/raid1/www/Hosts/bankrupt/TCR_Public/241126.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Tuesday, November 26, 2024, Vol. 28, No. 330
Headlines
291 GRANT AVE: Taps Midbrook Realty as Real Estate Broker
306 21ST ST: Seeks to Hire Michael W Holland as Bankruptcy Counsel
352 WEST SIDE: Taps Midbrook Realty as Real Estate Broker
A PLACE ALL MY OWN: Case Summary & Six Unsecured Creditors
ACCELERATE DIAGNOSTICS: Swings to $14.6-Mil. Net Loss in Fiscal Q3
ALABAMA RENTALS: Voluntary Chapter 11 Case Summary
ALCHEMY 1 LLC: Case Summary & Seven Unsecured Creditors
ALK ASPHALT: Hires Allen Jones & Giles as Bankruptcy Counsel
AMERICAN MOTORHEAD: Voluntary Chapter 11 Case Summary
AR ACQUISITIONS: Voluntary Chapter 11 Case Summary
AVINGER INC: Posts $3.7 Million Net Loss in Fiscal Q3
BATY LAND: Seeks to Hire Farinash & Stofan as Bankruptcy Counsel
BIOLASE INC: Reports $1.4 Million Net Loss in Fiscal Q3
BONE CONSTRUCTION: Seeks to Hire Honey Law Firm P.A. as Attorney
CAMARILLO HHCA: No Patient Complaints, 2nd PCO Report Says
CASELLA WASTE: S&P Rates New Senior Unsecured Revenue Bonds 'B+'
CELULARITY INC: Net Loss Narrows to $6.5 Million in Fiscal Q2
CENTURY DE: S&P Affirms 'B' Issuer Credit Rating, Outlook Stable
CENTURY MINING: Case Summary & 20 Largest Unsecured Creditors
CIBUS INC: Net Loss Widens to $201.5 Million in Fiscal Q3
COMMSCOPE HOLDING: Net Loss Narrows to $33 Million in Fiscal Q3
COOKQUEEN LLC: Case Summary & 20 Largest Unsecured Creditors
COOPER-STANDARD HOLDINGS: S&P Affirms 'CCC+' Issuer Credit Rating
CYTOSORBENTS CORP: Posts $2.3 Million Net Loss in Fiscal Q3
DCCM RESTAURANT: Case Summary & Three Unsecured Creditors
DILLON'S MACHINE: U.S. Trustee Unable to Appoint Committee
EMERGENT BIOSOLUTIONS: Swings to $114.8MM Net Income in Fiscal Q3
EMX ROYALTY: Reports $1.2 Million Net Income in Fiscal Q3
EVOKE PHARMA: Posts $1.3 Million Net Loss in Fiscal Q3
FLORES PEDIATRICS: Seeks to Hire Hammond Law Firm as Counsel
FOCUS UNIVERSAL: Reports $1.4 Million Net Income in Fiscal Q3
FRISCO CHIC: Seeks to Hire Tittle Law Group as Legal Counsel
FTX TRADING: Nears Ch. 11 Plan Completion, Sets Distribution Plan
G-FORCE POWERSPORTS: Seeks to Hire Pohl PA as Bankruptcy Counsel
GLOBAL WOUND: U.S. Trustee Appoints Suzanne Richards as PCO
GLOBALSTAR INC: Reports $9.9 Million Net Income in Fiscal Q3
GRITSTONE BIO: Hires Verita Global as Administrative Advisor
H-FOOD HOLDINGS: Case Summary & 30 Largest Unsecured Creditors
H-FOOD HOLDINGS: S&P Lowers ICR To 'D' on Chapter 11 Filing
HAPI METAVERSE: Swings to $399,258 Net Loss in Fiscal Q3
HARADA FAMILY: Case Summary & 14 Unsecured Creditors
HAWAIIAN ELECTRIC: S&P Affirms 'B-' ICR, Outlook Negative
HAWTHORNE FOOD: Committee Taps Sheehan Phinney Bass as Counsel
HILLER AIRCRAFT: Case Summary & 20 Largest Unsecured Creditors
IHEARTMEDIA INC: Reports $41.3 Million Net Loss in Fiscal Q3
INDIVIDUALIZED ABA: U.S. Trustee Seeks PCO Appointment
J.E. LUCAS: U.S. Trustee Unable to Appoint Committee
L & F IRREVOCABLE: Voluntary Chapter 11 Case Summary
LASERSHIP INC: S&P Lowers ICR to 'SD' on Distressed Debt Exchange
LI-CYCLE HOLDINGS: Reports $56.5 Million Net Profit in Fiscal Q3
LJB LLC: Hires NAI Glickman Kovago & Jacobs as Real Estate Broker
LOUISIANA APPLE: Seeks to Hire Yip Associates as Accountant
LPB MHC: Seeks to Hire Carmody MacDonald as Bankruptcy Counsel
MARKETING ANALYSTS: U.S. Trustee Unable to Appoint Committee
MAUDE'S ALABAMA: Seeks to Tap Schofield Accounting as Accountant
MBIA INC: Posts $52 Million Net Loss in Fiscal Q3
MCAP LLC: Case Summary & Three Unsecured Creditors
MISS AMERICA: Case Summary & 20 Largest Unsecured Creditors
MS FREIGHT CO: Voluntary Chapter 11 Case Summary
NEUEHEALTH INC: Net Loss Narrows to $40.4 Million in Fiscal Q3
NEW CHALLENGE: Gets OK to Hire Firas Law LLC ac Co-Counsel
NEW CHALLENGE: Taps David P. Lloyd and Firas Law as Co-Counsel
NEW FORTRESS: S&P Alters Outlook to Negative, Affirms 'B+' ICR
NEW YORK'S PREMIER: Case Summary & 20 Largest Unsecured Creditors
NEXTDECADE CORP: Swings to $393.1 Million Net Loss in Fiscal Q3
NORTHVOLT AB: Case Summary & 30 Largest Unsecured Creditors
NORTHVOLT AB: Open to Recapitalization or Sale in Chapter 11
NOVABAY PHARMACEUTICALS: Posts $1.2 Million Net Loss in Fiscal Q3
NUVO GROUP: Enters Agreement with Nuvo Int'l for Bankruptcy Sale
OFFICE PROPERTIES: Invesco Ltd Holds 3.3% Equity Stake
OUTLOOK THERAPEUTICS: Velan Entities Hold 3.1% Stake
OYA RENEWABLES: Hires SenaHill Securities as Investment Banker
OYA RENEWABLES: Seeks to Hire Sidley Austin LLP as Legal Counsel
OYA RENEWABLES: Taps Agentis Capital Advisors as Investment Banker
OYA RENEWABLES: Taps John Shepherd of Ankura Consulting as CRO
OYA RENEWABLES: Taps Kroll Restructuring as Administrative Advisor
OYA RENEWABLES: Taps Young Conaway Stargatt & Taylor as Co-Counsel
PAR THREE PROPERTIES: Taps Collins Vella Casello as Legal Counsel
PARKERVISION INC: MSL, P.A. Ceases To Be Auditor
PINEAPPLE ENERGY: Rebrands to SUNation Energy
POTTSVILLE OPERATIONS: Margaret Barajas Appointed as PCO
POWER SOLUTIONS: Reports $17.3 Million Net Income in Fiscal Q3
RAINBOW PRODUCTION: Hires Bayard PA as Bankruptcy Co-Counsel
RAINBOW PRODUCTION: Taps Levene Neale Bender as Bankruptcy Counsel
RAINBOW PRODUCTION: Taps Roth Capital as Investment Banker
RAINBOW PRODUCTION: Taps Sullivan & Triggs as Special Counsel
RDB MANAGEMENT: Case Summary & Four Unsecured Creditors
REDTAIL POWER: Case Summary & 17 Unsecured Creditors
RG AVIATION: Case Summary & One Unsecured
RIC (AUSTIN): Hires Blackwell & Duncan as Special Tax Counsel
ROTM LOFTS: Case Summary & Nine Unsecured Creditors
RPM EXPEDITE: Voluntary Chapter 11 Case Summary
RYKIN PUMP: Case Summary & 20 Largest Unsecured Creditors
SANUWAVE HEALTH: Reports $20.7 Million Net Loss in Fiscal Q3
SASSY C'S: Seeks to Hire Guidant Law as Bankruptcy Counsel
SERIOUS FUN: Voluntary Chapter 11 Case Summary
SGZ GROUP: Case Summary & 20 Largest Unsecured Creditors
SINGH BROS TRUCKING: Case Summary & One Unsecured Creditor
SINGH BROS: Case Summary & One Unsecured Creditor
SQRL SERVICE: Trustee Taps Cavazos Hendricks Poirot as Attorney
STEWARD HEALTH: Court Denies Bid to Appoint Tort Claimants Panel
STRONGHOLD CONSTRUCTION: Case Summary & 12 Unsecured Creditors
STRONGHOLD CONSTRUCTION: Case Summary & 12 Unsecured Creditors
SUNPOWER CORP: Davis Polk Advises Administrative Agent, Lender
TARGET GROUP: Reports $528,950 Net Loss in Fiscal Q3
TARRANT COUNTY: Seeks to Hire Butler Snow LLP as Legal Counsel
TGI FRIDAY'S: U.S. Trustee Appoints Creditors' Committee
TRI-CITY SERVICE: Case Summary & 10 Unsecured Creditors
TRIARCH LLC: Seeks to Tap Abbasi Law Corporation as Legal Counsel
ULTRA SAFE: U.S. Trustee Appoints Creditors' Committee
UNDERGROUND CELLAR: Relaunches After Bankruptcy Under New Ownership
UPTOWN DENTAL: Seeks to Hire Bennett Thrasher as Financial Advisor
UPTOWN DENTAL: Seeks to Hire Tittle Law Group as Legal Counsel
VIALTO PARTNERS: Davis Polk Advises First-Lien Lenders
VISION PAINTING: Case Summary & 20 Largest Unsecured Creditors
VYAIRE MEDICAL: Data Modul Steps Down as Committee Member
WEEPING MARY: U.S. Trustee Unable to Appoint Committee
WELLPATH HOLDINGS: Seeks to Tap Epiq as Claims and Noticing Agent
WIMPY'S CALIFORNIA: Case Summary & 16 Unsecured Creditors
ZACHRY INDUSTRIAL: Judge Dismisses $1.3B Explosion Class Lawsuits
ZANO INDUSTRIES: Hires DY Realty Group as Real Estate Broker
ZANO INDUSTRIES: Seeks to Hire Rosedale & Drapala as Accountant
[*] Four Prominent Restructuring Partners to Join Latham & Watkins
[*] Gaurav Malhotra Joins Alvarez & Marsal's Restructuring Practice
[*] Kevin Buttery Joins Pierson Ferdinand as Partner
*********
291 GRANT AVE: Taps Midbrook Realty as Real Estate Broker
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291 Grant Ave. LLC seeks approval from the U.S. Bankruptcy Court
for the District of New Jersey to hire Midbrook Realty as real
estate broker.
The broker will market and sell the Debtor's property located at
291 Grant Avenue, Jersey City, NJ 07305.
Midbrook Realty will receive 5 percent commission from the sale.
As disclosed in the court filings, Midbrook Realty is a
disinterested person under 11 U.S.C. Sec. 101(14).
The firm can be reached through:
Chaim Kwiatkovsky
Midbrook Realty
988 E 14th St
Brooklyn, NY 11230
Tel: (646) 741-3984
About 291 Grant Ave. LLC
291 Grant Ave. LLC is a Single Asset Real Estate debtor (as defined
in 11 U.S.C. Section 101(51B)).
291 Grant Ave. LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D.N.J. Case No. 24-17173) on July 18, 2024.
In the petition filed by Mendel Deutsch, as authorized
representative of the Debtor, the Debtor reports estimated assets
up to $50,000 and estimated liabilities between $1 million and $10
million.
The Honorable Bankruptcy Judge John K. Sherwood oversees the case.
The Debtor is represented by Stephen B. McNally, Esq. at
MCNALLYLAW, LLC.
306 21ST ST: Seeks to Hire Michael W Holland as Bankruptcy Counsel
------------------------------------------------------------------
306 21st St, LLC seeks approval from the U.S. Bankruptcy Court for
the Eastern District of New York to hire Law Office Of Michael W
Holland to handle its bankruptcy proceedings.
The firm received an initial retainer in the amount of $7,500.
As disclosed in the court filing, The Law Office Of Michael W
Holland is a "disinterested person" within the meaning of 11 U.S.C.
101(14).
The firm can be reached through:
Michael W. Holland, Esq.
Law Office of Michael W. Holland
421 Willis Avenue
Williston Park, NY 11596
Tel: (516) 248-2655
Email: mwh@michaelhollandlaw.com
About 306 21st St, LLC
306 21st St, LLC sought protection for relief under Chapter 11 of
the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-43661) on Sep. 4,
2024, listing $500,001 to $1 million in both assets and
liabilities. Michael W Holland, Esq. at Law Office Of Michael W
Holland represents the Debtor as counsel.
352 WEST SIDE: Taps Midbrook Realty as Real Estate Broker
---------------------------------------------------------
352 West Side Ave. LLC seeks approval from the U.S. Bankruptcy
Court for the District of New Jersey to hire Midbrook Realty as
real estate broker.
The broker will market and sell the Debtor's property located at
352 West Side Avenue, Jersey City, NJ 07305.
Midbrook Realty will receive 5 percent commission from the sale.
As disclosed in the court filings, Midbrook Realty is a
disinterested person under 11 U.S.C. Sec. 101(14).
The firm can be reached through:
Chaim Kwiatkovsky
Midbrook Realty
988 E 14th St
Brooklyn, NY 11230
Tel: (646) 741-3984
About 352 West Side Ave. LLC
352 West Side Ave. LLC is a Single Asset Real Estate Debtor (as
defined in 11 U.S.C. Section 101(51B)).
352 West Side Ave. LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D.N.J. Case No. 24-17174) on July 18, 2024.
In the petition filed by Mendel Deutsch, as authorized
representative of the Debtor, the Debtor reports estimated assets
up to $50,000 and estimated liabilities between $1 million and $10
million.
The Honorable Bankruptcy Judge John K. Sherwood oversees the case.
The Debtor is represented by Stephen B. McNally, Esq. at
MCNALLYLAW, LLC.
A PLACE ALL MY OWN: Case Summary & Six Unsecured Creditors
----------------------------------------------------------
Debtor: A Place All My Own Healthcare, LLC
16001 N. 33rd Ave.
Phoenix, AZ 85053
Business Description: The Debtor provides medical services to
children and young adults with developmental
disabilities.
Chapter 11 Petition Date: November 22, 2024
Court: United States Bankruptcy Court
District of Colorado
Case No.: 24-16999
Judge: Hon. Joseph G Rosania Jr.
Debtor's Counsel: Keri L. Riley, Esq.
KUTNER BRINEN DICKNEY RILEY PC
1660 Lincoln Street, Suite 1720
Denver, CO 80264
Tel: 303-832-2400
Email: klr@kutnerlaw.com
Total Assets: $3,000
Total Liabilities: $1,195,920
The petition was signed by Patrick Babcock as co-manager.
A copy of the Debtor's list of 20 largest unsecured creditors is
available for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/2THTMUI/A_Place_All_My_Own_Healthcare__cobke-24-16999__0003.0.pdf?mcid=tGE4TAMA
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/2JUWZ6I/A_Place_All_My_Own_Healthcare__cobke-24-16999__0001.0.pdf?mcid=tGE4TAMA
ACCELERATE DIAGNOSTICS: Swings to $14.6-Mil. Net Loss in Fiscal Q3
------------------------------------------------------------------
Accelerate Diagnostics, Inc. filed with the U.S. Securities and
Exchange Commission its Quarterly Report on Form 10-Q reporting a
net loss of $14.6 million on $3 million of net sales for the three
months ended September 30, 2024, compared to a net income of
$910,000 on $3.3 million of net sales for the three months ended
September 30, 2023.
For the nine months ended September 30, 2024, the Company reported
a net loss of $40.5 million on $8.9 million of net sales, compared
to a net loss of $48.6 million on $9 million of net sales for the
same period in 2023.
As of September 30, 2024, the Company had $32.3 million in total
assets, $80.8 million in total liabilities, and $48.5 million total
stockholders' deficit.
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/mrym7d4y
About Accelerate Diagnostics
Tucson, Ariz.-based Accelerate Diagnostics, Inc. is an in vitro
diagnostics company dedicated to providing solutions that improve
patient outcomes and lower healthcare costs through the rapid
diagnosis of serious infections.
Phoenix, Ariz.-based Ernst & Young LLP, the Company's auditor since
2013, issued a "going concern" qualification in its report dated
March 28, 2024, citing that the Company has suffered recurring
losses and negative cash flows from operations, and has stated that
substantial doubt exists about the Company's ability to continue as
a going concern.
During the year ended December 31, 2023, Accelerate Diagnostics had
a net loss of $61.6 million.
ALABAMA RENTALS: Voluntary Chapter 11 Case Summary
--------------------------------------------------
Debtor: Alabama Rentals, Inc.
2005 Old Montgomery Highway
Birmingham, AL 35244-1675
Business Description: Alabama Rentals, Inc. is in the business of
renting commercial and industrial machinery
and equipment.
Chapter 11 Petition Date: November 22, 2024
Court: United States Bankruptcy Court
Northern District of Alabama
Case No.: 24-03559
Judge: Hon. D Sims Crawford
Debtor's Counsel: Anthony Brian Bush, Esq.
THE BUSH LAW FIRM, LLC
3198 Parliament Cir Ste 302
Montgomery AL 36116
Tel: (334) 263-7733
E-mail: abush@bushlegalfirm.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Chris Campbell as sole shareholder.
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/SFH6QZQ/Alabama_Rentals_Inc__alnbke-24-03559__0001.0.pdf?mcid=tGE4TAMA
ALCHEMY 1 LLC: Case Summary & Seven Unsecured Creditors
-------------------------------------------------------
Debtor: Alchemy 1 LLC
d/b/a Knight and Pate LLC
3030 Freedom Drive
Charlotte, NC 28208
Business Description: Alchemy 1 LLC is a Single Asset Real Estate
debtor (as defined in 11 U.S.C. Section
101(51B)).
Chapter 11 Petition Date: November 21, 2024
Court: Unites States Bankruptcy Court
Western District of North Carolina
Case No.: 24-31013
Judge: Hon. Ashley Austin Edwards
Debtor's Counsel: Richard S. Wright, Esq.
MOON WRIGHT & HOUSTON, PLLC
212 N. McDowell Street
Suite 200
Charlotte, NC 28204
Tel: 704-944-6560
Fax: 704-944-0380
E-mail: rwright@mwhattorneys.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by William E. Knight as president.
A full-text copy of the petition containing, among other items, a
list of the Debtor's seven unsecured creditors is available for
free at PacerMonitor.com at:
https://www.pacermonitor.com/view/A5Z5SQY/Alchemy_1_LLC__ncwbke-24-31013__0001.0.pdf?mcid=tGE4TAMA
ALK ASPHALT: Hires Allen Jones & Giles as Bankruptcy Counsel
------------------------------------------------------------
ALK Asphalt LLC seeks approval from the U.S. Bankruptcy Court for
the District of Arizona to hire Allen, Jones & Giles, PLC as
attorneys.
The firm's services include:
a. providing the Debtor with legal advice with respect to its
Chapter 11 bankruptcy proceeding;
b. representing the Debtor in negotiations involving
creditors;
c. representing the Debtor at court hearings; and
d. preparing legal papers necessary to assist in the Debtor's
reorganization.
The firm will be paid at these rates:
Thomas H. Allen, Member $500 per hour
David B. Nelson, Associate $375 per hour
Ryan M. Deutsch, Associate $300 per hour
Legal Assistants and Law Clerks $150 - 225 per hour
The firm received a retainer in the amount of $36,738.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Thomas Allen, Esq., a member at Allen, Jones & Giles, disclosed in
a court filing that his firm is a "disinterested person" pursuant
to Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Thomas H. Allen, Esq.
David B. Nelson, Esq.
Ryan M. Deutsch, Esq.
ALLEN, JONES & GILES, PLC
1850 N. Central Ave., Suite 1025
Phoenix, AZ 85004
Tel: (602) 256-6000
Fax: (602) 252-4712
Email:tallen@bkfirmaz.com
dnelson@bkfirmaz.com
rdeutsch@bkfirmaz.com
About ALK Asphalt LLC
ALK Asphalt LLC is engaged in highway, street, and bridge
construction.
ALK Asphalt LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Ariz. Case No. 24-09608) on November 8,
2024. In the petition filed by Adam Kautman, as member, the Debtor
reports estimated assets and liabilities between $1 million and $10
million each.
Honorable Bankruptcy Judge Daniel P. Collins handles the case.
The Debtor is represented by Thomas H. Allen, Esq. at ALLEN, JONES
& GILES, PLC.
AMERICAN MOTORHEAD: Voluntary Chapter 11 Case Summary
-----------------------------------------------------
Debtor: American Motorhead, Inc.
1040 Los Vallecitos Blvd., Ste. 113
San Marcos, CA 92069
Business Description: The Debtor is a dealer of motorcycle, ATV,
and all other motor vehicle.
Chapter 11 Petition Date: November 22, 2024
Court: United States Bankruptcy Court
Southern District of California
Case No.: 24-04422
Judge: Hon. J Barrett Marum
Debtor's Counsel: Deepalie Milie Joshi, Esq.
JOSHI LAW GROUP
3675 Ruffin Road Ste 220
San Diego, CA 92123
Email: milie@joshilawgroup.com
Estimated Assets: $500,000 to $1 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Richard W Lillibridge as CEO.
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/FFIFXAQ/American_Motorhead_Inc__casbke-24-04422__0001.0.pdf?mcid=tGE4TAMA
AR ACQUISITIONS: Voluntary Chapter 11 Case Summary
--------------------------------------------------
Debtor: AR Acquisitions, LLC
1020 198th Avenue Northeast #1707
Bellevue, WA 98004
Chapter 11 Petition Date: November 22, 2024
Court: United States Bankruptcy Court
Western District of Washington
Case No.: 24-12986
Judge: Hon. Christopher M Alston
Debtor's Counsel: Dennis McGlothin, Esq.
WESTERN WASHINGTON LAW GROUP, PLLC
01485 Northeast Sixt Street, #1820
Bellevue, WA 98004
Tel: 425-728-7296
E-mail: docs@westwalaw.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Alex Robertson as managing member.
The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/H5FS55I/AR_Acquisitions_LLC__wawbke-24-12986__0001.0.pdf?mcid=tGE4TAMA
AVINGER INC: Posts $3.7 Million Net Loss in Fiscal Q3
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Avinger, Inc. filed with the U.S. Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net loss
and comprehensive loss of $3.7 million on $1.7 million of revenues
for the three months ended September 30, 2024, compared with $4.5
million on $1.8 million of revenues for the three months ended
September 30, 2023.
For the nine months ended September 30, 2024, the Company reported
a net loss and comprehensive loss of $13.6 million on $5.4 million
of revenues, compared with $13.3 million on $5.7 million of
revenues for the same period in 2023.
As of September 30, 2024, the Company had $13.6 million in total
assets, $9.7 million in total liabilities, and $3.9 million in
total stockholders' equity.
"In the third quarter, we began to see the impact of recent
initiatives to streamline costs, enhance operational efficiency,
and intensify our focus on developing our coronary platform,"
stated Jeff Soinski, Avinger's President and CEO. "Operating
expenses have decreased significantly over the past quarter, while
revenue has remained in line despite a leaner commercial team, and
gross margins have improved for the second consecutive quarter.
"Crossing chronic total occlusions (CTOs) in coronary arteries
remains a major challenge for physicians, often involving complex,
time-consuming and costly procedures with uncertain outcomes. Our
OCT image-guided approach aims to provide superior, streamlined,
and more predictable clinical results, positioning Avinger to
transform this market for both physicians and patients. Unlike the
peripheral CTO space, our coronary solution is uniquely designed to
leverage established reimbursement codes for both coronary
CTO-crossing and OCT diagnostic imaging, which is expected to
accelerate adoption of this innovative technology. In September, we
filed a pre-submission package with the FDA for our coronary
clinical study and anticipate submitting our IDE application in the
fourth quarter, pending completion of the pre-submission process.
Meanwhile, we are actively engaging with prospective clinical
sites--five of which are already identified--and aim to expand to
10 or more sites before study initiation.
"We are excited about the strides Zylox is making in expanding
access to our proprietary image-guided products for the estimated
50 million people in China affected by peripheral artery disease,"
Soinski continued. "Zylox recently received the prestigious
Innovative Medical Device review designation for Pantheris in
China, akin to the Breakthrough Device designation in the U.S. This
recognition enables priority regulatory review and underscores the
impact of our technology. In the meantime, we are supporting
Zylox's initial pre-market promotion activities. Our products were
presented for the first time at CEC (China Endovascular Course),
the leading and most influential clinical conference for Chinese
endovascular surgeons, with many physicians already developing a
strong interest in our image-guided technology. We anticipate Zylox
will complete its full manufacturing scale-up for our devices by
mid-2025, which is expected to enhance production efficiency and
drive further cost reductions."
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/8jt6et93
About Avinger Inc.
Headquartered in Redwood City, Calif., Avinger, Inc. --
http://www.avinger.com/-- is a commercial-stage medical device
company that designs and develops the first image-guided,
catheter-based system for the diagnosis and treatment of patients
with vascular disease in the peripheral and coronary arteries.
Avinger is dedicated to radically changing the way vascular disease
is treated through its Lumivascular platform, which currently
consists of the Lightbox series of imaging consoles, the Ocelot and
Tigereye family of chronic total occlusion (CTO) catheters, and the
Pantheris family of atherectomy devices for the treatment of
peripheral artery disease (PAD), estimated to affect more than 200
million people worldwide. Avinger is developing its first product
application for the treatment of coronary artery disease (CAD), an
image-guided system for CTO-crossing in the coronary arteries,
which provides the opportunity to redefine a large and underserved
market.
Avinger reported a net loss applicable to common stockholders of
$18.32 million for the year ended Dec. 31, 2023, compared to a net
loss applicable to common stockholders of $27.24 million for the
year ended Dec. 31, 2022.
San Francisco, Calif.-based Moss Adams LLP, the Company's auditor
since 2017, issued a "going concern" qualification in its report
dated March 20, 2024, citing that the Company's recurring losses
from operations and its need for additional capital raise
substantial doubt about its ability to continue as a going concern.
BATY LAND: Seeks to Hire Farinash & Stofan as Bankruptcy Counsel
----------------------------------------------------------------
Baty Land & Forestry Management, LLC seeks approval from the U.S.
Bankruptcy Court for the Eastern District of Tennessee to hire
Farinash & Stofan as counsel.
The firm's services include:
a. assisting Debtor in the preparation of its schedules,
statement of affairs and the periodic financial reports required by
the Bankruptcy Code, the Bankruptcy Rules and any other order of
this Court;
b. assisting Debtor in consultation and negotiation and all
other dealings with creditors, equity, security holders and other
parties in interest concerning the administration of this case;
c. preparing pleadings, conducting investigations and making
court appearances incidental to the administration of the Debtor's
estate;
d. advising the Debtor of its rights, duties and obligations
under the Bankruptcy Code, Bankruptcy Rules, Local Rules and orders
of this Court;
e. assisting the Debtor in the development and formulation of
a plan of reorganization including the preparation of a plan,
disclosure statement and any other related documents for submission
to this Court and to Debtor's creditors, equity holders and other
parties in interest;
f. advising and assisting the Debtor with respect to
litigation related to the administration of Debtor's case;
g. rendering corporate and other legal advise and performing
all those legal services necessary and proper to the functioning of
the Debtor during the pendency of this case; and
h. taking any and all necessary actions in the interest of the
Debtor and its estate incident to the proper representation of the
Debtor and the administration of this case.
The firm will be paid at these rates:
Jerrold D. Farinash $450 per hour
Amanda Stofan $350 per hour
Rebecca Farinash $250 per hour
Legal Assistants $100 per hour
The firm will be paid a retainer in the amount of $7,500.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Amanda M. Stofan, Esq., a partner at Farinash & Stofan, disclosed
in a court filing that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Amanda M. Stofan, Esq.
FARINASH & STOFAN
100 West M L King Blvd, Ste. 816
Chattanooga, TN 37402
Tel: (423) 805-3100
Email: amanda@8053100.com
About Baty Land & Forestry Management
Baty Land & Forestry Management, LLC sought protection for relief
under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tenn. Case No.
24-12823) on Nov. 8, 2024, listing $100,001 to $500,000e in both
assets and liabilities.
Amanda M. Stofan, Esq. at Farinash & Stofan represents the Debtor
as counsel.
BIOLASE INC: Reports $1.4 Million Net Loss in Fiscal Q3
-------------------------------------------------------
Biolase, Inc. filed with the U.S. Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net loss
of $1.4 million on $10.85 million of net revenues for the three
months ended September 30, 2024, compared to a net loss of $4.6
million on $10.9 million of net revenues for the three months ended
September 30, 2023.
For the nine months ended September 30, 2024, the Company reported
a net loss of $10.7 million on $32.5 million of net revenues,
compared to a net loss of $15.3 million on $35.7 million of net
revenues for the same period in 2023.
As of September 30, 2024, the Company had $27.2 million in total
assets, $32.1 million in total liabilities, $346,000 in total
mezzanine equity, and $5.2 million in total stockholders' deficit.
The Company is presently undergoing Chapter 11 proceedings in the
United States Bankruptcy Court for the District of Delaware. As
previously disclosed, in connection with the Bankruptcy Petitions,
the Company filed a motion seeking Bankruptcy Court approval of a
debtor-in-possession financing on the terms set forth in that
certain Terms and Conditions of Proposed Senior Secured,
Super-Priority Debtor-in-Possession Credit Facility, by and among
the Company, as a borrower, and SWK, as DIP Lender and Agent. The
DIP Term Sheet provides for a senior secured super-priority
debtor-in-possession financing in an aggregate amount of no less
than $2.5 million. The DIP Financing will become available up to an
amount of $1.43 million upon the satisfaction of customary
conditions precedent thereto, including the entry of an order of
the Bankruptcy Court approving the DIP Financing on an interim
basis. Subject to entry of an order of the Bankruptcy Court
approving the DIP Financing on a final basis, the DIP Obligations
will include $2,500,000 advanced by SWK to the Debtors between
September 3, 2024, and September 30, 2024.
The proceeds of the DIP Financing will be used by the Company to:
(a) fund, after application of all other available cash,
post-petition operating expenses and working capital needs of the
Company, including, but not limited to, those activities required
to remain in, or return to, compliance with laws in accordance with
28 U.S.C. § 1930;
(b) pay interest, fees and expenses to SWK in accordance with
the DIP Term Sheet (whether or not such amounts are reflected in
the Budget (as defined in the DIP Term Sheet));
(c) fund fees and expenses incurred in connection with the 363
Sale (as defined in the DIP Term Sheet);
(d) pay permitted prepetition claims and adequate protection
payments, if any;
(e) pay Professional Fees (as defined in the DIP Term Sheet)
provided for in the Budget, including funding of the Carve Out (as
defined in the DIP Term Sheet); and
(f) pay other costs and expenses of administration of the
chapter 11 cases.
The maturity date of the loans made under the DIP Financing is the
date that is 120 days after the Petition Date, or such later date
to which SWK consents in writing.
Subject to certain exceptions, the DIP Financing will be secured by
a first priority perfected priming security interest in all of the
assets of the Company. The security interests and liens are subject
only to certain carve-outs and certain permitted liens, as set
forth in the DIP Term Sheet. The DIP Financing is subject to
certain milestones, customary covenants, and events of default as
set forth in the DIP Term Sheet.
As of September 30, 2024, the Company had a working capital deficit
of approximately $11.4 million. "Our principal sources of liquidity
as of September 30, 2024 consisted of approximately $3.4 million in
cash and cash equivalents and $3.5 million of net accounts
receivable."
The Company will need to raise additional capital in the future.
Additional capital requirements may depend on many factors,
including, among other things, the rate at which the Company's
business grows, demands for working capital, manufacturing
capacity, and any acquisitions that the Company may pursue. The
Company expects that it will be required to raise capital through
either equity or debt offerings. The Company cannot provide
assurance that it will be able to successfully enter into any such
equity or debt financings in the future or that the required
capital will be available on acceptable terms, if at all, or that
any such financing activity will not be dilutive to its
stockholders especially in light of the fact that its common stock
is no longer traded on the Nasdaq, which makes it harder to attract
investors and limits the types of financings that can be
conducted.
The Company has historically experienced losses from operations and
has used cash and cash equivalents in operating activities. To be
able to discharge our liabilities and commitments in the normal
course of business, we must increase sales of our products, control
or potentially reduce expenses, and establish profitable operations
in order to generate cash from operations or obtain additional
funds when needed.
The Company's recurring losses, level of cash used in operations,
and potential need for additional capital, along with uncertainties
surrounding the Company's ability to raise additional capital, and
the filing of the Bankruptcy Petitions raise substantial doubt
about the Company's ability to continue as a going concern. The
financial statements do not include any adjustments that might be
necessary if the Company is unable to continue as a going concern.
Despite the February 2024 public offering, as well as the $2.5
million bridge loan from SWK as part of the DIP Financing, in order
for the Company to continue operations beyond the next 12 months
and be able to discharge its liabilities and commitments in the
normal course of business, it must either raise additional capital
or increase sales of our products, control or potentially reduce
expenses, and establish profitable operations in order to generate
cash from operations or obtain additional funds when needed.
"We will endeavor to improve our financial condition and ultimately
improve our financial results by increasing revenues through
expansion of our product offerings, continuing to expand and
develop our field sales force and distributor relationships both
domestically and internationally, forming strategic arrangements
within the dental and medical industries, educating dental and
medical patients as to the benefits of our advanced medical
technologies, and reducing expenses; however, there is no assurance
that will be able to improve our financial condition," the Company
stated.
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/3pwcvm9f
About Biolase Inc.
Biolase, Inc., a company in Foothill Ranch, Calif., and its
affiliates manufacture and market dental laser systems. The
Debtors' proprietary systems allow dentists, periodontists,
endodontists, pediatric dentists, oral surgeons, and other dental
specialists to perform a broad range of minimally invasive dental
procedures, including cosmetic, restorative, and complex surgical
applications.
Biolase and its affiliates filed Chapter 11 petitions (Bankr. D.
Del. Lead Case No. 24-12245) on Oct. 1, 2024. John Beaver,
president and chief executive officer, signed the petitions.
The Debtors reported total assets of $30,641,000 and total
liabilities of $32,767,000 as of June 30, 2024.
Judge Karen B. Owens oversees the cases.
The Debtors tapped Potter Anderson & Corroon, LLP and Pillsbury
Winthrop Shaw Pittman, LLP as legal counsel; SSG Capital Advisors
as investment banker; and B. Riley Financial, Inc. as financial
advisor. Epiq Corporate Restructuring, LLC is the Debtors'
administrative advisor and claims and noticing agent.
BONE CONSTRUCTION: Seeks to Hire Honey Law Firm P.A. as Attorney
----------------------------------------------------------------
Bone Construction Company, Inc. seeks approval from the U.S.
Bankruptcy Court for the Western District of Arkansas to hire Honey
Law Firm, P.A. as its attorneys.
The firm will render these services:
(a) advise and consult with the Debtor concerning questions
arising in the conduct of the administration of the estate and
concerning its rights and remedies with regard to the estate's
assets and claims of secured, priority and unsecured creditors and
other parties in interest;
(b) appear for; prosecute, defend, and represent the Debtor's
interest in adversary proceedings and/or contested matters arising
in or related to this case;
(c) investigate and prosecute preference and other actions
arising under the Debtor's avoiding powers;
(d) assist in the preparation of such pleadings, motions,
notices, and orders as are required for the orderly administration
of this estate and to consult with and advise the Debtor in
connection with the operation of or termination of the operation of
its business;
(e) assist in the preparation of a plan of reorganization and
to present said plan of reorganization to this court for approval
and confirmation; and
(f) undertake all other necessary and appropriate legal
representation of the Debtor in this proceeding.
The firm will be paid at these rates:
Marc Honey $350 per hour
Alexandra Honey $175 per hour
Paralegal $125 per hour
Prior to the petition date, the Debtor paid the sum of $50,000.
Marc Honey, Esq., an attorney at Honey Law Firm, disclosed in a
court filing that his firm is a "disinterested person" as that term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Marc Honey, Esq.
HONEY LAW FIRM, PA
P.O. Box 1254
Hot Springs, AR 71902
Telephone: (501) 321-1007
Facsimile: (501) 321-1255
Email: mhoney@honeylawfirm.com
About Bone Construction Company
Bone Construction Company, Inc. sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. W.D. Ark. Case No. 24-71734) on
October 18, 2024, with $100,001 to $500,000 in assets and $1
million to $10 million in liabilities.
Judge Bianca M. Rucker presides over the case.
Marc Honey, Esq., at Honey Law Firm, P.A. represents the Debtor as
bankruptcy counsel.
CAMARILLO HHCA: No Patient Complaints, 2nd PCO Report Says
----------------------------------------------------------
Tamar Terzian, the court-appointed patient care ombudsman, filed
with the U.S. Bankruptcy Court for the Central District of
California her second report regarding the quality of patient care
provided by Camarillo HHCA, Inc.
In the report which covers the period July 9 to September 9, the
PCO said she conducted a site visit of Camarillo HHCA's
headquarters in Reseda and met with the Director, Ms. Chalikyan, as
she is responsible for coordination of patient care services and
responsible for all activities relevant to the patient care
services.
The PCO observed and reviewed Camarillo HHCA's ability to provide
the standard of care. The PCO also conducted patient visits and
Camarillo HHCA made arrangements with the LVN and patients for PCO
to visit. Based on patient interviews there are no complaints by
the patients for the services performed and LVN had glowing reviews
for the care provided.
The PCO confirms that each RN and LVNs visit on a monthly basis to
check the patient's vital signs, to update medications, and assure
to implement the plan of care, wound care, educate family members
for safety and care of patient. Currently the census is 35
patients. Camarillo HHCA has received no complaints from any
patient or with respect to the caregivers.
Ms. Terzian reviewed patient records and patient care is properly
documented with attached consent forms. Each patient's medical
records and information is well maintained and accessible for
staff. The records are all electronic except for some of the
consent forms that are originals and scanned into Camarillo HHCA's
database. Camarillo HHCA utilizes an electronic database program
Perfect Noteefied and the records are HIPPA compliant.
The ombudsman may be reached at:
Tamar Terzian, Esq.
Hanson Bridgett, LLP
777 Figueroa Street
Suite 4200
Los Angeles, CA 90017
Tel: (323)210-7747
Email: tterzian@hansonbridgett.com
About Camarillo HHCA
Camarillo HHCA, Inc. sought protection for relief under Chapter 11
of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 24-10677) on
April 24, 2024, listing $50,001 to $100,000 in assets and $100,001
to $500,000 in liabilities.
Judge Martin R Barash presides over the case.
Michael Jay Berger, Esq., at the Law Office of Michael Jay Berger
represents the Debtor as counsel.
CASELLA WASTE: S&P Rates New Senior Unsecured Revenue Bonds 'B+'
----------------------------------------------------------------
S&P Global Ratings assigned its 'B+' issue-level rating and '6'
recovery rating to Casella Waste Systems Inc.’s proposal of up to
$45 million of senior unsecured Finance Authority of Maine solid
waste disposal revenue bonds. S&P said, "All of our other ratings
are unchanged, including our 'BB' issuer credit rating on Casella.
Casella plans to use approximately $20 million of the proceeds to
fund qualifying capital expenditures in Maine and approximately $25
million to refinance its existing Finance Authority of Maine bonds
due January 2025."
CELULARITY INC: Net Loss Narrows to $6.5 Million in Fiscal Q2
-------------------------------------------------------------
Celularity Inc. filed with the U.S. Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net loss
of $6.5 million on $12.1 million of total net revenues for the
three months ended June 30, 2024, compared to a net loss of $47.9
million on $2.9 million of total net revenues for the three months
ended June 30, 2023.
For the six months ended June 30, 2024, the Company reported a net
loss of $28.5 million on $26.8 million of total net revenues,
compared to a net loss of $112 million on $6.9 million of total net
revenues for the same period in 2023.
As of June 30, 2024, the Company had $135.5 million in total
assets, $107.7 million in total liabilities, and $27.8 million in
total stockholders' equity.
Celularity announced that it has increased expected net sales
guidance for the full year 2024 to $54 million to $60 million, up
from $50 million to $56 million previously announced in February.
The increased guidance is based on higher expected net sales
through October of its advanced biomaterial products. Expected net
sales for full year 2024 consist of $49 million to $54.5 million
sales of advanced biomaterial products and $5 million to $5.5
million net sales of biobanking services. For the full year 2024,
Celularity now expects net sales of its advanced biomaterial
products to grow by 180% to 212% over the prior year.
October expected net sales were $8.3 million to $8.9 million,
marking Celularity's highest-ever single-month expected net sales.
For the ten months ending October 31, 2024, expected net sales were
$44.4 million, consisting of advanced biomaterial product sales of
$40.2 million and biobanking sales of $4.2 million, and includes
approximately $9 million in expected net sales of Celularity's new
Rebound™ product. Rebound adds to Celularity's portfolio of
placental-derived advanced biomaterial products, sales of which
through the first half of 2024 exceeded $24 million, which is
greater than Celularity's full-year sales in 2023.
"We had very strong second and third quarter performances, and
based on such performance we have increased the full year 2024
expected net sales guidance we previously announced in February,"
said Dr. Robert J. Hariri, M.D., Ph.D., Founder, Chairman, and CEO.
"Sales are strong for our new Rebound product, which we believe
will strengthen our revenue outlook for the next several quarters.
We continue to advance development of next generation advanced
biomaterial products while exploring all opportunities in the
rapidly evolving landscape of cellular and regenerative medicine.
We believe Celularity can leverage our unique business model,
world-class technical infrastructure and intellectual property, and
growing commercial traction as we enter 2025 and beyond."
Celularity also announced that it filed its quarterly report on
Form 10-Q for the second quarter 2024 on November 6, 2024. As
previously announced, Celularity received a determination
notification from Nasdaq on October 16, 2024 indicating
non-compliance with Nasdaq Listing Rule 5250(c)(1) (the "Rule) due
to the delayed filing of Celularity's quarterly reports on Forms
10-Q for the periods ended March 31, 2024, and June 30, 2024.
Celularity has now filed the Forms 10-Q in compliance with the
Rule.
Dr. Hariri added, "With the completion of our Forms 10-Q for the
first and second quarter, we reaffirm our commitment to regaining
and maintaining compliance with the Nasdaq listing requirements. To
further strengthen our reporting processes, we have implemented
several key improvements to help mitigate delays in the future.
These enhancements include engaging additional technical accounting
resources, upgrading our internal review protocols, and
collaborating closely with our external auditors to ensure timely
and accurate financial disclosures."
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/mvcxarr
About Celularity Inc.
Headquartered in Florham Park, NJ, Celularity Inc. --
www.celularity.com -- is a cellular and regenerative medicine
company focused on improving health longevity, which the U.S.
National Academy of Medicine defines as the state in which a
person's number of years in good health approaches their biological
lifespan. The objective of extending health longevity is to
compress the period of time in which an individual experiences
aging-related degenerative diseases and disorders associated with
increased mortality towards the end of life. The Company is
developing off-the-shelf placental-derived allogeneic cellular
therapies and advanced biomaterial products for the treatment of
degenerative disorders and diseases including those associated with
aging.
Morristown, New Jersey-based Deloitte & Touche LLP, the Company's
auditor since 2018, issued a "going concern" qualification in its
report dated July 30, 2024, citing that the Company has suffered
recurring losses and net cash outflows from operations and has
outstanding debt that is currently due for which the Company does
not have sufficient liquidity to repay, which raises substantial
doubt about its ability to continue as a going concern.
Celularity reported a net loss of $196.30 million for the year
ended Dec. 31, 2023, compared to a net income of $14.19 million for
the year ended Dec. 31, 2022.
CENTURY DE: S&P Affirms 'B' Issuer Credit Rating, Outlook Stable
----------------------------------------------------------------
S&P Global Ratings affirmed all of its ratings on U.S.-based book
publisher, Century DE Buyer LLC (dba Simon & Schuster), including
its 'B' issuer credit rating, and maintained the stable outlook.
The stable outlook reflects visibility into credit metrics
improvement supported by lower nonrecurring costs, a sizeable
backlist and a significant pipeline of frontlist authors but S&P
recognizes there is limited cushion for further underperformance.
S&P said, "We expect credit metrics to improve in 2025 as one-time
costs taper off and revenue growth accelerates on new title
launches. Simon & Schuster's S&P Global Ratings-adjusted debt to
EBITDA increased to around 6.1x for the trailing 12 months (TTM)
ended Sept. 28, 2024, compared to our previous forecast for
leverage to decline to around 5.5x by year-end 2024. The increase
in leverage was largely attributable to non-recurring costs and
organic growth investments, which contributed to S&P Global Ratings
adjusted EBITDA margins declining to roughly 16.4% for the
nine-months ended Sept. 28, 2024, compared to our previous
expectations for margins in the low-20% area in 2024, while
revenues were also somewhat lower than expected."
More specifically:
-- Most of the cost increases were one-time in nature associated
with the October 2023 carve out from Paramount. These costs include
increased hiring across key support functions (including editorial,
publishing, finance, and marketing), which offset cost-savings
initiatives and contributed to the decline in adjusted EBITDA
margins year to date (YTD).
-- Sales are up roughly 2% YTD compared with our previous forecast
for 5%, as frontlist sales were slightly lower than expected.
-- Several nonrecurring cash items (including a one-time purchase
price adjustment payment to Paramount, nonrecurring working capital
usage, one-time transition costs, and standup related capital
expenditures) also contributed to a free operating cash flow
deficit of around $25 million YTD.
S&P said, "Our base-case forecast assumes revenue growth of around
7%-8% in 2025 supported by the company's strong frontlist title
pipeline, continued growth in its audio segment and contributions
from recent acquisitions (VBK and Affirm). We expect adjusted
EBITDA margins to increase to 18% in 2025 from 17.5% in 2024
benefitting from lower one-time costs and improving revenue growth.
We also expect free cash flow generation to strengthen to around
$80 million-$85 million annually in 2025 from around $8 million in
2024, as profitability improves and cash outflows normalize. Based
on our updated assumptions, we now expect leverage to steadily
decline to around 5.4x in 2025 and 5.1x in 2026 and free operating
cash flow (FOCF) to debt to increase to around 6%-7% in 2025 and
2026."
Simon & Schuster's elevated leverage and weak FOCF generation leave
limited cushion in the rating for underperformance. S&P said,
"Based on the company's current credit metrics, we believe there is
limited cushion in the current rating for underperformance relative
to our base-case assumptions. Specifically, we believe a decline in
profitability or the persistence of weak operating trends that
contribute to FOCF to debt remaining below 5% and leverage elevated
above 6x on a sustained basis would likely result in a negative
rating action." This could occur if EBITDA margins decline to
around 16.5% in 2025 (compared with our base case of 18%), or if
the company experiences low-single digit revenue declines due to
weak organic growth (likely due to weak frontlist sales, which can
be volatile) and underperformance of recent acquisitions.
S&P said, "We expect the company will continue to pursue
acquisitions as a key component of its growth strategy. Since
being acquired by KKR in September of 2023, the company has closed
two acquisitions. The acquisitions support the company's overall
growth strategy by expanding its international presence in both the
Netherlands (via VBK) and Australia (via Affirm). We expect the
company will continue to pursue acquisitions as a key component of
its growth strategy, focusing on up-and-coming publishers with
complimentary content and audio potential. We also believe the
company will continue to look for opportunities to expand its
business into international markets, similar to the VBK and Affirm
acquisitions. Although our base-case forecast does not include
future acquisition spending, we would expect future acquisitions to
be funded with a combination of operating cash flow, cash on the
balance sheet ($100 million of cash as of Sept. 28) and revolver
borrowings.
"We believe the company will continue to generate sufficient FOCF
to support its acquisitions strategy. Our base-case forecast
assumes FOCF generation strengthens to around $80 million-$85
million annually in 2025 and 2026. We view this as sufficient to
support its acquisition growth strategy, in addition to annual
capex of $10 million and mandatory debt amortization of $11
million. The company has historically pursued small tuck-in
acquisitions with an average purchase price in the $20 million-$60
million range, however, we believe the company could pursue
significantly larger targets, which we believe would be funded
using a combination of cash and revolver borrowings ($100 million
available under its $110 million revolving credit facility as of
Sept. 28, 2024). We do not expect the company will pursue large
debt-funded mergers and acquisitions that result in a significant
increase in its adjusted leverage."
Book publisher earnings could face potential year-to-year
volatility. The ability to attract popular authors and for those
authors to produce hit sellers can result in significant revenue
fluctuations, as sales from new books typically accounts for less
than half of total sales. So-called frontlist (released within the
past 12 months) sales vary widely and have the potential to
significantly impact operating performance, as exemplified by the
increase in 2022 revenues from Colleen Hoover, which was a
meaningful contributor to U.S. and international adult book sales.
Furthermore, we believe there is some uncertainty as to the
permanence of current levels of book purchases and readership
following a surge through the pandemic. Finally, selection of
authors and execution of editorial and marketing functions provided
by Simon & Schuster influence sales volumes.
A high degree of fixed costs can also result in profit margin
variability. In order to attract bestselling authors, the company
must make payment advances against future book revenues. These
payments can have a considerable impact on the company's cash flow
generation and credit metrics. S&P believes anywhere from 50%-80%
of books released in the U.S. trade segment won't earn back the
royalties advanced to authors, depending on the publisher, with a
relatively small percentage of popular select authors and titles
generating the majority of overall annual industry publishing
revenues. Therefore, its frontlist catalog faces potentially
considerable annual earnings volatility as a function of the higher
marketing and promotional expenses tied to new releases, which can
significantly and rapidly erode margin if publishers are unable to
stimulate and support profitable, high-volume sales activity.
The company's extensive backlist provides a more predictable
earnings stream. A majority of the company's sales come from
books written more than 12 months ago. The company has a sweeping
backlog of diversified intellectual property (IP) built over many
years. The company has a long track record of signing and retaining
best-selling authors, which contributes to a large and growing
backlist. The company also owns all publishing rights and IP for
the lifetime of the author for a particular book and 70 years
postmortem.
S&P said, "Separately, we also recognize that in-home entertainment
is generally countercyclical and provides stability through
economic cycles. We also consider that there are more cyclical
media subsectors, such as advertising, while video games and film
typically exhibit more volatility.
"The stable rating outlook reflects our expectation for the
company's earnings growth over the next several quarters, supported
by lower nonrecurring costs and mid- to high-single digit revenue
growth, resulting in improving credit metrics, including S&P Global
Ratings-adjusted leverage below 6x.
"We could lower the rating on Simon & Schuster within the next 12
months if FOCF to debt remains below 5% or leverage increases above
6x on a sustained basis."
This could occur if:
-- Weakening industry trends reduce book purchases, resulting in
organic revenue declines; or
-- EBITDA margins deteriorate below our base-case scenarios due to
rising input costs, higher operating costs as a stand-alone company
or inability to achieve planned cost savings post carveout; or
-- The company pursues a more aggressive financial policy
including debt-funded dividends or acquisitions.
S&P could raise the rating on Simon & Schuster within the next 12
months if FOCF to debt approaches 10% or leverage decreases to
around 5x on a sustained basis.
This could occur if the company:
-- Executes on cost-savings initiatives, while maintaining stable
organic revenue growth in the mid- to high-single digit percent
range, resulting in strengthening EBITDA margins and improved FOCF
generation above our base-case projections; and
-- Commits to a more conservative financial policy that supports
sustaining leverage below 5x, inclusive of potential acquisitions
or shareholder distributions.
CENTURY MINING: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Century Mining LLC
d/b/a Allegheny Metallurgical
7004 Buckhannon Road
Volga, WV 26238
Business Description: The Debtor produces metallurgical coal that
is used by steel manufacturers around the
globe.
Chapter 11 Petition Date: November 22, 2024
Court: United States Bankruptcy Court
Northern District of West Virginia
Case No.: 24-00598
Judge: Hon. David L. Bissett
Debtor's Counsel: David B. Salzman, Esq.
CAMPBELL & LEVINE, LLC
310 Grant Street, Suite 1700
Pittsburgh, PA 15219
Tel: 412-261-0310
Fax: 412-261-5066
Estimated Assets: $50 million to $100 million
Estimated Liabilities: $50 million to $100 million
The petition was signed by Keith Hainer as president.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/3K4WRLY/Century_Mining_LLC__wvnbke-24-00598__0001.0.pdf?mcid=tGE4TAMA
List of Debtor's 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. ION Carbon & Coal Sales & $7,674,983
Minerals LLC Logistics
16930 West
Catawba Avenue
Suite 102
Cornelius, NC 28031
2. Jennmar Corporation Material $3,490,993
258 Kappa Drive Suppliers
Pittsburgh, PA
15238
3. Longwall-Associates, Inc. Equipment $3,281,335
212 Kendall Avenue
P.O. Box 1488
Chilhowie, VA 24319
4. Robindale Export, LLC Coal Sales & $1,904,882
1501 Ligonier Street Logistics
Latrobe, PA 15650
5. JennChem, LLC Construction $1,829,933
258 Kappa Drive Services
Pittsburgh, PA
15238
6. Becker Global / SMC Equipment $1,249,990
14660 Industrial
Park Road
Bristol, VA 24202
7. JH Fletcher & Co. Equipment $1,244,775
402 High St
PO Box 2187
Huntington, WV
25722-2187
8. CB Mining, Inc. Trade Debt $1,181,037
4565 William Penn Highway
Murrysville, PA
15668
9. Doss Enterprises Construction $1,140,751
7522 US Hwy 19 N Services
Jane Lew, WV 26378
10. Phoenix First Safety Equipment/ $1,025,675
Response Materials
25 Allegheny Square
Glassport, PA 15045
11. Strata Products Equipment $978,748
Worldwide, LLC
8800 Roswell Road
Atlanta, GA
30350-1826
12. CSX N/A 166519 Mobilization & $839,667
200 Neville Road Transportation
Unit 7
Pittsburgh, PA 15225
13. Barbour County Sheriff Services $789,514
Attn: Treasurer's Office Rendered
26 North Main St.,
Suite 1
Philippi, WV
26416-1199
14. GMS Mine Repair Contract Labor $661,877
and Maintenance
32 Enterprise Drive
Oakland, MD 21550
15. Highmark of West Virginia Insurance/ $626,098
614 Market Street Benefits
Parkersburg, WV
26101
16. Joy Global Equipment $557,569
Underground Mining LLC
Meadowlands Facility
220 Simko Boulevard
Charleroi, PA 15022
17. Continental Global Trade Debt $538,522
Material Handling LLC
438 Industrial Drive
Winfield, AL 35594
18. Jeamar Winches Equipment $535,490
1051 M & O Drive
Bossier City, LA
71111
19. Carpenters Repair, Inc. Equipment $524,125
71 Balls Branch Road
Lake, WV 25121
20. United Central Materials $519,842
Industrial Supply Co, LLC Supplier
1241 Volunteer Parkway
Suite 1000
Bristol, TN 37620
CIBUS INC: Net Loss Widens to $201.5 Million in Fiscal Q3
---------------------------------------------------------
Cibus, Inc. filed with the U.S. Securities and Exchange Commission
its Quarterly Report on Form 10-Q reporting a net loss of $201.5
million on $1.7 million of total revenue for the three months ended
September 30, 2024, compared to a net loss of $34.5 million on
$475,000 of total revenue for the three months ended September 30,
2023.
For the nine months ended September 30, 2024, the Company reported
a net loss of $256.9 million on $3.1 million of total revenue,
compared to a net loss of $60.43 million on $714,000 of total
revenue for the same period in 2023.
As of September 30, 2024, the Company had $367.9 million in total
assets, $247 million in total liabilities, $12.7 million in
redeemable noncontrolling interest, and $108.1 million total
stockholders' equity.
Management Commentary
"This has been a transformative first nine months for Cibus, and as
we end this quarter, I'm pleased to report that all of our
operational crop platforms now have field studies or greenhouse
data with multiple traits and customer relationships, which we
believe validates our technology and commercial approach," stated
Rory Riggs, Co-Founder, Chairman, and CEO of Cibus. "We are
actively working with our customers to advance germplasm with our
traits toward commercialization. In light of these relationships
and their stage of development, we have recently provided more
detailed timelines around anticipated launches which are expected
to lead to royalty revenues and allow our stakeholders to better
benchmark our commercial progress and prospects."
Mr. Riggs continued, "We are also continuing to take proactive
steps to focus on advancing our highest priority objectives. Our
recently announced strategic realignment focuses the allocation of
our capital resources toward our commercial efforts through
advancement of our weed management traits for Rice, Sclerotinia
resistance trait for Canola and Soybean, and the continuing
development of our Soybean platform, while enabling continued
progress on our Pod Shatter Reduction trait and our third weed
management trait HT2 utilizing a more streamlined use of
resources."
"Our Rice platform exemplifies the progress we've made with our HT1
and HT3 herbicide traits gaining substantial momentum this year and
which we anticipate will be utilized eventually as stacked traits
in an integrated weed management platform. We have agreements with
four major Rice seed company customers in North and Latin America
and we've received germplasm from each of these customers. All of
this progress is made possible by our Trait Machine process, a
paradigm shift in breeding complex traits, as we can now complete
edits in a customer's elite germplasm and return it within as few
as 12 months. This breakthrough in speed and predictability allows
us to work seamlessly with seed companies, augmenting their
breeding operations with our capabilities in complex
gene-editing."
"We've also made significant strides in our Advanced Traits this
year, particularly with our work in productivity traits. We have
received successful field trial results for a second mode of action
for Sclerotinia resistance in Canola, and greenhouse testing is
underway for the third mode of action. With our Sclerotinia
resistance trait being a multi-crop trait, the incredible progress
we are making in Canola is foundational to the development of this
trait for our Soybean platform, once operational. Additionally, we
have encouraging greenhouse data for our HT2 edits in Canola as we
head into anticipated field trials in 2025. These aren't just
technological achievements – they represent products advancing
toward commercialization with real royalty potential."
Mr. Riggs concluded, "As we complete our transformation from an
R&D-focused company to the first commercial-stage gene editing
company in agriculture, we're setting the stage for a new industry
of gene-edited traits. Our progress positions Cibus at the
forefront of agricultural innovation. The fact that we now have
validating data for multiple traits across our operational crop
platforms, with customers moving forward toward commercialization,
proves that our technology is working. But we are not just
developing traits, we are creating commercial products alongside
our seed company customers with the potential to generate
meaningful revenue while pioneering a more sustainable and
productive future for global agriculture by addressing critical
challenges such as disease resistance and herbicide tolerance
across multiple major crops."
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/4f2ebyzw
About Cibus
Headquartered in San Diego, Calif., Cibus, Inc. --
http://www.cibus.com/-- is an agricultural biotechnology company
that uses proprietary gene editing technologies to develop plant
traits (or specific genetic characteristics) in seeds. Its primary
business is the development of plant traits that help address
specific productivity or yield challenges in farming such as traits
addressing plant agronomy, disease, insects, weeds, nutrient-use,
or the climate. These traits are referred to as productivity traits
and drive greater farming profitability and efficiency. In
addition, Cibus is developing, through partner-funded projects,
certain alternative plant-based oils or bio-based fermentation
products to meet the functional needs of the new sustainable
ingredients industry to replace current ingredients that are
identified to raise environmental challenges, such as ingredients
derived from fossil fuels, materials that cause deforestation, or
materials that raise other sustainability challenges.
San Diego, Calif.-based BDO USA, P.C., the Company's auditor since
2023, issued a "going concern" qualification in its report dated
March 21, 2024, citing that the Company has incurred recurring
losses from operations and negative cash flows from operations.
Cibus' net loss was $337.6 million for the year ended December 31,
2023.
COMMSCOPE HOLDING: Net Loss Narrows to $33 Million in Fiscal Q3
---------------------------------------------------------------
CommScope Holding Company, Inc. filed with the U.S. Securities and
Exchange Commission its Quarterly Report on Form 10-Q reporting a
net loss of $33 million on $1.08 billion of net sales for the three
months ended September 30, 2024, compared with a net loss of $828.7
million on $1.05 billion of net sales for the three months ended
September 30, 2023.
For the nine months ended September 30, 2024, the Company reported
a net loss of $347.8 million on $3.04 billion of net sales,
compared with a net loss of $925.7 million on $3.64 billion of net
sales for the same period in 2023.
As of September 30, 2024, the Company had $8.8 billion in total
assets, $10.9 billion in total liabilities, $1.2 billion of Series
A convertible preferred stock, and $3.3 billion in total
stockholders' deficit.
"In the third quarter, CommScope delivered net sales of $1.082
billion, up 3% from the prior year, and Core adjusted EBITDA of
$220 million, up 25% from the prior year. These results were
primarily driven by strength in our CCS segment which delivered
$174 million of adjusted EBITDA, an increase of 115% from the prior
year. In addition to the CCS segment, we saw a sequential recovery
in our Core NICS segment (excluding DAS). I'm pleased with our
third quarter performance as we sequentially improved both revenue
and adjusted EBITDA from the second quarter and saw a
year-over-year improvement. Visibility continues to remain limited
as upgrade timing and magnitude of network upgrades remain
uncertain. We would expect to see continued momentum in all of our
businesses over the next several quarters as we have made the
investments in our products to help our customers deliver their
next generations networks. We continue to control what we can,
which was demonstrated by our third quarter 2024 Core adjusted
EBITDA as a percentage of revenue of 20.4%, a significant
improvement compared to 16.7% in the same prior year period," said
Chuck Treadway, President and Chief Executive Officer.
"For the third quarter, CommScope (including OWN and DAS) reported
net sales of $1.414 billion, an increase of 5% from the prior year.
Adjusted EBITDA of $308 million increased by 27%. We have narrowed
our full year Core adjusted EBITDA guideposts to $700 to $750
million. We finished the third quarter with strong total liquidity
of more than $1.02 billion including cash at quarter end of $456
million. In the third quarter, we engaged with our current
creditors to address our debt maturities, and those conversations
continue to be constructive," added Kyle Lorentzen, Chief Financial
Officer.
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/5bxc8rfb
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.
COOKQUEEN LLC: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: The CookQueen LLC
Soulfull Seafood LLC
Roots Fruits N Herbs LLC
501 N Fairview Ave
Kitchen 4
Santa Anna, CA 92703
Chapter 11 Petition Date: November 22, 2024
Court: United States Bankruptcy Court
Central District of California
Case No.: 24-13027
Judge: Hon. Theodor Albert
Debtor's Counsel: Damian Nissiri, Esq.
CANNABIS LAW GROUP
4695 MacArthur Ct 11th Floor
Newport Beach, CA 90802
Tel: 213-444-8362
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Donna Williams as owner/CEO.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/DW4J55I/The_CookQueen_LLC_Soulfull_Seafood__cacbke-24-13027__0001.0.pdf?mcid=tGE4TAMA
COOPER-STANDARD HOLDINGS: S&P Affirms 'CCC+' Issuer Credit Rating
-----------------------------------------------------------------
S&P Global Ratings revised its outlook on U.S.–based
Cooper-Standard Holdings Inc. to positive from negative and
affirmed our 'CCC+' issuer credit rating.
S&P said, "At the same time we affirmed our 'CCC+' issue-level on
the senior secured first-lien notes due in 2027; the recovery
ratings are unchanged at '4' (30%-50%; rounded estimate: 45%). We
affirmed our 'CCC-' issue-level rating on the senior secured
third-lien notes due in 2027; the recovery ratings are unchanged at
'6' (0%-10%; rounded estimate: 0%). We also affirmed our 'CCC-'
issue-level rating on the company's senior unsecured notes; the
recovery ratings are unchanged at '6' (0%-10%; rounded estimate:
0%).
"The positive outlook reflects the potential that we could raise
our ratings within the next 12 months if we anticipate the company
to further improve its earnings and free cash flow generation even
as we expect capex to increase in the longer term."
The positive outlook revision reflects the company's recovering
credit metrics, though issues remain.
The company's S&P Global Ratings-adjusted EBITDA margins improved
to 8.7% for the third quarter of 2024 compared to about 8.3% from
the same prior-year period after adjusting for commercial
settlements related to first- and second-quarter 2023. This was due
to improved operating efficiency, greater productivity, which was
partially offset by softer volumes and mix, foreign exchange
headwinds, and inflationary pressures. The margin step up was
achieved even as sales in the quarter declined 6.9% over the same
prior-year period due to lower volumes, foreign exchange,
divestiture of the technical rubber business in Europe, and timing
of commercial settlements. So far, year-to-date the company has
achieved $64 million in cost savings, primarily through
manufacturing efficiencies and lean purchasing initiatives. S&P
said, "We anticipate the company to continue taking out costs and
grow S&P adjusted EBITDA margins to 7.2% for full-year 2024,
compared to 7% in 2023. We also expect the company to reduce its
forecasted capex spending to about 1.8% of sales compared to 2.9%
in the prior year as it re-uses existing capital and adjusts for
softer industry volumes, which will be supportive of improving cash
flow generation."
Despite the soft production environment, S&P anticipates earnings
growth due to cost cutting and stronger production efficiencies.
Industry production volumes have softened throughout the year and
OEMs are reducing production targets. This is further exacerbated
by a slower uptake in electric vehicle (EV) adoption, resulting in
a pullback in EV production. S&P said, "Given the slowdown in
production, we now expect the company's revenue to decline by 3.5%
in 2024 before rebounding by 1.9% in 2025. We expect the company to
achieve about $100 million in annual cost savings in 2024, offset
by about $30 million to achieve these savings. The company will
further rationalize its footprint to adjust to industry demand and
improve manufacturing efficiency. We also anticipate the company to
continue its restructuring efforts and lean manufacturing
initiatives through 2025. Furthermore, we expect the company to
continue innovating and introducing newer products, which should
result in an improved mix. These actions should bring S&P Global
Ratings-adjusted EBITDA margins to 7.4% in 2025. Margins may
improve more than our base case as the company achieves the
benefits of the recent restructurings but given the recently weaker
production environment, we have assumed a fairly conservative
improvement in 2025. Despite the forecasted margin improvement,
cash flow generation remains minimal due to the softer revenues and
the high amount of cash interest expense. Due to the pullback in
capex, we now forecast S&P Global Ratings-adjusted free operating
cash flow (FOCF) to debt of 1.8% in 2024 and improving to 2.4% in
2025. Over the longer term, we expect capex to increase closer to
historical levels to support higher growth and new product
initiatives."
S&P expects Cooper-Standard to maintain adequate liquidity even as
its debt reverts to cash coupons.
The company ended the quarter with total liquidity of about $330
million between cash and cash equivalents, revolver borrowing
availability, and internally generated funds from operations (FFO).
The company will also be making cash coupon payments on both its
first-lien and third-lien notes in December 2024. S&P continues to
view the company's liquidity position as adequate given its
liquidity sources and ability to make its cash coupon payments. If
the company were to refinance its debt at a more favorable interest
rate, it would be supportive of a stronger cash flow generation.
S&P said, "We are cognizant of the risks of the softer global
production environment. Should auto production deteriorate further,
it could affect the company's ability to generate sustained
positive free cash flow. Furthermore, while capex spending is lower
for the next two years, we anticipate the company may need to
increase its capex spending over the longer term to support new
business wins and overall industry growth. As such, to maintain
positive free cash flow over the longer term, margins will have to
improve further to support higher levels of capex spending.
"The positive outlook reflects the chance that we could upgrade the
company over the next 12 months if it is able to further grow its
earnings and cash flow even as we expect capex to increase in the
longer term."
S&P could raise its ratings on Cooper-Standard if:
-- S&P expects the company to grow its margins beyond its base
case and generate meaningful sustained positive free operating cash
flow in a higher capex scenario. This could happen through a mix of
further operational improvements, new business wins, or a debt
refinancing resulting in materially lower debt servicing costs;
and
-- The company sustains its adequate liquidity position.
S&P could revise its outlook on Cooper-Standard back to negative or
stable if:
-- S&P expects Cooper-Standard's earnings to deteriorate such that
it no longer expect the company to generate meaningful free cash
flow on a sustained basis. This could happen if volumes fall below
expectations or OEM production volatility persists, while cost and
inflation pressures are greater than expected, and it cannot offset
these expenses; or
-- S&P expects the company's liquidity position could deteriorate
due to operational underperformance.
S&P said, "Environmental factors are a negative consideration in
our credit rating analysis of Cooper-Standard. Products in the
company's fuel and brake delivery segment (26% of 2023 sales) face
some displacement risk from electrification, and its ability to
offset potential losses in its fuel line business largely depends
on maintaining higher content per vehicle in its fluid and sealing
products. A slower adoption of the company's battery electric
vehicle products, represent modest downside risk. Volatility in EV
production can also negatively impact the company, particularly if
OEMs have last minute cancellations or production scale backs.
Governance factors are a neutral consideration in our analysis as
the company has in our view improved the tracking and execution of
its strategic initiatives."
CYTOSORBENTS CORP: Posts $2.3 Million Net Loss in Fiscal Q3
-----------------------------------------------------------
CytoSorbents Corporation filed with the U.S. Securities and
Exchange Commission its Quarterly Report on Form 10-Q reporting a
net loss of $2,334,091 on $9,390,388 of total revenue for the three
months ended September 30, 2024, compared with a net loss of
$9,193,520 on $8,810,847 of total revenue for the three months
ended September 30, 2023.
For the nine months ended September 30, 2024, the Company reported
a net loss of $12,835,098 on $29,071,316 of total revenue, compared
with a net loss of $22,672,487 on $27,681,164 of total revenue for
the same period in 2023.
As of September 30, 2024, the Company had $47,804,011 in total
assets, $34,804,921 in total liabilities, and $12,999,090 in total
stockholders' equity.
"I am pleased with the progress we made this quarter. Our topline
performance is a testament to the improving strength of our
critical care and cardiac surgery businesses, driven by solid
execution from our direct sales team and distributor network. In
addition, our manufacturing is now running smoothly with an
expected return to more normalized production levels and product
gross margins in the fourth quarter of this year." stated Dr.
Phillip Chan, Chief Executive Officer of CytoSorbents. "Meanwhile,
we believe that we have significantly improved our operating
metrics and continue to demonstrate a disciplined approach to cash
management. We believe this will enable us to scale our business
effectively with improved operating leverage as we prepare for the
commercial launch of DrugSorb™-ATR in North America, if approved,
and position ourselves for the next phase of growth."
The potential expansion of the Company's markets to the U.S. and
Canada with DrugSorb-ATR could be game-changing. With the steady
growth in CytoSorb business driving leverage in its operations, the
Company has been diligently executing on its regulatory strategy
for DrugSorb-ATR with the U.S. Food and Drug Administration (FDA)
and Health Canada. CytoSorbents has:
* Submitted the Company's DrugSorb-ATR De Novo application to
the U.S. FDA on September 27, 2024, and announced FDA acceptance
and initiation of substantive review of its application on October
22, 2024, which is also eligible for priority review based on FDA
Breakthrough Device Designation.
* Received Medical Device Single Audit Program (MDSAP)
certification on November 1, 2024, a key regulatory milestone that
certifies compliance of the Company's quality management system
with the standard regulatory requirements of Canada, the U.S.,
Brazil, Japan, and Australia. Importantly, U.S. FDA accepts MDSAP
certification and audit reports in lieu of their own routine Agency
inspections, if required.
* Submitted the Company's Medical Device License (MDL)
marketing application to Health Canada on November 1, 2024,
concurrent with MDSAP certification –- a requirement for
submission.
Dr. Chan continued, "These are key milestones that give us
visibility on regulatory decisions by FDA and Health Canada
expected next year. We are confident that DrugSorb-ATR has the
ability to transform the current standard of care in patients with
acute coronary syndromes (ACS) treated with the blockbuster blood
thinner Brilinta (ticagrelor, AstraZeneca) by enabling safe and
timely CABG surgery while eliminating treatment delays that expose
patients to additional risk and consume valuable hospital
resources. In doing so, we believe DrugSorb-ATR represents a
winning solution for patients, surgeons, and hospitals."
The potential North American DrugSorb-ATR total addressable market
(TAM) in patients undergoing CABG surgery on Brilinta currently
exceeds an estimated $300 million. Brilinta already enjoys a
dominant market share in Canada due to ACS treatment guidelines and
is growing in dominance in the U.S. The TAM is expected to grow to
well over $600 million once Brilinta becomes generic and
DrugSorb-ATR makes it the only reversible orally administered
antiplatelet drug; and with potential label expansion to include
other blood thinner categories including direct oral anticoagulants
and direct thrombin inhibitors that could make DrugSorb-ATR an
"all-in-one" countermeasure for these agents. We further estimate
that broadening the use of DrugSorb-ATR to remove blood thinners in
non-CABG cardiac surgeries, off-pump CABG surgeries, or in other
types of non-cardiac surgeries could expand the total addressable
market to $1-2 billion.
Although these are certainly large markets, be assured that we have
had years of both manufacturing and commercialization experience in
our core international markets and are actively preparing to
leverage this experience for our expected North American launch."
Dr. Chan concluded, "We believe we have a simple and compelling
value proposition. Our North American DrugSorb-ATR opportunity is
significant, and leverages the experience of our international
CytoSorb business which continues to grow across 76 countries and
is generating nearly $34 million in trailing 12-month product sales
at approximately 70% gross margins, and is nearing cash flow
breakeven. CytoSorb is generating exciting clinical data through
our STAR (Safe and Timely Antithrombotic Removal) and critical care
COSMOS (CytOSorb TreatMent Of Critically Ill PatientS) registries
with results presented at major scientific congresses. We are also
witnessing a lot of enthusiasm for our new PuriFi hemoperfusion
pump, launched at the end of the second quarter 2024, with now many
pump placements and evaluations ongoing. Our global team is
executing on our strategy and positioning us well for this next
stage of growth."
About DrugSorb-ATR
The goal of DrugSorb-ATR, an investigational medical device, is to
reduce the severity of perioperative bleeding in patients on
ticagrelor (Brilinta, AstraZeneca) undergoing coronary artery
bypass graft (CABG) surgery. Ticagrelor is a blood thinning drug
frequently administered in the hospital to patients suffering a
heart attack. If patients are not eligible for a coronary stent,
they will often require CABG surgery to restore blood flow to heart
muscle. Current guidelines recommend the delay of surgery by three
to five days to allow "washout" or natural elimination of the drug
to reduce the high risk of serious and potentially fatal
perioperative bleeding from the use of the blood thinner. We
believe that DrugSorb-ATR represents a breakthrough solution that
will allow patients to proceed with their much-needed CABG surgery
in a safe and timely manner rather than risking serious,
potentially life-threatening complications and consuming costly
hospital resources while waiting in the hospital for multiple days
for ticagrelor to be naturally eliminated from their system.
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/9xep8bax
About CytoSorbents
Based in Monmouth Junction, N.J., CytoSorbents Corporation is
engaged in critical care immunotherapy, specializing in blood
purification. Its flagship product, CytoSorb, is approved in the
European Union with distribution in more than 75 countries around
the world as an extracorporeal cytokine adsorber designed to reduce
the "cytokine storm" or "cytokine release syndrome" seen in common
critical illnesses that may result in massive inflammation, organ
failure, and patient death.
East Brunswick, New Jersey-based WithumSmith+Brown, PC, the
Company's auditor since 2004, issued a "going concern"
qualification in its report dated March 14, 2024, citing that the
Company has suffered recurring losses from operations, has
experienced cash used from operations, and has an accumulated
deficit, which raises substantial doubt about its ability to
continue as a going concern.
CytoSorbents reported a net loss of $28.51 million attributable to
common stockholders for the year ended Dec. 31, 2023, compared to a
net loss of $32.81 million attributable to common stockholders for
the year ended Dec. 31, 2022.
DCCM RESTAURANT: Case Summary & Three Unsecured Creditors
---------------------------------------------------------
Debtor: DCCM Restaurant Group, LLC
2367 Beacon Landing Circle
Orlando, FL 32824
Business Description: The Debtor owns and operates a sports bar.
Chapter 11 Petition Date: November 22, 2024
Court: United States Bankruptcy Court
Middle District of Florida
Case No.: 24-06400
Judge: Hon. Tiffany P Geyer
Debtor's Counsel: Jeffrey S. Ainsworth, Esq.
BRANSONLAW, PLLC
1501 E. Concord Street
Orlando, FL 32803
Tel: 407-894-6834
E-mail: jeff@bransonlaw.com
Total Assets: $29,964
Total Liabilities: $1,474,834
The petition was signed by Charlie Norman as manager.
A full-text copy of the petition containing, among other items, a
list of the Debtor's three unsecured creditors is available for
free at PacerMonitor.com at:
https://www.pacermonitor.com/view/EFNQSZY/DCCM_Restaurant_Group_LLC__flmbke-24-06400__0001.0.pdf?mcid=tGE4TAMA
DILLON'S MACHINE: U.S. Trustee Unable to Appoint Committee
----------------------------------------------------------
The U.S. Trustee for Region 4 disclosed in a court filing that no
official committee of unsecured creditors has been appointed in the
Chapter 11 case of Dillon's Machine Shop, LLC.
About Dillon's Machine Shop
Dillon's Machine Shop, LLC sought protection for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D.S.C. Case No. 24-03540)
on Sep. 30, 2024, listing $100,001 to $500,000 in both assets and
liabilities.
Judge Helen E Burris presides over the case.
Robert A. Pohl, Esq. at Pohl, P.A. represents the Debtor as legal
counsel.
EMERGENT BIOSOLUTIONS: Swings to $114.8MM Net Income in Fiscal Q3
-----------------------------------------------------------------
Emergent Biosolutions Inc. filed with the U.S. Securities and
Exchange Commission its Quarterly Report on Form 10-Q reporting a
net income of $114.8 million on $293.8 million of total revenues
for the three months ended September 30, 2024, compared with a net
loss of $263.4 million on $270.5 million of total revenues for the
three months ended September 30, 2023.
For the nine months ended September 30, 2024, the Company reported
a net loss of $159.3 million on $848.9 million of total revenues,
compared with a net loss of $711 million on $772.7 million of total
revenues for the same period in 2023.
As of September 30, 2024, the Company had $1.5 billion in total
assets, $969.4 million in total liabilities, and $508.4 million in
total stockholders' equity.
"Through disciplined execution and steady, measurable progress,
Emergent's financial position is the strongest it has been since
2021 as evidenced by our favorable third-quarter results," said CEO
Joe Papa. "We have successfully improved efficiencies and refocused
our operations related to customer demand, generated value in our
core medical countermeasures and NARCAN® Nasal Spray businesses
and refinanced our debt leading to increased revenue and cash
flow."
Papa continued, "Based on the success of our efforts since the
beginning of this year, we are officially entering the turnaround
phase of our multi-year transformation plan, and we will be focused
on profitable growth, continued operational improvements and the
generation of sustainable value for shareholders. We believe
ongoing public health crises like the opioid overdose epidemic and
mpox outbreak underscore the need for Emergent's capabilities and
expertise. It is not if, but when, the next public health threat
emerges, and we believe we are uniquely qualified to help respond
to protect, enhance and save lives."
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/4jjkas5x
About Emergent Biosolutions
Headquartered in Gaithersburg, Md., Emergent Biosolutions Inc. is a
global life sciences company focused on providing innovative
preparedness and response solutions addressing accidental,
deliberate, and naturally occurring public health threats. The
Company's solutions include a product portfolio, a product
development portfolio, and a contract development and manufacturing
services portfolio.
Tysons, Virginia-based Ernst & Young LLP, the Company's auditor
since 2004, issued a "going concern" qualification in its report
dated March 8, 2024, citing that the Company does not expect to be
in compliance with debt covenants in future periods without
additional sources of liquidity or future amendments to its Senior
Secured Credit Facilities. The report stated that substantial doubt
exists about the Company's ability to continue as a going concern.
Emergent Biosolutions reported a net loss of $760.5 million for the
year ended Dec. 31, 2023, compared to a net loss of $211.6 million
for the year ended Dec. 31, 2022.
EMX ROYALTY: Reports $1.2 Million Net Income in Fiscal Q3
---------------------------------------------------------
EMX Royalty Corporation filed with the U.S. Securities and Exchange
Commission its Condensed Consolidated Interim Financial Statements,
reporting a net income of $1.2 million on $7.03 million in revenue
and other income for the three months ended September 30, 2024,
compared with a net income of $2.4 million on $12.9 in revenue and
other income for the three months ended September 30, 2023.
For the nine months ended September 30, 2024, the Company reported
a net loss of $5.06 million on $19.3 million in revenue and other
income, compared with a net loss of $6 million on $19.1 million in
revenue and other income for the same period in 2023.
As of September 30, 2024, the Company had $156.5 million in total
assets, $39.1 million in total liabilities, and $117.4 million in
total shareholders' equity.
A full-text copy of the Company's Reports attached on Form 6-K is
available at:
https://tinyurl.com/bdfv4nhu
About EMX
EMX Royalty Corporation -- https://emxroyalty.com/ -- is a precious
and base metals royalty company. E MX's investors are provided with
discovery, development, and commodity price optionality while
limiting exposure to risks inherent to operating companies. The
Company's common shares are listed on the NYSE American Exchange
and TSX Venture Exchange under the symbol "EMX."
Vancouver, Canada-based Davidson & Company LLP, the Company's
auditor since 2002, issued a "going concern" qualification in its
report dated March 21, 2024, citing that the Company has a working
capital deficiency that raises substantial doubt about its ability
to continue as a going concern.
For the year ended December 31, 2023, the Company reported a net
loss of $4.63 million, compared to a net income of $3.35 million
for the same period in 2022.
EVOKE PHARMA: Posts $1.3 Million Net Loss in Fiscal Q3
------------------------------------------------------
Evoke Pharma, Inc. filed with the U.S. Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net loss
of $1,312,390 on $2,654,186 of net product sales for the three
months ended September 30, 2024, compared to a net loss of
$1,693,907 on $1,562,860 of net product sales for the three months
ended September 30, 2023.
For the nine months ended September 30, 2024, the Company reported
a net loss of $4,159,428 on $6,941,042 of net product sales,
compared to a net loss of $5,804,894 on $3,504,636 of net product
sales for the same period in 2023.
As of September 30, 2024, the Company had $14,153,571 in total
assets, $9,766,435 in total liabilities, and $4,387,136 in total
stockholders' equity.
"We are encouraged by the strong year-over-year growth metrics we
continue to see for GIMOTI, including a 70% year-over- year
increase in net product sales and significant gains in prescriber
and prescription fill rates. We continue to grow revenue with this
being the highest quarter of revenue on record" said Matt
D'Onofrio, CEO of Evoke Pharma. "The strong response to GIMOTI
among healthcare providers and patients underscores its growing
value as an innovative non-oral treatment option for diabetic
gastroparesis. With award-winning real-world data presented at ACG
2024, GIMOTI has demonstrated its potential to treat diabetic
gastroparesis even with those undergoing GLP-1 therapy."
"The recent data presented at ACG 2024 highlights GIMOTI's ability
to significantly reduce healthcare visits, including
hospitalizations, underscoring the need for better alternatives to
traditional oral treatments. Coupled with our strategic initiatives
to expand access and engage more prescribers, we are
well-positioned to increase GIMOTI's reach and help more patients
find meaningful relief. The positive feedback from both patients
and providers strengthens our resolve to reshape the care paradigm
and ensure that people with gastroparesis have access to an
effective and innovative option like GIMOTI," said Chris
Quesenberry, Chief Commercial Officer of GIMOTI.
"Our dedicated mission is to challenge the notion that
gastroparesis 'patients are doing fine' with current treatment
options, as we know firsthand that many individuals with diabetic
gastroparesis continue to struggle despite existing therapies.
According to a survey from IFFGD (gastroenterology patient support
organization), 65% of patients with Diabetic Gastroparesis are
dissatisfied with current therapies. Based on these data and the
efficacy of GIMOTI, we believe patients may benefit by switching
from oral to nasally-administered GIMOTI. It is directly absorbed
into the bloodstream and does not rely on a dysfunctional stomach
to work. In GIMOTI, providers have an alternative to help patients
they did not previously think they could help as well as an option
to re-challenge patients who did not have optimal efficacy using
oral medications." Chris added.
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/3ur2xsur
About Evoke Pharma
Headquartered in Solana Beach, Calif., Evoke Pharma, Inc. --
http://www.evokepharma.com-- is a specialty pharmaceutical company
focused primarily on the development of drugs to treat GI disorders
and diseases. The company developed, commercialized, and markets
GIMOTI, a nasal spray formulation of metoclopramide, for the relief
of symptoms associated with acute and recurrent diabetic
gastroparesis in adults.
San Diego, California-based BDO USA, P.C., the Company's auditor
since 2014, issued a "going concern" qualification in its report
dated March 14, 2024, citing that the Company has suffered
recurring losses and negative cash flows from operations since
inception. These factors raise substantial doubt about the
Company's ability to continue as a going concern.
Evoke Pharma reported a net loss of $7.79 million for the year
ended Dec. 31, 2023, compared to a net loss of $8.22 million for
the year ended Dec. 31, 2022.
FLORES PEDIATRICS: Seeks to Hire Hammond Law Firm as Counsel
------------------------------------------------------------
Flores Pediatrics, LLC seeks approval from the U.S. Bankruptcy
Court for the Western District of Oklahoma to employ Hammond Law
Firm to handle its Chapter 11 case.
The firm will be paid at these hourly rates:
Attorneys $400
Legal Assistant/Law Clerks $80
In addition, the firm will seek reimbursement for expenses
incurred.
Gary D. Hammond, Esq., a partner at Hammond Law Firm, disclosed in
a court filing that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Gary D. Hammond, Esq.
Hammond Law Firm
512 Nw 12th Street
Oklahoma City, OK 73103
Tel: (405) 216-0007
Fax: (405) 232-6358
Email: Gary@okatty.com
About Flores Pediatrics
Flores Pediatrics, LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Okla. Case No. 24-13144) on Nov. 1,
2024, listing under $1 million in both assets and liabilities.
Amanda R. Blackwood, Esq., at Blackwood Law Firm, PLLC serves as
the Debtor's counsel.
FOCUS UNIVERSAL: Reports $1.4 Million Net Income in Fiscal Q3
-------------------------------------------------------------
Focus Universal Inc. filed with the U.S. Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net income
of $1,441,927 on $74,215 of revenue for the three months ended
September 30, 2024, compared with a net loss of $968,033 on $71,854
of revenue for the three months ended September 30, 2023.
For the nine months ended September 30, 2024, the Company reported
a net loss of $1,238,776 on $264,954 of revenue, compared with a
net loss of $3,100,442 on $238,803 of revenue for the same period
in 2023.
As of September 30, 2024, the Company had $6,230,440 in total
assets, $784,783 in total liabilities, and $5,445,657 in total
stockholders' equity.
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/2taccm5d
About Focus Universal
Focus Universal Inc. (NASDAQ: FCUV) is a provider of patented
hardware and software design technologies for Internet of Things
(IoT) and 5G. The company has developed five disruptive patented
technology platforms with 28 patents and patents pending in various
phases and 8 trademarks pending in various phases to solve the
major problems facing hardware and software design and production
within the industry today. These technologies combined to have the
potential to reduce costs, product development timelines, and
energy usage while increasing range, speed, efficiency, and
security.
Los Angeles, Calif.-based Weinberg & Company, P.A., the Company's
auditor since 2023, issued a "going concern" qualification in its
report dated April 1, 2024, citing that the Company has suffered
recurring losses from operations and has experienced negative cash
flows from operating activities that raise substantial doubt about
its ability to continue as a going concern.
Focus Universal had a net loss of $4,718,142 and $4,926,937 for the
years ended December 31, 2023 and 2022, respectively.
FRISCO CHIC: Seeks to Hire Tittle Law Group as Legal Counsel
------------------------------------------------------------
Frisco Chic Nails and Spa Corp. seeks approval from the Eastern
District of Texas to hire Tittle Law Group, PLLC as its counsel.
The firm will render these services:
(a) advise the Debtor with respect to its powers and duties in
the continued operation of its business and management of its
property;
(b) take all necessary action to protect and preserve the
Debtor's estate;
(c) prepare on behalf of the Debtor necessary legal papers in
connection with the administration of its estate;
(d) assist the Debtor in preparing for and filing a plan of
reorganization at the earliest possible date;
(e) perform any and all other legal services for the Debtor in
connection with its Chapter 11 case; and
(f) perform such legal services as the Debtor may request with
respect to any matter.
The hourly rates of the firm's counsel and staff are as follows:
Brandon J. Tittle, Attorney $625
Paralegals $285 to $385
The firm received a retainer of $15,000 from the Debtor.
Mr. Tittle disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Brandon J. Tittle, Esq.
Tittle Law Group, PLLC
5465 Legacy Dr., Ste. 650
Telephone: (972) 731-2590
Email: btittle@tittlelawgroup.com
About Frisco Chic Nails and Spa Corp.
Frisco Chic Nails and Spa Corp. sought protection for relief under
Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tex. Case No.
24-42506) on Oct. 23, 2024, listing up to $50,000 in assets and
$100,001 to $500,000 in liabilities.
Judge Brenda T Rhoades presides over the case.
Brandon John Tittle, Esq. at Tittle Law Group, PLLC represents the
Debtor as counsel.
FTX TRADING: Nears Ch. 11 Plan Completion, Sets Distribution Plan
-----------------------------------------------------------------
FTX Trading Ltd. (d.b.a. FTX.com) and its affiliated debtors
announced that FTX is nearing completion of the final prerequisites
for its Court-approved Chapter 11 Plan of Reorganization to become
effective, paving the way for FTX to begin creditor and customer
distributions.
John J. Ray III, Chief Executive Officer and Chief Restructuring
Officer of the FTX Debtors, said: "We are pleased to announce that
we will begin distributing proceeds in early 2025. The timeline
laid out reflects the experience and continued work of the team of
professionals supporting the Debtors, who already have recovered
billions of dollars on behalf of FTX's creditors and customers.
While we continue to take actions to maximize recoveries, we are
full steam ahead to reach arrangements with our distribution agents
and return proceeds to creditors and customers as quickly as
possible."
FTX provided the following updates on the expected timeline for
distributions:
-- In early December, the Debtors expect to finalize arrangements
with the specialized distribution agents which will assist FTX in
distributing the recoveries to customers globally in supported
jurisdictions. At that time, the Debtors will provide instructions
for customers to establish an approved account with a Distribution
Agent on the existing customer portal.
-- By the end of December, the Debtors expect to announce the exact
effective date, following entry of a Court Order approving the
Disputed Claims Reserve Amount, which is a precondition to
distributions pursuant to the Confirmation Order.
-- The Debtors currently anticipate the Plan to be effective in
early January 2025. Pursuant to the Confirmation Order, the first
distribution will be made to holders of allowed claims in the
Plan's Convenience Classes within 60 days thereafter. The
distribution record date for the Initial Distribution will be the
same date as the effective date.
Customers should be aware that in order to be eligible to receive a
distribution on the Initial Distribution date, customers must
establish an approved account with a Distribution Agent, complete
KYC verification and submit the required tax forms prior to the
distribution record date.
Claims traders should be aware that, pursuant to Section 7.4.1 of
the Plan, claims traded within the 45-day period prior to the
distribution record date may not be reflected on the claims
register by the close of business on the distribution record date,
and it is possible that distributions on these claims may be made
to the transferor.
Bankruptcy Court filings, including the Plan, Confirmation Order
and other documents related to the Court proceedings are available
at https://cases.ra.kroll.com/FTX/.
About FTX Trading Ltd.
FTX is the world's second-largest cryptocurrency firm. FTX is a
cryptocurrency exchange built by traders, for traders. FTX offers
innovative products including industry-first derivatives, option,
volatility products and leveraged tokens.
Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that
FTX paused customer withdrawals after it was hit with roughly $5
billion worth of withdrawal requests.
Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell
itself to its giant rival Binance, but Binance walked away from the
deal amid reports on FTX regarding mishandled customer funds an
alleged US agency investigations.
At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step
aside, and restructuring vet John J. Ray III was quickly named new
CEO.
FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc.
(d/b/a FTX US), Alameda Research Ltd. and certain affiliated
companies then commenced Chapter 11 proceedings (Bankr. D. Del.
Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022.
Additional entities sought Chapter 11 protection on Nov. 14, 2022.
FTX Trading and its affiliates each listed $10 billion to $50
million in assets and liabilities, making FTX the biggest
bankruptcy filer in the US this year. According to Reuters, SBF
shared a document with investors on Nov. 10 showing FTX had $13.86
billion in liabilities and $14.6 billion in assets. However, only
$900 million of those assets were liquid, leading to the cash
crunch that ended with the company filing for bankruptcy.
The Hon. John T. Dorsey is the case judge.
The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel;
Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal
North America, LLC as financial advisor. Kroll is the claims agent,
maintaining the page https://cases.ra.kroll.com/FTX/Home-Index
The official committee of unsecured creditors tapped Paul Hastings
as bankruptcy counsel; Young Conaway Stargatt & Taylor, LLP as
Delaware and conflicts counsel; FTI Consulting, Inc. as financial
advisor; and Jefferies, LLC as investment banker.
Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory
T. Donilon, Edward L. Schnitzer, and David M. Banker, is
representing Sam Bankman-Fried in the Chapter 11 cases. White
collar crime specialist Mark S. Cohen has reportedly been hired to
represent SBF in litigation. Lawyers at Paul Weiss previously
represented SBF but later renounced representing the entrepreneur
due to a conflict of interest.
G-FORCE POWERSPORTS: Seeks to Hire Pohl PA as Bankruptcy Counsel
----------------------------------------------------------------
G-Force Powersports Inc. seeks approval from the U.S. Bankruptcy
Court for the District of South Carolina to hire Robert A. Pohl,
Esq. of POHL, PA as its bankruptcy counsel.
The firm's services include:
a. providing the Debtor with legal advice with respect to its
powers and duties in the continued management and control of its
assets, and its responsibilities regarding its liabilities to
creditors;
b. providing legal advice regarding the Debtor's
responsibility to provide insurance and bank account information
and file monthly operating reports, plan of reorganization,
disclosure statement, and final report; and
c. preparing bankruptcy schedules, statement of financial
affairs, reports, plan of reorganization and other documents.
The hourly rates charged by the firm's attorneys and paralegals are
as follows:
Attorneys $425 per hour
Paralegals $75 per hour
The firm will be paid a retainer in the amount of $5,000 and will
be reimbursed for its out-of-pocket expenses.
Robert Pohl, Esq., a partner at Pohl, PA, disclosed in a court
filing that his firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Robert A. Pohl, Esq.
POHL, PA
P.O. Box 27290
Greenville, SC 29616
Tel: (864) 233-6294
Fax: (864) 558-5291
Email: Robert@POHLPA.com
About G-Force Powersports
G-Force Powersports Inc. is a merchant wholesaler of motor vehicle
and motor vehicle parts and supplies.
G-Force Powersports Inc. sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.S.C. Case No.
24-03718) on October 14, 2024. In the petition filed by Gary
Fallon, as president, the Debtor reports estimated assets up to
$50,000 and estimated liabilities between $1 million and $10
million.
The Debtor is represented by Robert Pohl, Esq. at Pohl Bankruptcy,
LLC.
GLOBAL WOUND: U.S. Trustee Appoints Suzanne Richards as PCO
-----------------------------------------------------------
Kevin Epstein, the U.S. Trustee for the Southern District of Texas,
appointed Suzanne Richards as patient care ombudsman for Global
Wound Care Medical Group.
The PCO will bill the estate at no more than $350 per hour for
services rendered and $175 per hour for travel time. In addition,
she will seek reimbursement for work-related expenses. The PCO may,
if necessary and only upon application to the court, hire legal
counsel to represent her in this case.
Section 333(b) of the Bankruptcy Code provides that the PCO shall:
* monitor the quality of patient care provided to patients of
the debtor, to the extent necessary under the circumstances,
including interviewing patients and physicians;
patient
* not later than 60 days after the date of this appointment,
and not less frequently than at 60-day intervals thereafter, report
to the court after notice to the parties in interest, at a hearing
or in writing, regarding the quality of patient care provided to
patients of the debtor; and
* if such ombudsman determines that the quality of patient
care provided to patients of the debtor is declining significantly
or is otherwise being materially compromised, file with the court a
motion or a written report, with notice to the parties in interest
immediately upon making such determination; and
Section 333(c) of the Bankruptcy Code provides further that:
* An ombudsman appointed under section 333(a) of the
Bankruptcy Code shall maintain any information obtained by such
ombudsman under section 333 of the Bankruptcy Code that relates to
patients (including information relating to patient records) as
confidential information. Such ombudsman may not review
confidential patient records unless the court approves such review
in advance and imposes restrictions on such ombudsman to protect
the confidentiality of such records.
About Global Wound Care Medical Group
Global Wound Care Medical Group sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-34908) on
Oct. 21, 2024. In the petition signed by Owen B. Ellington, M.D.,
president, the Debtor disclosed up to $500 million in both assets
and liabilities.
Judge Eduardo V. Rodriguez oversees the case.
Casey W. Doherty, Jr., Esq., at Dentons US LLP serves as the
Debtor's counsel. Verita Global is the Debtor's notice, claims, and
balloting agent.
GLOBALSTAR INC: Reports $9.9 Million Net Income in Fiscal Q3
------------------------------------------------------------
Globalstar Inc. filed with the U.S. Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net income
of $9.9 million on $72.3 million of total revenues for the three
months ended September 30, 2024, compared to a net loss of $6.2
million on $57.7 million of total revenues for the three months
ended September 30, 2023.
For the nine months ended September 30, 2024, the Company reported
a net loss of $12.9 million on $189.2 million of total revenues,
compared to a net loss of $9.6 million on $171.4 million of total
revenues for the same period in 2023.
As of September 30, 2024, the Company had $917.6 million in total
assets, $523.5 million in total liabilities, and $394.1 million in
total stockholders' equity.
"Globalstar reported strong third quarter results highlighted by a
25% increase in total revenue. Net income and Adjusted EBITDA both
benefited significantly from the increase in high-margin revenue
with a favorable fluctuation in net income of $16 million and an
increase in Adjusted EBITDA of 34%, reaching a record high during
the quarter. Growth in wholesale capacity revenue continues to be
the primary driver of our improved financial results with other
recent business initiatives also contributing overall. As a result,
we are increasing the low end of our revenue guidance to $245
million from $235 million and Adjusted EBITDA margin to 54% from
53%," commented Rebecca Clary, Chief Financial Officer.
Dr. Paul E. Jacobs, Chief Executive Officer, said, "I am pleased
with our third quarter results and progress on our long-term growth
strategy. I am also extremely proud of the Globalstar team's
efforts in response to the tragic events of Hurricanes Helene and
Milton, during which we maintained excellent service quality
throughout the impacted regions. Globalstar's system was
commercially available and able to serve a dramatic increase in
usage as numerous users affected by such events were able to access
our satellites to request emergency assistance as well as
communicate with friends and family."
Dr. Jacobs added, "In support of our mission to provide mainstream
satellite connectivity, during the third quarter, the FCC approved
our application to extend the term of our senior HIBLEO-4
constellation by an additional 15 years and operate up to 26
replacement satellites. This modification will enable us to
continue to provide a variety of essential communications services
to our customers."
Dr. Jacobs concluded, "Building on the foundation of successful
execution in our wholesale consumer segment, we recently announced
a significant extension of the services agreements with our largest
customer. The updated services agreements enable further growth of
our mobile satellite services, and include a new satellite
constellation, expanded ground infrastructure and increased global
mobile satellite services licensing. We are pleased to enter this
next phase of growth, and look forward to providing updates on a
wide range of activities and initiatives at our upcoming investor
day on December 12."
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/36372c4p
About Globalstar Inc.
Headquartered in Covington, Louisiana, Globalstar Inc. provides
Mobile Satellite Services including voice and data communications
services globally via satellite. The Company offers these services
over its network of in-orbit satellites and its active ground
stations, which the Company refers to collectively as the
Globalstar System. In addition to supporting Internet of Things
data transmissions in a variety of applications, the Company
provides reliable connectivity in areas not served or underserved
by terrestrial wireless and wireline networks and in circumstances
where terrestrial networks are not operational due to natural or
man-made disasters.
Globalstar reported a net loss of $24.7 million for the year ended
December 31, 2023, compared to a net loss of $256.9 million for the
year ended December 31, 2022.
* * *
Egan-Jones Ratings Company, on September 4, 2024, maintained its
'CC' foreign currency and local currency senior unsecured ratings
on debt issued by Globalstar, Inc.
GRITSTONE BIO: Hires Verita Global as Administrative Advisor
------------------------------------------------------------
Gritstone Bio Inc. seeks approval from the U.S. Bankruptcy Court
for the District of Delaware to hire Kurtzman Carson Consultants,
LLC, doing business as Verita Global, as administrative advisor.
The firm's services include:
(a) assisting with, among other things, the preparation of the
Debtor's schedules of assets and liabilities, schedules of
executory contracts and unexpired leases and statements of
financial affairs;
(b) assisting with, among other things, solicitation,
balloting, tabulation and calculation of votes, as well as
preparing any appropriate reports required in furtherance of
confirmation of any chapter 11 plan;
(c) generating an official ballot certification and
testifying, if necessary, in support of the ballot tabulation
results for any chapter 11 plan(s) in the chapter 11 case;
(d) generating, providing and assisting with claims
objections, exhibits, claims reconciliation and related matters;
and
(e) providing such other claims processing, noticing,
solicitation, balloting and administrative services described in
the Services Agreement, but not included in the Section 156(c)
Application, as may be requested by the Debtor from time to time.
Prior to the Petition Date, the Debtor provided Verita a retainer
in the amount of $20,000.
Evan Gershbein, an executive vice president at Verita Global,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached through:
Evan Gershbein
Verita Global
222 N. Pacific Coast Highway, 3rd Floor
El Segundo, CA 90245
Telephone: (310) 823-9000
Facsimile: (310) 823-9133
Email: egershbein@kccllc.com
About Gritstone Bio Inc.
Gritstone bio is developing next-generation vaccines for cancer and
infectious disease. Gritstone's approach seeks to generate potent
and durable immune responses by leveraging insights into the
immune
system's ability to recognize and destroy diseased ells by
targeting select antigens.
Gritstone Bio Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 24-12305) on October 10,
2024. In the petition filed by Celia Economides, as chief financial
officer, the Debtor reports total assets as of August 31, 2024
amounting to $124,885,479 and total debts as of August 31, 2024
amounting to $40,000,000.
The Honorable Bankruptcy Judge Karen B. Owens handles the case.
The Debtor tapped PACHULSKI STANG ZIEHL & JONES LLP as bankruptcy
counsel; PRICEWATERHOUSECOOPERS LLP as financial advisor; and
RAYMOND JAMES & ASSOCIATES, INC., as investment banker. FENWICK &
WEST LLP is the corporate counsel.
H-FOOD HOLDINGS: Case Summary & 30 Largest Unsecured Creditors
--------------------------------------------------------------
Lead Debtor: H-Food Holdings, LLC
f/k/a Matterhorn Merger Sub, LLC
3333 Finley Road, Suite 800
Downers Grove, IL 60515
Business Description: Founded in 2009 in Grand Rapids, Michigan,
the Debtors are a contract manufacturer of
food products, producing and supplying,
among other things, nutrition bars, frozen
packaged foods, meal kits, snacks, sauces,
refrigerated trays, overwrap, custom
packaging solutions, and more to customers.
As the largest food co-manufacturer in North
America, the Debtors manufacture some of the
most valued and recognizable brands, and the
Debtors' key customers include many of the
leading consumer packaged goods customers in
North America.
Chapter 11 Petition Date: November 22, 2024
Court: United States Bankruptcy Court
Southern District of Texas
Twenty-three affiliates that concurrently filed voluntary petitions
for relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
H-Food Holdings, LLC (Lead Case) 24-90586
HFS Sub, LLC 24-90585
HFS Matterhorn Topco, Inc. 24-90589
Matterhorn Parent, LLC 24-90590
Matterhorn Intermediate, LLC 24-90591
Matterhorn Buyer, LLC 24-90594
Hearthside USA - Corporate, Inc. 24-90595
Hearthside Holdco, LLC 24-90598
Hearthside Finance Company, Inc. 24-90592
Hearthside Food Solutions, LLC 24-90587
Interbake Foods, LLC 24-90596
Ryt-way Midco, LLC 24-90599
Peacock Engineering Company II, LLC 24-90588
Hearthside USA, LLC 24-90601
Hearthside USA – CPG Partners, LLC 24-90602
Oak State Products, LLC 24-90604
Standard Functional Foods Group, LLC 24-90606
Quality Bakery Products, LLC 24-90593
Toll Packaging Services LLC 24-90597
Ryt-way Industries, LLC 24-90600
Matterhorn Sub, LLC 24-90603
Peacock Foods LLC 24-90605
Hearthside USA – Produce & Foodservice, LLC 24-90607
Judge: Hon. Alfredo R. Perez
Debtors'
Co-Bankruptcy
Counsel: John F. Higgins, Esq.
M. Shane Johnson, Esq.
Jack M. Eiband, Esq.
PORTER HEDGES LLP
1000 Main St., 36th Floor
Houston, Texas 77002
Tel: (713) 226-6000
Fax: (713) 228-1331
Email: jhiggins@porterhedges.com
sjohnson@porterhedges.com
jeiband@porterhedges.com
Debtors'
General
Bankruptcy
Counsel: Ryan Preston Dahl, Esq.
Matthew M. Roose, Esq.
Natasha S. Hwangpo, Esq.
ROPES & GRAY LLP
1211 Avenue of the Americas
New York, New York 10036
Tel: (212) 596-9000
Fax: (212) 596-9090
E-mail: ryan.dahl@ropesgray.com
matthew.roose@ropesgray.com
natasha.hwangpo@ropesgray.com
- and -
Stephen L. Iacovo, Esq.
ROPES & GRAY LLP
191 North Wacker Drive, 32nd Floor
Chicago, Illinois 60606
Tel: (312) 845-1200
Fax: (312) 845-5500
E-mail: stephen.iacovo@ropesgray.com
Debtors'
Investment
Banker: EVERCORE GROUP LLC
Debtors'
Financial
Advisor: ALVAREZ & MARSAL NORTH AMERICA, LLC
Debtors'
Notice,
Claims,
Solicitation &
Balloting
Agent: KROLL RESTRUCTURING ADMINISTRATION LLC
Estimated Assets
(on a consolidated basis): $1 billion to $10 billion
Estimated Liabilities
(on a consolidated basis): $1 billion to $10 billion
The petitions were signed by Robert M. Caruso as chief
restructuring officer.
A full-text copy of the Lead Debtor's petition is available for
free at PacerMonitor.com at:
https://www.pacermonitor.com/view/RURZK3I/H-Food_Holdings_LLC__txsbke-24-90586__0001.0.pdf?mcid=tGE4TAMA
Consolidated List of Debtors' 30 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. US Bank National Association 8.500% Unsecured $364,875,000
ATTN: James L. Chosy, Notes Due June
General Counsel 2026
800 Nicollet Mall
Minneapolis, MN 55402
TEL: 612‐659‐2000
FAX: 877‐903‐6972
EMAIL: JAMES.CHOSY@USBANK.COM
2. Mondelez Global LLC Trade Payable $15,276,396
ATTN: Ed Morrin, Director Business
Development
905 West Fulton Market
Suite 200
Chicago, IL 60607
PHONE: 1‐847‐943‐5454
EMAIL: ED.MORRIN@MDLZ.COM
3. Kraft Heinz Foods Company Trade Payable/ $3,640,527+
ATTN: Andre Maciel, Customer Rebate Undetermined
Chief Financial Officer
200 E Randolph St
Suite 7600
Chicago, IL 60601
TEL: 1‐800‐543‐5335
FAX: 847‐646‐7853; 416‐441‐5328
EMAIL: ANDRE.MACIEL@KRAFTHEINZCOMPANY.COM
4. Pepsico Trade Payable/ $3,471,717+
ATTN: Steven Williams, Customer Rebate Undetermined
Chief Executive Officer
700 Anderson Hill Road
Purchase, NY 10577
TEL: 1‐800‐433‐2652
FAX: 914‐253‐3051
EMAIL: STEVEN.WILLIAMS@PEPSICO.COM
5. National Sugar Marketing Trade Payable $2,852,815
ATTN: Chris Simons,
Chief Financial Officer
100 Galleria Pkwy
Suite 1400
Atlanta, GA 30339
PHONE: 678‐741‐8275
EMAIL: CSIMONS@NATSUGAR.COM
6. Cargill, Incorporated Trade Payable $2,824,321
ATTN: Brian Sikes, Chief Executive
Officer
300 W 1ST ST N
Wichita, KS 67202
TEL: 952‐742‐7575
FAX: 952‐404‐6037
EMAIL: BRIAN_SIKES@CARGILL.COM
7. Westrock Company Trade Payable $2,255,704
ATTN: David Sewell, President and
Chief Executive Officer
1000 Abernathy Road NE
Atlanta, GA 30328
TEL: 770‐448‐2193
FAX: 678‐291‐7903
EMAIL: DAVID.SEWELL@WESTROCK.COM
8. Amcor Flexibles North America Inc. Trade Payable $2,207,897
ATTN: Peter Konieczny,
Chief Executive Officer
2200 Badger Ave
Oshkosh, WI 54904
TEL: 800‐544‐4672
FAX: 224‐313‐7049
EMAIL: PETER.KONIECZNY@AMCOR.COM
9. Microsoft Corporation Trade Payable $1,812,218
ATTN: Satya Nadella,
Chief Executive Officer
One Microsoft Way
Redmond, WA 98052
TEL: 888‐725‐1047
FAX: 1‐425‐708‐7177
EMAIL: SATYA.NADELLA@MICROSOFT.COM
10. Uber Freight US LLC Trade Payable $1,794,115
ATTN: Leigh Robinson,
Chief People Officer
433 W Van Buren St
Chicago, IL 60607
PHONE: 844‐822‐8237
EMAIL: LEIGH.ROBINSON@UBERFREIGHT.COM
11. Shorr Packaging Corporation Trade Payable $1,674,886
ATTN: Rob Onorato, President and
Chief Executive Officer
4000 Ferry Road
Aurora, IL 60502
PHONE: 888‐885‐0055
EMAIL: ROBONORATO@SHORR.COM
12. Bunge North America Trade Payable $1,556,679
ATTN: John Neppl,
Chief Financial Officer
1391 Timberlake Manor Pkwy
Chesterfield, MO 63017
PHONE: 1‐314‐292‐2000
EMAIL: JOHN.NEPPL@BUNGE.COM
13. Ardent Mills Trade Payable $1,480,648
ATTN: Sheryl Wallace,
President and Chief Executive Officer
1875 Lawrance Street
Suite 1200
Denver, CO 8020
PHONE: 800‐851‐9618
EMAIL: SHERYL_WALLACE@CARGILL.COM
14. Packaging Corp. of America Trade Payable $1,303,193
ATTN: Pamela Barnes, Senior Vice
President, Finance and Controller
1 North Field Court
Lake Forest, IL 60045
TEL: 540‐898‐1500
FAX: 847‐482‐4545
EMAIL: PBARNES@FBURGSPCA.ORG
15. Lactalis Heritage Dairy, Inc. Trade Payable $1,302,443
ATTN: Peter Cotter,
Chief Executive Officer
540 West Madison Street
Chicago, IL 60661
PHONE: 312‐934‐2480
EMAIL: DAMIAN@INCEPTIONSTRATEGIES.COM
16. King Milling Company Trade Payable $1,247,513
ATTN: Brian Doyle,
President and Chief Executive Officer
222 West Main Street
Lowell, MI 49331
PHONE: 616‐897‐9264
EMAIL: BDOYLE@KINGFLOUR.COM
17. Paperworks Industries, Inc. Trade Payable $1,116,150
ATTN: Brian Janki,
President and Chief Executive Officer
40 Monument Road
Suite 200
Fort Washington, PA 19004‐1735
TEL: 215‐984‐7018
FAX: 215‐984‐7181
EMAIL: BRIAN.JANKI@ONEPAPERWORKS.COM
18. Applied Products, Inc. Trade Payable $1,066,874
ATTN: John Feriancek,
President and Chief Executive Officer
12000 Product Drive
Machesney Park, IL 61115
PHONE: 815‐633‐3825
EMAIL: JOHN.D.FERIANCEK@GMAIL.COM
19. Barry Callebaut U.S.A. LLC Trade Payable $1,031,488
ATTN: Ben De Schryver,
President, North America
600 West Chicago Avenue
Suite 860
Chicago, IL 60654
PHONE: 1‐312‐496‐7300; 1‐866‐443‐0460
EMAIL: BEN_DE_SCHRYVER@BARRY‐CALLEBAUT.COM
20. Sara Lee Frozen Bakery LLC Trade Payable $1,023,021
ATTN: Craig Bahner,
Chief Executive Officer
1 Tower Ln
Suite 600
Oakbrook Terrace, IL 60181
PHONE: 1‐800‐323‐7117
EMAIL: CBAHNER@SARALEEFB.COM
21. Graphic Packaging Trade Payable $996,122
International Inc.
ATTN: Michael Doss,
Chief Executive Officer
1500 Riveredge Parkway
Suite 100
Atlanta, GA 30328
TEL: 678‐443‐2990
FAX: 847‐741‐8529
EMAIL: DOSSM@GRAPHICPKG.COM
22. WSI ‐ Workforce Trade Payable
$959,235
Strategies, Inc.
ATTN: Jeffrey O'Brien, President and
Chief Executive Officer
1960 28th St SE
Grand Rapids, MI 49508
PHONE: 269‐209‐2099
EMAIL: JOBRIEN@WSITALENT.COM
23. Sonoco Products Company Trade Payable $871,853
ATTN: Howard Coker, President and
Chief Executive Officer
1 North 2nd St.
Hartsville, SC 29550
PHONE: 1‐800‐377‐2692
EMAIL: HOWARD.COKER@SONOCO.COM
24. W. W. Grainger, Inc. Trade Payable $870,030
ATTN: Donald G Macpherson,
Chief Executive Officer
100 Grainger Parkway
Lake Forest, IL 60045
PHONE: 800‐677‐6278
EMAIL: DMACPHERSON@GRAINGER.COM
25. Kerry Ingredients NA Trade Payable $841,828
ATTN: Oliver Kelley,
President and CEO
Kerry North America
3400 Millington Rd
Beloit, WI 53511‐9554
PHONE: 608‐363‐1200
EMAIL: OLIVER.KELLY@KERRY.COM
26. Wyandot USA LLC Trade Payable $790,956
ATTN: Cathryn Carter,
Chief Financial Officer
135 Wyandot Ave
Marion, OH 43302
TEL: 740‐383‐4031
FAX: 740‐382‐0115
EMAIL: CARTER_C@WMHCI.ORG
27. Manpower Trade Payable $741,396
ATTN: Jonas Prising
Chief Executive Officer
100 Manpower Place
Milwaukee, WI 53212
TEL: 414‐961‐1000
FAX: 414‐272‐8500
EMAIL: JONAS.PRISING@MANPOWERGROUP.COM
28. Tyson Foods Inc. Customer Rebate Undetermined
ATTN: Curt Calaway,
Chief Financial Officer
2200 W. Don Tyson Parkway
Springdale, AR 72762
PHONE: 1‐800‐643‐3410; 479‐290‐4000
EMAIL: CURT.CALAWAY@TYSON.COM
29. WK Kellogg Co Customer Rebate Undetermined
ATTN: Dave McKinstray,
Chief Financial Officer
One Kellogg Square
Battle Creek, MI 49017
PHONE: 1‐269‐401‐3000
EMAIL: DAVE.MCKINSTRAY@WKKELLOGG.COM
30. General Mills, Inc. Customer Rebate Undetermined
ATTN: Jeff Harmening,
Chief Executive Officer
Number One General Mills Boulevard
Minneapolis, MN 55426
PHONE: 1‐800‐248‐7310
EMAIL: JEFF.HARMENING@GENERALMILLS.COM
H-FOOD HOLDINGS: S&P Lowers ICR To 'D' on Chapter 11 Filing
-----------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on U.S.-based
H-Food Holdings LLC (doing business as Hearthside Food Solutions)
to 'D' from 'CCC-'.
S&P said, "Concurrently, we lowered our issue-level rating on the
company's $202.5 million revolving credit facility and $2.02
billion first-lien term loan to 'D' from 'CCC-' and $350 million
senior unsecured notes to 'D' from 'C'."
Hearthside filed for voluntary petitions for relief under Chapter
11 of the U.S. bankruptcy code on Nov. 22, 2024.
S&P said, "We downgraded Hearthside after it filed for bankruptcy
under Chapter 11 of the U.S. Bankruptcy Code. Hearthside entered
into a restructuring agreement with a majority of its creditors,
including equitization of $1.9 billion of its existing debt as well
as a $200 million equity investment upon emergence. The company has
also filed motions to ensure business continuity, including
employee wage payments and benefits, maintaining customer programs,
and honoring obligations to vendors. Hearthside intends to finance
its operations throughout Chapter 11 proceedings with current cash
on hand plus a $300 million debtor-in-possession facility, which
includes $150 million of new money from existing lenders, subject
to bankruptcy court approval. The company expects to emerge from
the court-supervised bankruptcy process in the first quarter of
2025, at which point we will reassess our issuer credit rating on
the company based on its new capital structure and going forward
business plan.
"Hearthside's bankruptcy filing follows persistently weak operating
performance with declines in revenues and EBITDA resulting from
weak consumer demand for packaged food products and the company's
large fixed-cost base. We also projected a material liquidity
shortfall due to significantly negative cash flows and high
interest expenses on its heavily indebted capital structure. At the
time of its filing, Hearthside's outstanding debt totaled
approximately $2.8 billion."
HAPI METAVERSE: Swings to $399,258 Net Loss in Fiscal Q3
--------------------------------------------------------
Hapi Metaverse Inc. filed with the U.S. Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net loss
of $399,258 on $75,489 of total revenue for the three months ended
September 30, 2024, compared with a net income of $766,191 on
$51,453 of total revenue for the three months ended September 30,
2023.
For the nine months ended September 30, 2024, the Company reported
a net loss of $3,242,710 on $209,745 of total revenue, compared
with a net loss of $583,085 on $180,954 of total revenue for the
same period in 2023.
As of September 30, 2024, the Company had $4,965,933 in total
assets, $10,955,492 in total liabilities, and $5,989,559 in total
stockholders' deficit.
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/45xhnu25
About Hapi Metaverse
Bethesda, Md.-based Hapi Metaverse Inc., formerly GigWorld Inc. was
incorporated in the State of Delaware on March 7, 2012 and
established a fiscal year end of December 31. The Company's
business is focused on serving business-to-business needs in
e-commerce, collaboration and social networking functions. The
Company also started its Food and Beverage business in 2022 and its
travel business in 2023.
Going Concern
Since inception, the Company has incurred accumulated net losses of
$16,656,146 and has net working capital deficit of $5,877,897 at
September 30, 2024. Management has evaluated the significance of
the conditions in relation to the Company's ability to meet its
obligations and believes that its current cash balance along with
its current operations will not provide sufficient capital to
continue as a going concern. The Company's ability to continue as a
going concern is dependent upon achieving sales growth, management
of operating expenses and ability of the Company to obtain the
necessary financing to meet its obligations and pay its liabilities
arising from normal business operations when they come due, and
upon profitable operations.
HARADA FAMILY: Case Summary & 14 Unsecured Creditors
----------------------------------------------------
Debtor: Harada Family Dental Care, P.C.
130 13th Street, Suite #2
Havre, MT 59501
Business Description: The Debtor is a privately owned dental
group.
Chapter 11 Petition Date: November 22, 2024
Court: United States Bankruptcy Court
District of Montana
Case No.: 24-40076
Debtor's Counsel: James A. Patten, Esq.
PATTEN PETERMAN BEKKEDAHL & GREEN
2817 2nd Avenue N, St 300
Billings, MT 59101
Tel: 406-252-8500
Fax: 406-294-9500
E-mail: apatten@ppbglaw.com
Total Assets: $73,202
Total Liabilities: $1,174,825
The petition was signed by Christopher W. Harada as president.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 14 unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/ANJO3YY/HARADA_FAMILY_DENTAL_CARE_PC__mtbke-24-40076__0001.0.pdf?mcid=tGE4TAMA
HAWAIIAN ELECTRIC: S&P Affirms 'B-' ICR, Outlook Negative
---------------------------------------------------------
S&P Global Ratings affirmed its 'B-' issuer credit ratings on
Hawaiian Electric Industries Inc. (HEI), HECO, Hawaii Electric
Light Co. Inc., and Maui Electric Co. Ltd. and removed the ratings
from CreditWatch, where S&P placed them with negative implications
on Aug. 26, 2024.
The rating outlooks on these entities are negative, reflecting
ongoing litigation risk, and longer-term funding risk for the
remaining contingent liabilities related to the 2023 wildfires,
which could materially weaken credit quality.
S&P believes recent developments, including resolving HEI's
going-concern qualification, reduce imminent downside ratings
pressure on HEI and its subsidiaries.
On Nov. 8, 2024, HEI disclosed that it has resolved all conditions
which caused substantial doubt over the company's ability to
continue as a going concern and announced the removal of the
going-concern qualification, which it disclosed in the second
quarter of 2024. S&P believes this development alleviates near-term
risks of an event of default or an acceleration of the company's
and the utilities' debt, potentially avoiding an imminent
bankruptcy.
Additionally, on Nov. 1, 2024, HEI and its subsidiary HECO, along
with several other defendants, including the State of Hawaii, the
County of Maui, Kamehameha Schools, West Maui Land Co., Hawaiian
Telcom, and Spectrum/Charter Communications entered into definitive
agreements for a proposed settlement of the tort litigation claims
related to the 2023 Maui wildfires. In line with the draft
settlement agreement, which was disclosed in July 2024, HEI expects
its share to be around $1.99 billion, inclusive of the $75 million
it has already contributed to the One Ohana Initiative. HEI expects
to pay its share in four installments, which it expects will begin
by late 2025. While the definitive settlement potentially limits
HEI's litigation exposure to $1.99 billion, the settlement is not
yet final, and is subject to judicial review and an agreement
between the plaintiffs and the subrogation claims from insurance
companies regarding the sharing of settlement funds.
Furthermore, in September 2024, HEI raised approximately net $558
million of equity to pre-fund the first of four potential
installments of $478 million related to the 2023 Maui wildfire tort
litigation settlement.
S&P views the combination of these factors as lessening immediate
downside credit ratings pressure on HEI and its subsidiaries.
However, HEI must still implement a long-term capital financing
plan to fund its share of the remaining settlement payments
(approximately $1.43 billion) in a credit-supportive manner,
demonstrate consistent capital market access, and manage litigation
risk in line with its base case expectations to preserve credit
quality.
S&P revised its management and governance (M&G) score to moderately
negative from neutral.
In October 2024, the County of Maui Department of Fire and Public
Safety (MFD), with the assistance of the U.S. Bureau of Alcohol,
Tobacco, Firearms and Explosives (ATF) released its report
investigating the cause of the August 2023 wildfire. The report
concludes HECO's power lines were a cause of the morning fire on
Aug. 8, 2023. The report further determines the afternoon fire,
which led to the major destruction in Maui and surrounding areas
was a rekindling of the morning fire. This M&G assessment has no
impact on HEI's ratings.
HEI has taken steps in recent months to improve its liquidity
position.
This reflects the draw down of its $375 million revolving credit
facility (approximately $337 million of which expires in May 2027),
implementation of a $250 million asset-based (accounts receivable)
credit facility, suspension of its common dividend, and the recent
equity raise, collectively resulting in a consolidated cash balance
of about $825 million as of Sept 30, 2024, compared to debt
maturities of about $97 million over the next 12 months. S&P said,
"That said, because the settlement is not yet finalized, we do not
believe the company is able to absorb low-probability adversities
(such as a potential unraveling of the definitive settlement
agreement or additional litigation exposure beyond our current base
case), even after factoring in potential capital-spending cuts, and
potential asset sales. As such, S&P continues to maintain our
current liquidity assessment at less than adequate. Its assessment
further incorporates the company's lack of access to the commercial
paper markets."
The negative outlooks on HEI and its subsidiaries reflect ongoing
litigation risk. The negative outlooks also reflect longer-term
funding risks for the remaining contingent liabilities related to
the 2023 wildfires, which could materially weaken credit quality.
S&P could lower its ratings on HEI and its subsidiaries within the
next six-12 months if the company's credit quality weakens.
This could stem from:
-- The proposed settlement agreement to resolve all tort
litigation claims related to the 2023 Maui wildfires unraveling;
-- The company's inability to successfully finance the remaining
settlement payments in a credit-supportive manner; and
-- S&P's assessment that the company does not have consistent
access to the capital markets.
S&P could revise the outlooks to stable within the next six-12
months following:
-- Additional evidence that the litigation risk is receding;
-- A finalized settlement plan for HEI and its subsidiaries that
does not result in additional liabilities beyond our base case;
-- The company successfully funds its remaining settlement
payments in a credit supportive manner; and
-- The company's regulatory construct remains supportive of credit
quality.
S&P said, "Environmental factors are a negative consideration in
our credit rating analysis of Hawaiian Electric Industries and its
subsidiaries, reflecting above-average physical risk, including
risks from wildfires, tsunamis, and floods. HECO's service
territory suffered a devastating wildfire in 2023. In addition,
HECO's exposure to about 65% oil and coal generation exposes the
company to transition risk. However, this is only partially
mitigated by the state's renewable portfolio standard program,
requiring HECO to derive 100% of its energy from renewable sources
by 2045."
HAWTHORNE FOOD: Committee Taps Sheehan Phinney Bass as Counsel
--------------------------------------------------------------
The official committee of unsecured creditors of Hawthorne Food
Company seeks approval from the U.S. Bankruptcy Court for the
District of Massachusetts to employ Sheehan Phinney Bass & Green PA
as its counsel.
The firm will render these services:
a. advise the Committee with respect to its rights, duties,
and powers in this case;
b. consult with the Committee, the Debtor, the secured
creditors, parties in interest and the U.S. Trustee concerning the
administration of the case;
c. review, analyze, and respond to pleadings filed with the
Court by the Debtor and other parties in interest and to
participate at hearings on such pleadings;
d. advise and represent the Committee with respect to any
proposed plan or plans of reorganization, and/or any proposed
sales, leases, or uses of estate property;
e. attend hearings, draft pleadings and generally advocate
positions that further the interests of creditors represented by
the Committee;
f. assist the Committee's investigation of the acts, conduct,
assets, liabilities, and financial condition of the Debtors and
other parties involved with the Debtors and of the operation of the
Debtors' business;
g. advise the Committee as to the progress of this case; and
h. perform such other professional services as are in the best
interests of creditors and the estate consistent with the express
and implied authority of Section 1103 of the Bankruptcy Code.
The firm will be paid at these rates:
Partners $425 to $725 per hour
Associates $300 to $375 per hour
Christopher M. Candon, Partner $550 per hour
James L. LaMontagne, Partner $500 per hour
Mr. Candon assured the court that his firm is a "disinterested
person" within the meaning of 11 U.S.C. 101(14).
The firm can be reached through:
Christopher M. Candon, Esq.
Sheehan Phinney Bass & Green PA
1000 Elm Street, 17th Floor
Manchester, NH 03101
Tel: (603) 627-8168
Fax: (603) 641-8768
Email: ccandon@sheehan.com
About Hawthorne Food Company
Hawthorne Food Company sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Mass. Case No. 24-12096) on October 18,
2024. In the petition filed by William Deacon, CEO, the Debtor
reports estimated assets between $1 million and $10 million and
estimated liabilities between $10 million and $50 million.
Judge Janet E. Bostwick oversees the case.
The Debtor tapped Ascendant Law Group, LLC, as counsel and Wyse
Advisors as financial advisors. Epiq Systems is the claims agent.
HILLER AIRCRAFT: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Hiller Aircraft Corporation
925 M Street
Firebaugh, CA 93622
Chapter 11 Petition Date: November 21, 2024
Court: United States Bankruptcy Court
Eastern District of California
Case No.: 24-13373
Judge: Hon. Jennifer E Niemann
Debtor's Counsel: Leonard K. Welsh, Esq.
LAW OFFICES OF YOUNG WOOLDRIDGE, LLP
1800 30th Street, Fourth FLoor
Bakersfield, CA 93301
Tel: 661-327-9661
E-mail: lwelsh@youngwooldridge.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Dianne Maslanka as finance
administration manager.
A copy of the Debtor's list of 20 largest unsecured creditors is
available for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/HS6VPBI/HILLER_AIRCRAFT_CORPORATION__caebke-24-13373__0003.0.pdf?mcid=tGE4TAMA
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/HLGBPNA/HILLER_AIRCRAFT_CORPORATION__caebke-24-13373__0001.0.pdf?mcid=tGE4TAMA
IHEARTMEDIA INC: Reports $41.3 Million Net Loss in Fiscal Q3
------------------------------------------------------------
iHeartmedia Inc. filed with the U.S. Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net loss
of $41.3 million on $1 billion of total revenues for the three
months ended September 30, 2024, compared to a net loss of $8.97
million on $953 million of total revenues for the three months
ended September 30, 2023.
For the nine months ended September 30, 2024, the Company reported
a net loss of $1.04 billion on $2.7 billion of total revenues,
compared to a net loss of $1.1 billion on $2.7 billion of total
revenues for the same period in 2023.
As of September 30, 2024, the Company had $5.8 billion in total
assets, $7.2 billion in total liabilities, and $1.4 billion in
total stockholders' deficit.
Statement from Senior Management
"We're pleased to report that our third quarter results were in
line with our previously provided Adjusted EBITDA and Revenue
guidance ranges," said Bob Pittman, Chairman and CEO of
iHeartMedia, Inc. "We continue to see evidence that this is a
recovery year for advertising revenues, and the strong momentum in
our podcast business, our digital ex-podcast business, and the
sequential improvement of our Multiplatform Group's year over year
revenue performance reflect the power of our unparalleled reach,
consumer relationships and range of assets." Pittman continued,
"Technology is the key to increasing our operating leverage because
it allows us to speed up processes, streamline legacy systems, and
enables us to take another significant step in our modernization
journey. We have flattened our organization, eliminated
redundancies and broken down silos, which will have a major impact
on costs, expected to generate $200 million of annual savings in
2025 compared to 2024, and benefiting full year 2025 Adjusted
EBITDA by $150 million on a year over year basis."
"We're happy to announce that we have entered into a Transaction
Support Agreement with a group of debt holders representing, on an
aggregate basis, approximately 80% of the Company's outstanding
debt to support an exchange of approximately $4.1 billion of debt
for new notes and term loans," said Rich Bressler, iHeartMedia's
President, COO and CFO. "The exchange offers will extend maturities
by three years; keep consolidated annual cash interest essentially
flat; and provide debt reduction – all of which will strengthen
the Company's financial flexibility, and provide us with the runway
to accelerate our strategic growth initiatives. This marks a
significant step in iHeart's strategy of disciplined balance sheet
and capital structure management."
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/mt6bbd6a
About iHeart Media
iHeartmedia Inc. develops, owns, and operates the iHeart.com
Website, which includes a broad selection of video content posted
along with their stories.
* * *
As reported by the Troubled Company Reporter on March 5, 2024, S&P
Global Ratings lowered its issuer credit rating on iHeartMedia Inc.
to 'CCC+' from 'B' because it believes the company is dependent on
favorable business, financial, and economic conditions to meet its
financial obligations.
INDIVIDUALIZED ABA: U.S. Trustee Seeks PCO Appointment
------------------------------------------------------
Tracy Hope Davis, the U.S. Trustee for Region 17, filed with the
U.S. Bankruptcy Court for the Northern District of California a
motion for the appointment of a patient care ombudsman for
Individualized ABA Services For Families, LLC.
According to the company's Status Conference Statement and the
supporting Declaration of Raajna Naidu, the company employs
clinicians and support staff to provides behavioral therapy
services to children and young adults with autism.
The Section 333(a)(1) provides:
* If the debtor in a case under chapter 7, 9, or 11 is a
health care business, the court shall order, not later than 30 days
after the commencement of the case, the appointment of an ombudsman
to monitor the quality of patient care and to represent the
interests of the patients of the health care business unless the
court finds that the appointment of such ombudsman is not necessary
for the protection of patients under the specific facts of the
case.
The U.S. Trustee contends that the company self-identified as a
health care business under Section 101(27A). Based on the facts of
the case the U.S. Trustee determined it was not appropriate to file
a motion arguing a PCO is not necessary, and no other party in
interest has filed such a motion within the required 21-day period.
Therefore, the court should order the appointment of a PCO in this
case.
About Individualized ABA Services
for Families
Individualized ABA Services for Families LLC sought relief under
Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.
Calif. Case No. 24-41559) on October 2, 2024. In the petition filed
by its chief executive officer, Raajna Naidu, the Debtor reported
total assets of $193,244 and total liabilities of $1,635,914.
The Debtor is represented by Michael Jay Berger, Esq., at Law
Offices of Michael Jay Berger.
J.E. LUCAS: U.S. Trustee Unable to Appoint Committee
----------------------------------------------------
The U.S. Trustee for Region 4 disclosed in a court filing that no
official committee of unsecured creditors has been appointed in the
Chapter 11 case of J.E. Lucas Properties, LLC.
About J.E. Lucas Properties
J.E. Lucas Properties, LLC filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. D.S.C. Case No.
24-03288) on Sept. 8, 2024, listing up to $10 million in both
assets and liabilities.
Judge Helen E. Burris oversees the case.
The Cooper Law Firm represents the Debtor as bankruptcy counsel.
L & F IRREVOCABLE: Voluntary Chapter 11 Case Summary
----------------------------------------------------
Debtor: L & F Irrevocable Trust
50 Bierwood Circle
Collierville, TN 38017
Business Description: L & F is a Single Asset Real Estate
debtor (as defined in 11 U.S.C. Section
101(51B)).
Chapter 11 Petition Date: November 20, 2024
Court: United States Bankruptcy Court
Western District of Tennessee
Case No.: 24-25771
Judge: Hon. Jennie D Latta
Debtor's Counsel: Paul Robinson, Esq.
LAW OFFICE OF PAUL ROBINSON
287 Madison Ave
Memphis TN 38103
E-mail: problaw937@hotmail.com
Estimated Assets: $500,000 to $1 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Fred Elam as authorized representative
of the Debtor.
The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/57IMFBY/L__F_Irrevocable_Trust__tnwbke-24-25771__0001.0.pdf?mcid=tGE4TAMA
LASERSHIP INC: S&P Lowers ICR to 'SD' on Distressed Debt Exchange
-----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on LaserShip
Inc. (d/b/a OnTrac) to 'SD' (selective default) from 'CCC-' and its
issue-level rating on its original first- and second-lien term
loans to 'D' from 'CCC-' and 'C', respectively.
Over the coming days, S&P will reassess its issuer credit rating on
OnTrac based on its new capital structure.
The downgrade follows the distressed debt exchange OnTrac executed
on Nov. 14, 2024. As part of the multi-step transaction, the
company executed the below-par exchange of about 86% of its
outstanding first-lien term loan, 97% of its incremental first-lien
term loan, and 83% of its second-lien term loan into a new
multi-tranche first-lien term loan. OnTrac also raised an new
incremental $300 million super priority first-lien, first-out term
loan, which will contractually rank senior to the new exchanged
term loan. However, the exchanged term loans will rank senior to
any non-participating debt. OnTrac also paid off the $116 million
of outstanding borrowings on its existing $125 million revolver
maturing May 2026 and replaced it with a new, similar-size revolver
maturing January 2029. In addition, the company will be repaying
the $117 million balance on its accounts receivable (AR) facility.
OnTrac's liquidity will likely improve following the transaction.
The company is using the $250 million of new money it raised (net
of transaction expenses) to pay off the outstanding balances on its
revolver and AR facility. As of the close of the transaction,
OnTrac will have about $275 million of liquidity comprising its new
revolver, the borrowing base of its AR facility, and cash on hand.
Moreover, the PIK component on some of the exchanged debt
facilities for the next 18 months will further support the
company's liquidity by reducing its cash interest payouts, though
this will gradually increase its level of total outstanding debt.
OnTrac has offered to allow all remaining lenders to participate in
the transaction. Though the company has completed the first phase
of the exchange, it is now offering to let the remaining first- and
second-lien term loan lenders exchange their existing outstandings
for the new first-lien term loan's second- and third-out tranches.
While the existing lenders have the option to participate in the
exchange with or without contributing new money, the outstanding
debt held by non-participants will be subordinated to the exchanged
debt as per the terms of the new loans.
S&P said, "Over the coming weeks we expect to reassess our issuer
credit rating and issue-level ratings on OnTrac following the close
of its commenced exchange offer. Our reassessment will reflect the
company's revised capital structure and our forward-looking opinion
of its creditworthiness."
LI-CYCLE HOLDINGS: Reports $56.5 Million Net Profit in Fiscal Q3
----------------------------------------------------------------
Li-Cycle Holdings Corp. filed with the U.S. Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net profit
of $56.5 million on $8.4 million of revenue for the three months
ended September 30, 2024, compared with a net loss and
comprehensive loss of $30.7 million on $4.7 million of revenue for
the three months ended September 30, 2023.
For the nine months ended September 30, 2024, the Company reported
a net loss and comprehensive loss of $88.4 million on $21 million
of revenue, compared with a net loss and comprehensive loss of
$99.1 million on $11.9 million of revenue for the same period in
2023.
As of September 30, 2024, the Company had $870.6 million in total
assets, $575.3 million in total liabilities, and $295.3 million in
total equity.
"We are pleased to report that Li-Cycle has achieved significant
milestones to support the restart of construction at the Rochester
Hub. In addition to closing the upsized $475-million DOE loan
facility, we also announced the establishment of a commercial
framework for MHP off-take alongside our existing lithium carbonate
off-take agreements. These are positive steps that will help us
build momentum as we work to optimize our Spoke facilities to
establish a self-sufficient Spoke business and secure a full
funding package needed to restart construction of the Rochester Hub
project," said Ajay Kochhar, Li-Cycle's President & CEO.
"We believe the completion of the DOE loan agreement and the
continued support from partners like Glencore are strong
endorsements of our technology, business model, and the key role
that Li-Cycle will play to support the shift to electrification. We
also thank the DOE for their continued support and are grateful for
the bipartisan support for lithium-ion battery recycling and how it
can underpin the development of a strong domestic battery supply
chain."
DOE ATVM Loan Facility Finalized
Li-Cycle 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 DOE Loan Programs
Office's Advanced Technology Vehicles Manufacturing program
following the DOE's detailed technical, market, financial and legal
due diligence.
The Loan Facility has a final maturity of March 15, 2040, for an
approximately 15-year term with attractive interest rates. The
first advance under the DOE Loan Facility, must occur on or prior
to November 7, 2025, and is subject to satisfaction or waiver of
certain conditions and requirements, including completing the
Company's base equity contribution to the Rochester Hub project.
The BEC includes a requirement for the Company to settle
commitments related to the Rochester Hub project for costs incurred
but not yet paid (approximately $92 million as of September 30,
2024). Additionally, the Company is required to fund approximately
$173 million in reserve account requirements by First Advance1, of
which up to approximately $97 million can be satisfied via letters
of credit. These amounts 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.
The Company is actively exploring additional financing and
strategic alternatives for a complete funding package needed to
restart the construction at the Rochester Hub (of which the Loan
Facility is a key component) and for general corporate purposes.
The funding package would assist in satisfying the conditions for
First Advance under the Loan Facility, including funding the
remaining BEC (which includes the reserve account requirements) and
a minimum cash balance.
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/mvsjs5uy
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.
LJB LLC: Hires NAI Glickman Kovago & Jacobs as Real Estate Broker
-----------------------------------------------------------------
LJB, LLC seeks approval from the U.S. Bankruptcy Court for the
District of Massachusetts to hire Michael C. Jacobs, of NAI
Glickman, Kovago & Jacobs as real estate broker.
The broker will market and sell the Debtor's real properties in
Waltham, Massachusetts.
The firm will receive a commission equal to 4 percent of the gross
sale price of the real estate.
As disclosed in the court filings, NAI Glickman, Kovago & Jacobs is
a disinterested person as that term is defined in 11 U.S.C.
101(14).
The firm can be reached through:
Michael C. Jacobs
NAI Glickman, Kovago & Jacobs
1 Mercantile Street Suite 510
Worcester, MA 01608
Office: (508) 753-9100
Mobile: (774) 230-3448
About LJB LLC
LJB LLC sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D. Mass. Case No. 24-12236) on November 7, 2024, with
$1 million to $10 million in both assets and liabilities. Kenneth
L. Brown, manager, signed the petition.
Judge: Janet E Bostwick oversees the case.
Gary W. Cruickshank, Esq., represents the Debtor as legal counsel.
LOUISIANA APPLE: Seeks to Hire Yip Associates as Accountant
-----------------------------------------------------------
Louisiana Apple, LLC and its affiliates seek approval from the U.S.
Bankruptcy Court for the Southern District of Florida to employ Yip
Associates as accountants.
The firm will render these services:
a. review of all financial information prepared by the
Debtors, including but not limited to a review of the Debtors'
financial information as of the Petition Date, including, but not
limited to, examining its assets and liabilities;
b. prepare the requisite operating reports required by the
court;
c. attend meetings with the Debtors, creditors, insiders, and
associates of such parties, and with federal, state, and local tax
authorities, if requested;
d. prepare the estate tax returns, and if required, correspond
with and/ or attend meetings with federal and local tax
authorities; and
e. render any such other assistance in the nature of
accounting, business valuation, financial consulting, or other
financial projects as the Debtors may deem necessary.
The hourly rates of the firm's counsel and staff are as follows:
Partners $450 - $600
Directors $400
Managers $350
Seniors Associates $295
Associates $220
Paraprofessionals $150
In addition, the firm will seek reimbursement for expenses
incurred.
Hal Levenberg, CIRA, a partner at YIP Associates, disclosed in a
court filing that his firm is a "disinterested person" as that term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Hal A. Levenberg, CIRA, CFE
YIP ASSOCIATES
One Biscayne Tower
2 S. Biscayne Blvd., Suite 2690
Miami, FL 33131
Tel: (305) 787-3753
Fax: (888) 632-2672
Email: HLevenberg@yipcpa.com
About Louisiana Apple
Louisiana Apple, LLC filed Chapter 11 petition (Bankr. S.D. Fla.
Case No. 24-20336) on October 4, 2024, with as much as $50,000 in
both assets and liabilities.
Judge Robert A. Mark oversees the case.
Eyal Berger, Esq., at Akerman, LLP and Yip Associates serve as the
Debtor's legal counsel and accountant, respectively.
LPB MHC: Seeks to Hire Carmody MacDonald as Bankruptcy Counsel
--------------------------------------------------------------
LPB MHC LLC seeks approval from the U.S. Bankruptcy Court for the
Southern District of Illinois to hire Carmody MacDonald P.C. as
bankruptcy counsel.
The firm will provide these services:
(a) advise the Debtor with respect to its rights, power, and
duties in this Chapter 11 case;
(b) assist and advise the Debtor in its consultations with any
appointed committee related to the administration of this Chapter
11 case;
(c) assist the Debtor in analyzing the claims of creditors and
negotiating with such creditors;
(d) assist the Debtor with investigation of its assets,
liabilities, and financial condition and reorganize its business in
order to maximize the value of its assets for the benefit of all
creditors;
(e) advise the Debtor in connection with the sale of assets or
business;
(f) assist the Debtor in its analysis of and negotiation with
any appointed committee or any third-party concerning matters
related to, among other things, the terms of a plan of
reorganization;
(g) assist and advise the Debtor with respect to any
communications with the general creditor body regarding significant
matters in this Chapter 11 case;
(h) commence and prosecute necessary and appropriate actions
and/or proceedings on behalf of the Debtor;
(i) review, analyze, or prepare, on behalf of the Debtor, all
necessary legal documents;
(j) represent the Debtor at all hearings and other
proceedings;
(k) confer with other professional advisors retained by the
Debtor in providing advice;
(l) perform all other necessary legal services in this Chapter
11 case as may be requested by the Debtor; and
(m) assist and advise the Debtor regarding pending arbitration
and litigation matters in which it may be involved.
The hourly rates of the firm's counsel and staff are as follows:
Partners $310 - $650
Associates $280 - $355
Paralegals/Law Clerks $150 - $205
In addition, the firm will seek reimbursement for expenses
incurred.
The firm is currently holding a retainer in the amount of $20,000.
Robert Eggman, Esq., an attorney at Carmody MacDonald, disclosed in
a court filing that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Robert E. Eggman, Esq.
Carmody MacDonald P.C.
12 S. Central Ave., Suite 1800
St. Louis, MO 63105
Telephone: (314) 854-8600
Facsimile: (314) 854-8600
Email: ree@carmodymacdonald.com
About LPB MHC LLC
dba Sam C. Mitchell & Associates
LPB MHC LLC dba Sam C. Mitchell & Associates filed its voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
S.D. Ill. Case No. 24-40450) on Nov. 5, 2024, listing $1 million to
$10 million in both assets and liabilities. The Debtor failed to
include in the petition a list of its 20 largest unsecured
creditors.
Judge Mary E. Lopinot presides over the case.
Robert E Eggmann, Esq. at Carmody Macdonald PC represents the
Debtor as counsel.
MARKETING ANALYSTS: U.S. Trustee Unable to Appoint Committee
------------------------------------------------------------
The U.S. Trustee for Region 4 disclosed in a court filing that no
official committee of unsecured creditors has been appointed in the
Chapter 11 case of Marketing Analysts, LLC.
About Marketing Analysts
Marketing Analysts, LLC is a marketing agency in South Carolina.
Marketing Analysts sought relief under Subchapter V of Chapter 11
of the U.S. Bankruptcy Code (Bankr. D.S.C. Case No. 24-03671) on
October 9, 2024, with total assets of $332,938 and total
liabilities of $1,441,611. Robert Clark, manager/ and ember, signed
the petition.
Judge Elisabetta Gm Gasparini handles the case.
The Debtor is represented by Michael Conrady, Esq., at Campbell Law
Firm, PA.
MAUDE'S ALABAMA: Seeks to Tap Schofield Accounting as Accountant
----------------------------------------------------------------
Maude's Alabama BBQ, LLC seeks approval from the U.S. Bankruptcy
Court for the Eastern District of Michigan to employ Schofield
Accounting & Tax Service as its accountant.
The firm will render these services:
a. assist the Debtor in on-going business operations;
b. assist in financial projections for the Plan of
Reorganization;
c. prepare tax return and payroll; and
d. assist in the preparation of monthly financials.
The firm will charge $70 per hour for its services.
Patricia Schofield, owner of Schofield Accounting & Tax Service,
assured the court that her firm is a "disinterested person" within
the meaning of 11 U.S.C. 101(14).
The firm can be reached through:
Patricia Schofield
Schofield Accounting & Tax Service
11118 N Jennings Road
Clio, MI 48420
Phone: (810) 686-7565
About Maude's Alabama BBQ
Maude's Alabama BBQ, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 24-31583) on
August 23, 2024, with $100,001 to $500,000 in both assets and
liabilities.
George E. Jacobs, Esq., at Bankruptcy Law Offices represents the
Debtor as counsel.
MBIA INC: Posts $52 Million Net Loss in Fiscal Q3
-------------------------------------------------
MBIA Inc. filed with the U.S. Securities and Exchange Commission
its Quarterly Report on Form 10-Q reporting a net loss of $52
million on $29 million of total revenues for the three months ended
September 30, 2024, compared to a net loss of $186 million on $8
million of total revenues for the three months ended September 30,
2023.
For the nine months ended September 30, 2024, the Company reported
a net loss of $393 million on $5 million of total revenues,
compared to a net loss of $348 million on $38 million of total
revenues for the same period in 2023.
As of September 30, 2024, the Company had $2.2 billion in total
assets, $4.2 billion in total liabilities, and $2 billion in total
stockholders' deficit.
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/4dxmbcwy
About MBIA
MBIA Inc., together with its consolidated subsidiaries, operates
within the financial guarantee insurance industry. MBIA manages its
business within three operating segments: 1) United States public
finance insurance; 2) corporate; and 3) international and
structured finance insurance. The Company's U.S. public finance
insurance portfolio is managed through National Public Finance
Guarantee Corporation, its corporate segment is managed through
MBIA Inc. and several of its subsidiaries, including its service
company, MBIA Services Corporation, and its international and
structured finance insurance business is primarily managed through
MBIA Insurance Corporation and its subsidiaries.
MBIA reported a net loss of $487 million for the year ended
December 31, 2023, compared to a net loss of $203 million in 2022,
a net loss attributable to the Company of $445 million in 2021, and
a net loss attributable to the Company of $578 million in 2020.
* * *
Egan-Jones Ratings Company on September 28, 2023, maintained its
'CCC-' foreign currency and local currency senior unsecured ratings
on debt issued by MBIA Inc.
MCAP LLC: Case Summary & Three Unsecured Creditors
--------------------------------------------------
Debtor: MCAP LLC
555 E. Main St., Unit 2354
Turlock, CA 95381
Case No.: 24-90708
Business Description: MCAP LLC is a Single Asset Real Estate
debtor (as defined in 11 U.S.C. Section
101(51B)). The Debtor owns a property
located at 3955 Coffee Road, Modesto, CA
95355 valued at $1.8 million.
Chapter 11 Petition Date: November 21, 2024
Court: United States Bankruptcy Court
Eastern District of California
Judge: Hon. Ronald H Sargis
Debtor's Counsel: Michael Jay Berger, Esq.
LAW OFFICES OF MICHAEL JAY BERGER
9454 Wilshire Boulevard, 6th Floor
Beverly Hills, CA 90212
Tel: (310) 271-6223
Fax: (310) 271-9805
Email: michael.berger@bankruptcypower.com
Total Assets: $1,800,000
Total Liabilities: $1,311,000
The petition was signed by Bryce Packnit as member.
A full-text copy of the petition containing, among other items, a
list of the Debtor's three unsecured creditors is available for
free at PacerMonitor.com at:
https://www.pacermonitor.com/view/LWYUQEA/MCAP_LLC__caebke-24-90708__0001.0.pdf?mcid=tGE4TAMA
MISS AMERICA: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Miss America Competition, LLC
11199 Polo Club Road
Wellington, FL 33414
Business Description: Miss America is an annual competition open
to women from the United States between the
ages of 18 and 28. The competition's
inception as a "bathing beauty review" was
an act of rebellion during a time when women
weren't permitted to wear swimsuits in
public. In 1945, the organization started
awarding scholarships to the winner instead
of prize money, making Miss America one of
the first organizations in the United States
to offer college scholarships to women.
Chapter 11 Petition Date: November 22, 2024
Court: United States Bankruptcy Court
Southern District of Florida
Case No.: 24-22288
Judge: Hon. Erik P Kimball
Debtor's Counsel: Craig I. Kelley, Esq.
KELLEY KAPLAN & ELLER, PLLC
1665 Palm Beach Lakes Blvd
The Forum - Suite 1000
West Palm Beach, FL 33401
Tel: 561-491-1200
E-mail: craig@kelleylawoffice.com
Estimated Assets: $500,000 to $1 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Glenn Straub as sole member and
manager.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/PHLR6MY/Miss_America_Competition_LLC__flsbke-24-22288__0001.0.pdf?mcid=tGE4TAMA
MS FREIGHT CO: Voluntary Chapter 11 Case Summary
------------------------------------------------
Debtor: MS Freight Co., Inc.
d/b/a MS Sales & Service
1283 Lakeview Drive
Grenada, MS 38901
Chapter 11 Petition Date: November 25, 2024
Court: United States Bankruptcy Court
Northern District of Mississippi
Case No.: 24-13745
Debtor's Counsel: Craig M. Geno, Esq.
LAW OFFICES OF CRAIG M. GENO, PLLC
601 Renaissance Way
Suite A
Ridgeland, MS 39157
Tel: 601-427-0048
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Will White as president.
The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/QXMX6BI/MS_Freight_Co_Inc__msnbke-24-13745__0001.0.pdf?mcid=tGE4TAMA
NEUEHEALTH INC: Net Loss Narrows to $40.4 Million in Fiscal Q3
--------------------------------------------------------------
NeueHealth Inc. filed with the U.S. Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net loss
of $40.4 million on $232.9 million of total revenue for the three
months ended September 30, 2024, compared with a net loss of $547.1
million on $269.4 million of revenue for the three months ended
September 30, 2023.
For the nine months ended September 30, 2024, the Company reported
a net loss of $102.2 million on $704 million of total revenue,
compared with a net loss of $805.2 million on $867.9 million of
total revenue for the same period in 2023.
As of September 30, 2024, the Company had $696.8 million in total
assets, $1 billion in total liabilities, $117.9 million in
redeemable noncontrolling interests, $747.5 million of redeemable
Series A preferred stock, $172.9 million of redeemable Series B
preferred stock, and $1.4 billion in total shareholders' deficit.
"We are pleased to report another quarter of strong financial
performance as we continue to build on the positive momentum we
have generated so far this year," said Mike Mikan, President and
CEO of NeueHealth. "We have delivered Adjusted EBITDA profitability
for three consecutive quarters, and we believe we are
well-positioned to finish 2024 on a strong note. Looking ahead, we
see significant opportunities to build on our success in 2025 and
beyond as we continue to align the interests of consumers,
providers, and payors to create a better healthcare experience for
all."
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/aufa9swe
About NeueHealth Inc.
NeueHealth -- www.neuehealth.com -- is a value-driven healthcare
company grounded in the belief that all health consumers are
entitled to high-quality, coordinated care. NeueHealth consists of
two reportable segments: (i) NeueCare (formerly Care Delivery) --
The Company's value-driven care delivery business that manages risk
in partnership with external payors and serves all populations
across The Patient Protection and Affordable Care Act and the
Health Care and Education Reconciliation Act of 2010 ("ACA")
Marketplace, Medicare, and Medicaid; and (ii) NeueSolutions
(formerly Care Solutions) -- The Company's provider enablement
business that includes a suite of technology, services, and
clinical care solutions that empower providers to thrive in
performance-based arrangements.
Minneapolis, Minnesota-based Deloitte & Touche LLP, the Company's
auditor since 2020, issued a "going concern" qualification in its
report dated March 28, 2024, citing that the Company has a history
of operating losses, negative cash flows from operations, and does
not have sufficient cash on hand or available liquidity to meet its
obligations, which raises substantial doubt about its ability to
continue as a going concern.
NEW CHALLENGE: Gets OK to Hire Firas Law LLC ac Co-Counsel
----------------------------------------------------------
New Challenge Products, Inc. received approval from the U.S.
Bankruptcy Court for the Northern District of Illinois to hire
Firas Law, LLC to handle the Chapter 11 proceedings.
The firm will charge $325 per hour for its services. The firm also
requested for an initial payment of $4,000.
Firas Abunada, Esq., principal of Firas Law, LLC, assured the court
that his firm is a "disinterested person" within the meaning of 11
U.S.C. 101(14).
The firm can be reached through:
Firas M. Abunada, Esq.
Firas Law, LLC
7777 W. Lincoln Highway, Suite A
Frankfort, IL 60423
Tel: (815) 450-9340
Email: fma@firaslaw.com
About New Challenge Products, Inc.
New Challenge Products, Inc. sought protection for relief under
Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No.
24-15567) on Oct. 18, 2024, listing up to $50,000 in assets and
$100,001 to $500,000 in liabilities.
Judge Jacqueline P Cox presides over the case.
David P Lloyd, Esq. at David P. Lloyd, Ltd. represents the Debtor
as counsel.
NEW CHALLENGE: Taps David P. Lloyd and Firas Law as Co-Counsel
--------------------------------------------------------------
New Challenge Products, Inc. seeks approval from the U.S.
Bankruptcy Court for the Northern District of Illinois to hire
David P. Lloyd, Ltd., and Firas Law, LLC, as co-counsel.
The counsel will represent the Debtor in matters concerning
negotiation with creditors, preparation of a plan and disclosure
statement, examining and resolving claims filed against the estate,
preparation and prosecution of adversary matters, and otherwise to
represent the Debtor in matters before the Court.
The normal hourly billing rates of counsel is $400 per hour.
The firm has received an initial payment of $10,000.
As disclosed in the court filing, David P. Lloyd, Ltd. and Firas
Law, LLC, are "disinterested persons" within the meaning of 11
U.S.C. 101(14).
The firms can be reached through:
Firas M. Abunada, Esq.
Firas Law, LLC
7777 W. Lincoln Highway, Suite A
Frankfort, IL 60423
Tel: (815) 450-9340
Email: fma@firaslaw.com
- and -
David P. Lloyd, Esq.
David P. Lloyd, Ltd.
615B S. LaGrange Rd.
LaGrange IL 60525
Tel: (708) 937-1264
Fax: (708) 937-1265
Email: courtdocs@davidlloydlaw.com
About New Challenge Products, Inc.
New Challenge Products, Inc. sought protection for relief under
Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No.
24-15567) on Oct. 18, 2024, listing up to $50,000 in assets and
$100,001 to $500,000 in liabilities.
Judge Jacqueline P Cox presides over the case.
David P Lloyd, Esq. at David P. Lloyd, Ltd. represents the Debtor
as counsel.
NEW FORTRESS: S&P Alters Outlook to Negative, Affirms 'B+' ICR
--------------------------------------------------------------
S&P Global Ratings affirmed our 'B+' issuer credit rating on New
Fortress Energy Inc. (NFE) and revised the outlook to negative from
stable.
S&P said, "We also affirmed our 'B+' rating on NFE's senior secured
term loan B. The recovery rating of '3' remains unchanged,
indicating our expectation that lenders would receive meaningful
(50%-70%; rounded estimate: 65%) recovery in the event of a payment
default.
"We lowered our issue-level rating on the senior secured notes due
2025, 2026, and 2029 (legacy notes) to 'B' from 'B+' and revised
the recovery rating to '5' from '3'. The recovery rating indicates
our expectation that lenders would receive modest (10%-30%; rounded
estimate 25%) in the event of a payment default.
"We assigned our 'B+' issue-level rating to the proposed senior
secured notes due 2029 (exchanged notes) and a recovery rating of
'4', which indicates our expectation for an average (30%-50%;
rounded estimate 45%) recovery if a payment default occurs.
"The negative stable outlook reflects our view that NFE's credit
measures are weak, liquidity is still constrained, and meeting the
2025 forecast is critical for credit improvement.
"NFE's liquidity remains under pressure. We revised our liquidity
assessment to less than adequate. Although NFE's transaction
support agreement (TSA) and pending exchange transaction with its
noteholders puts the company on a path to improve its capital
structure and liquidity profile, its financial flexibility will
continue to be constrained in 2025. NFE was partially extended $900
million of its revolver to Oct. 15, 2027, and the TSA will provide
about $327 million of cash through the intercompany loans. However,
NFE currently has no availability under its credit facility, and
our forecast assumes NFE will use external financing to fund most
of its capital spending in 2025.
"We expect NFE to seek to monetize assets to reduce debt and repay
the revolver to improve its liquidity profile, which we have not
included in our forecast because it has execution risk.
Furthermore, the revolving credit facility and term loan B
springing maturities are still a risk, if it does not refinance or
repay its 6.5% of senior secured notes ($499 million pro forma for
the exchange transaction) by July 31, 2026."
The company's financial ratios are weak, and credit improvement
depends on an aggressive cash flow ramp in 2025. NFE's S&P Global
Ratings-adjusted EBITDA for the trailing 12 months ended Sept. 30,
2024, is about $1.1 billion, with debt to EBIDTA of about 7.8x.
While the company's third-quarter results were generally in line
with our expectations, we believe its credit measures could further
deteriorate by year-end if the Federal Emergency Management Agency
(FEMA) payment ($500 million assumed in S&P's forecast) is delayed
or is realized at a lower amount.
Furthermore, the one-time payment assumes a base level EBITDA of
$750 million-$800 million and EBITDA growth of $450 million-$500
million in 2025, mainly from cash flows increasing in Brazil,
Nicaragua, Mexico, and Jamaica, as well as merchant sales and
unidentified growth projects. S&P views this ramp as aggressive
with significant risk given the company's track record.
NFE's capital spending is down, but discretionary cash flow remains
negative in 2025. The company projects total spending for 2025 of
about $815 million. S&P assumes this will result in negative free
cash flow of about $300 million that will require financing if the
company hits its $1.3 billion EBITDA target next year. Any
underperfomance will add to its external financing needs and weaken
the overall credit profile.
The negative outlook incorporates S&P's views that:
-- NFE's credit measures are weak, liquidity is still constrained,
and the financial risk profile will remain highly leveraged for the
next 12 months;
-- Meeting the 2025 forecast is critical for improvement in the
balance sheet and liquidity position;
-- NFE will need to refinance the remaining 2026 notes; and
-- The construction of FLNG 2 has some execution risk.
S&P could lower the rating if:
-- The FEMA payment is delayed or is lower than we budgeted in
S&P's base case;
-- Liquidity is constrained and NFE cannot refinance the 2026
notes within 12 months of their maturity;
-- FLNG 1 does not operate consistently or FLNG 2 construction is
significantly delayed or behind schedule; and
-- S&P believes debt to EBITDA will be above 6.5x in 2025.
S&P could revise the outlook to stable if NFE can achieve its
forecast 2025 EBITDA of about $1.3 billion and improve and sustain
its debt to EBITDA below 6x. This could occur if NFE:
-- Achieves its projected average net margin of $7 per million
British thermal units (/mmBtu) and volumes for terminal segments in
Puerto Rico and the volume ramp up expected in Mexico, Nicaragua,
and Brazil;
-- Meets its forecast growth EBITDA and merchant cargo sales;
-- Adopts a more conservative financial policy that funds its
various growth initiatives with internally generated cash flow and
does not add substantial debt to its capital structure; and
-- Generates free cash flow after capital spending.
NEW YORK'S PREMIER: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: New York's Premier Group LLC
635 Plank Road
Clifton Park, NY 12065
Business Description: The Debtor is a local contractor in Clifton
Park offering roofing, siding, and window
services.
Chapter 11 Petition Date: November 25, 2024
Court: United States Bankruptcy Court
Northern District of New York
Case No.: 24-11304
Debtor's Counsel: Michael Boyle, Esq.
BOYLE LEGAL LLC
64 2nd Street
Troy, NY 12180
Tel: 518-687-1648
Fax: 518-516-5075
E-mail: mike@boylebankruptcy.com
Total Assets: $991,455
Total Liabilities: $1,986,430
The petition was signed by Johnathan Vincent as managing member.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/LUEZP2A/New_Yorks_Premier_Group_LLC__nynbke-24-11304__0001.0.pdf?mcid=tGE4TAMA
NEXTDECADE CORP: Swings to $393.1 Million Net Loss in Fiscal Q3
---------------------------------------------------------------
NextDecade Corporation filed with the U.S. Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net loss
of $393.1 million for the three months ended September 30, 2024,
compared with a net income of $181.8 million for the three months
ended September 30, 2023.
For the nine months ended September 30, 2024, the Company reported
a net loss of $204 million, compared with a net income of $34.2
million for the same period in 2023.
The Company reported no revenues for the three and nine months
ended September 30, 2024, and 2023.
As of September 30, 2024, the Company had $5.1 billion in total
assets, $4.1 billion in total liabilities, and $1.05 billion in
total equity.
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/4dtkvyfj
About NextDecade Corporation
NextDecade Corporation, a Delaware corporation, is a Houston-based
energy company primarily engaged in construction and development
activities related to the liquefaction of natural gas and sale of
LNG, and the capture and storage of CO2 emissions. The Company is
constructing and developing a natural gas liquefaction and export
facility located in the Rio Grande Valley in Brownsville, Texas,
which currently has three liquefaction trains and related
infrastructure under construction.
Houston, Texas-based Grant Thornton LLP, the Company's auditor
since 2018, issued a "going concern" qualification in its report
dated March 11, 2024, citing that the Company has incurred
operating losses since its inception and management expects
operating losses and negative cash flows to continue for the
foreseeable future. These conditions, along with other matters,
raise substantial doubt about the Company's ability to continue as
a going concern.
NextDecade reported a consolidated net loss of $182.7 million for
the year ended December 31, 2023, compared to a net loss of $84.4
million for the same period in 2022.
NORTHVOLT AB: Case Summary & 30 Largest Unsecured Creditors
-----------------------------------------------------------
Lead Debtor: Northvolt AB
Alstromergatan 20
Stockholm, Sweden 112 47
Business Description: Northvolt produces high-performance
batteries for electric vehicles and large-
scale energy storage systems. Northvolt
also invests heavily in research and
development to advance battery chemistry,
design, and production methods. In
addition, the Company prioritizes
recycling efforts to recover valuable
materials from end-of-life batteries.
Chapter 11 Petition Date: November 21, 2024
Court: United States Bankruptcy Court
Southern District of Texas
Nine affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
Northvolt AB (Lead Case) 24-90577
NV Texas, LLC 24-90576
Cuberg, Inc. 24-90578
Northvolt Ett AB 24-90579
Northvolt Ett Fastighetsforvaltning AB 24-90580
Northvolt Labs AB 24-90581
Northvolt Poland sp. z.o.o. 24-90582
Northvolt Revolt AB 24-90583
Northvolt Systems AB 24-90584
Debtors'
General
Bankruptcy
Counsel: KIRKLAND & ELLIS LLP AND
KIRKLAND & ELLIS INTERNATIONAL LLP
Debtors'
Local
Bankruptcy
Counsel: Charles A. Beckham, Jr., Esq.
HAYNES AND BOONE, LLP
1221 McKinney Street, Suite 4000
Houston Texas 77010
Tel: (713) 547-2000
Email: charles.beckham@haynesboone.com
Debtors'
Financial
Advisor: TENEO CAPITAL LLC
Debtors'
Investment
Banker: N.M. ROTHSCHILD & SONS LIMITED
Debtors'
Claims,
Noticing,
Solicitation &
Administrative
Agent: STRETTO, INC.
Debtors'
Swedish
Counsel: MANNHEIMER SWARTLING ADVOKATBYRA AB
Lead Debtor's
Estimated Assets: $1 billion to $10 billion
Lead Debtor's
Estimated Liabilities: $1 billion to $10 billion
The petitions were signed by Pia Aaltonen-Forsell as chief
financial officer.
A full-text copy of the Lead Debtor's petition is available for
free at PacerMonitor.com at:
https://www.pacermonitor.com/view/L3WQPNI/Northvolt_AB__txsbke-24-90577__0001.0.pdf?mcid=tGE4TAMA
Consolidated List of Debtors' 30 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. Volta Volta $3,850,188,187
Lise-Meitner-Alle 19 Convertible
Bochum, 44801 Germany Note
Attn: Lukas Akeme
Email: MARVIN.LEITMANN@VOLTAVISION.DE
2. KFW Subordinated $695,965,705
Palmengartenstrabe 5 Note
Frankfurt AM Main, 60325 Germany
Attn: Manuel Wawrik
Email: MANUEL.WAWRIK@KFW.DE
3. Volkswagen Convertible $355,286,662
Industriestrasse Agreement
Nord, Volkswagenwerk
Salzgitter, 38231 Germany
Attn: Legal Department
4. Nordic Trustee and Agency (PUBL) Shareholder $154,000,000
Norrlandsgatan 16 Bridge
Stockholm, 111 43 Sweden Facility
Attn: Legal Department Agreement
Tel: 4687837900
Email: SWEDEN@NORDICTRUSTEE.COM
5. SFA Engineering Corp. Trade Vendor $30,177,985
Dongtansunhwandaero 29-GIL 25
Hwaseong-Si, 18472 Korea, Republic of
Attn: Taehyung Lee
Email: TAEHYUNG.LEE@SFA.CO.KR
6. BHP Billiton Marketing AG Trade Vendor $30,156,103
10 Marina Boulevard #18-01, Marina Bay
Financial Centre Tower 2
Singapore, Singapore
Attn: Lon Untalan
Email: LON.UNTALAN@BHP.COM
7. Axima Concept Sweden Filial Trade Vendor $21,539,705
Odinsgatan 28
Goteborg, 411 03 Sweden
Attn: Sophie Granju
Email: SOPHIE.GRANJU@EQUANS.COM
8. Wuxi Lead Intelligent Trade Vendor $19,662,071
Equipment Co, Ltd
NO. 20 Xinxi Road, Xinwu District
Wuxi, China
Attn: Cen Ziyu
Email: SHENJIA.DONG@LEADCHINA.CN
9. Easpring Technology (Changzhou) Trade Vendor $16,904,600
New Material Co., Ltd.
NO.155 Jincheng Avenue Jintan District
Changzhou City
Changzhou, 213200 China
Attn: Sherry Zhuang
10. Bravida Sverige AB Trade Vendor $10,032,324
Mikrofonvagen 28
Hagersten, 126 38 Sweden
Attn: Olov Danielsson
Tel: 46706028323
Email: ANDERS.ATTEFJORD@BRAVIDA.SE
11. Microsoft AB Trade Vendor $8,908,034
Regeringsgatan 25
Stockholm, 111 53 Sweden
Attn: Legal Department
Email: EMEAOOWI@MICROSOFT.COM
12. Jiangsu Easpring Material Trade Vendor $7,075,200
Technology Co., Ltd
Yangtze River Road, Eastern, Lingdian
Industrial Concentration Zone,
Linjiang District, Haimen, Jiangsu,
226133 China
Attn: Crissy (Chang) Jiang
Email: SALE@EASPRING.COM.CN
13. LF Co, Ltd Trade Vendor $6,251,703
11, Igokdong-Ro, Dalseo-Gu, Daegu,
Republic of Korea
Daegu, 42620 Korea, Republic Of
Attn: Evelyn Lee
Email: LCHAEW@LANDF.CO.KR
14. Tianqi Lithium Kwinana Pty Ltd Trade Vendor $6,092,190
61 Donaldson Rd
Kwinana Beach, 6167 Australia
Attn: Christopher Coutinho
Email: JESSICA.YU@TIANQILITHIUM.COM.AU
15. Sodexo AB Trade Vendor $5,880,104
Dalvagen 22
Solna, 169 79 Sweden
Attn: Johan Israelsson
Email: DAMON.NIKKA@SODEXO.COM
16. Skelleftea Kraftaktiebolag Trade Vendor $5,507,600
Kanalgatan 71
Skelleftea, 931 80 Sweden
Attn: Tomas Ladas
Email: MAJA.FORSMAN@SKEKRAFT.SE
17. BNP Paribas SA Trade Vendor $5,217,212
16 BD DES Italiens
Paris, 75009 France
Attn: Legal Department
Email: GROUP.GSS.S2P.MIDDLE.OFFICE@BN
PPARIBAS.COM
18. RJ and Collab Gmbh Trade Vendor $5,032,832
Gostritzer Str 65
Dresden, 1217 Germany
Attn: RJ Young
Email: YOUNG-EUM@RJNCOLLAB.COM
19. Goldman Sachs Bank Europe SE Trade Vendor $4,777,542
Marienturmtaunusanlage 9-10
Frankfurt AM Main, 60329 Germany
Attn: Legal Department
Email: IBDINVOICING@GS.COM
20. Stena Recycling AB Trade Vendor $4,605,394
Box 68
Hallstahammar, 734 22 Sweden
Attn: Angelica Oberg
Tel: 0736 28 40 84
Email: ANGELICA.OBERG@STENARECYCLING.SE
21. Senior Material (Europe) AB Trade Vendor $4,548,453
Svista Lagervag 8
Eskilstuna, 633 62 Sweden
Attn: Sophie Chen
Tel: +46 76 697 40 87
Email: ORDER.RECEIVING@SENIOR798.EU
22. Randstad AB Trade Vendor $4,265,556
Rattarvagen 3
Solna, 169 68 Sweden
Attn: Sussane Holmberg
Email: KUNDFAKTUROR@RANDSTAD.SE
23. Kedali Sweden AB Trade Vendor $4,237,991
Torsgatan 122
Skelleftea, 931 96 Sweden
Attn: Yu Jin
Email: YU.JIN@KEDALI.SE
24. Hanwha Momentum Trade Vendor $4,100,559
20 Pangyoyeok-Ro 241BEON-GIL,
Bundang-Gu, Seongnam-Si, Gyeonggi-
Do, South Korea
Seongnam-Si, 13494 Korea, Republic Of
Attn: Seongwoo Lim
Tel:+82 10 5298 9121
Email: MANDOLA@HANWHA.COM
25. Ventpartner I Vastmanland AB Trade Vendor $4,091,267
Stubbengatan 2
Orebro, 703 44 Sweden
Attn: Emil Begquist
Email: EMIL.BERGQUIST@VENTPARTNER.SE
26. Kataoka Corporation Trade Vendor $3,993,171
140 Tsukiyama-Cho Kuze
Kyoto, 601-8203 Japan
Attn: Kazuma Mori
Tel: 818022305739
Email: K-MORI@KATAOKA-SS.CO.JP
27. Axima Concept Trade Vendor $3,874,191
49 Rue Louis Blanc
Courbevoie, 92400 France
Attn: Sophie Granju
Email: GUILLAUME.PASTEAU@EQUANS.COM
28. J.P Morgan Trade Vendor $3,721,128
Taunustor 1
Frankfurt AM Main, 60310 Germany
Attn: Legal Department
Email: BHAVIN.X.SHAH@JPMORGAN.COM
29. Cis Co. Ltd. Trade Vendor $3,715,101
37, Palgong-RO 47-GIL, Dong-Gu
Daegu, Korea, Republic of
30. Vakanta AB Trade Vendor $3,547,391
(Client Founds Account)
Regeringsgatan 38
Stockholm, 111 56 Sweden
Attn: Johan Hansson
Email: JOHAN.HANSON@VAKANTA.SE
NORTHVOLT AB: Open to Recapitalization or Sale in Chapter 11
------------------------------------------------------------
Northvolt AB, a Swedish battery manufacturing powerhouse, has
sought Chapter 11 protection in Houston, Texas, saying it is
willing to engage with all parties -- existing stakeholders and new
investors alike -- to develop a comprehensive going-concern
recapitalization or sale so it can execute on its refined business
plan.
"Although the path forward remains uncertain, Northvolt trusts that
it can build on its billions of dollars of investment and
groundbreaking facilities and technology to achieve a
value-maximizing recapitalization or sale in chapter 11. The
Company and its advisors stand ready to engage with all interested
parties," CRO Scott Millar said in the U.S. court filing.
CEO Peter Carlsson stepped aside as CEO on Nov. 22, 2024, as part
of Northvolt's chapter 11 filing. He will take on a role as Senior
Advisor and remains a Member of the Board.
Northvolt in 2022 became the first European battery company to make
commercial shipments to a carmaker, is presently a major player in
the electric vehicle market. Northvolt has 6,600 employees across
seven countries. The Company has served numerous automotive
leaders, including BMW, Audi AG, Porsche AG, Scania, Volvo Car
Corporation, and Polestar.
At the core of Northvolt's operations are its gigafactories, which
produce high-performance batteries for electric vehicles and
large-scale energy storage systems. The Company currently conducts
operations at four locations across Europe: (a) Northvolt Ett
gigafactory, in Skelleftea, Sweden, (b) the 1,000-employee research
and development facility Northvolt Labs, in Vasteras, Sweden, (c)
the Northvolt Dwa assembly facility, in Gdansk, Poland, and (d) the
Hydrovol recycling plant in Fredrikstad, Norway.
Officially commencing operations in late 2021, Northvolt Ett is
Europe's first homegrown gigafactory. Northvolt Ett has continued
to increase its production capacity, hitting a high of 60,000
battery cells produced per week in September 2024. Currently,
Northvolt Ett has capacity to produce 300,000 batteries per year.
The Company has four projects under development: Revolt Ett battery
recycling facility in Skelleftea, Sweden; the gigafactory project
Northvolt Drei in Heide Germany; the Montreal, Quebec gigafactory
project Northvolt Six; and the lithium conversion plant Aurora
Lithium to be built in Stebubal, Portugal.
Northvolt Six is the Company's inaugural gigafactory project in
North America, strategically located near Montreal, Quebec. With
plans to become Canada's first fully-integrated battery
manufacturing plant, Northvolt Six will combine the production of
cathode active materials, battery cell assembly, and battery
recycling within a single site.
After leaving Tesla in 2015, Peter Carlsson and Paolo Cerruti
formally founded the Company in October 2016. Between January 2017
and January 2024, Northvolt raised over $8 billion in investments,
including support from the Swedish government and other European
governments. The Company used this crucial backing to expand
production capacity of Northvolt's battery cells and systems, scale
research and development activities at Northvolt Labs, and meet
increasing customer demand. As Northvolt grew, the Company sought
to expand both within Sweden and across the globe into Poland,
Norway, Germany, Canada, Portugal, and the United States.
In September 2019, Northvolt announced a strategic joint venture
with Volkswagen and later secured a $14 billion order for the
production of battery cells. In July 2020, the Company signed a
long-term supply agreement with BMW for battery cells produced at
Northvolt Ett.
As of the Petition Date, Northvolt had $5.84 billion in total
funded debt obligations, $5.66 billion of which is held by Debtor
entities.
Road to Chapter 11
Despite its many successes and strong foundation, in 2023,
Northvolt began to experience a series of challenges, including
delays at Northvolt Ett, an inability to satisfy certain customer
requirements, and a downturn in the electric vehicle industry. The
Company announced a strategic review of its business in early 2024
and shifted focus to Northvolt's core objective of large-scale
battery cell manufacturing. Northvolt determined that accelerating
production at Northvolt Ett and halting development efforts
elsewhere was crucial to the Company's future success.
To operate in such a capital-intensive environment, Northvolt
required significant investment. Northvolt received equity
investments from, among other parties, Volkswagen and Goldman Sachs
-- which are the two largest shareholders of Northvolt's parent
company Northvolt AB -- as well as entities affiliated with the
Company's founders and numerous commercial banks, pension funds,
and public institutions. In addition to equity investments, the
Company has raised considerable debt to support its operations and
growth. Among other debt investments, the Company's capital
structure includes approximately $3.8 billion in convertible
instruments at the Northvolt AB level and project financing in the
amount of approximately $1.6 billion secured on a first and second
lien basis at Northvolt Ett AB.
Northvolt's capital structure and business plan were premised on
the assumption that the electric vehicle industry would continue
its pattern of consistent growth. Indeed, the European electric
vehicle market had been growing at a record pace, fueled by strong
government support, increasingly strict emissions regulations, and
growing consumer interest in sustainable transportation. In 2023,
however, electric vehicle sales began slumping due to, among other
things, economic uncertainties and operational challenges, which
impacted battery manufacturers worldwide as customers cancelled
contracts, reduced orders, and renegotiated terms.
Notwithstanding this global downturn, established Asian
manufacturers continued scaling up production and pushing down
battery prices; this resulted in further stress on newer battery
manufacturers like Northvolt. Due in large part to these
challenges, Northvolt recorded a $1.2 billion net loss in 2023.
Northvolt quickly took action to navigate these challenges. To
protect its core business, the Company made the difficult decision
to streamline certain operations and narrow its focus to the
development of battery technology at Northvolt Labs and the
manufacturing of battery cells at Northvolt Ett. As the challenges
continued to mount, Northvolt recognized that additional liquidity
would be necessary to support its go-forward operations. As a
starting point, Northvolt turned to its existing shareholders to
secure a $154 million shareholder bridge facility in August 2024.
This bridge financing, though necessary, only provided temporary
liquidity support in light of the Company's high operational
costs.
Northvolt recognized the need for a more comprehensive business
plan and restructuring support. The Company engaged Teneo
Financial Advisory LTD and Teneo Capital LLC, as financial advisor
and Rothschild & Co., as investment banker in August 2024, as well
as Kirkland & Ellis LLP and Kirkland & Ellis International LLP, as
counsel in September 2024, to assess the Company's strategic
options and continue discussions with key constituencies. The
Company, with the assistance of its advisors, quickly deepened its
engagement with three key stakeholder groups -- shareholders,
lenders, and customers -- regarding near-term financing to bridge
to a longer-term recapitalization solution on an out-of-court
basis. The initiative -- known as the "stable platform" -- was
intended to provide a foundation on which the Company could execute
on its refined business plan. In October 2024, as negotiations
continued, the Company received the first tranche of funding under
the stable platform with the release of (a) $25 million from
Northvolt Ett AB's debt service reserve account and (b) $25 million
in unapplied existing shareholder bridge facility funds, which
enabled the Company to overcome an immediate-term liquidity wall.
Northvolt continued to engage with its key stakeholder groups.
But, as the Company's financial picture worsened and the attitudes
of certain key stakeholders changed, the stable platform framework
eventually proved unattainable. The Company again recalibrated its
approach and turned to potential in-court restructuring options.
Crucially, certain of the stakeholders involved in the stable
platform negotiations -- (a) Scania and (b) the Prepetition Secured
Lenders -- indicated that they may be willing to provide additional
financing to Northvolt in a chapter 11 process.
After hard-fought, arm's-length negotiations between the Company
and these stakeholders, the parties reached a deal for the
provision of postpetition financing and the use of cash collateral
to fund the initial phase of these chapter 11 cases. Specifically,
the parties agreed on the terms of (a) a $100 million
senior-secured, superpriority, multi-draw debtor-in-possession term
loan credit facility provided by Scania and (b) access to cash
collateral in the form of releases of (i) approximately $110
million from the Northvolt Ett debt service reserve account and
(ii) approximately $35 million from other of Northvolt Ett AB's
bank accounts.
However, Northvolt's liquidity picture has become dire. As of the
Petition Date, the Company has approximately $30 million of
available cash on hand, which can only support its operations for
approximately one week in the current operating environment. The
Company requires meaningful further investment to achieve a
comprehensive, value-maximizing recapitalization in support of its
long-term business plan. Northvolt will leave no stone unturned in
its efforts to save this industry-defining business.
Texas as Preferred Venue
Northvolt has no meaningful operations in the United States but
still opted to pursue a financial restructuring in Houston, Texas.
The Company previously acquired Cuberg, Inc., a U.S.-based battery
technology company, to establish a new advanced technology center
in Silicon Valley. Cuberg is a San Leandro, California-based
battery technology company incorporated in Delaware. But the
business is in the process of being wound down. Northvolt noted
that Cuberg has (a) two bank accounts held with JPMorgan Chase
Bank, N.A., in New York, New York, with an aggregate balance of
over $2.5 million, (b) approximately twenty remaining employees,
and (c) certain intellectual property assets.
Each of the nine Debtor entities that commenced the chapter 11
cases has property in the United States. Specifically, each Debtor
maintains a United States bank account with a balance of at least
$1,000. In addition, the Debtors have funded a retainer in the
amount of $250,000 to Texas counsel, Haynes and Boone LLP, which
retainer is being held in a client trust account in Texas.
Moreover, Debtors Cuberg, Inc., and Northvolt Systems AB8 have
business ties to the United States.
During the course of negotiations with the Debtors' key
stakeholders, and in light of the various locations throughout the
United States with connections to the Debtors, the parties
concluded that Texas was the preferred United States venue for
these chapter 11 cases. Consistent with that conclusion, the
Company established NV Texas, LLC on Nov. 18, 2024, and commenced
the chapter 11 cases to secure the requisite funding necessary to
meet critical payroll needs and ensure a smooth transition into
chapter 11.
Path Forward in Chapter 11
Through these chapter 11 cases, Northvolt endeavors to find one or
more long-term partners who will provide financial support to the
Company as it implements its go-forward business plan. The
Company's refined business plan contemplates a renewed focus on
Northvolt Ett -- which is operating with a line of sight to
increased capacity -- and Northvolt Drei and Northvolt Six --
well-funded and already-permitted projects with significant
government support that represent the cornerstone of Northvolt's
future strategic growth. To that end, the Company and its advisors
are engaged in a far-reaching search for one or more partners that
can provide (a) incremental debtor-in-possession financing to fund
the chapter 11 cases to completion and (b) exit financing to launch
Northvolt on a path to long-term sustainability and growth.
The Company, with the assistance of Rothschild, has commenced a
comprehensive marketing process and is currently engaging with
existing stakeholders and new potential strategic and financial
investors. Any and all interested parties, regardless of their
desired transaction type, are encouraged to contact Rothschild as
soon as possible and submit proposals by early December.
Rothschild intends to carry out a flexible marketing process to
maximize value for the benefit of all stakeholders. In parallel,
to the extent that these efforts are unsuccessful, the Company will
assess potential opportunities for a sale of some or all assets and
has engaged Hilco Global to assist with an orderly liquidation
process if necessary.
In addition, on a prepetition basis, the Company substantially
advanced a sale process for certain assets owned by Debtors
Northvolt Systems AB, Northvolt Poland sp. z o.o., and Northvolt
Revolt AB that are not contemplated as part of its go-forward
business plan.
The Company intends to consummate these sales during the course of
the chapter 11 cases, which will further its goal of streamlining
operations and bolstering its liquidity position.
Finally, to ensure enhanced corporate governance in this next
crucial phase, Northvolt determined that it was in the best
interests of the Company and its stakeholders to appoint two
independent and disinterested directors with meaningful experience
navigating similar distressed situations. Northvolt Ett AB
appointed Paul O'Donnell to its board of directors, and, in the
near term, Northvolt AB will appoint Stefan Selig, who is currently
serving as an advisor to its board of directors.
About Northvolt
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 Advokatbyra AB are serving as legal counsel.
The company has also engaged Rothschild & Co to run its marketing
process. Stretto is the claims agent.
NOVABAY PHARMACEUTICALS: Posts $1.2 Million Net Loss in Fiscal Q3
-----------------------------------------------------------------
NovaBay Pharmaceuticals, Inc. filed with the U.S. Securities and
Exchange Commission its Quarterly Report on Form 10-Q reporting a
net loss of $1.2 million on $2.4 million of total net sales for the
three months ended September 30, 2024, compared to a net loss of
$1.8 million on $2.5 million of total net sales for the three
months ended September 30, 2023.
For the nine months ended September 30, 2024, the Company reported
a net loss of $6 million on $7.4 million of total net sales,
compared to a net loss of $5.5 million on $8.3 million of total net
sales for the same period in 2023.
As of September 30, 2024, the Company had $3.9 million in total
assets, $2.8 million in total liabilities, and $1.1 in total
stockholders' equity.
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/4vk27s64
About Novabay
Headquartered in Emeryville, California, NovaBay Pharmaceuticals,
Inc. -- http://www.novabay.com/-- develops and sells
scientifically created and clinically proven eyecare and skincare
products. The Company's leading product, Avenova Antimicrobial Lid
and Lash Solution, or Avenova Spray, is proven in laboratory
testing to have broad antimicrobial properties as it removes
foreign material, including microorganisms and debris, from the
skin around the eye, including the eyelid.
San Francisco, California-based WithumSmith+Brown, PC, the
Company's auditor since 2010, issued a "going concern"
qualification in its report dated March 26, 2024, citing that the
Company has sustained operating losses for the majority of its
corporate history and expects that its 2024 expenses will exceed
its 2024 revenues, as the Company continues to invest in its
commercialization efforts. Additionally, the Company expects to
continue incurring operating losses and negative cash flows until
revenues reach a level sufficient to support ongoing growth and
operations. Accordingly, the Company has determined that its
planned operations raise substantial doubt about its ability to
continue as a going concern.
Novabay Pharmaceuticals reported a net loss of $9.64 million for
the year ended Dec. 31, 2023, compared to a net loss of $10.61
million for the year ended Dec. 31, 2022.
NUVO GROUP: Enters Agreement with Nuvo Int'l for Bankruptcy Sale
----------------------------------------------------------------
Nuvo Group Ltd., the maker of Invu, a pregnancy monitoring device
recently named as one of Time Magazine's Best Inventions of 2024,
has entered into a binding term sheet with Nuvo Int'l Group Ltd.,
an acquisition company funded by Kips Bay Select LP., and selected
Nuvo Int'l as the winning bidder at Nuvo's auction in its sale
process under Section 363 of the U.S. Bankruptcy Code. Nuvo Int'l
will acquire substantially all of the Company's assets and assume
certain of its liabilities for cash and non-cash consideration.
"The agreement with Nuvo Int'l marks a significant step in our
financial restructuring, and when consummated will allow us to
continue to deliver best-in-class pregnancy support to moms-to-be
and their doctors," said Rice Powell, CEO of Nuvo.
The U.S. Bankruptcy Court hearing to approve the sale is currently
scheduled for December 3, 2024. With Court approval, the
transaction is expected to close in the first week of December
2024.
Nuvo is advised in this matter by Hughes Hubbard & Reed LLP and
Morris Nichols Arsht & Tunnell LLP as legal counsel, Teneo Capital
LLC as financial advisor, and Intrepid Investment Bankers LLC as
investment banker.
About Holdco Nuvo Group DG Ltd.
Holdco Nuvo Group DG Ltd. is a Tel Aviv-based firm that sells
monitoring devices for babies' heart rates.
Holdco Nuvo Group DG Ltd. sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-11881) on August
22, 2024. In its petition, it listed $3.5 million in assets and
$39.4 million in debt.
The Debtor is represented by:
Derek C. Abbott, Esq.
Morris, Nichols, Arsht & Tunnell
Yigal Alon 94
Tower 1
Tel Aviv 6789155
OFFICE PROPERTIES: Invesco Ltd Holds 3.3% Equity Stake
------------------------------------------------------
Invesco Ltd. disclosed in a Schedule 13G/A filed with the U.S.
Securities and Exchange Commission that as of September 30, 2024,
in its capacity as a parent holding company to its investment
advisers, may be deemed to beneficially own 1,761,940 shares of
Office Properties Income Trust which are held of record by clients
of Invesco Ltd, representing 3.3% of the shares outstanding.
A full-text copy of Invesco Ltd's SEC Report is available at:
https://tinyurl.com/mrdpyf66
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."
OUTLOOK THERAPEUTICS: Velan Entities Hold 3.1% Stake
----------------------------------------------------
Velan Capital Master Fund, LP disclosed in a Schedule 13G/A filed
with the U.S. Securities and Exchange Commission that as of
September 30, 2024, it and its affiliates -- Velan Capital Holdings
LLC, Velan Capital Investment Management LP, Velan Capital
Management LLC, and Managing members Adam Morgan and Balaji
Venkataraman -- beneficially owned 750,000 shares of Outlook
Therapeutics, Inc.'s common stock issuable upon the exercise of the
Warrants, representing 3.1% of the 23,655,636 Shares outstanding as
of August 12, 2024, as disclosed in Outlook's Quarterly Report on
Form 10-Q filed with the Securities and Exchange Commission on
August 14, 2024, plus the Shares underlying the Warrants that may
be exercised by the Reporting Persons.
A full-text copy of Velan Capital's SEC Report is available at:
https://tinyurl.com/ydba42zf
About Outlook Therapeutics
Outlook Therapeutics, Inc., formerly known as Oncobiologics, Inc.
-- http://www.outlooktherapeutics.com-- is a biopharmaceutical
company working to launch the first ophthalmic formulation of
bevacizumab approved by the U.S. Food and Drug Administration for
use in retinal indications. The Company's goal is to launch
directly in the United States as the first and only approved
ophthalmic bevacizumab for the treatment of wet age-related macular
degeneration, or wet AMD, diabetic macular edema, or DME, and
branch retinal vein occlusion, or BRVO. The Company's plans also
include seeking approval and launching the product in the United
Kingdom, Europe, Japan, and other markets, either directly or
through a strategic partner. If approved, the Company expects to
receive 12 years of regulatory exclusivity in the United States and
up to 10 years of market exclusivity in the European Union.
Philadelphia, Pennsylvania-based KPMG LLP, the Company's auditor
since 2015, issued a "going concern" qualification in its report
dated Dec. 22, 2023, citing that the Company has incurred recurring
losses and negative cash flows from operations and has an
accumulated deficit that raise substantial doubt about its ability
to continue as a going concern.
As of June 30, 2024, Outlook Therapeutics had $47.1 million in
total assets, $130.8 million in total liabilities, and $83.7
million in total stockholders' deficit.
OYA RENEWABLES: Hires SenaHill Securities as Investment Banker
--------------------------------------------------------------
OYA Renewables Development LLC and its affiliates seek approval
from the U.S. Bankruptcy Court for the District of Delaware to hire
SenaHill Securities LLC and SenaHill Advisors LLC as investment
banker.
The firm's services include:
a. contacting on behalf of the Debtors a targeted list of
potential buyers in connection with the Sale(s);
b. keeping the Debtors' independent manager and Chief
Restructuring Officer apprised of all significant developments
regarding the sale process and proposals relating to any Sale;
c. reviewing and updating, as necessary, all of the Debtors'
previously prepared internal presentation materials, including, as
applicable, investor scripts, teasers, CIM, indicative term
sheet(s), management presentations, and Q&A log(s);
d. reviewing and updating, as necessary, the Debtors' current
financial model to ensure alignment with the Debtors' objectives
for the Sale(s);
e. working collaboratively with the Debtors' other external
professionals, advisors, and consultants necessary to support the
Debtors during the Sale(s), including, but not limited to, the
Debtors' legal counsel and financial advisor;
f. supporting the Debtors' engagement of a third-party virtual
data room provider and managing the virtual data room on behalf of
the Debtors;
g. managing the Q&A log process and all Sale administrative
functions on behalf of the Debtors;
h. advising the Debtors concerning the financial aspects of
any written indication of interest, memorandum of understanding, or
similar proposal from any prospective party in respect of any Sale
and assisting the Debtors in identifying and evaluating any related
completion risks;
i. supporting the Debtors in the negotiation of all Sale
documentation;
j. supporting the Debtors in the financial closing process,
including preparation of the flow of funds; and
k. performing other tasks customarily included in the scope of
work of a sell-side financial advisor, as agreed to by the
parties.
The firm will be paid as follows:
a. Work Fee: Upon the execution of the SenaHill Engagement
Letter and every thirty calendar days thereafter, the Debtors will
owe a fixed work fee of $12,000 per month (the "Work Fee") through
the termination of the SenaHill Engagement Letter. The Work Fee
will be billed monthly in the first week after
the prior eligible month, and will be payable by the Debtors
promptly upon receipt of an invoice from SenaHill. Any Work Fee
owed and paid after the first two months will be applied and
credited against the Success Fee.
b. Success Fee: The Debtors agree to pay a fixed fee of
$125,000, payable upon the consummation of the Sale (the "Closing")
(such fee, the "Success Fee"); provided that, if more than one Sale
is completed, the Success Fee will be earned upon the Closing of
the last Sale.
c. Incentive Fee: The Debtors will also a pay a financial
advisory incentive fee of 22.5 bps on the portion of the total cash
purchase price paid to the Debtors on or before the Closing in
excess of $53,600,000, payable upon the Closing of the last Sale;
provided that, if more than one Sale is completed, the Incentive
Fee will be earned on the aggregate purchase price of each Sale in
total in excess of $53,600,000.
As disclosed in the court filing, SenaHill is a "disinterested
person" within the meaning of section 101(14) of the Bankruptcy
Code and as required by section 327(a) of the Bankruptcy Code.
The firm can be reached through:
Justin A. Brownhill
SenaHill Securities LLC
SenaHill Advisors LLC
45 Rockefeller Plaza, 35th Floor
New York, NY 10111
Tel: (212) 730-8544
About OYA Renewables
OYA Renewables Development LLC own a portfolio of operating solar
projects and projects in various stages of development in North
America. OYA also deliver distributed energy and smart long-term
renewable energy solutions to local communities.
OYA Renewables and seven its affiliates filed for bankruptcy
protection (Bankr. D. Del., Lead Case No. 24-12574) on November 6,
2024. In petition signed by John Shepherd as chief restructuring
officer, the Debtors reported $100 million to $500 million in
estimated assets and liabilities.
The Hon. Karen B. Owens presides over the cases.
Young Conway Stargatt & Taylor LLP serves the Debtors' local
bankruptcy counsel and Sisley Austin LLP serves as the general
bankruptcy counsel. Ankara Consulting Group, LLC acts as financial
advisor to the Debtors, while Agenis Capital Advisors and Senahill
Advisors LLC act as investment bankers to the Debtors. Kroll
Restructuring Administration LLC is the Debtors' notice and claims
agent.
OYA Renewables Development LLC own a portfolio of operating solar
projects and projects in various stages of development in North
America. OYA also deliver distributed energy and smart long-term
renewable energy solutions to local communities.
OYA Renewables and seven its affiliates filed for bankruptcy
protection (Bankr. D. Del., Lead Case No. 24-12574) on November 6,
2024. In petition signed by John Shepherd as chief restructuring
officer, the Debtors reported $100 million to $500 million in
estimated assets and liabilities.
The Hon. Karen B. Owens presides over the cases.
Young Conway Stargatt & Taylor LLP serves the Debtors' local
bankruptcy counsel and Sisley Austin LLP serves as the general
bankruptcy counsel. Ankara Consulting Group, LLC acts as financial
advisor to the Debtors, while Agenis Capital Advisors and Senahill
Advisors LLC act as investment bankers to the Debtors. Kroll
Restructuring Administration LLC is the Debtors' notice and claims
agent.
OYA RENEWABLES: Seeks to Hire Sidley Austin LLP as Legal Counsel
----------------------------------------------------------------
OYA Renewables Development LLC and its affiliates seek approval
from the U.S. Bankruptcy Court for the District of Delaware to hire
Sidley Austin LLP as attorneys.
The firm will render these services:
(a) provide legal advice with respect to the Debtors' powers
and duties as debtors in possession in the continued operation of
the Debtors' business;
(b) take all necessary action to protect and preserve the
Debtors' estates;
(c) prepare on behalf of the Debtors, as debtors in
possession, all necessary motions, applications, answers, orders,
reports, and other court filings and papers in connection with the
administration of the Debtors' estates;
(d) advise the Debtors concerning, and prepare responses to,
applications, motions, other pleadings, notices, and other papers
that may be filed by other parties in these Chapter 11 Cases;
(e) attend meetings and negotiate with representatives of
creditors and other parties in interest, attend court hearings, and
advise the Debtors on the conduct of their Chapter 11 cases;
(f) advise, negotiate, and assist with any sale or other
disposition of the Debtors' assets;
(g) prepare and refine on behalf of the Debtors a Chapter 11
plan, disclosure statement, and/or all related agreements and
documents necessary to facilitate an exit from these Chapter 11
Cases, take appropriate action on behalf of the Debtors to obtain
confirmation of such plan, and take such further actions as may be
required in connection with the implementation of such plan;
(h) provide legal advice and perform legal services with
respect to matters relating to corporate governance, the
interpretation, application or amendment of the Debtors'
organizational documents, material contracts, and matters involving
the Debtors with their officers, directors and managers;
(i) provide legal advice and legal services with respect to
litigation, tax, and other general legal issues for the Debtors to
the extent requested by the Debtors; and
(j) perform all other necessary legal services in connection
with the prosecution of these Chapter 11 Cases.
The firm will be paid at these rates:
In addition, the firm will be reimbursed for out-of-pocket expenses
incurred.
Prior to the petition date, the firm received $3,280,547.22 from
the Debtor as a retainer.
Duston K. McFaul, a partner of Sidley, disclosed in a court filing
that his firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code.
In accordance with Appendix B-Guidelines for reviewing fee
applications filed by attorneys in larger Chapter 11 cases, Sidley
Austin disclosed the following:
Question: Did Sidley agree to any variations from, or
alternatives to, Sidley's standard or customary billing
arrangements for this engagement?
Answer: Sidley did not agree to any variations from, or
alternatives to, its standard or customary billing arrangements for
this engagement.
Question: Do any of the Sidley professionals in this engagement
vary their rate based on the geographic location of the bankruptcy
case?
Answer: No. The hourly rates of the Sidley professionals
representing the Debtors are consistent with the rates that Sidley
charges other chapter 11 clients, regardless of the geographic
location of the chapter 11 case.
Question: If Sidley represented the Debtors in the 12 months
prepetition, disclose Sidley's billing rates and material financial
terms for the prepetition engagement, including any adjustments
during the 12 months prepetition. If Sidley's billing rates and
material financial terms have changed postpetition, explain the
difference and the reasons for the difference.
Answer: The billing rates and material financial terms of
Sidley's prepetition engagement by the Debtors are set forth in the
Application. Such billing rates are subject to periodic increases,
as set forth herein and in the Application, but other material
financial terms have not changed postpetition compared to services
provided to the Debtors prepetition.
Question: Have the Debtors approved Sidley's prospective budget
and staffing plan, and, if so, for what budget period?
Answer: Sidley, in conjunction with the Debtors and Ankura,
developed a DIP finance budget, which includes estimates for
staffing plans, and continues to develop budgets and staffing plans
for these Chapter 11 Cases for the period from the Petition Date to
and including February 2, 2025.
The firm can be reached at:
Duston McFaul, Esq.
SIDLEY AUSTIN LLP
1000 Louisiana Street, Suite 6000
Houston, TX 77002
Tel: (713) 495-4500
Fax: (713) 495-7799
Email: dmcfaul@sidley.com
About OYA Renewables
OYA Renewables Development LLC own a portfolio of operating solar
projects and projects in various stages of development in North
America. OYA also deliver distributed energy and smart long-term
renewable energy solutions to local communities.
OYA Renewables and seven its affiliates filed for bankruptcy
protection (Bankr. D. Del., Lead Case No. 24-12574) on November 6,
2024. In petition signed by John Shepherd as chief restructuring
officer, the Debtors reported $100 million to $500 million in
estimated assets and liabilities.
The Hon. Karen B. Owens presides over the cases.
Young Conway Stargatt & Taylor LLP serves the Debtors' local
bankruptcy counsel and Sisley Austin LLP serves as the general
bankruptcy counsel. Ankara Consulting Group, LLC acts as financial
advisor to the Debtors, while Agenis Capital Advisors and Senahill
Advisors LLC act as investment bankers to the Debtors. Kroll
Restructuring Administration LLC is the Debtors' notice and claims
agent.
OYA Renewables Development LLC own a portfolio of operating solar
projects and projects in various stages of development in North
America. OYA also deliver distributed energy and smart long-term
renewable energy solutions to local communities.
OYA Renewables and seven its affiliates filed for bankruptcy
protection (Bankr. D. Del., Lead Case No. 24-12574) on November 6,
2024. In petition signed by John Shepherd as chief restructuring
officer, the Debtors reported $100 million to $500 million in
estimated assets and liabilities.
The Hon. Karen B. Owens presides over the cases.
Young Conway Stargatt & Taylor LLP serves the Debtors' local
bankruptcy counsel and Sisley Austin LLP serves as the general
bankruptcy counsel. Ankara Consulting Group, LLC acts as financial
advisor to the Debtors, while Agenis Capital Advisors and Senahill
Advisors LLC act as investment bankers to the Debtors. Kroll
Restructuring Administration LLC is the Debtors' notice and claims
agent.
OYA RENEWABLES: Taps Agentis Capital Advisors as Investment Banker
------------------------------------------------------------------
OYA Renewables Development LLC and its affiliates seek approval
from the U.S. Bankruptcy Court for the District of Delaware to hire
Agentis Capital Advisors as investment banker.
The firm's services include:
a. contacting on behalf of the Debtors a targeted list of
potential buyers in connection with the Sale(s);
b. keeping the Debtors' independent manager and Chief
Restructuring Officer apprised of all significant developments
regarding the sale process and proposals relating to any Sale;
c. reviewing and updating, as necessary, all of the Debtors'
previously prepared internal presentation materials, including, as
applicable, investor scripts, teasers, CIM, indicative term
sheet(s), management presentations, and Q&A log(s);
d. reviewing and updating, as necessary, the Debtors' current
financial model to ensure alignment with the Debtors' objectives
for the Sale(s);
e. working collaboratively with the Debtors' other external
professionals, advisors, and consultants necessary to support the
Debtors during the Sale(s), including, but not limited to, the
Debtors' legal counsel and financial advisor;
f. supporting the Debtors' engagement of a third-party virtual
data room provider and managing the virtual data room on behalf of
the Debtors;
g. managing the Q&A log process and all Sale administrative
functions on behalf of the Debtors;
h. advising the Debtors concerning the financial aspects of
any written indication of interest, memorandum of understanding, or
similar proposal from any prospective party in respect of any Sale
and assisting the Debtors in identifying and evaluating any related
completion risks;
i. supporting the Debtors in the negotiation of all Sale
documentation;
j. supporting the Debtors in the financial closing process,
including preparation of the flow of funds; and
k. performing other tasks customarily included in the scope of
work of a sell-side financial advisor, as agreed to by the
parties.
The firm will be compensated as follows:
a. Work Fee: Upon the execution of the Agentis Engagement
Letter and every thirty calendar days thereafter, the Debtors will
owe a fixed work fee of $50,000 per month (the "Work Fee") through
the termination of the Agentis Engagement Letter. The Work Fee will
be billed monthly in the first week after the prior eligible month,
and will be payable by the Debtors promptly upon receipt of an
invoice from Agentis. Any Work Fee owed and paid after the first
two months will be applied and credited against the Success Fee.
b. Success Fee: The Debtors agree to pay a fixed fee of
$700,000, payable upon the consummation of the Sale (the "Closing")
(such fee, the "Success Fee"); provided that, if more than one Sale
is completed, the Success Fee will be earned upon the Closing of
the last Sale.
c. Incentive Fee: The Debtors will also a pay a financial
advisory incentive fee of 127.5 bps on the portion of the total
cash purchase price paid to the Debtors on or before the Closing in
excess of $53,600,000, payable upon the Closing of the last Sale
(the "Incentive Fee"); provided that, if more than one Sale is
completed, the Incentive Fee will be earned on the aggregate
purchase price of each Sale in total in excess of $53,600,000.
As disclosed in the court filing, Agentis is a "disinterested
person" within the meaning of section 101(14) of the Bankruptcy
Code.
The firm can be reached through:
Robert Van Belle
AGENTIS CAPITAL
999 West Hastings Street
17F and 18F
Vancouver, BC
V6C 2W2
Tel: (604) 687-1597
About OYA Renewables
OYA Renewables Development LLC own a portfolio of operating solar
projects and projects in various stages of development in North
America. OYA also deliver distributed energy and smart long-term
renewable energy solutions to local communities.
OYA Renewables and seven its affiliates filed for bankruptcy
protection (Bankr. D. Del., Lead Case No. 24-12574) on November 6,
2024. In petition signed by John Shepherd as chief restructuring
officer, the Debtors reported $100 million to $500 million in
estimated assets and liabilities.
The Hon. Karen B. Owens presides over the cases.
Young Conway Stargatt & Taylor LLP serves the Debtors' local
bankruptcy counsel and Sisley Austin LLP serves as the general
bankruptcy counsel. Ankara Consulting Group, LLC acts as financial
advisor to the Debtors, while Agenis Capital Advisors and Senahill
Advisors LLC act as investment bankers to the Debtors. Kroll
Restructuring Administration LLC is the Debtors' notice and claims
agent.
OYA Renewables Development LLC own a portfolio of operating solar
projects and projects in various stages of development in North
America. OYA also deliver distributed energy and smart long-term
renewable energy solutions to local communities.
OYA Renewables and seven its affiliates filed for bankruptcy
protection (Bankr. D. Del., Lead Case No. 24-12574) on November 6,
2024. In petition signed by John Shepherd as chief restructuring
officer, the Debtors reported $100 million to $500 million in
estimated assets and liabilities.
The Hon. Karen B. Owens presides over the cases.
Young Conway Stargatt & Taylor LLP serves the Debtors' local
bankruptcy counsel and Sisley Austin LLP serves as the general
bankruptcy counsel. Ankara Consulting Group, LLC acts as financial
advisor to the Debtors, while Agenis Capital Advisors and Senahill
Advisors LLC act as investment bankers to the Debtors. Kroll
Restructuring Administration LLC is the Debtors' notice and claims
agent.
OYA RENEWABLES: Taps John Shepherd of Ankura Consulting as CRO
--------------------------------------------------------------
OYA Renewables Development LLC and its affiliates seek approval
from the U.S. Bankruptcy Court for the District of Delaware to hire
Ankura Consulting Group, LLC as their restructuring advisor and
designate John Shepherd as their chief restructuring officer.
The firm will render these services:
a. provide John Shepherd as Chief Restructuring Officer and
other professionals as needed to support the scope of services;
b. perform general due diligence on the Debtors in order to
gain an understanding of the Debtors, capital structure,
contractual commitments and current situation;
c. review and modify the Debtors existing cash management
systems and cash flow forecasts, including updating or refining the
cash flow forecasts as needed, consistent with the reporting
requirements;
d. assist Debtors in producing financial analyses and
reporting for the lenders and other constituents;
e. report to the Independent Manager of the Debtors and work
closely with the Independent Manager in conducting Ankura's scope
of services;
f. review the Debtors existing business plans and financial
forecasts and to the extent necessary, assist in updating or
refining the plans and forecasts to take into account various
scenarios to pressure test the plan;
g. assist the Debtors in developing, evaluating and executing
various restructuring strategies, including assisting with
negotiation with creditors and other constituents, as requested;
h. assist the Debtors in contingency planning and
preparations, as may be requested by the Debtors;
i. assist the Debtors in the administration of its Chapter 11
Cases, including DIP financing and chapter 11 reporting, vendor
analysis and negotiations, witness testimony, and other transition
service workstreams, as may be requested by the Debtors;
j. assist and prepare the Debtors for asset sales pursuant to
section 363 of the Bankruptcy Code or other sale process as
requested by Debtors; and
k. perform such other professional services as may be
requested by the Debtors and agreed to by Ankura in writing.
Mr. Shepherd's monthly fixed fee for the role of CRO is $100,000.
Ankura's hourly rates are as follows:
Senior Managing Director $1,205 to $1,350
Managing Director $1,000 to $1,120
Director/Senior Director $685 to $945
Associate/Senior Associate $460 to $630
Paraprofessionals $360 to $415
The firm received a retainer in the amount of $32,200.
Mr. Shepherd, senior managing director at Ankura, disclosed in the
court filing that his firm is a "disinterested" person within the
meaning of 11 U.S.C. 101(14).
The firm can be reached through:
John Shepherd
Ankura Consulting Group, LLC
2 Houston Center,
909 Fannin Street, Suite 2450
Houston, TX 77010
Office: (713) 646-5000
Mobile: (713) 540-4931
Email: john.shepherd@ankura.com
About OYA Renewables
OYA Renewables Development LLC own a portfolio of operating solar
projects and projects in various stages of development in North
America. OYA also deliver distributed energy and smart long-term
renewable energy solutions to local communities.
OYA Renewables and seven its affiliates filed for bankruptcy
protection (Bankr. D. Del., Lead Case No. 24-12574) on November 6,
2024. In petition signed by John Shepherd as chief restructuring
officer, the Debtors reported $100 million to $500 million in
estimated assets and liabilities.
The Hon. Karen B. Owens presides over the cases.
Young Conway Stargatt & Taylor LLP serves the Debtors' local
bankruptcy counsel and Sisley Austin LLP serves as the general
bankruptcy counsel. Ankara Consulting Group, LLC acts as financial
advisor to the Debtors, while Agenis Capital Advisors and Senahill
Advisors LLC act as investment bankers to the Debtors. Kroll
Restructuring Administration LLC is the Debtors' notice and claims
agent.
OYA Renewables Development LLC own a portfolio of operating solar
projects and projects in various stages of development in North
America. OYA also deliver distributed energy and smart long-term
renewable energy solutions to local communities.
OYA Renewables and seven its affiliates filed for bankruptcy
protection (Bankr. D. Del., Lead Case No. 24-12574) on November 6,
2024. In petition signed by John Shepherd as chief restructuring
officer, the Debtors reported $100 million to $500 million in
estimated assets and liabilities.
The Hon. Karen B. Owens presides over the cases.
Young Conway Stargatt & Taylor LLP serves the Debtors' local
bankruptcy counsel and Sisley Austin LLP serves as the general
bankruptcy counsel. Ankara Consulting Group, LLC acts as financial
advisor to the Debtors, while Agenis Capital Advisors and Senahill
Advisors LLC act as investment bankers to the Debtors. Kroll
Restructuring Administration LLC is the Debtors' notice and claims
agent.
OYA RENEWABLES: Taps Kroll Restructuring as Administrative Advisor
------------------------------------------------------------------
OYA Renewables Development LLC and its affiliates seek approval
from the U.S. Bankruptcy Court for the District of Delaware to hire
Kroll Restructuring Administration LLC as administrative advisor.
The firm will render these services:
a. assist with, among other things, solicitation, balloting,
and tabulation of votes, and prepare any related reports, as
required in support of confirmation of a Chapter 11 plan, and in
connection with such services, process requests for documents from
parties in interest;
b. prepare an official ballot certification and, if necessary,
testify in support of the ballot tabulation results;
c. assist with the preparation of the Debtors' schedules of
assets and liabilities and statements of financial affairs and
gather data in conjunction therewith;
d. provide a confidential data room, if requested;
e. manage and coordinate any distributions pursuant to a
Chapter 11 plan; and
f. provide such other processing, solicitation, balloting, and
other administrative services described in the Engagement
Agreement, but not included in the Section 156(c) Application, as
may be requested from time to time by the Debtors, the Court, or
the Office of the Clerk of the Bankruptcy Court.
The firm will be paid at these rates:
Analyst $30 to $60 per hour
Technology Consultant $60 to $115 per hour
Consultant/Senior Consultant $65 to $195 per hour
Director $185 to $245 per hour
Solicitation Consultant $225 per hour
Director of Solicitation $250 per hour
Managing Director $275 per hour
Prior to the Petition Date, the Debtors provided Kroll an advance
in the amount of $50,000, which was received on Oct. 18, 2024. In
addition, on Nov. 1, 2024, Kroll received payment in the amount of
$25,000 for actual and/or estimated prepetition fees and expenses.
Benjamin Steele, a managing director at Kroll Restructuring
Administration, disclosed in a court filing that the firm is a
"disinterested person" as defined in Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Benjamin J. Steele
Kroll Restructuring Administration, LLC
55 East 52nd Street, 17th Floor
New York, NY 10055
Tel: (212) 593-1000
About OYA Renewables
OYA Renewables Development LLC own a portfolio of operating solar
projects and projects in various stages of development in North
America. OYA also deliver distributed energy and smart long-term
renewable energy solutions to local communities.
OYA Renewables and seven its affiliates filed for bankruptcy
protection (Bankr. D. Del., Lead Case No. 24-12574) on November 6,
2024. In petition signed by John Shepherd as chief restructuring
officer, the Debtors reported $100 million to $500 million in
estimated assets and liabilities.
The Hon. Karen B. Owens presides over the cases.
Young Conway Stargatt & Taylor LLP serves the Debtors' local
bankruptcy counsel and Sisley Austin LLP serves as the general
bankruptcy counsel. Ankara Consulting Group, LLC acts as financial
advisor to the Debtors, while Agenis Capital Advisors and Senahill
Advisors LLC act as investment bankers to the Debtors. Kroll
Restructuring Administration LLC is the Debtors' notice and claims
agent.
OYA Renewables Development LLC own a portfolio of operating solar
projects and projects in various stages of development in North
America. OYA also deliver distributed energy and smart long-term
renewable energy solutions to local communities.
OYA Renewables and seven its affiliates filed for bankruptcy
protection (Bankr. D. Del., Lead Case No. 24-12574) on November 6,
2024. In petition signed by John Shepherd as chief restructuring
officer, the Debtors reported $100 million to $500 million in
estimated assets and liabilities.
The Hon. Karen B. Owens presides over the cases.
Young Conway Stargatt & Taylor LLP serves the Debtors' local
bankruptcy counsel and Sisley Austin LLP serves as the general
bankruptcy counsel. Ankara Consulting Group, LLC acts as financial
advisor to the Debtors, while Agenis Capital Advisors and Senahill
Advisors LLC act as investment bankers to the Debtors. Kroll
Restructuring Administration LLC is the Debtors' notice and claims
agent.
OYA RENEWABLES: Taps Young Conaway Stargatt & Taylor as Co-Counsel
------------------------------------------------------------------
OYA Renewables Development LLC and its affiliates seek approval
from the U.S. Bankruptcy Court for the District of Delaware to hire
Young Conaway Stargatt & Taylor, LLP as co-counsel.
The firm's services include:
(a) providing legal advice with respect to the Debtors' powers
and duties as debtors in possession in the continued operation of
their business, management of their properties, and the potential
sale of their assets;
(b) preparing documents in connection with and pursuing
confirmation of a plan and approval of a disclosure statement;
(c) preparing, on behalf of the Debtors, necessary
applications, motions, answers, orders, reports, and other legal
papers;
(d) appearing in Court and protecting the interests of the
Debtors before the Court; and
(e) performing all other legal services for the Debtors that
may be necessary and proper in the Chapter 11 Cases.
The firm will be paid at these hourly rates:
Robert S. Brady, Partner $1,400
Edmon L. Morton, Partner $1,200
Kenneth J. Enos, Partner $995
Rebecca L. Lamb, Associate $530
Troy Bollman, Paralegal $375
Young Conaway received retainer payments in the amounts of $100,000
on Sep. 26, 2024, $38,904 on Oct. 18, 2024, and $25,000 on Nov. 1,
2024.
In addition, the firm will seek reimbursement for expenses
incurred.
In accordance with Appendix B-Guidelines for Reviewing Applications
for Compensation and Reimbursement of Expenses Filed under 11
U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, the
following is provided in response to the request for additional
information:
a. Young Conaway has not agreed to a variation of its standard
or customary billing arrangements for this engagement;
b. None of the firm's professionals included in this
engagement have varied their rate based on the geographic location
of these chapter 11 cases;
c. Young Conaway was retained by the Debtors pursuant to an
engagement agreement dated as of September 13, 2024. The billing
rates and material terms of the prepetition engagement are the same
as the rates and terms described in the application.
d. The Debtors will be approving a prospective budget and
staffing plan for Young Conaway's engagement for the postpetition
period as appropriate. In accordance with the U.S. Trustee
Guidelines, the budget may be amended as necessary to reflect
changed or unanticipated developments.
Edmon Morton, a partner in the law firm of Young Conaway, disclosed
in a court filing that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Edmon L. Morton, Esq.
Young Conaway Stargatt & Taylor, LLP
Rodney Square
1000 North King Street
Wilmington, DE 19801
Phone: (302) 571-6600
Email: emorton@ycst.com
About OYA Renewables
OYA Renewables Development LLC own a portfolio of operating solar
projects and projects in various stages of development in North
America. OYA also deliver distributed energy and smart long-term
renewable energy solutions to local communities.
OYA Renewables and seven its affiliates filed for bankruptcy
protection (Bankr. D. Del., Lead Case No. 24-12574) on November 6,
2024. In petition signed by John Shepherd as chief restructuring
officer, the Debtors reported $100 million to $500 million in
estimated assets and liabilities.
The Hon. Karen B. Owens presides over the cases.
Young Conway Stargatt & Taylor LLP serves the Debtors' local
bankruptcy counsel and Sisley Austin LLP serves as the general
bankruptcy counsel. Ankara Consulting Group, LLC acts as financial
advisor to the Debtors, while Agenis Capital Advisors and Senahill
Advisors LLC act as investment bankers to the Debtors. Kroll
Restructuring Administration LLC is the Debtors' notice and claims
agent.
OYA Renewables Development LLC own a portfolio of operating solar
projects and projects in various stages of development in North
America. OYA also deliver distributed energy and smart long-term
renewable energy solutions to local communities.
OYA Renewables and seven its affiliates filed for bankruptcy
protection (Bankr. D. Del., Lead Case No. 24-12574) on November 6,
2024. In petition signed by John Shepherd as chief restructuring
officer, the Debtors reported $100 million to $500 million in
estimated assets and liabilities.
The Hon. Karen B. Owens presides over the cases.
Young Conway Stargatt & Taylor LLP serves the Debtors' local
bankruptcy counsel and Sisley Austin LLP serves as the general
bankruptcy counsel. Ankara Consulting Group, LLC acts as financial
advisor to the Debtors, while Agenis Capital Advisors and Senahill
Advisors LLC act as investment bankers to the Debtors. Kroll
Restructuring Administration LLC is the Debtors' notice and claims
agent.
PAR THREE PROPERTIES: Taps Collins Vella Casello as Legal Counsel
-----------------------------------------------------------------
Par Three Properties Inc. seeks approval from the U.S. Bankruptcy
Court for the District of New Jersey to hire Collins, Vella &
Casello, LLC, as its legal counsel.
The firm will provide legal services in connection with the
Debtor's Chapter 11 case, which include assisting the Debtor in the
preparation of a plan of reorganization and examining its financial
affairs.
The firm's hourly rates are:
Joseph Casello, Esq. $500
Collins received a retainer in the amount of $10,000.
Collins is "disinterested" as defined in Section 101(14) of the
Bankruptcy Code, according to court filings.
The firm can be reached through:
Joseph M. Casello, Esq.
Collins, Vella & Casello, LLC
2317 Route 34 South, Suite 1A
Manasquan, NJ 08736
Tel: (732) 751-1766
Fax: (732) 751-1866
Email: jcasello@cvclaw.net
About Par Three Properties Inc.
Par Three Properties Inc. is an excavating contractor in
Morristown, New Jersey.
Par Three Properties Inc. sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 24-21111) on November
7, 2024. In the petition filed by Anthony D'Auria, as president,
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 Joseph M. Casello, Esq. at COLLINS,
VELLA & CASELLO, LLC.
PARKERVISION INC: MSL, P.A. Ceases To Be Auditor
------------------------------------------------
ParkerVision, Inc. disclosed in a Form 8-K Report filed with the
U.S. Securities and Exchange Commission that MSL, P.A., the
Company's independent registered public accounting firm, notified
the Audit Committee of the Company's board of directors and Company
management that MSL:
(i) entered into a transaction with Forvis Mazars, LLP,
whereby substantially all of the shareholders and employees of MSL
became partners and employees of Forvis Mazars effective November
1, 2024,
(ii) will no longer be providing accounting and auditing
services, and
(iii) will cease its services as the Company's accountants upon
completion of the review of the Company's Quarterly Report on Form
10-Q for the quarterly period ended September 30, 2024.
The Committee has commenced a search for a successor independent
registered public accounting firm.
The audit report of MSL on the consolidated financial statements of
the Company and its subsidiaries as of and for the years ended
December 31, 2022 and December 31, 2023 did not contain any adverse
opinion or disclaimer of opinion, nor was it qualified or modified
as to uncertainty, audit scope, or accounting principles, except
for the qualification related to the substantial doubt about the
Company's ability to continue as a going concern.
During the years ended December 31, 2022 and December 31, 2023 and
for the subsequent interim period through November 1, 2024, (i)
there were no disagreements with MSL on any matter of accounting
principles or practices, financial statement disclosure, or
auditing scope or procedure, which disagreements, if not resolved
to MSL's satisfaction, would have caused MSL to make reference to
the subject matter thereof in connection with its report for such
year and (ii) there were no reportable events as the term described
in Item 304(a)(1)(v) of Regulation S-K.
About ParkerVision
Jacksonville, Fla.-based ParkerVision, Inc., and its wholly-owned
German subsidiary, ParkerVision GmbH is in the business of
innovating fundamental wireless hardware technologies and products.
The Company has designed and developed proprietary RF technologies
and integrated circuits based on those technologies, and the
Company licenses its technologies to others for use in wireless
communication products.
Fort Lauderdale, Fla.-based MSL, P.A., the Company's auditor since
2019, issued a "going concern" qualification in its report dated
March 21, 2024, citing that the Company's current resources are not
sufficient to meet their liquidity needs for the next 12 months,
the Company has historically suffered recurring losses from
operations, and has a net capital deficiency that raise substantial
doubt about its ability to continue as a going concern.
As of March 31, 2024, the Company had $3.1 million in total assets,
$43.2 million in total liabilities, and total stockholders' deficit
of $40 million.
PINEAPPLE ENERGY: Rebrands to SUNation Energy
---------------------------------------------
Pineapple Energy Inc. held a Special Meeting of Shareholders during
which the Company's shareholders voted on three proposals. The
proposals presented at the Special Meeting are described in detail
in the Definitive Proxy Statement filed with the Securities and
Exchange Commission on October 10, 2024.
Of the 24,012,312 shares of Common Stock outstanding and entitled
to vote, including the portion of the shares of Series C Preferred
Stock voting on an as converted basis (subject to certain
limitations) at the Special Meeting, 12,360,601, or 51.47%, of the
outstanding and eligible shares, were present either in person or
by proxy. Holders of Common Stock voted one vote per share on all
matters properly brought before the Special Meeting. The holder of
the Series C Preferred Stock voted one vote per share on an as
converted basis with the Common Stock for only the Redomestication
Proposal. The Series C Preferred Stock was not entitled to vote on
any other matters. Holders of record of shares of Common Stock and
the Series C Preferred Stock voted on the Redomestication Proposal
as a single class.
Therefore, a total of (i) 24,012,312 votes were entitled to be cast
at the meeting with respect to the Redomestication Proposal, (ii)
15,488,161 votes were entitled to be cast at the meeting with
respect to the Name Change Proposal and the Adjournment Proposal.
The results for each of the proposals submitted to a vote of
shareholders at the Special Meeting are as follows:
Proposal 1: Redomestication Proposal
* The Company's shareholders approved the change of the state
of incorporation from Minnesota to Delaware.
Proposal 2: Name Change Proposal
* The Company's shareholders approved the change of the name of
the Company from Pineapple Energy Inc. to SUNation Energy Inc.
Proposal 3: Adjournment Proposal
* The Company's shareholders approved one or more adjournments
of the Special Meeting to a later date or dates to solicit
additional proxies if there are insufficient votes to approve any
of the proposals at the time of the Special Meeting. Since a quorum
was present for the transaction of business and there were
sufficient shares voted to approve Proposals 1 and 2, no
adjournment vote was sought and Proposal 3 was not moved forward.
About Pineapple Energy Inc.
Pineapple Energy Inc. is a growing domestic operator and
consolidator of residential and commercial solar, battery storage,
and grid services solutions. Its strategy is focused on acquiring,
integrating, and growing leading local and regional solar, storage,
and energy services companies nationwide. Pineapple is primarily
engaged in the sale, design, and installation of photovoltaic solar
energy systems and battery storage systems through its Hawaii-based
Hawaii Energy Connection and New York-based SUNation Solar Systems
entities.
Melville, N.Y.-based UHY LLP, the Company's auditor since 2023,
issued a "going concern" qualification in its report dated March
29, 2024, citing that the Company's current financial position and
the Company's forecasted future cash flows for 12 months beyond the
date of issuance of the financial statements indicate that the
Company will not have sufficient cash to make the first SUNation
earnout payment in the second quarter of 2024 or the first
principal payment of the Long-Term Note due on November 9, 2024,
factors which raise substantial doubt about the Company's ability
to continue as a going concern.
For the years ended December 31, 2023, and December 31, 2022,
Pineapple Energy reported net losses of $8.1 million and $10.4
million, respectively. As of June 30, 2024, Pineapple Energy had
$52,853,691 in total assets, $23,830,867 in total current
liabilities, $23,477,561 in total long-term liabilities,
$16,442,945 in mezzanine equity, and $10,897,682 in total
stockholders' deficit.
POTTSVILLE OPERATIONS: Margaret Barajas Appointed as PCO
--------------------------------------------------------
Andrew Vara, the U.S. Trustee for Regions 3 and 9, appointed
Margaret Barajas as patient care ombudsman for Pottsville
Operations, LLC and its affiliates.
The appointment was made pursuant to the order from the U.S.
Bankruptcy Court for the Western District of Pennsylvania on Nov.
1.
Section 333 of the Bankruptcy Code provides that Ms. Barajas, as
the patient care ombudsman, shall:
* Monitor the quality of patient care provided to patients of
the Debtors, to the extent necessary under the circumstances,
including, to the extent necessary, interviewing patients,
physicians, and other appropriate interested parties;
* In the event that the patient care ombudsman determines that
the quality of patient care provided to patients of the Debtors is
declining significantly or is otherwise being materially
compromised, file with the Court a motion or a written report with
notice to the parties in interest immediately upon making such
determination; and
* As required by Section 333(b)(2) of the Bankruptcy Code, not
later than 60 days after the date of appointment, and not less
frequently than at 60-day intervals thereafter, report to the Court
after notice to the parties in interest, at a hearing or in
writing, regarding the quality of patient care provided to patients
of the Debtors.
The ombudsman may be reached at:
Margaret Barajas
PA Long-Term Care Ombudsman | Ombudsman Office
Pennsylvania Department of Aging
555 Walnut St. 5th Floor
Harrisburg, PA 17101
Phone: (717) 783-7096 | Fax: (717) 772-3382
Email: mbarajas@pa.gov
About Pottsville Operations
Pottsville Operations LLC and its affiliates own and operates six
skilled nursing facilities in Pennsylvania. Collectively,
Pottsville has 925 beds across the six facilities, and 759
residents currently at the Facilities as of the Petition Date.
Pottsville acquired the facilities in May of 2021.
Pottsville Operations LLC and its 10 affiliates sought relief under
sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr.
W.D. Pa. Lead Case No. 24-70418) on Oct. 15, 2024. In the petition
signed by Neil Luria, as chief restructuring officer, Pottsville
reports estimated assets between $1 million and $10 million and
estimated liabilities between $10 million and $50 million.
Bankruptcy Judge Jeffery A Deller handles the cases.
The Debtors tapped Baker & Hostetler, LLP as general bankruptcy
counsel; and RAaines Feldman Littrell, LLP as local counsel. SOLIC
Capital Advisors LLC is serving as financial advisor, and Solic's
Neil Luria has been tapped as CRO of the Debtors. Stretto, Inc. is
the claims agent.
POWER SOLUTIONS: Reports $17.3 Million Net Income in Fiscal Q3
--------------------------------------------------------------
Power Solutions International, Inc. filed with the U.S. Securities
and Exchange Commission its Quarterly Report on Form 10-Q reporting
a net income of $17.3 million for the three months ended September
30, 2024, compared with a net income of $7.8 million for the three
months ended September 30, 2023.
For the nine months ended September 30, 2024, the Company reported
a net income of $46 million, compared with a net income of $17.9
million for the same period in 2023.
Dino Xykis, Chief Executive Officer, commented, "We continued to
deliver strong profit in the third quarter, driven by higher sales
from our power systems business, including contributions from the
expanding data center sector, along with ongoing operational
excellence. To meet growing customer demand, our team is actively
working on several projects to expand manufacturing capacity. The
Company also is committed to efficiently managing expenses,
including streamlining operating expenses and prioritizing certain
R&D investments in support of long-term growth objectives."
Kenneth Li, Chief Financial Officer, commented, "During the
quarter, we successfully completed the refinancing of our debt with
a new credit facility. This strategic facility provides access to
up to $120.0 million at a more competitive interest rate, enhancing
our financial flexibility. Additionally, the Company also entered
into a new shareholder's loan agreement with Weichai, which allows
the Company to borrow up to $105.0 million. These steps position us
to accelerate growth, improve operational performance, and optimize
our capital structure. As always, we remain committed to
identifying opportunities to grow profit and deliver increasing
value to our shareholders."
Net sales for the third quarter of 2024 were $125.8 million, an
increase of $10.0 million, or 9%, compared to the third quarter of
2023, as a result of higher sales of $23.7 million in the power
systems end market, offset by a decrease of $7.6 million and $6.2
million within the industrial and transportation end markets,
respectively. This shift in markets reflects the conscious
strategic prioritization towards higher growth markets such as data
centers as well as oil and gas products and away from more mature
markets such as truck and school bus. As part of the Company's
prioritization of the rapidly expanding Data Center sector, the
Company is focused on improving and increasing its manufacturing
capacity and capabilities to meet and exceed its customers'
evolving demand for its products. Decreased industrial end market
sales are primarily due to decreases in demand for products used
within the material handling and arbor care markets, as well as the
direct effects of enforcement of the Uyghur Forced Labor Prevention
Act, which limited the Company's ability to import certain raw
materials in early 2024.
Gross profit of $36.4 million increased by $8.5 million, or 31%,
during the third quarter of 2024 as compared to $27.9 million in
the same period in the prior year. Gross margin in the third
quarter of 2024 was 28.9%, an increase of 4.8 percentage points
compared to 24.1% in the same period last year, primarily due to
improved mix, pricing actions, higher operating efficiencies, and
lower warranty costs attributable to the Company's sales shift away
from some of its transportation customers.
Research and development expenses during the three months ended
September 30, 2024 and 2023 were $4.7 million and $4.8 million,
respectively.
Selling, general and administrative expenses of $11.0 million
increased $0.4 million, or 3%, during the third quarter of 2024 by
$0.4 million, or 3%, compared to the same period in the prior year,
due to higher executive compensation offset by lower legal
expenses.
Interest expense was $2.8 million in the third quarter of 2024 as
compared to $4.2 million in the same period in the prior year,
largely due to reduced outstanding debt, partially offset by higher
overall effective interest rates.
As of September 30, 2024, the Company had $339.1 million in total
assets, $297 million in total liabilities, and $42.1 million in
total shareholders' equity.
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/pdkmdrzu
About Power Solutions
Wood Dale, Ill.-based Power Solutions International, Inc.,
incorporated under the laws of the state of Delaware in 2011,
designs, engineers, manufactures, markets and sells a broad range
of advanced, emission-certified engines and power systems that are
powered by a wide variety of clean, alternative fuels, including
natural gas, propane, and biofuels, as well as gasoline and diesel
options, within the power systems, industrial and transportation
end markets. The Company manages the business as a single
reportable segment.
Chicago, Ill.-based BDO USA P.C., the Company's auditor since 2018,
issued a "going concern" qualification in its report dated March
14, 2024, citing that there are significant uncertainties that
exist about the Company's ability to refinance, extend, or repay
its outstanding indebtedness, maintain sufficient liquidity to fund
its business activities and maintain compliance with the covenants
and other requirements under the Company's debt arrangements. These
factors raise substantial doubt about the Company's ability to
continue as a going concern.
RAINBOW PRODUCTION: Hires Bayard PA as Bankruptcy Co-Counsel
------------------------------------------------------------
Rainbow Production Services, LLC and its affiliates seek approval
from the U.S. Bankruptcy Court for the District of Delaware to
employ Bayard, P.A. as bankruptcy co-counsel.
The firm's services include:
a. assisting the Debtors with preparation of all applications,
motions, answers, orders, reports, and other legal papers necessary
to the administration of the Debtors' estates;
b. negotiating, drafting, pursuing, and assisting the Debtors
in their preparation of all documents, reports, and papers
necessary for the administration of these Cases;
c. providing legal advice with respect to the powers and
duties of the Debtors as debtors in possession in these Cases in
the continued operation of its business and management of its
property, including with respect to a potential sale of the
Debtors' assets;
d. appearing in court and protecting the interests of the
Debtors before the Court in its capacity as bankruptcy co-counsel;
e. attending meetings and negotiating with representatives of
creditors, the U.S. Trustee, and other parties in interest;
f. performing all other legal services for the Debtors which
may be necessary and proper in this proceeding including, but not
limited to, advice in areas such as bankruptcy law, corporate law,
corporate governance, employment, transactional, litigation,
intellectual property, and other issues to the Debtors in
connection with the Debtors' ongoing business operations; and
g. performing all other services as may be required or deemed
necessary and in the best interests of the Debtors and their
estates in these Cases.
Bayard has advised the Debtors that its ordinary hourly rates range
from $400 to $1,250 per hour for attorneys and $250 to $350 per
hour for paraprofessionals. The primary attorneys and paralegal
that will work on this representation and their respective hourly
rates are as follows:
Ericka F. Johnson $795 per hour
Steven D. Adler $525 per hour
Ashly Riches $405 per hour
Rebecca Hudson (paralegal) $350 per hour
In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.
The Debtors paid retainer fees in the total amount of $90,000.
Ericka F. Johnson, Esq., a director at Bayard, disclosed in a court
filing that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Ericka F. Johnson, Esq.
Bayard, P.A.
600 N. King Street, Suite 400
P.O. Box 25130
Wilmington, DE 19899
Tel: (302) 429-4275
Fax: (302) 658-6395
Email: ejohnson@bayardlaw.com
About Rainbow Production Services
Rainbow Production Services, LLC and its affiliates sought Chapter
11 bankruptcy protection (Bankr. D. Del. Case No. 24-12564) on Nov.
4, 2024, listing up to $50 million in both assets and liabilities.
The Debtors tapped Bayard, PA and Levene, Neale, Bender, Yoo &
Golubchik LLP as counsel. Donlin, Recano & Company, Inc. is the
claims and noticing agent.
RAINBOW PRODUCTION: Taps Levene Neale Bender as Bankruptcy Counsel
------------------------------------------------------------------
Rainbow Production Services, LLC and its affiliates seek approval
from the U.S. Bankruptcy Court for the District of Delaware to
employ Levene, Neale, Bender, Yoo & Golubchik L.L.P. as lead
bankruptcy counsel.
The firm's services include:
a. advising the Debtor with regard to the requirements of the
Bankruptcy Court, Bankruptcy Code, Bankruptcy Rules and the UST as
they pertain to the Debtor and interacting with and cooperating
with the Subchapter V Trustee;
b. advising the Debtor with regard to certain rights and
remedies of its bankruptcy estate and the rights, claims and
interests of creditors;
c. representing the Debtor in any proceeding or hearing in the
Bankruptcy Court involving its estate unless the Debtor is
represented in such proceeding or hearing by other special
counsel;
d. conducting examinations of witnesses, claimants or adverse
parties and representing the Debtor in any adversary proceeding
except to the extent that any such adversary proceeding is in an
area outside of LNBYG's expertise or which is beyond LNBYG's
staffing capabilities;
e. preparing and assisting the Debtor in the preparation of
reports, applications, pleadings and orders including, but not
limited to, applications to employ professionals, interim
statements and operating reports, initial filing requirements,
schedules and statement of financial affairs, lease pleadings, cash
collateral pleadings, financing pleadings, and pleadings with
respect to the Debtor's use, sale or lease of property outside the
ordinary course of business;
f. representing the Debtor with regard to obtaining use of
debtor in possession financing and/or cash collateral including,
but not limited to, negotiating and seeking Bankruptcy Court
approval of any debtor in possession financing and/or cash
collateral pleading or stipulation and preparing any pleadings
relating to obtaining use of debtor in possession financing and/or
cash collateral;
g. assisting the Debtor in any asset sale process;
h. assisting the Debtor in the negotiation, formulation,
preparation and confirmation of a plan of reorganization and the
preparation and approval of a disclosure statement in respect of
the plan; and
i. performing any other services which may be appropriate in
LNBYG's representation of the Debtor during its bankruptcy case.
LNBYG's ordinary hourly rates range from $495 to $725 per hour for
attorneys and $300 per hour for paraprofessionals. The primary
attorneys that will work on this representation and their
respective hourly rates are as follows:
David L. Neale $725 per hour
Krikor J. Meshefejian $695 per hour
Robert M. Carrasco $495 per hour
In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.
The firm received from the Debtor a retainer of $432,999.75.
David Neale, Esq., a partner at Levene, disclosed in a court filing
that his firm is a "disinterested person" pursuant to Section
101(14) of the Bankruptcy Code.
The firm can be reached at:
David L. Neale, Esq.
Krikor J. Meshefejian, Esq.
2818 La Cienega Avenue
Los Angeles, CA 90034
Telephone: (310) 229-1234
Email: DLN@lnbyg.com
KJM@lnbyg.com
About Rainbow Production Services
Rainbow Production Services, LLC and its affiliates sought Chapter
11 bankruptcy protection (Bankr. D. Del. Case No. 24-12564) on Nov.
4, 2024, listing up to $50 million in both assets and liabilities.
The Debtors tapped Bayard, PA and Levene, Neale, Bender, Yoo &
Golubchik LLP as counsel. Donlin, Recano & Company, Inc. is the
claims and noticing agent.
RAINBOW PRODUCTION: Taps Roth Capital as Investment Banker
----------------------------------------------------------
Rainbow Production Services, LLC and its affiliates seek approval
from the U.S. Bankruptcy Court for the District of Delaware to
employ Roth Capital Partners, LLC as investment banker.
The firm will render these services:
(a) analyze the Debtors, their financial condition,
businesses, industries, and future operating prospects;
(b) conduct a marketing process, including creating marketing
materials and soliciting potential third-party investors or
acquirers, in order to assess the strategic options available to
the Company prior to or after the filing of plan of reorganization,
arrangement or proposal to creditors in connection with the Chapter
11 Cases;
(c) assist and advise the Debtors with analysis, evaluation
and execution of any potential Transaction under the Chapter 11
Cases; and
(d) such other investment banking services as may be mutually
agreed to from time to time between the Debtors and Roth.
The firm will be paid at these rates:
(a) Retainer. The Debtors agree to pay Roth a retainer of
$30,000 per month during the time of the engagement, with a maximum
amount not to exceed $100,000, and with a first payment of $50,000,
due upon the execution of the Engagement Letter.
(b) Section 363 Transaction Fee. In the event of a Transaction
during the Chapter 11 Cases, the Debtors shall pay to Roth a cash
fee of $50,000, payable at the closing of such Transaction.
The firm recieved a retainer in the amount of $20,000.
As disclosed in the court filing, Roth is a "disinterested person"
as defined in section 101(14) of the Bankruptcy Code, as modified
by section 1107(b) of the Bankruptcy Code.
The firm can be reached through:
Alex Stoyanov, CFA
Roth Capital Partners, LLC
888 San Clemente Drive, Suite 400
Newport Beach, CA 92660
Toll Free: (800) 678-9147
Direct: (949) 720-5700
About Rainbow Production Services
Rainbow Production Services, LLC and its affiliates sought Chapter
11 bankruptcy protection (Bankr. D. Del. Case No. 24-12564) on Nov.
4, 2024, listing up to $50 million in both assets and liabilities.
The Debtors tapped Bayard, PA and Levene, Neale, Bender, Yoo &
Golubchik LLP as counsel. Donlin, Recano & Company, Inc. is the
claims and noticing agent.
RAINBOW PRODUCTION: Taps Sullivan & Triggs as Special Counsel
-------------------------------------------------------------
Rainbow Production Services, LLC and its affiliates seek approval
from the U.S. Bankruptcy Court for the District of Delaware to
employ Sullivan & Triggs, LLP as special corporate counsel.
The firm's services include:
a. advising the Debtors with regard to general corporate
matters, including as they relate to corporate transactions by the
Debtors;
b. advising the Debtors and assisting the Debtors in
connection with maintaining corporate formalities, ensuring that
the Debtors and their officers and directors are satisfying their
applicable fiduciary duties, and to ensuring that the Debtors are
properly taking corporate action; and
c. performing any other services which may be appropriate in
Sullivan's representation of the Debtors as special corporate
counsel during their Cases.
The firm's ordinary hourly rates range from $425 to $800 per hour
for attorneys and $250 per hour for paraprofessionals. The primary
attorneys and paralegal that will work on this representation and
their respective hourly rates are as follows:
Brian Sullivan, Partner $800 per hour
Cary Berger, Senior Counsel $800 per hour
Zamzama Azizi, Associate $575 per hour
Michael Zara, Associate $425 per hour
Shella Anderson, Paralegal $250 per hour
The firm received a retainer in the amount of $17,070.75.
Cary Berger, senior counsel at Sullivan & Triggs, assured the court
that her firm is a "disinterested person" within the meaning of 11
U.S.C. 101(14).
The firm can be reached through:
Cary Berger, Esq.
Sullivan & Triggs, LLP
1230 Montana Avenue, Suite 201
Santa Monica, CA 90403
Direct: (310) 442-2335
Email: cberger@sullivantriggs.com
About Rainbow Production Services
Rainbow Production Services, LLC and its affiliates sought Chapter
11 bankruptcy protection (Bankr. D. Del. Case No. 24-12564) on Nov.
4, 2024, listing up to $50 million in both assets and liabilities.
The Debtors tapped Bayard, PA and Levene, Neale, Bender, Yoo &
Golubchik LLP as counsel. Donlin, Recano & Company, Inc. is the
claims and noticing agent.
RDB MANAGEMENT: Case Summary & Four Unsecured Creditors
-------------------------------------------------------
Debtor: RDB Management, LLC
DBA Amada Senior Care 235
4000 Crosslen Ln.
Colorado Springs, CO 80908
Business Description: The Debtor provides personalized in-home
care and is especially skilled in consulting
with families about Long-Term Care insurance
(LTCi) policies and identifying other
funding sources that cover the costs of
in-home care.
Chapter 11 Petition Date: November 22, 2024
Court: United States Bankruptcy Court
District of Colorado
Case No.: 24-16998
Judge: Hon. Michael E Romero
Debtor's Counsel: Keri L. Riley, Esq.
KUTNER BRINEN DICKEY RILEY PC
1660 Lincoln Street, Suite 1720
Denver, CO 80264
Tel: 303-832-2400
Email: klr@kutnerlaw.com
Total Assets: $201,342
Total Liabilities: $2,481,528
The petition was signed by Richard Babcock as manager.
A copy of the Debtor's four unsecured creditors is available for
free at PacerMonitor.com at:
https://www.pacermonitor.com/view/S73T5TI/RDB_Management_LLC__cobke-24-16998__0003.0.pdf?mcid=tGE4TAMA
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/SVCBELA/RDB_Management_LLC__cobke-24-16998__0001.0.pdf?mcid=tGE4TAMA
REDTAIL POWER: Case Summary & 17 Unsecured Creditors
----------------------------------------------------
Debtor: Redtail Power Equipment, LLC
11720 137th Drive NE
Lake Stevens, WA 98258
Chapter 11 Petition Date: November 22, 2024
Court: United States Bankruptcy Court
Western District of Washington
Case No.: 24-13004
Judge: Hon. Timothy W Dore
Debtor's Counsel: Thomas D. Neeleman, Esq.
NEELEMAN LAW GROUP, P.C.
1403 8th Street
Marysville, WA 98270
Tel: (425) 212-4800
Fax: (425) 212-4802
E-mail: courtmail@expresslaw.com
Total Assets: $2,156,173
Total Liabilities: $2,392,419
The petition was signed by Derick Williams as managing member.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 17 unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/324PZCI/Redtail_Power_Equipment_LLC__wawbke-24-13004__0001.0.pdf?mcid=tGE4TAMA
RG AVIATION: Case Summary & One Unsecured
-----------------------------------------
Debtor: RG Aviation LLC
3321 Regency Dr
Reading, PA 19608
Chapter 11 Petition Date: November 22, 2024
Court: United States Bankruptcy Court
Eastern District of Pennsylvania
Case No.: 24-14201
Judge: Hon. Patricia M Mayer
Debtor's Counsel: Shawn Lau, Esq.
LAU & ASSOCIATES PC
4228 Saint Lawrence Ave
Reading, PA 19606
Tel: (610) 370-2000
Email: shawn_lau@msn.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Rafael Guerrero as authorized
representative of the Debtor.
The Debtor listed Legacy Bank & Trust Company, P.O. Box 10088
Springfield, MO, 65804 as its sole unsecured creditor holding a
claim of $1,625,000.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/2GHCUFA/RG_Aviation_LLC__paebke-24-14201__0001.0.pdf?mcid=tGE4TAMA
RIC (AUSTIN): Hires Blackwell & Duncan as Special Tax Counsel
-------------------------------------------------------------
RIC (Austin), LLC seeks approval from the U.S. Bankruptcy Court for
the Western District of Texas to employ Blackwell & Duncan, PLLC,
as special tax counsel.
The firm's scope of work will involve expert consulting services to
assist the Debtor with assessments and analysis of its 2024 ad
valorem property taxes.
The firm will be paid at these rates:
Melinda D. Blackwell, Partner $415 per hour
Rick L. Duncan, Partner $415 per hour
Legal Assistants $205 per hour
As disclosed in the court filings, Blackwell & Duncan is a
"disinterested person" within the meaning of 11 U.S.C. 101(14).
The firm can be reached through:
Melinda D. Blackwell, Esq.
Blackwell & Duncan, PLLC
500 N. Central Expressway, Suite 427
Plano, TX 75074
Tel: (214) 380-2810
About RIC (Austin)
On March 12, 2024, Panache Development and Construction, Inc. filed
its involuntary petition under Chapter 7 (Bankr. W.D. Tex. Case No.
24-10264) on Mar. 12, 2024.
On September 9, 2024, the court entered its agreed order for relief
against RIC (Austin), LLC under Subchapter V of Chapter 11 of Title
11 of the United States Code.
Judge Christopher G. Bradley oversees the case.
The Debtor tapped Munsch Hardt Kopf & Harr P.C. as counsel, HMP
Advisory Holdings, LLC, doing business as Harney Partners, as
restructuring advisor, and O&L LP as special development
consultant.
ROTM LOFTS: Case Summary & Nine Unsecured Creditors
---------------------------------------------------
Debtor: The ROTM Lofts, LLC
100 Main Street
Saco ME 04072-3500
Chapter 11 Petition Date: November 21, 2024
Court: United States Bankruptcy Court
District of Maine
Case No.: 24-10257
Judge: Hon. Michael A Fagone
Debtor's Counsel: Adam Prescott, Esq.
BERNSTEIN SHUR SAWYER & NELSON, P.A.
100 Middle Street
P.O. Box 9729
Portland ME 04101
Tel: 207-774-1200
Email: aprescott@bernsteinshur.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Geoffrey Houghton as manager and
authorized party.
A full-text copy of the petition containing, among other items, a
list of the Debtor's nine unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/NYUQKDQ/The_ROTM_Lofts_LLC__mebke-24-10257__0001.0.pdf?mcid=tGE4TAMA
RPM EXPEDITE: Voluntary Chapter 11 Case Summary
-----------------------------------------------
Debtor: RPM Expedite USA LLC
5501 Sandshell Dr., Ste 221
Fort Worth, TX 76137
Business Description: RPM Expedite is part of the general freight
trucking industry.
Chapter 11 Petition Date: November 22, 2024
Court: United States Bankruptcy Court
Northern District of Texas
Case No.: 24-44345
Debtor's Counsel: Howard Marc Spector, Esq.
SPECTOR + COX PLLC
12770 Coit Rd. #850
Dallas TX 75251
Tel: (214) 365-5377
E-mail: hspector@spectorcox.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Eric Kunz as CEO.
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/WYNCOTI/RPM_Expedite_USA_LLC__txnbke-24-44345__0001.0.pdf?mcid=tGE4TAMA
RYKIN PUMP: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: Rykin Pump Company, Inc.
2333 N Jackson Ave
Odessa, TX 79761
Business Description: Rykin Pump specializes in service station
equipment, maintenance, and testing. The
Company is a distributor for some of the top
names in the industry, including Wayne,
Fill-Rite, and OPW.
Chapter 11 Petition Date: November 25, 2024
Court: United States Bankruptcy Court
Western District of Texas
Case No.: 24-70178
Judge: Hon. Shad Robinson
Debtor's Counsel: Max R. Tarbox, Esq.
TARBOX LAW, P.C.
2301 Broadway
Lubbock, TX 79401
Tel: (806) 686-4448
Fax: (806) 368-9785
E-mail: tami@tarboxlaw.com
Total Assets: $32,905,273
Total Liabilities: $8,148,987
The petition was signed by Amy Gayle Dennis as president.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/FRJOHMQ/Rykin_Pump_Company_Inc__txwbke-24-70178__0001.0.pdf?mcid=tGE4TAMA
List of Debtor's 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. Amy G Dennis Business Debt $500,000
51 Sunnygrove Dr
Odessa, TX 79761
2. Ascentium Capital Payment for $109,873
23970 Hwy 59 N Equipment
Kingwood, TX 77339 Never Delivered
3. Capital One Business $95,636
PO Box 60519 Credit Card
City of Industry, CA
91716-0519
4. Champion Laboratories, Inc. Business Debt $82,897
PO Box 780811
Philadelphia, PA
19178-0811
5. Chase Business Credit $102,500
PO Box 1423 Card
Charlotte, NC
28201-1423
6. EB Construction Business Debt $78,000
Services
1418 N Lincoln Ave
Odessa, TX 79762
7. EZ Mart No 2 Services Refund $65,880
701 N Oak Ave
Mineral Wells, TX
76067
8. EZ Mart No 3 Services Refund $65,880
816 S Oaks Ave
Mineral Wells, TX
76067
9. Fleet Response Business Debt $56,116
695 Boston Mills Road
Hudson, OH 44236
10. FLX Energy Services Claims Arising $1,225,000
12406 W Co Rd 100 From Lawsuit
Odessa, TX 79765
11. Ford Motor Credit $58,492
PO Box 650575
Dallas, TX
75265-0575
12. Fox Business Capital Business Loan $298,925
803 S 21st Street
Hollywood, FL
33020
13. Kay Brand Loan $120,000
3743 W Belmont
Phoenix, AZ 85051
14. Magallan Construction Business Debt $141,781
3400 Lipan Hwy
Granbury, TX 76048
15. NOV Energy Business Debt $67,307
Products and Services
PO Box 203682
Dallas, TX
75320-3682
16. Overton Funding Business Debt $597,903
33 SE 3rd Ave
Hallandale Beach,
FL 33009
17. Parkside Funding Loan $111,552
865 NJ-33 Business
3 Unit 192
Freehold, NJ 07728
18. Richard Rylee Business Debt $1,225,000
406 S Waco Ave
Weatherford, TX
76086
19. Rocket Capital NY LLC Loan $169,635
1250 E Hallandale
Beach Blvd Ste 505
Hallandale BEACH,
FL 33009
20. The Gorman Rupp Company Business Debt $63,839
29551 Network Place
Chicago, IL
60673-1295
SANUWAVE HEALTH: Reports $20.7 Million Net Loss in Fiscal Q3
------------------------------------------------------------
SANUWAVE Health, Inc. filed with the U.S. Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net loss
of $20.7 million on $9.4 million of revenues for the three months
ended September 30, 2024, compared to a net loss of $23.7 million
on $5 million of revenues for the three months ended September 30,
2023.
For the nine months ended September 30, 2024, the Company reported
a net loss of $18.6 million on $22.3 million of revenues, compared
to a net loss of $44 million on $13.4 million of revenues for the
same period in 2023.
As of September 30, 2024, the Company had $21.8 million in total
assets, $82.1 million in total liabilities, and $60.3 million in
total stockholders' deficit.
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/87mnf9jn
About SANUWAVE Health
Headquartered in Suwanee, Georgia, SANUWAVE Health, Inc.
(OTCQB:SNWV) -- http://www.SANUWAVE.com-- is an ultrasound and
shock wave technology company using patented systems of
noninvasive, high-energy, acoustic shock waves or low intensity and
non-contact ultrasound for regenerative medicine and other
applications. The Company's focus is regenerative medicine
utilizing noninvasive, acoustic shock waves or ultrasound to
produce a biological response resulting in the body healing itself
through the repair and regeneration of tissue, musculoskeletal, and
vascular structures. The Company's two primary systems are
UltraMIST and PACE. UltraMIST and PACE are the only two Food and
Drug Administration (FDA) approved directed energy systems for
wound healing.
New York, NY-based Marcum LLP, the Company's auditor since 2018,
issued a "going concern" qualification in its report dated March
21, 2024, citing that the Company has incurred recurring losses and
needs to raise additional funds to meet its obligations, sustain
its operations, and to resolve the events of default on the
Company's debt. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.
SANUWAVE Health reported a net loss of $25.81 million for the year
ended Dec. 31, 2023, compared to a net loss of $10.29 million for
the year ended Dec. 31, 2022.
SASSY C'S: Seeks to Hire Guidant Law as Bankruptcy Counsel
----------------------------------------------------------
Sassy C's, LLC seeks approval from the U.S. Bankruptcy Court for
the District of Arizona to hire Guidant Law, PLC to handle its
Chapter 11 case.
The firm will be paid at these hourly rates:
Attorneys $350 - $490
Paralegals $150 - $175
Paralegal Assistants $80 - $125
The firm represents no interest adverse to the Debtor or to the
estate on the matters upon which it is to be engaged.
The firm can be reached through:
D. Lamar Hawkins, Esq.
Guidant Law PLC
402 E. Southern Ave.
Tempe, AZ 85282
Telephone: (602) 888-9229
Facsimile: (480) 725-0087
Email: lamar@guidant.law
About SASSY C'S, LLC
Sassy C's, LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No.
24-09501) on Nov. 6, 2024, listing up to $50,000 in assets and
$500,001 to $1 million in liabilities.
Judge Madeleine C Wanslee presides over the case.
D. Lamar Hawkins, Esq. at Guidant Law represents the Debtor as
counsel.
SERIOUS FUN: Voluntary Chapter 11 Case Summary
----------------------------------------------
Debtor: Serious Fun After School, Inc.
d/b/a Serious Fun @ P.S. 17
f/d/b/a Serious Fun @ P.S. 84
d/b/a Serious Fun @ P.S. 85Q
d/b/a Serious Fun @ P.S. 150Q
f/d/b/a Serious Fun @ P.S. 166Q
28-07 Jackson Avenue, 8th Floor
Long Island City, NY 11101
Business Description: Serious Fun is a nonprofit organization
committed to providing engaging arts
enrichment programs with wrap around child
care for grades PreK-5.
Chapter 11 Petition Date: November 25, 2024
Court: United States Bankruptcy Court
Eastern District of New York
Case No.: 24-44951
Judge: Hon. Elizabeth S Stong
Debtor's Counsel: Avrum J. Rosen, Esq.
LAW OFFICES OF AVRUM J. ROSEN, PLLC
38 New St
Huntington, NY 11743-3327
Tel: 631-423-8527
Fax: 631-423-4536
E-mail: arosen@ajrlawny.com
Estimated Assets: $0 to $50,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Sylvia Sewell as executive director.
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/D7P2PQA/Serious_Fun_After_School_Inc__nyebke-24-44951__0001.0.pdf?mcid=tGE4TAMA
SGZ GROUP: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------
Debtor: SGZ Group, Inc.,
d/b/a Kendall Press
175 McClellan Highway
East Boston, MA 02128
Business Description: Kendall Press was founded in Kendall Square,
Cambridge, MA in 1986 as a commercial print
and sign company serving the Boston and
Cambridge community. Today, the Company has
evolved to become a full-service content
production company delivering printed and
digital media in support of marketing,
sales, and experiential initiatives to
leading businesses in the Boston region and
beyond.
Chapter 11 Petition Date: November 20, 2024
Court: United States Bankruptcy Court
District of Massachusetts
Case No.: 24-12330
Debtor's Counsel: David B. Madoff, Esq.
MADOFF & KHOURY LLP
124 Washington Street, Suite 202
Foxborough, MA 02035
Tel: 508-543-0040
Fax: 508-543-0020
E-mail: alston@mandkllp.com
Total Assets: $351,334
Total Liabilities: $1,397,764
The petition was signed by J. Edward Christopher as president.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/WE2FQFI/SGZ_Group_Inc_dba_Kendall_Press__mabke-24-12330__0001.0.pdf?mcid=tGE4TAMA
SINGH BROS TRUCKING: Case Summary & One Unsecured Creditor
----------------------------------------------------------
Debtor: Singh Bros Trucking LLC
1501 East Portland Avenue
Tacoma WA 98421
Business Description: Singh Bros Trucking LLC is part of the
general freight trucking industry.
Chapter 11 Petition Date: November 22, 2024
Court: United States Bankruptcy Court
Western District of Washington
Case No.: 24-42678
Debtor's Counsel: Jane E. Pearson, Esq.
POLSINELLI PC
1000 Second Avenue
Seattle WA 98104
Tel: 206-393-5415
Email: jane.pearson@polsinelli.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Chris Van Dyk as authorized
representative.
The Debtor listed All Track Transport U.S.A., Inc., located at
600 SESE Maritime Ave, Bldg 3, 120 Vancouver, WAWA 98661 as its
sole unsecured creditor.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/XDOJIIA/Singh_Bros_Trucking_LLC__wawbke-24-42678__0001.0.pdf?mcid=tGE4TAMA
SINGH BROS: Case Summary & One Unsecured Creditor
-------------------------------------------------
Debtor: Singh Bros Transport LLC
1501 East Portland Avenue
Tacoma WA 98421
Business Description: The Debtor is part of the general freight
trucking industry.
Chapter 11 Petition Date: November 22, 2024
Court: United States Bankruptcy Court
Western District of Washington
Case No.: 24-42676
Debtor's Counsel: Jane E. Pearson, Esq.
POLSINELLI PC
1000 Second Avenue
Seattle WA 98104
Tel: 206-393-5415
Email: jane.pearson@polsinelli.com
Estimated Assets: $0 to $50,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Chris Van Dyk as authorized
representative.
The Debtor listed All Track Transport U.S.A., Inc. located at
600 SESE Maritime Ave, Bldg 3, 120 Vancouver, WAWA 98661 as its
sole unsecured creditor.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/WTBQ44Y/Singh_Bros_Transport_LLC__wawbke-24-42676__0001.0.pdf?mcid=tGE4TAMA
SQRL SERVICE: Trustee Taps Cavazos Hendricks Poirot as Attorney
---------------------------------------------------------------
Anne Elizabeth Burns, Chapter 11 Trustee of SQRL Service Stations,
LLC, seeks approval from the U.S. Bankruptcy Court for the Northern
District of Texas to employ Cavazos Hendricks Poirot, PC as her
counsel.
The firm will render these services:
a. assist the trustee in the operation and disposition of
business and recommendation to the court;
b. advise and consult with the trustee concerning questions
arising in the administration of the Debtor's estate and the
trustee's rights and remedies with regard to the estate's assets
and the claims of creditors;
c. appear for, prosecute, defend and represent the trustee's
interest in suits arising in or related to the case;
d. assist in the preparation of legal papers; and
e. investigate what means may be necessary to preserve certain
property rights owned by the estate and take actions for the
preservation or liquidation of such assets.
Cavazos will be paid at these rates:
Attorneys $420 to $575 per hour
Paraprofessional $100 to 165 per hour
In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.
Charles Hendricks, Esq., a partner at Cavazos, disclosed in a court
filing that his firm is a "disinterested person" pursuant to
Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Charles B. Hendricks, Esq.
Cavazos Hendricks Poirot, P.C.
Suite 570, Founders Square
900 Jackson Street
Dallas, TX 75202
Tel: (214) 573-7322
Fax: (214) 573-7399
Email: chuckh@chfirm.com
About SQRL Service Stations
SQRL Service Stations, LLC, a convenience store chain, sought
relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.
Texas Case No. 24-32457) on August 16, 2024, with $10 million to
$50 million in assets and $1 billion to $10 billion in liabilities.
Jamal Hizam, managing member, signed the petition.
Judge Stacey G. Jernigan oversees the case.
The Debtor is represented by Joyce Lindauer, Esq., at Joyce W.
Lindauer Attorney, PLLC.
STEWARD HEALTH: Court Denies Bid to Appoint Tort Claimants Panel
----------------------------------------------------------------
Judge Christopher Lopez of the U.S. Bankruptcy Court for the
Southern District of Texas denied the appointment of an official
committee of tort claimants in the Chapter 11 case of Steward
Health Care System, LLC.
An ad hoc committee of personal injury claimants filed a motion
early last month, requesting the appointment of a tort claimants
committee to address their lack of representation in the company's
bankruptcy case.
The group criticized the official unsecured creditors committee for
not appropriately representing the interests of tort claimants.
About Steward Health Care
Steward Health Care System LLC owns and operates the largest
private physician-owned for-profit healthcare network in the U.S.
Headquartered in Dallas, Texas, Steward's operations include 31
hospitals in eight states, approximately 400 facility locations,
4,500 primary and specialty care physicians, 3,600 staffed beds,
and nearly 30,000 employees. Steward Health Care provides care to
more than two million patients annually.
Steward and 166 affiliated debtors filed a Chapter 11 petitions
(Bankr. S.D. Texas Lead Case No. 24-90213) on May 6, 2024, in the
U.S. Bankruptcy Court for the Southern District of Texas, and the
Honorable Christopher M. Lopez oversees the proceeding.
Weil, Gotshal & Manges LLP is serving as the Company's legal
counsel. AlixPartners, LLP is providing financial advisory services
to the Company, and John Castellano of AlixPartners is serving as
the Company's Chief Restructuring Officer. Lazard Freres & Co. LLC,
Leerink Partners LLC, and Cain Brothers, a division of KeyBanc
Capital Markets Inc. are providing investment banking services to
the Company. McDermott Will & Emery is special corporate and
regulatory counsel for the company. Kroll is the claims agent.
The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
committee is represented by Akin Gump Strauss Hauer & Feld, LLP.
STRONGHOLD CONSTRUCTION: Case Summary & 12 Unsecured Creditors
--------------------------------------------------------------
Debtor: Stronghold Construction Inc.
d/b/a Storm Guard
d/b/a Storm Guard of Appalachia
3105 Industrial Avenue
Suite 4
Johnson City, TN 37604
Business Description: The Debtor is a professional roofing and
restoration services provider serving
residential and commercial clients.
Chapter 11 Petition Date: November 21, 2024
Court: United States Bankruptcy Court
Western District of North Carolina
Case No.: 24-10199
Judge: Hon. George R Hodges
Debtor's Counsel: Michael L. Martinez, Esq.
GRIER WRIGHT MARTINEZ, PA
521 E. Morehead St., Suite 440
Charlotte, NC 28202
Tel: 704-332-0209
Fax: 704 332-0215
Email: mmartinez@grierlaw.com
Total Assets: $1,891,844
Total Liabilities: $2,241,228
The petition was signed by Lincoln Koontz as president.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 12 unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/6M55TRA/Stronghold_Construction_Inc__ncwbke-24-10199__0001.0.pdf?mcid=tGE4TAMA
STRONGHOLD CONSTRUCTION: Case Summary & 12 Unsecured Creditors
--------------------------------------------------------------
Debtor: Stronghold Construction Inc.
d/b/a Storm Guard
DBA Storm Guard of Appalachia
3105 Industrial Avenue
Suite 4
Johnson City, TN 37604
Business Description: The Debtor is a professional roofing and
restoration services provider.
Chapter 11 Petition Date: November 21, 2024
Court: United States Bankruptcy Court
Western District of North Carolina
Case No.: 24-31014
Judge: Hon. Ashley Austin Edwards
Debtor's Counsel: Michael L. Martinez, Esq.
GRIER WRIGHT MARTINEZ, PA
521 E. Morehead St., Suite 440
Charlotte, NC 28202
Tel: 704-332-0209
Fax: 704 332-0215
E-mail: mmartinez@grierlaw.com
Total Assets: $1,891,844
Total Liabilities: $2,241,228
The petition was signed by Lincoln Koontz as president.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 12 unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/PJAAKSI/Stronghold_Construction_Inc__ncwbke-24-31014__0001.0.pdf?mcid=tGE4TAMA
SUNPOWER CORP: Davis Polk Advises Administrative Agent, Lender
--------------------------------------------------------------
Davis Polk advised the administrative agent and lender under the
$295 million prepetition credit facility in connection with the
chapter 11 restructuring of SunPower Corporation and certain of its
subsidiaries.
In August 2024, SunPower initiated voluntary chapter 11 proceedings
in the United States Bankruptcy Court for the District of Delaware.
The first-lien lenders consented to the debtors' use of cash
collateral to fund the chapter 11 cases. Following a sale of
SunPower's main businesses to Complete Solaria, Inc, on October 18,
2024, the Bankruptcy Court confirmed an amended joint chapter 11
plan of reorganization for SunPower, which provided for the
monetization of SunPower's remaining assets and the distribution of
proceeds to creditors pursuant to an agreed plan of reorganization
that went effective on
November 14, 2024.
SunPower provided fully integrated solar, storage and home energy
solutions to customers primarily in the United States and Canada
through a range of hardware, software and financing options.
The Davis Polk restructuring team included partners Brian M.
Resnick and Angela M. Libby and associates Jarret Erickson and
James Nirappel. The finance team included partner Kenneth J.
Steinberg, counsel Benjamin Cheng and associate Meredith Liu.
Partner Patrick E. Sigmon and associates Yueyu Yang and Michael
Hsieh provided tax advice. All members of the Davis Polk team are
based in the New York office.
Davis Polk refers to Davis Polk & Wardwell LLP, a New York limited
liability partnership, and its associated entities.
About SunPower Corp.
Headquartered in Richmond, California, SunPower (NASDAQ: SPWR) --
https://www.sunpower.com/ -- is a residential solar, storage, and
energy services provider in North America. SunPower offers solar +
storage solutions that give customers control over electricity
consumption and resiliency during power outages while providing
cost savings to homeowners.
SunPower Corporation and nine of its affiliates sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del., Lead
Case No. 24-11649) on August 5, 2024. In the petition signed by
Matthew Henry as chief transformation officer, the Debtors
disclosed total assets of $1,219,276,283 and total debts of
$1,119,141,312 as of December 31, 2023.
The Debtors have engaged Richards, Layton & Finger, P.A., and
Kirkland & Ellis LP as bankruptcy counsel. Alvarez & Marsal North
America, LLC serves as financial advisor to the Debtors. Moelis &
Company LLC acts as investment banker to the Debtors, and Epiq
Systems Inc. acts as notice and claims agent.
TARGET GROUP: Reports $528,950 Net Loss in Fiscal Q3
----------------------------------------------------
Target Group Inc. filed with the U.S. Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net loss
of $528,950 on $541,113 of revenues for the three months ended
September 30, 2024, compared to a net loss of $356,812 on
$1,046,227 of revenues for the three months ended September 30,
2023.
For the nine months ended September 30, 2024, the Company reported
a net loss of $55,454 on $4,736,055 of revenues, compared to a net
loss of $138,705 on $1,805,211 of revenues for the same period in
2023.
As of September 30, 2024, the Company had $7,585,033 in total
assets, $14,581,694 in total liabilities, and $6,996,661 in total
stockholders' deficiency.
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/397n9wcx
About Target Group
Headquartered in Ontario, Canada, Target Group Inc. is engaged in
the cultivation, processing, and distribution of curated cannabis
products for the medical and adult-use recreational cannabis market
in Canada and, where legalized by state legislation, in the United
States. The Company is positioning itself with a core emphasis on
wholesale and co-packaging services to accommodate all
consumer-packaged goods intended for the sophisticated cannabis
market and consumer in Canada and internationally. This strategy
integrates cannabinoid research, analytical testing, product
development, and manufacturing.
Spokane, Washington-based Fruci & Associates II, PLLC, the
Company's auditor since 2017, issued a "going concern"
qualification in its report dated March 20, 2024, citing that the
Company has an accumulated deficit, net losses, and a working
capital deficit. These factors, among others, raise substantial
doubt about the Company's ability to continue as a going concern.
For the year ended December 31, 2023, Target Group reported a net
loss of $323,670, compared to a net loss of $4,520,064 for the year
ended December 31, 2022. As of June 30, 2024, Target Group had
$7.94 million in total assets, $14.33 million in total liabilities,
and a total stockholders' deficiency of $6.40 million.
TARRANT COUNTY: Seeks to Hire Butler Snow LLP as Legal Counsel
--------------------------------------------------------------
Tarrant County Senior Living Center, Inc. seeks approval from the
U.S. Bankruptcy Court for the Northern District of Texas to hire
Butler Snow LLP as counsel.
The firm will render these services:
(a) advise the Debtor of its rights, powers, and duties as a
debtor and debtor in- possession while operating and managing its
business and property under chapter 11 of the Bankruptcy Code;
(b) prepare on behalf of the Debtor all necessary and
appropriate applications, motions, proposed orders, other
pleadings, notices, schedules, and other documents, and review all
financial and other reports to be filed in this Chapter 11 Case;
(c) prepare on behalf of the Debtor all necessary and
appropriate applications, motions, proposed orders, other
pleadings, notices, schedules, and other documents, and review all
financial and other reports to be filed in this Chapter 11 Case;
(d) advise the Debtor concerning, and prepare responses to,
applications, motions, other pleadings, notices, and other papers
that may be filed by other parties in this Chapter 11 Case;
(e) advise the Debtor in connection with the Plan, Disclosure
Statement, and related transactional documents;
(f) assist the Debtor with respect to compliance with
applicable laws and governmental regulations; and
(g) provide certain non-bankruptcy services for the Debtor to
the extent requested by the Debtor and related to this chapter 11
estate.
The firm will be paid at these rates:
Adam Langley, Partner, Memphis $480 per hour
Candice Carson, Counsel, Dallas $520 per hour
Xan Flowers, Associate, Birmingham $430 per hour
Kenneth Groce, Associate, Memphis $340 per hour
As disclosed in the court filings, Butler Snow is a "disinterested
person," as defined in section 101(14) of the Bankruptcy Code and
as required by section 327(a) of the Bankruptcy Code.
The firm can be reached through:
Adam M. Langley, Esq,
Kenneth Groce, Esq.
BUTLER SNOW LLP
6075 Poplar Avenue, Suite500
Memphis, TN 38119
Tel: (901) 680-7200
Fax: (901) 680-7201
E-mail: adam.langley@butlersnow.com
kenneth.groce@butlersnow.com
About Tarrant County Senior Living Center
Incorporated in 2006, Stayton owns and operates a continuing care
retirement community in Fort Worth, Texas dedicated to giving its
residents a vibrant, active, and independent lifestyle. Stayton
offers its senior residents a continuum of care in a luxury
campus-style setting, providing living accommodations and related
health care and support services to a market of seniors aged 62 and
older.
Tarrant County Senior Living Center, Inc. filed its voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
N.D. Tex. Case No. 24-80068) on October 1, 2024, listing $100
million to $500 million in assets and $100 million to $500 million
in liabilities. The petition was signed by Jeff Gentry as SVP and
chief financial officer.
Judge Scott W Everett presides over the case.
Butler Snow LLP represents the Debtor as counsel.
TGI FRIDAY'S: U.S. Trustee Appoints Creditors' Committee
--------------------------------------------------------
The U.S. Trustee for Region 6 appointed an official committee to
represent unsecured creditors in the Chapter 11 cases of TGI
Friday's Inc. and its affiliates.
The committee members are:
1. PFG Customized Distribution
David Easton, Performance Foodservice Sr. Credit Manager
245 North Castle Heights
Lebanon, TN 37087
804-380-4005
david.easton@pfgc.com
2. Brookfield Properties Retail Inc.
Julie Minnick Bowden, Director of National Bankruptcies
350 N. Orleans Street, Suite 300
Chicago, IL 60654
312-213-9545
julie.bowden@bpretail.com
3. Woodbury Centre Partners, LLC
Mel Firer, Director of Real Estate Blueshine Capital
27 Robert Pitt Drive
Monsey, NY 10952
845-746-5114
mel@blueshinecapital.com
4. Zaliv, LLC
Alexander Spivak
64-31 108 Street #1010
Forest Hills, NY 11375
347-538-7424
commercialace@gmail.com
5. Simon Property Group, Inc.
Ronald Tucker, Vice President and Bankruptcy Counsel
225 West Washington Street
Indianapolis, IN 46204
317-263-2346
rtucker@simon.com
6. Active Media Services, Inc.
Nicholas Schretzman, Chief Legal Officer
One Bluehill Plaza, 9th Floor
Pearl River, NY 10965
(845) 732-8554
Nicholas.Schretzman@activeinternational.com
7. Benjamin Schick
Address Available Upon Request
310-266-8367
ben@schickconstruction.com
8. Alexandria Modugno on behalf of the WARN Act Plaintiffs
Address Available Upon Request
alexandria.modugno@gmail.com
9. PREIT Services, LLC
Christiana Uy, Vice President Legal
2005 Market Street, Suite 1120
Philadelphia, PA 19103
215-454-1249
uyc@preit.com
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent. They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.
About TGI Friday's
TGI Friday's Inc., doing business as Wow Bao, operates a chain of
restaurants. It provides appetizers, sizzlings, seafood, salads,
sandwiches, entres, desserts, and non-alcoholic and alcoholic
beverages. Wow Bao serves customers in the United States.
TGI Friday's filed Chapter 11 petition (Bankr. N.D. Texas Case No.
24-80069) on Nov. 2, 2024, with $100 million to $500 million in
both assets and liabilities.
Judge Stacey G. Jernigan oversees the case.
Holland N. O'Neil, Esq., at Foley & Lardner, LLP is the Debtor's
legal counsel.
TRI-CITY SERVICE: Case Summary & 10 Unsecured Creditors
-------------------------------------------------------
Debtor: Tri-City Service LLC
1411 Diggs Drive, Suite G
Raleigh, NC 27603
Chapter 11 Petition Date: November 21, 2024
Court: United States Bankruptcy Court
Eastern District of North Carolina
Case No.: 24-04063
Judge: Hon. Pamela W Mcafee
Debtor's Counsel: Jason L. Hendren, Esq.
HENDREN, REDWINE & MALONE, PLLC
4600 Marriott Drive
Suite 150
Raleigh, NC 27612
Tel: (919) 420-7867
Fax: (919) 420-0475
E-mail: jhendren@hendrenmalone.com
Estimated Assets: $0 to $50,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Yehia Hussein as manager.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 10 unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/S3ABOEI/Tri-City_Service_LLC__ncebke-24-04063__0001.0.pdf?mcid=tGE4TAMA
TRIARCH LLC: Seeks to Tap Abbasi Law Corporation as Legal Counsel
-----------------------------------------------------------------
TRIARCH LLC seeks approval from the U.S. Bankruptcy Court for the
Central District of California to hire Abbasi Law Corporation to
serve as legal counsel.
The firm's services include:
a. representing the Debtor at the initial interview;
b. representing the Debtor in meetings of creditors or any
continuance thereof;
c. representing the Debtor at all hearings before the bankruptcy
court;
d. preparing legal papers;
e. advising the Debtor, regarding matters of bankruptcy law,
including its rights and remedies with respect to its assets and
claims of its creditors;
f. representing the Debtor in all contested matters;
g. assisting the Debtor in the preparation of a disclosure
statement and the negotiation, preparation, and implementation of a
plan of reorganization;
h. analyzing claims that have been filed in the Debtor's
bankruptcy case;
i. negotiating with creditors regarding the amount and payment
of their claims;
j. objecting to claims if appropriate;
k. advising the Debtor with respect to its powers and duties in
the continued operation of its business;
l. providing counseling with respect to the general corporate,
securities, real estate, litigation, environmental, state
regulatory, and other legal matters which may arise during the
pendency of the case; and
m. performing all other legal services for the Debtor as may be
necessary except in adversary proceedings, which would require a
further written agreement.
The hourly rates charged by the firm for its services are as
follows:
Attorneys $400 per hour
Paralegals $60 per hour
Law Clerks $25 per hour
The firm will be paid a retainer in the amount of $7,500 and
reimbursed for out-of-pocket expenses incurred.
Matthew Abbasi, Esq., a partner at Abbasi Law Corporation,
disclosed in a court filing that his firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Matthew Abbasi, Esq.
Abbasi Law Corporation
6320 Canoga Ave., Suite 220
Woodland Hills, CA 91367
Tel: (310) 358-9341
Fax: (888) 709-5448
Email: matthew@malawgroup.com
About TRIARCH LLC
TRIARCH LLC sought protection for relief under Chapter 11 of the
Bankrutpcy Code (Bankr. C.D. Cal. Case No. 24-12642) lon Oct. 16,
2024, listing up to $50,000 in both assets and liabilities.
Judge Scott C Clarkson presides over the case.
Matthew Abbasi, Esq. at Abbasi Law Corporation represents the
Debtor as counsel.
ULTRA SAFE: U.S. Trustee Appoints Creditors' Committee
------------------------------------------------------
The U.S. Trustee for Region 3 appointed an official committee to
represent unsecured creditors in the Chapter 11 cases of Ultra Safe
Nuclear Corporation and its affiliates.
The committee members are:
1. MPR Associates, Inc.
Attn: Dennis J. Klein
320 King Street
Alexandria, VA 22314
Phone: (703) 519-0240
Email: DKlein@mpr.com
2. NAVTON Consulting Services, LLC
Attn: Walter M. Justice
825 Georgia Street
Key West, FL 33040
Phone: (423) 618-8283
Email: WMJustice@navton.net
3. EACL Consulting Services
Attn: John Chrobak
15 Allstate Parkway, Suite 102
Markham, Ontario, Canada L3R 5B4
Phone: (416) 567-0526
Email: John.Chrobak@eaclconsulting.com
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent. They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.
About Ultra Safe Nuclear
Ultra Safe Nuclear Corp. -- https://www.usnc.com/ -- is a
privately-owned provider of nuclear fuel and reactor components.
Ultra Safe Nuclear and its affiliates filed Chapter 11 petitions
(Bankr. D. Del. Lead Case No. 24-12443) on October 29, 2024, with
$10 million to $50 million in assets and $50 million to $100
million in liabilities. Kurt A. Terrani, the interim chief
executive officer, signed the petition.
The Debtors are represented by Elizabeth Soper Justison, Esq., at
Young Conaway Stargatt & Taylor, LLP.
UNDERGROUND CELLAR: Relaunches After Bankruptcy Under New Ownership
-------------------------------------------------------------------
Underground Cellar, the wine e-commerce platform once heralded for
its innovative "upgrade" model, relaunches today under the
ownership of Wine Country Connect, marking a transformative new
chapter for the brand with immediate shipping and enhanced customer
service.
David and George Studdert, co-founders of wine e-commerce pioneer
Wine Country Connect, have acquired the former startup and are
leading its revival. With nearly two decades of experience in wine
e-commerce and logistics, the Studderts are transforming the tech
startup into a trusted platform backed by their proven operational
expertise.
Underground Cellar initially set itself apart with its "upgrade"
format, where customers buying from themed collections could
receive higher-value wines at no extra cost. But troubles felled
the startup, and Underground Cellar declared bankruptcy in April
2023, leaving over 50,000 customers in turmoil and hundreds of
thousands of bottles in limbo.
From Fallout to Foundation: A Story of Resilience
Wine Country Connect's involvement with Underground Cellar began
earlier than its acquisition of the brand. In the wake of its
bankruptcy, Wine Country Connect was asked to step in and assist
with logistics, ensuring that customers received their long-awaited
bottles.
"It was a challenging time for the community, but we were struck by
how much customers still loved Underground Cellar," said Studdert.
"That's when we realized there was something worth
saving--something worth rebuilding. Underground Cellar brought
excitement and joy to wine discovery, and it deserves a second
chance"
Leading With Expertise
The Studdert brothers bring unmatched operational expertise to the
revived Underground Cellar. Wine Country Connect, their e-commerce
and logistics hub, connects over 500 wineries with a customer base
of over 16 million, providing essential support in marketing,
fulfillment, logistics, and customer service. With its proven
systems and processes, Underground Cellar is moving forward under
experienced ownership.
The Studderts' role in wine e-commerce began in 2006 with
Wine.Woot, the first daily wine deal site, launched as an extension
of Woot.com (founded in 2004). Though Wine.Woot no longer operates
after being acquired; this pioneering approach laid the groundwork
for today's wine deal models, including Underground Cellar.
Customer-First Innovations
"Wine Country Connect is introducing significant improvements to
Underground Cellar from day one," says Studdert. Most notably, all
wines will now ship to customers immediately after purchase. To
underscore this commitment, all shipments through the end of 2024
will automatically receive 2-day air at no extra charge.
An Opportunity for Wineries
"The upgrade model allows wineries to preserve brand integrity and
pricing because it doesn't rely on discounts to drive sales. Given
current market conditions, Underground Cellar's revival is a breath
of fresh air for many producers." Cameron Hughes, renowned
negociant, believes that Underground Cellar's relaunch will benefit
the wine industry in a big way.
"Premium and ultra-premium wine producers are eager for new sales
channels," says Hughes. "Underground Cellar is needed so wineries
can reach new customers in a setting that respects their brand and
pricing. I'm thrilled to see its revival under David and George
Studdert of Wine Country Connect, with whom I've worked with for
over a decade."
About Wine Country Connect
Founded in 2005 by David and George Studdert, Wine Country Connect
has pioneered direct-to-consumer sales for wineries and gourmet
brands, reshaping how they connect with customers online. Known for
launching Wine.Woot and partnering with leading e-commerce
platforms like Casemates, Rue Gilt Groupe, Reverse Wine Snob, and
Ship it Home USA, Wine Country Connect now supports several wine
and gourmet sites. With expertise in seamless fulfillment, they
connect nearly 16 million consumers to premium wine and gourmet
products, driving millions in annual sales and fostering strong
customer relationships. For more information, visit
www.winecountryconnect.com.
About Underground Cellar
Underground Enterprises, Inc., doing business as Underground
Cellar, is a San Francisco start-up founded by Jeffrey Shaw in
2013.
Underground Enterprises sought relief under Chapter 7 of the
Bankruptcy Code (Bankr. D. Del. Case No. 23-10553) on May 1, 2023.
In its petition, the Debtor reported over $25 million in debt and
$11 million in wine inventory.
The Debtor's counsel:
Eric M. Sutty
Armstrong Teasdale LLP
(302) 416-9671
esutty@atllp.com
UPTOWN DENTAL: Seeks to Hire Bennett Thrasher as Financial Advisor
------------------------------------------------------------------
Uptown Dental Solutions, PLLC seeks approval from the U.S.
Bankruptcy Court for the Northern District of Texas to hire Bennett
Thrasher, LLP as financial advisor.
The firm will render these services:
(a) assist in the review of financial related disclosures
required by the Court, including the Schedules of Assets and
Liabilities, the Statement of Financial Affairs and Monthly
Operating Reports;
(b) assist with the assessment and monitoring of the Debtor's
short term cash flow, liquidity, and operating results;
(c) assist with the review of the Debtor's potential
disposition or liquidation of both core and non-core assets (if
applicable);
(d) assist with review of any tax issues associated with, but
not limited to, claims/stock trading, preservation of net operating
losses, refunds due to the Debtor, plans of reorganization, and
assets sales;
(e) assist in the review of the claims reconciliation and
estimation process;
(f) assist in the review of other financial information
prepared by the Debtor, including but not limited to, cash flow
projections and budgets, business plans, cash receipts and
disbursement analysis, asset and liability analysis, and the
economic analysis of proposed transactions for which Court approval
is sought;
(g) attend meetings and assist in discussions with the Debtor,
banks, other secured lenders, the U.S. Trustee, other parties in
interest and professionals hired by the same, as requested;
(h) assist in the review and/or preparation of information and
analysis necessary for the confirmation of a plan and related
disclosure statement in this Chapter 11 Case;
(i) assist in the evaluation and analysis of avoidance
actions, including fraudulent conveyances and preferential
transfers;
(j) render such other general business consulting or such
other assist as the Debtor or its counsel may deem necessary that
are consistent with the role of a financial advisor and not
duplicative of services provided by other professionals in this
proceeding.
The firm will be paid at these rates:
Partners $325 per hour
Director $205 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Chris Lang, a partner at Bennett Thrasher, LLP, disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Chris Lang
Bennett Thrasher, LLP
5495 Belt Line Road, Suite 345
Dallas, TX 75254
Tel: (469) 936-7990
About Uptown Dental Solutions
Uptown Dental Solutions, PLLC is a full-service practice offering
comprehensive range of dental services including, cosmetic,
general, and family dentistry in Rockwall, Texas. It conducts
business under the name Lakeside Dental Solutions.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Texas Case No. 24-33352) on October
25, 2024, with $1 million to $10 million in both assets and
liabilities. Rashid Beirute-Prada, sole member, signed the
petition.
Brandon Tittle, Esq., at Tittle Law Group, PLLC, represents the
Debtor as bankruptcy counsel.
UPTOWN DENTAL: Seeks to Hire Tittle Law Group as Legal Counsel
--------------------------------------------------------------
Uptown Dental Solutions, PLLC seeks approval from the U.S.
Bankruptcy Court for the Northern District of Texas to hire Tittle
Law Group as counsel.
The firm will render these services:
(a) provide legal advice with respect to the Debtor's powers
and duties as debtor-in-possession in the continued operation of
its business and the management of its property;
(b) take all necessary action to protect and preserve the
Debtor's estate, including the prosecution of actions on behalf of
the Debtor, the defense of any actions commenced against the
Debtor, negotiations concerning litigation in which the Debtor is
involved, and objections to claims filed against the Debtor's
estate;
(c) prepare on behalf of the Debtor necessary motions,
answers, orders, reports, and other legal papers in connection with
the administration of its estate;
(d) assist the Debtor in preparing for and filing a plan of
reorganization at the earliest possible date;
(e) perform any and all other legal services for the Debtor in
connection with the Debtor's Chapter 11 Case; and
(f) perform such legal services as the Debtor may request with
respect to any matter, including, but not limited to, corporate
finance and governance, contracts, antitrust, labor, and tax.
The firm will be paid based upon its normal and usual hourly
billing rates. The firm will also be reimbursed for reasonable
out-of-pocket expenses incurred.
The firm received a retainer in the amount of $20,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Brandon J. Tittle, a partner at Tittle Law Group, PLLC, disclosed
in a court filing that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Brandon J. Tittle, Esq.
Tittle Law Group, PLLC
5465 Legacy Dr., Ste. 650
Plano, TX 75024
Tel: (972) 731-2590
Email: btittle@tittlelawgroup.com
About Uptown Dental Solutions
Uptown Dental Solutions, PLLC is a full-service practice offering
comprehensive range of dental services including, cosmetic,
general, and family dentistry in Rockwall, Texas. It conducts
business under the name Lakeside Dental Solutions.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Texas Case No. 24-33352) on October
25, 2024, with $1 million to $10 million in both assets and
liabilities. Rashid Beirute-Prada, sole member, signed the
petition.
Brandon Tittle, Esq., at Tittle Law Group, PLLC, represents the
Debtor as bankruptcy counsel.
VIALTO PARTNERS: Davis Polk Advises First-Lien Lenders
------------------------------------------------------
Davis Polk is advising an ad hoc group of first-lien term lenders
in connection with a recapitalization of Vialto Partners.
Through the recapitalization, Vialto is obtaining a $225 million
equity investment from its existing equity sponsor and a junior
lender, and is reducing its existing debt load by approximately
$700 million. As part of the transaction, Vialto has also agreed
with its first-lien lenders on modifications to the terms of its
underlying debt obligations. The transaction is expected to close
in the first quarter of 2025, subject to certain regulatory
approvals, definitive documentation and the satisfaction of other
customary closing conditions.
Vialto is a multinational provider of global mobility, tax and
immigration solutions.
The Davis Polk restructuring team includes partners Damian S.
Schaible and David Schiff, counsel Stephen D. Piraino and
associates Stephen Ford, Motty Rivkin and Kyle Kreider. The finance
team includes partners David Hahn and Nick Benham, counsel Andrei
Takhteyev and associate Kendra L. Sandidge. Members of the Davis
Polk team are based in the New York and London offices.
Davis Polk refers to Davis Polk & Wardwell LLP, a New York limited
liability partnership, and its associated entities.
VISION PAINTING: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Vision Painting & Decorating Services, Inc.
12000 South Marshfield Avenue
Calumet Park, IL 60827
Chapter 11 Petition Date: November 22, 2024
Court: United States Bankruptcy Court
Northern District of Illinois
Case No.: 24-17620
Judge: Hon. Janet S Baer
Debtor's Counsel: Gregory K. Stern, Esq.
GREGORY K. STERN, P.C.
53 West Jackson Boulevard
Suite 1442
Chicago, IL 60604
Tel: (312) 427-1558
Fax: (312) 427-1289
E-mail: greg@gregstern.com
Estimated Assets: $0 to $50,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Edward T. McKinnie, Jr. as president.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/GKKQRMQ/Vision_Painting__Decorating_Services__ilnbke-24-17620__0001.0.pdf?mcid=tGE4TAMA
VYAIRE MEDICAL: Data Modul Steps Down as Committee Member
---------------------------------------------------------
The U.S. Trustee for Region 3 disclosed in a court filing the
resignation of Data Modul, Inc. from the official committee of
unsecured creditors in the Chapter 11 cases of Vyaire Medical, Inc.
and its affiliates.
The remaining members of the committee are:
1. Sunmed Group Holdings, LLC (d/b/a AirLife)
Attn: Caitlin Anderson
2710 Northridge Drive NW
Grand Rapids, MI 49544
Phone: 310-902-1601
Email: canderson@myairlife.com
2. Zensar Technologies Inc.
Attn: Sasha Azar
2 Research Way
Princeton, NJ 08540
Email: legal@zensar.com
3. Cognizant Worldwide Ltd.
Attn: Jessica Watts
300 Frank W. Burr Blvd., Suite 36, 6th Floor
Teaneck, NJ 07666
Phone: 214-395-9070
Email: jessica.watts@cognizant.com
4. Presido
Attn: Jay Staples
One Penn Plaza, Suite 2501
New York, NY 10119
Phone: 770-582-7228
Email: jstaples@presido.com
5. Vizient, Inc.
Attn: Michael Clark
290 E. John Carpenter Fwy
Irving, TX 75062
Phone: 972-830-7866
Fax: 214-574-3786
Email: michael.clark@vizientinc.com
6. David M. Lewis Company
Attn: Stephanie Lopez
20750 Ventura Blvd., Suite 300
Woodland Hills, CA 91364
Phone: 888-957-3400
Email: slopez@dlcinc.com
About Vyaire Medical
Vyaire Medical, Inc., together with its direct and indirect
subsidiaries, is a global company focused on developing products
and providing related services for the diagnosis, treatment, and
monitoring of various cardiology, pulmonology, and respiratory
health conditions. With a 70-year history of pioneering breathing
technology, the integrated solutions offered by the company help
enable, enhance, and extend lives. Headquartered in Mettawa,
Illinois, Vyaire operates approximately 27 offices and
manufacturing facilities, and employs approximately 950 individuals
around the world. The company has a global reach, and Vyaire
products are available in more than 100 countries. Its customers
are the hospitals, health centers, and private practice facilities
delivering life-enhancing products and services to patients.
Vyaire Medical and its affiliates sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No.
24-11217) on June 9, 2024. In the petition signed by its chief
executive officer John Bibb, Vyaire Medical disclosed $100 million
to $500 million in assets and $500 million to $1 billion in
liabilities.
The Debtors tapped Kirkland & Ellis, LLP, Kirkland & Ellis
International, LLP and Cole Schotz, P.C. as restructuring counsels;
AlixPartners, LLP as financial advisor; PJT Partners, LP as
investment banker; and Omni Agent Solutions as notice and claims
agent and administrative advisor.
The U.S. Trustee for Region 3 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases.
WEEPING MARY: U.S. Trustee Unable to Appoint Committee
------------------------------------------------------
The U.S. Trustee for Region 4 disclosed in a court filing that no
official committee of unsecured creditors has been appointed in the
Chapter 11 case of Weeping Mary Bowling Green, SC.
About Weeping Mary Bowling Green
Weeping Mary Bowling Green, SC filed Chapter 11 petition (Bankr. D.
S.C. Case No. 24-03409) on Sept. 19, 2024, with $100,001 to
$500,000 in both assets and liabilities.
Judge Helen E. Burris oversees the case.
Robert Pohl, Esq., at Pohl Bankruptcy, LLC is the Debtor's legal
counsel.
WELLPATH HOLDINGS: Seeks to Tap Epiq as Claims and Noticing Agent
-----------------------------------------------------------------
Wellpath Holdings, Inc. seeks approval from the U.S. Bankruptcy
Court for the Eastern District of Michigan to hire Epiq Corporate
Restructuring, LLC as claims and noticing agent.
Epiq will oversee the distribution of notices and will assist in
the maintenance, processing, and docketing of proofs of claim filed
in the Chapter 11 cases of the Debtors.
The firm will be paid at these hourly rates:
Executive Vice President, Solicitation $195
Solicitation Consultant $195
Project Managers/Consultants/Directors $185 - $195
Case Managers $85 - $185
IT/Programming $65 - $85
In addition, the firm will seek reimbursement for expenses
incurred.
Prior to the petition date, Epiq received a retainer of $25,000
from the Debtor.
Morgan Willis, a senior consultant at Epiq, disclosed in a court
filing that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Morgan Willis
Epiq Corporate Restructuring, LLC
777 Third Avenue, 12th Floor
New York, NY 10017
Telephone: (646) 282-2532
About Wellpath Holdings
Wellpath Holdings, Inc. f/k/a CCS-CMGC Holdings, Inc. is a provider
of medical and mental healthcare in jails, prisons, and inpatient
and residential treatment facilities.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 24-90533) on
November 11, 2024, with $1 billion to $10 billion in assets and
liabilities. Timothy Dragelin, chief restructuring officer and
chief financial officer, signed the petitions.
The Debtor tapped Marcus A. Helt, Esq. at McDERMOTT WILL & EMERY
LLP as bankruptcy counsel; FTI CONSULTING, INC. as financial
advisor; and LAZARD FRERES & CO. LLC and MTS PARTNERS, LP as
investment bankers.
WIMPY'S CALIFORNIA: Case Summary & 16 Unsecured Creditors
---------------------------------------------------------
Debtor: Wimpy's California Delta Resort, LLC
13955 W. Walnut Grove Rd
Walnut Grove, CA 95690
Business Description: Wimpy's California is a Single Asset Real
Estate debtor (as defined in 11 U.S.C.
Section 101(51B)).
Chapter 11 Petition Date: November 23, 2024
Court: United States Bankruptcy Court
Eastern District of California
Case No.: 24-25338
Judge: Hon. Fredrick E Clement
Debtor's Counsel: Peter G. Macaluso, Esq.
LAW OFFICE OF PETER G. MACALUSO
7230 South Land Park Drive #127
Sacramento, CA 95831
Tel: 916-392-6591
Fax: 916-392-6590
Email: info@pmbankruptcy.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Nancy A. Goodie as president/50%
shareholder.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 16 unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/4KB6UBI/Wimpys_California_Delta_Resort__caebke-24-25338__0001.0.pdf?mcid=tGE4TAMA
ZACHRY INDUSTRIAL: Judge Dismisses $1.3B Explosion Class Lawsuits
-----------------------------------------------------------------
A U.S. bankruptcy judge has dismissed two lawsuits seeking damages
totaling $1.3 billion against Zachry Industrial Inc. (Zachry) and
its joint venture partners stemming from an explosion that damaged
Freeport LNG's (FLNG) Freeport, Texas facility in June 2022.
Allianz Global Risks US Insurance Co. and other insurers filed a
subrogation action against Zachry and its joint venture partners
Chiyoda International Corp. and CB&I LLC, claiming they caused the
explosion by failing to install proper safeguards that could have
alerted facility operators before the explosion. A nearly identical
action was filed in the name of FLNG Liquefaction, LLC, et al. on
behalf of a separate group of insurers regarding the same
incident.
Allianz and several insurers, including certain underwriters at
Lloyd's of London, Great Lakes Insurance SE, GuideOne National
Insurance Co. and Tokio Marine America Insurance Co. sought
reimbursement from Zachry and the other joint venture partners for
insurance payments they made to FLNG for its losses, including
profits lost while the facility was shut down for repairs.
In a Nov. 18 hearing on Zachry's motion to dismiss, Zachry argued
that when FLNG and its contractors entered engineering, procurement
and construction services contracts, they agreed to an extensive
set of risk-allocation provisions which included an obligation by
FLNG to obtain its own property insurance that would cover such
losses and contained a waiver of subrogation claims against the
contractor group, including Zachry.
The waiver of subrogation and release provisions in the applicable
construction contracts barred any claims against Zachry and the
contractors to the extent FLNG received payment for claims under
any insurance policies required by the contract.
Speaking on behalf of Zachry, attorney John Thomas told the court
that the risk allocations were essential to safeguarding EPC
contractors involved in constructing mega-projects like the
Freeport LNG facility, which generates billions of dollars in
profits annually for its owners. He emphasized in argument on
Monday, November 18, that the contracts were negotiated at arm's
length between sophisticated parties, with the disputed provisions
being "mutual," applying equally to both the project owner and the
contractors.
Mr. Thomas, a partner at Hicks Thomas LLP, further noted that these
mutual risk allocation provisions, including a waiver of
consequential damages and business interruption losses, formed the
fundamental consideration for the EPC contract and that the
insurance carriers stood in the shoes of FLNG for purposes of its
claims. He underscored that FLNG's own investigation attributed the
incident to "operator error," placing responsibility squarely on
FLNG, rather than on Zachry or its joint venture partners.
U.S. Bankruptcy Judge Marvin Isgur granted Zachry's motion to
dismiss, ruling that the contracts governing the contractor's
construction of the facility precluded the insurance carriers'
lawsuit and finding the insurers did not have standing to file suit
against Zachry. Zachry, which filed for Chapter 11 bankruptcy
protection in May, is represented by Mr. Thomas and Hicks Thomas
partners John Deis, Eric Grant and Cameron Pope and associates Ryan
Cordell and Sofia Burnett.
The cases are Allianz Global Risks US Insurance Co. et al. v.
Zachry Industrial Inc. et al., Adv. No. 24-03190 and FLNG
Liquefaction, LLC et al. v. Zachry Industrial Inc. et al., Adv. No.
24-03189 in the U.S. Bankruptcy Court for the Southern District of
Texas.
Founded in 1997, Texas-based Hicks Thomas LLP is a premier
litigation firm representing plaintiffs and defendants across the
nation. With offices in Houston, Austin, Beaumont, Amarillo, and
Sacramento, California, the firm provides in-depth experience in
cases involving oil and gas (upstream, midstream, and downstream),
construction, environmental, complex commercial, toxic tort,
construction, products liability, corporate governance, securities,
banking, insurance coverage, transportation, trade secrets, and
general business litigation. Learn more:
http://www.hicks-thomas.com.
About Zachry Holdings
Zachry Holdings, Inc., is the engineering, construction,
maintenance, turnaround and fabrication services offshoot of the
storied family-owned business that began as H.B. Zachry Company one
hundred years ago. The other offshoot, Zachry Construction, has
operated separately from Zachry Industrial since the two businesses
branched off from their common roots in 2008.
The Zachry Group provides engineering and construction services to
clients in the energy, chemicals, power, manufacturing, and
industrial sectors across North America.
Zachry Holdings and its affiliates sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No.
24-90377) on May 21, 2024, with $1 billion to $10 billion in assets
and liabilities.
James R. Old, general counsel, signed the petitions.
Judge Marvin Isgur presides over the case.
The Debtors tapped White & Case LLP as general bankruptcy counsel;
Susman Godfrey L.L.P. and Hicks Thomas, LLP as special litigation
counsel; and Kurtzman Carson Consultants as notice & claims agent.
ZANO INDUSTRIES: Hires DY Realty Group as Real Estate Broker
------------------------------------------------------------
Zano Industries, Inc. seeks approval from the U.S. Bankruptcy Court
for Eastern District of New York to employ DY Realty Group, LLC as
real estate broker.
The broker will market for sale the Debtor's property located at
20-35 130th Street, College Point, New York 11356.
The firm will render these services:
a. advise counsel as to market conditions and maximize the
value of the property for sale;
b. market and list the property for sale;
c. consult and advise with regard to negotiation of price and
term of potential sales;
d. provide other necessary broker services; and
e. provide appropriate reports and affidavits to the sales
process and ultimate purchaser.
The broker will receive a commission equal to 2 percent of the
sales price.
Matthew Diana, broker at DY Realty, disclosed in a court filing
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code.
The broker can be reached through:
Matthew Diana
DY Realty Group, LLC
36-36 33rd St Suite 503
Long Island City, NY 11106
Phone: (718) 729-7474
About Zano Industries
Zano Industries, Inc. filed its voluntary petition for protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case
No. 24-43903) on Sept. 19, 2024. In the petition signed by
Ferdinand Provenzano, president, the Debtor disclosed up to $50
million in assets and up to $10 million in liabilities.
Judge Nancy Hershey Lord oversees the case.
Ronald Terenzi, Esq., at Terenzi & Confusione, P.C. serves as the
Debtor's counsel.
ZANO INDUSTRIES: Seeks to Hire Rosedale & Drapala as Accountant
---------------------------------------------------------------
Zano Industries, Inc. seeks approval from the U.S. Bankruptcy Court
for Eastern District of New York to employ Rosedale & Drapala as
accountants.
The firm will render these services:
a. prepare monthly operating reports and cash flow statement
and other schedules;
b. perform routine tax returns preparation and negotiation
with NY State with an ongoing audit and inspection that were
commence prior to the filing date;
c. perform any other services requested by the committee and
attorneys;
d. assist the formation of a plan of reorganization; and
e. assist in the presentation of projections and peo-forma
financial data.
Edward Drapala, member of Rosedale & Drapala, assured the court
that his firm is a "disinterested person" within the meaning of 11
U.S.C. 101(14).
The firm can be reached through:
Edward Drapala, CPA
Rosedale & Drapala
2001 Grove St
Wantagh, NY 11793
Phone: (516) 783-1515
About Zano Industries
Zano Industries, Inc. filed its voluntary petition for protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case
No. 24-43903) on Sept. 19, 2024. In the petition signed by
Ferdinand Provenzano, president, the Debtor disclosed up to $50
million in assets and up to $10 million in liabilities.
Judge Nancy Hershey Lord oversees the case.
Ronald Terenzi, Esq., at Terenzi & Confusione, P.C. serves as the
Debtor's counsel.
[*] Four Prominent Restructuring Partners to Join Latham & Watkins
------------------------------------------------------------------
Latham & Watkins LLP1 announced that four prominent restructuring
partners will join the firm's New York office. The highly
accomplished partners, who have a wealth of experience advising on
many of the most complex and groundbreaking bankruptcy and
restructuring matters, will further strengthen Latham's premier
Restructuring & Special Situations Practice, significantly
expanding the firm's company- and creditor-side practices.
The partners joining are Ray Schrock, Candace Arthur, and Alexander
Welch from Weil, along with Andrew Parlen, who rejoins from Paul,
Weiss. Mr. Schrock will also serve as Global Chair of Latham's
Restructuring & Special Situations Practice. Mr. Parlen will serve
as Head of US Restructuring.
The partners bring significant experience in representing public
companies, financial institutions, private equity funds, portfolio
companies, investors, and creditors in US and international
restructurings and distressed financings. All four have advised on
sophisticated out-of-court restructurings, prepackaged and
prearranged Chapter 11 reorganizations, exit and
debtor-in-possession financings, and acquisitions of distressed
companies across multiple industries. Collectively, the partners'
extensive experience spans virtually every industry sector,
including: pharmaceuticals, industrials, power, exploration and
production services, retail, financial services, healthcare, and
homebuilding. They bring complementary practices that align well
with the firm's existing capabilities.
"We are delighted to welcome Ray, Candace, Alex, and Andrew to our
team," said Rich Trobman, Chair and Managing Partner of Latham &
Watkins. "They are exceptional lawyers and significant additions to
both our New York office and our Restructuring & Special Situations
Practice. We are committed to building the absolute best
restructuring firm in the world. Adding this outstanding group of
partners to our practice marks a significant step toward our
ambitious goals and, together with Latham's unmatched global
platform, delivers unparalleled value to our clients."
"Ray has a well-deserved reputation as one of the foremost
bankruptcy and restructuring lawyers in the United States and
globally. He is a tremendous leader who will bring extensive
experience to the role of Global Chair of the Restructuring &
Special Situations Practice, succeeding George Davis, who will
continue to bring a wealth of knowledge, experience, and leadership
to Latham for many years to come. We are immensely grateful to
George for his outstanding job leading the practice's expansion.
His strong leadership over many years has propelled our
restructuring practice to new heights," added Trobman.
Marc Jaffe, Office Managing Partner of Latham's New York office,
said: "The arrival of this accomplished group of partners is a
significant milestone for our practice in New York, the US, and
globally. They bring strong relationships with major companies and
sponsors, as well as impressive creditor-side expertise that will
enhance our practice. We are particularly excited about the synergy
between their experience and our market-leading private equity,
private credit, hybrid capital, and liability management
capabilities, as well as our vast public company practice. Their
arrival presents a unique opportunity to deepen our client
relationships and expand our service offerings."
"Ray, Candace, Alex, and Andrew have earned tremendous respect in
the market for their business judgment, competitive drive, and
track record," said George Davis, Global Chair of Latham's
Restructuring & Special Situations Practice. "They all will be
excellent additions to our team, contributing to the continued
growth and success of our practice. I am excited for their arrival
as we continue to build our preeminent practice in the US and
around the world to serve our clients."
This group of partners is the latest to join Latham's
market-leading Restructuring & Special Situations Practice,
following partner Joe Zujkowski, who joined the New York office in
August 2024. A talented practitioner with a stellar reputation in
the distressed world, Mr. Zujkowski brings significant experience
advising on complex restructurings for major creditors and creditor
groups across the capital structure.
Mr. Schrock received his JD from IIT Chicago-Kent College of Law
and BBA from Western Michigan University; Ms. Arthur received her
JD from Georgetown Law and BA from Yale University; Mr. Welch
received his JD from Bond University in Australia and BA from
Queen's University in Kingston, Ontario, Canada; and Mr. Parlen
received his JD from Harvard Law School and BA from University of
California, Berkeley.
About Latham & Watkins
Latham & Watkins -- https://www.lw.com/ -- delivers innovative
solutions to complex legal and business challenges around the
world. From a global platform, our lawyers advise clients on
market-shaping transactions, high-stakes litigation and trials, and
sophisticated regulatory matters. Latham is one of the world's
largest providers of pro bono services, steadfastly supports
initiatives designed to advance diversity within the firm and the
legal profession, and is committed to exploring and promoting
environmental sustainability.
Latham & Watkins operates worldwide as a limited liability
partnership organized under the laws of the State of Delaware (USA)
with affiliated limited liability partnerships conducting the
practice in France, Hong Kong, Italy, Singapore, and the United
Kingdom and as an affiliated partnership conducting the practice in
Japan. Latham & Watkins operates in Israel through a limited
liability company, in South Korea as a Foreign Legal Consultant
Office, and in Saudi Arabia through a limited liability company.
[*] Gaurav Malhotra Joins Alvarez & Marsal's Restructuring Practice
-------------------------------------------------------------------
Leading global professional services firm Alvarez & Marsal (A&M)
announced the hiring of Gaurav Malhotra within its North American
Commercial Restructuring practice as a Managing Director and
Executive Committee member.
Mr. Malhotra's appointment builds on the recent addition of
Managing Director Elan Ben-Avi and underscores the practice's
continued strategic plan for continuously expanding its talent and
leadership ranks to best serve clients navigating turnaround
complexities amidst market volatility.
Mr. Malhotra helps clients solve for wide ranging restructuring and
operational improvement concerns and works across multiple sectors,
including automotive, airlines, agriculture, construction &
engineering, education, energy, government, healthcare,
industrials, pharmaceuticals and transportation & logistics. Noted
for his expertise in executing strategic transformations and
liquidity enhancements, clients benefit from his experience in
leading multi-party negotiations, developing and optimizing cost
reduction and commercial pricing plans, and providing expert
testimony.
Jeff Stegenga, Managing Director and A&M's North American
Commercial Restructuring Leader, underscored Mr. Malhotra's
reputation for seeing turnaround challenges through the lens of
transformation opportunities, "Gaurav's joining our practice
strengthens our leadership team and further demonstrates A&M's
commitment to developing solutions and executing plans that create
value for our clients. He approaches restructuring from the vantage
of generating sustainable profitability. His track record of
identifying and nurturing talent, alongside his results-driven
mindset, align seamlessly with A&M's operational heritage and
senior-leader led engagement strategy."
Previously, Mr. Malhotra served as a partner at EY, where he led
that firm's US Restructuring Practice. During his tenure at EY, he
served as financial advisor to the Financial Oversight and
Management Board for Puerto Rico, aiding in the restructuring of
$70 billion in debt and $55 billion in pension obligations. Prior
to that he worked with Fortune 100 and middle-market clients on
in-court and out-of-court restructurings, serving as an advisor,
strategist, and transformation leader to its boards of directors
and C-suite members.
Mr. Malhotra commented, "A&M's integrated platform and history of
devising bespoke solutions to clients' unique concerns provides an
exceptional foundation for navigating complex restructuring
problems and negotiations across multiple sectors and geographies.
My commitment to driving change with practical, results-oriented
approaches that address today's challenges and anticipate future
needs, aligns perfectly with the Firm's value proposition."
Mr. Malhotra earned an MBA in Finance and Business Policy from Case
Western Reserve University. He is a Chartered Financial Analyst
(CFA) and a member of the Turnaround Management Association and the
American Bankruptcy Institute.
About Alvarez & Marsal
Founded in 1983, Alvarez & Marsal --
http://www.AlvarezandMarsal.com-- is a leading global professional
services firm. Renowned for its leadership, action and results,
Alvarez & Marsal provides advisory, business performance
improvement and turnaround management services, delivering
practical solutions to address clients' unique challenges. With a
world-wide network of experienced operators, world-class
consultants, former regulators and industry authorities, Alvarez &
Marsal helps corporates, boards, private equity firms, law firms
and government agencies drive transformation, mitigate risk and
unlock value at every stage of growth.
[*] Kevin Buttery Joins Pierson Ferdinand as Partner
----------------------------------------------------
Pierson Ferdinand LLP, one of the world's fastest-growing law firms
renowned for its commitment to client service excellence and
innovation, on Nov. 25 announced the appointment of Kevin M.
Buttery as Partner. Mr. Buttery joins PierFerd's Litigation
Department in Philadelphia from Am Law 100 firm Gordon Rees Scully
Mansukhani, LLP. He is licensed to practice in Pennsylvania and New
Jersey.
Mr. Buttery defends nursing home and assisted living facilities
against claims of negligence and regulatory violations; healthcare
providers in malpractice suits; and accounting firms and insurance
brokers against professional liability claims. He also represents
condominium associations in complex legal conflicts; assists with
bankruptcy and estate disputes; and handles personal injury defense
claims.
Using a practical and results-oriented approach, Mr. Buttery seeks
to minimize exposure and costs accrued to clients. Notable recent
accomplishments include: securing a summary judgment for clients in
an insurance broker malpractice claim stemming from an uninsured
physician's negligence; numerous no-cause findings on behalf of
client condominium associations before the New Jersey Division of
Civil Rights; and negotiating a favorable settlement in a
high-stakes matter pertaining to the death of a patient within 24
hours of admission to a nursing home.
Having previously worked in estate litigation and bankruptcy
proceedings -- including a year in India overseeing outsourcing
operations for a bankruptcy firm -- Mr. Buttery has developed a
specialty for insurance defense litigation and has an exemplary
track record of success in state and federal courts.
Mr. Buttery has supplemented his career in defense litigation with
a vast portfolio of pro bono work. At Rutgers University, his alma
mater, he gained a distinction for outstanding service in pro bono
matters after working on its 501(c)(3) charitable project and
income tax assistance program. He has also contributed to the
Philadelphia Volunteer Lawyers for the Arts and to Philadelphia
VIP's Divorce and Wills program.
Mr. Buttery holds a J.D. in Law from Rutgers Law School and a
bachelor's degree in Entertainment and Arts Management from Drexel
University.
Joel M. Ferdinand, Co-Chairman of Pierson Ferdinand, said: "Kevin
is a formidable advocate for clients. His dedicated and strategic
approach to litigation makes him a valuable asset to PierFerd --
and a great fit for the culture we have built here. It is a
pleasure to welcome him to the PierFerd family."
Mr. Buttery commented: "PierFerd is spearheading innovation in the
legal sector, and it is a great personal honor to be part of its
continued growth. Its commitment to providing first-class client
service is a perfect match for my conscientious approach to the
law, and I am excited to work with my new colleagues to meet the
insurance defense and other litigation needs of PierFerd's growing,
global client base."
About PierFerd
PierFerd is an international law firm serving clients globally from
over 20 markets. Pierson Ferdinand UK LLP is a limited liability
partnership registered in England, with registered number OC449880,
and is authorized and regulated by the Solicitors Regulation
Authority with registered number 8006801. PierFerd UK is connected
with its affiliate in the United States, Pierson Ferdinand LLP,
although they are two separate legal entities.
The word "partner" denotes a member of PierFerd UK or an employee
or consultant with equivalent standing and qualifications.
PierFerd's 180+ partners have extensive experience in practicing at
top global law firms, including Am Law-ranked, regional and
boutique law firms, in federal and state government, and senior
in-house counsel roles.
PierFerd's partners practice in over 80 practice areas including
corporate, employment, litigation, and intellectual property.
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts. The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
The Sunday TCR delivers securitization rating news from the week
then-ending.
TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.
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S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA.
Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante,
Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon,
Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and
Peter A. Chapman, Editors.
Copyright 2024. All rights reserved. ISSN: 1520-9474.
This material is copyrighted and any commercial use, resale or
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