/raid1/www/Hosts/bankrupt/TCR_Public/241125.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Monday, November 25, 2024, Vol. 28, No. 329
Headlines
150 LEFFERTS: Court Approves Use of BRC E21st's Cash Collateral
180 LA PATA: Sec. 341(a) Meeting of Creditors on Dec. 17
2206 BLUE CYPRESS: Sec. 341(a) Meeting of Creditors on Dec. 3
303 HIGHLINE: Seeks Access to Cash Collateral Until Feb. 15
55 EAST 21ST: Court Approves Stipulation to Use Cash Collateral
ABIDE BRANDS: Gets Court Nod to Use Cash Collateral
ADB ENTERPRISES: Gets Interim OK to Use Cash Collateral
AFFINITY INTEGRATED: Gets Interim Access to Cash Collateral
ALK ASPHALT: Gets Interim OK to Use Cash Collateral
ALROD LOGISTICS: Court OK's Sale of Compact Power Light System
ALTUS JOBS: Gets Interim OK to Use Cash Collateral Until Dec. 4
AMERICAN TIRE: Lender Dispute Puts Bankruptcy Exit Efforts at Risk
AMERICAN TIRE: Reaches DIP Plan Deal After Lender Dispute
APHEX HOLDINGS: To Sell Commerce Park Property to C. Demarco
ARTEAGA DENTAL: Has Deal on Cash Collateral Access
ARTICO COLD STORAGE: Gets OK to Use Cash Collateral Until Nov. 30
AXALTA COATING: S&P Alters Outlook to Positive, Affirms 'BB' ICR
BIG LOTS: Aims to Include Claims Against Executives in Asset Sale
BIG LOTS: Nexus Capital Gets Approval to Acquire Chain Out of Ch.11
BYJU'S ALPHA: Founder Accused of Attempting to Use Loan Funds
BYJU'S ALPHA: Founder Told Ally to Leave US to Evade Testimony
BYJU’S ALPHA: Founder Accused of Using Funds to Regain Control
CARE PAVILION: Seeks Chapter 11 Bankruptcy Protection
CARIBBEAN GRILL: Gets Court Nod to Use Cash Collateral Until Dec. 3
CARROLLTON GATEWAY: Files Chapter 11 Bankruptcy in Texas
COMMSCOPE HOLDING: No Agreement Reached on Refinancing Proposals
CONTAINER STORE: Working With FTI for Operational Assistance
D&J POOL PREP: Gets Interim OK to Use Cash Collateral
DIGITAL ALLY: Secures $3M in Senior Secured Notes Private Placement
DISH NETWORK: DirecTV to Cancel Acquisition After Bondholders Balk
DODGE CONSTRUCTION: S&P Downgrades Issuer Credit Rating to 'SD'
DRF LOGISTICS: Chapter 11 Plan Faces Creditor Opposition Setback
DT MIDSTREAM: S&P Alters Outlook to Positive, Affirms 'BB+' ICR
DW TRUST: Seeks Permission to Use Cash Collateral
ELETSON HOLDINGS: Emerges Debt-Free from Chapter 11 Protection
ENDO INT'L: Trustee Shifting Blame in Opioid Advice, McKinsey Says
EPIC COMPANIES: Seeks Cash Collateral Access Until Feb. 8
ERIS HARMONIA: To Sell New Port Richey House to Sightseer Marine
EXELA TECHNOLOGIES: Delisted by Nasdaq; Now Trading on OTC Markets
FIRST COAST ROLL OFFS: Gets OK to Use Cash Collateral
FRANCHISE GROUP: Lenders Want to End Co.’s Chapter 11 Rights
FRANCHISE GROUP: PIMCO Seeks to Reduce Bankruptcy Protections
GIRARDI & KEESE: Tom’s Atty Wants New Trial on Competency Claims
GREAT EASTERN: Gets OK to Use Cash Collateral Until Feb. 28
GROWTHWORKS CANADIAN: Updates on CCAA Process and Plans Dissolution
HAWKEYE ENTERTAINMENT: Plan Exclusivity Extended to April 18, 2025
HEARTHSIDE FOOD: Seeks Chapter 11 Bankruptcy to Refinance Debt
HIS STORY: To Sell Intangible Property to Laura Lazarus
HOMESPUN LLC: Court OKs Restaurant Equipment Sale to Shantytown
INNOVERE MEDICAL: Initiates CCAA Proceedings and Sale Process
INTERCEMENT: Judge Uncertain on Ch. 15 Recognition of 2 Debtors
INTRUM SA: CDS Panel Confirms Bankruptcy Filing as Credit Event
IRWIN NATURALS: Court Approves Stipulation to Use Cash Collateral
JAM MEDIA: Secures Buyer for Muscatine Stations
JMG VENTURES: Seeks to Extend Plan Filing Deadline to Jan. 16, 2025
JORDAN HEALTH: Gets Clearance to Sell Assets to Staple Street
JTRE 14 VESEY: Court Appoints Trustee to Oversee Chapter 11 Case
KARAS INC: Seeks to Use Cash Collateral Until Feb. 28
KENDALLWOOD DRIVE: Files Chapter 11 Bankruptcy Protection
KOZUBA & SONS: Gets Interim OK to Use Cash Collateral Until Jan. 9
KPM INVESTMENT: Gets Interim Approval to Use Cash Collateral
LEFEVER MATTSON: Seeks to Extend Plan Exclusivity to Jan. 30, 2025
LI-CYCLE: Secures $475M DOE Loan Facility for Rochester Hub Project
LITIGATION PRACTICE: CFPB Issues Subpoena to Chap. 11 Trustee
LOOT CRATE: Ex-Owner Seeks Approval of Deal for Chap. 11 Exit
LPB MHC: Seeks Cash Collateral Access
LYTTON VINEYARD: Gets OK to Use Cash Collateral Until Dec. 12
MAXEON SOLAR: Goldman Sachs Entities Reduce Stakes to 0.3%
MEDICAL PROPERTIES: S&P Lowers ICR to 'CCC+' on Refinancing Risks
MICHIGAN PAIN: To Sell Business Assets to Strategic Alliance
MILAN SAI: Gets Interim OK to Use Cash Collateral
MONTE JOHNSTON: Gets Final Approval to Use Cash Collateral
MOUNTAIN SPORTS: Plan Exclusivity Period Extended to Jan. 14, 2025
MOUNTAIN VIEW: Gets Interim OK to Use Cash Collateral Until Feb. 1
NAMHAWK LLC: Files Chapter 11 Bankruptcy in Texas
NORTHVOLT AB: CEO Stepping Down After Chapter 11 Filing
NORTHVOLT AB: Seeks Chapter 11 Bankruptcy After Cash Dips to $30MM
NORTHVOLT AB: Taps Restructuring Expert to Manage Swedish Plant
OAKLAND DIOCESE: Faces Lawsuit Filed by Abuse Survivors
OFFICE PROPERTIES: Completes Sale of 350 Spectrum Loop for $26.2MM
OLIVER POINT: Lender Seeks to Prohibit Access to Cash Collateral
ONYX SITE: Court Approves Use of Cash Collateral Until January
PETROQUEST ENERGY: Seeks to Sell Oil and Gas Assets
PHCV4 HOMES: Court OKs Sale of Lots in Colonia Traditions
PRIME CORE: Chapter 11 Trustee Wants to Recover $10MM Payout
PURDUE PHARMA: Committee Professionals Bill $21.2-Mil. in Fees
RED RIVER: Fights Beasley Allen Over Atty Sanction Request
RLI SOLUTIONS: Seeks Sale of S. Johnson Property for $2.85-Mil.
SEBASTIAN TECH: Seeks to Use Cash Collateral Until Feb. 3
SHERWOOD PARENTCO: S&P Affirms 'B' Long-Term ICR, Outlook Stable
SIMMONS FOODS: S&P Alters Outlook to Stable, Affirms 'B' ICR
SOUTHWEST COMMUNITY: Commences Subchapter V Bankruptcy Proceeding
SPIRIT AIRLINES: Receives Court Approval of First Day Motions
TGI FRIDAY'S: Nears Deal to Sell Restaurant Chain
TLC MEDICAL: Seeks Bankruptcy Protection in Florida
TOLEDO GAS: Voluntary Chapter 11 Case Summary
URBAN AIR PARK: Seeks Chapter 11 Bankruptcy Protection
WING BOSS: Gets Interim OK to Use Cash Collateral Until Dec. 2
YELLOW CORP: Gets Court Okay for Chapter 11 Plan Disclosures
[^] BOND PRICING: For the Week from November 18 to 22, 2024
*********
150 LEFFERTS: Court Approves Use of BRC E21st's Cash Collateral
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of New York
approved a stipulation allowing 150 Lefferts Avenue Company, LLC to
use the cash collateral of its lender, BRC E21st Lender, LLC.
The lender holds a first-priority lien on the company's real
property in Brooklyn, N.Y., securing a debt of approximately $11.65
million. Rents generated from the property constitute the lender's
cash collateral.
Pursuant to the court-approved stipulation, 150 Lefferts can use
the lender's cash collateral to cover post-petition operating
expenses, including insurance, property taxes, utilities, and
property management fees.
150 Lefferts intends to sell its Brooklyn property pursuant to a
Chapter 11 plan that will provide for full payment of the lender's
secured claim after making certain payments, which include a
carve-out for the company's professionals, a broker's fee, and a
general creditor reserve.
About 150 Lefferts Avenue Company
150 Lefferts Avenue Company, LLC, a company in Brooklyn, N.Y.,
filed Chapter 11 petition (Bankr. E.D.N.Y. Case No. 24-43509) on
Aug. 22, 2024, listing $10 million to $50 million in both assets
and liabilities. Jonathan Bombart, managing member, signed the
petition.
Judge Jil Mazer-Marino oversees the case.
A.Y. STRAUSS LLC serve as the Debtor's legal counsel.
180 LA PATA: Sec. 341(a) Meeting of Creditors on Dec. 17
--------------------------------------------------------
On November 7, 2024, 180 La Pata 2020 LLC filed Chapter 11
protection in the Central District of California. According to
court filing, the Debtor reports between $1 million and $10 million
in debt owed to 1 and 49 creditors. The petition states that funds
will be available to unsecured creditors.
A meeting of creditors under Sec. 341(a) to be held on December 17,
2024 at 9:00 AM.
About 180 La Pata 2020 LLC
180 La Pata 2020 LLC is a Single Asset Real Estate debtor (as
defined in 11 U.S.C. Section 101(51B)).
180 La Pata 2020 LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Cal. Case No. 24-12859) on November 7,
2024. In the petition filed by Patrick Steven Nelson, as managing
member, the Debtor reports estimated assets and liabilities between
$1 million and $10 million each.
Honorable Bankruptcy Judge Scott C. Clarkson oversees the case.
The Debtor is represented by:
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
2206 BLUE CYPRESS: Sec. 341(a) Meeting of Creditors on Dec. 3
-------------------------------------------------------------
On November 4, 2024, 2206 Blue Cypress LLC filed Chapter 11
protection in the Northern District of Texas. According to court
filing, the Debtor reports between $1 million and $10 million in
debt owed to 1 and 49 creditors. The petition states funds will be
available to unsecured creditors.
A meeting of creditors under Sec. 341(a) to be held on December 9,
2024 at 1:30 PM.
About 2206 Blue Cypress LLC
2206 Blue Cypress LLC is a Single Asset Real Estate debtor (as
defined in 11 U.S.C. Section 101(51B)).
2206 Blue Cypress LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-33553) on November 4,
2024. In the petition filed by Daniel C. Blackburn, as chief
executive officer, the Debtor reports estimated assets and
liabilities between $1 million and $10 million each.
The Debtor is represented by:
Robert Buchholz, Esq.
THE LAW OFFICE OF ROBERT W. BUCHHOLZ, P.C.
5220 Spring Valley Road, Suite 618
Dallas, TX 75254
Tel: (214) 754-5500
Email: bob@attorneybob.com
303 HIGHLINE: Seeks Access to Cash Collateral Until Feb. 15
-----------------------------------------------------------
303 Highline Corp. asked the U.S. Bankruptcy Court for the Southern
District of New York for authority to use cash collateral until
Feb. 15 next year.
The company requires the use of cash collateral to pay its
operating expenses.
Metro City Bank may assert an interest in the cash collateral. As
adequate protection for the use of its cash collateral, the bank
will receive $40,000 to be paid in three installments.
In addition, the bank will be granted "valid, perfected and
enforceable" liens and security interests in the company's
post-petition property.
As of the petition date, 303 Highline owes approximately $1.5
million to Metro City Bank.
A court hearing is set for Dec. 3.
About 303 Highline
303 Highline Corp., doing business as Hudson Market, owns a grocery
store in New York.
303 Highline sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-11409) on August 15,
2024, with $207,164 in assets and $2,161,207 in liabilities. Hyeon
Jin Kim, president, signed the petition.
Judge Philip Bentley oversees the case.
Douglas Pick, Esq., at Pick & Zabicki, LLP represents the Debtor as
legal counsel.
55 EAST 21ST: Court Approves Stipulation to Use Cash Collateral
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of New York
approved a stipulation allowing 55 East 21st Co., LLC to use the
cash collateral of its lender, BRC E21st Lender LLC to pay
operating expenses.
The lender holds a secured claim of $11,645,954.09 and maintains a
first-priority lien on the company's property in Brooklyn, N.Y.
Rents generated from the property constitute the lender's cash
collateral.
55 East 21st Co. intends to sell the Brooklyn property, with the
lender as the "stalking horse" bidder. The sale proceeds will be
distributed with priority payments to the company's professionals,
broker's fee, and a general creditor reserve, followed by payment
to the lender of its secured claim.
About 55 East 21st Co.
55 East 21st Co., LLC, a company in Brooklyn, N.Y., filed Chapter
11 petition (Bankr. E.D.N.Y. Case No. 24-43507) on August 22, 2024,
listing $10 million to $50 million in both assets and liabilities.
Jonathan Bombart, managing member, signed the petition.
Judge Elizabeth S Stong oversees the case.
A.Y. Strauss, LLC serves as the Debtor's legal counsel.
ABIDE BRANDS: Gets Court Nod to Use Cash Collateral
---------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida,
Orlando Division, signed an agreed order allowing Abide Brands,
Inc. to use the cash collateral of Boopos Warehouse, LLC and other
secured creditors.
The order approved the use of cash collateral to pay necessary
expenses, including payroll obligations, set forth in the company's
projected budget, plus an amount not to exceed 10% for each line
item.
Secured creditors were granted a replacement lien on the company's
post-petition assets. As additional protection, Boopos will receive
a monthly payment of $26,739 until confirmation of a Subchapter V
plan or dismissal of the company's Chapter 11 case.
About Abide Brands
Abide Brands, Inc., a company in Winter Garden, Fla., filed a
petition under Chapter 11, Subchapter V of the Bankruptcy Code
(Bankr. M.D. Fla. Case No. 24-03075) on June 19, 2024, with up to
$50,000 in assets and up to $10 million in liabilities. Jared
Schneider, president and sole shareholder, signed the petition.
Judge Lori V. Vaughan presides over the case.
Daniel A. Velasquez, Esq., at Latham, Luna, Eden & Beaudine, LLP
represents the Debtor as legal counsel.
ADB ENTERPRISES: Gets Interim OK to Use Cash Collateral
-------------------------------------------------------
ADB Enterprises, LLC received interim approval from the U.S.
Bankruptcy Court for the District of New Mexico to use cash
collateral from Nov. 7 until Feb. 7 next year.
The company requires the use of cash collateral to continue the
operation of its business and to pay administrative expenses.
Independence Bank/Northeast Bank, Secured Lender Solutions,
Innovation Refunds, Amazon Capital Services, and the U.S. Small
Business Administration hold or may hold liens security interests
in the cash collateral.
As protection, secured creditors will be granted replacement liens
in certain post-petition assets of ADB in case of any diminution in
value of their interest in the collateral.
About ADB Enterprises
ADB Enterprises, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. N.M. Case No. 24-11214) on November 13,
2024, with up to $100,000 in assets and up to $10 million in
liabilities. Aaron Boyd, company owner and managing member, signed
the petition.
Judge Robert H. Jacobvitz oversees the case.
Jason M. Cline, Esq., at Jason Cline, LLC, represents the Debtor as
legal counsel.
AFFINITY INTEGRATED: Gets Interim Access to Cash Collateral
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Illinois
granted Affinity Integrated Healthcare S.C. authorization to use
cash collateral on an interim basis.
The order authorized the company to use cash collateral on the same
terms as the previous order entered on Oct. 3 and the projected
budget approved by the court.
A court hearing is scheduled for Dec. 17.
About Affinity Integrated Healthcare
Affinity Integrated Healthcare S.C. sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-09010)
on June 19, 2024, with up to $50,000 in assets and up to $500,000
in liabilities.
Judge Donald R. Cassling presides over the case.
Blair R. Zanzig, Esq., at Leibowitz Hiltz & Zanzig represents the
Debtor as legal counsel.
ALK ASPHALT: Gets Interim OK to Use Cash Collateral
---------------------------------------------------
ALK Asphalt, LLC received interim approval from the U.S. Bankruptcy
Court for the District of Arizona to use its secured creditors'
cash collateral.
The company requires the use of cash collateral to pay the expenses
coming due prior to a final hearing.
Integro Bank, which is owed $820,377.47, and eight other secured
creditors of the company assert a lien in the cash collateral.
These creditors will receive replacement liens in the company's
post-petition assets to the same extent and with the same validity
and priority as their pre-bankruptcy liens.
In addition, secured creditors will receive perfected security
interests in the company's deposit accounts in the same priority as
their pre-bankruptcy security interests.
The final hearing is scheduled for Dec. 17.
About ALK Asphalt
ALK Asphalt, LLC is a company in Sun City, Ariz., engaged in
highway, street and bridge construction.
ALK Asphalt sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Ariz. Case No. 24-09608) on November 8,
2024, with $1 million to $10 million in both assets and
liabilities. The petition was signed by Adam Kautman as member.
Judge Daniel P. Collins oversees the case.
Thomas H. Allen, Esq., at Allen, Jones & Giles, PLC, represents the
Debtor as legal counsel.
ALROD LOGISTICS: Court OK's Sale of Compact Power Light System
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida,
Jacksonville Division, has authorized Alrod Logistics Inc. to sell
its Property to McCulley Consulting, LLC, in the sum of $365,000,
subject to all liens, claims, encumbrances, and interests.
The Property is the the Compact Power Light Systems (6” to 48”)
to cure UV Liners Trailer Mounted; Trailer VIN No.:
7RXGE3427PA220013.
The Debtor is a Florida limited liability company wholly owned and
managed by Alejandro Echeverria, established in February 9, 2007,
and operates as a UV lining pipe repair business.
The Court ordered that the lien of Midland State Bank as described
in the Motion shall be paid off upon the sale of the Property.
The Court held that the Order is "as-is where is with all faults"
and shall be by Assignment and/or instrument of conveyance as
appropriate, with no warranties of title whatsoever.
About Alrod Logistics Inc.
lrod Logistics, Inc. offers pipe lining services. The Debtor sought
protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr.
M.D. Fla. Case No. 23-01820) on Aug. 3, 2023. In the petition
signed by Alejandro Echeverria, president, the Debtor
disclosed $922,927 in assets and $3,732,863 in liabilities.
Judge Jason A. Burgess oversees the case.
Bryan K. Mickler, Esq., at Law Offices of Mickler & Mickler, LLP,
represents the Debtor as legal counsel.
ALTUS JOBS: Gets Interim OK to Use Cash Collateral Until Dec. 4
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida,
Orlando Division granted Altus Jobs, LLC interim authorization to
use cash collateral until Dec. 4.
The order authorized the company to use its secured creditors' cash
collateral to pay expenses, including the U.S. trustee's quarterly
fees outlined in its projected budget, with a 10% variance allowed
and additional amounts approved by the U.S. Small Business
Administration or Iberia Bank.
The authorization is subject to certain conditions, including the
company's timely performance of obligations as a
debtor-in-possession, granting access to business records and
premises for inspection, and maintaining insurance coverage.
Secured creditors were granted replacement liens on post-petition
cash collateral to the same extent and with the same validity and
priority as their pre-bankruptcy liens.
The next hearing is scheduled for Dec. 4.
About Altus Jobs
Altus Jobs, LLC, is a recruiting firm, specializing in the high
demand architectural, engineering, and construction market.
Altus Jobs sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-01274) on March 15,
2024, with $1,196,512 in assets and $319,055 in liabilities. Saum
D. Sharifi, president of Altus Jobs, signed the petition.
Judge Lori V. Vaughan presides over the case.
Frank M. Wolff, Esq., at Nardella & Nardella, PLLC represents the
Debtor as legal counsel.
AMERICAN TIRE: Lender Dispute Puts Bankruptcy Exit Efforts at Risk
------------------------------------------------------------------
Dorothy Ma of Bloomberg Law reports that a dispute among lenders of
American Tire Distributors Inc. over bankruptcy financing is
jeopardizing the company's efforts to exit Chapter 11.
On November 19, 2024, Judge Craig T. Goldblatt warned lenders at a
hearing in Delaware that the current debtor-in-possession financing
plan could lead to a lawsuit in the future, the report states.
"If I approve this, the minority lenders will sue, they will
prevail, and they will be entitled to damages," the report cites
Judge Goldblatt as saying. The judge was referring to the DIP
plan.
According to Bloomberg Law, American Tire Distributors, an
automotive parts distributor, filed for bankruptcy in October 2024.
A small group of lenders has objected to the plan.
About American Tire Distributors
Headquartered in Huntersville, N.C., American Tire Distributors
Inc. and its affiliates are the largest distributor of replacement
tires in North America based on dollar amount of wholesale sales.
With their network of over 115 distribution centers and 1,500
delivery vehicles, the Debtors service a geographic region
covering
more than 90 percent of the replacement tire market for passenger
vehicles and light trucks in the United States. The Debtors carry
many of the nation's leading tire brands including Michelin,
Pirelli, and Continental. In addition, the Debtors' proprietary
Hercules brand is a leading private tire brand in North America.
American Tire Distributors and its affiliates sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No. 24-12391) on October 22, 2024. In its petition, American Tire
Distributors reported $1 billion to $10 billion in both assets and
liabilities.
Judge Craig T. Goldblatt oversees the cases.
The Debtors tapped Kirkland & Ellis as bankruptcy counsel;
Pachulski Stang Ziehl & Jones, LLP as Delaware counsel; AP
Services, LLC as restructuring advisor; and Moelis & Company, LLC
as financial advisor. Donlin, Recano & Company, Inc. is the notice
and claims agent and administrative advisor.
AMERICAN TIRE: Reaches DIP Plan Deal After Lender Dispute
---------------------------------------------------------
Dorothy Ma of Bloomberg Law reports that a U.S. bankruptcy judge
has approved an updated debtor-in-possession financing proposal for
American Tire Distributors after a conflict between lenders posed
risks to the company's bankruptcy process.
According to Bloomberg Law, the revised plan eliminates the roll-up
of a term loan, as explained by the company's attorney during a
Thursday, November 21, 2024, court hearing. The roll-up would have
moved the debt to the front of the repayment queue, aligned with
new funding.
The attorney also clarified that the DIP loan's pricing will remain
unchanged.
Judge Craig remarked, "I'm pleased to approve this step and ensure
the case moves forward smoothly," Bloomberg related.
About American Tire Distributors
Headquartered in Huntersville, N.C., American Tire Distributors
Inc. and its affiliates are the largest distributor of replacement
tires in North America based on dollar amount of wholesale sales.
With their network of over 115 distribution centers and 1,500
delivery vehicles, the Debtors service a geographic region covering
more than 90 percent of the replacement tire market for passenger
vehicles and light trucks in the United States. The Debtors carry
many of the nation's leading tire brands including Michelin,
Pirelli, and Continental. In addition, the Debtors' proprietary
Hercules brand is a leading private tire brand in North America.
American Tire Distributors and its affiliates sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No. 24-12391) on October 22, 2024. In its petition, American Tire
Distributors reported $1 billion to $10 billion in both assets and
liabilities.
Judge Craig T. Goldblatt oversees the cases.
The Debtors tapped Kirkland & Ellis as bankruptcy counsel;
Pachulski Stang Ziehl & Jones, LLP as Delaware counsel; AP
Services, LLC as restructuring advisor; and Moelis & Company, LLC
as financial advisor. Donlin, Recano & Company, Inc. is the notice
and claims agent and administrative advisor.
APHEX HOLDINGS: To Sell Commerce Park Property to C. Demarco
------------------------------------------------------------
Aphex Holdings Inc. seeks approval from the U.S. Bankruptcy Court
for the Southern District of Florida, Fort Lauderdale Division, to
sell its commercial real property located at 3590 SW 30 Avenue,
Hollywood, Florida, to Christopher Demarco and/or assigns for
$4,000,000.
The legal description of the property is Parcel K, Port 95,
Commerce Park.
The closing is scheduled to occur on or before December 13, 2024
and is a cash offer with no financing contingency.
The Property being sold is encumbered by a mortgage held by Nichols
Family Investments, a limited liability limited partnership. The
Nichols Mortgage is a blank mortgage and encompasses the Property
as well as adjacent property located at 3580 SW 30 Avenue,
Hollywood, Florida 33312.
The Debtor believes that the approximate amount of $4,600,000.00 is
owed. The Nichols Family Investments has not filed a Proof of Claim
to date.
The Debtor also acknowledges that 2023 and 2024 real property taxes
are due to the Broward County Tax Collector that must be paid upon
the closing of any sale.
The Debtor maintains that the offer received is the highest and
best offer it believes it can receive for the Property.
The Buyer also desires to close the sale on December 13, 2024.
About Aphex Holdings Inc.
Aphex Holdings is the fee simple owner of the real property located
at 2960 SW 23 Terrace #107 & #108, Dania Beach FL 33312 valued at
$850,000 and another real property located at 3580 & 3590 SW 30
Avenue, Hollywood, FL 33312 valued at $3 million.
Aphex Holdings, Inc. filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No.
24-19588) on September 18, 2024, listing $3,850,173 in assets and
$5,360,000 in liabilities. The petition was signed by Bryan Hacht
as owner.
Judge Peter D. Russin presides over the case.
Craig I. Kelley, Esq., at Kelley Kaplan & Eller, PLLC represents
the Debtor as counsel.
ARTEAGA DENTAL: Has Deal on Cash Collateral Access
--------------------------------------------------
Arteaga Dental Corporation and the U.S. Small Business
Administration reached a stipulation allowing the company to use
the agency's cash collateral.
A portion of Arteaga's personal property securing SBA's $45,700
loan constitutes the agency's cash collateral.
SBA consented to the use of its cash collateral to pay the
company's operating expenses.
As protection, SBA will receive a replacement lien on all
post-petition revenues of the company to the same extent and with
the same priority and validity as its pre-bankruptcy lien.
SBA will also receive a monthly payment of $233 per month, with the
first payment to be paid within 10 days of court approval of the
stipulation. In addition, the agency is entitled to a superpriority
claim over the life of the company's bankruptcy case.
About Arteaga Dental Corporation
Arteaga Dental Corporation is primarily engaged in the private or
group practice of general or specialized dentistry or dental
surgery. It is based in San Bernardino, Calif.
Arteaga sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. C.D. Calif. Case No. 24-16441) on October 28, 2024,
with up to $100,000 in assets and up to $10 million in liabilities.
Anamaria Arteaga, chief executive officer, signed the petition.
Judge Wayne E. Johnson oversees the case.
Lewis Landau, Esq., represents the Debtor as legal counsel.
ARTICO COLD STORAGE: Gets OK to Use Cash Collateral Until Nov. 30
-----------------------------------------------------------------
Artico Cold Storage Chicago, LLC received interim approval from the
U.S. Bankruptcy Court for the Northern District of Illinois to
continue to use the cash collateral of Wintrust Bank, N.A. until
Nov. 30.
As of March 18, the company's pre-bankruptcy debt to Wintrust
stands at approximately $1.87 million.
Artico will be allowed to use cash collateral in accordance with
its budget, which shows total operating expenses of $179,067. Any
deviations from the approved budget will require further approval
from Wintrust Bank and the court.
Wintrust Bank will receive certain protections in the form of
replacement liens on Artico's property, accounts receivable, and
any proceeds thereof, ensuring that Wintrust's secured position is
adequately protected while the bankruptcy proceedings continue.
The court previously authorized the company to use cash collateral
to pay $159,140 in total operating expenses for the period Nov. 18
to 23.
About Artico Cold Storage Chicago
Artico Cold Storage Chicago, LLC is a premier full-service public
refrigerated warehouse. It offers local and regional transportation
solutions. Strategically located in an approximately
220,000-square-foot building in Chicago's Stock Yards Industrial
Park, Artico offers a variety of services and employs the latest
technology to meet customer demands and increase accountability in
the cold chain.
The company has been in operation since April 2022, after acquiring
a 60-year-old operation. In May 2023, Artico transitioned to a new
warehouse management system, which did not operate as expected. The
transition disrupted operations, resulting in shipping delays and
errors and eventually the loss of several customers. Artico
estimates revenues declined by about 60% during this period. The
company has been diligently working to recover and restore business
operations but recovery has been slower than hoped.
Artico filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-04371) on March 26,
2024, with $1 million to $10 million in both assets and
liabilities.
Judge Deborah L. Thorne presides over the case.
William J. Factor, Esq., represents the Debtor as legal counsel.
AXALTA COATING: S&P Alters Outlook to Positive, Affirms 'BB' ICR
----------------------------------------------------------------
S&P Global Ratings revised its outlook to positive from stable on
Axalta Coating Systems Ltd. At the same time, S&P affirmed the 'BB'
issuer credit rating on the company.
S&P said, "The positive outlook reflects our view that there is at
least a one-in-three chance the company will demonstrate a
financial policy that continues to support credit metrics that are
strong for the rating. We expect global macroeconomic demand will
continue to improve, combined with Axalta's cost-cutting measures
and continued debt paydown, enhancing its performance and credit
measures. At the same time we believe management could take steps
to support a higher rating."
Axalta Coating Systems Ltd.'s year-over-year performance continues
to improve despite soft macroeconomic conditions.
S&P said, "We expect Axalta's performance to continue to increase
in the next couple years supported by a gradually strengthening
macroeconomic environment as interest rates begin to come down.
Looking ahead, we anticipate the company to continue its growth
trajectory, building on its recent successes, particularly in the
Refinish and Light Vehicle segments. Moreover, we believe Axalta
could see additional growth from new business wins, especially in
the Chinese and Latin American markets." The company's better
operating results in 2024 are supported by an expansion in adjusted
EBITDA margins, resulting from lower variable costs, contributions
from acquisitions, and reduced operating expenses due to
transformation actions implemented earlier in the year.
Furthermore, Axalta saw significant new business wins in the
refinish segment, gaining over 2,100 net new body shops and
expanding its position in the economy segment through the
CoverFlexx acquisition. This was partially offset by high interest
rates that reduced consumer spending on repairs. Moreover, while
Axalta has managed to keep costs down, it has faced challenges
related to raw material pricing and contract impacts. The
pricing-mix decline of 1% in the quarter indicates that positive
pricing actions were offset by raw material pass-throughs and
unfavorable mix dynamics. With the approach of the fourth quarter,
S&P anticipates seasonal downturns typical in the automotive
industry, along with external factors such as geopolitical
uncertainties that can create additional market instability.
Despite these challenges, Axalta has remained focused on executing
its A Plan and capitalizing on new business opportunities, such as
acquisitions and product innovations. Over the past couple of
years, Axalta has continued to increase total EBITDA levels and
margins and as a result the company has strengthened its S&P
adjusted credit measures.
Axalta maintains one of the largest market positions in coatings
for the auto original equipment manufacturer (OEM) and refinish
markets, as well as in transportation and industrial applications.
Its favorable competitive position reflects its large market
shares, global presence, and track record of technological
innovation. Although Axalta has substantially less top-line revenue
than its industry peers, such as PPG Industries and Akzo Nobel
N.V., its EBITDA margins are moderately stronger.
S&P expects Axalta's credit measures will be strong for the current
rating.
Over the past nine months, Axalta voluntarily paid down $75 million
of the outstanding principal amount of the 2029 U.S. dollar term
loans and engaged in a repricing action, lowering the interest rate
by 50 basis points to SOFR + 2%. Additionally, the company is
currently in the market to potentially lower the interest rate by
another 25 basis points. As part of its CoverFlexx acquisition,
Axalta borrowed $185 million on the newly upsized $800 million
revolving credit facility. As of Sept. 30, 2024, the company had
repaid $80 million of the outstanding borrowings. S&P said, "We
anticipate Axalta will continue to generate strong cash flows and
reduce debt. Axalta has a comfortable debt maturity profile, with
no material debt maturities before 2027. With these initiatives,
combined with a gradually improving global macroeconomic
environment, we now expect Axalta's S&P adjusted credit metrics
such as funds from operations (FFO) to debt to be between 20%-25%
over the next couple years, a level that we consider high for the
current rating."
S&P said, "The positive rating outlook on Axalta reflects our
belief that its credit measures could exceed what we expect for the
'BB' rating, with weighted average FFO to debt between 20%-25%. We
assume the company will not engage in large share buybacks or
pursue debt-funded acquisitions. We also believe it will maintain a
financial policy that supports the current rating. Our outlook
reflects the possibility that the company would continue to support
strengthened credit metrics in the future."
S&P could revise the outlook back to stable on Axalta over the next
year if:
-- The broader economy or auto industry did not recover as fast as
S&P anticipates, causing its FFO to debt to weaken below 20%
without prospects for improvement; or
-- The company used substantial debt or depleted its cash
balances, by either offering significant shareholder rewards or
pursuing a sizable acquisition, or its liquidity deteriorated such
that we believed its cash sources would not exceed its uses by more
than 1.2x.
S&P could raise our ratings on Axalta over the next couple of
quarters if:
-- It improved its business risk profile, particularly by
strengthening its competitive position and achieving moderately
higher EBITDA margins. This could occur if the company increased
its end-market diversity or permanently improved its cost position;
or
-- Maintained weighted-average FFO to debt greater than 20% for a
sustained period; and
-- Pursued its strategy of supplementing organic growth with
acquisitions while maintaining these credit measures.
BIG LOTS: Aims to Include Claims Against Executives in Asset Sale
-----------------------------------------------------------------
Rick Archer of Law360 reports on November 21, 2024, discount
retailer Big Lots requested approval from a Delaware bankruptcy
judge for a $760 million asset sale to a private equity group,
seeking to overrule creditor objections including potential
litigation claims against company insiders in the deal.
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: Nexus Capital Gets Approval to Acquire Chain Out of Ch.11
-------------------------------------------------------------------
Jonathan Randles and Steven Church of Bloomberg News report that
Nexus Capital Management has been granted court approval to acquire
the bankrupt retailer Big Lots Inc., following the absence of any
higher bids at the auction.
In a court hearing on Friday, November 22, 2024, Judge J. Kate
Stickles endorsed the deal, which is supported by $765 million in
financing secured by the private equity firm, the report relates.
She overruled objections from shareholders and lower-tier creditors
who sought more time to examine possible claims against senior
lenders, the report relays.
According to Bloomberg, the sale ensures Big Lots will remain
operational, safeguarding jobs and providing ongoing benefits to
creditors who can continue business with the retailer.
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.
BYJU'S ALPHA: Founder Accused of Attempting to Use Loan Funds
-------------------------------------------------------------
Steven Church of Bloomberg News reports that the founder of the
bankrupt Indian tech company Byju's is accused of attempting to use
loan funds, which he allegedly hid from U.S. lenders, to secretly
repurchase a software company that had been seized by an American
trustee, according to a new court filing.
Byju Raveendran has been trying to regain control of his troubled
education technology empire, which is under court supervision in
both India, where the parent company is based, and the U.S., where
some of its key assets are located, as outlined in a court
declaration by Nebraska businessman William R. Hailer, the report
relays.
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.
BYJU'S ALPHA: Founder Told Ally to Leave US to Evade Testimony
--------------------------------------------------------------
Steven Church of Bloomberg News reports that Byju Raveendran, the
founder of Indian tech company Byju's, allegedly urged a Nebraska
businessman to leave the US to avoid testifying in federal court
about questionable activities he observed while working with the
executive. The businessman, William R. Hailer, disclosed this
during a court hearing on November 21, 2024, the report relates.
According to Hailer, Raveendran sent him a plane ticket to Dubai
just two days before he was scheduled to testify about Raveendran's
efforts to reclaim control of portions of Byju's education business
that had been placed under the management of a court-appointed
trustee, the report states.
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.
BYJU’S ALPHA: Founder Accused of Using Funds to Regain Control
----------------------------------------------------------------
Steven Church of Bloomberg News reports that Byju's founder, whose
Indian tech company has declared bankruptcy, allegedly used
concealed loan proceeds to secretly attempt a buyback of a software
firm taken over by a U.S. trustee, according to a recent court
filing.
Byju Raveendran has been striving to reclaim control of his
faltering edtech empire, which is under court supervision in India,
where the parent company is based, and in the U.S., home to several
of its key subsidiaries, as detailed in a declaration by Nebraska
businessman William R. Hailer, the report relates.
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.
CARE PAVILION: Seeks Chapter 11 Bankruptcy Protection
-----------------------------------------------------
The Daily Item reports that Care Pavilion LLC, a Philadelphia-based
operator of eight facilities in Pennsylvania with over 1,700 beds,
has filed for Chapter 11 bankruptcy in the Western District of
Pennsylvania, according to federal court documents.
The company also owns four facilities in Philadelphia, one in York,
and a 467-bed location in Royersford. Its properties include Milton
Nursing and Rehabilitation, with 138 beds, and Watsontown Nursing
and Rehabilitation, with 125 beds, the report states.
According The Daily Item, bankruptcy filing identifies at least 200
creditors, including nine with unsecured claims exceeding $1
million. Among the 30 largest unsecured creditors is Sunset
Staffing LLC of Sunbury, which is owed $395,000. Other local
creditors include the Milton Regional Sewer Authority, Pennsylvania
American Water, PennTeledata, PPL Electric Utilities, and
Watsontown Borough.
About Care Pavilion Operating LLC
Care Pavilion Operating LLC, doing business as Care Pavilion Walnut
Park, is a Philadelphia-based operator of nursing homes.
Care Pavilion LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Pa. Case No. 24-70473) on November 18,
2024. In its petition, the Debtor reports estimated assets and
liabilities between $10 million and $50 million each.
Honorable Bankruptcy Judge Jeffery A. Deller handles the case.
The Debtor is represented by:
Mark A. Lindsay
Raines Feldman Littrell LLP
11 Stanwix Street
Suite 1400
Pittsburgh, PA 15222
412-752-7796
Email: mlindsay@raineslaw.com
Sarah Elizabeth Wenrich
Raines Feldman Littrell LLP
11 Stanwix St
Suite 1100
Pittsburgh, PA 15222
412-899-6458
Email: swenrich@raineslaw.com
CARIBBEAN GRILL: Gets Court Nod to Use Cash Collateral Until Dec. 3
-------------------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida
granted Caribbean Grill & Roti Shop, Inc. interim authorization to
use cash collateral through Dec. 3.
The company was authorized to use cash collateral for specific
expenses, including quarterly payments to the U.S. trustee and
other necessary operational costs as outlined in its projected
budget.
The company's projected budget shows total operating expenses of
$37,319 for October, November and December.
Secured creditors will be granted replacement liens on cash
collateral to the same extent and with the same validity and
priority as their pre-bankruptcy liens.
The next hearing will take place on Dec. 3.
About Caribbean Grill & Roti Shop
Caribbean Grill & Roti Shop, Inc. sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-03776)
on July 23, 2024, with up to $100,000 in assets and up to $500,000
in liabilities.
Judge Lori V. Vaughan presides over the case.
Jeffrey Ainsworth, Esq., at Bransonlaw, PLLC represents the Debtor
as bankruptcy counsel.
CARROLLTON GATEWAY: Files Chapter 11 Bankruptcy in Texas
--------------------------------------------------------
On November 5, 2024, Carrollton Gateway Development Partners LLC
filed Chapter 11 protection in the Northern District of Texas.
According to court filing, the Debtor reports between $1 million
and $10 million in debt owed to 1 and 49 creditors. The petition
states funds will be available to unsecured creditors.
A meeting of creditors under Sec. 341(a) to be held on December 16,
2024 at 10:00 AM.
About Carrollton Gateway Development Partners LLC
Carrollton Gateway Development Partners LLC is engaged in
activities related to real estate.
Carrollton Gateway Development Partners LLC sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No.
24-33585) on November 5, 2024. In the petition filed by Dennis M.
Holmgren, as Manager of Urban Planning Partners, LLC, the Debtor
reports estimated assets between $10 million and $50 million and
estimated liabilities between $1 million and $10 million.
The Debtor is represented by:
Dennis M. Holmgren, Esq.
HOLMGREN JOHNSON: MITCHELL MADDEN, LLP
12801 North Central Expressway, Suite 140
Dallas, Texas 75243
Tel: 972-484-7780
Email: dennis@hjmmlegal.com
COMMSCOPE HOLDING: No Agreement Reached on Refinancing Proposals
----------------------------------------------------------------
CommScope Holding Company, Inc. has included in its Current Report
on Form 8-K filed with the U.S. Securities and Exchange Commission
certain proposals previously exchanged between the Company and
members of an ad hoc group of creditors of the Company during the
course of discussions relating to a potential refinancing and/or
recapitalization transaction involving the Company and its
outstanding indebtedness.
The Company and the applicable members of the Ad Hoc Group have not
reached an agreement on the material terms of a Transaction, and
negotiations between the Company and members of the Ad Hoc Group
relating to a Transaction are not currently continuing. This public
disclosure of the Proposals is made pursuant to the terms of
certain confidentiality agreements the Company entered into with
certain members of the Ad Hoc Group.
(a) 2025 Refinancing Proposal;
(b) Senior Secured Term Loan due 2026 Proposal; and
(c) Senior Secured Notes due 2026 Proposal.
The Company and the applicable members of the Ad Hoc Group have not
reached an agreement on the material terms of a Transaction, and
negotiations between the Company and members of the Ad Hoc Group
relating to a Transaction are not currently continuing. This public
disclosure of the Proposals is made pursuant to the terms of
certain confidentiality agreements the Company entered into with
certain members of the Ad Hoc Group.
The Company believes that the proposals that it advanced in the
course of its discussions with the Ad Hoc Group were constructive
and that a Transaction would be value-maximizing for the Company as
a whole and in the best interests of all of the Company's
stakeholders. Each of the Company's proposals to the Ad Hoc Group
focused on addressing the Company's debt maturing in 2025 and 2026
and either expressly contemplated the Company and the Ad Hoc Group
reaching an agreement to comprehensively address and deleverage the
Company's entire debt capital structure, including the Company's
notes that mature in 2027, 2028 and 2029, or maintaining
flexibility to achieve that goal. The Company is actively pursuing
other alternatives available to it to address upcoming debt
maturities and achieve its deleveraging objectives. It remains in
active and constructive discussions with creditors that are not a
part of the Ad Hoc Group focused on positioning it to achieve those
objectives and may in the future re-engage in discussions with
members of the Ad Hoc Group regarding a Transaction.
The Proposals were prepared solely to facilitate a discussion with
the parties to the NDAs and was not prepared with a view toward
public disclosure, and the Proposals should not be relied upon to
make an investment decision with respect to the Company. The
Proposals should not be regarded as an indication that the Company
or any third party considers the Proposals to be material
non-public information or a reliable prediction of future events,
and the Proposals should not be relied upon as such. Neither the
Company nor any third party makes any representation to any person
regarding the accuracy or completeness of any of the information
contained in any Proposal or undertakes any obligation to update
any Proposal to reflect circumstances existing after the date when
such Proposal was prepared or conveyed or to reflect the occurrence
of future events, even if any or all of the assumptions underlying
any such Proposal becomes or is shown to be incorrect.
A copy of the proposals is available at:
https://tinyurl.com/2d5j6dcs
About CommScope Holding
Headquartered in Hickory, North Carolina, CommScope Holding
Company, Inc. -- https://www.commscope.com/ -- is a global provider
of infrastructure solutions for communication, data center, and
entertainment networks. The Company's solutions for wired and
wireless networks enable service providers, including cable,
telephone, and digital broadcast satellite operators, as well as
media programmers, to deliver media, voice, Internet Protocol (IP)
data services, and Wi-Fi to their subscribers. This allows
enterprises to experience constant wireless and wired connectivity
across complex and varied networking environments.
CommScope reported a net loss of $1.45 billion in 2023, a net loss
of $1.28 billion in 2022, a net loss of $462.6 million in 2021, and
a net loss of $573.4 million in 2020.
* * *
As reported by the TCR on Nov. 22, 2023, S&P Global Ratings lowered
its Company credit rating on CommScope to 'CCC' from 'B-' and
removed the ratings from CreditWatch with negative implications,
where they were placed on Oct. 31, 2023. S&P revised the outlook to
negative. The negative outlook reflects S&P's view that CommScope's
expected weak financial performance, with leverage above the 10x
area and low FOCF generation in 2023 and 2024, will increase the
risk of a distressed exchange or buyback within the next 12 months
to address upcoming maturities.
As reported by the TCR on March 15, 2024, Moody's Ratings
downgraded CommScope's ratings, including the corporate family
rating to Caa2 from B3. The ratings downgrade primarily reflects
the increasing risk of a capital restructuring, including a
distressed exchange of some or all of the company's debt, with
maturities approaching, including the company's senior notes in
June 2025 and secured debt in March and April of 2026.
CONTAINER STORE: Working With FTI for Operational Assistance
------------------------------------------------------------
Reshmi Basu and Jill R. Shah of Bloomberg News report that The
Container Store Group Inc., a retailer specializing in storage and
organizational products, is working with FTI Consulting Inc. for
operational support, according to sources familiar with the matter
who requested anonymity.
The company has been struggling with declining liquidity in a
challenging retail landscape, the report relates. On November 21,
2024, The Container Store disclosed in a regulatory filing that it
is in advanced negotiations with lenders to secure additional
capital in an effort to restore its earnings and growth potential,
the report relays.
Representatives for both The Container Store and FTI declined to
comment.
According to Bloomberg News, this disclosure comes amid discussions
of a potential rescue financing deal.
About The Container Store Group Inc.
The Container Store Group, Inc. is a holding company, of which a
majority stake was purchased by Leonard Green and Pa that operates
a specialty retail chain company that operates "The Container
Store," which offers storage and organization products, and custom
closets.
D&J POOL PREP: Gets Interim OK to Use Cash Collateral
-----------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida has
granted D&J Pool Prep Corp. an interim order to use cash
collateral.
The use of cash collateral will follow an approved budget, with a
10% variance allowed.
The budget shows projected gross expenses of $388,647.27 for
November.
As adequate protection to secured creditors, the company was
ordered to make monthly payments of $6,728.06 to Caterpillar;
$1,773.99 to Deere & Company; $1,074.93 to First Citizens Bank; and
$837.98 to CNH Industrial.
About D&J Pool Prep
D&J Pool Prep Corp. sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-02922), with $50,001
to $100,000 in assets and $500,001 to $1 million in liabilities.
Judge Tiffany P. Geyer presides over the case.
Chad Van Horn, Esq., at Van Horn Law Group P.A. serves as the
Debtor's bankruptcy counsel.
DIGITAL ALLY: Secures $3M in Senior Secured Notes Private Placement
-------------------------------------------------------------------
Digital Ally, 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 certain institutional
investors, pursuant to which the Company agreed to issue and sell
to such Purchasers, in a private placement transaction:
(i) senior secured promissory notes in aggregate principal
amount of $3,600,000, and
(ii) 808,377 shares of the Company's common stock, par value
$0.001 per share, for aggregate gross proceeds of approximately
$3.0 million, before deducting placement agent fees and other
offering expenses payable by the Company. The Private Placement
closed on November 7, 2024.
Pursuant to the Securities Purchase Agreement, the Company is
required to use approximately $2,015,623 of the net proceeds from
the Private Placement to pay, in full, all liabilities, obligations
and indebtedness owing by the Company and its subsidiary, Kustom
Entertainment, Inc., to Mosh Man, LLC, in respect of that certain
promissory note and note purchase agreement and related documents
by and among the Borrowers and the Lender.
The Company's full repayment of the outstanding obligations under
the Mosh Man Note will effectively terminate the public sale
process of the collateral securing the Borrowers' obligations
thereunder, which sale process was disclosed by the Company in a
Current Report on Form 8-K filed by the Company on October 28, 2024
and again November 4, 2024.
The Company anticipates that the remaining net proceeds from the
Private Placement after repayment of the Mosh Man Note, and after
deducting placement agent fees and other offering expenses, will
meet the Company's capital needs for approximately three months,
subsequent to which the Company anticipates that it will need to
raise additional funds to implement its business plan and to
service its ongoing operations. The Company also anticipates
pursuing the sale of its video solutions business in the short
term.
Pursuant to the Securities Purchase Agreement, the Company shall
file within 30 days of the Closing Date a registration statement
with the U.S. Securities and Exchange Commission for a public
offering, and use its reasonable best efforts to pursue and
consummate a financing transaction within 90 days of the Closing
Date. The proceeds of the public offering shall be used as set
forth in the registration statement, including the repayment of the
principal amounts of the Notes. The Company shall also file within
30 days of the Closing Date a registration statement on Form S-1
(or other appropriate form if the Company is not then S-1 eligible)
providing for the resale by the Purchasers of the Shares issued
under the Securities Purchase Agreement. The Company shall use
commercially reasonable efforts to cause such registration
statement to become effective within 60 days following the filing
thereof and to keep such registration statement effective at all
times until no Purchaser owns any Shares.
Furthermore, pursuant to the Securities Purchase Agreement, within
five days of the signing the Securities Purchase Agreement:
(i) the Company's board of directors shall approve an
amendment to the Company's bylaws setting the quorum required for a
special meeting of stockholders to one-third of all stockholders
entitled to vote at such special meeting and
(ii) the Company shall file with the SEC a preliminary proxy
statement on Schedule 14A announcing a meeting of stockholders for
the purpose of approving the Series A and Series B warrants issued
by the Company on June 25, 2024.
Senior Secured Promissory Notes
The Notes will mature 90 days following their issuance date, and
shall accrue no interest unless and until an Event of Default has
occurred, in which case interest shall accrue at a rate of 14% per
annum during the pendency of such Event of Default. In addition,
upon customary Events of Default, the Purchasers may require the
Company to redeem all or any portion of the Notes in cash with 125%
redemption premium. The Purchasers may also require the Company to
redeem all or any portion of the Notes in cash upon a Change of
Control, as defined in the Notes, at the prices set forth therein.
Upon a Bankruptcy Event of Default, the Company shall immediately
pay to the Purchasers an amount in cash representing 100% of all
outstanding principal, accrued and unpaid interest, if any, in
addition to any and all other amounts due under the Notes, without
the requirement for any notice or demand or other action by the
Purchaser or any other person.
If the Company engages in one or more subsequent financings while
the Notes are outstanding, the Company will be required to use at
least 100% of the gross proceeds of such financing to redeem all or
any portion of the Notes outstanding. The Company may also prepay
the Notes in whole or in part at any time or from time to time. The
Notes also contain customary representations and warranties and
covenants of each of the parties. Subject to certain exceptions,
the Notes are secured by a first lien and continuing security
interest in and to the Collateral.
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.
DISH NETWORK: DirecTV to Cancel Acquisition After Bondholders Balk
------------------------------------------------------------------
Kelcee Griffis and Reshmi Basu of Bloomberg News reports that
DirecTV has informed EchoStar Corp. of its decision to cancel the
acquisition of Dish Network Corp. after failing to secure
bondholder approval for a critical debt exchange, effectively
ending the plan to create the largest pay-TV service in the U.S.
According to Bloomberg News, DirecTV, which had warned earlier this
month that it would terminate the deal without a resolution on the
debt, confirmed it had sent formal notice to EchoStar. As of
November 21, 2024, evening, Dish had not initiated new talks with
bondholders in an attempt to salvage the deal, according to a
source familiar with the situation.
About DISH Network Corporation
DISH Network Corporation is a holding company that operate two
primary business segments namely Pay-TV and wireless the latter of
which consists of retail wireless and 5G network deployment.
DODGE CONSTRUCTION: S&P Downgrades Issuer Credit Rating to 'SD'
---------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Dodge
Construction Network LLC to 'SD' (selective default) from 'CCC+'
and its issue-level ratings on the company's first- and second-lien
term loans to 'D' from 'CCC+' and 'CCC-', respectively.
On Nov. 14, 2024, Dodge Construction Network LLC announced a
restructuring transaction with most of its lenders to infuse
capital into the business and reduce the company's interest
expense. The remaining first- and second-lien lenders that did not
participate in the completed transaction have until Nov. 22, 2024
to do so or their holdings will be subordinated to the exchange
term loans with stripped covenants. The restructuring follows an
extended period of negative cash flow generation and tightening
liquidity.
S&P said, "We consider Dodge's refinancing transaction distressed
and tantamount to default due to the company's tight liquidity and
existing term loan lenders receiving less than originally promised.
Dodge completed the first step in a two-step credit agreement
amendment transaction with its most of its creditors. The initial
transaction raised $100 million of new capital in a new first-lien,
first-out term loan from a group of existing first-lien term loan
lenders, which was used to provide net liquidity of about $50
million and cover fees and expenses. This group of first-lien
lenders, along with remaining first-lien lenders that participate
in the second step of the transaction, will also roll $100 million
of their existing holdings at a discount into that loan with the
remaining exchanging into a new first-lien, second-out term loan.
While these lenders received an amendment fee, we view the discount
as less than originally promised."
Participating second-lien lenders will also receive less than
originally promised because they agreed to switch to PIK interest
payments from cash payments with the ability to revert to cash
payments in the future if certain conditions are met. These lenders
were also effectively deprioritized into third-lien status that
ranks junior to the first-lien, first-out term loan and first-lien,
second-out term loan.
The second and final step in the transaction is determining
participation of the remaining existing first- and second-lien
lenders, which is expected by Nov. 22, 2024. Nonparticipating
lenders will effectively be subordinated to fourth- and fifth-lien
status to the new facilities, with stripped covenants.
S&P said, "We will reassess our ratings on Dodge and assign
issue-level ratings to the new debt once the transaction closes and
we have sufficient information to evaluate the company's revised
capital structure and performance prospects. We expect to receive
credit agreements for the new first- and second-lien term loans
once the company determines final participation levels in the
exchange. Once the final restructuring transaction is completed, we
may increase our issuer credit rating on the company back to 'CCC+'
because the transaction will improve its liquidity with proceeds
from the capital raise, and we expect cash flow to improve with the
PIK payments on the second-lien term loan. Still, Dodge has not yet
developed a track record of stable operating performance and cash
flow generation. Additional upside to the 'B-' rating would depend
on our confidence in Dodge's ability to improve profitability and
decrease leverage while generating positive free operating cash
flow."
DRF LOGISTICS: Chapter 11 Plan Faces Creditor Opposition Setback
----------------------------------------------------------------
Yun Park of Law360 Bankruptcy Authority reports that a Texas
bankruptcy judge delayed a decision on the Chapter 11 plan for
Pitney Bowes' former e-commerce unit until after the U.S. trustee
and Trilogy Leasing Co. LLC, the debtor's longstanding equipment
finance and leasing partner, raised concerns over liability
releases.
About DRF Logistics
Headquartered in Austin, Texas, DRF Logistics, LLC and DRF, LLC are
providers of domestic ecommerce parcel services, as well as
cross-border logistics services, operating approximately $35
billion in total addressable market and working with over 350
customer brands, including leading retailers and marketplaces. The
Debtors' domestic parcel services include delivery, returns,
underlying client and consumer-facing software. The Debtors'
cross-border services include modular delivery solutions to over
200 destinations.
DRF Logistics and DRF filed their voluntary petitions for relief
under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Lead
Case No. 24-90447) in August 8, 2024, listing $100 million to $500
million in both assets and liabilities. The petitions were signed
by Eric Kaup as chief restructuring officer.
Judge Christopher M Lopez presides over the case.
Gabriel Adam Morgan, Esq., at Weil, Gotshal & Manges LLP, is the
Debtors' counsel.
DT MIDSTREAM: S&P Alters Outlook to Positive, Affirms 'BB+' ICR
---------------------------------------------------------------
S&P Global Ratings revised its outlook on DT Midstream Inc. (DTM)
to positive from stable. At the same time, S&P affirmed its 'BB+'
issuer credit rating on the company. S&P also affirmed its 'BBB-'
issue-level rating on its senior secured notes, and 'BB+'
issue-level rating on its existing senior unsecured notes. S&P's
recovery ratings on the senior secured and senior unsecured debt
remain '1' and '3', respectively.
S&P assigned its 'BBB-' issue-level rating on its proposed $650
million senior secured note issuance associated with the
acquisition.
S&P said, "The positive outlook reflects our expectation that DTM's
business fundamentals will continue to benefit from improving
counterparty profile and growing operating cash flow, as well as
acquiring three operating pipelines from Oneok. At the same time,
we expect DTM will maintain an adjusted debt leverage ratio below
3.5x. We also expect DTM will maintain its current contract
profile, with a high level of contracted assets and low volumetric
risk."
On Nov. 19, 2024, DTM announced $1.2 billion acquisition of three
Federal Energy Regulatory Commission (FERC)-regulated natural gas
pipelines in the Midwest, which S&P views as positive for the
company's long-term credit profile.
S&P said, "We revised the outlook to positive from stable, mainly
driven by DTM's improving leverage profile. Millennium Pipeline
Holdco, a joint venture (JV) subsidiary of DTM and TC Energy Corp.
(BBB+/Negative/--) has closed its $800 million debt financing, with
the proceeds used for dividend distribution to its JV owners.
Following the transaction, DTM used its share of the proceeds to
pay down its existing $399 million Term Loan facility. On Nov. 19,
2024, DTM announced $1.2 billion acquisition of three
FERC-regulated natural gas pipelines in the Midwest. To fund the
transaction, the company will issue a new $650 million senior
secured note, draw $150 million from its revolving credit facility,
and issue $400 million common equity issuance. We expect the
acquisition, coupled with DTM's organic operational growth, will
contribute to increasing EBITDA in 2025 onward. All above
activities, in our view, will improve DTM's credit metrics in the
next few years. We expect DTM's S&P Global Ratings-adjusted
leverage will be 3.2x in 2025 and 3.0x in 2026."
The positive outlook also reflects the improved counterparty
profile, driven by the recently formed Expand Energy. DTM's largest
customer, Expand Energy (EXE, BBB-/Stable/--), represents about
half of its revenues. EXE is the consolidated entity, resulting
from the merger of Southwestern Energy, the former customer of DTM,
and Chesapeake Energy. On Oct. 1, 2024, S&P Global Ratings raised
the rating on the combined entity to 'BBB-', with a stable outlook.
The positive outlook reflects S&P Global Ratings' expectation that
DTM's business fundamentals will continue to benefit from improving
counterparty profile and growing operating cash flow, as well as
acquiring three operating pipelines from Oneok. S&P said, "At the
same time, we expect DTM will maintain an adjusted debt leverage
ratio below 3.5x over the long term. We also expect DTM will
maintain its current contract profile, with a high level of
contracted assets and low volumetric risk."
S&P said, "We could revise the outlook to stable if we expect
adjusted debt leverage will be elevated above 4x. This could occur
if management were to revise its financial policies, to make
primarily debt-financed transactions, or if cash flow were
significantly weaker than expected.
"We could consider raising the rating once the Oneok transaction
closes and we do not see integration risk stemmed from the
transaction, and DTM sustaining its debt leverage below 3.5x."
DW TRUST: Seeks Permission to Use Cash Collateral
-------------------------------------------------
DW Trust Investments, LLC asked the U.S. Bankruptcy Court for the
Central District of California, Los Angeles Division, for authority
to use its secured creditors' cash collateral to pay its operating
expenses.
Salas Financial and nine other secured creditors hold liens in
revenues generated from DW Trust's real estate properties in Las
Vegas, Nev., Bothell, Wash., and Bonsall, Calif. These properties
are being used as short-term rentals on Airbnb.
DW Trust proposed to grant secured creditors replacement liens on
all post-petition revenues of the company to the same extent and
with the same priority and validity as their pre-bankruptcy liens.
The company also proposed to make payments to the mortgage holders
on each of the three properties as adequate protection.
Effective Dec. 15, DW Trust will pay $22,528 to Salas Financial and
$8,897 to Terry Brown and Michael Hefner, for the Bonsall property;
$6,128 to Socotra Capital and $3,176 to John DeBetz for the Las
Vegas property; and $6,121 to The Carrington Company and $3,114 to
Truls & Rikke Finabraten for the Bothell property.
The event precipitating DW Trust's Chapter 11 bankruptcy filing was
a scheduled foreclosure sale of the Bonsall property by Salas
Financial. In July, Salas Financial requested $179,096 to reinstate
the loan secured by the property, which DW Trust was unable to pay.
In September, Salas Financial recorded a notice of trustee's sale
for a sale date of Oct. 17. DW Trust filed bankruptcy to stop the
foreclosure of the Bonsall property and reorganize its business
operations.
A court hearing is set for Dec. 4.
About DW Trust Investments
DW Trust Investments, LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 24-18452) on Oct.
16, 2024, with $1 million to $10 million in both assets and
liabilities. The petition was signed by Daryle J. Rutherford as
member of DW Trust.
Judge Sheri Bluebond handles the case.
The Debtor is represented by Michael Jay Berger, Esq., at the Law
Offices of Michael Jay Berger.
ELETSON HOLDINGS: Emerges Debt-Free from Chapter 11 Protection
--------------------------------------------------------------
Eletson Holdings Inc., an international seaborne transportation
company, announced on November 19, 2024, that it has successfully
completed its financial restructuring and emerged from Chapter 11
protection, marking a new beginning with new leadership, new
financial resources and no debt.
Eletson's now effective Plan of Reorganization, proposed and
backstopped by Pach Shemen, is supported by the majority of its
creditors and has been approved by the U.S. Bankruptcy Court for
the Southern District of New York on October 25, 2024.
Adam Spears, the Company's new Chief Executive Officer, stated:
"Today marks an important milestone for Eletson and its
subsidiaries. After successfully completing the Chapter 11 process,
the Company is now in a strengthened financial position and
debt-free. We look forward to being able to focus on the next phase
of Eletson's evolution by enhancing operations and driving
growth."
Mark Lichtenstein, Manager of Pach Shemen, added: "On behalf of
Eletson's creditors, we are pleased to have participated in
delivering this outcome and look forward to continuing to support
and guide the Company during this next chapter."
Eletson also has a new Board of Directors, consisting of the
Company's Chief Executive Officer, Adam Spears, and two new
independent directors, Leonard Hoskinson and Timothy B. Matthews.
About Eletson Holdings
Eletson Holdings Inc. is a family-owned international shipping
company, which touts itself as having a global presence with
headquarters in Piraeus, Greece as well as offices in Stamford,
Connecticut, and London.
At one time, Eletson claimed to own and operate one of the world's
largest fleets of medium and long-range product tankers and boasted
a fleet consisting of 17 double hull tankers with a combined
capacity of 1,366,497 dwt, 5 LPG/NH3 carriers with a combined
capacity of 174,730 cbm and 9 LEG carriers with capacity of 108,000
cbm.
Eletson Holdings, a Liberian company, is Eletson's ultimate parent
company and is the direct parent and owner of 100% of the equity
interests in the two other debtors, Eletson Finance (US) LLC, and
Agathonissos Finance LLC.
Eletson and its two affiliates were subject to involuntary Chapter
7 bankruptcy petitions (Bankr. S.D.N.Y. Case No. 23 10322) filed on
March 7, 2023 by creditors Pach Shemen LLC, VR Global Partners,
L.P. and Alpine Partners (BVI), L.P. The petitioning creditors are
represented by Kyle J. Ortiz, Esq., at Togut, Segal & Segal, LLP.
On Sept. 25, 2023, the Chapter 7 cases were converted to Chapter 11
cases.
The Honorable John P. Mastando, III is the case judge.
Derek J. Baker, Esq., represents the Debtors as bankruptcy
counsel.
The U.S. Trustee for Region 2 appointed an official committee of
unsecured creditors. The committee tapped Dechert, LLP as its legal
counsel.
ENDO INT'L: Trustee Shifting Blame in Opioid Advice, McKinsey Says
-------------------------------------------------------------------
Alex Wolf of Bloomberg Law reports that McKinsey & Co. Inc. has
moved to dismiss a lawsuit filed by a bankruptcy trustee, who is
seeking to hold the firm accountable for advising Endo
International plc on its past opioid sales campaigns. McKinsey
argues that the lawsuit improperly attempts to shift blame for
misconduct, the report relates.
The bankruptcy trust, which is working to recover funds for Endo
creditors, is trying to place responsibility on McKinsey for
actions that have already been attributed to Endo's own executives,
the consulting firm claimed in a filing Thursday, November 21,
2024, with the US Bankruptcy Court for the Southern District of New
York, the report further relates.
About Endo International PLC
Endo International plc (OTC: ENDPQ) is a generics and branded
pharmaceutical company. It develops, manufactures, and sells
branded and generic products to customers in a wide range of
medical fields, including endocrinology, orthopedics, urology,
oncology, neurology, and other specialty areas. On the Web:
http://www.endo.com/
Endo International and certain of its subsidiaries initiated
voluntary prearranged Chapter 11 proceedings (Bankr. S.D.N.Y. Lead
Case No. 22-22549) on Aug. 16, 2022.
On May 25, 2023, Operand Pharmaceuticals Holdco II Limited and
Operand Pharmaceuticals Holdco III Limited each filed a voluntary
Chapter 11 petition also in the U.S. Bankruptcy Court for the
Southern District of New York. On May 31, 2023, Operand
Pharmaceuticals II Limited and Operand Pharmaceutical III Limited
each filed a voluntary Chapter 11 petition also in the Southern
District of New York.
The Company's cases are jointly administered before the Honorable
James L. Garrity, Jr.
Endo initiated the financial restructuring process after reaching
an agreement with a group of its senior debtholders on a
transaction that would substantially reduce outstanding debt,
address remaining opioid and other litigation-related claims, and
best position Endo for the future. This would allow the Company to
advance its ongoing business transformation from a strengthened
financial position to create compelling value for its stakeholders
over the long term.
Endo's India-based entities are not part of the Chapter 11
proceedings. The Company has filed recognition proceedings in
Canada and expects to file similar proceedings in the United
Kingdom and Australia.
The Debtors tapped Skadden, Arps, Slate, Meagher & Flom, LLP as
legal counsel; PJT Partners, LP as investment banker; and Alvarez &
Marsal North America, LLC as financial advisor. Kroll Restructuring
Administration, LLC, is the claims agent and administrative
advisor. A Website dedicated to the restructuring is at
http://www.endotomorrow.com/
Roger Frankel, the legal representative for future claimants in the
Chapter 11 cases, tapped Frankel Wyron LLP and Young Conaway
Stargatt & Taylor, LLP, as legal counsels, and Ducera Partners,
LLC, as investment banker.
EPIC COMPANIES: Seeks Cash Collateral Access Until Feb. 8
---------------------------------------------------------
EPIC Companies Midwest, LLC and affiliates asked the U.S.
Bankruptcy Court for the District of North Dakota for authority to
use cash collateral through Feb. 8 next year.
The companies will use the cash generated from continuing
operations to fund their Chapter 11 administrative expenses,
including post-petition operating expenses while pursuing a
winddown of their businesses.
As set forth in their budget, the companies project that such cash
will be sufficient to fund their expenses.
Bank Forward previously asserted an interest in some or all of the
cash of EPIC Companies Midwest. However, Bank Forward recently
notified the company that the security interest purportedly granted
by the company to the bank expired and that the bank's interest in
the cash collateral terminated.
While adequate protection is no longer an issue, the companies
intend to maintain all insurance and operate so as to preserve the
value of the property of the estates.
About EPIC Companies Midwest
EPIC Companies Midwest, LLC is a real estate investing and
development firm in Minot, N.D.
EPIC and its affiliates filed voluntary Chapter 11 petitions
(Bankr. D.N.D. Lead Case No. 24-30281) on July 8, 2024. Patrick
Finn, chief restructuring officer, signed the petitions.
At the time of the filing, EPIC reported $10 million to $50 million
in both assets and liabilities.
Judge Shon Hastings oversees the cases.
Steven Kinsella, Esq., at Fredrikson & Byron, PA represents the
Debtors as legal counsel.
The U.S. Trustee for Region 12 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
committee is represented by the law firm of Stinson, LLP.
ERIS HARMONIA: To Sell New Port Richey House to Sightseer Marine
----------------------------------------------------------------
Eris Harmonia LLC seeks permission from the U.S. Bankruptcy Court
for the Middle Distrct of Florida, Tampa Division, to sell its
principal asset, a single family home, located at 6121 Bayside
Drive, New Port Richey, Florida.
The Debtor has received an offer for the purchase of substantially
all of its assets in the amount of $730,000, which is more than
sufficient to pay the judgment of Allstate Servicing, Inc., as well
as administrative expenses.
The proposed Buyer is Sightseer Marine Products Inc. and the Debtor
believes that the sale price is commercially reasonable, and
represents a reasonable value for the subject collateral.
The Debtor further asks that it has the authority at closing to pay
the secured judgement of Allstate Servicing, Inc., any documentary
stamps that may be required.
The Debtor also requests that if an objection to sale, or higher
sale price is received by the Debtor or the Clerk of Court during
the Notice Period, that this Court set the objection or higher bid
for hearing on an expedited basis.
About Eris Harmonia LLC
Eris Harmonia sought a petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-04971) on November 2,
2023.
Judge Roberta A. Colton presides over the case.
David W. Steen, Esq,. at David W. Steen, P.A., serves as the
Debtor's legal counsel.
EXELA TECHNOLOGIES: Delisted by Nasdaq; Now Trading on OTC Markets
------------------------------------------------------------------
Exela Technologies, Inc. disclosed in a Form 8-K Report filed with
the U.S. Securities and Exchange Commission that the Nasdaq Stock
Market LLC notified the Company of the Nasdaq Hearings Panel's
decision to delist the Company's common stock and the suspension of
trading of the Company's securities at the open of trading on
November 8, 2024.
As previously reported, on November 13, 2023, the Nasdaq Listing
Qualifications Staff notified the Company that it was in violation
of Nasdaq Listing Rule 5550(b)(2) because the Company's Market
Value of Listed Securities was below the minimum requirement of $35
million for 30 consecutive business days and the Company failed to
satisfy any of the alternative requirements set forth in Nasdaq
Listing Rule 5550(b).
The Company appeared before the Panel on July 2, 2024. At the
hearing, the Company's senior management and outside advisors
outlined the Company's compliance plan for the Panel, which
included the Company's plans to regain compliance with the
requirements set forth in Nasdaq Listing Rule 5550(b). The Panel,
after an extension period, granted the Company until November 1,
2024, to regain compliance. As of November 1, 2024, the Company had
not regained compliance with the MVLS Rule or any other requirement
set forth in Nasdaq Listing Rule 5550(b).
In connection with the Nasdaq delisting notice, Nasdaq will
complete the delisting by filing a Form 25 Notification of
Delisting with the U.S. Securities and Exchange Commission after
applicable appeal periods have lapsed. In the interim, the
Company's common stock trades under its current trading symbol
"XELA" on the OTC Markets system effective November 8, 2024.
=
About Exela Technologies
Headquartered in Irving, Texas, Exela Technologies, Inc. --
http://www.exelatech.com/-- is a business process automation (BPA)
company, leveraging a global footprint and proprietary technology
to provide digital transformation solutions enhancing quality,
productivity, and end-user experience. With decades of experience
operating mission-critical processes, Exela serves a growing roster
of more than 4,000 customers throughout 50 countries, including
over 60% of the Fortune 100. Utilizing foundational technologies
spanning information management, workflow automation, and
integrated communications, Exela's software and services include
multi-industry, departmental solution suites addressing finance and
accounting, human capital management, and legal management, as well
as industry-specific solutions for banking, healthcare, insurance,
and the public sector. Through cloud-enabled platforms, built on a
configurable stack of automation modules, and approximately 13,600
employees operating in 20 countries, Exela rapidly deploys
integrated technology and operations as an end-to-end digital
journey partner.
Iselin, New Jersey-based EisnerAmper LLP, the Company's auditor
since 2023, issued a "going concern" qualification in its report
dated April 3, 2024, citing that the Company has experienced
recurring losses, has a working capital deficit and stockholders'
deficit, and significant future required cash payments for interest
under its long-term debt obligations that raise substantial doubt
about its ability to continue as a going concern.
FIRST COAST ROLL OFFS: Gets OK to Use Cash Collateral
-----------------------------------------------------
First Coast Roll Offs, LLC received third interim approval from the
U.S. Bankruptcy Court for the Middle District of Florida to use the
cash collateral of the U.S. Small Business Administration.
The company was authorized to use cash collateral to fund
operations and pay necessary expenses but not pre-bankruptcy debts
or insider payments without further court approval.
As adequate protection, SBA will be granted a replacement lien on
cash, receivables, and post-petition assets and will receive a
monthly payment of $3,500.
The company's authorization to use cash collateral will terminate
if certain events occur, such as case conversion to Chapter 7,
cessation of business operations, or relief from the automatic
stay.
A final hearing on the use of cash collateral will take place on
Dec. 3.
About First Coast Roll Offs
First Coast Roll Offs, LLC is a waste management company based in
St. Augustine, Fla., specializing in providing roll-off dumpster
rental services.
First Coast Roll Offs filed a petition under Chapter 11, Subchapter
V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-02476) on
August 19, 2024, with total assets of $1,717,750 and total
liabilities of $2,613,527. L. Todd Budgen, Esq., a practicing
attorney in Longwood, Fla., serves as Subchapter V trustee.
Judge Jacob A. Brown oversees the case.
Bryan K. Mickler, Esq., at the Law Offices of Mickler & Mickler,
LLP is the Debtor's bankruptcy counsel.
FRANCHISE GROUP: Lenders Want to End Co.’s Chapter 11 Rights
--------------------------------------------------------------
Jeff Montgomery of Law360 reports that the lenders of the bankrupt
Franchise Group Inc., including Pacific Investment Management Co.
and Irradiant Partners, have urged a Delaware bankruptcy judge to
lift the Chapter 11 exclusivity restrictions for the holdco debtor.
They argue that doing so would provide the best path to resolve the
complex "Gordian knot" that is entangling all their claims, the
report states.
About Franchise Group Inc.
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.
FRANCHISE GROUP: PIMCO Seeks to Reduce Bankruptcy Protections
-------------------------------------------------------------
Alex Wolf of Bloomberg Law reports that Pacific Investment
Management Co. and private equity firm Irradiant Partners LP have
intensified their opposition to Franchise Group Inc.'s
restructuring efforts, requesting a judge to revoke key bankruptcy
protections for the B. Riley Financial-backed company.
As junior lenders owed over $600 million in Franchise Group's
Chapter 11 case, Pimco and Irradiant petitioned the US Bankruptcy
Court for the District of Delaware to terminate the company's
exclusive right to propose and solicit restructuring plans, remove
restrictions on creditors' rights outside of bankruptcy, or appoint
a trustee to take over the case, the report relays.
About Franchise Group Inc.
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.
GIRARDI & KEESE: Tom’s Atty Wants New Trial on Competency Claims
-------------------------------------------------------------------
Cara Salvatore of Law360 reports that an attorney for Tom Girardi
argued before a federal judge that the disbarred lawyer is
undeniably mentally incompetent and should receive a new trial on
allegations of defrauding clients of $15 million in settlement
money.
About Girardi & Keese
Girardi and Keese or Girardi & Keese was a Los Angeles-based law
firm founded in 1965 by lawyers Thomas Girardi and Robert Keese. It
served clients in California in a variety of legal areas. It was
known for representing plaintiffs against major corporations.
An involuntary Chapter 7 petition (Bankr. C.D. Cal. Case No.
20-21022) was filed in December 2020 against GIRARDI KEESE by
alleged creditors Jill O'Callahan, Robert M. Keese, John Abassian,
Erika Saldana, Virginia Antonio, and Kimberly Archie.
The petitioners' attorneys:
Andrew Goodman
Goodman Law Offices, Apc
Tel: 818-802-5044
E-mail: agoodman@andyglaw.com
Elissa D. Miller, a member of the firm SulmeyerKupetz, has been
appointed as Chapter 7 trustee for GIRARDI KEESE. The Chapter 7
trustee can be reached at:
Elissa D. Miller
333 South Grand Ave., Suite 3400
Los Angeles, California 90071-1406
Telephone: (213) 626-2311
Facsimile: (213) 629-4520
E-mail: emiller@sulmeyerlaw.com
An involuntary Chapter 7 petition was also filed against Thomas
Vincent Girardi (Case No. 20-21020) on Dec. 18, 2020. The Chapter 7
trustee can be reached at:
Jason M. Rund
Email: trustee@srlawyers.com
840 Apollo Street, Suite 351
El Segundo, CA 90245
GREAT EASTERN: Gets OK to Use Cash Collateral Until Feb. 28
-----------------------------------------------------------
Great Eastern Group, Inc. received interim approval from the U.S.
Bankruptcy Court for the Southern District of Florida, Fort
Lauderdale Division, to use cash collateral through Feb. 28 next
year.
The company requires the use of cash collateral to pay its
operating expenses consistent with prior orders of the court. It
projected total expenses of $121,236 for November, $152,614 for
December, and $144,414 for January 2025.
Veterans Maritime, LLC, CT Corporate, the U.S. Small Business
Administration, Samson MCA LLC, and Gulfmark Americas, Inc. may
assert an interest in the cash collateral.
The adequate protection to be provided to the secured creditors
includes replacement liens on the company's post-petition cash
collateral to the same extent and with the same validity and
priority as their pre-bankruptcy liens.
About Great Eastern Group
Great Eastern Group, Inc., a company in Fort Lauderdale, provides
engineering services to government and commercial sectors in
Florida, Rhode Island, Washington, and Virginia. It specializes in
submarine telecommunications, marine, environmental, and
alternative energy engineering services.
Great Eastern Group sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-15582) on June 4,
2024, with total assets of $1,587,987 and total liabilities of
$13,552,66. Virginia J. Hoffman, president of Great Eastern Group,
signed the petition.
Judge Scott M. Grossman oversees the case.
The Debtor is represented by Brett Lieberman, Esq., at Edelboim
Lieberman, PLLC.
GROWTHWORKS CANADIAN: Updates on CCAA Process and Plans Dissolution
-------------------------------------------------------------------
GrowthWorks Canadian Fund Ltd. provided an update on the proposed
winding-up and dissolution of the GrowthWorks Canadian Fund.
On October 1, 2013, the Fund obtained creditor protection under the
Companies' Creditors Arrangement Act (Canada) pursuant to an
initial order granted by the Ontario Superior Court of Justice. The
Initial Order granted an initial stay of proceedings against the
Fund for a specified period of time. Specifically, the stay of
proceedings stayed certain creditor claims and the exercise of
contractual rights against the Fund. Pursuant to various additional
orders of the Court granted since the date of the Initial Order,
the Fund has obtained multiple extensions of the Stay Period and
stay of proceedings. The current Stay Period expires on December
31, 2024. In this document, the Fund's proceedings under the CCAA
are referred to as the "CCAA Proceedings". FTI Consulting Canada
Inc. has been appointed by the Court as monitor for the CCAA
Proceedings.
Since the commencement of the CCAA Proceedings, the Fund, in
consultation with the Monitor and with the assistance of the Fund's
investment advisor, Crimson Capital Inc., has been primarily
engaged in the orderly disposition of the Fund's remaining venture
assets and the settlement of the Fund's liabilities and
obligations.
On January 19, 2023, the Fund obtained from the Court a
Distribution, Termination and Discharge Order (the "Distribution
Order") under the CCAA. Among other things, the Distribution Order
authorizes the liquidation of the Fund's remaining assets, the
termination of the CCAA Proceedings and the dissolution of the Fund
pursuant to the Canada Business Corporations Act following the
termination of the CCAA Proceedings. A copy of the Distribution
Order is available on the website of the Monitor at:
http://cfcanada.fticonsulting.com/GCFL/.
Proposed Dissolution Date
The Fund, in consultation with the Monitor, proposes to dissolve
the Fund on or about December 31, 2024. However, the Fund, with the
assistance of its investment advisor, is continuing with its
efforts to liquidate the Fund's remaining venture assets and no
final decision has been made by the Fund as to the actual
dissolution date. Completion of the Dissolution is subject to,
among other things, the receipt or satisfaction of all necessary
regulatory approvals and filings. In addition, no decision has been
reached as to whether the Fund will make any final cash
distribution to holders of Class A shares of the Fund on or prior
to the Dissolution. If the Fund determines to make a final
distribution, holders of Class A Shares would be expected to share
rateably in the distribution proceeds according to the net asset
value of the applicable series of Class A Share, share for share,
in the distribution proceeds, less any applicable withholding taxes
and subject to the terms of the Distribution Order.
The Fund intends to provide a further update as to the details of
the Dissolution in the coming weeks.
Updates to Shareholder Registration Details Prior to the
Dissolution
The Fund maintains a register of its shareholders. Class A Shares
are held in one of two ways:
-- directly by the Class A Shareholder, in which case the Class A
Shares are registered in the name of the shareholder; or
-- indirectly by the Class A Shareholder because the Class A Shares
they own are not registered in their names but instead are
registered in the name of a nominee such as a brokerage firm, bank,
trust company, trustee or administrator of RRSP's, RRIF's, RESP's
and similar plans, including the GrowthWorks-Matrix Retirement
Savings Plan.
Since the commencement of the CCAA Proceedings, it is possible that
changes in the registration details of a Class A Shareholder may
have occurred without those changes being reflected on the Fund's
register of Class A Shareholders, including as a result of Class A
Shares having devolved as a consequence of the death of a Class A
Shareholder.
In order to ensure that any notice or distribution by the Fund to
Class A Shareholders in connection with the Dissolution is properly
given or made, Class A Shareholders and Nominees are encouraged to
submit any changes in registration details since October 1, 2013 to
the Fund's transfer agent, The Investment Administration Solution
Inc., by utilizing the following website administered by IAS on
behalf the Fund: https://www.autonomousinvest.com/gwcf
HAWKEYE ENTERTAINMENT: Plan Exclusivity Extended to April 18, 2025
------------------------------------------------------------------
Judge Martin R. Barash of the U.S. Bankruptcy Court for the Central
District of California extended Hawkeye Entertainment, LLC's
exclusive periods to file a plan of reorganization and obtain
acceptance thereof to April 18, 2025 and June 18, 2025,
respectively.
As shared by Troubled Company Reporter, the Debtor has devoted
significant effort and time on Chapter 11 administration and the
Assumption Motion, which is a critical motion in the case. Since
that time the Debtor has been attempting to focus on discovery
efforts with respect to the Assumption Motion, while also filing
the Adversary Proceeding and addressing the injunctive issues
arising therein, together with Smart Capital's Counterclaims.
The Debtor asserts that assumption of the Lease and Sublease are
material to the Debtor's successful reorganization. Therefore, the
Debtor timely moved to assume the Lease and Sublease by filing the
Assumption Motion on December 19, 2023, significantly in advance of
the expiration of the initial 120-day deadline imposed under
Section 365(d)(4) of the Bankruptcy Code. Contemporaneously with
the filing of the Assumption Motion, the Debtor filed the Section
365(d)(3) Motion.
The Debtor further asserts that the issues relating to the
nonmonetary defaults asserted by the Landlord, and contested by the
Debtor, are complex and need to be resolved as part of both the
Assumption Motion and now the Counterclaims in the Adversary
Proceeding. The Debtor is proceeding to resolve the Lease and
Sublease issues before the Court as expeditiously as reasonably
possible under the circumstances.
Hawkeye Entertainment, LLC, is represented by:
Sandford L. Frey, Esq.
Lori A. Schwartz, Eq.
Leech Tishman Robinson Brog, PLLC
200 South Los Robles Avenue, Suite 300
Pasadena, CA 91101
Tel: (212) 603-6300
Fax: (212) 956-2164
Email: sfrey@leechtishman.com
About Hawkeye Entertainment
Hawkeye Entertainment, LLC, sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 23-11501) on
Oct. 18, 2023. In the petition signed by Adi McAbian, president of
Saybian Gourmet, Inc., member of Hawkeye, the Debtor disclosed up
to $10 million in both assets and liabilities.
Judge Martin R. Barash oversees the case.
Sandford L. Frey, Esq., at Leech Tishman Fuscaldo & Lampl, LLC, is
the Debtor's legal counsel.
HEARTHSIDE FOOD: Seeks Chapter 11 Bankruptcy to Refinance Debt
--------------------------------------------------------------
Dorothy Ma, Jonathan Randles, and Isabella Farr of Bloomberg News
report that Hearthside Food Solutions, a snack manufacturer
implicated in a child labor scandal last 2023, has filed for
bankruptcy after struggling to refinance its debt.
On November 22, 2024, the privately held company, known for
producing items such as frozen burritos and crackers, filed for
Chapter 11 bankruptcy in Texas, citing assets and liabilities
ranging from $1 billion to $10 billion.
In a statement on Friday, Hearthside announced it had reached a
restructuring agreement with its lenders and equity holders to
"right-size" its balance sheet, the report relates. Hearthside's
restructuring plan aims to reduce over $1.9 billion in debt and
secure $200 million in new equity capital upon exiting bankruptcy,
the report adds.
According to Bloomberg News, the company has requested court
approval for $300 million in debtor-in-possession financing, which
includes $150 million in new funding from current lenders. It
expects to emerge from Chapter 11 in the first quarter, with its
Interbake Canada operations excluded from the proceedings.
About Heartside Food Solutions
Heartside Food Solutions -- https://www.hearthsidefoods.com/-- is a
leader in modern manufacturing and produces some of the world's
most iconic foods from leading brands.
Heartside Food Solutions sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex.) on November 22, 2024. In its
petition, the Debtor reports estimated assets and liabilities
between $1 million and $10 million each.
HIS STORY: To Sell Intangible Property to Laura Lazarus
-------------------------------------------------------
His Story Development LLC seeks permission from the U.S. Bankruptcy
Court for the Eastern District of Texas, Sherman Division, to sell
its intangible property -- its contractual right to share in the
author’s potential future income from Intangible Rights in the
property for the next approximately 13.75 years.
The Debtor's Intangible Rights allows the Debtor to take the
necessary steps to market and sell the Intangible Rights to obtain
the highest and best offer for the asset.
The Debtor contacted numerous potential purchasers both in the
theater industry and more broadly in business of brokering
intellectual property to try to find someone that would purchase or
exploit the Intangible Rights.
The Debtor identifies auction houses that sell intellectual
property and found four such auction houses and made presentations
to each aimed at getting the auction houses interested in the
Intangible Rights. The Debtor also tried to find interest from
licensing agents that would not purchase the intellectual property
outright but would enter into an administrative relationship to
exploit and monetize the Rights.
The Debtor also locates a social media network of 4k+ Broadway
producers and investors and placed an advertisement seeking a
purchaser for the Rights, unfortunately, there was no response.
The ownership and exploitation of the Intangible Rights involves
administrative and monetary obligations, and cannot be used and
therefore do not have a value except to the extent that the
purchaser wants to produce the musical. Unfortunately, the Debtor
through its unsuccessful attempts to sell or otherwise monetize the
Intangible Rights has learned that these obligations and very
narrow usability of the Intangible Rights makes them unmarketable.
Secured creditor Laura Lazarus has indicated that she is interested
in purchasing the Intangible Rights and has a total secured and
unsecured claim of $1,475,843 and is willing to purchase the
Intangible Rights for a credit bid amount of $40,000.
If the Intangible Rights are not disposed of, an interested party
could take the position that the Estate must remain open through
June 19, 2038, when these rights expire. Doing so would entail
significant time, effort, and expense, with the likelihood of
recovery appearing ever more and more unlikely.
Laura Lazarus's total secured and unsecured claim of $1,475,843
arose due to her cash loans to the production that were aimed at
keeping the musical open long enough that it would succeed to the
benefit of the investors.
The broader societal purposes of avoiding abandonment of potential
economic value and furthering the arts and religion for the benefit
of potential audiences would be preserved by allowing Laura
Lazarus’s credit bid.
The Debtor further requests that the sale be made "as is without
any representations or warranties concerning the condition or
suitability of the Property."
About His Story Development LLC
His Story Development, LLC, a company in West Palm Beach Fla.,
filed Chapter 11 petition (Bankr. E.D. Texas Case No. 24-40288) on
February 6, 2024, with as much as $1 million to $10 million in both
assets and liabilities. Bruce Lazarus of Evergreen Five LLC, the
managing member of His Story Development, signed the petition.
Judge Brenda T. Rhoades oversees the case.
Quilling, Selander, Lownds, Winslett & Moser, P.C. serves as the
Debtor's legal counsel.
HOMESPUN LLC: Court OKs Restaurant Equipment Sale to Shantytown
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York,
Poughkeepsie Division, has granted Homespun LLC, d/b/a Homespun
Foods, d/b/a Dia Beacon Cafe, to sell its tangible and intangible
interests in its property to Shantytown LLC for $120,000, free and
clear of all liens, and encumbrances.
The Debtor operates Dia Beacon Cafe, which serves food and
beverages located at Dia:Beacon, 11 Beekman Street, Beacon, New
York, and the Homespun Foods, which serves breakfast and lunch
located at 232 Main Street, Beacon, New York.
The Debtor's assets being sold consists of miscellaneous equipment,
furniture, fixtures, the Debtor's trade name and logos, and other
goodwill.
The Court authorizes the Debtor to sell its property, and transfer
the assets to Shantytown, indicating that the terms and conditions
of the agreement, are fair and reasonable, and the sale are in the
best interests of the Debtor's estate.
The Court held that the Assets shall be sold free and clear of all
interests, obligations, rights, encumbrances, pledges, and liens.
The Court found that the Debtor has demonstrated compelling
circumstances and a good, sufficient, and sound business purpose
and justification for the approval and consummation of the Sale.
About Homespun LLC
Homespun, LLC, through Homespun Foods, operates a breakfast and
lunch cafe located at 232 Main St., Beacon, N.Y., and, through Dia
Beacon Cafe, services the food and beverage cafe located at 11
Beekman St., Beacon, N.Y.
Homespun filed a Chapter 11 bankruptcy petition (Bankr. S.D.N.Y.
Case No. 24-35813) on August 15, 2024, with $100,001 to $500,000 in
assets and $100,001 to $500,000 in liabilities.
Judge Kyu Young Paek oversees the case.
Michelle L. Trier, Esq., at Genova, Malin & Trier, LLP is the
Debtor's legal counsel.
INNOVERE MEDICAL: Initiates CCAA Proceedings and Sale Process
-------------------------------------------------------------
Innovere Medical Inc. was granted protection under the Companies'
Creditors Arrangement Act pursuant to an order of the Ontario
Superior Court of Justice on November 5, 2024. Pursuant to the
Initial Order, Ernst & Young Inc. was appointed as the CCAA
monitor.
On November 15, 2024, the Court granted an amended and restated
Initial Order and a further order approving a sale and investment
solicitation process, which is currently ongoing.
The SISP will be conducted by the Monitor and aims to solicit
interest in an acquisition or refinancing of the business, or a
sale of the assets and/or business of the Company, through various
means such as merger, reorganization, recapitalization, primary
equity issuance, or other similar transactions. Under the SISP,
potential bidders that wish to make a formal offer to purchase, or
make an investment in, Innovere, its property or business, or any
part thereof are required to submit a binding offer no later than
5:00 pm (Toronto time) on December 16, 2024.
For those who are interested in participating in this SISP, please
contact the Monitor to obtain additional information at:
Ernst & Young Inc. 100 Adelaide Street West, P.O. Box 1 Toronto,
ON, Canada, M5H 0B3 Phone: +1 416-932-4902 Email:
mansa.singh@ca.ey.com Attention: Mansa Singh
For the past twelve months the Company's operations, including its
deliveries, have stalled as a result of issues with its sole
customer. Prior to the CCAA proceeding, to conserve cash and
preserve the value of the business, the Company has laid off all of
its employees except the founders and focused on maintaining its
intellectual property. The Company hopes that the CCAA proceeding,
including the SISP, will enable it to find a suitable path to
restart for the benefit of its stakeholders.
A copy of the Court materials filed in the Company's CCAA
proceeding, including the Initial Order, the ARIO and the SISP
Approval Order, along with materials describing the SISP
opportunity, including how to submit a bid, are available on the
Monitor's website at www.ey.com/ca/innovere.
About Innovere Medical Inc.
The Company is a medical device company based in Markham, Ontario,
that is focused on developing the Innovision(R) system--technology
designed to reduce the anxiety and discomfort that patients
experience when they undergo magnetic resonance imaging (MRI)
exams. Innovision(R) implements a state-of-the art,
anti-claustrophobic display and bone conduction speakers into the
MRI experience to enable patients to watch entertainment and other
content during the scanning process.
INTERCEMENT: Judge Uncertain on Ch. 15 Recognition of 2 Debtors
---------------------------------------------------------------
Emlyn Cameron of Law360 Bankruptcy Authority reports that a New
York bankruptcy judge expressed his willingness to accept filings
for the recognition of the Brazilian insolvencies of two of the
four debtors in the InterCement corporate family, but indicated he
would delay a decision on the remaining two.
About Intercement Brasil
Intercement Brasil is a producer of cement and concrete based in
Brazil. Overall, the Company has 34 production units, with an
active capacity of more than 33 million tons of cement per year,
employing more than 6,000 professionals.
Intercement Brasil and affiliates sought relief under Chapter 15 of
the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 24-11226)
on July 15, 2024.
The firm's foreign representative:
Antonio Reinaldo Rabelo Filho
Rua Barao da Torre, 550,
Apt. 201, Ipanema
Rio de Janeiro, RJ
Brazil
The Foreign Representative's counsel:
John K. Cunningham, Esq.
WHITE & CASE LLP
1221 Avenue of the Americas
New York NY 10020
Tel: (212) 819-8200
Email: jcunningham@whitecase.com
INTRUM SA: CDS Panel Confirms Bankruptcy Filing as Credit Event
---------------------------------------------------------------
Libby Cherry of Bloomberg Law reports that the EMEA Determinations
Committee, which oversees the credit default swap market in the
region, ruled that Intrum's Chapter 11 filing qualifies as a credit
event, paving the way for payouts.
The committee confirmed that a bankruptcy credit event occurred on
November 15, 2024, when the Swedish debt collector filed for
bankruptcy in the U.S., the report relates.
This decision allows CDS holders tied to Intrum's debt to proceed
with claims, the report says.
About Intrum AB
Intrum AB is a provider of credit management services with a
presence in 20 markets in Europe. By helping companies to get paid
and supporting people with their late payments, Intrum leads the
way to a sound economy and plays a critical role in society at
large. Intrum has circa 10,000 dedicated professionals who serve
around 80,000 companies across Europe. In 2023, income amounted to
SEK 20.0 billion. Intrum is headquartered in Stockholm, Sweden and
publicly listed on the Nasdaq Stockholm exchange. On the Web:
http://www.intrum.com/
On November 15, 2024, Intrum AB and U.S. affiliate Intrum AB of
Texas LLC each filed a voluntary petition for the relief under
Chapter 11 of the United States Bankruptcy Code in the United
States Bankruptcy Court for the Southern District of Texas (Bankr.
S.D. Tex. Lead Case No. 24-90575) to seek confirmation of their
Prepackaged Reorganization Plan.
The cases are pending before the Honorable Christopher M. Lopez.
Milbank LLP and Porter Hedges LLP are serving as counsel in the
U.S. restructuring. Houlihan Lokey is the advisor to Intrum. Kroll
Issuer Services Limited is the information agent. Kroll
Restructuring Administration is the claims agent. Brunswick Group
is also serving as advisers to Intrum.
Latham & Watkins LLP and Latham & Watkins (London) LLP, and
Advokatfirmaet Schjodt AS, are advising a group of bondholders
holding widely across Intrum AB's notes issuances (the "Notes Ad
Hoc Group"). PJT Partners (UK) Limited is financial advisor to the
noteholder ad hoc group.
Weil Gotshal & Manges LLP is representing a group of short-dated
bondholders holding primarily 2024- and 2025-maturing notes
("Minority Ad Hoc Group").
Ropes & Gray LLP is representing another minority group of
bondholders.
Clifford Chance US LLP is counsel to the group that collectively
holds approximately 76% of the total commitments under the RCF (the
"RCF Steerco Group").
IRWIN NATURALS: Court Approves Stipulation to Use Cash Collateral
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California
approved a stipulation allowing Irwin Naturals Inc. and its
affiliates to use the cash collateral of its secured creditor, East
West Bank, until Dec. 6.
The companies were authorized to use cash collateral under the same
terms and conditions as the third interim order issued by the court
on Oct. 15. with permitted variances of up to 10% above forecasted
disbursements and 5% below forecasted receipts.
The companies were required to maintain a minimum cash balance of
$1.75 million during the interim period.
A final hearing is scheduled for Dec. 4, 2024.
About Irwin Naturals
Irwin Naturals Inc. is a provider of business support services.
Irwin Naturals and its affiliates sought relief under Chapter 11 of
the Bankruptcy Code (Bankr. C.D. Cal. Lead Case No. 24-11324) on
Aug. 9, 2024. In the petitions filed by its chief executive
officer, Klee Irwin, Irwin Naturals disclosed between $10 million
and $50 million in both assets and liabilities.
Judge Victoria S. Kaufman oversees the cases.
The Debtors tapped BG Law LLP as bankruptcy counsel, Jerrel G. John
CPA as tax accountant, and Province LLC as financial advisor. Omni
Agent Solutions, Inc. is the Debtors' administrative agent.
JAM MEDIA: Secures Buyer for Muscatine Stations
-----------------------------------------------
Inside Radio reports that the liquidation of JAM Media Solutions
advances as the company's bankruptcy trustee secures a new buyer
for its radio stations in Muscatine, IA.
VMPP, a Muscatine-based LLC, has agreed to purchase rock station
"93.1 The Buzz" KMCS, "The Voice of Muscatine" KWPC (860), and FM
translator K236CF (95.1), which simulcasts KWPC, for $250,000, the
report relates. The sale also includes the broadcast tower located
on the property.
According to Inside Radio, the transaction awaits approval from a
federal bankruptcy judge, with a hearing scheduled for December 17,
2024. If approved, the deal will proceed to the Federal
Communications Commission for final authorization. Higher and
better offers can be submitted in writing to the court clerk no
later than one week before the hearing date.
This sale follows an earlier agreement to sell JAM Media Solutions'
stations in North Carolina's Outer Banks. East Carolina Radio,
headed by Lawrence Loesch, has offered $70,000 to acquire hot AC
"Beach 104.1" WCXL (temporarily broadcasting on 92.3), classic rock
"Z-92.3" WZPR, and the digital newspaper OBX Today.com. This sale
also requires court approval, with a hearing set for Nov. 19, and
higher bids are being accepted, the report relays.
Media Services Group brokered the sales in Muscatine and the Outer
Banks. Two Outer Banks stations, WCMS (94.5) and WVOD (99.1),
remain unsold.
Earlier this year, Davis Media had agreed to purchase all four
Outer Banks stations and the Muscatine properties for $800,000 but
backed out of the deal. The agreement had included a $150,000
holdback for repairs to the WCMS tower.
JAM Media Solutions, which acquired six radio stations and two
newspapers for $1.75 million in 2018, had its Chapter 11 bankruptcy
converted to Chapter 7 in October 2023. The company's assets are
now being liquidated under the supervision of New Jersey-based
bankruptcy attorney Jeffrey T. Testa.
About JAM Media Solutions
JAM Media Solutions, LLC, is a media, entertainment, and digital
marketing solutions company that owns and operates radio stations,
live events and digital, mobile, print, social media properties.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D.N.J. Case No. 22-18193) on October 15,
2022. In the petition signed by Jonathan Mason, CEO, the Debtor
disclosed up to $500,000 in assets and up to $10 million in
liabilities.
Judge Stacey L. Meisel oversees the case.
The Debtor is represented by Gabriel Del Virginia, Esq., at the Law
Office of Gabriel Del Virginia.
JMG VENTURES: Seeks to Extend Plan Filing Deadline to Jan. 16, 2025
-------------------------------------------------------------------
JMG Ventures, LLC, asked the U.S. Bankruptcy Court for the Western
District of Wisconsin to extend its period to file a subchapter V
plan of reorganization to January 16, 2025.
The Debtor remains in possession of its property and is operating
its business as a debtor in possession pursuant to Sections 1107,
1108, 1182(2), and 1184 of the Bankruptcy Code.
On September 25, 2024, the Internal Revenue Service ("IRS") filed a
proof of claim ("IRS Claim"). The IRS Claim asserts that the Debtor
owes significant sums in unpaid FICA and FUTA taxes from periods
dating back to tax periods in 2016 and 2017.
The Debtor claims that it requires additional time to investigate
the basis for the IRS Claim as management wants to ensure that the
FICA and FUTA Taxes have not previously been paid although the
company's management and professionals are working diligently to
prepare the Plan. The Debtor's management is now in the process of
going through the Debtor's books and records to fully and
accurately evaluate the IRS Claim regarding unpaid FICA and FUTA
taxes, and to then be in a position to resolve any potential issues
regarding same with the IRS prior to filing a proposed plan.
The Debtor submits that the circumstances surrounding the IRS Claim
are "circumstances for which the debtor should not justly be held
accountable," as it believes that all taxes for the periods of 2016
and 2017 may have previously been paid
The Debtor also expects to file an application to employ an
accountant in the very near future to prepare and file the Debtor's
2023 income tax returns, so any issues with respect to any
liability for tax year 2023 may also be resolved prior to the
filing of the Plan.
Additionally, the Debtor submits that the extension sought in this
Motion is routinely granted in other chapter 11 cases and, if
approved, will greatly enhance the efficiency of the administration
of the bankruptcy estate by resolving potential issues, including
potential issues with the IRS Claim, before the filing of the Plan.
The Debtor does not believe that any creditor or party in interest
will be prejudiced by the additional short extension of time
requested in this motion.
JMG Ventures, LLC is represented by:
Eliza M. Reyes, Esq.
RICHMAN & RICHMAN LLC
122 W. Washington Avenue, Suite 850
Madison, WI 53703-2732
Tel: (608) 630-8990
Fax: (608) 630-8991
Email: ereyes@randr.law
About JMG Ventures
JMG Ventures, LLC is a limited liability company in Middleton,
Wis., which conducts business under the name Middleton Jewelers.
JMG Ventures filed Chapter 11 petition (Bankr. W.D. Wis. Case No.
24-11650) on August 19, 2024, with $100,000 to $500,000 in assets
and $1 million to $10 million in liabilities. Manmeet Soin,
managing member, signed the petition.
Judge Beth E. Hanan oversees the case.
The Debtor is represented by Eliza M. Reyes, Esq., at Richman &
Richman, LLC.
JORDAN HEALTH: Gets Clearance to Sell Assets to Staple Street
-------------------------------------------------------------
Alex Wittenberg of Law360 Bankruptcy Authority reports that a
Delaware bankruptcy judge has authorized the $72.5 million sale of
Jordan Health, the parent company of medical equipment provider
Avante Health, to a Staple Street Capital affiliate after a
settlement was reached with unsecured creditors.
About Jordan Health Products
Jordan Health Products I, Inc., doing business as Avante Health
Solutions, is a provider of medical equipment solutions, selling
new and refurbished equipment, parts, service, support, and
training to healthcare facilities worldwide. Several Avante
businesses act as independent service organizations ("ISO") for
various medical facilities to provide maintenance and support
services for equipment manufactured and produced by other companies
(known as original equipment manufacturers, or "OEMs").
Jordan Health Products I, Inc. and its affiliates sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead
Case No. 24-12271) on Oct. 8, 2024. In the petitions signed by Rob
Hubbard, chief restructuring officer, the Debtors disclosed up to
$100 million in estimated assets and up to $500 million in
estimated liabilities.
The Debtors tapped Polsinelli PC as counsel, Riveron Management
Services, LLC as restructuring advisor, and Livingstone Partners
LLC as investment banker. Omni Agent Solutions, Inc., is the
Debtors' notice, claims, and balloting agent.
JTRE 14 VESEY: Court Appoints Trustee to Oversee Chapter 11 Case
----------------------------------------------------------------
Emily Lever of Law360 Bankruptcy Authority reports that on November
22, 2024, a New Jersey bankruptcy judge ruled in favor of a lender
to the insolvent owner of Manhattan's historic New York County
Lawyers Association Building, directing a Chapter 11 trustee to
take control of the property owner's bankruptcy cases.
About JTRE 14 Vesey LLC
JTRE 14 Vesey LLC owns, in fee simple, the real property at located
at 14 Vesey Street, New York, New York 10007.
The Debtor filed its voluntary petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. D.N.J. Case No. 24-12087) on Feb.
28, 2024, listing $10 million to $50 million in both assets and
liabilities. The petition was signed by David Goldwasser, VP of
Restructuring.
Eric Horn, Esq., at A.Y. Strauss LLC, represents the Debtor as
legal counsel.
KARAS INC: Seeks to Use Cash Collateral Until Feb. 28
-----------------------------------------------------
Karas, Inc. asked the U.S. Bankruptcy Court for the Central
District of California for authority to use cash collateral until
Feb. 28 next year.
The company requires the use of cash collateral to pay business
expenses in accordance with its projected budget, with a 10%
variance.
The company proposed to grant a replacement lien to creditors,
which assert a lien on the cash collateral, to the same extent and
with the same validity and priority as their pre-bankruptcy liens.
Bank of Hope and the U.S. Small Business Administration assert an
interest in the cash collateral on account of their loans to the
company. Karas obtained a $2.39 million loan from the bank and a
$150,000 loan from SBA.
The company is also subject to statutory liens from the Interna!
Revenue Service in the amount of $1.3 million. A secured equipment
lien with Ascentium Capital is also in place.
A court hearing is set for Dec. 12.
About Karas Food
Karas Food, Inc. operates eight franchised Popeyes fast-food
restaurants. The company is based in Murrieta, Calif.
Karas Food sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Calif. Case No. 24-16750) on November
12, 2024, with $1 million to $10 million in both assets and
liabilities. Wahid Karas, president of Karas Food, signed the
petition.
Judge Wayne E. Johnson oversees the case.
Robert Rosenstein, Esq., at Rosenstein & Associates, represents the
Debtor as legal counsel.
KENDALLWOOD DRIVE: Files Chapter 11 Bankruptcy Protection
---------------------------------------------------------
On November 4, 2024, Kendallwood Drive LLC filed Chapter 11
protection in the Northern District of Texas. According to court
filing, the Debtor reports between $1 million and $10 million in
debt owed to 1 and 49 creditors. The petition states that funds
will be available to unsecured creditors.
A meeting of creditors under Sec. 341(a) to be held on December 9,
2024 at 1:30 PM.
About Kendallwood Drive LLC
Kendallwood Drive LLC is engaged in activities related to real
estate.
Kendallwood Drive LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-33557) on November 4,
2024. In the petition filed by Daniel C. Blackburn, as president
and chief executive officer, the Debtor reports estimated assets
and liabilities between $1 million and $10 million each.
The Debtor is represented by:
Robert Buchholz, Esq.
THE LAW OFFICE OF ROBERT W. BUCHHOLZ, P.C.
5220 Spring Valley Road, Suite 618
Dallas, TX 75254
Tel: (214) 754-5500
Email: BOB@ATTORNEYBOB.COM
KOZUBA & SONS: Gets Interim OK to Use Cash Collateral Until Jan. 9
------------------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida, Tampa
Division authorized Kozuba & Sons Distillery, Inc. to use cash
collateral, on an interim basis, in accordance with its projected
budget.
Specifically, the company was authorized to use cash collateral to
pay: (a) amounts expressly authorized by the court, including any
required monthly payments to the Subchapter V trustee; (b) the
current and necessary expenses set forth in the budget, plus an
amount not to exceed 10% for each line item; and (c) additional
amounts as may be expressly approved in writing by its lenders.
Each creditor with a security interest in cash collateral will have
a perfected post-petition lien against cash collateral to the same
extent and with the same validity and priority as the
pre-bankruptcy lien, without the need to file or execute any
document as may otherwise be required under applicable
non-bankruptcy law.
The company will maintain insurance coverage for its property in
accordance with the obligations under applicable loan and security
documents.
The next hearing is scheduled for Jan. 9, 2025.
About Kozuba & Sons Distillery
Kozuba & Sons Distillery, Inc., a company in Pinellas Park, Fla.,
filed a petition under Chapter 11, Subchapter V of the Bankruptcy
Code (Bankr. M.D. Fla. Case No. 24-01003) on February 28, 2024,
with $1 million to $10 million in both assets and liabilities.
Jakub Kozuba, vice president of Kozuba & Sons, signed the
petition.
Judge Roberta A. Colton presides over the case.
Scott A. Stichter, Esq., at Stichter, Riedel, Blain & Postler, P.A.
is the Debtor's legal counsel.
KPM INVESTMENT: Gets Interim Approval to Use Cash Collateral
------------------------------------------------------------
KPM Investment A2, LLC received second interim approval from the
U.S. Bankruptcy Court for the Northern District of Georgia to use
cash collateral, subject to certain conditions.
The interim order authorized the company to use cash collateral
according to a budget, excluding payments to insiders or
affiliates.
The lender, U.S. Bank Trust National Association, was granted a
replacement lien on the company's post-petition assets, with
exceptions for avoidance actions. The company must provide monthly
variance reports to the lender and the U.S. trustee.
About KPM Investment A2
KPM Investment A2, LLC is engaged in activities related to real
estate.
KPM Investment A2 filed Chapter 11 petition (Bankr. N.D. Ga. Case
No. 24-58139) on August 5, 2024, with up to $50,000 in assets and
up to $50 million in liabilities. The petition was signed by Isaac
Perlmutter as authorized representative.
Judge Paul W. Bonapfel oversees the case.
The Debtor is represented by William Rountree, Esq., at Rountree,
Leitman, Klein & Geer, LLC.
LEFEVER MATTSON: Seeks to Extend Plan Exclusivity to Jan. 30, 2025
------------------------------------------------------------------
Lefever Mattson and its affiliates asked the U.S. Bankruptcy Court
for the Northern District of California to extend their exclusivity
periods to file a plan of reorganization and obtain acceptance
thereof to January 30, 2025 and April 1, 2025, respectively.
These Chapter 11 Cases were necessitated by Mr. Ken Mattson's
purported sales of equity interests in over 25 of the Debtors to
hundreds of investors through transactions that were not recorded
in the books and records of LeFever Mattson or the appropriate
Debtor.
The Debtors claim that the application of the identified standards
to the facts of these Chapter 11 Cases demonstrates that cause
exists to grant their requested modest extensions of the Exclusive
Periods. The extensions are necessary and appropriate in order for
the Debtors to have the opportunity contemplated by the Bankruptcy
Code to propose a chapter 11 plan and solicit acceptances of such
plan.
The Debtors assert that they are working diligently with their
professionals to complete the necessary prerequisites to
formulating any chapter 11 plans, including completing the
Schedules and Statements and working with the Committee on a
customized claims process for these Chapter 11 Cases. Counsel for
the Debtors has been engaged in productive discussions with the
Committee and other stakeholders in these Chapter 11 Cases.
More important than any other factor, however, is the
administrative convenience that will result from unifying the
Exclusive Periods for all Debtors. It would be extremely disruptive
to the administration of these Chapter 11 Cases to have a plan
filed for some but not all Debtors prior to the claims bar date.
The modest extensions of the Exclusive Periods of the August 6
Debtor and the September 12 Debtors will not prejudice any party,
and they will allow any future extensions of the Exclusive Periods
to be unified.
Attorneys for the Debtors:
Tobias S. Keller, Esq.
David A. Taylor, Esq.
Thomas B. Rupp, Esq.
Keller Benvenutti Kim LLP
425 Market Street, 26th Floor
San Francisco, California 94105
Telephone: (415) 496-6723
Facsimile: (650) 636-9251
Email: tkeller@kbkllp.com
dtaylor@kbkllp.com
About LeFever Mattson
LeFever Mattson, a California corporation, manages a large real
estate portfolio. Timothy LeFever and Kenneth W. Mattson each owns
50% of the equity in the company. Based in Citrus Heights, Calif.,
LeFever Mattson manages a portfolio of more than 200 properties,
comprised of commercial, residential, office, and mixed-use real
estate, as well as vacant land, located throughout Northern
California, primarily in Sonoma, Sacramento, and Solano Counties.
It generates income from the properties through rents and use the
proceeds to fund its operations.
LeFever Mattson and its affiliates filed voluntary Chapter 11
petitions (Bankr. N.D. Calif. Lead Case No. 24-10545) on September
12, 2024. At the time of the filing, LeFever Mattson listed $100
million to $500 million in assets and $10 million to $50 million in
liabilities.
Judge Charles Novack oversees the cases.
Thomas B. Rupp, Esq., at Keller Benvenutti Kim LLP represents the
Debtors as counsel. Kurtzman Carson Consultants, LLC is the
Debtors' claims and noticing agent.
LI-CYCLE: Secures $475M DOE Loan Facility for Rochester Hub Project
-------------------------------------------------------------------
Li-Cycle Holdings Corp. announced that it has entered into an
agreement for a loan facility of up to $475 million (including up
to $445 million of principal and up to $30 million in capitalized
interest) through the U.S. Department of Energy Loan Programs
Office's Advanced Technology Vehicles Manufacturing program.
This is the first DOE loan facility to be finalized for a
lithium-ion battery materials recycling company, which further
demonstrates Li-Cycle's important role in the U.S. battery
materials supply chain as a domestic supplier of recycled critical
battery materials.
The entry by Li-Cycle into definitive documentation with the DOE
follows the DOE's detailed technical, market, financial and legal
due diligence. The DOE Loan Facility is expected to support the
development of the Company's flagship Rochester Hub project,
located in upstate New York.
Key features of the DOE Loan Facility are summarized below:
DOE Loan Facility Amount
* Up to $475 million, an increase of $100 million over the
original conditional commitment
* Principal of up to $445 million
* Capitalized interest during the construction period of up to
$30 million
Interest Rate
* Interest rates fixed from the date of each advance to the
maturity date of the loan at the applicable long-dated U.S.
Treasury rate, with a 0% spread
Maturity Date and Tenor
* Final maturity of March 15, 2040, for an approximately
15-year term
Principal and Interest Grace Period
* Grace period on scheduled principal repayments until June
15, 2027
* Interest during the construction period can be capitalized
(up to $30 million), instead of being paid in cash
Conditions Precedent to First Advance
* First advance under the DOE Loan Facility ("First Advance"1)
is subject to satisfaction or waiver of certain conditions and
requirements, including completing the Company's base equity
contribution ("BEC") to the Rochester Hub project. The BEC
includes:
* Settling certain existing commitments relating to the
project for costs incurred but not yet paid (approximately $92
million as of September 30, 2024)
* Funding approximately $173 million in reserve account
requirements2 of which up to approximately $97 million can be
satisfied through letters of credit
* The amounts above represent a significant portion of the
remaining BEC, are based on current estimates and may change prior
to First Advance, and are among other components of the BEC that
will need to be satisfied prior to First Advance
Other Key Terms
* Customary covenants and events of defaults for a project
finance loan facility
The Company expects the Rochester Hub to be North America's first
commercial hydrometallurgical resource recovery facility and a
significant domestic source of recycled critical materials for
producing lithium-ion batteries, including battery-grade lithium
carbonate and mixed hydroxide precipitate. MHP is an intermediate
product containing nickel, cobalt, and manganese metals.
Once the Rochester Hub is fully operational, Li-Cycle expects to
produce up to approximately 8,250 tonnes of lithium carbonate and
up to approximately 72,000 tonnes of MHP per year at the Rochester
Hub under the MHP scope. The planned nameplate processing capacity
at the Rochester Hub remains at 35,000 tonnes of black mass per
year. The Rochester Hub project is expected to create approximately
825 construction jobs at peak construction and more than 200
permanent jobs.
The Company estimates the total capital cost of the Rochester Hub
project through to mechanical completion to be approximately $960
million, of which the remaining estimated cost to complete the
project is approximately $487 million. The CTC includes commitments
related to the project for costs incurred but not yet paid
(approximately $92 million as of September 30, 2024). The total
capital cost for the Rochester Hub project through to mechanical
completion excludes costs for project commissioning, ramp-up,
working capital or financing.
The Company is actively exploring financing and strategic
alternatives for a complete funding package needed to restart the
construction of the Rochester Hub (of which the DOE Loan Facility
is a key component) and for general corporate purposes. The funding
package would assist in satisfying the funding conditions for First
Advance under the DOE Loan Facility, including funding the
remaining BEC (which includes the reserve account requirements) and
a minimum cash balance.
First Advance shall occur on or prior to November 7, 2025.
The Loan Facility reserve accounts required for First Advance
includes reserves for project construction, project ramp-up, and
Spoke capital expenditures. Funding of these reserve accounts does
not constitute capital expenditure on the project and the
requirement to fund these reserve accounts is in addition to the
total capital cost of the Rochester Hub project through to
mechanical completion. The majority of these reserve account funds
are expected to be released to the Company on or before the
completion of the Rochester Hub project.
Ajay Kochhar, Li-Cycle President and CEO, commented: "Throughout
2024, one of Li-Cycle's primary objectives has been to finalize
negotiations with the DOE in order to enter into definitive
documentation to obtain a DOE loan. Today, we are excited to
announce our achievement of this significant milestone, which we
believe represents a strong vote of confidence in Li-Cycle's
patented and environmentally friendly recycling technology and
business model. Securing the DOE Loan Facility through our close
collaboration with the DOE is a critical step toward our goal of
restarting construction at the Rochester Hub project."
"We believe that the DOE Loan Facility offers attractive terms
relative to other third-party financing alternatives available to
us. We believe it will also enhance our financial flexibility and
support our mission to create a sustainable, closed-loop battery
supply chain, which is vital to the electrification transition and
securing energy independence in North America."
Additional information regarding this announcement may be found in
a Current Report Form 8-K filed with the U.S. Securities and
Exchange Commission.
About Li-Cycle Holdings Corp.
Li-Cycle Holdings Corp. is a Canada-based global lithium-ion
battery resource recovery company and pure-play lithium-ion battery
recycler.
Vaughan, Canada-based KPMG LLP, the Company's former auditor,
issued a "going concern" qualification in its report dated March
15, 2024, citing that the Company has suffered recurring losses
from operations since inception, continued cash outflows from
operating activities and paused its construction of the Rochester
Hub project, that raise substantial doubt about its ability to
continue as a going concern.
Li-Cycle reported a net loss of $138 million for the year ended
December 31, 2023, compared to net loss of $70.8 million for the
year ended December 31, 2022. As of June 30, 2024, Li-Cycle had
US$899.9 million in total assets, US$664.2 million in total
liabilities, and US$235.7 million in total equity.
LITIGATION PRACTICE: CFPB Issues Subpoena to Chap. 11 Trustee
-------------------------------------------------------------
Daniel Connolly of Law360 reports that the U.S. Consumer Financial
Protection Bureau has issued a subpoena to the Chapter 11 trustee
overseeing the bankruptcy estate of the defunct California debt
relief law firm Litigation Practice Group, according to a recent
court filing by the trustee's attorneys.
About The Litigation Practice Group
The Litigation Practice Group P.C. sought protection for relief
under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No.
23-10571) on March 20, 2023, with as much as $1 million in both
assets and liabilities. Judge Scott C. Clarkson presides over the
case.
The Debtor tapped Khang & Khang, LLP as legal counsel and Grobstein
Teeple, LLP as accountant.
The U.S. Trustee for Region 16 appointed an official committee to
represent unsecured creditors in the Debtor's Chapter 11 case. The
committee is represented by Fox Rothschild, LLP.
LOOT CRATE: Ex-Owner Seeks Approval of Deal for Chap. 11 Exit
-------------------------------------------------------------
Clara Geoghegan of Law360 Bankruptcy Authority reports that the
former owner of Loot Crate, a subscription box for pop-culture
merchandise, has requested approval from a Delaware bankruptcy
judge for a settlement aimed at maximizing creditor recoveries and
closing its five-year-old Chapter 11 case, which remains
administratively insolvent.
About Old LC Inc.
Founded in 2012, Old LC, Inc., formerly known as Loot Crate Inc.,
was a worldwide leader in fan subscription boxes. Since 2012, the
company has delivered more than 32 million crates to fans in 35
territories across the globe.
Old LC and three affiliates sought Chapter 11 protection (Bankr. D.
Del. Lead Case No. 19-11791) on Aug. 11, 2019. Loot Crate was
estimated to have less than $50 million in assets and $50 million
to $100 million in liabilities as of the bankruptcy filing.
The Debtors tapped Bryan Cave Leighton Paisner, LLP as lead
counsel; Robinson & Cole, LLP as Delaware and conflicts counsel;
FocalPoint Securities, LLC, as investment banker; Portage Point
Partners as financial advisor; and Mark Palmer of Theseus Strategy
Group as chief transformation officer. Bankruptcy Management
Solutions, Inc., which conducts business under the name Stretto, is
the claims agent and maintains the site
https://case.stretto.com/lootcrate.
Andrew Vara, U.S. Trustee for Regions 3 and 9, appointed an
official committee of unsecured creditors in the Debtor's Chapter
11 case on Aug. 22, 2019. The committee retained Morris James, LLP
as counsel; Dundon Advisers, LLC as financial advisor; and
FocalPoint Securities, LLC as investment banker.
* * *
On or about Sept. 6, 2019, pursuant to an asset purchase agreement,
the Debtors entered into an agreement to sell substantially all of
their assets, except for certain arrangements with respect to the
D&O Claim Rights, to Loot Crate Acquisition LLC, now known as The
Loot Company, LLC. On Oct. 1, 2019, the Debtors closed on the sale
governed by the Asset Purchase Agreement pursuant to the Court's
order approving the sale. The Debtor switched its name to Old LC,
Inc., following the sale.
LPB MHC: Seeks Cash Collateral Access
-------------------------------------
LPB MHC, LLC asked the U.S. Bankruptcy Court for the Southern
District of Illinois, Benton Division, for authority to use the
cash collateral of its secured creditors to pay its operating
expenses.
The company's budget projected total expenses of $61,708 for
November or $15,427 per week.
LPB MHC owes $2.4 million and $254,000 to Farmers State Bank of
Alto Pass and First Southern Bank, respectively. Both secured
creditors assert that this pre-bankruptcy debt is secured by the
company's assets, which constitutes their cash collateral.
To the extent that Farmers State Bank and First Southern have valid
security interests in the cash collateral, adequate protection will
be provided to them in the form of replacement liens in the
company's pre-bankruptcy assets to the same extent and with the
same validity and priority as their pre-bankruptcy liens.
About LPB MHC
LPB MHC, LLC, doing business as Sam C. Mitchell and Associates,
filed Chapter 11 petition (Bankr. S.D. Ill. Case No. 24-40450) on
November 5, 2024, with up to $10 million in both assets and
liabilities. Lance P. Brown, managing member, signed the petition.
Judge Mary E. Lopinot oversees the case.
Robert Eggmann, Esq., represents the Debtor as legal counsel.
LYTTON VINEYARD: Gets OK to Use Cash Collateral Until Dec. 12
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California
granted Lytton Vineyard & Winery, L.P. interim authorization to use
cash collateral until Dec. 12.
The interim order authorized the company to grant secured creditors
replacement liens on its post-petition assets with the same
validity, priority and scope as their pre-bankruptcy liens. These
assets do not include avoidance or turnover
actions under Chapter 5 of the Bankruptcy Code and the
pre-bankruptcy retainers provided to Echo Park Legal, APC and
Wilshire Partners, LLC.
The interim order also authorized the company to make monthly
payments to the U.S. Small Business Administration as outlined in
the approved budget.
The next hearing is scheduled for Dec. 11. Any objections must be
filed by Dec. 4.
About Lytton Vineyard and Winery
Lytton Vineyard and Winery, LP operates a restaurant and winery in
Temecula Valley.
Lytton sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. C.D. Calif. Case No. 24-11748) on October 18, 2024,
with $10 million to $50 million in both assets and liabilities.
Maribeth Levine, manager, signed the petition.
Judge Victoria S. Kaufman oversees the case.
M. Douglas Flahaut, Esq., at Echo Park Legal, APC represents the
Debtor as bankruptcy counsel.
MAXEON SOLAR: Goldman Sachs Entities Reduce Stakes to 0.3%
----------------------------------------------------------
The Goldman Sachs Group, Inc and Goldman Sachs & Co. LLC disclosed
in a Schedule 13G/A filed with the U.S. Securities and Exchange
Commission that as of September 30, 2024, they beneficially owned
4,897,700 shares of Maxeon Solar Technologies, Ltd.'s Ordinary
Shares, representing 0.3% of the shares outstanding, indicating
that the entities have have ceased to be the beneficial owners of
more than five percent of the class of securities.
A full-text copy of Goldman Sachs Group's SEC Report is available
at:
https://tinyurl.com/vwccntv5
About Maxeon Solar
Maxeon Solar Technologies, Ltd. is a Singapore-based company that
designs and manufactures photovoltaic panels. The company was
previously a division of the American SunPower company before it
was spun off in August 2020. Maxeon is still the primary provider
of solar panels for SunPower.
Singapore-based Ernst & Young LLP, the Company's auditor since
2020, issued a "going concern" qualification in its report dated
May 30, 2024, citing that the Company has suffered recurring losses
from operations and negative free cash flows and has stated that
substantial doubt exists about the Company's ability to continue as
a going concern.
As of December 31, 2023, the Company had $1 billion in total
assets, $997.4 million in total liabilities, and $4.6 million in
total equity.
MEDICAL PROPERTIES: S&P Lowers ICR to 'CCC+' on Refinancing Risks
-----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Medical
Properties Trust to 'CCC+' from 'B-'. The outlook is negative. At
the same time, S&P lowered its issue-level rating on its senior
unsecured notes to 'CCC+' from 'B'. S&P revised the recovery rating
on this debt to '3' from '2', indicating expectations for
meaningful recovery (50%-70%; rounded estimate: 50%) in the event
of a payment default.
The negative outlook reflects S&P's view that Medical Properties
Trust will continue to face liquidity pressure and refinancing
risks due to its limited access to capital and material debt
maturities over the next few years.
The company's cost of capital has not improved meaningfully and we
believe it will have difficulty refinancing or repaying its
upcoming debt maturities.
S&P said, "Despite lower interest rates and the resolution with
Steward Health Care, Medical Properties Trust's path to refinancing
or repaying its upcoming debt maturities remain limited, in our
view. We do not believe it could access the unsecured bond market,
and if it did the interest rates would deteriorate coverage ratios.
The company has demonstrated an ability to access the secured debt
market, which we think it can do again, though recently amended
covenants limit its ability to access secured debt. Asset sales
appear to be the most viable path to generate capital and repay
maturities, though we believe dispositions will become increasingly
more difficult as the company's portfolio shrinks.
"Though the company may not face a credit or payment crisis within
the next 12 months, we believe Medical Properties Trust's financial
commitments appear to be unsustainable over the long term and that
it is likely dependent upon favorable business, financial, or
economic conditions to meet its financial commitments."
Medical Properties Trust's resolution with Steward has further
constrained the company's near-term liquidity.
S&P views the company's transition away from Steward positively
longer term, though the company has provided working capital loans
to the new operators and will not be collecting full rent of the
transitioned hospitals until 2026. This further strains a liquidity
position that was already pressured with substantial upcoming debt
maturities. Furthermore, Medical Properties Trust did not recover
any investments previously made to Steward or meaningful capital
from the sale of previously owned Steward facilities, which would
have been a welcome boost to liquidity.
Additional capital inflows from transactions outside of Steward
have also been slower to materialize in recent months. Asset sales
involving Prospect Medical Holdings that once would have generated
roughly $1 billion in proceeds have been delayed, and expected
proceeds materially reduced. While the company generated
significant proceeds from asset sales and secured debt during the
first half of the year, debt maturities of nearly $1.3 billion in
2025, $2.1 billion in 2026, and $1.6 billion in 2027 remain
outstanding.
S&P said, "The negative outlook reflects our view that Medical
Properties Trust will continue to face liquidity pressure and
refinancing risks due to its limited access to capital and material
debt maturities over the next few years.
"We could lower our ratings on Medical Properties Trust if we
expect a payment default, covenant breach, debt restructuring, or
distressed exchange to occur within the next 12 months.
"We could take a positive action if the company successfully
addresses its upcoming debt maturities such that we view its
capital structure as sustainable and believe its liquidity position
has improved.
"Governance factors are a negative consideration in our credit
rating analysis of Medical Properties Trust. Specifically, the
inability to stave off sharp deterioration in Medical Properties
Trust's credit quality resulting from distress at two large tenants
is viewed as a weakness. Past and potentially future capital
contributions to Steward and, to a lesser extent, Prospect
contributed to liquidity constraints. We also note the historically
limited transparency afforded to the company's stakeholders into
the performance and fiscal health of Steward as a contributor to
overall risk."
MICHIGAN PAIN: To Sell Business Assets to Strategic Alliance
------------------------------------------------------------
Michigan Pain Consultants P.C. seeks permission from the U.S.
Bankruptcy Court for the Western District of Michigan to sell
Business Assets to Strategic Alliance Group LLC, free and clear of
all liens, claims, interests, and encumbrances.
Steven Rayman was appointed Subchapter V Trustee of the case, and
Stacy Ward is the responsible person for the Debtor.
The Debtor's Assets are comprised of all right, title, and
interest, and the remaining hard personal properties.
The Debtor is a comprehensive pain management medical practice that
operated from multiple locations in Big Rapids, Greenville, Grand
Rapids, Holland, Muskegon, and Wyoming, Michigan.
The Debtor offers an interdisciplinary approach to pain care
designed to optimize management of patients’ pain, including the
integration of medical, diagnostic, and therapeutic services,
functional rehabilitation, behavioral management, and education.
The Debtor receives a purchase agreement offer from Strategic
Alliance Group LLC to purchase the Property in the price of
$250,000.
The Debtor asserts that the purchase agreement with Strategic
Alliance is the highest and best offer received for the purchase of
the Assets.
The Debtor says that the purchase will alleviate all storage costs,
transportation expenses, and auctioneer expenses if the Purchased
Assets are held by the Debtor and sold via auction.
Prior to the filing of the Motion, the Debtor received an appraisal
of the Purchased Assets from Miedema Appraisals, in which the
appraisal listed a total forced liquidation value of $279,985.
About Michigan Pain Consultants, P.C.
Michigan Pain Consultants, P.C., is a healthcare group in Grand
Rapids, Mich., which specializes in medication, therapy, pain
management, and rehabilitation services.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Mich. Case No. 24-01571) on June 12,
2024, with up to $500,000 in assets and up to $10 million in
liabilities. Stacy Ward, executive director, signed the petition.
Judge Scott W. Dales oversees the case.
Charles D. Bullock, Esq., at Stevenson & Bullock, P.L.C.,
represents the Debtor as legal counsel.
Steven Rayman is the Subchapter V Trustee of the case.
MILAN SAI: Gets Interim OK to Use Cash Collateral
-------------------------------------------------
Milan Sai Joint Venture, LLC received interim approval from the
U.S. Bankruptcy Court for the Northern District of Texas, Dallas
Division, to use cash collateral to pay its operating expenses.
The company has an immediate need to use the cash collateral of
Gregory Milligan, the court-appointed receiver for Pride of Austin
High Yield Fund 1, LLC, the company's secured lender claiming liens
on its personal property including rent.
As adequate protection, the secured lender will be granted a
post-petition lien and priority claim and will receive cash flow
payments.
About Milan Sai Joint Venture
Milan Sai Joint Venture, LLC operates in the traveler accommodation
industry.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Texas Case No. 24-33560) on November
4, 2024, with up to $10 million in both assets and liabilities.
Sunil Kumar Patel, managing member, 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.
MONTE JOHNSTON: Gets Final Approval to Use Cash Collateral
----------------------------------------------------------
Monte Johnston Building Contractor, LLC received final approval
from the U.S. Bankruptcy Court for the Northern District of Texas
to utilize cash collateral for operational expenses in accordance
with its projected budget.
The court approved the use of cash collateral, which includes
revenue collected in the ordinary course of business, and allowed
the company to spend up to 110% of each budgeted expense.
To protect creditors, replacement liens were granted to creditors
with valid and perfected liens. These replacement liens will apply
to all post-petition cash collateral and acquired property but will
not extend to Chapter 5 causes of action or their proceeds.
The final order also provides for a carve-out of funds for fees
required to be paid to the Clerk of the Bankruptcy Court, the
Office of the U.S. Trustee, and the Subchapter V trustee, among
others.
About Monte Johnston Building
Monte Johnston Building Contractor, LLC is a full-service
residential and commercial construction company in Graham, Texas.
Monte Johnston Building Contractor filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Texas
Case No. 24-70274) with $429,251 in assets and $1,176,029 in
liabilities. Brad Odell, Esq., at Mullin Hoard & Brown, LLP, serves
as Subchapter V trustee.
Judge Scott W. Everett presides over the case.
Robert C. Lane, Esq., at The Lane Law Firm represents the Debtor as
bankruptcy counsel.
MOUNTAIN SPORTS: Plan Exclusivity Period Extended to Jan. 14, 2025
------------------------------------------------------------------
Judge Mary F. Walrath of the U.S. Bankruptcy Court for the District
of Delaware extended Mountain Sports, LLC and its affiliates'
exclusive periods to file a plan of reorganization and obtain
acceptance thereof to January 14, 2025 and March 17, 2025,
respectively.
As shared by Troubled Company Reporter, the Debtors claim that
extension of the Exclusive Periods is justified by the good faith
progress they are making toward locating additional assets that may
formulate the basis of a viable plan in these cases. Now that the
Debtors have paid PNC in full, they have an opportunity to review
what assets remain, and whether a path to a viable plan is
possible. The Debtor asserts that there is sufficient "cause" for
an extension of the Exclusive Periods.
The Debtors explain that the extension of the Exclusive Periods
will afford them and all other parties in interest an opportunity
to fully develop the grounds upon which a plan can be based
following the payment in full of PNC. Terminating the Exclusive
Periods prematurely would defeat the very purpose of section 1121
of the Bankruptcy Code, to afford the Debtors a meaningful and
reasonable opportunity to negotiate with creditors and propose and
confirm a consensual plan.
Accordingly, the Debtors should be afforded a full and fair
opportunity to propose, negotiate, and seek acceptances of a
chapter 11 plan. The Debtors believe that the requested extension
of the Exclusive Periods is warranted and appropriate under the
circumstances.
Counsel for the Debtors:
GOLDSTEIN & MCCLINTOCK LLLP
Maria Aprile Sawczuk, Esq.
501 Silverside Road, Suite 65
Wilmington, DE 19809
Telephone: (302) 444-6710
Email: marias@goldmclaw.com
-and-
Matthew E. McClintock, Esq.
William Thomas, Esq.
111 W. Washington Street, Suite 1221
Chicago, IL 60602
Telephone: (312) 337-7700
Email: mattm@goldmclaw.com
willt@goldmclaw.com
About Mountain Sports
Mountain Sports LLC, doing business as Bob's Stores, Eastern
Mountain Sports, EMS, and Sport Chalet, is a sporting goods, hobby
and musical instrument retailer.
Mountain Sports LLC and its affiliates sought relief under Chapter
11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No.
24-11385) on June 18, 2024. In the petitions filed by David Barton,
authorized representative, Mountain Sports disclosed between $10
million and $50 million in both assets and liabilities.
Judge Mary F. Walrath oversees the cases.
The Debtors tapped Goldstein & McClintock LLLP as counsel and
Silverman Consulting as financial advisor.
The Office of the United States Trustee for the District of
Delaware appointed an official committee of unsecured creditors.
The committee tapped Lowenstein Sandler, LLP as bankruptcy counsel
and Morris James LLP as Delaware counsel.
MOUNTAIN VIEW: Gets Interim OK to Use Cash Collateral Until Feb. 1
------------------------------------------------------------------
A U.S. bankruptcy judge signed a consent order allowing Mountain
View Orchard, Inc. to use the cash collateral of Yellow Breeches
Capital, LLC to pay expenses relating to the operation of its Asian
pear orchard in Stafford County, Va.
The consent order signed by Judge Nancy Alquist of the U.S.
Bankruptcy Court for the District of Maryland authorized the
company to use its lender's cash collateral from Nov. 4 until Feb.
1 next year.
As protection to the lender, Mountain View Orchard will grant the
lender a first-priority post-petition security interest and lien in
some of its assets.
In addition, Yellow Breeches will receive payment of $5,000 from
the company this month, $10,000 in December, and $10,000 in
January.
As of the petition date, Mountain View Orchard owed $3.873 million
to Yellow Breeches. This loan is secured by the company's Stafford
property.
About Mountain View Orchard
Mountain View Orchard, Inc. is in the business of fruit and tree
nut farming. It owns and operates an Asian pear orchard in Stafford
County, Va.
Mountain View Orchard filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No. 23-15149)
on July 23, 2023, with $500,000 to $1 million in assets and $1
million to $10 million in liabilities. Anthony C.Y. Cheng,
president of Mountain View Orchard, signed the petition.
Judge Nancy V. Alquist oversees the case.
Joseph M. Selba, Esq., at Tydings & Rosenberg, LLP represents the
Debtor as legal counsel.
NAMHAWK LLC: Files Chapter 11 Bankruptcy in Texas
-------------------------------------------------
On November 4, 2024, Namhawk LLC filed Chapter 11 protection in the
Northern District of Texas. According to court filing, the Debtor
reports between $1 million and $10 million in debt owed to 1 and 49
creditors. The petition states funds will be available to unsecured
creditors.
A meeting of creditors under Sec. 341(a) to be held on December 16,
2024 at 1:30 PM.
About Namhawk LLC
Namhawk LLC is engaged in activities related to real estate.
Namhawk LLC sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. N.D. Tex. Case No. 24-33549) on November 4, 2024. In
the petition filed by Young Sung, as manager, the Debtor reports
estimated assets between $10 million and $50 million and estimated
liabilities between $1 million and $10 million.
The Debtor is represented by:
Brandon Tittle, Esq.
TITTLE LAW GROUP, PLLC
1125 Legacy Dr., Ste. 230
Frisco TX 75034
Tel: 972-731-2590
Email: btittle@tittlelawgroup.com
NORTHVOLT AB: CEO Stepping Down After Chapter 11 Filing
-------------------------------------------------------
Charles Daly and Rafaela Lindeberg of Bloomberg News reports that
Peter Carlsson, CEO and co-founder of Northvolt AB, is stepping
down as the Swedish battery manufacturer restructures under
bankruptcy court protection. Since co-founding the company in 2016,
Carlsson has spearheaded efforts to raise billions in debt and
equity, aiming to establish Northvolt as a leader in European
battery production, the report relates.
Despite its early promise, the company faced significant financial
strain due to operational setbacks, the report says. On November
21, 2024, Northvolt filed for Chapter 11 bankruptcy protection in
the U.S. after failing to secure critical rescue funding, the
report states.
About Northvolt AB
Northvolt AB was established in 2016 in Stockholm, Sweden.
Pioneering a sustainable model for battery manufacturing, the
company has received orders from several leading automotive
companies. The company is currently delivering batteries from its
first gigafactory, Northvolt Ett, in Skelleftea, Sweden and from
its R&D and industrialization campus, Northvolt Labs, in Vasteras,
Sweden.
On Nov. 21, 2024, Northvolt AB and eight affiliated debtors filed
voluntary petitions for relief under Chapter 11 of the United
States Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-90577).
The cases are before the Honorable Alfredo R. Perez.
Northvolt is being advised by Teneo as its restructuring and
communications advisor. Kirkland & Ellis LLP, A&O Shearman and
Mannheimer Swartling Advokatbyrå AB are serving as legal counsel.
The company has also engaged Rothschild & Co to run its marketing
process. Stretto is the claims agent.
NORTHVOLT AB: Seeks Chapter 11 Bankruptcy After Cash Dips to $30MM
------------------------------------------------------------------
Northvolt AB and certain of its subsidiaries voluntarily filed for
Chapter 11 reorganization in the United States. By enabling the
company to restructure its debt, appropriately scale the business
to current customer needs and secure a sustainable foundation for
continued operation, these Chapter 11 filings will help Northvolt
to implement the decisions made as part of its strategic review to
rescope the business and prioritize commitments to customers.
Northvolt will continue to operate as usual during the
reorganization, similar to other international companies that have
used the Chapter 11 process to reorganize their financial
obligations. The company will continue to make deliveries to
customers, while fulfilling obligations to critical vendors and
payment of wages to employees. The Chapter 11 restructuring
process in the U.S. is distinct from a bankruptcy or administration
proceeding in Sweden or many other countries.
Importantly, this process will allow Northvolt to access new
sources of funding, including approximately $145 million in cash
collateral. In addition, one of Northvolt's existing customers has
committed to provide $100 million in new financing to support
Northvolt's business operations in the form of debtor-in-possession
(DIP) financing, which is a specialized type of financing for
businesses that are restructuring through a Chapter 11 process.
Northvolt Ett, the company's flagship battery gigafactory in
Skelleftea, Sweden, and Northvolt Labs in Vasteras, Sweden will
remain operational as Northvolt ramps up production to meet
commitments to its customers. Northvolt Germany and Northvolt
North America, subsidiaries of Northvolt AB with projects in
Germany and Canada, are financed separately and will continue to
operate as usual outside of the Chapter 11 process as key parts of
Northvolt's strategic positioning.
Tom Johnstone, interim Chairman of the Board, commented: "This
decisive step will allow Northvolt to continue its mission to
establish a homegrown, European industrial base for battery
production. Despite near-term challenges, this action to strengthen
our capital structure will allow us to capture the continued market
demand for vehicle electrification. We are likewise pleased by the
strong support we have received from our existing lenders and our
customers."
As part of the restructuring process, which is anticipated to be
completed in the first quarter of 2025, Northvolt will evaluate
proposals for new money investment. This process will include
engagements with both strategic and financial investors, as well as
existing lenders, shareholders and customers.
Johnstone continued: "Throughout this process, we will focus on
meeting our commitments to our stakeholders, including our
employees, customers, suppliers and the governments of the
countries in which we operate. As a reorganized entity, we aim to
establish a resilient base of operations and a competitive platform
for innovation and long-term growth that will advance our work to
build a more sustainable society."
As is customary in Chapter 11 proceedings, Northvolt has filed
certain "first day" motions that will allow it to meet its
obligations to employees, critical vendors and customers, as well
as to continue making tax, insurance and utilities payments.
Northvolt may take legal actions in other jurisdictions to
facilitate the U.S. Chapter 11 proceedings, which include entities
in the U.S., Sweden and Poland.
* * *
Irene Garcoa Perez, Kati Pohjanpalo, Rafaela Lindeberg, and Luca
Casiraghi of Bloomberg News report that Northvolt AB has sought
bankruptcy protection in the United States after efforts to secure
emergency funding fell through, leaving the company with just a
week's worth of cash. In its filing, Northvolt disclosed having
around $30 million in cash and $5.84 billion in debt.
According to Bloomberg News, filing for Chapter 11 is a critical
move to strengthen Northvolt's capital structure, co-founder and
investor Vargas stated in an emailed message.
"The past six months have underscored the complexities of building
and financing a new industry centered on high-performance battery
cells," Vargas explained, the report further relates. He noted
that the company has made several tough but strategically vital
decisions, including filing for Chapter 11.
"This process will involve collaboration with strategic and
financial investors, along with existing shareholders and
customers," Vargas added. "We remain confident in Northvolt's
ability to overcome this challenging period."
The reorganization provides access to $145 million in cash
collateral and $100 million in debtor-in-possession financing.
During the Chapter 11 process, operations will continue without
interruption. The company will maintain deliveries to customers,
fulfill obligations to key vendors, and ensure employee wages are
paid, the report states. Northvolt Ett, the flagship battery
gigafactory in Skelleftea, and Northvolt Labs in Vasteras will stay
operational as the company accelerates production to meet its
commitments.
About Northvolt AB
Northvolt AB was established in 2016 in Stockholm, Sweden.
Pioneering a sustainable model for battery manufacturing, the
company has received orders from several leading automotive
companies. The company is currently delivering batteries from its
first gigafactory, Northvolt Ett, in Skelleftea, Sweden and from
its R&D and industrialization campus, Northvolt Labs, in Vasteras,
Sweden.
On Nov. 21, 2024, Northvolt AB and eight affiliated debtors filed
voluntary petitions for relief under Chapter 11 of the United
States Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-90577).
The cases are before the Honorable Alfredo R. Perez.
Northvolt is being advised by Teneo as its restructuring and
communications advisor. Kirkland & Ellis LLP, A&O Shearman and
Mannheimer Swartling Advokatbyrå AB are serving as legal counsel.
The company has also engaged Rothschild & Co to run its marketing
process. Stretto is the claims agent.
NORTHVOLT AB: Taps Restructuring Expert to Manage Swedish Plant
---------------------------------------------------------------
Charles Daly of Bloomberg News reports that Northvolt AB, a Swedish
battery maker, has appointed restructuring expert Paul O'Donnell to
oversee its main factory unit as the company races against time to
resolve financial issues and avoid bankruptcy.
Mr. O'Donnell, who previously assisted Thames Water in creditor
negotiations, will serve as chairman of Northvolt Ett AB, the
subsidiary operating the flagship cell-manufacturing plant in
northern Sweden, the report relates. Northvolt has faced
challenges in raising $300 million in emergency funding, with
Bloomberg News recently reporting that the financing talks are on
the brink of collapse, according to Bloomberg News.
About Northvolt AB
Northvolt AB was established in 2016 in Stockholm, Sweden.
Pioneering a sustainable model for battery manufacturing, the
company has received orders from several leading automotive
companies. The company is currently delivering batteries from its
first gigafactory, Northvolt Ett, in Skelleftea, Sweden and from
its R&D and industrialization campus, Northvolt Labs, in Vasteras,
Sweden.
On Nov. 21, 2024, Northvolt AB and eight affiliated debtors filed
voluntary petitions for relief under Chapter 11 of the United
States Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-90577).
The cases are before the Honorable Alfredo R. Perez.
Northvolt is being advised by Teneo as its restructuring and
communications advisor. Kirkland & Ellis LLP, A&O Shearman and
Mannheimer Swartling Advokatbyrå AB are serving as legal counsel.
The company has also engaged Rothschild & Co to run its marketing
process. Stretto is the claims agent.
OAKLAND DIOCESE: Faces Lawsuit Filed by Abuse Survivors
-------------------------------------------------------
Alex Wolf of Bloomberg Law reports that a committee of sex abuse
survivors involved in the bankruptcy case of the Roman Catholic
Bishop of Oakland has filed a lawsuit against the California
diocese, accusing it of improperly "shielding" hundreds of millions
of dollars that should be allocated for settlements.
The official committee of unsecured creditors in the diocese's
Chapter 11 case submitted the lawsuit on Wednesday, November 20,
2024, in the U.S. Bankruptcy Court for the Northern District of
California, the report relates. Representing more than 300 clergy
abuse claimants, the committee alleges that the diocese is
deliberately undervaluing its assets to limit funds available for a
bankruptcy plan and creditor payments, the report states.
About Roman Catholic Bishop Of Oakland
The Roman Catholic Bishop of Oakland, a tax-exempt religious
organization, sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Cal. Case No. 23-40523) on May 8,
2023. In the petition signed by Bishop Michael Charles Barber, the
Debtor disclosed $100 million to $500 million in both assets and
liabilities.
Judge William J. Lafferty oversees the case.
The Debtor tapped Foley & Lardner LLP as legal counsel and Alvarez
& Marsal North America, LLC as restructuring advisor. Kurtzman
Carson Consultants LLC is the Debtors' claims and noticing agent
and administrative advisor.
The U.S. Trustee for Region 17 appointed an official committee to
represent unsecured creditors in the Debtor's Chapter 11 case. The
committee tapped Lowenstein Sandler, LLP as bankruptcy counsel;
Burns Bair LLP as special insurance counsel; and Berkeley Research
Group, LLC as financial advisor.
OFFICE PROPERTIES: Completes Sale of 350 Spectrum Loop for $26.2MM
------------------------------------------------------------------
Office Properties Income Trust disclosed in a Form 8-K Report filed
with the U.S. Securities and Exchange Commission that on November
1, 2024, OPI completed the sale of an office property with
approximately 155,808 rentable square feet located at 350 Spectrum
Loop, Colorado Springs, Colorado, or 350 Spectrum Loop, to The
Mitre Corporation for $26.2 million, excluding closing costs.
The Company filed its unaudited pro forma condensed consolidated
financial statements reflect OPI's financial position as if the
sale of 350 Spectrum Loop was completed as of September 30, 2024
and results of operations as if the sale of 350 Spectrum Loop was
completed as of January 1, 2023, a full copy of which is available
at:
https://tinyurl.com/muw4u76d
About Office Properties
Office Properties Income Trust is a REIT organized under Maryland
law. As of Dec. 31, 2023, its wholly owned properties were
comprised of 152 properties, and it had noncontrolling ownership
interests of 51% and 50% in two unconsolidated joint ventures that
owned three properties containing approximately 468,000 rentable
square feet. As of Dec. 31, 2023, the Company's properties are
located in 30 states and the District of Columbia and contain
approximately 20,541,000 rentable square feet. As of Dec. 31, 2023,
its properties were leased to 258 different tenants, with a
weighted average remaining lease term (based on annualized rental
income) of approximately 6.4 years. The U.S. government is its
largest tenant, representing approximately 19.5% of its annualized
rental income as of Dec. 31, 2023.
As of March 31, 2024, the Company had $4 billion in total assets,
$2.7 billion in total liabilities, and $1.3 billion in total
stockholders' equity.
* * *
In May 2024, OPI announced it was actively negotiating with its
existing debtholders to exchange four series of its currently
outstanding senior unsecured notes (worth $1.7 billion at face
value) for up to $610 million of new senior secured notes and
related guarantees, with priority given to the 2025 noteholders
($650 million outstanding). The exchange would result in
debtholders receiving below the par value of the existing notes.
In July 2024, S&P Global Ratings raised its issuer credit rating on
Office Properties Income Trust (OPI) to 'CCC-' from 'SD' (selective
default) and its issue-level ratings on the senior unsecured notes
that were part of the exchange to 'CCC-' from 'D'. S&P said, "We
lowered our issue-level rating on the company's March 2029 senior
secured notes to 'CCC+' from 'B-', with the recovery rating
remaining '1′. We also lowered the issue-level rating on the
company's 2050 senior unsecured notes, which were not part of the
debt exchange, to 'CCC-' from 'CCC'. The recovery rating on all the
unsecured notes is unchanged at '3′. We also assigned our 'CCC'
and '2′ recovery rating to the company's new September 2029
senior secured notes."
S&P Global Ratings lowered its issuer credit rating on OPI to 'CC'
from 'CCC' and its issue-level ratings on its senior unsecured
notes due 2025, 2026, 2027, and 2031, which are part of the
proposed exchange, to 'CC' from 'CCC'. At the same time, S&P
affirmed its 'CCC' issue-level rating on the company's senior
unsecured notes due 2050, which are not part of the proposed
exchange, and its 'B-' issue-level rating on its existing secured
notes due 2029. Its '3′ recovery rating on all the unsecured
notes and '1′ recovery rating on the secured notes are
unchanged.
In June 2024, S&P Global Ratings lowered its issuer credit rating
on Office Properties Income Trust (OPI) to 'SD' (selective default)
and its issue-level rating on the company's 2025, 2026, 2027, and
2031 senior unsecured notes to 'D'. S&P said, "We view the debt
exchange as distressed and tantamount to a default. The downgrade
follows OPI's completion of its private debt exchange. In
aggregate, the company exchanged $865.2 million of its 2025, 2026,
2027, and 2031 senior unsecured notes for $567.4 million of new
senior secured notes due 2029. The exchange consideration varied
depending on which notes were exchanged, with longer-dated notes
receiving less consideration. In addition, certain noteholders
received common equity to incentivize the exchange. In our view,
this transaction is a distressed exchange and tantamount to a
default because lenders received less than the original promise of
the securities, which is not offset by adequate compensation."
OLIVER POINT: Lender Seeks to Prohibit Access to Cash Collateral
----------------------------------------------------------------
FRESB 2023-SB105 Harris Drive, LLC asked the U.S. Bankruptcy Court
for the Northern District of Georgia, Atlanta Division, to prohibit
Oliver Point Apartments, LLC from using its cash collateral.
Oliver Point owns an apartment complex in Atlanta, Ga., which
secures its $5.8 million loan from FRESB. The revenues generated
from the property constitute FRESB's cash collateral.
In court papers, FRESB said it does not consent to the company's
use of its cash collateral, pointing out that the company has not
proposed to provide the lender with adequate protection in the form
of post-petition payments and replacement liens in the cash
collateral.
FRESB also argued that the company has no equity in the property
since its value is less than $5.6 million based on the latest
appraisal of the property.
As of Nov. 4, the lender is owed more than $6.8 million, plus
interest and other charges.
Last month, FRESB sent a final notice of default, demanding
immediate payment and accelerating the loan. The lender also
initiated foreclosure proceedings scheduled for Nov. 5. However,
Oliver Point filed for bankruptcy just before the scheduled
foreclosure sale.
About Oliver Point Apartments
Oliver Point Apartments LLC owns and operates an apartment complex
in Atlanta, Ga.
Oliver Point sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. N.D. Ga. Case No. 24-61781) on November 4, 2024, with
total assets of $7,000,000 and total debts of $6,933,359. Olivia
Chevannes, managing member, signed the petition.
Milton Jones, Esq., serves as the Debtor's bankruptcy attorney.
ONYX SITE: Court Approves Use of Cash Collateral Until January
--------------------------------------------------------------
Onyx Site Services, LLC received third interim approval from the
U.S. Bankruptcy Court for the Middle District of Florida to use
cash collateral until January next year.
The interim order authorized Onyx to use cash collateral to pay
ordinary business expenses and court-approved fees set forth in its
budget, which contains projections for the period of August 2024
through January 2025.
Secured creditors, including 121 Financial Credit Union, John Deere
and the U.S. Small Business Administration were granted
post-petition replacement liens on cash collateral.
In addition, SBA and Mr. Deere will receive monthly payments of
$9,886 and $3,500, respectively, as adequate protection for their
interests.
A final hearing is scheduled for Jan. 8.
About Onyx Site Services
Onyx Site Services is a construction site developer headquartered
in Palatka, Fla., which concentrates on full site development,
including but not limited to site development for road
construction, sidewalks, curbs, and underground utilities.
Onyx Site Services sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-01656) on June 11,
2024, with up to $50,000 in assets and up to $10 million in
liabilities. The petition was signed by Joseph A. Silas as managing
member.
Judge Jacob A. Brown presides over the case.
Robert C. Bruner, Esq., at Bruner Wright, P.A. serves as the
Debtor's legal counsel.
PETROQUEST ENERGY: Seeks to Sell Oil and Gas Assets
---------------------------------------------------
PetroQuest Energy, Inc. seeks permission from the U.S. Bankruptcy
Court for the District of Delaware, to sell oil and gas assets,
free and clear of all encumbrances.
The Debtors are an independent oil and gas firm headquartered in
Lafayette, Louisiana. The Debtors are engaged in the exploration,
development, acquisition and operation of oil and gas properties in
Texas and Louisiana.
The Debtors' primary operating assets consist of their oil and gas
leasehold interests, producing properties, and related assets
located in Panola County, Texas. The Debtors’ remaining assets
include: a single offshore overriding royalty interest, a single
well in Oklahoma, and a processing platform located in Thibodeaux,
Louisiana.
The Debtor's operations are sound and their oil and gas assets are
inherently valuable, the value of those assets at any particular
time is subject to the prevailing market price of natural gas.
Prevailing prices for natural gas have been near historic lows for
an extended time, resulting the Debtor unable to generate revenue
sufficient to service their secured debt, much less turn a profit.
The Debtors' secured lenders supported the Debtors' continued
operations for months, both by allowing interest on their secured
claims to accrue in kind, and by providing small cash infusions
when they were absolutely critical. However, two events outside of
the ordinary course of the Debtors’ business drained
approximately $20 million of the Debtors' liquidity, which proved
an impossible burden for the Debtors to sustain.
The Debtor employs oil and gas assets broker, Detring & Associates,
LLC, to assist in the marketing process and to identify one or more
parties interested in pursuing the sale.
The Debtor proposes the following key dates and deadlines for the
sale process:
- Bidding Procedures Objection Deadline on December 5, 2024, at
4:00 p.m. (ET)
- Bidding Procedures Hearing on December 12, 2024, 11:30 a.m. (ET)
- Deadline to File and Serve Assumption Notice on December 16,
2024
- Deadline to File and Serve Consent Right Holder Notice on
December 16, 2024
- Deadline to File and Serve Auction and Sale Notice on December
16, 2024
- Deadline to Publish Auction and Sale Notice on Seven days after
entry of the
Bidding Procedures Order
- Designation of Stalking Horse Bidder and Execution of Stalking
Horse Agreement:
Prior to Bid Deadline
- Deadline to File and Serve Stalking Horse Objections: Three days
after
designation of Stalking Horse Bidder
- Contract Objection Deadline on January 6, 2025, at 4:00 p.m.
(ET)
- Deadline to File Consent Rights Objection on January 6, 2025, at
4:00 p.m. (ET)
- Bid Deadline: January 15, 2025, at 5:00 p.m. (ET)
- Deadline to Designate Qualified Bids and File Auction Notice on
January 17, 2025,
at 12:00 p.m. (ET)
- Auction on January 21, 2025, at 10:00 a.m. (ET)
- Deadline to File Notice of Successful Bidder and Back-Up Bidder
on January 22,
2025
- Deadline to Object to Sale on January 24, 2025, at 4:00 p.m.
(ET)
- Adequate Assurance Objection Deadline on January 24, 2025, at
4:00 p.m. (ET)
- Sale Hearing on January 27, 2025, at 10:00 a.m. (ET)
The Debtors also seek to establish certain procedures relating to
the assumption, assumption and assignment, or transfer of executory
contracts and unexpired leases in connection with the Sale.
The Debtor engaged Detring in February 2024 when PetroQuest was in
the preliminary stages of considering its strategic options.
Detring was familiar with the PetroQuest and its assets, having
already marketed the Assets for sale in connection with the
earlier, failed process.
To maximize value for the Assets and to continue the competitive
bidding process, and in a manner consistent with sale practices in
the oil and gas industry, Detring then told the Initial Bidders to
submit a second "best and final" bid by September 4, 2024.
The Debtor has entered a non-binding offer to purchase assets in
Carthage Field, Panola County, Texas with an interested party, with
the goal of giving the parties time to negotiate and execute a
purchase and sale agreement that could serve as a "stalking horse"
bid in a bankruptcy sale process.
The Debtor and the Presumptive Stalking Horse extended the
termination date of the agreement once to allow themselves more
time to negotiate the form of agreement, and for the Presumptive
Stalking Horse to clear remaining contingencies.
The Debtor has set the bidding procedure which seek to maximize the
value of the Debtor's estates by facilitating an open and
competitive sale of the Assets, while taking into account the
pressing need for the Debtors to sell the Assets as quickly as
possible.
If the Debtors select a Stalking Horse Bidder prior to the Bidding
Procedures
Hearing, the Debtors propose to file with the Court a notice.
In the event that the Debtors do not secure or choose not to accept
a Stalking Horse Bid prior to the Bidding Procedures Hearing, the
Debtors request authority to later secure one.
The Debtors request that they be authorized to provide certain
bidding protections to a prospective Stalking Horse Bidder.
Accordingly, if required by a prospective Stalking Horse Bidder as
a condition to such Stalking Horse Bidder’s execution of a
Stalking Horse Agreement, the Debtors request authority to enter
into a Stalking Horse Agreement that grants the Stalking Horse
Bidder a break-up fee of no more than 4.0% of the total cash
consideration payable under such Stalking Horse Agreement plus an
expense reimbursement for the Stalking Horse Bidder’s reasonable
and actual out-of-pocket costs not to exceed $400,000.
The Debtors say that having the flexibility to designate a Stalking
Horse Bidder and provide certain Bid Protections will provide the
Debtors with the ability to maximize the value of the Assets.
The Debtors will also serve the Sale Notice, the bidding procedures
order, and the bidding procedures to several parties and their
respective counsel.
The Debtors are also seeking authority to designate a Stalking
Horse Bidder for any portion of the Assets and offer Bid
Protections to such Stalking Horse Bidder. The Debtors seek to
utilize such authority only in their discretion if the Debtors
determine in their business judgment that such Bid Protections will
likely facilitate a competitive bidding and auction process.
About PetroQuest Energy Inc.
PetroQuest Energy Inc. is an oil and gas exploration company.
PetroQuest Energy Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 24-12609) on November 13,
2024. In its petition, the Debtor reports estimated assets between
$100,000 and $500,000 and estimated liabilities of $115.5 million.
Judge Craig T Goldblatt presides over the case.
The Debtor is represented by Patrick J. Reilley of Cole Schotz P.C.
PHCV4 HOMES: Court OKs Sale of Lots in Colonia Traditions
---------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Alabama,
Southern Division, has approved PHCV4 Homes, LLC, to sell is
Property, free and clear of all liens, interests, and encumbrances.
The Debtor is granted to sell the interest in certain real estate
consisting of 20 single family lots in the subdivision known as
Colonia Traditions, Phase One.
The closing of the Sale shall occur no earlier than the expiration
of the 14-day appeal period as to the Order, but in no event later
than December 15, 2024. In addition, no proceeds of the Sale shall
be paid to the Debtor or any person or party related to PHCV4, no
other creditors or lienholders shall receive any proceeds of the
Sale outside of routine and necessary sale-related disbursements,
and the net proceeds of the Sale in an amount not less than
$2,003,144.62 shall be paid directly to CoreVest at closing free
and clear of all liens, interests, and encumbrances.
If the Sale does not close on or before December 15, 2024, then it
is null and void and the Sale cannot thereafter be completed
without further approval of the Court.
The Court held that CoreVest's receipt of the Sale proceeds shall
not constitute a full payoff as to any loans or obligations owed by
PHCV4 to CoreVest; however, CoreVest may apply the Sale proceeds to
reduce amounts owed by PHCV4 to CoreVest.
The Court ordered thath nothing included in the Order shall be
construed as a determination of the value of the property to be
sold in connection with the Motion to Sell or any other assets
which serve as collateral for CoreVest’s loans with PHCV4 or any
related entity. CoreVest expressly reserves and retains all rights
and arguments as to valuation regarding its collateral.
About PHCV4 Homes LLC
PHCV4 Homes LLC is part of the residential building construction
industry.
PHCV4 Homes LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ala. Case No. 24-02751) on September
10, 2024. In the petition filed by Misty M. Glass, as manager, the
Debtor reports estimated assets and liabilities between $10 million
and $50 million each.
The Honorable Bankruptcy Judge Tamara O. Mitchell presides over the
case.
The Debtor is represented by Frederick M. Garfield, Esq., at SPAIN
& GILLON, LLC.
PRIME CORE: Chapter 11 Trustee Wants to Recover $10MM Payout
------------------------------------------------------------
Yun Park of Law360 reports that the liquidating trust for Prime
Core Technologies Inc., a struggling cryptocurrency technology
company, filed a lawsuit in Delaware bankruptcy court on November
21, 2024, seeking to recover over $10 million, alleging it was a
fraudulent transfer made to a creditor while the company was
insolvent.
About Prime Core
Prime Core Technologies, Inc., was founded in 2016 by Scott Purcell
as a trust and custodial services company with respect to fiat
currency and other more traditional assets, with its primary
product being college savings trusts. Following the emergence and
exponential growth of the blockchain and cryptocurrency industry,
the Company recalibrated its focus away from providing more
traditional fiat currency custodial services and towards providing
custodial services for cryptocurrency and other digital assets.
Eventually, the Company emerged as a market leader, providing a
unique bundle of products and services that remain unparalleled in
the industry.
Prime Core Technologies, Inc., and three of its affiliates sought
Chapter 11 bankruptcy protection (Bankr. D.N.J. Lead Case No.
23-11161) on Aug. 16, 2023. The petitions were signed by Jor Law as
interim chief executive officer. The Hon. J. Kate Stickle presides
over the Debtors' cases.
The Debtors listed $50 million to $100 million in estimated assets
and $100 million to $500 million estimated liabilities.
McDermott Will & Emery LLP serves as counsel to the Debtors. The
Debtors' financial advisor is M3 Advisory Partners, LP; their
investment banker is Galaxy Digital Partners LLC; and their claims
and noticing agent is Stretto.
PURDUE PHARMA: Committee Professionals Bill $21.2-Mil. in Fees
--------------------------------------------------------------
Hilary Russ of Law360 Bankruptcy Authority reports that over 150
lawyers, investment bankers, and financial advisers representing
the creditors' committee of bankrupt OxyContin maker Purdue Pharma
LP have billed $21.2 million as the high-profile case resumed this
summer, according to a Law360 analysis of interim fee
applications.
About Purdue Pharma LP
Purdue Pharma L.P. and its subsidiaries --
http://www.purduepharma.com/-- develop and provide prescription
medicines and consumer products that meet the evolving needs of
healthcare professionals, patients, consumers and caregivers.
Purdue's subsidiaries include Adlon Therapeutics L.P., focused on
treatment for Attention-Deficit/Hyperactivity Disorder (ADHD) and
related disorders; Avrio Health L.P., a consumer health products
company that champions an improved quality of life for people in
the United States through the reimagining of innovative product
solutions; Imbrium Therapeutics L.P., established to further
advance the emerging portfolio and develop the pipeline in the
areas of CNS, non-opioid pain medicines, and select oncology
through internal research, strategic collaborations and
partnerships; and Greenfield Bioventures L.P., an investment
vehicle focused on value-inflection in early stages of clinical
development.
Opioid makers in the U.S. are facing pressure from a crackdown on
the addictive drug in the wake of the opioid crisis and as state
attorneys general file lawsuits against manufacturers. More than
2,000 states, counties, municipalities and Native American
governments have sued Purdue Pharma and other pharmaceutical
companies for their role in the opioid crisis in the U.S., which
has contributed to the more than 700,000 drug overdose deaths in
the U.S. since 1999.
OxyContin, Purdue Pharma's most prominent pain medication, has been
the target of over 2,600 civil actions pending in various state and
federal courts and other fora across the United States and its
territories.
On Sept. 15 and 16, 2019, Purdue Pharma L.P. and 23 affiliated
debtors each filed a voluntary petition for relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No.
19-23649), after reaching terms of a preliminary agreement for
settling the massive opioid litigation. The Debtors' consolidated
balance sheet as of Aug. 31, 2019, showed $1.972 billion in assets
and $562 million in liabilities.
U.S. Bankruptcy Judge Robert Drain oversees the cases.
The Debtors tapped Davis Polk & Wardwell, LLP and Dechert, LLP, as
legal counsels; PJT Partners as investment banker; AlixPartners as
financial advisor; and Grant Thornton, LLP as tax structuring
consultant. Prime Clerk, LLC, is the claims agent.
Akin Gump Strauss Hauer & Feld LLP and Bayard, P.A., represent the
official committee of unsecured creditors appointed in the Debtors'
bankruptcy cases.
David M. Klauder, Esq., is the fee examiner appointed in the
Debtors' cases. The fee examiner is represented by Bielli &
Klauder, LLC.
* * *
U.S. Bankruptcy Judge Robert Drain in early September 2021 approved
a plan to turn Purdue into a new company (Knoa Pharma LLC) no
longer owned by members of the Sackler family, with its profits
going to fight the opioid epidemic. The Sackler family agreed to
pay $4.3 billion over nine years to the states and private
plaintiffs and in exchange for a lifetime legal immunity. The deal
resolves some 3,000 lawsuits filed by state and local governments,
Native American tribes, unions, hospitals and others who claimed
the company's marketing of prescription opioids helped spark and
continue an overdose epidemic.
Separate appeals to approval of the Plan have already been filed by
the U.S. Bankruptcy Trustee, California, Connecticut, the District
of Columbia, Maryland, Rhode Island and Washington state, plus
some
Canadian local governments and other Canadian entities.
In early March 2022, Purdue Pharma reached a nationwide settlement
over its role in the opioid crisis, with the Sackler family members
boosting their cash contribution to as much as $6 billion. The
settlement was hammered out with attorneys general from the eight
states -- California, Connecticut, Delaware, Maryland, Oregon,
Rhode Island, Vermont and Washington -- and D.C. who had opposed
the previous settlement.
RED RIVER: Fights Beasley Allen Over Atty Sanction Request
----------------------------------------------------------
Madison Arnold of Law360 reports Beasley Allen Law Firm has alleged
that a Johnson & Johnson talc subsidiary, Red River Talc, is using
"deposition notices as weapons" in an attempt to sanction one of
its attorneys. Meanwhile, the company contended that the firm "has
not fully engaged in discovery" in its bankruptcy proceedings, the
report states.
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.
RLI SOLUTIONS: Seeks Sale of S. Johnson Property for $2.85-Mil.
---------------------------------------------------------------
RLI Solutions Company seeks permission from the U.S. Bankruptcy
Court for the Western District of Pennsylvania, at a hearing on
December 19, 2024 10:30 a.m., to sell real estate to 161 Johnson
Property, LLC , free and clear of liens, and encumbrances.
The Property for sale is located at 161 S. Johnson Road, Houston,
Pennsylvania.
The lienholder of the Property is Norman Lane in which the Debtor
believes that if the latter receives payment by December 31, 2024,
the payoff under the settlement shall be $1,560,000.00.
The Debtor requests that the lien of Steel Nation Buildings, Inc.
be divested from the real estate and transferred the lien to the
fund that is created following the closing of the sale of real
estate.
The Debtor is a party to a valid assumed lease to NPL Construction
Company relating to the Property. The Debtor and the prospective
bidder, the "Stalking Horse" have finalized an agreement which
shall be filed simultaneously with the Motion for Entry, approving
the sale free and clear of liens and encumbrances.
The Debtor proposes the instant sale process to provide for a more
formal process by which third parties are given a full and fair
opportunity to bid on the Debtor’s Real Estate and by which the
Debtor can ensure that its value is maximized.
The Debtor has finalized an agreement with the prospective bidder,
61 Johnson Property, LLC, for the sale of the Property for a
purchase price of $2,850,000. A good faith deposit of $25,000.00
has been delivered to Land Services USA, LLC and the remaining
balance of the purchase price shall be payable in full at closing.
The bidding procedures provided an open and fair auction of the
Property, which further ensured the arms’ length and good faith
nature of the sale by encouraging competitive bidding by Qualified
Bidders.
About RLI Solutions Company
RLI Solutions Company, doing business as Ronald Lane Inc., sought
protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr.
W.D. Pa. Case No. 22 21375) on July 17, 2022, listing as much as
$10 million in both assets and liabilities. Christopher Lane,
president of RLI Solutions Company, signed the petition.
Judge Gregory L Taddonio oversees the case.
Donald R. Calaiaro, Esq., at Calaiaro Valencik is the Debtor's
legal counsel.
SEBASTIAN TECH: Seeks to Use Cash Collateral Until Feb. 3
---------------------------------------------------------
Sebastian Tech Systems, LLC asked the U.S. Bankruptcy Court for the
Eastern District of Arkansas, Jonesboro Division, for authority to
use cash collateral until Feb. 3 next year.
The company requires the use of cash collateral to pay its expenses
and fund its business operations.
Simmons Bank, the U.S. Small Business Administration, On Deck
Capital, Byzfunder NY LLC, and Forward Financing may assert an
interest in the company's cash collateral.
Sebastian Tech Systems proposed to protect the interests of the
secured lenders through cash flow payments and by providing them
with claims in its bankruptcy case.
The company's ability to use this cash collateral will terminate
upon the conversion of the case to one under Chapter 7; the
confirmation of a plan of reorganization by an order that becomes
final and non-appealable unless use of the rents is contemplated;
or subsequent order of the court.
About Sebastian Tech Systems
Sebastian Tech Systems, LLC owns and operates an IT Service company
in Jonesboro, Ark.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Ark. Case No. 24-13722) on November
13, 2024, with up to $500,000 in assets and up to $10 million in
liabilities. Meg Sebastian, managing member, signed the petition.
Judge Phyllis M. Jones oversees the case.
Kevin P. Keech, Esq., at Keech Law Firm, PA, represents the Debtor
as bankruptcy counsel.
SHERWOOD PARENTCO: S&P Affirms 'B' Long-Term ICR, Outlook Stable
----------------------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term issuer credit rating
on Sherwood Parentco Ltd. and assigned a 'B' issue-level rating and
'4' recovery rating to the proposed notes.
The stable outlook indicates that Arrow Global Group' (Arrow)
continuing pivot toward integrating its fund management model
should reduce its leverage in the coming two years, and that the
exchange offer should diminish its refinancing risks to some
extent.
Rating Action Rationale
S&P Global Ratings assigned its 'B' issue level rating to Sherwood
Financing PLC's three proposed senior-secured notes due 2029 (final
amounts to be determined). The group launched an offer to its
bondholders to exchange its existing EUR400 million 4.5% senior
secured notes due in November 2026 and to exchange its EUR640
million three-month EURIBOR+4.625% senior secured notes due in
November 2027 for new floating rate notes due in December 2029 with
a minimum amount of GBP450 million. Concurrently with the exchange
offer, the group launched new minimum EUR250 million fixed-rate
senior secured notes, and minimum GBP250 million fixed-rate senior
secured notes due in December 2029 to refinance existing notes. The
proposed notes will rank pari passu with the remaining existing
notes and will be guaranteed by Sherwood Parentco and several of
Arrow's operating subsidiaries. Sherwood Financing is a wholly
owned financing subsidiary of Sherwood Parentco. The rating on the
proposed notes is in line with S&P's rating on the existing senior
secured notes and its long-term issuer credit rating on Sherwood
Parentco Ltd. (B/Stable/--). The '4' recovery rating on the notes
indicates its expectation for average (30%-50%; rounded estimate:
45%) recovery in a simulated default scenario.
S&P said, "We understand that the exchange offer is fully
voluntary, and we view the transaction as a proactive treasury
management exercise, rather than a distressed exchange. The final
amount of the new notes will be subject to the acceptance rate by
the exiting bondholders under the exchange offer. Arrow will not
incur any additional debt with the transaction, and we view the
exchange offer as leverage neutral. The exchange offer, if
implemented, should be positive for the group's debt maturity
profile and refinancing risks. That said, there is still an
uncertainty of how much existing senior secured notes will remain
outstanding after the transaction and it will depend on the
bondholders' acceptance rate. In addition to the exchange offer,
Sherwood plans to extend the maturity of its GBP285 million
revolving credit facility (RCF) from April 2026 to June 2029 (as of
Sept. 30, 2024, GBP147.6 million was drawn).
"For the first nine months of 2024, Arrow demonstrated solid
results, in line with our base case. Arrow's cash revenue
increased by 45% year on year and reached GBP491.4 million, driven
by growth of investment management and servicing revenue by 37.6%
year on year and a significant recovery of collections that were
delayed in 2023. Arrow's integrated fund management EBITDA rose by
79% to GBP52 million, reflecting the growth in fee-paying funds
under management (FUM), which we view as positive given the higher
predictability compared with balance-sheet portfolio collection.
Total FUM increased to EUR10.5 billion, with EUR5.1 billion under
management in Arrow's fund and EUR5.4 billion managed by servicing
platforms.
"We expect that S&P Global Ratings-adjusted debt to EBITDA will
reduce to 6.5x-7.0x by the end of 2024 from 11.4x last year (6.9x
as of Sept. 30, 2024), and S&P Global Ratings-adjusted EBITDA to
interest expense will recover to 2.0x-2.5x. Although the
continuing growth of Arrow's investment management business and
revenue should support deleveraging, we think that the group will
remain highly leveraged in the coming two years with S&P Global
Ratings-adjusted debt to EBITDA remaining above 5x by the end of
2026. This is because growing investment management revenue will be
offset to some extent by the gradual decline in collections, due to
Arrow's smaller proprietary back book. Although coupon rates on the
new debt will be higher than those on the existing senior secured
notes, the exchange should not materially increase the group's
interest burden and should reduce its interest coverage ratios."
Outlook
S&P said, "The stable outlook on Sherwood indicates that Arrow is
likely to gradually reduce its leverage so that S&P Global
Ratings-adjusted debt to EBITDA declines toward 5.0x-5.5x over the
next two years. Our key underlying assumption is the group's
continued pivot toward fund management will support this trend,
despite lower collections from its back book. We anticipate that
management will exchange most of its existing senior secured notes
for the new ones, reducing its refinancing risks."
Downside scenario
S&P said, "We could lower the rating if we see a significant
increase in refinancing risks, for example if a substantial portion
of the existing debt will remain outstanding and the group does not
refinance it well in advance. We could also lower the rating if
financial leverage increases again persistently above 7x, or
interest coverage falls below 2x."
Upside scenario
S&P said, "We could raise the rating if Arrow's adjusted debt to
EBITDA falls closer to or below 5x and the group maintains its
financial flexibility, with free operating cash flow to debt above
15%. An upgrade would depend on the successful implementation of
management's strategy to increase the scale of Arrow's investment
management business, as well as a lack of significant refinancing
needs.
"We view Sherwood's liquidity as adequate because we think that the
group's liquidity sources will continue to exceed its liquidity
uses by at least 1.2x over the next 12 months."
Principal liquidity sources over the 12 months started June 30,
2024 include:
-- Headroom under the senior RCF of approximately GBP100 million.
Cash generation net of cash interest and taxation about GBP431
million.
-- Cash and its equivalents of around GBP91 million.
Principal liquidity uses in the same period include:
-- Portfolio acquisitions from proprietary capital of GBP145
million-GBP150 million.
-- Working capital outflow of close to GBP30 million.
-- Debt redemption of about GBP75 million.
Issue Ratings--Recovery Analysis
Key analytical factors
-- S&P updated its recovery analysis on Sherwood Parentco to
reflect the group's proposed exchange offer and new debt issuance.
-- The proposed senior unsecured notes issued by Sherwood
Financing are rated 'B' with a '4' recovery rating, indicating
S&P's expectation for average (30%-50%; rounded estimate: 45%)
recovery in a simulated default scenario.
-- The issue ratings incorporate S&P's view of the group's asset
base and the prospective scale and contribution to group income of
its servicing business and investment management business.
-- S&P's simulated default scenario contemplates a default in
2027, reflecting a significant decline in cash flow following
adverse operational issues, lost clients, difficult collection
conditions, or greater competitive pressures leading to the
mispricing of portfolio purchases.
-- S&P calculate a combined enterprise value considering different
business segments and assuming Sherwood's portfolio of debt
receivables would find a potential acquirer.
-- S&P applies a 25% haircut to the book value of the debt
portfolios after adjusting for the pledged assets.
-- In addition, S&P assumes earnings from its servicing and
management businesses will decline and apply a valuation using a 4x
EBITDA multiple. S&P assesses Sherwood on a going-concern basis,
given Arrow's long-term contracts and established relationships
with customers.
Simulated default assumptions
-- Year of default: 2027
-- Jurisdiction: U.K.
Simplified waterfall
-- Net enterprise value on liquidation (net of 5% administrative
expense): GBP840 million
-- Priority claims: GBP249 million (RCF).
-- Collateral value available to secured creditors: GBP517
million.
-- Senior secured claims: GBP1291 million.
-- Recovery rating: 4
-- Recovery expectations: 30%-50% (rounded estimate: 45%)
Debt totals include six months of prepetition interest expense.
SIMMONS FOODS: S&P Alters Outlook to Stable, Affirms 'B' ICR
------------------------------------------------------------
S&P Global Ratings revised its outlook on U.S.-based poultry and
pet food producer Simmons Foods Inc. to stable from negative and
affirmed all its ratings, including the 'B' issuer credit rating.
The stable outlook reflects S&P's expectation that Simmons' higher
poultry profits and the steady expansion of its pet food business
will support a further improvement in its credit metrics, including
leverage of near 5.5x as of the end of 2024 and less than 5.0x as
of the end of 2025.
Simmons has restored its credit measures in line with S&P's
expectations for the rating. The company increased its S&P Global
Ratings-adjusted EBITDA by 28% year over year in the third quarter
ended Sept. 28, 2024, supported by a rebound in the profits from
both its poultry and pet food businesses. Therefore, Simmons was
able to deleverage to about 6x over this period from the low-7x
area as of the end of 2023. The company's poultry business has been
slower to recover than those of its peers because of its higher
exposure to foodservice customers (which are struggling with slower
consumer foot traffic), fixed price customer contracts that limited
its ability to participate in high chicken market prices, and
unfavorable capacity utilization rates following capacity expansion
investments it made over the last several years. While still
lagging the overall industry, Simmons has realized some benefits
from lower feed costs and has offset some of its lost foodservice
volumes with increased retail customer volumes. The company is also
benefiting from higher market prices on its contracts that are not
fixed.
Simmons' pet food business was heavily pressured by de-stocking
among its branded customers in 2023 and its volumes continued to
decline in the first half of 2024 as pinched consumers seeking
value traded down to value brands. The company was able to partly
offset the mix shift to value because of its large private-label
presence, though these factors nonetheless reduced the profits from
its pet business. While the improvement in the company's pet
segment sales primarily reflected its lapping of the de-stocking
initiatives from last year, it also improved its EBITDA on lower
input costs and cost savings from productivity initiatives. S&P
expects Simmons will benefit from normalized demand while the
lapping of restructuring costs will continue to support an
improvement in its pet segment profit in 2025.
S&P said, "We expect tailwinds in the poultry business will support
continued margin expansion in 2025. While we expect the company
will moderately increase the profits from its pet food business in
2025, we expect favorable pricing and lower operating costs in the
poultry business will drive the majority of its profitability gains
over the next year. The company has locked in high-single digit
percent price increases with most of its customers, representing
about 75% of its expected 2025 volumes, and significantly lower
feed costs through hedges on corn and soymeal. We also expect
Simmons' fixed-cost absorption will improve significantly because
it has signed a new retail contract that will ramp up in January to
fill unused capacity at a value-added further processing facility.
Finally, while weak restaurant foot traffic may remain a headwind,
we expect the high spread between beef and chicken prices will
continue to prod restaurants to increase their promotion of
chicken, rather than beef, to attract consumers, which will likely
benefit the company's volumes. Simmons has also made some inroads
toward expanding its volumes with retailers while struggling
consumers continue to eat at home rather than dine out. Based on
these factors, we expect the profitability of the company's poultry
business will strongly improve in 2025 and support an expansion in
its overall EBITDA margin of more than 200 basis points (bps)
relative to 2024. This follows the more than 100-bps year-over-year
expansion in Simmons' margin in 2024."
The company's cash flow will decline due to shifts in its capital
investment and working capital. Simmons has moderated its capital
expenditure (capex) in 2024 to less than $100 million following a
period of stepped-up investment in capacity expansion projects for
its value-added poultry processing and wet pet food businesses. The
company has also benefited from strong working capital tailwinds,
mostly because lower grain costs have supported declines in
inventory values. Due to these factors, along with its healthy
profit growth, we forecast Simmons will generate solid free
operating cash flow (FOCF) of $80 million-$90 million in 2024. S&P
said, "Despite our expectation for a continued increase in the
company's profits over the next year, we expect its FOCF will
contract significantly in 2025. Simmons will begin an 18-month
project to build a new renewable facility that will convert waste
from its poultry operations into natural gas, CO2, and fertilizer.
The facility, which we expect will cost about $75 million to
complete, will provide the company with energy savings and tax
credits. We believe Simmons' stepped-up capex (we estimate about
$150 million), combined with a reversal in its working capital,
will cause it to generate modestly negative FOCF in 2025.
Nevertheless, we expect the company will deleverage below 5x while
maintaining a steady dividend of $50 million, including for tax and
discretionary purposes."
The stable outlook on Simmons Foods Inc. reflects S&P's expectation
for a significant expansion in its profit and continued
deleveraging over the next 12 months as it benefits from ongoing
poultry market tailwinds and an improved performance in its pet
food segment. This will likely enable the company to deleverage
below 5x before the end of fiscal year 2025.
S&P could lower its ratings on Simmons if its leverage increases
and remains above 6.5x. This could occur if:
-- Poultry market conditions unexpectedly reverse, potentially due
to excess industry production that reduces commodity prices, or a
sharp increase in grain prices;
-- The company loses key customers and its capacity utilization
rates, particularly at its value-added chicken facilities,
materially weaken;
-- It experiences a large product recall or manufacturing
disruption; or
-- Its pet food business weakens because of declining demand from
its branded customers that it does not offset with private-label
wins.
While unlikely, S&P could raise its ratings on Simmons if:
-- It maintains leverage of less than 4x and generates positive
FOCF on a sustained basis; or
-- S&P takes a more favorable view of its business risk profile
because it demonstrates reduced earnings volatility, likely through
material geographic and product diversification, while also
sustaining leverage of below 5x.
SOUTHWEST COMMUNITY: Commences Subchapter V Bankruptcy Proceeding
-----------------------------------------------------------------
On November 5, 2024, Southwest Community Baptist Church filed
Chapter 11 protection in the Southern District of Texas. According
to court filing, the Debtor reports between $1 million and $10
million in debt owed to 1 and 49 creditors. The petition states
funds will be available to unsecured creditors.
A meeting of creditors under Sec. 341(a) to be held on December 10,
2024 at 3:00 PM.
About Southwest Community Baptist Church
Southwest Community Baptist Church is a baptist church in Houston,
Texas.
Southwest Community Baptist Church sought relief under Subchapter V
of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case
No. 24-35226) on November 5, 2024. In the petition filed by Joseph
J. Mason, as director of
operations, the Debtor reports estimated assets and liabilities
between $1 million and $10 million each.
Honorable Bankruptcy Judge Jeffrey P. Norman oversees the case.
The Debtor is represented by:
Reese Baker, Esq.
BAKER & ASSOCIATES
950 Echo Ln Ste 300
Houston TX 77024-2824
Email: courtdocs@bakerassociates.net
SPIRIT AIRLINES: Receives Court Approval of First Day Motions
-------------------------------------------------------------
Spirit Airlines, Inc. announced on Nov. 19, 2024, that it has
received approval from the United States Bankruptcy Court for the
Southern District of New York for all of its requested "first day"
relief in support of its prearranged Chapter 11 process. Among
other benefits, this relief ensures that Spirit's Team Members,
vendors and other counterparties will continue to be paid in full
in the ordinary course of business and that Guests can continue to
book and fly without interruption and use all tickets, credits and
loyalty points as normal.
"We are pleased with the Court's decision to grant all of this
important relief, which affirms our ability to continue operating
seamlessly during our streamlined restructuring process," said Ted
Christie, Spirit's President and Chief Executive Officer. "I want
to thank our Guests, Team Members and business partners for their
continued support as we position Spirit for long-term success. We
look forward to emerging as a stronger company and continuing to
execute on our strategic initiatives to transform our Guest
experience."
As previously announced, Spirit entered into a restructuring
support agreement supported by a supermajority of its loyalty and
convertible bondholders on the terms of a comprehensive balance
sheet restructuring that would equitize $795 million of funded debt
and provide $350 million of fully committed equity capital upon
emergence. The restructuring will be effectuated through a plan of
reorganization that is subject to confirmation by the Court. The
Company expects to emerge from its streamlined chapter 11 process
in the first quarter of 2025.
Additional information about the Company's chapter 11 case,
including access to Court filings and other documents related to
the restructuring process, is available at
https://dm.epiq11.com/SpiritGoForward or by calling Spirit's
restructuring information line at (888) 863-4889 (U.S. toll free)
or +1 (971) 447-0326 (international). Additional information is
also available at www.SpiritGoForward.com.
About Spirit Airlines
Spirit Airlines (NYSE: SAVE) is a low-fare carrier committed to
delivering the best value in the sky by offering an enhanced travel
experience with flexible, affordable options. Spirit serves
destinations throughout the United States, Latin America and the
Caribbean with its Fit Fleet, one of the youngest and most
fuel-efficient fleets in the U.S. On the Web:
http://wwww.spirit.com/
Spirit Airlines, Inc. filed a petition seeking relief under chapter
11 of the United States Bankruptcy Code (Bankr. S.D.N.Y. Case No. 2
4-11988) on Nov. 18, 2024, after reaching terms of a pre-arranged
plan with bondholders.
Davis Polk & Wardwell LLP is the Debtors' attorneys, and Alvarez &
Marsal North America, LLC, is the financial advisor. Epiq is the
claims agent.
Paul Hastings LLP and Ducera Partners LLC are advising the Ad Hoc
Group of Convertible Noteholders.
Akin Gump Strauss Hauer & Feld LLP, and Evercore Group L.L.C. are
advising the Ad Hoc Group of Senior Secured Noteholders.
TGI FRIDAY'S: Nears Deal to Sell Restaurant Chain
-------------------------------------------------
Jonathan Randles of Bloomberg News reports that TGI Friday's Inc.
announced it is close to reaching an agreement to sell the casual
dining chain, following its bankruptcy filing just weeks ago.
At a court hearing on November 20, 2024, the company's lawyer,
Rahmon Brown, revealed that discussions are ongoing with a
potential buyer regarding the terms of an asset purchase agreement,
the report states.
According to Bloomberg News, though the buyer's identity was not
disclosed, Brown expressed confidence that the deal could be
finalized within days, emphasizing that the completion of the asset
purchase agreement is "imminent."
About TGI Friday's Inc.
TGI Friday's Inc., doing business as Wow Bao, operates a chain of
restaurants. The Company provides appetizers, sizzlings, seafood,
salads, sandwiches, entres, desserts, and non-alcoholic and
alcoholic beverages. Wow Bao serves customers in the United States.
TLC MEDICAL: Seeks Bankruptcy Protection in Florida
---------------------------------------------------
On November 4, 2024, TLC Medical Group Inc. filed Chapter 11
protection in the Southern District of Florida. According to court
filing, the Debtor reports $2,093,600 in debt owed to 1 and 49
creditors. The petition states funds will be available to unsecured
creditors.
A meeting of creditors under Sec. 341(a) to be held on December 4,
2024 at 9:00 AM.
About TLC Medical Group Inc.
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.
TLC Medical Group Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-21588) on November 4,
2024. In the petition filed by Anthony Lewis, as president, the
Debtor reports total assets of $1,905,679 and total liabilities of
$2,093,600.
Honorable Bankruptcy Judge Mindy A. Mora handles the case.
The Debtor is represented by:
Susan D. Lasky, Esq.
SUSAN D. LASKY, PA
320 SE 18 Street
Fort Lauderdale, FL 33316
Tel: 954-400-7474
Email: Jessica@SueLasky.com
TOLEDO GAS: Voluntary Chapter 11 Case Summary
---------------------------------------------
Debtor: Toledo Gas Gathering, LLC
515 N. Fredonia
Longview, TX 75601
Case No.: 24-60730
Chapter 11 Petition Date: November 21, 2024
Court: United States Bankruptcy Court
Eastern District of Texas
Debtor's Counsel: Wyatt J. Shirley, Esq.
CURTIS LAW, P.C.
901 Main Street Suite 6515
Dallas, TX 75202
Tel: 214-752-2222
Email: wshirley@curtislaw.net
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Raymond S. Russell as member manager.
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/M5V6PTY/Toledo_Gas_Gathering_LLC__txebke-24-60730__0001.0.pdf?mcid=tGE4TAMA
URBAN AIR PARK: Seeks Chapter 11 Bankruptcy Protection
------------------------------------------------------
Patrick Danner of San Antonio Express News reports that an Urban
Air Adventure Park franchisee in San Antonio, located in the Park
North Shopping Center along Northwest Loop 410, has filed for
bankruptcy protection on November 18, 2024, in U.S. Bankruptcy
Court in San Antonio. It disclosed assets of no more than $50,000
and liabilities estimated between $1 million and $10 million. The
filing does not explain the reasons behind the bankruptcy but notes
the franchisee has been involved in several lawsuits alleging
injuries at the facility.
Gabrielle A. Ramirez, the Houston-based attorney representing the
franchisee, did not respond to a request for comment on November
19, 2024, the report relates.
According to the report, the petition identifies four unsecured
creditors, with Frost Bank holding the largest claims of
approximately $1.3 million related to park attractions. These
claims are being disputed by the franchisee. The second-largest
creditor is the landlord, SVAP II Park North LLC, an entity
affiliated with Florida-based private equity firm Sterling
Organization.
The bankruptcy was filed under a subchapter of Chapter 11 designed
for small businesses, allowing the franchisee to continue operating
while restructuring debts to eventually emerge from bankruptcy. The
petition was signed by Paul and Michele Hoskins, owners of Urban
Air Park North. The couple also owns another Urban Air franchise at
8490 Fourwinds Drive, which is listed as temporarily closed on the
company's website, the report states.
About Urban Air Park North
Urban Air Park North is a San Antonio franchisee of Urban Air
Adventure Park operating in the Park North Shopping Center along
Northwest Loop 410.
Urban Air Park North sought relief under Subchapter V of Chapter 11
of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 24-52316) on
November 18, 2024. In the petition filed by owners Paul and Michele
Hoskins, they listed estimated assets up to $50,000 and estimated
liabilities between $1 million and $10 million.
Honorable Bankruptcy Judge Craig A. Gargotta handles the case.
The Debtor is represented by:
Gabrielle Ramirez
4214 Eli Street, Unit A
Houston, TX 77007
(210) 378-9764
Email: garamirez910@gmail.com
WING BOSS: Gets Interim OK to Use Cash Collateral Until Dec. 2
--------------------------------------------------------------
The Wing Boss, LLC received interim approval from the U.S.
Bankruptcy Court for the Southern District of Texas, Houston
Division to use its cash collateral until Dec. 2.
The interim order signed by Judge Jeffrey Norman authorized the
company to use its cash collateral to pay operating expenses set
forth in its projected budget.
The budget shows total projected cash disbursements of $69,991.65.
Creditors with security interest in cash collateral are entitled to
replacement liens in the company's post-petition accounts
receivable, contract rights, and deposit accounts to the same
extent and with the same priority as those interests held as of the
petition date.
The liens are subject and subordinate to a carve-out of funds for
all fees required to be paid, according to the interim order.
The next hearing is scheduled for Dec. 2.
About The Wing Boss
The Wing Boss, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Texas Case No. 24-35350) on November
13, 2024, with up to $500,000 in assets and up to $1 million in
liabilities. Anthony James, company owner, signed the petition.
Aaron W. McCardell Sr., Esq. at The McCardell Law Firm, PLLC,
represents the Debtor as bankruptcy counsel.
YELLOW CORP: Gets Court Okay for Chapter 11 Plan Disclosures
------------------------------------------------------------
Vince Sullivan of Law360 reports that on November 21, 2024, Yellow
Corp., a bankrupt trucking company, announced that it had resolved
all objections to its Chapter 11 plan disclosure statement after a
Delaware judge agreed to approve the statement pending updates to
incorporate the resolved changes.
About Yellow Corporation
Yellow Corporation -- http://www.myyellow.com/-- operates
logistics and less-than-truckload (LTL) networks in North America,
providing customers with regional, national, and international
shipping services throughout. Yellow's principal office is in
Nashville, Tenn., and is the holding company for a portfolio of LTL
brands including Holland, New Penn, Reddaway, and YRC Freight, as
well as the logistics company Yellow Logistics.
Yellow Corporation and 23 affiliates concurrently filed voluntary
petitions for relief under Chapter 11 of the Bankruptcy Code
(Bankr. D. Del. Lead Case No. 23-11069) on August 6, 2023, before
the Hon. Craig T. Goldblatt. As of March 31, 2023, Yellow
Corporation had $2,152,200,000 in total assets against
$2,588,800,000 in total liabilities. The petitions were signed by
Matthew A. Doheny as chief restructuring officer.
The Debtors tapped Kirkland & Ellis, LLP as restructuring counsel;
Pachulski Stang Ziehl & Jones, LLP as Delaware local counsel;
Kasowitz, Benson and Torres, LLP as special litigation counsel;
Goodmans, LLP as special Canadian counsel; Ducera Partners, LLC, as
investment banker; and Alvarez and Marsal as financial advisor.
Epiq Bankruptcy Solutions is the claims and noticing agent.
Milbank LLP serves as counsel to certain investment funds and
accounts managed by affiliates of Apollo Capital Management, L.P.
while White & Case, LLP and Arnold & Porter Kaye Scholer, LLP serve
as counsels to Beal Bank USA and the U.S. Department of the
Treasury, respectively.
On Aug. 16, 2023, the U.S. Trustee for Region 3 appointed an
official committee of unsecured creditors in the Chapter 11 cases.
The committee tapped Akin Gump Strauss Hauer & Feld, LLP and
Benesch, Friedlander, Coplan & Aronoff, LLP as counsels; Miller
Buckfire as investment banker; and Huron Consulting Services, LLC,
as financial advisor.
[^] BOND PRICING: For the Week from November 18 to 22, 2024
-----------------------------------------------------------
Company Ticker Coupon Bid Price Maturity
------- ------ ------ --------- --------
2U Inc TWOU 2.250 40.329 5/1/2025
99 Cents Only Stores LLC NDN 7.500 6.280 1/15/2026
99 Cents Only Stores LLC NDN 7.500 12.362 1/15/2026
99 Cents Only Stores LLC NDN 7.500 12.362 1/15/2026
Allen Media LLC / Allen
Media Co-Issuer Inc ALNMED 10.500 45.023 2/15/2028
Allen Media LLC / Allen
Media Co-Issuer Inc ALNMED 10.500 44.775 2/15/2028
Allen Media LLC / Allen
Media Co-Issuer Inc ALNMED 10.500 44.755 2/15/2028
Amyris Inc AMRS 1.500 0.953 11/15/2026
Anagram Holdings
LLC/Anagram
International Inc AIIAHL 10.000 0.750 8/15/2026
Anagram Holdings
LLC/Anagram
International Inc AIIAHL 10.000 0.750 8/15/2026
Anagram Holdings
LLC/Anagram
International Inc AIIAHL 10.000 0.750 8/15/2026
At Home Group Inc HOME 7.125 31.923 7/15/2029
At Home Group Inc HOME 7.125 31.923 7/15/2029
Audacy Capital LLC CBSR 6.500 3.627 5/1/2027
Audacy Capital LLC CBSR 6.750 2.865 3/31/2029
Audacy Capital LLC CBSR 6.750 2.865 3/31/2029
Avon Products Inc AVP 8.450 20.250 3/15/2043
Azul Investments LLP AZUBBZ 7.250 64.319 6/15/2026
Azul Investments LLP AZUBBZ 7.250 65.515 6/15/2026
BPZ Resources Inc BPZR 6.500 3.017 3/1/2049
Bank of America Corp BAC 5.350 100.000 2/27/2026
Beasley Mezzanine Holdings BBGI 8.625 59.000 2/1/2026
Beasley Mezzanine Holdings BBGI 8.625 59.003 2/1/2026
Biora Therapeutics Inc BIOR 7.250 58.419 12/1/2025
BuzzFeed Inc BZFD 8.500 93.500 12/3/2026
Castle US Holding Corp CISN 9.500 46.074 2/15/2028
Castle US Holding Corp CISN 9.500 46.270 2/15/2028
CorEnergy Infrastructure
Trust Inc CORR 5.875 70.250 8/15/2025
Cornerstone Chemical Co LLC CRNRCH 10.250 50.750 9/1/2027
Curo Oldco LLC CURO 7.500 2.980 8/1/2028
Curo Oldco LLC CURO 7.500 14.017 8/1/2028
Curo Oldco LLC CURO 7.500 2.980 8/1/2028
Cutera Inc CUTR 2.250 15.150 6/1/2028
Cutera Inc CUTR 2.250 29.375 3/15/2026
Cutera Inc CUTR 4.000 16.664 6/1/2029
Danimer Scientific Inc DNMR 3.250 10.557 12/15/2026
Diamond Sports Group
LLC / Diamond
Sports Finance Co DSPORT 5.375 0.620 8/15/2026
Diamond Sports Group
LLC / Diamond
Sports Finance Co DSPORT 6.625 0.650 8/15/2027
Diamond Sports Group
LLC / Diamond
Sports Finance Co DSPORT 5.375 0.750 8/15/2026
Diamond Sports Group
LLC / Diamond
Sports Finance Co DSPORT 6.625 0.693 8/15/2027
Diamond Sports Group
LLC / Diamond
Sports Finance Co DSPORT 5.375 0.707 8/15/2026
Diamond Sports Group
LLC / Diamond
Sports Finance Co DSPORT 5.375 0.750 8/15/2026
Diamond Sports Group
LLC / Diamond
Sports Finance Co DSPORT 5.375 0.707 8/15/2026
Energy Conversion Devices ENER 3.000 0.762 6/15/2013
Enviva Partners LP /
Enviva Partners
Finance Corp EVA 6.500 25.000 1/15/2026
Enviva Partners LP /
Enviva Partners
Finance Corp EVA 6.500 20.750 1/15/2026
Exela Intermediate
LLC / Exela Finance Inc EXLINT 11.500 34.000 7/15/2026
Exela Intermediate
LLC / Exela Finance Inc EXLINT 11.500 33.500 7/15/2026
Federal Home Loan Banks FHLB 5.200 99.401 2/26/2026
Federal Home Loan Banks FHLB 0.600 99.314 11/29/2024
Federal Home Loan Banks FHLB 6.280 100.023 6/3/2044
Federal Home Loan Banks FHLB 0.625 99.325 11/27/2024
Federal Home Loan Banks FHLB 0.550 99.844 11/26/2024
Federal Home Loan Banks FHLB 0.550 99.843 11/26/2024
Federal Home Loan Banks FHLB 0.400 99.841 11/26/2024
Federal Home Loan Banks FHLB 0.300 99.353 11/26/2024
Federal Home Loan Banks FHLB 0.550 99.843 11/26/2024
Federal Home Loan Banks FHLB 3.250 99.396 11/25/2024
Federal Home Loan Banks FHLB 3.100 99.806 11/26/2024
Federal Home Loan Banks FHLB 3.150 98.466 11/25/2024
Federal Home Loan Banks FHLB 0.475 99.842 11/26/2024
Federal Home Loan Banks FHLB 0.650 96.781 12/9/2024
Federal Home Loan Banks FHLB 0.520 96.957 12/24/2024
Federal Home Loan Banks FHLB 3.625 99.400 11/25/2024
Federal Home Loan Banks FHLB 1.650 63.571 2/24/2025
Federal Home Loan Banks FHLB 1.500 99.374 11/25/2024
Federal Home Loan Banks FHLB 1.000 99.868 11/26/2024
Federal Home Loan Banks FHLB 1.000 99.725 11/26/2024
Federal Home Loan Banks FHLB 1.000 99.367 11/25/2024
Federal Home Loan Banks FHLB 0.550 99.843 11/26/2024
Federal Home Loan Banks FHLB 0.525 99.705 11/27/2024
Federal Home Loan Banks FHLB 3.125 99.906 11/26/2024
Federal Home Loan Banks FHLB 3.350 99.395 11/26/2024
Federal Home Loan Banks FHLB 3.050 99.806 11/26/2024
Federal Home Loan Banks FHLB 3.000 99.805 11/26/2024
Federal Home Loan Banks FHLB 3.150 99.392 11/26/2024
Federal Home Loan Banks FHLB 0.500 99.843 11/26/2024
Federal Home Loan Banks FHLB 0.550 99.871 11/26/2024
Federal Home Loan Banks FHLB 0.500 99.843 11/26/2024
Federal Home Loan Banks FHLB 0.550 94.636 12/26/2024
Federal Home Loan Banks FHLB 0.500 99.347 11/26/2024
Federal Home Loan Banks FHLB 0.500 94.848 12/26/2024
Federal Home Loan Mortgage FHLMC 4.000 99.415 11/25/2024
Federal Home Loan Mortgage FHLMC 5.100 99.433 11/26/2024
Federal Home Loan Mortgage FHLMC 5.150 99.421 11/26/2024
Federal Home Loan Mortgage FHLMC 3.250 99.395 11/27/2024
Federal Home Loan Mortgage FHLMC 4.000 99.414 11/25/2024
Federal Home Loan Mortgage FHLMC 3.500 99.401 11/27/2024
Federal Home Loan Mortgage FHLMC 3.000 99.391 11/26/2024
Federal Home Loan Mortgage FHLMC 4.020 99.775 11/26/2024
Federal National Mortgage FNMA 0.500 99.891 11/26/2024
Federal National Mortgage FNMA 0.520 76.569 5/23/2025
Federal National Mortgage FNMA 0.420 99.957 11/26/2024
Federal National Mortgage FNMA 0.480 99.766 11/26/2024
Federal National Mortgage FNMA 0.415 99.808 11/27/2024
First Republic Bank/CA FRCB 4.375 1.000 8/1/2046
First Republic Bank/CA FRCB 4.625 1.000 2/13/2047
GoTo Group Inc LOGM 5.500 39.264 5/1/2028
GoTo Group Inc LOGM 5.500 39.015 5/1/2028
Goldman Sachs Group Inc/The GS 5.550 100.000 5/26/2026
Goldman Sachs Group Inc/The GS 4.992 100.000 11/28/2024
Goodman Networks Inc GOODNT 8.000 5.000 5/11/2022
Goodman Networks Inc GOODNT 8.000 1.000 5/31/2022
H-Food Holdings LLC /
Hearthside Finance Co Inc HEFOSO 8.500 6.490 6/1/2026
H-Food Holdings LLC /
Hearthside Finance Co Inc HEFOSO 8.500 6.490 6/1/2026
Hallmark Financial Services HALL 6.250 20.203 8/15/2029
Homer City Generation LP HOMCTY 8.734 38.750 10/1/2026
Inotiv Inc NOTV 3.250 31.000 10/15/2027
Invacare Corp IVC 5.000 0.667 11/15/2024
Invacare Corp IVC 5.000 1.002 11/15/2024
JPMorgan Chase & Co JPM 5.500 99.968 11/30/2027
JPMorgan Chase Bank NA JPM 2.000 89.094 9/10/2031
JPMorgan Chase Bank NA JPM 3.000 100.000 11/29/2024
JPMorgan Chase Financial Co JPM 5.250 100.000 2/27/2026
JPMorgan Chase Financial Co JPM 5.200 100.000 2/28/2025
Ligado Networks LLC NEWLSQ 15.500 31.500 11/1/2023
Ligado Networks LLC NEWLSQ 17.500 3.500 5/1/2024
Ligado Networks LLC NEWLSQ 15.500 18.500 11/1/2023
Ligado Networks LLC NEWLSQ 17.500 6.537 5/1/2024
Lightning eMotors Inc ZEVY 7.500 1.000 5/15/2024
Luminar Technologies Inc LAZR 1.250 49.250 12/15/2026
MBIA Insurance Corp MBI 16.178 4.687 1/15/2033
MBIA Insurance Corp MBI 16.178 4.687 1/15/2033
Macy's Retail Holdings LLC M 6.700 85.594 7/15/2034
Macy's Retail Holdings LLC M 6.900 85.150 1/15/2032
Mashantucket Western
Pequot Tribe MASHTU 7.350 50.860 7/1/2026
Morgan Stanley MS 1.800 77.861 8/27/2036
New Fortress Energy Inc NFE 6.750 99.772 9/15/2025
Office Properties
Income Trust OPI 4.500 88.019 2/1/2025
Origin Bank OBK 4.250 92.379 2/15/2030
Polar US Borrower
LLC / Schenectady
International Group Inc SIGRP 6.750 47.000 5/15/2026
Polar US Borrower
LLC / Schenectady
International Group Inc SIGRP 6.750 47.111 5/15/2026
Provident Trust I MTB 8.290 93.148 4/15/2028
Rackspace Technology Global RAX 3.500 27.500 2/15/2028
Rackspace Technology Global RAX 3.500 29.625 2/15/2028
Renco Metals Inc RENCO 11.500 24.875 7/1/2003
Rite Aid Corp RAD 7.700 1.700 2/15/2027
Rite Aid Corp RAD 6.875 3.619 12/15/2028
Rite Aid Corp RAD 6.875 3.619 12/15/2028
RumbleON Inc RMBL 6.750 90.911 1/1/2025
Shutterfly LLC SFLY 8.500 47.500 10/1/2026
Shutterfly LLC SFLY 8.500 88.500 10/1/2026
Sirius XM Holdings Inc SIRI 2.750 96.650 12/1/2049
Spanish Broadcasting System SBSAA 9.750 66.250 3/1/2026
Spanish Broadcasting System SBSAA 9.750 66.000 3/1/2026
Spirit Airlines Inc SAVE 1.000 31.250 5/15/2026
Spirit Airlines Inc SAVE 4.750 28.000 5/15/2025
Standard BioTools Inc LAB 5.250 97.714 12/1/2024
Stem Inc STEM 4.250 23.625 4/1/2030
TPI Composites Inc TPIC 5.250 40.250 3/15/2028
TerraVia Holdings Inc TVIA 5.000 4.644 10/1/2019
Tricida Inc TCDA 3.500 9.000 5/15/2027
Veritone Inc VERI 1.750 42.750 11/15/2026
Virgin Galactic Holdings Inc SPCE 2.500 43.500 2/1/2027
Vista Outdoor Inc VSTO 4.500 102.031 3/15/2029
Vitamin Oldco Holdings Inc GNC 1.500 0.470 8/15/2020
Voyager Aviation Holdings VAHLLC 8.500 14.446 5/9/2026
Voyager Aviation Holdings VAHLLC 8.500 14.446 5/9/2026
Voyager Aviation Holdings VAHLLC 8.500 14.446 5/9/2026
Vroom Inc VRM 0.750 35.500 7/1/2026
WW International Inc WW 4.500 23.433 4/15/2029
WW International Inc WW 4.500 22.757 4/15/2029
Webster Financial Corp WBS 4.000 96.231 12/30/2029
Wells Fargo & Co WFC 5.823 100.000 11/29/2024
Wesco Aircraft Holdings Inc WAIR 8.500 15.010 11/15/2024
Wesco Aircraft Holdings Inc WAIR 9.000 41.677 11/15/2026
Wesco Aircraft Holdings Inc WAIR 13.125 1.111 11/15/2027
Wesco Aircraft Holdings Inc WAIR 8.500 15.010 11/15/2024
Wesco Aircraft Holdings Inc WAIR 13.125 1.111 11/15/2027
Wesco Aircraft Holdings Inc WAIR 9.000 41.677 11/15/2026
*********
Monday's edition of the TCR delivers a list of indicative prices
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not guaranteed.
The TCR subscription rate is $975 for 6 months delivered via
e-mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each. For subscription information, contact Peter A.
Chapman at 215-945-7000.
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