 to $1120 Associates $550 Paraprofessionals $340 Timothy Burns $1220 Jesse Bair $900 Nathan Kuenzi $550 Brian Cawley $550 Paralegals $340 Timothy Burns, Esq., a partner at Burns Bair 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: Timothy W. Burns, Esq. Burns Bair LLP 10 E. Doly Street, Suite 600 Madison, WI 53703-3392 Tel: (608) 286-2302 About Roman Catholic Bishop of Sacramento The Roman Catholic Bishop of Sacramento, filed a Chapter 11 bankruptcy petition (Bankr. E.D. Cal. Case No. 24-21326) on April 1, 2024. The Debtor hires Paul J. Pascuzzi, Esq., as counsel. Keller Benvenutti Kim LLP as local counsel. BISHOP OF SAN DIEGO: Seeks to Extend Plan Exclusivity to Dec. 16 ---------------------------------------------------------------- The Roman Catholic Bishop of San Diego asked the U.S. Bankruptcy Court for the Southern District of California to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to December 16, 2024 and April 15, 2025, respectively. The Debtor claims that its bankruptcy is complex and formulating a plan is a complicated process that will require substantial time. To formulate a plan, Debtor, the Committee, CMG and other parties are engaged in a mediation process. The assets and insurance available to pay abuse claims and the validity of those claims are complex and will necessarily require time to be resolved. Since the Petition Date, Debtor has made substantial efforts to move its bankruptcy forward. Specifically, Debtor has filed its first day motions, schedules, and statements, reached an agreement with the Committee, its insurer, and other interested parties to engage mediators and continue negotiations toward a consensual plan, and has been negotiating a motion to set the claims bar date with the Committee and its insurer. Debtor expects the substantial progress being made to date to continue as this case moves forward. The Debtor explains that its request to extend the Exclusivity Periods comes less than three months after the Petition Date. During said time, Debtor has worked with the UST, the Committee, and other parties in interest in order to develop procedures which will aid Debtor's reorganization efforts, obtained the authority necessary to continue to operate, negotiated the claims bar date motion with the Committee and Debtor's insurer, and began postpetition mediation sessions. The Debtor asserts that it does not seek an extension in order to pressure its creditors. Rather, Debtor seeks an extension of the Exclusivity Periods in order to maintain the status quo and allow negotiations towards a just settlement of survivor claims and a consensual plan of reorganization to continue. The Roman Catholic Bishop of San Diego is represented by: GORDON REES SCULLY MANSUKHANI, LLP Jeffrey D. Cawdrey, Esq. Megan M. Adeyemo, Esq. Kathryn M.S. Catherwood, Esq. Kathleen M. Patrick, Esq. Annie Carter Matthews, Esq. 101 W. Broadway, Suite 2000 San Diego, California 92101 Telephone: (619) 696-6700 Facsimile: (619) 696-7124 Email: jcawdrey@grsm.com madeyemo@grsm.com kcatherwood@grsm.com kpatrick@grsm.com amatthews@grsm.com About The Roman Catholic Bishop of San Diego The Roman Catholic Bishop of San Diego sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 24-02202) on June 17, 2024. In the petition signed by Rodrigo Valdivia, vice moderator of the Curia, the Debtor disclosed up to $500 million in both assets and liabilities. Judge Christopher B. Latham oversees the case. The Debtor tapped Gordon Rees Scully Mansukhani, LLP as counsel and GlassRatner Advisory & Capital Group, LLC, doing business as B. Riley Advisory Services, as financial advisor. Donlin, Recano & Company, Inc., as administrative advisor. BLUEBIRD BIO: BlackRock Holds 8% Equity Stake --------------------------------------------- BlackRock, Inc. disclosed in Schedule 13G Report filed with the U.S. Securities and Exchange Commission that as of September 30, 2024, it beneficially owned 15,443,767 shares of bluebird bio, Inc.'s common stock, representing 8% of the shares outstanding. A full-text copy of BlackRock's SEC Report is available at: https://tinyurl.com/az6dvpvb About bluebird bio, Inc. bluebird bio, Inc. was incorporated in Delaware on April 16, 1992, and is headquartered in Somerville, Massachusetts. The Company is a biotechnology firm dedicated to researching, developing, and commercializing potentially curative gene therapies for severe genetic diseases based on its proprietary lentiviral vector gene addition platform. Since its inception, bluebird bio has focused nearly all its resources on research and development efforts related to its product candidates and the commercialization of its approved products, including activities to manufacture product candidates, conduct clinical studies, perform preclinical research, provide administrative support, and market and commercially manufacture its approved products. Boston, Massachusetts-based Ernst & Young LLP, the Company's auditor since 2012, issued a "going concern" qualification in its report dated September 13, 2024, citing that the Company has suffered recurring operating losses and negative operating cash flows, raising substantial doubt about its ability to continue as a going concern. bluebird bio had a net loss of $211.9 million for the year ended December 31, 2023, and an accumulated deficit of $4.3 billion as of December 31, 2023. As of June 30, 2024, bluebird bio had $545.2 million in total assets, $492.2 million in total liabilities, and $53 million in total stockholders' equity. BURGERFI INTERNATIONAL: Committee Hires McDonald Hopkins as Counsel ------------------------------------------------------------------- The official committee of unsecured creditors of BurgerFi International, Inc and its affiliates seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ McDonald Hopkins LLC as bankruptcy co-counsel. The firm will provide these services: a. advise the Committee with respect to its rights, duties, and powers in these cases; b. assist and advise the Committee in its consultations and negotiations with the Debtors, the secured lenders, the U.S. Trustee and other parties in interest, including with respect to the administration of these cases, one or more sales of the Debtors' assets, any proposed chapter 11 plan and/or the exit strategy for these cases; c. assist with the Committee's investigation of the acts, conduct, assets, liabilities, and financial condition of the Debtors and other parties in interest, including prepetition conduct, transactions and transfers; d. advise the Committee as to the ramifications of the Debtors' activities and motions before this Court; e. attend the meetings of the Committee; f. represent the Committee at all hearings and other proceedings; g. assist the Committee in preparing motions, objections, pleadings and applications as may be necessary to further the Committee's interests and objectives; and h. perform such other legal services as may be required and are deemed to be in the interests of the Committee in accordance with the Committee's powers and duties as set forth in the Bankruptcy Code. The firm will be paid at these rates: Members $420 to $1,115 Of Counsel $400 to $1,025 Associates $300 to $635 Paralegals $245 to $455 Law Clerks $125 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. McDonald Hopkins provides the following statements in response to the request for additional information set forth in Part D.1. of the Appendix B Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed post petition, explain the difference and the reasons for the difference. Response: Not Applicable. Question: Has your client approved your prospective budget and staffing plan, and, if so, for what budget period? Response: The Court has approved a budget providing for the Committee's professional fees pursuant to the Final Order (I) Authorizing the Debtors to (A) Obtain Senior Secured Postpetition Financing and (B) Utilize Cash Collateral, (II) Granting Liens and Super priority Administrative Expense Claims, (III) Modifying the Automatic Stay,(IV) Scheduling a Final Hearing, (V) Granting Adequate Protection, and (VI) Granting Related Relief (D.I. 190). Scott N. Opincar, Esq., a partner at McDonald Hopkins LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Scott N. Opincar, Esq. McDonald Hopkins LLC 600 Superior Avenue, East, Suite 2100 Cleveland, OH 44114 Tel: (216) 348-5400 About BurgerFi Int'l BurgerFi International, Inc. (NASDAQ:BFI) is a multi-brand restaurant company that develops, markets, and acquires fast-casual and premium-casual dining restaurant concepts around the world, including corporate-owned stores and franchises. BurgerFi International, Inc. is the owner and franchisor of two brands with a combined 144 locations: (i) Anthony's, a premium pizza and wing brand with 51 restaurants (50 corporate-owned casual restaurant locations and one dual brand franchise location), as of Sept. 10, 2024, and (ii) BurgerFi, among the nation's fast-casual better burger concepts with 93 BurgerFi restaurants (76 franchised and 17 corporate-owned) as of Sept. 10, 2024. BurgerFi International, Inc. and 114 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code on Sept. 11, 2024 (Bankr. D. Del. Lead Case No. 24-12017). The cases are pending before the Honorable Judge Craig T Goldblatt. Raines Feldman Littrell LLP serves as the Debtors' counsel. Force Ten Partners' Jeremy Rosenthal serves as the Company's Chief Restructuring Officer. Sitrick And Company serves as strategic communications advisor to the Company. Stretto is the claims agent. CAESARS ENTERTAINMENT:S&P Affirms 'B+' ICR, Alters Outlook to Pos. ------------------------------------------------------------------ S&P Global Ratings revised its rating outlook to stable from positive and affirmed its 'B+' issuer credit rating on U.S. gaming operator Caesars Entertainment Inc. The stable outlook reflects S&P's forecast for adjusted leverage in the mid-6x area in 2024 and about 6x by the end of 2025. The outlook revision reflects that Caesars' leverage will be in the mid-6x area in 2024 due to competitive pressures, construction disruptions that constrained performance in its regional portfolio, and increased share repurchases above S&P's previous base-case assumption. In the third quarter of 2024, Caesars reported total revenue and EBITDA declines of about 4%. This was largely driven by underperformance in its regional segment behind pressures from new competition in multiple markets, construction disruption (principally in New Orleans), and a difficult comparison in Reno, Nev., due to a large group event last year. This was only partially offset by the ramp-up of its Danville, Va., temporary casino and newly opened Columbus, Neb., property, leading to EBITDA declines for the regional segment of about 13% in the quarter. In addition, Caesars announced that it repurchased the remaining $140 million of shares during the third quarter and subsequently authorized an additional $500 million share repurchase program. S&P now forecasts Caesars' leverage will remain in the mid-6x area in 2024, above its 6x upgrade threshold and prior forecast of high-5x. S&P said, "Despite recent underperformance, we expect returns from recently completed capital investments in its regional portfolio and continued revenue growth and profitability in its digital segment could contribute to near-term deleveraging. Caesars recently completed several development projects, including the permanent Harrah's Columbus Nebraska Racing and Casino, the transformation of Harrah's to Caesars New Orleans, and a permanent facility in Danville in December. We expect EBITDA contribution from these projects could offset some ongoing competitive pressure in its regional portfolio, and that reduced capital expenditure (capex) will contribute to significantly increased free cash flow in 2025." In its digital segment, Caesars reported a 41% revenue increase and a quarterly EBITDA record of $52 million. This was driven by a 55% increase in volume and 40 basis points (bps) of increase in hold in iGaming, as well as 200 bps of hold improvement in online sports betting from increased parlays. The company launched its online sports betting platform in North Carolina in the first quarter of 2024 and recently announced its launch of Horseshoe Online Casino, an online casino app and desktop platform, in Michigan. Caesars plans to expand the new platform into other jurisdictions where its digital iGaming platforms are live. S&P said, "We expect recent product launches and continued market growth in iGaming and online sports betting will continue digital segment revenue and EBITDA growth in 2025. Notwithstanding, we continue to view online sports betting and iGaming as highly competitive and believe operators will continue to aggressively seek market share, particularly as new states approve online gaming." Overall, S&P expects leverage to decrease to about 6x by the end of 2025. Macroeconomic factors that could impede consumers' discretionary spending are increasing and pose risks to Caesars' cash flow, offset by continued strength in group and convention sales. The labor market is showing clear signs of cooling, with real income growth running behind real spending increases since the middle of last year. The household savings rate is at a two-year low. Delinquency rates for credit cards and auto loans are above pre-pandemic levels and edging higher. S&P expects consumers will likely rein in their spending on discretionary items such as gaming and leisure travel in the coming quarters. The performance of destination markets such as Las Vegas tend to be more volatile during a downturn than regional gaming markets. However, continued strength in convention and group visitation may sufficiently offset these headwinds. Caesars continues to report high average daily rates (ADR) and hotel occupancy of about 97% in the quarter, partially offsetting less gaming revenue. S&P also expects muted hotel room capacity growth in the market to support strong ADR. The December 2023 opening of the Fontainebleau Las Vegas added roughly 3,600 higher-end hotel rooms to the market, but rooms growth will be largely offset by this year's closings of The Mirage and Tropicana. S&P said, "Large-scale development projects and increased shareholder returns could slow the pace of deleveraging relative to our base case. Caesars has partnered with developer SL Green Realty Corp. on a bid for a New York casino development in Times Square. The company has not disclosed the size of the project, ownership structure of the partnership, or potential contribution. However, Caesars has indicated it expects to finance the project with debt at the joint venture level and possible equity investments. We believe joint venture spending on the development would likely exceed $2 billion given construction costs in New York and expected quality of the asset. However, because the proposed project is a renovation, we expect it would cost significantly less than those proposed by Wynn Resorts Ltd. or Las Vegas Sands Corp., which we expect will both exceed $5 billion. "Caesars would also need to pay a $500 million up-front license fee. We believe New York is unlikely to award licenses until the end of 2025 and that construction would take several years, potentially beginning in 2026. Because there is significant uncertainty over when or if New York will award licenses, we have not incorporated this potential development in our forecast credit measures." Caesars recently sold the World Series of Poker brand for $250 million up-front and a $250 million promissory note due five years after closing. The company used most of the proceeds to repay outstanding revolver borrowings. It also announced an agreement to sell LINQ Promenade for an additional $275 million. S&P said, "We expect it will use the proceeds to repay additional debt. While Caesars may explore additional noncore asset sales, we do not incorporate them in our base case. However, we believe Caesars may opportunistically repurchase shares with free cash flow and potential asset sale proceeds. To the extent Caesars elects to repurchase shares or it is awarded a casino license in New York, it could slow the pace of leverage reduction, though we believe it can be absorbed inside our 7x downgrade threshold." S&P said, "The stable outlook reflects our forecast for adjusted leverage to be in the mid-6x area in 2024 primarily because of underperformance at Caesars' regional portfolio and increased shareholder returns. We expect continued revenue growth and increasing profitability in the digital segment, returns from recently completed capital investments in its regional portfolio and stable performance in Las Vegas could reduce leverage to about 6x by the end of 2025." S&P could lower the ratings if it expects the company to sustain adjusted leverage above 7x. This could occur if: -- Operating performance materially underperforms our base-case forecast because a macroeconomic slowdown leads consumers to significantly pull back discretionary spending; or -- Caesars engages in materially leveraging acquisitions, development spending, or shareholder returns. S&P could raise its rating on Caesars if: -- S&P expects it to reduce lease-adjusted leverage and sustain it below 6x. This could occur if the company outperforms its base-case forecast; and -- S&P is more certain Caesars could sustain leverage below 6x incorporating operating volatility, leveraging acquisitions, shareholder returns, or heightened investment spending. CARABOBO PROSPER: Gets Final Approval to Use Cash Collateral ------------------------------------------------------------ Carabobo Prosper Holdings, LLC received final approval from the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division to use cash collateral. The court allowed the company to utilize cash collateral collected from its ordinary business operations to pay its expenses as outlined in the approved budget. The court granted the company the flexibility to deviate from the budget by up to 5% without requiring further approval, which facilitates financial management during the bankruptcy process. As part of the order, secured creditors were granted replacement liens on all cash collateral and assets acquired post-petition. However, these liens will not extend to any Chapter 5 causes of action or their proceeds. About Carabobo Prosper Carabobo Prosper Holdings, LLC is a Texas-based distributor of oil and lubricants serving mechanics throughout the state. Carabobo Prosper Holdings sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas. Case No. 24-32882), with $500,001 to $1 million in assets and $1 million to $10 million in liabilities. Miguel Angel Chirinos Gonzalez, chief executive officer, signed the petition. Robert C. Lane Esq., at The Lane Law Firm, PLLC represents the Debtor as bankruptcy counsel. CLARITY DIAGNOSTICS: Court Approves Interim Use of Cash Collateral ------------------------------------------------------------------ Clarity Diagnostics, LLC received third interim approval from the U.S. Bankruptcy Court for the Southern District of Florida to use its cash collateral. The interim order authorized the company to use cash collateral to pay its expenses in the ordinary course of business in accordance with its budget. The company may exceed any line item on the budget by up to 10% or any line item by more than 10% so long as the total of the amounts in excess of all line items does not exceed 10% of the total budget. Clarity Diagnostics granted its secured creditors replacement liens on its post-petition property to the same extent and with the same priority as their pre-bankruptcy liens. About Clarity Diagnostics Clarity Diagnostics, a company in Boca Raton, Fla., manufactures 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 filed Chapter 11 petition (Bankr. S.D. Fla. Case No. 24-18938) on August 30, 2024, with $1 million to $10 million in both assets and liabilities. Clarity Diagnostics President Richard Simpson signed the petition. Judge Erik P. Kimball presides over the case. Bradley S. Shraiberg, Esq., at Shraiberg Page, PA represents the Debtor as legal counsel. CLR ADMIN: Claims to be Paid From Available Cash & Cash Infusion ---------------------------------------------------------------- CLR Admin Services LLC filed with the U.S. Bankruptcy Court for the Southern District of Florida a Subchapter V Plan of Reorganization dated September 18, 2024. The Debtor is a provider of administrative and other support services to Helbing Law Group, LLC, including inter alia, human resources services, paralegal support services, client relations and acquisition management, customer service, secretarial support, and accounting support services. The Debtor's business operations are located at 225 NE Mizner Blvd, Boca Raton, Florida 33432. The business premises are neither leased nor owned as the Debtor has significantly downsized its operations, and a single office space is occupied gratis. The Debtor's income is insufficient to cover operating expenses, and budget deficiencies presently are satisfied through an insider loan, which was recharacterized as equity during the pendency of this case. Debtor is expending a substantial amount of its limited resources in litigation in both state and federal courts and, in addition to resolving claims in a single forum, may benefit from recoveries under chapter 5 of the bankruptcy code. This Plan under chapter 11 of the Code proposes to pay creditors of Debtor from Cash on hand and further cash infusions by Strategic Business Advisory Services, LLC, unless otherwise stated. Class 2 consists of all the Allowed General Unsecured Claims of the Debtor. The Debtor estimates the aggregate amount of Allowed Class 2 Claims is approximately $1,365,285.54, consisting solely of the claims of the SBA and Richard Potosky, CPA. The Chapter 7 Trustee of the bankruptcy estates of corporate debtors bearing the name "DCG" has filed a proof of claim in an unknown amount (the "DCG Claim"), which claim has been assigned Claim Number 2. Debtor believes the DCG Claim should be disallowed in full. The Debtor estimates that if this case were converted to a Chapter 7 case and all claims were Allowed in full, the holders of Class 2 Claims would receive no distribution on account of their claims. If Debtor's Plan is confirmed, each holder of an Allowed general unsecured claim against Debtor shall be paid the full amount of their Allowed, general unsecured claim, as follows: (i) the unsecured portion of the SBA claim shall be paid in full in accordance with the terms set forth in the prepetition loan documents, and (ii) the claim of Richard Potosky, CPA, shall be paid in full within one month of entry of a final order confirming this Plan. The Debtor reserves the right to amend this Plan if the Bankruptcy Court does not disallow the DCG Claim and is not proposing to pay 100% of all Allowed General Unsecured Claims if the DCG Claim is allowed in an amount greater than $100. The payments provided for herein shall be in full satisfaction, settlement, release, and extinguishment of Allowed Claims. Debtor may prepay any or all of the distributions described herein with no prepayment penalty. This class is unimpaired. Class 3 consists of the Debtor’s Equity Interests in assets of the estate. The Allowed Equity Interests of Debtor are retained under the Plan. All property of the Estate shall be re-vested in the Reorganized Debtor. All payments as provided for in the Plan shall be funded by Debtor's Cash on hand, recoveries from adversary proceedings or other claims made by the Debtor, and further cash infusions from equity holders, unless otherwise stated. A full-text copy of the Subchapter V Plan dated September 18, 2024 is available at https://urlcurt.com/u?l=BvDiPY from PacerMonitor.com at no charge. Attorney for the Debtor: Aaron A. Wernick, Esq. Wernick Law, PLLC 2255 Glades Road, Suite 324A Boca Raton, FL 33431 Tel: (561) 961-0922 Email: awernick@wernicklaw.com About CLR Admin Services CLR Admin Services, LLC, offers advertising, public relations, and related services, filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-16135) on June 20, 2024. In the petition signed by Darren Silverman, manager, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Mindy A. Mora oversees the case. The Debtor tapped Wernick Law PLLC as bankruptcy counsel and McDonald Hopkins, LLC as special counsel. COBRA HOLDINGS: $205MM Bank Debt Trades at 19% Discount ------------------------------------------------------- Participations in a syndicated loan under which Cobra Holdings Inc is a borrower were trading in the secondary market around 80.8 cents-on-the-dollar during the week ended Friday, November 1, 2024, according to Bloomberg's Evaluated Pricing service data. The $205 million Term loan facility is scheduled to mature on July 6, 2029. The amount is fully drawn and outstanding. Cobra Holdings PLC is retail and wholesale insurance broking group. COBRA HOLDINGS: $560MM Bank Debt Trades at 19% Discount ------------------------------------------------------- Participations in a syndicated loan under which Cobra Holdings Inc is a borrower were trading in the secondary market around 80.8 cents-on-the-dollar during the week ended Friday, November 1, 2024, according to Bloomberg's Evaluated Pricing service data. The $560 million Term loan facility is scheduled to mature on July 31, 2028. The amount is fully drawn and outstanding. Cobra Holdings PLC is retail and wholesale insurance broking group. COMMSCOPE HOLDING: BlackRock Holds 7.8% Equity Stake ---------------------------------------------------- BlackRock, Inc. disclosed in Schedule 13G Report filed with the U.S. Securities and Exchange Commission that as of September 30, 2024, it beneficially owned 16,750,138 shares of CommScope Holding Company, Inc.'s common stock, representing 7.8% of the shares outstanding. A full-text copy of BlackRock's SEC Report is available at: https://tinyurl.com/yns84x4d About CommScope Holding Headquartered in Hickory, North Carolina, CommScope Holding Company, Inc. -- https://www.commscope.com/ -- is a global provider of infrastructure solutions for communication, data center, and entertainment networks. The Company's solutions for wired and wireless networks enable service providers, including cable, telephone, and digital broadcast satellite operators, as well as media programmers, to deliver media, voice, Internet Protocol (IP) data services, and Wi-Fi to their subscribers. This allows enterprises to experience constant wireless and wired connectivity across complex and varied networking environments. CommScope reported a net loss of $1.45 billion in 2023, a net loss of $1.28 billion in 2022, a net loss of $462.6 million in 2021, and a net loss of $573.4 million in 2020. * * * As reported by the TCR on Nov. 22, 2023, S&P Global Ratings lowered its Company credit rating on CommScope to 'CCC' from 'B-' and removed the ratings from CreditWatch with negative implications, where they were placed on Oct. 31, 2023. S&P revised the outlook to negative. The negative outlook reflects S&P's view that CommScope's expected weak financial performance, with leverage above the 10x area and low FOCF generation in 2023 and 2024, will increase the risk of a distressed exchange or buyback within the next 12 months to address upcoming maturities. As reported by the TCR on March 15, 2024, Moody's Ratings downgraded CommScope's ratings, including the corporate family rating to Caa2 from B3. The ratings downgrade primarily reflects the increasing risk of a capital restructuring, including a distressed exchange of some or all of the company's debt, with maturities approaching, including the company's senior notes in June 2025 and secured debt in March and April of 2026. CONTAINER STORE: $200MM Bank Debt Trades at 31% Discount -------------------------------------------------------- Participations in a syndicated loan under which Container Store Inc/The is a borrower were trading in the secondary market around 69 cents-on-the-dollar during the week ended Friday, November 1, 2024, according to Bloomberg's Evaluated Pricing service data. The $200 million Term loan facility is scheduled to mature on January 30, 2026. About $102.9 million of the loan has been drawn and outstanding. The Container Store, Inc., is a retailer of storage and organization products in the US and Europe. The company operates in the US through its 100 specialty retail stores and website, and in Europe through its wholly owned Swedish subsidiary, Elfa International AB (Elfa). COST LESS DISTRIBUTING: Gets Final Approval to Use Cash Collateral ------------------------------------------------------------------ Cost Less Distributing, Inc. received final approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to use the cash collateral of its secured creditors. The final order, signed by Judge Joel Applebaum, authorized the company to use the cash collateral of Velocity Capital Group, Rapid Finance and Rocket Capital to pay its operating expenses. Access to cash collateral will be terminated if the company fails to abide by the terms and conditions contained in the final order; if the company's Chapter 11 case is dismissed or converted to one under Chapter 7; if a trustee is appointed to perform any duties of the company; if the authority of the company to conduct business is terminated; or if the company ceases operations. As protection, secured creditors will receive replacement liens in the company's post-petition assets to the same extent and with the same priority as their pre-bankruptcy liens. In addition, Velocity will receive a monthly payment of $2,000 beginning on Nov. 15 and continuing on the 15th of each subsequent month until further order of the court. The bankruptcy court previously allowed the company to use up to $130,000 of the funds deposited with ELGA Credit Union, Paypal and in other accounts for the period from Oct. 21 to Oct. 30. About Cost Less Distributing Cost Less Distributing Inc. is a family-owned company in the pet treat and pet food industry. In addition to its pet treat program, the company now offers cell phone charger cable, Cooper Street cookies for humans, and will soon introduce its own small batch, gourmet popcorn. Cost Less Distributing sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 24-31912) on October 7, 2024, with up to $50,000 in assets and up to $10 million in liabilities. Matthew Ovadek, vice president, signed the petition. Judge Joel D. Applebaum oversees the case. The Debtor is represented by Peter T. Mooney, Esq., at Simen, Figura & Parker, PLC. CUBIC CORP: $1.48BB Bank Debt Trades at 28% Discount ---------------------------------------------------- Participations in a syndicated loan under which Cubic Corp is a borrower were trading in the secondary market around 72.4 cents-on-the-dollar during the week ended Friday, November 1, 2024, according to Bloomberg's Evaluated Pricing service data. The $1.48 billion Term loan facility is scheduled to mature on May 25, 2028. The amount is fully drawn and outstanding. Cubic Corporation is an American public transportation and defense corporation. It operates two business segments: Cubic Transportation Systems and Cubic Mission and Performance Solutions. CUBIC CORP: $300MM Bank Debt Trades at 27% Discount --------------------------------------------------- Participations in a syndicated loan under which Cubic Corp is a borrower were trading in the secondary market around 73.5 cents-on-the-dollar during the week ended Friday, November 1, 2024, according to Bloomberg's Evaluated Pricing service data. The $300 million Term loan facility is scheduled to mature on May 25, 2028. The amount is fully drawn and outstanding. Cubic Corporation is an American public transportation and defense corporation. It operates two business segments: Cubic Transportation Systems and Cubic Mission and Performance Solutions. D.I.P. FOUNDATION: Gets Interim OK to Use Cash Collateral --------------------------------------------------------- D.I.P. Foundation, Inc. received interim approval from the U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division to use the cash collateral of its lender. The interim order granted D.I.P. Foundation temporary access to cash collateral to support business operations and pay its expenses. D.I.P. Foundation, however, is restricted from using funds for pre-bankruptcy expenses, officer salaries, and professional fees without further court approval. The lender, Steve Allen Vansandt, was granted a replacement lien on D.I.P. Foundation's post-petition assets, effective as of the petition date. In addition, the lender will receive a monthly payment of $867, starting this month. The next hearing is set for Nov. 18. About D.I.P. Foundation D.I.P. Foundation Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-02977) on October 1, 2024, with $100,001 to $500,000 in both assets and liabilities. Judge Jason A. Burgess presides over the case. Bryan K. Mickler, Esq., at Mickler & Mickler represents the Debtor as legal counsel. DCERT BUYER: $515MM Bank Debt Trades at 15% Discount ---------------------------------------------------- Participations in a syndicated loan under which Dcert Buyer Inc is a borrower were trading in the secondary market around 84.6 cents-on-the-dollar during the week ended Friday, November 1, 2024, according to Bloomberg's Evaluated Pricing service data. The $515 million Term loan facility is scheduled to mature on February 16, 2029. The amount is fully drawn and outstanding. DCert is a CA that enables trusted communications between website servers and terminal devices such as browsers and smartphone applications. Increasingly, applications are expanding to include Internet of Things terminal devices. A CA verifies and authenticates the validity of websites and their hosting entities, and facilitates the encryption of data on the internet. CA services are 100% subscription-based and generally recurring in nature. DEL MONTE FOODS: $472.4MM Bank Debt Trades at 43% Discount ---------------------------------------------------------- Participations in a syndicated loan under which Del Monte Foods Corp II Inc is a borrower were trading in the secondary market around 57.3 cents-on-the-dollar during the week ended Friday, November 1, 2024, according to Bloomberg's Evaluated Pricing service data. The $472.4 million Term loan facility is scheduled to mature on August 2, 2028. About $471.3 million of the loan has been drawn and outstanding. The Company's country of domicile is the United States. DEL MONTE FOODS: $725MM Bank Debt Trades at 44% Discount -------------------------------------------------------- Participations in a syndicated loan under which Del Monte Foods Inc is a borrower were trading in the secondary market around 55.9 cents-on-the-dollar during the week ended Friday, November 1, 2024, according to Bloomberg's Evaluated Pricing service data. The $725 million Term loan facility is scheduled to mature on May 16, 2029. About $102.5 million of the loan has been drawn and outstanding. DEL MONTE FOODS, INC. manufactures and distributes packaged food products. The Company provides canned fruits and vegetables, as well as a wide range of snacks. Del Monte Foods serves customers worldwide. DIFONZO HOLDINGS: Unsecureds Will Get 2.05% of Claims over 5 Year ----------------------------------------------------------------- DiFonzo Holdings, LLC, filed with the U.S. Bankruptcy Court for the Northern District of Texas a Plan of Reorganization dated September 18, 2024. The Debtor manages and operates a women's apparel brand with brick-and-mortar, ecommerce, and wholesale sales channels business. DiFonzo Holdings, LLC’s assets include its accounts receivable and cash on hand, office furniture, deposits, vehicle and inventory/raw materials. The Debtor is currently owned 32.50% by Robert DiFonzo, 32.50% by Grayson DiFonzo and 35.00% by Matt Valentine. Robert DiFonzo is the managing member. Mr. DiFonzo will remain managing member and retain his 32.50% ownership interest going forward. The Debtor's Plan of Reorganization provides for the continued operations of the Debtor to make payments to their creditors as set forth in this Plan. Debtor seeks to confirm a consensual plan of reorganization so that all payments to creditors required under the Plan will be made directly by the Debtor to their creditors. The Debtor will continue operating the business. The Debtor's Plan will break the existing claims into six classes of Claimants. These claimants will receive cash repayments over a period of time beginning on or after the Effective Date. Class 5 consists of Unsecured Claims. All allowed unsecured creditors shall receive a pro rata distribution at zero percent per annum over the next five years beginning not later than the 1st day of the first full calendar month following 30 days after the effective date of the plan and continuing every year thereafter on a monthly basis at 0.00% per annum. Debtor will distribute $142,000.00 to the general allowed unsecured creditor pool over the 5-year year term of the plan, includes the under-secured claim portions. The Debtor's General Allowed Unsecured Claimants will receive 2.05% of their allowed claims under this plan. The allowed unsecured claims total $6,905,195.93. This Class is impaired. Class 6 consists of Equity Interest Holders (Current Owners). The current owners will receive no payments under the Plan; however, they will be allowed to retain ownership in the Debtor. Class 6 Claimants are not impaired under the Plan. The Debtor anticipate the continued operations of the business to fund the Plan. A full-text copy of the Plan of Reorganization dated September 18, 2024 is available at https://urlcurt.com/u?l=ulGFzh from PacerMonitor.com at no charge. Counsel to the Debtor: Robert C. Lane, Esq. Joshua D. Gordon, Esq. The Lane Law Firm, PLLC 6200 Savoy, Suite 1150 Houston, TX 77036 Tel: (713) 595-8200 Fax: (713) 595-8201 Email: notifications@lanelaw.com Joshua.gordon@lanelaw.com About Difonzo Holdings, LLC DiFonzo Holdings, LLC operates a women's apparel brand with brick and-mortar, e-commerce, and wholesale sales channels business in Dallas, TX. The Debtor filed its voluntary petition for Chapter 11 protection (Bankr. N.D. Tex. Case No. 24-31800) on June 20, 2024, listing $411,964 in assets and $7,285,274 in liabilities. Robert DiFonzo as owner, signed the petition. Judge Scott W. Everett oversees the case. THE LANE LAW FIRM serves as the Debtor's legal counsel. DIVERSIFIED HEALTHCARE: Flat Footed LLC Reports 9.8% Equity Stake ----------------------------------------------------------------- Flat Footed LLC disclosed in a Schedule 13G/A Report filed with the U.S. Securities and Exchange Commission that as of September 30, 2024, the firm and its affiliated entities -- FF Hybrid, LP and Marc Andersen -- beneficially owned shares of Diversified Healthcare Trust's common stock. Flat Footed LLC and Mr. Marc Andersen reported to beneficially own 23,487,000 shares of Diversified's common stock, representing 9.8% of the 240,574,611 shares of Common Stock outstanding as of July 31, 2024, as represented by the the Company in the Form 10-Q filed with the Securities and Exchange Commission on August 1, 2024. Meanwhile, FF Hybrid beneficially owned 12,621,856, representing 5.2% of the shares outstanding. A full-text copy of Flat Footed's SEC Report is available at: https://tinyurl.com/bvfhwyu2 About Diversified Healthcare Trust Diversified Healthcare Trust (Nasdaq: DHC) -- https://www.dhcreit.com -- is a REIT organized under Maryland law that primarily owns medical office and life science properties, senior living communities, and other healthcare-related properties throughout the United States. As of June 30, 2024, DHC's approximately $7.2 billion portfolio included 370 properties in 36 states and Washington, D.C., occupied by approximately 500 tenants, and totaling approximately 8.4 million square feet of life science and medical office properties and more than 27,000 senior living units. DHC is managed by The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with over $41 billion in assets under management as of June 30, 2024, and more than 35 years of institutional experience in buying, selling, financing, and operating commercial real estate. Diversified Healthcare Trust disclosed a net loss of $293.57 million for the year ended Dec. 31, 2023, compared to a net loss of $15.77 million for the year ended Dec. 31, 2022. As of June 30, 2024, Diversified Healthcare Trust had $5.33 billion in total assets, $3.18 billion in total liabilities, and $2.15 billion in total shareholders' equity. * * * As reported by the TCR on Jan. 24, 2024, Moody's Investors Service upgraded Diversified Healthcare Trust's (DHC) Corporate Family Rating to Caa3 from Ca. Moody's said the upgrade of the CFR to Caa3 reflects some partial easing of Moody's concerns over DHC's immediate capital needs as the new notes' proceeds have been used to repay the company's 2024 maturities, namely $450 million under its senior credit facility due 15 January 2024 and $250 million of unsecured notes due May 1, 2024. As reported by the TCR on Jan. 5, 2024, S&P Global Ratings raised its Company credit rating on Diversified Healthcare Trust (DHC) to 'CCC+' from 'CCC-'. S&P said, "The negative outlook reflects DHC's ongoing liquidity pressure and the refinancing risk remaining with material debt maturities in 2025 and 2026. The outlook also reflects our expectation for a gradual recovery in the operating performance of the company's senior housing operating property (SHOP) portfolio, though the pace of this recovery remains uncertain." EDGIO INC: Committee Hires Alvarez & Marsal as Financial Advisor ---------------------------------------------------------------- The official committee of unsecured creditors of Edgio Inc seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Alvarez & Marsal North America, LLC as financial advisor The firm will provide these services: a. assist in the assessment and monitoring of cash flow budgets, liquidity and operating results; b. assist in the review of Court disclosures, including the Schedules of Assets and Liabilities, the Statements of Financial Affairs, Monthly Operating Reports, and Periodic Reports; c. assist in the analysis of any assets and liabilities and any proposed transactions for which Court approval is sought; d. assist in the review of the Debtors' proposed key employee retention plan and key employee incentive plan; d. attend meetings with the Debtors, the Debtors' lenders and creditors, potential investors, the Committee and any other official committees organized in these chapter 11 cases, the U.S. Trustee, other parties in interest, and professionals hired by the same, as requested; e. assist in the review of any tax issues; f. assist in the investigation and pursuit of causes of actions; h. assist in the review of the claims reconciliation and estimation process; i. assist in the review of the sales or dispositions of the Debtors' assets; j. assist in the review and/or preparation of information and analysis necessary for the confirmation of a plan in these chapter 11 cases; and k. render such other general business consulting or such other assistance as the Committee or its counsel may deem necessary, consistent with the role of a financial advisor and not duplicative of services provided by other professionals in these chapter 11 cases. The firm will be paid at these rates: Managing Directors $1,075 to $1,525 Directors $825 to $1,075 Associates $625 to $825 Analysts $425 to $625 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mark Greenberg, a partner at Alvarez & Marsal North America, LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Mark Greenberg Alvarez & Marsal North America, LLC 600 Madison Avenue,8th Floor New York, NY 10022 Tel: (917) 841-8334 Email: mgreenberg@alvarezandmarsal.com About Edgio Inc. Edgio Inc. (NASDAQ: EGIO) helps companies deliver online experiences and content faster, safer, and with more control. Its developer-friendly, globally scaled edge network, combined with our fully integrated application and media solutions, provide a single platform for the delivery of high-performing, secure web properties and streaming content. Through this fully integrated platform and end-to-end edge services, companies can deliver content quicker and more securely, thus boosting overall revenue and business value. Edgio Inc. and its affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 24-11985) on Sept. 9, 2024 with a deal to sell its assets to lender Lynrock Lake Master Fund LP for a credit bid of $110 million, absent higher and better offers. The Hon. Karen B. Owens presides over the cases. Edgio disclosed $379,013,042 in total assets against $368,613,842 in total liabilities as of June 30, 2024. The Debtors tapped MILBANK LLP as general bankruptcy counsel; RICHARDS, LAYTON & FINGER, P.A., as local counsel; TD SECURITIES (USA) LLC (d/b/a TD COWEN) as financial restructuring advisor; and RIVERON CONSULTING LLC as business advisor. C STREET ADVISORY GROUP is serving as strategic communications advisor to the Debtors. OMNI AGENT SOLUTIONS, INC., is the claims agent. EDGIO INC: Committee Hires Chipman Brown Cicero as Counsel ---------------------------------------------------------- The official committee of unsecured creditors of Edgio Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Chipman Brown Cicero & Cole LLP as counsel The firm will provide these services: a. provide legal advice with respect to the rights, powers and duties of the Committee in these Chapter 11 Cases; b. appear for and represent the Committee as its Delaware counsel in these Chapter 11 Cases and any matter, proceeding, litigation, or hearing before the Court; c. represent the Committee in all aspects of confirmation proceedings; d. advise the Committee concerning the requirements of the Bankruptcy Code, Bankruptcy Rules, Local Rules, and the rules and procedures of this Court, and the requirements of the U.S. Trustee relating to the discharge of its duties under the Bankruptcy Code; e. participate in Committee meetings and other communications with the Committee as may be required; f. assist Kelley Drye, as directed by the Committee; g. render legal advice and perform legal services in connection with the foregoing; and h. perform all other necessary legal services in connection with these Chapter 11 Cases, as may be requested by the Committee. The firm will be paid at these rates: William E. Chipman, Jr. $850 per hour Mark D. Olivere $550 per hour Alan M. Root $525 per hour Mariska Suparman $350 per hour Michelle M. Dero $300 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. William E. Chipman, Jr., Esq., a partner at Chipman Brown Cicero & Cole 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: William E. Chipman, Jr. Chipman Brown Cicero & Cole LLP Hercules Plaza 1313 N. Market Street, Suite 5400 Wilmington, DE 19801 Tel: (302) 295-0193 Fax: (302) 295-0199 Email: chipman@chipmanbrown.com About Edgio Inc. Edgio Inc. (NASDAQ: EGIO) helps companies deliver online experiences and content faster, safer, and with more control. Its developer-friendly, globally scaled edge network, combined with our fully integrated application and media solutions, provide a single platform for the delivery of high-performing, secure web properties and streaming content. Through this fully integrated platform and end-to-end edge services, companies can deliver content quicker and more securely, thus boosting overall revenue and business value. Edgio Inc. and its affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 24-11985) on Sept. 9, 2024 with a deal to sell its assets to lender Lynrock Lake Master Fund LP for a credit bid of $110 million, absent higher and better offers. The Hon. Karen B. Owens presides over the cases. Edgio disclosed $379,013,042 in total assets against $368,613,842 in total liabilities as of June 30, 2024. The Debtors tapped MILBANK LLP as general bankruptcy counsel; RICHARDS, LAYTON & FINGER, P.A., as local counsel; TD SECURITIES (USA) LLC (d/b/a TD COWEN) as financial restructuring advisor; and RIVERON CONSULTING LLC as business advisor. C STREET ADVISORY GROUP is serving as strategic communications advisor to the Debtors. OMNI AGENT SOLUTIONS, INC., is the claims agent. EDGIO INC: Committee Hires Kelley Drye & Warren as Lead Counsel --------------------------------------------------------------- The official committee of unsecured creditors of Edgio Inc. and its affiliates seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Kelley Drye & Warren LLP as lead counsel. The firm will provide these services: a. advise the Committee with respect to its rights, duties and powers in these chapter 11 cases; b. assist and advise the Committee in its consultations with the Debtors and in connection with the administration of these cases, the investigation into historic conduct and transactions that may provide value for creditors, the sale process and any potential plan processes, and the ultimate disposition of the Debtors' estates; c. assist the Committee in its investigation of the acts, conduct, assets, liabilities, and financial condition of the Debtors; d. advise and represent the Committee in connection with matters generally arising in these cases, including the Debtors' motions to (i) obtain post petition financing and use cash collateral, and (ii) sell substantially all of their assets pursuant to an auction process; e. appear before this Court, and any other federal or state courts; f. prepare, on behalf of the Committee, any pleadings, including motions, memoranda, complaints, objections, and responses to matters arising in these cases; and g. perform such other legal services as may be required or are otherwise deemed to be in the interests of the Committee in accordance with the Committee's powers and duties as set forth in the Bankruptcy Code, Bankruptcy Rules, or other applicable law. The firm will be paid at these rates: Partners $800 to $1,375 per hour Special Counsel $665 to $975 per hour Associates $530 to $870 per hour Paraprofessionals $290 to $375 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The Committee and Kelley Drye will make a reasonable effort to comply with the U.S. Trustee's requests for information and additional disclosures as set forth in the U.S. Trustee Guidelines, both in connection with this Application and the fee applications to be filed by Kelley Drye. Jason R. Adams, Esq. a partner at Kelley Drye & Warren 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: James S. Carr, Esq. Jason R. Adams, Esq. John Ramirez, Esq. Philip A. Weintraub, Esq. Connie Y. Choe, Esq. KELLEY DRYE & WARREN LLP 3 World Trade Center New York, NY 10007 Tel: (212) 808-7800 Email: jcarr@kelleydrye.com jadams@kelleydrye.com joramirez@kelleydrye.com pweintraub@kelleydrye.com cchoe@kelleydrye.com About Edgio Inc. Edgio Inc. (NASDAQ: EGIO) helps companies deliver online experiences and content faster, safer, and with more control. Its developer-friendly, globally scaled edge network, combined with our fully integrated application and media solutions, provide a single platform for the delivery of high-performing, secure web properties and streaming content. Through this fully integrated platform and end-to-end edge services, companies can deliver content quicker and more securely, thus boosting overall revenue and business value. Edgio Inc. and its affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 24-11985) on Sept. 9, 2024 with a deal to sell its assets to lender Lynrock Lake Master Fund LP for a credit bid of $110 million, absent higher and better offers. The Hon. Karen B. Owens presides over the cases. Edgio disclosed $379,013,042 in total assets against $368,613,842 in total liabilities as of June 30, 2024. The Debtors tapped MILBANK LLP as general bankruptcy counsel; RICHARDS, LAYTON & FINGER, P.A., as local counsel; TD SECURITIES (USA) LLC (d/b/a TD COWEN) as financial restructuring advisor; and RIVERON CONSULTING LLC as business advisor. C STREET ADVISORY GROUP is serving as strategic communications advisor to the Debtors. OMNI AGENT SOLUTIONS, INC., is the claims agent. EEI GLOBAL: EEI Mobile Unsecured Claims Will Get 5% in Plan ----------------------------------------------------------- EEI Global, Inc. and EEI Mobile, LLC, filed with the U.S. Bankruptcy Court for the Eastern District of Michigan a Plan of Liquidation dated September 18, 2024. Global has long history in exhibit fabrication, graphic design, event production, and experiential marketing in the auto and trade show industries. The company was founded by David M. Gentile in 1981 as Exhibit Productions, Inc. (EPI). In 2002, Whitecap was organized by Derek Gentile to expand into event marketing and digital services to complement the traditional services offered by Exhibit Enterprises. In April 2008, Whitecap changed its name to EEI Mobile, LLC. On the eve of the Petition Date, Debtors began extensive negotiations with Exhibit Works, Inc. ("EWI"). The negotiations required the Debtors to immediately file a chapter 11 proceeding along with a motion seeking the Court's approval of a sale to EWI pursuant to Section 363 of the Bankruptcy Code. Consequently, the Debtors determined that they had no option but to file chapter 11 proceedings and to pursue an orderly liquidation through the bankruptcy process to preserve the Debtors' value for the benefit of the Debtors' creditors. Based on the sales of the Debtors' assets, the Debtors estimated their tangible personal property assets had a liquidation value of $4,879,151.21 on the Petition Date. The Debtors marketed their assets extensively prior to the Petition Date. This Plan of Liquidation proposes to pay the Debtors' creditors from the proceeds from the collection on the Debtors' accounts receivable, the sale of Debtors' assets, and the cash surrender value of certain key man life insurance policies. The Plan establishes two groups and three classes of claims. The Plan provides for full payment in cash of (a) the claims of Comerica Bank and (b) the administrative expenses (collectively, the "Group Claims"). Class I shall consist of the allowed general Unsecured Claims of Global's Creditors. On the Petition Date, Global's trade vendors' claims totaled approximately $505,529.01. The David M. Gentile Trust holds an under secured claim in the amount of $1,482,758.00. In addition, the Pension Funds had a contingent estimated Employer Withdrawal Liability against Global in the approximate amount of $21,644,513.00 as of the Petition Date. Central States had a determined claim in the amount of $128,386.00 for a Withdrawal Liability. The Withdrawal Liability owned to the Pension Funds and Central States will be adjusted pursuant to Section 1405 of the Bankruptcy Code in the event of a distribution under this Plan. In the event there are excess proceeds available from the sale of the Global's assets and the collection of Global's accounts receivable after the payment of all Group I and Group II Claims, in full and in cash, and the payment of the wind down expense, such proceeds will be distributed to the Class I Creditors on a pro-rata basis. Global estimates that the Class I Creditors shall receive approximately a two percent distribution. The Class I Creditors shall be impaired. Class II shall consist of the allowed general Unsecured Claims of Mobile's Creditors. On the Petition Date, Mobile's trade vendors' claims totaled approximately $1,156,586.01. The Pension Funds had a contingent estimated Employer Withdrawal Liability against Global in the approximate amount of $21,644,513.00 as of the Petition Date. Central States also holds a claim in the amount of $128,386.00 against Mobile as part of a control group for Global's Withdrawal Liability. The Withdrawal Liability will be adjusted pursuant to Section 1405 of the Bankruptcy Code in the event of a distribution under this Plan. In the event there are excess proceeds available from the sale of the Debtors' assets and the collection of its accounts receivable after the payment of all Group I and Group II Claims, in full and in cash, and the payment of the wind down expense, such proceeds will be distributed to the Class II Creditors on a pro-rata basis. Mobile estimates that the Class II Creditors shall receive approximately a five percent distribution. To the extent Global has a Class II claim in the Mobile bankruptcy proceeding, Global hereby waives such claim. The Class II Creditors shall be impaired. Class III shall consist of the Debtors equity holders. The Class III interests shall be deemed cancelled as of the Effective Date of this Plan. The Class III interests will receive no distribution under this Plan. The Class III interests shall be impaired. The Debtors shall continue to exist as a Michigan corporation and a Michigan limited liability company, as Liquidating Debtors for the limited purposes of completing the Debtors' obligations under this Plan. Payments to be made pursuant to this Plan shall be from funds derived from the liquidation of the Debtors' assets. The Debtors have sold or are in the process of selling all their tangible personal property assets and are collecting their outstanding accounts receivable. This Plan shall be funded through the proceeds of the sales of the assets and the collection of accounts receivable. A full-text copy of the Liquidating Plan dated September 18, 2024 is available at https://urlcurt.com/u?l=4iaZZo from PacerMonitor.com at no charge. Counsel for EEI Global, Inc.: STROBL PLLC Lynn M. Brimer, Esq. Pamela S. Ritter, Esq. 33 Bloomfield Hills Parkway, Ste. 125 Bloomfield Hills, MI 48304 (248) 205-2772; fax (248) 645-2690 Email: lbrimer@strobllaw.com pritter@strobllaw.com Counsel for EEI Mobile, LLC: STEVENSON & BULLOCK, P.L.C. Charles D. Bullock, Esq. Elliot G. Crowder, Esq. 26100 American Drive, Suite 500 Southfield, MI 48034 Phone: (248) 354-7906 Facsimile: (248) 354-7907 Email: cbullock@sbplclaw.com Email: ecrowder@sbplclaw.com About EEI Global, Inc. EEI Global Inc. provides marketing services. The Company offers graphic and event production, brand strategy, content marketing, site hosting, and digital signage, as well as provides consulting services. EEI Global serves clients in the state of Michigan. EEI Global Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 24-46093) on June 20, 2024. In the petition signed by Derek M. Gentile, as president and CEO, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Honorable Bankruptcy Judge Maria L. Oxholm oversees the case. The Debtor is represented by Lynn M. Brimer, Esq. at Strobl PLLC. EL CHILITO: Hires RHM Law LLP as General Bankruptcy Counsel ----------------------------------------------------------- El Chilito Mexican Food, Inc., seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ RHM Law LLP as general bankruptcy counsel. The firm will provide these services: a. advice and assistance regarding compliance with the requirements of the Office of the United States Trustee (the "OUST"); b. advice regarding matters of bankruptcy law, including the rights and remedies of the Debtor in regard to its assets and with respect to the claims of creditors; c. advice regarding cash collateral matters; d. conduct examinations of witnesses, claimants or adverse parties and to prepare and assist in the preparation of reports, accounts and pleadings; e. advice concerning the requirements of the Bankruptcy Code and applicable rules; f. assist with the negotiation, formulation, confirmation and implementation of a Chapter 11 plan of reorganization; g. make any appearances in the Bankruptcy Court on behalf of the Debtor; and h. take such other action and to perform such other services as the Debtor may require. The firm will be paid at these rates: Partners $650 to $700 per hour Associates $400 to $550 per hour Paralegals $135 to $175 per hour The firm will be paid a retainer in the amount of $35,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Roksana D. Moradi-Brovia, Esq., a partner at RHM Law 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: Roksana D. Moradi-Brovia, Esq. RHM LAW LLP 17609 Ventura Blvd., Suite 314 Encino, CA 91316 Tel: (818) 285-0100 Fax: (818) 855-7013 Email: roksana@RHMFirm.com About El Chilito Mexican Food Inc. El Chilito Mexican Food Inc. is a local taqueria serving a delicious selection of Tex-Mex and interior Mexican style tacos, coffee, frozen sangria/mimosas, and draft beer. El Chilito Mexican Food Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 24-11032) on September 11, 2024. Honorable Bankruptcy Judge Ronald A. Clifford III oversees the case. The Debtor is represented by: Matthew D. Resnik, Esq. RMH LAW LLP 17609 Ventura Blvd., Suite 314 Encino, CA 91316 Tel: (818) 285-0100 Fax: (818) 855-7013 Email: matt@rhmfirm.com EMERGENCY HOSPITAL: Gets Interim OK to Use Cash Collateral ---------------------------------------------------------- Emergency Hospital Systems, LLC received second interim approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division to use the cash collateral of its pre-bankruptcy lenders. The court approved the use cash of collateral for the period from Oct. 28 to Nov. 8 to pay the company's operating expenses set forth in its budget. Emergency Hospital Systems was previously authorized to utilize cash collateral for payment of necessary expenses for the period from Oct. 22 to 25. Pre-bankruptcy lenders, including Central Bank, a Texas banking corporation, were granted replacement liens on the company's property, with the same validity and priority as their pre-bankruptcy liens. In addition, Central Bank will receive three payments from the company, each in the amount of $26,666.67 as adequate protection. The next hearing is scheduled for Nov. 8. About Emergency Hospital Systems Emergency Hospital Systems LLC, doing business as Cleveland Emergency Hospital, is a system of regional hospitals serving the communities of The Woodlands, Porter, and Deerbrook, Cleveland. These facilities support each other with respect to the services they provide and are united under a common objective to provide quality healthcare professionally and compassionately. Emergency Hospital Systems sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 24-34683) on October 3, 2024, with $10 million to $50 million in both assets and liabilities. Rafael Delaflor, operating officer, signed the petition. Judge Eduardo V. Rodriguez oversees the case. The Debtor is represented by Kenna Seiler, Esq., at Seiler Rapp & Guerra, PLLC. EMX ROYALTY: Sells Gumsberg Project in Sweden to Alpha Future Funds ------------------------------------------------------------------- EMX Royalty Corporation announced the execution of an exploration and option agreement dated October 16, 2024 for its Gumsberg Project in Sweden to Alpha Future Funds S.C.S, a private Luxembourg based company. The agreement provides EMX with cash payment and work commitments during a one-year option period, and upon exercise of the option, EMX will receive additional deferred option payments, advance royalty payments, milestone payments and a 2% NSR royalty. The Gumsberg project is located within the prolific Bergslagen Mining Region of southern Sweden. The region has seen more than a millennium of continuous mining of iron, copper, silver, and recently polymetallic ores. Alpha is a well-capitalized investment fund with its own technical team that will work closely with EMX to advance the project through the option period. EMX and Alpha seek to contribute to the legacy of the Bergslagen Mining Region, one of Europe's most important metal producing centers, through additional investment and exploration in the district. Commercial Terms Overview. EMX will receive US$100,000 upon closing of the agreement, and Alpha can acquire 100% interest in the project by satisfying specified work commitments by the end of the first anniversary of the agreement. Upon exercising the option Alpha will: * Make additional cash payments totaling US$850,000 to EMX as deferred option payments. * Spend a cumulative of US$5,000,000 on the project by the fifth anniversary of the agreement. * Pay annual advance royalty payments commencing after the deferred option payments are complete. * Grant EMX an uncapped 2% NSR royalty on the project. * Deliver certain milestone payments tied to anniversary dates and the commencement of commercial production. Overviews of the project. The Gumsberg polymetallic project in Sweden is located in the Bergslagen Region in central Sweden, which is the birthplace of the mining industry of Sweden with hundreds of past producing properties and two world-renowned polymetallic mines currently in operation - Boliden AB's Garpenberg Mine and Lundin Mining's Zinkgruvan Mine (see Figure 1). Gumsberg Project, Central Sweden: The Gumsberg project encompasses multiple past-producing mining areas, some of which operated throughout the Medieval period (see Figure 2). The Ostersilvberg silver mine operated as early as the 13th century with peak silver production taking place between 1300 and 1590 and was Sweden's largest silver producer prior to the discovery of the nearby silver deposits at Sala. Recent drilling at Ostersilvberg (2016-2019) led to the discovery of a newly recognized lens of silver-rich polymetallic mineralization south of the historic mine workings, which remains open in multiple directions. Importantly, reinterpretation of the styles of volcanogenic massive sulfide mineralization at Ostersilvberg have demonstrated that VMS mineralization occurred at multiple stratigraphic levels and include high-grade zones of tectonically remobilized silver-lead-zinc mineralization as well as copper and gold enriched "feeder" type structures. These new interpretations will provide vectors toward new targets at Ostersilvberg. Also present at Gumsberg are bedded "exhalative" type zinc-lead-silver deposits at Fredikssongruvan and Vallberget-Loberget that were intersected in 2017-2020 drill programs. The bedded zinc-lead-silver mineralization at the historic Fredikssongruvan mine shows clear evidence for "Broken Hill" style mineralization and is contained within a thick sequence of manganiferous chemical sediment that has not been explored along strike. Exhalative-style polymetallic mineralization is also developed along a multi-kilometer trend around the historic Vallberget and Loberget mines, which has been cut by high-grade "veins" of tectonically remobilized mineralization. Both styles of mineralization were mined historically at Vallberget and Loberget. EMX and Alpha are looking forward to commencing work on the project and following up on the recent drill successes. This transaction is another example of the execution of EMX's business model in providing turn-key and drill ready exploration projects to its partner companies in exchange for royalty interests. About EMX EMX Royalty Corporation -- https://emxroyalty.com/ -- is a precious and base metals royalty company. E MX's investors are provided with discovery, development, and commodity price optionality while limiting exposure to risks inherent to operating companies. The Company's common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol "EMX." Vancouver, Canada-based Davidson & Company LLP, the Company's auditor since 2002, issued a "going concern" qualification in its report dated March 21, 2024, citing that the Company has a working capital deficiency that raises substantial doubt about its ability to continue as a going concern. For the year ended December 31, 2023, EMX reported a net loss of $4.63 million, compared to a net income of $3.35 million for the same period in 2022.As of June 30, 2024, EMX had $156.1 million in total assets, $39 million in total liabilities, and $117.1 million in total shareholders' equity. ENSERVCO CORP: Corsair Entities Hold 3.1% Equity Stake ------------------------------------------------------ Corsair Capital Partners, L.P. disclosed in Schedule 13G/A Report filed with the U.S. Securities and Exchange Commission that as of September 30, 2024, the firm and its affiliated entities, collectively the reporting persons -- Corsair Capital Partners 100, L.P., Corsair Capital Investors, Ltd, Corsair Capital Management, L.P., Jay R. Petschek, and Steven Major -- beneficially owned shares of Enservco's common stock. Collectively, the Reporting Persons beneficially own 1,400,000 shares of Common Stock, all of which are shares of Common Stock underlying currently exercisable warrants. * Corsair Capital individually owns 1,160,000 shares of Common Stock, all of which are shares of Common Stock underlying currently exercisable warrants. * Corsair 100 individually owns 169,000 shares of Common Stock, all of which area shares of Common Stock underlying currently exercisable warrants. * Corsair Investors individually owns 71,000 shares of Common Stock, all of which are shares of Common Stock underlying currently exercisable warrants. * Corsair Management, as the investment manager of each of Corsair Capital, Corsair 100 and Corsair Investors is deemed to beneficially own 1,400,000 shares of Common Stock. * Mr. Petschek, as a controlling person of Corsair Management, is deemed to individually beneficially own 1,400,000 shares of Common Stock. * Mr. Major, as a controlling person of Corsair Management, is deemed to individually beneficially own 1,400,000 shares of Common Stock. Collectively, the Reporting Persons beneficially own 1,400,000 shares of Common Stock, representing 3.1% of all of the outstanding shares of Common Stock based on the 45,841,886 outstanding shares of Common Stock as of August 12, 2024, as reported on the Company's Form 10-Q filed August 14, 2024. All of the shares of Common Stock held by the Reporting Person are shares of Common Stock underlying currently exercisable warrants held by the Reporting Persons. * Corsair Capital's individual ownership of 1,160,000 shares of Common Stock, all of which are shares of Common Stock underlying currently exercisable warrants, represents 2.5% of all the outstanding shares of Common Stock. * Corsair 100's individual ownership of 169,000 shares of Common Stock, all of which are shares of Common Stock underlying currently exercisable warrants, represents less than 1% of all the outstanding shares of Common Stock. * Corsair Investors' individual ownership of 71,000 shares of Common Stock, all of which are shares of Common Stock underlying currently exercisable warrants, represents less than 1% of all the outstanding shares of Common Stock. * Corsair Management's beneficial ownership of 1,400,000 shares of Common Stock represents 3.1% of all the outstanding shares of Common Stock. The 1,400,000 shares of Common Stock deemed to be beneficially owned by Mr. Petschek represents 3.1% of all the outstanding shares of Common Stock. The 1,400,000 shares of Common Stock deemed to be beneficially owned by Mr. Major represents 3.1% of all the outstanding shares of Common Stock. A full-text copy of Corsair Capital's SEC Report is available at: https://tinyurl.com/5ak58w7w About Enservco Enservco -- www.enservco.com -- provides a range of oilfield services through its various operating subsidiaries, including hot oiling, acidizing, frac water heating, and related services. The Company has a broad geographic footprint covering major domestic oil and gas basins across the United States. Houston, Texas-based Pannell Kerr Forster of Texas, P.C., the Company's auditor since 2022, issued a "going concern" qualification in its report dated March 29, 2024, citing that the Company has a significant working capital deficiency, has recurring losses, and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. For the years ended December 31, 2023, and 2022, Enservco incurred net losses of $8.5 million and $5.6 million, respectively. As of June 30, 2024, Enservco had $11.6 million in total assets, $10.1 in total liabilities, and $1.5 million in total stockholders' equity. EXACTECH INC: S&P Cuts ICR to 'D' on Chapter 11 Bankruptcy Filing ----------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating to 'D' from 'CCC-' on U.S.-based orthopedic implant manufacturer Exactech Inc. At the same time, S&P lowered its issue-level rating on Exactech's senior secured debt to 'D' from 'CCC-'. Subsequent to the downgrade, S&P expects to withdraw all of its ratings on Exactech. The downgrade follows Exactech's Chapter 11 bankruptcy filing. As part of the filing, Exactech entered into a restructuring support agreement and asset purchase agreement with a group of its existing investors (holding about 95% of the company's first-lien debt), pursuant to which the investor group will serve as the "stalking horse" bidder to acquire substantially all of the company's assets. The sale, pending approval from the U.S. Bankruptcy Court for the District of Delaware, is open to competing bids. Exactech has also filed motions to ensure business continuity, including employee wage payments, benefits and ongoing research and development efforts. The company announced it secured $85 million of debtor-in-possession financing to fund its operations as it works through bankruptcy proceedings. At the time of its filing, Exactech's outstanding debt included $52.2 million outstanding under a revolver and $265.9 million outstanding under a term loan, the $6.5 million incremental bridge loan, along with about $28.5 million outstanding under a prepetition sidecar credit agreement entered into late last year to address the company's liquidity needs. S&P expects to withdraw its ratings on Exactech within the next 30 days. Exactech designs, manufactures, markets, and distributes orthopedic implant devices, including large joint (knees and hips; about 35% of 2023 revenue) and extremity (about 60%) joint replacement systems, as well as surgical instrumentation and materials used in joint repair procedures. FLEET SERVICES: Has Deal on Cash Collateral Access -------------------------------------------------- the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division approved a stipulation between Fleet Services Group, LLC and the U.S. Small Business Administration, allowing the company to use cash collateral until Jan. 31, 2025. Fleet Services Group requires the use of cash collateral to pay ordinary and post-petition expenses. As adequate protection, SBA will receive a replacement lien, effective as of the petition date, on all post-petition revenues of the company to the same extent and with the same priority and validity of its pre-bankruptcy lien. SBA will also receive a monthly payment of $907 from the company starting this month. In addition, SBA will be entitled to a priority claim over the life of the company's bankruptcy case. About Fleet Services Group Fleet Services Group, LLC is a diesel repair shop that provides fleet maintenance and repair services for light, medium, and heavy-duty fleets. With services ranging from engine repair to custom welding and fabrication, Fleet Services Group has the means and expertise to successfully perform a wide array of repair and maintenance services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calid. Case No. 24-18551) on October 18, 2024. In the petition signed by Janelle Juarez, managing member, the Debtor disclosed $179,140 in assets and $1,098,325 in liabilities. Judge Deborah J. Saltzman oversees the case. Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger, represents the Debtor as bankruptcy counsel. FLORIDA GLASS: Motion for Summary Judgment Denied in ERISA Suit --------------------------------------------------------------- Judge Stephanie A. Gallagher of the United States District Court for the District of Maryland ruled on the cross-motions for summary judgment filed by the parties in the case captioned as INTERNATIONAL PAINTERS AND ALLIED TRADES INDUSTRY PENSION FUND, et al., Plaintiffs, v. FLORIDA GLASS OF TAMPA BAY, INC., et al., Defendants, Civil No. SAG-23-00045 (D. Md.). Defendants' motion for summary judgment premised on their limitations argument, is denied, the Court holds. The Fund's motion for summary judgment is granted. Plaintiff International Painters and Allied Trades Industry Pension Fund and its fiduciary, Terry Nelson, filed this action seeking to collect withdrawal liability and additional statutory damages pursuant to the Employee Retirement Income Security Act of 1974, as amended by the Multiemployer Pension Plan Amendments Act of 1980. The Fund and Defendants Florida Glass of Tampa Bay, Inc.; American Products, Inc.; American Products Production Company of Pinellas County, Inc.; API Commercial Installation, Inc.; API Commercial Architectural Products, Inc.; Charles & Thomas Properties, LLC; Muraco & Mullan Properties, Inc.; Ceraclad South, LLC; JCM Properties LLC; FenWall, LLC; and Specialty Metals Installation, LLC have filed cross-motions for summary judgment. The Fund is an ERISA-regulated multiemployer pension plan, administered by a board of trustees consisting of employer and union representatives. The Fund provides retirement and related benefits to eligible participants and beneficiaries. During relevant times, Defendant Florida Glass of Tampa Bay, Inc. was a contributing employer to the Fund, with substantially all of its covered employees in the building and construction industry. The remaining Defendants are or were under common control with Florida Glass. The law firm then-representing the Fund, Jennings Sigmond, P.C. filed a contingent proof of claim for withdrawal liability on November 10, 2016. The contingent Proof of Claim did not provide any explanation of the contingency, but simply identified the basis of the Fund's claim as "Contingent Statutory Withdrawal Liability." It specified the amount of the claim as $1,577,168 and attached a worksheet exhibit showing a total of $1,577,168 in lump sum withdrawal liability or a 19-month payment schedule option, which added interest and resulted in $1,627,538 in total payments. 27(d). The Fund's contingent Proof of Claim averred that a portion of the claim, $202,324.87, was entitled to priority under the Bankruptcy Code. None of the Defendants in this case received any direct correspondence or notification from the Fund in 2016 regarding a potential claim for withdrawal liability, other than the contingent Proof of Claim that the Fund filed in the Bankruptcy Court. Defendants did not make any withdrawal liability payments to the Fund before January 9, 2017. Defendants also did not request review of the contingent Proof of Claim under 29 U.S.C. Sec. 1399(b)(2) or demand arbitration with respect to the contingent Proof of Claim. On July 12, 2017, Florida Glass converted its bankruptcy to Chapter 7. The Bankruptcy Court appointed a new Chapter 7 Trustee, Dawn Carapella. Trustee Carapella did not understand the Fund's Proof of Claim to be contingent and did not file an objection to it. Without any objections filed, the Fund's claim was allowed pursuant to 11 U.S.C. Sec. 502(a). In January and October, 2021, the Fund received total distributions of $48,349.35 from the Trustee relating to the priority portion of its contingent Proof of Claim. The Fund did not inform the Bankruptcy Court that its Proof of Claim had been contingent and that the contingency had not yet been satisfied. The initial question presented is whether Defendants have waived their ability to present their statute of limitations argument by failing to seek arbitration of two disputes arising under 29 U.S.C. Sec. 1399: whether the contingent Proof of Claim constituted (1) a notice and demand for withdrawal liability and (2) an acceleration of that demand. In this Court's view, because the MPPAA expressly requires those disputes to be arbitrated, Defendants lack an ability to establish predicate facts necessary to maintain their limitations defense. Judge Gallagher says the Defendants' failure to place their Sec. 1399 issues into arbitration leaves this Court unable to reach the conclusions Defendants now urge it to reach. Such determinations would invade the province reserved to arbitration by the MPPAA. The Court concludes that the Defendants are unable to establish the facts necessary to invoke that defense in this forum. Even if the Court were to reach the two Sec. 1399 issues on their merits, however, it would not find that the Fund's contingent Proof of Claim constituted either a notice and demand for withdrawal liability or an acceleration of withdrawal liability. According to the Court, the contingent Proof of Claim was not sent to the Defendants, undermining that notion that it was either intended as a "notice" or a "demand." And it was expressly marked as "contingent." Florida Glass did not respond by requesting review of its withdrawal liability, as the Defendants did when they received the official notice and demand in 2022, the Court recounts. As for whether the Fund's contingent Proof of Claim constituted an acceleration, it attached a 19-month payment schedule option, which directly contradicts the notion that it was meant to demand accelerated payment of the total sum, the Court concludes. A copy of the Court's decision dated October 22, 2024, is available at https://urlcurt.com/u?l=en3IwZ About Florida Glass of Tampa Bay, Inc. Florida Glass of Tampa Bay, Inc., filed a Chapter 11 petition (Bankr. M.D. Fla. Case No. 16-06874), on Aug. 9, 2016. The petition was signed by Joseph Muraco, president. The Debtor was represented by Leon A. Williamson, Jr., Esq., at the Law Office of Leon A. Williamson, Jr., P.A. At the time of filing, the Debtor estimated assets at $1 million to $10 million and liabilities at $10 million to $50 million. A list of the Debtor's 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/flmb16-06874.pdf The Office of the U.S. Trustee on Sept. 27, 2016, disclosed in a court filing that no official committee of unsecured creditors had been appointed in the Chapter 11 case of Florida Glass of Tampa Bay, Inc. On July 12, 2017, Florida Glass converted its bankruptcy to Chapter 7. Dawn Carapella is the Chapter 7 Trustee. FORMING MACHINING: $260MM Bank Debt Trades at 40% Discount ---------------------------------------------------------- Participations in a syndicated loan under which Forming Machining Industries Holdings LLC is a borrower were trading in the secondary market around 59.6 cents-on-the-dollar during the week ended Friday, November 1, 2024, according to Bloomberg's Evaluated Pricing service data. The $260 million Term loan facility is scheduled to mature on October 9, 2025. The amount is fully drawn and outstanding. Forming Machining Industries Holdings, LLC is a supplier of specialized components, primarily for the aerospace industry. The Company specializes in large scale parts and complex subassemblies. Its products include door, nacelle and wing structures. FUEL FITNESS: Seeks Court OK to Use Cash Collateral --------------------------------------------------- Fuel Fitness, LLC asked the U.S. Bankruptcy Code for the Eastern District of North Carolina, Raleigh Division, for authority to use the cash collateral of its secured creditors. The company requires the use of cash collateral to pay its ordinary operating expenses set forth in its budget. The budget shows total projected expenses of $60,000 for the period from Oct. 22 to Nov. 21. The creditors that assert an interest in the company's cash collateral are Premier Fitness Mooresville, Breakout Finance, Live Oak Banking Co., Byzfunder, LLC, NewTek Bank, NA, SofiaGrey LLC doing business as eFinancial Tree. As adequate protection, secured creditors will be granted replacement liens in after-acquired revenue to the same extent as their pre-bankruptcy liens. About Fuel Fitness Fuel Fitness, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 24-03698) on October 22, 2024. In the petition signed by Christopher Shawn Stewart, member-manager, the Debtor disclosed up to $100,000 in assets and up to $10 million in liabilities. Philip M. Sasser, Esq., at Sasser Law Firm, represents the Debtor as legal counsel. FUEL FITNESS: Seeks to Hire Sasser Law Firm as Attorney ------------------------------------------------------- Fuel Fitness, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to employ Sasser Law Firm as attorney. The firm will provide these services: a. providing legal advice with respect to powers and duties as Debtor-in-Possession and the continued operation of its business and management of the property owned; b. preparing and filing of monthly reports, plan of reorganization and disclosure statement; c. preparing on behalf of the Debtor-in-Possession of necessary Applications, Answers, Orders, Reports and other legal papers; d. performing all other legal services for debtor as Debtor-in-Possession which may be necessary herein until and through the case's confirmation, dismissal or conversion; e. undertaking necessary action, if any, to avoid liens against the Debtor's property obtained by creditors and to recover preferential payments within 90 days of the filing of the said Petition under Chapter 11; f. performing a search of the public records to locate liens and assess validity; and g. representing at hearings, confirmation, and any 2004 examination. The firm will be paid at $350 per hour. Sasser Law Firm will be paid a retainer in the amount of $2,500 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Phillip Sasser, Esq., a partner at Sasser Law Firm, 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: Phillip Sasser, Esq. Sasser Law Firm 2000 regency Parkway, Suite 230 Carey, NC 27518 Tel: (919) 319-7400 Fax: (919) 657-7400 Email: philip@sasserbankruptcy.com About Fuel Fitness, LLC Fuel Fitness, LLC in Raleigh, NC, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. E.D. Cal. Case No. 24-03698) on Oct. 22, 2024, listing $50,000 to $100,000 in assets and $1 million to $10 million in liabilities. Christopher Shawn Stewart as member-manager, signed the petition. SASSER LAW FIRM serve as the Debtor's legal counsel. FUEL HOMESTEAD: Seeks Court Nod to Use Cash Collateral ------------------------------------------------------ Fuel Homestead, LLC asked the U.S. Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division, for authority to use cash collateral. The company requires the use of cash collateral to pay its ordinary operating expenses set forth in its budget. The budget shows total projected expenses of $91,300 for the period from Oct. 22 to Nov. 21. The creditors that may assert an interest in the cash collateral are Fitness Investment Partners, Breakout Finance, Live Oak Banking Co., ByzFunder, LLC, Lifetime Funding, NewTek, and SofiaGrey, LLC doing business as eFinancial Tree. As adequate protection, secured creditors will be granted replacement liens in after-acquired revenue to the same extent as their pre-bankruptcy liens. About Fuel Homestead Fuel Homestead, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 24-03699) on October 22, 2024. In the petition signed by Christopher Shawn Stewart, member-manager, the Debtor disclosed up to $100,000 in assets and up to $10 million in liabilities. Philip M. Sasser, Esq., at Sasser Law Firm, represents the Debtor as bankruptcy counsel. FUEL HOMESTEAD: Seeks to Hire Sasser Law Firm as Attorney --------------------------------------------------------- Fuel Homestead, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to employ Sasser Law Firm as attorney. The firm will provide these services: a. providing legal advice with respect to powers and duties as Debtor-in-Possession and the continued operation of its business and management of the property owned; b. preparing and filing of monthly reports, plan of reorganization and disclosure statement; c. preparing on behalf of the Debtor-in-Possession of necessary Applications, Answers, Orders, Reports and other legal papers; d. performing all other legal services for debtor as Debtor-in-Possession which may be necessary herein until and through the case's confirmation, dismissal or conversion; e. undertaking necessary action, if any, to avoid liens against the Debtor's property obtained by creditors and to recover preferential payments within 90 days of the filing of the said Petition under Chapter 11; f. performing a search of the public records to locate liens and assess validity; g. representing at hearings, confirmation, and any 2004 examination. The firm will be paid at $350 per hour. Sasser Law Firm will be paid a retainer in the amount of $2,500 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Phillip Sasser, Esq., a partner at Sasser Law Firm, 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: Phillip Sasser, Esq. Sasser Law Firm 2000 regency Parkway, Suite 230 Carey, NC 27518 Telephone: (919) 319-7400 Facsimile: (919) 657-7400 Email: philip@sasserbankruptcy.com About Fuel Homestead, LLC Fuel Homestead, LLC in Raleigh, NC, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. E.D.N.C. Case No. 24-03699) on Oct. 22, 2024, listing $50,000 to $100,000 in assets and $1 million to $10 million in liabilities. Christopher Shawn Stewart as member-manager, signed the petition. SASSER LAW FIRM serve as the Debtor's legal counsel. FUEL REYNOLDA: Seeks to Hire Sasser Law Firm as Attorney -------------------------------------------------------- Fuel Reynolda, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to employ Sasser Law Firm as attorney. The firm will provide these services: a. providing legal advice with respect to powers and duties as Debtor-in-Possession and the continued operation of its business and management of the property owned; b. preparing and filing of monthly reports, plan of reorganization and disclosure statement; c. preparing on behalf of the Debtor-in-Possession of necessary Applications, Answers, Orders, Reports and other legal papers; d. performing all other legal services for debtor as Debtor-in-Possession which may be necessary herein until and through the case's confirmation, dismissal or conversion; e. undertaking necessary action, if any, to avoid liens against the Debtor's property obtained by creditors and to recover preferential payments within 90 days of the filing of the said Petition under Chapter 11; f. performing a search of the public records to locate liens and assess validity; g. representing at hearings, confirmation, and any 2004 examination. The firm will be paid at $350 per hour. Sasser Law Firm will be paid a retainer in the amount of $2,500 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Phillip Sasser, Esq., a partner at Sasser Law Firm, 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: Phillip Sasser, Esq. Sasser Law Firm 2000 regency Parkway, Suite 230 Carey, NC 27518 Telephone: (919) 319-7400 Facsimile: (919) 657-7400 Email: philip@sasserbankruptcy.com About Fuel Reynolda, LLC Fuel Reynolda LLC -- https://fuelfitnessclubs.com/about/ -- doing business as Fuel Fitness, is a fitness center that offers the best free weights, strength training/cardio equipment, group fitness classes, personal training, childcare, recovery studio and smoothie bar. Fuel Reynolda LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 24-03700) on October 22, 2024. In the petition filed by Christopher Shawn Stewart, as member-manager, 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: Philip M. Sasser, Esq. SASSER LAW FIRM 2000 Regency Parkway Suite 230 Cary, NC 27518 Telephone: (919) 319-7400 Facsimile: (919) 657-7400 E-mail: travis@sasserbankruptcy.com G.D. III INC: Hires Craig B. Leavers LLC as Special Counsel ----------------------------------------------------------- G.D. III, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Maryland to employ Craig B. Leavers, LLC as special litigation counsel. The firm will provide these services: a. prosecute avoidance actions including recovery of fraudulent conveyances and preferential payments on behalf of the Debtor and the bankruptcy estate; b. negotiate settlements; c. prepare any necessary applications, answers, orders, reports and other legal papers, and appearing on the Debtor's behalf in proceedings instituted by or against the Debtor or the bankruptcy estate; and d. perform other legal services for the Debtor which may be necessary and beneficial to the Debtor or the bankruptcy estate. Craig B. Leavers, LLC will be paid at the rate of $450 per hour. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Craig B. Leavers, Esq., a partner at The Law Offices of Craig B. Leavers, LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Craig B. Leavers, Esq. The Law Offices of Craig B. Leavers, LLC P.O. Box 306 Cokeysville, MD 21031 Telephone: (443) 318-4526 Email: craig@leaverslaw.com About G.D. III G.D. III, Inc. is a Baltimore-based company engaged in renting and leasing real estate properties. G.D. III filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No. 22-12393) on May 3, 2022, with $6,500,000 in assets and $7,549,273 in liabilities. On June 15, 2023, 12-16 S. Patterson Park Avenue Development, LLC filed Chapter 11 petition (Bankr. D. Md. Case No. 23-14209), with up to $10 million in both assets and liabilities. The cases are jointly administered under Case No. 22-12393. Judge Michelle M. Harner oversees the cases. G.D. III tapped Timothy Mummert, Esq., at Mummert Law Firm as legal counsel and Richard Fleischer, CPA as accountant. Addison J. Chappell, Esq., at Miles & Stockbridge PC serves as legal counsel for 12-16 S. Patterson Park Avenue Development and Patricia Jefferson, the Chapter 11 trustee appointed in G.D. III's case, while Larry Strauss ESQ, CPA & Associates, Inc. serve as their tax advisor and accountant. GCPS HOLDINGS: Seeks to Extend Plan Filing Deadline to Dec. 6 ------------------------------------------------------------- GCPS Holdings, LLC, asked the U.S. Bankruptcy Court for the Southern District of Texas to extend its period to file a chapter 11 plan of reorganization to December 6, 2024. The Debtor submits that the relief requested in this Motion is attributable to circumstances for which the Debtor should not justly be held accountable. As an initial matter, the Debtor notes that the Derrick Jones, Mark Tawney and William Kutsche (collectively, the "Petitioning Creditors") initiated this involuntary Chapter 11 Case on the Petition Date. The Debtor claims that the Objecting Creditors now effectively seek to unwind everything the Debtor has done since the Order for Relief was entered by filing the Objection. Indeed, the crux of the issue in their Objection has less to do with the Debtor's eligibility for Subchapter V and more to do with controlling the process since they see themselves as the "economic owners of this Debtor." Among other things, they want the Debtor to be: (i) forced out of Subchapter V and into a normal Chapter 11 proceeding as originally filed by the Petitioning Creditors; and (ii) subject to the strictures of the absolute priority rule in anticipation of a contested confirmation hearing. The Debtor notes that it has serious concerns about incurring professional fees, among other administrative expenses, related to its ongoing preparation of a small business plan of reorganization under Subchapter V until such time as the Court rules on the pending Objection given their stated objectives, and in light of the Debtor's duties as a debtor-in-possession in accordance with Bankruptcy Local Rule 4002-1. Even a streamlined Plan of Reorganization for Small Business Under Chapter 11 (Form 425A), which serves as the basis for the Debtor's draft already in progress, requires substantial time and effort to develop. Moreover, as the purported "economic owners" of this Debtor, the Objecting Creditors are apparently intent on contesting any plan the Debtor may file and maneuvering into a position where they will control this Debtor and the outcome of this Chapter 11 Case through their own plan. The Debtor asserts that the pending Objection makes it difficult, if not impossible, for the Debtor to prepare any plan of reorganization, let alone attempt to work toward a consensual small business plan under Subchapter V. At this moment, the Debtor is now unsure what type of plan or reorganization to even file. The uncertainty caused by the Objection and the Debtor's Subchapter V designation is a circumstance beyond the Debtor's control that greatly impacts its ability to prepare a substantive, confirmable plan of reorganization. Thus, the outcome of the pending Objection will dictate the Debtor's course of action going forward. The Debtor intends to work diligently towards preparing and finalizing a plan of reorganization as soon as reasonably practicable after the Objection has been disposed of by this Court. However, the Debtor should at least be given the chance to reach that point. GCPS Holdings, LLC is represented by: Matthew S. Okin, Esq. Okin Adams Bartlett Curry LLP 1113 Vine St., Suite 240 Houston, TX 77002 Telephone: (713) 228-4100 Facsimile: (346) 247-7158 Email: mokin@okinadams.com About GCPS Holdings GCPS Holdings, LLC manufactures and distributes industrial thermoplastic pipe, valves and fittings as well as offers pipeline construction, maintenance, integrity testing and repair. It is based in The Woodlands, Texas. On June 4, 2024, creditors Derrick Jones, Mark R. Tawney, and William A. Kutsche filed involuntary Chapter 11 petition against the Debtor (Bankr. S.D. Tex. Case No. 24-32646). The case was converted to a voluntary case on July 24, 2024. Judge Jeffrey P. Norman oversees the case. John E. Mitchell, Esq., at Katten Muchin Rosenman, LLP, represents the petitioning creditors as legal counsel. GOLDEN WEST PACKAGING: $290MM Bank Debt Trades at 16% Discount -------------------------------------------------------------- Participations in a syndicated loan under which Golden West Packaging Group LLC is a borrower were trading in the secondary market around 84.3 cents-on-the-dollar during the week ended Friday, November 1, 2024, according to Bloomberg's Evaluated Pricing service data. The $290 million Term loan facility is scheduled to mature on December 1, 2028. The amount is fully drawn and outstanding. City of Industry, California-based Golden West Packaging Group LLC is an independent converter of corrugated packaging, serving various end-markets. The company has been formed by private equity firm Lindsay Goldberg in 2017 through the combination of four packaging companies and their captive sheet feeder. GREEN ENERGY: Seeks to Hire Campbell Flannery as Legal Counsel -------------------------------------------------------------- Green Energy Partners LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to hire Campbell Flannery as counsel. The firm will provide services in connection with Debtor's Chapter 11 case, which include legal advice regarding their duties and responsibilities under the Bankruptcy Code and the preparation of a plan of reorganization. The firm's hourly rates are: James Campbell $535 Matthew Clark $395 Paralegal $195 Campbell Flannery received an initial retainer of $50,000. The firm is "disinterested" within the meaning of Section 327 of the Bankruptcy Code, according to court filings. Campbell Flannery can be reached through: James P. Campbell, Esq. Campbell Flannery, P.C. 1602 Village Market Boulevard #225 Leesburg, VA 20175 Telephone: (703) 771-8344 Facsimile: (703) 777-1485 Email: jcampbell@campbellflannery.com About Green Energy Partners Green Energy Partners LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 24-33634) on Sept. 29, 2024. In the petition filed by Mark E. Andrews, as manager, the Debtor estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. The Debtor is represented by James P. Campbell, Esq., at Campbell Flannery, P.C. GREENWICH INVESTMENT: Trustee to Sell Asset Management Business --------------------------------------------------------------- Michael C. Markham, the Subchapter V Trustee appointed in the case of Greenwich Investment Management Inc., is seeking approval from the U.S. Bankruptcy Court for the Middle District of Florida, Fort Myers Division, to sell its asset management business to the highest and best bidder, free and clear of any and all liens, claims and encumbrances. The Debtor owns and operates a registered investment advisory firm with an office located in Norwalk, Connecticut, and its sole source of income is management fees that it derives from managing client portfolios. The Debtor filed the Chapter 11 case as a result of a judgment for attorney fees in the amount of $751,958.35 entered against the Debtor. The Debtor says its revenues have fallen in recent years due to the loss of client funds under management. The Debtor's counsel indicates that at least two parties had expressed substantial interest in purchasing the assets, while the Subchapter V Trustee has spoken with other parties who have expressed interest in the Debtor's assets. The Subchapter V Trustee determines that it would be in the best interests of creditors and the estate to maximize value through a prompt sale of substantially all assets pursuant to Section 363 of the Bankruptcy Code. Absent such a sale, any value in the Debtor's client contracts will be lost. The Trustee is confident the successful buyer will be well-equipped to take care of the Debtor's clients going forward. The Trustee believes that the following sale structure is most likely to maximize value for the estate, but understands that an interested bidder may propose an alternative structure: GIM client portfolios would be transferred to the Buyer and the Buyer would agree to pay a percentage of Gross Management Fees each quarter from those clients who successfully move to and remain at the Buyer for a period of up to three years or until creditors are paid in full, whichever comes first. After year three, there would be no further payment obligation and the clients would remain as clients of the Buyer. In addition, the Buyer would pay the bankruptcy estate an initial cash payment at closing. The Trustee indicates the simple procedures including bid qualifications, a deposit, bid deadline, objection deadline, and an auction, if necessary, will maximize recovery on the Debtor's assets. The Trustee intends to work with interested bidders and parties-in-interest on the form of a bid procedures order. The Trustee requests for a short and concise Bid Procedures Order that will satisfy these terms: -- A summary of the proposed purchase terms that will not include assets such as cash, causes of action, receivables arising from the Debtor advancing funds, and any general intangibles. -- The assets will be sold, transferred and conveyed by the Trustee to the highest and best bidder at closing free and clear of all encumbrance. -- The only parties to file secured claims in the case are Jeff Krinsky, Peter Courtney, and the State of New Jersey. The Trustee is working on a draft purchase agreement that will be shared with interested bidders, and the sale will not include assets including cash, causes of action, including any causes of action under Chapter 5 of the Bankruptcy Code; any receivables arising from the Debtor advancing funds to any project that is the subject of a bond deal, including any advances relating to the Fountains of Hope project; and any general intangibles not specifically identified in the purchase agreement. The assets will be sold, transferred and conveyed by the Trustee to the highest and best bidder at closing free and clear of all Encumbrances. The closing of the sale will occur immediately, and the available sale proceeds will be distributed pursuant to further Order of the Court. The Trustee also proposes for an initial entry of a bid procedures order, followed by entry of a sale order at the sale hearing, and such other and further relief as is just and proper. A hearing on the biding protocol was set for Nov. 1. * * * In an initial report, the Trustee disclosed it has received an initial offer, subject to documentation, to purchase certain assets of the Debtor from Peter Courtney, a former employee and portfolio manager for the Debtor. Mr. Courtney is also the 15% owner of the Debtor and a significant creditor in the bankruptcy case having filed a proof of claim in the amount of $1,790,014.98 with $100,000 claimed as secured and $220,014.08 claimed as priority (Claim No. 6). The Trustee said he has not fully analyzed the claim but does not believe that any portion is properly secured and believes that any priority portion would be capped under Section 507(a)(4) of the Bankruptcy Code at $15,150. About Greenwich Investment Management Inc. Greenwich Investment Management, Inc. is a registered investment advisor advising persons and institutions to allocate their savings to financial assets. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-00721) on May 21, 2024, with up to $50,000 in assets and up to $500,000 in liabilities. During the bankruptcy case, the Debtor has had approximately $250 million under management. Judge Caryl E. Delano presides over the case. The Debtor tapped Craig I. Kelley, Esq., at Kelley Kaplan & Eller, PLLC as bankruptcy counsel and B. Lane Hasler, Esq., as special counsel. Michael C. Markham is the Subchapter V Trustee of the case, who was authorized by the Court to operate the business of the Debtor and has the standing to sell the assets. GRITSTONE BIO: Hires Pachulski Stang Ziehl & Jones LLP as Counsel ----------------------------------------------------------------- Gritstone Bio, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Pachulski Stang Ziehl & Jones LLP as counsel. The firm will provide these services: a. assist, advise, and represent the Debtor in its consultations with estate constituents regarding the administration of this Case; b. assist, advise, and represent the Debtor in any manner relevant to the Debtor's financing needs, asset dispositions, and leases and other contractual obligations; c. assist, advise, and represent the Debtor in any issues associated with the assets, liabilities, and financial condition of the Debtor; d. assist, advise, and represent the Debtor in the negotiation, formulation, and drafting of any plan of reorganization and disclosure statement; e. assist, advise, and represent the Debtor in the performance of its duties and the exercise of its powers under the Bankruptcy Code, the Bankruptcy Rules, and any applicable local rules and guidelines; and f. provide such other necessary advice and services as the Debtor may require in connection with this Case. The firm will be paid at these rates: Partners $995 to $2,175 per hour Counsel $975 to $1,675 per hour Associates $650 to $1,075 per hour Paralegals $545 to $595 per hour Prior to the Petition Date, the firm received payments from the Debtor in the amount of $1,600,000 in connection with its representation of the Debtor. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Debra I. Grassgreen, Esq., a partner at Pachulski Stang Ziehl & Jones 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: Debra I. Grassgreen, Esq. Pachulski Stang Ziehl & Jones LLP 150 California Street, 15th Floor, San Francisco, CA 94111-4500 Tel: (415) 263-7000 Fax: (415) 263-7010 Email: dgrassgreen@pszjlaw.com About Gritstone Bio Inc. Gritstone bio is developing next-generation vaccines for cancer and infectious disease. Gritstone's approach seeks to generate potent and durable immune responses by leveraging insights into the immune system's ability to recognize and destroy diseased ells by targeting select antigens. Gritstone Bio Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-12305) on October 10, 2024. In the petition filed by Celia Economides, as chief financial officer, the Debtor reports total assets as of August 31, 2024 amounting to $124,885,479 and total debts as of August 31, 2024 amounting to $40,000,000. The Honorable Bankruptcy Judge Karen B. Owens handles the case. The Debtor tapped PACHULSKI STANG ZIEHL & JONES LLP as bankruptcy counsel; PRICEWATERHOUSECOOPERS LLP as financial advisor; and RAYMOND JAMES & ASSOCIATES, INC., as investment banker. FENWICK & WEST LLP is the corporate counsel. GRITSTONE BIO: Hires PWC US Business as Financial Advisor --------------------------------------------------------- Gritstone Bio, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ PWC US Business Advisory LLP as financial advisor. The firm will provide these services: i. Cash & Liquidity Management Advise and assist Gritstone bio, Inc. ("Gritstone") in its preparation of its short-term cash flow forecasts and related liquidity management analyses as follows: a. advise and assist Gritstone in the development of or enhancements to its liquidity forecasting tools, including preparation of a 13-week cash flow forecast b. prepare updates to Gritstone's short-term cash flow forecast, including any supplementary schedules (e.g., daily, weekly, monthly or annual cash flows). c. advise and assist Gritstone in the identification and implementation of strategies and initiatives to generate liquidity. d. prepare periodic updates to Gritstone's working capital roll-forwards for key working capital accounts e.g. accounts receivable, inventory, accounts payable. e. prepare weekly variance analyses and updates to Gritstone's liquidity outlook and provide observations regarding potential related risks and opportunities for Gritstone's consideration. f. advise and assist Gritstone in connection with its analysis of its vendor management activities: g. advise and assist Gritstone in its identification of its key vendors. h. analyze key business terms for key vendors, as each are identified by Gritstone. i. advise and assist Gritstone in its development of vendor payment prioritization considerations and preparation of vendor payment schedules based on Gritstone's prioritization criteria. j. advise and assist Gritstone in the development of communication strategies to use with vendors and other internal and external stakeholders. k. assist Gritstone in its analysis and quantification of escalated vendor payment requests and in tracking compliance with payment plans agreed to by Gritstone with key vendors. ii. Strategic Alternatives Analysis As directed by Gritstone, advise and assist Gritstone with its identification, analysis and evaluation of potential strategic alternatives and potential turnaround strategies as follows: a. Prepare an analysis of Gritstone's potential existing financial exposure, focusing on debt maturities, covenants, interest rates, and other key provisions within the credit agreements and analyze potential implications on Gritstone's capital structure. b. Analyze various options for potential refinancing of existing debt, and/or opportunities for additional sources of capital as identified by Gritstone or its other advisors. c. Analyze potential enterprise value of the business under various scenarios in comparison to the face amount of outstanding liabilities identified by Gritstone (and recorded in Gritstone's financial reporting system) for Gritstone's evaluation and consideration. d. Advise and assist Gritstone with identifying potential opportunities for strategic asset divestitures and assist Gritstone with its quantification of an estimated range of potential impacts of such divestitures on its capital structure. e. Identify potential restructuring options that may be available to Gritstone in connection with its development of its restructuring plan and, if requested, prepare an analyses of potential risks and opportunities for Gritstone's review and consideration. f. Advise and assist Gritstone with development of or revisions to its business plan, and other related forecasts as may be required for the development of a comprehensive turnaround and restructuring plan. g. Advise and assist Gritstone in the development of an incentive and/or retention plan for key employees. h. Support Gritstone in its coordination of PwC BA and its other advisors, including external counsel, investment bankers etc., in connection with Gritstone's objective of avoiding duplication of efforts. i. Assist Gritstone in its preparation of presentations, analyses and discussion materials related to various strategic alternatives identified by Gritstone. iii. Bankruptcy Advisory Advise and assist Gritstone with its internal planning and preparation for a potential Chapter 11 bankruptcy filing, including if requested by Gritstone, advice and assistance in connection with the following services, which, in some instances, involve input from or work product by Gritstone's other professionals (e.g., external counsel, investment bankers, etc.): a. Preparation of certain of Gritstone's bankruptcy court motions. b. Advise and assist with the preparation of statutory filings typically required by the bankruptcy court and such other documents that are customarily issued in connection with a chapter 11 bankruptcy filing. c. Gritstone's preparation of certain financial disclosures and other related reporting requirements of the bankruptcy court, including, for example: Gritstone's First Day Motions, Creditor Matrix, Schedule of Assets and Liabilities; Statement of Financial Affairs, Monthly Operating Reports, and Schedule 2015.3 (non-Debtor entities). d. Consult with management on its negotiation with various key stakeholders (and their respective advisors) throughout the bankruptcy process. e. Gritstone's preparation of financial analyses of any proposed asset sales or other proposed transactions for which Gritstone may seek the bankruptcy court's approval. f. Gritstone's preparation of its analysis of creditor claims by type, entity or any individual claims, including assistance with the development of databases, as directed by Gritstone, to track such claims and help Gritstone to reconcile those claims to its existing books and records. To the extent Gritstone's advisors include a claims agent, Gritstone will coordinate all professionals working on claim analyses so as to avoid duplication of efforts. g. Gritstone's identification of executory contracts and unexpired leases and Gritstone's preparation of its internal cost/benefit evaluations with respect to the assumption or rejection of each. h. Gritstone's development and preparation of certain aspects of its plan of reorganization or such alternative restructuring options as identified by Gritstone and its advisors. i. Gritstone's project management of its "working group" professionals assisting Gritstone in its bankruptcy process. The firm will be paid at these rates: Partner $1,100 to $1,250 per hour Director $925 to $1,075 per hour Senior Manager $843 to $961 per hour Manager $700 to $825 per hour Senior Associate $500 to $675 per hour Associate $250 to $325 per hour The firm was paid a retainer in the amount of $900,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Steven J. Fleming, a partner at PWC US Business Advisory 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: Steven J. Fleming PWC US Business Advisory LLP 300 Madison Avenue New York, NY 10017 Tel: (646) 471-3041 Fax: (917) 929-6199 Email: steven.fleming@pwc.com About Gritstone Bio Inc. Gritstone bio is developing next-generation vaccines for cancer and infectious disease. Gritstone's approach seeks to generate potent and durable immune responses by leveraging insights into the immune system's ability to recognize and destroy diseased ells by targeting select antigens. Gritstone Bio Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-12305) on October 10, 2024. In the petition filed by Celia Economides, as chief financial officer, the Debtor reports total assets as of August 31, 2024 amounting to $124,885,479 and total debts as of August 31, 2024 amounting to $40,000,000. The Honorable Bankruptcy Judge Karen B. Owens handles the case. The Debtor tapped PACHULSKI STANG ZIEHL & JONES LLP as bankruptcy counsel; PRICEWATERHOUSECOOPERS LLP as financial advisor; and RAYMOND JAMES & ASSOCIATES, INC., as investment banker. FENWICK & WEST LLP is the corporate counsel. GRITSTONE BIO: Hires Raymond James as Investment Banker ------------------------------------------------------- Gritstone Bio, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Raymond James & Associates, Inc. as investment banker. The firm will provide these services: a. review and analyze the Debtor's business, operations, properties, financial condition and Interested Parties on a stand-alone and consolidated basis; b. evaluate the debt capacity of the Debtor, including by advising the Debtor generally as to available financing and assist in the determination of an appropriate capital structure; c. evaluate potential Transaction alternatives and strategies; d. prepare documentation within Raymond James's area of expertise that is required in connection with a Transaction; e. identify Interested Parties regarding one or more particular Transactions; f. contact Interested Parties on behalf of the Debtor and with prior written consent by the Debtor, which Raymond James, after consultation with the Debtor's management, believes meet certain industry, financial, and strategic criteria and assist the Debtor in negotiating and structuring a Transaction; g. advise the Debtor as to potential Business Combination Transactions; h. advise the Debtor on tactics and strategies for negotiating with holders of the Debtor's debt or other claims of the Debtor ("Stakeholders"); i. advise the Debtor on the timing, nature and terms of any new securities, other considerations or other inducements to be offered to their Stakeholders in connection with any Restructuring Transaction; and j. participate in the Debtor's board of directors meetings as determined by the Debtor to be appropriate, and, upon request, provide periodic status reports and advice to the board with respect to matters falling within the scope of Raymond James's retention. The firm will be paid as follows: a. Monthly Advisory Fee. The Company will pay Raymond James $100,000 commencing upon the earlier of (i) initiation of Raymond James outreach to Interested Parties as directed by the Company, (ii) the Company's breach of a covenant under its Existing Loan Agreement, (iii) October 1, 2024, (iv)no later than ten (10) days prior to the Company's expected filing for protection from creditors pursuant to Chapter 11 of the Bankruptcy Code (collectively, a "Trigger Event" ) and an additional $100,000 on each of the first day of the subsequent two months thereafter. After the first three (3) monthly advisory fees, the monthly advisory fee shall be reduced to $75,000 (collectively, the "Monthly Advisory Fee") payable on the first day of each subsequent month. b. Financing Transaction Fee. If, during the Term or during the twelve (12) months following any termination of this Agreement (subject to the restrictions set forth in this Agreement, the "Tail Period"), any Financing Transaction is agreed upon and subsequently closes (the "Financing Transaction Closing"), regardless of when such Financing Transaction Closing occurs, whether on a stand- alone basis or to consummate any other Transaction, the Company will pay Raymond James immediately and directly out of the proceeds of the placement, at the Financing Transaction Closing, a non-refundable cash transaction fee (the "Financing Transaction Fee") equal to the greater of the sum of (1) two percent (2.0%) of the Proceeds (as defined in the Engagement Letter Agreement) of all first lien senior secured notes and bank debt raised, and (2) three percent (3.0%) of the Proceeds of any second lien or junior debt capital raised, and (3) six percent (6.0%) of equity or equity-linked securities raised. Provided, however, that to the extent the Financing Transaction includes an uncommitted accordion or similar credit feature, the Financing Transaction Fee for such accordion or similar feature shall be payable upon the commitment (as defined in the Engagement Letter Agreement) of such credit facility or its funding irrespective of the date of such commitment or funding. c. Restructuring Transaction Fee. If, during the Term or during the Tail Period, any Restructuring Transaction is agreed upon and subsequently closes (as applicable, a "Restructuring Transaction Closing"), regardless of when such Restructuring Transaction Closing occurs), the Company shall pay Raymond James a non-refundable cash transaction fee of $1,500,000 (the "Restructuring Transaction Fee"). For the avoidance of doubt, the Company shall pay the Restructuring Transaction Fee, as a cost of the Restructuring Transaction, to Raymond James upon the earlier of (i) the closing of each Restructuring Transaction or (ii) the date on which any amendment to or other changes in the instruments or terms pursuant to which any Existing Obligations were issued or entered into became effective. d. Business Combination Transaction Fee. If, during the Term or during the Tail Period, any Business Combination Transaction is agreed upon and subsequently closes (the "Business Combination Closing" and together with any Financing Closing or Restructuring Closing, each a "Closing")), regardless of when such Business Combination Closing occurs, the Company shall pay Raymond James immediately and directly out of the proceeds at the Business Combination Closing, as a cost of sale of such Business Combination Transaction, a non-refundable cash transaction fee (the "Business Combination Transaction Fee" and together with any Financing Fee or Restructuring Fee, each a "Transaction Fee") based upon the Transaction Value (as defined in the Engagement Letter Agreement) in the Transaction equal to the greater of (i) $1,500,000 and (ii) 3.0% of Transaction Value. e. Break-Up Amount. Additionally, if the Debtor or its securityholders enter into a Definitive Agreement (as defined in the Engagement Letter Agreement) regarding a Business Combination Transaction that is later terminated, and the Company or its securityholders receives a "break-up", "termination", or similar fee or payment including, without limitation, any judgment for damages or amount in settlement of any dispute as a result of such termination, the Company will pay Raymond James a cash fee (the "Break-up Amount") equal to twenty-five percent (25.0%) of all such amounts promptly upon receipt by the Debtor or its securityholders. In the event a Transaction Fee is thereafter payable pursuant to the Engagement Letter Agreement, the Break-up Amount will be fully creditable (to the extent paid) against such Transaction Fee. In the 90 days prior to the Petition Date, the Debtor paid Raymond James a total of $200,000.00 in fees and $5,000.00 as reimbursement for Raymond James's expenses. As 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: Geoffrey Richards Raymond James Financial, Inc. 880 Carillon Parkway St. Petersburg, FL 33716 Tel: (727) 567-1000 About Gritstone Bio Inc. Gritstone bio is developing next-generation vaccines for cancer and infectious disease. Gritstone's approach seeks to generate potent and durable immune responses by leveraging insights into the immune system's ability to recognize and destroy diseased ells by targeting select antigens. Gritstone Bio Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-12305) on October 10, 2024. In the petition filed by Celia Economides, as chief financial officer, the Debtor reports total assets as of August 31, 2024 amounting to $124,885,479 and total debts as of August 31, 2024 amounting to $40,000,000. The Honorable Bankruptcy Judge Karen B. Owens handles the case. The Debtor tapped PACHULSKI STANG ZIEHL & JONES LLP as bankruptcy counsel; PRICEWATERHOUSECOOPERS LLP as financial advisor; and RAYMOND JAMES & ASSOCIATES, INC., as investment banker. FENWICK & WEST LLP is the corporate counsel. H-FOOD HOLDINGS: $1.15BB Bank Debt Trades at 28% Discount --------------------------------------------------------- Participations in a syndicated loan under which H-Food Holdings LLC is a borrower were trading in the secondary market around 71.8 cents-on-the-dollar during the week ended Friday, November 1, 2024, according to Bloomberg's Evaluated Pricing service data. The $1.15 billion Term loan facility is scheduled to mature on May 30, 2025. About $1.07 billion of the loan has been drawn and outstanding. H-Food Holdings, LLC and Matterhorn Parent, LLC is a food contract manufacturer. H-FOOD HOLDINGS: $415MM Bank Debt Trades at 28% Discount -------------------------------------------------------- Participations in a syndicated loan under which H-Food Holdings LLC is a borrower were trading in the secondary market around 71.9 cents-on-the-dollar during the week ended Friday, November 1, 2024, according to Bloomberg's Evaluated Pricing service data. The $415 million Term loan facility is scheduled to mature on May 30, 2025. About $403.6 million of the loan has been drawn and outstanding. H-Food Holdings, LLC and Matterhorn Parent, LLC is a food contract manufacturer. H-FOOD HOLDINGS: $515MM Bank Debt Trades at 28% Discount -------------------------------------------------------- Participations in a syndicated loan under which H-Food Holdings LLC is a borrower were trading in the secondary market around 71.9 cents-on-the-dollar during the week ended Friday, November 1, 2024, according to Bloomberg's Evaluated Pricing service data. The $515 million Term loan facility is scheduled to mature on May 30, 2025. About $485.4 million of the loan has been drawn and outstanding. H-Food Holdings, LLC and Matterhorn Parent, LLC is a food contract manufacturer. HISTORIC TIMBER: Unsecured Creditors to Split $25K in Sale Plan --------------------------------------------------------------- Historic Timber and Plank, Inc., filed with the U.S. Bankruptcy Court for the Southern District of Illinois a Plan of Liquidation dated September 18, 2024. The Debtor is a leader in custom woodworking and millwork. It has unique suppliers and provides specialized wood fixtures to individual and commercial customers. The Debtor operates from it facilities located in Brighton, Illinois. The factory in which the Debtor operates is owned by Adkom, Inc, the debtor is a related case (24-30425) pending before this Court. The Debtor also has operations in a potion of the land owned by Sunset Lakes, LLC. the debtor is another related case (24-30424) pending before this Court. The Debtor filed this chapter 11 proceeding to resolve the bank and tax liability and effectuate a sale of assets to pay these liabilities. The Debtor extensively marketed its assets prior to the bankruptcy filing. In August 2024, the Debtor received an offer from 5M Venture II, LLC to purchase the Sunset Lakes, Adkom and Debtor's assets for a lump sum price of $1,500,000.00. Concurrently with this Plan, the Debtor is filing a Motion to Approve the Sale of Assets. Based on its lengthy marketing process, the Debtor believes the 5M Venture represents the highest and best sales price for the assets. Class 5 shall consist of all Allowed Unsecured Claims held by any Unsecured Creditor against the Debtor. The holders of Allowed General Unsecured Claims will receive their Pro Rata share of $25,000.00 paid by Debtor from cash on hand and/or 5M Venture II, LLC. Class 6 consists of all Allowed Interests in the Debtor. Class 6 Allowed Interests will be retained on the Effective Date and therefore are unimpaired under the Plan and are deemed to have accepted the Plan. The Debtor will file a Motion to Approve Bid Procedures and Authorize Sale of Assets Free and Clear of Liens on or before September 30, 2024. The proposed purchaser will be 5M Venture II, LLC subject to higher and better offers. Upon entry of a Sale Order and closing of a sale, the Debtor will distribute payments pursuant to this Plan. The Debtor may recover additional funds not subject to a lien from prosecution of Chapter 5 actions. The Debtor shall establish a bank account at an FDIC insured institution. Within twenty days of the Effective Date Debtor will fund the Distribution Account with the $25,000.00 for Class 5 creditors. Any net recovery from any Chapter 5 actions will also be deposited into the Distribution Account. A full-text copy of the Liquidating Plan dated September 18, 2024 is available at https://urlcurt.com/u?l=moegJO from PacerMonitor.com at no charge. Counsel to the Debtor: Spencer P. Desai, Esq. The Desai Law Firm, LLC 13321 North Outer Forty Road, Suite 300 St. Louis, MO 63017 Tel: (314) 666-9781 Fax: (314) 448-4320 Email: spd@desailawfirmllc.com About Historic Timber & Plank Historic Timber & Plank, Inc., a company in Jerseyville, Ill., filed Chapter 11 petition (Bankr. S.D. Ill. Case No. 24-30423) on June 28, 2016, with $500,001 to $1 million in assets and $1 million to $10 million in liabilities. Joseph Adams, president of Historic Timber & Plank, signed the petition. Judge Laura K. Grandy oversees the case. Desai Law Firm, LLC serves as the Debtor's bankruptcy counsel. IBF RETAIL: Plan Exclusivity Period Extended to Nov. 26 ------------------------------------------------------- Judge Mark X. Mullin of the U.S. Bankruptcy Court for the Northern District of Texas extended IBF Retail Properties III LLC's exclusive period to file a chapter 11 plan of reorganization and disclosure statement to November 26, 2024. As shared by Troubled Company Reporter, the Debtor owns the real property located at 3221 North Bayshore Rd., North Cape May, New Jersey (the "Property") which is currently leased to Walgreen Eastern Co., Inc. The Debtor explains that it has negotiated a contract to sell its real properties for a price that will generate sale proceeds considerably in excess of all secured and unsecured claims, and will be filing a motion to sell the property. The Debtor claims that it has proceeded in good faith to make significant progress toward liquidation in the few months since the case commenced. An extension of the exclusivity period for 90 days will not harm the interests of creditors but enhance them by ensuring that the Debtor has time to complete the sale of its real property, confirm a Plan and pay all creditors in full within the shortest reasonable time. IBF Retail Properties III LLC, is represented by: Joyce W. Lindauer, Esq. Joyce W. Lindauer Attorney, PLLC 1412 Main Street, Suite 500 Dallas, TX 75202 Telephone: (972) 503-4033 Facsimile: (972) 503-4034 Email: joyce@joycelindauer.com About IBF Retail Properties III IBF Retail Properties is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). IBF Retail Properties III LLC in Fort Worth TX, filed its voluntary petition for Chapter 11 protection (Bankr. N.D. Tex. Case No. 24-41497) on April 30, 2024, listing as much as $1 million to $10 million in both assets and liabilities. Raheel Bhai as CEO, signed the petition. Judge Mark X. Mullin oversees the case. JOYCE W. LINDAUER ATTORNEY, PLLC, serves as the Debtor's legal counsel. ICAHN ENTERPRISES: S&P Downgrades ICR to 'BB-', Outlook Stable -------------------------------------------------------------- S&P Global Ratings lowered the rating on Icahn Enterprises L.P. (IEP) and its unsecured debt to 'BB-' from 'BB'. The recovery rating on the senior unsecured notes is unchanged at '3', indicating its expectation for meaningful recovery in the event of default. The stable outlook reflects S&P's expectation that IEP will continue to maintain a 45%-60% loan-to-value ratio while its portfolio holdings remain concentrated, though largely liquid. CVR, an oil refining and nitrogen fertilizer company 66% owned by IEP, announced it would suspend its third-quarter dividend due to earnings and liquidity pressure. CVR's stock price declined over 25% upon the news. CVR accounted for about a quarter of IEP's indicative gross asset value as of June 30, 2024. S&P expect IEP's loan to value (LTV) ratio to be elevated as a result of the stock price decline but to remain within our expectations of 45%-60%. CVR also accounts for a significant portion of IEP's regular cashflow from holdings, as distributions from other subsidiaries have been lumpier and less consistent. CVR's dividend suspension results in weakened cash flow adequacy for IEP and highlights the risk of IEP's concentrated portfolio holdings and cash sources. While IEP maintains ample cash to cover holding company expenses (including debt service), liquidity has eroded substantially over the past two years, primarily due to weak performance of the investment funds. The company has also used cash to reduce holding company debt by $440 million over the last 12 months (resulting in $4.86 billion total debt outstanding as of June 30, 2024). The value of IEP's holding company cash and cash equivalents, and its stake in the investment funds, was $4.4 billion as of June 30, 2024, compared with $5.3 billion the year prior. Over the same period, IEP's reported indicative net asset value declined to $4.0 billion from $5.0 billion. In addition to declining liquidity, IEP's stock price has declined since May 2023, in part due to the lowering of its dividend as well as the company's mixed investment performance. S&P thinks that the lower stock price and higher cost of capital constrain IEP's financial flexibility. IHEARTCOMMUNICATIONS: $2.10BB Bank Debt Trades at 15% Discount -------------------------------------------------------------- Participations in a syndicated loan under which iHeartCommunications Inc is a borrower were trading in the secondary market around 84.8 cents-on-the-dollar during the week ended Friday, November 1, 2024, according to Bloomberg's Evaluated Pricing service data. The $2.10 billion Term loan facility is scheduled to mature on May 1, 2026. About $1.86 billion of the loan has been drawn and outstanding. iHeartCommunications, Inc. operates as a media company. The Company offers radio and television stations, outdoor advertising displays, and live entertainment venues such as music, news, talk, sports, and other stations. INDRA HOLDINGS: $50MM Bank Debt Trades at 49% Discount ------------------------------------------------------ Participations in a syndicated loan under which Indra Holdings Corp is a borrower were trading in the secondary market around 51.4 cents-on-the-dollar during the week ended Friday, November 1, 2024, according to Bloomberg's Evaluated Pricing service data. The $50 million Term loan facility is scheduled to mature on December 23, 2024. The amount is fully drawn and outstanding. Indra Holdings Corp was founded in 2014. The company’s line of business includes holding or owning securities of companies other than banks. INFINITE PRODUCT: Hires Kutner Brinen Dickey Riley as Counsel ------------------------------------------------------------- Infinite Product Company seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ Kutner Brinen Dickey Riley, P.C. as counsel. The firm will provide these services: a. provide the Debtor with legal advice with respect to its powers and duties; b. aid the Debtor in the development of a plan of reorganization under Chapter 11; c. file the necessary petitions, pleadings, reports, and actions which may be required in the continued administration of the Debtor's property under Chapter 11; d. take necessary actions to enjoin and stay until final decree herein continuation of pending proceedings and to enjoin and stay until final decree herein commencement of lien foreclosure proceedings and all matters as may be provided under 11 U.S.C. §362; and e. perform all other legal services for the Debtor which may be necessary herein. The firm will be paid at these rates: Jeffrey S. Brinen $515 per hour Jonathan M. Dickey $375 per hour Keri L. Riley $375 per hour Kutner Brinen Dickey Riley received a retainer in the amount of $12,200. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Keri L. Riley, Esq., a partner at Kutner Brinen Dickey Riley, P.C., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Keri L. Riley, Esq. Kutner Brinen Dickey Riley, P.C. 1660 Lincoln Street, Suite 1720 Denver, CO 80264 Telephone: (303) 832-2400 Email: klr@kutnerlaw.com About Infinite Product Company Infinite Product Company, doing business as Infinite CBD, is an industry expert in consumer manufacturing. Infinite Product Company sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 24-16245) on October 22, 2024. In the petition filed by John Ramsay, as chief executive officer, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. The Honorable Bankruptcy Judge Joseph G. Rosania Jr. handles the case. The Debtor is represented by: Keri L. Riley, Esq. KUTNER BRINEN DICKEY RILEY PC 1660 Lincoln Street, Suite 1720 Denver, CO 80264 Telephone: (303) 832-2400 Email: klr@kutnerlaw.com INGENOVIS HEALTH: $675MM Bank Debt Trades at 25% Discount --------------------------------------------------------- Participations in a syndicated loan under which Ingenovis Health Inc is a borrower were trading in the secondary market around 75.4 cents-on-the-dollar during the week ended Friday, November 1, 2024, according to Bloomberg's Evaluated Pricing service data. The $675 million Term loan facility is scheduled to mature on March 6, 2028. About $652.1 million of the loan has been drawn and outstanding. Ingenovis Health is an Ohio based temporary healthcare staffing agency providing nurses on assignments to hospitals and medical centers, including both traditional and fast response staffing, across the US. The company also supplies nurses during strikes and provides interventional cardiologists for rural and remote hospitals. Ingenovis is majority owned by Cornell and Trilantic Capital Partners (the Investor Group). INKSTER, MI: S&P Affirms 'BB' Long-Term Rating on GO Bonds ---------------------------------------------------------- S&P Global Ratings revised the outlook to stable from negative and affirmed its 'BB' long-term rating and underlying rating (SPUR) on Inkster, Mich.'s general obligation (GO) bonds, based on the application of its "Methodology For Rating U.S. Governments," published Sept. 9, 2024, on Ratings Direct. The outlook revision also applies to tax increment debt issued by the Inkster Tax Increment Financing Authority and the Inkster Brownfield Redevelopment Authority, which carry the city's GO pledge as a backstop. "The outlook revision reflects our view of the city's stabilizing management conditions that provide a path toward improved financial controls and budget execution, though financial and economic challenges persist and a track record of improved financial performance has not yet been established," said S&P Global Ratings credit analyst Randy Layman. INTEGRITY CARBON: Hires Oxford Restructuring as Financial Advisor ----------------------------------------------------------------- Integrity Carbon Solutions LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Eastern District of Kentucky to employ Oxford Restructuring Advisors, LLC as financial advisor. The firm will provide these services: a. perform financial analyses; b. provide related operational advice; and c. assist the Debtors in preparing monthly operating reports and a business plan to support a proposed plan of reorganization necessary for the Debtors' status as debtors under Chapter 11 of the United States Bankruptcy Code. The firm will be paid at these rates: Senior Managing Directors $675 per hour Managing Directors $650 per hour Associates and Senior Associates $350 to 400 per hour Analysts $250 per hour Oxford Restructuring Advisors will also be reimbursed for reasonable out-of-pocket expenses incurred. Andrew M. Simon, a partner at Oxford Restructuring Advisors, LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Andrew M. Simon Oxford Restructuring Advisors, LLC 4520 Cooper Road, Suite 203 Cincinnati, Ohio 45242 Phone: (513) 235-0164 About Integrity Carbon Solutions LLC Integrity Carbon Solutions LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Ky. Case No. 24-70259) on June 26, 2024, listing $1 million to $10 million in assets and $10 million to $50 million in liabilities. The petition was signed by Paul Lopez, managing member. Judge Gregory R Schaaf presides over the case. T. Kent Barber, Esq. at Embry Merritt Womack Nance PLLC represents the Debtor as counsel. INTEGRITY CARBON: Seeks to Extend Plan Exclusivity to Nov. 24 ------------------------------------------------------------- Integrity Carbon Solutions LLC and Bluegrass Resources, LLC asked the U.S. Bankruptcy Court for the Eastern District of Kentucky to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to November 24, 2024 and February 23, 2025, respectively. Prior to the Petition Date, the Debtors conducted coal mining operations in Letcher County Kentucky; however, operations are currently idled. The Debtors explain that their bankruptcy proceedings involve legal disputes with several different constituencies. The Debtors have made progress since the commencement of these proceedings resolving some of these disputes and have engaged litigation counsel to resolve other outstanding disputes. Since the Petition Date, the Debtors have, among other things, prepare and file their schedules, statements of financial affairs, engagement professionals to assist in the litigation of certain matters key to the Debtors' reorganization efforts, and have begun to formulate options for exit from chapter 11. The Debtors claim that they need additional time to work with parties in interest and fully analyze all relevant issues before a plan and disclosure statement can be submitted. Therefore, the Debtors request a one-month extension of the Exclusivity Periods. Lead Counsel to the Debtors: T. Kent Barber, Esq. EMBRY MERRITT WOMACK NANCE, PLLC 201 East Main Street, Suite 1402 Lexington, KY 40507 Tel: (859) 543-0453 Email: kent.barber@emwnlaw.com About Integrity Carbon Solutions Integrity Carbon Solutions LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Ky. Case No. 24-70259) on June 26, 2024, listing $1 million to $10 million in assets and $10 million to $50 million in liabilities. The petition was signed by Paul Lopez, managing member. Judge Gregory R Schaaf presides over the case. T. Kent Barber, Esq., at Embry Merritt Womack Nance PLLC, is the Debtor's counsel. IQSTEL: Secures 12-Month Note Extension, Targets Nasdaq Uplisting ----------------------------------------------------------------- iQSTEL Inc. announced a significant development that accelerates its path to a Nasdaq uplisting. With unwavering investor confidence, iQSTEL has secured a 12-month extension on its convertible notes with M2B Funding Corp. –- a strategic milestone that solidifies iQSTEL's momentum and reinforces its vision of achieving $1 billion in revenue by 2027. For the past six years, iQSTEL's visionary leadership and relentless pursuit of innovation have built a robust business platform, earning the trust and support of investors who believe in the company's unstoppable growth. This extension demonstrates their continued confidence in iQSTEL's ability to lead the next wave of high-tech, high-margin products. "Our investors see the incredible potential in iQSTEL. They trust our long-term strategy and vision," said Leandro Jose Iglesias, CEO and President of iQSTEL. "We've done the hard work, building invaluable, trusted relationships with the largest telecom companies around the world. Now, we are fully prepared to leverage those relationships and drive exponential growth through cutting-edge, high-margin solutions." Following extensive discussions with M2B Funding Corp. and a shared commitment to iQSTEL's future, the maturity dates of three key convertible notes have been extended by 12 months, securing a critical financial foundation to fuel iQSTEL's growth strategy and innovation. Details of the extended notes: * First Note: Originally due January 1, 2025, with an outstanding amount of $1,888,888.89, now extended to January 1, 2026. * Second Note: Originally due March 12, 2025, with an outstanding amount of $1,111,111.11, now extended to March 12, 2026. * Third Note: Originally due March 25, 2025, with an outstanding amount of $555,555.56, now extended to March 25, 2026. In consideration for this extension, iQSTEL will issue 646,467 restricted IQST common stock to M2B Funding Corp., further strengthening the financial partnership and demonstrating their absolute faith in the company's future. "This is a monumental step in our journey to greatness," Iglesias continued. "With this extension, we are not only reinforcing our financial position but also safeguarding shareholder value as we continue to execute our bold business plan. iQSTEL is set for extraordinary growth." But the excitement doesn't stop there. iQSTEL is poised to revolutionize the high-tech sector. The recent partnership with Cycurion is a clear example of iQSTEL's relentless drive to expand its high-margin product offerings. "By teaming up with Cycurion, we're bringing advanced cybersecurity solutions to our telecom clients. This opens the door to new, lucrative opportunities and keeps us ahead of the curve," Iglesias said enthusiastically. Additionally, iQSTEL has partnered with ONAR, a top-tier marketing agency, to amplify its branding and marketing presence. "We are taking iQSTEL's brand to new heights, ensuring that our story of innovation and growth resonates across the globe. ONAR will help us seize the attention of investors and clients alike," Iglesias added. This evolution of a great corporation and its strategic moves are part of iQSTEL's successful progression. With a solid business plan and the trust of its investors, iQSTEL is stepping up to the next level with an imminent NASDAQ uplisting. This is a crucial step toward achieving our goal of becoming a $1 billion company. Now is the ideal time to join the Company as it embarks on this exciting phase of its unstoppable growth. About iQSTEL Inc. Coral Gables, Fla.-based iQSTEL Inc. (OTCQX: IQST) is a technology company with operations in 19 countries and a workforce of 70 employees. The company provides advanced services through its Telecom Division, which offers VoIP, SMS, proprietary Internet of Things (IoT) solutions, and international fiber-optic connectivity. This division generates all of iQSTEL's revenues and operates through subsidiaries including Etelix, SwissLink Carrier, Smartbiz Telecom, Whisl Telecom, IoT Labs, and QGlobal SMS. For the year ended December 31, 2023, iQSTEL reported a loss of $219,436, a significant improvement from the loss of $5,865,761 in the year ended December 31, 2022. As of June 30, 2024, iQSTEL had $29,986,660 in total assets, $22,414,781 in total liabilities, and $7,571,879 in total stockholders' equity. Pittsburgh, Pa.-based Urish Popeck & Co., LLC, the company's auditor since 2020, issued a "going concern" qualification in its report dated April 1, 2024. The report cites recurring losses from operations and insufficient revenue sources to cover operating costs, raising substantial doubt about the company's ability to continue as a going concern. IVANTI SOFTWARE: $545MM Bank Debt Trades at 37% Discount -------------------------------------------------------- Participations in a syndicated loan under which Ivanti Software Inc is a borrower were trading in the secondary market around 63.1 cents-on-the-dollar during the week ended Friday, November 1, 2024, according to Bloomberg's Evaluated Pricing service data. The $545 million Term loan facility is scheduled to mature on December 1, 2028. The amount is fully drawn and outstanding. Ivanti is an IT Software Company headquartered in South Jordan, Utah. It produces software for IT Security, IT Service Management, IT Asset Management, Unified Endpoint Management, Identity Management and supply chain management. JAZN PROPERTIES: Case Summary & Four Unsecured Creditors -------------------------------------------------------- Debtor: JAZN Properties, LLC 3200 Marshall Drive Amelia, OH 45102 Business Description: JAZN Properties is the fee simple owner of four buildings located at 3200 Marshall Drive, Amelia, Ohio 45102 having an appraised value of $800,000. Chapter 11 Petition Date: November 1, 2024 Court: United States Bankruptcy Court Southern District of Ohio Case No.: 24-12575 Judge: Hon. Beth A Buchanan Debtor's Counsel: Eric W. Goering, Esq. GOERING & GOERING 220 West Third Street Cincinnati, OH 45202 Tel: (513) 621-0912 E-mail: eric@goering-law.com Total Assets: $800,600 Total Liabilities: $1,536,071 The petition was signed by Mark Barngorver as managing member. A full-text copy of the petition containing, among other items, a list of the Debtor's four unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/DIRJBLI/JAZN_Properties_LLC__ohsbke-24-12575__0001.0.pdf?mcid=tGE4TAMA JRJR33 INC: Court Grants Continental's Rule 12(c) Motion -------------------------------------------------------- In the case captioned as ROBERT YAQUINTO, In His Capacity as Chapter 7 Trustee of Jrjr33, Inc., Plaintiff, v. CNA INSURANCE COMPANIES dba CONTINENTAL CASUALTY COMPANY, Defendant, Adversary No. 23-03086-SGJ (Bankr. N.D. Tex.), Judge Stacey G.C. Jernigan of the United States Bankruptcy Court for the Northern District of Texas granted Continental's Rule 12(c) Motion. ActiTech, L.P. was a manufacturer of nutraceuticals and skin care products with a large manufacturing facility north of Dallas. Its case was filed as a Chapter 11 a few years after the JR case, and it confirmed a plan on October 5, 2022. Thus, it is now a reorganized debtor. ActiTech, as a manufacturer, was a supplier of product to Agel Enterprises, Inc., a subsidiary of JR. Agel sold nutritional supplements and skin care products (and did not file bankruptcy). ActiTech extended credit terms (i.e., a floating line of credit with a complex formula) to Agel for the purchase of product. Eventually the two got crossways, with Agel accusing ActiTech of charging it usurious interest (allegedly in excess of 28%, in violation of the Texas usury statute). A lawsuit was filed on November 3, 2017, against ActiTech and its affiliates, styled JRjr33, Inc. and Agel Enterprises, Inc. v. Michael Bishop et al., Cause No. DC-17-15206, in the 116th Judicial District Court of Dallas County, Texas. Therein, Agel sought an approximately $11 million statutory civil penalty from ActiTech and its affiliates for three times the amount of the allegedly usurious interest charged. Agel did not seek monetary damages for the alleged usury beyond the penalty. To be clear, Agel did not allege that ActiTech had actually received the unlawful interest, but that ActiTech was nevertheless liable because Texas Finance Code Sec. 305.001(a-1) imposes usury liability on anyone who "contracts for or receives" interest greater than the amount authorized. Meanwhile, during the pendency of this state court Usury Suit, each JR and ActiTech filed their respective bankruptcy cases. First, JR did in year 2018. Shortly thereafter, Plaintiff (who held ownership and control of Agel) was granted standing on behalf of Agel to pursue the Usury Suit. Then, ActiTech filed its Chapter 11 in 2022, and removed the Usury Suit to the bankruptcy court, Adv. Proc. # 22-3002. The court notes anecdotally that ActiTech filed a proof of claim in the JR case and Agel filed a proof of claim in the ActiTech case. Eventually, on July 20, 2022, Agel (through Plaintiff) and ActiTech reached a settlement (after multiple attempts at mediation) pursuant to which ActiTech agreed to pay JR and Agel $2,750,000 in damages and also assigned to JR all rights, interest, and claims it might have against ActiTech's insurer under a directors and officers liability policy on which ActiTech was an insured. The bankruptcy court approved the Usury Settlement in both the JR and ActiTech bankruptcy cases in October 2022. On October 22, 2023, Plaintiff brought this action as assignee of ActiTech, subsequent to the Usury Settlement. The defendant named herein is CNA Insurance Companies dba Continental Casualty Company. Continental provided the directors and officers liability insurance policy to ActiTech, under policy no. 425594086, issued to Actiprime, Inc. for the period July 24, 2017 to July 24, 2018. The Policy provides directors and officers liability coverage with a $1 million aggregate limit of liability. Plaintiff has alleged in this Adversary Proceeding that Continental breached the Policy by not paying for a covered loss; breached an "implied covenant of good faith and fair dealing" by failing to accept a settlement demand or make a reasonable settlement offer, and by denying coverage and/or not tendering a full defense; violated the Texas Insurance Code by engaging in certain unfair settlement practices; engaged in common law bad faith by failing to make or accept a settlement offer; and violated the Texas Deceptive Trade Practices Act by making unspecified misrepresentations and failing to disclose unspecified information. Plaintiff also seeks declaratory relief that the Policy is valid, that the Policy covered the usury claim, and that Continental violated the Policy and state law by not providing coverage and attempting to settle the claim. According to Plaintiff, sometime in the middle of year 2021, a "Stowers demand" was sent to Continental, offering to settle within the existing Policy limits, but Continental did not respond. While this Adversary Proceeding was originally pleaded more broadly, it appears that Plaintiff has now narrowed its arguments to these: Continental is liable for breach of contract for failure to cover the usury claim as a covered "Loss," and Plaintiff also has a Stowers claim against Continental related thereto. Plaintiff alleges that it is entitled to recover the $2.75 million paid by ActiTech to settle the claim and the attorneys' fees paid by ActiTech for its defense. In a Rule 12(c) Motion of Continental that is now before the court, Continental argues that Plaintiffs' claims in this Adversary Proceeding fail as a matter of law because the Policy does not provide coverage for a civil penalty claim, such as was asserted against ActiTech pursuant to the Texas usury statute. Specifically, civil penalty claims are excluded from the Policy's definition of "Loss." Thus, the Policy was inapplicable, and Continental had no duty to defend or indemnify ActiTech. Continental further argues that, because all of Plaintiff's claims in the Adversary Proceeding are premised upon the existence of coverage for the underlying usury claim, they must all be dismissed. Further to that point, Continental adds that Plaintiff's alternative request (in his Response to the Rule 12(c) Motion) to amend his complaint to assert or clarify a "Stowers claim" should be denied as futile (the Stowers doctrine requires a covered claim to begin with, so the proposed claim would not survive the lack of a covered "Loss"). Finally, Continental argues that the Policy's "Anti-Assignment provision" prohibited an assignment of rights under the terms of the Policy without Continental's written consent (adding that the Policy, whose coverage period had expired prepetition, was not an executory contract, under section 365, that might have been assumed and assigned by the debtor ActiTech). This court agrees with Continental on all points. Judge Jernigan holds, "The Rule 12(c) Motion is granted as the Plaintiff has failed to state a claim upon which relief can be granted in this Adversary Proceeding. The underlying civil penalty claim asserted in the Usury Suit was not a covered Loss pursuant to the Policy. Even if the claim had been a covered Loss, the Policy and rights therein were unassignable, absent Continental's written consent, and Continental did not provide written consent to assignment of the Policy and rights thereunder to the Plaintiff. Finally, the Policy was not an executory contract under section 365 of the Code, that might have been assumed and assigned by the insured to the Plaintiff absent Continental's consent, pursuant to section 365(f)." A copy of the Court's decision dated October 24, 2024, is available at https://urlcurt.com/u?l=LIaXDZ About JRJR33 Inc. and The Longaberger Company JRJR33, Inc., which conducts business under the name JRJR Networks, is a global platform of direct-to-consumer brands. Within JRJR Networks, each company retains its separate identity, sales force, product line and compensation plan while JRJR Networks seeks synergies and efficiencies in operational areas. JRJR Networks companies currently include The Longaberger Company, Your Inspiration At Home, Tomboy Tools, Agel Enterprises, Paperly, Uppercase Living, Kleeneze, and Betterware. It also includes Happenings, a lifestyle publication and marketing company. JRJR33 and The Longaberger Company sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Texas Case Nos. 18-32123 and 18-32124) on June 29, 2018. In the petitions signed by Heidi Hafer, Esq., general counsel, each Debtor disclosed that it had estimated assets of $1 million to $10 million and liabilities of $1 million to $10 million. K & M AMUSEMENT: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- K & M Amusement Center, LLC received interim approval from the U.S. Bankruptcy Court for the District of Massachusetts to use cash collateral through Nov. 7. At the hearing held on Oct. 25, the court authorized K & M to use the cash collateral of its secured creditors to pay its operating expenses and directed the company to file an amended budget. K & M requested late last month to use its secured creditors' cash collateral until Jan. 31, 2025, and proposed to provide its secured creditors with adequate protection in the form of post-petition replacement liens and security interests in its property. The company's secured creditors assert a lien on revenue from its business, cash on hand, funds in its deposit and any proceeds from its assets, including inventory and accounts receivable, which constitute the secured creditors' cash collateral. The next hearing is scheduled for Nov. 7. About K & M Amusement Center K & M Amusement Center, LLC owns and operates an amusement park in Tewksbury, Mass. K & M Amusement Center sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 24-41064) on October 22, 2024, with $1 million to $10 million in both assets and liabilities. Angelica Morales, manager, signed the petition. Judge Elizabeth D. Katz oversees the case. Douglas Beaton, Esq., at Beaton Law Firm, represents the Debtor as bankruptcy counsel. KULR TECHNOLOGY: To Host Q3 2024 Earnings Call on Nov. 13 --------------------------------------------------------- KULR Technology Group, Inc., a global leader in sustainable energy management, will hold a conference call on Wednesday, November 13th, at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss its financial results for the third quarter ended September 30, 2024. The financial results will be issued in a press release prior to the call. KULR management will host the conference call, followed by a question-and-answer period. Interested parties can submit relevant questions prior to the call to Stuart Smith at SmallCapVoice.Com, Inc. via email: ssmith@smallcapvoice.com by 5:00 p.m. ET on Thursday, November 7th, 2024. Mr. Smith will compile a list of questions and submit them to the Company prior to the conference call. The questions that will get addressed will be based on the relevance to the shareholder base, and the appropriateness of the questions in light of public disclosure rules. About KULR Technology Group KULR Technology Group Inc. -- www.kulrtechnology.com -- delivers cutting edge energy storage solutions for space, aerospace, and defense by leveraging a foundation of in-house battery design expertise, comprehensive cell and battery testing suite, and battery fabrication and production capabilities. The Company's holistic offering allows delivery of commercial-off-the-shelf and custom next generation energy storage systems in rapid timelines for a fraction of the cost compared to traditional programs. Los Angeles, Calif.-based Marcum LLP, the Company's auditor since 2018, issued a "going concern" qualification in its report dated April 12, 2024, citing that the Company has a working capital deficit, has incurred losses from operations, and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. During the year ended December 31, 2023, KULR Technology Group incurred a net loss of $23,693,556. As of June 30, 2024, KULR Technology Group had $11.39 million in total assets, $7.56 million in total liabilities, and $3.84 million in total stockholders' equity. KUMAS HOLDINGS: Court Allows $26,107.83 in Attorney Fees -------------------------------------------------------- Judge Timothy A. Barnes of the United States Bankruptcy Court for the Northern District of Illinois made findings of facts and conclusions of law in support of the order awarding to Burke, Warren, MacKay & Serritella, P.C., attorneys for Kumas Holdings, LLC, allowance and payment of interim compensation and reimbursement of expenses as follows: Total Fees Requested: $29,739.000 Total Costs Requested: $53.83 Total Fees Allowed: $26,054.00 Total Fees Reduced: $3,685.00 Total Costs Reduced: $0.00 Total Costs Allowed $53.83 Total Fees and Costs Allowed: $26,107.83 (1) Unauthorized Work - Total of disallowed amounts $3,685.00 The Court denies the allowance of compensation for work done prior to the authorization of retention. A copy of the Court's decision dated October 23, 2024, is available at https://urlcurt.com/u?l=zkmsbF About Kumas Holdings, LLC Kumas Holdings, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-08599) on June 11, 2024. In the petition signed by Ronald R. Cain, managing member, the Debtor disclosed up to $100,000 in assets and $10 million in liabilities. Judge Deborah L. Thorne oversees the case. David K. Welch, Esq., at BURKE, WARREN, MACKAY & SERRITELLA, P.C., represents the Debtor as legal counsel. L.O.F. INC: Gets OK to Use Cash Collateral Until Nov. 26 -------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Florida granted the amended motion filed by L.O.F., Inc., allowing the company to use cash collateral through Nov. 26. The order, signed by Judge Mindy Mora, approved the use of cash collateral for payment of the company's operating expenses set forth in its budget. The budget shows total projected expenses of $1,356,859.95. Amazon Capital Services, Inc., a secured creditor, agreed to accept reduced payment of $2,500 as adequate protection. The next hearing is scheduled for Nov. 26. About L.O.F. Inc. L.O.F., Inc. was founded in 1968 in Northwest Indiana as a retail Recreational Vehicle sales operation. In 2011, the company changed its focus to replacement automotive and industrial products under its brands such as Best In Auto, TruckChamp, Red Hound Auto, and Polar Whale. L.O.F. filed its voluntary petition for Chapter 11 protection (Bankr. S.D. Fla. Case No. 24-13350) on April 8, 2024, listing $1,198,800 in assets and $8,259,975 in liabilities. L.O.F. President Laszlo Kovach signed the petition. Judge Mindy A. Mora oversees the case. Kelley Kaplan & Eller, PLLC serves as the Debtor's legal counsel. LASERSHIP INC: $455MM Bank Debt Trades at 62% Discount ------------------------------------------------------ Participations in a syndicated loan under which Lasership Inc is a borrower were trading in the secondary market around 37.6 cents-on-the-dollar during the week ended Friday, November 1, 2024, according to Bloomberg's Evaluated Pricing service data. The $455 million Term loan facility is scheduled to mature on May 7, 2029. The amount is fully drawn and outstanding. LaserShip is a regional last-mile delivery company that services the Eastern and Midwest United States. Founded in 1986, LaserShip is based in Vienna, Virginia, and has sorting centers in New Jersey, Ohio, North Carolina, and Florida. LEARNINGSEL LLC: Seeks to Tap First Steps Financial as Bookkeeper ----------------------------------------------------------------- LearningSEL, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Arizona to hire First Steps Financial as an accounting professional to assist with its bookkeeping. The firm's services include: a. assisting with maintaining the company’s QuickBooks entries for bookkeeping and other accounting tasks; b. performing any bookkeeping services as necessary and requested, including preparing balance sheets, cash flow statements, and profit and loss statements; c. providing any other service mutually agreed upon with the Debtor, including preparing the monthly and periodic operating reports to be filed with the Court. The firm will bill a flat monthly rate of $2,750. As disclosed in the court filings, First Steps Financial represents no interest adverse to the Debtor or the bankruptcy estate. The firm can be reached through: Alisa McCabe First Steps Financial 174 Nassau Street Suite 260 Princeton, NJ 08542 Tel: (609) 759-5881 About LearningSEL LLC LearningSEL, LLC is a provider of social and emotional learning training and professional development services. LearningSEL and its affiliate, Paths Program Holding, LLC, sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 24-07015 and 24-07033) on August 23, 2024. On September 11, 2024, Paths Program, LLC filed Chapter 11 petition (Bankr. D. Ariz. Case No. 24-07580). The cases are jointly administered under Case No. 24-07015. At the time of the filing, LearningSEL reported total assets of $703 and total liabilities of $1,543,051 Judge Paul Sala oversees the cases. The Debtors are represented by D. Lamar Hawkins, Esq., at Guidant Law, PLC. LEFEVER MATTSON: Taps Kurtzman Carson as Administrative Advisor --------------------------------------------------------------- Lefever Mattson and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of California to employ Kurtzman Carson Consultants, LLC dba Verita Global as administrative advisor. The firm's services include: (a) assisting with, among other things, solicitation, balloting, tabulation and calculation of votes, as well as preparing any appropriate reports required in furtherance of confirmation of any Chapter 11 plan(s); (b) generating an official ballot certification and testifying, if necessary, in support of the ballot tabulation results for any chapter 11 plan(s) in these Chapter 11 Cases; (c) assisting with claims objections, exhibits, claims reconciliation and related matters; and (d) providing such other claims processing, noticing, solicitation, balloting, and administrative services described in the Services Agreement, but not included in the Section 156(c) Application, as may be requested by the Debtors from time to time. The firm received a retainer in the amount of $25,000. Kurtzman Carson Consultants will be paid at its standard hourly rates and will be reimbursed for expenses incurred. Evan Gershbein, executive vice president of Kurtzman, disclosed in a court filing that the firm is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached through: Evan Gershbein Kurtzman Carson Consultants LLC 222 N. Pacific Coast Highway, 3rd Floor El Segundo, CA 90245 Telephone: (310) 823-9000 Email: egershbein@kccllc.com About LeFever Mattson LeFever Mattson, a California corporation, manages a large real estate portfolio. Timothy LeFever and Kenneth W. Mattson each owns 50% of the equity in the company. Based in Citrus Heights, Calif., LeFever Mattson manages a portfolio of more than 200 properties, comprised of commercial, residential, office, and mixed-use real estate, as well as vacant land, located throughout Northern California, primarily in Sonoma, Sacramento, and Solano Counties. It generates income from the properties through rents and use the proceeds to fund its operations. LeFever Mattson and its affiliates filed voluntary Chapter 11 petitions (Bankr. N.D. Calif. Lead Case No. 24-10545) on September 12, 2024. At the time of the filing, LeFever Mattson listed $100 million to $500 million in assets and $10 million to $50 million in liabilities. Judge Charles Novack oversees the cases. Thomas B. Rupp, Esq., at Keller Benvenutti Kim LLP represents the Debtors as counsel. Kurtzman Carson Consultants, LLC is the Debtors' claims and noticing agent. LIFESCAN GLOBAL: $1.01BB Bank Debt Trades at 68% Discount --------------------------------------------------------- Participations in a syndicated loan under which LifeScan Global Corp is a borrower were trading in the secondary market around 32.3 cents-on-the-dollar during the week ended Friday, November 1, 2024, according to Bloomberg's Evaluated Pricing service data. The $1.01 billion Term loan facility is scheduled to mature on December 31, 2026. About $842.7 million of the loan has been drawn and outstanding. LifeScan Global Corporation is a provider of blood glucose monitoring systems for home and hospital use. LOGIX HOLDING: $250MM Bank Debt Trades at 63% Discount ------------------------------------------------------ Participations in a syndicated loan under which Logix Holding Co LLC is a borrower were trading in the secondary market around 37 cents-on-the-dollar during the week ended Friday, November 1, 2024, according to Bloomberg's Evaluated Pricing service data. The $250 million Term loan facility is scheduled to mature on December 23, 2024. About $178.1 million of the loan has been drawn and outstanding. Logix Holding Company, LLC operates as a holding company. The Company, through its subsidiaries, provides wireline telecom services. Logix Holding serves customers in the United States. LOVESWORTH HOLDINGS: Hires KW Commercial as Real Estate Agent ------------------------------------------------------------- Lovesworth Holdings, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ KW Commercial as real estate agent. The firm will sell the Debtor's real property located at 3044 Del Monte Boulevard, Marina, CA 93933. KW Commercial will be paid a commission of 5.5 percent of the sales price of the property. Bashir Tariq, a partner at KW Commercial, 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: Bashir Tariq KW Commercial 180 N. Riverview Drive, Suite 320, Anaheim Hills, CA 92808, Tel: (951) 269-3000 About Lovesworth Holdings, Inc. Lovesworth Holdings Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 24-40909) on June 18, 2024. In the petition signed by Samuel Ezeibe, as president, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Honorable Bankruptcy Judge William J. Lafferty oversees the case. The Debtor is represented by: Arasto Farsad, Esq. FARSAD LAW OFFICE, P.C. 1625 The Alameda, Suite 525 San Jose, CA 95126 Tel: (408) 641-9966 Email: Farsadlaw1@gmail.com LUMEN TECHNOLOGIES: $5BB Bank Debt Trades at 16% Discount --------------------------------------------------------- Participations in a syndicated loan under which Lumen Technologies Inc is a borrower were trading in the secondary market around 83.6 cents-on-the-dollar during the week ended Friday, November 1, 2024, according to Bloomberg's Evaluated Pricing service data. The $5 billion Term loan facility is scheduled to mature on March 15, 2027. About $57 million of the loan has been drawn and outstanding. Lumen Technologies, Inc., headquartered in Monroe, Louisiana, is an integrated communications company that provides an array of communications services to large enterprise, mid-market enterprise, government and wholesale customers in its larger Business segment. The company's smaller Mass Markets segment primarily provides broadband services to its residential and small business customer base. MAGENTA SECURITY: $1.04BB Bank Debt Trades at 63% Discount ---------------------------------------------------------- Participations in a syndicated loan under which Magenta Security Holdings LLC is a borrower were trading in the secondary market around 36.6 cents-on-the-dollar during the week ended Friday, November 1, 2024, according to Bloomberg's Evaluated Pricing service data. The $1.04 billion Term loan facility is scheduled to mature on July 27, 2028. The amount is fully drawn and outstanding. Magenta Security Holdings LLC operates as a holdings company that was formed to hold a substantial portion of the overall Magenta Buyer LLC's collateral. MAGENTA SECURITY: $1.07BB Bank Debt Trades at 32% Discount ---------------------------------------------------------- Participations in a syndicated loan under which Magenta Security Holdings LLC is a borrower were trading in the secondary market around 68.3 cents-on-the-dollar during the week ended Friday, November 1, 2024, according to Bloomberg's Evaluated Pricing service data. The $1.07 billion Term loan facility is scheduled to mature on July 27, 2028. The amount is fully drawn and outstanding. Magenta Security Holdings LLC operates as a holdings company that was formed to hold a substantial portion of the overall Magenta Buyer LLC's collateral. MASTIN LABS: Seeks to Hire Lane Law Firm as Counsel --------------------------------------------------- Mastin Labs Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Lane Law Firm as counsel. The firm will provide these services: a. assist, advise and represent the Debtor relative to the administration of the chapter 11 case; b. assist, advise and represent the Debtor in analyzing the Debtor's assets and liabilities, investigating the extent and validity of lien and claims, and participating in and reviewing any proposed asset sales or dispositions; c. attend meetings and negotiate with the representatives of the secured creditors; d. assist the Debtor in the preparation, analysis and negotiation of any plan of reorganization and disclosure statement accompanying any plan of reorganization; e. take all necessary action to protect and preserve the interests of the Debtor; f. appear, as appropriate, before this Court, the Appellate Courts, and other Courts in which matters may be heard and to protect the interests of Debtor before said Courts and the United States Trustee; and g. perform all other necessary legal services in these cases. The firm will be paid at these rates: Robert C. Lane, Partner $595 per hour Joshua D. Gordon, Partner $550 per hour Associate Attorneys $500 per hour Bankruptcy Paralegals/Legal Assistants $250 per hour The firm received payments for its retainer in the amount of $40,000. Lane Law Firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Robert C. Lane, Esq., a partner at Lane Law Firm, 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: Robert C. Lane, Esq. Joshua D. Gordon The Lane Law Firm, PLLC 6200 Savoy, Suite 1150 Houston, TX 77036 Tel: (713) 595-8200 Fax: (713) 595-8201 Email notifications@lanelaw.com Joshua.gordon@lanelaw.com About Mastin Labs Inc. Mastin Labs creates lightroom presets, ACR presets, and styles for Capture One and LUTs. Mastin Labs Inc. in Mastin Labs Inc., sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. W.D. Tex. Case No. 24-11315) on Oct. 23, 2024, listing $62,062 in assets and $1,669,932 in liabilities. Timothy D Delaforce as CEO, signed the petition. Judge Shad Robinson oversees the case. THE LANE LAW FIRM serve as the Debtor's legal counsel. MAVENIR SYSTEMS: $585MM Bank Debt Trades at 30% Discount -------------------------------------------------------- Participations in a syndicated loan under which Mavenir Systems Inc is a borrower were trading in the secondary market around 69.9 cents-on-the-dollar during the week ended Friday, November 1, 2024, according to Bloomberg's Evaluated Pricing service data. The $585 million Term loan facility is scheduled to mature on August 18, 2028. About $567.5 million of the loan has been drawn and outstanding. Mavenir Systems, Inc. provides software-based networking solutions. The Company offers internet protocol based voice, videos, communication, and messaging services, as well as multimedia subsystem, evolved packet core, and session border controller. MAVERICK GAMING: $217.4MM Bank Debt Trades at 32% Discount ---------------------------------------------------------- Participations in a syndicated loan under which Maverick Gaming LLC is a borrower were trading in the secondary market around 68.5 cents-on-the-dollar during the week ended Friday, November 1, 2024, according to Bloomberg's Evaluated Pricing service data. The $217.4 million Term loan facility is scheduled to mature on June 5, 2028. About $217.4 million of the loan has been drawn and outstanding. Maverick Gaming LLC provides gaming, hospitality, and entertainment services. The Company offers slot machines, table games, and hotel rooms. Maverick Gaming serves customers in the United States. MBMG HOLDING: Deadline to File Claims Set for Dec. 23 ----------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Florida set Dec. 23, 2024, at 5:00 p.m. EST as the last date and time for creditors to file their proofs of claim against MBMG Holding LLC and its debtor-affiliates. The Court also set April 11, 2024, 5:00 p.m. EST as the deadline for governmental units to file their claims against the Debtors. Proofs of Claim may be delivered or mailed to: a) By First Class Mail: CCMC Claims Processing Center c/o Epiq Corporate Restructuring, LLC P.O. Box 4420 Beaverton, OR 97076-4420 b) By Hand Delivery or Overnight Mail: CCMC Claims Processing Center c/o Epiq Corporate Restructuring, LLC 10300 SW Allen Boulevard Beaverton, OR 97005 The deadlines for filing proofs of claim in this notice apply to all creditors. If you are a creditor receiving a notice mailed to a foreign address, you may file a motion asking the court to extend the deadline to file a proof of claim. About MBMG Holding MBMG Holding, LLC and its affiliates The Debtors are an independent primary care and integrated physician group focused on value-based, multi-specialty healthcare services. The Debtors deliver health and wellness services to approximately 35,000 patients across 26 primary care centers in Florida, with half of those centers being in Miami-Dade County. In addition to primary care services, the Debtors provide several in-house and ancillary support services to patients, including dental, vision, in-home, telehealth, case management, podiatry, chiropractic, pain management, lab, x-ray, and transportation services, and operate wellness centers that provide meal support and social activities. MBMG Holding, LLC and its affiliates commenced voluntary Chapter 11 proceedings (Bankr. S.D. Fla. Lead Case No. 24-20576) on Oct. 13, 2024. In the petitions signed by Nicholas K. Campbell, chief restructuring officer, MBMG Holding disclosed up to $50,000 in estimated assets and up to $500 million in estimated liabilities. Judge Corali Lopez-Castro oversees the cases. The Debtors tapped Berger Singerman LLP as legal counsel; Meru, LLC as restructuring advisor; and Oppenheimer & Co. Inc. as investment banker. Epiq Corporate Restructuring, LLC is the claims agent. MEDICAL SOLUTIONS: $1.05BB Bank Debt Trades at 25% Discount ----------------------------------------------------------- Participations in a syndicated loan under which Medical Solutions Holdings Inc is a borrower were trading in the secondary market around 74.8 cents-on-the-dollar during the week ended Friday, November 1, 2024, according to Bloomberg's Evaluated Pricing service data. The $1.05 billion Term loan facility is scheduled to mature on November 1, 2028. The amount is fully drawn and outstanding. Medical Solutions L.L.C. operates as a travel nursing company. The Company provides benefits such as personalized pay package, medical and dental insurance, paid private housing, and loyalty programs, as well as pet care, education and training, and friendly housing services for travel nurses. Medical Solutions serves customers in the United States. MES FASTENERS: Unsecureds Will Get 100% of Claims over 60 Months ---------------------------------------------------------------- MES Fasteners Corporation filed with the U.S. Bankruptcy Court for the District of New Jersey a Small Business Plan of Reorganization dated September 18, 2024. The Debtor manufacturers and distributes various specialty fastening hardware including, captive screws, threaded standoffs, and custom fasteners. MES Fasteners was founded in 2021 as a subsidiary of Marine Electric Systems, Inc. The Debtor's case is being jointly administered with Marine Electric Systems, Inc., its parent company. Marine Electric Systems, Inc. owns 100% of the outstanding shares of the Debtor. Marine Electric Systems has filed its own separate Chapter 11 plan of reorganization. The Debtor is a corporation organized under the laws of New Jersey with its principal assets and operations located at 80 Wesley Street, South Hackensack, NJ. The Debtor is seeking to reorganize its operations and debt obligations in an effort to achieve consistent and prolonged profitability. The Plan provides for payments from the Debtor's ongoing business operations and cash on hand. The Debtor has no pre-petition or post-petition secured creditors. All Allowed administrative and priority claims shall be paid in full on or before the Effective Date of the Plan from the Debtor's cash on hand. General unsecured creditors are proposed to receive a 100% distribution on their respective Allowed claims. The distribution of these claims will be spread out over the 60-month Plan period with general unsecured creditors receiving semi-annual pro rata distributions (10 payments at six-month intervals) on their respective claims beginning on the Effective Date. Class 2 consists of General Unsecured Claims. The Debtor estimates that the aggregate amount of general unsecured claims is approximately $315,000.00. Of this debt, $210,000.00 is due to Harry Epstein as a condition of the Debtor's and Marine Electric Systems, Inc. settlement agreement with Mr. Epstein. This Class is impaired. General unsecured creditors are proposed to receive 100% distribution on their Allowed claims without interest from the Debtor's ongoing business operations. This distribution takes into account that all allowed administrative and priority claims have been paid in full on or before the Effective Date. General unsecured creditors will receive semi-annual pro rata distributions (10 payments at six-month intervals) on their respective claims beginning on the Effective Date. Marine Electric Systems, Inc. will retain all of its pre-petition equity interests in the Debtor. The Plan will be funded by the Debtor's cash on hand and the Reorganized Debtor's business operations. Based on the Debtor's current levels of cash on hand as well as its projected disposable income over the next three months, the Debtor expects to have sufficient cash flow to make the payments required on the Effective Date for administrative and priority unsecured creditors. The Debtor will fund the payments to unsecured creditors semi annually based on the Reorganized Debtor's performance during the prior 6 months via the Disbursing Agent for a period of sixty months, commencing at least 14 days before the Effective Date. Distribution checks will be forwarded to all creditors not paid by the Effective Date of the Plan, including general unsecured creditors, on a semi-annual basis. A full-text copy of the Plan of Reorganization dated September 18, 2024 is available at https://urlcurt.com/u?l=xNXFKp from PacerMonitor.com at no charge. Counsel to the Debtor: Eric R. Perkins, Esq. Justin Baumgartner, Esq. Becker LLC Eisenhower Plaza Two 354 Eisenhower Parkway, Suite 1500 Livingston, NJ 07039 Telephone: (973) 422-1100 Email: eperkins@becker.legal About Marine Electric Systems Marine Electric Systems Inc. -- https://marineelectricsystems.com-- operates as an engineering and vertically integrated manufacturing firm. The firm offers power supplies and chargers, navigational aids, proximity sensors, temperature control panels, and salinity systems. Marine Electric Systems serves its products to military in the United States. Alleged creditors filed an involuntary Chapter 11 petition for Marine Electric Systems (Bankr. D.N.J. Case No. 23-21586) on Dec. 14, 2023. The alleged creditors are MES Financial, LLC, VentureSpire Group, LLC, and 12R Consulting, LLC. The petitioners are represented by Brian G. Hannon of Norgaard O'Boyle & Hannon, in Englewood, New Jersey. Judge John K. Sherwood oversees the case. Eric R. Perkins, Esq., at Becker LLC, serves as the Debtor's counsel. MICHAELS COS: $1.95BB Bank Debt Trades at 24% Discount ------------------------------------------------------ Participations in a syndicated loan under which Michaels Cos Inc/The is a borrower were trading in the secondary market around 76.1 cents-on-the-dollar during the week ended Friday, November 1, 2024, according to Bloomberg's Evaluated Pricing service data. The $1.95 billion Term loan facility is scheduled to mature on April 17, 2028. The amount is fully drawn and outstanding. The Michaels Companies, Inc. doing business as Michaels operates as a chain of arts and crafts stores. The Company provides arts, crafts, floral and wall decor, framing, and merchandise for makers and do-it-yourself home decorators. Michaels Companies serves customers in North America. MIDSTATE BASEMENT: Gets Interim Approval to Use Cash Collateral --------------------------------------------------------------- Midstate Basement Authorities, Inc. received interim approval from the U.S. Bankruptcy Court for the Northern District of New York to use cash collateral. The interim order authorized Midstate to use $52,139.38 of its secured creditors' cash collateral to pay operating expenses set forth in its budget. First Chatham Bank and other secured creditors will have valid, binding, enforceable, and perfected continuing rollover liens and security interests in all collateral. In addition, First Chatham Bank will receive payment of $4,000 as adequate protection. The next hearing is scheduled for Nov. 14. About Midstate Basement Authorities Midstate Basement Authorities Inc., doing business as Midstate Concrete Leveling, is a general contracting company that offers foundation repair, waterproofing, concrete leveling and lifting, and water control systems. It serves residential and commercial clients. Midstate Basement Authorities sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 24-30650) on July 29, 2024, with total assets of $811,118 and total liabilities of $2,337,095. Eric Leach, president of Midstate Basement Authorities, signed the petition. Judge Wendy A. Kinsella oversees the case. The Debtor is represented by Peter A. Orville, Esq., at Orville & McDonald Law, P.C. MIMS AND SON: Gets Interim Approval to Use Cash Collateral ---------------------------------------------------------- Mims and Son Construction, LLC received interim approval from the U.S. Bankruptcy Court for the Middle District of Florida to use the cash collateral of the U.S. Small Business Administration. The interim order authorized the company to use the lender's cash collateral, which is approximately $80,000, to pay only expenses necessary to operate its business and not any pre-bankruptcy expenses, officer salaries, professional fees, or insiders without further order of the court. As protection, SBA will receive a monthly payment of $500 starting this month and will be granted a replacement lien to the same extent and with the same priority as its pre-bankruptcy lien. In addition, Mims and Son agreed to maintain all necessary insurance coverage on the lender's collateral. About Mims and Son Construction Mims and Son Construction, LLC filed Chapter 11 bankruptcy petition (Bankr. M.D. Fla. Case No. 24-02800) on Sept. 13, 2024, disclosing under $1 million in both assets and liabilities. Judge Jacob A. Brown oversees the case. The Debtor is represented by the Law Offices of Micker & Micker, LLP. NABORS INDUSTRIES: Net Loss Widens to $56-Mil. in Fiscal Q3 ----------------------------------------------------------- Nabors Industries Ltd. reported third quarter 2024 operating revenues of $732 million, compared to operating revenues of $735 million in the second quarter. The net loss attributable to Nabors shareholders for the quarter was $56 million, compared to a net loss of $32 million in the second quarter. This equates to a loss of $6.86 per diluted share, compared to a loss per diluted share of $4.29 in the second quarter. The third quarter included net charges totaling approximately $25 million, primarily reflecting the redemption premium on the 2026 notes and market adjustments on investments. Third quarter adjusted EBITDA was $222 million, compared to $218 million in the previous quarter. Highlights: * Last week, Nabors announced the signing of an agreement to acquire Parker Wellbore. Parker's lines of business include the leading franchise in U.S. tubular rentals – Quail Tools – as well as international tubular rentals, well construction services (including casing running), and drilling rigs. Parker expects to generate EBITDA of $180 million this year. Nabors has identified synergies potential at an annualized run-rate of $35 million within 12 months of closing. Nabors will acquire all of Parker's issued and outstanding common stock in exchange for 4.8 million shares of Nabors common stock, subject to a share price collar. Nabors will also assume approximately $100 million in net debt. * Nabors Lower 48 rigs once again set notable performance milestones. A major operator in the Delaware Basin drilled three wells each with four-mile laterals, utilizing a Nabors PACE®-X rig equipped with a Canrig® Sigma topdrive. Sigma's rated torque is the industry's highest and is ideal for the larger-diameter drill pipe run on these wells. The rig also employed an NDS technology package. * A large operator in the Eagle Ford drilled its longest well in the basin, incorporating a lateral length of more than four miles. The lateral was drilled in a single run without the use of rotary steerable systems. The rig was a Nabors PACE®-M1000, utilizing larger-diameter drill pipe. * A large operator in the Bakken completed a four-mile lateral in a single run in under 12 days, utilizing a Nabors PACE®-X rig. This well is the operator's first four-mile lateral, and the operator believes it is the quickest in the Bakken. The rig was equipped with a comprehensive package of NDS Smart technology. Anthony G. Petrello, Nabors Chairman, CEO and President, commented, "We are excited as we move forward with our announced acquisition of Parker Wellbore. Our companies' portfolios are highly complementary. Parker's recent track record speaks for itself. Quail Tools, already the leader in its space, plays a key role as operators extend the lengths of their wellbore laterals. The transaction increases our scale, provides incremental growth and improves our leverage metrics. "Our third quarter operating results matched our overall expectations. Higher average daily margins and an improved mix drove growth in our International Drilling segment. International growth also resulted in better performance for our Drilling Solutions segment. "Daily margins in our International Drilling segment exceeded the $17,000 mark in the third quarter. We reached this milestone earlier than we expected. This result demonstrates the earnings power of our International segment. During the quarter we also started up previously awarded rigs. We have a path to substantial international growth with 13 rigs scheduled to deploy through early 2026 in the Middle East and Latin America. The opportunity set on top of those planned start-ups is also substantial. "In the Lower 48 market, our leading-edge pricing remained stable, supporting daily rig margins that were essentially in line with our expectations. Our average rig count was just under the prior quarter. Although we have not yet seen the anticipated increases in gas-directed drilling or a recovery from reductions driven by E&P consolidation, we look forward to an improvement in Lower 48 drilling activity in 2025." Segment Results: International Drilling adjusted EBITDA totaled $116 million, compared to $106.4 million in the second quarter. Average rig count increased to 85 from 84, driven by rig additions in Algeria and Saudi Arabia. Daily adjusted gross margin for the third quarter averaged $17,085, an increase of more than $1,000 compared to the prior quarter. The U.S. Drilling segment reported third quarter adjusted EBITDA of $108.7 million, compared to $114 million in the second quarter. Nabors' third quarter Lower 48 average rig count totaled 68, versus 69 in the second quarter. Daily adjusted gross margin in the Lower 48 averaged $15,051, versus $15,598 in the prior quarter. Drilling Solutions adjusted EBITDA increased to $34.3 million, compared to $32.5 million in the second quarter. This growth was driven by higher revenue in international markets of approximately 8% and higher penetration of performance software on Nabors U.S. rigs. Rig Technologies' adjusted EBITDA was $6.1 million, versus $7.3 million in the second quarter. The decrease was spread across several business lines in the U.S., mainly capital equipment, spare parts, and energy transition. Adjusted free cash flow was $18 million in the third quarter compared to $57 million in the preceding quarter. Capital expenditures totaled $118 million, including $37 million supporting the newbuilds in Saudi Arabia. This compares to $138 million in the second quarter, including $56 million supporting the newbuilds. The third quarter included two and a half additional months of interest payments for the notes issued late last year, translating into $11.7 million of interest. The first coupon payment for the notes occurred eight months after the notes were issued. Total interest payments for the quarter were $82 million, compared to $31 million in the prior quarter. William Restrepo, Nabors CFO, stated, "Last week we signed an agreement to acquire Parker Wellbore. The transaction is well aligned with our long-term strategy. It grows our capex-light NDS business, expands our international footprint, and helps us delever Nabors. Additionally, Parker is on track to earn meaningful EBITDA this year, totaling $180 million with attractive growth. Finally, Parker comes with low debt and it generates positive cash flow. This is before targeted annual synergies of $35 million. We are excited about the addition of Parker to the Nabors platform. "Nabors' third quarter results met our outlook. Daily adjusted gross margin in our International Drilling segment expanded by more than $1,000. We reached the $17,000 daily margin target a quarter ahead of schedule, driven by exceptional performances in Saudi Arabia and Latin America, which both increased daily margins, by $1,200 and $1,300 respectively. We have three rigs scheduled to deploy in the fourth quarter, each with attractive economics. These deployments will be somewhat offset by the 12-month suspension of three lower-margin rigs in the Kingdom. "Strength in the international markets also led to sequential growth in our Drilling Solutions business. We experienced an increase in international casing running jobs, augmented by greater deployment of performance software products, driving the segment's gross margin above 53%. "In our Lower 48 drilling business, pricing discipline and strict expense control maintained our average daily margin above $15,000 and in line with our forecast. We expect relative stability in the fourth quarter in both margin and rig count. Our rig count forecast is dependent on stable oil prices, a similar level of churn, and stability in the overall market. "Our capital spending target for the fourth quarter is now $230 million, with capital expenditures for SANAD newbuilds forecast at $105 million. The resulting annual capital spending forecast for 2024 is now $600 million, including $230 million related to the SANAD newbuilds. SANAD's rig supplier has improved its performance in reaching manufacturing milestones. We now expect earlier delivery of our rigs going forward. This has accelerated approximately $40 million of newbuild capital spending into 2024. We are targeting reductions in various markets to offset this increase. "Given the SANAD newbuild capital expenditures moving forward to 2024, the recent rig suspensions by Saudi Aramco and the slightly lower U.S. activity in the fourth quarter, we now expect our full year free cash flow to close the year between $100 and $130 million." Nabors expects the following metrics for the fourth quarter of 2024: U.S. Drilling * Lower 48 average rig count of approximately 68 rigs * Lower 48 daily adjusted gross margin of $15,000 * Alaska and Gulf of Mexico combined adjusted EBITDA up approximately $1.5 million versus the third quarter, with an additional rig starting work in Alaska International * Average rig count of approximately 84 rigs * Daily adjusted gross margin of approximately $17,000 Drilling Solutions * Adjusted EBITDA of $36 to $37 million Rig Technologies * Adjusted EBITDA of $9 to $10 million Capital Expenditures * Capital expenditures of $230 million, with $105 million for the newbuilds in Saudi Arabia * Full-year capital expenditures of approximately $600 million, with $230 million for the SANAD newbuilds * This forecast includes accelerated timelines from SANAD's rig supplier totaling an estimated $40 million Adjusted Free Cash Flow * Full-year adjusted free cash flow of $100 to $130 million Mr. Petrello concluded, "The results from our International Drilling segment demonstrate the value we are building in this business. With our pending rig deployments across markets, our path to future growth is well defined. Our success is driven in large part from our advanced technology. We see the global client base increasingly embracing the benefits of our solutions." About Nabors Bermuda-based Nabors Industries Ltd. (NYSE: NBR) owns and operates land-based drilling rig fleets and provides offshore platform rigs in the United States and several international markets. Nabors also provides directional drilling services, tubular services, performance software, and innovative technologies for its own rig fleet and those of third parties. Nabors Industries reported a net loss of $11.8 million for the year ended December 31, 2023, a net loss of $307.22 million in 2022, a net loss of $543.69 million in 2021, a net loss of $762.85 million in 2020, a net loss of $680.51 million in 2019, a net loss of $612.73 million in 2018, and a net loss of $540.63 million in 2017. As of March 31, 2024, the Company had $4.64 billion in total assets, $3.37 billion in total liabilities, and $522.82 million in total stockholders' equity. * * * In August 2024, Fitch Ratings has assigned a 'CCC'/'RR6′ rating to Nabors Industries, Inc.'s proposed senior guaranteed notes (PGN) due 2031. Nabors plans to utilize the proceeds from these notes to refinance the 7.25% PGN due 2026 held at Nabors Industries, Ltd. (Bermuda) and for general corporate purposes. The proposed notes will rank pari passu with Bermuda's existing PGN due 2026 and PGN due 2028. Nabors' existing 'B-' Long-Term Issuer Default Rating and Stable Outlook reflect the softening U.S. drilling environment since the beginning of 2023, alongside a steadily growing international segment. Fitch's credit profile assessment is supported by the expectation that free cash flow (FCF) will be directed toward gross debt reduction, as well as the company's proactive management of its maturity profile and its adequate liquidity. However, these positive factors are partially offset by the company's large note maturities starting in 2027, which Fitch anticipates will likely require partial refinancing through capital markets. Additionally, potential declines in rig activity and day rates could negatively impact cash flow and restrict FCF and near-term gross debt reduction. The company's complex capital structure, combined with the current high-interest rate environment, could also limit refinancing options and increase interest expenses. In March 2024, S&P Global Ratings revised its outlook to stable from positive and affirmed its 'B-' issuer credit rating on Nabors Industries Ltd. At the same time, S&P affirmed its 'B-' issue-level rating on the company's senior priority guaranteed notes, with a recovery rating of '3,' and a 'CCC' issue-level rating on the company's priority guaranteed notes, with a recovery rating of '6.' The stable outlook reflects S&P's expectation for the company's operating performance, industry fundamentals, near-term debt maturity profile, and credit metrics to remain appropriate for the 'B-' issuer credit rating. The outlook revision reflects S&P's expectation of reduced free cash flow generation and lower than anticipated debt reduction. In July 2024, S&P Global Ratings assigned its 'CCC' issue-level rating and '6′ recovery rating to Nabors Industries Ltd.'s proposed $550 million senior guaranteed notes due 2031. The company's subsidiary, Nabors Industries Inc., will issue the notes. The '6′ recovery rating indicates S&P's expectation of negligible (0%-10%; rounded estimate: 0%) recovery of principal by creditors in the event of a payment default. NAKED JUICE: $1.82BB Bank Debt Trades at 24% Discount ----------------------------------------------------- Participations in a syndicated loan under which Naked Juice LLC is a borrower were trading in the secondary market around 76.1 cents-on-the-dollar during the week ended Friday, November 1, 2024, according to Bloomberg's Evaluated Pricing service data. The $1.82 billion Term loan facility is scheduled to mature on January 24, 2029. The amount is fully drawn and outstanding. Naked Juice LLC is the entity resulting from a spin-off from PepsiCo, with PAI Partners owning 61% and Pepsi retaining a 39% stake. Naked Juice, LLC owns the Tropicana, Naked Juice, KeVita and other select juice brands. NAKED JUICE: $450MM Bank Debt Trades at 43% Discount ---------------------------------------------------- Participations in a syndicated loan under which Naked Juice LLC is a borrower were trading in the secondary market around 56.8 cents-on-the-dollar during the week ended Friday, November 1, 2024, according to Bloomberg's Evaluated Pricing service data. The $450 million Term loan facility is scheduled to mature on January 24, 2030. The amount is fully drawn and outstanding. Naked Juice LLC is the entity resulting from a spin-off from PepsiCo, with PAI Partners owning 61% and Pepsi retaining a 39% stake. Naked Juice, LLC owns the Tropicana, Naked Juice, KeVita and other select juice brands. NEXTDECADE CORP: BlackRock Holds 7.7% Equity Stake -------------------------------------------------- BlackRock, Inc. disclosed in Schedule 13G/A Report filed with the U.S. Securities and Exchange Commission that as of September 30, 2024, it beneficially owned 20,103,012 shares of NextDecade Corporation's common stock, representing 7.7% of the shares outstanding. A full-text copy of BlackRock's SEC Report is available at: https://tinyurl.com/nhesx99p About NextDecade Corporation NextDecade Corporation, a Delaware corporation, is a Houston-based energy company primarily engaged in construction and development activities related to the liquefaction of natural gas and sale of LNG, and the capture and storage of CO2 emissions. The Company is constructing and developing a natural gas liquefaction and export facility located in the Rio Grande Valley in Brownsville, Texas, which currently has three liquefaction trains and related infrastructure under construction. Houston, Texas-based Grant Thornton LLP, the Company's auditor since 2018, issued a "going concern" qualification in its report dated March 11, 2024, citing that the Company has incurred operating losses since its inception and management expects operating losses and negative cash flows to continue for the foreseeable future. These conditions, along with other matters, raise substantial doubt about the Company's ability to continue as a going concern. NextDecade reported a consolidated net loss of $182.7 million for the year ended December 31, 2023, compared to a net loss of $84.4 million for the same period in 2022. As of March 31, 2024, the Company had $4.17 million in total assets, $3.04 million in total liabilities, and $1.13 million in total equity. NORRIS TRAINING: Seeks to Extend Plan Exclusivity to Feb. 5, 2025 ----------------------------------------------------------------- Norris Training Systems, LLC, and its affiliates asked the U.S. Bankruptcy Court for the Western District of Texas to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to February 5, 2025 and April 6, 2025, respectively. The Debtors explain that they are currently in negotiations with their landlords regarding potential restructuring of their leases. Through their respective counsel, the Debtors have attempted in good faith to have discussions with Modern Bank, the largest secured creditor, regarding the substance of the treatment of its claim in a potential plan of reorganization. The Debtors claim that tension exists between their rising administrative expense costs, their landlords' concerns, and Modern Bank's insistence that the Debtors avoid spending as much cash as possible, including that the Debtors not pay rent while they work toward negotiations for lease restructuring and a chapter 11 plan. Modern Bank's delays and unreasonable second guessing of the Debtors' business judgment have pushed these Debtors to the edge of a cliff. Any more of this refusal to engage meaningfully and Modern will micromanage the debtor into dismissal or conversion, both of which mostly likely lead to a liquidation that benefits no party. The Debtors note that the ball is in Modern Bank's court to work with them and their landlords or to shut down the business immediately and alleviate the administrative burden on the Debtors. This is the first request for an extension of the Debtors' exclusivity periods. With an extension of the Debtors' exclusivity periods, the Debtors can continue negotiating with their landlords and with Modern Bank, toward the goal of rebuilding a going concern business. The Debtors assert that an objective analysis of the relevant factors demonstrates that the Debtors are doing everything they should be doing as chapter 11 debtors to facilitate a successful conclusion to this complex chapter 11 case. More time is needed because of delays which are the fault of other parties than the Debtors. Accordingly, cause exists to extend the Exclusivity Periods as requested herein. Counsel to the Debtors: Jennifer F. Wertz, Esq. Matthew D. Cavenaugh, Esq. Genevieve M. Graham, Esq. Victoria N. Argeroplos, Esq. Jackson Walker LLP 100 Congress Avenue, Suite 1100 Austin, TX 78701 Tel: (512) 236-2000 Fax: (512) 236-2002 Email: jwertz@jw.com Email: mcavenaugh@jw.com Email: ggraham@jw.com Email: vargeroplos@jw.com Email: bbutler@jw.com About Norris Training Systems Norris Training Systems, LLC and its affiliates own and operate general rental centers. Catering by Norris is a premium catering Company in Houston and San Antonio. The Debtors also host meetings, conferences, training programs, and/or trade shows. Norris Training Systems, LLC and its affiliates filed their voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Lead Case No. 24-10807) on July 10, 2024. The petitions were signed by David Norris as president. The Debtors estimated $10 million to $50 million in both assets and liabilities. Judge Shad Robinson presides over the case. Jennifer F. Wertz, Esq., at JACKSON WALKER LLP, is the Debtor's counsel. OCUGEN INC: BlackRock Holds 6.5% Equity Stake --------------------------------------------- BlackRock, Inc. disclosed in Schedule 13G Report filed with the U.S. Securities and Exchange Commission that as of September 30, 2024, it beneficially owned 18,614,758 shares of Ocugen Inc.'s common stock, representing 6.5% of the shares outstanding. A full-text copy of BlackRock's SEC Report is available at: https://tinyurl.com/33z6snap About Ocugen Inc. Malvern, Pa.-based Ocugen, Inc. is a biotechnology company focused on discovering, developing, and commercializing novel gene and cell therapies, biologics, and vaccines that improve health and offer hope for patients across the globe. The Company's technology pipeline includes: Modifier Gene Therapy Platform, Novel Biologic Therapy for Retinal Diseases, Regenerative Medicine Cell Therapy Platform, and Inhaled Mucosal Vaccine Platform. Philadelphia, Pennsylvania-based Ernst & Young LLP, the Company's auditor since 2018, issued a "going concern" qualification in its report dated April 16, 2024, citing that the Company has suffered recurring losses from operations and has stated that substantial doubt exists about the Company's ability to continue as a going concern. As of June 30, 2024, Ocugen had $40.5 million in total assets, $23.6 million in total liabilities, and $16.9 million in total stockholders' equity. ODYSSEY MARINE: Terminates Unit Purchase Deal With Ocean Minerals ----------------------------------------------------------------- Odyssey Marine Exploration, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on October 18, 2024, the Company, Odyssey Minerals Cayman Limited, a wholly owned subsidiary of Odyssey, and Ocean Minerals, LLC entered into a Termination Agreement pursuant to which the parties agreed to terminate the Unit Purchase Agreement among them dated June 4, 2023. The terms and conditions of the Purchase Agreement material to Odyssey are set forth in Odyssey's Current Report on Form 8-K filed with the Securities and Exchange Commission on June 5, 2023. The Purchase Agreement was terminated by the mutual consent of the parties to allow the parties to negotiate a new structure for further investment by Odyssey in OML. Odyssey owns 293,399 membership interest units of OML that it purchased pursuant to the Purchase Agreement. About Odyssey Marine Odyssey Marine Exploration, Inc. and its subsidiaries are engaged in deep-ocean exploration. Their innovative techniques are currently applied to mineral exploration and other marine survey and contracted services. The corporate headquarters are in Tampa, Florida. Tampa, Fla.-based Grant Thornton LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated May 17, 2024, citing that the Company incurred net operating losses during the year ended 2023, and as of December 31, 2023, the Company's current liabilities exceeded its current assets by $26.6 million, and its total liabilities exceeded its total assets by $85.9 million. These conditions, along with other matters, raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2024, Odyssey Marine Exploration had $26.3 million in total assets, $120.2 million in total liabilities, and $93.9 million in total stockholders' deficit. OFFICE PROPERTIES: Negotiates Refinancing With Debt Holders ----------------------------------------------------------- Office Properties Income Trust disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company has been engaged in negotiations with four unaffiliated beneficial holders (or investment managers or advisors acting on behalf of the funds and/or accounts they manage that are beneficial holders) of certain debt of the Company, including the Company's 4.500% Senior Notes due 2025 (collectively, the "Ad Hoc Group") in connection with the Ad Hoc Group's consideration of a potential refinancing transaction relating to the outstanding debt of the Company and its subsidiaries. Each member of the Ad Hoc Group has previously entered into a confidentiality agreement with the Company. Pursuant to the confidentiality agreements, the Company has agreed, as and when provided in such agreements, to publicly disclose certain information provided by the Company and its representatives. One member of the Ad Hoc Group has declined to continue to engage in negotiations with the Company and to extend the disclosure deadline in its confidentiality agreement beyond October 22, 2024. Accordingly, information in this Current Report on Form 8-K, including the Disclosure Materials, dated as of October 22, 2024, which are furnished with this Current Report on Form 8-K as Exhibit 99.1 and are incorporated herein by reference, is being furnished to satisfy the Company's public disclosure obligations pursuant to that member's confidentiality agreement. The term sheets setting forth (1) the Ad Hoc Group's most recent proposal to the Company and (2) the Company's most recent proposal to the Ad Hoc Group, in each case as to the material terms of a potential Refinancing Transaction, are available at: https://tinyurl.com/yc4mx6ub & https://tinyurl.com/yc4mx6ub. As of October 22, 2024, the Company has not reached any agreement with the Ad Hoc Group or any member thereof with respect to a Refinancing Transaction. However, the Company continues to actively engage in negotiations with the other members of the Ad Hoc Group. About Office Properties Office Properties Income Trust is a REIT organized under Maryland law. As of Dec. 31, 2023, its wholly owned properties were comprised of 152 properties, and it had noncontrolling ownership interests of 51% and 50% in two unconsolidated joint ventures that owned three properties containing approximately 468,000 rentable square feet. As of Dec. 31, 2023, the Company's properties are located in 30 states and the District of Columbia and contain approximately 20,541,000 rentable square feet. As of Dec. 31, 2023, its properties were leased to 258 different tenants, with a weighted average remaining lease term (based on annualized rental income) of approximately 6.4 years. The U.S. government is its largest tenant, representing approximately 19.5% of its annualized rental income as of Dec. 31, 2023. As of March 31, 2024, the Company had $4 billion in total assets, $2.7 billion in total liabilities, and $1.3 billion in total stockholders' equity. * * * In May 2024, OPI announced it was actively negotiating with its existing debtholders to exchange four series of its currently outstanding senior unsecured notes (worth $1.7 billion at face value) for up to $610 million of new senior secured notes and related guarantees, with priority given to the 2025 noteholders ($650 million outstanding). The exchange would result in debtholders receiving below the par value of the existing notes. In July 2024, S&P Global Ratings raised its issuer credit rating on Office Properties Income Trust (OPI) to 'CCC-' from 'SD' (selective default) and its issue-level ratings on the senior unsecured notes that were part of the exchange to 'CCC-' from 'D'. S&P said, "We lowered our issue-level rating on the company's March 2029 senior secured notes to 'CCC+' from 'B-', with the recovery rating remaining '1′. We also lowered the issue-level rating on the company's 2050 senior unsecured notes, which were not part of the debt exchange, to 'CCC-' from 'CCC'. The recovery rating on all the unsecured notes is unchanged at '3′. We also assigned our 'CCC' and '2′ recovery rating to the company's new September 2029 senior secured notes." S&P Global Ratings lowered its issuer credit rating on OPI to 'CC' from 'CCC' and its issue-level ratings on its senior unsecured notes due 2025, 2026, 2027, and 2031, which are part of the proposed exchange, to 'CC' from 'CCC'. At the same time, S&P affirmed its 'CCC' issue-level rating on the company's senior unsecured notes due 2050, which are not part of the proposed exchange, and its 'B-' issue-level rating on its existing secured notes due 2029. Its '3′ recovery rating on all the unsecured notes and '1′ recovery rating on the secured notes are unchanged. In June 2024, S&P Global Ratings lowered its issuer credit rating on Office Properties Income Trust (OPI) to 'SD' (selective default) and its issue-level rating on the company's 2025, 2026, 2027, and 2031 senior unsecured notes to 'D'. S&P said, "We view the debt exchange as distressed and tantamount to a default. The downgrade follows OPI's completion of its private debt exchange. In aggregate, the company exchanged $865.2 million of its 2025, 2026, 2027, and 2031 senior unsecured notes for $567.4 million of new senior secured notes due 2029. The exchange consideration varied depending on which notes were exchanged, with longer-dated notes receiving less consideration. In addition, certain noteholders received common equity to incentivize the exchange. In our view, this transaction is a distressed exchange and tantamount to a default because lenders received less than the original promise of the securities, which is not offset by adequate compensation." ONESOURCE COMMUNITY: Gets Interim OK to Use Cash Collateral ----------------------------------------------------------- OneSource Community Mental Health Services of Virginia, Inc. received interim approval from the U.S. Bankruptcy Court for the Eastern District of Virginia, Richmond Division to use its cash collateral. The company requires cash on hand and cash flow from its operations to fund its working capital needs as set forth in its budget. It projects $842,874 in total cash paid out for November. Sentara Health Plans, Inc., a creditor of the company, will receive cash payments through a filed plan or replacement liens in an amount equal to the aggregate diminution in value of its collateral. Sentara has obtained a judgment in Norfolk Circuit Court due to OneSource's default on a promissory note. Following the judgment, Sentara began garnishing the company's account and has to date taken approximately $293,321. Funds that would have been used toward the company's payroll have therefore been diverted to pay Sentara. About OneSource Community OneSource Community Mental Health Services of Virginia, Inc. is a full-service counseling and drug-treatment business. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 24-34038) on October 24, 2024, with up to $1 million in assets and up to $10 million in liabilities. Stephen A. Parson, Jr., chief executive officer, signed the petition. Christopher M. Winslow, Esq., at Winslow, McCurry & MacCormac , PLLC, represents the Debtor as legal counsel. ORTHOCARE SOLUTIONS: Hires Ennis Legacy as Financial Consultant --------------------------------------------------------------- Orthocare Solutions, Inc seeks approval from the U.S. Bankruptcy Court for the District of Maryland to employ Ennis Legacy Partners as financial consultant. The firm will provide these services: a. work with contracts, accounting, and program management, to clarify processes, develop procedures and establish a routine to ensure information flow; b. define the roles of each position, and the interface between each organization; c. educate program managers in the information flow to ensure they are doing their part; d. develop a five-year forecast and an annual budget; e. develop a reporting package, and more importantly the processes behind report generation, to ensure timely and accurate reports to management team; f. establish a routine management team review which will include a report package initially, with an ultimate goal of a dashboard accurate data/information; g. restructure or adjust the chart of accounts, and financial statements to ensure the right firm's are tracked; and h. identify areas of information capture to ensure the key metrics of your business are available. Ennis Legacy Partners received an initial fee deposit in the amount of $4,000 and is to be paid $4,000 per month for 3 months. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Corby Megorden, a partner at Ennis Legacy Partner, LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Corby Megorden Ennis Legacy Partner, LLC 9711 Washington Blvd, Suite 550 Gaithersburg, MD 20878 Telephone: (301) 859-0860 Facsimile: (240) 994-4941 About Orthocare Solutions, Inc. Orthocare Solutions is a veteran-owned small business serving the Washington, DC and Baltimore metro areas. Four separate locations offer customized orthotics, prosthetics, and medical equipment to patients of all ages. Orthocare Solutions, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No. 23-19191) on Dec. 18, 2023. The petition was signed by David Fred as owner. At the time of filing, the Debtor estimated up to $50,000 in assets and $1 million to $10 million in liabilities. Judge Maria Elena Chavez-Ruark oversees the case. Craig M. Palik, Esq. at MCNAMEE HOSEA, P.A. represents the Debtor as legal counsel. PHYSICIAN PARTNERS: $600MM Bank Debt Trades at 44% Discount ----------------------------------------------------------- Participations in a syndicated loan under which Physician Partners LLC is a borrower were trading in the secondary market around 56.3 cents-on-the-dollar during the week ended Friday, November 1, 2024, according to Bloomberg's Evaluated Pricing service data. The $600 million Term loan facility is scheduled to mature on December 22, 2028. The amount is fully drawn and outstanding. Physician Partners LLC (dba Better Health Group) is a value-based primary care physician group and managed service organization (MSO) network that services over 250,000 members, with over 1,000 providers and 111 owned centers. Private equity firm, Kinderhook Industries, is an investor in Better Health Midco, LLC with LTM revenue as of June 30, 2023 of approximately $1.1 billion. PICCARD PETS: Court Wants Bid to Sell Jacksonville Asset Revised ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, has denied the petition of Piccard Pets Supplies, Corp. to sell Property commonly identified as 5521 Blanding Blvd, Jacksonville, FL 32244. The Property, commonly identified as: 5521 Blanding Blvd, Jacksonville, FL 32244, is to be sold in a private sale to Anthony Rademeyer and Karen Rademeyer for the purchase price of $1,112,500. The Court determined that the prescribed filing fee of $199.00 was not paid as required by the Bankruptcy Court Schedule under 28 U.S.C. Section 1930. The Court denied the motion to allow movant to file an amended motion. No additional filing fee will be assessed for the filing of any amended motion filed for the purpose of correcting the noted deficiency. According to the Debtor, the Property is encumbered to Ameris Bank NA, and the U.S. Small Business Administration: -- A first mortgage lien held by Ameris Bank, N.A. having as the indebtedness outstanding of approximately $895,080; and -- A second mortgage lien held by the SBA, having a purported indebtedness of approximately $931,900. The Debtor says the sale price exceeds the bonafide indebtedness of the First Mortgage and the sale price represents a realistic market value of the Property. The Debtor anticipates a net profit after payment on account of the First Mortgage and closing costs, including realtor commission which be applied as a partial payment to the Second Mortgage. About Piccard Pets Supplies, Corp, LLC Piccard Pets Supplies Corp., a company in Jacksonville, Fla., offers pet supplies and medications. Piccard Pets Supplies sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-02434) on Aug. 15, 2024, with total assets of $927,465 and total liabilities of $5,323,839. Marlon Martinez, chief executive officer, signed the petition. Judge Henry W. Van Eck oversees the case. The Debtor is represented by Thomas Adam, Esq., at Adam Law Group, PA. PLA FOUR 24: $7.75M Cash Infusion to Fund Plan Payments ------------------------------------------------------- PLA Four 24 LLC and affiliates filed with the U.S. Bankruptcy Court for the District of New Jersey a Disclosure Statement describing Joint Plan of Reorganization dated September 18, 2024. The Debtors own residential apartment buildings located in East Orange, New Jersey: PLA Four 24 LLC owns a residential apartment building located at 24 S. Grove Street in East Orange; PLA Four 235 LLC owns a residential apartment building located at 235 S. Harrison Street in East Orange; and EOA 206 LP owns a residential apartment building located at 60 S. Munn Avenue in East Orange (collectively, the "Properties"). The Properties are substantially the Debtors' sole respective assets, and each are subject to mortgage liens held by Fannie Mae. Fannie Mae has asserted the following claims: $6,244,592.15 against PLA Four 24 LLC; $14,037,343.53 against PLA Four 235 LLC; and $37,472,637.17 against EOA 206 LP. Additionally, PL AW Funding II asserts a single claim allegedly secured bhy each of the Properties, in the amount of $7,498,800.92. Generally speaking, the Plan calls for the Debtors to receive a cash infusion in the aggregate amount of $7,750,000, in the form of an equity investment in each of the Debtors from Cider Moon Investment Group LLC. The proceeds of the investment from Cider Moon will be utilized to, among other things, cure all arrearages owed to Fannie Mae, whereupon the Debtors' respective loan obligations to Fannie Mae will be deaccelerated and the Fannie Mae loan documents will be reinstated, and such rents will be used to service ongoing debt service obligations to Fannie Mae, and otherwise fund payments as required by the Plan. Class 4 consists of the Unsecured Claim of PL Aw Funding II that is asserted against each of the Debtors' estates. PL Aw Funding shall receive $3.1 million upon the effective date, in full and final satisfaction of all claims against the Debtors. Class 5 consists of the Unsecured Claims of Fannie Mae that is asserted against each of the Debtors' estates. To be paid pursuant to and in accordance with reinstated pre-petition loan documents. Class 6 consists of the General Unsecured Claims against PLA Four 24 LLC that is approximately $158,000 of aggregate claims. Creditors to receive pro rata share of quarterly payments of $8,573, beginning on effective date and thereafter until paid in full, with 5% interest. Class 7 consists of the General Unsecured Claims against PLA Four 235 LLC that is approximately $295,000 of aggregate claims. Creditors to receive pro rata share of quarterly payments of $19,337, beginning on effective date, and thereafter until paid in full, with 5% interest. Class 8 consists of the General Unsecured Claims against EOA 206 LP that is approximately $475,000 of aggregate claims. Creditors to receive pro rata share of quarterly payments of $28,089, beginning on effective date, and thereafter until paid in full, with 5% interest. Interest holders in Class 9 shall retain their interests following confirmation. The Plan will initially be funded through an equity investment of $7,750,000 from Cider Moon, to be allocated across the Debtors. A full-text copy of the Disclosure Statement dated September 18, 2024 is available at https://urlcurt.com/u?l=wrYLrj from PacerMonitor.com at no charge. Counsel to the Debtor: Douglas J. McGill, Esq. WEBBER MCGILL LLC 100 E. Hanover Avenue, Suite 401 Cedar Knolls, New Jersey 07927 Tel: (973) 739-9559 Email: dmcgill@webbermcgill.com About PLA Four 24 LLC PLA Four 24 LLC is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). PLA Four 24 LLC filed its voluntary petition for relief under Chapter 11 of the Bankrutpcy Code (Bankr. D.N.J. Case No. 24-16225) on June 20, 2024, listing up to $50,000 in assets and $1 million to $10 million in liabilities. The petition was signed by Thomas J. Caleca, on behalf of its sole member/manager. Judge Vincent F Papalia presides over the case. Douglas J. McGill, Esq. at WEBBER MCGILL LLC represents the Debtor as counsel. QHSLAB INC: Welcomes Dr. Juan Oms as Medical Advisor ---------------------------------------------------- QHSLab, Inc. announced the addition of Dr. Juan D. Oms, a board-certified psychiatrist with extensive expertise in behavioral health and substance use disorders, as a medical advisor. Dr. Oms will provide strategic guidance in integrating advanced digital healthcare solutions to support the mental health and substance misuse and/or abuse needs of patients in primary care settings. October 18, the Company, entered into a Consulting Agreement with Dr. Oms, pursuant to which Dr. Oms will provide strategic advisory services in psychiatry and behavioral health to the Company. In consideration of his services, Dr. Oms will receive a one-time stock payment of 100,000 shares of common stock of the Company. The one hundred thousand shares will be issued to Dr. Oms within 30 days after the Agreement is signed. The term of the Agreement is twenty-four months. Dr. Oms completed his medical degree at the Autonomous University of Guadalajara in Jalisco, Mexico, followed by residency training in Psychiatry at Jackson Memorial Hospital in Miami, in association with the University of Miami and the VA Medical Center. He is a Diplomate of the American Board of Psychiatry and Neurology and completed a fellowship in Forensic Psychiatry and a Fellow of the American Psychiatric Association. Over the course of his career, Dr. Oms has developed specialized interests in substance use disorders, serving as Medical Director at several facilities, including Miami Outpatient Detox, where he led the integration of comprehensive outpatient substance use treatment services. Dr. Oms has also made significant contributions to academic psychiatry, serving as Chairman and Program Director of the Psychiatry Residency Southern Winds Hospital. In addition, he has held various academic appointments as Assistant Clinical Professor at FIU College of Medicine, Saint George University, Ross University School of Medicine, and American University of the Antilles. His commitment to education and innovative patient care continues as he serves in various leadership roles, including Director of Psychiatry at Ketamine Health Centers, where he pioneered treatments for resistant depression and contributed to clinical research. Since joining Jackson Behavioral Health in 2020, Dr. Oms has played a key role in developing a co-occurring substance use and mental health inpatient unit and streamlining tele-psychiatric consult services across the Jackson Memorial Hospital System. His expertise in blending traditional and innovative treatment methods aligns with QHSLab's mission to empower physicians through digital health solutions that improve patient outcomes and enhance practice efficiency. "We are excited to have Dr. Oms join QHSLab as we expand our offerings in mental health and behavioral health solutions," said Troy Grogan, President and CEO of QHSLab. "His extensive experience and leadership in psychiatry and substance use disorders will greatly benefit our mission to integrate advanced, AI-driven healthcare solutions into primary care settings. Since joining QHSLab, Dr. Oms has actively contributed to projects evaluating digital therapeutic interventions for mental health and chronic pain. These include longitudinal studies assessing the impact of QHSLab's platform on reducing depression (PHQ-9) and anxiety (GAD-7) scores in primary care patients. Early findings from these studies show significant reductions in depression and anxiety symptoms, particularly in patients with severe depression, highlighting the potential for digital health tools to provide accessible, non-pharmacological treatment options. Dr. Oms has also been integral to the success of the Painless series--a digital health initiative designed to help patients manage chronic pain through cognitive-behavioral strategies and health journeys. These efforts align with QHSLab's broader goal to integrate mental health solutions into primary care practices, offering both lifestyle modifications and mental health support for patients with comorbid conditions. The research mentioned above is part of two scientific abstracts submitted to the American Psychiatric Association Annual Meeting. "Dr. Oms's expertise, background in academia, and dedication to both mental health and digital innovation bring a wealth of knowledge to QHSLab," said Marcos A. Sanchez-Gonzalez, MD, PhD,. VP of Medical & Scientific Affairs at QHSLab. "We are thrilled to have him on board as he actively contributes to advancing our digital health initiatives. His work will play a pivotal role in expanding our capabilities in behavioral health and chronic care management, ultimately improving patient outcomes in primary care settings and beyond." QHSLab, Inc. continues to push the boundaries of digital healthcare, and Dr. Oms's insights will help accelerate the company's growth in behavioral health services, allowing primary care physicians to better assess, monitor, and manage mental health conditions in the patients they serve. About QHSLab, Inc. Beach, Fla.-based QHSLab, Inc. is a medical device technology and software-as-a-service company focused on enabling primary care physicians to increase their revenues by providing them with relevant, value-based tools to evaluate and treat chronic disease as well as provide preventive care through reimbursable procedures. Going Concern The Company cautioned in its Form 10-Q Report for the quarter ended March 31, 2024, that there is substantial doubt about its ability to continue as a going concern. The Company has incurred losses since inception, is highly leveraged, and has only recently begun to generate cash from operations. The Company generated net loss of $468,362 for the year ended December 31, 2023, and is currently in default of its obligations under its OID Notes and the note incurred to acquire assets related to its AllergiEnd products. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern for a reasonable period of time. As of June 30, 2024, QHSLab had $1,698,175 in total assets, $2,083,207 in total liabilities, and $385,032 in total stockholders' deficit. QUEST SOFTWARE: $2.81BB Bank Debt Trades at 47% Discount -------------------------------------------------------- Participations in a syndicated loan under which Quest Software Inc is a borrower were trading in the secondary market around 52.7 cents-on-the-dollar during the week ended Friday, November 1, 2024, according to Bloomberg's Evaluated Pricing service data. The $2.81billionTerm loan facility is scheduled to mature on February 1, 2029. About $2.75 billion of the loan has been drawn and outstanding. Quest Software provides software solutions. The Company offers enterprise software that identities, users and data, streamlines IT operations, and hardens cyber security from the inside out. Quest Software serves customers in the United States. QUEST SOFTWARE: $765MM Bank Debt Trades at 72% Discount ------------------------------------------------------- Participations in a syndicated loan under which Quest Software Inc is a borrower were trading in the secondary market around 28.3 cents-on-the-dollar during the week ended Friday, November 1, 2024, according to Bloomberg's Evaluated Pricing service data. The $765 million Term loan facility is scheduled to mature on February 1, 2030. The amount is fully drawn and outstanding. Quest Software provides software solutions. The Company offers enterprise software that identities, users and data, streamlines IT operations, and hardens cyber security from the inside out. Quest Software serves customers in the United States. QURATE RETAIL: Sets Annual Investor Meeting for Nov. 14 ------------------------------------------------------- Qurate Retail, Inc. will be holding its annual Investor Meeting on Thursday, November 14, 2024, which will occur concurrent with the annual Investor Meeting of Liberty Media Corporation. Presentations related to Liberty Media will begin at approximately 9:30am E.T. and presentations for Qurate Retail, Liberty TripAdvisor Holdings, Inc. and Liberty Broadband Corporation are estimated to begin at approximately 1:00pm E.T. During its annual Investor Meeting, observations may be made regarding Qurate Retail's financial performance and outlook, as well as other forward looking matters. The annual Investor Meeting will be held in New York, NY and is open to shareholders, research analysts and press. Registration and webcast information is available on the Qurate Retail website at https://www.qurateretail.com/investors/news-events/ir-calendar. A Q&A session will be hosted after the presentations. In-person attendees will be able to ask questions live, or interested parties are able to submit questions in advance by emailing investorday@libertymedia.com with the subject "Investor Day Question" by 5:00pm E.T. on Friday, November 8, 2024. An archive of the webcast of the Investor Meeting will also be available on the Qurate Retail website after appropriate filings have been made with the SEC. Agenda for the annual Investor Meeting: * Morning Presentations Beginning 9:30am E.T. -- Liberty Media * Formula 1 * Live Nation Entertainment, Inc. * Quint * Afternoon Presentations Beginning 1:00pm E.T. -- Qurate Retail -- Liberty TripAdvisor Holdings, Inc. * Tripadvisor, Inc. -- Liberty Broadband Corporation * Charter Communications, Inc. * GCI -- Atlanta Braves Holdings, Inc. * Q&A Session Beginning 2:30pm E.T. About Qurate Retail Headquartered in Englewood, Colorado, Qurate Retail, Inc. owns controlling and non-controlling interests in a broad range of video and online commerce companies. Qurate has six leading retail brands: QVC, HSN, Ballard Designs, Frontgate, Garnet Hill, and Grandin Road. Qurate Retail Group is the largest player in video commerce, which includes video-driven shopping across linear TV, e-commerce sites, digital streaming, and social platforms. The retailer reaches more than 200 million homes worldwide via 15 television channels, which are widely available on cable/satellite TV, free over-the-air TV, and digital livestreaming TV. The retailer also reaches millions of customers via its QVC+ and HSN+ streaming experiences, websites, mobile apps, social pages, print catalogs, and in-store destinations. Qurate Retail, Inc. also holds various minority interests. Qurate Retail reported a net loss of $94 million for the year ended Dec. 31, 2023, compared to a net loss of $2.53 billion for the year ended Dec. 31, 2022. As of June 30, 2024, the Company had $10.9 billion in total assets, $10.5 billion in total liabilities, and $421 million in total stockholders' equity. Qurate Retail disclosed in a Form 8-K filed with the Securities and Exchange Commission that on June 10, 2024, it received written notice from The Nasdaq Stock Market notifying the Company that, because the closing bid price for the Company's Series A common stock, par value $0.01 per share, had fallen below $1.00 per share for 30 consecutive business days, the Company no longer complies with the minimum bid price requirement for continued listing of QRTEA on the Nasdaq Global Select Market. * * * As reported by TCR on April 22, 2024, S&P Global Ratings revised its outlook to stable from negative and affirmed all its ratings on U.S.-based video commerce and online retailer Qurate Retail Inc., including its 'CCC+' issuer credit rating. The stable outlook reflects S&P's expectation that Qurate will maintain sufficient liquidity over the next 12 months despite its view that its capital structure remains unsustainable, as further cost reductions offset sales weakness and support profit recovery. RATHER OUTDOORS: $365MM Bank Debt Trades at 17% Discount -------------------------------------------------------- Participations in a syndicated loan under which Rather Outdoors Corp is a borrower were trading in the secondary market around 83.1 cents-on-the-dollar during the week ended Friday, November 1, 2024, according to Bloomberg's Evaluated Pricing service data. The $365 million Term loan facility is scheduled to mature on February 11, 2028. The amount is fully drawn and outstanding. Rather Outdoors Corporation operates as a holding company. The Company, through its subsidiaries, provides fishing equipment, such as casting, spinning, rods, tools, and accessories. Rather Outdoors Corp serves customers in the State of Missouri. RED RIVER: Gets OK to Hire Bates White as Talc Consultant --------------------------------------------------------- Red River Talc LLC received approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Bates White, LLC as talc consultants. The firm's services include: (a) performing due diligence and analysis regarding the Debtor’s current, potential future and overall talc liability (both defense costs and indemnity), including with respect to historical and projected trends, econometric evaluations, market analysis and evaluations using other established methodologies; (b) assisting the Debtor in negotiations with various parties regarding the Debtor’s talc liability, including by evaluating proposals or potential proposals and providing analysis, information and support in connection therewith; (c) advising the Debtor regarding the funding of the Talc Personal Injury Trust pursuant to the Amended Plan; (d) advising the Debtor regarding financial issues that may impact the valuation of talc claims; (e) providing expert testimony and reports related to the foregoing and assisting the Debtor in preparing and evaluating reports and testimony by other experts and consultants, including in connection with confirmation of the Amended Plan; (f) assisting and advising the Debtor with regards to talc liability and matters in Imerys; and (g) providing such other consulting services as may be requested by the Debtor. The firm will be paid at these hourly rates: Partner (Dr. Charles Mullin) $1,600 Partner $800 - $2,100 Principal $675 - $900 Managing Economist $675 - $800 Managing Consultant $575 - $700 Senior Economist $600 - $700 Senior Consultant $525 - $625 Economist $575 - $600 Consultant II $465 - $500 Consultant I $435 Data Specialist $300 Project Coordinator $300 Project Assistant $250 On or about August 20, 2024, the Debtor paid Bates White a retainer of $750,000 for professional services and expenses to be provided to the Debtor. In addition, on or about Sep. 19, 2024, Bates White received a replenishment of the retainer in the amount of $750,000. As disclosed in court filings, Bates White is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Charles Mullin Bates White, LLC 2001 K Street NW North Building, Suite 500 Washington, DC 20006 Phone: (202) 408-6110 Email: charlie.mullin@bateswhite.com About Red River Talc LLC Red River Talc LLC is a wholly owned subsidiary of Johnson & Johnson, a New Jersey company incorporated in 1887, which first began selling JOHNSON'S Baby Powder in 1894, launching its baby care line of products. Red River Talc LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-90505) on September 20, 2024, listing $1 billion to $10 billion in both assets and liabilities. The petition was signed by John K. Kim as chief legal officer. Judge Christopher M. Lopez presides over the case. John F Higgins, IV, Esq. at Porter Hedges LLP represents the Debtor as counsel. RED RIVER: Hires McCarter & English as Special Counsel ------------------------------------------------------ Red River Talc LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire McCarter & English, LLP as special insurance counsel. The firm's services include: (a) counseling and representing the Debtor in connection with matters arising from or relating to the Debtor's insurance coverage, particularly with respect to its talc liabilities; (b) counseling and representing the Debtor and assisting general bankruptcy counsel in connection with issues related to insurance coverage for its talc liabilities; (c) assisting the Debtor with any discovery related issues to the extent they bear upon insurance coverage for its talc liabilities; (d) assisting the Debtor in any negotiations in this Chapter 11 Case to the extent such negotiations bear upon insurance coverage for the Debtor's talc liabilities and; (e) performing such other services as may be requested by the Debtor from time to time relating to insurance coverage for its talc liabilities. McCarter & English's hourly rates are as follows: Partners $545 - $1,600 Counsel/Of Counsel $450 - $950 Associates $420 - $695 Paralegals $175 - $425 The following is provided in response to the request for additional information set forth in Paragraph D.1 of the Guidelines. Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: McCarter & English's hourly rates are the same as its prepetition rates in connection with its representation of Johnson & Johnson, the Debtor's predecessors and the Debtor. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Response: As noted above, McCarter & English's hourly rates are the same as its prepetition rates in connection with its representation of Johnson & Johnson, the Debtor's predecessors and the Debtor. Thomas W. Ladd, Esq., a partner of McCarter & English, disclosed that his firm is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code The firm can be reached through: Thomas W. Ladd, Esq. McCarter & English, LLP Four Gateway Center 100 Mulberry Street Newark, NJ 07102-4056 Tel: (973) 639-7986 Fax: (973) 297-3890 Email: tladd@mccarter.com About Red River Talc LLC Red River Talc LLC is a wholly owned subsidiary of Johnson & Johnson, a New Jersey company incorporated in 1887, which first began selling JOHNSON'S Baby Powder in 1894, launching its baby care line of products. Red River Talc LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-90505) on September 20, 2024, listing $1 billion to $10 billion in both assets and liabilities. The petition was signed by John K. Kim as chief legal officer. Judge Christopher M. Lopez presides over the case. John F Higgins, IV, Esq. at Porter Hedges LLP represents the Debtor as counsel. REDLINE METALS: Gets Interim OK to Use Cash Collateral ------------------------------------------------------ Redline Metals, Inc. received interim approval from the U.S. Bankruptcy Court for the Northern District of Illinois to use the cash collateral of its senior secured creditor, Old Second National Bank. The company was authorized to use cash to pay payroll and related expenses up to $45,000 weekly, and applicable employer paid taxes pursuant to its budget. Old Second National Bank will be granted replacement lien and will receive a weekly payment of $7,500 as adequate protection. In order to partially address the shortfall of the adequate protection payments to date, Redline Metals was ordered to make three additional payments each in the amount of $25,000 per week to the bank. About Redline Metals Redline Metals, Inc., a recycling center in Lombard, Ill., filed Chapter 11 petition (Bankr. N.D. Ill. Case No. 24-12590) on Aug. 27, 2024, with $10 million to $50 million in both assets and liabilities. Judge Jacqueline P. Cox oversees the case. Paul M. Bach, Esq., at Bach Law Offices is the Debtor's bankruptcy counsel. REDLINE RECREATIONAL: Available Cash and Income to Fund Plan ------------------------------------------------------------ Redline Recreational Toys Inc., filed with the U.S. Bankruptcy Court for the District of Idaho a Combined Plan of Reorganization and Disclosure Statement dated September 18, 2024. The Debtor is a recreational toy sharing membership business. Under Redline's innovative membership model, members pay a subscription to have access to boats, PWCs, ATVs, UTVs, snowmobiles, campers, motor homes, and more. On approximately April 2, 2024, the Debtor was notified by creditor Alaska Growth Capital ("AGC") of a default under the terms and conditions of the Forbearance Agreement dated December 22, 2023. This notification indicated that as a consequence of the default, all sums owed under the agreement were accelerated and became immediately due and payable in full. Despite efforts to manage liabilities, the Debtor was unable to satisfy the repayment demands. Further compounding the situation, during a telephone conversation on April 4, 2024, the Debtor communicated its inability to pay the loans in full as demanded. In response, AGC required that the Debtor assemble and deliver all equipment serving as collateral for the loans to AGC's designated agent by no later than April 15, 2024. AGC also offered to provide a detailed listing of the specific items required as collateral upon request. This situation precipitated the Debtor's need to seek relief and reorganization under Chapter 11 of the Bankruptcy Code, aiming to restructure its financial obligations and ensure the continuity of its business operations while addressing the interests of all stakeholders involved. Accordingly, the Debtor filed a petition for relief under chapter 11 of the Bankruptcy Code on June 20, 2024 and elected to proceed under Subchapter V. Broadly speaking, the Debtor's Plan proposes to pay holders of Allowed Claims the Debtor's "Disposable Income" for a period of three years, which will be distributed to such holders on a pro rata basis as provided in this Plan. The Debtor will fund this Plan through the ongoing operation certain aspects of its business; namely, its peer-to-peer rental program, rentals of recreational vehicles and equipment leased by the Debtor from private non-debtor owners, and franchising. To facilitate this means of implementation, the Debtor proposes to merge with several non-debtor entities, which will maximize the value of the bankruptcy estate and ensure creditors are treated fairly. After the Effective Date, the Debtor does not intend to utilize significant property currently owned by the Debtor unless abandoned by Secured Claim Holders having an interest in such property. Class US-1 consists of General Unsecured Claims. Holders of Class US-1 General Unsecured Claims will receive, in full satisfaction of their Allowed Class 3 claim on the later of (a) 20 days after the Effective Date, or (b) the date that such Claim becomes an Allowed Class US-1 Claim each such Holder's Pro Rata share of the General Unsecured Claims Cash Distribution. Class US-1 is Impaired. On the Effective Date, all Equity Interests of the Debtor will be reinstated, and all Holders will be entitled to all legal and equitable rights of such Holders under applicable law. On the Effective Date, all assets of the Debtor's estate, including all real and personal property, all Causes of Action, interests, claims, choses in action, and rights under any contracts (executory or otherwise), against any person will re vest and be transferred to the post-Effective Date Debtor. The Debtor will remain in possession of all other assets, including its business and will continue to sell its products through its existing marketing channels while seeking to incrementally increase its sales through a measured growth model that emphasizes profitability. The cash necessary to make distributions by the Debtor to each Class of Claims consists of (a) cash on hand and (b) cash to be earned from the continued business operations of the Debtor. A full-text copy of the Combined Plan and Disclosure Statement dated September 18, 2024 is available at https://urlcurt.com/u?l=QnQSNp from PacerMonitor.com at no charge. Attorneys for the Debtor: Brian M. Rothschild, Esq. Elliott D. McGill, Esq. PARSONS BEHLE & LATIMER 800 W Main St Suite 1300 Boise, Idaho 83702 Telephone: (208) 562-4900 Facsimile: (801) 536-6111 BRothschild@parsonsbehle.com ECF@parsonsbehle.com About Redline Recreational Toys Redline Recreational Toys Inc. is a membership-based recreational vehicle agency in Boise, Idaho. The concept of Redline is to allow members to play on all of the recreational toys in its fleet including boats, PWCs, ATVs, UTVs, snowmobiles, campers, motor homes, and more, without the high costs of renting or the hassles of owning. Redline filed its voluntary petition for Chapter 11 protection (Bankr. D. Idaho Case No. 24-00388) on June 20, 2024, with up to $50,000 in assets and up to $10 million in liabilities. Dustin Weniger, chief executive officer, signed the petition. Parsons Behle & Latimer serves as the Debtor's legal counsel. REKOR SYSTEMS: BlackRock Holds 5.3% Equity Stake ------------------------------------------------ BlackRock, Inc. disclosed in Schedule 13G Report filed with the U.S. Securities and Exchange Commission that as of September 30, 2024, it beneficially owned 47,100,218 shares of Rekor Systems, Inc.'s common stock, representing 5.3% of the shares outstanding. A full-text copy of BlackRock's SEC Report is available at: https://tinyurl.com/bdevhwkc About Rekor Systems Rekor Systems, Inc., headquartered in Columbia, Md., is working to revolutionize public safety, urban mobility, and transportation management using AI-powered solutions designed to meet the distinct demands of each market it serves. The Company works hand-in-hand with its customers to deliver mission-critical traffic and engineering services that assist them in achieving their goals. The Company's vision is to improve the lives of citizens and the world around them by enabling safer, smarter, and greener roadways and communities. The Company works towards this by collecting, connecting, and organizing mobility data, and making it accessible and useful to its customers for real-time insights and decisioning for situational awareness, rapid response, risk mitigation, and predictive analytics for resource and infrastructure planning and reporting. East Hanover, N.J.-based Marcum LLP, the Company's auditor since 2019, issued a "going concern" qualification in its report dated March 25, 2024, citing that the Company has incurred significant losses and may need to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of and for the year ended December 31, 2023, Rekor Systems had a loss from continuing operations of $45,685,000, compared to a net loss of $83,115,000 for the same period in 2022. As of June 30, 2024, Rekor Systems had $97.9 million in total assets, $51.7 million in total liabilities, and $46.2 in total stockholders' equity. REKOR SYSTEMS: Eliminates $20MM Optional Advance in PPA Amendment ----------------------------------------------------------------- As previously disclosed by its Current Report on Form 8-K on August 14, 2024, Rekor Systems, Inc. entered into a Pre-Paid Advance Agreement with YA II PN, Ltd., a Cayman Islands exempt limited company and an affiliate of Yorkville Advisors Global, LP. In accordance with the terms of the PPA, the Investor advanced to the Company a pre-paid advance of $15,000,000. Pursuant to the terms of the PPA, within one year the Company could receive an additional $20,000,000 advance on the same terms as the Pre-Paid Advance, subject to satisfaction of certain conditions set forth in the PPA. On October 22, 2024, the Company and the Investor entered into Amendment No.1 to the Pre-Paid Advance Agreement to eliminate the Optional Additional Advance from the PPA. All other terms and provisions of the PPA remain unchanged and in full force and effect. A full-text copy of the Amendment No. 1 to Prepaid Advance Agreement, dated October 22, 2024, by and between Rekor Systems, Inc. and YA II PN, Ltd. is available at https://tinyurl.com/35dchkmt About Rekor Systems Rekor Systems, Inc., headquartered in Columbia, Md., is working to revolutionize public safety, urban mobility, and transportation management using AI-powered solutions designed to meet the distinct demands of each market it serves. The Company works hand-in-hand with its customers to deliver mission-critical traffic and engineering services that assist them in achieving their goals. The Company's vision is to improve the lives of citizens and the world around them by enabling safer, smarter, and greener roadways and communities. The Company works towards this by collecting, connecting, and organizing mobility data, and making it accessible and useful to its customers for real-time insights and decisioning for situational awareness, rapid response, risk mitigation, and predictive analytics for resource and infrastructure planning and reporting. East Hanover, N.J.-based Marcum LLP, the Company's auditor since 2019, issued a "going concern" qualification in its report dated March 25, 2024, citing that the Company has incurred significant losses and may need to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of and for the year ended December 31, 2023, Rekor Systems had a loss from continuing operations of $45,685,000, compared to a net loss of $83,115,000 for the same period in 2022. As of June 30, 2024, Rekor Systems had $97.9 million in total assets, $51.7 million in total liabilities, and $46.2 in total stockholders' equity. RKO SERVICES: Seeks to Hires BurksBaker PLLC as Counsel ------------------------------------------------------- RKO Services, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ BurksBaker, PLLC as attorney. The firm will assist the Debtor with the preparation, filing and pursuit of reorganization in a bankruptcy, and represent in adversary proceedings that are part of the Debtor's bankruptcy case upon written request and agreement by the firm. BurksBaker, PLLC will be paid at these rates: H. Gray Burks, IV $525 per hour Reese W. Baker $525 per hour Nicole Bates, Paralegals $175 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. H. Gray Burks, Esq., a partner at BurksBaker, PLLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: H. Gray Burks, Esq. BurksBaker, PLLC 950 Echo Ln., Suite 300 Houston, TX 77024 Telephone: (713) 897-1297 Email: gray.burks@bakerassociates.net About RKO Services RKO Services, LLC and its affiliates filed their voluntary petitions under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-20186) on July 1, 2024. RKO Services disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Marvin Isgur handles the case. The Debtors tapped H. Gray Burks, IV, Esq., at BurksBaker, PLLC as legal counsel and Christine Beckwith as bookkeeper. ROTI RESTAURANTS: Hires Arm Consulting as Real Estate Consultant ---------------------------------------------------------------- Roti Restaurants, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Arm Consulting, LLC as real estate consultant. The firm will render real estate services over the Debtor's Mediterranean restaurants in 19 leased locations under the names "Roti Modern Mediterranean," "Roti Mediterranean Grill," "Roti Bowls. Salads. Pitas.", and "Roti." Arm Consulting will negotiate improvements to lease rates and terms, including modifications of cure amounts and other claims, that can add material value to the estates by providing further inducements to potential bidders, and encouraging competitive bidding. The firm will be paid as follows: a. 6 percent of any savings or Tenant Improvement dollars achieved, capped at 5 years of term; and b. $1,000 per location for each successful extended deferral of rent. Deferral must be for a minimum of one month and be signed by the Company to earn this fee. The firm will be paid a retainer in the amount of $25,000. Andrew R Margolick, a President at Arm Consulting, LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Andrew R Margolick, Arm Consulting, LLC 1287 Sherwood Road Highland Park, IL 60035 Tel: (847) 345-2828 Fax: (847) 607-1475 About Roti Restaurants Roti Restaurants own and operate fast-casual restaurants offering Mediterranean menu with house-made meats, crisp vegetables, and flavor-forward sauces. Roti Restaurants, LLC and its affiliates concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-12410) on Aug. 23, 2024. The petitions were signed by Justin Seamonds as manager. At the time of filing, Roti Restaurants, LLC estimated $50,000 in assets and $1 million to $10 million in liabilities. Judge Donald R. Cassling presides over the case. Michael P. Richman, Esq. at RICHMAN & RICHMAN LLC represents the Debtors as counsel. The Debtors hired Ravinia Capital LLC, led by Thomas Goldblatt, as their investment banker. The U.S. Trustee for Region 11 appointed Ira Bodenstein as Subchapter V trustee for Roti Restaurants. ROYSTONE ON QUEEN: Seeks Cash Collateral Access Until Dec. 31 ------------------------------------------------------------- Roystone on Queen Anne, LLC asked the U.S. Bankruptcy Court for the Western District of Washington to extend the use of cash collateral until Dec. 31 in accordance with its revised and extended budget. The extended budget starts in November and runs through December. Based on the current schedule for plan confirmation, it is assumed that the company's Chapter 11 case will not extend beyond December. The interests of 5 Roy SEA1, LLC, the company's senior secured lender, will continue to be adequately protected as set forth in the court's final cash collateral order dated August 23, including but not limited to, replacement liens, insurance, interest payments, retention of rights under Section 507(b), and termination of use of cash collateral upon an event of default. About Roystone On Queen Anne Roystone on Queen Anne, LLC owns a newly-constructed residential apartment complex commonly known as the Roystone Apartments located at 5 W. Roy Street, Seattle, Wash. The property has an appraised value of $39,056,543. Roystone on Queen Anne filed its voluntary petition for Chapter 11 protection (Bankr. W.D. Wash. Case No. 24-11462) on June 12, 2024, listing $39,433,126 in assets and $35,776,259 in liabilities. James H. Wong, manager of Vibrant Cities, LLC, signed the petition. Judge Christopher M. Alston oversees the case. Bush Kornfeld, LLP serves as the Debtor's legal counsel. RQMJXL LLC: Seeks to Hire BurksBaker PLLC as Legal Counsel ---------------------------------------------------------- RQMJXL LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ BurksBaker, PLLC as Attorney. The firm will provide all legal services arising in or arising under the Chapter 11 case from September 25, 2024 until the case is completed. The firm will be paid at these rates: H. Gray Burks, IV $525 per hour Reese W. Baker $525 per hour Nicole Bates, Paralegals $175 per hour BurksBaker, PLLC will also be reimbursed for reasonable out-of-pocket expenses incurred. H. Gray Burks, Esq., a partner at BurksBaker, PLLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: H. Gray Burks, Esq. BurksBaker, PLLC 950 Echo Ln., Suite 300 Houston, TX 77024 Tel: (713) 897-1297 Email: gray.burks@bakerassociates.net About RQMJXL LLC RQMJXL LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-33112) on July 1, 2024. In the petition signed by Robert Orfino, manager, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Marvin Isgur handles the case. The Debtor tapped H. Gray Burks, IV, Esq., at BurksBaker, PLLC as legal counsel and Christine Beckwith as bookkeeper. RUNNER BUYER: $500MM Bank Debt Trades at 53% Discount ----------------------------------------------------- Participations in a syndicated loan under which Runner Buyer Inc is a borrower were trading in the secondary market around 47.5 cents-on-the-dollar during the week ended Friday, November 1, 2024, according to Bloomberg's Evaluated Pricing service data. The $500 million Term loan facility is scheduled to mature on October 23, 2028. About $486.3 million of the loan has been drawn and outstanding. Runner Buyer, Inc. is an e-commerce provider of rugs and home decor products through its website rugsausa.com and e-commerce marketplaces. SAFE & GREEN: David Villarreal Steps Down as Director ----------------------------------------------------- Safe & Green Holdings Corp. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that David Villarreal, a member of the Board of Directors, resigned from the Board, effective October 18, 2024. Mr. Villarreal's resignation was for personal reasons and not due to a disagreement on any matter related to the Company's operations, policies or practices. Prior to his resignation, Mr. Villarreal was not serving as a member of any Company committee. About Safe & Green Safe & Green Holdings Corp. is a modular solutions company headquartered in Miami, Florida. The company specializes in the development, design, and fabrication of modular structures, focusing on safe and green solutions across various industries. The Woodlands, Texas-based M&K CPAS, PLLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated May 7, 2024, citing that the Company experienced net losses since inception, negative working capital, and negative cash flows from operations, which raise substantial doubt about the Company's ability to continue as a going concern. Safe & Green Holdings reported net losses of $26,757,906 and $7,089,242 for the fiscal years ended December 31, 2023, and 2022, respectively. As of June 30, 2024, Safe & Green Holdings had $20,928,509 in total assets, $25,717,784 in total liabilities, and $4,789,275 in total stockholders' deficit. SANUWAVE HEALTH: Manchester Management Holds 12.8% Equity Stake --------------------------------------------------------------- Manchester Management PR, LLC ("Manchester") disclosed in a Schedule 13D/A filed with the U.S. Securities and Exchange Commission that as of October 18, 2024, the firm and its affiliated entities -- Manchester Explorer, L.P. (the "Explorer"), Manchester Management Company, LLC (the "GP"), James E. Besser, managing Member of the General Partner, and Morgan C. Frank, a portfolio manager and as a consultant for Explorer -- beneficially owned shares of Sanuwave Health, Inc.'s common stock. As of October 18, 2024: James E. Besser, managing member of Manchester and the General Partner (GP), beneficially owns 1,094,789 shares, representing 12.8% of the total outstanding shares. Morgan C. Frank, portfolio manager and consultant for Explorer, beneficially owns 1,059,443 shares, also constituting 12.8% of the total shares. Manchester Management and the GP collectively own 1,090,789 shares, making up 12.8% of the shares. Explorer, a private fund managed by Manchester, owns 1,006,790 shares, amounting to 11.8% of the outstanding shares. The outstanding Shares figure reflects 8,534,305 shares issued and outstanding, after adjustment to reflect the Reverse Stock Split. A full-text copy of Manchester Management's SEC Report is available at: https://tinyurl.com/3us4cenz About SANUWAVE Health Headquartered in Suwanee, Georgia, SANUWAVE Health, Inc. (OTCQB:SNWV) -- http://www.SANUWAVE.com-- is an ultrasound and shock wave technology company using patented systems of noninvasive, high-energy, acoustic shock waves or low intensity and non-contact ultrasound for regenerative medicine and other applications. The Company's focus is regenerative medicine utilizing noninvasive, acoustic shock waves or ultrasound to produce a biological response resulting in the body healing itself through the repair and regeneration of tissue, musculoskeletal, and vascular structures. The Company's two primary systems are UltraMIST and PACE. UltraMIST and PACE are the only two Food and Drug Administration (FDA) approved directed energy systems for wound healing. New York, NY-based Marcum LLP, the Company's auditor since 2018, issued a "going concern" qualification in its report dated March 21, 2024, citing that the Company has incurred recurring losses and needs to raise additional funds to meet its obligations, sustain its operations, and to resolve the events of default on the Company's debt. These conditions raise substantial doubt about the Company's ability to continue as a going concern. SANUWAVE Health reported a net loss of $25.81 million for the year ended Dec. 31, 2023, compared to a net loss of $10.29 million for the year ended Dec. 31, 2022. As of June 30, 2024, SANUWAVE Health had $21 million in total assets, $60.6 million in total liabilities, and $39.6 million in total stockholders' deficit. SANUWAVE HEALTH: Opaleye Management Reports 11.06% Stake -------------------------------------------------------- Opaleye Management Inc. disclosed in a Schedule 13G/A Report filed with the U.S. Securities and Exchange Commission that as of December 31, 2023, it beneficially owned 944,132 shares of SANUWAVE Health's Common Stock, representing 11.06% of the shares outstanding. A full-text copy of Opaleye Management Inc.'s SEC Report is available at: https://tinyurl.com/5n7m3jns About SANUWAVE Health Headquartered in Suwanee, Georgia, SANUWAVE Health, Inc. (OTCQB:SNWV) -- http://www.SANUWAVE.com-- is an ultrasound and shock wave technology company using patented systems of noninvasive, high-energy, acoustic shock waves or low intensity and non-contact ultrasound for regenerative medicine and other applications. The Company's focus is regenerative medicine utilizing noninvasive, acoustic shock waves or ultrasound to produce a biological response resulting in the body healing itself through the repair and regeneration of tissue, musculoskeletal, and vascular structures. The Company's two primary systems are UltraMIST and PACE. UltraMIST and PACE are the only two Food and Drug Administration (FDA) approved directed energy systems for wound healing. New York, NY-based Marcum LLP, the Company's auditor since 2018, issued a "going concern" qualification in its report dated March 21, 2024, citing that the Company has incurred recurring losses and needs to raise additional funds to meet its obligations, sustain its operations, and to resolve the events of default on the Company's debt. These conditions raise substantial doubt about the Company's ability to continue as a going concern. SANUWAVE Health reported a net loss of $25.81 million for the year ended Dec. 31, 2023, compared to a net loss of $10.29 million for the year ended Dec. 31, 2022. As of June 30, 2024, SANUWAVE Health had $21 million in total assets, $60.6 million in total liabilities, and $39.6 million in total stockholders' deficit. SHEPHERD-HULDY DEVELOPMENT: Taps American SMS as Real Estate Broker ------------------------------------------------------------------- Shepherd-Huldy Development I, LLC, seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire American SMS Real Estate as real estate broker in connection with the potential sale of its property located in Houston, Texas. The firm will render these services: a. market the property for sale, procure a buyer, and negotiate the sale of the property; b. advertise the property through means including but not limited to, placing a "For Sale" sign, creating or placing information, Internet; and c. disseminate information about the Property to other brokers and prospects, including applicable disclosures, and notices concerning the Debtor's property. The broker shall receive a commission equal to 4 percent of the sales price of the property. American SMS does not represent any interest adverse to the Debtor's bankruptcy estate, and that its attorneys are "disinterested persons" as defined in section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Polos Sun American SMS Real Estate 6918 Corporate Dr., STE A-13 Houston, TX 77036 Tel: (281) 702-3366 About Shepherd-Huldy Development I Shepherd-Huldy Development I, LLC is a Texas limited liability company founded on April 26, 2018, with an office building located at 2419 S Shepherd Dr. Houston, Texas 77019 (the "Property"). The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-32146) on May 6, 2024, with $1,000,001 to $10 million in assets and liabilities. Judge Jeffrey P. Norman presides over the case. Kevin M Madden, Esq., at the Law Offices Of Kevin Michael Madden PLLC, is the Debtor's legal counsel. SIYATA MOBILE: To Release Q3 2024 Financial Results on Nov. 14 -------------------------------------------------------------- Siyata Mobile Inc., a global vendor of Push-to-Talk over Cellular devices and cellular signal booster systems, announced that it plans to release its third quarter 2024 financial results after market close on Thursday, November 14, 2024. About Siyata Mobile British Columbia, Canada-based Siyata Mobile Inc. is a B2B global developer and vendor of next-generation Push-To-Talk over Cellular handsets and accessories. Its portfolio of rugged PTT handsets and accessories enables first responders and enterprise workers to instantly communicate over a nationwide cellular network of choice, to increase situational awareness and save lives. Police, fire, and ambulance organizations as well as schools, utilities, security companies, hospitals, waste management companies, resorts and many other organizations use Siyata PTT handsets and accessories. Jerusalem, Israel-based Barzily and Co., the Company's auditor since 2023, issued a "going concern" qualification in its report dated April 3, 2024, citing that the Company has suffered recurring losses from operations, high accumulated losses, outstanding bank loan and an outstanding balance in respect of the sale of future receipts, that raise substantial doubt about its ability to continue as a going concern. Siyata Mobile incurred a net loss of $12,931,794 during the year ended December 31, 2023, compared to a net loss of $15,299,251 in 2022. As of June 30, 2024, Siyata Mobile had a cash balance of $2.7 million compared to $0.9 million as of December 31, 2023. SONOMA PHARMACEUTICALS: To Distribute Wound Care Products in Canada ------------------------------------------------------------------- As previously reported, effective August 19, 2024, Sonoma Pharmaceuticals, Inc. entered into a distribution agreement with Medline Industries, LP for the marketing and distribution of its wound care products in the United States. The Agreement is for an initial term of five years, subject to automatic one-year renewal periods. On October 17, 2024, the Company entered into Amendment No. 1 to the Distribution Agreement, which allows Medline to also sell its wound care products in Canada, as well as to sell additional over-the-counter wound care products to retailers in both countries. About Sonoma Pharmaceuticals Sonoma Pharmaceuticals, Inc. (NASDAQ: SNOA) -- http://www.sonomapharma.com/-- is a global healthcare company developing and producing stabilized hypochlorous acid, or HOCl, products for a wide range of applications, including wound care, eye care, oral care, dermatological conditions, podiatry, animal health care, and non-toxic disinfectants. The Company's products reduce infections, itch, pain, scarring, and harmful inflammatory responses in a safe and effective manner. In-vitro and clinical studies of HOCl show it to have impressive antipruritic, antimicrobial, antiviral, and anti-inflammatory properties. The Company's stabilized HOCl immediately relieves itch and pain, kills pathogens and breaks down biofilm, does not sting or irritate the skin, and oxygenates the cells in the area treated, assisting the body in its natural healing process. The Company sells its products either directly or via partners in 55 countries worldwide. Tampa, Florida-based Frazier & Deeter, LLC, the Company's auditor since 2021, issued a "going concern" qualification in its report dated June 17, 2024, citing that the Company has incurred significant losses and negative operating cash flows and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about its ability to continue as a going concern. Sonoma Pharmaceuticals reported a net loss of $4,835,000 for the fiscal year ended March 31, 2024, compared to a net loss of $5,151,000 for the fiscal year ended March 31, 2023. As of June 30, 2024, Sonoma Pharmaceuticals had $13,673,000 in total assets, $8,698,000 in total liabilities, and $4,975,000 in total stockholders' equity. SPLASH BEVERAGE: Seeks to Resolve Defaults Under SPAs ----------------------------------------------------- Splash Beverage Group, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that over the course of 2023 and 2024, the Company has engaged in three capital raises with certain accredited investors. Pursuant to these transactions, warrants to purchase shares of common stock, common stock, and convertible notes have been issued to the Holders. The details of each transaction are as follows: The September Transaction As reported on Form 8-K filed on October 6, 2024, on September 29, 2023, the Company entered into a securities purchase agreement with the Lenders. Pursuant to the September Purchase Agreement, the Company sold the Lender: (i) senior convertible notes in the aggregate original principal amount of $1,250,000, convertible into up to 1,470,588 shares of Common Stock of the Company subject to adjustments as provided in the Notes, (ii) 625,000 shares of Common Stock, (iii) warrants to acquire up to an aggregate of 1,250,000 additional shares of Common Stock. The original conversion price of the Notes is $0.85 per share, subject to adjustments as provided in the September Notes. This conversion price and exercise price of the September Notes and September Warrants respectively has subsequently been adjusted to $0.25. The May Transaction As Reported on Form 8-K filed on May 7, 2024, on May 1, 2024, the Company entered into a securities purchase agreement with the Lenders. Pursuant to the August Purchase Agreement, the Company sold the Lender: (i) senior convertible notes in the aggregate original principal amount of $1,850,000, convertible into up to 4,625,000 shares of Common Stock of the Company, subject to adjustments as provided in the May Notes, (ii) 925,000 shares of Common Stock, (iii) warrants to acquire up to an aggregate of 4,625,000 additional shares of Common Stock. The original conversion price of the May Notes is $0.40 per share, subject to adjustments as provided in the May Notes. This conversion price and exercise price of the May Notes and May Warrants respectively has subsequently been adjusted to $0.25. The August Transaction On August 22, 2024, the Company entered into a securities purchase agreement with the Lenders. Pursuant to the August Purchase Agreement, the Company sold the Lender: (i) senior convertible notes in the aggregate original principal amount of $600,000, convertible into up to 1,381,579 shares of Common Stock of the Company, subject to adjustments as provided in the August Notes, (ii) 300,000 shares of Common Stock, (iii) warrants to acquire up to an aggregate of 1,381,579 additional shares of Common Stock. The original conversion price of the August Notes is $0.38 per share, subject to adjustments as provided in the August Notes. This conversion price and exercise price of the August Notes and August Warrants respectively has subsequently been adjusted to $0.30. In addition to transactions reported on Form 8K on August 21st 2024, between August 9 and September 30, 2024, the Company entered into securities purchase agreements and subscription agreements with certain accredited investors. Pursuant to the Transaction Documents, the Company sold the Purchasers: (i) convertible notes in the aggregate original principal amount of $4,000,000, upon maturity convertible into up to 11,428,571 shares of Common Stock of the Company, warrants to initially acquire up to an aggregate of 11,428,571 additional shares of Common Stock at an exercise price of $0.4375 per Warrant Share. The conversion price of the Notes is $0.35 per share. Pursuant to the Subscription Agreements the Company intends to raise an aggregate of $10,000,000 to $12,000,000 over the course of multiple tranches, to date having entered into $5,000,000 in proceeds over the course of their internally defined tranches. The balance of transactions will be closed within 30 calendar days of this Form 8-K. The maturity date of the Notes is September 1, 2029. Interest on the unpaid principal balance of the Notes accrues at 9% per annum which may be converted into shares or payable in arrears on a semi-annual basis on January 1st and July 1st until the note reaches maturity. Subject to the conversion of the Notes, any accrued interest outstanding is payable in full on the maturity date of the Notes. The Notes are subject to customary events of default including the failure to pay principal and interest when due or bankruptcy by the Company. Upon the occurrence of an event of default, the unpaid portion of the principal amount will bear simple interest from the date of the event of default at a rate equal to 12% per annum, for the duration from such event of default until the cure of such default or the repayment date of the entire outstanding balance of the Note. The Warrants are exercisable at any time after the date of issuance until the five year anniversary of their respective issuance date, at an exercise price of $0.4375 per Warrant Share, subject to adjustments as provided in the Warrants. The Warrants are exercisable for cash only. The Company agreed to file a registration statement to register the shares of 50% of the common stock underlying the Note and 100% of common stock underlying the Warrants within 18 months after the receiving the purchase price of the Note and to use commercially reasonable efforts to have the registration statement declared effective. Additionally, within a two-year period of the anniversary of receiving the purchase price of the Note, the Company will file an additional registration statement to register the remaining 50% of common stock underlying the Note, and to use commercially reasonable efforts to have the registration statement declared effective within the aforementioned two-year period. On September 26, 2024, Company received a notice of default from the Lenders with respect to the Transactions. Given that the Company did not file a registration statement pursuant to the August 22, 2024, transaction within the allotted time frame, the Company may be in technical default. Pursuant to the August Transaction's registration rights agreement, the Company was allotted 10 calendar days from the close of the transaction to file a registration statement, and a subsequent 5 calendar days before the occurrence of an event of default under the August Notes, given that the transaction closed on August 22, 2024, and the Company failed to file a registration statement on September 7th, 2024, an event of default occurred which may result in an increase in a direct financial obligation. Each note contains a provision defining any event of default in any of the other Transaction's notes as an event of default as well, therefore both the May and September Notes may also be in default. The September, May, and August Notes each bear a default interest rate of 18%. As of October 22, 2024, the date of this Current Report on Form 8-K, no action has been taken by the Lenders to enforce the Company's obligations, to foreclose on the loan collateral or to enforce its rights under the terms of the Transactions. The Company is attempting to resolve this matter with the Lender and may defend any enforcement action taken by the Lenders. However, the Company cannot guarantee a resolution on a timely basis, on favorable terms, or at all. If the Company is unable to resolve the alleged defaults under the Purchasing Agreement, it would have a material adverse effect on the Company's liquidity, financial condition and results of operations, and could cause the Company to become bankrupt or insolvent. About Splash Beverage Group Fort Lauderdale, Florida-based Splash Beverage Group, Inc. is a portfolio company specializing in managing multiple brands across various growth segments within the consumer beverage industry. The Company focuses on incubating and acquiring brands with the aim of accelerating them to higher volumes and increased sales revenue. Rose, Snyder & Jacobs, based in Encino, California, and the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 29, 2024. The qualification highlighted that the Company has experienced recurring losses from operations, an accumulated deficit, and a working capital deficiency, which raise substantial doubt about its ability to continue as a going concern. Splash Beverage Group incurred a net loss of $21 million for the year ended December 31, 2023. As of June 30, 2024, Splash Beverage Group had $8,057,812 in total assets, $18,411,650 in total liabilities, and $10,353,838 in total stockholders' deficit. STG LOGISTICS: $750MM Bank Debt Trades at 43% Discount ------------------------------------------------------ Participations in a syndicated loan under which STG Logistics Inc is a borrower were trading in the secondary market around 57.3 cents-on-the-dollar during the week ended Friday, November 1, 2024, according to Bloomberg's Evaluated Pricing service data. The $750 million Term loan facility is scheduled to mature on March 24, 2028. About $731.3 million of the loan has been drawn and outstanding. STG Logistics, Inc., also known as St. George Logistics, is a logistics company with a corporate office in North Bergen, New Jersey. TELESAT LLC: $1.91BB Bank Debt Trades at 55% Discount ----------------------------------------------------- Participations in a syndicated loan under which Telesat LLC is a borrower were trading in the secondary market around 45.2 cents-on-the-dollar during the week ended Friday, November 1, 2024, according to Bloomberg's Evaluated Pricing service data. The $1.91 billion Term loan facility is scheduled to mature on December 7, 2026. About $1.42 billion of the loan has been drawn and outstanding. Telesat LLC operates as a satellite operator. The Company offers satellite delivered communications solutions to broadcast, telecom, corporate, and government customers, as well as provides technical consultancy services. Telesat serves clients worldwide. TRANSOCEAN LTD: BlackRock Holds 8.1% Equity Stake ------------------------------------------------- BlackRock, Inc. disclosed in Schedule 13G Report filed with the U.S. Securities and Exchange Commission that as of September 30, 2024, it beneficially owned 70,506,279 shares of Transocean Ltd.'s common stock, representing 8.1% of the shares outstanding. A full-text copy of BlackRock's SEC Report is available at: https://tinyurl.com/3hde4tex About Transocean Transocean Ltd. is an international provider of offshore contract drilling services for oil and gas wells. The Company specializes in technically demanding sectors of the offshore drilling business with a particular focus on ultra-deepwater and harsh environment drilling services. As of Feb. 14, 2024, the Company owned or had partial ownership interests in and operated 37 mobile offshore drilling units, consisting of 28 ultra-deepwater floaters and nine harsh environment floaters. Additionally, as of Feb. 14, 2024, the Company was constructing one ultra-deepwater drillship. Transocean reported a net loss of $954 million in 2023, a net loss of $621 million in 2022, and a net loss of $591 million in 2021. As of June 30, 2024, Transocean Ltd. had $20.33 billion in total assets, $1.57 billion in total current liabilities, $8.04 billion in total long-term liabilities, and $10.71 billion in total equity. * * * As reported by the TCR on Sept. 28, 2023, S&P Global Ratings raised its issuer credit rating on offshore drilling contractor Transocean Ltd. to 'CCC+' from 'CCC'. S&P said, "The upgrade reflects improved rig demand, higher day rates, and our view that there is reduced near-term risk of a distressed debt exchange or balance sheet restructuring." TW MEDICAL: Hires Cohne Kinghorn PC as Bankruptcy Counsel --------------------------------------------------------- TW Medical Group, LLC seeks approval from the U.S. Bankruptcy Court for the District of Utah to employ Cohne Kinghorn, P.C. as general bankruptcy counsel. The firm's services include: a. preparing on behalf of the Debtor any necessary motions, applications, answers, orders, reports and papers as required by applicable bankruptcy or non-bankruptcy law, dictated by the demands of the case, or required by the Court, and to represent the Debtor in proceedings or hearings related thereto; b. assisting the Debtor in analyzing and pursuing possible reorganization possibilities; c. assisting the Debtor in analyzing and pursuing any proposed dispositions of assets of the Debtor's estate; d. reviewing, analyzing and advising the Debtor regarding claims or causes of action to be pursued on behalf of its estate; e. assisting the Debtor in providing information to creditors and shareholders; f. reviewing, analyzing and advising the Debtor regarding retention of professionals and any fee applications or other issues involving professional compensation in the Debtor's case; g. preparing and advising the Debtor regarding any Chapter 11 plan filed by the Debtor and advise the Debtor regarding Chapter 11 plans that may be filed by other constituents in the Debtor's case; h. assisting the Debtor in negotiations with various creditor constituencies regarding treatment, resolution and payment of the creditors' claims in this case; i. reviewing and analyzing the validity of claims filed in this case and advising the Debtor as to the filing of objections to claims, if necessary; and j. performing all other necessary legal services as may be required by the needs of the Debtor in the above-captioned case. The firm will be paid at these rates: Shareholders $250 to $500 per hour Associates $180 to $250 per hour Paralegals $150 to $200 per hour The firm will be paid a retainer in the amount of $100,000. Cohne Kinghorn will also be reimbursed for reasonable out-of-pocket expenses incurred. In addition, the firm will seek reimbursement for its out-of-pocket expenses. George Hofmann, Esq., a partner at Cohne Kinghorn, P.C., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: George Hofmann, Esq. Cohne Kinghorn, P.C., 111 East Broadway, 11th Floor Salt Lake City, UT 84111 Tel: (801) 363-4300 About TW Medical Group LLC TW Medical Group LLC, doing business as Innovation Medical Group and Utah Foot & Ankle, is a podiatry practice offering state-of-the-art care across many locations in the United States. The Company provides care for patients of all ages, from infants to older adults. Its podiatry team specializes in diagnosing and treating many foot and ankle conditions, including plantar fasciitis, tendonitis, ingrown toenail, toenail fungus, bunions, and flat feet. TW Medical Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 24-25495) on October 23, 2024. In the petition filed by Zachary Paul, as chief financial officer, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. COHNE KINGHORN, P.C. serves as the Debtors' counsel. PIA HOYT, LLC as special counsel. TW MEDICAL: Seeks to Hire Pia Hoyt LLC as Special Counsel --------------------------------------------------------- TW Medical Group, LLC and its affiliate seeks approval from the U.S. Bankruptcy Court for the District of Utah to Pia Hoyt, LLC as special counsel. The firm's services include: a. advising the Debtors with respect to general corporate matters, including contract review; and b. representing the Debtors in ongoing commercial litigation matters. The firm will be paid at these rates: Joseph G. Pia, partner $425 per hour Jacob B. Stone,Partner $385 per hour Nediha Hadzikadunic, Associate $325 per hour The firm was paid a retainer in the amount of $10,000. Pia Hoyt, LLC will also be reimbursed for reasonable out-of-pocket expenses incurred. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Jacob B. Stone, Esq., a partner at Pia Hoyt, LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Jacob B. Stone Pia Hoyt, LLC 136 E. South Temple, Suite 1900 Salt Lake City, UT 84111 Tel: (801) 350-9015 Fax: (801) 350-9010 Email: jstone@piahoyt.com About TW Medical Group LLC TW Medical Group LLC, doing business as Innovation Medical Group and Utah Foot & Ankle, is a podiatry practice offering state-of-the-art care across many locations in the United States. The Company provides care for patients of all ages, from infants to older adults. Its podiatry team specializes in diagnosing and treating many foot and ankle conditions, including plantar fasciitis, tendonitis, ingrown toenail, toenail fungus, bunions, and flat feet. TW Medical Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 24-25495) on October 23, 2024. In the petition filed by Zachary Paul, as chief financial officer, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. COHNE KINGHORN, P.C. serves as the Debtors' counsel. PIA HOYT, LLC as special counsel. URBAN CHESTNUT: Gets Interim Approval to Use Cash Collateral ------------------------------------------------------------ Urban Chestnut Brewing Company, Inc. received third interim approval from the U.S. Bankruptcy Court for the Eastern District of Missouri, Eastern Division to use the cash collateral of Midland States Bank and the U.S. Small Business Administration. The interim order authorized the company to use up to $380,000 of the secured creditors' cash collateral for payment of post-petition expenses set forth in its budget. As adequate protection, Midland States Bank and SBA were granted a post-petition replacement lien in the company's post-petition assets, with the same validity, extent, and priority as their pre-bankruptcy lien. About Urban Chestnut Brewing Company Urban Chestnut Brewing Co. is a brewer of craft beer in Saint Louis, Mo., which specializes in German beer and lagers with a variety of beer styles from IPAs to weissbiers. Urban Chestnut Brewing Co. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mo. Case No. 24-43233} on Sept. 6, 2024, with $1 million to $10 million in both assets and liabilities. David M. Wolfe, president, signed the petition. Judge Brian C. Walsh oversees the case. The Debtor is represented by Spencer Desai, Esq., at The Desai Law Firm. VISION CAPITAL: Hires Watson Realty Co. as Real Estate Agent ------------------------------------------------------------ Vision Capital Holdings, Ltd, Co seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Watson Realty Co. as real estate agent. The firm will sell and market the Debtor's real property located at 2650 Fairoaks Road, Decatur, Georgia 30033. Watson Realty will be paid 5 percent commission upon the sale of the property. Quiana Watson, a partner at Watson Realty Co., 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: Quiana Watson Watson Realty Co. 3355 lenox Roan, NE Suite 242 Atlanta, GA 30326 Tel: (404) 630-2616 Email: info@watsonrealtyco.com About Vision Capital Holdings, Ltd, Co. Vision Capital Holdings Ltd. Co. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 24-59271) on September 3, 2024. In the petition signed by Julia Burton, as managing member, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Theodore N. Stapleton, Esq. of THEODORE N. STAPLETON, PC. VIVOT EQUIPMENT: Taps CPA Luis R. Carrasquillo & Co. as Accountant ------------------------------------------------------------------ Vivot Equipment Corporation seeks approval from the U.S. Bankruptcy Court for the District of Virgin Islands to hire CPA Luis R. Carrasquillo & Co., P.S.C. as accountant. The firm's services include: (a) preparing the taxes as required by pertinent government authorities, and (b) reviewing and auditing Financial Statements. The accountant will receive a $10,000 retainer for the preparation of the 2022 taxes; followed by $10,000 to be paid to upon the completion of the 2022 Taxes. Similarly, a $10,000 retainer will be paid for the preparation of the 2023 Taxes; followed by $10,000 to be paid upon the completion of the 2023 Taxes. As disclosed in the court filings, the accountant is a "disinterested person" as defined by Section 101(14) of the Bankruptcy Code. The firm can be reached through: Luis R. Carrasquillo Ruiz, CPA, CIRA, CVA CPA Luis R. Carrasquillo & Co., P.S.C. 28Th Street, # TI-26 Turabo Gardens Ave. Caguas, PR 00725 About Vivot Equipment Vivot Equipment Corporation and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.V.I. Case No. 24-10002) on June 10, 2024, with up to $50 million in both assets and liabilities. Judge Mary F. Walrath oversees the cases. Semaj I. Johnson, Esq., at The Johnson Law Firm, serves as the Debtors' bankruptcy counsel. VORTEX OPCO: $1.60BB Bank Debt Trades at 31% Discount ----------------------------------------------------- Participations in a syndicated loan under which Vortex Opco LLC is a borrower were trading in the secondary market around 69.1 cents-on-the-dollar during the week ended Friday, November 1, 2024, according to Bloomberg's Evaluated Pricing service data. The $1.60 billion Term loan facility is scheduled to mature on December 15, 2028. The amount is fully drawn and outstanding. Vortex Opco LLC, is a new subsidiary created by United Site Services Inc. to issue new debt, which includes $431 million in first-lien, first-out debt, $1.66 billion of first-lien, second-out term loans, and $125 million of first-lien, third-out 8% senior secured notes. USS provides portable sanitation and related site services. WHITTIER SEAFOOD: Seeks to Hire Hilco as Investment Banker ---------------------------------------------------------- Whittier Seafood, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Alaska to employ Hilco Corporate Finance as their investment banker. The firm will market all or a portion of the Debtors' real property and equipment for sale or a capital raise. Hilco will be paid: a) A flat fee monthly fee in the amount of $25,000 (the "Monthly Fee"). b) A Sale Transaction Fee upon the closing of a Sale Transaction, as defined in the Engagement Agreement, in an amount equal to or greater than $500,000 or 3.0 percent of the Transaction Value, as defined in the Engagement Agreement. c) A Capital Raise Transaction Fee in an amount equal to (i) 1.5 percent of the gross proceeds raised or committed that is senior any other debts of the Debtors, plus (ii) 3.0 percent of gross proceeds raised or committed that is junior and/or subordinated to any other debts of the Debtors, plus (iii) 5.0 percent of gross proceeds of any equity raised. d) Fifty percent of the Monthly Fee paid to Hilco will be credited to any Transaction Fee. Teri Stratton, senior managing director of Hilco, assured the court that her firm is a "disinterested person" as that term is defined in section 101(14). The firm can be reached through: Teri Stratton Hilco Corporate Finance 5 Revere Dr, Suite 206 Northbrook, IL 60062 Email: tstratton@hilcocf.com About Whittier Seafood Whittier Seafood, LLC owns and operates a fish processing plant in Whittier, Alaska. Whittier Seafood filed Chapter 11 petition (Bankr. D. Alaska Case No. 24-00139) on Aug. 19, 2024, with $10 million to $50 million in both assets and liabilities. Judge Gary Spraker oversees the case. Thomas A. Buford, Esq., at Bush Kornfeld, LLP is the Debtor's legal counsel. Gregory Garvin, Acting U.S. Trustee for Region 18, appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. WINESTEAD LLC: Gets Interim OK to Use Cash Collateral Thru Nov. 26 ------------------------------------------------------------------ Winestead, LLC received interim approval from the U.S. Bankruptcy Court for the Central District of California, Riverside Division to use cash collateral in accordance with its agreement with First Bank. Winestead LLC is authorized to use cash collateral until Nov. 26, to cover its business expenses set forth in its budget. A 10% variance is allowed to accommodate reasonable expense fluctuations. Creditors with existing liens, including First Bank, the United States Small Business Association, and the California Department of Tax and Fee Administration, were granted replacement liens on the company's post-petition property. This excludes any causes of action under certain sections of the Bankruptcy Code. Additionally, Winestead must make monthly adequate protection payments of $3,168.00 to the SBA, starting Nov. 15. The final hearing is scheduled for Nov. 26. About Winestead LLC Winestead LLC -- https://www.orangecoastwinery.com -- is a restaurant known for offering great lunch, dinner and brunch. It conducts business under the name Wine Ranch Grill and Cellars. Winestead filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 24-16223) on October 17, 2024, with $100,001 to $500,000 in assets and $1 million to $10 million in liabilities. Judge Mark Houle oversees the case. The Debtor is represented by Robert B Rosenstein, Esq., at Rosenstein & Associates. WOODFIELD ROAD: Court OKs Use of Cash Collateral Until Dec. 31 -------------------------------------------------------------- Woodfield Road, LLC got the green light from the U.S. Bankruptcy Court for the District of Maryland to use the cash collateral of TD Bank through Dec. 31. The court order authorized Woodfield Road to use cash collateral to pay its operating expenses set forth in its budget. The company must provide an updated rent roll to TD Bank before expending any of the bank's cash collateral. As adequate protection to TD Bank, the bank will be granted a replacement lien in the collateral acquired or generated post-petition, with the same validity, extent and priority as its pre-bankruptcy lien. The next hearing is set for Dec. 23. About Woodfield Road Woodfield Road, LLC is a limited liability company engaged in apartment rental activities. It owns the real property located at 26040-26050, Woodfield Road, Damascus, Md., having an appraised value of $8.4 million. Woodfield Road filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No. 24-15941) on July 15, 2024, with $8,421,687 in assets and $4,935,021 in liabilities. Sam Razjooyan, manager, signed the petition. Judge Maria Ellena Chavez-Ruark oversees the case. William C. Johnson, Jr., Esq., at The Johnson Law Group, LLC, represents the Debtor as bankruptcy counsel. X4 PHARMACEUTICALS: BlackRock Holds 6.7% Equity Stake ----------------------------------------------------- BlackRock, Inc. disclosed in Schedule 13G Report filed with the U.S. Securities and Exchange Commission that as of September 30, 2024, it beneficially owned 11,210,671 shares of X4 Pharmaceuticals, Inc.'s common stock, representing 6.7% of the shares outstanding. A full-text copy of BlackRock's SEC Report is available at: https://tinyurl.com/49ku97v9 About X4 Pharmaceuticals Boston, Mass.-based X4 Pharmaceuticals, Inc. is a biopharmaceutical company focused on discovering, developing, and commercializing novel therapeutics for the treatment of rare diseases and those with limited treatment options, particularly conditions resulting from immune system dysfunction. As of March 31, 2024, the Company had $112.1 million in total assets, $111.1 million in total liabilities, and $1.04 million in total stockholders' equity. The Company cautioned in its Form 10-Q Report for the quarterly period ended March 31, 2024, that substantial doubt exists about its ability to continue as a going concern. The Company said, "Since our inception, we have incurred significant operating losses and negative cash flows from our operations. As of March 31, 2024, our cash and cash equivalents were $60.5 million, our restricted cash balance was $0.8 million, and our investment in marketable securities was $20.4 million. We have a covenant under our Hercules Loan Agreement that currently requires that we maintain a minimum level of cash of $20 million through January 31, 2025, subject to subsequent reductions. Based on our current cash flow projections, which exclude any benefit from the potential sale of our PRV, no additional borrowings that may become available on Hercules Loan Agreement, and with no additional external funding, we believe that we will not be able to maintain the minimum cash required to satisfy this covenant beginning in the first quarter of 2025. In such event, the lenders could require the repayment of all outstanding debt." XRC LLC: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------ Debtor: XRC, LLC d/b/a Xtreme Roofing & Construction 147 Parliment Loop Suite 1001 Lake Mary, FL 32746 Business Description: XRC, LLC offers residential and commercial roofing services. Chapter 11 Petition Date: October 31, 2024 Court: United States Bankruptcy Court Middle District of Florida Case No.: 24-05911 Judge: Hon. Grace E Robson Debtor's Counsel: Justin M. Luna, Esq. LATHAM LUNA EDEN & BEAUDINE LLP 201 S. Orange Avenue Suite 1400 Orlando, FL 32801 Tel: (407) 481-5800 Fax: (407) 481-5801 E-mail: jluna@lathamluna.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Matthew P. Appell as managing member. A full-text copy of the petition containing, among other items, a list of the Debtor's 20 largest unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/NSLDDVQ/XRC_LLC__flmbke-24-05911__0001.0.pdf?mcid=tGE4TAMA ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2024. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. 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