/raid1/www/Hosts/bankrupt/TCR_Public/241203.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, December 3, 2024, Vol. 28, No. 337
Headlines
22ND CENTURY: Posts $3.8 Million Net Loss in Fiscal Q3
3422 W. CLARENDON: Taps Lewis Brisbois as Bankruptcy Counsel
5220 TROOST: Updates Community National Bank Secured Claim Pay
634 WILSON AVE: Files Amendment to Disclosure Statement
ACCURIDE CORP: Unsecured Creditors to Get 0% in Joint Plan
ACPRODUCTS HOLDINGS: $1.40BB Bank Debt Trades at 21% Discount
AEMETIS INC: Swings to $17.9 Million Net Loss in Fiscal Q3
AFTERSHOCK COMICS: Taps Rose Snyder & Jacobs LLP as Accountant
AKOUSTIS TECHNOLOGIES: The Vanguard Group Holds 2.24% Equity Stake
ALANIZ & HERNANDEZ: Unsecureds Will Get 100% of Claims over 5 Years
ALTICE USA: FMR LLC, Abigail Johnson Hold 7.6% of Class A Shares
AMERICAN MOTORHEAD: Seeks Chapter 11 Bankruptcy in California
AMERICAN TIRE: $1BB Bank Debt Trades at 73% Discount
AMTECH SYSTEMS: First Eagle Investment Holds 5.51% Equity Stake
API HOLDINGS III: $275.2MM Bank Debt Trades at 23% Discount
APPTECH PAYMENTS: Appeals Nasdaq Delisting Determination
ARCADIA BIOSCIENCES: Reports $1.6 Million Net Loss in Fiscal Q3
ASHFORD HOSPITALITY: Secures 90-Day Morgan Stanley Loan Forbearance
ATARA BIOTHERAPEUTICS: Net Loss Narrows to $21.9-Mil. in Fiscal Q3
AVALON GLOBOCARE: Posts $1.7 Million Net Loss in Fiscal Q3
AVALON PIMA: Seeks to Hire Allen Jones & Giles as Legal Counsel
BERRY CORP: FMR LLC Lowers Stake to 0.022% as of Sept. 30
BIEDERMANN MOTECH: Unsecured Creditors to Split $50K in Plan
BIOLINERX LTD: Gets 180-Day Extension to Regain Nasdaq Compliance
BLACKROCK AUTOMOTIVE: Hires Richard Feinsilver as Legal Counsel
BLUEBIRD BIO: The Goldman Sachs Holds 1.1% Equity Stake
BREAD FINANCIAL: Fitch Alters Outlook on 'BB-' IDR to Positive
BRIGHT MOUNTAIN: Posts $3.3 Million Net Loss in Fiscal Q3
BURGERFI INTERNATIONAL: Taps Liquor License Sales PA NJ as Broker
CAREMAX INC: Hires Stretto Inc. as Claims and Noticing Agent
CAROLINA CUSTOMIZED: Hires Buckmiller Boyette & Frost as Counsel
CARVANA CO: FMR LLC Holds 9.983% of Class A Common Stock
CENTENNIAL HOUSING: PCO Taps Fox Rothschild as Bankruptcy Counsel
CENTURY MINING: Seeks Chapter 11 Protection in Virginia
CG JERSEY: Taps Middlebrooks Shapiro as Bankruptcy Counsel
COFFEE HOLDING: Purchases Assets of Empire Coffee Company
CONNORSVILLE COMMONS: Taps Lewis Brisbois as Bankruptcy Counsel
CORINTH AUTUMN: Involuntary Chapter 11 Case Summary
COSMOS HEALTH: Gets 180 Days to Regain Nasdaq Bid Price Compliance
CRYPTO CO: Borrows $33,000 in Private Transaction With AJB Capital
CYANOTECH CORP: Reports $1.2 Million Net Loss in Fiscal Q2
DALE HOLLOW: Voluntary Chapter 11 Case Summary
DCCM RESTAURANT: Sec. 341(a) Meeting of Creditors on Dec. 16
DELTA APPAREL: Aegis Financial Ceases Ownership of Common Stock
DIOCESE OF BUFFALO: Merson Law Represents Sexual Abuse Claimants
DIOCESE OF SYRACUSE: Merson Law Represents Sexual Abuse Claimants
DMCC 62ND AVE: Case Summary & One Unsecured Creditor
DMCC CENTRAL AVE: Case Summary & One Unsecured Creditor
DMCC CHARLES: Case Summary & One Unsecured Creditor
DMCC COLONIAL: Case Summary & One Unsecured Creditor
DMCC EDGEWATER: Case Summary & One Unsecured Creditor
DMCC HERMITS TRAIL: Case Summary & One Unsecured Creditor
DMCC HIGHWAY 19: Case Summary & One Unsecured Creditor
DMCC TECH BLVD: Case Summary & One Unsecured Creditor
DMCC WESTMONTE: Case Summary & Two Unsecured Creditors
DURHAM HOMES: Seeks to Hire Bast Amron as Bankruptcy Co-Counsel
DURHAM HOMES: Seeks to Hire Beal LLC as Bankruptcy Co-Counsel
ELEVATE TEXTILES: $250MM Bank Debt Trades at 25% Discount
FIRST EMANUEL: Hires James A. Graham LLC as Bankruptcy Counsel
FLUID MARKET: Allen Vellone & Esbrook Represent Ad Hoc Group
FRINJ COFFEE: Unsecureds Will Get 22.028% of Claims in Plan
GARCIA PROPERTY: Seeks to Hire Cava Law LLC as Bankruptcy Counsel
GMB TRANSPORT: Seeks to Tap Boyle Legal as Bankruptcy Counsel
GOKADA INC: Hires Carothers & Hauswirth LLP as Co-Counsel
GOKADA INC: Seeks to Hire Leech Tishman Robinson Brog as Attorney
GOL LINHAS: Cleary Gottlieb Updates List of Secured Noteholders
GOLDENROD LLC: Hires DeMarco-Mitchell PLLC as Bankruptcy Counsel
GOOD NATURED: Ceases Reporting Issuer Status After Hilco Deal
GOTO GROUP: $958.9MM Bank Debt Trades at 59% Discount
GROW GREEN: Claims to be Paid From Available Cash and Income
GUARDIAN FUND: Taps Lindia Brison Realty and NB Elite as Brokers
H-FOOD HOLDINGS: $1.15BB Bank Debt Trades at 34% Discount
HARADA FAMILY: Starts Subchapter V Bankruptcy Process
HDC HOLDINGS: Committee Hires Orrick Herrington as Counsel
HDC HOLDINGS: Committee Taps Cole Schotz as Delaware Co-Counsel
HDC HOLDINGS: Committee Taps Genesis Credit as Financial Advisor
HDT GLOBAL: $280MM Bank Debt Trades at 39% Discount
INDRA HOLDINGS: $50MM Bank Debt Trades at 38% Discount
INSPIREMD INC: Reports $7.9 Million Net Loss in Fiscal Q3
INTRUM AB: Seeks to Hire Kroll Restructuring as Claims Agent
J&G CONSULTING: Seeks to Tap United Real Estate Richmond as Broker
JAMES JOSEPH: Case Summary & 20 Largest Unsecured Creditors
JUHN AND STARK: Unsecureds Will Get 100% of Claims in Plan
LASERSHIP INC: $1.38BB Bank Debt Trades at 55% Discount
LASERSHIP INC: $125MM Bank Debt Trades at 57% Discount
LIFESCAN GLOBAL: $1.01BB Bank Debt Trades at 70% Discount
LL FLOORING: Unsecureds Will Get 0% to 7% of Claims in Plan
LOPAREX MIDCO: $103.9MM Bank Debt Trades at 34% Discount
LUCIANO REALTY: Hires Giordano Cohen Fastiggi as Accountant
MARIN SOFTWARE: Reports $2.3 Million Net Loss in Fiscal Q3
MARINUS PHARMACEUTICALS: Jennison Associates No Longer Holds Shares
MARINUS PHARMACEUTICALS: Reports $24.2 Million in Fiscal Q3
MAVENIR SYSTEMS: $145.0MM Bank Debt Trades at 29% Discount
MEDICAL SOLUTIONS: $270MM Bank Debt Trades at 44% Discount
MLN US HOLDCO: $125MM Bank Debt Trades at 95% Discount
NAKED JUICE: $1.82BB Bank Debt Trades at 30% Discount
NB STRANDS: Seeks to Tap Franklin Soto Leeds as Bankruptcy Counsel
NEW YORK'S PREMIER: Starts Subchapter V Bankruptcy Proceeding
NEWFOLD DIGITAL: $1.94BB Bank Debt Trades at 31% Discount
NWFI LLC: Hires Sonoran Capital Advisors as Financial Advisor
NWFI LLC: Seeks to Hire May Potenza Baran & Gillespie as Counsel
OCEAN PARKWAY: Claims Will be Paid from Property Sale/Refinance
ONE EDGE: Seeks to Hire Auction Advisors as Business Broker
OTSEGO LLC: Seeks Bankruptcy Protection in California
OUR TOWN: Voluntary Chapter 11 Case Summary
PATHWAY VET: $1.27BB Bank Debt Trades at 16% Discount
PERATON CORP: $1.34BB Bank Debt Trades at 19% Discount
PHYSICIAN PARTNERS: $600MM Bank Debt Trades at 57% Discount
PRIMELAND REAL ESTATE: John Paul Represents Second Ad Hoc Committee
PRUDENTIAL ENTERPRISE: Case Summary & 20 Top Unsecured Creditors
QUEST SOFTWARE: $765MM Bank Debt Trades at 74% Discount
RANGER BEARINGS: Commences Subchapter V Bankruptcy Process
REDSTONE HOLDCO 2: $1.11BB Bank Debt Trades at 28% Discount
REDSTONE HOLDCO 2: $450MM Bank Debt Trades at 42% Discount
RENO CITY CENTER: Amends Disputed Insider Claims Pay
RHODIUM PROPERTIES: Taps Tang & Associates as Bankruptcy Counsel
ROAD RES-Q: Seeks to Hire John P. Forest as Bankruptcy Counsel
S & W SALES: Case Summary & 20 Largest Unsecured Creditors
SAMYS OC: Seeks to Hire Hinkle Law Firm as Bankruptcy Counsel
SEAQUEST HOLDINGS: Case Summary & 20 Largest Unsecured Creditors
SEAVIEW AVENUE: Hires Levitt & Slafkes as Bankruptcy Counsel
SENA & SENA: Seeks to Hire Bruner Wright as Bankruptcy Counsel
SERIOUS FUN: Commences Subchapter V Bankruptcy Proceeding
SHARK CLUB: Case Summary & 20 Largest Unsecured Creditors
SHIFTPIXY INC: Gets OK to Hire Moecker Auctions as Auctioneer
SINCLAIR TELEVISION: $740MM Bank Debt Trades at 20% Discount
SINGH BROS: Files Chap. 11 in Washington, Jan. 8 Creditors' Meeting
SINTX TECHNOLOGIES: Posts $6.2 Million Net Loss in Fiscal Q3
SIRONA BIDCO: EUR1.05BB Bank Debt Trades at 17% Discount
SKILLSOFT FINANCE II: $640MM Bank Debt Trades at 19% Discount
SKYLOCK INDUSTRIES: Gets OK to Use Cash Collateral Until Dec. 13
SMITH MICRO: Special Meeting Adjourned to Dec. 10
SMRK PROPERTY: Voluntary Chapter 11 Case Summary
STRONGHOLD CONSTRUCTION: Hits Chapter 11 Bankruptcy in N.C.
TELESAT LLC: $1.91BB Bank Debt Trades at 48% Discount
THERAPEUTICS MD: Clearline Capital, 2 Others Hold 5.52% Stake
THERAPEUTICS MD: Net Loss Narrows to $609,000 in Fiscal Q3
THORNCO HOSPITALITY: Gets OK to Hire Larry D. Williams as CRO
TOKYO SMOKE: Completes Restructuring Process, Exits CCAA Protection
TOS WHEELS: Gets Final Approval to Use Cash Collateral
TUPPERWARE BRANDS: Dechert Advises Lenders in Asset Acquisition
UNITED DENTAL FULLERTON: Hires Jaenam Coe PC as Bankruptcy Counsel
UNITED DENTAL WILSHIRE: Hires Jaenam Coe PC as Bankruptcy Counsel
UPSCALE DEVELOPMENT: Case Summary & Three Unsecured Creditors
VECTOR UTILITIES: Updates Unsecured Claims Pay Details
VISION PAINTING: Sec. 341(a) Meeting of Creditors on December 16
WEST TECHNOLOGY: $901.1MM Bank Debt Trades at 17% Discount
WOOF HOLDINGS: $138.5MM Bank Debt Trades at 29% Discount
YH&R CONSTRUCTION: Hires James Wilkins as Bankruptcy Counsel
ZHANG MEDICAL: Amends Unsecured Claims Pay Details
[^] Large Companies with Insolvent Balance Sheet
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22ND CENTURY: Posts $3.8 Million Net Loss in Fiscal Q3
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22nd Century Group, Inc. filed with the U.S. Securities and
Exchange Commission its Quarterly Report on Form 10-Q reporting a
net loss of $3.8 million on $5.9 million of net revenues for the
three months ended September 30, 2024, compared to a net loss of
$72.7 million on $7.9 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 $10.6 million on $20.4 million of net revenues,
compared to a net loss of $111.4 million on $24.8 million of net
revenues for the same period in 2023.
As of September 30, 2024, the Company had $26.2 million in total
assets, $22.7 million in total liabilities, and $3.5 million in
total shareholders' equity.
"Having joined this company just under a year ago, we have
transitioned from a purely financial focus to the next phase of
22nd Century Group's turnaround plans, which includes deploying our
extensive asset base of manufacturing, brand, customer relationship
and distribution resources to build a sustainable and self-funding
growth business," said Larry Firestone, Chairman and CEO. "While
the third quarter results reflect the operational adjustments that
I spoke to on our last report intended to address underperforming
results in the filtered cigar business, we remain focused on our
goal of EBITDA breakeven results in the first quarter of 2025. We
expect that the changes in our core CMO business will drive revenue
growth going forward at appropriate margin levels.
"I am also excited to announce that we are now moving ahead on our
plans to launch additional products, including VLN® SKUs within
key customer brand families, as part of our drive to expand the
distribution of reduced nicotine content cigarettes manufactured by
22nd Century. Adding VLN® within other brand families is a
straightforward way to reduce our time to market, increase consumer
awareness and expand the VLN® footprint. This is really the
beginning for 22nd Century as the synchronicity between the CMO
business and VLN® is progressing as planned and is the foundation
for our growth plans for 2025 and beyond."
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/y9mtpts2
About 22nd Century Group
Mocksville, N.C.-based 22nd Century Group, Inc. is a tobacco
products company specializing in the sales and distribution of its
proprietary reduced nicotine tobacco products, which have been
authorized as Modified Risk Tobacco Products by the FDA. The
company also provides contract manufacturing services for
conventional combustible tobacco products for third-party brands.
22nd Century Group disclosed in its Quarterly Report for the three
months ended September 30, 2024 that it has incurred significant
losses and negative cash flows from operations since inception and
expects to incur additional losses until such time that it can
generate significant revenue and profit in its tobacco business.
The Company had negative cash flow from operations of $9,947 and
$50,184 for the nine months ended September 30, 2024 and 2023,
respectively, and an accumulated deficit of $389,315 and $378,707
as of September 30, 2024 and December 31, 2023, respectively. As of
September 30, 2024, the Company had cash and cash equivalents of
$5,341.
Given the Company's projected operating requirements and its
existing cash and cash equivalents, there is substantial doubt
about the Company's ability to continue as a going concern through
one year following the date (November 12, 2024) that the Quarterly
Report was issued.
For the year ended December 31, 2023, the company reported a net
loss of $140.8 million, compared to a net loss of $59.8 million in
2022.
3422 W. CLARENDON: Taps Lewis Brisbois as Bankruptcy Counsel
------------------------------------------------------------
3422 W. Clarendon Ave. LLC seeks approval from the U.S. Bankruptcy
Court for the Southern District of Texas to hire Lewis Brisbois
Bisgaard & Smith LLP as its general bankruptcy counsel.
The firm will render these services:
a. advise the Debtor concerning its rights, powers, and
responsibilities under the Bankruptcy Code, Federal Rules of
Bankruptcy Procedure, and Local Bankruptcy Rules, and the
requirements of the United States Trustee pertaining to its rights
and duties as debtor-in-possession in the continued operation of
its business and affairs and its administration of the bankruptcy
estate;
b. prepare motions, applications, answers, orders, memoranda,
reports, papers, and any other pleadings necessary to further the
Debtor's interests and objectives, in connection with the
administration of the bankruptcy estate;
c. provide legal services with respect to formulating and
negotiating a plan of reorganization or liquidation, or a
structured dismissal of the Bankruptcy Case, and other legal
services for the Debtor as may be required and appropriate during
the course of this Chapter 11 Bankruptcy Case;
d. provide representation in all negotiations and proceedings
involving the Debtor in matters relating to, inter alia, the
administration of the bankruptcy estate, if the case is not
dismissed, then the terms of the Debtor's Chapter 11 disclosure
statement and plan of reorganization or liquidation and
confirmation of the Chapter 11 plan and all other legal aspects of
the Debtor's Bankruptcy Case;
e. protect and preserve the bankruptcy estate by prosecuting
and defending actions commenced by or against the Debtor, and
preparing necessary objections to proofs of claim or interest filed
in the Bankruptcy Case;
f. investigate and prosecute preference avoidance, fraudulent
transfer, and other actions arising under the Debtor's avoiding
powers; and
g. render such other legal advice and services as the Debtor
may require in connection with this Bankruptcy Case and any related
proceedings.
The firm's current billing rates for attorneys range from $300 to
$500 per hour, and paraprofessionals will bill at an hourly rate of
$150.
The firm received a retainer in the amount of $30,000.
In addition, the firm will seek reimbursement for expenses
incurred.
Bennett Fisher, Esq., a partner at Lewis Brisbois Bisgaard & Smith,
disclosed in a court filing that the firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Bennett G. Fisher, Esq.
Audrey E. Ramirez, Esq.
LEWIS BRISBOIS BISGAARD & SMITH, LLP
24 Greenway Plaza, Suite 1400
Houston, Texas 77046
Tel: (346) 241-4095
Fax: (713) 759-6830
Email: bennett.fisher@lewisbrisbois.com
audrey.ramirez@lewisbrisbois.com
About 3422 W. Clarendon Ave.
3422 W. Clarendon Ave. LLC, also known as Aurora Quality Buildings,
is a limited liability company in Marysville, Wash.
3422 W. Clarendon Ave. sought relief under Subchapter V of Chapter
11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No.
24-34776) on Oct. 10, 2024. In the petition filed by Ryan Wear,
manager, the Debtor reports estimated assets and liabilities
between $1 million and $10 million each.
The Debtor is represented by Bennett G. Fisher, Esq. at LEWIS
BRISBOIS BISGAARD & SMITH.
5220 TROOST: Updates Community National Bank Secured Claim Pay
--------------------------------------------------------------
5220 Troost LLC submitted a Second Amended Disclosure Statement
describing Second Amended Plan of Reorganization dated November 4,
2024.
The Member of the Debtor is presently 5220 Troost Managing Member,
LLC and Steven Foutch is the Managing Member of 5220 Troost Manager
LLC. Mr. Foutch has not received a salary (or any compensation)
either before or after the filing of this case.
Class One includes Community National Bank ("CNB") is owed per its
Proof of Claim, filed on June 12, 2024, the sum of $8,062,592.55.
CNB's counsel provided a payoff as of October 30, 2024. The
principal balance was listed at $7,684,986.83. The October 30, 2024
payoff, which includes interest, late fees and other costs totals
$8,474,766.75. The current non-default interest rate is 9% per
annum (per the Promissory Note, prime + 1%). The Promissory Note is
secured by a Deed of Trust on real estate, located at 5220 Troost
Avenue, Kansas City, Jackson County, Missouri 64110 ("Property").
The Debtor also pledged all of its personal property as collateral
for the loan.
The Debtor believes that the value of the real estate secured by
CNB's lien is $8,070,000 per the recent appraisal obtained by UMKC
and the listing price that was recommended by the real estate
broker who is knowledgeable about the Property.
Further, the value is substantiated by an appraisal performed on or
about August 23, 2023 at the direction of CNB by Keller Craig &
Associates. The appraised value "as is" (vacant and with some of
the water damage repairs yet to be completed) was $9,965,000. The
appraised value "as completed" was $10,265,000 and the "as
stabilized" value (once leased) was $10,925,000.
Subsequently, UMKC requested and obtained an appraisal from JLL
Valuation & Advisory Services, LLC. JLL provided an appraisal dated
July 26, 2024. JLL valued the property at $8,070,000. The appraiser
recognized that the property had been largely vacant since 2020 due
to COVID-19 pandemic and due to water damage suffered in December,
2022 and March, 2024.
Lastly, Sandberg Phoenix, CNB's counsel requested another appraisal
by Bliss & Associates, LLC. That appraisal provided for an
"extraordinary assumption" related to zoning laws and the
prohibition for short term rentals of less than 30 days. Based upon
that assumption, the appraiser valued the property at $4,000,000
which was less than half of what other appraisers had valued the
property at for the same time frame. Based upon the assumption made
by that appraiser, the appraiser testified at his deposition that
the value would be closer to the ReStart offer if the property is
leased out in compliance with current zoning regulations.
See the details in the Plan as to the additional collateral and
Steven Foutch's contribution of a $900,000 Promissory Note and his
entity CCA7306, LLC's pledge of a Deed of Trust for $900,000
against its property located at 7306 NW Tiffany Springs Drive,
Kansas City, Missouri 64153. As Debtor believes the value to be
$8,070,000, CNB shall be treated as a secured creditor as to the
real estate for a sum up to $8,070,000. This is an Allowed Secured
Claim.
Class Four includes all Allowed General Unsecured Nonpriority
Claims with non-insider Creditors. This class includes a total of
$4,723.42 in claims (CBIZ MHM LLC $2,245, Energize Electronics,
Inc. $270, Spectrum Business of $1,848.42 and Keller Fire & Safety,
Inc. $360). Class Four Claims shall be paid 99.95% of their Claims
on the Effective Date (30 days following the confirmation of this
Plan). If the Debtor has insufficient funds to pay these claims,
Steven Foutch will contribute sufficient funds to pay this class
the 99.95% of their Claims.
The Debtor will sell the Property. A buyer shall be secured by
August 31, 2025, If Debtor does not have a buyer by August 31,
2025, Debtor will attempt to refinance the loan. If Debtor is
unable to refinance or locate a buyer by August 31, 2025, the
Debtor will surrender the Property to CNB.
A full-text copy of the Second Amended Disclosure Statement dated
November 4, 2024 is available at https://urlcurt.com/u?l=NUAYVs
from PacerMonitor.com at no charge.
Attorneys for the Debtor:
Erlene W. Krigel, Esq.
KRIGEL & KRIGEL, P.C.
4520 Main Street, Suite 700
Kansas City, MO 64111
Tel: (816) 756-5800
Fax: (816) 756-1999
Email: ekrigel@krigelandkrigel.com
About 5220 Troost
5220 Troost, LLC, owns a residential rental building for college
students or VA individuals, having an appraised value of $9.96
million.
5220 Troost filed its voluntary petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. W.D. Mo. Case No. 24-50075) on
March 6, 2024, listing $12,189,906 in assets and $8,456,350 in
liabilities. The petition was signed by Steven Foutch as managing
member of 5220 Troost Manager LLC, member of Debtor.
Judge Cynthia A. Norton presides over the case.
Erlene W. Krigel, Esq., at Krigel & Krigel, PC, represents the
Debtor as counsel.
634 WILSON AVE: Files Amendment to Disclosure Statement
-------------------------------------------------------
634 Wilson Ave LLC and its affiliates submitted a First Amended
Disclosure Statement describing Third Amended Chapter 11 Plan of
Liquidation dated November 4, 2024.
On October 10, 2024 the Bankruptcy Court entered the Sale
Procedures Order which authorized an auction sale for the Property
and approved Bidding Procedures for the Auction.
Following the Sale Approval Hearing and closing on the sale of the,
Property, the remainder of the purchase price paid by the Purchaser
of the Property, after payment of all nondisputed ordinary closing
costs, including but not necessarily limited to, (i) non-exempt New
York State Transfer Taxes, (ii) non-exempt New York City Transfer
Taxes, (iii) outstanding New York City Environmental Control Board
violations arising out of and related to a violation assessed
against the Property, (iv) outstanding New York City real estate
taxes related to the Property, including any real estate taxes that
may have been sold, transferred or otherwise assigned to a third
party, (v) outstanding New York City Housing Preservation and
Development violations related to the Property, (vi) any
outstanding water and/or sewer charges, and (vii) all customary
title charges ("Sale Proceeds") shall be used to fund payments
under the Plan.
The Debtor's Plan is a plan of liquidation. In general, a chapter
11 plan of liquidation (i) divides claims into separate classes,
(ii) specifies the property that each class is to receive under the
plan, and (iii) contains other provisions necessary to implement
the Plan. Under the Bankruptcy Code, "claims" are classified rather
than "creditors" because such entities may hold claims in more than
one class.
Like in the prior iteration of the Plan, Class 3 shall consist of
the Allowed General Unsecured Claims. To the extent there are
remaining Sale Proceeds, there will be distributed Pro Rata to
holders of Allowed Class 3 Claims.
The Plan will be funded from the Sale Proceeds from the Property.
On October 10, 2024, the Bankruptcy Court entered an order
approving the Debtor's retention of Northgate Real Estate Group as
real estate broker to market the Property for a sale and conduct an
auction. The Debtor will be marketing the Property with the Broker
upon entry of the Sale Procedures Order, on or about September 26,
2024. Following the Marketing Period, the Broker shall conduct an
Auction Sale of the Property.
On October 10, 2024, the Bankruptcy Court entered the Sale
Procedures Order, which approving the Bidding Procedures and
scheduled the Auction sale of the Property for November 14, 2024.
Fannie Mae and its successors and assigns shall have the right, but
not obligation, to credit bid for the Properties pursuant to
Bankruptcy Code Section 363(k) or otherwise shall not be impaired
by the Bidding Procedures. Without limiting the foregoing, Fannie
Mae shall have the right to credit bid at the Auction and shall be
deemed a Qualified Bidder without having to satisfy the
requirements set forth in sections IV and V of the Bidding
Procedures.
Fannie Mae shall be entitled to credit bid for the Property in the
amount of $3,406,474.60 (the "Credit Bid Amount"), which amounts
are valid through August 31, 2024, and subject to adjustment on the
date of the Auction to reflect additional principal payments
received by Fannie Mae between September 1, 2024 and the date of
the Auction. The Bidding Procedures require that: (i) all bidders,
other than Fannie Mae, be qualified prior to the Auction, meaning
that any potential bidder must provide evidence of bidder's
wherewithal to consummate the sale; (ii) a non-refundable good
faith deposit in the amount of $200,000.00 in immediately available
funds, has been deposited with Debtor's counsel; (iii) agreement
that the closing shall occur on or before December 20, 2024; and
(iv) that the bid is without contingencies as to financing and/ or
additional due diligence. The Auction Procedures shall also provide
for back-up bidders in the event that the successful bidder
defaults.
A full-text copy of the First Amended Disclosure Statement dated
November 4, 2024 is available at https://urlcurt.com/u?l=GfPFib
from PacerMonitor.com at no charge.
Attorneys for the Debtor:
Julie Cvek Curley, Esq.
Kirby Aisner & Curley LLP
700 White Plains Road, Suite 237
Scarsdale, New York 10583
Tel: (914) 401-9500
Email: jcurley@kacllp.com
About 634 Wilson Ave LLC
634 Wilson Ave LLC, et al., own multi-family properties in
Brooklyn, New York.
634 Wilson Ave LLC, along with affiliates 221 Himrod ST LLC,
867-871 Knickerbocker LLC, 299 Throop Ave LLC, 1427 43 ST LLC,
sought Chapter 11 protection (Bankr. E.D.N.Y. Lead Case No.
23-41156) on April 4, 2023. In the petition filed by Zalmen
Wagschal, as sole member, the Debtor reported assets and
liabilities between $1 million and $10 million each.
The Honorable Bankruptcy Judge Jil Mazer-Marino handles the cases.
The Debtors are represented by Erica Feynman Aisner, Esq. at
KirbyAisner & Curley LLP.
ACCURIDE CORP: Unsecured Creditors to Get 0% in Joint Plan
----------------------------------------------------------
Accuride Corp. and its debtor-affiliates filed with the U.S.
Bankruptcy Court for the District of Delaware a Disclosure
Statement relating to the Joint Plan of Reorganization dated
November 4, 2024.
Accuride is a global leader in steel and aluminum wheels and
wheel-end components and assemblies, supplying innovative products
to over 1,000 customers in the commercial vehicles, passenger cars,
agriculture, construction and industrial equipment markets.
Headquartered in Livonia, Michigan, the Debtors are part of a
global enterprise that employs approximately 3,600 individuals at
facilities in the United States, Mexico, Germany, France, Turkey,
and China.
The Company, with the assistance of Kirkland & Ellis, LLP as legal
counsel, Perella Weinberg Partners LP as investment banker, and,
Alvarez and Marsal North America LLC ("A&M" and together with
Kirkland and Perella Weinberg, the "Advisors") engaged with an ad
hoc group of lenders under the Debtors' Prepetition Term Loan
Credit Agreement (the "AHG"), represented by Weil, Gotshal & Manges
LLP as legal counsel and Lazard Frères & Co. LLC as investment
banker, to chart a value maximizing path forward. In parallel, in
early August 2024, the Company, with the assistance of Perella
Weinberg, launched a marketing process (the "Marketing Process") to
engage potential interested parties concerning a significant
investment in or purchase of some or all of the Company's assets
and/or equity (the "Sale Transaction").
To fund the Marketing Process, the AHG agreed to fund incremental
bridge financing through three tranches of senior term loans (the
"Bridge Loans") under the existing Term Loan Credit Agreement. In
total, the AHG provided $73 million of Bridge Loans to the Debtors,
allowing the Debtors, with the assistance of the Advisors, to run a
robust Marketing Process and seek a value maximizing transaction
while discussions with the AHG regarding alternative transactions
continued.
The Debtors filed their Plan, which contemplates a deleveraging
restructuring transaction via an equitization of the Debtors'
prepetition term loan obligations. The Plan further contemplates a
recapitalization of the Debtors' businesses upon exit, in the form
of incremental exit financing from the AHG to position the go
forward business for sustained future growth.
Class 5 consists of General Unsecured Claims. On the Effective
Date, all General Unsecured Claims will be cancelled, released,
discharged, and extinguished and will be of no further force or
effect, and Holders of General Unsecured Claims will not receive
any distribution on account of such General Unsecured Claims. The
allowed unsecured claims total $373.2 million. This Class will
receive a distribution of 0% of their allowed claims.
On the Effective Date, all Existing Equity Interests shall be
cancelled, released, extinguished, and discharged and will be of no
further force or effect. Holders of Interests shall receive no
recovery or distribution on account of their Existing Equity
Interests.
The Debtors shall fund distributions under the Plan, as applicable,
with: (i) the issuance of New Takeback Facility Loans under the New
Takeback Facility, (ii) the New Common Stock, and (iii) the
Debtors' Cash on hand.
A full-text copy of the Disclosure Statement dated November 4, 2024
is available at https://urlcurt.com/u?l=fw0yha from Omni Agent
Solutions, claims agent.
Co-Counsel for the Debtors:
Joseph Barry, Esq.
Kenneth J. Enos, Esq.
Jared W. Kochenash, Esq.
Andrew A. Mark, Esq.
YOUNG CONAWAY STARGATT & TAYLOR, LLP
Rodney Square
1000 North King Street
Wilmington, Delaware 19801
Tel: (302) 571-6600
Fax: (302) 571-1253
Email: jbarry@ycst.com
kenos@ycst.com
jkochenash@ycst.com
amark@ycst.com
Co-Counsel for the Debtors:
Ryan Blaine Bennett, P.C.
Alexander D. McCammon, Esq.
KIRKLAND & ELLIS LLP
KIRKLAND & ELLIS INTERNATIONAL LLP
333 West Wolf Point Plaza
Chicago, Illinois 60654
Tel: (312) 862-2000
Fax: (312) 862-2200
Email: ryan.bennett@kirkland.com
alex.mccammon@kirkland.com
- and -
Derek I. Hunter, Esq.
601 Lexington Avenue
New York, New York 10022
Tel: (212) 446-4800
Fax: (212) 446-4900
Email: derek.hunter@kirkland.com
About Accuride Corp.
Accuride Corporation and its affiliates are a global leader in
steel and aluminum wheels and wheel-end components and assemblies,
supplying innovative products to over 1,000 customers in the
commercial vehicles, passenger cars, agriculture, construction and
industrial equipment markets.
Headquartered in Livonia, Michigan, the Debtors are part of a
global enterprise that employs approximately 3,600 individuals at
facilities in the United States, Canada, Mexico, Germany, France,
Turkey, Russia, and China.
Accuride's U.S. entities first filed for Chapter 11 protection in
October 2009, also in Delaware, to restructure in excess of $675
million in debt. The Court confirmed the Company's Plan of
Reorganization in February 2010.
On Oct. 9, 2024, Accuride Corp. and its U.S. entities filed
voluntary petitions for protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-12289). Accuride
reported $500 million to $1 billion in assets and liabilities as of
the bankruptcy filing.
In the new chapter 11 cases, the Debtors tapped Kirkland & Ellis
LLP as bankruptcy counsel, Young Conaway Stargatt & Taylor, LLP, as
local bankruptcy counsel, and Perella Weinberg Partners LP as
investment banker. Alvarez & Marsal North America, LLC is the CRO
provider. Omni Agent Solutions is the claims agent.
The U.S. Trustee for Region 3 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases.
ACPRODUCTS HOLDINGS: $1.40BB Bank Debt Trades at 21% Discount
-------------------------------------------------------------
Participations in a syndicated loan under which ACProducts Holdings
Inc is a borrower were trading in the secondary market around 78.8
cents-on-the-dollar during the week ended Friday, November 29,
2024, according to Bloomberg's Evaluated Pricing service data.
The $1.40 billion Term loan facility is scheduled to mature on May
17, 2028. About $1.35 billion of the loan has been drawn and
outstanding.
ACProducts, Inc., headquartered in The Colony, Texas, is a national
manufacturer and distributor of kitchen and bathroom cabinetry.
American Industrial Partners, through its affiliates, is the
primary owner of ACProducts, having acquired it in 2012.
AEMETIS INC: Swings to $17.9 Million Net Loss in Fiscal Q3
----------------------------------------------------------
Aemetis, Inc. filed with the U.S. Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net loss
of $17.9 million on $81.4 million of total revenues for the three
months ended September 30, 2024, compared to a net income of $30.7
million on $68.7 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 $71.3 million on $220.6 million of total revenues,
compared to a net loss of $21 million on $116 million of total
revenues for the same period in 2023.
The Revenues of $81.4 million for the third quarter of 2024 reflect
strong execution by all three of the company's operating segments,
with the California Ethanol business generating $45.0 million in
revenues, the India Biodiesel business generating $32.2 million in
revenues, and the Dairy Renewable Natural Gas (RNG) business
generating $4.2 million in revenues.
"Each of the Aemetis segments increased revenue during the third
quarter of 2024 compared to the second quarter of 2024, reflecting
underlying strength and growth," stated Todd Waltz, Chief Financial
Officer of Aemetis. "Additionally, we anticipate substantial
revenue growth from our operating dairies and new dairies under
construction when we receive LCFS provisional pathway approvals as
well as federal Inflation Reduction Act (IRA) 45Z production tax
credits for RNG," added Waltz.
"The approval of 20 years of Low Carbon Fuel Standard mandates last
Friday by CARB is a major milestone for renewable fuels that
directly increases revenues and earnings from each of our U.S.
businesses and projects in ethanol, biogas, SAF/RD and carbon
sequestration," said Eric McAfee, Chairman and CEO of Aemetis. "In
addition to solid growth in our U.S. businesses, our India
subsidiary generated $112 million of revenues driven by the
one-year, cost-plus contract with government-owned oil marketing
companies that ended in Q3 2024, and we appointed a Chief Executive
Officer for the India business who is leading our work towards an
IPO of the subsidiary."
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/55eskhfr
About Aemetis
Headquartered in Cupertino, California, Aemetis -- www.aemetis.com
-- is a renewable natural gas, renewable fuel, and biochemicals
Company focused on the operation, acquisition, development, and
commercialization of innovative technologies that replace
petroleum-based products and reduce greenhouse gas emissions.
Founded in 2006, Aemetis is operating and actively expanding a
California biogas digester network and pipeline system to convert
dairy waste gas into Renewable Natural Gas. Aemetis owns and
operates a 65 million gallon per year ethanol production facility
in California's Central Valley near Modesto that supplies about 80
dairies with animal feed. Aemetis also owns and operates a 60
million gallon per year production facility on the East Coast of
India producing high-quality distilled biodiesel and refined
glycerin for customers in India and Europe. Additionally, Aemetis
is developing a sustainable aviation fuel (SAF) and renewable
diesel fuel biorefinery in California to utilize renewable
hydrogen, hydroelectric power, and renewable oils to produce low
carbon intensity renewable jet and diesel fuel.
As a result of negative capital, negative operating results, and
collateralization of substantially all of the Company assets, the
Company has been reliant on its senior secured lender to provide
extensions to the maturity dates of its debt and loan facilities
and was required in 2023 to remit excess cash from operations to
its senior secured lender. In order to meet its obligations during
the next twelve months, the Company will need to refinance debt
with its senior lender for amounts becoming due in the next 12
months or receive the continued cooperation of its senior lender.
This dependence on the Company's senior lender raises substantial
doubt about the Company's ability to continue as a going concern,
according to the Company's Quarterly Report on Form 10-Q for the
period ended September 30, 2024.
Aemetis reported a net loss of $46.42 million for the year ended
Dec. 31, 2023, compared to a net loss of $107.76 million for the
year ended Dec. 31, 2022. As of September 30, 2024, the Company had
$247.4 million in total assets, $506.3 million in total
liabilities, and $258.9 million in total stockholders' deficit.
AFTERSHOCK COMICS: Taps Rose Snyder & Jacobs LLP as Accountant
--------------------------------------------------------------
Aftershock Comics, LLC and Rive Gauche Television seek approval
from the U.S. Bankruptcy Court for the Central District of
California to employ Rose Snyder & Jacobs LLP as accountants.
The firm assists them with the preparation of tax returns, provide
them with general tax and other accountancy advice, and assist them
with addressing any tax implications and issues associated with
their reorganization efforts and the Joint Plan.
Rose Snyder will bill its fees at its normal hourly rates:
Stephane Vachon $595
Craig Frye $595
Karen Goldberg $460
Other Staff $250 - $375
As disclosed in the court filings, Rose Snyder is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.
The firm can be reached through:
Stephane Vachon
Rose, Snyder & Jacobs, LLP
15821 Ventura Boulevard, #490
Encino, CA 91436
Tel: (818) 461-0600
About AfterShock Comics
AfterShock Comics, LLC -- https://Aftershockcomics.com/ -- is an
American comic book publisher launched in 2015. The company is
based in Sherman Oaks, Calif.
AfterShock Comics and affiliate Rive Gauche Television filed
petitions for relief under Chapter 11 of the Bankruptcy Code
(Bankr. Lead C.D. Calif. Case No. 22-11456) on Dec. 19, 2022. At
the time of the filing, AfterShock Comics reported $10 million to
$50 million in both assets and liabilities while Rive Gauche
reported $50 million to $100 million in assets and $10 million to
$50 million in liabilities.
Judge Martin R. Barash oversees the cases.
David L. Neale, Esq., at Levene, Neale, Bender, Yoo & Golubchik,
LLP is the Debtors' bankruptcy counsel.
The U.S. Trustee for Region 16 appointed two separate committees to
represent unsecured creditors in the Debtors' Chapter 11 cases.
Both committees are represented by Sklar Kirsh, LLP.
AKOUSTIS TECHNOLOGIES: The Vanguard Group Holds 2.24% Equity Stake
------------------------------------------------------------------
The Vanguard Group disclosed in a Schedule 13G/A Report filed with
the U.S. Securities and Exchange Commission that as of September
30, 2024, it beneficially owned 3,225,431 shares of Akoustis
Technologies, Inc.'s Common Stock, representing 2.24% of the shares
outstanding.
The Vanguard Group may be reached at:
Ashley Grim
Head of Global Fund Administration
100 Vanguard Blvd.
Malvern, PA 19355
Tel: 610-669-1000
A full-text copy of Vanguard Group's SEC Report is available at:
https://tinyurl.com/2s4faz3v
About Akoustis Technologies
Akoustis Technologies, Inc., headquartered in Huntersville, North
Carolina, is focused on developing, designing, and manufacturing
innovative radio frequency filter products for the wireless
industry, including for products such as smartphones and tablets,
cellular infrastructure equipment, Wi-Fi Customer Premise Equipment
automotive and defense applications.
As of June 30, 2024, the Company had $69.7 million in total assets,
$126.8 million in total liabilities, and $57.1 million in total
stockholders' deficit.
New York, N.Y.-based Marcum LLP, the Company's auditor since 2015,
issued a "going concern" qualification in its report dated October
7, 2024, citing that the Company has a significant working capital
deficiency, has incurred significant losses, has significant
pending litigation and needs to raise additional funds to meet its
obligations and sustain its operations. These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.
ALANIZ & HERNANDEZ: Unsecureds Will Get 100% of Claims over 5 Years
-------------------------------------------------------------------
Alaniz & Hernandez, LLC d/b/a Palm Park Campground & Cabin Rental,
filed with the U.S. Bankruptcy Court for the Southern District of
Texas an Original Disclosure Statement describing Chapter 11 Plan
dated November 3, 2024.
The Debtor is a Texas Limited Liability Company formed under the
laws of the state of Texas operating since December 20, 2006. The
Debtor operates an RV park by the name of Palm RV Park Campground &
Cabin Rental in Galveston County, Texas.
The Plan is based on the future income generated by the Debtor and
collection of its rents (the "receivables"), as well as the income
being inserted into the business by She-Lends, LLC (the "Private
Investor"). She-lends, LLC is a business entity based in St.
Petersburg, FL. Established on September 11, 2023, this Florida
Limited Liability Company is recognized under the document number
L23000423315. Governed by the Florida Department of State, the
company is listed in Active status in state records.
She-Lends, LLC will purchase Mr. Alaniz' equity interest in the
Debtor. In exchange for the interest purchased, She-Lends, LLC will
insert a minimum of $30,000.00 and up to $100,000.00 for
improvements in the premises. In addition, the Debtor's income,
namely the payment of rents will be used for payment of allowed
claims under the Plan. The Debtor submits that it will pay 100% of
the General Unsecured Creditor Class will satisfy the best interest
of creditors test as required by the Code or as agreed to by
creditors on a consensual basis, and as further described in this
Disclosure Statement and the Plan.
Dean J. Alaniz will continue to manage the Debtor and will receive
a monthly commission of 6% of the income generated by the rents.
Allie Alaniz, Mr. Alaniz's daughter, will no longer continue to
serve as assistant manager which saves the Debtor approximately
$21,600.00 per year.
It is expected that monthly net income from the Debtor as well as
the injection of capital by She-Lends, LLC, will be sufficient to
fund the expected monthly outlays.
Class 6 consists of General Unsecured Creditors. The Debtor will
pay 100% percent of the unsecured creditors in Class 7 claims over
five years without interest. Payments in the combined amount of
$1,429.00 will be made beginning on the 1st day of the first full
month following the Effective Date with like payments to be on the
1st day of each succeeding month thereafter. All payments will be
shared pro-rata amongst the Class 6 creditors. This Class is
Impaired.
Class 7 consists of the Equity Holder in this case. The sole Equity
Holder as of the filing of this Disclosure Statement consists of
the Debtor sole managing member Dean J. Alaniz. Mr. Alaniz will
retain his equity interest in the Debtor unless otherwise his
interest is purchased by She-Lends, LLC, in which case She-Lends
will retain such equity interest.
The Plan is based on the future earnings of the Debtor as well as
the injection of capital by She-Lends, LLC, which the Debtor
believes will be sufficient to fund the expected monthly outlays.
A full-text copy of the Original Disclosure Statement dated
November 3, 2024 is available at https://urlcurt.com/u?l=WkpmNc
from PacerMonitor.com at no charge.
About Alaniz & Hernandez
Alaniz & Hernandez LLC owns and operates RV(Recreational Vehicle)
Park and Recreational Camp.
Alaniz & Hernandez LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-80224) on August 5,
2024. In the petition filed by Dean Alaniz, as managing member, the
Debtor reports 0 assets and $1,596,519 liabilities.
The Debtor is represented by:
Gabe Perez, Esq.
ZENDEH DEL & ASSOCIATES, PLLC
1813 61st Street 101
Galveston TX 77551
Tel: (409) 740-1111
E-mail: gabe@zendehdel.com
ALTICE USA: FMR LLC, Abigail Johnson Hold 7.6% of Class A Shares
----------------------------------------------------------------
FMR LLC and Abigail P. Johnson disclosed in a Schedule 13G/A filed
with the U.S. Securities and Exchange Commission that as of
September 30, 2024, they beneficially owned 20,876,756 shares of
Altice USA, Inc.'s Class A Common Stock, representing 7.554% of the
shares outstanding.
Members of the Johnson family, including Abigail P. Johnson, are
the predominant owners, directly or through trusts, of Series B
voting common shares of FMR LLC, representing 49% of the voting
power of FMR LLC. The Johnson family group and all other Series B
shareholders have entered into a shareholders' voting agreement
under which all Series B voting common shares will be voted in
accordance with the majority vote of Series B voting common shares.
Accordingly, through their ownership of voting common shares and
the execution of the shareholders' voting agreement, members of the
Johnson family may be deemed, under the Investment Company Act of
1940, to form a controlling group with respect to FMR LLC.
A full-text copy of the Report is available at:
https://tinyurl.com/ynpx4rxf
About Altice USA Inc.
Altice USA, Inc. is an American cable television provider.
* * *
As reported by the TCR on May 17, 2024, S&P Global Ratings lowered
all its ratings on Altice USA Inc. one notch, including the issuer
credit rating to 'CCC+', and removed them from Credit Watch, where
it placed them with negative implications on May 2, 2024. The
negative outlook reflects that S&P could lower its ratings if the
company opts to pursue a debt restructuring over the next year.
S&P said, "We believe Altice USA's capital structure is
unsustainable. We believe the company is vulnerable to nonpayment
long term and depends on favorable business, financial, and
economic conditions to meet its financial obligations as they come
due in 2027 and beyond. We believe it is more likely than not that
Altice USA will enter into a distressed debt restructuring that we
consider tantamount to default, or it could face bankruptcy long
term."
AMERICAN MOTORHEAD: Seeks Chapter 11 Bankruptcy in California
-------------------------------------------------------------
On November 22, 2024, American Motorhead Inc. filed Chapter 11
protection in the Southern District of California. According to
court filing, the Debtor reports between $1 million and $10 million
in debt owed to 1 and 49 creditors. The petition states funds will
be available to unsecured creditors.
A meeting of creditors under Sec. 341(a) to be held on December 18,
2024 at 10:00 AM.
About American Motorhead Inc.
American Motorhead Inc. is a dealer of motorcycle, ATV, and all
other motor vehicle.
American Motorhead Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Cal. Case No. 24-04422) on November
22, 2024. In the petition filed by Richard W. Lillibridge, as CEO,
the Debtor reports estimated assets between $500,000 and estimated
liabilities between $1 million and $10 million.
Honorable Bankruptcy Judge J. Barrett Marum handles the case.
The Debtor is represented by:
Deepalie Milie Joshi, Esq.
JOSHI LAW GROUP
3675 Ruffin Road Ste 220
San Diego, CA 92123
Email: milie@joshilawgroup.com
AMERICAN TIRE: $1BB Bank Debt Trades at 73% Discount
----------------------------------------------------
Participations in a syndicated loan under which American Tire
Distributors Inc is a borrower were trading in the secondary market
around 26.8 cents-on-the-dollar during the week ended Friday,
November 29, 2024, according to Bloomberg's Evaluated Pricing
service data.
The $1 billion Term loan facility is scheduled to mature on October
23, 2028. The amount is fully drawn and outstanding.
American Tire Distributors, Inc. distributes motor vehicle parts.
The Company offers custom wheels, tires, and other related
products. American Tire Distributor serves customers in the United
States.
AMTECH SYSTEMS: First Eagle Investment Holds 5.51% Equity Stake
---------------------------------------------------------------
First Eagle Investment Management, LLC disclosed in a Schedule 13G
filed with the U.S. Securities and Exchange Commission that as of
September 30, 2024, it beneficially owned 783,367 shares of Amtech
Systems Inc.'s Common shares, representing 5.51% of the shares
outstanding.
First Eagle Investment may be reached at:
David O'Connor,
Senior Vice President
1345 Avenue of the Americas
New York, NY 10105
Tel: 212-698-3300
A full-text copy of First Eagle Investment's SEC Report is
available at:
https://tinyurl.com/35u7uu5n
About Amtech Systems Inc.
Tempe, Ariz.-based Amtech Systems, Inc. is a global manufacturer of
capital equipment, including thermal processing, wafer polishing
and cleaning, and related consumables used in fabricating
semiconductor devices, such as silicon carbide (SiC) and silicon
power devices, analog and discrete devices, electronic assemblies,
and light-emitting diodes (LEDs). It sells these products to
semiconductor device and module manufacturers worldwide,
particularly in Asia, North America, and Europe.
As of June 30, 2024, Amtech Systems had $127.1 million in total
assets, $45.3 million in total liabilities, and $81.7 million in
total shareholders' equity.
As of September 30, 2023, the Company was not in compliance with
the Debt to EBITDA and Fixed Charge Coverage Ratio financial
covenants under its Loan and Security Agreement with UMB Bank, N.A.
dated January 17, 2023. On December 5, 2023, the Company entered
into a Forbearance & Modification Agreement with the lender,
pursuant to which the lender agreed to forbear from exercising its
rights and remedies available as a result of such default. The
Company will be operating under the terms of the Forbearance
Agreement through January 17, 2025.
API HOLDINGS III: $275.2MM Bank Debt Trades at 23% Discount
-----------------------------------------------------------
Participations in a syndicated loan under which API Holdings III
LLC is a borrower were trading in the secondary market around 77.5
cents-on-the-dollar during the week ended Friday, November 29,
2024, according to Bloomberg's Evaluated Pricing service data.
The $275.2 million Payment in kind Term loan facility is scheduled
to mature on May 10, 2027. The amount is fully drawn and
outstanding.
API Holdings III Corp., headquartered in Marlborough, Mass., is a
holding company whose main operating subsidiary is API Technologies
Corp. The company is a tier three or tier four supplier of radio
frequency (RF) and performance components and subsystems for the
U.S. aerospace and defense industry. API is majority owned by
affiliates of AEA Investors.
APPTECH PAYMENTS: Appeals Nasdaq Delisting Determination
--------------------------------------------------------
As previously disclosed, AppTech Payments Corp. received a notice
dated May 9, 2024, from the Nasdaq Listing Qualifications
Department of The Nasdaq Stock Market LLC notifying the Company
that, for 30 consecutive business days, the closing bid price for
the Company's common stock has been below the minimum $1.00 per
share required for continued listing on The Nasdaq Capital Market
pursuant to Nasdaq Listing Rule 5550(a)(2).
Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), Nasdaq granted the
Company 180 calendar days, or until November 5, 2024, to regain
compliance with the Minimum Bid Price Requirement. In order to
regain compliance, the closing bid price of the Company's common
stock must be at least $1 per share for a minimum of 10 consecutive
business days during this 180-day period. In addition, the Company
received another notice dated August 21, 2024 from the Staff,
notifying that the Company is not in compliance with Nasdaq Listing
Rule 5550(b)(1), which requires the Company to maintain a minimum
of $2,500,000 in stockholders' equity for continued listing.
On November 6, 2024, the Company received a notice from the Staff
indicating that the Company has not regained compliance with the
Minimum Bid Price Requirement and, accordingly, its securities are
subject to delisting from Nasdaq unless the Company timely requests
an appeal of its determination before the Nasdaq Hearings Panel by
November 13, 2024. The Staff also requested the Company to address
the concern of the compliance with the Minimum Stockholders' Equity
Requirement if it appeals the Staff's determination. If the Company
does not appeal the Staff's delisting determination by November 13,
2024, trading of the Company's securities will be suspended at the
opening of business on November 15, 2024, and a Form 25-NSE will be
filed with the Securities and Exchange Commission, which will
remove the Company's securities from listing and registration on
The Nasdaq Stock Market.
On November 12, 2024, the Company timely requested a hearing before
the Panel to appeal the delisting determination by the Staff. The
Company is diligently working to regain compliance with the Minimum
Bid Price Requirement and the Minimum Stockholders' Equity
Requirement. However, there can be no assurance that the Company
will be able to regain compliance with the Minimum Bid Price
Requirement and the Minimum Stockholders' Equity Requirement or
maintain compliance with Nasdaq listing criteria.
About AppTech Payments Corp.
Headquartered in Carlsbad, California, AppTech Payments Corp. --
www.apptechcorp.com -- provides digital financial services for
financial institutions, corporations, small and midsized
enterprises, and consumers through the Company's scalable
cloud-based platform architecture and infrastructure, coupled with
its Specialty Payments development and delivery model. AppTech
maintains exclusive licensing and partnership agreements in
addition to a full suite of patented technology capabilities.
San Diego, California-based DBBMcKennon, the Company's auditor
since 2014, issued a "going concern" qualification in its report
dated April 1, 2024, citing that the Company has limited revenues
and has suffered recurring losses from operations. These conditions
raise substantial doubt about the Company's ability to continue as
a going concern.
For the year ended December 31, 2023, Apptech reported a net loss
of $18.5 million, compared to a net loss of $16.3 million for the
year ended December 31, 2022. As of June 30, 2024, AppTech had $6.5
million in total assets, $4.7 million in total liabilities, and
$1.7 million in total stockholders' equity.
ARCADIA BIOSCIENCES: Reports $1.6 Million Net Loss in Fiscal Q3
---------------------------------------------------------------
Arcadia Biosciences, Inc. filed with the U.S. Securities and
Exchange Commission its Quarterly Report on Form 10-Q reporting a
net loss of $1.6 million on $1.5 million of total revenues for the
three months ended September 30, 2024, compared to a net loss of
$2.6 million on $1.3 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 $3 million on $3.8 million of total revenues,
compared to a net loss of $11.1 million on $3.7 million of total
revenues for the same period in 2023.
As of September 30, 2024, the Company had $15.2 million in total
assets, $5.1 million in total liabilities, and $10.1 million in
total stockholders' equity.
"We are extremely pleased with our third-quarter 2024 results,
which represent the progress we have made in transforming Arcadia's
business as well as our ability to execute on the plan we laid
out," said T.J. Schaefer, Arcadia's president and CEO. "Our total
revenues increased 18 percent year over year, and we have
significantly reduced our use of operating cash to the lowest
levels in Arcadia's history as a public company.
"Zola(R) coconut water revenues grew 55 percent in Q3, and new
retail distribution increased 68 percent compared to last year.
Additionally, Zola is gaining market share and growing faster than
the coconut water category across all measured time periods,"
Schaefer said.
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/33yjk3rj
About Arcadia
Headquartered in Dallas, Texas, Arcadia Biosciences, Inc. is a
producer and marketer of innovative, plant-based food and beverage
products. The Company has used non-genetically modified advanced
breeding techniques to develop these proprietary innovations which
it is now commercializing through the sales of seed and grain, food
ingredients and products, trait licensing and royalty agreements.
The acquisition of the assets of Live Zola, LLC added coconut water
to its portfolio of products.
In its Quarterly Report for the three months ended September 30,
2024 issued on November 12, 2024, Arcadia Biosciences said that
with cash and cash equivalents of $3.9 million, short-term
investments of $2.6 million and current note receivable of $1.8
million as of September 30, 2024, the Company believes that its
existing cash, cash equivalents and short-term investments will not
be sufficient to meet its anticipated cash requirements for at
least the next 12-18 months from the issuance date of the financial
statements, and thus raises substantial doubt about the Company’s
ability to continue as a going concern.
ASHFORD HOSPITALITY: Secures 90-Day Morgan Stanley Loan Forbearance
-------------------------------------------------------------------
Ashford Hospitality Trust, Inc. that it has successfully entered
into a 90-day forbearance period for its Morgan Stanley Pool loan
secured by 17 hotels. The loan had a final maturity date of
November 9, 2024. The Company is in active discussions with the
lender regarding a multi-year extension of the loan and expects to
have that finalized during the 90-day period.
"We are currently in active discussions with lenders regarding
extensions and refinancings on several of our loans," commented
Stephen Zsigray, Ashford Trust's President and Chief Executive
Officer. "We have now also reduced the balance of our strategic
financing to approximately $48.6 million and triggered the exit fee
reduction as announced last week. While it continues to be a
challenging environment, we are working diligently to achieve
attractive outcomes with our financings and maximize the value of
our assets for our shareholders. We look forward to providing
additional updates as we make more progress on these efforts."
About Ashford Hospitality
Headquartered in Dallas, Texas, Ashford Hospitality Trust, Inc.
operates as a self-advised real estate investment trust focusing on
the lodging industry.
Ashford Hospitality Trust reported a net loss of $180.73 million
for the year ended Dec. 31, 2023, compared to a net loss of $141.06
million for the year ended Dec. 31, 2022. As of Dec. 31, 2023, the
Company had $3.46 billion in total assets, $3.69 billion in total
liabilities, $22.01 million in redeemable noncontrolling interests
in operating partnership, $79.98 million in Series J Redeemable
Preferred Stock, $0.01 par value (3,475,318 shares issued and
outstanding at December 31, 2023), $4.78 million in Series K
Redeemable Preferred Stock, $0.01 par value (194,193 shares issued
and outstanding at December 31, 2023), and $331.04 million in total
deficit.
* * *
Egan-Jones Ratings Company, on May 5, 2023, maintained its 'CCC+'
foreign currency and local currency senior unsecured ratings on
debt issued by Ashford Hospitality Trust, Inc.
On March 1, 2024, the Company received notice that the hotel
properties securing the KEYS Pool A and KEYS Pool B loans had been
transferred to a court-appointed receiver.
On March 6, 2024, the Company sold the Residence Inn Salt Lake City
in Salt Lake City, Utah, for $19.2 million in cash. As reported by
the TCR on April 22, the Company closed on the sale of the 390-room
Hilton Boston Back Bay in Boston, Massachusetts, for $171 million.
On April 29, it closed on the sale of the 85-room Hampton Inn in
Lawrenceville, Georgia, for $8.1 million. On May 27, Ashford closed
a $267 million refinancing of the mortgage loan for the 673-room
Renaissance Hotel in Nashville, Tennessee, which had a final
maturity date of March 2026. On June 14, the Company closed on the
sale of the 90-room Courtyard located in Manchester, Connecticut,
for $8 million.
ATARA BIOTHERAPEUTICS: Net Loss Narrows to $21.9-Mil. in Fiscal Q3
------------------------------------------------------------------
Atara Biotherapeutics, Inc. filed with the U.S. Securities and
Exchange Commission its Quarterly Report on Form 10-Q reporting a
net loss of $21.9 million on $40.2 million of total revenues for
the three months ended September 30, 2024, compared to a net loss
of $69.8 million on $2.1 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 $72.7 million on $96.2 million of total revenues,
compared to a net loss of $215.7 million on $4.3 million of total
revenues for the same period in 2023.
As of September 30, 2024, the Company had $142.7 million in total
assets, $233.2 million in total liabilities, and $90.5 million in
total stockholders' deficit.
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/mrxbuytz
About Atara Biotherapeutics
Headquartered in Thousand Oaks, California, Atara Biotherapeutics,
Inc. -- atarabio.com -- is harnessing the natural power of the
immune system to develop off-the-shelf cell therapies for
difficult-to-treat cancers and autoimmune conditions that can be
rapidly delivered to patients from inventory. With cutting-edge
science and a differentiated approach, Atara is the first company
in the world to receive regulatory approval of an allogeneic T-cell
immunotherapy. The company's advanced and versatile T-cell platform
does not require T-cell receptor or HLA gene editing and forms the
basis of a diverse portfolio of investigational therapies targeting
EBV, the root cause of certain diseases. This includes
next-generation AlloCAR-Ts designed for best-in-class opportunities
across a broad range of hematological malignancies and B-cell
driven autoimmune diseases.
San Francisco, Calif.-based Deloitte & Touche LLP, the company's
auditor since 2013, issued a "going concern" qualification in its
report dated March 28, 2024, citing that the company's recurring
losses from operations raise substantial doubt about its ability to
continue as a going concern.
Atara Biotherapeutics reported net losses of $276.1 million and
$228.3 million for the years ended December 31, 2023, and 2022,
respectively.
AVALON GLOBOCARE: Posts $1.7 Million Net Loss in Fiscal Q3
----------------------------------------------------------
Avalon GloboCare Corp. filed with the U.S. Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net loss
of $1,679,200 for the three months ended September 30, 2024,
compared to a net loss of $1,485,075 for the three months ended
September 30, 2023.
For the nine months ended September 30, 2024, the Company reported
a net loss of $5,178,739, compared to a net loss of $7,151,876 for
the same period in 2023.
The Company had a working capital deficit of approximately
$10,935,000 at September 30, 2024 and had incurred recurring net
losses and generated negative cash flow from operating activities
of approximately $5,179,000 and $3,891,000 for the nine months
ended September 30, 2024, respectively.
As of September 30, 2024, the Company had $19,550,633 in total
assets, $14,149,229 in total liabilities, and $5,401,404 in total
equity.
The Company has a limited operating history and its continued
growth is dependent upon the continuation of generating rental
revenue from its income-producing real estate property in New
Jersey and income from equity method investment through its 40%
interest in Lab Services MSO and obtaining additional financing to
fund future obligations and pay liabilities arising from normal
business operations. In addition, the current cash balance cannot
be projected to cover the operating expenses for the next 12 months
from the release date (November 11, 2024) of this Quarterly Report.
These matters raise substantial doubt about the Company's ability
to continue as a going concern. The ability of the Company to
continue as a going concern is dependent on the Company's ability
to raise additional capital, implement its business plan, and
generate significant revenues. There are no assurances that the
Company will be successful in its efforts to generate significant
revenues, maintain sufficient cash balance or report profitable
operations or to continue as a going concern. The Company plans to
raise capital through the sale of equity to implement its business
plan. However, there is no assurance these plans will be realized
and that any additional financings will be available to the Company
on satisfactory terms and conditions, if any.
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/yb2a9394
Avalon Globocare
Headquartered in Freehold, New Jersey, Avalon Globocare --
www.avalon-globocare.com -- is a commercial-stage company dedicated
to developing and delivering innovative, transformative precision
diagnostics and clinical laboratory services. Avalon aims to
establish a leading role in diagnostic testing innovation,
utilizing proprietary technology to deliver precise,
genetics-driven results. The Company also provides laboratory
services, offering a broad portfolio of diagnostic tests, including
drug testing, toxicology, and various other services ranging from
general bloodwork to anatomic pathology and urine toxicology.
AVALON PIMA: Seeks to Hire Allen Jones & Giles as Legal Counsel
---------------------------------------------------------------
Avalon Pima, LLC and Avalon Van Buren, LLC seek approval from the
U.S. Bankruptcy Court for the District of Arizona to hire Allen,
Jones & Giles, PLC as counsel.
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:
Philip J. Giles, Member $475 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 $20,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Philip Giles, 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:
Philip J. Giles, 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:pgiles@bkfirmaz.com
dnelson@bkfirmaz.com
rdeutsch@bkfirmaz.com
About Avalon Pima, LLC
Avalon Pima, LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No.
24-09893) on Nov. 18, 2024, listing $1,000,001 to $10 million in
both assets and liabilities.
Judge Scott H Gan presides over the case.
Philip J. Giles, Esq. at Allen, Jones & Giles, PLC represents the
Debtor as counsel.
BERRY CORP: FMR LLC Lowers Stake to 0.022% as of Sept. 30
---------------------------------------------------------
FMR LLC and Abigail P. Johnson disclosed in a Schedule 13G/A filed
with the U.S. Securities and Exchange Commission that as of
September 30, 2024, they beneficially owned 17,605 shares of Berry
Corporation's Common Stock, representing 0.022% of the shares
outstanding.
Abigail P. Johnson is the Chairman and Chief Executive Officer of
FMR LLC and a Director of the Company.
Members of the Johnson family, including Abigail P. Johnson, are
the predominant owners, directly or through trusts, of Series B
voting common shares of FMR LLC, representing 49% of the voting
power of FMR LLC. The Johnson family group and all other Series B
shareholders have entered into a shareholders' voting agreement
under which all Series B voting common shares will be voted in
accordance with the majority vote of Series B voting common shares.
Accordingly, through their ownership of voting common shares and
the execution of the shareholders' voting agreement, members of the
Johnson family may be deemed, under the Investment Company Act of
1940, to form a controlling group with respect to FMR LLC.
FMR may be reached at:
245 Summer Street
Boston, Massachusetts 02210
Tel: 617-570-6339
A full-text copy of the Report is available at:
https://tinyurl.com/bdewbxux
About Berry Corporation
Berry Corporation is a company primarily engaged in hydrocarbon
exploration in California, the Uintah Basin, and the Piceance
Basin. As of December 31, 2021, the company had 97 million barrels
of oil equivalent of estimated proved reserves, of which 87% was
petroleum and 13% was natural gas.
As of September 30, 2024, Berry Corporation had $1.5 billion in
total assets, $784.9 million in total liabilities, and $732.2
million in total stockholders' equity.
* * *
In September 2024, S&P Global Ratings lowered its issuer credit
rating to 'CCC+' from 'B-' on Dallas-based oil and gas exploration
and production (E&P) company Berry Corp. S&P also lowered the
issue-level rating on Berry's unsecured notes due February 2026 to
'B-' from 'B'. The recovery rating remains '2′, reflecting
its expectation for substantial (70%-90%; rounded estimate: 85%)
recovery in the event of a payment default.
The negative outlook reflects S&P's view that Berry is dependent on
favorable conditions to refinance its unsecured notes due February
2026 in a timely manner. However, its leverage remains modest, and
S&P forecasts average funds from operations (FFO) to debt of about
40% and debt to EBITDA of about 2.25x.
Refinancing risk is heightened for Berry's RBL facility due August
2025 and senior unsecured notes due February 2026.
BIEDERMANN MOTECH: Unsecured Creditors to Split $50K in Plan
------------------------------------------------------------
Biedermann Motech, Inc. a/k/a Miami Device Solutions, Inc. filed
with the U.S. Bankruptcy Court for the District of Delaware a
Disclosure Statement regarding First Amended Plan of
Reorganization.
The Debtor, a Delaware corporation, is a manufacturer of orthopedic
trauma implants systems, which are marketed and distributed in the
United States. The production is outsourced to third party contract
manufacturers. The Debtor also markets and distributes certain
implant systems for spinal surgery in the United States and
Canada.
The entry to the United States market from a marketing perspective
required substantially more time and capital than anticipated. The
Debtor is unable to take advantage of opportunities with the
existing 34,000,000 of debt on the balance sheet. The Debtor's
restructuring will eliminate most of the debt, provide an infusion
of capital and allow existing management to refocus on growth
opportunities for existing and new products.
This Plan calls for a traditional reorganization of the Debtor's
affairs. Although the terms will govern the specifics, the purpose
of the Plan is to provide for a fixed payout of prepetition
unsecured claims by making periodic distributions to creditors, pro
rata, after the Effective Date. This payout will be generated from
future revenues of the Reorganized Debtor, which will continue to
be managed by the Debtor’s principal, Marku Biedermann.
Class 1 consists of General Unsecured Claims. This Class shall
receive pro-rata distribution of of $50,000.
Class 2 consists of Interest Equity Holders. All Interests in the
Debtor as of the Petition Date shall be deemed canceled on the
Effective Date. The holders of Interests in Class 2 shall receive
no other treatment with respect to or on account of their Interests
hereunder.
The projected distributions and recoveries set forth in this
Disclosure Statement are based on the Debtor's estimate of Allowed
Claims. The Debtor projects that the Claims asserted against the
Debtor will be resolved in and reduced to an amount that
approximates their estimates. However, there can be no assurance
that the Debtor’s estimates will prove accurate.
A full-text copy of the Disclosure Statement dated November 4, 2024
is available at https://urlcurt.com/u?l=k2e7FO from
PacerMonitor.com at no charge.
Counsel to the Debtor:
Albert A. Ciardi III, Esq.
Ciardi Ciardi & Astin
1204 N. King Street
Wilmington, DE 19801
Telephone: (215) 557-3550
Email: aciardi@ciardilaw.com
About Biedermann Motech
Biedermann Motech is a mid-sized family-owned company, operates in
Miami, Florida, and Villingen-Schwenningen, Germany, according to
its website. The company, also known as Miami Device Solutions LLC,
has provided orthopedic trauma implants for the spine and upper
extremities since 1916.
Biedermann Motech sought relief under Chapter 11 of the Bankruptcy
Code (Bankr. D. Del. Case No. 24-11638) on July 31, 2024. In the
petition signed by Markku Biedermann, president, the Debtor
disclosed up to $10 million in assets and up to $50 million in
liabilities.
Albert A. Ciardi III, Esq., at Ciardi Ciardi & Astin serves as the
Debtor's counsel.
BIOLINERX LTD: Gets 180-Day Extension to Regain Nasdaq Compliance
-----------------------------------------------------------------
BioLineRx Ltd. disclosed in a Form 8-K Report filed with the U.S.
Securities and Exchange Commission that the Company received a
letter from Nasdaq advising that the Company had been granted a
180-day extension to May 12, 2025, to regain compliance with
Nasdaq's minimum $1.00 bid price requirement.
As previously reported, on May 13, 2024, the Company announced that
it received a letter from the Nasdaq indicating that, based upon
the closing bid price of the Company's American Depositary Shares
("ADS") for the prior 30 consecutive business days, the Company was
not in compliance with the minimum $1.00 bid price requirement and
the Company was given 180 days, or until November 11, 2024, to
regain compliance.
If at any time before May 12, 2025, the bid price of the Company's
ADSs closes at or above $1.00 per share for a minimum of 10
consecutive trading days, the Company will regain compliance with
the Nasdaq Listing Rules, and the matter will be closed.
About BioLineRx Ltd.
Headquartered in Modi'in, Israel, BioLineRx is a commercial-stage
biopharmaceutical company focused on developing life-changing
therapies in oncology and rare diseases.
Tel Aviv, Israel-based Kesselman & Kesselman, the Company's auditor
since 2003, issued a "going concern" qualification in its report
dated March 26, 2024, citing that the Company has suffered
recurring losses from operations and has cash outflows from
operating activities, indicating a material uncertainty that may
cast significant doubt about its ability to continue as a going
concern.
BioLineRx recorded net losses of $27.1 million in 2021, $25 million
in 2022, and $60.6 million in 2023. As of March 31, 2024, the
Company had $51.6 million in total assets, $38.54 million in total
liabilities, and a total equity of $13.06 million.
BLACKROCK AUTOMOTIVE: Hires Richard Feinsilver as Legal Counsel
---------------------------------------------------------------
Blackrock Automotive Center LLC seeks approval from the U.S.
Bankruptcy Court for the Eastern District of New York to hire
Richard Feinsilver, Esq., an attorney practicing in Carle Place,
New York, as its counsel.
Mr. Feinsilver will render these services:
(a) prepare and file the Chapter 11 petition;
(b) negotiate with creditors, as required;
(c) attend all Section 341(a) meetings with creditors and the
U.S. Trustee;
(d) prepare the Chapter 11 plan and all amendments to same, as
required;
(e) attend all hearings;
(f) review monthly financial statements; and
(g) attend post confirmation conferences with the U.S. Trustee
and creditors, if required.
He will be billed at his hourly rate of $450 plus reimbursement of
expenses incurred. His legal assistant will be billed at $100 per
hour.
The attorney also received a retainer of $15,000, plus the $1,738
filing fee.
Mr. Feinsilver disclosed in a court filing that he is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.
The attorney can be reached at:
Richard S. Feinsilver, Esq.
One Old Country Road, Suite 347
Carle Place, NY 11514
Telephone: (516) 873-6330
Facsimile: (516) 873-6183
About Blackrock Automotive Center LLC
Blackrock Automotive Center LLC sought protection for relief under
Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No.
24-44694) on Nov. 12, 2024.
Judge Elizabeth S Stong presides over the case.
The Debtor is represented by Richard S. Feinsilver, Esq.
BLUEBIRD BIO: The Goldman Sachs Holds 1.1% Equity Stake
-------------------------------------------------------
The Goldman Sachs Group, Inc. and Goldman Sachs & Co., LLC
disclosed in a Schedule 13G/A filed with the U.S. Securities and
Exchange Commission that as of September 30, 2024, they
beneficially owned 2,194,279 shares of bluebird bio, Inc.'s common
stock, representing 1.1% of the shares outstanding.
Goldman Sachs may be reached at:
Milton Millman
Managing Director
200 West Street
New York, NY 10282
A full-text copy of The Goldman Sachs Group's SEC Report is
available at:
https://tinyurl.com/3rat7pvj
About bluebird bio, Inc.
bluebird bio, Inc. was incorporated in Delaware on April 16, 1992,
and is headquartered in Somerville, Massachusetts. The Company is a
biotechnology firm dedicated to researching, developing, and
commercializing potentially curative gene therapies for severe
genetic diseases based on its proprietary lentiviral vector gene
addition platform. Since its inception, bluebird bio has focused
nearly all its resources on research and development efforts
related to its product candidates and the commercialization of its
approved products, including activities to manufacture product
candidates, conduct clinical studies, perform preclinical research,
provide administrative support, and market and commercially
manufacture its approved products.
Boston, Massachusetts-based Ernst & Young LLP, the Company's
auditor since 2012, issued a "going concern" qualification in its
report dated September 13, 2024, citing that the Company has
suffered recurring operating losses and negative operating cash
flows, raising substantial doubt about its ability to continue as a
going concern.
bluebird bio had a net loss of $211.9 million for the year ended
December 31, 2023, and an accumulated deficit of $4.3 billion as of
December 31, 2023. As of June 30, 2024, bluebird bio had $545.2
million in total assets, $492.2 million in total liabilities, and
$53 million in total stockholders' equity.
BREAD FINANCIAL: Fitch Alters Outlook on 'BB-' IDR to Positive
--------------------------------------------------------------
Fitch Ratings has affirmed Bread Financial Holdings' (BFH)
Long-Term and Short-Term Issuer Default Ratings (IDR) at 'BB-' and
'B,' respectively. Fitch has revised the Rating Outlook to Positive
from Stable. Fitch has also affirmed the holding company's
Viability Rating (VR) at 'bb-.'
Key Rating Drivers
Positive Outlook: BFH's IDRs are based on the holding company's
intrinsic creditworthiness as reflected in its VR of 'bb-'. The
ratings reflect BFH's relatively small size and monoline business
model, with a high retail partner concentration, a relatively
elevated risk profile and uneven financial performance relative to
higher-rated peers.
The Positive Outlook reflects BFH's reduced double leverage and
corporate debt and its improved risk profile, capital and leverage
and liquidity and funding.
Less Regulated Operating Environment: Fitch scores BFH's Operating
Environment (OE) at 'a+,' adjusted from the OE score of 'aa-' for
typical U.S. banks. BFH does not operate as a bank holding company
under the Federal Reserve and is not subject to consolidated
supervision at the parent level. However, it has made progress
toward its goal to upgrade its internal systems and stress testing
protocols to align with those of bank holding companies. Its two
subsidiary banks are regulated by the FDIC, Utah and Delaware state
regulators, and the Consumer Financial Protection Bureau (CFPB).
Narrow Business Profile: BFH's Business Profile score of 'bb-'
reflects its revenue volume, concentration in unsecured loans,
reliance on partnerships, small size and relatively short history
as a standalone company. BFH derives funding from a small but
growing retail deposit platform, wholesale deposits,
securitizations and company debt. Formerly known as Alliance Data
Systems, it sold marketing firm Epsilon in 2019 and spun out
international marketing firm Loyalty Ventures Inc. (LVI) in 2021,
which filed for bankruptcy protection 17 months later.
Risk Profile Improving: Fitch has upgraded BFH's risk profile to
'bb-' from 'b+.' Its concentration in unsecured lending to
higher-risk borrowers and its balance sheet sensitivity to rates
are rating constraints. BFH has reduced its senior unsecured debt
to $1.0 billion from $2.0 billion at YE2021 and has improved its
double leverage ratio, helped by extra-ordinary dividends from the
bank subsidiaries.
Fitch believes the CFPB's pending late fee safe harbor rule is
unlikely to be implemented given the U.S. Supreme Court's ruling on
Chevron Deference and the proposed policies of the incoming
Republican administration. Fitch views LVI-related litigation as a
risk to capital and earnings, though a temporary decline in these
ratios is not likely to affect its view of BFH's credit
fundamentals.
Concentrated Loan Portfolio: BFH's NCO rates trend higher than
consumer peers through the cycle, and have been elevated for the
last year due to inflation and unemployment. This stems from
concentration in unsecured loans with non-prime consumers. BFH's
ratio of impaired loans to total loans similarly trend higher than
peers.
Consumer lenders charge off at 180 days delinquency, resulting in
higher charge offs than commercial loan categories, making
formation of the impaired loan ratio less comparable. This impaired
loan formation and its concentration contribute to BFH's asset
quality score of 'bb-'. However, Fitch has revised the Outlook to
Stable from Negative because charge-off rates and delinquencies
have largely stabilized, helped by BFH's increasing portfolio
diversification and more disciplined underwriting and credit
lines.
High Reliance on Net Interest Income: BFH's Operating Profits to
RWA ratio of 3.8% for 2021 through 3Q24 compares well to consumer
peers. However, its lower revenue diversification and lack of
earnings stability constrain its earnings and profitability score.
BFH relies entirely on credit card lending and net interest income,
which contribute to business model vulnerability to cyclicality.
In Fitch's view, the risk of regulatory changes is diminishing, but
litigation could still impair earnings in the medium term. BFH's
returns remained high in 2024, even with elevated net charge-offs
and a non-recurring charge to retire legacy debt, while partnership
diversity and funding improved.
Improving Capitalization: BFH's CET1 ratio of 13.3% increased from
12.9% last year while reducing debt from $1.4 billion to $1.1
billion. Fitch forecasts its capitalization to expand further with
2025 earnings and limited capital distributions. The parent company
lowered its double leverage to 103% from 127% in 3Q23 and 213% at
4Q21 through dividends from the bank subsidiaries and reducing
parent debt, giving it a higher buffer to absorb losses in a stress
scenario. Fitch has revised the Outlook on the Capital and Leverage
score of 'bb-' to positive, but maintains the Small Capital Base
and Risk Profile and Business Model adjustment factors.
Funding and Liquidity Improving: Fitch has raised the Outlook on
BFH's funding and liquidity score of 'b+' to Positive from Stable.
BFH has improved its funding through deposit growth, steady
securitizations and demonstrated access to the debt capital markets
with significant rounds of debt refinancing while lowering its
debt. It lowered its loans-to-customer deposits ratio to a steady
138% throughout 2023 and nine months 2024 from 172% in 2020.
While these reflect sustained improvements, Fitch continues to view
wholesale and non-deposit funding as a rating constraint. BFH has
reduced wholesale deposits to 31% of funding from 43% in 2021 and
raised retail deposits to 43% of total from 11% in 2021. BFH
targets 50% retail deposit funding in the medium to long term.
Rating Sensitivities
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- A reduction in CET 1 ratio below 10% for several quarters or a
sustained increase in double leverage above 120%;
- A significant deterioration in the bank's risk profile, including
net charge-offs, that results in a sustained reduction in BFH's
operating profit as a percentage of risk-weighted assets to a level
consistently below 2.5%;
- A weakening liquidity profile or dramatic shift in its funding
mix that constrains the company's ability to meet its obligations
under a stressed scenario;
- Adverse resolution of litigation with Loyalty Ventures that
results in a significant impact to its earnings, liquidity, capital
ratios or business relationships.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- A sustained increase in BFH's CET 1 ratio above 14%;
- A meaningful improvement in the holding company's liquidity
profile to reflect prudent holding company liquidity coverage of
near-term expenses;
- Conversion to becoming a bank holding company supervised by the
U.S. Federal Reserve Bank. This would likely lead to a higher OE
score, which eases the threshold for key rating driver scores;
- A marked reduction in net charge-off rates and the effective
navigation of industry trends, including increased competition
among direct banks, that results in the stabilization of BFH's in
operating profit as a percentage of risk-weighted assets
consistently above 4%.
OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS
BFH's Long-Term Senior Unsecured rating of 'BB-' is equalized with
its LT IDR. This reflects Fitch's view that default on senior
obligations equates to a default of the bank/bank holding company
(as captured by the issuer's IDR) and usually average expected
recoveries upon default.
The Short-term IDR of 'B' corresponds with Long-Term IDRs between
'BB+' and 'B-' under Fitch's Global Bank criteria.
BFH has a GSR of 'ns'. In Fitch's view, the probability of
government support is unlikely.
OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES
The senior unsecured rating is directly linked to the Long-term IDR
and would be expected to move in tandem with it.
A rating action on the Short-Term IDR is unlikely given the current
level of BFH's LT IDR as this would require a multiple notch
upgrade or downgrade of the LT IDR.
There is limited likelihood that the GSR of 'ns' will change over
the foreseeable future.
VR ADJUSTMENTS
Fitch has made the following adjustments to the implied factor
scores:
The Operating Environment score of 'a+' has been assigned below the
implied category of 'aa' due to a negative adjustment for
Regulatory and Legal Framework.
The Business Profile score of 'bb-' has been assigned below the
implied category of 'bbb' due to negative adjustments for the
following adjustment reason: Business Model (negative), Market
Position (negative).
The Asset Quality score of 'bb-' has been assigned below the
implied category of 'bbb' due to the following adjustment reason:
Concentrations (negative) Impaired Loan Formation (negative).
The Earnings and Profitability score of 'bb+' has been assigned
below the implied category of 'a' due to the following adjustment
reason: Earnings Stability (negative) and Revenue Diversification
(negative).
The Capitalization and Leverage score of 'bb' has been assigned
below the implied category of 'bbb' due to the following adjustment
reason: Size of Capital Base (negative), Risk Profile and Business
Model (negative).
The Funding and Liquidity score of 'bb-' is below the implied score
of 'bbb' due to the following adjustment reason: Deposit Structure
(negative) and Non-Deposit Funding (negative).
ESG Considerations
Bread Financial Holdings, Inc. has an ESG Relevance Score of '4'
for Customer Welfare - Fair Messaging, Privacy & Data Security due
to for Customer Welfare - Fair Messaging, Privacy, and Data
Security due to its exposure to compliance risks including fair
lending practices, debt collection practices and consumer data
protection, which has a negative impact on the credit profile, and
is relevant to the ratings in conjunction with other factors.
Bread Financial Holdings, Inc. has an ESG Relevance Score of '4'
for Financial Transparency. Due to the company's non-BHC status for
regulatory purposes, BFH has exposure to quality of financial
reporting and auditing processes, which has a negative impact on
the credit profile, and is relevant to the ratings in conjunction
with other factors.
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Prior
----------- ------ -----
Bread Financial
Holdings, Inc. LT IDR BB- Affirmed BB-
ST IDR B Affirmed B
Viability bb- Affirmed bb-
Government Support ns Affirmed ns
senior
unsecured LT BB- Affirmed BB-
BRIGHT MOUNTAIN: Posts $3.3 Million Net Loss in Fiscal Q3
---------------------------------------------------------
Bright Mountain Media, Inc. filed with the U.S. Securities and
Exchange Commission its Quarterly Report on Form 10-Q reporting a
net loss of $3.3 million on $14.2 million of revenue for the three
months ended September 30, 2024, compared to a net loss of $19.8
million on $15.3 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 $13.2 million on $39.6 million of revenue, compared
to a net loss of $29.6 million on $29.4 million of revenue for the
same period in 2023.
As of September 30, 2024, the Company had $38 million in total
assets, $97.6 million in total liabilities, and $59.6 million in
total shareholders' deficit.
Matt Drinkwater, CEO of Bright Mountain Media, is excited to report
the Company's continued financial progress and addition of industry
veteran Board Members this past quarter. He states, "We are pleased
with our continued positive financial performance focused on our
bottom-line. Our third quarter net loss was $3.3 million, a
decrease of 84%, compared to a $19.8 million net loss in the same
period of 2023, and our Adjusted EBITDA of $804,000 represented an
increase of $521,000 from $283,000 during the same period of 2023.
Our current focus of maximizing synergies from prior acquisitions,
launching innovative products and services, and advancing our
vision of becoming an end-to-end marketing services platform is
showing up in our financials. We are also proud that we can recruit
distinguished industry leaders who will bring significant strategic
guidance and unique perspective. We are eager to leverage their
collective experience to propel our mission forward."
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/3s4xczdc
About Bright Mountain
Based in Boca Raton, Fla., Bright Mountain Media, Inc. --
http://www.brightmountainmedia.com-- unites a diverse portfolio of
companies to deliver a full spectrum of advertising, marketing,
technology, and media services under one roof -- fused together by
data-driven insights. Bright Mountain Media's subsidiaries include
Deep Focus Agency, LLC, BV Insights, LLC, CL Media Holdings, LLC,
and Bright Mountain, LLC.
Bright Mountain Media reported a net loss of $35.56 million for the
year ended Dec. 31, 2023, compared to a net loss of $8.13 million
for the year ended Dec. 31, 2022.
Historically, the Company has incurred losses, which have resulted
in an accumulated deficit of approximately $163.1 million as of
September 30, 2024. Cash flows used in operating activities were
$451,000 and $5.9 million for the nine months ended September 30,
2024 and 2023, respectively. As of September 30, 2024, the Company
had a working capital deficit of approximately $13.0 million,
inclusive of $2.5 million in cash and cash equivalents.
The Company's current cash and working capital as of November 12,
2024 (the filing of the Company's Quarterly Report for the three
months ended September 30, 2024), is not expected to be sufficient
to fund its anticipated level of operations over the next 12
months. As a result, such matters create a substantial doubt
regarding the Company's ability to meet its financial obligations
and continue as a going concern.
BURGERFI INTERNATIONAL: Taps Liquor License Sales PA NJ as Broker
-----------------------------------------------------------------
BurgerFi International, Inc and its affiliates seek approval from
the U.S. Bankruptcy Court for the District of Delaware to employ
Liquor License Sales PA NJ, LLC as their liquor license broker.
The firm will receive a commission of (i) 8 percent of each Liquor
License sale price if LLS acts as the sole broker on the sale, or
(ii) 8 percent of each Liquor License sale price if the buyer is
represented by a buyer's broker who is not the Listing Broker
pursuant to written contract with the buyer, and the Co-Broker
Commission shall be split between LLS and Buyer's Agent such that
50 percent of the Co-Broker Commission goes to LLS and 50 percent
of the Co-Broker Commission goes to Buyer's Agent.
As disclosed in the court filings, Liquor License Sales PA NJ is a
"disinterested person" within the meaning of section 101(14) of the
Bankruptcy Code, as required by section 327(a) of the Bankruptcy
Code.
The firm can be reached through:
Rich Hewitt
Liquor License Sales PA NJ, LLC
770 Route 220, Suite 1
Muncy Valley, PA 17758
Phone: (570) 482-2222
Fax: (888) 999-4436
About BurgerFi Int'l
BurgerFi International, Inc. (NASDAQ:BFI) is a multi-brand
restaurant company that develops, markets, and acquires fast-casual
and premium-casual dining restaurant concepts around the world,
including corporate-owned stores and franchises. BurgerFi
International, Inc. is the owner and franchisor of two brands with
a combined 144 locations: (i) Anthony's, a premium pizza and wing
brand with 51 restaurants (50 corporate-owned casual restaurant
locations and one dual brand franchise location), as of Sept. 10,
2024, and (ii) BurgerFi, among the nation's fast-casual better
burger concepts with 93 BurgerFi restaurants (76 franchised and 17
corporate-owned) as of Sept. 10, 2024.
BurgerFi International, Inc. and 114 affiliated debtors filed
voluntary petitions for relief under Chapter 11 of the United
States Bankruptcy Code on Sept. 11, 2024 (Bankr. D. Del. Lead Case
No. 24-12017). The cases are pending before the Honorable Judge
Craig T Goldblatt.
Raines Feldman Littrell LLP serves as the Debtors' counsel. Force
Ten Partners' Jeremy Rosenthal serves as the Company's Chief
Restructuring Officer. Sitrick And Company serves as strategic
communications advisor to the Company. Stretto is the claims agent.
CAREMAX INC: Hires Stretto Inc. as Claims and Noticing Agent
------------------------------------------------------------
CareMax Inc. and its affiliates seek approval from the U.S.
Bankruptcy Court for the Northern District of Texas to hire
Stretto, Inc. as their claims and noticing agent.
The Debtor requires a claims and noticing agent to serve notices to
creditors, equity security holders and other concerned parties, as
well as provide computerized claims-related services.
The Debtors provided Stretto an advance in the amount of $50,000.
Sheryl Betance, a senior managing director at Stretto, disclosed in
a court filing that her firm is a "disinterested person" as that
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Sheryl Betance
Stretto, Inc.
410 Exchange, Ste. 100
Irvine, CA 92602
Telephone: (714) 716-1872
Email: sheryl.betance@stretto.com
About CareMax Inc.
CareMax Inc. is a provider of medical centers for elderly
patients.
CareMax Inc. sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. N.D. Tex. Case No. 24-80093) on November 17, 2024. In
its petition, the Debtor reports estimated liabilities between $500
million and $1 billion and estimated assets between $100 million
and $500 million.
The Debtor is represented by Thomas Robert Califano of Sidley
Austin LLP.
CAROLINA CUSTOMIZED: Hires Buckmiller Boyette & Frost as Counsel
----------------------------------------------------------------
Carolina Customized Interiors LLC seeks approval from the U.S.
Bankruptcy Court for the Eastern District of North Carolina to hire
Buckmiller, Boyette & Frost, PLLC as attorneys.
The firm will represent and assist the Debtor in connection with
the bankruptcy case, as well as the performance of its duties and
responsibilities as a Debtor-in-Possession under the provisions of
Chapter 11 of the Bankruptcy Code, and will advise and represent
the estate and its interests generally throughout the
administration of the Bankruptcy Case.
The hourly rates of the firm are:
Matthew W. Buckmiller $400 per hour
Joseph Z. Frost $375 per hour
Yorlibeth Martinez $300 per hour
Paralegals, Law Clerks, & Staff $65 to $160 per hour
The firm will be paid a retainer in the amount of $6,738.
Buckmiller, Boyette & Frost will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Joseph Z. Frost, Esq., a partner at Buckmiller, Boyette & Frost,
PLL, 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:
Joseph Z. Frost, Esq.
Buckmiller, Boyette & Frost, PLLC
4700 Six Forks Road, Suite 150
Raleigh, NC 27609
Tel: (919) 296-5040
Fax: (919) 977-7101
Email: jfrost@bbflawfirm.com
About Carolina Customized Interiors
Carolina Customized Interiors LLC filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.C.
Case No. 24-04008) on Nov. 15, 2024, listing $500,001 to $1 million
in both assets and liabilities.
Judge Joseph N Callaway presides over the case.
Joseph Zachary Frost, Esq. at Buckmiller, Boyette & Frost, PLLC
represents the Debtor as counsel.
CARVANA CO: FMR LLC Holds 9.983% of Class A Common Stock
--------------------------------------------------------
FMR LLC and Abigail P. Johnson disclosed in a Schedule 13G/A filed
with the U.S. Securities and Exchange Commission that as of
September 30, 2024, they beneficially owned 12,361,786 shares of
Carvana Co.'s Class A Common Stock, representing 9.983% of the
shares outstanding.
Abigail P. Johnson serves as Director, Chairman and Chief Executive
Officer of FMR LLC.
Members of the Johnson family, including Abigail P. Johnson, are
the predominant owners, directly or through trusts, of Series B
voting common shares of FMR LLC, representing 49% of the voting
power of FMR LLC. The Johnson family group and all other Series B
shareholders have entered into a shareholders' voting agreement
under which all Series B voting common shares will be voted in
accordance with the majority vote of Series B voting common shares.
Accordingly, through their ownership of voting common shares and
the execution of the shareholders' voting agreement, members of the
Johnson family may be deemed, under the Investment Company Act of
1940, to form a controlling group with respect to FMR LLC.
FMR may be reached at:
245 Summer Street
Boston, Massachusetts 02210
Tel: 617-570-6339
A full-text copy of the Report is available at:
https://tinyurl.com/bdewbxux
About Carvana
Carvana's mission is to change the way people buy and sell cars.
Over the past decade, Carvana has revolutionized automotive retail
and delighted millions of customers with an offering that is fun,
fast, and fair. With Carvana, customers can choose from tens of
thousands of vehicles, get financing, trade-in, and complete a
purchase entirely online with the convenience of home delivery or
local pick up in over 300 U.S. markets.
Carvana reported a net income of $150 million for the year ended
Dec. 31, 2023, compared to a net loss of $2.89 billion for the year
ended Dec. 31, 2022. As of Sept. 30, 2024, Carvana had $7.37
billion in total assets, $7.08 billion in total liabilities, and
$286 million in total stockholders' equity.
* * *
As reported by the TCR on Sept. 17, 2024, Moody's Ratings upgraded
Carvana Co.'s corporate family rating to Caa1 from Caa3 and
probability of default rating to Caa1-PD from Caa3-PD. Moody's
said the upgrade and positive outlook reflects Carvana's better
operating performance which has resulted in a material improvement
in leverage.
CENTENNIAL HOUSING: PCO Taps Fox Rothschild as Bankruptcy Counsel
-----------------------------------------------------------------
Suzanne Koenig, the patient care ombudsman of Centennial Housing &
Community Services Corp., seeks approval from the U.S. Bankruptcy
Court for the Eastern District of North Carolina to hire Fox
Rothschild LLP as her counsel.
The firm's services include:
(a) representing the Ombudsman in any proceeding or hearing in
the Bankruptcy Court, and in any action in other courts where the
rights of the patients may be litigated or affected as a result of
this case;
(b) advising the Ombudsman concerning the requirements of the
Bankruptcy Code and Bankruptcy Rules relating to the discharge of
her duties under section 333 of the Bankruptcy Code;
(c) advising and representing the Ombudsman in evaluating
patient or healthcare related issues including, in connection with
any sale, reorganization, or liquidation; and
(d) performing such other legal services as may be required
under the circumstances of this case in accordance with the
Ombudsman's powers and duties as set forth in the Bankruptcy Code,
including assisting the Ombudsman with reports to the Court, fee
applications, or other matters.
Fox Rothschild's current hourly rates are:
Brian R. Anderson, Partner $570
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Brian R. Anderson, Esq., a partner at Fox Rothschild 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 through:
Brian R. Anderson, Esq.
Fox Rothschild LLP
230 N. Elm Street, Suite 1200
Greensboro, NC 27401
Telephone: (336) 378-5205
Email: BRAnderson@FoxRothschild.com
About Centennial Housing & Community Services
Centennial Housing & Community Services Corp., doing business as
Washington Regional Medical Center, is a 25-bed critical access
hospital offering a broad range of healthcare services.
Centennial Housing & Community Services Corp. sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No.
24-03469) on October 29, 2024. In the petition filed by Todd
Mobley, as chairman of the Board, the Debtor reports total assets
of $6,970,517 and total liabilities of $11,730,050.
The Debtor is represented by Jason L. Hendren, Esq. at HENDREN,
REDWINE & MALONE, PLLC.
CENTURY MINING: Seeks Chapter 11 Protection in Virginia
-------------------------------------------------------
On November 22, 2024, Century Mining LLC filed Chapter 11
protection in the Northern District of West Virginia. According to
court documents, the Debtor reports between $1 million and $10
million in debt owed to 1 and 49 creditors. The petition states
funds will be available to unsecured creditors.
A meeting of creditors under Sec. 341(a) to be held on December 18,
2024 at 1:00 PM.
About Century Mining LLC
Century Mining LLC, doing as Allegheny Metallurgical, produces
metallurgical coal that is used by steel manufacturers around the
globe.
Century Mining LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. W. Va. Case No. 24-00598) on November
22, 2024. In the petition filed by Keith Hainer, as president, the
Debtor reports estimated assets and liabilities between $50 million
and $100 million each.
Honorable Bankruptcy Judge David L. Bissett handles the case.
The Debtor is represented by:
David B. Salzman, Esq.
CAMPBELL & LEVINE, LLC
310 Grant Street, Suite 1700
Pittsburgh, PA 15219
Tel: 412-261-0310
Fax: 412-261-5066
CG JERSEY: Taps Middlebrooks Shapiro as Bankruptcy Counsel
----------------------------------------------------------
CG Jersey, Inc. seeks approval from the U.S. Bankruptcy Court for
the District of New Jersey to hire Middlebrooks Shapiro, P.C. to
handle its bankruptcy proceedings.
The firm will be paid at these rates:
Melinda D. Middlebrooks, Esq., Partner $500 per hour
Joseph M. Shapiro, Esq., Partner $450 per hour
Jessica M. Minneci, Esq., Associate $400 per hour
Paralegals $100 per hour
The Debtor paid the firm a retainer if $16,738.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Joseph M. Shapiro, Esq., a partner at Middlebrooks Shapiro, P.C.,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Joseph M. Shapiro, Esq.
Melinda D. Middlebrooks, Esq.
Middlebrooks Shapiro, P.C.
P.O. Box 1630
Belmar, NU 07719-1630
Tel: (973) 218-6877
Fax: (973) 218-6878
Email: middlebrooks@middlebrooksshapiro.com
jshapiro@middlebrooksshapiro.com
About CG Jersey, Inc.
Fratello's is an Italian restaurant serving seafood, steaks and
Italian dishes in Sea Girt, Manasquan, Wall, Spring Lake, Brielle,
and the surrounding areas of the Jersey Shore.
CG Jersey, Inc. d/b/a Fratello's Italian Rest filed its voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
D.N.J. Case No. 24-21373) on November 15, 2024, listing up to
$50,000 in assets and $1 million to $10 million in liabilities. The
petition was signed by Christopher G. De Cresce as president.
Melinda D. Middlebrooks, Esq. at MIDDLEBROOKS SHAPIRO, P.C.
represents the Debtor as counsel.
COFFEE HOLDING: Purchases Assets of Empire Coffee Company
---------------------------------------------------------
Coffee Holding Co., Inc., a publicly traded integrated wholesale
coffee roaster and dealer located in the United States purchased
all of the assets of Empire Coffee Company based in Port Chester,
NY.
The purchase was made under Article 9 of the UCC and consists of
Empire's inventory, equipment, accounts receivable, customer list
and all intellectual property. To facilitate the purchase, Coffee
Holding created a new wholly owned subsidiary named Second Empire.
Operations will be conducted by Second Empire. The purchase price
of $800,000 was negotiated between Coffee Holding and Empire's
former lender and was paid on November 7, 2024. Coffee Holding also
entered into a new lease for Empire's property on the same day.
"We have known the principals at Empire for over forty years," said
Andrew Gordon, President and CEO of Coffee Holding. "Unfortunately,
Empire never fully recovered from the Covid-19 shutdowns and the
changes in consumer buying patterns that accompanied these
shutdowns. The fact that we were able to complete a transaction
allowing us to operate a first-class turnkey manufacturing facility
where we are currently servicing some of our customers is a big win
for us. We believe the purchase price represents about $0.60 on the
dollar for the assets' true value and we believe given our proven
ability as an operator, we can quickly improve upon Empire's recent
performance and ramp up operations and return them to pre-Covid
levels of annual revenue. Unlike our past Steep/Generations
acquisition, we plan on controlling the day to day decision making
and operations of Second Empire to ensure the success of the
venture. In addition, we believe the ownership of this entity will
result in both manufacturing and other cost savings almost
immediately, as well as giving us the flexibility in the near term
to explore greater future savings in our other existing
facilities," continued Andrew Gordon.
About Coffee Holding Co.
Staten Island, N.Y.-based Coffee Holding Co., Inc. is an integrated
wholesale coffee roaster and dealer located in the United States.
The Company's core products can be divided into three categories:
(1) Wholesale Green Coffee; (2) Private Label Coffee; and (3)
Branded Coffee.
New York, N.Y.-based Marcum LLP, the Company's auditor from 2013 to
2021 and subsequently reappointed in 2022, issued a "going concern"
qualification in its report dated February 9, 2024, citing that the
Company's line of credit is maturing on June 30, 2024, and there
are certain financial covenants that the Company is in violation of
with the lender. The Company has not received a waiver from the
lender, which has reserved its right to exercise its rights and
remedies at any time in its sole discretion. The auditor noted that
the uncertainties surrounding the ability to receive a waiver and
extend its line of credit when it becomes due raise substantial
doubt as to whether existing cash and cash equivalents will be
sufficient to meet its obligations as they become due within 12
months from the date the consolidated financial statements were
issued.
As of July 31, 2024, the Company is in compliance with those
financial covenants. The Company has paid down a substantial
portion of the line of credit and the current balance outstanding
as of July 31, 2024 was $1,900,000. Additionally, the Company is in
a net income position for the three and nine months ended July 31,
2024 of $626,796 and $955,979, respectively, has cash from
operating activities of $5,209,235, and a net working capital
surplus of $19,494,786. As a result, the Company does not believe
that substantial doubt is raised regarding the Company's ability to
continue as a going concern and the ability to meet its obligations
as they become due within the 12 months from Sept. 13, 2024, the
date the condensed consolidated financial statements for the
quarterly period ended July 31, 2024, are issued.
* * *
This concludes the Troubled Company Reporter's coverage of Coffee
Holding Co. until facts and circumstances, if any, emerge that
demonstrate financial or operational strain or difficulty at a
level sufficient to warrant renewed coverage.
CONNORSVILLE COMMONS: Taps Lewis Brisbois as Bankruptcy Counsel
---------------------------------------------------------------
Connorsville Commons LLC seeks approval from the U.S. Bankruptcy
Court for the Southern District of Southern District of Texas to
hire Lewis Brisbois Bisgaard & Smith LLP as general bankruptcy
counsel.
The firm will render these services:
a. advise the Debtor concerning its rights, powers, and
responsibilities under the Bankruptcy Code, Federal Rules of
Bankruptcy Procedure, and Local Bankruptcy Rules, and the
requirements of the United States Trustee pertaining to its rights
and duties as debtor-in-possession in the continued operation of
its business and affairs and its administration of the bankruptcy
estate;
b. prepare motions, applications, answers, orders, memoranda,
reports, papers, and any other pleadings necessary to further the
Debtor's interests and objectives, in connection with the
administration of the bankruptcy estate;
c. provide legal services with respect to formulating and
negotiating a plan of reorganization or liquidation, or a
structured dismissal of the Bankruptcy Case, and other legal
services for the Debtor as may be required and appropriate during
the course of this Chapter 11 Bankruptcy Case;
d. provide representation in all negotiations and proceedings
involving the Debtor in matters relating to, inter alia, the
administration of the bankruptcy estate, if the case is not
dismissed, then the terms of the Debtor's Chapter 11 disclosure
statement and plan of reorganization or liquidation and
confirmation of the Chapter 11 plan and all other legal aspects of
the Debtor's Bankruptcy Case;
e. protect and preserve the bankruptcy estate by prosecuting
and defending actions commenced by or against the Debtor, and
preparing necessary objections to proofs of claim or interest filed
in the Bankruptcy Case;
f. investigate and prosecute preference avoidance, fraudulent
transfer, and other actions arising under the Debtor's avoiding
powers; and
g. render such other legal advice and services as the Debtor
may require in connection with this Bankruptcy Case and any related
proceedings.
The firm's current billing rates for attorneys range from $300 to
$500 per hour, and paraprofessionals will bill at an hourly rate of
$150.
The firm received a retainer in the amount of $10,000.
In addition, the firm will seek reimbursement for expenses
incurred.
Bennett Fisher, Esq., a partner at Lewis Brisbois Bisgaard & Smith,
disclosed in a court filing that the firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Bennett G. Fisher, Esq.
Audrey E. Ramirez, Esq.
LEWIS BRISBOIS BISGAARD & SMITH, LLP
24 Greenway Plaza, Suite 1400
Houston, Texas 77046
Tel: (346) 241-4095
Fax: (713) 759-6830
Email: bennett.fisher@lewisbrisbois.com
audrey.ramirez@lewisbrisbois.com
About Connorsville Commons
Connorsville Commons LLC is a Single Asset Real Estate (as defined
in 11 U.S.C. Sec. 101(51B)).
Connorsville Commons LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-34691) on October 4,
2024. In the petition filed by Thomas Noons, as managing partner,
the Debtor reports estimated assets and liabilities between $1
million and $10 million each.
The Debtor is represented by Bennett Greg Fisher, Esq. at Lewis
Brisbois Bisgaard & Smith.
CORINTH AUTUMN: Involuntary Chapter 11 Case Summary
---------------------------------------------------
Alleged Debtor: Corinth Autumn Oaks, L.P.
Autumn Oaks of Corinth
Autumn Oaks
1900 Enchanted Way, Suite 200
Grapevine TX 76051
Business Description: Autumn Oaks is a senior care community and a
member of the National Association of
Activity Professionals. As trained and
specialized caregivers, the Company provides
personalized assistance in activities of
daily living, supportive services, and
compassionate care to its assisted living
residents.
Involuntary Chapter
11 Petition Date: December 2, 2024
Court: United States Bankruptcy Court
Northern District of Texas
Case No.: 24-44464
Petitioner's Counsel: Gregory W. Mitchell, Esq.
FREEMAN LAW, PLLC
7011 Main Street
Frisco TX 75034
Tel: (214) 924-3124
Email: gmitchell@freemanlaw.com
A full-text copy of the Involuntary Petition is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/MR3CGNQ/Corinth_Autumn_Oaks_LP__txnbke-24-44464__0001.0.pdf?mcid=tGE4TAMA
Alleged creditor who signed the petition:
Petitioner Nature of Claim Claim Amount
Corinth AO GP, LLC Promissory Note $1,488,511
1900 Enchanted Way & Developer Fee
Suite 200
Grapevine TX 76051
COSMOS HEALTH: Gets 180 Days to Regain Nasdaq Bid Price Compliance
------------------------------------------------------------------
Cosmos Health Inc. disclosed in a Form 8-K Report filed with the
U.S. Securities and Exchange Commission that the Company received a
non-compliance letter from Nasdaq for its failure to maintain a
minimum bid price of $1.00 per share for 30 consecutive business
days in accordance with Nasdaq Listing Rule 5550(a)(2).
The Company has 180 calendar days from November 6, 2024 to regain
compliance by the closing bid price of the Company's common stock
being at least $1.00 per share for 10 consecutive business days. In
the event the Company cannot otherwise regain compliance with the
listing rule, it intends to effect a reverse stock split to regain
compliance. An indicator will be displayed with quotation
information related to the Company's securities.
About Cosmos Health Inc.
Cosmos Health Inc. (Nasdaq: COSM), incorporated in 2009 in Nevada,
is a diversified, vertically integrated global healthcare group.
The Company owns a portfolio of proprietary pharmaceutical and
nutraceutical brands, including Sky Premium Life, Mediterranation,
bio-bebe, and C-Sept. Through its subsidiary, Cana Laboratories
S.A., which is licensed under European Good Manufacturing Practices
(GMP) and certified by the European Medicines Agency, it
manufactures pharmaceuticals, food supplements, cosmetics,
biocides, and medical devices within the European Union.
Cosmos Health also distributes a broad line of pharmaceuticals and
parapharmaceuticals, including branded generics and OTC
medications, to retail pharmacies and wholesale distributors
through its subsidiaries in Greece and the UK. Furthermore, the
Company has established R&D partnerships targeting major health
disorders such as obesity, diabetes, and cancer, enhanced by
artificial intelligence drug repurposing technologies. It focuses
on the R&D of novel patented nutraceuticals, specialized root
extracts, proprietary complex generics, and innovative OTC
products. Additionally, Cosmos Health has entered the telehealth
space through the acquisition of ZipDoctor, Inc., based in Texas,
USA. With a global distribution platform, the Company is currently
expanding throughout Europe, Asia, and North America, with offices
and distribution centers in Thessaloniki and Athens, Greece, and in
Harlow, UK.
New York, N.Y.-based RBSM LLP, the Company's auditor since 2024,
issued a "going concern" qualification in its report dated August
5, 2024, citing that the Company has incurred substantial operating
losses and will require additional capital to continue as a going
concern. This raises substantial doubt about the Company's ability
to continue as a going concern.
As of March 31, 2024, Cosmos Health had $62,345,195 in total
assets, $27,798,513 in total liabilities, and $34,546,682 in total
stockholders' equity.
CRYPTO CO: Borrows $33,000 in Private Transaction With AJB Capital
------------------------------------------------------------------
The Crypto Company disclosed in a Form 8-K Report filed with the
U.S. Securities and Exchange Commission that it borrowed funds
pursuant to the terms of a Securities Purchase Agreement entered
into with AJB Capital Investments, LLC, and issued a Promissory
Note in the principal amount of $33,000 to AJB in a private
transaction for a purchase price of $29,700, each fully executed on
November 8, 2024. In connection with the sale of the AJB Note, the
Company also paid certain fees and expenses of AJB. After payment
of the fees and expenses, the net proceeds to the Company were
$24,700, which will be used for working capital, to fund potential
acquisitions or other forms of strategic relationships, and other
general corporate purposes.
The maturity date of the AJB Note is May 1, 2025. The AJB Note
bears interest at a rate of 12% per calendar year from the date of
issuance. The interest shall accrue on a monthly basis and is
payable on the maturity date or upon acceleration or by prepayment
or otherwise. The Company may prepay the AJB Note at any time
without penalty. Under the terms of the AJB Note, the Company may
not issue additional debt that is not subordinate to AJB, must
comply with the Company's reporting requirements under the
Securities Exchange Act of 1934, and must maintain the listing of
the Company's common stock on the OTC Market or other exchange,
among other restrictions and requirements. The Company's failure to
make required payments under the AJB Note or to comply with any of
these covenants, among other matters, would constitute an event of
default. Upon an event of default under the AJB SPA or AJB Note,
the AJB Note will bear interest at the lesser of 18% per annum or
the maximum amount permitted under law, AJB may immediately
accelerate the AJB Note due date, AJB may convert the amount
outstanding under the AJB Note into shares of Company common stock
at a discount to the market price of the stock, and AJB will be
entitled to its costs of collection, among other penalties and
remedies.
The Company provided various representations, warranties, and
covenants to AJB in the AJB SPA. The Company's breach of any
representation or warranty, or failure to comply with the covenants
would constitute an event of default.
The Company also entered into a Security Agreement with AJB
pursuant to which the Company granted to AJB a security interest in
all of the Company's assets to secure the Company's obligations
under the AJB SPA and AJB Note.
The offer and sale of the AJB Note was made in a private
transaction exempt from the registration requirements of the
Securities Act of 1933, as amended, in reliance on exemptions
afforded by Section 4(a)(2) of the Securities Act and Rule 506(b)
of Regulation D promulgated thereunder.
About Crypto Company
Malibu, Calif.-based The Crypto Company --
https://www.thecryptocompany.com -- is engaged in the business of
providing consulting services and education for blockchain
technology and for the building of technological infrastructure and
enterprise blockchain technology solutions. During 2023, the
Company generated revenues and incurred expenses solely through
these consulting operations. In February 2022, the Company acquired
bitcoin mining equipment and entered into an arrangement with a
third party to host and operate the equipment. However, by the end
of 2022, the Company had exited that Bitcoin mining business.
Crypto Company reported a net loss of $4.92 million for the year
ended December 31, 2023, compared to a net loss of $5.66 million
for the year ended December 31, 2022. As of June 30, 2024, Crypto
Company had $1,293,153 in total assets, $5,939,990 in total
liabilities, and $4,646,837 in total stockholders' deficit.
Lakewood, Colorado-based BF Borgers CPA PC, the Company's former
auditor, issued a "going concern" qualification in its report dated
April 16, 2024, citing that the Company has suffered recurring
losses from operations that raise substantial doubt about its
ability to continue as a going concern.
On May 8, 2024, the Audit Committee of the Board of Directors of
the Company approved the dismissal of BF Borgers CPA PC as the
Company's independent registered public accounting firm after the
firm and its owner, Benjamin F. Borgers, were charged by the
Securities and Exchange Commission with deliberate and systemic
failures to comply with Public Company Accounting Oversight Board
(PCAOB) standards in its audits and reviews incorporated in more
than 1,500 SEC filings from January 2021 through June 2023; falsely
representing to their clients that the firm's work would comply
with PCAOB standards; fabricating audit documentation to make it
appear that the firm's work did comply with PCAOB standards; and
falsely stating in audit reports included in more than 500 public
company SEC filings that the firm's audits complied with PCAOB
standards. Borgers agreed to pay a $14 million civil penalty and
agreed to permanent suspensions from appearing and practicing
before the Commission as accountants, effective immediately.
On May 8, 2024, the Company engaged Bush & Associates CPA LLC as BF
Borgers' replacement. The decision to change independent registered
public accounting firms was made with the recommendation and
approval of the Audit Committee of the Company.
CYANOTECH CORP: Reports $1.2 Million Net Loss in Fiscal Q2
----------------------------------------------------------
Cyanotech Corporation 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 $5.8 million of net sales for the three months
ended September 30, 2024, compared to a net loss of $797,000 on
$6.4 million of net sales for the three months ended September 30,
2023.
For the six months ended September 30, 2024, the Company reported a
net loss of $2.4 million on $11.7 million of net sales, compared to
a net loss of $2.2 million on $11.5 million of net sales for the
same period in 2023.
As of September 30, 2024, the Company had $23.9 million in total
assets, $14.2 million in total liabilities, and $9.7 million in
total stockholders' equity.
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/3vmnjvpj
About Cyanotech Corp.
Cyanotech Corporation, located in Kailua-Kona, Hawaii, was
incorporated in the state of Nevada on March 3, 1983, and is listed
on the NASDAQ Capital Market under the symbol "CYAN." The Company
is engaged in the production of natural products derived from
microalgae for the nutritional supplements market.
Newport Beach, Calif.-based Grant Thornton LLP, the Company's
auditor since 2008, issued a "going concern" qualification in its
report dated June 26, 2024, citing that the Company sustained
operating losses and negative cash flows from operations for the
fiscal years ended March 31, 2024, and 2023. Further, the Company
was not in compliance with two debt covenant requirements at March
31, 2024, and one debt covenant requirement at March 31, 2023.
These conditions, along with other matters, raise substantial doubt
about the Company's ability to continue as a going concern.
Cyanotech reported a net loss of $5.3 million for the year ended
March 31, 2024, compared to a net loss of $3.4 million for the year
ended March 31, 2023.
DALE HOLLOW: Voluntary Chapter 11 Case Summary
----------------------------------------------
Debtor: Dale Hollow Charcoal LLC
3286 Wolf River Dock Road
Albany, KY 42602
Chapter 11 Petition Date: December 2, 2024
Court: United States Bankruptcy Court
Western District of Kentucky
Case No.: 24-10863
Debtor's Counsel: Laura Day DelCotto, Esq.
DELCOTTO LAW GROUP PLLC
200 North Upper St.
Lexington, KY 40507
Tel: (859) 231-5800
E-mail: ldelcotto@dlgfirm.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Steve Beyer as managing member.
The Debtor indicated in the petition it has no unsecured
creditors.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/JNSJG6Q/Dale_Hollow_Charcoal_LLC__kywbke-24-10863__0001.0.pdf?mcid=tGE4TAMA
DCCM RESTAURANT: Sec. 341(a) Meeting of Creditors on Dec. 16
------------------------------------------------------------
On November 22, 2024, DCCM Restaurant Group LLC filed Chapter 11
protection in the Middle District of Florida. According to court
filing, the Debtor reports $1,474,834 in debt owed to 1 and 49
creditors. The petition states funds will be available to unsecured
creditors.
A meeting of creditors under Sec. 341(a) to be held on December 16,
2024 at 2:00 PM.
About DCCM Restaurant Group LLC
DCCM Restaurant Group LLC owns and operates a sports bar.
DCCM Restaurant Group LLC sought relief under Subhapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No.
24-06400) on November 22, 2024. In the petition filed by Charlie
Norman, as manager, the Debtor reports total assets of $29,964 and
total liabilities of $1,474,834.
Honorable Bankruptcy Judge Tiffany P. Geyer handles the case.
The Debtor is represented by:
Jeffrey S. Ainsworth, Esq.
BRANSONLAW, PLLC
1501 E. Concord Street
Orlando, FL 32803
Tel: 407-894-6834
E-mail: jeff@bransonlaw.com
DELTA APPAREL: Aegis Financial Ceases Ownership of Common Stock
---------------------------------------------------------------
Aegis Financial Corporation and Scott L. Barbee disclosed in a
Schedule 13G/A filed with the U.S. Securities and Exchange
Commission that as of September 30, 2024, it has ceased to be the
beneficial owner of more than five percent of Delta Apparel Inc.'s
Common Stock.
Aegis Financial may be reached at:
Justin P. Harrison
Chief Operating Officer
6862 Elm Street, Suite 830
McLean, Virginia 22101
Tel: 703-528-7788
A full-text copy of Aegis Financial's SEC Report is available at:
https://tinyurl.com/yc4f7686
About Delta Apparel
Headquartered in Duluth, Georgia, Delta Apparel, Inc. --
https://www.deltaapparelinc.com/ -- is a vertically integrated,
international apparel company with approximately 6,800 employees
worldwide. The Company designs, manufactures, sources, and markets
a diverse portfolio of core activewear and lifestyle apparel
products under its primary brands of Salt Life, Soffe, and Delta.
The Company specializes in selling casual and athletic products
through a variety of distribution channels and tiers, including
outdoor and sporting goods retailers, independent and specialty
stores, better department stores and mid-tier retailers, mass
merchants, eRetailers, the U.S. military, and through its
business-to-business digital platform.
Delta Apparel sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D. Del. Case No. 24-11469) on June 30, 2024. In the
petition signed by J. Tim Pruban, as chief restructuring officer,
the Debtor estimated assets and liabilities between $100 million
and $500 million each.
Polsinelli PC, led by Christopher A. Ward, is the Debtor's counsel.
DIOCESE OF BUFFALO: Merson Law Represents Sexual Abuse Claimants
----------------------------------------------------------------
The law firm of Merson Law, PLLC filed a verified statement
pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure
to disclose that in the Chapter 11 case of the Diocese of Buffalo,
N.Y., the firm represents Sexual Abuse Claimants.
Merson Law individually represents each sexual abuse claimant
listed in exhibit one attached to this disclosure. Due to
confidentiality, each claimant listed in exhibit 1 has been
identified by the sexual abuse proof of claim number assigned by
Stretto. The names and address of the confidential claimants are
available to permitted parties who have executed a confidentiality
agreement and have access to the sexual abuse proof of claim
forms.
Pursuant to individual fee agreements, each claimant in exhibit one
retained Merson Law to pursue claims for damages against The
Diocese of Buffalo, N.Y., and related entities, because of sexual
abuse the claimants suffered as minors. This includes representing
and acting on behalf of each claimant in the bankruptcy case.
Each claimant maintains an individual economic interest against the
Debtor, The Diocese of Buffalo, N.Y., that has been disclosed in
the confidential sexual abuse claim supplement or will be disclosed
in the future.
The law firm can be reached at:
MERSON LAW, PLLC
Matthew G. Merson, Esq.
950 Third Avenue, 18th Floor
New York, New York 10022
Phone: (212) 603-9100
Facsimile: (347) 441-4171
Email: mmerson@mersonlaw.com
About The Diocese of Buffalo N.Y.
The Diocese of Buffalo, N.Y., is home to nearly 600,000 Catholics
in eight counties in Western New York. The territory of the diocese
is co-extensive with the counties of Erie, Niagara, Genesee,
Orleans, Chautauqua, Wyoming, Cattaraugus, and Allegany in New York
State, comprising 161 parishes. There are 144 diocesan priests and
84 religious priests who reside in the Diocese.
The diocese through its central administrative offices (a) provides
operational support to the Catholic parishes, schools, and certain
other Catholic entities that operate within the territory of the
Diocese "OCE"; (b) conducts school operations through which it
provides parish schools with financial and educational support; (c)
provides comprehensive risk management services to the OCEs; (d)
administers a lay pension trust and a priest pension trust for the
benefit of certain employees and priests of the OCEs; and (e)
provides administrative support for St. Joseph Investment Fund,
Inc.
Dealing with sexual abuse claims, the Diocese of Buffalo sought
Chapter 11 protection (Bankr. W.D.N.Y. Case No. 20-10322) on Feb.
28, 2020. The diocese was estimated to have $10 million to $50
million in assets and $50 million to $100 million in liabilities as
of the bankruptcy filing.
The Honorable Carl L. Bucki is the case judge.
Bond, Schoeneck & King, PLLC, led by Stephen A. Donato, Esq., is
the diocese's counsel; Connors LLP and Lippes Mathias Wexler
Friedman LLP are its special litigation counsel; and Phoenix
Management Services, LLC is its financial advisor. Stretto is the
claims agent, maintaining the page:
https://case.stretto.com/dioceseofbuffalo/docket
The U.S. Trustee for Region 2 appointed a committee of unsecured
creditors on March 12, 2020. The committee tapped Pachulski Stang
Ziehl & Jones, LLP and Gleichenhaus, Marchese & Weishaar, PC as
bankruptcy counsel, and Burns Bair LLP as special insurance
counsel.
DIOCESE OF SYRACUSE: Merson Law Represents Sexual Abuse Claimants
-----------------------------------------------------------------
The law firm of Merson Law, PLLC, filed a verified statement
pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure
to disclose that in the Chapter 11 case of the Roman Catholic
Diocese of Syracuse, New York, the firm represents Sexual Abuse
Claimants.
Merson Law individually represents each Sexual Abuse Claimant
("Claimant"). Due to confidentiality, each Claimant listed in
Exhibit 1 has been identified by their Sexual Abuse Proof of Claim
Form number. The names and addresses of the confidential Claimants
are available to permitted parties who have executed a
confidentiality agreement and have access to the Sexual Abuse Claim
Forms.
Pursuant to individual fee agreements, Merson Law was individually
retained by each Claimant to pursue claims for damages against the
Debtor as a result of sexual abuse. This includes representing and
acting on behalf of each Claimant in the bankruptcy case.
Merson Law's interest relative to each Claimant is outlined in each
retainer agreement executed by the Claimant and is set forth in the
exemplar retainer agreements. The claimants have waived any
conflict.
Attorneys for Certain Abuse Survivor Claimants:
MERSON LAW, PLLC
Jordan K. Merson, Esq.
950 Third Avenue, 18th Floor
New York, New York 10022
Telephone: (212)603-9100
Email: jmerson@mersonlaw.com
About The Roman Catholic Diocese of Syracuse
The Roman Catholic Diocese of Syracuse, New York --
http://www.syracusediocese.org/-- through its administrative
offices (a) provides operational support to the Catholic parishes,
schools and certain other Catholic entities that operate within the
territory of the Diocese in support of their shared charitable,
humanitarian and religious missions; (b) conducts school operations
by managing tuition and scholarship payments, employee payroll, and
other school-related operating expenses for separately incorporated
Diocesan schools, as well as providing parish schools with
financial, operational and educational support; and (c) provides
comprehensive risk management services to the OCEs through the
Diocese's insurance program.
The Roman Catholic Diocese of Syracuse, New York filed its
voluntary petition for relief under Chapter 11 of the Bankruptcy
Code (Bank. N.D.N.Y. Case No. 20-30663) on June 19, 2020. Stephen
A. Breen, chief financial officer, signed the petition. At the time
of filing, the Debtor estimated $10 million to $50 million in
assets and $50 million to $100 million in liabilities.
Judge Margaret M. Cangilos-Ruiz oversees the case.
Bond, Schoeneck and King, PLLC, serves as the Debtor's bankruptcy
counsel. The Debtor also tapped Mullen Coughlin LLC as special
counsel, Arete Advisors LLC as cybersecurity consultant, and
Moxfive LLC as technical advisor. Stretto is the claims agent and
administrative advisor.
The U.S. Trustee for Region 2 appointed a committee to represent
unsecured creditors in the Debtor's bankruptcy case. The committee
tapped Stinson, LLP, Saunders Kahler, LLP and Berkeley Research
Group, LLC, as its bankruptcy counsel, local counsel and financial
advisor, respectively.
DMCC 62ND AVE: Case Summary & One Unsecured Creditor
----------------------------------------------------
Debtor: DMCC 62nd Ave LLC
2050 62nd Ave N.
Saint Petersburg, FL 33702
Chapter 11 Petition Date: December 1, 2024
Court: United States Bankruptcy Court
Middle District of Florida
Case No.: 24-03658
Judge: Hon. Jacob A Brown
Debtor's Counsel: Justin M. Luna, Esq.
LATHAM LUNA EDEN & BEAUDINE LLP
201 S. Orange Avenue
Suite 1400
Orlando, FL 32801
Tel: (407) 481-5800
Fax: (407) 481-5801
E-mail: jluna@lathamluna.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Pradeep Matharoo as authorized agent.
The Debtor listed Rialto Capital Advisors, LLC c/o Kaveh Saberi 200
S. Biscayne Blvd., Miami, FL 33131 as its sole unsecured creditor
holding a claim of $971,452.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/NVPUDAA/DMCC_62nd_Ave_LLC__flmbke-24-03658__0001.0.pdf?mcid=tGE4TAMA
DMCC CENTRAL AVE: Case Summary & One Unsecured Creditor
-------------------------------------------------------
Debtor: DMCC Central Ave LLC
1200 N Central Ave.
Kissimmee, FL 34741
Chapter 11 Petition Date: December 1, 2024
Court: United States Bankruptcy Court
Middle District of Florida
Case No.: 24-03659
Judge: Hon. Jacob A. Brown
Debtor's Counsel: Justin M. Luna, Esq.
LATHAM LUNA EDEN & BEAUDINE LLP
201 S. Orange Avenue
Suite 1400
Orlando, FL 32801
Tel: (407) 481-5800
Tel: (407) 481-5801
E-mail: jluna@lathamluna.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Pradeep Matharoo as authorized agent.
The Debtor listed Rialto Capital Advisors, LLC, c/o Kaveh Saberi,
200 S. Biscayne Blvd., Miami, FL 33131 as its sole unsecured
creditor holding a claim of $782,558.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/N2JSNNQ/DMCC_Central_Ave_LLC__flmbke-24-03659__0001.0.pdf?mcid=tGE4TAMA
DMCC CHARLES: Case Summary & One Unsecured Creditor
---------------------------------------------------
Debtor: DMCC Charles LLC
460 St. Charles Ct.
Lake Mary, FL 32746
Chapter 11 Petition Date: December 1, 2024
Court: United States Bankruptcy Court
Middle District of Florida
Case No.: 24-03660
Judge: Hon. Jacob A Brown
Debtor's Counsel: Justin M. Luna, Esq.
LATHAM LUNA EDEN & BEAUDINE LLP
201 S. Orange Avenue
Suite 1400
Orlando, FL 32801
Tel: (407) 481-5800
Fax: (407) 481-5801
E-mail: jluna@lathamluna.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Pradeep Matharoo as authorized agent.
The Debtor listed Rialto Capital Advisors, LLC, c/o Kaveh Saberi,
200 S. Biscayne Blvd., Miami, FL 33131 as its sole unsecured
creditor holding a claim of $728,589.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/SNVZW3Y/DMCC_Charles_LLC__flmbke-24-03660__0001.0.pdf?mcid=tGE4TAMA
DMCC COLONIAL: Case Summary & One Unsecured Creditor
----------------------------------------------------
Debtor: DMCC Colonial LLC
7803 Colonial Drive
Orlando, FL 32807
Chapter 11 Petition Date: December 1, 2024
Court: United States Bankruptcy Court
Middle District of Florida
Case No.: 24-03661
Judge: Hon. Jason A Burgess
Debtor's Counsel: Justin M. Luna, Esq.
LATHAM LUNA EDEN & BEAUDINE LLP
201 S. Orange Avenue
Suite 1400
Orlando, FL 32801
Tel: (407) 481-5800
Fax: (407) 481-5801
E-mail: jluna@lathamluna.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Pradeep Matharoo as authorized agent.
The Debtor listed Rialto Capital Advisors, LLC c/o Kaveh Saberi 200
S. Biscayne Blvd., Miami, FL 33131 as its sole unsecured creditor
holding a claim of $755,573.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/STWP2IY/DMCC_Colonial_LLC__flmbke-24-03661__0001.0.pdf?mcid=tGE4TAMA
DMCC EDGEWATER: Case Summary & One Unsecured Creditor
-----------------------------------------------------
Debtor: DMCC Edgewater LLC
3107 Edgewater Drive
Orlando, FL 32804
Chapter 11 Petition Date: December 1, 2024
Court: United States Bankruptcy Court
Middle District of Florida
Case No.: 24-03662
Judge: Hon. Jacob A Brown
Debtor's Counsel: Justin M. Luna, Esq.
LATHAM LUNA EDEN & BEAUDINE LLP
201 S. Orange Avenue
Suite 1400
Orlando, FL 32801
Tel: (407) 481-5800
Fax: (407) 481-5801
E-mail: jluna@lathamluna.com
Estimated Assets: $500,000 to $1 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Pradeep Matharoo as authorized agent.
The Debtor listed Rialto Capital Advisors, LLC c/o Kaveh Saberi 200
S. Biscayne Blvd., Miami, FL 33131 as its sole unsecured creditor
holding a claim of $269,848.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/TFWT2SQ/DMCC_Edgewater_LLC__flmbke-24-03662__0001.0.pdf?mcid=tGE4TAMA
DMCC HERMITS TRAIL: Case Summary & One Unsecured Creditor
---------------------------------------------------------
Debtor: DMCC Hermits Trail LLC
107 Hermits Trail
Altamonte Springs, FL 32701
Chapter 11 Petition Date: December 1, 2024
Court: United States Bankruptcy Court
Middle District of Florida
Case No.: 24-03663
Judge: Hon. Jason A Burgess
Debtor's Counsel: Justin M. Luna, Esq.
LATHAM LUNA EDEN & BEAUDINE LLP
201 S. Orange Avenue
Suite 1400
Orlando, FL 32801
Tel: (407) 481-5800
Fax: (407) 481-5801
E-mail: jluna@lathamluna.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Pradeep Matharoo as authorized agent.
The Debtor listed Rialto Capital Advisors, LLC c/o Kaveh Saberi 200
S. Biscayne Blvd., Miami, FL 33131 as its sole unsecured creditor
holding a claim of $404,771.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/TLNWZTI/DMCC_Hermits_Trail_LLC__flmbke-24-03663__0001.0.pdf?mcid=tGE4TAMA
DMCC HIGHWAY 19: Case Summary & One Unsecured Creditor
------------------------------------------------------
Debtor: DMCC Highway 19 LLC
5124 US Highway 19
New Port Richey, FL 34652
Chapter 11 Petition Date: December 1, 2024
Court: United States Bankruptcy Court
Middle District of Florida
Case No.: 24-03664
Judge: Hon. Jason A Burgess
Debtor's Counsel: Justin M. Luna, Esq.
LATHAM LUNA EDEN & BEAUDINE LLP
201 S. Orange Avenue
Suite 1400
Orlando, FL 32801
Tel: (407) 481-5800
Fax: (407) 481-5801
E-mail: jluna@lathamluna.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Pradeep Matharoo as authorized agent.
The Debtor listed Rialto Capital Advisors, LLC c/o Kaveh Saberi 200
S. Biscayne Blvd., Miami, FL 33131 as its sole unsecured creditor
holding a claim of $647,634.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/T7GLTZA/DMCC_Highway_19_LLC__flmbke-24-03664__0001.0.pdf?mcid=tGE4TAMA
DMCC TECH BLVD: Case Summary & One Unsecured Creditor
-----------------------------------------------------
Debtor: DMCC Tech Blvd LLC
1209 Tech Blvd.
Tampa, FL 33619
Chapter 11 Petition Date: December 1, 2024
Court: United States Bankruptcy Court
Middle District of Florida
Case No.: 24-03665
Judge: Hon. Jason A Burgess
Debtor's Counsel: Justin M. Luna, Esq.
LATHAM LUNA EDEN & BEAUDINE LLP
201 S. Orange Avenue
Suite 1400
Orlando, FL 32801
Tel: (407) 481-5800
Fax: (407) 481-5801
E-mail: jluna@lathamluna.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Pradeep Matharoo as authorized agent.
The Debtor listed Rialto Capital Advisors, LLC c/o Kaveh Saberi,
200 S. Biscayne Blvd., Miami, FL 33131 as its sole unsecured
creditor holding a claim of $755,573.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/QCSPMNQ/DMCC_Tech_Blvd_LLC__flmbke-24-03665__0001.0.pdf?mcid=tGE4TAMA
DMCC WESTMONTE: Case Summary & Two Unsecured Creditors
------------------------------------------------------
Debtor: DMCC Westmonte, LLC
234 N Westmonte Drive
Suite 1030
Altamonte Springs, FL 32714
Chapter 11 Petition Date: December 1, 2024
Court: United States Bankruptcy Court
Middle District of Florida
Case No.: 24-03666
Judge: Hon. Jacob A Brown
Debtor's Counsel: Justin M. Luna, Esq.
LATHAM LUNA EDEN & BEAUDINE LLP
201 S. Orange Avenue
Suite 1400
Orlando, FL 32801
Tel: (407) 481-5800
Fax: (407) 481-5801
E-mail: jluna@lathamluna.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Pradeep Matharoo as authorized agent.
A full-text copy of the petition containing, among other items, a
list of the Debtor's two unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/QWWXOLQ/DMCC_Westmonte_LLC__flmbke-24-03666__0001.0.pdf?mcid=tGE4TAMA
DURHAM HOMES: Seeks to Hire Bast Amron as Bankruptcy Co-Counsel
---------------------------------------------------------------
Durham Homes USA LLC seeks approval from the U.S. Bankruptcy Court
for the Southern District of Florida to employ Bast Amron LLP as
co-counsel.
The firm's services will include:
a. advise the Debtor with respect to its responsibilities in
complying with the U.S. Trustee's guidelines and reporting
requirements and with the rules of the bankruptcy court;
b. prepare legal documents;
c. protect the interests of the Debtor in all matters pending
before the court; and
d. represent the Debtor in negotiations with its creditors and
in the preparation and confirmation of a Chapter 11 plan.
Jeffrey P. Bast's current standard rate is $725 per hour. The rest
of Bast Amron's paralegals and attorneys have standard rates of
$230 - $725 per hour.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
The firm received a retainer of $75,000.
Jeffrey Bast, Esq., a partner at Bast Amron 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 through:
Jeffrey Bast, Esq.
Hunter J. Grasso, Esq.
BAST AMRON LLP
One Southeast Third Avenue, Suite 1400
Miami, FL 33131
Tel: (305) 379-7904
Fax: (305) 379-7905
Email: jbast@bastamron.com
hgrasso@bastamron.com
About Durham Homes USA LLC
Durham Homes USA, LLC operates in the residential building
construction industry.
Durham Homes USA filed its voluntary petition for Chapter 11
protection (Bankr. S.D. Fla. Case No. 24-16133) on June 20, 2024.
In the petition signed by Johnny Martin Childress, manager, the
Debtor disclosed up to $50 million in both assets and liabilities.
Judge Mindy A. Mora oversees the case.
Aaron A. Wernick, Esq., at Wernick Law, PLLC serves as the Debtor's
legal counsel.
DURHAM HOMES: Seeks to Hire Beal LLC as Bankruptcy Co-Counsel
-------------------------------------------------------------
Durham Homes USA LLC seeks approval from the U.S. Bankruptcy Court
for the Southern District of Florida to employ Beal LLC as
co-counsel.
The firm will render these services:
a. advise the Debtor with respect to its responsibilities in
complying with the United States Trustee's Guidelines and Reporting
Requirements and with the rules of the Court;
b. prepare motions, pleadings, orders, applications, adversary
proceedings, and other legal documents necessary in the
administration of this case;
c. protect the interests of the Debtor in all matters pending
before the Court; and
d. represent the Debtor in negotiations with its creditors and
in the preparation and confirmation of a plan.
Beal's customary hourly rates are:
Michael M. Beal $650
Adam J. Floyd $495
Katie Waites $425
Paralegals $200
Beal received $100,000 as a retainer.
Beal is a disinterested person as that term is defined in Section
101(14), according to court filings.
The firm can be reached through:
Michael M. Beal, Esq.
BEAL, LLC
1301 Gervais Street, Suite 1040
Columbia, SC 29201
Tel: (803) 728-0803
E-mail: ccooper@bealllc.com
About Durham Homes USA LLC
Durham Homes USA, LLC operates in the residential building
construction industry.
Durham Homes USA filed its voluntary petition for Chapter 11
protection (Bankr. S.D. Fla. Case No. 24-16133) on June 20, 2024.
In the petition signed by Johnny Martin Childress, manager, the
Debtor disclosed up to $50 million in both assets and liabilities.
Judge Mindy A. Mora oversees the case.
Aaron A. Wernick, Esq., at Wernick Law, PLLC serves as the Debtor's
legal counsel.
ELEVATE TEXTILES: $250MM Bank Debt Trades at 25% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Elevate Textiles
Inc is a borrower were trading in the secondary market around 75.4
cents-on-the-dollar during the week ended Friday, November 29,
2024, according to Bloomberg's Evaluated Pricing service data.
The $250 million Payment in kind Term loan facility is scheduled to
mature on September 30, 2027. The amount is fully drawn and
outstanding.
Elevate Textiles, Inc. manufactures and supplies textile products
worldwide.
FIRST EMANUEL: Hires James A. Graham LLC as Bankruptcy Counsel
--------------------------------------------------------------
First Emanuel Baptist Church seeks approval from the U.S.
Bankruptcy Court for the Eastern District of Louisiana to hire the
Law Office of James A. Graham, LLC as counsel.
The Debtor requires legal counsel to:
(a) take necessary action to protect and preserve the Debtor's
estate;
(b) prepare legal papers;
(c) negotiate and prepare a plan of reorganization, disclosure
statement and all related agreements or documents, and take any
necessary action on behalf of the Debtor to obtain confirmation of
such plan;
(d) attend meetings and negotiations with representatives of
creditors and other parties in interest and advise and consult on
the conduct of the Debtor's Chapter 11 case; and
(e) perform any other legal services for the Debtor in
connection with the case.
The hourly billing rate for James A. Graham, Esq. is $400 per hour
and $175 per hour for paralegal time.
The firm received a pre-petition retainer of $5,000 from the
Debtor.
James Graham, Esq., disclosed in a court filing that his firm is a
"disinterested person" as defined in Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
James A. Graham, Esq.
The Law Office of James A. Graham, LLC
701 Loyola Avenue #403
New Orleans, LA 70113
Email: jgraham@jamesgrahamlaw.com
About First Emanuel Baptist Church
First Emanuel Baptist Church filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. La.
Case No. 24-12026) on Oct. 16, 2024, listing $1,000,001 to $10
million in both assets and liabilities.
Judge Meredith S Grabill presides over the case.
James A. Graham, Esq. at The Law Office of James A. Graham, LLC
represents the Debtor as counsel.
FLUID MARKET: Allen Vellone & Esbrook Represent Ad Hoc Group
------------------------------------------------------------
The law firms of Allen Vellone Wolf Helfrich & Factor P.C.
("AVWHF") and Esbrook P.C. filed a verified statement pursuant to
Rule 2019 of the Federal Rules of Bankruptcy Procedure to disclose
that in the Chapter 11 case of Fluid Market, Inc. and Fluid Fleet
Services, LLC, the firms represent the ad hoc group of owners of
vehicles.
In October 2024, the AVWHF FVIP Ad Hoc Group retained AVWHF as
counsel with respect to the Fluid Vehicle Investor Program.
In November 2024, the AVWHF FVIP Ad Hoc Group retained Esbrook to
act as Delaware counsel in these cases.
AVWHF and Esbrook do not represent or purport to represent any
other entities in connection with the Debtors' chapter 11 cases.
AVWHF and Esbrook do not represent the AVWHF FVIP Ad Hoc Group as a
"committee" (as such term is used in the Bankruptcy Code and
Bankruptcy Rules) and do not undertake to represent the interests
of, and are not fiduciaries for, any creditor, party in interest,
or other entity that has not signed a retention agreement with
AVWHF and Esbrook.
In addition, the AVWHF FVIP Ad Hoc Group does not represent or
purport to represent any other entities in connection with the
Debtors' chapter 11 cases, except that Always Funday LLC also
serves on the Official Committee of Unsecured Creditors (the
"Committee").
The names, addresses, and disclosable economic interests of all the
members of the Ad Hoc Group are as follows:
1. Always Funday LLC
* $1,057,855.00
2. Broken Mirror, LLC
* $1,132,683.00
3. FCP Transport, LLC
* $397,195.01
4. FTC Funds, LLC
* $39,125.00
5. FSS Logistic Group Investments, LLC
* No claims calculated at this time
6. AFFT, LLC
* No claims calculated at this time
7. Kerman Management, LLC
* $1,350,608.82
8. Kerman Vehicles, LLC
* No claims calculated at this time
9. Kerman Vehicles Oregon, LLC
* $5,152.35
10. No Mondays LLC
* $350,000.00
11. Premier Palm Ventures, LLC
* No claims calculated at this time
12. SA Transit, LLC
* $617,950.65
Counsel for the AVWHF Ad Hoc FVIP Group:
ESBROOK P.C.
Scott J. Leonhardt, Esq.
1000 N. West Street - Suite 1200
Wilmington, DE 19801
302-650-7540
Email: scott.leonhardt@esbrook.com
-and-
ALLEN VELLONE WOLF HELFRICH & FACTOR P.C.
Patrick D. Vellone, Esq.
Brenton Gragg, Esq.
1600 Stout St., Suite 1900
Denver, Colorado 80202
(303) 534-4499 P
Email: Vellone@allen-vellone.com
BGragg@allen-vellone.com
About Fluid Market
Fluid Market, Inc., et al., operate and manage a technology-based,
peer-to-peer truck-sharing platform across the United States with a
fleet of nearly 5,500 vehicles owned by their non-Debtor affiliates
or third-party owners who have elected to put their vehicles on the
Debtors' platform, https://www.fluidtruck.com. Customers have quick
and easy access to the right vehicle whenever they need it via the
Debtors' mobile app and website.
Fluid Market Inc. and Fluid Fleet Services, LLC sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No.
24-12363) on Oct. 16, 2024. In the bankruptcy petition, Fluid
Market reported $50 million to $100 million in assets and
liabilities.
The petition was signed by T. Scott Avila as chief executive
officer.
Pachulski Stang Ziehl & Jones LLP serves as the Debtors' counsel.
Paladin Management Group, LLC acts as the Debtors' restructuring
advisor; SSG Capital Advisors, LLC acts as investment banker to the
Debtors; and Epiq Corporate Restructuring LLC is claims and
noticing agent to the Debtors.
FRINJ COFFEE: Unsecureds Will Get 22.028% of Claims in Plan
-----------------------------------------------------------
FRINJ Coffee, Incorporated, submitted an Amended Plan of
Reorganization for Small Business dated November 1, 2024.
The principal location of the Debtor and its headquarters on the
petition date was at 1362 Farren Road, Goleta, CA 93117 (the
"Property"). A Motion to Enter Into New Lease was filed on June 20,
2024 and approved by this Court on July 25, 2024. The Debtor has
been at the Ventura location the past few months.
The Debtor also has a second location for a small operational
facility in San Diego County on West Lilac Land in the community
called Bonsall. The Debtor has negotiated a new lease with the
landlord and on April 15, 2024, filed a Motion For Authority to
Enter Into A New Lease Agreement. Pursuant to the terms of the new
lease agreement, the monthly rent payments are reduced from $800.00
to $400.00 per month and the landlord agrees to forego collection
of the pre-petition $7,200.00 delinquent rent. On July 25, 2024,
the Court entered the order approving the Motion.
The final plan payment is expected to be paid on December 31, 2024
or such other date by which time the claim estimation/objection
motions will be resolved at which time the distribution to
creditors will be finalized.
Non-priority unsecured creditors holding allowed claims will
receive distributions, which the proponent of this Amended Plan has
valued at approximately 22.028 cents on a dollar. The Debtor is
proposing a pot plan, with an estimated $1,028,986.69 available for
distribution to allowed general unsecured creditors after paying
the priority claims and allocated the sum needed toward Sun BZL's
alleged administrative claim determination.
Class 3 – Non-priority unsecured creditors. Each holder of a
class 3 allowed claim will, along with any class 3 allowed claim,
receive a pro rata share of the investment funds allocated to fund
the Amended Plan after the payment of all allowed administrative
claims (capped at $150,000 from the investment funds, including the
$50,000 advance made to Debtor's bankruptcy counsel for legal
fees/costs) and payment of all allowed priority claims. Given that
Sun BZL's $63,510.00 administrative claim is subject to dispute by
the Debtor, pending the court's ruling on the claim objection
motion, unless the objection is resolved before plan confirmation
hearing, the sum of $63,510.00 will be segregated and held by
Subchapter V Trustee in his account for distribution by Sub V
Trustee at a later date following the entry of an order by this
court on Debtor's claim objection. If no funds are owed to SUN BZL,
then the funds held by Sub V Trustee will be automatically paid to
Class 3 unsecured creditors.
An estimated sum of $ 1,028,986.69 will be available in the
“Pot” for distribution to allowed general unsecured class 3
creditors on the Effective Date, as defined in this Amended Plan.
It will yield approximately a 22.028% distribution to holders of
Class 3.
Class 4 includes the holders of SAFE notes and the Common
Stockholders. Upon the Effective Date of the Amended Plan, each
outstanding SAFE issued by the Debtor shall be deemed converted
into shares of Series A Preferred Stock in a manner consistent with
Schedule 2-1 attached to that certain Amended and Reinstated
Investment Agreement ("Investment Agreement") by and amount the
Debtor, John A. Ruskey III, and Kent Bakke and Moira Kennelly.
Common Stockholders with no SAFE Notes will remain common
stockholders under the Amended Plan. The impact from a Series Round
A investment is that the common stockholders' interest will be
diluted as a result of the new investment.
On October 22, 2024, Debtor filed an Objection to Sun BZL's
administrative claim. The hearing is set for December 3, 2024 at
1:00 p.m. If Sun BZL's claim is not determined by this court prior
to the confirmation hearing, then the sum of $63,510.00 will be
segregated and held by Subchapter V Trustee in his account for
distribution at a later date following the entry of an order by
this Court on the Debtor's objection to SUN BZL's claim. If no
funds are owed to SUN BZL, then the funds held by Sub V Trustee
will be automatically paid to Class 3 unsecured creditors.
The Debtor has a pending Motion to Object to Paige Gesualdo's Claim
and a Motion to Estimate the Claim of Paige Gesualdo. Given that
the parties reached a settlement agreement resolving all disputes
between the parties, the Debtor will be requesting the Court to
take both matters off calendar at the continued January 15, 2025
hearing.
The Amended Plan will be funded from the $3,000,000 investment the
Debtor secured from Kent Bakke and Moira Kennelly (the "Investor")
on May 31, 2024. Mr. Bakke is an accredited investor with decades
of experience in the coffee industry. He is a partner in La
Marzocco Intl., an international manufacturer of commercial and
residential espresso machines; the founder of the Bakke Coffee
Museum in Seattle, and has been following Frinj Coffee's progress
since its inception. The Investor has agreed to invest $3,000,000
into Frinj Coffee in exchange for a 30% equity interest in the
company. The terms of this investment are memorialized in a
Purchase and Sale of Series A Preferred Stock Agreement
("Investment Agreement" aka "Agreement").
A full-text copy of the Amended Plan dated November 1, 2024 is
available at https://urlcurt.com/u?l=IK63gX from PacerMonitor.com
at no charge.
Attorney for the Plan Proponent:
Michael Jay Berger, Esq.
Law Offices of Michael Jay Berger
9454 Wilshire Blvd., 6th Floor
Beverly Hills, CA 90212
Telephone: (310) 271-6223
Facsimile: (310) 271-9805
Email: michael.berger@bankruptcypower.com
About FRINJ Coffee
FRINJ Coffee, Incorporated, is a coffee production firm that offers
coffee plant material, production consulting, post-harvest, and
marketing services. The Company creates a transformative experience
by connecting coffee drinkers to farmers, propelling the growth of
a coffee industry in Southern California. FRINJ currently supports
more than 65 farmers who are growing coffee in Santa Barbara,
Ventura, and San Diego counties as well as many more property
owners who are adding coffee to their crops.
FRINJ Coffee filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. C.D. Cal. Case No. 24-10044) on Jan. 16,
2024, with $100,000 to $500,000 in assets and $1 million to $10
million in liabilities. John A. Ruskey III, chief executive
officer, signed the petition.
Judge Ronald A. Clifford III oversees the case.
The Debtor tapped the Law Offices of Michael Jay Berger as
bankruptcy counsel and Hutchinson and Bloodgood LLP as accountant.
GARCIA PROPERTY: Seeks to Hire Cava Law LLC as Bankruptcy Counsel
-----------------------------------------------------------------
Garcia Property Group II, Inc. seeks approval from the U.S.
Bankruptcy Court for the Southern District of Florida to hire CAVA
Law, LLC to counsel.
The firm will provide these services:
a. advise the Debtor with respect to its duty as a
debtor-in-possession;
b. advise the Debtor with respect to its responsibilities in
complying with the U.S. Trustee's Operating Guidelines and
reporting Requirements and with the rules of the Court;
c. prepare motions and file pleadings, orders, applications,
adversary proceedings, and other documents necessary for the
advancement of the Debtor's case;
d. protect the interest of the Debtor in all matters pending
before the Court; represent the Debtor in negotiations with
creditors; and
e. propose and seek confirmation of a plan of reorganization.
The firm will be paid at these rates:
Senior attorneys $400 per hour
Associate attorneys $300 per hour
Paralegals $175 per hour
Legal assistants $100 per hour
The Debtor paid the firm a retainer of $7,500.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Christina Vilaboa-Abel, Esq., founding partner at CAVA Law, LLC,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Christina Vilaboa-Abel, Esq.
CAVA Law, LLC
1390 South Dixie Highway, Suite 1110
Coral Gables, Florida 33146
Tel: (786) 675-6830
Fax: (786) 384-6909
About Garcia Property Group
Garcia Property Group II, Inc. filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No.
24-21766) on November 8, 2024, with $100,001 to $500,000 in assets
and liabilities.
Judge Laurel M. Isicoff presides over the case.
Christina Vilaboa-Abel, Esq., represents the Debtor as legal
counsel.
GMB TRANSPORT: Seeks to Tap Boyle Legal as Bankruptcy Counsel
-------------------------------------------------------------
GMB Transport, LLC seeks approval from the U.S. Bankruptcy Court
for the Northern District of New York to hire Boyle Legal LLC as
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 in its management of
its property;
(b) take necessary actions to avoid liens against the Debtor's
property, remove restraints against its property and such other
actions to remove any encumbrances and liens which are avoidable;
(c) take necessary action to enjoin and stay until final
decree herein any attempts by secured creditors to enforce liens
upon property of the Debtor in which property of it has substantial
equity;
(d) represent the Debtor in any proceedings which may be
instituted in this court by it, creditors, or other
parties-in-interest during the course of this proceeding;
(e) prepare necessary legal papers; and
(f) perform all other bankruptcy legal services for the Debtor
or to employ attorneys, or other professionals, for such other
non-bankruptcy legal services during the pendency of this case.
The hourly rates of the firm's counsel and staff are as follows:
Michael L. Boyle, Esq., Partner $375
Non-Legal Staff $125
The firm also received an initial retainer of $15,000.
Mr. Boyle 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:
Michael L. Boyle, Esq.
Boyle Legal, LLC
64 2nd Street
Troy, NY 12180
Telephone: (518) 407-3121
Email: mike@boylebankruptcy.com
About GMB Transport
GMB Transport, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. N.Y. Case No. 24-60857) on October 27,
2024, with up to $500,000 in assets and up to $1 million in
liabilities. Scott J. Bornt, chief executive officer, signed the
petition.
Judge Patrick G. Radel oversees the case.
Michael Boyle, Esq., at Boyle Legal LLC, represents the Debtor as
bankruptcy counsel.
GOKADA INC: Hires Carothers & Hauswirth LLP as Co-Counsel
---------------------------------------------------------
Gokada Inc. seeks approval from the U.S. Bankruptcy Court for the
District of Delaware to hire Carothers & Hauswirth LLP as
co-counsel.
The firm's services include:
a. providing the Debtor legal advice with respect to its
powers and duties as debtor in possession in the continued
operation of its business and management of its properties;
b. assisting in taking all necessary action to protect and
preserve the Debtor's estate, including the prosecution of actions
on the behalf of Debtor, the defense of any actions commenced
against the Debtor, the negotiation of disputes in which the Debtor
are involved, and the preparation of objections to claims filed
against the Debtor's estate.
c. preparing or assisting in preparing of the Debtor all
necessary schedules, statements, applications, answers, orders,
reports, motions and notices in connection with the administration
of the estate of the Debtor;
d. preparing responses to applications, motions, other
pleadings, notices, and other papers that may be filed and served
in the case;
e. appearing before this Court and such other courts as may be
appropriate to represent the interests of the Debtor in matters
that require representation and to represent and assist the Debtor
in negotiations with other parties in interests in the case;
f. advising the Debtor concerning actions it might take to
collect and recovery property for the benefit of its estate;
g. advising the Debtor concerning executory contracts and
unexpired lease assumptions, assignments, and rejections;
h. advising the Debtor in connection with the Debtor's
contemplated sale of all or substantially all of its assets under
section 363 of the Bankruptcy Code;
i. advising the Debtor in formulating and preparing a chapter
11 plan on behalf of the Debtor, the related disclosure statement,
and any revisions, amendments relating to such documents, and all
related materials, and advising and assisting the Debtor in
connection with the solicitation and confirmation processes; and
j. performing all other necessary legal services for the
Debtor which may be necessary in this case.
The firm's current hourly rates:
Gregory W. Hauswirth, Partner $395 per hour
Patrick W. Carothers, Partner $525 per hour
Associates $300 per hour
Paraprofessionals and Law Clerks $100 per hour
Carothers & Hauswirth received a retainer of $9,238.
As disclosed in the court filings, Carothers & Hauswirth is a
"disinterested" persons, as that term is defined in Section 101(14)
of the Bankruptcy Code.
The firm can be reached through:
Gregory W. Hauswirth, Esq.
CAROTHERS & HAUSWIRTH LLP
1007 N. Orange Street, 4th Floor
Wilmington, DE 19801
Telephone: (302) 990-4850
Email: ghauswirth@ch-legal.com
About Gokada Inc.
Gokada Inc. is a mile delivery service in Nigeria.
Gokada Inc. sought relief under Subchapter V of Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-12377) on October
18, 2024, with total assets of $564,132 and total liabilities of
$5,436,522. Olutosin Oni, chief executive officer, signed the
petition.
The Debtor is represented by Gregory W. Hauswirth, Esq., at
Carothers & Hauswirth, LLP.
GOKADA INC: Seeks to Hire Leech Tishman Robinson Brog as Attorney
-----------------------------------------------------------------
Gokada Inc. seeks approval from the U.S. Bankruptcy Court for the
District of Delaware to hire Leech Tishman Robinson Brog, PLLC as
attorneys.
The firm's services include:
(a) advising the Debtor with regard to the requirements of the
Bankruptcy Court, Bankruptcy Code, Bankruptcy Rules and the rules
promulgated by the Office of the United States Trustee as they
pertain to the Debtor's case;
(b) advising the Debtor with respect to the requirements
rights, powers and duties as a debtor and debtor-in-possession ,
and taking all necessary action to protect and preserve the
Debtor's estate, including but not limited to prosecuting actions
on the Debtor's behalf, defending any actions commenced against the
Debtor, negotiating all disputes involving the Debtor unless the
Debtor is represented in such hearing or proceeding by other
special counsel, and preparing objections to claims filed against
the Debtor's estate;
(c) conducting examinations of witnesses, claimants or adverse
parties and representing the Debtor in any adversary proceeding
arising under the Bankruptcy Code, except to the extent that any
such adversary proceeding is in an area outside Leech Tishman's
practice area, reasonably declined by Leech Tishman, or which is
beyond Leech Tishman's staffing capabilities;
(d) preparing necessary pleadings, motions, applications,
draft orders, notices, schedules and other documents, reviewing all
financial and other reports to be filed in this Chapter 11 Case,
and advising the Debtor concerning, and preparing responses to,
applications, motions, other pleadings, notices and other papers
that may be filed and served in this Chapter 11 Case;
(e) reviewing the nature and validity of any liens asserted
against the Debtor's property and advising the Debtor concerning
the enforceability of such liens;
(f) counseling the Debtor in connection with the negotiation
and promulgation of a plan of reorganization (or liquidation to the
extent necessary) and related documents, and taking such other
further actions as may reasonably be required in connection with
the plan during the Debtor's Chapter 11 Case;
(g) advising the Debtor concerning executory contract and
unexpired lease assumptions, assignments, rejections and lease
restructurings and recharacterizations; and
(h) performing such other reasonable and necessary legal
services in connection with this Chapter 11 Case.
The firm will be paid at these rates:
Partners $350 to $575 per hour
Associates $250 to $350 per hour
Paralegals $125 to $250 per hour
The firm received a retainer in the amount of $65,762.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Lori Schwartz, Esq., a partner at Leech Tishman, 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:
Lori A. Schwartz, Esq.
Clement Yee, Esq.
LEECH TISHMAN
ROBINSON BROG, PLLC
One Dag Hammarskjold Plaza
885 Second Avenue, 3rd Floor
New York, NY 10022
Telephone: (212) 603-6300
Email: lschwartz@leechtishman.com
Email: cyee@leechtishman.com
About Gokada Inc.
Gokada Inc. is a mile delivery service in Nigeria.
Gokada Inc. sought relief under Subchapter V of Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-12377) on October
18, 2024, with total assets of $564,132 and total liabilities of
$5,436,522. Olutosin Oni, chief executive officer, signed the
petition.
The Debtor is represented by Gregory W. Hauswirth, Esq., at
Carothers & Hauswirth, LLP.
GOL LINHAS: Cleary Gottlieb Updates List of Secured Noteholders
---------------------------------------------------------------
In the Chapter 11 cases of GOL Linhas Aereas Inteligentes S.A., et
al., the Gol 2026 Senior Secured Notes Ad Hoc Group filed a fourth
verified statement pursuant to Rule 2019 of the Federal Rules of
Bankruptcy Procedure.
By filing this Fourth Verified Statement, the Gol 2026 Senior
Secured Notes Ad Hoc Group makes no representation regarding the
amount, allowance, or priority of the claims and reserves all
rights with respect thereto.
Neither the Gol 2026 Senior Secured Notes Ad Hoc Group, nor any
member of the Gol 2026 Senior Secured Notes Ad Hoc Group,
represents or purports to represent the interests of any other
member, or other person, in connection with the Debtors' chapter 11
cases.
In addition, each member of the Gol 2026 Senior Secured Notes Ad
Hoc Group (a) does not assume any fiduciary or other duties to any
other member of the Gol 2026 Senior Secured Notes Ad Hoc Group or
any other person and (b) does not purport to act or speak on behalf
of any other member of the Gol 2026 Senior Secured Notes Ad Hoc
Group or any other person in connection with these chapter 11
cases.
The names and addresses of each of the members of the Ad Hoc Group
of Secured Noteholders, together with the nature and amount of the
disclosable economic interests held by each of them in relation to
the Debtors, are as follows:
1. Avenue Aviation Opportunities Fund III (Onshore) L.P.
11 West 42nd Street, 9th Floor
New York, NY 10036
* Gol 2026 SSNs ($10,000,000.00)
* DIP Notes ($1,522,527.00)
2. GLG Partners, L.P. (as Investment Adviser on behalf of Man Funds
VI plc, Man Funds XII SPC, and
Man GLG Credit Multi-Strategy Master Fund)
London EC4R 3AD,
United Kingdom
* Gol 2026 SSNs ($6,735,000.00)
3. Global Investment Opportunities ICAV
35 Shelbourne Rd, Ballsbridge,
Dublin, D04 A4E0, Ireland
* Gol 2026 SSNs ($5,500,000.00)
* DIP Notes ($852,614.00)
4. ICU Trading Ltd.
Petoussis Building, 18
Evagora Papachristoforou,
Office 101B, 3030, Limassol, Cyprus
* Gol 2026 SSNs ($3,000,000.00)
5. IPG Investment Advisors, LLC
501 West Broadway, Suite 1350
San Diego, CA 92101
* Gol 2026 SSNs ($3,785,000.00)
6. Plenisfer Investments SGR S.p.A. (as Investment Adviser on
behalf of the Plenisfer Funds)
The Stable Yard
58-60 Petty France
London
SW1H 9EU
United Kingdom
* Gol 2026 SSNs ($13,264,000.00)
* DIP Notes ($487,105.00)
7. Sandglass Capital Advisors LLC (as Investment Adviser on behalf
of Sandglass Funds)
1133 Broadway, Suite 1528
New York, NY 10010
* Gol 2026 SSNs ($42,028,000.00)
8. Seamrog Distressed Credit and Special Situations Sub-Fund FPP
Asset Management,
Berkeley Square House,
Berkeley Square, Mayfair
W1J D6B, London
United Kingdom
* Gol 2026 SSNs ($6,335,000.00)
9. Shiprock Capital Master Fund LP
C/O Walkers Corporate Limited,
190 Elgin Avenue
George Town, Cayman,
KY1-9008, KY
* Gol 2026 SSNs ($79,856,000.00)
10. VR Global Partners, L.P.
One Nexus Way, Camana Bay,
Grand Cayman, KY1-9005,
Cayman Islands
c/o VR Advisory Services
(USA) LLC,
601 Lexington Avenue
59th Floor
New York, NY 10022
* Gol 2026 SSNs ($31,588,000.00)
* Abra SSNs ($32,674,224.00)
Counsel to the Gol 2026 Senior Secured Notes Ad Hoc Group:
David H. Botter, Esq.
Jane VanLare, Esq.
Cleary Gottlieb Steen & Hamilton LLP
One Liberty Plaza
New York, New York 10006
Telephone: (212) 225-2000
Facsimile: (212) 225-3999
Email: dbotter@cgsh.com
jvanlare@cgsh.com
About Gol GOLL4.SA
GOL Linhas Aereas Inteligentes S.A. provides scheduled and
non-scheduled air transportation services for passengers and cargo;
and maintenance services for aircraft and components in Brazil and
internationally. The company offers Smiles, a frequent-flyer
program to approximately 20.5 million members, allowing clients to
accumulate and redeem miles. It operates a fleet of 146 Boeing 737
aircraft with 674 daily flights. The company was founded in 2000
and is headquartered in Sao Paulo, Brazil.
GOL Linhas Aereas Inteligentes S.A. and its affiliates and its
subsidiaries voluntarily filed for Chapter 11 protection (Bankr.
S.D.N.Y. Lead Case No. 24-10118) on Jan. 25, 2024.
GOL Linhas estimated $1 billion to $10 billion in assets as of the
bankruptcy filing.
The Debtors tapped Milbank Llp as counsel, Seabury Securities Llc
as restructuring advisor, financial advisor and investment banker,
Alixpartners, LLP, as financial advisor, and HUGHES Hubbard & Reed
LLP as aviation related counsel. Kroll Restructuring
Administration LLC is the claims agent.
GOLDENROD LLC: Hires DeMarco-Mitchell PLLC as Bankruptcy Counsel
----------------------------------------------------------------
Goldenrod LLC seeks approval from the U.S. Bankruptcy Court for the
Northern District of Texas to hire DeMarco-Mitchell, PLLC as
counsel.
The firm will render these services:
(a) take all necessary action to protect and preserve the
estate;
(b) prepare on behalf of the Debtor all necessary legal papers
in connection with the administration of the estate;
(c) formulate, negotiate, and propose a plan of
reorganization; and
(d) perform all other necessary legal services in connection
with these proceedings.
The hourly rates of the firm's counsel and staff are as follows:
Robert T. DeMarco, Attorney $400
Michael S. Mitchell, Attorney $300
Barbara Drake, Paralegal $125
The firm received a retainer in the amount of $7,000 from the
Debtor.
Mr. DeMarco 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 T. DeMarco, Esq.
DeMarco-Mitchell, PLLC
12770 Coit Road, Suite 850
Dallas, TX 75251
Telephone: (972) 578-1400
Facsimile: (972) 346-6791
Email: robert@demarcomitchell.com
About Goldenrod LLC
Goldenrod LLC is the fee simple owner of two properties in Texas
having a total current value of $1 million.
Goldenrod LLC sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. N.D. Tex. Case No. 24-33392) on Oct. 28, 2024. In the
petition filed by Daniel Ghebreyohannes, as managing member, the
Debtor reports total assets of $1,001,033 and total liabilities of
$587,876.
The Debtor is represented by Robert T. DeMarco, Esq. at DEMARCO
MITCHELL, PLLC.
GOOD NATURED: Ceases Reporting Issuer Status After Hilco Deal
-------------------------------------------------------------
good natured Products Inc., a North American leader in eco-friendly
food packaging, bio-based plastic extrusion and plant-based
products, announces that on November 20, 2024, it applied to the
British Columbia Securities Commission, the Company's principal
regulator, for an order to cease to be reporting issuer in Alberta,
British Columbia, Manitoba, New Brunswick, Newfoundland and
Labrador, Nova Scotia, Ontario, Prince Edward Island and
Saskatchewan. On November 27, 2024, the Company was granted the
Order. As a result of the Order, the Company has ceased to be a
reporting issuer in the Jurisdictions and has been relieved of
further continuous disclosure obligations under applicable Canadian
securities laws.
The Company has made this application following the completion of
the previously disclosed sales transaction pursuant to which HUK
149 Limited, a private United Kingdom limited company, an affiliate
of UK based turnaround investor Hilco Capital, acquired the Company
and its subsidiaries, other than certain excluded assets and
liabilities which were transferred directly or indirectly to
1508538 B.C. Ltd., pursuant to a reverse vesting order granted
under the Companies' Creditors Arrangement Act by the Supreme Court
of British Columbia. Following the closing of the Transaction, all
common shares of the Company were delisted from the NEX Board of
the TSX Venture Exchange at the close of business on November 25,
2024.
About good natured Products Inc.
good natured(R) is at the forefront of North America's shift toward
sustainability, showcasing over 90 plant-based packaging designs
and an extensive portfolio of more than 400 products and services.
These offerings are purposefully designed to reduce environmental
impact by using more renewable materials, less fossil fuel, and
eliminating chemicals of concern.
Manufactured locally in the US and Canada, good natured(R)
engineers and distributes a diverse range of bio-based products
across various sectors, including grocery, restaurant, electronics,
automotive, and pharmaceutical via both wholesale and direct
channels.
The Company is dedicated to providing an industry-leading customer
experience in order to encourage the transition to renewable
alternatives. By making it easy and affordable for businesses to
adopt bio-based products and packaging, good natured(R) aims to
empower them to reach their sustainability objectives.
GOTO GROUP: $958.9MM Bank Debt Trades at 59% Discount
-----------------------------------------------------
Participations in a syndicated loan under which GoTo Group Inc is a
borrower were trading in the secondary market around 41.0
cents-on-the-dollar during the week ended Friday, November 29,
2024, according to Bloomberg's Evaluated Pricing service data.
The $958.9 million Term loan facility is scheduled to mature on
April 28, 2028. About $954.1 million of the loan has been drawn and
outstanding.
GoTo, formerly LogMeIn Inc., is a flexible-work provider of
software as a service and cloud-based remote work tools for
collaboration and IT management.
GROW GREEN: Claims to be Paid From Available Cash and Income
------------------------------------------------------------
Grow Green MI Inc. filed with the U.S. Bankruptcy Court for the
Eastern District of Michigan a Plan of Reorganization and
Disclosure Statement dated November 1, 2024.
The Debtor's operations began in 2009 and it offered supplies to
grow vegetables, plant, and flowers. In 2010, the Debtor started an
online web site and through paid advertising exponentially grew its
business.
On June 20, 2024, the Debtor filed a voluntary petition for relief
under Subchapter V. Deborah Fish has been appointed as the
Subchapter V Trustee for the Debtor's bankruptcy case and the
Debtor continues to operate and manage its business as
debtor-in-possession.
Class 13 consists of General Unsecured Claims. The Debtor shall pay
$5,000.00 per year as set forth in the Plan Projections. The
payments will be due on November 1 of each year of the plan.
Neither pre-confirmation interest no post confirmation interest on
Allowed Class 13 Claims will be paid. A Creditors in this class
shall receive a Pro Rata distribution incident to its allowed
general unsecured claim. This Class is Impaired.
Holders of the Inteersts shall retain their interests in the Debtor
and Reorganized Debtor in the same manner as percentage upon
confirmation of the Plan.
Funds for payments under the Plan will be generated from (I) future
income of the Debtor; (ii) funds on hand post confirmation as of
the confirmation and effective dates; (iii) to the extent that
funds are available and that it is necessary to do so, funds from
outside sources.
On the effective date, all of the Debtor's rights, titled, and
interests in and to all Assets shall revest in the Reorganized
Debtor to be operated and distributed by the Reorganized Debtor
pursuant to the provisions of this Plan.
A full-text copy of the Plan of Reorganization and Disclosure
Statement dated November 1, 2024 is available at
https://urlcurt.com/u?l=C7hi8R from PacerMonitor.com at no charge.
Counsel for the Debtor:
Scott M. Kwiatkowski, Esq.
Goldstein Bershad & Fried, P.C.
4000 Town Center, Suite 1200
Southfield, MI 48075
Tel: (248) 355-5300
Email: scott@bk-lawyer.net
About Grow Green MI Inc.
Grow Green MI Inc. is a family-owned garden supply store in
Whitmore Lake, Mich., serving customers since 2009. The company
offers lighting, nutrients, fertilizers, and pest control
solutions.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. E.D. Mich. Case No. 24-31158) on June 20,
2024, with up to $50,000 in assets and up to $10 million in
liabilities. Anthony Portelli, president, signed the petition.
Judge Joel D. Applebaum presides over the case.
Scott M. Kwiatkowski, Esq., at Goldstein Bershad & Fried, PC, is
the Debtor's legal counsel.
GUARDIAN FUND: Taps Lindia Brison Realty and NB Elite as Brokers
----------------------------------------------------------------
Guardian Fund, LLC and its affiliates seek approval from the U.S.
Bankruptcy Court for the District of Nevada to employ Lindia Brison
Realty, LLC and NB Elite Realty LLC as brokers.
The firms will market and sell the Debtor's properties located at:
a. 6742 Crest Ave., St., Louis, MO 63130;
b. 1265 Paddock Dr., Florissant, MO 63033;
c. 35 Florissant Park Dr., Florissant, MO 63031; and
d. 114 Hanner Street, East Alton, IL 62024.
The brokers will receive a commission up to 3 percent of the gross
sales price of the properties.
As disclosed in a court filing, Lindia Brison Realty, LLC and NB
Elite Realty LLC are "disinterested person" as that term is defined
in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Lindia Robins
Lindia Brison Realty, LLC
9 Signal Hill Blvd.
Belleville, IL 62223
Phone: (314) 322-1178
Office: (314) 322-1178
Email: lindiabrisonrealty@gmail.com
- and -
Fiona Farhad
NB Elite Realty LLC
1644 W Alabama St., Suite #100
Houston, TX 77006
Phone: (832) 233-2991
Email: fiona@fionafarhad.com
About Guardian Fund
The WendellLa and Nancy King Family Trust and several other
creditors represented by Jeffrey L. Hartman filed a Chapter 7
involuntary petition (Bankr. D. Nev. Case No. 23-50117) against
Guardian Fund, LLC, a company in Reno, Nev., on March 17, 2023.
On April 11, 2023, Guardian Fund filed a Chapter 11 voluntary
petition (Bankr. D. Nev. Case No. 23-50233). At the time of the
filing, Guardian Fund reported $10 million to $50 million in assets
and $50 million to $100 million in liabilities.
On April 27, 2023, the Nevada bankruptcy court approved the
stipulation filed in both cases by Guardian Fund and the
petitioning creditors. The order directed the consolidation of the
two cases, with Case No. 23-50177 as the lead case, and set the
Chapter 11 petition date to March 17, 2023. Judge Natalie M. Cox
oversees the case.
The Debtor tapped Harris Law Practice, LLC and Excelsis Accounting
Group as legal counsel and accountant, respectively.
On May 10, 2023, the U.S. Trustee for Region 17 appointed an
official committee to represent unsecured creditors. Sallie B.
Armstrong, Esq., at McDonald Carano, LLP serves as the committee's
legal counsel.
Jeffrey Golden, Esq., is the examiner appointed in the Debtor's
Chapter 11 case.
H-FOOD HOLDINGS: $1.15BB Bank Debt Trades at 34% Discount
---------------------------------------------------------
Participations in a syndicated loan under which H-Food Holdings LLC
is a borrower were trading in the secondary market around 66.2
cents-on-the-dollar during the week ended Friday, November 29,
2024, according to Bloomberg's Evaluated Pricing service data.
The $1.15 billion Term loan facility is scheduled to mature on May
30, 2025. About $1.07 billion of the loan has been drawn and
outstanding.
H-Food Holdings, LLC and Matterhorn Parent, LLC is a food contract
manufacturer.
HARADA FAMILY: Starts Subchapter V Bankruptcy Process
-----------------------------------------------------
On November 22, 2024, Harada Family Dental Care P.C. filed Chapter
11 protection in the District of Montana. According to court
documents, the Debtor reports $1,174,825 in debt owed to 1 and 49
creditors. The petition states funds will be available to unsecured
creditors.
A meeting of creditors under Sec. 341(a) to be held on December 19,
2024 at 10:00 AM.
About Harada Family Dental Care P.C.
Harada Family Dental Care P.C. is a privately owned dental group.
Harada Family Dental Care P.C. sought relief under Subchapter V of
the U.S. Bankruptcy Code (Bankr. D. Mon. Case No. 24-40076) on
November 22, 2024. In the petition filed by Christopher W. Harada
as president, the Debtor reports total assets of $73,202 and total
liabilities of $1,174,825.
The Debtor is represented by:
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
HDC HOLDINGS: Committee Hires Orrick Herrington as Counsel
----------------------------------------------------------
The official committee of unsecured creditors of HDC Holdings II,
LLC and its affiliates seeks approval from the U.S. Bankruptcy
Court for the District of Delaware to employ Orrick, Herrington &
Sutcliffe LLP as counsel.
The firm will provide these services:
a. advise the Committee with respect to its rights, powers and
duties in these cases;
b. assist, advise and represent the Committee in analyzing the
Debtors' assets and liabilities and participating in and reviewing
any proposed asset sales or dispositions;
c. attend meetings and negotiate with the representatives of
the Debtors;
d. assist and advise the Committee in its examination and
analysis of the conduct of the Debtors' affairs;
e. assist the Committee in the review, analysis and
negotiation of any plan(s) that may be filed and to assist the
Committee in the review, analysis and negotiation of the disclosure
statement accompanying any plan(s) ;
f. investigate and determine the value of unencumbered
assets;
g. analyze and negotiate the budget and monitor the Debtors'
financial performance in chapter 11;
h. assist and advise the Committee with respect to its
communications with the general creditor body regarding significant
matters in these cases;
i. review and analyze the Debtors' investment banker's work
product and report to the Committee;
j. provide the Committee with legal advice in relation to the
chapter 11 cases;
k. take all necessary action to protect and preserve the
interests of unsecured creditors, including, without limitation,
the prosecution of actions on its behalf, negotiations concerning
all litigation in which the Debtors are involved, and review and
analysis of all claims filed against the Debtors' estates;
l. generally prepare and file on behalf of the Committee all
necessary motions, applications, answers, memoranda of law, orders,
reports and papers in support of positions taken by the Committee;
m. appear, as appropriate, before this Court, the Appellate
Courts, and other Courts in which matters may be heard and to
protect the interests of the Committee before said Courts and the
U.S. Trustee; and
n. perform such other legal services in these cases as may be
required and are deemed to be in the interests of the Committee and
unsecured creditors in accordance with the Committee's powers and
duties as set forth in the Bankruptcy Code.
The firm will be paid at these rates:
Raniero D'Aversa, Partner $1,680
Nicholas Poli, Partner $1,084
Mark Franke, Of Counsel $1,068
Brandon Batzel, Senior Associate $1,024
Ari Roytenberg, Senior Associate $1,024
Michael Trentin, Managing Associate $960
Jenna MacDonald Busche, Managing Associate $844
Daniel Carnie, Associate $620
Paraprofessionals $260 to $544
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
The following is provided in response to the request for additional
information set forth in Paragraph D.1. of the Appendix B
Guidelines:
(a) Orrick has agreed to variations from, or alternatives to,
its customary billing arrangements for this engagement. Orrick will
provide a 20% discount off of its hourly rates for all attorneys
and paraprofessionals involved in this representation.
(b) No professional included in this engagement varies their
rate based on the geographic location of the bankruptcy cases.
(c) Orrick has not represented the Committee in the 12 months
prepetition and, consequently, there are no billing rates and
material financial terms for the prepetition engagement, including
any adjustments during the 12 months prepetition to disclose, and
Orrick’s billing rates and material financial terms have not
changed postpetition.
(d) The Committee and its counsel are currently in the process
of formulating a detailed budget that is consistent with the form
of budget attached as Exhibit C-1 to the Appendix B Guidelines,
recognizing that in the course of large cases like these chapter 11
cases, it is highly likely that there may be a number of unforeseen
fees and expenses that will need to be addressed by the Committee
and its counsel.
Raniero D'Aversa, Esq., a partner at Orrick, Herrington & Sutcliffe
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:
Raniero D'Aversa, Esq.
Orrick, Herrington & Sutcliffe LLP
51 West 52nd Street
New York, NY 10019-6142
Tel: (212) 506-5000
Fax: (212) 506-5151
About HDC Holdings II, LLC
HDC Holdings II, LLC, and its affiliates are providers of secondary
merchandise which serves a loyal customer base of treasure hunters
and value seekers in underserved secondary and tertiary retail
markets. The Debtors' brands include Dirt Cheap, Treasure Hunt, and
Dirt Cheap Building Supplies. Through these business lines, the
Debtors sell a variety of merchandise, including apparel and
footwear, building supplies, toys and electronics, furniture,
seasonal items, and health and beauty products, among others. The
Company focuses on addressing the retail needs of its consumer
customers through wholesale brick and mortar retail locations
located throughout the southern United States, primarily in
Mississippi and Louisiana.
In early September 2024, the Debtors retained Mosaic as turnaround
advisors and Young Conaway Stargatt & Taylor, LLP as restructuring
counsel. Shortly thereafter, Jeffrey Martin was appointed CRO.
HDC Holdings II LLC and its affiliates sought relief under Chapter
11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No.
24-12307) on Oct. 10, 2024. In the petition filed by Jeffrey
Martin, as chief restructuring officer, HDC Holdings estimated
assets and liabilities between $100 million and $500 million each.
Young Conaway Stargatt & Taylor, LLP is the bankruptcy counsel.
Epiq is the claims agent.
HDC HOLDINGS: Committee Taps Cole Schotz as Delaware Co-Counsel
---------------------------------------------------------------
The official committee of unsecured creditors of HDC Holdings II,
LLC and its affiliates seeks approval from the U.S. Bankruptcy
Court for the District of Delaware to employ Cole Schotz P.C. as
Delaware co-counsel.
The firm's services include:
a. serving as Delaware co-counsel to the Committee;
b. providing legal advice with respect to the Committee's
powers, rights, duties and obligations in the Chapter 11 Cases;
c. assisting and advising the Committee in its consultations
with the Debtors regarding the administration of the Chapter 11
Cases;
d. assisting the Committee in reviewing and negotiating terms
for unsecured creditors with respect to (i) the use of cash
collateral, (ii) any sale of the Debtors' assets, including
negotiating bid procedures and proposed asset purchase agreements,
(iii) the confirmation of a chapter 11 plan, and (iv) other
requests for relief which would impact unsecured creditors;
e. investigating the liens asserted by the Debtors' lenders
and any potential causes of action against the Debtors' lenders;
f. advising the Committee on the corporate aspects of the
Debtors' Chapter 11 Cases and any plan(s) or other means to effect
the Debtors' liquidation that may be proposed in connection
therewith and participation in the formulation of any such plan(s)
or means of implementing the liquidation, as necessary;
g. taking all necessary actions to protect and preserve the
estates of the Debtors for the benefit of unsecured creditors,
including the investigation of the acts, conduct, assets,
liabilities and financial condition of the Debtors, the
investigation of the prior operation of the Debtors' businesses and
the investigation and prosecution of estate claims, causes of
action and any other matters relevant to the Chapter 11 Cases;
h. preparing on behalf of the Committee all necessary motions,
applications, complaints, answers, orders, reports, papers and
other pleadings and filings in connection with the Committee's
duties in the Chapter 11 Cases;
i. advising and representing the Committee in hearings and
other judicial proceedings in connection with all necessary
motions, applications, objections and other pleadings and otherwise
protecting the interests of those represented by the Committee; and
j. performing all other necessary legal services as may be
required and authorized by the Committee that are in the best
interests of unsecured creditors.
The firm will be paid at these rates:
Members $615 to $1,575 per hour
Associates and Special Counsel $385 to $750 per hour
Law Clerks $380 to $405 per hour
Paralegals $240 to $460 per hour
Litigation Support Specialists $425 to $535 per hour
The following is provided in response to Paragraph D.1. of the
Revised UST Guidelines:
Question: Did you agree to any variations from, or alternatives
to, your standard or customary billing arrangements for this
engagement?
Response: No. Cole Schotz professionals working on this matter
will bill at their standard hourly rates.
Question: Do any of the professionals included in this
engagement vary their rate based on the geographic location of the
bankruptcy case?
Response: No.
Question: If you represented the client in the 12 months
prepetition, disclose your billing rates and material financial
terms for the prepetition engagement, including any adjustments
during the 12 months prepetition. If your billing rates and
material financial terms have changed postpetition, explain the
difference and the reasons for the difference.
Response: Cole Schotz did not represent the Committee during the
12 months preceding the filing of the Chapter 11 Cases.
Question: Has your client approved your prospective budget and
staffing plan, and, if so for what budget period?
Response: Cole Schotz expects to develop a prospective budget
and staffing plan to reasonably comply with the U.S. Trustee's
request for information and additional disclosures, as to which
Cole Schotz reserves all rights.
Justin Alberto, Esq., an attorney at Cole Schotz, 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:
Justin R. Alberto, Esq.
Cole Schotz, P.C.
500 Delaware Avenue, Suite 1410
Wilmington, Delaware 19801
Telephone: (302) 652-3131
Facsimile: (302) 652-3117
Email: jalberto@coleschotz.com
About HDC Holdings II, LLC
HDC Holdings II, LLC, and its affiliates are providers of secondary
merchandise which serves a loyal customer base of treasure hunters
and value seekers in underserved secondary and tertiary retail
markets. The Debtors' brands include Dirt Cheap, Treasure Hunt, and
Dirt Cheap Building Supplies. Through these business lines, the
Debtors sell a variety of merchandise, including apparel and
footwear, building supplies, toys and electronics, furniture,
seasonal items, and health and beauty products, among others. The
Company focuses on addressing the retail needs of its consumer
customers through wholesale brick and mortar retail locations
located throughout the southern United States, primarily in
Mississippi and Louisiana.
In early September 2024, the Debtors retained Mosaic as turnaround
advisors and Young Conaway Stargatt & Taylor, LLP as restructuring
counsel. Shortly thereafter, Jeffrey Martin was appointed CRO.
HDC Holdings II LLC and its affiliates sought relief under Chapter
11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No.
24-12307) on Oct. 10, 2024. In the petition filed by Jeffrey
Martin, as chief restructuring officer, HDC Holdings estimated
assets and liabilities between $100 million and $500 million each.
Young Conaway Stargatt & Taylor, LLP is the bankruptcy counsel.
Epiq is the claims agent.
HDC HOLDINGS: Committee Taps Genesis Credit as Financial Advisor
----------------------------------------------------------------
The official committee of unsecured creditors of HDC Holdings II,
LLC and its affiliates seeks approval from the U.S. Bankruptcy
Court for the District of Delaware to employ Genesis Credit
Partners LLC as financial advisor.
The firm's services include:
-- reviewing and analyzing financial and other related
disclosures;
-- assessing and monitoring the Debtors' short-term cash flow,
liquidity and operating results;
-- reviewing and benchmarking any proposed key employee
retention, other employee benefit programs or other similar
proposals by the Debtors;
-- analyzing the Debtors' core business assets and operations;
-- evaluating the Debtors' cost / benefit analysis with respect
to the assumption or rejection of various executory contracts and
leases;
-- monitoring and analyzing GOB sales and asset liquidations and
potential acquisition of stores and related assets by third
parties;
-- analyzing any claims reconciliation and estimation
processes;
-- reviewing financial information prepared by the Debtors,
including, but not limited to, cash flow projections and budgets,
business plans, cash receipts and disbursement analysis, asset and
liability analyses across the Debtors' entities and affiliates and
the economic analysis of proposed transactions for which Court
approval is sought;
-- reviewing historical financial and operational information
provided by the Debtors or other third parties in coordination with
counsel;
-- attending meetings and assisting in discussions with the
Debtors, potential investors, secured lenders, the Committee and/or
any other official committees appointed in the Chapter 11 Cases,
the U.S. Trustee, other parties in interest and professionals hired
by the same, as requested;
-- reviewing and/or preparing information and analysis necessary
for the confirmation of a plan and related disclosure statement in
the Chapter 11 Cases;
-- investigating, evaluating and analyzing avoidance actions
and/or preferential transfers;
-- assisting with the prosecution of Committee responses /
objections to the Debtors' motions, including by attending
depositions and providing expert reports/testimony on case issues;
-- rendering such other general business consulting or providing
such other assistance as the Committee 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
these proceedings; and
-- coordinating with counsel on the above workstreams, strategy
and work product.
The firm will be paid at these hourly rates:
Edward Kim (Partner) $1,000
Jorge Gonzalez (Partner) $1,000
Andre Artidiello (Director) $700
Eric Mendez (Director) $700
Ivan Radi (VP) $550
Vinai Sewaliah (Sr Analyst) $400
Pedro Leme (Analyst) $300
As disclosed in the court filings, Genesis is "disinterested" as
that term is defined in section 101(14) of the Bankruptcy Code and
does not hold or represent an interest adverse to the Debtors’
estates with respect to the matters for which Genesis is to be
employed.
The firm can be reached through:
Edward Kim
Genesis Credit Partners LLC
701 Brickell Avenue, Suite 1480
Miami, FL 33131
Phone: (646) 509-3490
Email: ekim@gencp.com
About HDC Holdings II, LLC
HDC Holdings II, LLC, and its affiliates are providers of secondary
merchandise which serves a loyal customer base of treasure hunters
and value seekers in underserved secondary and tertiary retail
markets. The Debtors' brands include Dirt Cheap, Treasure Hunt, and
Dirt Cheap Building Supplies. Through these business lines, the
Debtors sell a variety of merchandise, including apparel and
footwear, building supplies, toys and electronics, furniture,
seasonal items, and health and beauty products, among others. The
Company focuses on addressing the retail needs of its consumer
customers through wholesale brick and mortar retail locations
located throughout the southern United States, primarily in
Mississippi and Louisiana.
In early September 2024, the Debtors retained Mosaic as turnaround
advisors and Young Conaway Stargatt & Taylor, LLP as restructuring
counsel. Shortly thereafter, Jeffrey Martin was appointed CRO.
HDC Holdings II LLC and its affiliates sought relief under Chapter
11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No.
24-12307) on Oct. 10, 2024. In the petition filed by Jeffrey
Martin, as chief restructuring officer, HDC Holdings estimated
assets and liabilities between $100 million and $500 million each.
Young Conaway Stargatt & Taylor, LLP is the bankruptcy counsel.
Epiq is the claims agent.
HDT GLOBAL: $280MM Bank Debt Trades at 39% Discount
---------------------------------------------------
Participations in a syndicated loan under which HDT Global is a
borrower were trading in the secondary market around 61.3
cents-on-the-dollar during the week ended Friday, November 29,
2024, according to Bloomberg's Evaluated Pricing service data.
The $280 million Term loan facility is scheduled to mature on July
8, 2027. About $245.0 million of the loan has been drawn and
outstanding.
HDT Global is a manufacturer of engineered, mission-capable
infrastructure services and products intended for defense,
aerospace and government markets.
INDRA HOLDINGS: $50MM Bank Debt Trades at 38% Discount
------------------------------------------------------
Participations in a syndicated loan under which Indra Holdings Corp
is a borrower were trading in the secondary market around 62.3
cents-on-the-dollar during the week ended Friday, November 29,
2024, according to Bloomberg's Evaluated Pricing service data.
The $50 million Term loan facility is scheduled to mature on
December 23, 2024. The amount is fully drawn and outstanding.
Indra Holdings Corp operates as a holding company. The company
through its subsidiaries, provides designing, distributing and
selling branded umbrellas, gloves, hats, scarves, rubber footwear,
slippers, flip flops, sandals, outerwear, sunglasses and other
miscellaneous accessory product.
INSPIREMD INC: Reports $7.9 Million Net Loss in Fiscal Q3
---------------------------------------------------------
InspireMD, Inc. filed with the U.S. Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net loss
of $7.9 million on $1.8 million of total revenues for the three
months ended September 30, 2024, compared to a net loss of $5.2
million on $1.6 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 $22.8 million on $5.1 million of total revenues,
compared to a net loss of $14.5 million on $4.4 million of total
revenues for the same period in 2023.
As of September 30, 2024, the Company had $50.5 million in total
assets, $9.1 million in total liabilities, and $41.4 million in
total equity.
Marvin Slosman, CEO of InspireMD, commented: "Since our last
quarterly update, we have made significant progress advancing our
best-in-class carotid implant, CGuard Prime, towards potential U.S.
approval while also moving toward the initiation of a pivotal study
of CGuard Prime for a TCAR indication, which represents a key
component of our commercial strategy."
"The submission of our PMA application to FDA seeking U.S. approval
of CGuard Prime is the result of years of tireless work by the
entire InspireMD team and gives us line of sight to entry into the
U.S. market in the first half of 2025, if approved. To support a
robust launch, we've announced the opening of our new headquarters
in Miami, Florida, that ideally positions us to support the world
class commercial and operational infrastructure that we are
assembling. South Florida has a rich history of medical device
innovation, and we are pleased to be able to continue in that
tradition."
"We also announced that the FDA has approved our IDE application
allowing us to move forward with the initiation of a pivotal trial
of CGuard Prime for use in TCAR procedures. This represents an
important step in the advancement of our development pipeline and
demonstrates our commitment to addressing the broadest set of
physician and patient needs with tools for both CAS and TCAR
procedures. I look forward to additional clinical and regulatory
milestones in the months ahead, highlighted by the potential U.S.
approval and commercial launch of CGuard Prime in the first half of
next year," Mr. Slosman concluded.
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/ypynv6b7
About InspireMD
Headquartered in Tel Aviv, Israel, InspireMD, Inc. --
http://www.inspiremd.com-- is a medical device company focusing on
the development and commercialization of its proprietary MicroNet
stent platform technology for the treatment of complex vascular and
coronary disease. A stent is an expandable "scaffold-like" device,
usually constructed of a metallic material, that is inserted into
an artery to expand the inside passage and improve blood flow. Its
MicroNet, a micron mesh sleeve, is wrapped over a stent to provide
embolic protection in stenting procedures.
The Company reported a net loss of $19.92 million in 2023, a net
loss of $18.49 million in 2022, a net loss of $14.92 million in
2021, a net loss of $10.54 million in 2020, and a net loss of
$10.04 million in 2019.
InspireMD said in its Quarterly Report for the period ended June
30, 2024, that as of Aug. 5, 2024 (the date of issuance of the
condensed consolidated financial statements), the Company has the
ability to fund its planned operations for at least the next 12
months. However, the Company expects to continue incurring losses
and negative cash flows from operations until its product, CGuard
Headquartered in Tel Aviv, Israel, InspireMD, Inc. -- PS, reaches
commercial profitability. Therefore, in order to fund the Company's
operations until such time that the Company can generate
substantial revenues, the Company may need to raise additional
funds.
The Company said its plans include continued commercialization of
its products and raising capital through sale of additional equity
securities, debt or capital inflows from strategic partnerships.
There are no assurances, however, that the Company will be
successful in obtaining the level of financing needed for its
operations. If it is unsuccessful in commercializing its products
or raising capital, the Company may need to reduce activities,
curtail or cease operations.
INTRUM AB: Seeks to Hire Kroll Restructuring as Claims Agent
------------------------------------------------------------
Intrum AB seeks approval from the U.S. Bankruptcy Court for the
Southern District of Texas to hire Kroll Restructuring
Administration LLC as its claims and noticing agent.
The firm will oversee the distribution of notices and will assist
in the maintenance, processing and docketing of proofs of claim
filed in the Debtors' Chapter 11 cases.
Prior to the petition date, the Debtors provided Kroll an advance
in the amount of $50,000.
Benjamin Steele, managing director at Kroll, disclosed in a court
filing that his firm is a "disinterested person" pursuant to
Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Benjamin J. Steele
Kroll Restructuring Administration LLC
55 East 52nd Street, 17th Floor
New York, NY 10055
About Intrum
Intrum AB is a provider of credit management services with a
presence in 20 markets in Europe. By helping companies to get paid
and supporting people with their late payments, Intrum leads the
way to a sound economy and plays a critical role in society at
large. Intrum has circa 10,000 dedicated professionals who serve
around 80,000 companies across Europe. In 2023, income amounted to
SEK 20.0 billion. Intrum is headquartered in Stockholm, Sweden and
publicly listed on the Nasdaq Stockholm exchange. On the Web:
http://www.intrum.com/
On November 15, 2024, Intrum AB and U.S. affiliate Intrum AB of
Texas LLC each filed a voluntary petition for the relief under
Chapter 11 of the United States Bankruptcy Code in the United
States Bankruptcy Court for the Southern District of Texas (Bankr.
S.D. Tex. Lead Case No. 24-90575) to seek confirmation of their
Prepackaged Reorganization Plan.
The cases are pending before the Honorable Christopher M. Lopez.
Milbank LLP and Porter Hedges LLP are serving as counsel in the
U.S. restructuring. Houlihan Lokey is the advisor to Intrum. Kroll
Issuer Services Limited is the information agent. Kroll
Restructuring Administration is the claims agent. Brunswick Group
is also serving as advisers to Intrum.
Latham & Watkins LLP and Latham & Watkins (London) LLP, and
Advokatfirmaet Schjodt AS, are advising a group of bondholders
holding widely across Intrum AB's notes issuances (the "Notes Ad
Hoc Group"). PJT Partners (UK) Limited is financial advisor to the
noteholder ad hoc group.
Weil Gotshal & Manges LLP is representing a group of short-dated
bondholders holding primarily 2024- and 2025-maturing notes
("Minority Ad Hoc Group").
Ropes & Gray LLP is representing another minority group of
bondholders.
Clifford Chance US LLP is counsel to the group that collectively
holds approximately 76% of the total commitments under the RCF (the
"RCF Steerco Group").
J&G CONSULTING: Seeks to Tap United Real Estate Richmond as Broker
------------------------------------------------------------------
J&G Consulting Services LLC seeks approval from the U.S. Bankruptcy
Court for the Eastern District of Virginia to hire United Real
Estate Richmond as real estate broker.
The broker will list for sale the Debtor's property located at
16222 Dawn Blvd., Hanover, VA 23069.
United Real Estate will receive a sales commission between 4
percent and 5 percent depending on the representation status of the
purchaser.
As disclosed in the court filings, United Real Estate does not hold
or represent an interest adverse to the bankruptcy estate, and that
is a "disinterested person" as defined by 11 U.S.C. Sec. 101(14).
The broker can be reached through:
Tamara Johnson
United Real Estate Richmond
9011 Arboretum Pkwy Ste 120
Richmond, VA 23236
Phone: (804) 359-9200
About J&G Consulting Services LLC
J&G Consulting Services LLC sought protection for relief under
Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Case No.
24-33528) on September 23, 2024, listing $100,001 to $500,000 in
both assets and liabilities. James E. Kane, Esq. at Kane & Papa, PC
represents the Debtor as counsel.
JAMES JOSEPH: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: James Joseph Sanctified Spirits, LLC
1121 S Carroll Ave, Suite 200
Southlake, TX 76092
Business Description: The Debtor is in the business of whiskey
manufacturing.
Chapter 11 Petition Date: December 2, 2024
Court: United States Bankruptcy Court
Northern District of Texas
Case No.: 24-44468
Judge: Hon. Mark X Mullin
Debtor's Counsel: J. Robert Forshey, Esq.
FORSHEY PROSTOK LLP
777 Main Street Suite 1550
Fort Worth TX 76102
Tel: (817) 877-4223
E-mail: bforshey@forsheyprostok.com
Total Assets as of November 27, 2024: $3,942,406
Total Liabilities as of November 27, 2024: $3,575,009
The petition was signed by Amir Giryes as 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/IF2B74I/James_Joseph_Sanctified_Spirits__txnbke-24-44468__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/NK4UBSI/James_Joseph_Sanctified_Spirits__txnbke-24-44468__0001.0.pdf?mcid=tGE4TAMA
JUHN AND STARK: Unsecureds Will Get 100% of Claims in Plan
----------------------------------------------------------
Juhn and Stark, PLLC, filed with the U.S. Bankruptcy Court for the
Eastern District of Tennessee a Plan of Reorganization for Small
Business dated November 1, 2024.
The Debtor is a professional limited liability company. Since 2019,
the Debtor has been in the business of providing pediatric and
other dental services/treatments.
The Plan Proponent's financial projections show that the Debtor
will have projected disposable income of $164,257. The final Plan
payment is expected to be paid on March 30, 2029.
This Plan of Reorganization proposes to pay creditors of the Debtor
from cash flow from operations.
Non-priority unsecured creditors holding allowed claims will
receive distributions which the proponent of this Plan has valued
at approximately 100 cents on the dollar. This Plan also provides
for the payment of administrative and priority claims.
Class 3.1 consists of Non-insider, non-priority unsecured
creditors. The Debtor calculates the total for claims scheduled by
the Debtor as undisputed and claims filed as general unsecured is
$95,497 excluding Lease claims. The Debtor may object to some of
the filed Proofs of Claim. Allowed claims in Class 3.1 shall be
paid 100% or the extent funds are available from disposable income.
This Class is impaired.
Class 3.2 consists of Insider, non-priority unsecured creditors.
The Debtor will object to Claim No. 10 of Dr. John Stark because
the claim is not allowable. Payment of Claim No. 9 filed by Dr.
David Juhn will be subordinated to the payment of all other allowed
claims.
The Debtor shall continue its dental business and make the Plan
payments from disposable income.
A full-text copy of the Plan of Reorganization dated November 1,
2024 is available at https://urlcurt.com/u?l=cAezsG from
PacerMonitor.com at no charge.
About Juhn and Stark
Juhn and Stark, PLLC, specializes in pediatric dentistry.
An involuntary Chapter 11 petition was filed against Juhn and Stark
(Bankr. E.D. Tenn. Case No. 24-50714) on July 15, 2024. Mark L.
Esposito, Esq., at Penn, Stuart & Eskridge, P.C. serves as legal
counsel for David Juhn, the petitioning creditor.
Judge Rachel Ralston Mancl oversees the case.
Gentry, Tipton & McLemore is the Debtor's legal counsel.
LASERSHIP INC: $1.38BB Bank Debt Trades at 55% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Lasership Inc is a
borrower were trading in the secondary market around 45.3
cents-on-the-dollar during the week ended Friday, November 29,
2024, according to Bloomberg's Evaluated Pricing service data.
The $1.38 billion Term loan facility is scheduled to mature on May
8, 2028. The amount is fully drawn and outstanding.
LaserShip is a regional last-mile delivery company that services
the Eastern and Midwest United States. Founded in 1986, LaserShip
is based in Vienna, Virginia, and has sorting centers in New
Jersey, Ohio, North Carolina, and Florida.
LASERSHIP INC: $125MM Bank Debt Trades at 57% Discount
------------------------------------------------------
Participations in a syndicated loan under which Lasership Inc is a
borrower were trading in the secondary market around 43.3
cents-on-the-dollar during the week ended Friday, November 29,
2024, according to Bloomberg's Evaluated Pricing service data.
The $125 million Term loan facility is scheduled to mature on
September 29, 2027. The amount is fully drawn and outstanding.
LaserShip is a regional last-mile delivery company that services
the Eastern and Midwest United States. Founded in 1986, LaserShip
is based in Vienna, Virginia, and has sorting centers in New
Jersey, Ohio, North Carolina, and Florida.
LIFESCAN GLOBAL: $1.01BB Bank Debt Trades at 70% Discount
---------------------------------------------------------
Participations in a syndicated loan under which LifeScan Global
Corp is a borrower were trading in the secondary market around 29.8
cents-on-the-dollar during the week ended Friday, November 29,
2024, according to Bloomberg's Evaluated Pricing service data.
The $1.01 billion Term loan facility is scheduled to mature on
December 31, 2026. About $842.7 million of the loan has been drawn
and outstanding.
LifeScan Global Corporation is a provider of blood glucose
monitoring systems for home and hospital use.
LL FLOORING: Unsecureds Will Get 0% to 7% of Claims in Plan
-----------------------------------------------------------
LL Flooring Holdings, Inc. and affiliates submitted a Disclosure
Statement for the Amended Joint Chapter 11 Plan of Liquidation
dated November 4, 2024.
The Debtors sold, or are in the process of selling, substantially
all of their assets during the Chapter 11 Cases, including through
(i) the sale of their Sandston distribution center to SNA NE, LLC,
(ii) the going-concern sale to LumLiQ2, LLC, as purchaser, and F9
Investments, LLC, as guarantor ("F9 Investments" and, together with
LumLiQ2, LLC, "F9"), and (iii) the ongoing store closing sales
operated by Hilco Merchant Resources, LLC (the "Agent" or
"Hilco").
The Holders of Allowed Class 3 General Unsecured Claims will be the
beneficiaries of the Liquidating Trust, and will receive their pro
rata share of the Liquidating Trust Assets in satisfaction of their
respective Claims. Holders of Class 4 Subordinated Claims and Class
5 Interests are not entitled to any recovery under the Plan.
The Plan contemplates a liquidation of the Debtors and their
Estates and is therefore referred to as a "plan of liquidation."
The primary objective of the Plan is to maximize the value of
recoveries to Holders of Allowed Claims and to distribute all
property of the Estates that is or becomes available for
distribution in accordance with the Bankruptcy Code and Plan. The
Debtors assert that the Plan accomplishes this objective and is in
the best interests of their Estates, and therefore seek to confirm
the Plan.
Class 3 consists of General Unsecured Claims against the Debtors.
The allowed unsecured claims total $125,000,000 to $185,500,000.
This Class will receive a distribution of 0% to 7% of their allowed
claims. On the Effective Date, or as soon as reasonably practicable
thereafter, except to the extent that a Holder of an Allowed
General Unsecured Claim and the Debtors or the Liquidating Trustee,
as applicable, agree to less favorable treatment for such Holder,
in full and final satisfaction of the Allowed General Unsecured
Claim, each Holder thereof will receive its pro rata right to
recovery from the Liquidating Trust. Class 3 is Impaired.
On the Effective Date, all Interests shall be canceled, released,
and extinguished, and will be of no further force or effect, and
Holders of such Interests shall not receive any distributions under
the Plan on account of such Interest.
Subject in all respects to the provisions of the Plan concerning
the Professional Fee Reserve, the Debtors or the Liquidating
Trustee (as applicable) shall fund distributions under the Plan
with Cash on hand on the Effective Date and all other Liquidating
Trust Assets.
On the Effective Date, the Liquidating Trust will be established
pursuant to the Liquidating Trust Agreement, which will be Filed
with the Bankruptcy Court as part of the Plan Supplement. Upon
establishment of the Liquidating Trust, title to the Liquidating
Trust Assets shall be deemed transferred to the Liquidating Trust
without any further action of the Debtors or any managers,
employees, officers, directors, members, partners, shareholders,
agents, advisors, or representatives of the Debtors.
A full-text copy of the Disclosure Statement dated November 4, 2024
is available at https://urlcurt.com/u?l=lfDnpg from Stretto, Inc.,
claims agent.
Counsel to the Debtors:
Lisa Laukitis, Esq.
Elizabeth M. Downing, Esq.
Angeline J. Hwang, Esq.
SKADDEN, ARPS, SLATE, MEAGHER &
FLOM LLP
One Manhattan West
New York, NY 10001
Telephone: (212) 735-3000
Facsimile: (212) 735-2000
Email: Lisa.Laukitis@skadden.com
Edmon L. Morton, Esq.
Kenneth J. Enos, Esq.
Elizabeth S. Justison, Esq.
S. Alexander Faris, Esq.
Young Conaway Stargatt & Taylor, LLP
1000 N. King St.
Wilmington, DE 19801
Telephone: (302) 571-5728
About LL Flooring Holdings
LL Flooring Holdings, Inc. is a specialty retailer of flooring. The
company carries a wide range of hard-surface floors and carpets in
a range of styles and designs, and primarily sells to consumers or
flooring-focused professionals.
LL Flooring and four of its affiliates sought relief under Chapter
11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-11680)
on August 11, 2024. In the petitions signed by Holly Etlin as chief
restructuring officer, LL Flooring disclosed total assets of
$501,117,025 and total debt of $416,298,035 as of July 31, 2024.
Judge Brendan Linehan Shannon oversees the cases.
The Debtors tapped Skadden, Arps, Slate, Meagher & Flom LLP as
counsel. Houlihan Lokey Capital Inc. serves as the Debtors'
investment banker, AlixPartners LLP acts as the Debtors' financial
advisor, and Stretto, Inc., acts as the Debtors' claims and
noticing agent.
LOPAREX MIDCO: $103.9MM Bank Debt Trades at 34% Discount
--------------------------------------------------------
Participations in a syndicated loan under which Loparex Midco BV is
a borrower were trading in the secondary market around 66.4
cents-on-the-dollar during the week ended Friday, November 29,
2024, according to Bloomberg's Evaluated Pricing service data.
The $103.9 million Term loan facility is scheduled to mature on
February 1, 2027. The amount is fully drawn and outstanding.
Loparex is a provider of release liners. Based in the Netherlands,
Loparex Midco B.V. operates as a financial holding company
incorporated in 2019. The majority of the Company's end market
sales come from graphic arts, tapes, industrial, and medical.
Labelstock, hygiene, and composites accounts for a smaller portion
of end market sales.
LUCIANO REALTY: Hires Giordano Cohen Fastiggi as Accountant
-----------------------------------------------------------
Luciano Realty LLC seeks approval from the U.S. Bankrutpcy Court
for the District of New Jersey to hire Giordano Cohen Fastiggi
Luciano Sweeney & Co PA as accountant.
The firm will perform the accounting services necessary for filing
the balance of its petition, schedules and statements; for
preparation and filing of monthly operating reports, preparing
projections to support Chapter 11 plan.
The firm will be paid at these rates:
Michael Fastiggi, CPA $350 per hour
Melissa Hayenhielm, CPA $275 per hour
Michael Tagariello, CPA $275 per hour
Samantha Woods $85 per hour
As disclosed in a court filing, Giordano Cohen is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.
The firm can be reached through:
Michael Fastiggi, CPA
Giordano Cohen Fastiggi
Luciano Sweeney & Co PA
215 Ridgedale Ave Suite 102
Florham Park, NJ 07932
Phone: (973) 377-2009
About Luciano Realty LLC
Luciano Realty LLC sought protection for relief under Chapter 11 of
the Bankruptcy Code (Bankr. D.N.J. Case No. 2420311) on October 17,
2024, listing up to $50,000 in both assets and liabilities. Melinda
D. Middlebrooks, Esq. at Middlebrooks Shapiro, P.C. represents the
Debtor as counsel.
MARIN SOFTWARE: Reports $2.3 Million Net Loss in Fiscal Q3
----------------------------------------------------------
Marin Software Incorporated filed with the U.S. Securities and
Exchange Commission its Quarterly Report on Form 10-Q reporting a
net loss of $2.3 million on $4.3 million of net revenue for the
three months ended September 30, 2024, compared to a net loss of $5
million on $4.4 million of net revenue for the three months ended
September 30, 2023.
For the nine months ended September 30, 2024, the Company reported
a net loss of $6.8 million on $12.4 million of net revenue,
compared to a net loss of $16.7 million on $13.4 million of net
revenue for the same period in 2023.
As of September 30, 2024, the Company had $12.2 million in total
assets, $4.5 million in total liabilities, and $7.7 million in
total stockholders' equity.
Marin Software's history of recurring losses and negative operating
cash flows raise substantial doubt about its ability to continue as
a going concern unless it can increase its revenue, further reduce
its expenses or raise additional capital to meet its obligations in
the near term, according to the Quarterly Report.
As of September 30, 2024, the Company had an accumulated deficit of
$351.0 million and cash and cash equivalents of $5.6 million. The
losses and accumulated deficit were due largely to declining
revenue and the investments the Company has made to attempt to grow
its business and acquire customers. Management expects to incur
additional losses and experience negative operating cash flows into
the foreseeable future. The Company's revenue have decreased over
the last several years, decreasing from $24.4 million in 2021,
$20.0 million in 2022, to $17.7 million in 2023. Historically, the
Company has relied primarily on the sale of its capital stock to
fund operating activities.
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/yh5yuv3y
About Marin Software
Marin Software Incorporated is a provider of digital marketing
solutions for search, social, and eCommerce advertising channels,
offered as a unified SaaS, advertising management platform for
performance-driven advertisers and agencies. The Company's platform
is an analytics, workflow, and optimization solution for marketing
professionals, enabling them to maximize the performance of their
digital advertising spend. The Company markets and sells its
solutions to advertisers directly and through leading advertising
agencies, and its customers collectively manage billions of dollars
in advertising spend on its platform globally across a wide range
of industries.
San Jose, California-based Grant Thornton LLP, the Company's
auditor since 2018, issued a "going concern" qualification in its
report dated Feb. 23, 2024, citing that the Company incurred a net
loss of $22 million during the year ended Dec. 31, 2023, and as of
that date, the Company had an accumulated deficit of approximately
$344 million and negative operating cash flows. These conditions,
along with other matters, raise substantial doubt about the
Company's ability to continue as a going concern.
Marin Software incurred a net loss of $22 million during the year
ended December 31, 2023.
MARINUS PHARMACEUTICALS: Jennison Associates No Longer Holds Shares
-------------------------------------------------------------------
Jennison Associates, LLC disclosed in a Schedule 13G/A filed with
the U.S. Securities and Exchange Commission that as of September
30, 2024, it has ceased to be the beneficial owner of more than
five percent of Marinus Pharmaceuticals, Inc.'s Common Stock.
Jennison Associates may be reached at:
Beata Markowicz
Vice President
466 Lexington Avenue
New York, NY 10017
Tel: 212-421-1000
A full-text copy of 's SEC Report is available at:
https://tinyurl.com/ayru3xvw
About Marinus Pharmaceuticals
Marinus Pharmaceuticals, Inc. -- www.marinuspharma.com -- is a
commercial-stage pharmaceutical company dedicated to the
development of innovative therapeutics for seizure disorders. The
Company first introduced FDA-approved prescription medication
ZTALMY (ganaxolone) oral suspension CV in the U.S. in 2022 and
continues to invest in the potential of ganaxolone in IV and oral
formulations to maximize therapeutic reach for adult and pediatric
patients in acute and chronic care settings.
Philadelphia, Pennsylvania-based Ernst & Young LLP, the Company's
auditor since 2020, issued a "going concern" qualification in its
report dated March 5, 2024, citing that the Company has suffered
recurring losses from operations and has stated that substantial
doubt exists about the Company's ability to continue as a going
concern.
Marinus Pharmaceuticals incurred a net loss of $141.4 million for
the year ended December 31, 2023. As of June 30, 2024, Marinus
Pharmaceuticals had $87.1 million in total assets, $134.4 million
in total liabilities, and $47.3 million in total stockholders'
deficit.
MARINUS PHARMACEUTICALS: Reports $24.2 Million in Fiscal Q3
-----------------------------------------------------------
Marinus Pharmaceuticals, Inc. filed with the U.S. Securities and
Exchange Commission its Quarterly Report on Form 10-Q reporting a
net loss applicable to common shareholders of $24.2 million on $8.5
million of total revenues for the three months ended September 30,
2024, compared to a net loss applicable to common shareholders of
$33 million on $7.3 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 applicable to common shareholders of $98.7 million on
$24.3 million of total revenues, compared to a net loss applicable
to common shareholders of $99.6 million on $23.8 million of total
revenues for the same period in 2023.
As of September 30, 2024, the Company had $63.6 million in total
assets, $130.4 million in total liabilities, and $66.7 million in
total stockholders' deficit.
General Business and Financial Update
* Marinus has commenced a process to explore strategic
alternatives with the goal of maximizing value for its stockholders
and has engaged Barclays as an advisor to assist in reviewing its
strategic alternatives.
* Full year 2024 guidance has been narrowed with projected
ZTALMY net product revenue between $33 and $34 million and combined
selling, general and administrative (SG&A) and research and
development (R&D) expenses in the range of approximately $135 to
$138 million, including stock-based compensation expense of
approximately $20 million.
* Cost reduction activities were initiated in the fourth
quarter of 2024, including suspending further ganaxolone clinical
development and a workforce reduction of approximately 45%.
* Through the execution of the cost reduction plans, the
Company had cash and cash equivalents of $42.2 million as of
September 30, 2024, to fund the Company's operating expenses and
capital expenditure requirements into the second quarter of 2025.
"We are pleased to see continued commercial growth of ZTALMY with
more than 200 patients active on therapy and a steady increase in
demand," said Scott Braunstein, M.D., Chairman and Chief Executive
Officer of Marinus. "In 2024, our Phase 3 data in status
epilepticus and tuberous sclerosis complex showed meaningful
clinical activity in certain refractory patients, however, the
trials did not meet the thresholds for statistical significance.
Given this outcome, we have made the difficult decision to explore
strategic alternatives with the goal of maximizing stockholder
value while supporting the growth of ZTALMY for patients with CDKL5
deficiency disorder (CDD)."
Dr. Braunstein continued, "I extend my deepest gratitude to our
dedicated employees for their significant contributions to our
work, and to the patients and clinicians who participated in our
trials. We are proud to have delivered the first-and-only
FDA-approved treatment for patients with seizures associated with
CDD and hope that our research will serve as a foundation for
future innovations in areas of high unmet need."
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/3nex2e9y
About Marinus Pharmaceuticals
Marinus Pharmaceuticals, Inc. -- www.marinuspharma.com -- is a
commercial-stage pharmaceutical company dedicated to the
development of innovative therapeutics for seizure disorders. The
Company first introduced FDA-approved prescription medication
ZTALMY (ganaxolone) oral suspension CV in the U.S. in 2022 and
continues to invest in the potential of ganaxolone in IV and oral
formulations to maximize therapeutic reach for adult and pediatric
patients in acute and chronic care settings.
Philadelphia, Pennsylvania-based Ernst & Young LLP, the Company's
auditor since 2020, issued a "going concern" qualification in its
report dated March 5, 2024, citing that the Company has suffered
recurring losses from operations and has stated that substantial
doubt exists about the Company's ability to continue as a going
concern.
Marinus Pharmaceuticals incurred a net loss of $141.4 million for
the year ended December 31, 2023.
MAVENIR SYSTEMS: $145.0MM Bank Debt Trades at 29% Discount
----------------------------------------------------------
Participations in a syndicated loan under which Mavenir Systems Inc
is a borrower were trading in the secondary market around 70.7
cents-on-the-dollar during the week ended Friday, November 29,
2024, according to Bloomberg's Evaluated Pricing service data.
The $145 million Term loan facility is scheduled to mature on
August 18, 2028. About $142.6 million of the loan has been drawn
and outstanding.
Mavenir Systems, Inc. provides software-based networking solutions.
The Company offers internet protocol based voice, videos,
communication, and messaging services, as well as multimedia
subsystem, evolved packet core, and session border controller.
MEDICAL SOLUTIONS: $270MM Bank Debt Trades at 44% Discount
----------------------------------------------------------
Participations in a syndicated loan under which Medical Solutions
Holdings Inc is a borrower were trading in the secondary market
around 56.3 cents-on-the-dollar during the week ended Friday,
November 29, 2024, according to Bloomberg's Evaluated Pricing
service data.
The $270 million Term loan facility is scheduled to mature on
November 1, 2029. The amount is fully drawn and outstanding.
Medical Solutions L.L.C. operates as a travel nursing company. The
Company provides benefits such as personalized pay package, medical
and dental insurance, paid private housing, and loyalty programs,
as well as pet care, education and training, and friendly housing
services for travel nurses. Medical Solutions serves customers in
the United States.
MLN US HOLDCO: $125MM Bank Debt Trades at 95% Discount
------------------------------------------------------
Participations in a syndicated loan under which MLN US Holdco LLC
is a borrower were trading in the secondary market around 5.3
cents-on-the-dollar during the week ended Friday, November 29,
2024, according to Bloomberg's Evaluated Pricing service data.
The $125 million Term loan facility is scheduled to mature on
October 18, 2027. The amount is fully drawn and outstanding.
MLN US Holdco LLC, dba Mitel, headquartered in Ottawa, Canada,
provides phone systems, collaboration applications (voice, video
calling, audio and web conferencing, instant messaging etc.) and
contact center solutions through on-site and cloud offerings. The
Company’s customer focus is on small and medium sized businesses.
Mitel is majority-owned by private equity firm Searchlight Capital
Partners.
NAKED JUICE: $1.82BB Bank Debt Trades at 30% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Naked Juice LLC is
a borrower were trading in the secondary market around 69.7
cents-on-the-dollar during the week ended Friday, November 29,
2024, according to Bloomberg's Evaluated Pricing service data.
The $1.82 billion Term loan facility is scheduled to mature on
January 24, 2029. The amount is fully drawn and outstanding.
Naked Juice LLC is the entity resulting from a spin-off from
PepsiCo, with PAI Partners owning 61% and Pepsi retaining a 39%
stake. Naked Juice, LLC owns the Tropicana, Naked Juice, KeVita and
other select juice brands.
NB STRANDS: Seeks to Tap Franklin Soto Leeds as Bankruptcy Counsel
------------------------------------------------------------------
NB Strands, LLC seeks approval from the U.S. Bankruptcy Court for
the Central District of California to hire Franklin Soto Leeds LLP
as general bankruptcy counsel.
The firm's services include:
1. advising Debtor on the requirements of the Bankruptcy Code,
Federal Rules of Bankruptcy Procedure, Local Bankruptcy Rules, U.S.
Trustee Guidelines, and other applicable requirements;
2. assisting Debtor in preparing and filing required schedules
and statements and complying with and fulfilling U.S. Trustee
requirements;
3. preparing and filing motions, applications, answers,
orders, reports, and other papers necessary in the administration
of Debtor's bankruptcy;
4. representing Debtor in proceedings or at hearings held in
connection with Debtor's bankruptcy;
5. assisting Debtor in negotiating with creditors and other
parties-in-interest;
6. assisting Debtor in employing a real estate broker to
market and sell the Property, and, if appropriate, work with the
broker to resolve any related issues;
7. if appropriate, assisting Debtor in selling the Property,
including preparing the necessary pleadings to approve the terms of
any sale, participating in any hearings regarding the sale, and
should the Court approve the sale, taking actions necessary to
close the sale; and
8. assisting Debtor in negotiating, formulating, confirming,
and implementing a disclosure statement and Chapter 11 plan.
The hourly rates of the firm's counsel and staff are:
Paul J. Leeds, Partner $500
Meredith King, Associate $425
The firm received a retainer in the amount of $50,000.
Paul Leeds, Esq. a partner at Franklin Soto Leeds, disclosed in a
court filing that the firm is a "disinterested person" as that term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Paul J. Leeds, Esq.
Meredith King, Esq.
Franklin Soto Leeds, LLP
444 West C Street, Suite 300
San Diego, CA 92101
Telephone: (619) 872-2520
Facsimile: (619) 566-0221
Email: pleeds@fsl.law
mking@fsl.law
About NB Strands
NB Strands, LLC filed Chapter 11 petition (Bankr. C.D. Calif. Case
No. 24-12640) on October 16, 2024, with $10 million to $50 million
in both assets and liabilities.
Judge Scott C. Clarkson oversees the case.
Franklin Soto Leeds, LLP is the Debtor's legal counsel.
NEW YORK'S PREMIER: Starts Subchapter V Bankruptcy Proceeding
-------------------------------------------------------------
On November 25, 2024, New York's Premier Group LLC filed Chapter 11
protection in the Northern District of New York. According to court
filing, the Debtor reports $1,986,430 in debt owed to 1 and 49
creditors. The petition states funds will be available to unsecured
creditors.
A meeting of creditors under Sec. 341(a) to be held on January 9,
2025 at 2:00 PM.
About New York's Premier Group LLC
New York's Premier Group LLC is a local contractor in Clifton Park
offering roofing, siding, and window services.
New York's Premier Group LLC sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No.
24-11304) on November 25, 2024. In the petition filed by Johnathan
Vincent, as managing member, the Debtor reports total assets of
$991,455 and total liabilities of $1,986,430.
The Debtor is represented by:
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
NEWFOLD DIGITAL: $1.94BB Bank Debt Trades at 31% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Newfold Digital
Holdings Group Inc is a borrower were trading in the secondary
market around 68.8 cents-on-the-dollar during the week ended
Friday, November 29, 2024, according to Bloomberg's Evaluated
Pricing service data.
The $1.94 billion Term loan facility is scheduled to mature on
February 10, 2028. The amount is fully drawn and outstanding.
Newfold Digital Holdings Group, Inc. is a provider of internet
domain name registrations, web hosting and website building tools
to small businesses. The company has a portfolio of web services
brands, which include Bluehost, Network Solutions, and Web.com as
well as other regional and complementary brands.
NWFI LLC: Hires Sonoran Capital Advisors as Financial Advisor
-------------------------------------------------------------
NWFI, LLC seeks approval from the U.S. Bankruptcy Court for the
District of Arizona to hire Sonoran Capital Advisors, LLC, as
financial advisor.
The firm will advise the Debtors on financial and corporate issues
and to provide accounting services to the Debtors for the remainder
of the bankruptcy cases.
In addition, Sonoran Capital shall provide strategic advisory
services related to operations, bankruptcy procedure and strategy,
accounting services, refinancing, sale, and other related topics,
and to provide any other services required by the Debtors.
The firm will be paid at these rates:
Managing Directors $495 - $525 per hour
Senior Consultants $425 - $475 per hour
Directors $325 - $395 per hour
Associates $295 per hour
Analysts $195 per hour
The firm received a retainer in the amount of $15,000.
May Potenza is a "disinterested person" within the meaning of
Section 101(14) of the Bankruptcy Code, according to court papers
filed by the firm.
The firm can be reached through:
Andrew A. Harnish, Esq.
May Potenza Baran & Gillespie, P.C.
201 North Central Avenue 22nd Floor
Phoenix, AZ 85004-0608
Tel: (602) 252-1900
Email: aharnisch@maypotenza.com
About NWFI, LLC
NWFI, LLC offers customizable pizzas and salads made from scratch
using fresh ingredients.
NWFI, LLC filed its voluntary petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. D. Ariz. Case No. 24-09699) on Nov.
13, 2024, listing $500,000 to $100,000 in assets and $1 million to
$10 million in liabilities. The petition was signed by Doug Doyle
as owner.
Andrew A. Harnisch, Esq. at MAY POTENZA BARAN & GILLESPIE, P.C.
represents the Debtor as counsel.
NWFI LLC: Seeks to Hire May Potenza Baran & Gillespie as Counsel
----------------------------------------------------------------
NWFI, LLC seeks approval from the U.S. Bankruptcy Court for the
District of Arizona to hire May, Potenza, Baran & Gillespie, P.C.
as counsel.
The firm will render these services:
a. advise the Debtor with respect to its powers and duties
under the Bankruptcy Code;
b. represent the Debtor in connection with all court
appearances;
c. prepare legal documents;
d. prepare a Chapter 11 plan and disclosure statement and
handle all matters and court hearings related thereto;
e. represent the Debtor in discussions with the United States
Trustee's office;
f. represent the Debtor in negotiations with creditors,
parties-in-interest and potential purchasers; and
g. provide all other necessary legal services.
The firm's hourly rates are as follows:
Grant L. Cartwright $545 per hour
Andrew A. Harnisch $545 per hour
Eric W. Moats $425 per hour
Associates $515 per hour
Paralegals $265 per hour
The retainer fee is $17,463.50.
May Potenza is a "disinterested person" within the meaning of
Section 101(14) of the Bankruptcy Code, according to court papers
filed by the firm.
The firm can be reached through:
Andrew A. Harnish, Esq.
May Potenza Baran & Gillespie, P.C.
201 North Central Avenue 22nd Floor
Phoenix, AZ 85004-0608
Tel: (602) 252-1900
Email: aharnisch@maypotenza.com
About NWFI, LLC
NWFI, LLC offers customizable pizzas and salads made from scratch
using fresh ingredients.
NWFI, LLC filed its voluntary petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. D. Ariz. Case No. 24-09699) on Nov.
13, 2024, listing $500,000 to $100,000 in assets and $1 million to
$10 million in liabilities. The petition was signed by Doug Doyle
as owner.
Andrew A. Harnisch, Esq. at MAY POTENZA BARAN & GILLESPIE, P.C.
represents the Debtor as counsel.
OCEAN PARKWAY: Claims Will be Paid from Property Sale/Refinance
---------------------------------------------------------------
Ocean Parkway BH 26 LLC filed with the U.S. Bankruptcy Court for
the Eastern District of New York a Disclosure Statement describing
Plan of Reorganization dated November 4, 2024.
The Debtor was organized under the laws of the State of New York to
acquire title to the property located at 2105 Ocean Parkway,
Brooklyn, NY 11223 (the "Property").
The Property consists of a one-family house, with three stories and
5,182 square feet. On August 29, 2018, the Debtor executed a note
in favor of The Federal Savings Bank ("TFSB") in the sum of
$3,900,000.00 with an initial interest rate of 7.55% per annum,
payable in successive monthly installments of $24,537.50 on the
first day of each month commencing October 1, 2018, with the final
payment to be made September 1, 2048 (the "Note").
During the Chapter 11 Case, the Debtor has been seeking out various
sources of capital as well as talking to potential brokers and
purchasers to either refinance or sell the Property. The Debtor is
still working on procuring a commitment to refinance the property
subject to a Bankruptcy Court determination of the Debtor's
objection to Sprout's claim.
The Plan will be funded with the net proceeds from the sale or
refinance of the Property. The sale or refinance of the Property,
as applicable, following Confirmation of the Plan, shall not be
subject to any stamp or similar transfer or mortgage recording tax
pursuant to section 1146(a) of the Code because they be refinanced
or sold under the Plan and after the Effective Date.
Class 3 consists of General Unsecured Claims. General Unsecured
Claims are Allowed in the amount reflected in Debtor's Schedules
filed with the Bankruptcy Court, unless the Claims were scheduled
by the Debtor as disputed, contingent, or unliquidated. If the
Debtor scheduled a General Unsecured Claim as disputed, contingent,
or unliquidated, and the Holder of such Claim did not file a Proof
of Claim by the General Bar Date, then such General Unsecured Claim
is hereby Disallowed. If a Proof of Claim was filed by the Holder
of a General Unsecured Claim prior to the General Bar Date, the
Debtor shall have ninety days after the Effective Date to file an
objection to such General Unsecured Claim.
If the Debtor does not file an objection within this time period,
such General Unsecured Claim shall (i) be Allowed in the amount
$0.00 that is reflected in the Proof of Claim, together with any
unpaid statutory late fees, penalties, interest, costs, and
reasonable attorneys' fees accrued thereon through the Sale Closing
Date, and (ii) be paid in full, in Cash from the Distribution Fund
upon the refinance of the Property or the Sale Closing Date,
whichever is sooner. If the Debtor does file an objection within
such time period, then such General Unsecured Claim shall only be
Allowed if the Bankruptcy Court determines the Allowed Amount of
such Claim or the Debtor and the Holder of such Claim reach an
agreement on the Allowed Amount of such Claim.
Class 3 is Unimpaired, and Holders of General Unsecured Claims are
conclusively presumed to have accepted the Plan pursuant to section
1126(f) of the Bankruptcy Code. Therefore, Holders of General
Unsecured Claims are not entitled to vote to accept or reject the
Plan, and the votes of such Holders will not be solicited with
respect to the Plan.
Class 4 consists of membership Interests in the Debtor. The Holders
of the Debtor's membership Interests shall retain those Interests
in the Reorganized Debtor on and after the Effective Date. Class 4
is Unimpaired, and Holders of the Interests in the Debtor are
conclusively presumed to have accepted the Plan pursuant to section
1126(f) of the Bankruptcy Code. Therefore, Holders of Interests in
the Debtor are not entitled to vote to accept or reject the Plan,
and the votes of such Holders will not be solicited with respect to
the Plan.
This Plan shall be funded with the net proceeds of (a) sale of the
Property or (b) the refinance of the Property, as applicable. All
distributions shall be made by the Disbursing Agent, except that to
the extent that a Claim becomes an Allowed Claim after the
Effective Date, within ten days after the order allowing such Claim
becomes a Final Order.
The Debtor shall continue to market the Property post-confirmation
and will engage a real estate broker to assist with such sale,
and/or a mortgage broker to assist with refinancing efforts, before
the respective Sale Closing Dates. Upon Closing, the net proceeds
(after payment of Closing costs) of refinance or sale shall be
distributed to holders of Claims and Interests in the same manner
as provided for in Article III and IV of the Plan.
A full-text copy of the Disclosure Statement dated November 4, 2024
is available at https://urlcurt.com/u?l=Q4KJon from
PacerMonitor.com at no charge.
Counsel to the Debtor:
Jonathan S. Pasternak, Esq.
DAVIDOFF HUTCHER & CITRON LLP
120 Bloomingdale Road, Suite 100
White Plains, NY 10605
Tel: (914) 381-7400
Email: jsp@dhclegal.com
About Ocean Parkway BH 26 LLC
Ocean Parkway is a Single Asset Real Estate debtor (as defined in
11 U.S.C. Section 101(51B)). The Debtor is the owner of real
property located at 2105 Ocean Parkway, Brooklyn, NY 11223 having
an appraised value of $9.8 million.
Ocean Parkway BH 26 LLC filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No.
24-40210) on Jan. 17, 2024. In the petition signed by Salomao
Laniado as manager, the Debtor disclosed $9,802,500 in assets and
$5,387,703 in liabilities.
Judge Nancy Hershey Lord presides over the case.
Jonathan S. Pasternak, Esq. at DAVIDOFF HUTCHER & CITRON LLP
represents the Debtor as counsel.
ONE EDGE: Seeks to Hire Auction Advisors as Business Broker
-----------------------------------------------------------
One Edge Marina Finance Company LLC and its affiliates seek
approval from the U.S. Bankruptcy Court for the Eastern District of
New York to employ Auction Advisors as its business broker and
auctioneer.
The firm will market and sell all of the assets of the Debtors with
respect to its business at its facility in Forest Hills, NY.
The compensation to auctioneer includes a flat fee of $5,500 for
conducting the auction, plus either: (a) 1.5 percent of any amount
bid in excess of the Stalking Horse Price if the Assets are
purchased by the Stalking Horse or a party that the Selling Debtors
have identified as an existing prospect, or (b) 10 percent of any
amount in excess of the Stalking Horse Price, in the event the
winning bidder is not a Known Party.
Joshua Olshin, a managing partner at Auction Advisors, 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:
Joshua Olshin
Auction Advisors LLC
1350 Avenue of Americas, 2nd Floor
New York, NY 10019
Telephone: (800) 862-4348
About One Edge Marina Finance Company LLC
ONE Edge Marina Finance Company LLC, et al., collectively operate a
waterfront facility located at 159 Bridge Park Drive in Brooklyn
New York.
ONE Edge Marina Finance Company and certain of its affiliates
sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr.
E.D.N.Y. Lead Case No. 24-44027) on Sept. 26, 2024. In the petition
filed by Estelle Lau, as CEO, the One Edge estimated assets up to
$50,000 and estimated liabilities between $1 million and $10
million.
The Honorable Bankruptcy Judge Elizabeth S. Stong handles the
case.
The Debtors are represented by Erica Feynman Aisner, Esq. at Kirby
Aisner & Curley LLP.
OTSEGO LLC: Seeks Bankruptcy Protection in California
-----------------------------------------------------
On November 15, 2024, 12027 Otsego LLC filed Chapter 11 protection
in the Central District of California. According to court
documents, the Debtor reports between $1 million and $10 million in
debt owed to 1 and 49 creditors. The petition states that funds
will be available to unsecured creditors.
A meeting of creditors under Sec. 341(a) to be held on December 19,
2024 at 9:30 AM.
About Otsego LLC
Otsego LLC is primarily engaged in renting and leasing real estate
properties.
Otsego LLC sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. C.D. Cal. Case No. 24-11903) on November 15, 2024. In
the petition filed by Robert Spiro, as manager, the Debtor reports
estimated assets and liabilities between $1 million and $10 million
each.
Honorable Bankruptcy Judge Martin R. Barash oversees the case.
The Debtor is represented by:
Hovig John Abassian, Esq.
6336 Beeman Avenue
North Hollywood CA 91606
Tel: 818-808-9226
Email: john@gaylordnantais.com
OUR TOWN: Voluntary Chapter 11 Case Summary
-------------------------------------------
Debtor: Our Town RealEstate LLC
964 Ralph David Abernathy Blvd SW
Atlanta, GA 30310
Chapter 11 Petition Date: December 2, 2024
Court: United States Bankruptcy Court
Northern District of Georgia
Case No.: 24-62744
Judge: Hon. Paul W Bonapfel
Debtor's Counsel: Paul Reece Marr, Esq.
PAUL REECE MARR, P.C.
6075 Barfield Road, Suite 213
Sandy Springs, GA 30328-4402
Tel: (770) 984-2255
E-mail: paul.marr@marrlegal.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Al McKeithan as manager.
The Debtor indicated in the petition it has no unsecured
creditors.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/IJKPDJY/OUR_TOWN_REALESTATE_LLC__ganbke-24-62744__0001.0.pdf?mcid=tGE4TAMA
PATHWAY VET: $1.27BB Bank Debt Trades at 16% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Pathway Vet
Alliance LLC is a borrower were trading in the secondary market
around 84.5 cents-on-the-dollar during the week ended Friday,
November 29, 2024, according to Bloomberg's Evaluated Pricing
service data.
The $1.27 billion Term loan facility is scheduled to mature on
March 31, 2027. The amount is fully drawn and outstanding.
Headquartered in Austin, Texas, Pathway Vet Alliance, LLC is a
national veterinary hospital consolidator, offering a full range of
medical products and services, and operating over 280 general, and
emergency practice locations, 88 THRIVE Affordable Vet Care
locations, and the Management Services Organization, Veterinary
Growth Partners, which supports over 5,500 affiliated and
unaffiliated member hospitals, throughout the United Sates.
PERATON CORP: $1.34BB Bank Debt Trades at 19% Discount
------------------------------------------------------
Participations in a syndicated loan under which Peraton Corp is a
borrower were trading in the secondary market around 81.4
cents-on-the-dollar during the week ended Friday, November 29,
2024, according to Bloomberg's Evaluated Pricing service data.
The $1.34 billion Term loan facility is scheduled to mature on
February 1, 2029. The amount is fully drawn and outstanding.
Peraton Corp., headquartered in Reston, Virginia, is a provider of
communications networks and systems, enterprise IT and mission
support for federal agencies. The company is owned by Veritas
Capital.
PHYSICIAN PARTNERS: $600MM Bank Debt Trades at 57% Discount
-----------------------------------------------------------
Participations in a syndicated loan under which Physician Partners
LLC is a borrower were trading in the secondary market around 42.9
cents-on-the-dollar during the week ended Friday, November 29,
2024, according to Bloomberg's Evaluated Pricing service data.
The $600 million Term loan facility is scheduled to mature on
December 22, 2028. The amount is fully drawn and outstanding.
Physician Partners LLC (dba Better Health Group) is a value-based
primary care physician group and managed service organization (MSO)
network that services over 250,000 members, with over 1,000
providers and 111 owned centers. Private equity firm, Kinderhook
Industries, is an investor in Better Health Midco, LLC with LTM
revenue as of June 30, 2023 of approximately $1.1 billion.
PRIMELAND REAL ESTATE: John Paul Represents Second Ad Hoc Committee
-------------------------------------------------------------------
The law firm of John Paul Arcia, P.A. filed a verified statement
pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure
to disclose that in the Chapter 11 case of Primeland Real Estate
Development, LLC, the firm represents the Second Ad Hoc Committee
of JP Arcia/Cuevas Deposit Holders.
The Committee was organized and formed by Arcia (undersigned
counsel) when Attorney Andrew Cuevas was approached by a number of
parties who had paid deposits to the Debtor. Cuevas organized a
number of zoom conferences where Arcia and Cuevas were asked to
present their credentials to the assembled holders of claims.
Each holder of a disclosable economic interest in the Debtor (each,
a "Claimant" and each disclosable economic interest, a "Claim") has
consented to the representation of Arcia as counsel for the
Committee and their individual representation.
The aggregate Claims represented by the Committee equal
$7,974,161.44 as of the date of this Disclosure.
The Committee Members' address and the nature and amount of
disclosable economic interests held in relation to the Debtors
are:
1. Kundra Anand and Dhaliwal Kulwant Singh
4 Flanders Road
Brampton Ontario, Canada L6X0WN
* $252,935.00 Deposit
2. Alicia Andrade
JR, Las Moreras 390
Lima, Peru 15023
* $354,381.50 Deposit
3. Ronald Kadyd Arenas Gonzalez
Calle 5 Sur #12-30
San Juan Del Cesar
La Guajira, Colombia
And
Foundations Investment, Corp
12001 SW 128 Court, Suite 108
Miami, FL 33186
* $231,500.08 Deposit
4. Luz Mery Armas Camposano and Wilson Raul Armas Camposano
Av. Los Postes Este 156 Unbanizacio San Hilarion
2nd Etapa, San Juan de Lurigancho
Lima, Peru
* $186,947.85 Deposit
5. Patricia Rosalia Arteaga Rodriguez
Av. San Francisco 385, Casa 15, Barrio San Francisco
La Magdalena Contreras, CP 10500, Mexico
And
Mariana Arteaga Rodriguez
Camino Santa Teresa 13, T5 D703
Pedregal del Lago, Del. Tlalpan, CP 14110, Mexico
* $164,562.00 Deposit
6. Jose Luis Eduardo Balderrama Rojas
Calle Julio Mendez No. 1309
La Paz, Bolivia
* $158,652.00 Deposit
7. Karlha del Rosario Basurco Arteaga
Alameda la Molina Vieja 475, Urbanizacion la Molina vieja , I
etapa
Distrito de la Molina, Lima, Peru
* $147,999.60 Deposit
8. Miguel Eugenio Berumen Garcia and Maria Euguenia Carvajal
Davila
Calle: Silicea #114, Col.
El Pedregal de Queretaro, CP 76144, Mexico
* $145,320.00 Deposit
9. Juan Carmona and Steel Works USA, LLC
10373 W 33 Lane
Hialeah, FL 33018
* $79,760.00 Deposit
10. Antonio Chac Su
Calle Beethoven 261 San Borja
Lima, Peru 15037
And
Inversiones Aristo LLC
15970 W State Road 84, Suite 204
Sunrise, FL 33326
* $164,606.70 Deposit
11. Alberto E. Coronel
11871 SW 253 Terrace
Homestead, FL 33032
* $77,145.00 Deposit
12. Leonardo De Araujo Garcia and Camilla Escandelari Cademartori
Neihu Road, Section 3, 238Taipei City, Taiwan 11551
And
Caleo Dragon LLC
5309 Lake Virginia StreetWinter Garden, FL 34787
* $114,000.00 Deposit
13. Erick Eduardo Del Aguila Villar and Matilde Elvira Solis
Callirgos
Jiron Batallon Callao Norte 215
Santa Teresa, Distrito Santiago de Surco Lima, Peru
* $132,006.00 Deposit
14. Yonathan del Valle and Dariuzzis Pinto
Haciyusuf Mahallesi Istiklal Caddesi No: 10-A Bandirmaspor
Kulubu
Dernegi Istanbul, Turkey
* $262,003.48 Deposit
15. Diana Y. Doan and C&D Investments, LLC
944 E Thorndale Drive
Nixa, MO 65714
* $164,606.59 Deposit
16. Lonam 107, LLC and James Henry Jr. Eddy
401 East Sonterra Blvd., Suite 114
San Antonio, TX 78258
* $179,552.10 Deposit
17. Mauricio Alejandro Galaz Valladares
Rio de Janeiro 355, Recoleta
Santiago, Chile
* $314,400.00 Deposit
18. Sebastian Gili Sena and Mariela Conde Ianez
Mahatma Gandhi 641, 3 Piso, Apt. C
Buenos Aires, Argentina CP 1414EFI
* $135,327.00 Deposit
19. Eduardo Giralt Dominguez
2124 NE 123 Street, Suite 216-B
North Miami, FL 33181
Manuel Toledo and MHARPE LLC
15 Leagacy Branch
The Woodlands, TX 77375
* $123,025.00 Deposit
20. Gerardo Gonzalez Hernandez
Ahuehuetes Sur 600, Casa 7, Bosques de las Lomas, CP 1170
Ciudad de Mexico, Mexico
* $137,230.15 Deposit
21. Pablo Gonzalez Rodriguez
Contabilidad 16 PH3 Lomas Anahuac
Ciudad de Mexico, Mexico 52786
* $152,202.00 Deposit
22. Jose Alejandro Guerra Nunez
2665 Executive Park Drive, Suite 2
Weston, FL 33326
And
Guerra & Cerda LLC
14501 Grove Resort Avenue, Unit 3525
Winter Garden, FL 34787
* $466,950.00 Deposit
23. Maria Eugenia Guerrero Toro
Calle 19N #2N - 29 of 3401 BCali, Valle del Cauca, Colombia
* $146,441.00 Deposit
24. Alfredo Gutierrez Ramos
Calle 1B 55-02, Apt. 902A
Calle, Valle, Colombia 76001
* $78,114.00 Deposit
25. Maria Dolores Lasen Martorell
Camino Mirasol 1556-D, Las Condes
Santiago de Chile, Chile
* $160,118.52 Deposit
26. Franciso Javier Lopez Diaz
Privada de la Cumbre 10 Fraccionamiento La Vista
Casa 8, Bosque Real Country Club, CP 52774
Huixquilucan Estado de Mexico, Mexico
* $64,607.46 Deposit
27. Edna Eugenia Lopez Ramirez and Jose Omar Gutierrez Bayardi
Puebla 397, departamento 201, Colonia Roma
delegación Cuauhtémoc, Ciudad de México, CP 06700, Mexico
* $145,320.00 Deposit
28. Mario D. Martinez and Ilsia P. Martinez
17 Grandview Avenue
Nanuet, NY 10954
* $169,185.00 Deposit
29. Oscar Amilcar Martinez
14 Birchwood Terrace
Nanuet, NY 10954
* $170,756.71 Deposit
30. Carlos Alberto Medina Gutierrez
Carrera 9 #60N113 Popayán
Cauca, Colombia
* $158,652.00 Deposit
31. Juan Carlos Merino Rivadeneira
Del Gavilan N47-89 y Picaflor Urbanizacion Campo Alegre
Quito, Ecuador
* $118,486.20 Deposit
32. Maria del Pilar Molina Gonzalez
42#63-167, Unit 503
Medellin, Colombia 050005
And
Ocean Team Investments LLC
2561 NE 193 Street, Unit 1208
Aventura, FL 33180
* $75,443.00 Deposit
33. Gabriel Anibal Passaro and Rosana Mirta Savio
Aristoteles 1955, Santos Lugares, Pcia de Bsas
Buenos Aires, Argentina 11676
* $136,885.83 Deposit
34. Carlos JouiPetersen
Av Apoquindo 4001, Piso 3 of 301, Las Condes
Santiago, Chile
* $354,617.00 Deposit
35. David Jesus Poveda Lopez
6455 Osprey Landing Street
Davie, FL 33314
* $109,750.00 Deposit
36. Laura Ellen Purdy
6757 Walnut Hills Drive
Brentwood, TN 37027
* $134,666.25 Deposit
37. Thiago Querubim a/k/a Thiago Querubim Teixeira
1010 Brayden DriveFairview, TN 37062
* $130,000.00 Deposit
38. John Alexander Rada Giraldo and Jorge Eliecer Rada Giraldo
Carrera 24 #58-62, Casa 26, Palmira
Cali, Valle del Cauca, Colombia 763532
* $158,652.00 Deposit
39. Francisco Ravelo Morales
Qipco Compound Villa 728, Lusail
Doha-Qatar
* $125,325.00 Deposit
40. Mabel Cristina Rendon, Ruben Dario Rojas Coto
And Hugo Alejandro Zapata Villegas
145 NE 128 Terrace
North Miami, FL 33160
* $116,337.30 Deposit
41. Carlos Eduardo and Cindy Marie Reyes
5333 NW Crista Street
Port St. Lucie, FL 34986
And
RJF Venture Holdings Corp.
11582 SW Village Pkwy, PMB 2010
Port Saint Lucie, FL 34987
* $81,792.57 Deposit
42. Javier Eduardo Rios Barrero
AV. Carrera 60 No. 22 99, Torre 3, Apto. 703, Salitre Oriental
Bogota D.C. Colombia
* $191,133.18 Deposit
43. Carlos Alberto Salva Rico and Priscila Neves de Oliveira Salva
Calle de Las Violetas, N.31 M2 78 Lote 16
Atlatlahucan, Morelos CP 62847, Mexico
* $105,330.97 Deposit
44. Benedicto Santamaria Ardila and
Maria Eugenia Alonso De Santamaria
Cr. 40# 44-06, Apto. 1301, Torre 1.Edf, Dubai Cabecera del
llano
Bucaramanga, Colombia
* $151,436.40 Deposit
45. Maria Teresa Solorzano Arango
Carrera 39 N 7-45
Medellin, Colombia
* $117,393.30 Deposit
46. Edgar Teran Suarez
Sierra Torrecillas 135, Col Lomas de Chapultepec
Ciudad de Mexico, Mexico
* $124,214.00 Deposit
47. Gonzalo Manuel Torres Villalobos and
Maria Abril Martinez Velasco
Agua Cristalina 275, Tlalpuente, Tlalpan
Ciudad de Mexico, Mexico, CP 14400
* $147,999.60 Deposit
48. Andrea Julieta Valladares Perroni
14 Oriente 70
Talca, Chile
* $150,000.00 Deposit
49. Maria Soledad Velasco and Nestor Walter Villanueva
Camino del Valle, Alto 1517, Las Condes
Santiago, Chile
* $202,076.50 Deposit
50. Margarita Patricia Yanez Godoy
Isla Mocoli Gardens 40
Samborondon, Isla Mocoli, Ecuador
And
1000 Brickell Avenue, Suite 715
Miami, FL 33131
* $136,560.00 Deposit
51. Salim Zeitouni Zerdock
Villa Turin 5, Lomas de Las Palmas 52788
EDO Mexico, Huixquiluca, Mexico
* $120,702.60 Deposit
Counsel for JP Arcia/Cuevas Deposit Holders:
JOHN PAUL ARCIA, P.A.
John Paul Arcia, Esq.
175 SW 7th Street, Suite 2000
Miami, Florida 33130
Phone: 786-429-0410
Fax: 786-429-0411
Email: service@arcialaw.com
About Primeland Real Estate Development
Primeland Real Estate Development LLC is the fee simple owner of an
incomplete condominium project known as Sycamore Orlando Resort
located at 2691 Livingston Rd, Kissimmee, FL 34747 having an
appraised value of $40 million.
Primeland Real Estate Development LLC sought relief under Chapter
11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-04612)
on August 29, 2024. In the petition filed by Karen M. Costa, as
president, the Debtor reports total assets of $40,828,477 and total
liabilities of $41,815,331.
The Honorable Bankruptcy Judge Lori V. Vaughan oversees the case.
The Debtor is represented by:
Frank M. Wolff, Esq.
NARDELLA & NARDELLA, PLLC
135 W. Central Blvd
Suite 300
Orlando, FL 32801
Tel: 407-966-2680
Fax: 407-966-2681
E-mail: fwolff@nardellalaw.com
PRUDENTIAL ENTERPRISE: Case Summary & 20 Top Unsecured Creditors
----------------------------------------------------------------
Debtor: Prudential Enterprise, LLC
5121 69th Suite A 112
Lubbock, TX 79424
Chapter 11 Petition Date: December 2, 2024
Court: United States Bankruptcy Court
Northern District of Texas
Case No.: 24-50302
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
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $10 million to $50 million
The petition was signed by George Castillo 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/GCLCEFQ/Prudential_Enterprise_LLC__txnbke-24-50302__0001.0.pdf?mcid=tGE4TAMA
QUEST SOFTWARE: $765MM Bank Debt Trades at 74% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Quest Software Inc
is a borrower were trading in the secondary market around 25.8
cents-on-the-dollar during the week ended Friday, November 29,
2024, according to Bloomberg's Evaluated Pricing service data.
The $765 million Term loan facility is scheduled to mature on
February 1, 2030. The amount is fully drawn and outstanding.
Quest Software provides software solutions. The Company offers
enterprise software that identities, users and data, streamlines IT
operations, and hardens cyber security from the inside out.
Software serves customers in the United States.
RANGER BEARINGS: Commences Subchapter V Bankruptcy Process
----------------------------------------------------------
On November 14, 2024, Ranger Bearings LLC filed Chapter 11
protection in the Western District of Tennessee. According to court
documents, the Debtor reports between $1 million and $10 million in
debt owed to 1 and 49 creditors. The petition states funds will be
available to unsecured creditors.
A meeting of creditors under Sec. 341(a) to be held on December 11,
2024 at 1:30 AM.
About Ranger Bearings LLC
Ranger Bearings LLC is a limited liability company.
Ranger Bearings LLC sought relief under Subchapter V of Chapter 11
of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 24-25657)
on November 14, 2024. In the petition filed by Haines O'Neil, as
managing member of American Railway Services, LLC, the Debtor
reports estimated assets and liabilities between $1 million and $10
million each.
Honorable Bankruptcy Judge Denise E. Barnett handles the case.
The Debtor is represented by:
Craig M. Geno, Esq.
LAW OFFICES OF CRAIG M. GENO, PLLC
601 Renaissance Way
Suite A
Ridgeland, MS 39157
Tel: 601-427-0048
- and -
Jerome C. Payne, Esq.
PAYNE LAW FIRM
3525 Ridge Meadow Parkway
Suite 100
Memphis, TN 38115
Tel: 904-794-0884
REDSTONE HOLDCO 2: $1.11BB Bank Debt Trades at 28% Discount
-----------------------------------------------------------
Participations in a syndicated loan under which Redstone Holdco 2
LP is a borrower were trading in the secondary market around 71.8
cents-on-the-dollar during the week ended Friday, November 29,
2024, according to Bloomberg's Evaluated Pricing service data.
The $1.11 billion Term loan facility is scheduled to mature on
April 27, 2028. The amount is fully drawn and outstanding.
Redstone Holdco 2 LP and Redstone Buyer LLC were formed as part of
the buyout of the RSA Security business from Dell Inc.
REDSTONE HOLDCO 2: $450MM Bank Debt Trades at 42% Discount
----------------------------------------------------------
Participations in a syndicated loan under which Redstone Holdco 2
LP is a borrower were trading in the secondary market around 57.7
cents-on-the-dollar during the week ended Friday, November 29,
2024, according to Bloomberg's Evaluated Pricing service data.
The $450 million Term loan facility is scheduled to mature on April
27, 2029. The amount is fully drawn and outstanding.
Redstone Holdco 2 LP and Redstone Buyer LLC were formed as part of
the buyout of the RSA Security business from Dell Inc.
RENO CITY CENTER: Amends Disputed Insider Claims Pay
----------------------------------------------------
Reno City Center Owner LLC submitted an Second Amended Disclosure
Statement describing Second Amended Plan of Reorganization dated
November 2, 2024.
The Plan was strategically crafted to optimize the value of the
Debtor's current assets and to leverage the existing
infrastructure, expertise, and experience of the Debtor and its
management team to complete construction of the Debtor's Project,
increase the value of Debtor's fixed assets, and generate future
reoccurring revenue.
Class 6 consists of Disputed Insider Claims. Class 6 disputed
insider claims filed by Christopher Beavor and his related entities
will not receive any payment from the Debtor unless those claims
are allowed by the Court or by agreement with the Debtor. Class 6
allowed insider claims will be equitably subordinated to all
allowed unsecured claims to the level of equity and accrue interest
at 4% per annum from the petition date until paid.
Class 6 claims shall be paid by the Debtor in quarterly
installments of $250,000 starting on January 1, 2026, and
continuing on the first day of each calendar quarter thereafter
until paid in full, with each quarterly payment to be distributed
on a pro rata basis among all allowed Class insider claims. In the
event the Court determines any allowed Class 6 claims cannot be
equitably subordinated to the level of equity, any allowed
non-subordinated Class 6 claims shall be paid in full before any
distributions to equity holders. Class 6 is impaired.
The Debtor intends to fund its Plan and ongoing construction and
business operations from a combination of equity contributions,
tenant improvement funding, and new financing.
The Debtor is in the process of obtaining a senior secured bridge
loan from a commercial lender to fund the payments as proposed in
the Plan. The Debtor's grandparent, RCC has engaged both Colliers
and Hillstone Capital to secure bridge financing to fund the
payment due to Delphi on December 31, 2024 and to pay other
existing allowed secured claims of mechanic's lien and statutory
lienholders. Colliers and Hillstone Capital have contained interest
from lenders currently underwriting the loan and expect to have the
financing in place to make all necessary payments by December 31,
2024.
The Debtor has been advised by both Colliers and Hillstone Capital
that the proposed loan terms will consist of usual and customary
terms for a secured commercial loan of this size. If the Plan is
not expected to be confirmed by the time the lender expects to fund
the loan, the Debtor will file a motion with the Court seeking
authorization for this senior loan.
A full-text copy of the Second Amended Disclosure Statement dated
November 2, 2024 is available at https://urlcurt.com/u?l=ZjH6vM
from PacerMonitor.com at no charge.
Attorneys for the Debtor:
Elizabeth Fletcher, Esq.
FLETCHER & LEE, LTD.
448 Ridge Street
Reno, NV 89501
Tel: (775) 324-1011
Email: efletcher@fletcherlawgroup.com
Stephen R. Harris, Esq.
HARRIS LAW PRACTICE LLC
850 E. Patriot Blvd., Suite F
Reno, NV 89511
Tel: (775) 786-7600
Email: steve@harrislawreno.com
About Reno City Center Owner
Reno City Center is a Single Asset Real Estate debtor (as defined
in 11 U.S.C. Section 101(51B)).
Reno City Center Owner LLC filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case no.
24-50152) on Feb. 16, 2024, listing $100 million to $500 million in
both assets and liabilities. The petition was signed by Kirk
Walton, Managing Member of GPWM QOF Manager LLC, its Manager.
Judge Hilary L Barnes presides over the case.
Elizabeth Fletcher, Esq. at Fletcher & Lee, is the Debtor's
counsel.
RHODIUM PROPERTIES: Taps Tang & Associates as Bankruptcy Counsel
----------------------------------------------------------------
Rhodium Properties, LLC seeks approval from the U.S. Bankrutpcy
Court for the Central District of California to hire Tang &
Associates as bankruptcy counsel.
The firm will render these services:
(a) advise Debtor on matters relating to administration of the
Estate, and on the applicant's rights and remedies about the
Estate's assets and the claims of secured and unsecured creditors;
(b) appear for, prosecute, defend, and represent the
applicant's interest in suits arising in or related to this case,
including any adversary proceedings against the Debtor;
(c) assist in the preparation of such pleadings, applications,
schedules, orders, and other documents as are required for the
orderly administration of this Estate; and
(d) represent Debtor in any adversary proceeding to recover
assets of the bankruptcy estate.
The hourly rates for Kevin Tang, Esq., an attorney at Tang &
Associates, and paralegals/law clerk are $500 and $300,
respectively.
The firm received a retainer in the amount of $9,850.
Mr. Tang 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:
Kevin Tang, Esq.
Tang & Associates
17011 Beach Blvd., Suite 900
Huntington Beach, CA 92647
Telephone: (714) 594-7022
Facsimile: (714) 421-4439
Email: kevin@tang-associates.com
About Rhodium Properties
Rhodium Properties, LLC filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No.
24-11732) on Oct. 15, 2024, listing $1,000,001 to $10 million in
assets and $500,001 to $1 million in liabilities.
Judge Victoria S Kaufman presides over the case.
Kevin Tang, Esq. at Tang & Associates represents the Debtor as
counsel.
ROAD RES-Q: Seeks to Hire John P. Forest as Bankruptcy Counsel
--------------------------------------------------------------
Road Res-Q LLC seeks approval from the U.S. Bankruptcy Court for
the Eastern District of Virginia to hire John P. Forest, II, Esq.,
an attorney practicing in Fairfax, Va., to handle its Chapter 11
case.
The services to be rendered by the attorney include giving the
Debtor legal advice with respect to its powers and duties as a
debtor and performing all other legal services for the Debtor which
may be necessary to advance this case to a conclusion.
Mr. Forest will be compensated at his hourly rate of $400.
In a court filing, Mr. Forest disclosed that he is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.
The attorney can be reached at:
John P. Forest, II, Esq.
11350 Random Hills Rd., Suite 700
Fairfax, VA 22030
Telephone: (703) 691-4940
Email: john@forestlawfirm.com
About Road Res-Q LLC
Road Res-Q LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Case No.
24-12147) on Nov. 14, 2024, listing $100,001 to $500,000 in assets
and $500,001 to $1 million in liabilities.
John P. Forest, II, Esq. represents the Debtor as counsel.
S & W SALES: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: S & W Sales and Service, LLC
240 Industrial Boulevard
Fort Valley, GA 31030
Chapter 11 Petition Date: December 2, 2024
Court: United States Bankruptcy Court
Middle District of Georgia
Case No.: 24-51814
Judge: Hon. Robert M Matson
Debtor's Counsel: Wesley J. Boyer, Esq.
BOYER TERRY LLC
348 Cotton Avenue, Suite 200
Macon, GA 31201
Tel: (478) 742-6481
Fax: (770) 200-9230
E-mail: Wes@BoyerTerry.com
Estimated Assets: $500,000 to $1 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Waldo Moody 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/LO33VYA/S__W_Sales_and_Service_LLC__gambke-24-51814__0001.0.pdf?mcid=tGE4TAMA
SAMYS OC: Seeks to Hire Hinkle Law Firm as Bankruptcy Counsel
-------------------------------------------------------------
Samys OC, LLC seeks approval from the U.S. Bankruptcy Court for the
District of Kansas to hire Hinkle Law Firm LLC as bankruptcy
counsel.
Hinkle Law Firm will render these services:
(a) advise the Debtor of its rights, powers, and duties in the
operation and management or liquidation of its business and
property;
(b) advise the Debtor concerning and assist in the negotiation
and documentation of financing agreements, cash collateral orders
(if any) and related transactions;
(c) investigate into the nature and validity of liens asserted
against the property of the Debtor, and advise the Debtor
concerning the enforceability of those liens;
(d) investigate and advise the Debtor concerning and take such
action as may be necessary to collect income and assets in
accordance with applicable law and recover property for the benefit
of the Debtor's estate;
(e) prepare legal papers;
(f) advise the Debtor concerning and prepare responses to
applications, motions, pleadings, notices, and other documents
which may be filed and served;
(g) counsel the Debtor in connection with the formulation,
negotiation, and promulgation of plan and related documents; and
(h) perform such other necessary legal services.
The firm will be paid at these rates:
Nicholas R. Grillot $310 per hour
Lora J. Smith $250 per hour
Associates $200 per hour
Legal Assistants $135 per hour
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received from the Debtor a pre-petition retainer of
$50,000.
Nicholas Grillot, Esq., and Lora Smith, Esq., attorneys at Hinkle
Law Firm, disclosed in a court filing that the firm is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.
The firm can be reached through:
Nicholas R. Grillot, Esq.
HINKLE LAW FIRM LLC
1617 N. Waterfront Parkway, Suite 400
Wichita, KS 67206
Tel: (316) 267-2000
Fax: (316) 264-1518
Email: ngrillot@hinklaw.com
About Samys OC, LLC
Samys OC, LLC filed its voluntary petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. D. Kansas Case No. 24-11166) on
Nov. 14, 2024, listing up to $50,000 in assets and $10 million to
$50 million in liabilities. The petition was signed by Amro M. Samy
as managing member.
Judge Mitchell L Herren presides over the case.
Nicholas R. Grillot, Esq. at HINKLE LAW FIRM LLC represents the
Debtor as counsel.
SEAQUEST HOLDINGS: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: SeaQuest Holdings, LLC
d/b/a SeaQuest Management, Inc.
d/b/a SeaQuest Folsom, LLC
d/b/a SeaQuest Interactive Aquarium Las Vegas,
d/b/a SeaQuest Interactive Aquarium Utah, LLC
d/b/a SeaQuest Woodbridge, LLC
d/b/a SeaQuest Interactive Aquarium Fort Worth
d/b/a SeaQuest Roseville, LLC
d/b/a SeaQuest Trumbull, LLC
d/b/a SeaQuest Littleton, LLC
d/b/a SeaQuest Massaoequa, LLC
d/b/a SeaQuest Fort Lauderdale, LLC
d/b/a SeaQuest Seasonal, LLC
5759 N Discovery Way
Boise, ID 83713
Business Description: SeaQuest Holdings, LLC better known as
SeaQuest, is an interactive marine, exotic
mammal, and bird/reptile life attraction
chain. Guests are encouraged to connect
with animals and learn about their
ecosystems through various hands-on
activities which include hand-feeding
sharks, stingrays, birds, and tropical
animals. SeaQuest offers a private event
venue ideal for school field trips, birthday
parties, and more.
Chapter 11 Petition Date: December 2, 2024
Court: United States Bankruptcy Court
District of Idaho
Case No.: 24-00803
Judge: Hon. Benjamin P Hursh
Debtor's Counsel: Matthew Christensen, Esq.
JOHNSON MAY
199 N. Capitol Blvd., Suite 200
Boise, ID 83702
Tel: (208) 384-8588
E-mail: mtc@johnsonmaylaw.com
Total Assets: $659,473
Total Liabilities: $16,653,877
The petition was signed by Aaron Neilsen as CEO.
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/ROS35WY/SeaQuest_Holdings_LLC__idbke-24-00803__0004.0.pdf?mcid=tGE4TAMA
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/QYMHBTY/SeaQuest_Holdings_LLC__idbke-24-00803__0001.0.pdf?mcid=tGE4TAMA
SEAVIEW AVENUE: Hires Levitt & Slafkes as Bankruptcy Counsel
------------------------------------------------------------
Seaview Avenue MB, LLC seeks approval from the U.S. Bankruptcy
Court for the District of New Jersey to hire Levitt & Slafkes, P.C.
to handle its Chapter 11 case.
The hourly rates of the firm's counsel and staff are as follows:
Partners $500
Associates $300
Paralegals $100
The firm received a retainer fee of $5,000 from the Debtor, plus
filing fee.
Bruce Levitt, Esq., an attorney at Levitt & Slafkes, disclosed in a
court filing that his firm is a "disinterested person" within the
meaning of Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Bruce H. Levitt, Esq.
LEVITT & SLAFKES, PC
515 Valley Street, Suite 140
Maplewood, NJ 07040
Telephone: (973) 313-1200
Email: blevitt@lsbankruptcylaw.com
About Seaview Avenue MB, LLC
Seaview Avenue MB, LLC sought protection for relief under Chapter
11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 24-20388) on Oct.
18, 2024.
Judge Michael B Kaplan presides over the case.
Bruce H Levitt, Esq. at Levitt & Slafkes, P.C. represents the
Debtor as counsel.
SENA & SENA: Seeks to Hire Bruner Wright as Bankruptcy Counsel
--------------------------------------------------------------
Sena & Sena, L.L.C seeks approval from the U.S. Bankruptcy Court
for the Northern District of Florida to hire Bruner Wright, P.A. to
handle its Chapter 11 case.
The firm's hourly rates are:
Robert Bruner, Attorney $450
Byron Wright, III, Attorney $400
Samantha Kelly, Attorney $350
Paralegal $175
The firm received a retainer of $6,738 from the Debtor.
Mr. Bruner 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 C. Bruner, Esq.
Bruner Wright, P.A.
2868 Remington Green Circle, Suite B
Tallahassee, FL 32308
Telephone: (850) 385-0342
Facsimile: (850) 270-2441
Email: rbruner@brunerwright.com
About Sena & Sena, L.L.C
Sena & Sena, L.L.C sought protection for relief under Chapter 11 of
the Bankruptcy Code (Bankr. N.D. Fla. Case No. 24-30936) on Nov. 6,
2024, listing up to $50,000 in assets and $100,001 to $500,000 in
liabilities.
Judge Karen K Specie presides over the case.
Robert C. Bruner, Esq. at Bruner Wright, P.A. represents the Debtor
as counsel.
SERIOUS FUN: Commences Subchapter V Bankruptcy Proceeding
---------------------------------------------------------
On November 25, 2024, Serious Fun After School Inc. filed Chapter
11 protection in the Eastern District of New York. According to
court filing, the Debtor reports between $1 million and $10 million
in debt owed to 1 and 49 creditors. The petition states that funds
will be available to unsecured creditors.
About Serious Fun After School Inc.
Serious Fun After School Inc., doing business as Serious Fun @ P.S.
85Q and Serious Fun @ P.S. 150Q, is a nonprofit organization
committed to providing engaging arts enrichment programs with wrap
around child care for grades PreK-5.
Serious Fun After School Inc. sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No.
24-44951) on November 25, 2024. In the petition filed by Sylvia
Sewell, as executive director, the Debtor reports estimated assets
up to $50,000 and estimated liabilities between $1 million and $10
million.
Honorable Bankruptcy Judge Elizabeth S. Stong handles the case.
The Debtor is represented by:
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
SHARK CLUB: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: Shark Club Logistics LLC
2400 Herodian Way SE, Suite 220
Smyrna, GA 30080
Chapter 11 Petition Date: December 2, 2024
Court: United States Bankruptcy Court
Northern District of Georgia
Case No.: 24-62761
Debtor's Counsel: Mandy L. Milner, Esq.
JONES & WALDEN LLC
699 Piedmont Avenue NE
Atlanta, GA 30308
Tel: 404-564-9300
E-mail: info@joneswalden.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Taronne Long as sole 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/OI5GIEY/Shark_Club_Logistics_LLC__ganbke-24-62761__0001.0.pdf?mcid=tGE4TAMA
SHIFTPIXY INC: Gets OK to Hire Moecker Auctions as Auctioneer
-------------------------------------------------------------
Shiftpixy, Inc. and its affiliates received approval from the U.S.
Bankruptcy Court for the Southern District of Florida to employ
Moecker Auctions, Inc. as auctioneer.
The firm will provide Auction Marketing Proposal for the sale of
(2) 20' custom-built container kitchens, (4) 40' custom-built
container kitchens, 2022 Ford food truck conversion, office
furniture and accessories, electronics, and related equipment.
The auctioneer will charge a 13 percent "buyer's premium" to all
winning bidders.
Eric Rubin, an appraiser at Moecker Auctions, 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:
Eric Rubin
Moecker Auctions, Inc.
1885 Marina Mile Blvd., Suite 103
Fort Lauderdale, FL 33315
Phone: (954) 252-2887
Fax: (954) 252-2791
About ShiftPixy Inc.
ShiftPixy Inc. -- https://www.shiftpixy.com -- is an employment
agency based in Miami, Florida.
ShiftPixy Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-21209) on October 28,
2024. In the petition filed by Jonathan Feldman, as chief
restructuring officer, the Debtor reports estimated assets between
$500,000 and $1 million and estimated liabilities between $1
million and $10 million.
Honorable Bankruptcy Judge Laurel M. Isicoff handles the case.
The Debtor is represented by Isaac M Marcushamer, Esq. at DGIM Law,
PLLC.
SINCLAIR TELEVISION: $740MM Bank Debt Trades at 20% Discount
------------------------------------------------------------
Participations in a syndicated loan under which Sinclair Television
Group Inc is a borrower were trading in the secondary market around
80.3 cents-on-the-dollar during the week ended Friday, November 29,
2024, according to Bloomberg's Evaluated Pricing service data.
The $740 million Term loan facility is scheduled to mature on April
3, 2028. About $716.2 million of the loan has been drawn and
outstanding.
Sinclair Television Group, Inc. provides media broadcasting
services. The Company offers television broadcasting and
programming services.
SINGH BROS: Files Chap. 11 in Washington, Jan. 8 Creditors' Meeting
-------------------------------------------------------------------
On November 15, 2024, Singh Bros Express LLC filed Chapter 11
protection in the Western District of Washington. According to
court filing, the Debtor reports between $1 million and $10 million
in debt owed to 1 and 49 creditors. The petition states funds will
be available to unsecured creditors.
A meeting of creditors under Sec. 341(a) to be held on January 8,
2025 at 11:30 AM.
About Singh Bros Express LLC
Singh Bros Express LLC is part of the general freight trucking
industry.
Singh Bros Express LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Wash. Case No. 24-42600) on November
15, 2024. In the petition filed by Chris Van Dyk, as authorized
representative, the Debtor reports estimated assets and liabilities
between $1 million and $10 million each.
Honorable Bankruptcy Judge Mary Jo Heston handles the case.
The Debtor is represented by:
Jane E. Pearson, Esq.
POLSINELLI PC
1000 Second Avenue
Seattle WA 98104
Tel: 206-393-5415
Email: jane.pearson@posinelli.com
SINTX TECHNOLOGIES: Posts $6.2 Million Net Loss in Fiscal Q3
------------------------------------------------------------
SINTX Technologies, Inc. filed with the U.S. Securities and
Exchange Commission its Quarterly Report on Form 10-Q reporting a
net loss of $6.2 million on $799,000 of total revenue for the three
months ended September 30, 2024, compared to a net loss of $3.2
million on $678,000 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 $9.3 million on $2.3 million of total revenue,
compared to a net loss of $5.9 million on $1.7 million of total
revenue for the same period in 2023.
As of September 30, 2024, the Company had $11.3 million in total
assets, $5.7 million in total liabilities, and $5.6 million in
total stockholders' equity.
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/2s3aya7r
About SINTX Technologies
Headquartered in Salt Lake City, Utah, SINTX Technologies, Inc. --
https://ir.sintx.com/ -- is an advanced ceramics company that
develops and commercializes materials, components, and technologies
for biomedical, technical, and antipathogenic applications. The
core strength of SINTX Technologies is the manufacturing, research,
and development of advanced ceramics for external partners.
Lehi, Utah-based Tanner LLC, the Company's auditor since 2017,
issued a "going concern" qualification in its report dated March
27, 2024, citing that the Company has recurring losses from
operations and negative operating cash flows and needs to obtain
additional financing to finance its operations. These issues raise
substantial doubt about the Company's ability to continue as a
going concern.
SIRONA BIDCO: EUR1.05BB Bank Debt Trades at 17% Discount
--------------------------------------------------------
Participations in a syndicated loan under which Sirona BidCo SASU
is a borrower were trading in the secondary market around 83.4
cents-on-the-dollar during the week ended Friday, November 29,
2024, according to Bloomberg's Evaluated Pricing service data.
The EUR1.05 billion Term loan facility is scheduled to mature on
December 18, 2028. The amount is fully drawn and outstanding.
Sirona HoldCo (Seqens), headquartered in Ecully, France, is a
producer of small molecules active pharmaceutical ingredients
(APIs), solvents for pharmaceutical customers as well as chemicals
for the cosmetics and electronic industries. Seqens in 2022
generated revenues of around EUR1.356 billion and EBITDA of around
EUR182 million. The company is majority-owned (76.9%) by funds of
private equity sponsor SK Capital.
Sirona BidCo, the borrower entity, has EUR930 million senior
secured term loan B (TLB) and EUR130 million senior secured
revolving credit facility (RCF), both due 2028.
SKILLSOFT FINANCE II: $640MM Bank Debt Trades at 19% Discount
-------------------------------------------------------------
Participations in a syndicated loan under which Skillsoft Finance
II Inc is a borrower were trading in the secondary market around
80.9 cents-on-the-dollar during the week ended Friday, November 29,
2024, according to Bloomberg's Evaluated Pricing service data.
The $640 million Term loan facility is scheduled to mature on July
14, 2028. About $589.8 million of the loan has been drawn and
outstanding.
SkillSoft Corporation provides cloud-based learning solutions,
offering enterprise courseware.
SKYLOCK INDUSTRIES: Gets OK to Use Cash Collateral Until Dec. 13
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California
granted Skylock Industries Inc.'s interim authorization to use cash
collateral to pay its operating expenses.
The interim order signed by Judge Sheri Bluebond authorized the
company to use cash and cash equivalents from Dec. 1 to 13 on the
same terms and condition as set forth in her Nov. 7 order, which
approved interim use of cash collateral from Nov. 8 to 30.
Creditors with a valid security interest in cash collateral were
granted replacement liens with the same priority as
their pre-bankruptcy liens.
The next hearing is scheduled for Dec. 10.
About Skylock Industries
Skylock Industries Inc. is a California-based aircraft parts
manufacturer.
Skylock Industries sought relief under Chapter 11 of the Bankruptcy
Code (Bankr. C.D. Calif. Case No. 24-17820) on Sept. 26, 2024, with
$10 million to $50 million in both assets and liabilities.
Judge Sheri Bluebond handles the case.
The Debtor is represented by Jeffrey S. Shinbrot, Esq., at The
Shinbrot Firm.
SMITH MICRO: Special Meeting Adjourned to Dec. 10
-------------------------------------------------
As previously noticed by Smith Micro Software, Inc., it convened a
special meeting of stockholders on November 12, 2024 at 11:00 a.m.
Eastern Time. Following a counting of the votes, it was determined
that less than a majority of the shares of common stock entitled to
vote at the special meeting were represented in person or by proxy,
and therefore a quorum was not present for the transaction of
business at the special meeting.
In accordance with applicable Delaware law and the Company's
bylaws, the special meeting was adjourned by the Chairman of the
meeting until Tuesday, December 10, 2024, at 11:00 a.m. Eastern
Time. The virtual meeting site for the meeting as so adjourned
shall be the same virtual meeting site that is set forth in the
proxy statement previously delivered to stockholders for the
special meeting, and all business to be transacted at the special
meeting shall remain unchanged.
About Smith Micro Software
Pittsburgh, Pa.-based Smith Micro Software, Inc. develops software
to simplify and enhance the mobile experience, providing solutions
to some of the leading wireless and cable service providers around
the world. Smith Micro's portfolio includes family safety software
solutions to support families in the digital age and a wide range
of products for creating, sharing, and monetizing rich content,
such as visual voice messaging, retail content display
optimization, and performance analytics.
Los Angeles, Calif.-based SingerLewak LLP, the Company's auditor
since 2005, issued a "going concern" qualification in its report
dated Feb. 26, 2024, citing that the Company has suffered recurring
losses from operations and has projected future cash flow
requirements to meet continuing operations in excess of current
available cash. This raises substantial doubt about the Company's
ability to continue as a going concern.
As of June 30, 2024, Smith Micro Software had $52.99 million in
total assets, $10.09 million in total liabilities, and $42.9
million in total shareholders' equity.
SMRK PROPERTY: Voluntary Chapter 11 Case Summary
------------------------------------------------
Debtor: SMRK Property, LLC
25600 Woodward Avenue, Suite 111
Royal Oak, MI 48067
Business Description: SMRK Property is a Single Asset Real Estate
debtor (as defined in 11 U.S.C. Section
101(51B)).
Chapter 11 Petition Date: December 2, 2024
Court: United States Bankruptcy Court
Eastern District of Michigan
Case No.: 24-51341
Judge: Hon. Mark A Randon
Debtor's Counsel: Robert N. Bassel, Esq.
P.O. Box T
Clinton MI 49236
Tel: 248-677-1234
E-mail: bbassel@gmail.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Sam Muraeky as principal.
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/WYJHXKI/SMRK_Property_LLC__miebke-24-51341__0001.0.pdf?mcid=tGE4TAMA
STRONGHOLD CONSTRUCTION: Hits Chapter 11 Bankruptcy in N.C.
-----------------------------------------------------------
On November 21, 2024, Stronghold Construction Inc. filed Chapter 11
protection in the Western District of North Carolina. According to
court filing, the Debtor reports $2,241,228 in debt owed to 1 and
49 creditors. The petition states that funds will be available to
unsecured creditors.
A meeting of creditors under Sec. 341(a) to be held on December 18,
2024 at 1:00 PM.
About Stronghold Construction Inc.
Stronghold Construction Inc., doing business as Storm Guard and
Storm Guard of Appalachia, is a professional roofing and
restoration services provider serving residential and commercial
clients.
Stronghold Construction Inc. sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D.N.C. Case No.
24-10199 on November 21, 2024. In the petition filed by Lincoln
Koontz, as president, the Debtor reports total assets of $1,891,844
and total liabilities of $2,241,228.
Honorable Bankruptcy Judge Ashley Austin Edwards handles the case.
The Debtor is represented by:
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
TELESAT LLC: $1.91BB Bank Debt Trades at 48% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Telesat LLC is a
borrower were trading in the secondary market around 51.7
cents-on-the-dollar during the week ended Friday, November 29,
2024, according to Bloomberg's Evaluated Pricing service data.
The $1.91 billion Term loan facility is scheduled to mature on
December 7, 2026. About $1.42 billion of the loan has been drawn
and outstanding.
Telesat LLC operates as a satellite operator. The Company offers
satellite delivered communications solutions to broadcast, telecom,
corporate, and government customers, as well as provides technical
consultancy services. Telesat serves clients worldwide.
THERAPEUTICS MD: Clearline Capital, 2 Others Hold 5.52% Stake
-------------------------------------------------------------
Clearline Capital LP, Clearline Capital LLC, and Marc Majzner
disclosed in a Schedule 13G filed with the U.S. Securities and
Exchange Commission that as of close of business on September 30,
2024, they beneficially owned 636,622 shares, or 5.52%, of
TherapeuticsMD Inc.'s Common Stock outstanding. The percentage was
calculated based on the 11,532,432 total shares of Common Stock
outstanding as of September 30, 2024, as per TherapeuticsMD's Form
10-Q dated August 12, 2024.
Clearline Capital LP may be reached at:
Marc Majzner
Managing Member
950 Third Avenue, 23rd Floor
New York, NY 10022
Tel: 212-735-5380
A full-text copy of 's SEC Report is available at:
https://tinyurl.com/mvtzcasv
About TherapeuticsMD Inc.
TherapeuticsMD Inc. was previously a women's healthcare company
with a mission of creating and commercializing innovative products
to support the lifespan of women from pregnancy prevention through
menopause. In December 2022, the Company changed its business to
become a pharmaceutical royalty company, primarily collecting
royalties from its licensees. The Company is no longer engaging in
research and development or commercial operations.
West Palm Beach, Fla.-based Berkowitz Pollack Brant, Advisors +
CPAs, the Company's auditor since 2023, issued a "going concern"
qualification in its report dated March 29, 2024, citing that the
Company's recent change in operations and negative cash flow
position along with other conditions, raise substantial doubt about
the Company's ability to continue as a going concern.
TherapeuticsMD has incurred recurring net losses, including net
losses of $10.3 million and $172.4 million for 2023 and 2021,
respectively. As of June 30, 2024, TherapeuticsMD had $4.1 million
in total assets, $12.5 million in total liabilities, and $27.7
million in total stockholders' equity.
THERAPEUTICS MD: Net Loss Narrows to $609,000 in Fiscal Q3
----------------------------------------------------------
TherapeuticsMD Inc. filed with the U.S. Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net loss
of $609,000 on $547,000 of net revenues for the three months ended
September 30, 2024, compared to a net loss of $3.4 million on
-$53,000 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 $2.4 million on $1.1 million of net revenues,
compared to a net loss of $9.4 million on $800,000 of net revenues
for the same period in 2023.
As of September 30, 2024, the Company had $39.6 million in total
assets, $12.5 million in total liabilities, and $27.1 million in
total stockholders' equity.
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/4muhm2wn
About TherapeuticsMD Inc.
TherapeuticsMD Inc. was previously a women's healthcare company
with a mission of creating and commercializing innovative products
to support the lifespan of women from pregnancy prevention through
menopause. In December 2022, the Company changed its business to
become a pharmaceutical royalty company, primarily collecting
royalties from its licensees. The Company is no longer engaging in
research and development or commercial operations.
West Palm Beach, Fla.-based Berkowitz Pollack Brant, Advisors +
CPAs, the Company's auditor since 2023, issued a "going concern"
qualification in its report dated March 29, 2024, citing that the
Company's recent change in operations and negative cash flow
position along with other conditions, raise substantial doubt about
the Company's ability to continue as a going concern.
TherapeuticsMD has incurred recurring net losses, including net
losses of $10.3 million and $172.4 million for 2023 and 2021,
respectively.
THORNCO HOSPITALITY: Gets OK to Hire Larry D. Williams as CRO
-------------------------------------------------------------
Thornco Hospitality, LLC received approval from the U.S. Bankruptcy
Court for the Northern District of Texas to appoint Larry D.
Williams, owner and manager of hotel management company Orchid
Global
Hospitality, LLC, as chief reorganization officer.
Prior to and since the Petition Date the Debtor's assets and
operations have been possessed and administered by Orchid Global
Hospitality, LLC as a state court receiver. Orchid was appointed as
Receiver for the Debtor by Order of the District Court of Adams
County, Colorado entered on April 7, 2024 in State Bank of Texas v.
Thornco Hospitality LLC, et. al., Case No. 2024CV30454.
Mr. Williams was appointed for the purpose of administering all
aspects of the Debtor's estate, including the completion of
construction of the Debtor's hotel property, the opening of the
hotel, the payment of expenses and receipt of revenues, the hiring
and supervision of hotel personnel, the operation of the hotel, the
hiring of professionals, and the filing of pleadings and other
actions necessary to move this case forward to a successful plan of
reorganization.
The CRO will receive compensation equal to $5,000 per month.
Mr. Williams assured the court that he is a "disinterested person"
within the meaning of 11 U.S.C. 101(14).
Mr. Williams can be reached at:
Larry D. Williams
ORCHID GLOBAL HOSPITALITY, LLC
1412 Main Street, Suite 500
Dallas, TX 75202
About Thornco Hospitality, LLC
Thornco Hospitality, LLC dba Homewood Suites by Hilton Thornton
Denver owns and operates a hotel.
Thornco Hospitality, LLC filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No.
24-33596) on Nov. 5, 2024, listing $10 million to $50 million in
both assets and liabilities. The petition was signed by Nimrat Kaur
as managing member.
Judge Scott W Everett presides over the case.
Joyce W. Lindauer, Esq. at JOYCE W. LINDAUER ATTORNEY, PLLC
represents the Debtor as counsel.
TOKYO SMOKE: Completes Restructuring Process, Exits CCAA Protection
-------------------------------------------------------------------
Tokyo Smoke, an award-winning cannabis retailer, announced,
November 29, that it has completed its restructuring process and
exited from Companies' Creditors Arrangement Act protection
following final approval from the Ontario Superior Court of
Justice.
The majority of Tokyo Smoke's retail locations were unaffected by
the restructuring, and there will be no disruption or change to the
Company's online business, or to The High Roller Club loyalty
program.
On August 28, 2024, following a thorough review of all available
options and alternatives, Tokyo Smoke commenced a restructuring by
filing for CCAA protection to align its operations with market
conditions, which have significantly evolved since the initial
licensing regimes in the provinces where Tokyo Smoke operates were
introduced. The process included a sale process approved by the
court whereby TS Investments Inc., the sole shareholder of Tokyo
Smoke's parent company, led a stalking horse bid and was declared
to be the successful bidder.
Tokyo Smoke has now completed its restructuring and emerged from
CCAA proceedings as a stronger business, better positioned to
continue providing premium products and service to its customers
over the long-term--while continuing to provide jobs to hundreds of
dedicated employees across Canada.
Tokyo Smoke will continue its commitment to bringing Canadians the
highest quality regulated products, online and in-person, through
its expansive retail network, while educating and empowering
customers to make well-informed decisions about safe, high-quality
cannabis offerings that reflect Canadians' interests, neighbourhood
by neighbourhood.
Customers can go to TokyoSmoke.com to find the nearest retail
location.
About Tokyo Smoke
Tokyo Smoke is an award-winning cannabis retailer committed to
bringing Canadians the highest quality, regulated products online
and across 61 convenient retail locations. Tokyo Smoke educates and
empowers customers to make well-informed decisions about safe,
high-quality cannabis products -- curating unique offerings and
product assortments that reflect Canadians' interests,
neighbourhood by neighbourhood. The group operates approximately
167 locations in total across Ontario, Manitoba, Saskatchewan and
Newfoundland and Labrador through its various retail programs.
Reconstruct LLP is acting as legal advisors to Tokyo Smoke and
Alvarez & Marsal Canada Inc. is acting as the CCAA Monitor.
TOS WHEELS: Gets Final Approval to Use Cash Collateral
------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of Washington
granted TOS Wheels & Tires, LLC authority for final use of cash
collateral.
The final order authorized the company to use cash collateral for
post-petition operating expenses, including payroll and related
taxes as outlined in its projected budget. The company can exceed
the budget by up to 15% without court approval.
JPMorgan Chase Bank, N.A. was granted replacement liens on the
company's post-petition assets to protect against diminution in the
value of its cash collateral. In addition, the bank will receive a
monthly payment of $500 starting Jan. 6 next year.
Meanwhile, TOS Wheels & Tires was ordered to remit $200 per week to
the Subchapter V trustee, Virginia Burdette, for payment of her
fees.
About TOS Wheels & Tires
TOS Wheels & Tires, LLC specializes in the sale and distribution of
wheels and tires for various vehicles. It offers a wide range of
products, including performance tires, off-road tires, and custom
wheel options, catering to both retail customers and automotive
businesses.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Wash. Case No. 24-12549) on October
14, 2024, with $100,001 to $500,000 in both assets and
liabilities.
Judge Christopher M. Alston oversees the case.
The Debtor is represented by Jennifer L Neeleman, Esq., at Neeleman
Law Group, P.C.
TUPPERWARE BRANDS: Dechert Advises Lenders in Asset Acquisition
---------------------------------------------------------------
Dechert advised the ad hoc group of secured lenders to Tupperware
Brands Corporation in connection with the Chapter 11 case of
Tupperware Brands and its subsidiaries filed in Wilmington,
Delaware. Dechert advised the ad hoc group, among other things, in
connection with the acquisition of global rights to the Tupperware
brand, intellectual property and operations in key markets pursuant
to a sale authorized under section 363 by the Delaware Bankruptcy
Court.
Tupperware Brands is a globally recognized leader in kitchen and
household products. The multi-disciplinary team that advised the ad
hoc group included professionals from Dechert's financial
restructuring, mergers and acquisitions, global finance,
litigation, intellectual property, antitrust, tax, labor, benefits
and real estate groups across more than 10 offices.
The Dechert team was led by financial restructuring partners Allan
Brilliant and Shmuel Vasser.
About Dechert
Dechert is a global law firm that advises asset managers, financial
institutions and corporations on issues critical to managing their
business and their capital -- from high-stakes litigation to
complex transactions and regulatory matters. Its nearly 1,000
lawyers across 19 offices globally focus on the financial services,
private equity, private credit, real estate, life sciences and
technology sectors.
About Tupperware Brands
Tupperware Brands Corporation (NYSE: TUP) --
https://www.tupperwarebrands.com/ -- is a global consumer products
company that designs innovative, functional, and environmentally
responsible products. Founded in 1946, Tupperware's signature
container created the modern food storage category that
revolutionized the way the world stores, serves, and prepares food.
Today, this iconic brand has more than 8,500 functional design and
utility patents for solution-oriented kitchen and home products.
The company distributes its products into nearly 70 countries,
primarily through independent representatives around the world.
Tupperware Brands sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 24-12166) on Sept. 17,
2024. In the bankruptcy petition, Tupperware reported more than
$1.2 billion in total debts and $679.5 million in total assets.
Kirkland & Ellis LLP is serving as legal advisor to Tupperware,
Moelis & Company LLC is serving as the Company's investment banker,
and Alvarez & Marsal is serving as the Company's financial and
restructuring advisor. Epiq is the claims agent and has put up the
page https://dm.epiq11.com/Tupperware
UNITED DENTAL FULLERTON: Hires Jaenam Coe PC as Bankruptcy Counsel
------------------------------------------------------------------
United Dental Fullerton Corporation seeks approval from the U.S.
Bankruptcy Court for the Central District of California to hire Law
Offices of Jaenam Coe PC as general bankruptcy counsel.
The Debtor requires legal counsel to:
a. give advice regarding the requirements of the Bankruptcy
Code, the Bankruptcy Rules, the Local Bankruptcy Rules, and the
requirements of the Office of the United States Trustee pertaining
to the administration of the estate;
b. advise the Debtor concerning its rights and remedies
regarding assets of the estate;
c. prepare legal papers;
d. protect and preserve the estate by prosecuting and
defending actions commenced by or against the Debtor;
e. analyze and prepare objections to proofs of claim filed
against the estate;
f. conduct examinations of witnesses, claimants and other
parties;
g. represent the Debtor in court proceedings or hearings;
h. negotiate, formulate and draft any plan of reorganization
and disclosure statement;
i. represent the Debtor in the investigation of potential
causes of action against persons or entities, including, but not
limited to, avoidance actions, and the litigation thereof, if
warranted; and
j. provide other legal services in connection with the
Debtor's Chapter 11 case.
The firm will be paid at these rates:
Jaenam Coe, Partner $550 per hour
Tae Jung, Legal Assistant $200 per hour
In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.
The firm received the sum of $18,262 from the Debtor, which is
being kept in attorney-client trust account, and a separate filing
fee of $1,738.
Jaenam Coe, Esq., a partner at the Law Offices of Jaenam Coe,
disclosed in a court filing that the firm is a "disinterested
person" pursuant to Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Jaenam Coe, Esq.
Law Offices of Jaenam Coe PC
3731 Wilshire Blvd. Suite 910
Los Angeles, CA 90010
Tel: (213) 389-1400
Email: coelaw@gmail.com
About United Dental Fullerton Corporation
United Dental Fullerton Corporation owns and operates a dental
clinic.
United Dental Fullerton Corporation filed its voluntary petition
for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D.
Cal. Case No. 24-19069) on Nov. 3, 2024, listing $1,792,468 in
assets and $3,295,248 in liabilities. The petition was signed by
Jeong H. Kim as president.
Judge presides over the case.
Jaenam Coe, Esq. at LAW OFFICES OF JAENAM COE PC represents the
Debtor as counsel.
UNITED DENTAL WILSHIRE: Hires Jaenam Coe PC as Bankruptcy Counsel
-----------------------------------------------------------------
United Dental Wilshire Corporation seeks approval from the U.S.
Bankruptcy Court for the Central District of California to hire Law
Offices of Jaenam Coe PC as general bankruptcy counsel.
The Debtor requires legal counsel to:
a. give advice regarding the requirements of the Bankruptcy
Code, the Bankruptcy Rules, the Local Bankruptcy Rules, and the
requirements of the Office of the United States Trustee pertaining
to the administration of the estate;
b. advise the Debtor concerning its rights and remedies
regarding assets of the estate;
c. prepare legal papers;
d. protect and preserve the estate by prosecuting and
defending actions commenced by or against the Debtor;
e. analyze and prepare objections to proofs of claim filed
against the estate;
f. conduct examinations of witnesses, claimants and other
parties;
g. represent the Debtor in court proceedings or hearings;
h. negotiate, formulate and draft any plan of reorganization
and disclosure statement;
i. represent the Debtor in the investigation of potential
causes of action against persons or entities, including, but not
limited to, avoidance actions, and the litigation thereof, if
warranted; and
j. provide other legal services in connection with the
Debtor's Chapter 11 case.
The firm will be paid at these rates:
Jaenam Coe, Partner $550 per hour
Tae Jung, Legal Assistant $200 per hour
In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.
The firm received the sum of $18,262 from the Debtor, which is
being kept in attorney-client trust account, and a separate filing
fee of $1,738.
Jaenam Coe, Esq., a partner at the Law Offices of Jaenam Coe,
disclosed in a court filing that the firm is a "disinterested
person" pursuant to Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Jaenam Coe, Esq.
Law Offices of Jaenam Coe PC
3731 Wilshire Blvd. Suite 910
Los Angeles, CA 90010
Tel: (213) 389-1400
Email: coelaw@gmail.com
About United Dental Wilshire Corporation
United Dental Wilshire Corporation is categorized under dental
clinics.
United Dental Wilshire Corporation sought relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 24-18873) on
October 29, 2024. In the petition filed by Jeong H. Kim, as
president, the Debtor reports total assets of $2,000,000 and total
liabilities of $3,565,248.
Honorable Bankruptcy Judge Julia W. Brand handles the case.
The Debtor is represented by Jaenam Coe, Esq. at LAW OFFICES OF
JAENAM COE PC.
UPSCALE DEVELOPMENT: Case Summary & Three Unsecured Creditors
-------------------------------------------------------------
Debtor: Upscale Development LLC
11410 Veterans Memorial Hwy
Douglasville, GA 30134
Chapter 11 Petition Date: December 2, 2024
Court: United States Bankruptcy Court
Northern District of Georgia
Case No.: 24-62687
Judge: Hon. Sage M Sigler
Debtor's Counsel: Paul Reece Marr, Esq.
PAUL REECE MARR, P.C.
6075 Barfield Road, Suite 213
Sandy Springs, GA 30328-4402
Tel: (770) 984-2255
E-mail: paul.marr@marrlegal.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Nelson H. Carey 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/7H4VP3A/Upscale_Development_LLC__ganbke-24-62687__0001.0.pdf?mcid=tGE4TAMA
VECTOR UTILITIES: Updates Unsecured Claims Pay Details
------------------------------------------------------
Vector Utilities, LLC, and Rolando and Griselda Gaytan submitted a
Fifth Amended Disclosure Statement in support of Plan of
Reorganization dated November 2, 2024.
On the Effective Date, all property of the Debtors' bankruptcy
estate will vest in the Debtors, as the Reorganized Debtors, free
and clear of all liens, claims and encumbrances, except as may be
provided by the Plan.
The Reorganized Debtors will thereupon be authorized to conduct its
operations, and the liquidation of assets as set forth herein and
to pay all Creditors the amounts of their Allowed Claims as
provided herein. The Plan does not propose to modify or supplant
any federal or state laws or regulations that may be applicable to
the Reorganized Debtors.
As of the Effective Date of the Plan, the Reorganized Debtors will
be responsible for all payments and distributions to be made under
the Plan to the holders of Allowed Claims, together with any
payments that become due under any executory contract or unexpired
lease assumed by the Debtors or the Reorganized Debtors. Each
executory contract and unexpired lease to which the Debtors are
determined to be a party shall be deemed rejected unless the
Debtors expressly assumes a particular executory contract or lease
before the Effective Date.
The Debtors propose to sell or surrender assets that are not needed
for Vector's fiber optics work. The Debtors want to sell the
following assets to assist the Debtors to build up the business so
it can handle future expenses and ensure that there is sufficient
money to survive so it can pay its creditors.
Class 6 Unsecured Non-Priority Claims. Total Claims in Class 6
shall be $1,910,516.36 for all general unsecured claims save and
except the unsecured portion of the Atlantic Specialty Insurance
Company and the Guarantee Company of North America USA which is
currently more than $21,000,000.00. This estimated amount plus the
$1,910,516.36 makes the total for this class $22,910,516.365.
The claims will be paid from the net proceeds from the sale of two
unencumbered pieces of real estate owned by the Gaytans, the
payment of the equity in a mortgaged 10.1-acre tract, and monthly
payments of $2,792.00 from the Gaytans and $2,000.00 from Vector.
The unsecured creditors will participate in the distribution of the
net sales proceeds from the following sales on a pro-rata basis.
The distribution of net sales proceeds will occur by the 30th
calendar day following the completion of each sale.
The Gaytan's own an additional property consisting of 10.1 acres of
land. Vector is using it to store its heavy equipment. The property
is encumbered by a deed of trust lien in favor of Tyromax. The
property is valued at $450,000. The mortgage debt is $412,746.32.
There is $37,253.68 in equity in this property. The Gaytans will
pay the equity to the unsecured creditors at 10% interest per annum
over 60 months. The monthly payment will be $792.00.
A full-text copy of the Fifth Amended Disclosure Statement dated
November 2, 2024 is available at https://urlcurt.com/u?l=gttDRz
from PacerMonitor.com at no charge.
Attorney for the Debtor:
Margaret McClure, Esq.
909 Fannin, Suite 3810
Houston, TX 77010
Telephone: (713) 659-1333
Facsimile: (713) 658-0334
Email: margaret@mmmcclurelaw.com
About Vector Utilities
Vector Utilities, LLC, specializes in providing construction
services to the telecommunications industry it also provides heavy
construction services.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Case No. 23-60040) on July 16,
2023. In the petition signed by Griselda C. Gaytan, managing
member, the Debtor disclosed up to $10 million in both assets and
liabilities.
Judge David R. Jones oversees the case.
Margaret M. McClure, Esq., at Law Office of Margaret M. McClure, is
the Debtor's legal counsel.
VISION PAINTING: Sec. 341(a) Meeting of Creditors on December 16
----------------------------------------------------------------
On November 22, 2024, Vision Painting & Decorating Services Inc.
filed Chapter 11 protection in the Northern District of Illinois.
According to court documents, the Debtor reports between $1 million
and $10 million in debt owed to 1 and 49 creditors. The petition
states funds will be available to unsecured creditors.
A meeting of creditors under Sec. 341(a) to be held on December 16,
2024 at 1:30 PM.
About Vision Painting & Decorating Services Inc.
Vision Painting & Decorating Services Inc. is a Specialty
Contractor that serves the Calumet Park, IL area and specializes in
Specialty Ceilings, Plaster and Gypsum Board, Acoustic Treatment,
Flooring, Painting and Coatings, Wall Finishes, Tile.
Vision Painting & Decorating Services Inc. sought relief under
Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.
Ill. Case No. 24-17620) on November 22, 2024. In the petition filed
by Edward T. McKinnie, Jr., as president, the Debtor reports
estimated assets up to $50,000 and estimated liabilities between $1
million and $10 million.
Honorable Bankruptcy Judge Janet S. Baer handles the case.
The Debtor is represented by:
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
WEST TECHNOLOGY: $901.1MM Bank Debt Trades at 17% Discount
----------------------------------------------------------
Participations in a syndicated loan under which West Technology
Group LLC is a borrower were trading in the secondary market around
83.4 cents-on-the-dollar during the week ended Friday, November 29,
2024, according to Bloomberg's Evaluated Pricing service data.
The $901.1 million Term loan facility is scheduled to mature on
April 12, 2027. About $885.3 million of the loan has been drawn and
outstanding.
West Technology Group, LLC (West) is a leading global provider of
technology enabled communication services. The company provides a
vast array of essential solutions for a diverse client base that
includes Fortune 1000 companies, state and local governments, along
with small and medium enterprises in a variety of vertical
industries. West has sales and/or operations in the U.S., Canada,
Europe, the Middle East, Asia-Pacific, Latin America and South
America.
WOOF HOLDINGS: $138.5MM Bank Debt Trades at 29% Discount
--------------------------------------------------------
Participations in a syndicated loan under which Woof Holdings Inc
is a borrower were trading in the secondary market around 70.6
cents-on-the-dollar during the week ended Friday, November 29,
2024, according to Bloomberg's Evaluated Pricing service data.
The $138.5 million Term loan facility is scheduled to mature on
December 21, 2027. The amount is fully drawn and outstanding.
Headquartered in Tewksbury, Massachusetts, Woof Holdings, Inc.,
through its acquisition of The Wellness Pet Food Holdings Company,
Inc., is a manufacturer of premium pet food and treats, mainly in
North America.
YH&R CONSTRUCTION: Hires James Wilkins as Bankruptcy Counsel
------------------------------------------------------------
YH&R Construction LLC seeks approval from the U.S. Bankruptcy Court
for the Eastern District of Virginia to hire James S. Wilkins, PC
as its counsel.
The firm will render these services:
(a) advise the Debtor with respect to its power and duties in
the continued operation of its personal management of its
property;
(b) take necessary action to collect property of the estate
and file suits to recover the same;
(c) represent the Debtor in connection with the formulation
and implementation of a Plan of Reorganization and all matters
incident thereto;
(d) prepare legal papers;
(e) object to disputed claims; and
(f) perform all other legal services for the Debtor which may
be necessary.
James S. Wilkins, Esq., will be paid at his hourly rate of $475, to
be applied against a retainer of $1,700 for prepetition and
post-petition services, costs, and filing fees.
Mr. Wilkins 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:
James S. Wilkins, Esq.
James S. Wilkins, PC
1100 NW Loop 410, Suite 700
San Antonio, TX 78205
Telephone: (210) 271-9212
Facsimile: (210) 271-9389
Email: jwilkins@stic.net
About YH&R Construction LLC
YH&R Construction LLC is a general contractor in San Antonio,
Texas.
YH&R Construction LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Tex. Case No. 24-52085) on October 21,
2024. In the petition filed by Sandor Gonzalez, as chief executive
officer, the Debtor reports estimated assets up to $50,000 and
estimated liabilities between $1 million and $10 million.
The Honorable Bankruptcy Judge Michael M. Parker oversees the
case.
The Debtor is represented by James S. Wilkins, Esq. at JAMES S.
WILKINS P.C.
ZHANG MEDICAL: Amends Unsecured Claims Pay Details
--------------------------------------------------
Zhang Medical P.C., d/b/a New Hope Fertility Center, submitted a
First Amended Disclosure Statement for First Amended Plan of
Reorganization dated November 4, 2024.
As of the Petition Date, the Debtor's management team consisted of
its Chief Financial Officer Adnan Tahirovic who has since left the
Debtor, and Chief Executive Officer Chloe Cai who remains with the
Debtor and is a statutory insider of the Debtor until Bankruptcy
Code Section 101(31).
The Debtor with the assistance of the CRO has been working with
Savills Inc., the Debtor's real estate broker, to negotiate a new
lease with the Landlord for a three-year term. At the same time,
the Debtor has been negotiating with a different potential landlord
for alternative space. The Debtor's Financial Projections confirm
that the Debtor has sufficient funds and will have sufficient
revenues to support either entering into a new lease with the
Landlord or to move to a new space.
The Landlord's Objections to Interim Approval of the Disclosure
Statement
On October 24, 2024, the Landlord filed an objection (the "Landlord
Objection") to the Debtor's motion seeking, among other things,
interim approval of the Disclosure Statement. The Landlord
Objection asserts that the Disclosure Statement did not contain
adequate information to make an informed judgment concerning the
Plan.
First, the Landlord Objection asserts that the Disclosure Statement
failed to provide adequate information regarding the costs of
relocation of the Debtor's business in the event the Debtor cannot
negotiate a new lease with the Landlord to remain at the Current
Premises. The Debtor, by and through the CRO, has been negotiating
the terms of a potential new lease with a new landlord at an
alternate location. The Debtor and the CRO estimate that it will
cost approximately $2,100,000.00 to relocate the Debtor's business.
The Debtor's financial projections confirm that the Debtor has the
funds necessary to relocate its business if necessary. The Debtor
will not disclose the potential alternate location or the terms of
that potential new lease while negotiating with the Landlord to
remain at the Current Premises.
Second, the Landlord Objection asserts that the Disclosure
Statement failed to provide adequate information regarding the
Debtor's financial projections. The Debtor intended to include the
financial projections as part of the Plan Supplement, but in order
to address the Landlord's concerns the financial projections.
Third, the Landlord Objection asserts that the Disclosure Statement
failed to provide adequate information regarding the value of each
component of the Zhang New Value Contribution. The Disclosure
Statement provides that the value of the IP Assets is not less than
$760,000. The value of the subordinated Insider Claims is
approximately $750,000.00. The aggregate value of the assets that
will be transferred to the Debtor from the Consolidated Entities
(owned solely by Dr. Zhang) is approximately $1,100,000.00, which
includes equipment from MSO with a net book value of $400,000.00
and receivables from CCOGS with an aggregate value of approximately
$700,000.00 in net realizable receivables ($640,000.00 net patient
pay receivables and $60,000.00 net insurance receivables, after
discounting for collectability). Dr. Zhang's agreement to accept a
reduced annual salary saves the Debtor approximately $3,000,000.00
in the aggregate, over the life of the Plan.
Last, the Landlord Objection asserts that the Disclosure Statement
failed to provide adequate information regarding the identity of
the Plan Administrator. The Landlord Objection asserts that "[b]y
failing to disclose the person or entity that will be appointed the
Plan Administrator, the Debtor does not allow creditor to asset
whether the proposed Plan Administrator has any connections to Dr.
Zhang or Ms. Cai that could impact on the Plan Administrator's
exercise of judgment in investigating, prosecuting and settling
causes of action." Dr. Zhang and the CRO have discussed potential
candidates for the Plan Administrator, and will provide his or her
identity on or before the deadline for the Plan Supplement.
The Plan Administrator will not be investigating, prosecuting, or
settling the Estate's causes of action against Dr. Zhang or Ms.
Cai, because the resolution of those claims is a condition
precedent to the Effective Date. Even if confirmation of the Plan
is attainable, it is not in the best interests of the Debtor, the
Estate, or creditors to have the Debtor's sole shareholder and
primary revenue generating physician (Dr. Zhang) and/or a key
member of his team (Ms. Cai) defending Estate litigation while
trying to operate the Reorganized Debtor. The Debtor and the CRO
have devoted a significant amount of time analyzing the Estate's
potential claims against Dr. Zhang and Ms. Cai, stating them in the
Report and the Supplement for interested parties to review and
consider, and negotiating the settlement of those potential claims
with Dr. Zhang and Ms. Cai.
The CRO also considered collectability issues with respect to Dr.
Zhang, reviewed a personal financial statement compiled by Dr.
Zhang's accountants, requested additional information and
supporting documents, and interviewed Dr. Zhang with respect to
certain assets. The CRO believes he will be able to negotiate a
reasonable settlement of the Estate's claims against Dr. Zhang and
Ms. Cai before the possible Effective Date, and that is in the best
interests of the Debtor, the Estate and its creditors to do so. The
terms of those settlements will be disclosed as part of the Plan
Supplement and subject to approval by the Bankruptcy Court under
Bankruptcy Rule 9019. Accordingly, the Plan Administrator's role
will not include pursuing potential claims against Dr. Zhang or Ms.
Cai.
Class 3(a) General Unsecured Claims are estimated to total
$9,832,645.09 and consist of the Allowed Claims of non-priority
unsecured creditors, other than the Landlord Claim and the Skyland
Claim. The holders of Allowed Class 3(a) Claims will receive their
Pro Rata Share of Distributions over the life of the Plan in the
aggregate amount of $192,000.00. The Debtor estimates that holders
of Class 3(a) Claims will receive Distributions equal to
approximately 2% of their Allowed Claims, which estimate shall be
confirmed in the Plan Supplement.
Class 3(b) consists of the Landlord Claim, to the extent it becomes
an Allowed Claim. The amount of the Landlord Claim will be
determined by stipulation or order of the Bankruptcy Court. The
Debtor will pay the Landlord on the Effective Date $477,000.00 on
account of its Allowed Claim, and with respect to the remaining
portion of the Landlord's Allowed Claim, the Debtor estimates that
the Landlord will receive Distributions over the life of the Plan,
in the aggregate amount of $204,000.00. These amounts may change as
the Debtor negotiates with the Landlord, and any proposed increased
payments will be disclosed to the Court and interested parties in
advance of confirmation of the Plan.
Class 3(c) consists of the Skyland Claim, to the extent it becomes
an Allowed Claim. On October 23, 2024, Skyland filed an amended
proof of claim (P.O.C. No. 31), in the aggregate amount of
$653,181.45 (reduced from $1,388,076.00 as a result of a
$1,007,005.82 payment from the Landlord, but increased to assert
$12,928.02 in "change orders" and $259,183.00 due to an "unpaid
requisition" which were not included in the originally filed proof
of claim). The Debtor may object to Skyland's amended proof of
claim. For purposes of the Plan, Class 3(c) will be treated as an
Allowed Unsecured Claim in the amount of $381,070.43 (the amount of
its original filed Proof of Claim and the amount paid by the
Landlord). The Debtor estimates that if the Skyland Claim is
Allowed in the full amount asserted, Skyland will receive
Distributions over the life of the Plan in the aggregate amount of
$13,063,63.
The Plan Administrator, the Debtor, and the Reorganized Debtor, as
applicable, will implement the Plan in a manner consistent with the
terms and conditions set forth in the Plan and the Confirmation
Order. On and after the Effective Date, except as otherwise
provided in the Plan, the Plan Administrator or the Reorganized
Debtor, as applicable, may use, acquire, or dispose of property and
compromise or settle any Claims, Interests, or Causes of Action
without supervision or approval by the Bankruptcy Court and free of
any restrictions of the Bankruptcy Code or Bankruptcy Rules.
The Plan will be funded from Cash on hand and revenue generated
from business operations, as well as the proceeds from any other
Assets available to fund the Plan, including the IP Assets and
recoveries from any Causes of Action.
A full-text copy of the First Amended Disclosure Statement dated
November 4, 2024 is available at https://urlcurt.com/u?l=PRGzS4
from PacerMonitor.com at no charge.
Zhang Medical, PC, is represented by:
Sheryl P. Giugliano, Esq.
Michael S. Amato, Esq.
RUSKIN MOSCOU FALTISCHEK, P.C.
1425 RXR Plaza
East Tower, 15th Floor
Uniondale, New York 11556
Telephone: 516-663-6600
Email: sgiugliano@rmfpc.com
mamato@rmfpc.com
About Zhang Medical
New York-based Zhang Medical P.C. specializes in low and no-drug
infertility solutions that help women conceive with minimal
invasiveness. It conducts business under the name New Hope
Fertility Clinic.
Zhang Medical filed a petition under Chapter 11, Subchapter V of
the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 23-10678) on April
30, 2023, with $1 million to $10 million in both assets and
liabilities. Eric Huebscher has been appointed as Subchapter V
trustee.
Judge Philip Bentley oversees the case.
The Debtor tapped Joseph D. Nohavicka, Esq., at Pardalis &
Nohavicka, LLP, as legal counsel.
David Crapo is the patient care ombudsman appointed in the Debtor's
Chapter 11 case.
[^] Large Companies with Insolvent Balance Sheet
------------------------------------------------
Total
Share- Total
Total Holders' Working
Assets Equity Capital
Company Ticker ($MM) ($MM) ($MM)
------- ------ ------ -------- -------
AEMETIS INC AMTX US 247.4 (258.9) (97.3)
ALPHA COGNITION ACOG CN 6.8 (3.9) 2.0
ALPHAVEST ACQUIS ATMVU US 53.1 (1.3) (1.3)
ALTRIA GROUP INC MO US 34,167.0 (3,418.0) (4,497.0)
AMC ENTERTAINMEN AMC US 8,324.1 (1,685.3) (789.8)
AMERICAN AIRLINE AAL US 63,528.0 (4,854.0) (11,076.0)
AMNEAL PHARM INC AMRX US 3,461.0 (33.7) 418.1
APPIAN CORP-A APPN US 549.9 (49.8) 62.0
AQUESTIVE THERAP AQST US 110.0 (45.4) 81.4
AUTOZONE INC AZO US 17,176.5 (4,749.6) (1,407.5)
AVEANNA HEALTHCA AVAH US 1,644.2 (156.4) (24.7)
AVIS BUDGET GROU CAR US 32,749.0 (229.0) (1,007.0)
BATH & BODY WORK BBWI US 4,984.0 (1,748.0) 145.0
BAUSCH HEALTH CO BHC CN 26,540.0 (242.0) 845.0
BAUSCH HEALTH CO BHC US 26,540.0 (242.0) 845.0
BELLRING BRANDS BRBR US 837.0 (205.9) 389.0
BEYOND MEAT INC BYND US 692.9 (611.9) 210.8
BIOCRYST PHARM BCRX US 491.3 (468.6) 295.2
BIOTE CORP-A BTMD US 101.3 (126.8) 23.5
BLEICHROEDER ACQ BACQU US 0.1 (0.0) (0.0)
BOEING CO/THE BA US 137,695.0 (23,562.0) 12,136.0
BOLD EAGLE ACQUI BEAGU US 0.6 (0.0) 0.4
BOMBARDIER INC-A BDRAF US 12,670.0 (1,996.0) 328.0
BOMBARDIER INC-A BBD/A CN 12,670.0 (1,996.0) 328.0
BOMBARDIER INC-B BDRBF US 12,670.0 (1,996.0) 328.0
BOMBARDIER INC-B BBD/B CN 12,670.0 (1,996.0) 328.0
BOOKING HOLDINGS BKNG US 27,978.0 (3,653.0) 3,851.0
BOWLERO CORP - A BOWL US 3,092.4 (40.4) (104.2)
BRIDGEBIO PHARMA BBIO US 665.0 (1,218.4) 305.4
BRIDGEMARQ REAL BRE CN 163.4 (68.9) (86.7)
BRIDGEMARQ REAL BREUF US 163.4 (68.9) (86.7)
BRIGHTSPHERE INV BSIG US 555.2 (3.8) -
CALUMET INC CLMT US 2,640.1 (426.6) (464.6)
CANTOR PA CEP US 0.0 (0.3) (0.4)
CARDINAL HEALTH CAH US 43,059.0 (3,276.0) (1,773.0)
CHECKPOINT THERA CKPT US 5.2 (12.6) (12.6)
CHENIERE ENERGY CQP US 17,385.0 (626.0) (543.0)
CHILDREN'S PLACE PLCE US 921.4 (68.9) (71.2)
CHOICE HOTELS CHH US 2,544.0 (96.2) (140.2)
CINEPLEX INC CGX CN 2,209.3 (39.7) (310.5)
CINEPLEX INC CPXGF US 2,209.3 (39.7) (310.5)
CLIPPER REALTY I CLPR US 1,287.0 (9.5) -
COHEN CIRCLE ACQ CCIRU US - - -
COMMSCOPE HOLDIN COMM US 8,810.7 (2,111.8) 973.2
COMMUNITY HEALTH CYH US 13,905.0 (1,270.0) 982.0
COMPOSECURE IN-A CMPO US 435.4 (285.0) 92.2
CONSENSUS CLOUD CCSI US 622.5 (93.2) 4.5
CONTANGO ORE INC CTGO US 158.3 (10.2) (43.0)
COOPER-STANDARD CPS US 1,797.5 (163.1) 223.8
CORE SCIENTIFIC CORZ US 921.9 (729.4) 201.3
CPI CARD GROUP I PMTS US 342.3 (42.8) 123.7
CROSSAMERICA PAR CAPL US 1,130.1 (30.7) (47.1)
CYTOKINETICS INC CYTK US 1,436.1 (13.9) 908.8
D-WAVE QUANTUM I QBTS US 49.6 (16.9) 9.3
DAVE INC DAVE US 272.2 (169.3) 217.3
DELEK LOGISTICS DKL US 1,960.7 (45.1) 16.4
DELL TECHN-C DELL US 81,951.0 (2,190.0) (11,465.0)
DENNY'S CORP DENN US 461.6 (54.5) (53.8)
DIGITALOCEAN HOL DOCN US 1,526.5 (211.7) 376.0
DINE BRANDS GLOB DIN US 1,699.5 (216.7) (55.4)
DOMINO'S PIZZA DPZ US 1,775.1 (3,976.6) 361.7
DOMO INC- CL B DOMO US 197.8 (166.4) (95.8)
DROPBOX INC-A DBX US 2,576.7 (546.1) (156.6)
ELUTIA INC ELUT US 48.4 (40.2) (2.4)
EMBECTA CORP EMBC US 1,267.5 (763.7) 410.4
ETSY INC ETSY US 2,442.2 (624.3) 767.7
EXCO RESOURCES EXCE US 1,032.7 (1,026.5) (421.2)
FAIR ISAAC CORP FICO US 1,717.9 (962.7) 237.1
FENNEC PHARMACEU FENC US 58.9 (5.2) 50.5
FENNEC PHARMACEU FRX CN 58.9 (5.2) 50.5
FERRELLGAS PAR-B FGPRB US 1,458.7 (298.3) 132.4
FERRELLGAS-LP FGPR US 1,458.7 (298.3) 132.4
FOGHORN THERAPEU FHTX US 308.4 (28.3) 214.4
FREIGHTCAR AMERI RAIL US 245.9 (72.4) 63.3
GCM GROSVENOR-A GCMG US 575.0 (113.0) 152.8
GOAL ACQUISITION PUCKU US 4.0 (11.1) (13.4)
GRINDR INC GRND US 456.3 (13.4) 29.3
GUARDANT HEALTH GH US 1,538.7 (60.1) 1,029.4
H&R BLOCK INC HRB US 2,550.0 (368.1) (184.3)
HCM II ACQUISI-A HOND US 0.4 (0.0) -
HCM II ACQUISITI HONDU US 0.4 (0.0) -
HERBALIFE LTD HLF US 2,653.5 (954.2) (40.4)
HILTON WORLDWIDE HLT US 16,689.0 (3,430.0) (918.0)
HP INC HPQ US 39,909.0 (1,323.0) (7,927.0)
HUMACYTE INC HUMA US 114.8 (63.7) 2.1
IMMUNITYBIO INC IBRX US 364.6 (744.2) 102.2
INSEEGO CORP INSG US 113.4 (85.1) (103.8)
INSPIRED ENTERTA INSE US 388.6 (78.3) 56.1
INTUITIVE MACHIN LUNR US 224.8 (4.5) 73.0
INVIZYNE TECHNOL IZTC US 3.6 (3.6) (4.4)
IRON MOUNTAIN IRM US 18,469.6 (31.9) (587.2)
IRONWOOD PHARMAC IRWD US 389.5 (311.3) 129.2
JACK IN THE BOX JACK US 2,735.6 (851.8) (253.0)
LAUNCH ONE ACQUI LPAAU US 234.0 (9.8) -
LAUNCH ONE ACQUI LPAA US 234.0 (9.8) -
LIFEMD INC LFMD US 72.6 (6.0) (10.3)
LINDBLAD EXPEDIT LIND US 889.8 (122.4) (98.3)
LIONS GATE ENT-B LGF/B US 7,146.8 (124.9) (2,637.3)
LIONS GATE-A LGF/A US 7,146.8 (124.9) (2,637.3)
LIONSGATE STUDIO LION US 5,261.4 (938.9) (2,312.9)
LOWE'S COS INC LOW US 44,743.0 (13,419.0) 2,530.0
LUMINAR TECHNOLO LAZR US 403.4 (258.0) 176.2
M3-BRIGADE -A MBAV US 0.7 (0.0) (0.0)
M3-BRIGADE ACQUI MBAVU US 0.7 (0.0) (0.0)
MADISON SQUARE G MSGS US 1,373.3 (277.5) (338.9)
MADISON SQUARE G MSGE US 1,610.3 (48.7) (260.8)
MANNKIND CORP MNKD US 464.2 (209.9) 255.6
MARBLEGATE ACQ-A GATE US 4.2 (19.4) (0.4)
MARBLEGATE ACQUI GATEU US 4.2 (19.4) (0.4)
MARRIOTT INTL-A MAR US 26,209.0 (2,421.0) (4,945.0)
MARTIN MIDSTREAM MMLP US 554.8 (61.3) 53.9
MATCH GROUP INC MTCH US 4,425.8 (88.5) 792.4
MBIA INC MBI US 2,230.0 (1,988.0) -
MCDONALDS CORP MCD US 56,172.0 (5,177.0) (1,396.0)
MCKESSON CORP MCK US 72,429.0 (2,642.0) (5,430.0)
MEDIAALPHA INC-A MAX US 236.1 (59.6) 29.4
METTLER-TOLEDO MTD US 3,319.8 (154.4) 13.3
MODIVCARE INC MODV US 1,651.7 (17.0) (118.1)
MSCI INC MSCI US 5,408.9 (751.0) (92.1)
NATHANS FAMOUS NATH US 57.7 (21.3) 32.6
NEW ENG RLTY-LP NEN US 387.4 (65.5) -
NEXT-CHEMX CORP CHMX US 3.9 (1.8) (3.8)
NOVAGOLD RES NG CN 114.7 (37.8) 103.5
NOVAGOLD RES NG US 114.7 (37.8) 103.5
NOVAVAX INC NVAX US 1,712.5 (526.4) (77.3)
NUTANIX INC - A NTNX US 2,181.4 (685.3) 302.9
O'REILLY AUTOMOT ORLY US 14,577.5 (1,439.1) (2,486.9)
OAKTREE ACQUISIT OACCU US 0.6 (0.0) -
OMEROS CORP OMER US 313.3 (154.2) 109.3
OTIS WORLDWI OTIS US 10,261.0 (4,780.0) (1,602.0)
PAPA JOHN'S INTL PZZA US 860.9 (414.7) (54.7)
PELOTON INTERA-A PTON US 2,157.1 (480.3) 644.9
PHATHOM PHARMACE PHAT US 387.0 (187.1) 308.5
PHILIP MORRIS IN PM US 66,892.0 (7,713.0) (2,570.0)
PITNEY BOWES INC PBI US 3,647.7 (518.9) (198.4)
PLANET FITNESS-A PLNT US 3,048.2 (267.1) 270.2
PORCH GROUP INC PRCH US 867.3 (77.0) (84.6)
PRIORITY TECHNOL PRTHU US 1,759.7 (58.9) 37.7
PRIORITY TECHNOL PRTH US 1,759.7 (58.9) 37.7
PROS HOLDINGS IN PRO US 384.2 (75.2) 44.2
PTC THERAPEUTICS PTCT US 1,842.2 (1,054.4) 670.8
RAPID7 INC RPD US 1,574.5 (6.3) 99.0
RE/MAX HOLDINGS RMAX US 578.6 (61.8) 54.2
REALREAL INC/THE REAL US 406.3 (345.4) (14.0)
REDFIN CORP RDFN US 1,151.1 (25.2) 167.3
REVANCE THERAPEU RVNC US 461.6 (163.0) 249.6
RH RH US 4,376.4 (234.7) 208.7
RIGEL PHARMACEUT RIGL US 139.4 (14.6) 52.2
RINGCENTRAL IN-A RNG US 1,818.4 (345.9) 94.2
RUBRIK INC-A RBRK US 1,218.2 (499.3) 112.3
SABRE CORP SABR US 4,693.2 (1,530.1) 22.9
SANUWAVE HEALTH SNWV US 21.8 (60.3) (71.6)
SBA COMM CORP SBAC US 10,201.7 (5,125.8) (217.6)
SCOTTS MIRACLE SMG US 2,871.9 (390.6) 230.1
SEAGATE TECHNOLO STX US 7,972.0 (1,300.0) 447.0
SEMTECH CORP SMTC US 1,379.0 (139.7) 322.3
SHOULDERUP TEC-A SUAC US 9.6 (3.8) (4.8)
SHOULDERUP TECHN SUACU US 9.6 (3.8) (4.8)
SLEEP NUMBER COR SNBR US 864.7 (448.8) (723.8)
SPECTRAL CAPITAL FCCN US 0.3 (0.1) (0.2)
SPIRIT AEROSYS-A SPR US 7,049.2 (1,936.5) 501.5
STARBUCKS CORP SBUX US 31,339.3 (7,441.6) (2,222.6)
STARDUST POWER I SDST US 5.4 (13.3) (7.7)
TELA BIO INC TELA US 53.0 (6.3) 27.3
TORRID HOLDINGS CURV US 487.5 (188.9) (28.4)
TOWNSQUARE MED-A TSQ US 565.4 (52.5) 25.3
TRANSDIGM GROUP TDG US 25,586.0 (6,283.0) 3,690.0
TRAVEL + LEISURE TNL US 6,698.0 (861.0) 658.0
TRAVERE THERAPEU TVTX US 504.4 (30.5) 134.7
TRINSEO PLC TSE US 2,882.8 (480.0) 305.5
TRISALUS LIFE SC TLSI US 27.5 (20.4) 13.9
TRIUMPH GROUP TGI US 1,511.5 (95.2) 453.7
TUCOWS INC-A TC CN 799.0 (53.1) 22.7
TUCOWS INC-A TCX US 799.0 (53.1) 22.7
UNISYS CORP UIS US 1,861.6 (187.9) 361.8
UNITED PARKS & R PRKS US 2,579.6 (455.9) (142.3)
UNITI GROUP INC UNIT US 5,098.7 (2,476.3) -
VERISIGN INC VRSN US 1,462.0 (1,900.6) (808.8)
VOYAGER ACQ CORP VACHU US 256.9 (11.3) 0.8
VOYAGER ACQUISIT VACH US 256.9 (11.3) 0.8
WAYFAIR INC- A W US 3,414.0 (2,733.0) (357.0)
WILLOW LANE ACQU WLACU US 0.1 (0.0) (0.1)
WINGSTOP INC WING US 484.8 (447.5) 47.3
WINMARK CORP WINA US 52.0 (33.7) 30.0
WORKIVA INC WK US 1,302.1 (50.8) 449.5
WPF HOLDINGS INC WPFH US 0.0 (0.3) (0.3)
WYNN RESORTS LTD WYNN US 14,111.4 (1,065.5) 1,447.4
XERIS BIOPHARMA XERS US 321.1 (28.3) 71.8
XPONENTIAL FIT-A XPOF US 472.2 (123.3) 1.4
YUM! BRANDS INC YUM US 6,461.0 (7,674.0) 439.0
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts. The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
The Sunday TCR delivers securitization rating news from the week
then-ending.
TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA.
Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante,
Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon,
Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and
Peter A. Chapman, Editors.
Copyright 2024. All rights reserved. ISSN: 1520-9474.
This material is copyrighted and any commercial use, resale or
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re-mailing and photocopying) is strictly prohibited without prior
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herein is obtained from sources believed to be reliable, but is
not guaranteed.
The TCR subscription rate is $975 for 6 months delivered via
e-mail. Additional e-mail subscriptions for members of the same
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are $25 each. For subscription information, contact Peter A.
Chapman at 215-945-7000.
*** End of Transmission ***