/raid1/www/Hosts/bankrupt/TCR_Public/241112.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 12, 2024, Vol. 28, No. 316
Headlines
180 LA PATA 2020: Voluntary Chapter 11 Case Summary
1819 WEEKS AVE. REALTY : Hits Bankruptcy Protection in New York
1859 OPERATING: Case Summary & 16 Unsecured Creditors
2206 BLUE CYPRESS: Voluntary Chapter 11 Case Summary
82 PALMER: Unsecured Creditors Will Get 100% in Sale Plan
AA JEDSON CO.: Hits Chapter 7 Bankruptcy Protection
AFFLUENT MANAGEMENT: Behrooz Vida Named Subchapter V Trustee
AFINITI LTD: Chapter 15 Case Summary
ALK ASPHALT: Voluntary Chapter 11 Case Summary
AMERICAN TIRE: Presents Ch. 11 Sale Plan for Dec. 2024 Completion
AMERICANAS SA: Sets Meeting to Vote on Action Against Ex-Directors
APPLIED UV: Affiliate to Sell Accounts Receivables at Auction
ARTEAGA DENTAL: Hits Chapter 11 Bankruptcy Protection
ARTIFICIAL INTELLIGENCE: RAD Reveals Wheeled Security Robot ROAMEO
AVALON GLOBOCARE: Effects 1-for-15 Reverse Common Stock Split
B&L ASSETS: Burns Places Assets Up For Sale
BAJAN FOODS: Salvatore LaMonica Named Subchapter V Trustee
BAUSCH+LOMB: Taps $400 Million Incremental Loans to Repay Debt
BAYER & SONZ: Case Summary & 14 Unsecured Creditors
BELMONT TRADING: Unsecureds Will Get 5% of Claims over 2 Years
BENHAM ORTHODONTICS: Unsecureds to Split $300K over 60 Months
BERR LLC: Jolene Wee of JW Infinity Named Subchapter V Trustee
BIG LOTS: Gets Court Okay to Sell Close 36 Leases in Ch. 11 Auction
BIG LOTS: More Leases Up for Auction as Store Closures Increase
BLINK FITNESS: PureGym's $121Million Offer Leads Chapter 11 Auction
BLINK FITNESS: Still Seeks Successful Bidder for Its Assets
BNB BATTERY: Sale Proceeds & Continued Operations to Fund Plan
BOY SCOUTS: 3rd Circuit to Determine Ch.11 Bankruptcy Plan in Nov.
BURGERFI INTL: Obtains $54 Million Acquisition Offer in Chapter 11
BXNG HOLDINGS: Continued Operations to Fund Plan Payments
BYJU'S ALPHA: U.S. Units Okayed to Borrow $9.5 Mil. for Bankruptcy
CAREPOINT HEALTH: Nov. 12 Deadline Set for Panel Questionnaires
CHAPIN DAIRY: Updates Unsecureds & DFS Secured Claims Pay
CHESSWOOD GROUP: Seeks Chapter 15 Bankruptcy Protection in Delaware
CHIC COUTURE: Aleida Martinez Molina Named Subchapter V Trustee
COMMSCOPE HOLDING: Creditors Start Private Talks to Address Debt
COMTECH TELECOMMUNICATIONS: Board Appoints John Ratigan as CEO
CONN'S INC: Seeks Approval of $360M Lone Bid for Assets
CONVENTION CENTER: Sec. 341(a) Meeting of Creditors on Nov. 18
CYRIOUS METAL: Unsecureds to Get $5K per Month over 5 Years
DENTISTRY BY DESIGN: Case Summary & 20 Top Unsecured Creditors
DIGITAL ALLY: Defaults on Senior Secured Promissory Note
DIGITAL MEDIA: Gets Court Approval to Sell ClickDealer Assets
DIOCESE OF ROCKVILLE CENTRE: Court Wants Insurer Deal Finalized
DURHAM HOMES: Seeks to Extend Plan Exclusivity to December 18
EKSO BIONICS: Posts $2.1 Million Net Loss in Fiscal Q3
EL DORADO SENIOR: No Resident Care Concern, 2nd PCO Report Says
EXACTECH INC: Gets Court Okay to Tap $85 Mil After Slashing Fees
FAIRPORT BAPTIST: Unsecureds Will Get 24 to 36% in Joint Plan
FIDDLERS GREEN: Voluntary Chapter 11 Case Summary
FIREPAK INC: Case Summary & 20 Largest Unsecured Creditors
FRANCHISE GROUP: Nov. 13 Deadline Set for Panel Questionnaires
FREEDOM MORTGAGE: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable
FTX TRADING: Reaches Deals With Silicon Valley Charity, Evolve Bank
FUEL FITNESS: John Rhyne Named Subchapter V Trustee
GRADE A HOME: Voluntary Chapter 11 Case Summary
HARDINGE INC: Gets Court Okay to Send Ch. 11 Plan for Creditor Vote
HEART TO HEART: Unsecureds to Get $4,500 per Month for 5 Years
HOPEMAN BROTHERS: Seeks Court OK for Chubb Insurers Settlement
IMMANUEL SOBRIETY: No Patient Care Concern, 7th PCO Report Says
INFINITE PRODUCT: Joli Lofstedt Named Subchapter V Trustee
JBRI CONSTRUCTION: Case Summary & 20 Largest Unsecured Creditors
KPM INVESTMENT: Hires Rountree Leitman Klein & Geer as Attorney
LA HACIENDA: Seeks to Extend Exclusivity to March 5, 2025
LA MONARCA: Voluntary Chapter 11 Case Summary
LASER INNOVATIONS: Tom Howley Named Subchapter V Trustee
LAVIE CARE: No Decline in Resident Care, PCO Report Says
LEITMOTIF SERVICES: Kicks Off Subchapter V Bankruptcy Process
LEO CHULIYA: Unsecured Creditors to Split $75K over 60 Months
LJB LLC: Voluntary Chapter 11 Case Summary
LPB MHC LLC: Voluntary Chapter 11 Case Summary
LUMIO HOLDINGS INC: Gets Court Okay to Sell Business to Zeo
MAGLEV ENERGY: Case Summary & 20 Largest Unsecured Creditors
MALLINCKRODT: Trustee Settles Evernorth Insurance Bankruptcy Claims
MAWSON INFRASTRUCTURE: Terminates $100M At-the-Market Offering Deal
MCR HEALTH: Case Summary & 20 Largest Unsecured Creditors
METRO GLASS: Douglas Stanger Named Subchapter V Trustee
MILK STREET: Unsecureds Will Get 22% of Claims over 3 Years
MISTY MOON TRANSPORT 2 INC: Kicks Off Subchapter V Bankruptcy
MS. HOLMES: Paul Jordan Named Subchapter V Trustee
NAMHAWK LLC: Voluntary Chapter 11 Case Summary
NEX SJ LLC: Case Summary & 20 Largest Unsecured Creditors
NOVA LIFESTYLE: Sells 125,000 Shares to Huge Energy for $150,000
NOVO INTEGRATED: Robert Oliva Quits as President
OSTEEN'S LOAD: Case Summary & Six Unsecured Creditors
OSTERIA DEL TEATRO: Soneet Kapila Named Subchapter V Trustee
OYA RENEWABLES: Case Summary & 20 Largest Unsecured Creditors
PAIN MEDICINE: Seeks to Extend Plan Filing Deadline to Nov. 25
PAR THREE PROPERTIES: Case Summary & 9 Unsecured Creditors
PRECISION SWISS: Case Summary & 20 Largest Unsecured Creditors
PRESERVE AT FOX: Case Summary & 11 Unsecured Creditors
PURE BIOSCIENCE: Incurs $3.35 Million Net Loss in FY Ended July 31
RAINBOW PRODUCTION: Nov. 13 Deadline Set for Panel Questionnaires
RED RIVER: Court Sets Chapter 11 Proceeding Hearing in January 2024
RELATIVITY SPACE: Facing Cash Shortfall, Explores Options
RETO ECO-SOLUTIONS: Posts $716,633 Net Loss in H1 2024
SAFE & GREEN: Issues $174K Promissory Note to 1800 Diagonal Lending
SAFE & GREEN: Paul Galvin to Exit CEO Role on Dec. 31
SANDVINE CORPORATION: Chapter 15 Case Summary
SC SJ HOLDINGS: Case Summary & Five Unsecured Creditors
SCILEX HOLDING: Sets Nov. 7 Record Date for Stock Dividend Payment
SHARING SERVICES: Shareholders Ratify Appointment of Auditor
SHIFTPIXY INC: Seeks Chapter 11 Bankruptcy Protection
SIGNIA LTD: Seeks to Extend Plan Exclusivity to Feb. 17, 2025
SMITH HEALTH: Case Summary & 20 Largest Unsecured Creditors
SOUTHWEST COMMUNITY: Voluntary Chapter 11 Case Summary
STARSHIP LOGISTICS: Files for Chapter 11 Bankruptcy
STEWARD HEALTH: PCO Files Third Supplemental Report
STIMWAVE TECHNOLOGIES: Judge Affirms Sanctions Against Former CEI
TEHUM CARE: US Trustee Objects to Plan's Liability Releases
TERRAFORM LABS: Ch.11 Trust Gets Court Okay for $45Mil. Crypto Deal
TGI FRIDAYS: Franchisees Worry Over $49.7-Mil. Gift Cards
TLC MEDICAL: Case Summary & 20 Largest Unsecured Creditors
TONIX PHARMACEUTICALS: Releases Prelim Q3 2024 Operating Results
TOURA #5 LP: Hires Chameleon Enterprises Inc as Loan Broker
TRUE VALUE: Warns of Pennsylvania Layoffs If Bankruptcy Sale Fails
U.S. CREDIT: Unsecureds Will Get 5% to 25% in Liquidating Plan
ULTRA SAFE NUCLEAR: Commences 49-Day Sale After Ch. 11 Filing
ULTRA SAFE: Gets Court Okay to Tap $10M of $23M DIP Loan
UNITED DENTAL WILSHIRE: Seeks Bankruptcy Protection in Calif.
UNRIVALED BRANDS: Case Summary & 20 Largest Unsecured Creditors
UPTOWN PARTNERS: Searches for New Managers After Chapter 11 Filing
VANGUARD MEDICAL: Updates Unsecured Claims Pay; Amends Plan
VICTORIA PRODUCE: Carol Fox Named Subchapter V Trustee
VILLAGE OAKS SENIOR: No Resident Care Concern, 2nd PCO Report Says
VITVADVAS INC: Unsecureds to Get $457.50 per Month for 4 Years
WELLPATH HOLDINGS: Prepares for Chapter 11 Bankruptcy Filing
WHITTAKER CLARK: Submits Ch. 11 Plan Amid Talc Claimants Row
*********
180 LA PATA 2020: Voluntary Chapter 11 Case Summary
---------------------------------------------------
Debtor: 180 La Pata 2020, LLC
180 Avenida La Pata, 2nd Floor
San Clemente, CA 92673
Case No.: 24-12859
Business Description: 180 La Pata 2020 is a Single Asset Real
Estate debtor (as defined in 11 U.S.C.
Section 101(51B)).
Chapter 11 Petition Date: November 7, 2024
Court: United States Bankruptcy Court
Central District of California
Judge: Hon. Scott C Clarkson
Debtor's Counsel: Eric Bensamochan, Esq.
THE BENSAMOCHAN LAW FIRM, INC.
9025 Wilshire Blvd., Suite 215
Beverly Hills, CA 90211
Tel: (818) 574-5740
Email: eric@eblawfirm.us
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Patrick Steven Nelson as managing
member.
The Debtor indicated in the petition it has no creditors holding
unsecured claims.
https://www.pacermonitor.com/view/SJR76ZY/180_La_Pata_2020_LLC__cacbke-24-12859__0003.0.pdf?mcid=tGE4TAMA
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/C6KSHFY/180_La_Pata_2020_LLC__cacbke-24-12859__0001.0.pdf?mcid=tGE4TAMA
1819 WEEKS AVE. REALTY : Hits Bankruptcy Protection in New York
---------------------------------------------------------------
1819 Weeks Ave. Realty Corp. filed Chapter 11 protection in the
Southern District of New York. According to court filing, the
Debtor reports between $1 million and $10 million in debt owed to 1
and 49 creditors. The petition states funds will not be available
to unsecured creditors.
A meeting of creditors under 11 U.S.C. Section 341(a) is slated for
November 22, 2024 at 2:00 p.m. at Office of UST (TELECONFERENCE
ONLY).
About 1819 Weeks Ave. Realty Corp.
1819 Weeks Ave. Realty Corp. is a real estate company.
1819 Weeks Ave. Realty Corp. sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-11855) on October
28, 2024. In the petition filed by Nancy Haber, as president, the
Debtor estimated assets up to $50,000 and estimated liabilities
between $1 million and $10 million.
The Debtor is represented by:
Wayne M. Greenwald, Esq.
JACOBS P.C.
595 Madison Avenue FL 39
New York, NY 10022
Tel: 917-513-6246
Email: wayne@jacobspc.com
1859 OPERATING: Case Summary & 16 Unsecured Creditors
-----------------------------------------------------
Debtor: 1859 Operating LLC
1310 Ranch Rd 620S
Ste B-195
Lakeway TX 78734
Business Description: 1859 Operating is an independent oil
company. Its focus is to drill and produce
over 100 shallow & deep conventional wells
from different production zones in the
Chicon lake reservoir.
Chapter 11 Petition Date: November 4, 2024
Court: United States Bankruptcy Court
Western District of Texas
Case No.: 24-11393
Judge: Hon. Shad Robinson
Debtor's Counsel: Kell C. Mercer, Esq.
KELL C. MERCER PC
901 S Mopac Expy Bldg 1 Ste 300
Austin TX 78746
Tel: (512) 767-3214
Email: kell.mercer@mercer-law-pc.com
Total Assets as of November 4, 2024: $9,127,484
Total Liabilities as of November 4, 2024: $21,984,246
The petition was signed by Mason Slade as manager.
A copy of the Debtor's list of 16 unsecured creditors is available
for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/5L4FZJI/1859_Operating_LLC__txwbke-24-11393__0002.0.pdf?mcid=tGE4TAMA
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/5PYWR7I/1859_Operating_LLC__txwbke-24-11393__0001.0.pdf?mcid=tGE4TAMA
2206 BLUE CYPRESS: Voluntary Chapter 11 Case Summary
----------------------------------------------------
Debtor: 2206 Blue Cypress, LLC
4117 Boca Bay Drive
Dallas, TX 75244
Business Description: 2206 Blue Cypress is a Single Asset Real
Estate debtor (as defined in 11 U.S.C.
Section 101(51B)).
Chapter 11 Petition Date: November 4, 2024
Court: United States Bankruptcy Court
Northern District of Texas
Case No.: 24-33553
Debtor's Counsel: Robert Buchholz, Esq.
THE LAW OFFICE OF ROBERT W. BUCHHOLZ, P.C.
5220 Spring Valley Road, Suite 618
Dallas, tX 75254
Tel: (214) 754-5500
Email: bob@attorneybob.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Daniel C. Blackburn as chief executive
officer.
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/PDGACZQ/2206_Blue_Cypress_LLC__txnbke-24-33553__0001.0.pdf?mcid=tGE4TAMA
82 PALMER: Unsecured Creditors Will Get 100% in Sale Plan
---------------------------------------------------------
82 Palmer LLC, filed with the U.S. Bankruptcy Court for the
District of New Jersey an Original Disclosure Statement describing
Chapter 11 Plan dated September 20, 2024.
The Debtor is a limited liability company that was formed for the
purpose of purchasing, owning, and eventually selling a piece of
real estate located at 82 Palmer Drive, Livingston, New Jersey
07039.
The entity was formed on June 2, 2021, and it purchased the real
property on July 15, 2021. The Debtor's Plan was to renovate the
property and, after the renovations were completed, to sell the
property on the open market. Renovations on the property began, but
at some point, there was a break down in the relationship with the
lender, followed by a debilitating illness of the principal of the
Debtor.
The Debtor owns one asset, a piece of real estate located at 82
Palmer Drive, Livingston, New Jersey 07039. The property has no
tenants, and the entity does not receive any income. The Debtor had
begun renovations to the property, but the renovations were never
completed. According to a broker's opinion, the property is worth
approximately $1.1 million dollars.
This is a liquidating Plan. In other words, the Proponent seeks to
sell the only asset that it owns, a piece of real estate located at
82 Palmer Drive, Livingston, New Jersey 07039, and pay its
creditors in on their claims
Class 3 consists of General Unsecured Claims. There are 2 unsecured
creditors: JP Morgan Chase Card Services that filed a POC for
$24,386.60, and an individual that loaned money to the Debtor,
Frederic Glick, who is owed $250,000.00, with $274,386.60 total
amount of claims. Unsecured creditors will receive a dividend of
100% or $274,386.60 total payout. This Class is not impaired.
Class 4 consists of interest holder Dr. Nicholas R. Zarilla, sole
member of the Debtor entity. Dr. Nicholas R. Zarilla will continue
to be principal of debtor entity until sale of property and closure
of entity.
The Plan will be funded by the sale of the real property owned by
the Debtor, specifically by the sale of property located at 82
Palmer Drive, Livingston, New Jersey 07039. The sale will take
place within six to eight months of the Plan's confirmation.
A full-text copy of the Disclosure Statement dated September 20,
2024 is available at https://urlcurt.com/u?l=hiw25L from
PacerMonitor.com at no charge.
Counsel to the Debtor:
Vera Fedoroff, Esq.
FEDOROFF FIRM, LLC
504 Aldrich Road, Ste. 2E
Howell, NJ 07731-1978
Tel: (732) 364-8900
Fax: (732) 364-6900
Email: vf@legalmattersnj.com
About 82 Palmer LLC
82 Palmer LLC is the owner of real property located at 82 Palmer
Drive, Livingston, New Jersey valued at $1.1 million.
82 Palmer LLC filed its voluntary petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 24-16267) on June
24, 2024, listing $1,100,000 in assets and $917,991 in liabilities.
The petition was signed by Nicholas R. Zarilla by POA, Fredric M.
Glick, member.
Vera Fedoroff, Esq. at Fedoroff Firm, LLC represents the Debtor as
counsel.
AA JEDSON CO.: Hits Chapter 7 Bankruptcy Protection
---------------------------------------------------
Bill Heltzel of Westfair Business Journal reports that a Rye Brook
construction firm, AA Jedson Co., facing a lawsuit over a stalled
project has filed for bankruptcy protection. It reported $689,000
in assets and $3.4 million in liabilities in a Chapter 7
liquidation petition submitted on October 18, 2024 to the U.S.
Bankruptcy Court in White Plains.
According to Westfair Business Journal, the firm's largest
liability is a possible $2.5 million court judgment being pursued
by a client in Manhattan Supreme Court.
The bankruptcy petition states that the construction company
operates out of Rye Ridge Plaza. A Connecticut business record
lists its main office in Greenwich, near Westchester County
Airport, with the Rye Brook location serving as its mailing
address.
T-Seventeen attributed significant project delays to AA Jedson,
alleging that the firm caused holdups as the city building
department reviewed its plans and drawings. T-Seventeen also claims
that AA Jedson billed for uncompleted work, failed to pay
employees, subcontractors, suppliers, and insurers, and in 2021,
terminated the contract and abandoned the job site.
AA Jedson, however, denied these allegations and filed a
counterclaim for $361,000. According to AA Jedson, T-Seventeen
failed to pay for completed work on time. When AA Jedson informed
T-Seventeen that it could not proceed without timely payments,
T-Seventeen directed the firm to stop working.
The lawsuit is still ongoing, and AA Jedson has categorized the
$2.5 million claim as disputed in the bankruptcy filing.
The bankruptcy petition also details $345,552 owed to 14 suppliers
and vendors, $313,098 in bank loans and credit card debt, $203,748
to a New Jersey labor supplier, and $36,994 for insurance and
workers' compensation.
AA Jedson's $689,000 in assets consist entirely of outstanding
receivables, with no funds in its Chase bank account, and no
inventory, furniture, equipment, machinery, or real estate. The
company reported earnings of $3.6 million in 2022, $565,000 last
year, and $21,208 this year to date, the report states.
Manhattan attorney Jeb Singer represents AA Jedson.
About AA Jedson Co.
AA Jedson Co. is a Rye Brook construction firm.
AA Jedson Co. sought relief under Chapter 7 of the U.S. Bankruptcy
Code (Bankr. S.D.N.Y. Case No. 24-22898) on October 18, 2024. In
its petition, the Debtor reports $689,000 in assets and $3.4
million in liabilities.
Honorable Bankruptcy Judge Sean H. Lane oversees the case.
The Debtor is represented by Jeb Singer of J. Singer Law Group.
AFFLUENT MANAGEMENT: Behrooz Vida Named Subchapter V Trustee
------------------------------------------------------------
The U.S. Trustee for Region 6 appointed Behrooz Vida, Esq., at the
Vida Law Firm, PLLC as Subchapter V trustee for Affluent Management
Group, LLC.
Mr. Vida will be paid an hourly fee of $450 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Vida declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Behrooz P. Vida, Esq.
The Vida Law Firm, PLLC
3000 Central Drive
Bedford, TX 76021
Telephone: (817) 358-9977
Facsimile: (817) 358-9988
Email: behrooz@vidalawfirm.com
About Affluent Management Group
Affluent Management Group, LLC is a wholesale beauty supply company
with a growing retail operation located in Dallas, Texas.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Texas Case No. 24-33298) on October
21, 2024, with up to $100,000 in assets and up to $1 million in
liabilities. Devante Sanders, company owner, signed the petition.
Judge Michelle V Larson oversees the case.
Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC,
represents the Debtor as bankruptcy counsel.
AFINITI LTD: Chapter 15 Case Summary
------------------------------------
Chapter 15 Debtor: Afiniti, Ltd.
Crawford House, 50 Cedar Avenue
Hamilton, Pembroke, HM11
Bermuda
Business Description: Afiniti is a provider of artificial
intelligence that helps enterprises
develop better relationships with their
customers. The Company's technology is
used globally in the healthcare,
telecommunications, travel, hospitality,
insurance, and banking industries, and
across multiple customer experience
channels.
Foreign Proceeding: In the Matter of Afiniti Ltd.
(Provisional Liquidators Appointed for
Restructuring Purposes) -- Supreme
Court of Bermuda, Companies (Winding
Up) Commercial Court, 2024: No. 265)
Chapter 15 Petition Date: November 3, 2024
Court: United States Bankruptcy Court
District of Delaware
Case No.: 24-12539
Judge: Hon. Laurie Selber Silverstein
Foreign Representative: Afiniti, Ltd.
Crawford House, 50 Cedar Avenue
Hamilton, Pembroke, HM11
Bermuda
Foreign
Representative's
Counsel: Kara Hammond Coyle, Esq.
YOUNG CONAWAY STARGATT & TAYLOR, LLP
Rodney Square, 1000 North King Street
Wilmington DE 19801
Tel: (302) 571-6600
Email: kcoyle@ycst.com
Estimated Assets: Unknown
Estimated Debt: Unknown
A full-text copy of the Chapter 15 petition is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/VQ7SUHI/Afiniti_Ltd_and_Afiniti_Ltd__debke-24-12539__0001.0.pdf?mcid=tGE4TAMA
ALK ASPHALT: Voluntary Chapter 11 Case Summary
----------------------------------------------
Debtor: ALK ASPHALT LLC
12630 N. 103rd Ave, Suite 133
Sun City, AZ 85351
Business Description: The Debtor is engaged in highway, street,
and bridge construction.
Chapter 11 Petition Date: November 8, 2024
Court: United States Bankruptcy Court
District of Arizona
Case No.: 24-09608
Judge: Hon. Daniel P Collins
Debtor's Counsel: Thomas H. Allen, Esq.
ALLEN, JONES & GILES, PLC
1850 N. Central Avenue, Suite 1025
Phoenix, AZ 85004
Tel: 602-256-6000
E-mail: tallen@bkfirmaz.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Adam Kautman as 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/KXAHWGA/ALK_ASPHALT_LLC__azbke-24-09608__0001.0.pdf?mcid=tGE4TAMA
AMERICAN TIRE: Presents Ch. 11 Sale Plan for Dec. 2024 Completion
-----------------------------------------------------------------
Vince Sullivan of Law360 reports that bankrupt tire and wheel
retailer American Tire Distributors Inc. has put forward a Chapter
11 bid and sale proposal, aiming to complete it by the end of
December, with a group of secured lenders acting as the stalking
horse.
About ATD Corp/American Tire
Headquartered in Huntersville, North Carolina, ATD Corporation and
its subsidiaries -- https://www.atd-us.com -- are distributors of
replacement tires with more than 140 distribution centers and 1,400
delivery vehicles servicing a geographic region covering more than
90 percent of the replacement tire market for passenger vehicles
and light trucks in the United States. ATD offers the broadest
variety of products and value-added services that range from
premium-quality tires and popular custom wheels to business support
services and online platforms that cater to tire retailers and
their potential customers. ATD has its own proprietary
private-label and exclusive tire brands, such as Hercules and
Ironman, to supplement its supply of industry-leading brand-name
tires, including Continental, Michelin, Pirelli, Cooper, Nexen,
Toyo-Nitto, Hankook, Kumho, and Falken among others. The Debtors
and their non-Debtor subsidiaries currently employ approximately
5,500 people in the United States and Canada.
American Tire Distributors Inc. sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-12391). In
its petition, the Debtor reports estimated assets and liabilities
between $1 billion and $10 billion each.
Kirkland & Ellis LLP and Pachulski Stang Ziehl & Jones LLP serve as
bankruptcy counsel to the Debtors. Donlin, Recano & Company, Inc.,
is the claims agent.
AMERICANAS SA: Sets Meeting to Vote on Action Against Ex-Directors
------------------------------------------------------------------
Cristiane Lucchesi of Bloomberg News reports that Americanas has
announced an extraordinary general shareholders meeting on December
11 to vote on a civil liability lawsuit against former executives
accused of accounting fraud and other illicit activities, according
to a filing made on Thursday.
The proposed action includes former CEO Miguel Gutierrez as one of
its targets, along with former directors Anna Saicali, Jose
Timotheo Barros, and Marcio Cruz Meirelles.
About Americanas SA
Americanas was one of the largest diversified retail chains in
Brazil, with a wide platform of physical stores, robust e-commerce,
fintech, and has just entered into the niche food retail. It is
listed on B3, being indirectly controlled by billionaire Jorge
Paulo Lemann, Carlos Alberto Sicupira and Marcel Telles.
The retailer nosedived in January 2023 after becoming mired in an
accounting scandal. The firm filed for bankruptcy at a court in Rio
de Janeiro on Jan. 19, 2023.
Americanas sought protection under Chapter 15 of the Bankruptcy
Code (Bankr. S.D.N.Y. Case No. 23-10092) on Jan. 25, 2023. White &
Case LLP, led by John K. Cunningham, is the U.S. counsel.
APPLIED UV: Affiliate to Sell Accounts Receivables at Auction
-------------------------------------------------------------
Applied UV Inc. and its affiliate Sterilumen Inc. seek approval
from the U.S. Bankruptcy Court for the Southern District of New
York to sell the affiliate's remaining assets as one bulk in an
auction.
Sterilumen's remaining assets consist of (i) accounts receivables
which are being collected by Sterilumen and applied to the balance
due Pinnacle Bank as permitted by post-petition financing orders,
and (ii) its physical inventory, which consists primarily of
unassembled parts that are used in the construction of Airocide air
purification units.
Sterilumen has determined that a liquidation of its Assets through
auction is in the best interest of its estate. The funds realized
from the Auction will be used to further reduce the amounts due and
owing to Pinnacle, after payment of any amounts due and owing the
auctioneer.
Applied is a publicly traded holding company to four wholly owned
subsidiaries: debtor Sterilumen, and non-debtors Munn Works, LLC,
PURO Lighting, LLC, and LED Supply Co. LLC.
Applied develops, acquires, markets, and sells proprietary surface
and air disinfection technology focused on improving indoor air
quality, specialty LED lighting and luxury mirrors and commercial
furnishings, all of which serves clients globally in the
healthcare, commercial and public venue, hospitality, food
preservation, cannabis, education and winery vertical markets.
Sterilumen, specifically, owns brands and markets patented surface
and air sanitizing products which implement advanced UVC Carbon,
Broad Spectrum UVC LED's and Photo-catalytic oxidation pathogen
elimination technology.
The Debtors filed their Chapter 11 Cases to implement cost-savings
measures, in order to reorganize, which they believed was in the
best interests of their various stakeholders.
On September 17, 2024, Applied was authorized by the Court to sell
its shares in Munn Works to Mirror Acquisition Corp. for $750,000,
however, the closing of the sale has not yet taken as of the filing
of this sale motion.
Simultaneously, on the same date, the Court approved the sale of
Sterilumen's "replacement part" division to KES Technologies, LLC
for $900,000, in which the closing of sale took place on September
18.
The Debtors also request for the expansion of the scope of the
employment of Auction Advisors LLC to include the marketing of,
solicitation of offers and conducting of an Auction of the Assets.
The Debtors propose that the Assets be marketed for 30 days, with a
set bid deadline thereafter. If multiple bids are received, then a
public Auction be conducted via Zoom, allowing creditors and
potential bidders sufficient time to inspect the Assets and submit
a bid while allowing the Debtor to maximize value and facilitate
the liquidation as promptly as practicable.
The Bidding Procedure requires that each bid must be received by
January 2, 2025; be in a sum certain amount; be all cash, without
any contingencies; have a cash deposit in the amount of 5% of the
Bid; and sign a pro forma Asset Purchase Agreement.
The Debtor will agree that a successful Bid be in the minimum
amount of $50,000. Nonetheless, in the event a bid is received for
less than the Minimum Bid, Pinnacle retains the right to consent
(to be exercised in its sole discretion) to a sale pursuant to Bid
in an amount less than $50,000.00.
If more than one Minimum Bid is received, the auctioneer shall
conduct an auction, via Zoom, on January 8, 2025, at 12:00 p.m.
(EST) with live bidding. At the conclusion of the Auction, the
highest and best offer received will be declared the "Successful
Bidder".
In addition, the Debtor may reserve the second highest and best
offer as the "Backup Bidder" in the event the Successful Bidder
fails to consummate the sale of the Assets.
If only one Bid is received and such Bid is either in the amount of
the Minimum Bid or less (if approved by Pinnacle), an auction will
not be conducted, and the Debtor shall seek approval to proceed to
consummate the sale of the Assets to such alternate accepted bidder
at the Sale Hearing.
The Debtor believes that the Bidding Procedures will additionally
procure serious parties interested in acquiring the Assets and will
result in realizing the full value of the Assets.
The Auctioneer will post notice of the Auction on open as well as
subscriber-based websites, create a custom webpage and marketing
materials, as well as set up an online data room. The Auctioneer
will also launch a social media campaign, including FaceBook,
LinkedIn & Google Adwords to market the Auction. The Auctioneer
will also implement a direct marketing campaign by reaching out to
its industry contacts, investors and others potential buyers still
be to be resourced.
The Auction shall be conducted following a thirty-day marketing
period after entry of the Sale Procedures Order, on or about
January 8, 2025, electronically via Zoom.
About Applied UV
Applied UV, Inc. is focused on the development and acquisition of
technologies that address food security and air and surface
pathogen reduction in the healthcare, hospitality, and commercial
markets. Its products utilize disinfection technology that applies
the power of narrow-range light (UVC) to destroy pathogens safely,
thoroughly, and automatically.
Applied UV and Sterilume, Inc. sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No.
24-22462) on May 24, 2024, listing $500,001 to $1 million in assets
and $1 million to $10 million in liabilities. Max Munn and Scott
Hayman, chief executive officers, signed the petitions.
Judge Sean H. Lane oversees the cases.
Erica Aisner, Esq., at Kirby Aisner & Curley LLP, represents the
Debtors as legal counsel.
ARTEAGA DENTAL: Hits Chapter 11 Bankruptcy Protection
-----------------------------------------------------
Arteaga Dental Corporation filed Chapter 11 protection in the
Central District of California. According to court documents, the
Debtor reports between $1 million and $10 million in debt owed to 1
and 49 creditors. The petition states funds will not be available
to unsecured creditors.
About Arteaga Dental Corporation
Arteaga Dental Corporation is primarily engaged in the private or
group practice of general or specialized dentistry or dental
surgery.
Arteaga Dental Corporation sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No.
24-16441) on October 28, 2024. In the petition filed by Anamaria
Arteaga, as chief executive officer, the Debtor reports total
assets of $92,619 and total liabilities of $2,087,016.
Bankruptcy Judge Wayne E. Johnson handles the case.
The Debtor is represented by:
Lewis Landau, Esq.
LEWIS R. LANDAU, ATTORNEY AT LAW
22287 Mulholland Hwy. 318
Calabasas, CA 91302
Tel: (888) 822-4340
Email: lew@landaunet.com
ARTIFICIAL INTELLIGENCE: RAD Reveals Wheeled Security Robot ROAMEO
------------------------------------------------------------------
Robotic Assistance Devices, Inc. (RAD), a subsidiary of Artificial
Intelligence Technology Solutions, Inc., reveals the core
specifications for its highly anticipated next generation wheeled
robot, ROAMEO Generation 4 (Gen 4). After years of development,
this mobile robot is scheduled for customer demonstrations
beginning in March 2025. This next-generation autonomous security
robot is poised to finally fill a long-needed solution in the
security and facility management industries: a versatile mobile
security and concierge robot with enhanced capabilities, superior
AI integration, and significant operational capabilities.
"The market for a robot like ROAMEO remains untapped, and based on
our years serving this space, we are certain that it is a
significantly large market. Having solved a myriad of technical
challenges and deployed many earlier versions of ROAMEO, we are
perfectly positioned to define and capture this market," said Steve
Reinharz, CEO/CTO of AITX and RAD. "This is the cumulation of
years of creation, testing and perseverance. We are beyond
thrilled with today's big reveal and excited for what this robot
will do for the industry and AITX."
The Company gained valuable insights from the extensive deployments
of ROAMEO 1.x and 2.x as well as the work completed for the
unreleased version 3.x. The experience served as the foundation
for the delivery of robust, reliable and capable autonomous mobile
security solutions. With ROAMEO Gen 4, RAD significantly evolved
the platform design in order to account for experience and
knowledge gained over the prior years. This redesign incorporates
robust full autonomous navigation and recharging, in addition to
other navigation features that will be announced over the coming
months. Furthermore, ROAMEO Gen 4 features a more robust software
architecture built around AITX's proprietary AIR technology, all
aimed at delivering superior performance, reliability and cost
savings. ROAMEO Gen 4 is engineered to tackle the high cost,
mundane and often dangerous work currently performed by tens of
thousands of security guards patrolling outdoor spaces.
Reinharz continued, "Our journey to bring ROAMEO to market has been
one of determination and the relentless pursuit of innovation.
Developing an autonomous mobile robotic device that meets the
rigorous demands of real-world security scenarios is no easy task,
but our team has been unwavering in their commitment."
ROAMEO Gen 4 attacks this market with innovation based on RAD's
deep understanding of customer needs and deployment experience.
This starts with ROAMEO's impressive height of 6'9" (2065 mm),
width of 5'5" (1660 mm) and length of 8'4" (2550 mm). ROAMEO Gen 4
commands attention with a physical stature larger than a
professional security golf cart. This intentional design choice
ensures that ROAMEO remains visible even in high-traffic areas,
providing a clear line of sight over vehicles and people for both
advanced detection and person/vehicle engagement as well as high
visibility to avoid accidents and promote traffic safety. With an
average weight of 1609 lbs. (730 kg) and up to 16 hours of
continuous run time this unit will outperform legacy solutions,
notably security guards and their golf cart, at a greatly reduced
overall cost. Other important specifications include ground
clearance of up to 9.4" (24 cm), four-wheel drive, and even up to
20% incline climb ability. ROAMEO Gen 4 sports 215/45R17 wheels
and tires making transition to snow tires and or mud terrain tires
quick and inexpensive, adding to the robot's potential theatre of
operations.
ROAMEO Gen 4 is out to set the standard in safety for unmanned,
wheeled security patrol and engagement robots. Utilizing lidar,
radar, visual and ultra-sonic sensors, ROAMEO Gen 4's ability to
deftly avoid obstacles is further enhanced by its advanced
navigation abilities which now include predictive path of travel
for vehicles and pedestrians. Safety is further enhanced with last
resort bumper sensors on the front and back of ROAMEO Gen 4 as well
as emergency stop buttons on either side of the unit.
"We are engaged with a standards-certification organization, and we
expect to help define the requirements of a safe and certified
outdoor robot in the coming years," continued Reinharz.
The Company notes that the navigation system has over 2,000 hours
of field deployment experience and the drivetrain has even more
time in field testing.
ROAMEO Gen 4's use cases are consistent with AITX's mission of
providing tools to organizations wishing to reduce cost and improve
security.
Specific Use Cases for ROAMEO Gen 4 Include:
* Industrial Facilities and Warehouses – Conducts autonomous,
round-the-clock perimeter and inventory surveillance, identifying
unauthorized access or potential hazards.
* University and Corporate Campuses – Delivers patrols and
property monitoring, deterring loitering and vandalism while
interacting with individuals to ensure compliance with security
protocols.
* Automotive Storage and Dealership Lots – Patrols high-value
inventory after hours, preventing theft and damage to assets in
open lots.
* Hospital Campuses and Parking Structures – Enhances safety
by escorting late-night staff and visitors, providing a vigilant
presence in parking and entry areas.
* Corporate Headquarters and Data Centers - Protects sensitive
infrastructure with routine, autonomous checks, maintaining
security without relying solely on human presence.
The sales pipeline for ROAMEO Gen 4 is already robust, with
interest flowing in from various sectors and key regions. Notably,
a major RFQ has been submitted to a prominent regional
jurisdiction, where the requirements align directly with ROAMEO Gen
4's unique feature set. This RFQ, written specifically around the
capabilities of ROAMEO, demonstrates the significant demand and
tailored value that ROAMEO Gen 4 brings to high-stakes security
environments.
0Reinharz added, "ROAMEO's high SaaS RMR (Software as a Service,
Recurring Monthly Revenue) is a key component of our growth
strategy, and we anticipate that it will significantly contribute
to our fiscal year 2026 revenue. As more enterprise clients adopt
ROAMEO for their security needs, the recurring revenue generated
from our SaaS model will not only drive financial growth but also
provide a stable and predictable income stream for the Company."
In a press release dated Oct. 24, 2024, the Company estimated that
250 deployed ROAMEO units could generate as much as $20 million in
annual recurring revenue (ARR), a testament to the immense
financial potential of this solution.
The Company also noted that additional information, including
details on the pre-order period and demonstration videos will be
made available in the coming months. This rollout will provide
potential clients with a comprehensive understanding of ROAMEO Gen
4's capabilities and the value it can bring to their security
operations.
About Artificial Intelligence Technology
Headquartered in Ferndale, Mich., Artificial Intelligence
Technology Solutions Inc. is an innovator in the delivery of
artificial intelligence-based solutions that empower organizations
to gain new insight, solve complex challenges, and fuel new
business ideas. Through its next-generation robotic product
offerings, AITX's RAD, RAD-R, RAD-M, and RAD-G companies help
organizations streamline operations, increase ROI, and strengthen
business. AITX technology improves the simplicity and economics of
patrolling and guard services, allowing experienced personnel to
focus on more strategic tasks. Customers augment the capabilities
of existing staff and gain higher levels of situational awareness,
all at drastically reduced costs. AITX solutions are well-suited
for use in multiple industries such as enterprises, government,
transportation, critical infrastructure, education, and
healthcare.
Deer Park, Illinois-based L J Soldinger Associates, LLC, the
Company's auditor since 2019, issued a "going concern"
qualification in its report dated May 9, 2024, citing that the
Company had a net loss of approximately $20.7 million, an
accumulated deficit of approximately $133.0 million, and
stockholders' deficit of approximately $40.2 million as of and for
the year ended Feb. 29, 2024, which raise substantial doubt about
its ability to continue as a going concern.
AVALON GLOBOCARE: Effects 1-for-15 Reverse Common Stock Split
-------------------------------------------------------------
Avalon GloboCare Corp. reported in a Form 8-K filed with the
Securities and Exchange Commission that on Oct. 7, 2024, it held
the Company's virtual 2024 annual meeting of stockholders, pursuant
to which the stockholders of the Company approved, amongst other
matters, an amendment to the amended and restated certificate of
incorporation to effectuate a reverse stock split of the Company's
common stock, at a ratio of no less than 1-for-2 and no more than
1-for-15, with such ratio to be determined at the sole discretion
of the Board of Directors of the Company, as well as an amendment
to the Certificate of Incorporation to decrease the number of
shares of common stock available for issuance thereunder from
490,000,000 shares to 100,000,000 shares.
On Oct. 23, 2024, the Company filed a certificate of amendment to
its Certificate of Incorporation with the Secretary of State of the
State of Delaware to effectuate the Reverse Stock Split at a ratio
of 1-for-15 as well as the Decreased in Authorized Shares. The
Amendment became effective at 5:00 PM ET on Oct. 25, 2024.
Avalon Globocare
Headquartered in Freehold, New Jersey, Avalon Globocare --
http://www.avalon-globocare.com-- is a commercial stage company
dedicated to developing and delivering innovative, transformative,
precision diagnostics and clinical laboratory services. Avalon is
working to establish a leading role in the innovation of diagnostic
testing, utilizing proprietary technology to deliver precise,
genetics-driven results. The Company also provides laboratory
services, offering a broad portfolio of diagnostic tests, including
drug testing, toxicology, and a broad array of test services, from
general bloodwork to anatomic pathology, and urine toxicology.
New York, NY-based Marcum LLP, the Company's auditor since 2019,
issued a "going concern" qualification in its report dated April
15, 2024, citing that the Company has a significant working capital
deficiency, has incurred significant losses, and needs to raise
additional funds to meet its obligations and sustain its
operations. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.
B&L ASSETS: Burns Places Assets Up For Sale
-------------------------------------------
Burns & Levinson LLP ("borrower") offered for sale all right,
title, and interest of the lender under a certain loan agreement
dated July 20, 2018, between the borrower and the lender in (a) the
equity interests of B&L Asset Management LLC d/b/a Burns & Levinson
Asset Management LLC and all proceeds and products of any of the
foregoing and (b) equipment, fixtures and goods of the borrower
located at 125 High Street, Boston, MA 02110 and all books and
records pertaining to any of the foregoing, and all proceeds and
products of any of the foregoing.
The public sale auction was scheduled on Oct. 31, 2024, at the
offices of Choate, Hall & Stewart LLP, Two International Place,
Boston, Massachusetts 02110.
Interested parties who would like more information regarding the
collateral and sale, contact the lender's attorney, Douglas R.
Gooding, and H. Hampton Foushee, Choate Hall & Stewart LLP, Two
International Place, Boston, Massachusetts 02110, 617-248-5000,
during standard business hours.
BAJAN FOODS: Salvatore LaMonica Named Subchapter V Trustee
----------------------------------------------------------
The U.S. Trustee for Region 2 appointed Salvatore LaMonica, Esq.,
at LaMonica Herbst & Maniscalco, LLP, as Subchapter V trustee for
Bajan Foods, Inc.
Mr. LaMonica will be paid an hourly fee of $725 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. LaMonica declared that he is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Salvatore LaMonica, Esq.
LaMonica Herbst & Maniscalco, LLP
3305 Jerusalem Avenue, Suite 201
Wantagh, NY 11793
Phone: (516) 826-6500
Email: sl@lhmlawfirm.com
About Bajan Foods
Bajan Foods, Inc. sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-44312) on October 18,
2024, with up to $50,000 in assets and up to $500,000 in
liabilities.
Judge Nancy Hershey Lord presides over the case.
Ronald D. Weiss, Esq., represents the Debtor as legal counsel.
BAUSCH+LOMB: Taps $400 Million Incremental Loans to Repay Debt
--------------------------------------------------------------
Eliza Ronalds-Hannon of Bloomberg News reports that Bausch + Lomb
has secured $400 million in additional loans to pay down debt under
its revolving credit facility, according to a Friday, November 1,
2024, filing.
The new term loans, maturing in 2027, were partially used to repay
the outstanding revolving loans under the credit agreement, with
the remaining funds allocated for general corporate purposes.
As the vision care unit of Bausch Health Companies, Bausch + Lomb
has been exploring a sale or spinoff from its parent company for
years, though it has faced multiple setbacks.
About Bausch & Lomb Inc.
Bausch & Lomb, Inc. is an American-Canadian eye health products
company based in Vaughan, Ontario.
BAYER & SONZ: Case Summary & 14 Unsecured Creditors
---------------------------------------------------
Debtor: Bayer & Sonz, LLC
W327 S7589 Squire Lane
Mukwonago, WI 53149
Chapter 11 Petition Date: November 6, 2024
Court: United States Bankruptcy Court
Eastern District of Wisconsin
Case No.: 24-25976
Judge: Hon. Rachel M Blise
Debtor's Counsel: Emily K. Ott, Esq.
KREKELER LAW, S.C.
26 Schroeder Court, Suite 300
Madison, WI 53711
Tel: (608) 258-8555
Fax: (608) 258-8299
Email: eott@ks-lawfirm.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Matthew L. Bayer as owner.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 14 unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/FMHNMCA/Bayer__Sonz_LLC__wiebke-24-25976__0001.0.pdf?mcid=tGE4TAMA
BELMONT TRADING: Unsecureds Will Get 5% of Claims over 2 Years
--------------------------------------------------------------
Belmont Trading Co., Inc. submitted an Amended Disclosure Statement
in support of Amended Plan of Reorganization dated September 23,
2024.
Belmont has negotiated a resolution of the Secured Claim with its
secured lender Kassel Financing, LLC. Kassel filed a Secured Claim
in the amount of $2,575,754, which is the liquidation value of the
Debtor. Kassel has a total claim as successor in interest from PNC
of with a total claim of $3,453,702.14.
In resolution of the Kassel Claim, Kassel will purchase all of the
Debtor's Assets including prepetition causes of action as described
in section 7.13 of the plan. Kassel will pay 5% of Allowed Claims
to unsecured creditors over a period of 2 years. The Debtor
maintained an account titled "Loan to Shareholders" which included
items that were neither income to the shareholders nor business
expenses of the Debtor. These were not true loans in the sense that
cash was transferred to the shareholder but were placed in the
account for tracking purposes.
The shareholders would from time to time reimburse the Debtor for
these expenses. As of the petition date, the total of shareholder
loans account reached $1,630,970.14 and the shareholders paid back
$1,614,596.35 leaving a shareholder balance of $16,373.79. The
shareholder Igor Boguslavsky will pay this shareholder loan balance
back to the Debtor on the Confirmation Date.
After negotiation with Kassel, it was determined that Belmont could
not support the payment even of the Kassel Claim. It was determined
to maximize value to Kassel and return a dividend to Belmont's
unsecured creditors as well that Kassel, either directly or through
a newly formed entity ("Newco"). Newco is a placeholder name for
the acquiring entity that will be formed if the Plan is confirmed
or is otherwise necessary to be formed.
Under the Plan Kassel will acquire the Debtor and operate the
Debtors business without the secured debt burden. The sale will be
conducted pursuant to a Section 363 Sale of its assets free and
clear of all liens. At the conclusion of the Sale Newco will
acquire all the assets of the Debtor upon confirmation the Debtor
will cease to exist, and Newco will operate the Debtor's business.
Prior to the confirmation of the Plan the Debtor will file a motion
to approve bid procedures and to sell all of its assets pursuant to
Section 363 of the Bankruptcy Code. The Debtor's Kassel may credit
bid up to its loan amount and any other amount it may desire as a
stalking horse bidder. In addition, Newco will pay outstanding
unsecured claims 5% of Allowed Claims over a period of 2 years.
Class 7 consists of General Unsecured Claims. Newco will pay this
Class payments of 5% of the Allowed Claims paid in quarterly
payments over 2 years, beginning on the First Business Day of the
first calendar quarter, that is at least 46 days after the date of
the Confirmation Order. The total of class 7 claims is estimated at
$11,751,091.62. The Class is Impaired and is entitled to vote.
As described, (a) Administrative Claims will be paid from
operations by Newco; (b) priority Classes will be paid by Newco on
the Effective Date; and (c) unsecured Classes will be paid by Newco
from operations.
A full-text copy of the Amended Disclosure Statement dated
September 23, 2024 is available at https://urlcurt.com/u?l=IrCYNY
from PacerMonitor.com at no charge.
Attorney for the Plan Proponent:
O. Allan Fridman, Esq.
LAW OFFICE OF O. ALLAN FRIDMAN
555 Skokie Blvd, Suite 500
Northbrook, IL 60062
Telephone: (847) 412-0788
Facsimile: (847) 412-0898
Email: allanfridman@gmail.com
About Belmont Trading
Belmont Trading Co., Inc., offers full-service value recovery and
recycling services for mobile devices. Belmont Trading processes
retired mobile devices and remarket and resell them.
Belmont Trading sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Ill. Case No. 23-12083) on Sept. 12,
2023. In the petition signed by Igor Boguslavsky, president, the
Debtor disclosed $2,575,764 in assets and $15,773,104 in
liabilities.
Judge Janet S. Baer oversees the case.
O. Allan Fridman, Esq., at Law Office of Allan Fridman, is the
Debtor's legal counsel.
BENHAM ORTHODONTICS: Unsecureds to Split $300K over 60 Months
-------------------------------------------------------------
Benham Orthodontics & Associates, P.A. filed with the U.S.
Bankruptcy Court for the Northern District of Texas a Plan of
Reorganization under Subchapter V dated September 23, 2024.
The Debtor is an orthodontics practice located in Colleyville,
Texas.
The Debtor was facing pre-Petition Date litigation from Five Point
Dental Specialists, Inc. and its affiliates regarding the scope of
non-compete covenants in an asset purchase agreement as well as
other provisions, and Adam Benham claimed Five Points breached the
agreements before he did and has argued he was excused from
performance by Five Points' conduct all of which ultimately led to
the filing of this case.
This case was filed so the Debtor could continue to operate and see
patients that chose to continue to be seen by Dr. Benham.
According to the Debtor's Schedules filed in this Case, the
Debtor's liabilities (excluding Administrative Expense Claims)
totaled $1,208,636.01 in Unsecured Claims as of the Petition Date,
of which Five Point and/or its affiliates are scheduled for
disputed claims in the estimated amount of $1,000,000.00.
In addition to the scheduled claims, the Frisco Independent School
District filed a Secured Claim for $2,118.13, and the Internal
Revenue Service filed a Priority Tax Claim for $4,213.00. Other
Creditors may file Proofs of Claim up to the Bar Date that differ
from the amounts shown in the Schedules.
As can be seen, funds available for Unsecured Creditors in a
Chapter 7 liquidation, after payment of administrative expenses,
would total approximately $110,000.00. Under this Plan, however,
Unsecured Creditors will share pro rata in a pool of funds totaling
at least $300,000.00, payable at $3,500 per month for 60 months.
Therefore, pursuant to the above liquidation analysis all Creditors
will receive at least as much under this Plan as they would in a
Chapter 7 liquidation.
Class 1 consists of Allowed General Unsecured Claims. Class 1
Claimants shall be paid the greater of:
* Pro Rata share of a pool of funds contributed at the rate of
$3,500 per month over 60 months by the Debtor and/or its owner, Dr.
Adam Benham, for a total of $300,000.00. The Claims will be paid in
equal monthly installments commencing on the first day of the first
month following the Effective Date and continuing on the first day
of each month thereafter until the expiration of 60 months; or
* Pro Rata share of the Debtor's Disposable Income, paid in
equal monthly installments commencing on the first day of the first
month following the Effective Date and continuing on the first day
of each month thereafter until the expiration of 60 months.
The Debtor will calculate within 15 days after the end of each
month which of the options would yield the greatest payout to
Unsecured Claimants and pay those Claimants accordingly. These
Claims are Impaired, and the holders of these Claims are entitled
to vote to accept or reject the Plan.
The Debtor intends to make all payments required under the Plan
from available cash and income from the business operations of the
Debtor, and from contributions to be made by Dr. Adam Benham as
necessary to make the payments under the Plan.
A full-text copy of the Plan of Reorganization dated September 23,
2024 is available at https://urlcurt.com/u?l=8SE7A4 from
PacerMonitor.com at no charge.
Counsel to the Debtor:
Joyce W. Lindauer, Esq.
Joyce W. Lindauer Attorney, PLLC
1412 Main Street, Suite 500
Dallas, TX 75202
Tel: (972) 503-4033
Fax: (972) 503-4034
Email: joyce@joycelindauer.com
About Benham Orthodontics & Associates
Benham Orthodontics & Associates, P.A. provides orthodontic care to
children and adults. It is based in Colleyville, Texas, and
conducts business under the name Benham Family Orthodontics.
Benham sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. N.D. Texas Case No. 24-42784) on August 7, 2024, with
up to $50,000 in assets and up to $10 million in liabilities. Adam
Benham, director, signed the petition.
Judge Edward L. Morris presides over the case.
Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC
represents the Debtor as bankruptcy counsel.
BERR LLC: Jolene Wee of JW Infinity Named Subchapter V Trustee
--------------------------------------------------------------
The U.S. Trustee for Region 2 appointed Jolene Wee of JW Infinity
Consulting, LLC as Subchapter V trustee for Berr, LLC.
Ms. Wee will be compensated at $615 per hour for work performed in
2024. In addition, the Subchapter V trustee will receive
reimbursement for work-related expenses incurred.
Ms. Wee declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Jolene E. Wee
JW Infinity Consulting, LLC
447 Broadway 2nd Fl #502
New York, NY 10013
Telephone: (929) 502-7715
Facsimile: (646) 810-3989
Email: jwee@jw-infinity.com
About BERR LLC
BERR, LLC conducts business under the name Masal Plus Cafe and
Restaurant.
BERR sought relief under Chapter 11 of the Bankruptcy Code (Bankr.
E.D.N.Y. Case No. 24-44292) on Oct. 17, 2024, listing up to 500,000
in assets and up to $10 million in liabilities. Sal Masal, managing
member, signed the petition.
Judge Nancy Hershey Lord oversees the case.
The Law Offices of Avrum J. Rosen, PLLC serves as the Debtor's
bankruptcy counsel.
BIG LOTS: Gets Court Okay to Sell Close 36 Leases in Ch. 11 Auction
-------------------------------------------------------------------
Rick Archer of Law360 reports that a Delaware bankruptcy judge has
approved Big Lots' plan to sell close to three dozen store leases
after the discount retailer reported it had not received any offers
higher than the $760 million bid for the entire company.
About Big Lots
Big Lots (NYSE: BIG) -- http://www.biglots.com/-- is one of the
nation's largest closeout retailers focused on extreme value,
delivering bargains on everything for the home, including
furniture, decor, pantry and more.
On Sept. 9, 2024, Big Lots, Inc. and each of its subsidiaries
initiated voluntary Chapter 11 proceedings (Bankr. D. Del. Lead
Case No. 24-11967). The case is being administered by the Honorable
J. Kate Stickles.
Davis Polk & Wardwell LLP is serving as legal counsel, Guggenheim
Securities, LLC is serving as financial advisor, AlixPartners LLP
is serving as restructuring advisor, and A&G Real Estate Partners
is serving as real estate advisor to the Company. Kroll is the
claims agent.
Kirkland & Ellis is serving as legal counsel to Nexus Capital
Management LP.
PNC Bank, National Association, the DIP ABL Agent and Prepetition
ABL Agent, is represented by Choate, Hall & Stewart, LLP; and Blank
Rome, LLP. 1903P Loan Agent, LLC, the DIP Term Agent, and the
Prepetition Term Loan Agent are represented by Otterbourg, P.C. and
Richards, Layton & Finger, P.A.
BIG LOTS: More Leases Up for Auction as Store Closures Increase
---------------------------------------------------------------
Linda Moss of CoStar News reports that the leases for 255 Big Lots
stores are now available for auction, as the struggling retailer's
planned closures have risen to over 500 locations.
According to CoStar News, A&G Real Estate Partners, based in
Melville, New York, announced on Wednesday, October 30, 2024, that
it is accepting bids for the latest auction of Big Lots leases as
part of the retailer's Chapter 11 restructuring and sale process.
This includes 51 new-to-market leases along with 204 previously
marketed leases. A&G indicated that the leases are being offered in
two groups, pending the bankruptcy court's determination of final
bid deadlines in November and December 2024.
Big Lots, a Columbus, Ohio-based discount retailer for home goods
and furnishings, has been reducing its store count ahead of a
potential acquisition by private equity firm Nexus Capital
Management, following its Chapter 11 filing last month. The total
number of stores Big Lots is closing has now reached 555, according
to Bill Read, an executive vice president at Retail Specialists,
who has been monitoring the closures through Big Lots' court
filings, the report states.
Big Lots did not immediately respond to CoStar News' request for
comment.
About Big Lots
Big Lots (NYSE: BIG) -- http://www.biglots.com/-- is one of the
nation's largest closeout retailers focused on extreme value,
delivering bargains on everything for the home, including
furniture, decor, pantry and more.
On Sept. 9, 2024, Big Lots, Inc. and each of its subsidiaries
initiated voluntary Chapter 11 proceedings (Bankr. D. Del. Lead
Case No. 24-11967). The case is being administered by the Honorable
J. Kate Stickles.
Davis Polk & Wardwell LLP is serving as legal counsel, Guggenheim
Securities, LLC is serving as financial advisor, AlixPartners LLP
is serving as restructuring advisor, and A&G Real Estate Partners
is serving as real estate advisor to the Company. Kroll is the
claims agent.
Kirkland & Ellis is serving as legal counsel to Nexus Capital
Management LP.
PNC Bank, National Association, the DIP ABL Agent and Prepetition
ABL Agent, is represented by Choate, Hall & Stewart, LLP; and Blank
Rome, LLP. 1903P Loan Agent, LLC, the DIP Term Agent, and the
Prepetition Term Loan Agent are represented by Otterbourg, P.C. and
Richards, Layton & Finger, P.A.
BLINK FITNESS: PureGym's $121Million Offer Leads Chapter 11 Auction
-------------------------------------------------------------------
Emlyn Cameron of Law360 reports that struggling gym chain Blink
Fitness has notified the Delaware bankruptcy court that a
subsidiary of U.K.-based global gym operator PureGym Ltd. emerged
as the successful bidder in its Chapter 11 asset auction, securing
the win with a $121 million stalking horse bid.
About Blink Holdings
Blink Holdings, Inc., d/b/a Blink Fitness, provides fitness
services in the high value, low price fitness category. The
business was launched in 2011 with only three locations in New York
and New Jersey. By 2019, Blink Fitness had expanded to 92
corporate-owned locations and 10 franchised locations in New York,
New Jersey, Massachusetts, Texas, Illinois, and California, and had
just launched a proprietary mobile application to enhance member
experience.
Blink Holdings and more than 100 of its affiliates sought relief
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead
Case No. 24-11686) on Aug. 12, 2024. In the petition filed by
President Guy Harkless, Blink Holdings disclosed $100 million to
$500 million in assets against $100 million to $500 million in
debt.
The Hon. J. Kate Stickles presides over the cases.
Young Conaway Stargatt & Taylor, LLP serves as the Debtors'
counsel. Moelis & Company is the Debtors' investment banker and
EPIQ Corporate Restructuring LLC is the Debtors' notice and claims
agent.
BLINK FITNESS: Still Seeks Successful Bidder for Its Assets
-----------------------------------------------------------
Harry Suhartono and Dorothy Ma of Bloomberg News report that in a
court filing, gym chain Blink Fitness, which filed for Chapter 11
bankruptcy in August 2024, has not yet disclosed a winning bidder
for its assets.
"As of the finalization of this response, the Debtors have not
publicly identified a successful bidder for their assets," Equinox
Holdings, Blink's parent company, stated in the filing. "The
ultimate proposed treatment of Equinox's agreements and claims
related to a sale, as well as the Plan and Disclosure Statement,
remains unclear," it added.
Blink, a budget-friendly fitness brand, had aimed to complete its
Chapter 11 sale by November 2024.
About Blink Holdings
Blink Holdings, Inc., d/b/a Blink Fitness, provides fitness
services in the high value, low price fitness category. The
business was launched in 2011 with only three locations in New York
and New Jersey. By 2019, Blink Fitness had expanded to 92
corporate-owned locations and 10 franchised locations in New York,
New Jersey, Massachusetts, Texas, Illinois, and California, and had
just launched a proprietary mobile application to enhance member
experience.
Blink Holdings and more than 100 of its affiliates sought relief
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead
Case No. 24-11686) on Aug. 12, 2024. In the petition filed by
President Guy Harkless, Blink Holdings disclosed $100 million to
$500 million in assets against $100 million to $500 million in
debt.
The Hon. J. Kate Stickles presides over the cases.
Young Conaway Stargatt & Taylor, LLP serves as the Debtors'
counsel. Moelis & Company is the Debtors' investment banker and
EPIQ Corporate Restructuring LLC is the Debtors' notice and claims
agent.
BNB BATTERY: Sale Proceeds & Continued Operations to Fund Plan
--------------------------------------------------------------
BNB Battery LLC filed with the U.S. Bankruptcy Court for the
Northern District of Georgia a Plan of Reorganization dated
September 23, 2024.
The Debtor is a Georgia limited liability company. Debtor operates
the Battle & Brew restaurant, bar, and arcade located at 925
Battery Ave SE, Suite 1125, Atlanta, Georgia 30339 (the "Business"
or the "Premises" as context requires).
The Debtor's Board of Directors consists of Soel Tran, Ben
Izaguirre, David Veatch, and Son Ngo (collectively, the "Board").
The Debtor's membership interest is owned by various members, the
largest of which is DBSS Investment, LLC, which holds an 84.074%
interest, and which is, in turn, owned by David Vetach, Ben
Izaguiree, Son Ngo, and Soel Tran in equal 25% shares.
The Debtor experienced significant delays in the completion of the
buildout and the opening of its Business, which caused it to suffer
cash flow issues and fall behind on its rent. Debtor has asserted
potential causes of action against Choate Construction Company
regarding those delays and has attended an ongoing pre arbitration
mediation, which began on September 12, 2024. On the Petition Date,
Debtor was facing demands from its landlord and filed for Chapter
11 bankruptcy to reorganize its financial affairs.
This Plan deals with all property of Debtor and provides for
treatment of all Claims against Debtor and its property.
Class 8 consists of General Unsecured Claims. The Debtor will pay
the Holders of Class 8 General Unsecured Claims in accordance with
the Plan Payment Procedures set forth in Section 4.11 of the Plan.
Notwithstanding anything else in this Plan to the contrary, any
Class 8 Claim shall be reduced by any payment received by the
creditor holding such claim from any third party or other obligor
and Debtor's obligations hereunder shall be reduced accordingly.
The Class 8 Claims are Impaired. The allowed unsecured claims total
$29,700.46.
Class 10 consists of the Equity Claims. DBSS Investment, LLC, Neal
Bhatia, David Mac, Louisa Twaddell, Michael Carr, Ngoc Anh Pham,
Todd Hellman, Kun Taing, Amie Izaguirre, Andrew Sohn, Justing &
Anna Wong, and SDS 540 Investment LLC collectively hold 100% of the
equity in Debtor. The holders of Equity Claims shall retain their
interests in the shares in Debtor. The holders of Class 10 Claims
are not Impaired by the Plan and the holders of the Class 10 Claims
are conclusively deemed to have accepted the plan.
"Administrative and General Unsecured Creditors Payment" means the
projected disposable income of the Debtor after payment of expenses
and certain plan distributions which are projected to be received
in the five-year-period following the Effective Date, which will be
applied to make payments under the Plan.
The Debtor shall pay the Administrative and General Unsecured
Creditors Payment in satisfaction of its obligations to: (i)
Allowed Administrative Expense Claims, (ii) Allowed Priority Claims
and (ii) Class 8 General Unsecured Claims. The Allowed Secured
Claim of the Pinnacle, as set forth in Class 4 of the Plan, shall
be paid pursuant to the provisions of Class 4 and Pinnacle will not
share in the Administrative and General Unsecured Creditors Payment
except to the extent of the unsecured portion of the Total Class 4
Claim. The Allowed Class 6 Claim of the BDC, as set forth in Class
6 of the Plan, shall be paid pursuant to the provisions of Class 6
and BDC will not share in the Administrative and General Unsecured
Creditors Payment except to the extent of the unsecured portion of
the Total Class 6 Claim.
The Administrative and General Unsecured Creditors Payments will be
disbursed as follows:
* First to accrued unpaid Allowed Administrative Expenses
including Allowed Professional Fees, until paid in full.
* Upon payments in full of any Allowed Administrative
Expenses, including Professional Fees, all remaining payments shall
be paid to Class 8 General Unsecured Creditors pro rata.
The source of funds for the payments pursuant to the Plan is
Debtor's sale of the houses listed in this Plan as well as the
continued operations of Debtor and future projects.
The Debtor may maintain bank accounts under the confirmed Plan in
the ordinary course of business. Debtor may also pay ordinary and
necessary expenses of administration of the Plan in due course.
A full-text copy of the Plan of Reorganization dated September 23,
2024 is available at https://urlcurt.com/u?l=VWkSoj from
PacerMonitor.com at no charge.
Counsel to the Debtor:
Leslie M. Pineyro, Esq.
Jones & Walden LLC
699 Piedmont Avenue, NE
Atlanta, GA 30308
Telephone: (404) 564-9300
Email: lpineyro@joneswalden.com
mgensburg@joneswalden.com
About BNB Battery LLC
BNB Battery LLC is an operator of a bar & restaurant serving in
Atlanta, Georgia.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ga. Case No. 24-54144) on April 24,
2024. In the petition signed by Soel Tran, the Debtor disclosed up
to $1 million in assets and up to $10 million in liabilities.
Judge Sage M. Sigler oversees the case.
Mark D. Gensburg, Esq., at Jones & Walden, LLC, represents the
Debtor as legal counsel.
BOY SCOUTS: 3rd Circuit to Determine Ch.11 Bankruptcy Plan in Nov.
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P. J. D'Annunzio of Law360 reports that the fate of the Boy Scouts
of America's Chapter 11 bankruptcy plan will be decided by the
Third Circuit this month, as the court reviews whether recent U.S.
Supreme Court rulings on bankruptcies and settlements permit the
plan to be reopened.
About Boy Scouts of America
The Boy Scouts of America -- https://www.scouting.org/ -- is a
federally chartered non-profit corporation under title 36 of the
United States Code. Founded in 1910 and chartered by an act of
Congress in 1916, the BSA's mission is to train youth in
responsible citizenship, character development, and self-reliance
through participation in a wide range of outdoor activities,
educational programs, and, at older age levels, career-oriented
programs in partnership with community organizations. Its national
headquarters is located in Irving, Texas.
The Boy Scouts of America and affiliate Delaware BSA, LLC, sought
Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-10343) on
Feb. 18, 2020, to deal with sexual abuse claims.
Boy Scouts of America was estimated to have $1 billion to $10
billion in assets and at least $500 million in liabilities as of
the bankruptcy filing.
The Debtors have tapped Sidley Austin LLP as their bankruptcy
counsel, Morris, Nichols, Arsht & Tunnell LLP as Delaware counsel,
and Alvarez & Marsal North America, LLC, as financial advisor. Omni
Agent Solutions is the claims agent.
The U.S. Trustee for Region 3 appointed a tort claimants' committee
and an unsecured creditors' committee on March 5, 2020. The tort
claimants' committee is represented by Pachulski Stang Ziehl &
Jones, LLP, while the unsecured creditors' committee is represented
by Kramer Levin Naftalis & Frankel, LLP.
The Debtors obtained confirmation of their Third Modified Fifth
Amended Chapter 11 Plan of Reorganization (with Technical
Modifications) on September 8, 2022. The Order was affirmed on
March 28, 2023. The Plan was declared effective on April 19, 2023.
The Hon. Barbara J. House (Ret.) has been appointed as trustee of
the BSA Settlement Trust.
BURGERFI INTL: Obtains $54 Million Acquisition Offer in Chapter 11
------------------------------------------------------------------
Yun Park of Law360 Bankruptcy Authority reports that ankrupt
restaurant operator BurgerFi International Inc., known for its
burger and pizza chains, announced that its primary senior secured
lender has won the asset sale with a $54 million credit bid.
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.
BXNG HOLDINGS: Continued Operations to Fund Plan Payments
---------------------------------------------------------
Bxng Holdings, LLC, filed with the U.S. Bankruptcy Court for the
Southern District of California a Plan of Reorganization for Small
Business.
The Debtor is a Delaware limited liability company authorized and
registered to do business in the state of California. Since 2022,
the Debtor has been in the business of operating boxing fitness
clubs in the San Diego, CA area.
The final Plan payment is expected to be paid on December 1, 2027
or December 1, 2029, depending on whether the Plan is consensual or
nonconsensual under the Section 1191 of the Bankruptcy Code.
The Debtor will pay the allowed secured claims, based on the
valuation of each claim pursuant to Section 506 of the Bankruptcy
Code, as well as the priority of each secured claim under
bankruptcy and nonbankruptcy law. There will be two classes of
allowed secured claims, one unimpaired, and one unimpaired. Each
secured creditor will retain its lien on the Debtor's collateral.
This Plan of Reorganization proposes to pay the creditors of the
Debtor from cashflow from operations.
A full-text copy of the Plan of Reorganization dated September 19,
2024 is available at https://urlcurt.com/u?l=Nqjq5R from
PacerMonitor.com at no charge.
Counsel to the Debtor:
Jason Turner. Esq.
J. Turner Law Group, APC
2563 Mast Way, Suite 202
Chula Vista, CA, 91914
Telephone: (619) 684-4005
Email: info@jturnerlawgroup.com
About Bxng Holdings
Bxng Holdings, LLC is a Delaware limited liability company
authorized and registered to do business in the state of
California.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. S.D. Calif. Case No. 24-02239) on June 20,
2024, with $1 million to $10 million in both assets and
liabilities.
Jason E. Turner, Esq., at J. Turner Law Group, Apc represents the
Debtor as legal counsel.
BYJU'S ALPHA: U.S. Units Okayed to Borrow $9.5 Mil. for Bankruptcy
------------------------------------------------------------------
Steven Church of Bloomberg News reports that three U.S. education
software companies owned by the bankrupt Indian tech firm Byju's
have received court approval to borrow up to $9.5 million, with
repayment prioritized for the $133 million owed to lenders
contesting the struggling parent company.
According to the terms of the bankruptcy loan, lenders owed over
$1.2 billion by Byju's will provide funding to cover the bankruptcy
expenses of the U.S. firms—Neuron Fuel Inc., Epic! Creations
Inc., and Tangible Play Inc. Lenders contributing to the bankruptcy
loan will have the option to convert some of their Byju's debt into
the new, court-sanctioned financing arrangement.
About BYJU's Alpha
BYJU's Alpha, Inc., designs and develops education software
solutions.
The Debtor sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. Del. Case No. 24-10140) on Feb. 1, 2024. In the
petition signed by Timothy R. Pohl, chief executive officer, the
Debtor disclosed up to $1 billion in assets and up to $10 billion
in liabilities.
Judge John T. Dorsey oversees the case.
Young Conaway Stargatt & Taylor, LLP and Quinn Emanuel Urquhart &
Sullivan, LLP serve as the Debtor's legal counsel.
GLAS Trust Company LLC, as DIP Agent and Prepetition Agent, is
represented in the Debtor's case by Kirkland & Ellis LLP, Pachulski
Stang Ziehl & Jones, and Reed Smith.
CAREPOINT HEALTH: Nov. 12 Deadline Set for Panel Questionnaires
---------------------------------------------------------------
The United States Trustee is soliciting members for committee of
unsecured creditors in the bankruptcy cases of CarePoint Health
Systems Inc., et al.
If a party wishes to be considered for membership on any official
committee that is appointed, it must complete a questionnaire
available at https://tinyurl.com/4axvjdmw and return by email it to
Jane M. Leamy - Jane.M.Leamy@usdoj.gov - at the Office of the
United States Trustee so that it is received no later than 4:00
p.m., on Tuesday, November 12, 2024.
If the U.S. Trustee receives sufficient creditor interest in the
solicitation, it may schedule a meeting or telephone conference for
the purpose of forming a committee.
About CarePoint Health
CarePoint Health brings quality, patient-focused health care to
Hudson County. Combining the resources of three area hospitals,
Bayonne Medical Center, Christ Hospital in Jersey City, and Hoboken
University Medical Center, CarePoint Health provides a new approach
to deliver health care that puts the patient front and center.
CarePoint Health leverages a network of top doctors, nurses, and
other medical professionals whose expertise and attentiveness work
together to provide complete coordination of care, from the
doctor's office to the hospital to the home. Patients benefit from
the expertise and capabilities of a broad network of leading
specialists and specialized technology. At CarePoint Health, all
medical professionals emphasize preventive medicine and focus on
educating patients to make healthy life choices. For more
information on its facilities, partners and services, visit
www.carepointhealth.org.
Dilworth Paxson LLP is serving as legal counsel and Ankura
Consulting is serving as financial advisor.
As reported in the Troubled Company Reporter-Latin America on
Nov. 6, 2024, CarePoint Health Systems, Inc., is a non-profit
corporation that operates three hospitals in Hudson County.
CarePoint announced that it has taken steps to implement a
financial restructuring designed to improve its capital structure
and position the Company to deliver essential patient care well
into the future.
To facilitate this process, CarePoint has filed voluntary petitions
for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S.
Bankruptcy Court in Delaware. CarePoint has obtained $67 million in
new financing to ensure that its hospitals remain open and that
there will be no interruptions to its ability to provide patient
care in the communities it serves throughout this process.
CHAPIN DAIRY: Updates Unsecureds & DFS Secured Claims Pay
---------------------------------------------------------
Chapin Dairy, LLC, submitted a Second Amended Disclosure Statement
describing Second Amended Plan of Reorganization dated September
20, 2024.
The Debtor currently operates its dairy farm on the following
pieces of real property (which it also owns): 8244 Highway 144,
Weldona, CO 80653, 8241 Highway 144, Weldona, CO 80653, 7709
Highway 144, Weldona, CO 80653, 7431 Highway 144, Weldona, CO 80653
and 10868 Highway 144, Weldona, CO 80653 (collectively, the "Dairy
Farm"). The Dairy Farm properties are currently collectively valued
at $5,962,000.00.
Following Confirmation of the Plan, the Debtor intends to continue
operating the Dairy Farm. The Plan itself shall be funded by the
two first priority, perfected, secured Promissory Notes with
AgCredit, the Riverside Sale and the Riverside Administrative Claim
and additional Cash of the Debtor.
Class Two consists of DFS's allowed secured claim against the DFS
2020 Zimmatic Sprinkler in the amount of $61,826.33, together with
interest thereon at the contract rate of 1.35% and attorney fees
approved by the Bankruptcy Court, pursuant to the Motion to Approve
Stipulation for Payment of Adequate Protection and Treatment of
Secured Claim of DFS Finance, a Division of First National Bank of
Omaha f/k/a Diversified Financial Services, LLC ("DFS
Stipulation").
Class Two shall be paid in full in equal monthly installments over
sixty months in the amount of $1,082.90 from the date the DFS
Stipulation is approved by the Court, with interest at 1.35% per
annum. DFS shall retain its liens securing its agreement as to the
Zimmatic Sprinkler to the same extent and in the same priority as
its pre-petition liens pending payment under this Plan. Class Two
is Unimpaired under the Plan.
Class Five consists of allowed Unsecured Claims against the Debtor
and the Claims that are deemed allowed by a Final Order in
connection with the Bankruptcy Court approval of the APEX
Stipulation, less those that are subordinated in Class Eight. The
unsecured creditors shall be paid pro rata from the lump sum of
$210,000.00, on the later of either (i) the Effective Date or (ii)
when the Debtor's Riverside Administrative Claim of $200,000.00 is
paid under the Riverside Plan.
Payment shall be made from the Riverside Administrative Claim and
an additional $10,000 of Cash from the Debtor. In order to secure
the Riverside Administrative Claim payment of $200,000.00 from
Riverside, Debtor, on July 15, 2024, filed its Motion for Allowance
and Payment of Administrative Expense Claim from Riverside Milk,
LLC (the "Administrative Claim Motion") and the Motion to Approve
Settlement with Riverside Milk, LLC (the "Settlement Motion").
Riverside failed to make post-petition payments for these items in
the amount of $291,552.54. However, under the Plan, Debtor has
agreed to reduce its Riverside Administrative Claim to $200,000.00,
pursuant to an agreement between Debtor as described and approved
in the Settlement Motion, AgCredit and Riverside and conditioned
upon confirmation of the Plan.
Specifically, all money to be used to pay the Riverside
Administrative Claim is cash collateral in the Riverside Bankruptcy
and is subject to it being expended between AgCredit and Riverside.
Along those lines, $200,000.00 from the Riverside Administrative
Claim, in addition to Cash from the Debtor in the amount of
$10,000, is the maximum amount of cash collateral to which AgCredit
would agree to allow to fund this Plan and the Riverside
Administrative Claim, after many months of negotiations between the
Parties.
In addition, Class Five shall receive the first tranche of $50,000,
if any and not to exceed $50,000, in the limited circumstance the
Riverside Sale nets proceeds that exceeds $9,000,000. Class Five
creditors shall have the right to receive an accounting of the
Riverside Sale when it occurs to determine if there were funds
sufficient to trigger the $50,000 payout.
The Debtor will provide AgCredit, who currently has a first
priority, perfected, security interest as against the Collateral
and holds a claim of $19,166,244.20 valued as of April 15, 2024 as
against the Estate, with two secured Promissory Notes – (i)
Promissory Note A, in the amount of $7,000,000 with an interest
rate of 5.5% and (ii) Promissory Note B, in the amount of
$4,000,000 with an interest rate of 6.5%.
The Debtor anticipates completion of the Riverside Sale to occur
within one year from the Effective Date, at such time, Riverside
will either liquidate all of its assets for an agreed amount to be
stated in the Riverside Plan or will grant AgCredit the Riverside
Deed in Lieu for the pre-set value of reduced debt of an
agreed-upon, reasonable equivalent value of $8,000,000, subject to
AgCredit's unilateral ability to elect to foreclose on the
Riverside parlor and 320 Acres.
Riverside Sale. If the Riverside Sale is successful, the net
remaining value after the payment of reasonable closing costs and
payments to FCL for 12 of the 18 robotic milkers leased from FCL
will be payable to AgCredit, and, again, with any surplus in excess
of $9,000,000 to AgCredit then first paying Class Five up to
$50,000, if any and not to exceed $50,000, and, thereafter, paying
Promissory Note B and with a floor amount before any compensation
to Allowed Unsecured Claims of the Riverside Estate.
For avoidance of any doubt, AgCredit retains any net proceeds less
than $9,000,000 (subject to a potential portion going to Riverside
Allowed Unsecured Creditors), without reduction to Promissory Note
A and Promissory Note B, from the Riverside Sale as consideration
for AgCredit agreeing to the lower values, lower interest rates,
and extended maturities of Promissory Note A and Promissory Note
B.
A full-text copy of the Second Amended Disclosure Statement dated
September 20, 2024 is available at https://urlcurt.com/u?l=s5f7fJ
from PacerMonitor.com at no charge.
Attorneys for the Debtor:
Jeffrey A. Weinman, Esq.
Patrick D. Vellone, Esq.
Bailey C. Pompea, Esq.
Allen Vellone Wolf Helfrich & Factor P.C.
1600 Stout Street, Suite 1900
Denver, CO 80202
Phone: (303) 534-4499
Email: JWeinman@allen-vellone.com
PVellone@allen-vellone.com
BPompea@allen-vellone.com
About Chapin Dairy
Chapin Dairy, LLC, owns five properties in Weldona, Colo. Valued at
$5.96 million.
Chapin Dairy sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Colo. Case No. 23-13262) on July 24,
2023. In the petition signed by A. Foy Chapin, manager, the Debtor
disclosed $11,249,082 in assets and $19,303,237 in liabilities.
Judge Thomas B. Mcnamara oversees the case.
Jeffrey A. Weinman, Esq., at Allen Vellone Wolf Helfrich & Factor,
P.C., is the Debtor's legal counsel.
CHESSWOOD GROUP: Seeks Chapter 15 Bankruptcy Protection in Delaware
-------------------------------------------------------------------
Janine Phakdeetham of Bloomberg News reports that Chesswood Group
has filed for Chapter 15 bankruptcy protection in a Delaware court,
as per a recent court filing.
According to Bloomberg News, the company is also undergoing court
proceedings in Canada, with FTI Consulting Canada Inc. serving as
its foreign representative. In a separate October 30 statement,
Chesswood announced that it and its subsidiaries have filed under
Canada's Companies' Creditors Arrangement Act.
Several members of the Board of Directors, including CFO Ivy Sun,
have resigned, while CEO Tobias Rajchel is expected to remain in
his role, the report cites.
About Chesswood Group
Chesswood Group provides financing and investment management
solutions to niche markets generally underserved by traditional
financial institutions.
Chesswood Group sought relief under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 24-12454) on October 30,
2024.
The Debtor is represented by Kenneth J. Enos of Young, Conaway,
Stargatt & Taylor, LLP.
CHIC COUTURE: Aleida Martinez Molina Named Subchapter V Trustee
---------------------------------------------------------------
The U.S. Trustee for Region 21 appointed Aleida Martinez Molina,
Esq., as Subchapter V trustee for Chic Couture Online, LLC.
Ms. Molina will be paid an hourly fee of $450 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Molina declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Aleida Martinez Molina, Esq.
2121 NW 2nd Avenue, Suite 201
Miami, FL 33127
Telephone: (305) 297-1878
Email: Martinez@subv-trustee.com
About Chic Couture Online
Chic Couture Online, LLC, a company in Lauderdale Lakes, Fla., owns
and operates an online retail shop specializing in women's clothing
and accessories.
Chic Couture Online sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-20940) on October 22,
2024, with $100,001 to $500,000 in assets and $1 million to $10
million in liabilities. Johane Porsenna, president of Chic Couture
Online, signed the petition.
Judge Peter D. Russin oversees the case.
Brian K. McMahon, Esq., at Brian K. McMahon, PA, represents the
Debtor as legal counsel.
COMMSCOPE HOLDING: Creditors Start Private Talks to Address Debt
----------------------------------------------------------------
Reshmi Basu of Bloomberg News reports that some creditors of
CommScope Holding Co. have begun private discussions with the
telecom infrastructure firm as it continues its efforts to address
its debt.
According to sources who requested anonymity due to restrictions on
public disclosures, fund managers, including Franklin Resources
Inc., have been operating under nondisclosure agreements, and now
CommScope's advisor, Moelis & Co., is requesting additional funds
to facilitate further private talks. One source also mentioned that
CommScope is pursuing new capital from other investors.
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 and media
programmers to deliver media, voice, Internet Protocol (IP) data
services and Wi-Fi to their subscribers and allow 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
net loss of $573.4 million in 2020. As of March 31, 2024, the
Company had $8.7 billion in total assets, $10.8 billion in total
liabilities, $3.3 billion in total stockholders' deficit.
* * *
As reported by the TCR on Nov. 22, 2023, S&P Global Ratings lowered
its issuer 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 of 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 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.
COMTECH TELECOMMUNICATIONS: Board Appoints John Ratigan as CEO
--------------------------------------------------------------
Comtech Telecommunications announced Oct. 30 that its Board of
Directors has appointed John Ratigan as president, chief executive
officer and a member of the Board, effective Oct. 28, 2024. Mr.
Ratigan has been serving as Comtech's interim CEO since March 2024.
In addition, the Comtech Board appointed Kenneth (Ken) H. Traub as
an independent director to the Board, effective Oct. 31, 2024.
Chief Executive Officer Appointment
Mr. Ratigan is an accomplished executive with over three decades of
senior leadership experience and expertise in the global satellite
technology sector. He joined Comtech in November 2023 as the
Company's first Chief Corporate Development Officer. Mr. Ratigan
was previously CEO and President of iDirect Government, LLC, a
provider of satellite communications solutions to the U.S.
Government, and ran East Coast operations for Fairchild Data
Corporation and EF Data Corp., in both instances overseeing
substantial growth and value creation.
"Over the past several months, John has been an important voice in
charting Comtech's strategy to transform into a pure-play satellite
and space communications company," said Mark Quinlan, Chair of the
Comtech Board. "Under his leadership, the Company has initiated
several programs designed to improve operations, including an
intensive review of Comtech's Space & Satellite Communications
product portfolio to identify the most strategic and high-margin
revenue opportunities. The Board is confident that John is the
right leader to oversee the execution of our new strategy as we
work diligently to unlock value for shareholders."
Mr. Ratigan's appointment as CEO follows a comprehensive process
conducted by a leading executive search firm.
Mr. Ratigan said, "I am honored to serve as CEO during this
important time for Comtech. When I stepped into the interim role
in March, I did so with great conviction in the possibilities
ahead. I saw then - and still see - great technology, great people
and a tremendous opportunity. Comtech has market-leading products,
a strong customer base and a compelling path to drive profitable
growth in our large and growing end markets. We are acting with
urgency to build a stronger, more competitive company focused on
providing best-in-class satellite and space communications
solutions."
New Independent Board Director
Mr. Traub brings deep experience as a CEO, independent director,
active investor and consultant to numerous companies at times of
critical business transition and transformation, with a successful
track record of driving strategic, operational, financial and
governance improvements to protect and enhance shareholder value.
"I am thrilled to be joining the Comtech Board of Directors at this
critically important time for the Company," said Mr. Traub. "I
look forward to working with the Comtech Board of Directors and
management team to address current challenges and capitalize on the
significant opportunities available to the Company."
Mr. Quinlan added, "Ken is widely regarded as an expert in
overseeing business transformations and has a long history of
successfully guiding companies through strategic transitions that
benefit shareholders. On behalf of the full Board, we welcome Ken
as our newest independent director and look forward to working
closely with him as we position Comtech for the future."
About Kenneth Traub
Mr. Traub has over 30 years of experience as a CEO, chairman,
director, investor and consultant in public companies, with a
successful track record of driving strategic, financial,
operational and governance improvements to enhance shareholder
value. He has served as the Managing Partner of Delta Value
Advisors, a strategic consulting and investment advisory firm
specializing in corporate governance and turnarounds, since 2019.
He was previously Managing Partner of Raging Capital, a registered
investment firm, and served as President and CEO of Ethos
Management LLC, a private investment and consulting firm. Mr.
Traub served as President and Chief Executive Officer of American
Bank Note Holographics, Inc., a leading global supplier of optical
security devices for the protection of documents and products
against counterfeiting from 1999 through 2008. In 1994, he
co-founded Voxware, Inc., a pioneer in voice over Internet protocol
communication technologies, and served as its Executive Vice
President and Chief Financial Officer through 1998.
Mr. Traub currently serves as an independent director on the boards
of Tidewater, Inc., the leading global operator of offshore vessels
for the energy industry, and Edgio, Inc., a software company
providing digital content delivery networks and applications. Mr.
Traub previously served as an independent director on the boards of
numerous public companies, including DSP Group, Inc., a
manufacturer of multimedia chipsets for converged communications
(acquired by Synaptics Incorporated); MRV Communications, Inc., a
telecommunications company (acquired by ADVA Optical Networking
SE); Vitesse Semiconductor, Inc., a fabless semiconductor developer
(acquired by Microsemi Corporation); Xyratex Ltd, a data storage
company (acquired by Seagate Technology plc); MIPS Technologies,
Inc., a semiconductor technology company (acquired by Imagination
Technologies Group plc and Allied Security Trust); Intermolecular,
Inc., a semiconductor materials supplier (acquired by Merck KGaA);
and Phoenix Technologies, Inc., a leading supplier of firmware for
computers (acquired by Marlin Equity Partners), among others.
Mr. Traub received the NACD Directorship Certification, which is
awarded to directors who meet the highest standards of corporate
governance according to the National Association of Corporate
Directors. Mr. Traub received a Bachelor of Arts from Emory
College in 1983 and an MBA from Harvard Business School in 1988.
About Comtech Telecommunications Corp.
Headquartered in Chandler, Arizona, Comtech Telecommunications
Corp. -- www.comtech.com -- is a global provider of next-generation
911 emergency systems and secure wireless and satellite
communications technologies. This includes the critical
communications infrastructure that people, businesses, and
governments rely on when durable, trusted connectivity is required,
no matter where they are - on land, at sea, or in the air - and no
matter what the circumstances – from armed conflict to a natural
disaster. The Company's solutions are designed to fulfill its
customers' needs for secure wireless communications in the most
demanding environments, including those where traditional
communications are unavailable or cost-prohibitive, and in
mission-critical and other scenarios where performance is crucial.
Jericho, New York-based Deloitte & Touche LLP, the Company's
auditor since 2015, issued a "going concern" qualification in its
report dated Oct. 30, 2024, citing that the Company has suffered
recurring losses and negative cash outflows from operations, and
may be unable to maintain compliance with financial covenants
required by its credit agreement that raise substantial doubt about
its ability to continue as a going concern.
CONN'S INC: Seeks Approval of $360M Lone Bid for Assets
-------------------------------------------------------
Rick Archer of Law360 Bankruptcy Authority reports that counsel for
retail chain Conn's informed a Texas bankruptcy judge on Wednesday
that no one has surpassed the $360 million baseline bid for its
assets from debt collector Jefferson Capital Systems and requested
a hearing to approve the sale in the first week of November 2024.
About Conn's, Inc.
Conn's, Inc., is a retailer of home goods and furniture in The
Woodlands, Texas.
Conn's and its affiliates sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 24-33357) on
July 23, 2024. In its petition, Conn's reported $1 billion to $10
billion in both assets and liabilities.
Judge Jeffrey P. Norman oversees the cases.
The Debtors tapped Duston K. McFaul, Esq., at Sidley Austin, LLP as
legal counsel; Houlihan Lokey, Inc. as investment banker; and BRG
Capital Advisors, LLC as interim management services provider.
Epiq Corporate Restructuring, LLC, is the Debtors' notice and
claims agent.
CONVENTION CENTER: Sec. 341(a) Meeting of Creditors on Nov. 18
--------------------------------------------------------------
Convention Center Parking Inc. filed Chapter 11 protection in the
District of Puerto Rico. According to court filing, the Debtor
reports $45,229,691 in debt owed to 1 and 49 creditors. The
petition states funds will not be available to unsecured
creditors.
A meeting of creditors under 11 U.S.C. Section 341(a) is slated for
November 18, 2024 at 1:30 p.m. in Room Telephonically.
About Convention Center Parking Inc.
Convention Center Parking Inc. is engaged in activities related to
real estate.
Convention Center Parking Inc. sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 24-04516) on
October 21, 2024. In the petition filed by David Santiago Martinez,
as president, the Debtor reports total assets of $1,000,000 and
total Liabilities of $45,229,691.
Bankruptcy Judge Maria De Los Angeles Gonzalez handles the case.
The Debtor is represented by:
Alexis Fuentes-Hernandez, Esq.
FUENTES LAW OFFICES, LLC
P.O. Box 9022726
San Juan, PR 00902-2726
Tel: (787) 722-5215
Emial: fuenteslaw@icloud.com
CYRIOUS METAL: Unsecureds to Get $5K per Month over 5 Years
-----------------------------------------------------------
Cyrious Metal Works, LLC filed with the U.S. Bankruptcy Court for
the Eastern District of Texas a Plan of Reorganization dated
September 23, 2024.
The Debtor is a small manufacturer of custom C&C machines. During
the last couple of years, the Debtor had some bookkeeping
challenges that resulted in a significant liability due and owing
to the Comptroller.
Unfortunately, that challenge was followed by the decision to
borrow money from an online merchant lender. Those two vents
prompted the filing of this bankruptcy case with the hopes being
able to resolve its cash flow issues.
The Plan provides for a reorganization and restructuring of the
Debtor's financial obligations.
The Plan provides for a distribution to Creditors in accordance
with the terms of the Plan from the Debtor over the course of five
years from the Debtor's continued business operations.
Unsecured Creditors holding Allowed Claims will receive
distributions paid $15,000.00 quarterly over five years.
Class 3 consists of Non-priority unsecured Claims. Each holder of
an Allowed Unsecured Claim in Class 3 shall be paid by Reorganized
Debtor from an unsecured creditor pool, which pool shall be funded
at the rate of $5,000 per month. Payments from the unsecured
creditor pool shall be paid quarterly, for a period not to exceed
five years (20 quarterly payments) and the first quarterly payment
will be due on the twentieth day of the first full calendar month
following the last day of the first quarter.
The Debtor estimates the aggregate of all Allowed Class 3 Claims is
less than $378,000 based upon Debtor's review of the Court's claim
register, Debtor's bankruptcy schedules, and anticipated Claim
objections. This Class is impaired.
Class 4 consists of the holders of Allowed Interests in the Debtor.
The holder of an Allowed Class 4 Interest shall retain their
interests in the Reorganized Debtor.
A full-text copy of the Plan of Reorganization dated September 23,
2024 is available at https://urlcurt.com/u?l=WyPWNq from
PacerMonitor.com at no charge.
Counsel to the Debtor:
Robert T. DeMarco, Esq.
Michael S. Mitchell, Esq.
DeMarco Mitchell, PLLC
12770 Coit Road, Suite 850
Dallas, TX 75251
Tel: (972) 578-1400
Fax: (972) 346-6791
Email: robert@demarcomitchell.com
mike@demarcomitchell.com
About Cyrious Metal Works, LLC
Cyrious Metal Works, LLC, is a small manufacturer of custom C&C
machines.
The Debtor filed its voluntary petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. E.D. Tex. Case No. 24-41471) on June
24, 2024, listing $500,001 to $1 million in both assets and
liabilities.
Judge Brenda T Rhoades presides over the case.
Robert DeMarco, III, Esq. at DeMarco-Mitchell, PLLC represents the
Debtor as counsel.
DENTISTRY BY DESIGN: Case Summary & 20 Top Unsecured Creditors
--------------------------------------------------------------
Debtor: Dentistry by Design P.C.
f/k/a Walt Whiman Family Dental P.C.
315 Walt Whitman Rd.
Suite 205
Huntington Station, NY 11746
Business Description: The Debtor offers a comprehensive array of
cosmetic, general, and preventative dental
procedures.
Chapter 11 Petition Date: November 8, 2024
Court: United States Bankruptcy Court
Eastern District of New York
Case No.: 24-74271
Judge: Hon. Louis A Scarcella
Debtor's Counsel: Alex E. Tsionis, Esq.
LAW OFFICES OF AVRUM J. ROSEN, PLLC
38 New St
Huntington, NY 11743-3327
Tel: 631-423-8527
Fax: 631-423-4536
E-mail: atsionis@ajrlawny.com
Total Assets: $45,036
Total Liabilities: $2,022,966
The petition was signed by Dr. Joseph Ayoub as owner/president.
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/VYP6BCA/Dentistry_by_Design_PC__nyebke-24-74271__0001.0.pdf?mcid=tGE4TAMA
DIGITAL ALLY: Defaults on Senior Secured Promissory Note
--------------------------------------------------------
As previously disclosed, on March 1, 2024, Digital Ally, Inc.
entered into a Note Purchase Agreement, by and between the Company,
Kustom Entertainment, Inc., a Nevada corporation and wholly-owned
subsidiary of the Company, and Mosh Man, LLC, a New Jersey limited
liability company, pursuant to which the Borrowers issued to the
Purchaser a Senior Secured Promissory Note, as modified pursuant to
that Letter Agreement dated July 13, 2024, as further modified
pursuant to that Letter Agreement dated September 12, 2024, as
further modified pursuant to that Amended and Restated Promissory
Note, dated September 25, 2024. In connection with the Agreement,
the Borrowers entered into a Security Agreement by and between the
Borrowers, as grantor, and the Purchaser, as grantee.
On October 22, 2024, the Company received a Default and Reservation
Letter from counsel for Softforge Innovation, LLC, the
administrative agent for the Note:
(i) notifying the Company that it is in default under the Note
for, among other reasons, failing to make a $100,000 payment that
was due on October 10, 2024,
(ii) accelerating all principal and interest payments due under
the Note, and
(iii) demanding the Borrowers enter into a lockbox control
agreement.
As of the date of October 28, 2024, the outstanding obligation of
the Company under the Note is approximately $1,600,000.
On October 24, 2024, the Company received a Notice of UCC Article 9
Public Sale from counsel to Softforge notifying the Company that it
intends to conduct a public sale of the collateral securing the
Company's obligations under the Note and Security Agreement.
The Company notified Softforge that it disputed the claims made in
the Default Notice and the Sale Notice and demanded that Softforge
immediately rescind the Sale Notice and cancel the public sale. The
Company intends to vigorously defend its rights, including by
seeking injunctive relief and damages against Softforge.
About Digital Ally
The business of Digital Ally (NASDAQ: DGLY) (with its wholly-owned
subsidiaries, Digital Ally International, Inc., Shield Products,
LLC, Digital Ally Healthcare, LLC, TicketSmarter, Inc., Worldwide
Reinsurance, Ltd., Digital Connect, Inc., BirdVu Jets, Inc., Kustom
440, Inc., Kustom Entertainment, Inc., and its majority-owned
subsidiary Nobility Healthcare, LLC), is divided into three
reportable operating segments: 1) the Video Solutions Segment, 2)
the Revenue Cycle Management Segment and 3) the Entertainment
Segment. The Video Solutions Segment is the Company's legacy
business that produces digital video imaging, storage products,
disinfectant and related safety products for use in law
enforcement, security and commercial applications. This segment
includes both service and product revenues through its subscription
models offering cloud and warranty solutions, and hardware sales
for video and health safety solutions. The Revenue Cycle Management
Segment provides working capital and back-office services to a
variety of healthcare organizations throughout the country, as a
monthly service fee. The Entertainment Segment acts as an
intermediary between ticket buyers and sellers within the Company's
secondary ticketing platform, ticketsmarter.com, and the Company
also acquires tickets from primary sellers to then sell through
various platforms.
New York, NY-based RBSM LLP, the Company's auditor since 2019,
issued a "going concern" qualification in its report dated April 1,
2024, citing that the Company has incurred substantial operating
losses and will require additional capital to continue as a going
concern. This raises substantial doubt about the Company's ability
to continue as a going concern.
DIGITAL MEDIA: Gets Court Approval to Sell ClickDealer Assets
-------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Texas approved the
bidding procedures for the sale of substantially all of the assets
of Digital Media Solutions Inc. and its debtor-affiliates, other
than the Debtors' equity interests in non-Debtor DMS CD Holdings
(UK) Limited ("ClickDealer Equity"), which entity owns the equity
interests in non-Debtor DMS CD (Ukraine) LLC and non-Debtor DMS CD
(Netherlands) B.V. ("ClickDealer"), and any ClickDealer assets held
by the Debtors, if any, primarily related to or primarily used in
the ClickDealer business and the excluded assets, of the Debtors
free and clear of all liens, claims, encumbrances, and interests;
(b) approving the stalking horse agreement by and among the Debtors
party thereto, Ankura Trust Company, LLC, as credit bid party, and
the purchaser identified therein.
The bid deadline was on Oct. 25, 2025, at 4:00 p.m. (prevailing
Central Time). The Auction was slated to be held on Oct. 29,
2024.
The Debtors have designated Brian Marks and Seth McIntyre of
Houlihan to coordinate all reasonable requests for additional
information and due diligence access. They can be reached at
BAMarks@HL.com and Seth.McIntyre@HL.com.
Copies of the bidding procedures order, bidding procedures, or
other documents are available on the Debtors' restructuring website
at https://omniagentsolutions.com/DMS or by telephone at (866)
680-8083 in the U.S. and Canada or (818) 574-6886
internationally.
About Digital Media Solutions
Founded in 2012, Digital Media Solutions, Inc. is a
technology-enabled digital advertising company in Clearwater, Fla.,
that leverages its advanced technology and proprietary customer
data to efficiently and effectively connect its customers with
their target consumers. As of Sept. 11, 2024, DMS and its
affiliates operate in at least 15 countries and territories around
the world and employ 247 individuals in the United States and
Canada.
Digital Media Solutions and 36 affiliates commenced voluntary
Chapter 11 proceedings (Bankr. N.D. Tex. Lead Case No. 24-90468) on
Sept. 11, 2024. At the time of the filing, Digital Media Solutions
reported $100 million to $500 million in both assets and
liabilities.
Judge Alfredo R. Perez oversees the cases.
The Debtors tapped Kirkland & Ellis, LLP and Porter Hedges, LLP as
legal counsel; Portage Point Partners as restructuring advisor; and
Houlihan Lokey Capital, Inc. as investment banker. Omni Agent
Solutions is the claims agent.
DIOCESE OF ROCKVILLE CENTRE: Court Wants Insurer Deal Finalized
---------------------------------------------------------------
Emlyn Cameron of Law360 Bankruptcy Authority reports that a New
York bankruptcy judge said on October 30, 2024, that the Rockville
Centre Roman Catholic diocese must meet with its insurers on
Thursday to finalize the remaining details of their settlement.
The judge emphasized the need for prompt action to ensure that the
church has a Chapter 11 plan established before the end of the
2024.
About The Roman Catholic Diocese
of Rockville Centre, New York
The Roman Catholic Diocese of Rockville Centre, New York, is the
seat of the Roman Catholic Church on Long Island. The Diocese has
been under the leadership of Bishop John O. Barres since February
2017. The State of New York established the Diocese as a religious
corporation in 1958. The Diocese is one of eight Catholic dioceses
in New York, including the Archdiocese of New York. The Diocese's
total Catholic population is approximately 1.4 million, roughly
half of Long Island's total population of 3.0 million. The Diocese
is the eighth largest diocese in the United States when measured by
the number of baptized Catholics.
To deal with sexual abuse claims, the Roman Catholic Diocese of
Rockville Centre, New York, filed a Chapter 11 petition (Bankr.
S.D.N.Y. Case No. 20-12345) on Sept. 30, 2020, listing as much as
$500 million in both assets and liabilities. Judge Martin Glenn
oversees the case.
The Diocese tapped Jones Day as legal counsel, Alvarez & Marsal
North America, LLC, as restructuring advisor, and Sitrick and
Company, Inc., as communications consultant. Epiq Corporate
Restructuring, LLC is the claims agent.
The U.S. Trustee for Region 2 appointed an official committee of
unsecured creditors in the Diocese's Chapter 11 case. The committee
tapped Pachulski Stang Ziehl & Jones, LLP and Ruskin Moscou
Faltischek, PC as its bankruptcy counsel and special real estate
counsel, respectively.
Robert E. Gerber, the legal representative for future claimants of
the Diocese, is represented by the law firm of Joseph Hage
Aaronson, LLC.
DURHAM HOMES: Seeks to Extend Plan Exclusivity to December 18
-------------------------------------------------------------
Durham Homes USA LLC, asked the U.S. Bankruptcy Court for the
Southern District of Florida to extend its exclusivity periods to
file a plan of reorganization and obtain acceptance thereof to
December 18, 2024 and February 17, 2025, respectively.
Pursuant to Sections 1107(a) and 1108 of the Bankruptcy Code, the
Debtor is managing its affairs as a debtor-in-possession. As of the
date hereof, no trustee, examiner or statutory committee has been
appointed in this Chapter 11 case.
The Debtor claims that this is its first request for an extension
of exclusivity and solicitation.
The Debtor explains that it is seeking an extension in good faith
and not to unnecessarily delay the progress of its case. Such an
extension, if granted, will not prejudice the legitimate interests
of creditors and other parties in interest.
Durham Homes USA, LLC is represented by:
Thomas G. Zeichman, Esq.
Beighley, Myrick, Udell,
Lynne & Zeichman, PA
2385 Executive Center Drive Suite 250
Boca Raton, FL 33431
Telephone: (561) 549-9036
Facsimile: (561) 491-5509
Email: tzeichman@bmulaw.com
About Durham Homes USA LLC
Durham Homes USA, LLC operates in the residential building
construction industry.
Durham Homes USA filed its voluntary petition for Chapter 11
protection (Bankr. S.D. Fla. Case No. 24-16133) on June 20, 2024.
In the petition signed by Johnny Martin Childress, manager, the
Debtor disclosed up to $50 million in both assets and liabilities.
Judge Mindy A. Mora oversees the case.
Aaron A. Wernick, Esq., at Wernick Law, PLLC serves as the Debtor's
legal counsel.
EKSO BIONICS: Posts $2.1 Million Net Loss in Fiscal Q3
------------------------------------------------------
Ekso Bionics Holdings, Inc. filed with the U.S. Securities and
Exchange Commission its Quarterly Report on Form 10-Q reporting a
net loss of $2.1 million on $4.1 million of revenue for the three
months ended September 30, 2024, compared to a net loss of $3.4
million on $4.6 million of revenue for the three months ended
September 30, 2023.
For the nine months ended September 30, 2024, the Company reported
a net loss of $7.9 million on $12.8 million of revenue, compared to
a net loss of $12 million on $13.4 million of revenue for the same
period in 2023.
As of September 30, 2024, the Company had $29.2 million in total
assets, $14.3 million in total liabilities, and $14.9 million in
total stockholders' equity.
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/43nwk2wu
About Ekso Bionics Holdings
San Rafael, Calif.-based Ekso Bionics Holdings, Inc. designs,
develops, and markets exoskeleton products to augment human
strength, endurance, and mobility.
San Francisco, Calif.-based WithumSmith+Brown PC, the Company's
auditor since 2010, issued a 'going concern' qualification in its
report dated March 4, 2024, citing that the entity has an
accumulated deficit at December 31, 2023, and, since inception, has
suffered significant operating losses and negative cash flows from
operations that raise substantial doubt about its ability to
continue as a going concern.
For the years ended December 31, 2023, and 2022, Ekso reported net
losses of $15.2 million and $15.1 million, respectively.
EL DORADO SENIOR: No Resident Care Concern, 2nd PCO Report Says
---------------------------------------------------------------
Blanca Castro, the patient care ombudsman, filed with the U.S.
Bankruptcy Court for the Eastern District of California her second
report regarding the quality of patient care provided at El Dorado
Senior Care, LLC's assisted care living facility.
The Local Long-Term Care Ombudsman Program (LTCOP) ombudsman
conducted comprehensive site visits to all facilities on August 20,
25, 28 and September 30. During these visits, they conducted
interviews with all residents and staff present.
The Ombudsman discovered that staffing levels at the facilities are
currently stable, encompassing administrative and direct caregiver
staff. There are no immediate concerns regarding the staff's
ability to provide and sustain adequate services for current and
prospective residents.
The Ombudsman observed that the facilities maintain a stock of both
perishable and non-perishable food items. Residents have not
expressed concerns regarding the quality or quantity of the food.
Ms. Castro noted that resident rooms, bathrooms, kitchens, common
areas, and outdoor spaces were observed during the visits. The
facilities appeared clean, sanitized, and in good condition, with
no discernible unpleasant odors.
A copy of the ombudsman report is available for free at
https://urlcurt.com/u?l=dBgWbt from PacerMonitor.com.
The ombudsman may be reached at:
Blanca E. Castro
State Long-Term Care Ombudsman
Office of the State Long-Term Care Ombudsman
California Department of Aging
2880 Gateway Oaks Drive, Suite 200
Sacramento, CA 95833
Telephone: (916) 928-2500
Email: blanca.castro@aging.ca.gov
About El Dorado Senior Care
El Dorado Senior Care, LLC, a company in El Dorado Hills, Calif.,
owns and operates community care facilities for the elderly.
El Dorado filed voluntary petition for Chapter 11 protection
(Bankr. E.D. Calif. Case No. 24-22208) on May 21, 2024, with
$3,420,371 in assets and $3,127,562 in liabilities. Benjamin L.
Foulk, owner and manager, signed the petition.
Judge Fredrick E. Clement oversees the case.
D. Edward Hays, Esq., at Marshack Hays Wood, LLP, serves as the
Debtor's legal counsel.
Blanca Castro has been appointed as patient care ombudsman in the
Debtor's Chapter 11 case.
EXACTECH INC: Gets Court Okay to Tap $85 Mil After Slashing Fees
----------------------------------------------------------------
Alex Wittenberg of Law360 Bankruptcy Authority reports that a
Delaware bankruptcy judge granted medical implant manufacturer
Exactech Inc. permission on Wednesday, October 30, 2024, to access
part of the $85 million in bankruptcy financing offered by current
lenders, after the company agreed to reduce the fees it intends to
pay them in light of the judge's concerns.
About Exactech Inc.
Exactech Inc. -- https://www.exac.com/ -- is a joint-replacement
implant manufacturer owned by TPG Capital.
Exactech Inc. sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D. Del. Case No. 24-12441) on October 29, 2024. In the
petition filed by Donna H. Edwards, as general counsel and senior
vice president, the Debtor reports estimated assets and liabilities
between $100 million and $500 million each.
The Debtor is represented by:
Ryan M. Bartley, Esq.
Young Conaway Stargatt & Taylor, LLP
2320 NW 66th Court
Gainesville, FL 32653
FAIRPORT BAPTIST: Unsecureds Will Get 24 to 36% in Joint Plan
-------------------------------------------------------------
Fairport Baptist Homes and its affiliates, and the Official
Committee of Unsecured Creditors submitted a Joint Disclosure
Statement in support of the Joint Plan of Liquidation dated
September 20, 2024.
The debtors and debtors in possession in the above-captioned
chapter 11 cases are Fairport Baptist Homes ("FBH"), FBH Community
Ministries ("Community Ministries"), and FBH Distinctive Living
Communities Inc. ("Distinctive Living", and together with FBH, and
Community Ministries, the "Debtors").
The Debtors are all board-directed charitable corporations formed
in accordance with New York's Not-For-Profit Corporation Law
("NFPCL"), whose sole member is the non-debtor and non-operational
parent entity, Fairport Baptist Homes Caring Ministries ("FBHCM").
FBH was a 142-bed Residential Health Care Facility SNF with 42
independent living units known as Deland Acres. Community
Ministries is a Neighborhood Naturally Occurring Retirement
Community outreach program that derives funding from the operations
of two volunteer- and donation-based retail stores, The Tool Thrift
Shop and Crafts Bits and Pieces. Community Ministries is the sole
member of Fairport/Perinton Senior Living Council Inc. Distinctive
Living was a 41-unit independent living site known as The Woodlands
at a separate location from FBH.
As of the Petition Date, the Debtors' combined liabilities
aggregate approximately $29,108,319. Berkadia Commercial Mortgage
LLC, the only secured creditor of the Debtors via mortgage against
FBH's real property in the aggregate amount of $8,000,000, was paid
in full as a part of the asset sale closing on May 17, 2024 (the
"Sale Closing") and a Discharge of Mortgage has been recorded. A
significant portion of the Debtors' unsecured obligations stem from
the uninsured and unfunded FBH Pension Plan, approximately
$7,500,000.
On October 3, 2022, the Debtors conducted an auction for a sale of
substantially all of their assets. The Bankruptcy Court authorized
the Sale to the prevailing bidder, 4646 Nine Mile Point Road LLC
through its entry of the Sale Order. Thereafter, the Supreme Court
of the State of New York approved the Sale, as evidenced by the
Notice of Filing of (I) Entered State Court Order Authorizing Sale
of Substantially All of Debtor's Assets, (II) Notice of Entry of
State Court Order, and (III) Affidavit of Service of State Court
Order, filed with the Bankruptcy Court on March 27, 2024. The Sale
Closing occurred on May 17, 2024.
Class Three consists of General Unsecured Claims. This Class will
receive a distribution of 24% to 36% of their allowed claims. In
full and final satisfaction of the Allowed General Unsecured Claims
in Class Three, each Holder of an Allowed General Unsecured Claim
in Class Three shall receive its Pro Rata share of any beneficial
interest in the Remaining Assets and Contributed Assets, including
Cash remaining in the Liquidating Trust, after satisfaction of the
Allowed Claims in Classes One and Two, Allowed Unclassified Claims,
and the Liquidating Trust Expenses, less any Cash reserve required
to wind down the Liquidating Trust as reasonably determined by the
Liquidating Trustee.
The Liquidating Trustee shall, following the Effective Date: (i) in
accordance with Article VI of the Plan, make the Initial
Distributions to Holders of Allowed General Unsecured Claims
pursuant to Class Three; and (ii) make subsequent Distributions
under Class Three upon a schedule to be determined by the
Liquidating Trustee until all Remaining Assets and Contributed
Assets designated for the benefit of Holders of Allowed General
Unsecured Claims in Class Three have been disbursed in accordance
with the Plan and this Class Three. Such Claims in Class Three are,
therefore, Impaired and entitled to vote on the Plan.
The Holders of Interests in Class Six shall not receive or retain
any property or interest in property on account of such Interests,
such Interests shall be cancelled, extinguished, and discharged
upon termination of the Liquidating Trust (or at the direction of
the Liquidating Trustee), and the Holders of Class Six Interests
shall take nothing under the Plan, provided, however, that all
powers and authorities vested in the Interests shall be transferred
to the Liquidating Trust and be exercisable by the Liquidating
Trustee immediately upon the Effective Date until cancelled
hereunder.
The Plan provides for the establishment of the Liquidating Trust.
Upon the Effective Date, all Remaining Assets and Contributed
Assets will vest in the Liquidating Trust and be administered by
the Liquidating Trustee, subject to the terms and conditions in the
Plan, the Confirmation Order, and the Liquidating Trust Agreement.
The Plan further provides that Elise Frejka will be the initial
Liquidating Trustee. Ms. Frejka is familiar with the Debtors'
accounting and financial records, the key events before and after
the Petition Date, the Remaining Assets, Contributed Assets and
Claims, and many of facts underlying the Causes of Action. Ms.
Frejka is not an owner (directly or indirectly) of any Debtor.
The Plan Proponents believe that Ms. Frejka is well qualified to
serve as the Liquidating Trustee in an efficient and cost effective
manner, and her knowledge and experience will be beneficial to all
Creditors in ensuring an efficient, orderly winddown, and
maximizing the value of the Remaining Assets and the Contributed
Assets. Finally, the Plan provides, among other things, that Ms.
Frejka shall initially be paid at a rate of $7,500 per month for
the first two months, and then $5,000 per month thereafter for the
remainder of her term, as set forth in the Liquidating Trust
Agreement.
A full-text copy of the Joint Disclosure Statement dated September
20, 2024 is available at https://urlcurt.com/u?l=SjKmUI from
PacerMonitor.com at no charge.
Counsel to the Debtors:
John A. Mueller, Esq.
LIPPES MATHIAS, LLP
50 Fountain Plaza
Suite 1700
Buffalo, NY 14202
Email: jmueller@lippes.com
Counsel to the Official Committee of Unsecured Creditors:
Lauren M. Macksoud, Esq.
DENTONS US LLP
1221 Avenue of the Americas
Ste 25th Floor
New York, NY 10020
Email: lauren.macksoud@dentons.com
-and-
Andrew C. Helman, Esq.
DENTONS BINGHAM GREENEBAUM LLP
254 Commercial Street, Suite 245
Merrill’s Wharf
Portland, ME 04101
Email: andrew.helman@dentons.com
About Fairport Baptist Homes
Fairport Baptist Homes and its affiliates, Fairport Baptist Homes
Adult Care Facility, Inc., FBH Community Ministries and FBH
Distinctive Living Communities, Inc., operate skilled nursing care
facilities.
Fairport Baptist Homes owns a New York-licensed 142-bed residential
health care facility at the FBH campus in Fairport, N.Y., and 42
independent living units known as Deland Acres.
On May 6, 2022, Fairport Baptist Homes and its affiliates sought
Chapter 11 bankruptcy protection (Bankr. W.D.N.Y. Lead Case No.
22-20220). In the petition filed by Fairport President Thomas H.
Poelma, Fairport Baptist Homes listed $1 million to $10 million in
assets and $10 million to $50 million in liabilities.
The Debtors tapped John A. Mueller, Esq., at Lippes Mathias, LLP as
bankruptcy counsel and Pullano & Farrow, PLLC as special counsel.
Epiq Corporate Restructuring, LLC is the claims and noticing
agent.
The U.S. Trustee for Region 2 appointed an official committee of
unsecured creditors in the Debtors' Chapter 11 cases on June 2,
2022. Dentons US, LLP and ToneyKorf Partners, LLC serve as the
committee's legal counsel and financial advisor, respectively.
Eric M. Huebscher, the patient care ombudsman appointed in the
Debtors' cases, is represented by Kelly C. Griffith, Esq., at
Harris Beach, PLLC.
FIDDLERS GREEN: Voluntary Chapter 11 Case Summary
-------------------------------------------------
Debtor: Fiddlers Green, LLC
4117 Boca Bay Drive
Dallas, TX 75244
Case No.: 24-33556
Business Description: Fiddlers Green is a Single Asset Real Estate
debtor (as defined in 11 U.S.C. Section
101(51B)).
Chapter 11 Petition Date: November 4, 2024
Court: United States Bankruptcy Court
Northern District of Texas
Debtor's Counsel: Robert Buchholz, Esq.
THE LAW OFFICE OF ROBERT W. BUCHHOLZ, P.C.
5220 Spring Valley Road, Suite 618
Dallas, TX 75254
Tel: (214) 754-5500
Email: BOB@ATTORNEYBOB.COM
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Dan Blackburn as president.
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/YW737FY/Fiddlers_Green_LLC__txnbke-24-33556__0001.0.pdf?mcid=tGE4TAMA
FIREPAK INC: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Firepak Inc.
8573 NW 72nd St
Miami FL 33166
Business Description: Firepak Inc. specializes in the design and
layout of fire sprinkler systems,
modifications to existing fire sprinkler
systems, new installations, tenant build
outs, retrofit of existing buildings, and
inspections and repairs of all types of fire
sprinkler systems.
Chapter 11 Petition Date: November 7, 2024
Court: United States Bankruptcy Court
Southern District of Florida
Case No.: 24-21725
Judge: Hon. Robert A Mark
Debtor's Counsel: Carlos de Zayas, Esq.
LYDECKER LLP
1221 Brickell Ave. 19th Floor
Miami FL 33131
Tel: 305-416-3180
E-mail: cdz@lydeckerdiaz.com
Total Assets: $1,454,421
Total Liabilities: $2,424,737
The petition was signed by Tatiana Marina as chief financial
officer.
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/T2PLIXQ/Firepak_Inc__flsbke-24-21725__0001.0.pdf?mcid=tGE4TAMA
FRANCHISE GROUP: Nov. 13 Deadline Set for Panel Questionnaires
--------------------------------------------------------------
The United States Trustee is soliciting members for committee of
unsecured creditors in the bankruptcy case of Franchise Group,
Inc., et al.
If a party wishes to be considered for membership on any official
committee that is appointed, it must complete a questionnaire
available at https://tinyurl.com/ynysdxye and return by email it to
Timothy Fox - Timothy.Fox@usdoj.gov - at the Office of the United
States Trustee so that it is received no later than 4:00 p.m., on
Wednesday, November 13, 2024.
If the U.S. Trustee receives sufficient creditor interest in the
solicitation, it may schedule a meeting or telephone conference for
the purpose of forming a committee.
About Franchise Group
Franchise Group, Inc., through its subsidiaries, operates
franchised and franchisable businesses including The Vitamin
Shoppe, Pet Supplies Plus, LLC, Badcock Home Furniture & More,
American Freight, Buddy's Home Furnishings and Sylvan Learning
Systems, Inc.
Willkie Farr & Gallagher LLP and Young Conaway Stargatt & Taylor,
LLP are serving as legal counsel, AlixPartners is serving as
financial advisor and Chief Restructuring Officer, and Ducera
Partners is serving as investment banker to the Company. Paul
Hastings LLP is serving as legal counsel and Lazard is serving as
investment banker to the first lien ad hoc group.
As reported in the Troubled Company Reporter on Nov. 6, 2024,
Franchise Group, Inc. announced on Nov. 3, 2024, that it has
entered into a restructuring support agreement with holders of
approximately 80% of its first lien debt on a comprehensive
solution to strengthen FRG's capital structure and best position
its leading brands -- Pet Supplies Plus, The Vitamin Shoppe, and
Buddy's Home Furnishings -- for continued sustainable growth.
The RSA contemplates the proposed equitization of the first lien
debt into 100% of the equity in the reorganized enterprise, which
would substantially reduce the Company's debt, enhance liquidity,
and strengthen the enterprise for the benefit of Pet Supplies Plus,
The Vitamin Shoppe, and Buddy's Home Furnishings and their
stakeholders.
FREEDOM MORTGAGE: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Ratings
(IDRs) of Freedom Mortgage Holdings LLC (Freedom Holdings) and its
primary operating subsidiary, Freedom Mortgage Corporation (Freedom
Mortgage, collectively Freedom) at 'BB-'. The Rating Outlook is
Stable. Fitch has also affirmed the senior unsecured debt ratings
of Freedom at 'B+'.
Today's rating actions have been taken as part of a periodic peer
review of non-bank mortgage companies, which is comprised of seven
publicly rated firms.
Key Rating Drivers
Track Record through Cycles: Freedom's ratings are supported by its
established franchise in the U.S. residential mortgage space;
historical track record through various cycles; strong market
position within the government lending channel; experienced senior
management team; and a sufficiently robust and integrated
technology platform.
Fitch views Freedom's multichannel approach favorably and believes
its servicing retained business model with high recapture rates
alongside bulk mortgage servicing rights (MSR) acquisitions serve
as a natural hedge, although not a full offset, to the cyclicality
of the mortgage origination business.
Elevated Regulatory Scrutiny: The ratings are constrained by
Freedom's above-average exposure to Ginnie Mae (GNMA) loans with
higher advancing needs; elevated regulatory scrutiny, which could
pressure earnings as a result of heightened compliance standards;
and key person risk related to its founder and Chief Executive
Officer, Stanley Middleman, who sets the tone, vision and strategy
for the company.
Asset Quality to Normalize: Delinquencies of 60 days or more in the
servicing portfolio totaled 2.3% at 2Q24, up from 2.1% at 2Q23.
Fitch anticipates continued normalization in asset quality, as
delinquencies remain low by historical standards. In general,
mortgages have outperformed other consumer assets over the last
year as home equity levels have supported strong performance, but
gradually rising unemployment could drive higher delinquencies in
2025-2026. Freedom is exposed to potential losses due to repurchase
or indemnification claims from investors under certain warranty
provisions, although claims in recent years have been manageable.
Improved Core Earnings: Freedom's annualized pre-tax return on
average assets (ROAA), adjusted for GNMA loans subject to
repurchase, was 6.4% in 2Q24, up from 2.1% in 2Q23 and above the
four-year average of 5.2% from 2020-2023. Core earnings improved
during the year due to a modest recovery in origination volumes and
meaningful fee contributions from its larger servicing portfolio.
Profitability remained positive during 2022 and 2023, unlike many
mortgage peers, which highlights good cost discipline of the firm
in a highly challenged origination environment.
Higher Leverage due to Origination and Servicing Growth: Freedom's
balance sheet leverage (gross debt to tangible equity) was 2.9x at
2Q24, up from 2.2x at YE 2023. The increase reflects incremental
warehouse borrowings to fund mortgage originations. Corporate
leverage, which excludes balances under funding facilities, was
1.7x at 2Q24, up from 1.4x at 2Q23 and above management's long-term
target of 1.5x. Fitch expects corporate leverage to decline toward
management's target over the Outlook horizon, given growth in
tangible equity through retained earnings.
Secured Funding Profile: Secured debt was 67% of total debt at
2Q24, comprised of warehouse facilities, MSR term notes and loans,
and revolving lines of credit secured by MSRs. As of the same date,
31% of Freedom's warehouse facilities had maturities greater than
one year and 22% of total capacity was committed, which compares
favorably to peers. Still, Fitch believes the short tenor of
overall funding exposes the company to liquidity and refinancing
risk and would view an increase in the funding duration and
committed capacity as credit positive.
Adequate Liquidity: Fitch views Freedom's liquidity profile as
adequate, consisting of $735.0 million of unrestricted cash, $1.3
billion of availability under its KeyBank facility and $674.8
million under its GNMA MSR facility as of 2Q24. Additionally, the
company had $1.6 billion of committed and uncommitted capacity
under its warehouse facilities to fund loan originations.
Stable Outlook: The Stable Outlook reflects Fitch's expectation
that corporate debt to tangible equity will decline below 1.5x as
increased recurring cash flows from the servicing portfolio will
support growth in tangible equity in the medium-term. Fitch also
expects Freedom will maintain sufficient liquidity and reserves for
potential margin calls, servicing advance needs and indemnification
activity, as well as adequate access to warehouse funding for
origination growth as rates decline.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- Corporate debt to tangible equity sustained above 1.5x;
- A sustained increase in gross leverage above 5.0x;
- A sustained decline in unsecured funding below 25% of total
debt;
- Inability to refinance secured funding facilities and/or
insufficient liquidity to manage servicing advances or to meet
margin call requirements;
- Substantial fines that negatively impact Freedom's franchise or
operating performance;
- Lack of appropriate staffing and resource levels relative to
growth in the servicing portfolio;
- An abrupt departure of founder and CEO, Stanley Middleman.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- A sustained reduction in gross leverage below 3.0x;
- A sustained reduction in corporate leverage at-or-below 1.0x;
- Growth of the business that enhances the franchise and platform
scale;
- Improved earnings consistency;
- Improvement in the funding profile, including an extension of
funding duration and/or an increase in the proportion of committed
funding and the maintenance of unsecured debt above 35% of total
debt;
- A stronger liquidity profile, evidenced by a meaningful increase
in the percentage of liquidity sources (cash and available
borrowing capacity) to total debt sustained above 25%.
DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS
The senior unsecured debt ratings for Freedom Holdings and Freedom
Mortgage are one notch below the Long-Term IDRs, given the
subordination to senior secured debt in the capital structure,
reflecting weaker recovery prospects in a stress scenario.
The issuance of additional senior unsecured debt at Freedom
Holdings and the size of the unencumbered asset pool could result
in a narrowing of the notching between the senior unsecured debt
and the Long-Term IDRs. Conversely, the issuance of additional
senior unsecured debt at Freedom Mortgage could widen the notching
between Freedom Holdings' senior unsecured debt and the Long-Term
IDR to reflect structural subordination of the notes held at the
holding company level.
Freedom Holdings' debtholders benefit from an upstream guarantee
provided by Freedom Mortgage in order to satisfy ongoing payment
obligations, as well as a guarantee from Freedom Mortgage Parent
LLC (Freedom Parent; not rated), the ultimate parent, and managing
member of Freedom Holdings.
DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES
The unsecured debt rating is primarily sensitive to changes in
Freedom Holdings and Freedom Mortgage's Long-Term IDRs and would be
expected to move in tandem.
SUBSIDIARY AND AFFILIATE RATINGS: KEY RATING DRIVERS
Freedom Mortgage is a wholly owned subsidiary of Freedom Holdings,
and its IDR is equalized with the Long-Term IDR of the holding
company.
SUBSIDIARY AND AFFILIATE RATINGS: RATING SENSITIVITIES
Freedom Mortgage's IDR is primarily sensitive to changes in Freedom
Holdings' IDR and would be expected to move in tandem.
ADJUSTMENTS
- The Standalone Credit Profile (SCP) has been assigned in line
with the implied SCP;
- The Business Profile score has been assigned below the implied
score due to the following reason: Business model (negative);
- The Earnings & Profitability score has been assigned below the
implied score due to the following reason: Portfolio risk
(negative);
- The Capitalization & Leverage score has been assigned below the
implied score due to the following reasons: Risk profile and
business model (negative), Historical and future metrics
(negative);
- The Funding, Liquidity & Coverage score has been assigned below
the implied score due to the following reason: Funding flexibility
(negative).
ESG Considerations
Freedom has ESG Relevance Scores of '4' for Governance Structure
due to elevated key man risk related to its founder and Chief
Executive Officer, Stanley Middleman, who sets the tone, vision,
and strategy for the company. This has a negative impact on the
credit profile and is relevant to the rating in conjunction with
other factors.
Freedom has ESG Relevance Scores of '4' for Customer Welfare - Fair
Messaging, Privacy and Data Security, due to its exposure to
compliance risks that include fair lending practices, debt
collection practices and consumer data protection, which has a
negative impact on the credit profile and is relevant to the rating
in conjunction with other factors.
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Prior
----------- ------ -----
Freedom Mortgage
Corporation LT IDR BB- Affirmed BB-
senior unsecured LT B+ Affirmed B+
Freedom Mortgage
Holdings LLC LT IDR BB- Affirmed BB-
senior unsecured LT B+ Affirmed B+
FTX TRADING: Reaches Deals With Silicon Valley Charity, Evolve Bank
-------------------------------------------------------------------
Alex Wolf of Bloomberg Law reports that FTX Trading Ltd. has
reached settlements with its former banking partner Evolve Bank and
the Silicon Valley Community Foundation, reducing the risk of
potential lawsuits and resulting in approximately $21 million for
the liquidating cryptocurrency exchange.
On October 30, 2024, FTX requested approval from the U.S.
Bankruptcy Court for the District of Delaware for these agreements,
which will generate additional funds to repay creditors of Sam
Bankman-Fried's collapsed crypto platform.
As part of the settlement with Evolve, the bank will release $12.77
million in funds held in FTX accounts. Evolve had previously
provided funding to West Realm Shires Services Inc., an FTX
affiliate that also filed for bankruptcy.
About FTX Trading Ltd.
FTX is the world's second-largest cryptocurrency firm. FTX is a
cryptocurrency exchange built by traders, for traders. FTX offers
innovative products including industry-first derivatives, options,
volatility products and leveraged tokens.
Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that
FTX paused customer withdrawals after it was hit with roughly $5
billion worth of withdrawal requests.
Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell
itself to its giant rival Binance, but Binance walked away from the
deal amid reports on FTX regarding mishandled customer funds and
alleged US agency investigations.
At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step
aside, and restructuring vet John J. Ray III was quickly named new
CEO.
FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc.
(d/b/a FTX US), Alameda Research Ltd. and certain affiliated
companies then commenced Chapter 11 proceedings (Bankr. D. Del.
Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022.
Additional entities sought Chapter 11 protection on Nov. 14, 2022.
FTX Trading and its affiliates each listed $10 billion to $50
million in assets and liabilities, making FTX the biggest
bankruptcy filer in the US this year. According to Reuters, SBF
shared a document with investors on Nov. 10 showing FTX had $13.86
billion in liabilities and $14.6 billion in assets. However, only
$900 million of those assets were liquid, leading to the cash
crunch that ended with the company filing for bankruptcy.
The Hon. John T. Dorsey is the case judge.
The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel;
Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal
North America, LLC as financial advisor. Kroll is the claims
agent, maintaining the page
https://cases.ra.kroll.com/FTX/Home-Index
The official committee of unsecured creditors tapped Paul Hastings
as bankruptcy counsel; Young Conaway Stargatt & Taylor, LLP as
Delaware and conflicts counsel; FTI Consulting, Inc. as financial
advisor; and Jefferies, LLC as investment banker.
Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory
T. Donilon, Edward L. Schnitzer, and David M. Banker, is
representing Sam Bankman-Fried in the Chapter 11 cases.
White-collar crime specialist Mark S. Cohen has reportedly been
hired to represent SBF in litigation. Lawyers at Paul Weiss
previously represented SBF but later renounced representing the
entrepreneur due to a conflict of interest.
FUEL FITNESS: John Rhyne Named Subchapter V Trustee
---------------------------------------------------
Brian Behr, the U.S. Bankruptcy Administrator for the Eastern
District of North Carolina, appointed John Rhyne as Subchapter V
trustee for Fuel Fitness, LLC.
Mr. Rhyne will be paid an hourly fee of $375 for his services as
Subchapter V trustee.
Mr. Rhyne declared that he does not have an interest materially
adverse to the interest of Fuel Fitness' estate, creditors and
equity security holders.
About Fuel Fitness
Fuel Fitness, LLC, a company in Raleigh, N.C., filed a petition
under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D.
N.C. Case No. 24-03698) on October 22, 2024, with up to $100,000 in
assets and up to $10 million in liabilities. Christopher Shawn
Stewart, member-manager, signed the petition.
Philip M. Sasser, Esq., at Sasser Law Firm, represents the Debtor
as legal counsel.
GRADE A HOME: Voluntary Chapter 11 Case Summary
-----------------------------------------------
Debtor: Grade A Home LLC
7618 Las Flores Dr
Houston, TX 77083
Chapter 11 Petition Date: November 4, 2024
Court: United States Bankruptcy Court
Southern District of Texas
Case No.: 24-35197
Judge: Hon. Eduardo V. Rodriguez
Debtor's Counsel: Reese Baker, Esq.
BAKER & ASSOCIATES
950 Echo Ln Ste 300
Houston TX77024-2824
Email: courtdocs@bakerassociates.net
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $500,000 to $1 million
The petition was signed by Sharif Muhammad as authorized
representative of the Debtor.
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/JR6THLY/Grade_A_Home_LLC__txsbke-24-35197__0001.0.pdf?mcid=tGE4TAMA
HARDINGE INC: Gets Court Okay to Send Ch. 11 Plan for Creditor Vote
-------------------------------------------------------------------
Clara Geoghegan of Law360 Bankruptcy Authority reports that
Hardinge Inc., a tool manufacturer based in New York, received
approval from a Delaware bankruptcy judge on Wednesday, October 30,
2024, to proceed with its Chapter 11 wind-down plan and send it for
a creditor vote, while the debtor and its official committee of
unsecured creditors negotiate a global settlement on several
outstanding matters.
About Hardinge Inc.
Hardinge Inc. globally designs, manufactures, and distributes
computer-controlled metal cutting lathes, grinding and related
tooling, and accessories. It markets its products in the United
States, Europe, and Asia. The company is based in Elmira, N.Y.
Hardinge and its affiliates sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-11605) on
July 29, 2024. In its petition, Hardinge reported $100 million to
$500 million in both assets and liabilities.
Judge J. Kate Stickles oversees the cases.
The Debtors tapped Ropes & Gray, LLP and Chipman Brown Cicero &
Cole, LLP as bankruptcy counsels; Houlihan Lokey Capital, Inc. as
financial advisor and investment banker; Adrian Frankum of Ankura
Consulting Group, LLC as chief restructuring officer; and C Street
Advisory Group, LLC as strategic communications advisor. Kroll
Restructuring Administration, LLC is the claims and noticing agent
and administrative advisor.
HEART TO HEART: Unsecureds to Get $4,500 per Month for 5 Years
--------------------------------------------------------------
Heart to Heart Catering, LLC filed with the U.S. Bankruptcy Court
for the Northern District of Texas a Plan of Reorganization dated
September 23, 2024.
The Debtor operates a high-end catering business throughout the
North Texas area.
After having confirmed its plan of reorganization after its second
chapter 11 filing on October 3, 2022, the Debtor again faced
serious financial challenges in the form of increased labor and
material costs coupled with the loss of its key manager who was
responsible for generating a significant portion of new revenue.
These circumstances caused the Debtor to file the present chapter
11 bankruptcy case.
The Plan provides for a reorganization and restructuring of the
Debtor's financial obligations.
The Plan provides for a distribution to Creditors in accordance
with the terms of the Plan from the Debtor over the course of five
years from the Debtor's continued business operations.
Unsecured Creditors holding Allowed Claims will receive
distributions of $4,500.00 paid quarterly over five years. This
Plan also provides for the payment of administrative and priority
claims.
Class 3 consists of Non-priority unsecured Claims. Each holder of
an Allowed Unsecured Claim in Class 3 shall be paid by Reorganized
Debtor from an unsecured creditor pool, which pool shall be funded
at the rate of $4,500.00 per month. Payments from the unsecured
creditor pool shall be paid quarterly, for a period not to exceed
five years (20 quarterly payments) and the first quarterly payment
will be due on the twentieth day of the first full calendar month
following the last day of the first quarter.
The Debtor estimates the aggregate of all Allowed Class 3 Claims is
approximates $485,000.00 based upon Debtor's review of the
Court’s claim register, Debtor's bankruptcy schedules, and
anticipated Claim objections. This Class is impaired.
Class 4 consists of the holders of Allowed Interests in the Debtor.
The holder of an Allowed Class 4 Interest shall retain their
interests in the Reorganized Debtor.
The Debtor proposes to implement and consummate this Plan through
the means contemplated by Sections 1123 and 1145(a) of the
Bankruptcy Code.
A full-text copy of the Plan of Reorganization dated September 23,
2024 is available at https://urlcurt.com/u?l=kFLmbn from
PacerMonitor.com at no charge.
Counsel to the Debtor:
Robert T. DeMarco, Esq.
Michael S. Mitchell, Esq.
DeMarco Mitchell, PLLC
12770 Coit Road, Suite 850
Dallas, TX 75251
Tel: (972) 578-1400
Fax: (972) 346-6791
Email: robert@demarcomitchell.com
mike@demarcomitchell.com
About Heart to Heart Catering
Heart to Heart Catering, LLC operates a high-end catering business
throughout the North Texas area.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Texas Case No. 24-31830) on June 24,
2024, with up to $50,000 in assets and up to $1 million in
liabilities.
Robert Thomas DeMarco, Esq., represents the Debtor as legal
counsel.
HOPEMAN BROTHERS: Seeks Court OK for Chubb Insurers Settlement
--------------------------------------------------------------
Hopeman Brothers Inc. filed with the U.S. Bankruptcy Court for the
Eastern District of Virginia a motion seeking an order authorizing
and approving the settlement agreement and release dated June 27,
2024, by and among the Debtor, on the one hand, and Century
Indemnity Company and Westchester Fire Insurance Company ("Chubb
Insurers"), on the other hand, that provide for payment by the
Chubb Insurers to the Debtor in the aggregate amount of $31,500,000
under policies issued by the Chubb Insurers to the Debtor covering
asbestos-related personal injury against the Debtor.
On July 10, 2024, the Debtor filed with the Court the certain
settling insurer settlement motion seeking an order authorizing and
approving that certain settlement agreement and release dated July
10, 2024, by and among the Debtor, on the one hand, and Continental
Casualty Company, Fidelity & Casualty Company, Lexington Insurance
Company, Granite State Insurance Company, The Insurance Company of
the State of Pennsylvania, National Union Fire Insurance Company of
Pittsburgh, PA, and General Reinsurance Corporation ("certain
settling insurers"), on the other hand, that provides for payment
by the certain settling insurers to the Debtor in the aggregate
amount of $18,395,011 under policies issued by the certain settling
insurers to the Debtor covering asbestos-related personal injury
against the Debtor.
A hearing on the insurer settlement motions is set to be held
before the Hon. Keith L. Phillips, United States Bankruptcy Judge,
in Courtroom 5100, 701 East Broad Street, Suite 4000, Richmond,
Virginia 232219, on Dec. 10, 2024, at 10:00 a.m. (Prevailing
Eastern Time). Objection to the motions, if any, must be filed no
later than 4:00 p.m. (Prevailing Eastern Time) on Nov. 22, 2024.
Copies of the insurer settlement motions, the insurer settlement
agreements, as well as any proposed revisions thereto or changes to
the objection deadline or hearing date, are available and may be
examine at (i) the website at https://www.veritaglobal.com/hopeman,
(ii) at the offices of the Clerk of the Court, 701 East Broad
Street, Suite 4000, Richmond, VA 232219, between 8:00 a.m. and 3:00
p.m. (Prevailing Eastern Time), or (iii) on the Court's electronic
docket of these cases at https://www.vaeb.uscourts.gov.
About Hopeman Brothers
During the 1980s, Hopeman Brothers, Inc., transitioned its business
away from ship joining and into manufacturing check-out counters
used in commercial retail stores such as Walmart. In 2002, Hopeman
spun off its cabinet-making business into Cinnabar Solutions, Inc.
In 2003, Hopeman sold substantially all of its remaining
shipbuilding-related assets to an unrelated party, US Joiner LLC,
pursuant to an asset purchase agreement, dated as of December 23,
2003. Since the asset sale in 2003, Hopeman has had no business
operations and exists solely to defend and, when appropriate,
settle asbestos-related claims.
Hopeman Brothers filed a Chapter 11 petition (Bankr. E.D. Va. Case
No. 24-32428) on June 30, 2024, with $50 million to $100 million in
both assets and liabilities.
The Debtor tapped Hunton Andrews Kurth, LLP as bankruptcy counsel;
Blank Rome, LLP as special insurance counsel; Courington, Kiefer,
Sommers, Marullo & Matherne, LLC as special asbestos counsel; and
Stout Risius Ross, LLC as financial advisor. Kurtzman Carson
Consultants, LLC, is the claims and noticing agent.
IMMANUEL SOBRIETY: No Patient Care Concern, 7th PCO Report Says
---------------------------------------------------------------
Tamar Terzian, the court-appointed patient care ombudsman, filed
with the U.S. Bankruptcy Court for the Central District of
California her seventh report for the period July 1 to Sept. 1
regarding Immanuel Sobriety Inc.'s healthcare facility.
The PCO physically conducted visits to all facilities in addition
to verification of licensing, staffing and assuring compliance with
the Department of Health Care Services. She observed generally at
each location that all medication was properly labeled and stored
for the participants. For each location, there is a designated
staff area that had the medication and files for each participant.
The PCO finds that all medication logs at the Male Detox Facility
(Winton location) are properly maintained by staff and executed by
staff after supervising the participants taking of the medication.
The safety binders are properly updated, and the office was locked
only available for staff. The medications are properly labeled with
two participants only on medication.
Ms. Terzian conducted a tour of the Male Sober Living Facility
(Anira location). Medication was properly labeled and stored with
only access by the staff. At the time of the site visit, there were
10 participants present. There are no participant complaints in
this location. The daily meals menu is posted in the kitchen and
proper exit signs are listed and evacuation signs. No concerns
noted.
The PCO visited the Sober Living Facility (Richmond location) with
three participants present at the time of her visit. The home was
clean and fully supplied in the kitchen for participants to prepare
their own meals. There is a large outdoor space where participants
can spend time. There was no medication on site. No concerns
noted.
The PCO observed staff being trained and reviewed employee records.
She finds that the healthcare provider has sufficient staff.
Immanuel Sobriety had reduced staff due to the cut back from the
State and not admitting new participants. The healthcare provider
is utilizing this time to train its staff and prepare for new
participants in July.
A copy of the ombudsman report is available for free at
https://urlcurt.com/u?l=j4p2Xu from PacerMonitor.com.
The ombudsman may be reached at:
Tamar Terzian, Esq.
Terzian Law Group
1122 E. Green Street
Pasadena, CA 91106
Telephone: (818) 242-1100
Facsimile: (818) 242-1012
Email: tterzian@terzlaw.com
About Immanuel Sobriety
Immanuel Sobriety Inc. provides drug and alcohol rehabilitation
programs and treatment services.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. C.D. Calif. Case No. 23-10806) on March 2,
2023. In the petition signed by its chief executive officer,
Elizabeth Reid, the Debtor disclosed up to $500,000 in assets and
up to $1 million in liabilities.
Judge Wayne Johnson oversees the case.
The Law Office of Crystle J. Lindsey represents the Debtor as legal
counsel.
Tamar Terzian is the patient care ombudsman appointed in the
Debtor's Chapter 11 case.
INFINITE PRODUCT: Joli Lofstedt Named Subchapter V Trustee
----------------------------------------------------------
The Acting U.S. Trustee for Region 19 appointed Joli Lofstedt,
Esq., as Subchapter V trustee for Infinite Product Company.
Ms. Lofstedt, a practicing attorney in Louisville, Colo., will be
paid an hourly fee of $375 for her services as Subchapter V trustee
and will be reimbursed for work-related expenses incurred.
Ms. Lofstedt declared that she is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Joli A. Lofstedt, Esq.
P.O. Box 270561
Louisville, CO 80027
Phone: (303) 476-6915
Fax: (303) 604-2964
Email: joli@jaltrustee.com
About Infinite Product Company
Infinite Product Company, doing business as Infinite CBD, is an
industry expert in consumer manufacturing. It is based in Lakewood,
Colo.
Infinite Product Company sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No.
24-16245) on October 22, 2024, with $100,000 to $500,000 in assets
and $1 million to $10 million in liabilities. John Ramsay, chief
executive officer, signed the petition.
Judge Joseph G. Rosania Jr. oversees the case.
The Debtor is represented by Keri L. Riley, Esq., at Kutner Brinen
Dickey Riley, PC.
JBRI CONSTRUCTION: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: JBRI Construction Services, LLC
2115 Diane Street
Pinehurst TX 77362
Case No.: 24-35173
Chapter 11 Petition Date: November 4, 2024
Court: United States Bankruptcy Court
Southern District of Texas
Judge: Hon. Eduardo V Rodriguez
Debtor's Counsel: Julie M. Koenig, Esq.
COOPER & SCULLY, P.C.
815 Walker St.
Suite 1040
Houston TX 77002
Tel: (713) 236-6800
Email: julie.koenig@cooperscully.com
Total Assets: $1,240,722
Total Liabilities: $1,597,807
The petition was signed by Thomas Benevegnu as president.
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/QU5SVSY/JBRI_Construction_Services_LLC__txsbke-24-35173__0001.0.pdf?mcid=tGE4TAMA
KPM INVESTMENT: Hires Rountree Leitman Klein & Geer as Attorney
---------------------------------------------------------------
KPM Investment A2, LLC seeks approval from the U.S. Bankruptcy
Court for the Northern District of Georgia to employ Rountree,
Leitman, Klein & Geer, LLC as attorney.
The firm's services include:
a. giving the Debtor legal advice with respect to its powers
and duties as Debtor-in-Possession in the management of its
property;
b. preparing on behalf of the Debtor as Debtor-in-Possession
necessary schedules, applications, motions, answers, orders,
reports and other legal matters;
c. assisting in examination of the claims of creditors;
d. assisting with formulation and preparation of the
disclosure statement and plan of reorganization and with the
confirmation and consummation thereof; and
e. performing all other legal services for the Debtor as
Debtor-in-Possession that may be necessary herein.
The firm will be paid at these rates:
William A. Rountree $595 per hour
Will B. Geer $595 per hour
Michael Bargar $535 per hour
Hal Leitman $425 per hour
William Matthews $425 per hour
David S. Klein $495 per hour
Alexandra Dishun $425 per hour
Elizabeth Childers $425 per hour
Ceci Christy $425 per hour
Caitlyn Powers $375 per hour
Shawn Eisenberg $300 per hour
Elizabeth Miller $250 per hour
Megan Winokur $175 per hour
Tarsha Daniel $225 per hour
Catherine Smith $150 per hour
Dorothy Sideris $175 per hour
Aaron Schrader $175 per hour
The firm received a pre-petition retainer in the amount of
$40,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
William A. Rountree, Esq., a partner at Rountree, Leitman, Klein &
Geer, 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:
William A. Rountree, Esq.
Rountree, Leitman, Klein & Geer, LLC
Century Plaza I
2987 Clairmont Road, Suite 350
Atlanta, GA 30329
Tel: (404) 584-1238
Email: wrountree@rlkglaw.com
cpowers@rlkglaw.com
About KPM Investment A2, LLC
KPM Investment A2 LLC is engaged in activities related to real
estate.
KPM Investment A2 LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ga. Case No. 24-58139) on August 5,
2024. In the petition filed by Isaac Perlmutter, as authorized
representative, the Debtor reports estimated assets up to $50,000
and estimated liabilities between $10 million and $50 million.
The Debtor is represented by William Rountree, Esq. of Rountree,
Leitman, Klein & Geer, LLC.
LA HACIENDA: Seeks to Extend Exclusivity to March 5, 2025
---------------------------------------------------------
La Hacienda Mobile Estates, LLC asked the U.S. Bankruptcy Court for
the Eastern District of California to extend its exclusivity period
to March 5, 2025.
The Debtor explains that it has been diligently prosecuting this
Chapter 11 case, and has been strenuously opposed by unincorporated
association of tenants Trails End United for Change ("TEUC"). After
approximately a two-month delay period where the courts
successively transferred the venue of this case, Debtor timely
filed its plan of reorganization and disclosure statement, and also
a claims estimation motion to determine the unknown, contingent
claims of occupants of the mobilehome park upon closure of the
park.
Moreover, this contingency is based on California law and Debtor
has previously submitted certified appraisals establishing the in
place appraised values of each mobilehome, which is all that is
required to be paid under California law upon park closure.
The Debtor claims that TEUC has recently filed a motion to
terminate Debtor's exclusivity period but only explains in cursory
fashion why such relief is warranted. Instead, Debtor has shown
that there is good cause to extend the exclusivity period to permit
Debtor a fair opportunity to prosecute its Chapter 11 plan without
undue distractions.
Attorneys for the Debtor:
D. Edward Hays, Esq.
Tinho Mang, Esq.
Marshack Hays, LLP
870 Roosevelt
Irvine, CA 92620
Tel: (949) 333-7777
Fax: (949) 333-7778
FEAR WADDELL, P.C.
Peter L. Fear, Esq.
Gabriel J. Waddell, Esq.
Peter A. Sauer, Esq.
7650 North Palm Avenue, Suite 101
Fresno, California 93711
(559) 436-6575
(559) 436-6580 (fax)
About La Hacienda Mobile Estates
La Hacienda Mobile Estates, LLC, is primarily engaged in renting
and leasing real estate properties.
La Hacienda sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bank. D. Del. Case No. 24-10984) on May 9, 2024,
with $1 million to $5 million in both assets and liabilities. The
petition was signed by Matt Davies as managing member.
The Hon. Karen B. Owens presides over the case.
The Debtor tapped Ashby & Geddes, P.A., as bankruptcy counsel.
LA MONARCA: Voluntary Chapter 11 Case Summary
---------------------------------------------
Debtor: La Monarca Investment Plus Management Group LLC
Perla Gutierrez
6550 Mount Houston Rd
Houston, TX 77050-5610
Business Description: The Debtor is engaged in activities related
to real estate. The Debtor is the owner of
four properties all located in Houston,
Texas having a total current value of $1.82
million (based on Debtor's opinion).
Chapter 11 Petition Date: November 4, 2024
Court: United States Bankruptcy Court
Southern District of Texas
Case No.: 24-35204
Judge: Hon. Eduardo V Rodriguez
Debtor's Counsel: Alex Olmedo Acosta, Esq.
ACOSTA LAW P.C.
One Northwest Centre
Houston TX 77040
Tel: (713) 980-9014
Email: alex@theacostalawfirm.com
Total Assets: $1,821,393
Total Liabilities: $382,000
The petition was signed by Perla Gutierrez as president and
managing member.
The Debtor filed an empty 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/Y5SNSCI/LA_MONARCA_INVESTMENT_PLUS_MANAGEMENT__txsbke-24-35204__0001.0.pdf?mcid=tGE4TAMA
LASER INNOVATIONS: Tom Howley Named Subchapter V Trustee
--------------------------------------------------------
The U.S. Trustee for Region 7 appointed Tom Howley, Esq., at Howley
Law, PLLC as Subchapter V trustee for Laser Innovations, Inc.
Mr. Howley will be paid an hourly fee of $550 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Howley declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Tom Howley, Esq.
Howley Law, PLLC
711 Louisiana Street, Suite 1850
Houston, TX 77002
Telephone: (713) 333-9120
Email: tom@howley-law.com
About Laser Innovations
Laser Innovations Inc., doing business as Innovative Lasers of
Houston, offers a non-invasive weight loss solution that uses
Zerona lasers to help clients lose weight.
Laser Innovations sought relief under Subchapter V of Chapter 11 of
the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 24-34781) on
October 11, 2024, with total assets of $100,000 to $500,000 and
total liabilities of $1 million to $10 million. Laura Alexis, chief
executive officer, signed the petition.
Judge Eduardo V. Rodriguez oversees the case.
The Debtor is represented by Joyce W. Lindauer, Esq., at Joyce W.
Lindauer Attorney, PLLC.
LAVIE CARE: No Decline in Resident Care, PCO Report Says
--------------------------------------------------------
Joani Latimer, the patient care ombudsman, filed her report
regarding the quality of patient care provided by LaVie Care
Centers, LLC.
The ombudsman representative (OR) visited the Ashland and
Rehabilitation facility on August 16 and 29. The OR did not receive
any new complaints during this visit and there was no indication of
a decline in resident care since their last visit. The residents
and family members with whom the OR visited expressed satisfaction
with the facility, the new staff, and care. Food and supplies
appeared adequate.
On August 14, the OR visited the Augusta Nursing and Rehabilitation
Center facility. No observations were noted. The OR visited with
two residents, both of whom expressed satisfaction with the care
they are receiving.
The OR visited Consulate Health Care of Norfolk facility on August
26. No new complaints were received during the visit. There was no
indication of decline in resident care. During the visit, the
administrator indicated that she did get concerns from some of the
smaller vendors voicing concerns about being paid. During this
visit, there was no indication that the quality of care declined.
The OR visited the Consulate Healthcare of Woodstock facility on
September 12 with eight residents and the facility administrator.
The OR reported that there was some new staffing in the dietary
department. No new complaints or cases were received. There was no
apparent decline in care since last visit.
A copy of the ombudsman report is available for free at
https://urlcurt.com/u?l=SAeSQ1 from Kurtzman Carson Consultants,
LLC, claims agent.
The ombudsman may be reached at:
Joani Latimer
State Long-Term Care Ombudsman
8004 Franklin Farms Drive
Richmond, Virginia 23229
Phone: (804) 565-1600
Email: Joani.Latimer@dars.virginia.gov
About Lavie Care Centers
LaVie Care Centers, LLC, is the parent company of skilled nursing
facility operators and providers, with facilities primarily located
in Mississippi, North Carolina, Pennsylvania and Virginia. The
company operates 43 licensed facilities, with 4,300 beds, providing
short-term rehabilitation, comprehensive post-acute care, and
long-term care to its residents.
On June 2 and 3, 2024, LaVie Care Centers and 281 affiliates filed
voluntary petitions for relief under Chapter 11 of the Bankruptcy
Code (Bankr. N.D. Ga. Lead Case No. 24-55507), before Judge Paul
Baisier in Atlanta.
The Debtors tapped McDermott Will & Emery, LLP as legal counsel;
Stout Capital, LLC as investment banker; and Ankura Consulting as
financial advisor. M. Benjamin Jones, senior managing director at
Ankura, serves as the Debtors' chief restructuring officer.
Kurtzman Carson Consultants, LLC is the claims agent, and maintains
the page http://www.kccllc.com/LaVie
The U.S. Trustee for Region 21 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases.
Troutman Pepper Hamilton Sanders, LLP and FTI Consulting, Inc.
serve as the committee's legal counsel and financial advisor,
respectively.
Joani Latimer is the patient care ombudsman appointed in the cases.
LEITMOTIF SERVICES: Kicks Off Subchapter V Bankruptcy Process
-------------------------------------------------------------
Leitmotif Services LLC filed Chapter 11 protection in the Southern
District of Florida. According to court documents, the Debtor
reports $2,584,500 in debt owed to 1 and 49 creditors. The petition
states that funds will not be available to unsecured creditors.
A meeting of creditors under 11 U.S.C. Section 341(a) is slated for
December 6, 2024 at 10:30 a.m. at by U.S. Trustee TELECONFERENCE.
To participate call 866-915-4419 passcode 6071331.
About Leitmotif Services LLC
Leitmotif Services LLC is a retailer of a wide selection of
electric scooters. The Debtor is based in Miami, FL with a self
operated service center in Brooklyn, NY, and an expanding network
of service partners.
Leitmotif Services LLC sought relief under Subchapter V of Chapter
11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-21215)
on October 28, 2024. In the petition filed by Julian Fernau, as
CEO, the Debtor reports total assets of $1,410,835 and total
liabilities of $2,584,500.
Bankruptcy Judge Laurel M. Isicoff handles the case.
The Debtor is represented by:
Brett Lieberman, Esq.
EDELBOIM LIEBERMAN PLLC
2875 NE 191st St.
Penthouse One
Miami, FL 33180
Tel: 305-786-9909
Email: brett@elrolaw.com
LEO CHULIYA: Unsecured Creditors to Split $75K over 60 Months
-------------------------------------------------------------
Leo Chuliya Ltd., d/b/a Fantasy Cuisine Co., filed with the U.S.
Bankruptcy Court for the Southern District of New York a Subchapter
V Plan of Reorganization dated September 20, 2024.
The Debtor is in the business primarily of owning and managing a
restaurant specializing in Szechuan cuisine. The Debtor serves
wholesome food in a family style setting. The Debtor has operated
successfully for over 10 years.
The Debtor's current financial predicament is the result primarily
of the FLSA Action. The Debtor's situation was exacerbated by
rising prices including food costs, insurance, utilities and
transportation.
The Debtor believes that Chapter 11 presents a mechanism for it to
satisfy all creditors, in full or in part, in an orderly fashion
while maintaining operations. Since the filing, the Debtor has
continued in the management of its property as a
debtor-in-possession pursuant to Sections 1107 and 1108 of the
Bankruptcy Code.
The Debtor anticipates earning a profit each month and also
reasonably anticipates that profits will be more than sufficient to
meet expenses and fund the Plan.
Class 4 consists of General Unsecured Claims. Holders of Allowed
General Unsecured Claims shall be paid from the Plan Fund. Such
creditors shall receive their Pro Rata share of the balance of the
Plan Fund in quarterly installments. It is estimated that the
General Unsecured Creditors will receive their proportionate share
of $75,000.00 (the balance after payment of Priority Claims) over a
60-month period. Holders of Class 4 Claims are impaired under the
Plan.
Class 5 consists of Equity Interests. Chu, the holder of the
Allowed Interest, shall retain his Interest in the Debtor and
continue to operate at no or minimal compensation.
The Debtor shall make payments from future operations. The Debtor
will fund the Plan with payments of $6,000.00 per quarter
($18,000.00) per year or $90,000.00. Such amount shall be paid to
Class 3 and Class 4 Creditors. The payments by the Debtor shall be
paid into the Plan Fund which shall be administered by the
Disbursing Agent. The initial payment would be made to the
Disbursing Agent on the Effective Date. Successive payments would
be made each quarter for a period of 5 years (or 60 months).
A full-text copy of the Subchapter V Plan dated September 20, 2024
is available at https://urlcurt.com/u?l=7Gaxr4 from
PacerMonitor.com at no charge.
Counsel for the Debtor:
Anne Penachio, Esq.
Penachio Malara, LLP
245 Main Street-Suite 450
White Plains, NY 10601
Telephone: (914) 946-2889
About Leo Chuliya Ltd
Leo Chuliya Ltd owns and manages a restaurant specializing in
Szechuan cuisine for over 10 years. It serves wholesome food in a
family style setting.
The Debtor filed for Chapter 11 bankruptcy protection (Bankr.
S.D.N.Y. Case No. 24-22563) before Judge Sean H. Lane, on June 24,
2024, listing under $100,000 in assets and under $500,000 in
liabilities.
The Debtor elected to be treated as a small business under
Subchapter V. Nat Wasserstein serves as the Subchapter V trustee.
Anne J. Penachio, Esq., at Penachio Malara LLP, is the Debtor's
legal counsel.
LJB LLC: Voluntary Chapter 11 Case Summary
------------------------------------------
Debtor: LJB LLC
567 Moody Street
Waltham, MA 02453
Business Description: LJB LLC is primarily engaged in renting and
leasing real estate properties.
Chapter 11 Petition Date: November 7, 2024
Court: United States Bankruptcy Court
District of Massachusetts
Case No.: 24-12236
Judge: Hon. Janet E Bostwick
Debtor's Counsel: Gary W. Cruickshank, Esq.
GARY W. CRUICKSHANK
10 Post Office Square
Suite 800 South
Boston, MA 02109
Tel: 617-330-1960
E-mail: gwc@cruickshank-law.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Kenneth L. Brown as manager/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/S3LGQNI/LJB_LLC__mabke-24-12236__0001.0.pdf?mcid=tGE4TAMA
LPB MHC LLC: Voluntary Chapter 11 Case Summary
----------------------------------------------
Debtor: LPB MHC LLC
dba Sam C. Mitchell & Associates
115 E. Main St.
West Frankfort IL 62896
Chapter 11 Petition Date: November 5, 2024
Court: United States Bankruptcy Court
Southern District of Illinois
Case No.: 24-40450
Judge: Hon. Mary E. Lopinot
Debtor's Counsel: Robert Eggmann, Esq.
ROBERT EGGMANN
Email: ree@carmodymacdonald.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Lance P. Brown as managing member.
The Debtor listed Brandon Zanotti located at 14677 Cornith Rd.,
Marion, IL 6295 as its sole unsecured creditor holding a claim of
$275,000.
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/2DWW5DQ/LPB_MHC_LLC__ilsbke-24-40450__0001.0.pdf?mcid=tGE4TAM
LUMIO HOLDINGS INC: Gets Court Okay to Sell Business to Zeo
-----------------------------------------------------------
Dorothy Ma of Bloomberg Law reports that bankrupt solar firm Lumio
Holdings to be sold for $4 million along with equity.
Solar installer Lumio Holdings Inc. received approval from a U.S.
bankruptcy court on Friday, November 1, 2024, to sell its business
to Zeo Energy Corp., avoiding a potential liquidation sought by
some creditors.
Under the agreement disclosed in court, Florida-based Zeo Energy
will pay $4 million in cash and provide 6.2 million shares of its
common stock to acquire Lumio.
Judge J. Kate Stickles approved the sale after multiple hearings on
Thursday and Friday. The deal encountered objections from Lumio's
partners, including Sunnova Energy International Inc., which had
financed solar system purchases.
About Lumio Holdings
Lumio Holdings, Inc., is a privately-held residential solar
provider in Lehi, Utah, which is fully vertically integrated with a
full suite of photovoltaic solar system sales, installation and
operations.
Lumio Holdings and Lumio HX, Inc. filed Chapter 11 petitions
(Bankr. D. Del. Lead Case No. 24-11916) on Sept. 3, 2024. Jeffrey
T. Varsalone, chief restructuring officer, signed the petitions.
At the time of the filing, the Debtors reported $100 million to
$500 million in both assets and liabilities.
Judge J. Kate Stickles oversees the cases.
The Debtors tapped Morris, Nichols, Arsht & Tunnell, LLP, Houlihan
Lokey Capital, Inc. and C Street Advisory Group as legal counsel,
investment Banker and strategic communications advisor,
respectively. Stretto, Inc. is the claims and noticing agent and
administrative advisor.
MAGLEV ENERGY: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Maglev Energy, Inc.
10550 72nd Street
Suite 507
Seminole, FL 33777
Business Description: Maglev engineers motor and generator
technology including permanent magnet
alternator, vertical wind turbine, and
auxiliary power unit.
Chapter 11 Petition Date: November 5, 2024
Court: United States Bankruptcy Court
Middle District of Florida
Case No.: 24-06552
Judge: Hon. Catherine Peek Mcewen
Debtor's Counsel: Jake C. Blanchard, Esq.
BLANCHARD LAW, P.A.
8221 49th Street N.
Pinellas Park, FL 33781
Tel: 727-531-7068
Email: jake@jakeblanchardlaw.com
Total Assets: $241,312
Total Liabilities: $2,384,522
The petition was signed by Jon Harms as executive vice president.
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/JG43TGY/Maglev_Energy_Inc__flmbke-24-06552__0001.0.pdf?mcid=tGE4TAMA
MALLINCKRODT: Trustee Settles Evernorth Insurance Bankruptcy Claims
-------------------------------------------------------------------
James Nani of Bloomberg Law reports that a creditor trustee for
Mallinckrodt Plc has reached a $6.7 million settlement with
Evernorth Health Inc. and an investment firm holding insurance
claims, aiming to resolve over $331 billion in unsecured claims
linked to alleged price inflation of the pharmaceutical company's
Acthar gel.
According to trustee Heather L. Barlow of Dundon Advisers LLC, the
proposed settlement will help avoid expensive litigation, mitigate
risk, and provide an immediate benefit to Mallinckrodt’s estate
as well as a trust established for unsecured creditors. Barlow
filed a motion to approve the agreement on Tuesday, October 29,
2024, in the U.S. Bankruptcy Court for the District of Delaware,
the report states.
About Mallinckrodt plc
Mallinckrodt (OTCMKTS: MNKTQ) -- http://www.mallinckrodt.com/-- is
a global business consisting of multiple wholly-owned subsidiaries
that develop, manufacture, market and distribute specialty
pharmaceutical products and therapies. The Company's Specialty
Brands reportable segment's areas of focus include autoimmune and
rare diseases in specialty areas like neurology, rheumatology,
nephrology, pulmonology and ophthalmology; immunotherapy and
neonatal respiratory critical care therapies; analgesics; and
gastrointestinal products. Its Specialty Generics reportable
segment includes specialty generic drugs and active pharmaceutical
ingredients.
On Oct. 12, 2020, Mallinckrodt plc and certain of its affiliates
sought Chapter 11 protection in Delaware (Bankr. D. Del. Lead Case
No. 20-12522) to seek approval of a restructuring that would
reducetotal debt by $1.3 billion and resolve opioid-related claims
against them. Mallinckrodt in mid-June 2022 successfully completed
its reorganization process, emerged from Chapter 11 and completed
the Irish Examinership proceedings.
Mallinckrodt Plc said in a regulatory filing in early June 2023
that it was considering a second bankruptcy filing and other
options after its lenders raised concerns over an upcoming $200
million payment related to opioid-related litigation.
Mallinckrodt plc and certain of its affiliates again sought Chapter
11 protection (Bankr. D. Del. Lead Case No. 23-11258) on Aug. 28,
2023. Mallinckrodt disclosed $5,106,900,000 in assets and
$3,512,000,000 in liabilities as of June 30, 2023.
Judge John T. Dorsey oversees the new cases.
In the prior Chapter 11 cases, the Debtors tapped Latham & Watkins,
LLP and Richards, Layton & Finger, P.A. as their bankruptcy
counsel; Arthur Cox and Wachtell, Lipton, Rosen & Katz as corporate
and finance counsel; Ropes & Gray, LLP as litigation counsel;
Torys, LLP as CCAA counsel; Guggenheim Securities, LLC as
investment banker; and AlixPartners, LLP, as restructuring
advisor.
In the new Chapter 11 cases, the Debtors tapped Latham & Watkins,
LLP and Richards, Layton & Finger, P.A., as their bankruptcy
counsel; Arthur Cox and Wachtell, Lipton, Rosen & Katz as corporate
and finance counsel; Guggenheim Securities, LLC as investment
banker; and AlixPartners, LLP, as restructuring advisor. Kroll is
the claims agent.
MAWSON INFRASTRUCTURE: Terminates $100M At-the-Market Offering Deal
-------------------------------------------------------------------
Mawson Infrastructure Group Inc. disclosed in a Form 8-K Report
filed with the U.S. Securities and Exchange Commission that the
Company notified H.C. Wainwright & Co., LLC that it was
terminating, effective September 6, 2024, the At the Market
Offering Agreement dated May 27, 2022.
The Sales Agreement was entered into to sell shares of the
Company's common stock, par value $0.001 per share, having an
aggregate sales price of up to $100 million, from time to time,
through an "at the market offering" program under which Wainwright
acted as sales agent. The sales of the Shares made under the Sales
Agreement were made by methods permitted by law deemed to be an "at
the market offering" as defined in Rule 415 promulgated under the
Securities Act of 1933, as amended.
For sales of Shares under the Sales Agreement we paid Wainwright a
commission rate equal to 3.0% of the aggregate gross proceeds from
each sale of Shares and we also provided Wainwright with customary
indemnification and contribution rights. Mawson also reimbursed
Wainwright for certain specified expenses in connection with
entering into the Sales Agreement. The Sales Agreement contained
customary representations and warranties and conditions to the sale
of the Shares pursuant thereto.
The Shares sold pursuant to the Sales Agreement were issued
pursuant to the Company's shelf registration statement on Form S-3
(File No. 333-264062), and prospectus supplements thereto dated May
27, 2022, and May 4, 2023 (which reduced the amount of Shares it
could sell to an aggregate of $9,000,000), filed with the U.S.
Securities and Exchange Commission.
In the ordinary course of their business, Wainwright and/or its
affiliates have in the past provided certain commercial banking,
financial advisory, investment banking and other services for the
Company or its affiliates for which Wainwright and/or its
affiliates have received customary fees and commissions. In
addition, Wainwright has advised that from time to time, it and/or
its affiliates have in the past effected, and may continue to
effect, transactions for their own account or the account of
customers, and have held, and may continue to hold, on behalf of
themselves or their customers, long or short positions in the
Company's equity securities or loans.
During the term of the Sales Agreement, Mawson sold 503,439 Shares
for a total of $1,343,271.
The Company has decided to terminate the Sales Agreement because it
does not intend to utilize the Sales Agreement to raise additional
capital. The Company will not incur any termination penalties as a
result of its termination of the Sales Agreement.
About Mawson
Headquartered in Midland, Pennsylvania, Mawson Infrastructure Group
Inc. is a digital infrastructure company. The Company has three
primary businesses -- digital currency mining, co-location and
related services, and energy markets. The Company develops and
operates digital infrastructure for digital currency, such as
bitcoin, mining activities on the Bitcoin blockchain network. The
Company also provides digital infrastructure services for its
co-location services customers that use computational machines to
mine bitcoin through its data centers and the Company charges for
the use of its digital infrastructure and related services. The
Company also has an energy markets program through which it can
receive net energy benefits in exchange for curtailing the power it
utilizes from the grid in response to instances of high electricity
demand. As of March 29, 2024, the Company operates two data center
facilities in Pennsylvania, USA.
Boston, Massachusetts-based Wolf & Company, P.C., the Company's
auditor since 2023, issued a "going concern" qualification in its
report dated March 29, 2024, citing that the Company has incurred
net losses since its inception, and had negative working capital
and will need additional funding to continue operations. This
raises substantial doubt about the Company's ability to continue as
a going concern.
For the year ended December 31, 2023, Mawson incurred a loss after
tax of $58.55 million. As of June 30, 2024, Mawson had $65,625,213
in total assets, $61,221,009 in total liabilities, and $4,404,204
in total stockholders' equity.
MCR HEALTH: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------
Two affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
MCR Health, Inc. (Lead Case) 24-06604
101 Riverfront Blvd.
Suite 710
Bradenton, FL 34205
AllCare Options, LLC 24-06607
101 Riverfront Blvd
Suite 701
Bradenton, FL 34205
Chapter 11 Petition Date: November 8, 2024
Court: United States Bankruptcy Court
Middle District of Florida
Judge: Hon. Roberta A Colton
Debtors' Counsel: Steven M. Berman, Esq.
SHUMAKER, LOOP & KENDRICK, LLP
101 E. Kennedy Blvd., Suite 2800
Tampa, FL 33602
Tel: (813) 229-7600
Email: sberman@shumaker.com
Estimated Assets: $10 million to $50 million
Estimated Liabilities: $10 million to $50 million
The petition was signed by Mary Ruiz as Board Chair.
Full-text copies of the petitions are available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/HVMOLEI/MCR_Health_Inc__flmbke-24-06604__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/RQ5ZXMI/AllCare_Options_LLC__flmbke-24-06607__0001.0.pdf?mcid=tGE4TAMA
List of MCR Health's 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. AFCO $219,071
ATTN: Payment Processing
5600 N. River Rd.,
Ste 400
Rosemont, IL
60018-5187
2. All Medical $21,548
Personnel, Inc
PO Box 931904
Atlanta, GA
31193-1904
3. Athena Health $304,036
PO BOX 415615
Boston, MA
02241-5615
4. Balanced Wellbeing LLC $540,362
5915 SW 49th Ave
Ocala, FL 34474
5. Buchanan Ingersoll & Rooney $284,344
501 Grant Street Ste 200
Pittsburgh, PA
15219-4413
6. Dex Imaging $18,862
PO BOX 17299
Clearwater, FL
33762-0299
7. Flexential $44,846
PO Box 732368
Dallas, TX
75373-2368
8. Forvis Mazars, LLP $28,380
PO Box 200870
Dallas, TX
75320-0870
9. Guardian $27,836
PO Box 677458
Dallas, TX
75267-7458
10. Henry Schein $24,331
Inc. (Dental)
PO Box 371952
Pittsburgh, PA
15250-7952
11. Iron Mountain $19,119
PO Box 27128
New York, NY
10087-7128
12. Johnson Controls Sec. Sol. $18,582
PO Box 371994
Pittsburgh, PA
15250-7994
13. Kerecis LLC $47,726
DEPT CH 17640
Palatine, IL 60055
14. Laboratory Corp. of Amer. $28,289
PO Box 2270
Burlington, NC
27216-2270
15. McKesson Medical Surgical $33,704
PO Box 936279
Atlanta, GA
31193-2679
16. Netsmart Tech., Inc. $55,206
PO Box 713519
Philadelphia, PA
19171
17. Sanofi Pasteur, Inc. $92,206
12458 Collections
Center Dr
Chicago, IL 60693
18. Servis 1st Bank $167,569
Card Services
PO Box 1508
Birmingham, AL
35282-8226
19. T-Mobile $62,953
PO Box 742596
Cincinnati, OH
45274-2596
20. Ultrasound $24,400
Diagnostics LLC
5670 36th Ave N
St. Petersburg, FL
33710
METRO GLASS: Douglas Stanger Named Subchapter V Trustee
-------------------------------------------------------
The U.S. Trustee for Regions 3 and 9 appointed Douglas Stanger,
Esq., at Flaster, Greenberg, PC as Subchapter V trustee for Metro
Glass, Inc.
Mr. Stanger will be paid an hourly fee of $450 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Stanger declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Douglas S. Stanger, Esq.
Flaster, Greenberg, PC
646 Ocean Heights Avenue
Linwood, NJ 08221
Phone: (609) 645-1881
Email: Doug.stanger@flastergreenberg.com
About Metro Glass Inc.
Metro Glass, Inc. is a glass and mirror shop in Middlesex, N.J.
Metro Glass sought relief under Subchapter V of Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 24-20047) on October
10, 2024, with $1 million to $10 million in both assets and
liabilities. George O'Donnell, president, signed the petition.
Judge Christine M. Gravelle oversees the case.
The Debtor is represented by Justin M Gillman, Esq., at Gillman
Capone, LLC.
MILK STREET: Unsecureds Will Get 22% of Claims over 3 Years
-----------------------------------------------------------
Milk Street Cafe, Inc., filed with the U.S. Bankruptcy Court for
the District of Massachusetts a Plan of Reorganization and
Disclosure Statement dated September 20, 2024.
Milk Street Cafe is a corporate catering and cafe business located
for the past 42 years on the ground floor and basement of the 50
Milk Street building in downtown Boston, Massachusetts.
The company implemented changes to adapt its business prior to
filing this Bankruptcy Case. However, by the spring of 2024, it
became apparent that to fully implement its restructuring, the
Company should consider relief under the Bankruptcy Code.
The accommodations from the landlord have enabled the company to
remain in business despite these challenges. Company management
recognized that, while the history of concessions and
accommodations was helpful, the company would not be able to return
to pre-pandemic levels of sales and profit. It therefore set about
negotiating with the landlord for amended terms of its lease. The
terms of the restructured lease, in the proposed treatment for
Class Three, the claim of Ponte Gadea Boston, LLC. The restructured
lease reflects and agreement on a reduced amount of base rent,
which escalates during the term; the calculation of additional
rent, based on achieving stretch revenue goals; and a substantial
compromise on the difference between contract rent and rent
payments since 2020.
The Debtor projects that this cash will be sufficient to: (a) pay
administrative claims and priority tax claims in full other than
claims subject to separately agreed payment terms; (b) continue to
perform its obligations to holders of Allowed secured Claims; (c)
implement an agreed amended commercial real estate lease for its 50
Milk Street location; and (d) maintain a sufficient capital balance
for the Debtor to maintain its operations and thereby fulfill its
other plan commitments throughout the Plan term.
The Plan provides for semi-annual payments to be made to general
unsecured creditors over the term of the Plan. The Plan provides
for a total distribution to holders of Allowed general unsecured
creditors over the three-year term of the plan in the amount of
$445,000. The Debtor projects that this series of distributions
will yield a dividend of approximately 22% on account of Allowed
general unsecured claims, including the MSLP.
Class Four consists of all Holders of Allowed Unsecured Claims. The
Class Four Claims are impaired. In full and final satisfaction of
the Claims in Class Four, the Debtor shall make pro rata
distributions of all projected net operating cash flow generated as
of the Effective Date and through the three-year term of the Plan
Period. Exhibit A details such payments, which total $445,000. The
payments will be made bi-annually, beginning in the sixth month
following the Effective Date, as follows: $50,000 in each of March
and September 2025; $75,000 in each of March and September 2026 and
March 2027; $120,000 in September 2027. The Class Four Claims shall
not be paid interest. No payments shall be made to the Holders of
the Class Four Claims after the completion of the foregoing
payments.
The asserted total of claims in Class Four is $2,006,993.24,
comprised of claims scheduled as liquidated, non-contingent and not
disputed, or as set forth in a timely filed proof of claim. The
single largest claim in Class Four is the claim of Silicon Valley
Bank as agent for the Main Street Loan Program of the Federal
Reserve Bank of Boston. The MSLP claim is asserted in the amount of
$1,791,264.61. Based on the applicable loan documentation and other
records, the Debtor believes that the MSLP claim is unsecured. The
holder of the MSLP claim asserts that the claim is secured in an
undetermined amount.
The Debtor's Plan treats the MSLP claim as unsecured. If the Debtor
and the claimant are unable to resolve the dispute consensually,
the Debtor reserves the right to object to the claim in accordance
with the provisions of the Plan, which objection may include an
adversary complaint to determine the extent and priority of the
asserted rights in property of the Debtor's estate. The remainder
of asserted claims in Class Four is approximately $215,730, held by
approximately 30 creditors.
The Debtor projects a distribution on account of Allowed Class Four
claims of approximately 22%, based on the proposed treatment of the
MSLP claim and its analysis of other asserted Class Four claims.
The Debtor's plan is a pot plan, that is, it proposes to make a pro
rata distribution on account of Class Four claims in a fixed amount
of $445,000. The exact percentage recovery will depend on the
outcome of any claim objections, and the operation of other
provisions of the Plan regarding de minimus or undeliverable
distributions.
Class Five consists of all Equity Interests of the Debtor. The
Holders of interests in Class Five shall retain their Equity
Interests in the Debtor. Holders of Class Five Equity Interests are
unimpaired, and deemed to accept the Plan.
The Plan will be funded by the Cash held by the Debtor as of the
Effective Date, as well as the Debtor's future income from
operations during the Plan Period. The Debtor projects that it will
have sufficient cash on hand to make the payments required on the
Effective Date, and projects that net income received from the
Debtor's operations will be sufficient to make the Plan
Distribution payments.
A full-text copy of the Plan of Reorganization dated September 20,
2024 is available at https://urlcurt.com/u?l=g6DDYt from
PacerMonitor.com at no charge.
Counsel to the Debtor:
John T. Morrier, Esq.
Casner & Edwards, LLP
303 Congress Street
Boston, MA 02210
Tel: (617) 426-5900
Email: morrier@casneredwards.com
About Milk Street Cafe
Milk Street Cafe, Inc., is an upscale casual restaurant and one of
the premier corporate caterers in Boston, Mass.
Milk Street Cafe filed its voluntary petition for Chapter 11
protection (Bankr. D. Mass. Case No. 24-11233) on June 20, 2024,
listing $1,099,666 in assets and $3,245,762 in liabilities. Marc
Epstein, president of Milk Street Cafe, signed the petition.
Judge Janet E. Bostwick oversees the case.
John T. Morrier, Esq., at Casner & Edwards, LLP, serves as the
Debtor's legal counsel.
MISTY MOON TRANSPORT 2 INC: Kicks Off Subchapter V Bankruptcy
-------------------------------------------------------------
On October 28, 2024, Misty Moon Transport 2 Inc. filed Chapter 11
protection in the District of Maine. According to court filing, the
Debtor reports $3,043,852 in debt owed to 1 and 49 creditors. The
petition states that funds will not be available to unsecured
creditors.
About Misty Moon Transport 2 Inc.
Misty Moon Transport 2 Inc. is an independent service provider for
FedEx.
Misty Moon Transport 2 Inc. sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Me. Case No.
24-20218) on October 28, 2024. In the petition filed by Morgan
Morang, as president, the Debtor reports total assets of $1,276,121
and total liabilities of $3,043,852.
Honorable Bankruptcy Judge Peter G. Cary handles the case.
The Debtor is represented by:
Tanya Sambatakos, Esq.
MOLLEUR LAW FIRM
190 Main St., 3rd Fl
Saco ME 04072
Tel: (207) 283-3777
Email: tanya@molleurlaw.com
MS. HOLMES: Paul Jordan Named Subchapter V Trustee
--------------------------------------------------
The U.S. Trustee for Region 19 appointed Paul Jordan of NP3 LLC as
Subchapter V trustee for Ms. Holmes, LLC.
Mr. Jordan will be paid an hourly fee of $350 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Jordan declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Paul A. Jordan, P.E.
NP3 LLC - Energy Advisory & Interim Management
5 Tamarade De.
Littleton, CO. 80127
(303) 809-1273
About Ms. Holmes LLC
Ms. Holmes, LLC filed a petition under Chapter 11, Subchapter V of
the Bankruptcy Code (Bankr. D. Wyo. Case No. 24-20413) on October
22, 2024, with $1 million to $10 million in assets and
liabilities.
Judge Cathleen D. Parker presides over the case.
NAMHAWK LLC: Voluntary Chapter 11 Case Summary
----------------------------------------------
Debtor: Namhawk, LLC
2324 N. Interstate 35E
Carrollton TX 75006
Business Description: Namhawk, LLC is engaged in activities
related to real estate.
Chapter 11 Petition Date: November 4, 2024
Court: United States Bankruptcy Court
Northern District of Texas
Case No.: 24-33549
Debtor's Counsel: Brandon Tittle, Esq.
TITTLE LAW GROUP, PLLC
1125 Legacy Dr., Ste. 230
Frisco TX 75034
Tel: 972-731-2590
Email: btittle@tittlelawgroup.com
Estimated Assets: $10 million to $50 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Young Sung as manager.
The Debtor filed an empty list of its 20 largest unsecured
creditors:
https://www.pacermonitor.com/view/726PZFI/Namhawk_LLC__txnbke-24-33549__0003.0.pdf?mcid=tGE4TAMA
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/7TPBINI/Namhawk_LLC__txnbke-24-33549__0001.0.pdf?mcid=tGE4TAMA
NEX SJ LLC: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: NEX SJ LLC
170 Market Street
San Jose, CA 95113
Business Description: NEX SJ is part of the traveler accommodation
industry.
Chapter 11 Petition Date: November 5, 2024
Court: United States Bankruptcy Court
Northern District of California
Case No.: 24-51683
Debtor's Counsel: James E. Till, Esq.
TILL LAW GROUP
120 Newport Center Dr.
Newport Beach, CA 92660
Tel: (949) 524-4999
Email: james.till@till-lawgroup.com
Debtor's
Financial
Advisor: 6S ADVISORS, LLC
DBA SOLUTION ADVISORS LLC
Estimated Assets: $10 million to $50 million
Estimated Liabilities: $100 million to $500 million
The petition was signed by Sam Hirbod as authorized officer.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/O2V2DAQ/NEX_SJ_LLC__canbke-24-51683__0001.0.pdf?mcid=tGE4TAMA
List of Debtor's 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. Signia Hotel Management LLC Manager Fees $531,926
Attn Charlie Ruehr
7930 Jones Branch Dr
Mc Lean, VA 22102
Tel: (703) 883-1000
2. Vesta Food Service Trade Debt $31,784
31773 Hayman St
Aumsville, OR 97325
Tel: (510) 952-8495
3. Newport Meat Co Trade Debt $29,284
48811 Warm Springs Blvd
Fremont, CA 94539
Tel: (510) 438-8600
4. Sysco Food Services Trade Debt $17,530
PO Box Box 5019
Fremont, CA 94537
Tel: (800) 797-2627
5. Griswold Industries Trade Debt $13,169
1701 Placentia Ave
Costa Mesa, CA 92627-4416
Tel: (949) 722-4800
6. AF&Co Trade Debt $8,800
1160 Mission St Unit 2211
San Francisco, CA 94103
Tel: (415) 781-5700
7. Ecolab Trade Debt $6,630
PO Box 100512
Pasadena, CA 91189
Tel: (800) 352-5326
8. Nalco Trade Debt $6,475
PO Box 730005
Dallas, TX 75373-0005
Tel: (800) 288-0879
9. Grainger Trade Debt $5,668
PO Box 800
235 S Industrial
Chatsworth, GA 30705
Tel: (800) 472-4643
10. Worldwide Draperies Trade Debt $5,175
705 W 20th St
Hialeah, FL 33010
Tel: (305) 887-9611
11. Guest Supply Trade Debt $4,517
PO Box Box 6771
Somerset, NJ 08875-6771
Tel: (800) 772-7676
12. Grill on the Alley Trade Debt $4,210
172 S Market St
San Jose, CA 95113
Tel: (408) 294-2244
13. Edward Don Trade Debt $3,704
2562 Paysphere Circle
Chicago, IL 60674-2564
Tel: (866) 562-3310
14. Santa Monica Seafood Trade Debt $2,930
18531 S Broadwick St
Compton, CA 90220
Tel: (800) 969-8862
15. QI Botanical Tea Canada Ltd Trade Debt $2,244
1616 W 7th Ave
Vancouver, BC V6P 6G2
Canada
16. Harbor Distributing Trade Debt $1,838
13344 Main St Dept 2685
Los Angeles, CA 90084-2683
Tel: (310) 538-5483
17. N A Sales Co Trade Debt $1,410
2695 McCone Ave
Hayward, CA 94545
Tel: (510) 397-6293
18. Frontline Performance Trade Debt $1,371
1075 W Morse Blvd
Winter Park, FL 32789
Tel: (407) 682-3434
19. Duckhorn Wine Co Trade Debt $1,184
1000 Lodi Lane
Saint Helena, CA 94574
Tel: (707) 763-7108
20. Cintas Corporation 630 Trade Debt $1,046
PO Box Box 29059
Phoenix, AZ 85038-9059
Tel: (408) 834-4381
NOVA LIFESTYLE: Sells 125,000 Shares to Huge Energy for $150,000
----------------------------------------------------------------
Nova LifeStyle, Inc. disclosed in a Form 8-K Report filed with the
U.S. Securities and Exchange Commission that the Company entered
into a Securities Purchase Agreement with Huge Energy International
Limited, pursuant to which the Company agreed to sell to the
purchaser in a private placement 125,000 shares of the Company's
common stock, par value $0.001 per share, at a purchase price of
$1.20 per share for an aggregate price of $150,000.
The Private Placement will be completed pursuant to the exemption
from registration provided by Regulation S promulgated under the
Securities Act of 1933, as amended.
A full-text copy of the Securities Purchase Agreement dated October
25 is available at:
https://tinyurl.com/2pd5kkaa
About Nova Lifestyle
Headquartered in Commerce, Calif., Nova LifeStyle, Inc. is a
distributor of contemporary styled residential and commercial
furniture incorporated into a dynamic marketing and sales platform
offering retail as well as online selection and global purchase
fulfillment. The Company monitors popular trends and products to
create design elements that are then integrated into the Company's
product lines that can be used as both stand-alone or whole-room
and home furnishing solutions. Through its global network of
retailers, e-commerce platforms, stagers, and hospitality
providers, Nova LifeStyle also sells (through an exclusive
third-party manufacturing partner) a managed variety of
high-quality bedding foundation components.
San Mateo, Calif.-based WWC, P.C., the Company's auditor since
2022, issued a "going concern" qualification in its report dated
April 12, 2024, citing that the Company incurred a net loss for the
years ended Dec. 31, 2023, and 2022, and the accumulated deficit
increased from $36.71 million to $44.43 million from 2022 to 2023.
These factors raise substantial doubt about the Company's ability
to continue as a going concern.
As of June 30, 2024, Nova LifeStyle had $5,803,647 in total assets,
$5,755,439 in total liabilities, and $48,208 in total stockholders'
equity.
NOVO INTEGRATED: Robert Oliva Quits as President
------------------------------------------------
Novo Integrated Sciences, Inc. reported in a Form 8-K filed with
the Securities and Exchange Commission that on Oct. 25, 2024,
Robert Oliva resigned as president of the Company, effective
immediately. Mr. Oliva's resignation was not a result of any
disagreement with the Company on any matter relating to the
Company's operations, policies or practices.
About Novo Integrated
Novo Integrated Sciences, Inc., headquartered in Bellevue,
Washington, owns Canadian and U.S. subsidiaries which provide, or
intend to provide, essential and differentiated solutions to the
delivery of multidisciplinary primary care and related wellness
products through the integration of medical technology,
interconnectivity, advanced therapeutics, diagnostic solutions,
unique personalized product offerings, and rehabilitative science.
Spokane, Washington-based Fruci & Associates II, PLLC, the
Company's auditor since 2022, issued a "going concern"
qualification in its report dated Dec. 14, 2023, citing that the
Company has incurred recurring losses from operations, has negative
cash flows from operating activities, and has an accumulated
deficit as of Aug. 31, 2023. These factors, among others, raise
substantial doubt about the Company's ability to continue as a
going concern.
Novo Integrated said in its Quarterly Report for the period ended
May 31, 2024, that "The Company has incurred recurring losses from
operations, has negative cash flows from operating activities, and
has an accumulated deficit as of May 31, 2024. The Company
believes that its cash and other available resources may not be
sufficient to meet its operating needs and the payment of
obligations related to various business acquisitions as they come
due within one year after the date the unaudited condensed
consolidated financial statements are issued.
"In an effort to alleviate these conditions, the Company has
considered equity and/or debt financing and/or asset monetization.
There can be no assurance that funding would be available, or that
the terms of such funding would be on favorable terms if available.
Even if the Company is able to obtain additional financing, it may
contain undue restrictions on our operations, in the case of debt
financing, or cause substantial dilution for our stockholders, in
the case of equity financing. These conditions, along with the
matters noted above, raise substantial doubt about the Company's
ability to continue as a going concern within one year after the
date the unaudited condensed consolidated financial statements are
issued."
OSTEEN'S LOAD: Case Summary & Six Unsecured Creditors
-----------------------------------------------------
Debtor: Osteen's Load and Go LLC
301 East North Street
Leesburg, FL 34748
Business Description: The Debtor is a dumpster rental service
provider serving residential and commercial
customers.
Chapter 11 Petition Date: November 7, 2024
Court: United States Bankruptcy Court
Middle District of Florida
Case No.: 24-06079
Judge: Hon. Tiffany P Geyer
Debtor's Counsel: Jeffrey S. Ainsworth, Esq.
BRANSONLAW, PLLC
1501 E. Concord Street
Orlando, FL 32803
Tel: 407-498-6834
E-mail: jeff@bransonlaw.com
Estimated Assets: $100,000 to $500,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Larry Osteen as manager.
A full-text copy of the petition containing, among other items, a
list of the Debtor's six unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/YM6KVMY/Osteens_Load_and_Go_LLC__flmbke-24-06079__0001.0.pdf?mcid=tGE4TAMA
OSTERIA DEL TEATRO: Soneet Kapila Named Subchapter V Trustee
------------------------------------------------------------
The U.S. Trustee for Region 21 appointed Soneet Kapila of Kapila
Mukamal as Subchapter V trustee for Osteria Del Teatro, LLC.
Mr. Kapila will be paid an hourly fee of $450 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Kapila declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Soneet R. Kapila
Kapila Mukamal
1000 South Federal Highway, Suite 200
Fort Lauderdale, FL 33316
Tel: (954) 761-1011
Email: skapila@kapilamukamal.com
About Osteria Del Teatro
Osteria Del Teatro, LLC operates the Italian restaurant Osteria Del
Teatro in North Bay Village, Fla.
Osteria Del Teatro sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-20959) on October 22,
2024, with up to $50,000 in assets and up to $1 million in
liabilities. Gilberto Gonzalez, president of Osteria Del Teatro,
signed the petition.
Judge Robert A. Mark oversees the case.
Bradley S. Shraiberg, Esq., at Shraiberg Page PA, represents the
Debtor as legal counsel.
OYA RENEWABLES: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Eight affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
OYA Renewables Development LLC (Lead Case) 24-12574
75 Central Street, 3rd Floor
Boston, MA 02109
OYA Renewables Equipmentco LLC 24-12575
OYA Renewables Construction and
Yield Holdings LLC 24-12576
OYA Renewables Construction
Holdings 3 LLC 24-12578
OYA-Rosewood Holdings LLC 24-12579
OYA Renewables Construction Holdings 2 LLC 24-12577
OYA Renewables Yield-1 LLC 24-12580
OYA-Omni Development Company, LLC 24-12581
Business Description: The Debtors own a portfolio of operating
solar projects and projects in various
stages of development in North America. The
Debtors deliver distributed energy and smart
long-term renewable energy solutions to
local communities. The Debtors' objective
is to provide the economic and environmental
benefits of solar power, working closely
with landowners, municipalities, utilities,
and local communities.
Chapter 11 Petition Date: November 6, 2024
Court: United States Bankruptcy Court
District of Delaware
Judge: Hon. Karen B. Owens
Debtors'
Local
Bankruptcy
Counsel: Edmon L. Morton, Esq.
Robert S. Brady, Esq.
Kenneth J. Enos, Esq.
Rebecca L. Lamb, Esq.
YOUNG CONAWAY STARGATT & TAYLOR, LLP
1000 North King Street
Rodney Square
Wilmington, Delaware 19801
Tel: (302) 571-6600
Fax: (302) 571-1253
Email: emorton@ycst.com
rbrady@ycst.com
kenos@ycst.com
rlamb@ycst.com
Debtors'
General
Bankruptcy
Counsel: Duston K. McFaul, Esq.
Maegan Quejada, Esq.
SIDLEY AUSTIN LLP
1000 Louisiana Street, Suite 5900
Houston, Texas 77002
Tel: (713) 495-4500
Fax: (713) 495-7799
Email: dmcfaul@sidley.com
mquejada@sidley.com
- and -
Nathan C. Elner, Esq.
Chelsea M. McManus, Esq.
2021 McKinney Avenue, Suite 2000
Dallas, Texas 75201
Tel: (214) 981-3300
Fax: (214) 981-3400
Email: nelner@sidley.com
cmcmanus@sidley.com
- and -
Ian C. Ferrell, Esq.
One South Dearborn
Chicago, Illinois 60603
Tel: (312) 853-7000
Fax: (312) 853-7036
Email: iferrell@sidley.com
Debtors'
Financial
Advisor: ANKURA CONSULTING GROUP, LLC
Debtors'
Investment
Banker: AGENTIS CAPITAL ADVISORS
Debtors'
Investment
Banker: SENAHILL ADVISORS, LLC
Debtors'
Noticing &
Claims Agent: KROLL RESTRUCTURING ADMINISTRATION LLC
Estimated Assets: $100 million to $500 million
Estimated Liabilities: $100 million to $500 million
The petitions were signed by John Shepherd as chief restructuring
officer.
A full-text copy of the Lead Debtor's petition is available for
free at PacerMonitor.com at:
https://www.pacermonitor.com/view/OKFIHDA/OYA_Renewables_Development_LLC__debke-24-12574__0001.0.pdf?mcid=tGE4TAMA
List of Debtors' 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. PRI Engineering, Corp. Unsecured Trade $404,342
Arash Yazdani
205 St George St. Unit 2
Lindsey on K9V 5Z9 Canada
PHONE: (705) 702‐3921
EMAIL: ARASH.YAZDANI@PRIENGINEERING.COM
2. Clear Point Energy, Inc. Unsecured Trade $283,087
Angelo Chambrone
120 E. Washington St.
Suite 512
Syracuse NY 13202
PHONE: (888) 311‐1041
EMAIL: ACHAMBRONE@CLEARPOINTENERGY.COM
3. Omni Renewables Unsecured Trade $132,375
Michael Francis
109 Twin Oaks Dr
Syracuse NY 13206
PHONE: (315) 743‐6461
EMAIL: M.FRANCIS@ACTIVESOLARUSA.COM
4. DNV Energy USA, Inc. Unsecured Trade $64,187
Bret Dunbar
155 Grand Ave.
Suite 600
Oakland CA 94612
PHONE: (281) 796‐2526
EMAIL: BRENT.DUNBAR@DNV.COM
5. Polar Racking, Inc. Unsecured Trade $49,400
Shastri Sisteedhur
6889 Rexwood Rd #5
Mississauga ON L4V 1R2 Canada
PHONE: (833) 801‐5233
EMAIL: SHASTRI.SISTEEDHUR@POLARRACKING.COM
6. LIHDC Professional, Corp. Unsecured Trade $48,084
Christine Holmes
1 Yonge Street
Suite 1801
Toronto ON M5E 1W7 Canada
PHONE: (416) 357‐6887
EMAIL: CHRISTINE.HOLMES@LAWYERSINHOUSE.COM
7. Purepower Engineering Unsecured Trade $43,275
Claudia Hidalgo
111 River St.
Suite 1110
Hoboken NJ 07030
PHONE: (201) 687‐9975
EMAIL: CHIDALGO@PUREPOWER.COM
8. Renewables Worldwide Unsecured Trade $31,607
Matt Dagati
16 Haverhill St.
Suite 15
Andover MA 01810
PHONE: (800) 480‐4751
EMAIL: MDAGATI@RENEWABLESWORLDWIDE.ORG
9. Stance Renewable Unsecured Trade $31,500
Risk Partners, Inc.
Anthony Retort
125 E. SIR Francis Drake Blvd.
Suite 200
Larkspur CA 94939
PHONE: (415) 808‐6451
EMAIL: ANTHONY@STANCERISK.COM
10. Bohler Engineering Unsecured Trade $30,524
Keith Cahill
30 Independence Blvd
Suite 200
Warren NJ 07059
PHONE: (908) 668‐8300
EMAIL: KCAHILL@BOHLERENG.COM
11. CSC Company Unsecured trade $21,649
Jack Williams
251 Little Falls Drive
Wilmington DE 19808‐1674
PHONE: (302) 421‐6745 X66745
EMAIL: JACK.WILLIAMS@CSCGLOBAL.COM
12. Patterson Companies Unsecured Trade $19,500
John Mark Patterson
1031 Mendota Heights Road
Saint Paul MN 55120
PHONE: (443) 201‐6042
EMAIL: JOHN‐MARK.PATTERSON.COL@ALLIANZ‐TRADE.COM
13. David Laird Associates, Inc. Unsecured Trade $15,875
Diane Riccardi
1557 West 26th Street
Erie PA 16508
PHONE: (814) 456‐0330
EMAIL: DRICCARDI@LAIRDSURVEY.NET
14. NYS Department of Unsecured Trade $15,136
Environmental Conservation
Sean Mahar
625 Broadway
10th Floor
Albany NY 12233‐5013
PHONE: (518) 402‐8044
EMAIL: CONTACT@DEC.NY.GOV
15. Allegany County Unsecured Trade $12,500
Industrial Development Agency
Craig Clark
6087 State Route 19N
Suite 100
Belmont NY 14813
PHONE: (585) 268‐7472
EMAIL: CRAIG.CLARK@ALLEGANYCO.GOV
16. Barclay Damon LLP Unsecured Trade $10,002
Darlene Baker
125 East Jefferson St.
Syracuse NY 13202
PHONE: (315) 413‐7211
EMAIL: DBAKER@BARCLAYDAMON.COM
17. Labella Associates D.P.C. Unsecured Trade $9,050
Gabrielle Krawiec
300 State Street
Suite 201
Rochester NY 14614
PHONE: (585) 295‐6279
EMAIL: GKRAWIEC@LABELLAPC.COM
18. Ausfeld & Waldruff Land Unsecured Trade $7,900
Surveyors LLP
Vincent Ausfeld
323 Clinton Street
Schenectady NY 12305
PHONE: (518) 346‐1595
EMAIL: VAUSFELD@AWLSLLP.COM
19. Brown & Brown of Oregon, LLC Unsecured Trade $6,799
Cathy Combs
601 SW 2nd Ave.
#1200
Portland OR 9720
PHONE: (503) 219‐3251
EMAIL: CATHY.COMBS@BBROWN.COM
20. Catic Title Insurance Company Unsecured Trade $6,708
Alison D'Arcy
600 White Plains Road
Suite 570
Tarrytown NY 10591
PHONE: (860) 726‐4225
EMAIL: ADARCY@CATIC.COM
PAIN MEDICINE: Seeks to Extend Plan Filing Deadline to Nov. 25
--------------------------------------------------------------
The Pain Medicine & Rehabilitation Center, Professional Corporation
asked the U.S. Bankruptcy Court for the Southern District of
Indiana to extend its period to file a chapter 11 plan of
reorganization to November 25, 2024.
The Debtor is a small business debtor within the meaning of Section
101(51D) of the Bankruptcy Code, and subchapter V of chapter 11 of
the Bankruptcy Code applies to these proceedings. The Debtor
continues to manage its assets and affairs as debtor-in-possession
under Section 1184 of the Bankruptcy Code.
On June 28, 2024, the Court approved the employment of KC Cohen as
bankruptcy counsel for the Debtor. Thereafter, on July 30, 2024, KC
Cohen requested to be withdrawn as the Debtor's counsel, which the
Court granted on August 7, 2024. It is unclear why Mr. Cohen sought
to be withdrawn from this case, but it appears there may have been
miscommunication regarding post-petition payment of attorney fees.
Mr. Cohen's withdrawal occurred 14 days before the August 21st
deadline to file the subchapter V plan.
The Debtor claims that its counsel withdrew two weeks prior to the
deadline for the Debtor to file its plan. As the Court is aware,
the formulation and drafting of a plan of reorganization is a
laborious and time intensive task. It takes considerable
understanding of the Debtor's business and finances to develop a
feasible plan that complies with the requirements of the Bankruptcy
Code.
The Debtor explains that it has not acted dilatory. After Mr. Cohen
withdrew, the Debtor began contacting other attorneys and contacted
the undersigned two weeks prior to the October 7, 2024. There are
few attorneys in this area that represent corporate debtors, and
even fewer that are willing to represent a debtor as replacement
counsel.
The Debtor asserts that without this short extension, proposed
replacement counsel would not have the ability to formulate and
draft a plan that would meaningfully allow the Debtor to
reorganize. Indeed, without an extension, counsel's ability to
ensure the accuracy of the filed documents and to negotiate
accurately with certain key would be severely hindered and the
premature filing of a plan may prove to be a "waste of time and
resources for all parties-in-interest and [would] not represent
Congress's intent in enacting the SBRA."
Proposed Counsel for the Debtor:
William P. Harbison, Esq.
Joseph H. Haddad, Esq.
SEILLER WATERMAN LLC
Meidinger Tower – 22nd Floor
462 S. Fourth Street
Louisville, KY 40202
Phone: 502-584-7400 | Fax: 502-583-2100
E-mail: harbison@derbycitylaw.com
E-mail: haddad@derbycitylaw.com
About The Pain Medicine & Rehabilitation Center
The Pain Medicine & Rehabilitation Center, Professional Corp.
offers treatment for neck pain, back pain, chronic pain, nerve pain
and joint pain.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Ind. Case No. 24-90519) on May 23,
2024, with $184,672 in assets and $3,982,926 in liabilities.
Anthony Alexander, president, signed the petition.
Judge Andrea K. Mccord presides over the case.
KC Cohen, Esq., at KC Cohen, Lawyer, PC represents the Debtor as
bankruptcy counsel.
PAR THREE PROPERTIES: Case Summary & 9 Unsecured Creditors
----------------------------------------------------------
Debtor: Par Three Properties, Inc.
4 John Street
Bldg B
Morristown, NJ 07960
Chapter 11 Petition Date: November 7, 2024
Court: United States Bankruptcy Court
District of New Jersey
Case No.: 24-21111
Debtor's Counsel: Joseph M. Casello, Esq.
COLLINS, VELLA & CASELLO, LLC
2317 Route 34, Suite 1A
Manasquan, NJ 08736
Tel: 732-751-1766
Email: jcasello@cvclaw.net
Estimated Assets: $10 million to $50 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Anthony D'Auria as president.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/7GUSS4Q/Par_Three_Properties_Inc__njbke-24-21111__0001.0.pdf?mcid=tGE4TAMA
List of Debtor's Nine Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. Bank of America $19,539
P.O. Box 660411
Dallas, TX
75266-0441
2. Capital One Business $11,830
P.O. Box 981600
Boston, MA
02298-1600
3. Fox Rothschild Legal Services $26,677
49 Market Street
Morristown, NJ
07960-5122
4. Joseph Caggiano Loan $154,666
15 Cedar Tree Trail
Sussex, NJ 07468
5. Lauato & Son $19,250
176 Morris Street
Morristown, NJ
07960
6. M. Fritschie Landscaping $9,072
71 Madison Street
Morristown, NJ
07960
7. Southeast Morris MUA Utility Service $32,000
19 Saddle Rd
Cedar Knolls, NJ 07927
8. The Meglio Group, P.C. Accounting $47,743
28 Bloomfield Avenue Services
Suite 100
Pine Brook, NJ
07058
9. Vincent Bisogno, Esq. Legal Fees & $44,180
Bisogno, Loeffler & Loan
Zelley, LLC
88 S Finley Ave
Basking Ridge, NJ
07920
PRECISION SWISS: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Precision Swiss Products, Inc
1911 Tarob Court
Milpitas, CA 95035
Business Description: Precision Swiss is a privately held
California corporation which specializes in
the manufacturing and selling highly
specialized components and assemblies
equipment for medical, semiconductor,
aviation and defense companies.
Chapter 11 Petition Date: November 4, 2024
Court: United States Bankruptcy Court
Northern District of California
Case No.: 24-51678
Debtor's Counsel: Chris Kuhner, Esq.
KORNFIELD, NYBERG, BENDES, KUHNER & LITTLE P.C.
1970 Broadway, Ste 600
Oakland, CA 94612
Tel: 510-763-1000
Fax: 510-273-8669
Estimated Assets: $10 million to $50 million
Estimated Liabilities: $10 million to $50 million
The petition was signed by Norbert Kozar as CEO.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/MTAOSEI/Precision_Swiss_Products_Inc__canbke-24-51678__0001.0.pdf?mcid=tGE4TAMA
List of Debtor's 20 Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. American Express Credit Card $150,000
c/o Becket & Lee Purchases
PO Box 3001
Malvern, PA 19355
2. Brian & Susan Mecca Shareholder Loan $101,521
1073 Hetfirld Avenue
Scotch Plains, NJ 07076
3. C. Dillon $529,899
385 El Portal Avenue
San Mateo, CA 94402
4. California Dept of Sales Tax $143,155
Tax and Fee Admin
Acct Information
Group MIC 29
P.O. Box 942879
Sacramento, CA
94279-0029
5. David Bluhm Shareholder Loan $137,758
4289 Piedmont Ave.
#207
Oakland, CA 94611
6. De Lage Landen Trade Debt $297,249
c/o Advanced
Recovery Systems
PO Box 80766
Valley Forge, PA
19484
7. DEG Components, Inc. Shareholder Loan $555,108
2351 Sunset Blvd.
Ste 170
Rocklin, CA 95765
8. Dillon Family Trust Shareholder Loan $371,231
385 El Portal Avenue
San Mateo, CA 94402
9. Eric & Shannon Huston Shareholder Loan $508,450
210 Long Point Road
MD 21932
10. Geomax Trade Debt $202,577
3460 Edward Avenue
Santa Clara, CA
95054
11. Internal Revenue Service $1,143,155
Special Procedures
Branch Bankruptcy
Section/Mail Code
1400S
1301 Clay St.
Oakland, CA
94612-5210
12. International Past Due Rent $300,296
Commerce Center I, LLC
c/Cameron Management
Wilmington, NC
28401
13. MSC Industrial Supply Co. Trade Debt $288,000
3848 Bay Center Place
Hayward, CA 94545
14. Night Hawk Technologies, Inc. Shareholder Loan $601,500
1709 Knollfield Way
Encinitas, CA 92024
15. Pacific Gas & Electric Utilities $97,678
PO Box 997300
Sacramento, CA
95899-7300
16. Richard Chatelan Shareholder Loan $188,373
20132 Bayview Avenue
Newport Beach, CA
92660
17. The Cameron Group Trade Debt $218,351
5683 Queen Anne Drive
Santa Rosa, CA 95409
18. Visio Investment Shareholder Loans $1,942,010
Group, LLC
1951 Avenida Joaquin
Encinitas, CA 92024
19. X3 Dynamic Machining Trade Debt $75,921
1307 Fulton Place
Fremont, CA 94539
20. Xact Wire EDM Corporation Trade Debt $297,757
N8W22399 Johnson Drive
Waukesha, WI 53186
PRESERVE AT FOX: Case Summary & 11 Unsecured Creditors
------------------------------------------------------
Debtor: Preserve at Fox Gap, LLC
21482 Greenbrier Road
Boonsboro, MD 21713
Business Description: Preserve at Fox is a Single Asset Real
Estate debtor (as defined in 11 U.S.C.
Section 101(51B)).
Chapter 11 Petition Date: November 4, 2024
Court: United States Bankruptcy Court
District of Maryland
Case No.: 24-19330
Debtor's Counsel: Richard B. Rosenblatt, Esq.
LAW OFFICES OF RICHARD B. ROSENBLATT, PC
Suite 302
30 Courthouse Square
Rockville, MD 20850
Tel: 301-838-0098
Fax: 301-838-3498
Email: rrosenblatt@rosenblattlaw.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $10 million to $50 million
The petition was signed by Tood Easterday as managing member.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 11 unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/5PE2EPY/Preserve_at_Fox_Gap_LLC__mdbke-24-19330__0001.0.pdf?mcid=tGE4TAMA
PURE BIOSCIENCE: Incurs $3.35 Million Net Loss in FY Ended July 31
------------------------------------------------------------------
PURE Bioscience, Inc. filed with the Securities and Exchange
Commission its Annual Report on Form 10-K reporting a net loss of
$3.35 million on $1.96 million of total revenue for the year ended
July 31, 2024, compared to a net loss of $3.96 million on $1.88
million of total revenue for the year ended July 31, 2023.
As of July 31, 2024, the Company had $818,000 in total assets,
$3.68 million in total liabilities, and a total stockholders'
deficiency of $2.86 million.
Los Angeles, California-based Weinberg & Company, P.A., the
Company's auditor since 2019, issued a "going concern"
qualification in its report dated Oct. 29, 2024, citing that the
Company has suffered recurring losses from operations and negative
cash flows from operating activities, and has a stockholders'
deficiency at July 31, 2024. These factors raise substantial doubt
about the Company's ability to continue as a going concern.
A full-text copy of the Form 10-K is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1006028/000149315224042939/form10-k.htm
Business Update
The Company said a press release that, "During the second quarter
of fiscal year 2024, PURE strategically expanded its business
approach. Our previous end-use customer strategy showed promise
but did not accelerate growth as much as we expected.
Consequently, the Company shifted its focus to developing and
implementing a distribution model. Over the past several months,
we have successfully partnered with multiple distributors, as
highlighted in the Company's recent press releases. This strategic
collaboration with key distributors allows PURE to rapidly expand
our service offerings and customer-first approach across various
geographic regions in the United States, along with numerous other
benefits to the Company.
"Looking ahead, the Company is actively pursuing additional
distributor partnerships and working to unveil new application
methods and products to enhance operations in the food and beverage
sector. This initiative underscores our unwavering commitment to
continued innovation, aiming to quickly bring cutting-edge
solutions to the market for the benefit of the food producers and
their consumers. Our current research and development efforts are
focused on collaboration with leaders in academia and scientists in
our distribution network to devise innovative "Clean-in-Place"
(validated procedures to clean and sanitize food processing
equipment without disassembling) solutions that address existing
challenges. Once fully vetted, these solutions will help reduce
downtime, increase food safety and sanitation protocols, and extend
the useful life of expensive filtration membranes."
Robert Bartlett, chief executive officer, stated, "Over the past
year, along with our core business, we've expanded our business
strategy to focus on a distribution business model, allowing us to
expand our service offerings across the United States. A
distribution model enables a broader reach and a more robust sales
effort to reach a wider audience with our SDC technology. Working
with our distributors will allow our technical teams to solve unmet
demands in the industries they service. With the help of our
distribution partners and their networks, we anticipate our
solutions will be used proactively to solve food safety issues that
continually make headlines. We look forward to sharing our
progress with shareholders as we continue to learn and evolve,"
concluded Bartlett.
About PURE Bioscience, Inc.
Headquartered in El Cajon, California, PURE -- www.purebio.com --
is dedicated to developing and commercializing proprietary
antimicrobial products that address health and environmental
challenges related to pathogen and hygienic control. The Company's
technology platform is based on patented stabilized ionic silver,
and its initial products contain Silver Dihydrogen Citrate, or SDC.
This broad-spectrum, non-toxic antimicrobial agent is available in
liquid form and various concentrations, distinguished by its
superior efficacy, reduced toxicity, non-causticity, and the
inability of bacteria to develop resistance.
RAINBOW PRODUCTION: Nov. 13 Deadline Set for Panel Questionnaires
-----------------------------------------------------------------
The United States Trustee is soliciting members for committee of
unsecured creditors in the bankruptcy cases of Rainbow Production
Services, LLC, et al.
Rainbow Production Services, LLC, et al., filed a voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
D. Del., Case No. 24-12564 (KBO).
If a party wishes to be considered for membership on any official
committee that is appointed, it must complete a questionnaire
available at https://tinyurl.com/y9e63npy and return by email it to
Jane M. Leamy -Jane.M.Leamy@usdoj.gov - at the Office of the United
States Trustee so that it is received no later than 4:00 p.m., on
Wednesday, November 13, 2024.
If the U.S. Trustee receives sufficient creditor interest in the
solicitation, it may schedule a meeting or telephone conference for
the purpose of forming a committee.
RED RIVER: Court Sets Chapter 11 Proceeding Hearing in January 2024
-------------------------------------------------------------------
Vince Sullivan of Law360 Bankruptcy Authority reports that on
October 30, 2024, a Texas bankruptcy judge approved a case
management order that sets the stage for January hearings in the
Chapter 11 proceedings of Johnson & Johnson's talc unit. The
prepackaged plan is designed to address thousands of ovarian cancer
claims associated with the company’s products.
About J&J Talc Units
LLT Management, LLC (formerly known as LTL Management LLC) was a
subsidiary of Johnson & Johnson that was formed to manage and
defend thousands of talc-related claims and oversee the operations
of Royalty A&M. Royalty A&M owns a portfolio of royalty revenue
streams, including royalty revenue streams based on third-party
sales of LACTAID, MYLANTA/MYLICON and ROGAINE products.
LTL Management first filed a petition for Chapter 11 protection
(Bankr. W.D.N.C. Case No. 21-30589) on Oct. 14, 2021. The case was
transferred to New Jersey (Bankr. D.N.J. Case No. 21-30589) on Nov.
16, 2021. The Hon. Michael B. Kaplan is the case judge. At the time
of the filing, the Debtor was estimated to have $1 billion to $10
billion in both assets and liabilities.
In the 2021 case, LTL Management tapped Jones Day and Rayburn
Cooper & Durham, P.A., as bankruptcy counsel; King & Spalding, LLP
and Shook, Hardy & Bacon LLP as special counsel; McCarter &
English, LLP as litigation consultant; Bates White, LLC as
financial consultant; and AlixPartners, LLP as restructuring
advisor. Epiq Corporate Restructuring, LLC, served as the claims
agent.
On Dec. 24, 2021, the U.S. Trustee for Regions 3 and 9
reconstituted the talc claimants' committee and appointed two
separate committees: (i) the official committee of talc claimants
I, which represents ovarian cancer claimants, and (ii) the official
committee of talc claimants II, which represents mesothelioma
claimants.
The official committee of talc claimants I tapped Genova Burns LLC,
Brown Rudnick LLP, Otterbourg PC and Parkins Lee & Rubio LLP as its
legal counsel. Meanwhile, the official committee of talc claimants
II is represented by the law firms of Cooley LLP, Bailey Glasser
LLP, Waldrep Wall Babcock & Bailey PLLC, Massey & Gail LLP, and
Sherman Silverstein Kohl Rose & Podolsky P.A.
Re-Filing of Chapter 11 Petition
On Jan. 30, 2023, a panel of the Third Circuit issued an opinion
directing this Court to dismiss the 2021 Chapter 11 Case on the
basis that it was not filed in good faith. Although the Third
Circuit panel recognized that the Debtor "inherited massive
liabilities" and faced "thousands" of future claims, it concluded
that the Debtor was not in financial distress before the filing.
On March 22, 2023, the Third Circuit entered an order denying the
Debtor's petition for rehearing. The Third Circuit entered an order
denying LTL's stay motion on March 31, 2023, and, on the dame day,
issued its mandate directing the Bankruptcy Court to dismiss the
2021 Chapter 11 Case.
The Bankruptcy Court entered an order dismissing the 2021 Case on
April 4, 2023.
Johnson & Johnson on April 4, 2023, announced that its subsidiary
LTL Management LLC (LTL) has re-filed for voluntary Chapter 11
bankruptcy protection (Bankr. D.N.J. Case No. 23-12825) to obtain
approval of a reorganization plan that will equitably and
efficiently resolve all claims arising from cosmetic talc
litigation against the Company and its affiliates in North
America.
In the new filing, J&J said it has agreed to contribute up to a
present value of $8.9 billion, payable over 25 years, to resolve
all the current and future talc claims, which is an increase of
$6.9 billion over the $2 billion previously committed in connection
with LTL's initial bankruptcy filing in October 2021. LTL also has
secured commitments from over 60,000 current claimants to support a
global resolution on these terms.
In August 2023, U.S. Bankruptcy Judge Michael Kaplan in Trenton,
New Jersey, ruled that the second bankruptcy case should be
dismissed.
3rd Try
In May 2024, J&J announced its subsidiary LLT Management LLC is
soliciting support for a consensual prepackaged bankruptcy plan to
resolve its talc-related liabilities. Under the terms of the plan,
a trust would be funded with over $5.4 billion in the first three
years and more than $8 billion over the course of 25 years, which
J&J calculates to have a net present value of $6.475 billion.
Claimants must cast their vote to accept or reject the Plan by 4:00
p.m. (Central Time) on July 26, 2024. A solicitation package may be
requested at www.OfficialTalcClaims.com or by calling
1-888-431-4056. If the Plan is accepted by at least 75% of voters,
a bankruptcy may be filed under the case name In re: Red River Talc
LLC in a bankruptcy court in Texas or in the bankruptcy court of
another jurisdiction. Epiq Corporate Restructuring, LLC is serving
as balloting and solicitation agent for LLT.
On Sept. 20, 2024, Red River Talc LLC filed a Chapter 11 bankruptcy
petition (Bankr. S.D. Tex. Case No. 24-90505).
Porter Hedges LLP and Jones Day serve as counsel in the new Chapter
11 case. Epiq is the claims agent.
Paul Hastings LLP is counsel to the Ad Hoc Committee of Supporting
Counsel. Randi S. Ellis is the proposed prepetition legal
representative of future claimants.
RELATIVITY SPACE: Facing Cash Shortfall, Explores Options
---------------------------------------------------------
Loren Grush, Ashlee Vance and Kiel Porter of Bloomberg News report
that Relativity Space Inc., the privately held U.S. manufacturer of
3D-printed rockets that previously achieved a valuation of $4.2
billion, is experiencing a cash shortage, raising concerns about
the future of its launch operations, according to sources familiar
with the situation.
The company has struggled to secure additional funding, as noted by
the sources, who requested anonymity due to the confidential nature
of the discussions. Relativity last launched a rocket in March 2023
and plans to launch its larger Terran R model in 2026, but no
decisions have been made regarding its future direction.
About Relativity Space Inc.
Relativity Space Inc. is a privately held U.S. manufacturer of
3D-printed rockets.
RETO ECO-SOLUTIONS: Posts $716,633 Net Loss in H1 2024
------------------------------------------------------
ReTo Eco-Solutions, Inc. filed with the U.S. Securities and
Exchange Commission its unaudited interim consolidated financial
statements for the first half of 2024, reporting a net loss of
$716,633 on $1.8 million in total revenue for the six months ended
June 30, 2024, compared to a net loss of $11.6 million on $1.2
million in total revenue for the same period in 2023.
As of June 30, 2024, the Company had a working capital of
approximately $0.3 million. As of June 30, 2024, the Company had
approximately $1.6 million cash. In addition, the Company had
outstanding accounts receivable of approximately $0.7 million
(including accounts receivable from third-party customers of $0.6
million and accounts receivable from related party customers of
approximately $0.1 million), which has not been collected as of the
date of October 28.
As of June 30, 2024, the Company had outstanding bank loans of
approximately $5.3 million and outstanding loans of approximately
$3.1 million from third parties. If the Company cannot renew
existing loans or borrow additional loans from banks, the Company's
working capital may be further negatively impacted.
Based on these reasons, there is a substantial doubt about the
Company's ability to continue as a going concern for the next 12
months from the issuance of the unaudited consolidated financial
statements.
Management believes that the Company would be able to renew all of
its existing bank loans upon their maturity based on past
experience and the Company's credit history. Currently, the Company
is working to improve its liquidity and capital source mainly
through cash flow from its operations, renewal of bank borrowings
and borrowing from related parties. In order to fully implement its
business plan and sustain operations, the Company may also seek
equity financing from outside investors. At the present time,
however, the Company does not have commitments of funds from any
potential investors. No assurance can be given that additional
financing, if required, would be available on favorable terms or at
all.
As of June 30, 2024, ReTo Eco-Solutions had $33,671,537 in total
assets, $19,894,564 in total liabilities, and $13,776,973 in total
shareholders' equity.
A full-text copy of the Company's report filed on Form 6-K with the
Securities and Exchange Commission is available at:
https://tinyurl.com/3fazknab
About ReTo Eco-Solutions
ReTo Eco-Solutions, Inc., through its operating subsidiaries in
China, is engaged in the manufacture and distribution of
eco-friendly construction materials (aggregates, bricks, pavers,
and tiles), made from mining waste (iron tailings), as well as
equipment used for the production of these eco-friendly
construction materials. In addition, the Company provides
consultation, design, project implementation, and construction of
urban ecological protection projects through its operating
subsidiaries in China. The Company also provides parts, engineering
support, consulting, technical advice and service, and other
project-related solutions for its manufacturing equipment and
environmental protection projects.
Irvine, California-based YCM CPA, Inc., the Company's auditor since
2021, issued a "going concern" qualification in its report dated
May 15, 2024, citing that the Company recorded an accumulated
deficit as of Dec. 31, 2023, and the Company currently has a net
working capital deficit, continued net losses, and negative cash
flows from operations. These conditions raise substantial doubt
about the Company's ability to continue as a going concern.
SAFE & GREEN: Issues $174K Promissory Note to 1800 Diagonal Lending
-------------------------------------------------------------------
Safe & Green Holdings Corp. disclosed in a Form 8-K Report filed
with the U.S. Securities and Exchange Commission that it executed
and issued a Promissory Note in favor of 1800 Diagonal Lending LLC
in the aggregate principal amount of $174,000, and an accompanying
Note Purchase Agreement, executed on October 22, 2024.
The Note was purchased by the Lender for a purchase price of
$150,000, representing an original issue discount of $24,000. A
one-time interest charge of 12% will be applied on the issuance on
the issuance date to the Principal. Under the terms of the Note,
beginning on November 15, 2024, the Company is required to make
nine monthly payments of accrued, unpaid interest and outstanding
principal, each payment in the amount of $21,653.34. The Company
shall have a five-business day grace period with respect to each
payment. Any amount of principal or interest which is not paid when
due will bear interest at the rate of 22% per annum from the due
date thereof until the same is paid. The Company has the right to
accelerate payments or prepay in full at any time with no
prepayment penalty.
Among other things, an event of default will be deemed to have
occurred if the Company fails to pay the principal or interest when
due on the Note, whether at maturity, upon acceleration or
otherwise, if bankruptcy or insolvency proceedings are instituted
by or against the Company or if the Company fails to maintain the
listing of its common stock on The Nasdaq Stock Market. Upon the
occurrence of an Event of Default, the Note will become immediately
due and payable and the Company will be obligated to pay to the
Lender, in satisfaction of its obligations under the Note, an
amount equal to 200% times the sum of the then-outstanding
principal amount of the Note plus accrued and unpaid interest on
the unpaid principal amount of the Note to the date of payment,
plus Default Interest, if any.
After an Event of Default, the Lender will have the right to
convert all or any part of the outstanding principal and unpaid
amount of the Note into shares of the Company's common stock. For a
period of 180 days following the Issue Date, the conversion price
will be fixed at $1.30 per share. Following the Initial Conversion
Period, the conversion price will be $0.25 per share. The Note may
not be converted into shares of the Company's common stock if the
conversion would result in the Lender and its affiliates owning an
aggregate of in excess of 4.99% of the then-outstanding shares of
the Company's common stock. In addition, unless the Company obtains
shareholder approval of such issuance, the Company shall not issue
a number of shares of its common stock under the Note, which when
aggregated with all other securities that are required to be
aggregated for purposes of Nasdaq Rule 5635(d), would exceed 19.9%
of the shares of the Company's common stock outstanding as of the
date of the definitive agreement with respect to the first of such
aggregated transactions. Upon the occurrence of an Event of Default
as a result of the Company being delisted from Nasdaq, the
Conversion Limitation shall no longer apply.
So long as the Company has any obligation under the Note, the
Company shall not, without the Lender's written consent, sell,
lease, or otherwise dispose of any significant portion of its
assets outside the ordinary course of business. Any consent to the
disposition of any assets may be conditioned upon a specified use
of proceeds of disposition.
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.
SAFE & GREEN: Paul Galvin to Exit CEO Role on Dec. 31
-----------------------------------------------------
Safe & Green Holdings Corp. disclosed in a Form 8-K Report filed
with the U.S. Securities and Exchange Commission that the Board of
Directors of the Company determined not to renew the Executive
Employment Agreement, dated as of January 1, 2017, between the
Company and Paul Galvin, the Company's Chief Executive Officer,
and, in connection with such determination, delivered a written
notice of termination to Mr. Galvin on October 24, 2024 in
accordance with the terms of the Employment Agreement.
Mr. Galvin's employment with the Company as its Chief Executive
Officer will be terminated effective as of the close of business on
December 31, 2024. After the Effective Date, Mr. Galvin is expected
to continue to serve as the Chairman of the Company's Board of
Directors. The Board is conducting a comprehensive search to
identify Mr. Galvin's successor.
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.
SANDVINE CORPORATION: Chapter 15 Case Summary
---------------------------------------------
Lead Debtor: Sandvine Corporation
410 Albert St Suite 201
Waterloo, ON N2L 3V3
Canada
Business Description: Sandvine provides application and network
intelligence for customers to deliver high
quality, optimized experiences to consumers
and enterprises. Customers use Sandvine's
cloud-based solutions to analyze, optimize,
and monetize application experiences using
contextual machine learning-based insights
and real-time actions. Sandvine's market-
leading traffic and application
classification identifies more than 95% of
traffic across mobile and fixed networks.
This classification data is augmented
with contextual awareness, which provides
additional key insights into the quality of
interactions between users and application.
Foreign Proceeding: In the matter of a plan of compromise or
arrangement of Sandvine Corporation
Chapter 15 Petition Date: November 7, 2024
Court: United States Bankruptcy Court
Northern District of Texas
Six affiliates that concurrently filed voluntary petitions for
relief under Chapter 15 of the Bankruptcy Code:
Debtor Case No.
------ --------
Sandvine Corporation (Lead Case) 24-33617
New Procera GP Company 24-33618
Sandvine Holdings UK Limited 24-33619
Sandvine OP (UK) Ltd 24-33620
Procera Networks, Inc. 24-33621
Procera Holding, Inc. 24-33622
Judge: Hon. Stacey G Jernigan
Foreign Representative: Sandvine Corporation
5830 Granite Pkwy
Plano, TX 75024
United States
Signed by Jeffrey A. Kupp
Foreign
Representative's
Counsel: Robert A. Britton, Esq.
Claudia R. Tobler, Esq.
Xu Pang, Esq.
PAUL, WEISS, RIFKIND, WHARTON &
GARRISON LLP
1285 Avenue of the Americas
New York, New York 10019
Telephone: (212) 373-3000
(212) 373-3615
Facsimile: (212) 757-3990
Email: rbritton@paulweiss.com
ctobler@paulweiss.com
xpang@paulweiss.com
- and -
Jason S. Brookner, Esq.
Lydia R. Webb, Esq.
Sean R. Burns, Esq.
GRAY REED
1601 Elm Street, Suite 4600
Dallas, Texas 75201
Telephone: (214) 954-4135
Facsimile: (214) 953-1332
Email: jbrookner@grayreed.com
lwebb@grayreed.com
sburns@grayreed.com
Estimated Assets: Unknown
Estimated Debt: Unknown
A full-text copy of the Lead Debtor's Chapter 15 petition is
available for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/5BV77QA/Sandvine_Corporation__txnbke-24-33617__0001.0.pdf?mcid=tGE4TAMA
SC SJ HOLDINGS: Case Summary & Five Unsecured Creditors
-------------------------------------------------------
Debtor: SC SJ Holdings LLC
170 Market Street
San Jose, CA 95113
Business Description: The Debtor is primarily engaged in renting
and leasing real estate properties.
Chapter 11 Petition Date: November 5, 2024
Court: United States Bankruptcy Court
Northern District of California
Case No.: 24-51685
Judge: Hon. Stephen L Johnson
Debtor's Counsel: James E. Till, Esq.
TILL LAW GROUP
120 Newport Center Dr.
Newport Beach CA 92660
Tel: (949) 524-4999
Email: james.till@till-lawgroup.com
Debtor's
Financial
Advisor: 6S ADVISORS, LLC
SOLUTION ADVISORS LLC
Estimated Assets: $100 million to $500 million
Estimated Liabilities: $100 million to $500 million
The petition was signed by Sam Hirbod as authorized officer.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/Z6BOY7Y/SC_SJ_HOLDINGS_LLC__canbke-24-51685__0001.0.pdf?mcid=tGE4TAMA
List of Debtor's Five Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. JLL Real Estate Tax $165,000
David Calverley Appeal Consultant
401 E. Jackson Street 27th Floor
Tampa, FL 3360
Tel: (813) 229-3991
2. Extenet Cellular Antenna $145,000
Michelle Collina
4730 S. Fort Apache Rd
Las Vegas, NV 8914
Tel: (312) 446-5731
3. Eastridge Hospitality Asset $130,000
Carrie Lassiter Management
6629 Linville Ridge Drive Fees
Oak Ridge, NC 27310
Tel: (571) 535-1514
4. TCA Architects Architectural $130,000
1111 Broadway Ste 1320 Fees
Oakland, CA 94607
Tel: (510) 717-8288
5. Bureau Veritas Project $40,000
Matthew Munter Management
P O Box 74007289 Fees
San Jose, CA 95113
Tel: (240) 418-7443
SCILEX HOLDING: Sets Nov. 7 Record Date for Stock Dividend Payment
------------------------------------------------------------------
Scilex Holding Company, an innovative revenue-generating company
focused on acquiring, developing and commercializing non-opioid
pain management products for the treatment of acute and chronic
pain, announced that it has set a record date of November 7, 2024
for the dividend of Scilex preferred stock to its stockholders and
certain other securityholders of Scilex. Subject to the Board's
right to change the Record Date and conditioned upon the
effectiveness of the filing of the Certificate of Designation with
the Secretary of State of the State of Delaware, the payment date
will be determined by subsequent resolutions of the Board, which
will be within 60 days following the Record Date.
The Dividend consists of an aggregate of 5,000,000 shares of Series
1 Mandatory Exchangeable Preferred Stock, par value $0.0001 per
share, of Scilex, which will be automatically exchanged for a
pro-rata portion of the lesser of (i) 10% of Scilex's ownership in
Semnur immediately prior to the effective time of the Business
Combination and (ii) $200,000,000 divided by the closing price of
Semnur common stock on any national securities exchange on which
such stock is listed on the date that is 10 trading days prior to
the determination date (i.e., the earlier of (a) the effective time
of the Business Combination and (b) the time at which the
applicable registration statement is declared effective by the
SEC), in each case as set forth in the Certificate of Designation
governing the Series 1 Preferred Stock.
The Dividend Stock will be subject to certain transfer restrictions
set forth in the Certificate of Designation of Preferences, Rights
and Limitations of Series 1 Mandatory Exchangeable Preferred Stock.
The Record Date may be changed by the Board for any reason at any
time prior to the actual payment of the Dividend, and payment of
the Dividend is conditioned upon the Board not having revoked the
dividend prior to the Payment Date, including for a material change
to the solvency or surplus analysis presented to the Board. Scilex
expects that the Dividend Stock will be freely tradable upon
exchange for shares of post-closing public company Semnur common
stock following the closing of the Business Combination.
For more information on Scilex Holding Company, refer to
www.scilexholding.com
About Scilex Holding
Headquartered in Palo Alto, Calif., Scilex Holding Company is
focused on acquiring, developing, and commercializing non-opioid
pain management products for the treatment of acute and chronic
pain. Scilex targets indications with high unmet needs and large
market opportunities with non-opioid therapies for the treatment of
patients with acute and chronic pain and is dedicated to advancing
and improving patient outcomes. Scilex's commercial products
include: (i) ZTlido (lidocaine topical system) 1.8%, a prescription
lidocaine topical product approved by the U.S. Food and Drug
Administration for the relief of neuropathic pain associated with
postherpetic neuralgia, which is a form of post-shingles nerve
pain; (ii) ELYXYB, a potential first-line treatment and the only
FDA-approved, ready-to-use oral solution for the acute treatment of
migraine, with or without aura, in adults; and (iii) Gloperba, the
first and only liquid oral version of the anti-gout medicine
colchicine indicated for the prophylaxis of painful gout flares in
adults, expected to launch in the first half of 2024.
San Diego, California-based Ernst & Young LLP, the Company's
auditor since 2020, issued a "going concern" qualification in its
report dated March 11, 2024, citing that the Company has negative
working capital, has suffered losses from operations, has recurring
negative cash flows from operations, and has stated that
substantial doubt exists about the Company's ability to continue as
a going concern.
Scilex incurred net losses of $114.3 million, $23.4 million, and
$88.4 million for the years ended December 31, 2023, 2022, and
2021, respectively. As of June 30, 2024, Scilex had $104.5 million
in total assets, $319.2 million in total liabilities, and $214.7
million in total stockholders' deficit.
SHARING SERVICES: Shareholders Ratify Appointment of Auditor
------------------------------------------------------------
Sharing Services Global Corporation held its Annual Meeting of
Stockholders on October 28, 2024. As of the close of business on
August 28, 2024, the record date for the Annual Meeting,
376,328,885 shares of the Company's Class A Common Stock, 3,100,000
shares of the Series A Convertible Preferred Stock, and 3,220,000
shares of the Series C Convertible Preferred Stock were outstanding
and entitled to vote. Each outstanding share of Common Stock,
Series A and Series C entitled the holder to one vote on each
matter acted upon at the Annual Meeting. The amount of issued and
outstanding shares present at the Annual Meeting was sufficient to
constitute a quorum.
At the Annual Meeting, the Company's shareholders (consisting of
holders of the Company's Common Stock, Series A, and Series C)
ratified the appointment by the Board of Directors of Grassi & Co.
CPAs, P.C. as the Company's independent registered public
accounting firm for the fiscal year ending March 31, 2025.
No other matters were proposed or voted on at the Annual Meeting.
About Sharing Services
Headquartered in Plano, Texas, Sharing Services Global Corporation
currently markets and distributes health and wellness products
primarily in the U.S. and Canada, and delivers its member-based
travel services, primarily in the U.S., using a direct selling
business model. The Company markets its health and wellness
products through its proprietary website: www.thehappyco.com; and
its member-based travel services using www.mytravelventures.com.
Currently, the Company is in the process of revamping its
subscription-based travel services and plans to relaunch it in
November 2024.
The Company intends to continue to grow its business both
organically and by making strategic acquisitions, from time to
time, of businesses and technologies that augment its product
portfolio, complement its business competencies, and fit its growth
strategy.
Jericho, New York-based Grassi & Co., CPAs, P.C., the Company's
auditor since 2023, issued a "going concern" qualification in its
report dated July 1, 2024, citing that the Company (i) has incurred
losses and negative cash flows from operations for consecutive
years, (ii) has an accumulated deficit and negative equity, which
raise substantial doubt about its ability to continue as a going
concern.
Sharing Services reported a net loss of $6.71 million for the year
ended March 31, 2024, compared to a net loss of $37.69 million for
the year ended March 31, 2023. As of June 30, 2024, Sharing Servies
had $6.23 million in total assets, $9.96 million in total
liabilities, and a total stockholders' deficit of $3.73 million.
SHIFTPIXY INC: Seeks Chapter 11 Bankruptcy Protection
-----------------------------------------------------
Lina Guerrero of investing.com reports that ShiftPixy, Inc., an
employment agency based in Miami, recently filed for Chapter 11
bankruptcy protection, as per an October 29, 2024, submission to
the U.S. Securities and Exchange Commission. This filing reveals
that the company sought Chapter 11 relief on Sunday, October 27,
2024, in the United States Bankruptcy Court for the Southern
District of Florida.
According to investing.com, the Nasdaq-listed company (NASDAQ) also
reported that three board members—Whitney White, Christopher
Sebes, and Martin Scott—resigned from their roles on October 27,
2024, a day before the filing, with no reasons provided for their
departures. As a result of the bankruptcy, ShiftPixy will undergo
restructuring under Chief Restructuring Officer Jonathan Feldman.
This move represents a crucial step in the company's plan to
reorganize its debt and business operations for financial
stability.
Additionally, ShiftPixy has announced plans to acquire AI company
TurboScale for $150 million, aiming to enhance its platform with AI
advancements. The acquisition will be financed equally with stock
and debt.
ShiftPixy faces potential delisting from Nasdaq due to
non-compliance with listing requirements, but its stockholders have
approved adjustments to the company's warrant agreement, authorized
share increase, and a reverse stock split. CEO Scott Absher also
received a conditional option to acquire over 5 million shares of
Preferred Class A Stock, contingent upon the reverse split, the
report states.
ShiftPixy also disclosed a securities offering managed by
A.G.P./Alliance Global Partners (NYSE), which is expected to raise
approximately $2.5 million. This offering consists of over 2.4
million common shares and Series A and B warrants. These
developments reflect the latest updates from the company, the
report relays.
About ShiftPixy Inc.
ShiftPixy Inc. -- https://www.shiftpixy.com -- is an employment
agency based in Miami, Florida.
ShiftPixy Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-21209) on October 28,
2024. In the petition filed by Jonathan Feldman, as chief
restructuring officer, the Debtor reports estimated assets between
$500,000 and $1 million and estimated liabilities between $1
million and $10 million.
Honorable Bankruptcy Judge Laurel M. Isicoff handles the case.
The Debtor is represented by:
Isaac M Marcushamer, Esq.
DGIM Law, PLLC
4101 NW 25th Street
Miami, FL 33142
SIGNIA LTD: Seeks to Extend Plan Exclusivity to Feb. 17, 2025
-------------------------------------------------------------
Signia, Ltd., asked the U.S. Bankruptcy Court for the District of
Colorado to extend its exclusivity periods to file a plan of
reorganization and obtain acceptance thereof to February 17, 2025
and April 16, 2025, respectively.
The Debtor seeks to extend the Exclusive Period and the
Solicitation Period for 120 days, without prejudice to seeking
further extensions if circumstances require it.
Here, several factors favor granting the requested extension:
* First, good faith progress has been made towards
reorganization, as evidenced by the filing of the Plan within the
initial 120-day exclusivity window and the pending motion seeking
approval of the settlement agreement with certain parties that, if
approved, would reduce unsecured claims in the case by $1.85
million. In addition, the Debtor succeeded in negotiating both a
consensual cash collateral order and a consensual DIP financing
order.
* Second, the filed Plan is a viable reorganization plan that
addresses pre-petition claims while also provide a path forward for
continued operations.
* Third, the Debtor is paying its bills as they come due,
timely filing its monthly operating reports, and operating in
compliance with its approved DIP financing agreement.
* Fourth, this is the first extension request.
* Fifth, there are complexities to this case, primarily
centering on disputes between the Debtor and judgment creditors
Male Excel Medical, P.A. and Male Excel, Inc. (together "Male
Excel") over ownership of various litigation claims and whether
Male Excel has violated the automatic stay.
* Sixth, the Debtor is not seeking an extension to pressure
creditors.
Signia, Ltd., is represented by:
David V. Wadsworth, Esq.
Aaron J. Conrardy, Esq.
Wadsworth Garber Warner Conrardy, P.C.
2580 West Main Street, Suite 200
Littleton, CO 80120
Tel: (303) 296-1999
Fax: (303) 296-7600
Email: dwadsworth@wgwc-law.com
aconrardy@wgwc-law.com
About Signia, Ltd.
SIGNIA provides the full spectrum of customer service and care from
order and payment processing to customer inquiries and timely
follow-up to Tier 1 support.
Signia, Ltd. filed its voluntary petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. 24-13438) on June 20, 2024,
listing $507,431 in assets and $10,081,009 in liabilities. The
petition was signed by Jeffrey Fell as CEO.
Judge Thomas B. Mcnamara presides over the case.
David V. Wadsworth, Esq. at WADSWORTH GARBER WARNER CONRARDY, P.C.
represents the Debtor as counsel.
SMITH HEALTH: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Smith Health Care, Ltd.
f/k/a Smith Nursing and Convalescent Home of
Mountain Top, Inc.
453 S Main Road
Mountain Top, PA 18707
Chapter 11 Petition Date: November 7, 2024
Court: United States Bankruptcy Court
Middle District of Pennsylvania
Case No.: 24-02892
Judge: Hon. Mark J Conway
Debtor's Counsel: Robert E. Chernicoff, Esq.
CUNNINGHAM, CHERNICOFF & WARSHAWSKY PC
2320 N. Second St.
Harrisburg, PA 17110
Tel: (717) 238-6570
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Donna Strittmatter as president.
A copy of the Debtor's list of 20 largest unsecured creditors is
available for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/EYHFPLI/Smith_Health_Care_Ltd__pambke-24-02892__0002.0.pdf?mcid=tGE4TAMA
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/ER6BAEY/Smith_Health_Care_Ltd__pambke-24-02892__0001.0.pdf?mcid=tGE4TAMA
SOUTHWEST COMMUNITY: Voluntary Chapter 11 Case Summary
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Debtor: Southwest Community Baptist Church
14880 Bellaire Blvd
Houston, TX 77083-2509
Case No.: 24-35226
Business Description: The Debtor is a baptist church in Houston,
Texas.
Chapter 11 Petition Date: November 5, 2024
Court: United States Bankruptcy Court
Southern District of Texas
Judge: Hon. Jeffrey P Norman
Debtor's Counsel: Reese Baker, Esq.
BAKER & ASSOCIATES
950 Echo Ln Ste 300
Houston TX 77024-2824
Email: courtdocs@bakerassociates.net
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Joseph J. Mason, director of
operations.
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/4OTNL6A/Southwest_Community_Baptist_Church__txsbke-24-35226__0001.0.pdf?mcid=tGE4TAMA
STARSHIP LOGISTICS: Files for Chapter 11 Bankruptcy
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Starship Logistics LLC filed Chapter 11 protection in the Central
District of California. According to court documents, the Debtor
reports between $1 million and $10 million in debt owed to 1 and 49
creditors. The petition states funds will be available to unsecured
creditors.
A meeting of creditors under 11 U.S.C. Section 341(a) is slated for
November 25, 2024 at 8:30 a.m. at UST-LA2, TELEPHONIC MEETING.
CONFERENCE LINE:1-866-816-0394, PARTICIPANT CODE:5282999
About Starship Logistics LLC
Starship Logistics LLC offers freight transportation arrangement
services.
Starship Logistics LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Cal. Case No. 24-18834) on October 28,
2024. In the petition filed by Clarence Xu, as chief executive
officer
and managing director, the Debtor reports estimated assets and
liabilities between $1 million and $10 million each.
The Debtor is represented by:
Susan K. Seflin, Esq.
BG LAW LLP
21650 Oxnard Street, Suite 500
Woodland Hills, CA 91367
Tel: (818) 827-9000
Fax: (818) 827-9099
STEWARD HEALTH: PCO Files Third Supplemental Report
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Susan Goodman, the patient care ombudsman, filed with the U.S.
Bankruptcy Court for the Southern District of Texas her third
supplemental report regarding the quality of patient care provided
by Steward Health Care System, LLC and affiliates.
The PCO filed five initial reports, separated by geographical
location, on July 22. Thereafter, the PCO filed a supplemental
report regarding the St. Luke's Behavioral Health Hospital (SLBH)
location alerting the court to a catastrophic failure of its
heating, ventilation, and air conditioning (HVAC) system.
The PCO explained that the HVAC failure ultimately led to a
regulatory directive to emergently move all inpatients to
alternative care locations, inpatient care license termination, and
the eventual transitions of the remaining outpatient patient
population, as reported in the PCO's second supplemental report on
October 2.
Ms. Goodman is concerned that continued maintenance of and access
to electronic health records (EHR) for former SLBH patients is not
assured and asks this Court to require identification of who the
record custodian will be for SLBH. Because SLBH remains closed to
patient care services, it is not entirely clear that the potential
appointment of College Health as an interim manager will include
any responsibility to maintain access to EHR through the Steward
EHR vendor, particularly if the cost of signing a transition
services agreement (TSA) with the healthcare providers ultimately
proves to be cost-prohibitive given the lack of patient care
receivables to offset any TSA expense.
The PCO has asked Steward's Regional President, Chief Information
Officer, and Chief Restructuring Officer to assist with
identification of a SLBH record custodian and appropriate website
updates to ensure former patients and care providers have direction
as to how to request and timely receive necessary medical record
information and who to contact for assistance, if needed. To date,
the PCO does not have a response to this request.
A copy of the supplemental report is available for free at
https://urlcurt.com/u?l=OuVLEp from PacerMonitor.com.
The ombudsman may be reached at:
Susan N. Goodman
PIVOT HEALTH LAW, LLC
P.O. Box 69734 |Oro Valley, AZ 85737
Ph: 520.744.7061 (message)
Email: sgoodman@pivothealthaz.com
About Steward Health Care
Steward Health Care System, LLC owns and operates the largest
private physician-owned for-profit healthcare network in the U.S.
Headquartered in Dallas, Texas, Steward's operations include 31
hospitals in eight states, approximately 400 facility locations,
4,500 primary and specialty care physicians, 3,600 staffed beds,
and nearly 30,000 employees. Steward Health Care provides care to
more than two million patients annually.
Steward and 166 affiliated debtors filed Chapter 11 petitions
(Bankr. S.D. Texas Lead Case No. 24-90213) on May 6, 2024. Judge
Christopher M. Lopez oversees the cases.
The Debtors tapped Weil, Gotshal & Manges, LLP as bankruptcy
counsel; McDermott Will & Emery as special corporate and regulatory
counsel; AlixPartners, LLP as financial advisor and John Castellano
of AlixPartners as chief restructuring officer. Lazard Freres & Co.
LLC, Leerink Partners LLC, and Cain Brothers, a division of KeyBanc
Capital Markets Inc., provide investment banking services to the
Debtors. Kroll is the claims agent.
Susan N. Goodman is the patient care ombudsman appointed in the
Debtors' cases.
STIMWAVE TECHNOLOGIES: Judge Affirms Sanctions Against Former CEI
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Rick Archer of Law360 Bankruptcy Authority reports that a Delaware
federal judge has upheld a bankruptcy judge's decision to monitor
filings from the former CEO of Stimwave Technologies and two of her
relatives in the Chapter 11 case.
About Stimwave Technologies
Stimwave Technologies Incorporated and Stimwave LLC manufacture,
distribute, and provide ongoing support for implantable, minimally
invasive neurostimulators, which are used as a treatment for
chronic intractable pain.
The Debtors sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. Del. Lead Case No. 22-10541) on June 15, 2022. In
the petition signed by Aure Bruneau, as manager, the Debtors
disclosed up to $100 million in assets and up to $50 million in
liabilities.
Young Conaway Stargatt and Taylor, LLP and Gibson, Dunn and
Crutcher LLP serve as the Debtors' legal counsel. The Debtors also
tapped Honigman LLP and Jones Day as special counsel; Riverson RTS,
LLC as financial advisor; and GLC Advisors and Co., LLC and GLCA
Securities, LLC as investment bankers. Kroll Restructuring
Administration is the Debtors' administrative advisor and notice,
claims, solicitation and balloting agent.
On July 6, 2022, the U.S. Trustee for Region 3 appointed an
official committee of unsecured creditors in these cases. Culhane
Meadows, PLLC and Province, LLC serve as the committee's legal
counsel and financial advisor, respectively.
TEHUM CARE: US Trustee Objects to Plan's Liability Releases
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Evan Ochsner of Bloomberg Law reports that the Justice Department's
bankruptcy watchdog has raised an objection to Tehum Care Services
Inc.'s bankruptcy plan, arguing that it would improperly grant
liability releases without creditor consent.
According to Bloomberg Law, under Tehum's proposed plan, liability
would be released for several nonbankrupt parties, including its
own professionals. Creditors—among them hundreds of incarcerated
individuals suing the company for alleged medical
malpractice—would be considered to have accepted these releases
if they do not submit paperwork opting out. The U.S. Trustee has
frequently challenged such "opt-out" releases, especially since
successfully urging the Supreme Court to reject nonconsensual
releases in the Purdue Pharma bankruptcy case.
About Tehum Care Services
Tehum Care Services Inc., doing business as Corizon Health Services
Inc., is a privately held prison healthcare contractor in the
United States. It is based in Brentwood, Tenn.
Tehum Care Services filed a petition for relief under Chapter 11 of
the Bankruptcy Code (Bankr. S.D. Tex. Case No. 23-90086) on Feb.
13, 2023. In the petition filed by Russell A. Perry, as chief
restructuring officer, the Debtor reported assets between $1
million and $10 million and liabilities between $10 million and $50
million.
Judge Christopher M. Lopez oversees the case.
The Debtor tapped Gray Reed & McGraw, LLP as bankruptcy counsel;
Bradley Arant Boult Cummings, LLP, as special litigation counsel;
and Ankura Consulting Group, LLC, as financial advisor. Russell A.
erry, senior managing director at Ankura, serves as the Debtor's
chief restructuring officer. Kurtzman Carson Consultants, LLC, is
the claims, noticing and solicitation agent.
The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Debtor's Chapter 11 case.
Stinson, LLP and Dundon Advisers, LLC, serve as the committee's
legal counsel and financial advisor, respectively.
TERRAFORM LABS: Ch.11 Trust Gets Court Okay for $45Mil. Crypto Deal
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Vince Sullivan of Law360 Bankruptcy Authority reports that a
bankruptcy judge in Delaware has granted approval for a settlement
involving the wind-down trust formed under the Chapter 11 plan of
the now-defunct cryptocurrency firm Terraform Labs.
This settlement includes the company's co-founder, the Luna
Foundation Group, and Avalanche Inc., enabling the trust to obtain
$45.5 million in cash in exchange for 1.9 million digital tokens.
About Terraform Labs
Terraform Labs Pte. Ltd. -- https://www.terra.money/ -- is a
startup that created Terra, a blockchain protocol and payment
platform used for algorithmic stablecoins. It was co-founded by Do
Kwon and Daniel Shin in 2018 in Seoul, South Korea.
Terraform Labs introduced its first cryptocurrency token, TerraUSD,
in 2019. Investment firms like Arrington Capital, Coinbase
Ventures, Galaxy Digital, and Lightspeed Venture Partners helped
Terraform Labs raise more than $200 million.
The collapse of the stablecoins TerraUSD (UST) and Luna in May 2022
caused the temporary suspension of the Terra network, wiping out
over $45 billion in market capitalization in a single week.
Both of Terra Form Labs' founders have encountered legal problems
as a result of the devaluation of the company's currency. In
September 2022, South Korean prosecutors filed a warrant for Do
Kwon's arrest. He was also added to Interpol's Red Notice list,
which urges other law enforcement to find and detain him.
Terraform Labs Pte. Ltd. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 24-10070) on Jan. 22,
2024. In the petition filed by Chris Amani, as chief executive
officer, the Debtor estimated assets and liabilities between $100
million and $500 million each.
The Debtor is represented by:
Zachary I Shapiro, Esq.
Richards, Layton & Finger, P.A.
1 Wallich Street
#37-01
Guoco Tower 078881
TGI FRIDAYS: Franchisees Worry Over $49.7-Mil. Gift Cards
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Reuters reports that TGI Fridays franchisees are worried that they
could be on the hook for $49.7 million in outstanding customer gift
card obligations if the company's bankruptcy doesn't go smoothly,
an attorney for franchisees said Monday.
The amount of unused gift cards far exceeds the company's available
cash, even after taking into account the $5.9 million that TGI
Fridays is borrowing to fund its bankruptcy restructuring,
according to court filings.
After hearing the franchisees' concerns at a Monday court hearing
in Dallas, U.S. Bankruptcy Judge Stacey Jernigan allowed TGI
Fridays to continue its gift card program on an interim basis. The
decision allows more time for franchisees to review the gift card
program and TGI Fridays' finances before the program is approved
for the remainder of the bankruptcy.
Franchisees support TGI Fridays' gift card program, but they want
to be sure they are not "left holding the bag if there is no source
of funds to reimburse them," Jason Binford, the attorney for more
than 60 franchisees, said at Monday's hearing.
Attorneys for TGI Fridays at the hearing said the company intended
to honor obligations to both its customers and franchisees, and
said they would discuss the matter with the franchisee
association.
TGI Fridays Inc filed for bankruptcy protection in Dallas, Texas,
on Saturday, citing higher operating costs and decreased demand for
casual dining restaurants.
TGI Fridays' independently owned franchises have little protection
if customers rush to cash out their gift cards and could find
themselves forced to honor TGI Fridays' gift cards at their
restaurants without any assurance of reimbursement from the
company, Binford said at Monday's hearing. They typically accept
gift cards as payment, then seek reimbursement from the central
corporation, Binford said.
Uncertainty around a company's bankruptcy filing often encourages a
"use it or lose it" mindset that pushes customers to accelerate
their use of gift cards, Binford said.
Most of TGI Fridays' restaurants are franchises, due to the
company's "asset-light" business strategy. TGI Fridays owns 39
restaurants in the U.S., and it has 122 franchised locations in the
U.S. and 316 franchised locations in other countries, according to
its bankruptcy court filings.
TGI Fridays closed about 50 locations in 2024 before filing for
bankruptcy, according to court filings.
During the court hearing, Jernigan also approved other initial
steps in the company's Chapter 11 case, allowing the company to
borrow the first $3.3 million of its proposed $5.9 million
bankruptcy loan and setting a schedule for an auction of its
assets.
TGI Fridays has $37 million in debt, and it seeks to sell its
assets to an outside buyer by early January.
The 59-year-old restaurant chain joins several other U.S.
restaurant companies that filed for bankruptcy in 2024, including
Red Lobster, Buca di Beppo, and Rubio's Coastal Grill.
About TGI Fridays
Founded in 1965 in New York City, New York, TGI Friday's Inc. and
affiliates are the owners and franchisors of original casual dining
bar and grill, TGI Fridays, offering classic American food and
beverages, with 39 restaurant locations being owned and operated by
the Company. The Company is known for bringing people together to
socialize and celebrate the liberating spirit of "Friday."
TGI Friday's Inc. and about 20 of its affiliates filed for
bankruptcy protection (Bankr. N.D. Texas, Lead Case No. 24-80069)
on November 2, 2024. In petitions signed by Kyle Richter as chief
restructuring officer, the Debtors reported $100 million to $500
million in estimated consolidated assets and estimated consolidated
liabilities.
The Hon. Stacey G. Jernigan presides over the cases.
Ropes and Gray LLP serves as the Debtors' general bankruptcy
counsel, and Foley & Lardner LLP serves as the Debtors'
co-bankruptcy counsel. Berkeley Research Group, LLC acts as
financial advisor to the Debtors and Stretto, Inc., is notice and
claims agent to the Debtors.
TLC MEDICAL: Case Summary & 20 Largest Unsecured Creditors
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Debtor: TLC Medical Group, Inc.
537 NW Lake Whitney Place
Suite 103-106
Port Saint Lucie, FL 34986
Case No.: 24-21588
Business Description: TLC Medical Group Inc in Port St. Lucie,
Florida, provides diagnosis and treatment of
heart and circulatory disorders. It helps
people suffering from a wide variety of
cardiac conditions, including heart disease,
heart attack, atrial fibrillation, and chest
pain.
Chapter 11 Petition Date: November 4, 2024
Court: United States Bankruptcy Court
Southern District of Florida
Judge: Hon. Mindy A Mora
Debtor's Counsel: Susan D. Lasky, Esq.
SUSAN D. LASKY, PA
320 SE 18 Street
Fort Lauderdale, FL 33316
Tel: 954-400-7474
Email: Jessica@SueLasky.com
Total Assets: $1,905,679
Total Liabilities: $2,093,600
The petition was signed by Anthony Lewis as president.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
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/APXYDGA/TLC_Medical_Group_Inc__flsbke-24-21588__0001.0.pdf?mcid=tGE4TAMA
TONIX PHARMACEUTICALS: Releases Prelim Q3 2024 Operating Results
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Tonix Pharmaceuticals Holding Corp. disclosed in a Form 8-K Report
filed with the U.S. Securities and Exchange Commission its selected
preliminary operating results for the quarter ended September 30,
2024, and certain preliminary financial condition information as of
September 30, 2024:
* The Company had approximately $28.2 million in cash and cash
equivalents as of September 30, 2024, and there are 178,584,225
shares of common stock outstanding as of October 28, 2024.
* The Company's net cash used in operating activities for the
quarter ended September 30, 2024 was approximately $18.8 million
compared to $23.4 million for the quarter ended September 30,
2023.
* The Company's capital expenditures for the quarter ended
September 30, 2024 was approximately $0 compared to $1.9 million
for the quarter ended September 30, 2023.
* The Company's net operating loss for the quarter ended
September 30, 2024 was approximately $14.2 million, compared to $28
million for the quarter ended September 30, 2023.
* The Company's net revenue from the sale of its marketed
products for the quarter ended September 30, 2024 was approximately
$2.8 million, compared to $4 million for the quarter ended
September 30, 2023.
The Company believes that its cash resources at September 30, 2024,
and the gross proceeds of approximately $5.8 million that it raised
from an equity offering and sales under its at-the-market facility
in the fourth quarter of 2024, will not meet its operating and
capital expenditure requirements through the first quarter of
2025.
About Tonix Pharmaceuticals
Chatham, N.J.-based Tonix Pharmaceuticals Holding Corp., through
its wholly owned subsidiary Tonix Pharmaceuticals, Inc., is a fully
integrated biopharmaceutical company focused on developing and
commercializing therapeutics to treat and prevent human disease and
alleviate suffering.
As of June 30, 2024, Tonix had $70.3 million in total assets, $28.2
million in total liabilities, and $42.1 million in total
stockholders' equity.
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 suffered recurring
losses from operations and negative cash flows from operating
activities. As of March 31, 2024, the Company had working capital
of approximately $9.6 million and an accumulated deficit of
approximately $615.6 million. The Company held cash and cash
equivalents of approximately $7 million as of March 31, 2024.
During the fourth quarter of 2023, the Company engaged CBRE, an
international real estate brokerage firm, to potentially find a
strategic partner for or buyer of its Advanced Development Center
in North Dartmouth, Massachusetts, to align with its current
business objectives and priorities. As of March 31, 2024, the
Company does not have a commitment in place to sell the building.
The Company believes that its cash resources at March 31, 2024, and
the gross proceeds of $4.4 million raised from an equity offering
in the second quarter of 2024, will not meet its operating and
capital expenditure requirements through the second quarter of
2025.
TOURA #5 LP: Hires Chameleon Enterprises Inc as Loan Broker
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Toura #5 LP seeks approval from the U.S. Bankruptcy Court for the
Central District of California to employ Chameleon Enterprises, Inc
as Loan Broker.
The firm will provide loan broker services by arranging the loan
for Debtor to refinance the current secured debt due to Pacific
Loan Works.
The firm will be paid 3 percent commission of the loan amount.
Ivlahmoud Bdawiwi, Managing partner at Chameleon Enterprises, Inc,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Ivlahmoud Bdawiwi
Chameleon Enterprises, Inc.
P.O. Box 7055
Laguna Nigue, CA 92607
Tel: (949) 639-9909
Fax: (949) 627-2535
About TOURA #5 LP
TOURA #5 LP is engaged in activities related to real estate.
TOURA #5 LP sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. C.D. Cal. Case No. 24-11866) on July 23, 2024. In the
petition filed by Mahmoud Bdaiwi, as general partner, the Debtor
estimated assets and liabilities between $1 million and $10 million
each.
The Debtor is represented by Nancy Korompis, Esq. at KOROMPIS LAW
OFFICES.
TRUE VALUE: Warns of Pennsylvania Layoffs If Bankruptcy Sale Fails
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Daniel Urie of Penn Live Patriot News reports that True Value, a
hardware chain, announced earlier this month that it has filed for
Chapter 11 bankruptcy and plans to sell the company to Do It Best
Corp.
However, as a precaution, True Value filed a Worker Adjustment and
Retraining Notification (WARN) with the Pennsylvania Department of
Labor & Industry, notifying the state that if the sale does not
proceed, it may need to lay off 269 employees at its facility on 12
Tradeport Road in Hanover Township, Luzerne County, between
December 14 and December 28, 2024. The company also indicated that
if the sale falls through, the facility might have to close. The
WARN Act requires employers to provide a 60-day notice to workers,
their families, and communities in the event of a covered business
closure or mass layoff. The WARN notice was dated October 15,
2024., the report states.
"Our primary goal throughout our strategic evaluation process has
been — and remains — preserving jobs and avoiding or postponing
facility closures," True Value stated.
According to Penn Live Patriot News, True Value supports 4,500
independently owned retailers. With the exception of one location
in Illinois, True Value stores are independently owned and are not
part of the Chapter 11 proceedings.
About True Value Company
True Value Company, LLC and its affiliates are hardlines
wholesalers, serving approximately 4,500 stores worldwide. A
globally recognized retail brand, the Debtors provide customers in
over 55 countries an expansive product set across key categories
such as Hardware Lumber and Building, Outdoor Living and Tools, and
Plumbing and Heating.
The Debtors filed voluntary Chapter 11 petitions (Bankr. D. Del.
Lead Case No. 24-12337) on October 14, 2024. True Value estimated
total assets of $100 million to $500 million and total liabilities
of $500 million to $1 billion as of the bankruptcy filing.
Judge Karen B. Owens oversees the cases.
The Debtors tapped Skadden, Arps, Slate, Meagher & Flom LLP, and
Young Conaway Stargatt & Taylor, LLP as bankruptcy counsel; Glenn
Agre Bergman & Fuentes, LLP as conflicts counsel; Houlihan Lokey
Capital, Inc. as financial advisor; and Omni Agent Solutions, Inc.
as claims and administrative agent. The Debtors also tapped M3
Advisory Partners, LP to provide chief transformation officer and
supporting personnel.
U.S. CREDIT: Unsecureds Will Get 5% to 25% in Liquidating Plan
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Stephen Darr, in his capacity as chapter 11 trustee for U.S.
Credit, Inc. ("USCI"), submitted a Disclosure Statement with
respect to Chapter 11 Plan of Liquidation dated September 23,
2024.
USCI was founded as a "Sales Finance Agency" in Gainesville,
Florida. In 2010, Perry Banking Company located in Newberry,
Florida ("Perry") purchased USCI in order to establish a consumer
lending division.
In 2017, Credit Acquisition Company, LLC ("CAC") was formed and
purchased the stock of USCI from Perry. Following its acquisition
by CAC, USCI updated its loan origination and servicing systems to
expand its business beyond the "rent to own" shed and storage
building model. After approximately fifteen months of system
enhancements, USCI entered the "closed-end consumer loan" business
to include point-of-sale financing through elective medical service
financing, financing and leasing of power sports equipment and
vehicles, and various other consumer-oriented lending and leasing
mechanisms.
The Plan provides the mechanism for distribution of the Liquidating
Trust Assets to Holders of Allowed General Unsecured Claims. The
Estate or the Liquidating Trust shall sell the Owned Portfolios,
and the proceeds of such sales shall be used to satisfy the Secured
Claim of Clear Haven, to satisfy any other claims of equitable
ownership to the proceeds, and to provide Plan funding. The Trustee
or the Liquidating Trust shall either sell or implement the orderly
collection of amounts due under the remaining Owned Portfolios, and
the Net Asset Proceeds shall be used to fund the Plan.
The Debtor's rights to the Residual Interest Portfolios are
governed by the applicable Participation Agreements. Each
Participation Agreement can be bifurcated into two contracts: (i)
an executory contract for the Debtor's rendition of master
servicing, which contracts shall be rejected as of the later of the
Effective Date of the Plan or the date by which the Claim held by
the relevant Financial Institution is Allowed; and (ii) a fully
performed agreement whereby the Debtor retains the Residual
Interest in consideration of the Debtor's work in implementing the
Participation Agreement with all the constituencies, including the
borrowers, the merchants, the financial technology providers, the
Originating Parties and the Secondary Parties.
With respect to the Residual Interest, the Liquidating Trust
intends to retain all Residual Interest as Net Asset Proceeds and
assign the Residual Interest to the Liquidating Trust for the
benefit of the Estate. In the event that a Financial Institution
disputes the Debtor's ownership interest in the Residual Interest,
it is entitled to either (i) commence one or more adversary
proceedings against the Liquidating Trustee requesting a
declaratory judgment that any Residual Interest does not constitute
an Asset of the Estate or otherwise resolve any disputes related to
the Residual Interest, or (ii) enter into an agreement with the
Liquidating Trustee determining the extent and amount of the
relevant Financial Institution's rights to the Residual Interest.
The Debtor has approximately $25 million in Cash in its various
bank accounts as of the date of filing this Disclosure Statement.
This Cash includes Principal and Contractual Interest that may be
due and payable to the Financial Institutions. To the extent that
any of the Cash does not constitute Principal or Contractual
Interest (or is otherwise subject to the legal and/or equitable
rights of other creditors), such Cash shall be made available to
pay General Unsecured Claims.
The Trustee anticipates that the Class 2 Secured Claim will be paid
in full. Classes 3 through 6 will receive Distributions in such
Classes to the extent the Claim Holders can demonstrate a valid,
perfected Lien on Assets or an equitable interest in funds in the
possession of the Debtor. To the extent that Claims in Classes 3
through 6 are not satisfied in full by the treatment in their
respective Classes, the balance of any Claim will be treated as a
Class 8 General Unsecured Claim. The total Distribution to Holders
of Class 8 Claims is estimated to be approximately 5%- 25% of each
Allowed Claim. The amount available for Distribution to Holders of
Class 8 Claims, and the size of the pool of Class 8 Claim Holders,
will be affected by the allowance of Claims in Classes 3 through 6
and the determination of the amount of Residual Interest to which
the Debtor is entitled. Class 9 administrative convenience Claims
shall receive a one-time payment equal to 15% of the Allowed
Claim.
The Plan provides for the following:
* The Trustee shall establish a Liquidating Trust, pursuant to
a Liquidating Trust Agreement, to administer the Assets, distribute
funds to Holders of Allowed Claims, and pursue appropriate Claims
and Causes of Action through one or more adversary proceedings. The
Trustee shall serve as Liquidating Trustee;
* As to the Owned Portfolios that have not been sold prior to
the Effective Date of the Plan, the Liquidating Trustee shall
market and sell the portfolios. The proceeds of the respective
sales will be distributed, first, to Holders of Allowed Secured
Claims, second, to any third party that can demonstrate an
equitable ownership interest in such proceeds and, third, to the
Estate for distribution to creditors; and
* As to the Residual Interest Portfolios, the Liquidating
Trustee shall continue to service the portfolios until the later of
the Effective Date of the Plan or the date by which the Claim held
by the relevant Financial Institution is Allowed. The Liquidating
Trustee shall continue to disburse Principal and Contractual
Interest to the Originating Banks and Secondary Parties pursuant to
the authority granted to him pursuant to any current or future
Financial Institution Stipulations. The Servicing Fee shall be
retained by the Debtor. The Trustee asserts that the rights to
Residual Interest are property of the Estate. Rights as to Residual
Interest may be the subject of one or more adversary proceedings or
settlement agreements by and between the Trustee and the relevant
Financial Institution.
Class 8 consists of the Allowed General Unsecured Claims. In full
and complete satisfaction, settlement, and release of their
respective Allowed General Unsecured Claims, each Holder of an
Allowed General Unsecured Claim shall receive, in one or more
interim Distributions, from the Liquidating Trustee on the Plan
Distribution Date its pro rata share of the Liquidating Trust
Assets as a Liquidating Trust Beneficiary, entitling such Holder to
receive proceeds on account of such beneficial interest. The Class
8 Claims are Impaired under the Plan. This Class will receive a
distribution of 5% to 25% of their allowed claims.
Class 9 consists of the Allowed Administrative Convenience Claims.
In full and complete satisfaction, settlement, and release of their
respective Allowed Administrative Convenience Claims, each Holder
of an Allowed Administrative Convenience Claim shall receive from
the Liquidating Trustee, on the later of the Effective Date or
allowance of such claim, an amount equal to 15% of such Allowed
Claim. The Administrative Convenience Claims are Impaired.
Class 10 consists of all Equity Interests in the Debtor. All Equity
Interests will be cancelled and extinguished, or be reinstated
solely to the extent necessary to effectuate the Plan. Holders of
Equity Interests shall receive no recovery on account of such
Equity Interest.
Upon the Effective Date, the Liquidating Trust shall be
established, and the Liquidating Trustee shall be appointed. The
Liquidating Trustee shall be deemed to be the duly appointed
representative of the Estate pursuant to Section 1123(b)(3)(B) of
the Bankruptcy Code with respect to the Liquidating Trust Assets
including, without limitation, the Causes of Action. The
Liquidating Trustee shall be responsible for, among other things,
(i) resolving Disputed Claims, (ii) pursuing, litigating, and/or
settling Causes of Action and the Residual Interest Litigation (if
any), and (iii) distributing funds to the Liquidating Trust
Beneficiaries. The Liquidating Trust shall be governed by the
Liquidating Trust Agreement.
A full-text copy of the Disclosure Statement dated September 23,
2024 is available at https://urlcurt.com/u?l=qjlLaA from
PacerMonitor.com at no charge.
Counsel to Stephen Darr:
CHOATE, HALL & STEWART LLP
Douglas R. Gooding, Esq.
Jonathan D. Marshall, Esq.
Jacob S. Lang, Esq.
Two International Place
Boston, MA 02110
Telephone: (617) 248-5000
Email: dgooding@choate.com
jmarshall@choate.com
jslang@choate.com
About U.S. Credit, Inc.,
U.S. Credit, Inc. develops and administers custom lending programs
for large retailers, point-of-sale platforms and educational
institutions.
U.S. Credit filed its Chapter 11 petition (Bankr. D. Mass. Case No.
24-10058) on Jan. 12, 2024. In the petition signed by its chief
executive officer Stephen Galvin, the Debtor reported $10 million
to $50 million in both assets and liabilities.
Judge Janet E. Bostwick presides over the case.
The Debtor tapped Charles R. Bennett, Jr., Esq. at Murphy & King,
PC as legal counsel and Mid-Market Management Group as financial
advisor. The U.S. Trustee for Region 1 appointed an official
committee of unsecured creditors in this Chapter 11 case. The
committee tapped Dentons Bingham Greenebaum, LLP as its legal
counsel.
ULTRA SAFE NUCLEAR: Commences 49-Day Sale After Ch. 11 Filing
-------------------------------------------------------------
Dorothy Ma of Bloomberg Law reports that Ultra Safe Nuclear Corp.,
a nuclear fuel manufacturer, set a 49-day timeline for selling
nearly all of its assets upon entering bankruptcy, company attorney
Matthew Lunn stated during a Wednesday hearing.
According to court documents, the company has entered into a
stalking horse agreement with Standard Nuclear Inc. to buy nearly
all assets for $28 million in cash.
In the same hearing, the U.S. Bankruptcy Court approved a
debtor-in-possession financing agreement from JMB Capital Partners
Lending on an interim basis, the report states.
The case is Ultra Safe Nuclear Corporation, case number 24-12443,
in the U.S. Bankruptcy Court for the District of Delaware.
About Ultra Safe Nuclear Corp.
Ultra Safe Nuclear Corp. -- https://www.usnc.com/ -- is a
privately-owned provider of nuclear fuel and reactor components.
Ultra Safe Nuclear Corporation sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-12443) on
October 29, 2024. In the petition filed by Kurt A. Terrani, as
interim chief executive officer, the Debtor reports estimated
assets between $10 million and $50 million and estimated
liabilities between $50 million and $100 million.
The is Debtor is represented by:
Elizabeth Soper Justison, Esq.
Young Conaway
200 Euphoria Ave
Oak Ridge, TN 37830
ULTRA SAFE: Gets Court Okay to Tap $10M of $23M DIP Loan
--------------------------------------------------------
Emily Lever of Law360 Bankruptcy Authority reports that A Delaware
bankruptcy judge granted preliminary approval on Wednesday, October
30, 2024, for Ultra Safe Nuclear Corp. to access $10 million in
debtor-in-possession financing as the company proceeds toward a
planned sale in December 2024.
About Ultra Safe Nuclear Corp.
Ultra Safe Nuclear Corp. -- https://www.usnc.com/ -- is a
privately-owned provider of nuclear fuel and reactor components.
Ultra Safe Nuclear Corporation sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-12443) on
October 29, 2024. In the petition filed by Kurt A. Terrani, as
interim chief executive officer, the Debtor reports estimated
assets between $10 million and $50 million and estimated
liabilities between $50 million and $100 million.
The is Debtor is represented by:
Elizabeth Soper Justison, Esq.
Young Conaway
200 Euphoria Ave
Oak Ridge, TN 37830
UNITED DENTAL WILSHIRE: Seeks Bankruptcy Protection in Calif.
-------------------------------------------------------------
United Dental Wilshire Corporation filed Chapter 11 protection in
the Central District of California. According to court filing, the
Debtor reports $3,565,248 in debt owed to 1 and 49 creditors. The
petition states funds will not be available to unsecured
creditors.
A meeting of creditors under 11 U.S.C. Section 341(a) is slated for
December 3, 2024 at 9:00 a.m. in Room Telephonically on telephone
conference line: 1-866-816-0394. participant access code: 5282999.
About United Dental Wilshire Corporation
United Dental Wilshire Corporation is categorized under dental
clinics.
United Dental Wilshire Corporation sought relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 24-18873) on
October 29, 2024. In the petition filed by Jeong H. Kim, as
president, the Debtor reports total assets of $2,000,000 and total
liabilities of $3,565,248.
Honorable Bankruptcy Judge Julia W. Brand handles the case.
The Debtor is represented by:
Jaenam Coe, Esq.
LAW OFFICES OF JAENAM COE PC
3731 Wilshire Blvd 500
Los Angeles CA 90010
Tel: (213) 389-1400
E-mail: coelaw@gmail.com
UNRIVALED BRANDS: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Two affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
Unrivaled Brands, Inc. (Lead Case) 24-19127
d/b/a Terra Tech Corp.
11516 Downey Ave.
Downey, CA 90241
Halladay Holding, LLC 24-19128
d/b/a Halladay Holding
11516 Downey Ave.
Downey, CA 90241
Business Description: Unrivaled owns 100% membership interests in
Halladay, and Halladay is Unrivaled's
wholly owned subsidiary. Halladay's primary
asset is a commercial real property
building.
Chapter 11 Petition Date: November 6, 2024
Court: United States Bankruptcy Court
Central District of California
Debtors' Counsel: John Patrick M. Fritz, Esq.
LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P.
2818 La Cienega Ave.
Los Angeles, CA 90034
Tel: (310) 229-1234
Email: jpf@lnbyg.com
Unrivaled Brands'
Estimated Assets: $10 million to $50 million
Unrivaled Brands'
Estimated Liabilities: $1 million to $10 million
Halladay Holding's Total Assets: $5,303,320
Halladay Holding's Total Liabilities: $6,992,624
The petitions were signed by Sabas Carrillo as chief executive
officer.
Full-text copies of the petitions containing, among other items,
lists of the Debtors' 20 largest unsecured creditors are available
for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/WOUC74A/Unrivaled_Brands_Inc__cacbke-24-19127__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/CE4UUMI/Halladay_Holding_LLC__cacbke-24-19128__0001.0.pdf?mcid=tGE4TAMA
List of Lead Debtor's 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. People's California, LLC $14,821,140
3843 S Bristol Street
#614
Santa Ana, Ca 92704
2. Fusion LLF, LLC $4,550,000
80 Broad St
New York, NY 10004
3. Arthur Chan $3,107,500
1055 Clay Street
San Fransisco, CA 94108
4. Greenlane Holdings, LLC $1,858,398
C/O Wallin & Russell LLP
26000 Towne Centre
Drive Suite 130
Foothill Ranch, CA
92610
5. Dominion Capital, LLC $1,753,000
256 West 38th St
15th FL
New York, NY 10018
6. Silver Streak $1,173,601
Sterling Harlan
7273 Kara Drive
Sacramento, CA
92528
7. No Smoking $600,000
Allowed Except Turn, LLC
125 W. La Cadena Dr.
Riverside, Ca 92501
8. Manatt, Phelps & $599,926
Phillips, LLP
2049 Century Park East
Los Angeles, CA
90067
9. 1149 South LA $580,000
Street Fashion District
3435 Wilshire BL
Ste 2820
Los Angeles, CA
90010
10. Franchise Tax Board $540,159
PO Box 942857
Sacramento, CA
94257-0531
11. Thompson Hine $535,955
335 Madison Avenue
12th Floor
New York, NY 10017
12. Buchalter $392,576
1000 Wilshire Blvd
#1500
Los Angeles, CA
90017
13. Gateway Acceptance Co $379,106
P.O. Box 4053
Concord, CA 94524
14. Silver Streak $293,387
Matthew Guild
4264 Powerline Rd
Olivehurst, Ca 95961
15. Glaser Weil Fink $280,000
Howard Johnson, et al.
10250 Constellation
Boulevard
19th Floor
Los Angeles, CA
90067
16. Marcum, LLP $192,746
600 Anton Blvd
Suite 1600
Costa Mesa, CA
92626
17. Joe Gerlach $186,224
895 Airport Drive
Cave Junction, OR
97523
18. Baker and Hostetler $153,999
P.O Box 70189
Cleveland, OH
44190-0189
19. Mayer Brown LLP $150,570
311 W. Monroe
Street, STE. 600
Chicago, IL 60606
20. WGS Group, Inc $135,572
9454 Wilshire Blvd
Beverly Hills, Ca
90212
UPTOWN PARTNERS: Searches for New Managers After Chapter 11 Filing
------------------------------------------------------------------
Andrew Klein of Local 21 News reports that the owners of the
Governors Square Apartment complex are in search of a third-party
group to oversee the property as they look for a new buyer.
According to Local 21 News, after their Chapter 11 bankruptcy
filing in July 2024, the owners, Uptown Partners, are now filing
for Chapter 7 bankruptcy. This would enable an outside organization
to manage the complex while Uptown Partners continues to seek a
suitable new owner.
"We've attempted to sell it," said lawyer Robert Chernicoff. "We've
engaged with the city of Harrisburg, the redevelopment authority,
the housing authority, and both state and federal governments to
explore funding options or find someone who could take it over."
The complex has more than 200 units, but fewer than half are
currently occupied. The owners have been trying to sell the
property for a considerable time and are now seeking assistance
from Dauphin County, the report relays.
"The city has agreed to essentially ask, to a point, what is known
as a receiver to take over the management and operation of the
property with the idea of buying," Chernicoff said.
About Uptown Partners
Harrisburg, Pa.-based Uptown Partners, LP, is the owner of
Harrisburg housing complex Governor's Square.
Uptown Partners sought relief under Chapter 7 of the U.S.
Bankruptcy Code (Bankr. M.D. Pa. Case No. 23-00988) on May 2,
2023. On Sept. 12, 2023, the case was converted to one under
Chapter 11.
Judge Henry W. Van Eck oversees the case.
The Debtor tapped Robert E. Chernicoff, Esq., at Cunningham and
Chernicoff, PC as bankruptcy counsel and Joel A. Ready, Esq., at
Cornerstone Law Firm as special counsel.
VANGUARD MEDICAL: Updates Unsecured Claims Pay; Amends Plan
-----------------------------------------------------------
Vanguard Medical, LLC, submitted a Third Amended Plan of
Reorganization under Subchapter V dated September 20, 2024.
The Debtor continues to operate its business and manage its assets
as debtor-in-possession as authorized by sections 1107(a) and 1108
of the Bankruptcy Code.
The Debtor owns no real property. Debtor's assets are presently
comprised of the following: (1) Durable medical equipment with a
book value of $537,000 (2) deposit accounts with three banking
institutions with a value of $1,008,441; (3) Inventory of $425,000;
(4) Office furniture and computer equipment necessary for the
operation of the business valued at approximately $54,746; (4)
accounts receivable with a book value of $3,428,000, of which
$2,742,400 is deemed collectible by the Debtor; (5) automobiles
with a book value of $523,253; nd Chapter 5 avoidance actions
valued at $225,000.
Class 4 consists of General Unsecured Claims. In full and complete
satisfaction, settlement, release and discharge of the Class 4
Claims, each holder of an Allowed Class 4 Claim shall receive total
payments over three years commencing on the Effective Date equal to
a pro rata share of the greater of $566,692 paid quarterly (10.7%
of Allowed Class 4 Claims) or the Debtor's Disposable Income over 3
years after (i) payment of: Class 1, 2 and 3 claims (ii) the
Administrative Expense Claims, and (iii) the Other Priority
Claims.
The Debtor's projections demonstrate anticipated payments to
unsecured creditors in the amount of $806,800 paid quarterly over
three years. These payments represent 16.3% of the amount of such
Allowed Claims, comparing favorably with the 10.7% dividend Class 4
Claims would receive in a chapter 7 liquidation. The payments to
holders of Class 4 Claims will be the Minimum Quarterly Payment of
$47,224.
Disposable Income means the income that is received by the Debtor
that is not paid for the payment of expenditures necessary for the
continuation, preservation, or operation of the business of the
Debtor. At the end of the fourth quarter of each plan year, the
Debtor will make an excess payment equal to its actual Disposable
Income for the year, if greater than the amount that has already
been paid on account of Class 4 Claims in each Plan Year.
Notwithstanding the foregoing, the holder of an Allowed Class 4
Claim may Receive such other less favorable treatment as may be
agreed upon by such holder and the Debtor. Class 4 is impaired
under the Plan. Each holder of a Class 4 Claim shall be entitled to
vote to accept or reject the Plan.
The projected Disposable Income and proposed Plan distribution
breakdown pursuant to which Plan distributions will be made as
follows: first, Class 1, 2 and 3; second, to General Unsecured
Claims (Class 4). Priority Tax Claims will have been paid in full
on the Effective Date. Administrative Expense Claims will be paid
after approval by the Court.
This Plan will be funded with available cash and cash flow from
ongoing business operation. The Debtor will continue to operate in
the ordinary course of business. Pursuant to section 1190(2) of the
Bankruptcy Code, the Plan provides for the submission of all or
such portion of the future earnings of the Debtor as is necessary
for the execution of the Plan.
A full-text copy of the Third Amended Plan dated September 20, 2024
is available at https://urlcurt.com/u?l=SDkF7k from
PacerMonitor.com at no charge.
Attorney for the Debtor:
Peter N. Tamposi, Esq.
Tamposi Law Group PC
159 Main Street
Nashua, NH 03060
Telephone: (603) 204-5513
Facsimile: (603) 204-5515
Email: peter@thetamposilawgroup.com
About Vanguard Medical
Vanguard Medical, LLC, is a Connecticut limited liability company
formed in September 2018. It conducts business throughout New
England including significant business in the Commonwealth of
Massachusetts.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Mass. Case No. 24-10561) on March 25,
2024. In the petition signed by Clancy Purcell, chief executive
officer, the Debtor disclosed $7,796,609 in assets and $6,694,550
in liabilities.
Judge Janet E. Bostwick oversees the case.
Peter N. Tamposi, Esq., at the Tamposi Law Group, PC, is the
Debtor's legal counsel.
VICTORIA PRODUCE: Carol Fox Named Subchapter V Trustee
------------------------------------------------------
The U.S. Trustee for Region 21 appointed Carol Fox of GlassRatner
as Subchapter V trustee for Victoria Produce, LLC.
Ms. Fox will be paid an hourly fee of $450 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Fox declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Carol Fox
GlassRatner
200 East Broward Blvd., Suite 1010
Fort Lauderdale, FL 33301
Tel: 954.859.5075
Email: cfox@brileyfin.com
About Victoria Produce
Victoria Produce, LLC filed a petition under Chapter 11, Subchapter
V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-20915) on
October 22, 2024, with $500,001 to $1 million in assets and
liabilities.
Judge Robert A. Mark presides over the case.
VILLAGE OAKS SENIOR: No Resident Care Concern, 2nd PCO Report Says
------------------------------------------------------------------
Blanca Castro, the patient care ombudsman, filed with the U.S.
Bankruptcy Court for the Eastern District of California her second
report regarding the quality of patient care provided at Village
Oaks Senior Care, LLC's assisted care living facility.
The Local Long-Term Care Ombudsman Program (LTCOP) ombudsman
visited the facility on August 25 and September 30 with a total
census of 11 residents.
During the site visit, the staff presence was sufficient to manage
resident-associated tasks. The core staff at the facility remain
employed, ensuring consistent assignments and continuity of care.
This positively impacts on resident satisfaction with the quality
of care provided to these residents, which remains comparable to
the pre-bankruptcy standard.
The Ombudsman observed resident rooms, bathrooms, the kitchen,
common areas, and outdoor spaces during the visits. The facility
appeared clean, sanitized, and in good condition, with no
discernible unpleasant odors. The facility maintains a stock of
both perishable and non-perishable food items. No concerns have
been expressed by residents regarding the quality or quantity of
the food.
In addition, the administrator has confirmed that the supplies are
adequately secured and available to meet the residents' needs
without any hindrances. The residents have not reported concerns
regarding unmet supply needs.
A copy of the ombudsman report is available for free at
https://urlcurt.com/u?l=9maWQ0 from PacerMonitor.com.
The ombudsman may be reached at:
Blanca E. Castro
State Long-Term Care Ombudsman
Office of the State Long-Term Care Ombudsman
California Department of Aging
2880 Gateway Oaks Drive, Suite 200
Sacramento, CA 95833
Telephone: (916) 928-2500
Email: blanca.castro@aging.ca.gov
About Village Oaks Senior Care
Village Oaks Senior Care, LLC, a company in El Dorado Hills,
Calif., owns and operates community care facilities for the
elderly.
Village Oaks Senior Care filed Chapter 11 petition (Bankr. E.D.
Calif. Case No. 24-22206) on May 21, 2024, with total assets of
$1,440,832 and total liabilities of $3,369,013 as of Dec. 31, 2023.
Lisa Holder, Esq., a practicing attorney in Bakersfield, Calif.,
serves as Subchapter V trustee.
Judge Christopher D. Jaime oversees the case.
D. Edward Hays, Esq., at Marshack Hays Wood, LLP, is the Debtor's
legal counsel.
Blanca Castro has been appointed as patient care ombudsman in the
Debtor's Chapter 11 case.
VITVADVAS INC: Unsecureds to Get $457.50 per Month for 4 Years
--------------------------------------------------------------
Vitvadvas, Inc., submitted an Amended Plan of Reorganization dated
September 19, 2024.
The Plan Proponent's financial projections show that the Debtor
will have projected disposable income $457.50.
The final Plan payment is expected to be paid on October 1, 2028.
This Plan of Reorganization proposes to pay creditors of the Debtor
from cash flow from operations.
Non-priority unsecured creditors holding allowed claims will
receive distributions, which the proponent of this Plan has valued
at approximately 10 cents on the dollar. This Plan also provides
for the payment of administrative and priority claims.
Class 4 consists of Non-priority unsecured creditors. Claims in
this class will receive the projected disposable income of the
Debtor pro rata within the class for a period of four years,
estimated at $457.50 monthly remaining after any outstanding
administrative claims are paid from the disposable income.
Disposable income, as defined in Section 1191(d), shall be
determined on a quarterly basis, based on the disposable income
generated, if any, during the preceding quarter.
The Debtor will begin to make monthly payments commencing on the
fifteenth day of the fourth full month following the Effective Date
and thereafter due on the fifteenth day of every fourth month. A
minimum total amount of $21,960.00 will be paid to this class. This
Class is impaired.
The Debtor shall continue its business operations, which shall be
the primary source of funds for payments required by this Plan that
are to be made by the Debtor over time. After the Effective Date,
the Debtor may operate the business and use, acquire, sell,
transfer, convey, or dispose of property without supervision by the
Bankruptcy Court and free of any restrictions of the Bankruptcy
Code or Bankruptcy Rules, other than those restrictions expressly
imposed by the Plan and the Confirmation Order.
Should the plan be confirmed under Section 1191(a), the Debtor
shall act as the Plan Disbursing Agent and make all payments to
holders of allowed claims required by the Confirmation Order and
the Plan. The Debtor's duties will be carried out by its President,
Vadim Gradinaru.
Should the plan be confirmed under Section 1191(b), at least 10
days prior to each monthly or quarterly disbursement throughout the
life of the Plan, the Debtor shall provide the Subchapter V
Trustee, Matthew Brash, with a schedule detailing the proposed
distributions for review and subject to approval of the Subchapter
V Trustee, Matthew Brash. If no written objection to Debtor by the
Subchapter V Trustee, Matthew Brash, the Debtor shall act as the
Plan Disbursing Agent and make all payments to holders of allowed
claims required by the Confirmation Order and the Plan. In the
event the Debtor fails or defaults to make any payment under the
Plan, the Debtor shall immediately notify the Subchapter V Trustee,
Matthew Brash, of such failure or default.
A full-text copy of the Amended Plan of Reorganization dated
September 19, 2024 is available at https://urlcurt.com/u?l=SV6v2M
from PacerMonitor.com at no charge.
Attorney for the Plan Proponent:
Saulius Modestas, Esq.
Modestas Law Offices, P.C.
401 S. Frontage Rd.
Burr Ridge, IL 60527-7115
Telephone: (312) 251-4460
(630) 323-8300
Facsimile: (312) 277-2586
Email: smodestas@modestaslaw.com
About Vitvadvas Inc.
Vitvadvas, Inc. has been in the business of interstate trucking.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-04812) on April 2,
2024, with $100,001 to $500,000 in both assets and liabilities.
Judge Janet S. Baer presides over the case.
Saulius Modestas, Esq., at Modestas Law Offices, P.C. represents
the Debtor as bankruptcy counsel.
WELLPATH HOLDINGS: Prepares for Chapter 11 Bankruptcy Filing
------------------------------------------------------------
Reshmi Basu and Jill R. Shah of Bloomberg News report that Wellpath
Holdings Inc., one of the largest U.S. providers of healthcare
services to prisons and jails, is preparing to file for bankruptcy
due to a high debt burden and rising labor costs, according to
sources familiar with the situation.
The company, owned by H.I.G. Capital, missed repayment on a credit
facility that expired on October 1 and deferred interest payments
on other debts under a forbearance agreement with lenders, Moody's
Ratings reported. Moody's views these actions as a default.
About Wellpath Holdings Inc.
Wellpath Holdings Inc. is one of the biggest healthcare services
providers to jails and prisons in the United States.
WHITTAKER CLARK: Submits Ch. 11 Plan Amid Talc Claimants Row
------------------------------------------------------------
Ben Zigterman of Law360 Bankruptcy Authority reports that bankrupt
talc supplier Whittaker Clark & Daniels Inc. submitted a Chapter 11
plan on Monday, October 28, 2024, which would be financed by a
proposed $535 million settlement with its successors. However, a
disagreement with the official committee of talc claimants may
threaten the plan's success.
About Whittaker, Clark & Daniels
Whittaker, Clark & Daniels, Inc. and affiliates, Brilliant National
Services Inc., Soco West Inc. and L.A. Terminals Inc., were engaged
in nonmetallic mineral mining and quarrying.
The Debtors sought Chapter 11 protection (Bankr. D.N.J. Lead Case
No. 23-13575) on April 26, 2023. The Debtors estimated $100 million
to $500 million in assets against $1 billion to $10 billion in
liabilities as of the bankruptcy filing.
The Hon. Michael B. Kaplan is the case judge.
The Debtors tapped Kirkland & Ellis LLP as general bankruptcy
counsel; Cole Schotz P.C. as co-bankruptcy counsel; and M3 Partners
LLC as financial advisor. Stretto, Inc. is the claims agent.
The U.S. Trustee for Regions 3 and 9 appointed an official
committee to represent talc claimants in the Debtors' Chapter 11
cases. The talc committee is represented by Cooley, LLP.
The Hon. Shelley Chapman was appointed as the future claimants'
representative (FCR) in the Chapter 11 cases. Willkie Farr &
Gallagher, LLP is the FCR's counsel.
*********
Monday's edition of the TCR delivers a list of indicative prices
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