/raid1/www/Hosts/bankrupt/TCR_Public/241204.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Wednesday, December 4, 2024, Vol. 28, No. 338
Headlines
161-17NC LLC: Janice Seyedin Named Subchapter V Trustee
2508 CRAWFORD: Voluntary Chapter 11 Case Summary
770 WOODROW: Hires Abbasi Law Corp. as Insolvency Counsel
A PLACE ALL MY OWN: Seeks Chapter 11 Bankruptcy in Colorado
AFFLUENT MANAGEMENT: Hires Joyce W. Lindauer as Counsel
ALAMO PREMIUM: Brad Odell of Mullin Named Subchapter V Trustee
ALCHEMY 1: Files Chapter 11 Bankruptcy Protection in North Carolina
ALLAN'S COFFEE: Case Summary & 20 Largest Unsecured Creditors
APEX DISASTER: Hires Patrick J. Gros CPA APAC as Accountant
ARCHIVE IT!: Unsecureds Will Get 4% of Claims over 60 Months
ARTERA SERVICES: Moody's Alters Outlook on 'B3' CFR to Negative
ASCEND LEARNING: Moody's Affirms 'B3' CFR, Outlook Remains Stable
BABY K'TAN: Case Summary & 20 Largest Unsecured Creditors
BELLTOWN FARMS: Case Summary & 20 Largest Unsecured Creditors
BELT ENTERTAINMENT: Gets Interim OK to Use Cash Collateral
BEYOND AIR: Reports $14 Million Net Loss in Fiscal Q2
BIOLASE INC: Committee Taps Dundon Advisers as Financial Advisor
BLUM HOLDINGS: Reports $3.7 Million Net Loss in Fiscal Q3
BRINKER INTERNATIONAL: Moody's Alters Outlook on 'Ba3' CFR to Pos.
BRISTOW GROUP: Moody's Ups CFR to Ba3 & Alters Outlook to Stable
BROWN GENERAL: Seeks to Extend Use of Cash Collateral to Feb. 1
CAPELLA HOSPITALITY: Hires Rountree Leitman Klein as Counsel
CAPSTONE GREEN: Net Loss Narrows to $423K in Fiscal Q2
CAREPOINT HEALTH: Seeks to Hire Ordinary Course Professionals
CAROLINA CUSTOMIZED: Taps Country Boys Auction as Auctioneer
CATAWBA NATION: S&P Assigns 'B' ICR, Outlook Stable
CBAK ENERGY: Swings to $685,539 Net Loss in Fiscal Q3
CONGRUEX GROUP: S&P Downgrades ICR to 'D' on Debt Restructuring
CONTINENTAL ELECTRIC: Unsecureds Will Get 28.6% of Claims
COSMOS GROUP: Net Loss Narrows to $960,182 in Fiscal Q3
CQENS TECHNOLOGIES: Reports $5.7 Million Net Loss in Fiscal Q3
CULLOO ENTERTAINMENT: Hires Gamburg & Benedetto as Counsel
CVR ENERGY: S&P Alters Outlook to Negative, Affirm 'B+' ICR
DAVID VELASQUEZ REALTY: Case Summary & 16 Unsecured Creditors
DCS JANITORIAL: Hires J. Gleason Associates LLC as Accountant
DT BUILDERS: Files Chapter 11 Bankruptcy Protection in Virginia
ECHOSTAR CORP: Posts $143.8 Million Net Loss in Fiscal Q3
EMERGENT BIOSOLUTIONS: SVP Jessica Perl Holds 6,805 Shares
ENDRA LIFE: Incurs $2.35 Million Net Loss in Third Quarter
ENDRA LIFE: Regains Compliance with Nasdaq Minimum Bid Price Rule
ENERGY FOCUS: Reports $316,000 Net Loss in Fiscal Q3
ENGLOBAL CORP: Reports $500,000 Net Loss in Fiscal Q3
ENVERIC BIOSCIENCES: AdvisorShares Trust Holds 4.11% Stake
ENVIROSCENT INC: Case Summary & 20 Largest Unsecured Creditors
ENVISION ORTHOPEDIC: Plan Exclusivity Extended to March 11, 2025
EXACTECH INC: Seeks to Hire Ordinary Course Professionals
EXPAND ENERGY: Moody's Rates New Senior Unsecured Notes 'Ba1'
GAUCHO GROUP: Reports 185% Increase in Wine Sales for 2024
GILL RANCH: Files Chapter 11 Bankruptcy in California
GIRARDI & KEESE: Court Denies Tom Girardi's New Trial Bid
GRAND VALLEY: Hires Richard P. Cook PLLC as Counsel
H-FOOD HOLDINGS: Files Chapter 11 Bankruptcy in Texas
HEART CARE: Seeks Chapter 7 Bankruptcy in Philadelphia
HOONIGAN INC: Exits Chapter 11 Following Successful Restructuring
HORIZON BANCORP: Continues to Defend Key Class Suit in N.Y.
HUB CITY: Melissa Haselden Named Subchapter V Trustee
HURSTVIEW DRIVE: Voluntary Chapter 11 Case Summary
ICEY-TEK USA: Hires Justin Szerletich as Marketing Professional
ICON COLLECTIVE: Court OKs Use of Cash Collateral Until Feb. 28
IMAGINE LEARNING: Moody's Affirms 'B2' CFR, Outlook Stable
INDEPENDENCE CONTRACT: Case Summary & 30 Top Unsecured Creditors
INSEEGO CORP: Restructures $147 Million in Convertible Notes
INTRUSION INC: James Gero Resigns as Director
IRWIN NATURALS: Seeks to Extend Plan Exclusivity to Feb. 5, 2025
JDAMLKS FAMILY: Hires RE/MAX All Keys as Real Estate Broker
JDAMLKS FAMILY: Taps Kingcade Garcia and LLS Law as Co-Counsel
JML ENGINEERING: Hires C. Alex Naegele as Bankruptcy Counsel
JO ON THE GO: Ryan Richmond Named Subchapter V Trustee
L & F GULLO: Hires Berger Fischoff Shumer Wexler as Counsel
LATIGO HOMES: Case Summary & 11 Unsecured Creditors
MBMBA LLC: Seeks to Hire Bronson Law Offices as Legal Counsel
MCAP LLC: Seeks Bankruptcy Protection in California
MCR HEALTH: Hires Brattle Group Inc. as Financial Advisor
MICHAEL BAKER: Moody's Affirms 'B2' CFR, Outlook Stable
MISS AMERICA: Producer Fleming Sues Straub for Bankruptcy Fraud
MOUGIANIS INDUSTRIES: Hires D'Anniballe & Company as Accountant
MP OCTOPUS: Hires Ford & Semach, Blanchard Law as Counsels
NAZARETH LIMO: Hires Law Office of James J. Rufo as Attorney
NICK'S PIZZA: Case Summary & 20 Largest Unsecured Creditors
NORTH EASTERN: Seeks to Hire Pelican Tax as Accountant
NORTHERN HOSPITAL: Moody's Downgrades Revenue Bond Rating to B2
NUSTAR ENERGY: S&P Withdraws 'BB+' Issuer Credit Rating
O-I GLASS: Moody's Affirms 'Ba3' CFR & Alters Outlook to Negative
OMNIQ CORP: Receives $3.4-Mil. Orders From Longtime Retail Client
OPTINOSE INC: FMR LLC, Abigail Johnson Hold 12.213% Equity Stake
ORION MENTAL: Hires Nicholson & Eastin LLP as Special Counsel
P2 OAKLAND: Christopher Hayes Named Subchapter V Trustee
PAIN MEDICINE: Hires Seiller Waterman LLC as Bankruptcy Counsel
PAREXEL INT’L: Moody's Hikes CFR to B1, Outlook Stable
PINNACLE FOODS: Hearing on Cash Collateral Use Set for Jan. 28
POST HOLDINGS: S&P Assigns 'B+' ICR on Strong Performance
PRECISION SWISS: Gets Interim Approval to Use Cash Collateral
PRECISION SWISS: Seeks to Hire SC&H Group as Investment Banker
PROFESSIONAL SECURITY: Judy Wolf Weiker Named Subchapter V Trustee
PROS HOLDINGS: FMR LLC, Abigail Johnson Reduce Stake to 0.29%
QUIKRETE HOLDINGS: S&P Places 'BB' ICR on CreditWatch Negative
RAINBOW PRODUCTION: Taps Donlin Recano as Administrative Advisor
RAINBOW PRODUCTION: Taps Quinn Emanuel Urquhart as Special Counsel
RANCHO HOSPITALITY: Gina Klump Named Subchapter V Trustee
RAPID7 INC: FMR LLC, Abigail Johnson Hold 5.926% Equity Stake
RDB MANAGEMENT: Files Chapter 11 Bankruptcy in Colorado
RED RIVER: Judge Orders Talc Cases to Stay Paused Until Mid-March
RKSR INVESTMENTS: Case Summary & 15 Unsecured Creditors
ROCKY MOUNTAIN: FMR LLC, Abigail Johnson Hold 7.631% Equity Stake
ROKSTAD HOLDINGS: Dec. 16 Chapter 15 Recognition Hearing Set
ROTM LOFTS: Sec. 341(a) Meeting of Creditors on December 20
RPM EXPEDITE: Seeks Chapter 11 Bankruptcy in Texas
RYKIN PUMP: Files Chapter 11 Protection in Texas
SABER AUTOMOTIVE: Case Summary & Six Unsecured Creditors
SANDISK CORP: S&P Assigns 'BB' ICR, Outlook Stable
SCIENTIFIC ENERGY: Posts $1.65 Million Net Profit in Third Quarter
SCIONTI CONSTRUCTION: Seeks to Extend Exclusivity to Jan. 10, 2025
SEBASTIAN TECH: Beverly Brister Named Subchapter V Trustee
SEMILEDS CORP: Incurs $2.03 Million Net Loss in FY Ended Aug. 31
SGZ GROUP: Commences Subchapter V Bankruptcy Process
SGZ GROUP: Seeks to Hire Madoff & Khoury LLP as Counsel
SHIRER FAMILY: Taps Integrated Solutions and Analysis as Bookkeeper
SIGNIA LTD: Plan Exclusivity Period Extended to Feb. 17, 2025
SIGYN THERAPEUTICS: Incurs $1.20 Million Net Loss in Third Quarter
SMITH HEALTH: Hires Cunningham Chernicoff as Counsel
SMITH HEALTH: Hires Marsh & Associates LLC as Special Counsel
SOLUTION ENGINEERING: Taps Martin Law Group as Bankruptcy Counsel
SPIRIT AIRLINES: Reports Accelerated Debt After Chapter 11 Filing
STARCO BRANDS: Kevin Zaccardi Resigns; Ross Sklar Named Interim CFO
STARSHIP LOGISTICS: Seeks to Hire BG Law LLP as Counsel
STRATHCONA RESOURCES: Moody's Alters Outlook on B1 CFR to Positive
SUMMIT MATERIALS: S&P Places 'BB+' ICR on CreditWatch Negative
SVB FINANCIAL: Proceeds to Recover $1.9 Billion Claims from FDIC
TERRA TECHNOLOGIES: Gets OK to Use Cash Collateral Until Dec. 31
TILI LOGISTICS: Hires Bookkeeping Repair LLC as Bookkeeper
TIMELESS AESTHETICS: Hires Slaton Financial as Bookkeeper
TOS WHEELS: Seeks to Hire Neeleman Law Group as Legal Counsel
TRAVEL + LEISURE: S&P Rates New $875MM Secured Term Loan B 'BB-'
TRUENORTH PROJECTS: Secured Party Sets Dec. 17 Auction
TUPPERWARE BRANDS: To Close Australia Operations After Ch.11 Filing
TURKEY LEG: Shuts Down After Court Converts Case to Chapter 7
TWO RIVERS: Eric Terry Named Subchapter V Trustee
US LIGHTING: Incurs $339K Net Loss in Third Quarter
VERDE RESOURCES: Posts $355K Net Profit in First Quarter
VISION CAPITAL: To Sell Decatur Property to Matthew White for $4MM
VYAIRE MEDICAL: Examiner Taps Bielli & Klauder LLC as Counsel
WATER REDEVELOPMENT: Case Summary & 20 Top Unsecured Creditors
WIMPY'S CALIFORNIA: Files Chapter 11 Bankruptcy
WINDTREE THERAPEUTICS: Posts $3.75M Net Loss in Third Quarter
WINDTREE THERAPEUTICS: Regains Compliance With Nasdaq Listing Rule
[*] MSN Lists Top Companies That Filed for Bankruptcy in 2024
*********
161-17NC LLC: Janice Seyedin Named Subchapter V Trustee
-------------------------------------------------------
The U.S. Trustee for Region 11 appointed Janice Seyedin as
Subchapter V trustee for 161-17NC LLC.
Ms. Seyedin will be paid an hourly fee of $295 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Seyedin declared that she is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
About 161-17NC LLC
161-17NC, LLC is primarily engaged in renting and leasing real
estate properties.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-17013) on November
12, 2024, with $0 to $50,000 in assets and $1 million to $10
million in liabilities. Ronald Bockstahler, Manager of Amata
Holdings, LLC, Sole Member/Manager, signed the petition.
Judge Timothy A. Barnes presides over the case.
Jeffrey C. Dan, Esq. at GOLDSTEIN & MCCLINTOCK LLLP represents the
Debtor as legal counsel.
2508 CRAWFORD: Voluntary Chapter 11 Case Summary
------------------------------------------------
Debtor: 2508 Crawford, LLC
4117 Boca Bay Drive
Dallas, TX 75244
Business Description: The Debtor is engaged in activities related
to real estate.
Chapter 11 Petition Date: December 2, 2024
Court: United States Bankruptcy Court
Northern District of Texas
Case No.: 24-33931
Debtor's Counsel: Robert Buchholz, Esq.
THE LAW OFFICE OF ROBERT W. BUCHHOLZ, P.C.
5220 Spring Valley Road, Suite 618
Dallas, TX 75254
Tel: (214) 754-5500
Email: BOB@ATTORNEYBOB.COM
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Daniel C. Blackburn as chief executive
officer and president.
The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/YAOEQOI/2508_Crawford_LLC__txnbke-24-33931__0001.0.pdf?mcid=tGE4TAMA
770 WOODROW: Hires Abbasi Law Corp. as Insolvency Counsel
---------------------------------------------------------
770 Woodrow LLC seeks approval from the U.S. Bankruptcy Court for
the Central District of California to hire Abbasi Law Corporation
as general insolvency counsel.
The firm will provide these services:
a. represent Debtor as its Initial Debtor Interview;
b. represent Debtor its meeting of creditors pursuant to
Bankruptcy Code;
c. represent Debtor at all hearings before the United States
Bankruptcy Court involving Debtor as Debtor in possession and as
reorganized Debtor, as applicable;
d. prepare on behalf of Debtor, as Debtor in possession all
necessary applications, motions, order, and other legal papers;
e. advise Debtor, regarding matters of bankruptcy law,
including Debtor's rights and remedies with respect to Debtor's
assets and the claims of its creditors;
f. represent Debtor with regard to all contested matters;
g. represent Debtor with regard to the preparation of a
disclosure statement and the negotiation, preparation, and
implementation of a plan of reorganization;
h. analyze any secured, priority, or general unsecured claims
that have been filed in Debtor's bankruptcy case;
i. negotiate with Debtor's secured and unsecured creditors
regarding the amount and payment of their claims;
j. object claims as may be appropriate;
k. perform all other legal services for Debtor as Debtor in
possession as may be necessary, other than adversary proceedings
which would require a further written agreement;
l. advise Debtor with respect to its powers and duties as a
Debtor in possession in the continued operations of its business;
m. provide counseling with respect to the general corporation,
securities, real estate, litigation, environmental, state
regulatory, and other legal matters which may arise during the
pendency of this Chapter 11 case;
n. perform all other legal services that is desirable and
necessary for the efficient and economic administration of this
Chapter 11 case.
The firm will be paid at these rates:
Attorney $425 per hour
Paralegal $60 per hour
Law Clerk $25 per hour
The firm received an initial retainer in the amount of $7,500.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Matthew Abassi, Esq., a partner at Abassi Law Corporation,
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:
Matthew Abassi, Esq.
Abassi Law Corporation
6320 Caniga Ave., Suite 950
Woodland Hills, CA 91367
Telephone: (310) 358-9341
Facsimile: (888) 709-5448
Email: matthew@malawgroup.com
About 770 Woodrow LLC
770 Woodrow LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No.
24-18500) listing up to $50,000 in both assets and liabilities.
Judge Barry Russell presides over the case.
Matthew Abbasi, Esq. at Abbasi Law Corporation represents the
Debtor as counsel.
A PLACE ALL MY OWN: Seeks Chapter 11 Bankruptcy in Colorado
-----------------------------------------------------------
On November 22, 2024, A Place All My Own Healthcare LLC filed
Chapter 11 protection in the District of Colorado. 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.
About A Place All My Own Healthcare LLC
A Place All My Own Healthcare LLC provides medical services to
children and young adults with developmental disabilities.
A Place All My Own Healthcare LLC sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D. Col. 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 Joseph G. Rosania Jr. handles the case.
The Debtor is represented by:
Keri L. Riley, Esq.
KUTNER BRINEN DICKNEY RILEY PC
1660 Lincoln Street, Suite 1720
Denver, CO 80264
Tel: 303-832-2400
Email: klr@kutnerlaw.com
AFFLUENT MANAGEMENT: Hires Joyce W. Lindauer as Counsel
-------------------------------------------------------
Affluent Management Group LLC seeks approval from the U.S.
Bankruptcy Court for the Northern District of Texas to employ Joyce
W. Lindauer, PLLC as bankruptcy counsel to handle the Chapter 11
proceedings.
The firm will be paid at these rates:
Joyce W. Lindauer $595 per hour
Laurance Boyd, Associate Attorney $295 per hour
Dian Gwinnup, Paralegal $250 per hour
The firm received from the Debtor a retainer of $15,000. It will
also be reimbursed for reasonable out-of-pocket expenses incurred.
Joyce W. Lindauer, Esq., a partner at Joyce W. Lindauer, PLLC,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Joyce W. Lindauer, Esq.
Joyce W. Lindauer, PLLC
1412 Main Street, Suite 500
Dallas, TX 75202
Tel: (972) 503-4033
Fax: (972) 503-4034
About Affluent Management Group LLC
Affluent Management Group, LLC is a wholesale beauty supply company
with a growing retail operation located in Dallas, Texas.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Texas Case No. 24-33298) on October
21, 2024, with up to $100,000 in assets and up to $1 million in
liabilities. Devante Sanders, company owner, signed the petition.
Judge Michelle V Larson oversees the case.
Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC,
represents the Debtor as bankruptcy counsel.
ALAMO PREMIUM: Brad Odell of Mullin Named Subchapter V Trustee
--------------------------------------------------------------
The U.S. Trustee for Region 7 appointed Brad Odell, Esq., at Mullin
Hoard & Brown, LLP, as Subchapter V trustee for Alamo Premium
Distillery, Inc.
Mr. Odell will be paid an hourly fee of $350 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Odell declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Brad W. Odell
Mullin Hoard & Brown, LLP
P.O. Box 2585
Lubbock, TX 79408
Direct: 806-712-1238
Office: 806-765-7491
Mobile: 469-449-3690
Email: bodell@mhba.com
About Alamo Premium Distillery
Alamo Premium Distillery, Inc. sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. W.D. Texas Case No. 24-52285)
on November 12, 2024, with up to $50,000 in assets and up to $10
million in liabilities. Noel Burns, president of Alamo Premium
Distillery, signed the petition.
Judge Craig A. Gargotta presides over the case.
Morris E. White, III, Esq., at Villa & White, LLP represents the
Debtor as legal counsel.
ALCHEMY 1: Files Chapter 11 Bankruptcy Protection in North Carolina
-------------------------------------------------------------------
On November 21, 2024, Alchemy 1 LLC filed Chapter 11 protection in
the Western District of North Carolina. According to court filing,
the Debtor reports between $1 million and $10 million in debt owed
to 1 and 49 creditors. The petition states that funds will be
available to unsecured creditors.
A meeting of creditors under Sec. 341(a) to be held on January 8,
2024 at 1:00 PM.
About Alchemy 1 LLC
Alchemy 1 LLC is a Single Asset Real Estate debtor (as defined in
11 U.S.C. Section 101(51B)).
Alchemy 1 LLC sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. W.D.N.C. Case No. 24-31013) on November 21, 2024. In
the petition filed William E. Knight, as president, the Debtor
reports estimated assets and liabilities between $1 million and $10
million each.
Honorable Bankruptcy Judge Ashley Austin Edwards handles the case.
The Debtor is represented by:
Richard S. Wright, Esq.
MOON WRIGHT & HOUSTON, PLLC
212 N. McDowell Street
Suite 200
Charlotte, NC 28204
Tel: 704-944-6560
Fax: 704-944-0380
E-mail: rwright@mwhattorneys.com
ALLAN'S COFFEE: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Allan's Coffee & Tea, Inc.
f/d/b/a Allan's Cafe
d/b/a Allan's Coffee
d/b/a Allan's Coffee & Tea
f/d/b/a Allann Bros Coffee
f/d/b/a Allann Bros Coffee Co.
f/d/b/a Allann Bros Coffee Co Inc.
f/d/b/a Allann Brothers
f/d/b/a Cloud Cap
1852 Fescue St SE
Albany, OR 97322
Case No.: 24-62692
Business Description: The Debtor sells coffee, tea, syrups,
concentrates, cups, and filters.
Chapter 11 Petition Date: December 3, 2024
Court: United States Bankruptcy Court
District of Oregon
Judge: Hon. Thomas M Renn
Debtor's Counsel: Loren S. Scott, Esq.
THE SCOTT LAW GROUP
PO Box 70422
Springfield, OR 97475
Tel: 541-868-8005
Fax: 541-868-8004
Total Assets: $1,246,785
Total Liabilities: $2,767,308
The petition was signed by Robert Morgan as president.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/NSG7JEY/Allans_Coffee__Tea_Inc__orbke-24-62692__0001.0.pdf?mcid=tGE4TAMA
APEX DISASTER: Hires Patrick J. Gros CPA APAC as Accountant
-----------------------------------------------------------
Apex Disaster Specialists Louisiana, LLC seeks approval from the
U.S. Bankruptcy Court for the Western District of Louisiana to
employ Patrick J. Gros CPA APAC as accountant.
The firm will assist the Debtor in preparing its monthly operating
reports and provide general accounting services.
The firm will be paid at these rates:
Partners $275 per hour
Managers $175 per hour
Seniors $140 per hour
Staff $105 per hour
The firm will be paid a retainer in the amount of $5,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Patrick J. Gros, 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:
Patrick J. Gros
Patrick J. Gros CPA APAC
651 River Highlands Blvd.
Covington, LA 70433
Telephone: (985) 898-3512
Email: info@PJGrosCPA.com
About Apex Disaster Specialists Louisiana, LLC
Apex Disaster Specialists Louisiana, LLC was formed on October 1,
2019, and is domiciled in Sulphur, Calcasieu Parish, Louisiana, as
a disaster mitigation company.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. La. Case No. 24-20176) on April 15,
2024, listing under $1 million in both assets and liabilities.
Judge John W. Kolwe oversees the case.
Wade N. Kelly, Esq., is the Debtor's bankruptcy counsel.
ARCHIVE IT!: Unsecureds Will Get 4% of Claims over 60 Months
------------------------------------------------------------
Archive IT! Filed with the U.S. Bankruptcy Court for the Central
District of California a Plan of Reorganization for Small Business
dated November 4, 2024.
The Debtor is an S Corporation. It specialized in digital archiving
by picking up the records from companies, scanning and digitizing
them to help the companies manage their legal record retention.
The Debtor's proposed 5-year projections itemize the Debtor's
revenue source and the expenses for the next 5 years. The Debtor
intends to fund its Plan from the continued operation of its
business. Pre-petition and post-petition, the Debtor has been
working through price increase with its existing clients to offset
the increased labor and operations costs.
The final Plan payment is expected to be paid on January 1, 2030
(estimated).
This Plan of Reorganization proposes to pay creditors of the Debtor
from business operation.
Class 3(a) consists of Convenience Claims and includes claims of
$500 or less. The total amount of claims in Class 3(a) is $953.24.
The holders of allowed Class 3(a) claims will receive a 100%
distribution on their allowed claims in one installment payment on
the effective date. This Class is unimpaired.
Class 3(b) includes the general unsecured claims, other than those
identified in Class 3(a). The total amount o the allowed general
unsecured claims in Class 3(b) is $894,097.62. Based on the
liquidation analysis and the income valuation of the Debtor's
assets, the holders of allowed general unsecured claims in Class
3(b) will receive an estimated 4% pro-rata distribution through the
Plan.
The distribution to allowed general unsecured claims in Class 3(b)
will be made monthly, with the first payment of $596.04 due on the
effective date, followed by 59 consecutive payments, each in the
amount of $596.05 to be paid pro-rata to each holder of allowed
general unsecured claim. This Class is impaired.
The Debtor's proposed 5-year projections itemize the Debtor's
revenue source and the expenses for the next 5 years. The Debtor
intends to fund its Plan from the continued operation of its
business.
A full-text copy of the Plan of Reorganization dated November 4,
2024 is available at https://urlcurt.com/u?l=MXEoVI from
PacerMonitor.com at no charge.
The Debtor's Counsel:
Michael Jay Berger, Esq.
Sofya Davtyan, Esq.
LAW OFFICES OF MICHAEL JAY BERGER
9454 Wilshire Boulevard, 6th Floor
Beverly Hills, CA 90212
Tel: (310) 271-6223
Email: michael.berger@bankruptcypower.com
Sofya.Davtyan@bankruptcypower.com
About Archive IT!
Archive IT! help companies archive their important documents and
get rid of file cabinets and close off-site document storage units,
saving companies significant money while re-gaining office space.
Archive IT also helps companies provide document access to remote
employees via its secure, cloud-based Virtual File Cabinet (VFC)
system.
Archive IT! filed its voluntary petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 24-16240) on
Aug. 5, 2024. In the petition signed by Guy Puckett, president, the
Debtor disclosed up to $100,000 in assets and up to $10 million in
liabilities.
Judge Neil W. Bason oversees the case.
The Law Offices of Michael Jay Berger represents the Debtor as
counsel.
ARTERA SERVICES: Moody's Alters Outlook on 'B3' CFR to Negative
---------------------------------------------------------------
Moody's Ratings affirmed Artera Services, LLC's Corporate Family
Rating at B3, Probability of Default Rating at B3-PD, as well as
the B3 ratings for its backed senior secured first-lien revolving
credit facility, backed senior secured first-lien term loan, and
backed senior secured first-lien notes. Outlook was revised to
negative from stable.
RATINGS RATIONALE
Artera's credit profile is constrained by its elevated leverage and
limited end market diversity. Moody's adjusted leverage as of
September 2024 increased to 8.8x due to soft performance across
both its gas distribution and gas transmission segments, primarily
impacted by utility customers delaying or scaling back capital
spending due to pending rate case decisions by regulators as well
as operating in a higher cost of capital environment. The company
also has not consistently generated free cash flow in recent years,
which has limited its ability to reduce leverage via organic debt
paydown.
Artera's credit profile has improved following the recapitalization
event in early 2024. The business is supported by positive medium
to long term industry fundamentals as gas utilities focus on
replacing aging infrastructure and continue to outsource
engineering and construction services to contract service
providers. The reoccurring maintenance, repair, and upgrade
services for gas distribution networks account for over 85% of
Artera's sales, a significant portion are covered under master
service agreements ("MSAs"), providing some revenue stability.
Artera's limited exposure, at approximately 20%, to projects under
fixed-price contracts mitigates some margin volatility risk. The
rating also reflects Artera's adequate liquidity and takes into
account its debt maturity profile.
Outlook
The negative outlook reflects Moody's expectation that credit
metrics may deteriorate further over the next few quarters before
earnings begin to stabilize later in 2025 as gas utility customers'
capital spending recovers and the company completes its cost
savings initiatives.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Artera's ratings could be upgraded if the company sustains Moody's
adjusted leverage below 5.5x, EBITA / Interest Expense above 1.75x,
and consistently generates positive free cash flow.
Artera's ratings could be downgraded if financial performance
continues to deteriorate, resulting in the company sustaining
Moody's adjusted leverage above 6.5x, EBITA / Interest Expense
below 1.0x, and it consistently generates negative free cash flow.
A material reduction in liquidity could also result in a
downgrade.
Liquidity
Artera has adequate liquidity consisting of $36 million cash on
hand as of September 2024, $184 million of remaining availability
on its $211 million revolver ($27 million outstanding LCs), and
$295 million of remaining availability on its AR securitization
facility ($55 million outstanding LCs). The revolver has a max
first lien leverage ratio covenant of 9.0x, which will be tested
when revolver utilization exceeds the greater of $100 million and
40% of the revolver commitment.
Structural Considerations
Artera's first lien senior secured credit facilities, which include
the revolver due February 2029 and first lien term loan due
February 2031, are rated B3, which is commensurate with the B3
corporate family rating. The company's senior secured notes, which
are on a pari passu basis as the first lien senior secured credit
facilities, are also rated B3. The ratings reflect the
junior-ranking position of the first lien secured credit facilities
and notes with respect to the $350 million securitization facility,
which is secured on a first lien basis by the company's accounts
receivables.
Profile
Headquartered in Atlanta, Georgia, Artera Services, LLC is a
provider of repair, maintenance, replacement, and installation
services to the distribution and small transmission segment of the
gas utility industry. The company operates primarily in the East,
South, Southwest, and Midwest regions of the United States. Its
customers are primarily natural gas utilities and midstream
operators. The company generated revenues of about $2.3 billion for
the last twelve months ending September 2024. Clayton, Dubilier &
Rice ("CD&R") acquired the majority ownership of the company in
2018.
The principal methodology used in these ratings was Construction
published in September 2021.
ASCEND LEARNING: Moody's Affirms 'B3' CFR, Outlook Remains Stable
-----------------------------------------------------------------
Moody's Ratings affirmed Ascend Learning, LLC's ratings, including
the B3 Corporate Family Rating, B3-PD Probability of Default
Rating, the B2 ratings on the company's first lien credit
facilities and the Caa2 rating on the second lien term loan due
2029. The first lien facility consists of a $216.9 million revolver
expiring in 2026 and a $2.005 billion term loan due 2028. The
outlook remains stable.
The rating affirmation reflects Moody's view that Ascend Learning's
good operating performance including growing revenue and earnings
continues to be offset by very high leverage and event risk.
Earnings growth and cash improvements are anticipated in 2025,
driven by strong enrollment trends, more favorable product mix and
bundling opportunities, lower interest costs, and efficient cash
flow management. Leverage nevertheless remains high and Moody's
believe there is event risk related to debt-financed acquisitions
and shareholder distributions.
Within its healthcare segment, revenue growth was 9% in the year to
date period ending September 30, 2024, driven by institutional
nursing customers selecting premium bundled offerings. The fitness
& wellness segment revenue continues to be pressured by secular
industry trends such as adoption of online training and hybrid
fitness models, although the company's initiatives launched late
last year, intended to prioritize a premium consumer are starting
to yield positive results. Lastly, the safety & security segment
continues to see growth driven by better engagement across
education courses as well as workplace safety offerings.
RATINGS RATIONALE
Ascend Learning's B3 CFR reflects the company's high financial
leverage in a seasonal business closely tied to the academic
calendar, intense competition and cyclicality related to enrollment
trends.
The company's debt-to-EBITDA leverage remains very high at 8.5x (on
a Moody's adjusted basis, excluding media development costs) as of
the last 12 months ending September 30, 2024, a level Moody's
consider very high when considering business seasonality and Ascend
Learning's operating profile. The elevated leverage increases
vulnerability to cost pressures that could weaken earnings
including rising wages and increased competition. Moody's
anticipate that Ascend Learning will remain committed to
deleveraging over the next year through earnings growth, and there
is potential for leverage to decline below 7x by 2026. Moody's
nevertheless believe event risk related to debt-financed
acquisitions and shareholder distributions may result in
transactions that keep leverage elevated. The rating also reflects
the company's modest scale as measured by revenue and high
competition in the educational services market, including from
larger companies and open educational resources.
Ascend Learning's credit profile is supported by its
well-established brands, strong market position in the healthcare
test preparation market, relationships with diverse institutional
clients, proprietary content, including subscription-like revenue
streams and broad range of product offerings. The company's
favorable track record of good earnings growth provides an ability
to de-lever rapidly. Ascend Learning's very good liquidity is
supported by a substantial cash balance of $169 million as of
September 30, 2024, and Moody's expectations for annual free cash
flow in the range of $65 to $90 million over the next 2 years, with
Moody's adjusted free cash flow-to-debt approaching a mid-single
digit percentage by 2026.
Moody's view Ascend Learning's governance risk as high given its
aggressive financial policies and concentrated control under
private equity ownership. The aggressive financial policy is
evidenced by three debt-funded shareholder distributions to the
sponsors since the leveraged buyout (LBO) in 2017. The company also
periodically completes balance sheet financed acquisitions though
most of the growth is through internal investment. Ascend
Learning's board of directors consists of representatives from its
sponsors, industry experts and Ascend Learning's CEO. Financial
disclosures are also more limited than for public companies.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The stable outlook reflects Moody's expectations that Ascend
Learning will be able to reduce debt-to-EBITDA leverage below 8x by
2025 through strong earnings growth and maintain very good
liquidity including generating free cash flow in the $65 to $90
million range over the next 12 months. Additionally, the stable
outlook reflects Moody's expectation that the company may
periodically pursue debt-financed acquisitions and shareholder
distributions that will keep leverage elevated.
The ratings could be upgraded if the company delivers sustained
organic revenue and earnings growth, with Moody's adjusted
debt-to-EBITDA leverage sustained below 7x (after deducting media
development costs) and free cash flow-to-debt is sustained above
5%. An upgrade would also require confidence that the company's
financial policies will support credit metrics sustained at the
aforementioned levels.
The ratings could be downgraded if operating performance weakens
through factors such as declining utilization, pricing pressure or
cost increases. EBITA-to-interest expense less than 1.25x, a
deterioration in liquidity, or a decline in free cash flow could
also lead to a downgrade.
The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.
Ascend Learning LLC is a provider of online educational content,
software and analytics focused on the healthcare, fitness &
wellness, and safety & security market segments, as well as other
licensure-driven professions. The company was acquired by private
equity sponsors Blackstone Group and Canada Pension Plan Investment
Board in a leveraged buyout transaction July 2017. For the last 12
months ending September 30, 2024, Ascend Learning generated revenue
of approximately $775 million.
BABY K'TAN: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: Baby K'tan, LLC
3721 SW 47th Ave
Suite 307-308
David, FL 33314
Business Description: The Debtor manufactures and sells ready-to-
wear & soft fabric wrap pet and baby
carrier. The Pet K'tan Pet Carrier is a
patented ready-to-wear soft fabric wrap that
allows the caregiver to wear their pet in
several positions without any complicated
wrapping or buckling. The Baby K'tan Baby
Carrier has a patented double-loop design
that functions as a sling, wrap and baby
carrier, yet there is no wrapping, no
buckling, and no adjusting any rings.
Chapter 11 Petition Date: December 3, 2024
Court: United States Bankruptcy Court
Southern District of Florida
Case No.: 24-22671
Judge: Hon. Peter D. Russin
Debtor's Counsel: Isaac Marcushamer, Esq.
DGIM LAW PLLC
2875 North East 191st Street Suite 705
Aventura, FL 33180
Email: isaac@dgimlaw.com
Estimated Assets: $500,000 to $1 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Michal Chesal as president &
co-founder.
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/ICZJYUQ/Baby_Ktan_LLC__flsbke-24-22671__0002.0.pdf?mcid=tGE4TAMA
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/GGICKMI/Baby_Ktan_LLC__flsbke-24-22671__0001.0.pdf?mcid=tGE4TAMA
BELLTOWN FARMS: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Belltown Farms GF Opco, LLC
10840 S Holstein Ave
Holstein, NE 68950
Business Description: The Debtor is engaged in the business of
oilseed and grain farming.
Chapter 11 Petition Date: December 2, 2024
Court: United States Bankruptcy Court
District of Nebraska
Case No.: 24-41171
Debtor's Counsel: Patrick R. Turner, Esq.
TURNER LEGAL GROUP, LLC
14707 California Street, #1
Omaha, NE 68154
Tel: 402-690-3675
Email: pturner@turnerlegalomaha.com
Estimated Assets: $10 million to $50 million
Estimated Liabilities: $10 million to $50 million
The petition was signed by Peter Tom Hill-Norton as authorized
signatory.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/Z6VCKII/Belltown_Farms_GF_Opco_LLC__nebke-24-41171__0001.0.pdf?mcid=tGE4TAMA
List of Debtor's 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. Acretrader 155, LLC $65,364
26 W Center St
Fl 2
Fayetteville, AR 72701
2. Acretrader 165, LLC $61,698
26 W Center ST
Fl 2
Fayetteville, AR 72701
3. Albert Lea Seed $7,040
1414 W Main St
Albert Lea, MN 56007
4. Chubb $14,967
Po Box 382001
Pittsburgh, PA
15250
5. Cooperative Producers $70,188
265 N Showboat Blvd
Hastings, NE 68901
6. Fairbank Scales, Inc $6,254
6800 West 64th St
Overland Park, KS 66202
7. FitzMark, LLC $17,375
PO Box 010825
Milwaukee, WI
53288
8. Green Cover Seed $77,848
918 Road X
Bladen, NE 68928
9. Holdrege Irrigation $10,021
2011 4th Ave
Holdrege, NE 68949
10. Holstein Farm $1,460,356
12 Willow Grove Ave
Philadelphia, PA 19118
11. Lueking Bros, Inc $36,781
2105 Splading Drive
Holdrege, NE 68949
12. Lueking LTD $39,002
2105 Splading Drive
Holdrege, NE 68949
13. Magarin Farms, LLC $24,367
17865 W Powerline Rd
Holstein, NE 68950
14. Milwright Ag $6,360
Servcies, LLC
PO Box 172
Juanita, NE 68955
15. Rodale Institute $5,856
611 Siegfriedale Rd
Kutztown, PA 19530
16. S&G Commodities $8,866
3555 Farnam St
Suite 404
Omaha, NE 68131
17. Southern Public $6,284
Power District
4550 West Husker Highway
PO Box 1687
Grand Island, NE
68802
18. Square Dirt LLC $36,000
603 S Shore Drive
Hastings, NE 68901
19. Three Generations $39,002
Farms, Ltd.
72056 A Rd
Oxford, NE 68967
20. Titan Machinery, Inc $5,886
PO Box 556
Holdrege, NE 68949
BELT ENTERTAINMENT: Gets Interim OK to Use Cash Collateral
----------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of Missouri
granted Belt Entertainment, LLC authorization to use cash
collateral on an interim basis.
The company was authorized to use the cash collateral according to
its projected budget and make monthly payments of $8,068.35 to
Incredible Bank as adequate protection until its Chapter 11 plan is
confirmed.
Incredible Bank was granted a replacement lien on all post-petition
cash, accounts receivable, and other cash assets to the same extent
as their pre-bankruptcy interest.
About Belt Entertainment
Belt Entertainment, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. W.D. Mo. Case No. 24-50306) on October
24, 2024, with up to $10 million in both assets and liabilities.
Michael White, managing member, signed the petition.
Judge Cynthia A. Norton oversees the case.
Erlene W. Krigel, Esq., at Krigel, Nugent + Moore, P.C., represents
the Debtor as legal counsel.
BEYOND AIR: Reports $14 Million Net Loss in Fiscal Q2
-----------------------------------------------------
Beyond Air, Inc. filed with the U.S. Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net loss
of $14 million on $798,000 of total revenues for the three months
ended September 30, 2024, compared to a net loss of $17.4 million
on $239,000 of total revenues for the three months ended September
30, 2023.
For the six months ended September 30, 2024, the Company reported a
net loss of $27.1 million on $1.5 million of total revenues,
compared to a net loss of $32.5 million on $298,000 of total
revenues for the same period in 2023.
As of September 30, 2024, the Company had $53 million in total
assets, $23.7 million in total liabilities, and $29.3 million in
total equity.
The Company used cash in operating activities of $23.5 million for
the six months ended September 30, 2024, and has accumulated losses
attributable to the stockholders of Beyond Air of $265.3 million.
The Company had cash, cash equivalents and marketable securities of
$28.7 million as of September 30, 2024. Management believes these
factors raise substantial doubt about the Company's ability to meet
its obligations with cash on hand, however, management believes
this doubt is alleviated through plans for increased revenues and
decreased expenditures, many of which have already been
implemented, enabling increased cash flows. The company has
recently signed agreements with TrillaMed (providing access to
Department of Defense and Veterans Affairs hospitals), Healthcare
Links (expanding access to group purchasing organizations and
integrated delivery networks) and Business Asia Consultants
(accelerating global expansion) which will drive increased
revenues. The company has implemented a capital conservation
strategy, reducing our back office footprint, reducing staffing
levels by over 30% across the company, placing our VCAP study on
hold pending future funding and adjusting our production forecasts.
The Company expects an immediate benefit from these actions.
Management is confident that the efforts it has implemented to
increase revenues and decrease expenditures, while not assured,
will enable the Company to meet its obligations.
The Company's future capital needs and the adequacy of its
available funds will depend on many factors, including, but not
necessarily limited to, the success and costs of commercialization
of the Company's approved product and the actual cost and time
necessary for current and anticipated preclinical studies, clinical
trials and other actions needed to obtain certification or
regulatory approval of the Company's product candidates.
On September 27, 2024, Beyond Air entered into a binding term sheet
for a secured loan with certain lenders including its Chief
Executive Officer Steven Lisi and director Robert Carey. The Term
Sheet was approved by each of the Company's independent and
disinterested directors, following the receipt of a recommendation
from an independent investment bank. The Term Sheet provides for
the following expected terms:
(i) principal amount of $11,500,000;
(ii) ten-year term;
(iii) interest of 15% per annum which shall be payable in kind
through July 2026;
(iv) a royalty interest of 8% of the Company's net sales on a
quarterly basis from July 2026 until the facility is repaid in
full; and
(v) the Company shall issue the lenders warrants to purchase
shares of the Company's common stock at an exercise price of
$0.3793 per share, in an aggregate amount equal to the quotient of
the principal divided by the exercise price. The Company finalized
this loan and security agreement on November 1, 2024.
On September 26, 2024, the Company, entered into a securities
purchase agreement with certain institutional and accredited
investors, including certain directors and officers of the Company.
Pursuant to the purchase agreement, the Company sold to the
investors in a private placement offering, an aggregate of
24,999,999 shares of Common Stock", at a purchase price of $0.5043
per Share,
(ii) pre-funded warrants to purchase up to 15,848,712 shares
of common stock at a purchase price of $0.5042 per pre-funded
warrant and
(iii) warrants to purchase up to 40,848,711 shares of common
stock, for aggregate for gross proceeds of $20.6 million (which
includes $2 million from related parties).
Each share and each pre-funded warrant was sold with an
accompanying common warrant to purchase one share of common stock.
The pre-funded warrants have an exercise price of $0.0001 per
share, and the common warrants have an exercise price of $0.3793
per share. Members of the Board of Directors and certain executives
of the Company are considered related parties to this offering. The
offering closed on September 30, 2024. The Company received net
proceeds of $18.9 million after deductions for placement agent
commissions and other offering costs of $1.4 million and $0.3
million, respectively.
In addition, Beyond Air and Avenue Capital Management II, L.P.,
Avenue Venture Opportunities Fund, L.P. and Avenue Venture
Opportunities Fund II, L.P. reached an agreement to extinguish the
Avenue Capital senior secured term loan for a one-time payment of
$17.85 million. This agreement eliminates the debt and interest
payments that would have been made to Avenue Capital from October
1, 2024 through June 30, 2026 of $12.0 million. In connection with
this agreement $5 million was paid on September 27, 2024 in partial
settlement. The Company remeasured the fair value of the derivative
liability to $0 at September 30, 2024 as Avenue Capital did not
exercise the conversion right related to the loan agreement prior
to the extinguishment of the loan agreement and the conversion
price exceeded the fair market value of the underlying securities.
The final $12.85 million was paid on October 4, 2024. Avenue
Capital invested $3.35 million in the securities purchase agreement
II at the same terms and conditions as all other investors. (See
Note 14)
With respect to Beyond Cancer, discussions are underway with
investment banks to raise capital based on their most recent top
line data from the phase 1a, first-in-human trial which was
successful in the first 6 patients with no dose limiting toxicities
at the first dose. A combination study with anti-PD1 therapy is
expected to begin before the end of calendar 2024 if the company is
successful in raising capital.
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/tzc3edkc
About Beyond Air
Headquartered in Garden City, N.Y., Beyond Air, Inc. --
www.beyondair.net -- is a commercial-stage medical device and
biopharmaceutical company developing a platform of nitric oxide
generators and delivery systems (the "LungFit platform") capable of
generating NO from ambient air. The Company's first device, LungFit
PH, received premarket approval from the FDA in June 2022. The NO
generated by the LungFit PH system is indicated to improve
oxygenation and reduce the need for extracorporeal membrane
oxygenation in term and near term (34 weeks gestation) neonates
with hypoxic respiratory failure associated with clinical or
echocardiographic evidence of pulmonary hypertension in conjunction
with ventilatory support and other appropriate agents.
East Hanover, New Jersey-based Marcum LLP, the Company's auditor
since 2019, issued a "going concern" qualification in its report
dated June 24, 2024, citing that the Company has incurred
significant losses and needs to raise additional funds to meet its
obligations and sustain its operations. These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.
Beyond Air reported a net loss of $64.30 million for the year ended
March 31, 2024, compared to a net loss of $59.40 million for the
year ended March 31, 2023.
BIOLASE INC: Committee Taps Dundon Advisers as Financial Advisor
----------------------------------------------------------------
The official committee of unsecured creditors of Biolase, Inc. and
its affiliates seeks approval from the U.S. Bankruptcy Court for
the District of Delaware to employ Dundon Advisers LLC as financial
advisor.
The firm will render these services:
-- assist in the analysis, review, and monitoring of the
restructuring process, including, but not limited to, an assessment
of the unsecured claims pool and potential recoveries for unsecured
creditors;
-- develop a complete understanding of the Debtors' businesses
and their valuations;
-- determine whether there are viable alternative paths for the
disposition of the Debtors' assets from those currently or in the
future proposed by any Debtor;
-- monitor and, to the extent appropriate, assist the Debtors in
efforts to develop and solicit transactions that would support
unsecured creditor recovery;
-- assist the Committee in identifying, valuing, and pursuing
estate causes of action, including, but not limited to, relating to
prepetition transactions, control person liability, and lender
liability;
-- assist the Committee in analyzing, classifying and addressing
claims against the Debtors and in participating effectively in any
effort in the Chapter 11 Cases to estimate (in any formal or
informal sense) contingent, unliquidated, and disputed claims;
-- assist the Committee in identifying, preserving, valuing, and
monetizing tax assets of the Debtors, if any;
-- advise the Committee in negotiations with the Debtors,
certain of the Debtors' lenders, and third parties;
-- assist the Committee in reviewing the Debtors' financial
reports;
-- assist the Committee in reviewing the Debtors' cost/benefit
analysis with respect to the assumption or rejection of various
executory contracts and leases;
-- review and provide analysis of the present and any
subsequently proposed debtor in-possession financing or use of cash
collateral;
-- assist the Committee in evaluating and analyzing avoidance
actions, including fraudulent conveyances and preferential
transfers;
-- assist the Committee in investigating whether any
unencumbered assets exist;
-- review and provide analysis of any proposed disclosure
statement and chapter 11 plan and, if appropriate, assist the
Committee in developing an alternative chapter 11 plan;
-- attend meetings and assist in discussions with the Committee,
the Debtors, the secured lenders, the U.S. Trustee, and other
parties in interest and professionals;
-- present at meetings of the Committee, as well as meetings
with other key stakeholders and parties;
-- perform such other advisory services for the Committee as may
be necessary or proper in these proceedings, subject to the
aforementioned scope and not duplicative of services provided by
other professionals; and
-- provide testimony on behalf of the Committee as and when may
be deemed appropriate.
The firm will be paid at these rates:
Principal $960 per hour
Managing Director & Senior Adviser $850 per hour
Senior Director $755 per hour
Director $700 per hour
Associate Directors $590 per hour
Senior Associate $485 per hour
Associates $350 per hour
In addition, the firm will seek reimbursement for expenses
incurred.
Joshua Nahas, a managing director at Dundon Advisers, 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:
Joshua Nahas
Dundon Advisers LLC
Ten Bank Street, Suite 1100
White Plains, NY 10606
Tel: (914) 341-1188
Fax: (212) 202-4437
Email: jn@dundon.com
About Biolase, Inc.
Biolase, Inc., a company in Foothill Ranch, Calif., and its
affiliates manufacture and market dental laser systems. The
Debtors' proprietary systems allow dentists, periodontists,
endodontists, pediatric dentists, oral surgeons, and other dental
specialists to perform a broad range of minimally invasive dental
procedures, including cosmetic, restorative, and complex surgical
applications.
Biolase and its affiliates filed Chapter 11 petitions (Bankr. D.
Del. Lead Case No. 24-12245) on Oct. 1, 2024. John Beaver,
president and chief executive officer, signed the petitions.
The Debtors reported total assets of $30,641,000 and total
liabilities of $32,767,000 as of June 30, 2024.
Judge Karen B. Owens oversees the cases.
The Debtors tapped Potter Anderson & Corroon, LLP and Pillsbury
Winthrop Shaw Pittman, LLP as legal counsel; SSG Capital Advisors
as investment banker; and B. Riley Financial, Inc. as financial
advisor. Epiq Corporate Restructuring, LLC is the Debtors'
administrative advisor and claims and noticing agent.
BLUM HOLDINGS: Reports $3.7 Million Net Loss in Fiscal Q3
---------------------------------------------------------
Blum Holdings, Inc. filed with the U.S. Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net loss
of $3.7 million on $4.4 million of total revenues for the three
months ended September 30, 2024, compared to a net loss of $3.4
million on $1.5 million of total revenues for the three months
ended September 30, 2023.
For the nine months ended September 30, 2024, the Company reported
a net income of $16.6 million on $9.9 million of total revenues,
compared to a net loss of $6.2 million on $5.7 million of total
revenues for the same period in 2023.
As of September 30, 2024, the Company had $38.7 million in total
assets, $66.2 million in total liabilities, and $27.5 million in
total mezzanine equity and stockholders' deficit.
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/ycxr7uac
About Blum Holdings
Blum Holdings, Inc., headquartered in Santa Ana, California, is a
cannabis company engaged in retail and distribution across
California. The company focuses on providing high-quality medical
and adult-use cannabis products and is known for its Korova brand,
which offers high-potency products in various categories. Blum
Holdings operates several dispensaries, including Blum OC in Orange
County, and locations under The Spot and Blum brands in Santa Ana,
Oakland, and San Leandro.
Costa Mesa, California-based Marcum LLP, the company's auditor
since 2018, issued a "going concern" qualification in its report
dated April 15, 2024. The report indicated a significant working
capital deficiency, substantial losses, and the need for additional
funds to meet obligations and sustain operations, raising
substantial doubt about Blum Holdings' ability to continue as a
going concern.
BRINKER INTERNATIONAL: Moody's Alters Outlook on 'Ba3' CFR to Pos.
------------------------------------------------------------------
Moody's Ratings changed Brinker International, Inc.'s outlook to
positive from stable and upgraded its speculative grade liquidity
rating (SGL) to SGL-1 from SGL-2. In addition, Moody's affirmed
Brinker's ratings, including its Ba3 corporate family rating,
Ba3-PD probability of default rating and B1 backed senior unsecured
notes rating.
The change in outlook to positive reflects Moody's expectation for
continued improvement in Brinker's operating performance and credit
metrics. The company continues to make progress against strategic
initiatives at Chili's that have led to traffic growth
significantly outpacing the overall restaurant industry despite the
ongoing difficult consumer environment. Improved profit margins,
solid positive free cash flow, and debt reduction have all led to
stronger credit metrics. For the latest twelve month period ended
September 25, 2024, Moody's-adjusted debt/EBITDA improved to about
3.2x from 4.4x as of fiscal year ended June 2023, and EBIT/Interest
improved to around 2.5x from around 1.7x.
The upgrade to SGL-1 reflects Brinker's solid free cash flow and
around $525 million of excess availability under its unrated senior
secured $900 million revolving credit facility that expires August
18, 2026, pro forma for the repayment of its $350 million senior
unsecured notes on October 1, 2024. Moody's expect the company to
reduce outstanding revolver borrowings with free cash flow after
working capital and capital expenditures further improving its
debt/EBITDA and EBIT/Interest to approximately 2.7x and 3.0x,
respectively at fiscal year-end June 2025.
RATINGS RATIONALE
Brinker's Ba3 CFR benefits from its high level of brand awareness
of its two brands, Chili's and Maggiano's, its significant scale,
good product pipeline and technology initiatives that are expected
to drive incremental traffic and mitigate cost pressures over the
longer term. Improved operating performance over the latest twelve
month perioded ended September 25, 2024 has led to solid positive
free cash flow, debt reduction, and a significant improvement in
credit metrics. Constraining factors include Brinker's earnings
concentration with Chili's, which requires this core brand to
generate profitable same restaurant sales trends on a consistent
basis. In addition, the ability and willingness of consumers to
maintain or increase their spend on food away from home remains a
concern after a period of high inflation and higher interest rates
have hurt purchasing power. Industry promotional activity also
remains elevated.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
An upgrade of Brinker's ratings would require sustained improvement
in operating performance and credit metrics while maintaining at
least good liquidity, including positive free cash flow, and
balanced financial policies that prioritize debt reduction. Metrics
include adjusted debt-to-EBITDA sustained below 4.0 times and EBIT
coverage of interest sustained above 2.75 times.
Brinker's ratings could be downgraded if operating performance or
liquidity deteriorates or if financial policies become more
aggressive such that Moody's adjusted debt-to-EBITDA is sustained
above 4.75 times or EBIT coverage of interest below 2.0 times.
Brinker owns, operates and franchises the casual dining concepts
Chili's Grill & Bar (Chili's) and Maggiano's Little Italy
(Maggiano's). As of September 25, 2024, Brinker had about 1,170
company-owned restaurants and approximately 455 franchised
restaurants, and revenue of over $4.5 billion.
The principal methodology used in these ratings was Restaurants
published in August 2021.
BRISTOW GROUP: Moody's Ups CFR to Ba3 & Alters Outlook to Stable
----------------------------------------------------------------
Moody's Ratings upgraded Bristow Group Inc.'s Corporate Family
Rating to Ba3 from B1, Probability of Default Rating to Ba3-PD from
B1-PD, senior secured notes rating to Ba3 from B1, and changed the
outlook to stable from positive. Bristow's SGL-2 Speculative Grade
Liquidity (SGL) rating remains unchanged.
"Bristow's upgrade and stable outlook reflects Moody's expectation
of improving scale and credit metrics as the company's ongoing
growth capital spending should yield higher cash flow with enhanced
stability," said Amol Joshi, Moody's Ratings Vice President and
Senior Credit Officer.
RATINGS RATIONALE
Bristow's upgrade to Ba3 CFR with a stable outlook reflects Moody's
expectation of improving credit metrics due to growing revenue and
cash flow from its Offshore Energy Services operations and its
Government Services search and rescue (SAR) business, with the SAR
contracts providing more stability to its cash flow mix. The
company has good liquidity to fund its high near-term capital
spending needs in order to purchase helicopters for its UK and
Irish SAR businesses as well as support a growing offshore energy
services business.
Bristow's Ba3 CFR reflects its global scale, leading market
position in the offshore helicopter services industry, long-term
SAR contracts with the UK, Ireland and Netherlands as well as a
large and modern fleet of 213 aircraft at September 30, 2024.
Bristow is supported by its sticky customer relationships with a
diverse group of oil and gas customers and its track record of
operating profitably through commodity price cycles. The company
has significant presence in key regions throughout the Americas,
UK, Norway, Nigeria and other countries, and meaningful end-market
diversification through its SAR business. The company is
benefitting from increasing demand in its offshore energy business,
while it is reducing cash flow volatility by expanding its stable
SAR business beyond the UK. In addition, Bristow owns about 80% of
its aircraft fleet, which has significant value and provides sound
asset coverage for its debt.
Bristow's SGL-2 Speculative Grade Liquidity Rating reflects good
liquidity. At September 30, 2024, the company had a cash balance of
over $200 million excluding $8.2 million of restricted cash, and an
undrawn $85 million asset-backed revolving credit facility (ABL)
with $8.7 million of outstanding letters of credit. The ABL
facility is subject to a borrowing base and has a first lien on the
ABL collateral including certain accounts receivables. The ABL
facility matures in May 2027 and had slightly less than $60 million
of availability at September 30. The credit facility has a
springing minimum fixed charge coverage ratio covenant of 1x if ABL
availability falls below a certain threshold, which Moody's view as
unlikely to be triggered. The company also has amortizing secured
equipment financings used to fund its growing SAR business. The
company's aircraft fleet should generate sizeable cash flow, which
in combination with balance sheet cash supplemented by additional
borrowings and aircraft leasing should fund its elevated capital
spending needs through 2025. Bristow has routinely sold
unencumbered helicopters, which provides an alternative source of
liquidity.
The company's senior secured notes are rated Ba3, consistent with
the CFR. The secured notes have a first lien on certain helicopters
and related assets, while its equipment financings have certain
other helicopters as collateral and most of its remaining
helicopters are unencumbered. While the ABL revolver has a first
lien on the relatively more liquid ABL collateral, given the
proportionately smaller size of the ABL facility as compared to the
secured debt, the secured notes are rated the same as the CFR.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The rating could be upgraded if Bristow significantly grows scale
while prudently funding its future growth opportunities and
generating consistent free cash flow. Debt to EBITDA falling below
2.5x while maintaining sizeable cash balances will be supportive of
an upgrade.
The rating could be downgraded if Debt to EBITDA is sustained above
3.5x, liquidity considerably weakens or Bristow's financial policy
changes, such as using significant amounts of debt to accelerate
fleet upgrades or shareholder payouts.
Bristow Group Inc., headquartered in Houston, Texas, is a leading
provider of helicopter transportation services to the oil and gas
industry and the search and rescue industry worldwide.
The principal methodology used in these ratings was Oilfield
Services published in January 2023.
BROWN GENERAL: Seeks to Extend Use of Cash Collateral to Feb. 1
---------------------------------------------------------------
Brown General Contractors, LLC asked the U.S. Bankruptcy Court for
the Eastern District of Kentucky, Lexington Division, for authority
to continue using cash collateral until Feb. 1 next year.
The company previously received final order, which approved the use
of cash collateral until Dec. 8 and directed the company to make a
monthly payment of $366 to the U.S. Small Business Administration,
$181.78 to Byzzfunder, $65.53 to Unique Funding Solutions, and
$277.50 to LG Funding.
Brown General Contractors continues to operate and requires use of
its cash collateral to do so. It has prepared a projected budget,
up to and including Feb. 1.
The budget includes payments in the same amounts and terms as those
set forth in the final order.
The company believes both the MCA creditors and the SBA remain
oversecured and adequately protected by the proposed payments and
replacement liens granted by the final order.
About Brown General Contractors
Brown General Contractors, LLC is the owner of real property
located at 255 Coleman Ln, Georgetown, Ky., valued at $959,000.
Brown General Contractors filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. E.D. Ky. Case No.
24-51313) on October 15, 2024, with total assets of $1,879,668 and
total liabilities of $2,628,660. Ryan Brown, a member of Brown
General Contractors, signed the petition.
Judge Douglas L. Lutz oversees the case.
The Debtor is represented by Michael B. Baker, Esq., at The Baker
Firm, PLLC.
CAPELLA HOSPITALITY: Hires Rountree Leitman Klein as Counsel
------------------------------------------------------------
Capella Hospitality, LLC and its affiliates seek approval from the
U.S. Bankruptcy Court for the Northern District of Georgia to
employ Rountree, Leitman, Klein & Geer, LLC as counsel.
The firm's services include:
a. giving the Debtors legal advice with respect to its powers
and duties as Debtor-in-Possession in the management of its
property;
b. preparing on behalf of the Debtors as Debtors-in-Possession
necessary schedules, applications, motions, answers, orders,
reports and other legal matters;
c. assisting in examination of the claims of creditors;
d. assisting with formulation and preparation of the
disclosure statement and plan of reorganization and with the
confirmation and consummation thereof; and
e. performing all other legal services.
The firm will be paid at these rates:
Attorney:
William A. Rountree $595 per hour
Will B. Geer $595 per hour
Michael Bargar $535 per hour
Hal Leitman $425 per hour
William Matthews $425 per hour
David S. Klein $495 per hour
Alexandra Dishun $425 per hour
Elizabeth Childers $395 per hour
Ceci Christy $425 per hour
Caitlyn Powers $375 per hour
Shawn Eisenberg $300 per hour
Paralegals
Tarsha Daniel $225 per hour
Elizabeth Miller $250 per hour
Rebecca Studer $200 per hour
Megan Winokur $175 per hour
Catherine Smith $150 per hour
Law Clerk $175 per hour
On September 6, 2024 and September 30, 2024, the firm received a
pre-petition retainer of $32,500.00 from Capella Hospitality, LLC.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
William A. Rountree, Esq., a partner at Rountree, Leitman, Klein &
Geer, LLC, disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached at:
William A. Rountree, Esq.
Caitlyn Powers, Esq.
Rountree, Leitman, Klein & Geer, LLC
Century I Plaza
2987 Clairmont Road, Suite 350
Atlanta, GA 30329
Telephone: (404) 584-1238
Email: wrountree@rlkglaw.com
About Capella Hospitality, LLC
Capella Hospitality, LLC operates hotels and motels in Alpharetta,
Ga.
Capella Hospitality filed Chapter 11 petition (Bankr. N.D. Ga. Case
No. 24-21224) on September 30, 2024, with $1 million to $10 million
in both assets and liabilities. Edward Fernandez, a member of
Capella Hospitality, signed the petition.
The Debtor is represented by William Rountree, Esq., at Rountree,
Leitman, Klein & Geer, LLC.
CAPSTONE GREEN: Net Loss Narrows to $423K in Fiscal Q2
------------------------------------------------------
Capstone Green Energy Corporation filed with the U.S. Securities
and Exchange Commission its Quarterly Report on Form 10-Q reporting
a net loss of $423,000 on $22.7 million of net revenue for the
three months ended September 30, 2024, compared to a net loss of
$5.9 million on $28.4 million of net revenue for the three months
ended September 30, 2023.
For the six months ended September 30, 2024, the Company reported a
net loss of $4.4 million on $38.4 million of net revenue, compared
to a net loss of $11.6 million on $52.3 million of net revenue for
the same period in 2023.
As of September 30, 2024, the Company had $78.3 million in total
assets, $83.3 million in total liabilities, $13.9 million in
redeemable noncontrolling interests, and $18.9 million in total
stockholders' deficiency.
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/mtewwyk7
About Capstone Green Energy Corporation
Capstone Green Energy Corporation builds microturbine energy
systems and battery storage systems that allow customers to produce
power on-site in parallel with the electric grid or stand-alone
when no utility grid is available. Capstone Green offers
microturbines designed for commercial, oil and gas, and other
industrial applications.
Los Angeles, Calif.-based Marcum LLP, the Company's auditor since
2017, issued a "going concern" qualification in its report dated
September 26, 2024, citing that the Company has a significant
working capital deficiency, has incurred significant operating
losses and needs to raise additional funds to meet its obligations
and sustain its operations. These conditions raise substantial
doubt about the Company's ability to continue as a going concern.
CAREPOINT HEALTH: Seeks to Hire Ordinary Course Professionals
-------------------------------------------------------------
CarePoint Health Systems Inc., doing business as Just Health
Foundation, and its affiliates seek approval from the U.S.
Bankruptcy Court for the District of Delaware to employ to retain
professionals utilized in the ordinary course of business.
These OCPs have provided legal, technical, accounting, consulting,
and/or other related services to the Debtors, upon which they rely
on to manage their day-to-day operations.
The Debtors seek to pay OCPs 100 percent of the fees and expenses
incurred.
The Debtors do not believe that any of the OCPs have an interest
materially adverse to them, their estates, creditors, or other
parties in interest in connection with the matter upon which they
are to be engaged.
The OCPs' include:
-- Clifton Budd and DeMaria, LLP
Legal services
-- Gellert Seitz Busenkell & Brown, LLC
Legal services
-- BDO USA
Audit services
$ 75,000
-- Harter Secrest and Emery LLP
Legal services
-- Santora CPA
Group Tax services
About CarePoint Health
CarePoint Health brings quality, patient-focused health care to
Hudson County. Combining the resources of three area hospitals,
Bayonne Medical Center, Christ Hospital in Jersey City, and Hoboken
University Medical Center, CarePoint Health provides a new approach
to deliver health care that puts the patient front and center.
CarePoint Health leverages a network of top doctors, nurses, and
other medical professionals whose expertise and attentiveness work
together to provide complete coordination of care, from the
doctor's office to the hospital to the home. Patients benefit from
the expertise and capabilities of a broad network of leading
specialists and specialized technology. At CarePoint Health, all
medical professionals emphasize preventive medicine and focus on
educating patients to make healthy life choices. For more
information on its facilities, partners and services, visit
www.carepointhealth.org.
CarePoint Health Systems Inc., doing business as Just Health
Foundation, and its affiliates filed voluntary petitions for relief
under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D.
Del. Lead Case No. 24-12534) on Nov. 3, 2024, with up to $1 million
in assets and up to $50,000 in liabilities.
Judge J. Kate Stickles oversees the cases.
The Debtors tapped Dilworth Paxson LLP as legal counsel, Ankura
Consulting as financial advisor, and Epiq Corporate Restructuring,
LLC as claims and noticing agent and administrative advisor.
CAROLINA CUSTOMIZED: Taps Country Boys Auction as Auctioneer
------------------------------------------------------------
Carolina Customized Interiors LLC seeks approval from the U.S.
Bankruptcy Court for the Eastern District of New York to hire
Country Boys Auction & Realty, Inc., as auctioneer and liquidation
agent.
The firm will assist the Debtor in the public sale and/or
liquidation of certain personal property and equipment owned by the
Debtor.
The firm shall receive the standard auctioneers' commission:
1. Personal Property
a. 20 percent of the first $20,000 of personal property
sold;
b. 10 percent of the next $50,000 of personal property
sold; and
c. 4 percent of the remaining balance of personal property
sold.
2. Real Property
a. 10 percent of the next $25,000 of real property sold;
and
b. 4 percent of the remaining balance of real property
sold.
Michael Gurkins, principal of Country Boys Auction, assured the
court that his firm is a "disinterested person" within the meaning
of 11 U.S.C. 101(14).
The firm can be reached through:
Michael Gurkins
Country Boys Auction & Realty, Inc.
1211 W. Fifth Street
Washington, NC 27889
Phone: (252) 946-6007
Fax: (252) 946-0460
About Carolina Customized Interiors LLC
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.
CATAWBA NATION: S&P Assigns 'B' ICR, Outlook Stable
---------------------------------------------------
S&P Global Ratings assigned its 'B' issuer credit rating to the
Catawba Nation Gaming Authority (CNGA). At the same time, S&P
assigned its 'B' issue-level rating to CNGA's $1.025 billion senior
secured credit facility.
The stable outlook reflects S&P's expectation that CNGA will have
adequate liquidity throughout the construction period and that the
existing, temporary casino will continue to generate sufficient
cash flow to comfortably support fixed charges.
The 'B' issuer credit rating reflects the casino's favorable
competitive environment, strong market demographics, and very
profitable ongoing operations at the temporary casino throughout
construction of the permanent casino. These strengths are partly
offset by risks associated with a construction project, limited
geographic diversity as the operator of a single asset, and
elevated leverage during the permanent casino's construction.
S&P said, "We expect the temporary casino will continue operating
as CNGA builds its permanent casino and that management's gradual
ramp-up approach will mitigate liquidity risks often associated
with greenfield projects. Two Kings Casino currently operates as a
temporary casino with approximately 1,100 slot machines, 14 tables,
and minimal amenities, yet generates substantial EBITDA that can
support debt service and some capital expenditure (capex) during
the permanent casino's construction. CNGA has begun construction on
the introductory casino, which it expects to open in February 2026.
The introductory casino will replace the temporary facility,
increase gaming capacity, and improve quality. The introductory
casino will then continue to operate as a smoking casino when the
permanent casino resort opens in early 2027. We do not expect
existing operations to be disrupted during construction, and the
opening of new facilities will gradually increase gaming capacity
and EBITDA over the next several years.
"In our view, the temporary casino's continuous operations and good
cash flow lower construction risks relative to other casino
development projects. Greenfield construction projects carry
inherent risks including cost overruns and delays, which can strain
a project's liquidity. CNGA's entry into a guaranteed maximum
pricing contract, a funded contingency of 18% of hard costs (which
is in line with other gaming projects), and $330 million of tribal
equity largely mitigate these risks. While CNGA will not have a
funded interest reserve during the construction period, the
temporary casino's current cash flow will be able to comfortably
service the debt during the construction period and reduces the
risks associated with ramping up the new casino development's
operations and cash flow generation. New casinos often face risks
associated with ramping up operations and cash flow in sufficient
time to cover fixed charges, creating significant liquidity risk,
because it is difficult to predict market demand and build a
database. However, the temporary casino is already demonstrating
the depth of the market and Two Kings will be able to further build
on its customer base and develop a deeper understanding of its
customers and the market prior to opening its permanent resort
casino.
"Two Kings Casino operates in a favorable competitive environment,
and we believe the market can absorb additional gaming capacity
from the permanent resort casino." Two Kings operates outside of
Charlotte, North Carolina, and is the closest casino to Charlotte,
which is less than a 40-minute drive. The casino is located
directly off I-85, with easy access from the surrounding area that
boosts a sizeable population base (4.7 million adults in the
greater Charlotte market) and high population growth rates.
Outside of its primary Charlotte market, Two Kings is the only
casino within a 2.5-hour radius. Furthermore, the wider market
beyond greater Charlotte is relatively undersaturated as commercial
gaming in North Carolina, South Carolina, and Georgia is not
permitted. Given the lack of casinos within close geographic
proximity, the large underserved market, and significant
legislative barriers to future commercial entrants, Two Kings
Casino has significant competitive advantages and the opportunity
to grow within the market. CNGA has fully utilized the gaming space
available in the temporary casino and seen strong demand. In
addition, the temporary casino has allowed CNGA to validate the
market demand and build a customer base. The temporary casino
currently has a database of approximately 310,000 members. As the
additional gaming facilities open, we expect that CNGA will be able
to leverage the existing customer database and unmet demand within
the area to drive growth.
CNGA also benefits from a compact that is long-dated and has a
relatively favorable fee structure. This results in a lower
effective gaming tax rate compared to many other casino markets.
S&P said, "CNGA's highly leveraged financial risk profile reflects
our expectation of elevated leverage during construction . We
expect S&P Global Ratings adjusted leverage will increase to the
high-4x area by the end of 2025 and peak in the high-5x area in
2026 as CNGA continues construction of the permanent casino and
fully utilizes its $415 million delayed draw term loan A over that
time. We subtract management fees and priority tribal distributions
from S&P Global Ratings adjusted EBITDA as we view these as
operating expenses. We expect that as the permanent casino opens
and operations ramp up, CNGA will be able to reduce leverage
through incremental EBITDA. In addition, we expect that EBITDA
interest coverage throughout the construction period will remain
above 2.0x."
CNGA operates a single asset, Two Kings Casino, making it
vulnerable to event risk. As a single casino, Two Kings lacks
geographic and revenue diversity. This creates exposure to severe
weather, regional economic conditions, and changes in the
regulatory environment. These risks are somewhat offset by S&P's
expectation that legislative changes to the gaming environment in
North Carolina and surrounding states would take significant time.
S&P said, "The stable outlook reflects our view that CNGA has
adequate funding in place to complete the construction of the
permanent casino. Our outlook also reflects our expectation that
the temporary casino will continue to generate meaningful EBITDA
and cash flow that can support debt service and some capex while
construction on the permanent casino proceeds. We expect S&P Global
Ratings adjusted leverage to peak in the high-5x area in 2026 (an
increase from high-4x in 2025) as CNGA draws on its financing to
fund construction costs. We expect EBITDA interest coverage will
remain above 2x in 2025 and 2026.
"We would consider lowering the rating if construction delays or
other unexpected events lead to a deterioration in liquidity. We
could also lower the rating if operating performance during the
construction of the permanent casino or after opening is weaker
than expected such that S&P Global Ratings adjusted leverage
increased above 6.5x and/or EBITDA interest coverage fell below
2x.
"We are unlikely to raise our rating until the permanent casino
opens and CNGA is able to meet our operating performance
expectation. We would consider a one notch upgrade if we believe
CNGA can sustain leverage under 5x and a ratio of free operating
cash flow to debt above 5%."
CBAK ENERGY: Swings to $685,539 Net Loss in Fiscal Q3
-----------------------------------------------------
CBAK Energy Technology, Inc. filed with the U.S. Securities and
Exchange Commission its Quarterly Report on Form 10-Q reporting a
net loss of $685,539 on $44,628,241 of total revenues for the three
months ended September 30, 2024, compared to a net income of
$5,764,148 on $63,441,109 of total revenues for the three months
ended September 30, 2023.
For the nine months ended September 30, 2024, the Company reported
a net income of $14,910,120 on $151,243,718 of total revenues,
compared to a net income of $620,439 on $148,258,680 of total
revenues for the same period in 2023.
As of September 30, 2024, the Company had $293,477,354 in total
assets, $163,094,240 in total liabilities, and $130,383,114 in
total equity.
Zhiguang Hu, Chief Executive Officer of the Company, commented, "We
are pleased to report a remarkable 18.4% increase in battery sales
revenue during the first nine months of the year, especially given
the intense competition within the industry. Our battery business
has also delivered an impressive gross margin of 34.6% for the same
period, positioning us well ahead of all competitors in the battery
manufacturing sector, including internationally recognized industry
leaders. Despite broader economic challenges, we have successfully
achieved a net income of $21.6 million from our battery operations
for the first three quarters of the year. We are proud to present
this exceptional performance to our shareholders and investors and
remain highly confident in our continued growth for the following
quarters in this and next years."
Jiewei Li, Chief Financial Officer and Secretary of the Board of
the Company, added, "As Mr. Hu highlighted, our financial
performance for the first three quarters has been exceptionally
strong, setting a new benchmark within the industry. While our
Dalian facility has continued to generate consistent profits, we
are particularly pleased to report that our Nanjing facility--just
operating for less than three years with a new battery model--has
become profitable as of Q3. The demand and order volumes at the
Nanjing plant have far surpassed its current capacity, leading to
full-day operations across all production lines. In response to
this robust client demand, we have secured procurement agreements
with our equipment suppliers and are set to expand the production
at our Nanjing Phase II project, adding an additional 2.5 to 3 GWh
of capacity by next year."
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/5bxvfxbm
About CBAK Energy Technology
Liaoning Province, People's Republic of China-based CBAK Energy --
www.cbak.com.cn -- is a manufacturer of new energy high power
lithium and sodium batteries that are mainly used in light electric
vehicles, electric vehicles, energy storage such as residential
energy supply & uninterruptible power supply (UPS) application, and
other high-power applications. The Company's primary product
offering consists of new energy high power lithium and sodium
batteries. In addition, after completing the acquisition of 81.56%
of registered equity interests (representing 75.57% of paid-up
capital) of Hitrans in November 2021, the Company entered the
business of developing and manufacturing NCM precursor and cathode
materials. Hitrans is a leading developer and manufacturer of
ternary precursor and cathode materials in China, whose products
have a wide range of applications on batteries that would be
applied to electric vehicles, electric tools, high-end digital
products, and storage, among others.
In its Quarterly Report for the three months ended September 30,
2024, CBAK reported that it had an accumulated deficit of $118.1
million as of September 30, 2024. The Company had an accumulated
deficit from recurring net losses incurred for the prior years and
significant short-term debt obligations maturing in less than one
year as of September 30, 2024. These factors raise substantial
doubts about the Company's ability to continue as a going concern.
CBAK reported a net loss of $8.54 million for the year ended Dec.
31, 2023, compared to a net loss of $11.33 million for the year
ended Dec. 31, 2022.
CONGRUEX GROUP: S&P Downgrades ICR to 'D' on Debt Restructuring
---------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating and issue-level
ratings on Congruex Group LLC to 'D' (default) from 'CCC'.
S&P plans to raise its issuer credit rating on Congruex as soon as
practical, likely in the coming days, to a level that reflects its
updated view of the company's prospective credit profile following
its debt restructuring. ongoing risk of a selective or conventional
default.
The company initiated debt restructure for its credit agreement.
Lenders did not receive cash interest in the full amount or at the
time as designated under the terms of the original credit agreement
for its interest expense due Oct. 31. On Nov. 6, the company
amended its credit facility to convert a portion of the cash
interest to PIK for the next seven quarters. Under the amended
credit agreement, the company is exempt from quarterly principal
amortization for the next seven quarters and is provided temporary
covenant relief through the second quarter of 2025.
S&P said, "Additionally, we view the company as otherwise
distressed given its diminished liquidity position and ongoing cash
flow deficits. Therefore, we view the transaction as tantamount to
default under our criteria. The company received an equity infusion
of $25 million from its sponsor, Crestview Partners, and other
shareholders at the same time of the amendment.
"We expect to review our issuer credit rating on Congruex in the
coming days. Our review will focus on the forward-looking view of
its creditworthiness, which includes the company's capital
structure, liquidity, and ability to generate cash flows."
Congruex Group LLC is a U.S.-based engineering and construction
(E&C) and maintenance services provider primarily focused on the
broadband market. The company provides Construction services,
Engineering services, and Specialty services. Congruex is privately
held and owned by Crestview Partners.
CONTINENTAL ELECTRIC: Unsecureds Will Get 28.6% of Claims
---------------------------------------------------------
Continental Electric Motors, Inc., submitted a First Modified Small
Business Plan of Reorganization dated November 1, 2024.
The Debtor is a company that has existed since 1921 and is one of
the last remaining independent premier electric motor company
companies that service the water/wastewater, stormwater and
petrochemical industries.
Class Four are holders of Allowed General Unsecured Claims. In
accordance with the Debtor's Cash Flow Analysis (annexed as Exhibit
B to this Plan), following the satisfaction of higher priority
Classes, the Debtor has a projected Disposable Income of
$430,000.00. Commencing on the second anniversary of the Effective
Date of the Plan and following the satisfaction of higher priority
classes, the Debtor shall make annual payments in an amount equal
to the annual projected disposable income of the Debtor.
The Debtor shall distribute the funds to the holders of liquidated,
non-contingent claims as scheduled or filed, subject to timely
objection to the validity or extent of each claim (the "General
Unsecured Claims") on a pro-rata basis commencing in year two after
the Effective Date and annually thereafter during the life of the
Plan. The estimated amount of unsecured claims as scheduled or
filed is approximately $1,499,078.82, subject to objection and
reconciliation as provided under the Plan. This Class will receive
a distribution of 28.6% of their allowed claims.
If the Debtor fails to make any payment called for under this Plan
to the holder of a claim in this class or fails to abide by any
other term of this Plan applicable to the holder of a claim in this
class, then the holder may declare that the Debtor is in default of
the Plan. Failure to declare a default does not constitute a waiver
of the right to declare that the Debtor is in default. If the
holder of a claim in this class declares the Debtor to be in
default of their obligation under the Plan, and the Debtor fails to
cure such default within thirty-days thereof, the holder may motion
for re-opening this bankruptcy case (if closed) and motion for
dismissal, conversion of this case, or if the Plan has not been
substantially consummated, modification of the Plan.
The Plan will be funded from a combination of (i) funds on hand in
the estate at the time of Confirmation; and (ii) future income
generated through sale of the Debtor's services and collection of
amounts due under purchase orders.
There will be no change in post-confirmation management of the
Debtor. Dave Merces shall continue as President of the reorganized
Debtor.
The Debtor's financial projections show that the Debtor will have
an aggregate annual average cash flow, after paying operating
expenses and post-confirmation taxes, of approximately $137,000.00,
substantially all of which is utilized to satisfy allowed claims in
order of priority. The final Plan payment is expected to be paid
five years following the initial payment under the Plan.
A full-text copy of the First Modified Plan dated November 1, 2024
is available at https://urlcurt.com/u?l=XQyfy1 from
PacerMonitor.com at no charge.
Counsel to the Debtor:
Mark J. Politan, Esq.
POLITAN LAW, LLC
88 East Main Street, #502
Mendham, NJ 07945
Tel: 973.768.6072
E-mail: mpolitan@politanlaw.com
About Continental Electric Motors
Continental Electric Motors, Inc., is a manufacturer of industrial
electric motors in Red Bank, N.J.
The Debtor sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D.N.J. Case No. 24-15083) on May 20, 2024, with
$100,000 to $500,000 in assets and $1 million to $10 million in
liabilities. Dave Merces, president, signed the petition.
Judge Christine M. Gravelle oversees the case.
Mark J. Politan, Esq., at Politan Law, LLC, is the Debtor's
bankruptcy counsel.
COSMOS GROUP: Net Loss Narrows to $960,182 in Fiscal Q3
-------------------------------------------------------
Cosmos Group Holdings Inc. filed with the U.S. Securities and
Exchange Commission its Quarterly Report on Form 10-Q reporting a
net loss of $960,182 on $19,218 of net revenue for the three months
ended September 30, 2024, compared to a net loss of $49,773,865
with no reported revenue for the three months ended September 30,
2023.
For the nine months ended September 30, 2024, the Company reported
a net loss of $4,821,794 on $38,403 of net revenue, compared to a
net loss of $64,542,901 on $597,351 of net revenue for the same
period in 2023.
As of September 30, 2024, the Company had $33,320,410 in total
assets, $84,109,621 in total liabilities, and $50,789,211 in total
stockholders' deficit.
Cosmos Group had an accumulated deficit of $210,258,497 at
September 30, 2024. The continuation of the Company as a going
concern in the next 12 months is dependent upon the continued
financial support from its stockholders. Management believes the
Company is currently pursuing additional financing for its
operations. However, there is no assurance that the Company will be
successful in securing sufficient funds to sustain the operations.
These and other factors raise substantial doubt about the Company's
ability to continue as a going concern.
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/mxdv48z
About Cosmos Group
Cosmos Group Holdings Inc. is a Nevada holding company with
operations conducted through its subsidiaries based in Singapore
and Hong Kong. The Company, through its subsidiaries, is engaged in
two business segments: (i) the physical arts and collectibles
business, and (ii) the financing/money lending business.
For the 12 months ending December 31, 2022, the Company reported a
net loss of $104,126,076 compared to a net loss of $25,149,399 for
the same period in 2021.
CQENS TECHNOLOGIES: Reports $5.7 Million Net Loss in Fiscal Q3
--------------------------------------------------------------
CQENS Technologies Inc. filed with the U.S. Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net loss
of $5,709,256 for the three months ended September 30, 2024,
compared to a net loss of $1,012,612 for the three months ended
September 30, 2023.
As of September 30, 2024, the Company had $5,982,668 in total
assets, $1,834,677 in total liabilities, and $4,147,991 in total
stockholders' equity.
Going Concern
For the first nine months ended September 30, 2024, the Company
reported a net loss of $7,600,197 compared to a net loss of
$3,294,441 for the same period in 2023, and net cash used in
operations of $1,767,595 compared to a net loss of $3,294,441 and
net cash used in operations of $1,915,537 for the first nine months
of 2023. At September 30, 2024, it had cash on hand of $3,774,365
and an accumulated deficit of $31,451,841.
CQENS Technologies said, "The report of our independent registered
public accounting firm on our financial statements for the year
ended December 31, 2023, contains an explanatory paragraph
regarding our ability to continue as a going concern based upon our
limited cash and no source of revenues which may not be sufficient
to cover our operating costs. These factors, among others, raise
substantial doubt about our ability to continue as a going concern
and pay our obligations as they become due over the next year."
"We did not generate any revenues from our operations in the first
nine months of 2024 or 2023."
"Our total operating expenses for the three months ended September
30, 2024, increased 465.5% over those reported for the same period
in 2023. This is attributable primarily to an increase of 1015.2%
in professional fees and 50.2% in research and development. The
issuance of our common shares in exchange for services contributed
significantly to the professional fees accounting for 92.0% of the
total. The increase in research and development expenses in the
third quarter is due to the increase in engineering services
related to product prototype configuration and development. General
and administrative expenses in the third quarter of 2024 decreased
6.0% over this same period in 2023."
"For the first nine months of 2024 total operating expenses
increased 131.5% over those reported in the first nine months of
2023. The increase is principally attributable to the common stock
issuance for services realized in the first nine months of 2024
versus 2023. The decrease in general and administrative expenses of
36.1% was partially offset by an increase in research and
development of 23.7%. Professional fees increased 438.5% during the
first nine months of 2024 over the first nine months of 2023."
"We expect that our operating expenses will increase as we continue
to develop our business and we devote additional resources towards
promoting that growth, most notably reflected in anticipated
increases in research and development, general overhead, salaries
for personnel and technical resources, as well as increased costs
associated with our SEC reporting obligations. However, as set
forth elsewhere in this report, our ability to continue to develop
our business and achieve our operational goals is dependent upon
our ability to raise significant additional working capital. As the
availability of this capital is unknown, we are unable to quantify
at this time the expected increases in operating expenses in future
periods."
"As of September 30, 2024, we had $3,774,365 in cash and cash
equivalents and a working capital surplus of $2,151,358 compared to
$350,565 in cash and cash equivalents and a working capital deficit
of $921,732 at December 31, 2023. Our current liabilities increased
$518,489 from December 31, 2023, reflecting a $22,229 increase in
accounts payable, a $105,011 increase in accrued expenses, a
$112,359 increase in our borrowing from a related party, and
$300,000 increase in investor deposits offset by a decrease of
$21,111 in the current portion of our lease liability. Our source
of operating capital in the first nine months of 2024 came from the
cash on hand at the end of 2023; $100,000 in advances from Xten, a
related party; $12,359 from Mei Liu Chong, a related party and
$5,308,000 of proceeds from the sale of our common stock. Our
source of operating capital in the first nine months of 2023 came
from cash on hand at the end of 2022; $900,000 in advances from
Xten, a common control entity; and $1,920,000 of proceeds from the
sale of our common stock."
The ability of the Company to continue as a going concern is
dependent upon the Company obtaining adequate capital to fund
operating losses until it becomes profitable. As the company is not
generating revenues, continued activities and expenditures to bring
product(s) to market as soon as it is able is important. Management
believes the currently available funding will be insufficient to
finance the Company's operations for a year from the date of these
financial statements and to satisfy its obligations as they become
due.
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/3cz3hhw9
About CQENS Technologies Inc.
CQENS Technologies Inc. is a technology company that designs and
develops innovative methods to heat plant-based and/or
medicant-infused formulations to produce aerosols for the efficient
and efficacious inhalation of the plant and medicant constituents
contained therein.
Houston, Texas-based MaloneBailey, LLP, the Company's auditor since
2013, issued a "going concern" qualification in its report dated
April 15, 2024, citing that the Company has suffered recurring
losses from operations and has a net capital deficiency that raises
substantial doubt about its ability to continue as a going concern.
CULLOO ENTERTAINMENT: Hires Gamburg & Benedetto as Counsel
----------------------------------------------------------
Culloo Entertainment, LLC seeks approval from the U.S. Bankruptcy
Court for the Eastern District of Pennsylvania to employ Gamburg &
Benedetto, LLC as counsel.
The firm will provide these services:
a. provide advice and prepare all necessary documents regarding
debt restructuring, bankruptcy, and asset dispositions;
b. take all necessary actions to protect and preserve Debtor's
estate during the pendency of the Chapter 11 case, including
responding to motions filed against the Debtors and objecting to
certain claims filed against the estate;
c. prepare on behalf of Debtors, as debtors-in-possession, all
necessary motions, applications, answers, orders, reports, and
papers in connection with the administration of the Chapter 11
Case;
d. counsel the Debtor with regard to its rights and obligations
as a debtor-in-possession; and
e. appear in Court.
The firm will be paid a flat fee of $30,000 for the legal services
rendered.
Donald Benedetto, Esq., a partner at Gamburg & Benedetto, 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:
Donald Benedetto, Esq.
Gamburg & Benedetto, LLC
1500 JFK Blvd., Ste 1203
Philadelphia, PA 19102
Tel: (215) 567-1486
About Culloo Entertainment, LLC
Culloo Entertainment, LLC sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No.
24-13553) on Oct. 1, 2024, with total assets of $191,243 and total
liabilities of $2,739,544. James De Berardine, manager, signed the
petition.
Judge Ashely M. Chan oversees the case.
The Debtor is represented by Joseph Rutala, Esq., at Rutala Law
Group, PLLC.
CVR ENERGY: S&P Alters Outlook to Negative, Affirm 'B+' ICR
-----------------------------------------------------------
S&P Global Ratings revised the outlook on CVR CHC LP, a wholly
owned subsidiary of CVR Energy Inc. (CVI), to negative from stable.
S&P affirmed the 'B+' issuer credit rating on CVR Energy.
S&P assigned a 'BB' issue-level rating to CVR CHC's senior secured
term loan B. The recovery rating is '1' (95%).
S&P lowered its issue-level rating on the existing senior unsecured
notes to 'B' from 'B+'. The recovery rating is '5' (15%).
The negative outlook on CVI reflects S&P's expectation of elevated
credit metrics over the next 12 months due to weak refining
conditions and the incremental debt issuance.
The company will use CVR CHC's proposed $300 million term loan B to
fund upcoming capital expenditures (capex) in 2025, including the
scheduled turnaround at the Coffeyville refinery. S&P said, "The
issuance will help bolster liquidity over the next year as we
expect reduced operating cash flows due to a reduction in refinery
run time at Coffeyville and potential soft refining conditions.
While the issuance gives CVI some financial flexibility, we view
the additional debt as credit negative from a financial policy
perspective. We view borrowing to fund maintenance capex as credit
negative."
S&P said, "The negative outlook on CVI reflects our expectation of
elevated credit metrics over the next 12 months due to a weak
refining market and an increase in debt to fund maintenance capital
expenditures associated with the turnaround at Coffeyville. We
expect S&P Global Ratings-adjusted debt to EBITDA between 4.5x and
5.0x over the next 12 months."
S&P could lower its ratings on CVI if it expects leverage to remain
above 5.0x in 2025. This could occur if:
-- Refining market conditions remain weak in 2025; or
-- There are delays and cost overruns on the turnaround at
Coffeyville.
S&P could revise its outlook on CVI to stable if:
-- The company uses positive cash flow to repay debt; and
-- S&P expects consolidated leverage to remain below 4x.
DAVID VELASQUEZ REALTY: Case Summary & 16 Unsecured Creditors
-------------------------------------------------------------
Debtor: David Velasquez Realty LLC
d/b/a Key Realty
6601 I-40 West
Suite 100
Amarillo TX 79106
Chapter 11 Petition Date: December 2, 2024
Court: United States Bankruptcy Court
Northern District of Texas
Case No.: 24-20329
Judge: Hon. Robert L Jones
Debtor's Counsel: Joyce W. Lindauer, Esq.
JOYCE W. LINDAUER ATTORNEY, PLLC
1412 Main Street, Suite 500
Dallas TX 75202
Tel: (972) 503-4033
E-mail: joyce@joycelindauer.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by David Velasquez as owner.
A copy of the Debtor's list of 16 unsecured creditors is available
for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/MBMYMWI/David_Velasquez_Realty_LLC__txnbke-24-20329__0002.0.pdf?mcid=tGE4TAMA
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/F27MELI/David_Velasquez_Realty_LLC__txnbke-24-20329__0001.0.pdf?mcid=tGE4TAMA
DCS JANITORIAL: Hires J. Gleason Associates LLC as Accountant
-------------------------------------------------------------
DCS Janitorial, LLC d/b/a Dallas Cleaning Services seeks approval
from the U.S. Bankruptcy Court for the Eastern District of
Pennsylvania to employ J. Gleason Associates, LLC as accountant.
The firm will prepare the Chapter 11 Monthly Operating Reports and
the Debtor's Subchapter V Plan of
Reorganization including the Monthly Disposable Income and Plan
Payment worksheets.
The firm's rates are:
a. $250 per month for preparing the Monthly Operating Reports;
and
b. $175 per hour for preparation and revisions to the Monthly
Disposable Income spreadsheet over 60 months.
Jacqueline Geason, CPA, sole proprietor of J. Gleason Associates,
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:
Jacqueline M. Gleason, CPA
J. Gleason Associates, LLC
928 E High St.
Pottstown, PA 19464
Phone: (610) 347-5004
About DCS Janitorial, LLC
d/b/a Dallas Cleaning Services
DCS Janitorial, LLC a/k/a Dallas Cleaning Services, filed a Chapter
11 bankruptcy petition (Bankr. E.D. Pa. Case No. 24-12012) on June
12, 2024, disclosing under $1 million in both assets and
liabilities. The Debtor is represented by CENTER CITY LAW OFFICES,
LLC.
DT BUILDERS: Files Chapter 11 Bankruptcy Protection in Virginia
---------------------------------------------------------------
On November 25, 2024, DT Builders LLC filed Chapter 11 protection
in the Eastern District of Virginia. 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 DT Builders LLC
DT Builders LLC is a limited liability company.
DT Builders LLC sought relief under Subchapter V of Chapter 11 of
the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 24-72517) on
November 25, 2024. In the petition filed by Laushaun Robinson, as
co-managing member, the Debtor reports estimated assets and
liabilities between $1 million and $10 million each.
The Debtor is represented by:
Jonathan A. Grasso, Esq.
YVS LAW, LLC
185 Admiral Cochrane Drive, Suite 130
Annapolis, MD 21401
Tel: (443) 569-0758
Fax: (410) 571-2798
Email: jgrasso@yvslaw.com
ECHOSTAR CORP: Posts $143.8 Million Net Loss in Fiscal Q3
---------------------------------------------------------
EchoStar Corporation filed with the U.S. Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net loss
of $143.8 million on $3.9 billion of total revenues for the three
months ended September 30, 2024, compared to a net loss of $118.7
million on $4.1 billion 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 $459.6 million on $11.9 billion of total revenues,
compared to a net income of $386.8 million on $12.9 billion of
total revenues for the same period in 2023.
As of September 30, 2024, the Company had $57.5 billion in total
assets, $38 billion in total liabilities, and $19.5 billion in
total stockholders' equity.
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/mrmu7zxu
About EchoStar Corporation
EchoStar Corporation (Nasdaq: SATS) -- www.echostar.com -- is a
provider of technology, networking services, television
entertainment, and connectivity, offering consumer, enterprise,
operator, and government solutions worldwide under its EchoStar,
Boost Mobile, Boost Infinite, Sling TV, DISH TV, Hughes, HughesNet,
HughesON, and JUPITER brands. In Europe, EchoStar operates under
its EchoStar Mobile Limited subsidiary, and in Australia, the
Company operates as EchoStar Global Australia.
* * *
On November 2024, S&P Global Ratings raised its issuer credit
rating (ICR) on EchoStar Corp. to 'CCC+' due to the improved
liquidity position enabled by fresh capital and debt maturity
extensions.
EMERGENT BIOSOLUTIONS: SVP Jessica Perl Holds 6,805 Shares
----------------------------------------------------------
Jessica Perl, Senior Vice President and General Counsel of Emergent
BioSolutions Inc., filed a Form 3 Report with the U.S. Securities
and Exchange Commission, disclosing direct beneficial ownership of
6,805 shares of Common Stock. Additionally, she reported holding
Employee Stock Options for 15,445 shares of Common Stock
exercisable at $12.95 per share, expiring on February 9, 2030, and
18,000 shares of Common Stock exercisable at $2.33 per share,
expiring on March 12, 2031.
* The Employee Stock Option for 15,445 shares was granted on
February 10, 2023, and vests in three equal installments beginning
on the day prior to the anniversary date of the grant.
* The Employee Stock Option for 18,000 shares was granted on
March 13, 2024, and vests in three equal installments beginning on
the day prior to the anniversary date of the grant.
A full-text copy of Ms. Perl's SEC Report is available at:
https://tinyurl.com/pfay2uuw
About Emergent Biosolutions
Headquartered in Gaithersburg, Md., Emergent Biosolutions Inc. is a
global life sciences company focused on providing innovative
preparedness and response solutions addressing accidental,
deliberate, and naturally occurring public health threats. The
Company's solutions include a product portfolio, a product
development portfolio, and a contract development and manufacturing
services portfolio.
Tysons, Virginia-based Ernst & Young LLP, the Company's auditor
since 2004, issued a "going concern" qualification in its report
dated March 8, 2024, citing that the Company does not expect to be
in compliance with debt covenants in future periods without
additional sources of liquidity or future amendments to its Senior
Secured Credit Facilities. The report stated that substantial doubt
exists about the Company's ability to continue as a going concern.
Emergent Biosolutions reported a net loss of $760.5 million for the
year ended Dec. 31, 2023, compared to a net loss of $211.6 million
for the year ended Dec. 31, 2022. As of September 30, 2024,
Emergent Biosolutions had $1.5 billion in total assets, $969.4
million in total liabilities, and $508.4 million in total
stockholders' equity.
ENDRA LIFE: Incurs $2.35 Million Net Loss in Third Quarter
----------------------------------------------------------
ENDRA Life Sciences Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net loss
of $2.35 million for the three months ended Sept. 30, 2024,
compared to a net loss of $3.10 million for the three months ended
Sept. 30, 2023.
For the nine months ended Sept. 30, 2024, the Company reported a
net loss of $7.36 million compared to a net loss of $8.60 million
for the nine months ended Sept. 30, 2023.
As of Sept. 30, 2024, the Company had $8.38 million in total
assets, $1.77 million in total liabilities, and $6.60 million in
total stockholders' equity.
ENDRA Life stated, "The Company has limited commercial experience
and had a cumulative net loss from inception to September 30, 2024
of $99,289,095. The Company had working capital of $4,148,262 as
of September 30, 2024. The Company has not established an ongoing
source of revenue sufficient to cover its operating costs and to
allow it to continue as a going concern and will require additional
financing to fund its future planned operations, including research
and development and commercialization of its products. These
matters raise substantial doubt about the Company's ability to
continue as going concern. The accompanying financial statements
for the nine months ended September 30, 2024 have been prepared
assuming the Company will continue as a going concern, but the
ability of the Company to continue as a going concern is dependent
on the Company obtaining adequate capital to fund operating losses
until it establishes a revenue stream and becomes profitable.
"Management's plans to continue as a going concern include raising
additional capital through sales of equity securities and
borrowing. However, management cannot provide any assurances that
the Company will be successful in accomplishing any of its plans.
If the Company is not able to obtain the necessary additional
financing on a timely basis, the Company will be required to delay,
reduce the scope of, or eliminate one or more of the Company's
research and development activities or commercialization efforts or
perhaps even cease the operation of its business. The ability of
the Company to continue as a going concern is dependent upon its
ability to successfully secure other sources of financing and
attain profitable operations."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1681682/000165495424014771/endra_10qa.htm
About ENDRA Life
Headquartered in Ann Arbor, Mich., ENDRA Life Sciences Inc. --
http://www.endrainc.com-- is the pioneer of Thermo Acoustic
Enhanced UltraSound (TAEUS), a groundbreaking technology that
characterizes tissue similar to an MRI, but at 1/40th the cost and
at the point of patient care. TAEUS is initially focused on the
measurement of fat in the liver as a means to assess and monitor
steatotic liver disease (SLD) and metabolic dysfunction-associated
steatohepatitis (MASH), chronic liver conditions that affect over
two billion people globally, and for which there are no practical
diagnostic tools.
New York, N.Y.-based RBSM LLP, the Company's auditor since 2015,
issued a "going concern" qualification in its report dated March
28, 2024, citing that the Company has suffered recurring losses
from operations, generated negative cash flows from operating
activities, has an accumulated deficit, and has stated that
substantial doubt exists about the Company's ability to continue as
a going concern.
ENDRA LIFE: Regains Compliance with Nasdaq Minimum Bid Price Rule
-----------------------------------------------------------------
ENDRA Life Sciences Inc. announced Nov. 22 that it has regained
compliance with the minimum bid price requirement set forth by The
Nasdaq Stock Market LLC.
On Nov. 21, 2024, the Company received notification from the Nasdaq
Listing Qualifications Department confirming its compliance with
Listing Rule 5550(a)(2), thereby meeting Nasdaq's maintenance
requirements for listing.
"Now that we have regained compliance with Nasdaq's listing
requirements, we can focus all our efforts on making progress on
our new transformational business strategies, which we reviewed
during our August 22nd conference call," said Alex Tokman, acting
chief executive officer of ENDRA.
About ENDRA Life
Headquartered in Ann Arbor, Mich., ENDRA Life Sciences Inc. --
http://www.endrainc.com/-- is the pioneer of Thermo Acoustic
Enhanced UltraSound (TAEUS), a groundbreaking technology that
characterizes tissue similar to an MRI, but at 1/40th the cost and
at the point of patient care. TAEUS is initially focused on the
measurement of fat in the liver as a means to assess and monitor
steatotic liver disease (SLD) and metabolic dysfunction-associated
steatohepatitis (MASH), chronic liver conditions that affect over
two billion people globally, and for which there are no practical
diagnostic tools.
New York, N.Y.-based RBSM LLP, the Company's auditor since 2015,
issued a "going concern" qualification in its report dated March
28, 2024, citing that the Company has suffered recurring losses
from operations, generated negative cash flows from operating
activities, has an accumulated deficit, and has stated that
substantial doubt exists about the Company's ability to continue as
a going concern.
ENERGY FOCUS: Reports $316,000 Net Loss in Fiscal Q3
----------------------------------------------------
Energy Focus, Inc. filed with the U.S. Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net loss
of $316,000 on $1.2 million of net sales for the three months ended
September 30, 2024, compared to a net loss of $944,000 on $1.3
million of net sales for the three months ended September 30, 2023.
For the nine months ended September 30, 2024, the Company reported
a net loss of $1.3 million on $3.6 million of net sales, compared
to a net loss of $3.4 million on $3.3 million of net sales for the
same period in 2023.
As of September 30, 2024, the Company had $6.4 million in total
assets, $3.2 million in total liabilities, and $3.2 million in
total stockholders' equity.
Due to its financial performance as of September 30, 2024 and
December 31, 2023, including net losses of $1.3 million for the
nine months ended September 30, 2024 and $4.3 million for the 12
months ended December 31, 2023, and total cash used in operating
activities of $1.0 million for the nine months ended September 30,
2024 and $2.4 million for the 12 months ended December 31, 2023,
the Company determined that substantial doubt about its ability to
continue as a going concern continues to exist at September 30,
2024.
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/mr43cs8m
About Energy Focus
Solon, Ohio-based Energy Focus -- http://www.energyfocus.com--
engages primarily in the design, development, manufacturing,
marketing, and sale of energy-efficient lighting systems and
controls. The Company develops, markets, and sells high-quality
light-emitting diode ("LED") lighting and controls products in the
commercial market and military maritime market.
Columbus, Ohio-based GBQ Partners, LLC, the Company's auditor since
2019, issued a "going concern" qualification in its report dated
March 22, 2024, citing that the Company has experienced recurring
losses from operations and negative cash flows from operations that
raise substantial doubt about its ability to continue as a going
concern.
ENGLOBAL CORP: Reports $500,000 Net Loss in Fiscal Q3
-----------------------------------------------------
ENGlobal Corporation filed with the U.S. Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net loss
of $500,000 on $5.7 million of operating revenues for the three
months ended September 28, 2024, compared to a net loss of $721,000
on $9.5 of operating revenues for the three months ended September
30, 2023.
For the nine months ended September 28, 2024, the Company reported
a net loss of $3.1 million on $18.4 million of operating revenues,
compared to a net loss of $11.4 million on $32.4 million of
operating revenues for the same period in 2023.
As of September 28, 2024, the Company had $13.2 million in total
assets, $17.7 million in total liabilities, and $4.4 million in
total stockholders' deficit.
"We continue to make sequential improvements in operating
efficiency as our gross margin percentage improved and we reduced
SG&A costs for the third consecutive quarter," said William A.
Coskey, P.E., ENGlobal's Founder, Chairman and Chief Executive
Officer. "We continue to work diligently to grow our book of
business across all segments."
"We continue to work toward strategic opportunities to gain scale
and find partnerships that will provide value for ENGlobal
shareholders," added Coskey. "We believe that the results from the
recent election will provide a path forward to meet our strategic
objectives."
"While we have made significant progress on repositioning ENGlobal,
we still have work to do in the coming weeks and months," concluded
Coskey. "Over the course of the remainder of 2024, our focus is on
further strengthening the financial and operating position of the
company and working hard to execute on strategic opportunities that
add tangible value for our shareholders."
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/3x4rnyym
About ENGlobal
ENGlobal Corporation (NASDAQ: ENG) -- www.englobal.com -- is a
provider of innovative, delivered project solutions primarily to
the energy industry. ENGlobal operates through two reportable
segments: Commercial and Government Services. The Commercial
segment provides engineering, design, fabrication, construction
management, and integration of automated control systems. The
Government Services segment provides engineering, design,
installation, operations, and maintenance of various government,
public sector, and international facilities, specializing in
turnkey automation and instrumentation systems for the U.S. Defense
industry.
Houston, Texas-based Moss Adams LLP, the Company's auditor since
2017, issued a "going concern" qualification in its report dated
March 29, 2024, citing that the Company has suffered recurring
losses from operations and has utilized significant cash in
operations, raising substantial doubt about its ability to continue
as a going concern.
ENGlobal reported a net loss of $15.2 million for the year ended
December 30, 2023, compared to a net loss of $18.5 million for the
year ended December 31, 2022.
ENVERIC BIOSCIENCES: AdvisorShares Trust Holds 4.11% Stake
----------------------------------------------------------
AdvisorShares Trust disclosed in a Schedule 13 filed with the U.S.
Securities and Exchange Commission that as of September 30, 2024,
it beneficially owned 367,047 shares of Enveric Biosciences' Common
Stock, representing 4.11% of the shares outstanding.
AdvisorShares Trust may be reached at:
Stefanie Little – Chief Compliance Officer
4800 Montgomery Lane, Suite 150
Bethesda, Maryland 20814
Tel: (877) 843-3831
A full-text copy of AdvisorShares Trust's SEC Report is available
at:
https://tinyurl.com/3pf58zum
About Enveric Biosciences
Enveric Biosciences (NASDAQ: ENVB) -- www.enveric.com -- is a
biotechnology company dedicated to the development of novel
neuroplastogenic small-molecule therapeutics for the treatment of
depression, anxiety, and addiction disorders. Leveraging its unique
discovery and development platform, Psybrary, Enveric has created a
robust intellectual property portfolio of new chemical entities for
specific mental health indications. Enveric's lead program, EB-003,
is a first-in-class approach to the treatment of
difficult-to-address mental health disorders designed to promote
neuroplasticity without inducing hallucinations in the patient.
Enveric is also developing EB-002, formerly EB-373, a next
generation synthetic prodrug of the active metabolite, psilocin,
being studied as a treatment of psychiatric disorders. Enveric is
headquartered in Naples, FL with offices in Cambridge, MA and
Calgary, AB Canada.
East Hanover, New Jersey-based Marcum LLP, the Company's auditor
since 2021, issued a "going concern" qualification in its report
dated March 25, 2024, citing that the Company has incurred
significant losses and needs to raise additional funds to meet its
obligations and sustain its operations. These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.
For the year ended December 31, 2023, the Company had a loss from
operations of $16.4 million. As of March 31, 2024, the Company had
$8.85 million in total assets, $2.37 million in total current
liabilities, and $6.48 million in total shareholders' equity.
ENVIROSCENT INC: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Enviroscent, Inc.
4600 Roswell Road, Suite D-210
Atlanta, GA 30328
Chapter 11 Petition Date: December 3, 2024
Court: United States Bankruptcy Court
Northern District of Georgia
Case No.: 24-62804
Debtor's Counsel: Cameron M. McCord, Esq.
JONES & WALDEN LLC
699 Piedmont Avenue NE
Atlanta, GA 30308
Tel: 404-564-9300
E-mail: info@joneswalden.com
Estimated Assets: $10 million to $50 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Kevin Coen as CEO.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/NVA3GKI/Enviroscent_Inc__ganbke-24-62804__0001.0.pdf?mcid=tGE4TAMA
List of Debtor's 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. Alterna $554,836
2420 Lakemont Ave
#350
Orlando, FL 32814
2. Amazon.com Services LLC $67,534
PO Box 24170
Seattle, WA
98124-0170
3. American Express $94,687
PO Box 1270
Newark, NJ
07101-1270
4. Calibaja Manufacturing, Inc. $33,948
234 W Main Street
El Centro, CA 92243
5. CRI Carr Riggs & Ingram $7,750
4004 Summit
Boulevard NE
Suite 800
Meridian, GA 31319
6. Dollar General (v) $70,746
P.O. Box 1087
Goodlettsville, TN 37072
7. Flex Personnel $8,172
2828 Forest Lane
Suite 2400
Dallas, TX 75234
8. Future Forwarding Company $466,134
4380 International Pkwy
Suite C
Atlanta, GA 30354
9. Givaudan Fragrances Corporatio $28,260
300 Waterloo Valley Road
Budd Lake, NJ 07828
10. HMI Atlanta VI LLC $10,635
PO Box 35251
Newark, NJ
07193-5251
11. Hong Kong Global $2,159,574
Level 6A, Cheung
Kong Factory
5 Chenung Shun
Street, Lai Chi
Kowloon, Hong Kong
12. K1 Packaging Group $16,375
17989 E. Arenth Avenue
Rowland Heights,
CA 91748
13. Langdale Capital Assets $50,000
2736 James Road
Valdosta, GA 31601
14. LaRue PR LLC $16,000
33 East High St
Somerville, NJ 08876
15. Parker, Hudson, $11,924
Rainer & Dobbs
1500 Marquis Two Tower
285 Peachtree
Center Ave NE
Atlanta, GA 30303
16. PayPal Working Capital $113,479
Attn: Executive Ecalation
PO Box 45950
Omaha, NE
68145-0950
17. Prime Team Agency LLC $13,250
1537 Bonnie Bluff Court
Encinitas, CA 92024
18. Shopify Capital Inc $201,853
100 Shockoe Slip
2nd Floor
Richmond, VA 23219
19. UPS - Delivery Service $21,797
PO Box 650690
Dallas, TX
75265-0690
20. Viably Capital, Inc. $203,067
215 East Chatham Street
Cary, NC 27511
ENVISION ORTHOPEDIC: Plan Exclusivity Extended to March 11, 2025
----------------------------------------------------------------
Judge James R. Sacca of the U.S. Bankruptcy Court for the Northern
District of Georgia extended Envision Orthopedic & Spine, LLC, and
its affiliates' exclusive periods to file a plan of reorganization
and obtain acceptance thereof to March 11, 2025, and May 10, 2025,
respectively.
As shared by Troubled Company Reporter, the Debtors explain that
the companies are involved in multiple lawsuits with unliquidated,
disputed claims that must be resolved prior to filing a Plan of
Reorganization. Such issues will not be resolved prior to the
current deadlines for the Exclusivity Periods in these Cases;
therefore, the Debtors require an extension of such deadlines.
The Debtors assert that the request for an extension will not
unfairly prejudice or pressure the Debtors' creditor constituencies
or grant the Debtors any unfair bargaining leverage. The Debtors
need creditor support to confirm any plan, so the Debtors is in no
position to impose or pressure their creditors to accept unwelcome
plan terms. The Debtors seek an extension of the Exclusivity
Periods to advance the cases, liquidate claims, and continue good
faith negotiations with their stakeholders.
The Debtors further assert that premature termination of the
Exclusivity Periods may engender duplicative expense and litigation
associated with multiple competing plans. Any litigation with
respect to competing plans and resulting administrative expenses
will only decrease recoveries to the Debtors' creditors and
significantly delay, if not undermine entirely, the possibility of
prompt confirmation of a plan of reorganization.
Counsel to the Debtors:
William B. Geer, Esq.
Rountree, Leitman, Klein & Geer, LLC
Century I Plaza
2987 Clairmont Road, Suite 350
Atlanta, GA 30329
Telephone: (404) 584-1238
Email: wgeer@rlkglaw.com
About Envision Orthopedics and Spine
Envision Orthopedics and Spine LLC is a full-service spine and
orthopedic care treatment center serving the Southeast.
Envision Orthopedics and Spine LLC and its affiliates sought relief
under the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 24-20846)
on July 14, 2024. In the petitions signed by James L. Chappuis MD,
CEO, Envision Orthopedics and Spine disclosed up to $50,000 in
assets and up to $10 million in liabilities.
Judge James R. Sacca oversees the cases.
The Debtors tapped William B. Geer, Esq., at Rountree, Leitman,
Klein & Geer, LLC as bankruptcy counsel and Lauren Warner, Esq., at
Chilivis, Grubman, Warner & Berry, LLP as special counsel.
EXACTECH INC: Seeks to Hire Ordinary Course Professionals
---------------------------------------------------------
Exactech, Inc. and its affiliates seek approval from the U.S.
Bankruptcy Court for the District of Delaware to retain
professionals utilized in the ordinary course of business.
These OCPs have provided legal, technical, accounting, consulting,
and/or other related services to the Debtors, upon which they rely
on to manage their day-to-day operations.
The Debtors seek to pay OCPs 100 percent of the fees and expenses
incurred.
The Debtors do not believe that any of the OCPs have an interest
materially adverse to them, their estates, creditors, or other
parties in interest in connection with the matter upon which they
are to be engaged.
The OCPs' include:
Bowman & Brooke
Legal (Tort)
Monthly Fee Cap: $ 5,000
Clayton Utz
Legal (Foreign)
Monthly Fee Cap: $ 75,000
Cuatrecasas
Legal (Foreign)
Monthly Fee Cap: $ 25,000
EisnerAmper
Accounting
Monthly Fee Cap: $ 25,000
Faegre Drinker Biddle & Reath LLP
Legal (Tort)
Monthly Fee Cap: $ 75,000
Greenberg Traurig LLP (IP only)
Legal (Patent)
Monthly Fee Cap: $ 40,000
Hogan Lovells Paris/Int'l
Legal (Foreign)
Monthly Fee Cap: $ 20,000
Hogan Lovells US LLP
Legal (Regulatory)
Monthly Fee Cap: $ 100,000
Hunton Andrews Kurth LLP
Legal (Privacy)
Monthly Fee Cap: $ 50,000
Kim & Chang
Legal (Foreign)
Monthly Fee Cap: $ 20,000
Lightfoot Franklin & White LLC
Legal (Regulatory)
Monthly Fee Cap: $ 20,000
Paul Hastings LLP
Legal (Regulatory)
Monthly Fee Cap: $ 80,000
Pinheiro Neto
Legal (Foreign)
Monthly Fee Cap: $ 15,000
SchulzLaw
Legal (Immigration)
Monthly Fee Cap: $ 5,000
Wotton & Kearney
Legal (Foreign)
Monthly Fee Cap: $ 40,000
About Exactech, Inc.
Exactech Inc. -- https://www.exac.com/ -- is a joint-replacement
implant manufacturer owned by TPG Capital.
Exactech Inc. sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D. Del. Case No. 24-12441) on October 29, 2024. In the
petition filed by Donna H. Edwards, as general counsel and senior
vice president, the Debtor reports estimated assets and liabilities
between $100 million and $500 million each.
Young Conaway Stargatt & Taylor, LLP serves as as co-counsel.
Riveron Management Services, LLC as chief restructuring officer.
Centerview Partners LLC as investment banker. Kroll Restructuring
Administration LLC as administrative advisor.
EXPAND ENERGY: Moody's Rates New Senior Unsecured Notes 'Ba1'
-------------------------------------------------------------
Moody's Ratings assigned a Ba1 rating to Expand Energy
Corporation's (Expand) proposed offering of senior unsecured notes.
Expand's existing ratings, including its Ba1 Corporate Family
Rating, Ba1-PD Probability of Default Rating, existing Ba1 senior
unsecured notes rating, SGL-1 Speculative Grade Liquidity (SGL)
rating and positive outlook are unchanged.
Expand plans to use net proceeds from the proposed notes, together
with balance sheet cash, to fund the redemption of its 2028 notes
and the tender offer to purchase its 2026 notes.
"Expand's notes issuance is opportunistically refinancing existing
debt to extend maturities," commented Amol Joshi, Moody's Ratings
Vice President and Senior Credit Officer.
RATINGS RATIONALE
The Ba1 rating on the proposed senior unsecured notes is consistent
with Expand's existing senior unsecured notes rating. The new notes
will rank equally with its existing notes, and Expand's senior
unsecured notes are rated in line with the company's Ba1 CFR and
its unsecured revolver (unrated).
Expand's Ba1 rating is supported by the significant size and scale
of its exploration and production (E&P) operations with a
diversified asset base in the premier natural gas focused supply
basins in the US. Expand was formerly known as Chesapeake Energy
Corporation (Chesapeake) and recently completed its merger with
Southwestern Energy Company (Southwestern). Expand's leverage
metrics are modestly weaker as a result of the combination relative
to Chesapeake's standalone metrics. However, Moody's view the pro
forma leverage metrics to be sound and supported by a large and
more resilient asset base. The combined company is expected to
achieve meaningful debt reduction through 2025 further enhancing
the credit profile. Expand's management team has stated its
commitment to targeting leverage of less than 1x net debt to
EBITDAX, reflecting its commitment to improve leverage metrics. The
company is also expected to align capital investment with market
conditions to optimize free cash flow generation. While the
combined company will likely continue pursuing sizeable shareholder
returns including dividends and opportunistic share repurchases,
Moody's expect financial strength and flexibility will be
maintained and prioritized.
Expand's positive outlook reflects the company's considerable
scale, and that the company's credit profile should improve due to
post acquisition debt reduction and asset integration benefits
through 2025.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING
Expand's ratings could be upgraded to Baa3 if the company
demonstrates significant progress towards its debt reduction
target, captures anticipated synergies and reduces its finding and
development costs to generate competitive returns on investment
while maintaining its size and scale. For an upgrade, Expand should
consistently demonstrate it can generate a leveraged full-cycle
ratio (LFCR) approaching 2x and retained cash flow (RCF) to debt
exceeding 50% at mid-cycle natural gas prices. Ratings could be
downgraded if the combined company generates meaningful negative
free cash flow, capital efficiency deteriorates, or RCF to debt
falls below 30%. Significant debt-funded acquisitions or
shareholder payouts could pressure the ratings.
Oklahoma City, OK-based Expand Energy Corporation is a large
independent exploration and production company that is primarily
focused on natural gas production from the Marcellus, Utica and
Haynesville shales.
The principal methodology used in this rating was Independent
Exploration and Production published in December 2022.
GAUCHO GROUP: Reports 185% Increase in Wine Sales for 2024
----------------------------------------------------------
Gaucho Group Holdings, Inc. announced on November 7, 2024, a
significant milestone in its wine sales performance. For the year
to date in 2024, the Company's sales have increased by 185%
compared to the same period in 2023, coupled with an impressive 40%
increase in the average sales price per bottle.
This growth in both volume and pricing is the result of strategic
initiatives by the Company's wine brand, Algodon Fine Wines, aimed
at refining its distribution tactics and enhancing brand
positioning within the market. The increased average sales price
reflects the successful enhancement of the perceived value of
Algodon's wine products, driven by quality improvements and premium
branding efforts.
These results mark the infancy stages of a new strategic push in
the Company's ecommerce direct-to-consumer (DTC) channels in
Argentina, and supported by traditional importer, distribution
networks, and retail models in the United States. This phase comes
after substantial investments in production capacity and the
expansion of the Company's winery in San Rafeal, Mendoza,
Argentina. Recent enhancements include new French oak barrels,
additional stainless-steel tanks, and a state-of-the-art bottling
and labeling machine. These upgrades are critical to Algodon's
strategy to manage increased production while maintaining the
high-quality standards for which its wines are known.
Scott Mathis, CEO and Founder of Gaucho Group Holdings, Inc.,
commented on the achievements, stating, "The exceptional growth in
both sales volume and pricing is a testament to our team's hard
work and the strategic direction we have implemented. Our ability
to significantly increase our average sales price while
simultaneously growing sales volume demonstrates the strength of
our brand and the success of our premiumization strategy. We remain
committed to leveraging our core business pillars to further
enhance our operational success and market footprint."
Gaucho Holdings is confident that its ongoing strategic efforts,
combined with the recent operational upgrades to its winery, will
continue to drive growth and improve the Company's overall
valuation.
About Gaucho Group Holdings
Gaucho Group Holdings, Inc. is a Delaware holding company
headquartered in Miami, Fla., which owns certain subsidiaries
including operating companies that own a winery, boutique hotel and
real property in Argentina.
Gaucho filed Chapter 11 petition (Bankr. S.D. Fla. Case No.
24-21852) on November 12, 2024, with $10 million to $50 million in
both assets and liabilities.
Nathan G. Mancuso, Esq., at Mancuso Law, P.A. is the Debtor's legal
counsel.
GILL RANCH: Files Chapter 11 Bankruptcy in California
-----------------------------------------------------
On November 25, 2024, Gill Ranch LLC filed Chapter 11 protection in
the Northern District of California. According to court documents,
the Debtor reports between $10 million and $50 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 30,
2024 at 1:00 PM.
About Gill Ranch LLC
Gill Ranch LLC is a limited liability company.
Gill Ranch LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Cal. Case No. 24-30886) on November
25, 2024. In the petition filed by Andrew De Camara, as chief
restructuring officer, the Debtor reports estimated assets and
liabilities between $10 million and $50 million each.
The Debtor is represented by:
Ori Katz, Esq.
SHEPPARD MULLIN RICHTER & HAMPTON, LLP
Four Embarcadero Center, 17th Floor
San Francisco, CA 94111-4109
Tel: (415) 434-9100
Email: okatz@sheppardmullin.com
GIRARDI & KEESE: Court Denies Tom Girardi's New Trial Bid
---------------------------------------------------------
Rae Ann Varona of Law360 reports that on December 2, 2024, a
California federal judge rejected Tom Girardi's request for a new
trial, upholding the jury's verdict that he misappropriated $15
million in client settlement funds. The judge reaffirmed a previous
ruling that the disbarred attorney had been "exaggerating" symptoms
of mild cognitive impairment.
About Girardi & Keese
Girardi and Keese or Girardi & Keese was a Los Angeles-based law
firm founded in 1965 by lawyers Thomas Girardi and Robert Keese. It
served clients in California in a variety of legal areas. It was
known for representing plaintiffs against major corporations.
An involuntary Chapter 7 petition (Bankr. C.D. Cal. Case No.
20-21022) was filed in December 2020 against GIRARDI KEESE by
alleged creditors Jill O'Callahan, Robert M. Keese, John Abassian,
Erika Saldana, Virginia Antonio, and Kimberly Archie.
The petitioners' attorneys:
Andrew Goodman
Goodman Law Offices, Apc
Tel: 818-802-5044
E-mail: agoodman@andyglaw.com
Elissa D. Miller, a member of the firm SulmeyerKupetz, has been
appointed as Chapter 7 trustee for GIRARDI KEESE. The Chapter 7
trustee can be reached at:
Elissa D. Miller
333 South Grand Ave., Suite 3400
Los Angeles, California 90071-1406
Telephone: (213) 626-2311
Facsimile: (213) 629-4520
E-mail: emiller@sulmeyerlaw.com
An involuntary Chapter 7 petition was also filed against Thomas
Vincent Girardi (Case No. 20-21020) on Dec. 18, 2020. The Chapter 7
trustee can be reached at:
Jason M. Rund
Email: trustee@srlawyers.com
840 Apollo Street, Suite 351
El Segundo, CA 90245
GRAND VALLEY: Hires Richard P. Cook PLLC as Counsel
---------------------------------------------------
Grand Valley MHP, LLC and its affiliates seek approval from the
U.S. Bankruptcy Court for the Eastern District of North Carolina to
employ Richard P. Cook, PLLC as counsel.
The firm will represent and assist Debtors in carrying out its
duties under the provisions of Chapter 11 of the Bankruptcy Code.
The firm will be paid at these rates:
Richard P. Cook $375 per hour
Paralegals $100 per hour
The firm has applied for compensation in the bankruptcy case in the
amount of $11,362.50 and for reimbursement of expenses in the
amount of $702.16, for a total of $12,064.66 for the period of
September 20, 2024 through October 25, 2024.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Richard P. Cook, Esq., a partner at Richard P. Cook, PLLC,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Richard P. Cook, Esq.
Richard P. Cook, PLLC
7036 Wrightsville Ave, Suite 101
Wilmington, NC 28403
Tel: (910) 399-3458
Email: Richard@CapeFearDebtRelief.com
About Grand Valley MHP, LLC
Grand Valley MHP, LLC operates in the mobile home park industry,
managing and providing residential spaces for mobile homeowners.
The company primarily focuses on leasing land and facilities to
individuals or families who own mobile homes, offering essential
services such as land maintenance, utility connections, and
sometimes community amenities.
Grand Valley MHP filed Chapter 11 petition (Bankr. S.D. Fla. Lead
Case No. 24-19715) on September 20, 2024, with $10 million to $50
million in both assets and liabilities. On October 1, 2024, the
case was transferred to the U.S. Bankruptcy Court for the Eastern
District of North Carolina and was assigned a new case number (Case
No. 24-03431).
Judge Pamela W. Mcafee oversees the case.
The Debtor is represented by Bradley S. Shraiberg, Esq., at
Shraiberg Page P.A.
H-FOOD HOLDINGS: Files Chapter 11 Bankruptcy in Texas
-----------------------------------------------------
On November 22, 2024, H-Food Holdings LLC filed Chapter 11
protection in the Southern District of Texas. According to court
filing, the Debtor reports between $1 billion and $10 billion in
debt owed to 25,000 and 50,000 creditors. The petition states funds
will be available to unsecured creditors.
About H-Food Holdings LLC
H-Food Holdings LLC, formerly known as Matterhorn Merger Sub, LLC,
founded in 2009 in Grand Rapids, Michigan, the Debtors are a
contract manufacturer of food products, producing and supplying,
among other things, nutrition bars, frozen packaged foods, meal
kits, snacks, sauces, refrigerated trays, overwrap, custom
packaging solutions, and more to customers. As the largest food
co-manufacturer in North America, the Debtors manufacture some of
the most valued and recognizable brands, and the Debtors' key
customers include many of the leading consumer packaged goods
customers in North America.
H-Food Holdings LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 24-90586) on
November 22, 2024. In the petition filed by Robert M. Caruso, as
chief restructuring officer, the Debtor reports estimated assets
and liabilities between $1 billion and $10 billion each.
Judge: Hon. Alfredo R. Perez
Debtors'
Co-Bankruptcy
Counsel: John F. Higgins, Esq.
M. Shane Johnson, Esq.
Jack M. Eiband, Esq.
PORTER HEDGES LLP
1000 Main St., 36th Floor
Houston, Texas 77002
Tel: (713) 226-6000
Fax: (713) 228-1331
Email: jhiggins@porterhedges.com
sjohnson@porterhedges.com
jeiband@porterhedges.com
Debtors'
General
Bankruptcy
Counsel: Ryan Preston Dahl, Esq.
Matthew M. Roose, Esq.
Natasha S. Hwangpo, Esq.
ROPES & GRAY LLP
1211 Avenue of the Americas
New York, New York 10036
Tel: (212) 596-9000
Fax: (212) 596-9090
E-mail: ryan.dahl@ropesgray.com
matthew.roose@ropesgray.com
natasha.hwangpo@ropesgray.com
- and -
Stephen L. Iacovo, Esq.
ROPES & GRAY LLP
191 North Wacker Drive, 32nd Floor
Chicago, Illinois 60606
Tel: (312) 845-1200
Fax: (312) 845-5500
E-mail: stephen.iacovo@ropesgray.com
Debtors'
Investment
Banker: EVERCORE GROUP LLC
Debtors'
Financial
Advisor: ALVAREZ & MARSAL NORTH AMERICA, LLC
Debtors'
Notice,
Claims,
Solicitation &
Balloting
Agent: KROLL RESTRUCTURING ADMINISTRATION LLC
HEART CARE: Seeks Chapter 7 Bankruptcy in Philadelphia
------------------------------------------------------
John George of Philadelphia Business Journal reports that Heart
Care Consultants filed for Chapter 7 bankruptcy on November 5,
2024, at the U.S. Bankruptcy Court in Philadelphia. The practice,
located at 5600 Chestnut St., specializes in heart care and family
medicine.
According to its Chapter 7 filing, Heart Care Consultants reports
assets of $19,990 and liabilities exceeding $1.4 million.
The practice has no secured creditors listed, with Truist topping
the list of the 12 largest unsecured creditors. The Charlotte-based
bank is owed just over $1 million, including $307,000 for an
equipment loan, as per the bankruptcy documents.
Other unsecured creditors include the U.S. Small Business
Administration, which is owed $150,000 for a loan; Spencer Bank of
Elmwood Park, New Jersey, owed $90,000; and Seqirus, an influenza
vaccine company based in Summit, New Jersey, owned by CSL Ltd.,
owed $80,000.
Heart Care Consultants is or was affiliated with Crozer Health and
Trinity Health Mid-Atlantic, as noted on the health systems'
websites. However, the link to the practice from Trinity Health
Mid-Atlantic is now listed as "no longer available."
John Everett Cook, an attorney representing the medical practice in
its bankruptcy case, declined to comment on the reasons for the
Chapter 7 filing.
A person identifying herself as the office manager of Heart Care
Consultants stated that the practice had no further comment on the
matter. Dr. Haytham A. Albizem is named as the practice leader in
the court filings.
About Heart Care Consultants
Heart Care Consultants is a medical practice that specializes in
heart care and family medicine.
Heart Care Consultants sought relief under Chapter 7 of the U.S.
Bankruptcy Code. In its petition, the Debtor reports reports assets
of $19,990 and liabilities exceeding $1.4 million.
John Everett Cook represents the Debtor.
HOONIGAN INC: Exits Chapter 11 Following Successful Restructuring
-----------------------------------------------------------------
Hari Govind Bloomberg News reports that Hoonigan Inc. has
successfully completed its financial restructuring and emerged from
Chapter 11 after its reorganization plan was confirmed.
As part of the restructuring, Hoonigan reduced its debt by
approximately $1.2 billion and secured a $175 million asset-backed
loan facility.
About Hoonigan Inc.
Hoonigan serves the automotive enthusiast industry with
entertaining content and a wide selection of vehicle enhancements
from its portfolio of lifestyle brands, including Fuel Off-Road,
American Racing, KMC, Morimoto, TeraFlex, Rotiform, and Black
Rhino. Utilizing its expanding global network of distribution
centers spanning North America, Australia, and Europe, Hoonigan
serves over 30,000 retailers. It has a growing e-commerce presence
to provide enthusiast consumers with access to a variety of
aftermarket enhancements including wheels, suspension, lighting,
and accessories. More information is available at
www.hoonigan.com.
Advisors
Kirkland & Ellis LLP and Pachulski Stang Ziehl & Jones LLP are
serving as legal counsel, Houlihan Lokey, Inc. is serving as
investment banker, Alvarez & Marsal is serving as financial
advisor, and C Street Advisory Group is serving as strategic
communications advisor to the Company.
HORIZON BANCORP: Continues to Defend Key Class Suit in N.Y.
-----------------------------------------------------------
Horizon Bancorp Inc. disclosed in its Form 10-Q Report for the
quarterly period ending September 30, 2024 filed with the
Securities and Exchange Commission on November 12, 2024, that
Company continues to defend itself from the Key class suit in the
United States District Court for the Eastern District of New York.
As of April 20, 2023, a putative class action lawsuit entitled Chad
Key, et al. v. Horizon Bancorp, Inc., et al., Case No.
1:23-cv-02961 ("Securities Action") was filed against the Company
and two of its officers in the U.S. District Court for the Eastern
District of New York.
The Securities Action asserts claims under §§ 10(b) and 20(a) of
the Securities Exchange Act of 1934 alleging, among other things,
the Company made materially false and misleading statements and
failed to disclose material adverse facts which allegedly resulted
in harm to a putative class of purchasers of our securities from
March 9, 2022 and March 10, 2023.
Based on the Company's initial review of the class action,
management believes that the Company has strong defenses to the
claims and intends to vigorously defend against it.
Horizon -- https://www.horizonbank.com/ -- is a community bank
serving Northern and Central Indiana and Southwest Michigan.[BN]
HUB CITY: Melissa Haselden Named Subchapter V Trustee
-----------------------------------------------------
The U.S. Trustee for Region 7 appointed Melissa Haselden, Esq., at
Haselden Farrow, PLLC as Subchapter V trustee for Hub City Home
Health, Inc.
Ms. Haselden will be paid an hourly fee of $550 for her services as
Subchapter V trustee and will be reimbursed for work-related
incurred.
Ms. Haselden declared that she is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Melissa A. Haselden, Esq.
Haselden Farrow, PLLC
700 Milam, Suite 1300
Pennzoil Place
Houston, TX 77002
Telephone: (832) 819-1149
Facsimile: (866) 405-6038
Email: mhaselden@haseldenfarrow.com
About Hub City Home Health
Hub City Home Health, Inc. sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 24-10191) on
November 9, 2024, with $500,001 to $1 million in assets and
liabilities.
Shelby A. Jordan, Esq., at Jordan & Ortiz, PC represents the Debtor
as legal counsel.
HURSTVIEW DRIVE: Voluntary Chapter 11 Case Summary
--------------------------------------------------
Debtor: Hurstview Drive, LLC
4117 Boca Bay Drive
Dallas, TX 75244
Business Description: The Debtor is engaged in activities related
to real estate.
Chapter 11 Petition Date: December 2, 2024
Court: United States Bankruptcy court
Northern District of Texas
Case No.: 24-33933
Debtor's Counsel: Robert Buchholz, Esq.
THE LAW OFFICE OF ROBERT W. BUCHHOLZ, P.C.
5220 Spring Valley Road, Suite 618
Dallas, TX 75254
Tel: (214) 754-5500
E-mail: BOB@ATTORNEYBOB.COM
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Daniel C. Blackburn as president.
The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/YNEF3RA/Hurstview_Drive_LLC__txnbke-24-33933__0001.0.pdf?mcid=tGE4TAMA
ICEY-TEK USA: Hires Justin Szerletich as Marketing Professional
---------------------------------------------------------------
Icey-Tek USA LLC seeks approval from the U.S. Bankruptcy Court for
the Western District of Tennessee to employ Justin Szerletich as
its marketing professional.
Mr. Szerletich will provide a comprehensive review and enhancement
of the Debtor's digital marketing, tech stack, affiliate management
and operational efficiency.
Mr. Szerletich will be paid $5,000 per month.
As disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Justin Szerletich
4971 Cimarron Way
San Diego, CA 92154
Tel: (760) 696-8271
Email: justinszerletich@gmail.com
About Icey-Tek USA LLC
Icey-Tek USA, LLC, a company in Dresden, Tenn., sought relief under
Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D.
Tenn. Case No. 24-11470) on November 2, 2024, with $500,000 to $1
million in assets and $1 million to $10 million in liabilities.
Patrick Mudge, president of Icey-Tek USA, signed the petition.
Judge Jimmy L. Croom handles the case.
The Debtor is represented by Steven N. Douglass, Esq., at Harris
Shelton, PLLC.
ICON COLLECTIVE: Court OKs Use of Cash Collateral Until Feb. 28
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California,
Los Angeles Division granted Icon Collective, LLC authorization to
use cash collateral until Feb. 28 next year.
The interim order signed by Judge Deborah Saltzman approved the use
of cash collateral to pay the company's expenses according to a
budget approved by the court or the U.S. Small Business
Administration.
The company can exceed the budget by up to 15% in total expenses,
with individual categories allowed to exceed by up to 20%.
The SBA was granted a replacement lien on post-petition revenues
and a superpriority claim for any loss in the value of its
pre-bankruptcy collateral. In addition, the agency will receive a
monthly payment of $984.
About Icon Collective
Icon Collective, LLC is a music production school in Los Angeles,
Calif.
Icon Collective sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Calif. Case No. 24-16266) on August 6,
2024. David Alexander Valencia, manager, signed the petition.
The Debtor reported total assets of $9,378,313 and total
liabilities of $11,461,435 as of August 2, 2024.
Judge Deborah J. Saltzman oversees the case.
David B. Shemano, Esq., at ShemanoLaw is the Debtor's bankruptcy
counsel.
IMAGINE LEARNING: Moody's Affirms 'B2' CFR, Outlook Stable
----------------------------------------------------------
Moody's Ratings affirmed the B2 Corporate Family Rating and the
B2-PD Probability of Default Rating of Imagine Learning LLC, as
well as the B2 rating of the senior secured first lien credit
facility. The credit facility consists of a $125 million senior
secured revolver expiring in February 2029 and a $921.5 million
senior secured term loan due December 2029. The outlook is stable.
The affirmation of the B2 CFR reflects Moody's expectations that
Imagine Learning's operating performance and free cash flow will
improve over the next 12 months through modest revenue growth,
lower interest costs and more prudent cash flow management such
that the company will delever to low 4x from 4.4x as of September
30, 2024. Leverage is 4.8x after deducting content development
costs. Most recent acquisitions of EarlyBird Dyslexia and CueThink
were funded with cash on hand and will help Imagine Learning fill
product gaps within its portfolio. Moody's project annual EBITDA
will grow in the low single-digits in 2025, which will drive
gradual deleveraging. Moody's also expect the company to maintain
good liquidity over the next 12 months with an estimated cash
balance of $180 million, an undrawn revolver of $125 million,
expectation that the company will generate free cash flow of around
$40 million, as well as no near-term refinancing needs until
December of 2029.
RATINGS RATIONALE
Imagine Learning's B2 CFR reflects its moderately high leverage in
a seasonal business tied to the academic calendar, with Moody's
adjusted debt-to-EBITDA of 4.4x as of the LTM period ending
September 30, 2024 (leverage is 4.8x excluding content development
costs. Moody's adjusted EBITDA does not include change in deferred
revenue). Moody's expect leverage to decline modestly to low 4x
over the next year through earnings growth. The rating further
considers the company's modest revenue scale and the fragmented,
competitive landscape of its market. To stay competitive, Imagine
Learning must persistently invest in content and software platform
development. Recent years have seen a significant uptick in capital
expenditures, which led to weaker free cash flow generation.
Additionally, an aggressive financial policy remains a key credit
risk, including a history of debt-funded shareholder distribution
in December 2020 as well as a history of debt-funded tuck-in
acquisitions.
Imagine Learning's rating is supported by its well-recognized
brands, and established position as a provider of digital and print
curriculum, intervention and supplemental learning tools for the
K-12 market. In addition, the rating benefits from longer term
favorable industry fundamentals with school districts adopting
digital education tools. Good liquidity with no near-term
refinancing needs also support the rating.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The stable outlook reflects Moody's expectation that Imagine
Learning's debt-to-EBITDA leverage will decline very modestly to
the low 4x over the next year. The stable outlook also reflects
Moody's expectation that the company will maintain good liquidity
over the next year and generate modest positive free cash flow.
The ratings could be upgraded if Imagine Learning delivers
sustained revenue and earnings growth, with Moody's adjusted
debt-to-EBITDA sustained below 4.5x (after deducting content
development costs) and free cash flow as a percentage of debt
sustained in the high single-digit percentage.
The ratings could be downgraded if there is deterioration in
operating performance or if the company does not maintain
sufficient investment levels to sustain competitive product
offerings and the revenue base. EBITA-to-interest expense less than
1.5x or weakening of liquidity including weak free cash flow
generation could also prompt a downgrade.
The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.
Imagine Learning LLC, headquartered in Tempe, Arizona, is a
provider of digital-first educational curriculum and services
primarily to K-12 schools in the United States. The company was
acquired by Silver Lake Partners in a February 2018 leveraged
buyout with a subsequent equity purchase by Onex Partners. The
company generated revenue of roughly $690 million for the trailing
twelve months ended September 30, 2024.
INDEPENDENCE CONTRACT: Case Summary & 30 Top Unsecured Creditors
----------------------------------------------------------------
Two affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
Independence Contract Drilling, Inc. (Lead Case) 24-90612
20475 SH 249
Suite 300
Houston TX 77070
Sidewinder Drilling LLC 24-90613
20475 SH 249
Suite 300
Houston TX 77070
Business Description: The Debtors provide land-based contract
drilling services for a broad array of oil
and natural gas producers in the United
States. The Debtors utilize their
specialized drilling rig fleet, including
super-spec, AC-powered rigs, to support
exploration by targeting unconventional
oil and natural gas resources in geographic
regions that can be leveraged by the
Debtors' primary Houston, Texas, Midland,
Texas, Odessa, Texas and Coushatta,
Louisiana facilities. The Debtors'
customers include major and independent oil
and natural gas companies, both publicly
traded and privately held. The Debtors'
drilling services offer cost-effective
drilling models that assist customers by
increasing flexibility of field development,
maximizing production capacity and
installing unconventional wells through
horizontal drilling systems.
Chapter 11 Petition Date: December 2, 2024
Court: United States Bankruptcy Court
Southern District of Texas
Judge: Hon. Alfredo R Perez
Debtors'
Lecal Counsel: Duston McFaul, Esq.
Maegan Quejada, Esq.
SIDLEY AUSTIN LLP
1000 Louisiana Street, Suite 5900
Houston, Texas 77002
Tel: (713) 495-4500
Fax: (713) 495-7799
Email: dmcfaul@sidley.com
mquejada@sidley.com
- and -
Michael Sabino, Esq.
787 Seventh Avenue
New York, New York 10019
Tel: (212) 839-5300
Fax: (212) 839-5599
Email: msabino@sidley.com
Debtors'
Financial &
Restructuring
Advisor: RIVERON CONSULTING, LLC
Debtors'
Investment
Banker: PIPER SANDLER & CO.
Debtors'
Claims &
Noticing
Agent: KROLL RESTRUCTURING ADMINISTRATION LLC
Total Assets as of Sept. 30, 2024: $356,854,000
Total Debts as of Sept. 30, 2024: $216,785,000
The petitions were signed by J. Anthony Gallegos, Jr., as president
and chief executive officer.
Full-text copies of the petitions are available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/22ELDTY/Independence_Contract_Drilling__txsbke-24-90612__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/34XYCOY/Sidewinder_Drilling_LLC__txsbke-24-90613__0001.0.pdf?mcid=tGE4TAMA
Consolidated List of Debtors' 30 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. Texas Steel Conversion Inc. Trade Payable $978,232
3101 Holmes Rd
Houston, TX 77051
ATTN: Harry Thomas
PHONE: 713‐733‐6013
EMAIL: HTHOMAS@TEXASSTEELCONVERSION.COM
2. Red Stone Operations Inc. Trade Payable $926,107
(Trucking)
PO Box 13237
Odessa, TX 79768
Red Stone Operations Inc (Trucking)
3962 S. Dixie Blvd
Odessa, TX 79766
ATTN: Norma Gomez ‐ AR REMIT
PHONE: 432‐332‐0010
EMAIL: NORMAG@REDSTONEOPERATIONS.COM
3. Noahs Service & Supply LLC Trade Payable $353,118
1092 Marvin A Smith Ind Dr
Kilgore, TX 75662
TTN: AR Remit
PHONE: 903‐218‐6888
EMAIL: BRANDON@NOAHSS.COM
4. Deepwell Energy Trade Payable $251,325
Services LLC (Trucking)
PO Box 31
Waynesboro, MS 39367
Deepwell Energy Services LLC (Trucking)
4025 Highway 35 North
Coumbia, MS 39429
ATTN: AR Remit
PHONE: 601‐522‐2300
EMAIL: PAYMENTS@DWSERVICES.COM
5. Wellbore Integrity Solutions LLC Trade Payable $250,466
251 Little Falls Dr
Wilmington, DE 19808
ATTN: AR REMIT
PHONE: 281‐975‐2500
EMAIL: AR‐NAM@WELLBOREINTEGRITY.COM
6. Bradys Welding & Trade Payable $235,000
Machine Shop Inc (Trucking)
11991 Hwy 76
PO Box 788
Healdton, OK 73438
ATTN: AR Remit
PHONE: 580‐229‐1168
EMAIL: PAYMENTS@BRADYWELDING.COM
7. Agility Equipment Services LLC Trade Payable $231,673
DBA Agility Rentals
8294 US Hwy 87 N
San Angelo, TX 76901
TTN: AR REMIT
PHONE: 325‐710‐6727
EMAIL: FUNDING@TXPCAPITAL.COM
8. Oilfield Industrial Supply LLC Trade Payable $227,177
PO Box 7867
Shreveport, LA 71137
Oilfield Industrial Supply LLC
1248 North Market Street
Shreveport, LA 71107
ATTN: Jackie Cline ‐ AR REMIT
PHONE: 318‐222‐9276
EMAIL: JACKIE@O‐I‐S.COM
9. Peregrine Additives & Lubes LLC Trade Payable $200,763
6318 Union Ave
Shreveport, LA 71106
ATTN: AR REMIT
PHONE: 318‐222‐2224
EMAIL: PHYLLIS@PALUBE.COM
10. Schlumberger Rig Trade Payable $166,687
Technology Inc. (Rentals)
6650 Bingle Rd
Houston, TX 77092
ATTN: AR REMIT
PHONE: 713‐513‐2000
EMAIL: RPCACCTSRECEIVABLE@SLB.COM
11. Louisiana Electric Resource & Trade Payable $161,963
Supply LLC
16405 Air Center Blvd
Ste 400
Houston, TX 77032
ATTN: AR REMIT
EMAIL: ACCOUNTING@LERS.COM
12. Wildcat Oil Tools LLC Trade Payable $141,134
PO Box 50592
Midland, TX 79701
Wildcat Oil Tools LLC
706 N. Colorado St.
Midland, TX 79701
ATTN: Adilene M Cordero ‐ AR REMIT /
Controller
EMAIL: ADILENE@WILDCATOILTOOLS.COM
13. Optimal Integration LLC Trade Payable $139,610
PO Box 498
Tomball, TX 77377
Optimal Integration LLC
528 Flatbush Ave #7
Brooklyn, NY 11225
ATTN: AR REMIT
PHONE: 315‐250‐8335
EMAIL: AR@OPTIMALUSA.COM
14. J & W Services and Trade Payable $126,459
Equipment Co Inc.
3510 East State Hwy 158
PO Box 11021
Midland, TX 79706
ATTN: Kaci Carter ‐ AR REMIT
PHONE: 432‐687‐0515
EMAIL: KACI@JWWELLHEADS.COM
15. No Limit Welding & Services LLC Trade Payable $118,925
4950 N Cypress Ave
Odessa, TX 79764
ATTN: Noe Hernandez ‐ AR REMIT
PHONE: 209‐484‐3323
EMAIL: NOE.HERNANDEZ@NOLIMITSERVICESLLC.COM
16. Nabors Drilling Technologies Trade Payable $106,306
USA Inc. DBA (Rentals)
515 W Greens Rd
Ste 1000
Houston, TX 77067
ATTN: AR REMIT
PHONE: 281‐874‐0035
EMAIL: AR.CREDIT@NABORS.COM
17. Wayne Enterprises Inc. Trade Payable $100,436
14300 Hollister
Ste 100
Houston, TX 77066
ATTN: AR REMIT
PHONE: 713.896.0300
EMAIL: AR@WAYNE‐ENT.COM
18. Forum US Inc. Trade Payable $95,255
DBA Forum Energy Technologies
10344 Sam Houston Park Dr.
Ste 300
Houston, TX 77064
ATTN: AR REMIT
PHONE: 1 713 351 7900
EMAIL: TSC.CASHAPPS@F‐E‐T.COM
19. Tauro Welding Service LLC Trade Payable $77,388
(Welding & Hotshot)
9209 CR 393
Jewett, TX 75846
ATTN: Alex Mendez (Owner) ‐ AR REMIT
EMAIL: ATWS.9209@GMAIL.COM
20. Horizon Cable Service Inc. Trade Payable $75,667
PO Box 270895
Oklahoma City, OK 73137
Horizon Cable Service Inc.
45 North Cooley Drive
Oklahoma City, OK 73127
ATTN: Kathy Golden ‐ AR REMIT
PHONE: 405‐789‐7125
EMAIL: CORP@HORIZONCABLEINC.COM
21. The Rand Group LLC Trade Payable $72,857
6575 W Loop South
Ste 700
Bellaire, TX 77401
ATTN: AR REMIT
PHONE: (866) 714‐8422
EMAIL: AR@RANDGROUP.COM
22. KTML Contractors LLC Trade Payable $68,798
1576 Terrell Rd
Pleasant Hill, LA 71065
ATTN: Cindy Bissell ‐ AR REMIT
PHONE: (318) 796‐3154
EMAIL: CBISSELL@KTMLCONTRACTORS.NET
23. Aaron White Trade Payable $67,638
DBA A W Viper Tech Services LLC
6456 North Hall Ave
Odessa, TX 79764
ATTN: Aaron White ‐ Owner
EMAIL: VIPERDUDE61@HOTMAIL.COM
24. Joliet Electric Motors LLC Trade Payable $67,115
1 Doris Ave
Joliet, IL 60433
ATTN: Char Christensen ‐ AR REMIT
PHONE: 800‐435‐9350
EMAIL: CCHRISTENSEN@JOLIETELECTRICMOTORS.COM
25. Christopher James Groves Trade Payable $65,424
DBA Groves INT RIG Repair
PO Box 8338
Midland, TX 79705
Christopher James Groves
DBA Groves INT Rig Repair
8518 N CR W
Odessa, TX 79764
ATTN: Chris Groves ‐ AR REMIT
EMAIL: DIAMONDBACKEQPT@GMAIL.COM
26. Hi‐Tech Tubular Services LLC Trade Payable
$62,708
PO Box 10535
New Iberia, LA 70562
Hi‐Tech Tubular Service LLC
1608 Highway 90 East
New Iberia, LA 70560
ATTN: Traci Broussard ‐ AR REMIT
PHONE: 337‐369‐7358
EMAIL: TRACI@HTTS.TECH
27. Rexel USA Inc. Trade Payable $61,891
14951 Dallas Pkwy
Dallas, TX 75254
ATTN: AR REMIT
PHONE: (888) 739‐3577
EMAIL: CASHAR@REXELUSA.COM
28. Axon Pressure Products Trade Payable $58,000
Dba Axon Energy Services
12606 North Houston Rosslyn Rd
Houston, TX 77086
ATTN: AR REMIT
PHONE: 713.581.2515
EMAIL: SARAHGURBUZ@AXON‐ES.COM
29. Raul Corralez Trade Payable $54,469
DBA Double R Welding (Welder)
13220 S Quartz
Odessa, TX 79766
ATTN: AR REMIT
EMAIL: FUNDING@MYSBCAPITAL.COM
30. GDS International LLC Trade Payable $51,308
9841 Windmill Park Lane
Houston, TX 77064
ATTN: AR REMIT
EMAIL: ARINVOICING@PREMIUMOILFIELD.COM
INSEEGO CORP: Restructures $147 Million in Convertible Notes
------------------------------------------------------------
Inseego Corp. announced that it has completed its initiative to
overhaul the Company's capital structure to reduce total debt and
restructure its outstanding 3.25% convertible notes due 2025.
On November 6, 2024, the Company executed the exchange of $91.5
million of face value of the 2025 Convertible Notes held by certain
holders pursuant to agreements that were previously entered into.
In connection with the Exchange Transactions, the Company issued to
the Exchanging Noteholders in concurrent private placement
transactions an aggregate of:
(i) approximately 2.4 million shares of the Company's Common
Stock, par value $0.001 per share,
(ii) approximately $40.9 million in principal amount of new
senior secured notes due in 2029, and
(iii) warrants to purchase an aggregate of approximately 2.1
million shares of Common Stock.
Prior to the Exchange Transactions, the Company had previously
completed discounted repurchases of an aggregate of $55.5 million
face value of the Convertible Notes during the second and third
quarters of 2024 for a combination of cash and equity.
The Company has now repurchased or exchanged approximately $147
million, or 91% of aggregate principal amount, of the $162 million
of the 2025 Convertible Notes that were previously outstanding,
materially reducing its debt level and leaving a small remaining
stub of approximately $15 million of the 2025 Convertible Notes
outstanding. In the aggregate, in connection with all of the
transactions to restructure the Company's 2025 Convertible Notes,
including the short-term loan entered into on June 28, 2024, the
Company issued approximately 2.9 million shares of Common Stock and
warrants to purchase an aggregate of approximately 3.0 million
shares of Common Stock.
"Completing the restructuring of the 2025 Convertible Notes is a
significant milestone for Inseego," said Inseego Executive Chairman
Philip Brace. "Inseego moves ahead in a much stronger position to
invest in new products and market opportunities to grow our
business and further increase stockholder value."
The New Senior Secured Notes bear interest at 9.0% per annum, to be
paid in cash, in arrears, on a semi-annual basis, and will have a
maturity date of May 1, 2029. The New Senior Secured Notes are
secured by a first priority lien on substantially all of Company's
assets. The New Senior Secured Notes Indenture contains covenants
customary for such senior secured debt.
The Exchange Warrants have exercise prices ranging from $11.27 to
$15.77 per share of Common Stock (that were based on a $2.00
premium to the NASDAQ Minimum Price as of the date that the
applicable Exchange Term Sheet was executed). The Exchange Warrants
expire four years from the date of issuance and will be exercisable
on a cash basis.
"We're thrilled to have completed our restructuring and material
debt reduction. By reducing the Company's leverage and right-sizing
the capital structure, we believe we have re-positioned Inseego to
a position of strength for future success," said Steven Gatoff,
Inseego Chief Financial Officer."
As of the date hereof, affiliates of two of the Exchanging
Noteholders - Golden Harbor Ltd. and North Sound Partners - may be
deemed to beneficially own more than 5% of the Company's
outstanding Common Stock. James B. Avery, a member of the Company's
Board of Directors, currently serves as Senior Managing Director of
Tavistock Group, an affiliate of Golden Harbor Ltd.
Raymond James served as financial advisor and Greenberg Traurig LLP
served as counsel to the Company in connection with the
restructuring transactions.
For additional information, please refer to the 8-K filed with the
U.S. Securities and Exchange Commission available on:
https://tinyurl.com/5xp5fbzj
About Inseego
San Diego, Calif.-based Inseego Corp. is in the design and
development of cloud-managed wireless broadband and intelligent
edge solutions.
As of June 30, 2024, Inseego had $149.6 million in total assets,
$251.3 million in total liabilities, and $101.8 million in total
stockholders' deficit.
Going Concern
As of March 31, 2024, Inseego reported available cash and cash
equivalents totaling $12.3 million and working capital of $3.6
million. The Company's Credit Facility, which had an outstanding
balance of $4.7 million, was voluntarily paid off and terminated
effective April 18, 2024.
The Company generated positive cash flow from operations for both
the year ended December 31, 2023, and the three months ended March
31, 2024. Additionally, in April 2024, Inseego received a $15
million upfront payment from a customer related to a two-year
service contract. These developments contributed positively to its
liquidity, prompting the voluntary termination of the Credit
Facility to reduce financing costs.
Inseego's 3.25% convertible senior notes due in May 2025 carry a
principal balance of $161.9 million, maturing on May 1, 2025. The
Company intends to restructure or refinance the 2025 Notes and is
actively negotiating to do so. However, there is no assurance that
any necessary restructuring or financing will be available on
favorable terms or at all. Due to the uncertainty surrounding the
refinancing of the 2025 Notes, accounting guidance necessitates
disclosure of substantial doubt about the Company's ability to
continue as a going concern within the next 12 months following the
filing of its financial statements.
INTRUSION INC: James Gero Resigns as Director
---------------------------------------------
Intrusion Inc. disclosed in a Form 8-K Report filed with the U.S.
Securities and Exchange Commission that James F. Gero, a director
of the Company, notified the Board of Directors of his decision to
resign from the Board effective November 20, 2024.
After decades of service on the Board, Mr. Gero has indicated that
his decision to resign was the result of his plans to begin
full-time retirement at age 80 after almost 60 years of active
professional life. Effective upon Mr. Gero's resignation as a
director, the size of the Company's Board will be reduced from six
to five directors.
About Intrusion
Headquartered in Plano, Texas, Intrusion Inc. offers businesses of
all sizes and industries products and services that leverage the
Company's exclusive threat intelligence database of over 8.5
billion IP addresses and domain names. After many years of
gathering intelligence and providing its INTRUSION TraceCop and
Savant solutions exclusively to government entities, the Company
released its first commercial product in 2021, the INTRUSION
Shield. INTRUSION Shield was designed to allow businesses to
incorporate a Zero Trust, reputation-based security solution into
their existing infrastructure to observe traffic flow and instantly
block known malicious or unknown connections from both entering or
exiting a network, making it an ideal solution for protecting from
Zero-Day and ransomware attacks.
Dallas, Texas-based Whitley Penn LLP, the Company's auditor since
2009, issued a "going concern" qualification in its report dated
April 1, 2024, citing that the Company has suffered recurring
losses from operations, negative cash flows from operations, and
has a net working capital deficiency that raise substantial doubt
about its ability to continue as a going concern.
For the fiscal years ended December 31, 2023, and 2022, Intrusion
reported net loss of approximately $13.9 million and $16.2 million,
respectively. As of June 30, 2024, Intrusion had $7.48 million in
total assets, $4.53 million in total liabilities, and $2.95 million
in total shareholders' equity.
IRWIN NATURALS: Seeks to Extend Plan Exclusivity to Feb. 5, 2025
----------------------------------------------------------------
Irwin Naturals and affiliates asked the U.S. Bankruptcy Court for
the Central District of California to extend their exclusivity
periods to file a plan of reorganization and obtain acceptance
thereof to February 5, 2025, and April 5, 2025, respectively.
The Debtor is a large company that has approximately $100 million
in revenue each year. The Debtors estimate that they have at least
140 creditors, and they have in excess of $4 million in undisputed
unsecured debt, approximately $18.6 million in disputed secured
debt and approximately $2.9 million in filed unsecured claims.
The Debtors claim that while they have filed the Plan, the Debtors
believe that in order to confirm the Plan, the Debtor need
additional time to complete financial projections, object to proofs
of claim, and potentially obtain exit financing. To conserve estate
resources, the Debtors want to propose a confirmable Plan which
will be difficult to do until the Debtors have determined their
optimal exit strategy. The size and complexity of the Debtors'
cases and creditor body weighs in favor of granting the extension.
The Debtors explain that they have properly administered their
chapter 11 cases in that they have complied with all material
requirements of the Bankruptcy Code, the Federal Rules of
Bankruptcy Procedure, and the Office of the United States Trustee.
Under these circumstances, an extension of the exclusivity periods
can be granted with confidence that the Debtors are in compliance
with the requirements that are a condition to the Debtors
maintaining their exclusive right to file a plan of reorganization
and gain acceptance thereof.
The Debtors assert that the relief requested by this Motion will
not harm creditors but rather will maximize the value of the
Debtors' estates for the benefit of all parties in interest.
Terminating the Debtors' exclusivity periods before this process is
complete will contravene the very purpose of section 1121, to
afford the Debtors a meaningful and reasonable opportunity to
negotiate with creditors and propose and confirm a consensual
plan.
Attorneys for the Debtors:
Susan K. Seflin, Esq.
David M. Poitras, Esq.
Ashley M. Teesdale, Esq.
Jessica S. Wellington, Esq.
BG Law LLP
21650 Oxnard Street, Suite 500,
Woodland Hills, CA 91367
Tel: (818) 827-9000
Fax: (818) 827-9099
About Irwin Naturals
Irwin Naturals Inc. is a provider of business support services.
Irwin Naturals Inc. and its affiliates sought relief under Chapter
11 of the Bankruptcy Code (Bankr. C.D. Cal. Lead Case No. 24-11324)
on Aug. 9, 2024. In the petitions filed by Klee Irwin, chief
executive officer, Irwin Naturals disclosed between $10 million and
$50 million in both assets and liabilities.
Judge Victoria S. Kaufman oversees the cases.
The Debtors tapped BG Law LLP as bankruptcy counsel, Jerrel G. John
CPA as tax accountant, and Province LLC as financial advisor. Omni
Agent Solutions, Inc., is the Debtors' administrative agent.
JDAMLKS FAMILY: Hires RE/MAX All Keys as Real Estate Broker
-----------------------------------------------------------
JDAMLKS Family Limited Partnership seeks approval from the U.S.
Bankruptcy Court for the Southern District of Florida to hire
Advance Realty III LLC, d/b/a RE/MAX All Keys Real Estate as real
estate broker.
The firm will render these services:
a. analyze and determine the market value of the property
located at 16889 SW 73 Ct, Palmetto Bay, FL 33157;
b. advertise and show the property to potential buyers; and
c. if applicable, sell and assist with the closing of the sale
of the property.
RE/MAX would be paid at closing a 2 percent commission fee. In the
event of a cooperating buyer's broker, such cooperating buyer's
broker would be entitled to share in the commission fee by
receiving a commission fee of 2.5 percent, with RE/MAX receiving a
commission fee of 2.0 percent, for a total commission of 4.5
percent.
As disclosed in a court filing, RE/MAX is a "disinterested person"
as the term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Anthony Askowitz
Advance Realty III LLC
d/b/a RE/MAX All Keys Real Estate
98880 Overseas Hwy
Key Largo, FL 33037
Phone: (305) 451-0060
Fax: (305) 451-1157
About JDAMLKS Family Limited Partnership
JDAMLKS Family Limited Partnership filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla.
Case No. 24-21767) on Nov. 8, 2024, listing $1,000,001 to $10
million in assets and $500,001 to $1 million in liabilities.
Judge Robert A Mark presides over the case.
Timothy S Kingcade, Esq. at Kingcade, Garcia & McMaken, P.A.
represents the Debtor as counsel.
JDAMLKS FAMILY: Taps Kingcade Garcia and LLS Law as Co-Counsel
--------------------------------------------------------------
JDAMLKS Family Limited Partnership seeks approval from the U.S.
Bankruptcy Court for the Southern District of Florida to hire
Kingcade, Garcia & McMaken, P.A. and Leiderman Shelomith +
Somodevilla, PLLC, d/b/a LSS Law as bankruptcy co-counsel.
The firms will render these services:
a. give advice to the Debtor with respect to its powers and
duties 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, pleadings, orders, applications, adversary
proceedings, and other legal documents necessary in the
administration of the case;
d. protect the interests of the Debtor in all matters pending
before the Court;
e. represent the Debtor in negotiation with its creditors in
the preparation of a plan; and
f. perform all other legal services for the Debtor, which may
be necessary.
The hourly rates for the attorneys at Kingcade, Garcia & McMaken
currently range from $400 to $500. The hourly rate for Timothy S.
Kingcade, the primary attorney on this case is $500. The Debtor
paid the firm a fee and cost retainer in the amount of $50,000.
The hourly rates for the attorneys at Leiderman Shelomith +
Somodevilla currently range from $475 to $535. The current hourly
rate for Zach B. Shelomith and Christian Somodevilla in this case
is $500. Prior to filing this case, the Debtor paid the firm a fee
and cost retainer in the amount of $50,000.
As disclosed in the court filings, Kingcade, Garcia & McMaken and
Leiderman Shelomith + Somodevilla are "disinterested persons"
within the meaning of 11 U.S.C. 101(14).
The firms can be reached through:
Timothy S. Kingcade, Esq.
KINGCADE, GARCIA & MCMAKEN, P.A.
1370 Coral Way
Miami, FL 33145
Telephone: (305) 285-9100
Email: scanner@miamibankruptcy.com
- and -
Zach B. Shelomith, Esq.
LSS LAW
2699 Stirling Road, Suite C401
Ft. Lauderdale, FL 33312
Telephone: (954) 920-5355
Facsimile: (954) 920-5371
Email: zbs@lss.law
About JDAMLKS Family Limited Partnership
JDAMLKS Family Limited Partnership filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla.
Case No. 24-21767) on Nov. 8, 2024, listing $1,000,001 to $10
million in assets and $500,001 to $1 million in liabilities.
Judge Robert A Mark presides over the case.
Timothy S Kingcade, Esq. at Kingcade, Garcia & McMaken, P.A.
represents the Debtor as counsel.
JML ENGINEERING: Hires C. Alex Naegele as Bankruptcy Counsel
------------------------------------------------------------
JML Engineering & Construction Inc. seeks approval from the U.S.
Bankruptcy Court for the Northern District of California to hire C.
Alex Naegele, A Professional Law Corporation as general bankruptcy
counsel.
The firm will render these services:
a) assist, advise, and represent Debtor in interactions with
creditors and interested parties and their attorneys and agents as
is necessary during the pendency of this Chapter 11 Case;
b) assist, advise, and represent the Debtor in reviewing
claims and where necessary objecting to claims;
c) assist, advise and represent the Debtor in any issues
associated with the acts, conduct, assets, liabilities, and
financial condition of the Debtor, and any other matters relevant
to this case or to the formulation of the plan(s) or reorganization
or liquidation;
d) assist, advise, and represent the Debtor in the
negotiation, formulation, preparation and submission of any plan(s)
of reorganization and disclosure statement(s);
e) assist, advise and represent the Debtor in the performance
of its duties and the exercise of its powers under the Bankruptcy
Code and the Bankruptcy Rules and in the performance of such other
services as are in the interest of the Debtor;
f) appear at all Bankruptcy Court hearings, U.S. Trustee
meeting and meeting(s) of creditors on behalf of the Debtor;
g) prepare monthly operating reports and other tax and
accounting work;
h) assist, advise, and represent the Debtor on litigation
matters, as necessary to the reorganization of the Debtor; and
i) provide such other necessary advice and services as the
Debtor may require in connection with this case.
C. Alex Naegele, Esq., the attorney who will be handling the case,
charges an hourly fee of $300. Paralegals charge $100 per hour.
The Debtor provided the firm with a $7,322 retainer, of which
$1,738 was used to pay the filing fee.
The firm does not hold any interest adverse to the Debtor and its
estate, according to court filings.
The firm can be reached through:
C. Alex Naegele, Esq.
C. Alex Naegele, A Professional Law Corporation
95 South Market Street, Suite 300
San Jose, CA, 95113
Telephone: (408) 995-3224
Facsimile: (408) 890-4645
Email: alex@canlawcorp.com
About JML Engineering & Construction Inc.
JML Engineering & Construction Inc. is a Specialty Contractor that
serves the San Ramon, CA area and specializes in paving and
surfacing, landscaping, concrete, and irrigation.
JML Engineering & Construction Inc. sought relief under Subchapter
V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case
No. 24-41729) on October 30, 2024. In the petition filed by John
Michael Shearer, as CEO and CFO, the Debtor reports estimated
assets and liabilities between $1 million and $10 million each.
Honorable Bankruptcy Judge William J. Lafferty handles the case.
The Debtor is represented by C. Alex Naegele, Esq. at C. ALEX
NAEGLE, A PROFESSIONAL LAW CORPORATION.
JO ON THE GO: Ryan Richmond Named Subchapter V Trustee
------------------------------------------------------
The Acting U.S. Trustee for Region 5 appointed Ryan James Richmond
of Sternberg, Naccari & White, LLC as Subchapter V trustee for Jo
on the Go, LLC.
Mr. Richmond will be paid an hourly fee of $375 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Richmond declared that he is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Ryan James Richmond
Sternberg, Naccari & White, LLC
450 Laurel Street
Suite 1450
Batton Rouge, LA 70801
Tel: 225-412-3667
Fax: 225-286-3046
Email: ryan@snw.law
About Jo on the Go
Jo on the Go, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. La. Case No. 24-80696) on November 11,
2024, with $100,001 to $500,000 in assets and $500,001 to $1
million in liabilities.
Judge Stephen D. Wheelis presides over the case.
L. Laramie Henry, Esq., represents the Debtor as legal counsel.
L & F GULLO: Hires Berger Fischoff Shumer Wexler as Counsel
-----------------------------------------------------------
L & F Gullo Service Corp. seeks approval from the U.S. Bankruptcy
Court for the Eastern District of New York to hire Berger,
Fischoff, Shumer, Wexler & Goodman, LLP to handle its Chapter 11
case.
The firm will be paid at these hourly rates:
Gary Fischoff, Partner $675
Heath Berger, Partner $575
Dawn Traina, Paralegal $210
Angelique Filardi, Paralegal $210
Other Partners $550 - $675
Other Associates $435 - $525
Paraprofessionals $210
In addition, the firm will seek reimbursement for expenses
incurred.
Prior to the petition date, the firm received a retainer of
$35,000, plus $1,738 filing fee from the Debtor.
Mr. Fischoff disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Gary C. Fischoff, Esq.
Berger, Fischoff, Shumer, Wexler & Goodman, LLP
6901 Jericho Turnpike, Suite 230
Syosset, NY 11791
Telephone: (516) 747-1136
About L & F Gullo Service Corp.
L & F Gullo Service Corp., doing business as Gullo Specialty Foods,
is a seafood wholesaler in Westbury, NY.
L & F Gullo Service Corp. sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-74215) on
November 4, 2024.
Bankruptcy Judge Louis A. Scarcella handles the case.
The Debtor is represented by Gary C. Fischoff, Esq. at BERGER,
FISCHOFF, SHUMER, WEXLER & GOODMAN, LLP.
LATIGO HOMES: Case Summary & 11 Unsecured Creditors
---------------------------------------------------
Debtor: Latigo Homes, LLC
2121 Tremont Ave.
Fort Worth, TX 76107
Business Description: Latigo Homes, LLC 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
Northern District of Texas
Case No.: 24-44482
Judge: Hon. Mark X Mullin
Debtor's Counsel: Robert T DeMarco, Esq.
DEMARCO MITCHELL, PLLC
500 N. Central Expressway Suite 500
Plano, TX 75054
Tel: (972) 991-5591
E-mail: robert@demarcomitchell.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Steven Davis as managing member.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 11 unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/YYSJMJA/Latigo_Homes_LLC__txnbke-24-44482__0001.0.pdf?mcid=tGE4TAMA
MBMBA LLC: Seeks to Hire Bronson Law Offices as Legal Counsel
-------------------------------------------------------------
MBMBA LLC seeks approval from the U.S. Bankruptcy Court for the
Southern District of New York to hire Bronson Law Offices, PC as
counsel to handle its Chapter 11 case.
The firm's services include:
(a) assist in the administration of this Chapter 11
proceeding;
(b) prepare or review operating reports;
(c) set a bar date;
(d) review claims and resolve claims which should be
disallowed;
(e) defend lift stay motions;
(f) assist in drafting a plan of reorganization; and
(g) perform all other services necessary to confirm a plan in
bankruptcy or defend the bankruptcy.
The hourly rates of the firm's counsel and staff are as follows:
H. Bruce Bronson, Attorney $550
Paralegal or Legal Assistant $150 $250
Prior to the petition date, the firm received a retainer of $2,000
from the Debtor.
Mr. Bronson 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:
H. Bruce Bronson, Esq.
Bronson Law Offices P.C.
480 Mamaroneck Ave.
Harrison, NY 10528
Telephone: (914) 269-2530
Facsimile: (888) 908-6906
Email: hbbronson@bronsonlaw.net
About MBMBA LLC
MBMBA LLC is a Single Asset Real Estate debtor (as defined in 11
U.S.C. Section 101(51B)).
MBMBA LLC sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. S.D.N.Y. Case No. 24-22778) on September 11, 2024. In
the petition filed by Moshe Brander, as managing member, the Debtor
reports estimated assets up to $50,000 and estimated liabilities
between $1 million and $10 million.
Honorable Bankruptcy Judge Sean H. Lane oversees the case.
The Debtor is represented by H Bruce Bronson, Esq. at BRONSON LAW
OFFICES PC.
MCAP LLC: Seeks Bankruptcy Protection in California
---------------------------------------------------
On November 21, 2024, MCAP LLC filed Chapter 11 protection in the
Eastern District of California. According to court documents, the
Debtor reports $1,311,000 in debt owed to 1 and 49 creditors. The
petition states funds will be available to unsecured creditors.
About MCAP LLC
MCAP LLC is a Single Asset Real Estate debtor (as defined in 11
U.S.C. Section 101(51B)). The Debtor owns a property located at
3955 Coffee Road, Modesto, CA 95355 valued at $1.8 million.
MCAP LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. E.D. Cal. Case No. 24-90708) on November 21, 2024. In the
petition filed by Bryce Packnit, as member, the Debtor reports
total assets of $1,800,000
and total liabilities of $1,311,000.
Honorable Bankruptcy Judge Ronald H. Sargis handles the case.
The Debtor is represented by:
Michael Jay Berger, Esq.
LAW OFFICES OF MICHAEL JAY BERGER
9454 Wilshire Boulevard, 6th Floor
Beverly Hills, CA 90212
Tel: (310) 271-6223
Fax: (310) 271-9805
Email: michael.berger@bankruptcypower.com
MCR HEALTH: Hires Brattle Group Inc. as Financial Advisor
---------------------------------------------------------
MCR Health, Inc. and AllCare Options, LLC seek approval from the
U.S. Bankruptcy Court for the Middle District of Florida to employ
The Brattle Group, Inc. as financial advisor.
The firm will provide these services:
a. develop cash budgets, preparing statements, schedules, and
monthly operating reports;
b. monitor working capital position and cash budgeting;
c. develop financial models and projections;
d. evaluate strategic options for restructuring the business,
including evaluating capital structure issues and options for
addressing the Debtors' funding needs;
e. provide advice on Debtors' decisions related to their
financial, operational, and strategic issues in support of its
prospects of a successful reorganization;
f. prepare financial documents for the Debtors' edification and
consideration of financial decisions;
g. develop and implement a plan of reorganization and disclosure
statement, including financial input and advice to the Debtors in
negotiation with their creditors and in the preparation of a
confirmable plan; and
h. such other financial advisory services as are requested.
The firm will be paid at the rate of $850 per hour.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
As disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Franklind Lea
The Brattle Group, Inc.
1800 M Street NW Suite 700 North
Washington, DC 20036
Tel: (202) 955-5050
Fax: (202) 330-5220
About MCR Health, Inc.
MCR Health, Inc. sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-06604) on November 8,
2024, with $10 million to $50 million in both assets and
liabilities. Mary Ruiz, board chair, signed the petition.
Judge Roberta A. Colton oversees the case.
Steven M. Berman, Esq., at Shumaker, Loop & Kendrick, LLP,
represents the Debtor as legal counsel.
MICHAEL BAKER: Moody's Affirms 'B2' CFR, Outlook Stable
-------------------------------------------------------
Moody's Ratings affirmed Michael Baker International, LLC's B2
corporate family rating, B2-PD probability of default rating, and
B2 senior secured first lien term loan due 2028 rating, including a
proposed $125 million add-on. At close, the total first lien term
loan balance will be $715.9 million. The outlook is stable. Michael
Baker is a provider of engineering, planning and consulting
services with a focus on civil infrastructure projects.
Proceeds from the term loan add-on will be used to fund the
acquisition of AstreaX, Inc. ("AstreaX"), an IT services company
that specializes in department of motor vehicles solutions for
government agencies, add $36.9 million of cash to the balance sheet
earmarked for a separate future acquisition, and pay related fees &
expenses. The total revenue from the AstreaX will represent around
2% of Michael Baker's total net revenue.
"The key consideration in Moody's affirmation of Michael Baker's B2
rating and stable outlook is Moody's longterm view for good organic
net revenue growth of around 10%. It also assumes that the
company's earnings will improve significantly in the fourth quarter
on a sequential basis due to project timing, some weather related,
that should drive deleveraging in the near term," said Moody's Vice
President Andrew MacDonald. "Nonetheless, Moody's consider the
acquisition of AstreaX to be a credit negative as it incrementally
increases the company's financial leverage and diminishes Moody's
previous expectations for cash flow in 2025 from higher interest
expense. In consideration of the company's tolerance for higher
leverage so soon after completing four acquisitions earlier this
year, Moody's view this transaction as indicative of a more
aggressive financial strategy."
RATINGS RATIONALE
The B2 CFR reflects the company's high financial leverage with debt
to EBITDA of 5.8x for the twelve months ending September 30, 2024
pro forma for the proposed debt raise and acquisition, Moody's
expectations for limited free cash flow generation in 2025, and the
company's aggressive acquisitions growth strategy. The company also
has a modest size within the highly competitive and fragmented US
infrastructure services sector. There are risks related to employee
retention, and inherent challenges in estimating costs, project
timing, and meeting performance standards. Profitability is modest,
although in line with competitors, and Moody's expect cash flow
will be limited in 2025 by a recurring preferred dividend payment
and one-time earnout payments. Moody's anticipate that financial
leverage should improve to below 5x over the next 12 to 18 months.
Supporting the rating is Moody's expectation for good organic
revenue growth in a low double digits percentage range, supported
by a growing backlog and good demand from government spending on
infrastructure in the US, supplemented by funding from the
Infrastructure Investment and Jobs Act ("IIJA") over the next
several years. The credit profile is supported by the company's
operating history and longstanding customer relationships given the
importance in accurately predicting project costs to allow for
competitive bidding while maintaining profitable pricing. The
rating also reflects Moody's expectation of modest profitability
with EBITA margins sustained around 10% on a gross revenue basis.
The company's revenue is heavily concentrated on US transportation
infrastructure spending, which is subject to unpredictable project
timing and cyclical spending. The company must also maintain a
highly skilled workforce.
The senior secured first lien term loan is rated B2, the same as
the corporate family rating as this loan comprises the bulk of the
company's funded debt. The term loan is collateralized on a second
lien basis by all assets that collateralize the revolver and holds
a first lien claim on remaining assets. The $120 million
asset-based revolver is collateralized by substantially all assets
of the obligor and guarantors with a first lien on receivables and
a second lien on other assets. All of the company's debts are
obligations of Michael Baker International, LLC and are guaranteed
by domestic subsidiaries.
Moody's consider Michael Baker's liquidity to be adequate supported
by nearly $51 million of cash pro forma for the proposed
acquisition at September 30, 2024, access to an undrawn $120
million ABL facility expiring June 2028 and Moody's expectation for
around break-even cash flow in 2025. Moody's cash flow estimate
includes around $7 million in annual mandatory debt amortization
payments and $18 million in annual distributions to preferred
equity holders, share repurchase, and other distributions. Moody's
anticipate the company will use a large portion of its current cash
balance for an acquisition in the next twelve months. Moody's
expect that the company may need to access the ABL facility to make
contingent earnout payments used to fund acquisitions or fund
seasonal working capital requirements.
The stable outlook reflects Moody's expectation for good organic
revenue growth around 10% over the next 12 to 18 months.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be downgraded if negative free cash flow is
sustained, EBITA to interest coverage does not approach 2.0x or if
Moody's expect debt to EBITDA will approach 6.0x. The ratings could
be upgraded if the company sustains annual free cash flow to debt
in the high single digits, reduces reliance on its ABL facility and
maintains debt to EBITDA near 4.0x.
The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.
Headquartered in Pittsburgh, Pennsylvania, Michael Baker
International, LLC specializes in engineering, planning, and
consulting services for civil infrastructure projects such as
highways, dams, bridges, and water systems. Moody's estimate that
Michael Baker's gross revenues will be around $1.3 billion in 2025.
The company is majority-owned by affiliates of private equity
sponsor DC Capital Partners, LLC.
MISS AMERICA: Producer Fleming Sues Straub for Bankruptcy Fraud
---------------------------------------------------------------
Dorothy Ma of Bloomberg Law reports that Robin Fleming, the
producer and director of the Miss America pageant, has filed a
civil lawsuit against Glenn F. Straub and his attorneys, accusing
them of multiple charges, including racketeering, defamation, and
bankruptcy fraud.
The plaintiffs, which include various Miss America-related entities
owned by Fleming, are seeking $500 million in damages, as outlined
in court documents. According to the complaint, Fleming owns the
entities holding the Miss America assets and serves as the manager
and CEO of all related entities.
In response, Straub has claimed in other legal filings that Fleming
was terminated from her position.
About Miss America Competition LLC
Miss America Competition LLC is an annual competition open to women
from the United States between the ages of 18 and 28. The
competition's inception as a "bathing beauty review" was an act of
rebellion during a time when women weren't permitted to wear
swimsuits in public. In 1945, the organization started awarding
scholarships to the winner instead of prize money, making Miss
America one of the first organizations in the United States to
offer college scholarships to women.
Miss America Competition LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-22288) on
November 22, 2024. In the petition filed by Glenn Straub, as sole
member and manager, the Debtor reports estimated assets between
$500,000 and $1 million and estimated liabilities between $1
million and $10 million.
Honorable Bankruptcy Judge Erik P. Kimball handles the case.
The Debtor is represented by:
Craig I. Kelley, Esq.
KELLEY KAPLAN & ELLER, PLLC
1665 Palm Beach Lakes Blvd
The Forum - Suite 1000
West Palm Beach, FL 33401
Tel: 561-491-1200
E-mail: craig@kelleylawoffice.com
MOUGIANIS INDUSTRIES: Hires D'Anniballe & Company as Accountant
---------------------------------------------------------------
Mougianis Industries, Inc. seeks approval from the U.S. Bankruptcy
Court for the Northern District of West Virginia to employ
D'Anniballe & Company, Inc., CPA as accountant.
The firm will provide general accounting services to the Debtor.
The firm will be paid at these rates:
BJ Nurczyk, CPA $250 per hour
Midlevel associates $115 to $120 per hour
Associates $75 to $80 per hour
D'Anniballe & Company will be paid a retainer in the amount of
$11,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
BJ Nurczyk, a partner at D'Anniballe & Company, Inc., CPA,
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:
BJ Nurczyk, CPA
D'Anniballe & Company, Inc., CPA
2720 Sunset Blvd
Steubenville, OH 43952
Tel: (740) 264-7173
Fax: (740) 264-3835
Email: bj@danniballecpas.com
About Mougianis Industries, Inc.
Mougianis Industries, Inc., is a cleaning company that specializes
in acoustic ceiling cleaning.
The Debtor filed a Chapter 11 bankruptcy petition (Bankr. N.D.
W.Va. Case No. 24-00267) on May 28, 2024, disclosing under $1
million in both assets and liabilities. The Debtor is represented
by DAVIS & KOTUR LAW OFFICE CO. LPA.
MP OCTOPUS: Hires Ford & Semach, Blanchard Law as Counsels
----------------------------------------------------------
MP Octopus Pizza, LLC and its affiliates seek approval from the
U.S. Bankruptcy Court for the Middle District of Florida to employ
Ford & Semach, P.A., and Blanchard Law, P.A., as general bankruptcy
counsels.
The firms will provide these services:
a. give the Debtor legal advice with respect to its powers and
duties as Debtors and as Debtor-in-Possession in the continued
operation of its business and management of its property; if
appropriate;
b. prepare, on the behalf of the Debtors, necessary
applications, answers, orders, reports, complaints, and other legal
papers and appear at hearings thereon; and
c. perform all other legal services for Debtors as
Debtor-in-Possession which may be necessary herein, and it is
necessary for Debtor as Debtor-in Possession to employ this
attorney for such professional services.
Ford & Semach received an initial retainer of $45,000 for
attorneys' fees and $34,760 for filing fees. Ford & Semach charges
$450 per hour for services rendered by Buddy Ford, $400 per hour
for services rendered by Jon Semach, and $350 per hour for services
rendered by Heather Reel.
Blanchard Law received an initial retainer of $25,000. Blanchard
charges $400 per hour for services rendered by attorney Jake
Blanchard and $350 per hour for services rendered by associate
attorneys. Both firms charge $150 per hour for paralegal services.
As disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firms can be reached at:
Jake C. Blanchard, Esq.
BLANCHARD LAW, P.A.
8221 49th Street North
Pinellas Park, FL 33781
Tel: (727) 531-7068
Fax: (727) 535-2086
Email: Jake@jakeblanchardlaw.com
- and -
Buddy Ford, Esq.
Jonathan A. Semach, Esq.
Heater M. Reel, Esq.
BUDDY D. FORD, P.A.
9301 West Hillsborough Avenue
Tampa, FL 33615-3008
Tel: (813) 877-4669
Fax: (813) 877-5543
Email: Buddy@tampaesq.com
Jonathan@tampaesq.com
Heather@tampaesq.com
About MP Octopus Pizza, LLC
MP Octopus Pizza, LLC, filed a Chapter 11 bankruptcy petition
(Bankr. M.D. Fla. Case No. 8:24-bk-06739) on Nov. 15, 2024. The
Debtors hire Ford & Semach, P.A., and Blanchard Law, P.A., as
general bankruptcy counsels.
NAZARETH LIMO: Hires Law Office of James J. Rufo as Attorney
------------------------------------------------------------
Nazareth Limo, Inc. seeks approval from the U.S. Bankruptcy Court
for the Southern District of New York to employ Law Office of James
J. Rufo as attorney.
The firm's services include:
a. advising the Debtor concerning the conduct of the
administration of this bankruptcy case;
b. preparing all necessary applications and motions as
required under the Bankruptcy Code, Federal Rules of Bankruptcy
Procedure, and Local Bankruptcy Rules;
c. preparing a disclosure statement and plan of
reorganization; and
d. performing all other legal services that are necessary to
the administration of the case.
The firm will be paid at these rates:
James J. Rufo $500 per hour
Paralegal $200 per hour
The firm received from the Debtor a retainer of $9,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
James J. Rufo, Esq., a partner at Law Office of James J. Rufo,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
James J. Rufo, Esq.
Law Office of James J. Rufo
222 Bloomingdale Road, Suite 202
White Plains, NY 10605
Tel: (914) 600-7161
Email: jrufo@jamesrufolaw.com
About Nazareth Limo, Inc.
Nazareth Limo, Inc., filed a Chapter 11 bankruptcy petition (Bankr.
S.D.N.Y. Case No. 24-23023) on Nov. 20, 2024. The Debtor hires Law
Office of James J. Rufo as attorney.
NICK'S PIZZA: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Nick's Pizza & Pub, Ltd.
990 S. Randall Rd.
Elgin, IL 60123
Business Description: Nick's Pizza is a family-friendly
restaurants in Crystal Lake and Elgin,
serving thin-crust Chicago pizza.
Chapter 11 Petition Date: December 2, 2024
Court: United States Bankruptcy Court
Northern District of Illinois
Case No.: 24-18037
Judge: Hon. Janet S Baer
Debtor's Counsel: Matthew T. Gensburg, Esq.
GENSBURG CALANDRIELLO & KANTER, P.C.
200 W. Adams St., Ste. 2425
Chicago, IL 60606
Tel: (312) 263-2200
Fax: (312) 263-2242
Estimated Assets: $100,000 to $500,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Nicholas Sarillo as president.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/QVONZSQ/Nicks_Pizza__Pub_Ltd__ilnbke-24-18037__0001.0.pdf?mcid=tGE4TAMA
NORTH EASTERN: Seeks to Hire Pelican Tax as Accountant
------------------------------------------------------
North Eastern Industries Inc. seeks approval from the U.S.
Bankruptcy Court for the District of Massachusetts to employ
Pelican Tax Certified Public Accountant, PLLC as accountant.
The Debtor requires the firm to complete all necessary tax
returns.
The firm will be paid at the rate of $250 per hour.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Thiago de Faria Dias, CPA, a partner at Pelican Tax Certified
Public Accountant, PLLC, disclosed in a court filing that the firm
is a "disinterested person" as the term is defined in Section
101(14) of the Bankruptcy Code.
The firm can be reached at:
Thiago de Faria Dias, CPA
Pelican Tax Certified Public Accountant, PLLC
136 4th St N Suite 201
St. Petersburg, FL 33701
Tel: (813) 773-5388
Fax: (508) 507-8796
About North Eastern Industries Inc.
North Eastern Industries, Inc. filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Mass.
Case No. 24-40824) on August 9, 2024, with $500,001 to $1 million
in both assets and liabilities.
Judge Elizabeth D. Katz oversees the case.
James L. O'Connor, Jr., Esq., at Nickless, Phillips and O'Connor
represents the Debtor as counsel.
NORTHERN HOSPITAL: Moody's Downgrades Revenue Bond Rating to B2
---------------------------------------------------------------
Moody's Ratings has downgraded Northern Hospital District of Surry
County's (NC) (NHSC) revenue bond rating to B2 from B1. The outlook
remains negative. Northern Hospital District of Surry County had
approximately $29 million of debt outstanding as of fiscal year
2024.
The downgrade to B2 reflects NHSC's inability to stem operating
cash flow losses as the prolonged period of NHSC's severe financial
stress continues.
RATINGS RATIONALE
The B2 rating balances Northern Hospital District of Surry County's
position as a community hospital with solid 45% inpatient market
share against significant financial losses and thin liquidity. NHSC
significantly missed budget and demonstrated minimal financial
improvement in fiscal 2024, recording the third consecutive year of
stressed financial performance. The organization posted a -8.0%
operating cash flow margin, driving days cash on hand to 59 days
from 70 days at FYE 2023. These factors reflect escalated
governance risks under Moody's ESG framework, a key driver of this
rating action. NHSC will breach its bank covenant of 100 days cash
on hand, which could result in acceleration, and management is in
the process of securing a waiver. Rebuilding operating cash
reserves to stronger levels will be challenging without material
performance improvement. Favorably, there are prospects for
operating improvements, including expected net revenue improvements
as a result of a third-party revenue cycle assessment and Medicaid
expansion in NC. NHSC will also receive $15 million in fiscal 2025
from the state for capital improvements, which will help stabilize
liquidity. However, NHSC's small size inhibits financial
flexibility and contributes to volatile quarterly operating
performance.
RATING OUTLOOK
The negative outlook reflects the level of difficulty NHSC will
face to improve fundamental operating performance and rebuild
liquidity (excluding one-time capital funds). Inability to show
operating improvement on a quarterly basis will pressure the rating
further.
FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING
-- Material and sustained improvement toward positive cash flow,
improving financial covenants headroom
-- Meaningful and sustained liquidity growth, without one-time
receipts reserved for capital
FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING
-- Inability to show incremental financial performance
improvement
-- A further decline in unrestricted cash
-- Failure to secure a waiver on the bank debt
LEGAL SECURITY
The bonds are secured by a pledge of the net revenues of the
hospital. The only covenant per the Master Trust Indenture is a
1.20 times debt service coverage ratio measured annually. Remedies
include consultant call if below 1.20 times coverage and an Event
of Default if below 1.0 times for two consecutive years.
PROFILE
Northern Hospital District of Surry County is a public stand-alone
hospital, comprised of 133 beds and located in Mount Airy in Surry
County, NC serving Surry County in North Carolina as well as
Carroll and Patrick Counties in Virginia. The organization includes
The Northern Surry Foundation for Better Health, Inc.
METHODOLOGY
The principal methodology used in this rating was Not-for-profit
Healthcare published in October 2024.
NUSTAR ENERGY: S&P Withdraws 'BB+' Issuer Credit Rating
-------------------------------------------------------
S&P Global Ratings withdrew all of its ratings on NuStar Energy
L.P., including the 'BB+' issuer credit rating and the 'BB+'
issue-level ratings at NuStar Logistics L.P., at the issuer's
request.
The company requested the withdrawal after Sunoco completed the
acquisition. The outlook was stable at the time of the withdrawal.
O-I GLASS: Moody's Affirms 'Ba3' CFR & Alters Outlook to Negative
-----------------------------------------------------------------
Moody's Ratings affirmed O-I Glass, Inc.'s (O-I) Ba3 corporate
family rating, Ba3-PD probability of default rating. The
Speculative Grade Liquidity Rating remain unchanged at SGL-1.
Moody's also affirmed B2 senior unsecured notes of Owens-Brockway
Glass Container, Inc. and Ba3 senior unsecured notes of OI European
Group B.V. At the same time, Moody's changed O-I Glass, Inc.'s,
Owens-Brockway Glass Container, Inc.'s and OI European Group B.V.'s
outlook to negative from stable.
The negative outlook reflects Moody's expectation of a protracted
recovery of O-I's operating performance and key credit metrics
given the subdued demand environment. For the 12 months that ended
September 2024, O-I's leverage has increased to 6.0x
debt-to-EBITDA, exceeding Moody's downgrade guidance of 4.75x.
"O-I's profit is suppressed due to weaker than expected sales
volume recovery for their end markets, including spirits, wine and
beer. Lower shipments caused O-I to curtail its capacity
utilization, which reduced its profit due to its high fixed costs,"
said Motoki Yanase, VP-Senior Credit Officer at Moody's Ratings.
The affirmation of the ratings considers Moody's expectation of a
gradual recovery in the company's total sales volume in 2025 and
its focus on cost cutting initiatives, which will help O-I's profit
and leverage to recover to levels more consistent with its rating
category.
RATINGS RATIONALE
O-I's Ba3 CFR reflects its leading market position as the largest
glass packaging company in the world by revenue; broad
manufacturing presence with multiple global locations; high
exposure to defensive end markets such as beer, soft drinks,
spirits and food; and strategic relationships with global blue-chip
beverage customers. Moody's view is supported by the majority of
O-I's sales being under long-term contracts and including
provisions for raw material and energy costs pass-through.
The rating also takes into consideration O-I's high leverage,
product concentration, low organic growth, capital-intensive nature
with high fixed costs of glass manufacturing, and additional growth
capital spending to roll out new "Modular Advanced Glass
Manufacturing Asset (MAGMA)" plants.
O-I's SGL-1 Speculative Grade Liquidity Rating reflects Moody's
view that the company will maintain very good liquidity over the
next 12-18 months. This liquidity reflects O-I's cash balance and
mostly undrawn revolving credit facility. Moody's expect the
company's free cash flow will return to positive in 2025 under
Moody's base case scenario.
O-I also sells its trade receivables under its own factoring
programs for its group companies and supply-chain financing
programs linked to commercial agreements with key customers.
Moody's note that O-I's cash flow from operations are enhanced by
these programs and that these arrangements can be terminated.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Moody's could upgrade the ratings if debt/EBITDA is below 4.0x,
EBITDA/interest coverage is above 5.5x, and free cash flow/debt is
above 7.5%.
Moody's could downgrade the ratings if debt/EBITDA is above 4.75x,
EBITDA/interest coverage is below 4.5x, and free cash flow/debt is
below 5.0%.
The principal methodology used in these ratings was Packaging
Manufacturers: Metal, Glass and Plastic Containers published in
December 2021.
Headquartered in Perrysburg, Ohio, O-I Glass, Inc. is the leading
global glass packaging company by revenue. The company manufactures
glass bottles for soft drinks, beer, wine and hard liquor, and
glass containers for cosmetics and food. For the 12 months that
ended September 2024, O-I generated about $6.6 billion in revenue.
OMNIQ CORP: Receives $3.4-Mil. Orders From Longtime Retail Client
-----------------------------------------------------------------
OMNIQ Corp. announced a recent series of purchase orders totaling
$3.4 million from a longstanding retail client. These recent
orders, underscore the strength of the decade-long collaboration
between OMNIQ and the retail chain, reinforcing both companies'
commitment to innovation in operational efficiency.
Over the years, OMNIQ has been integral to transforming the
retailer's operational landscape. This latest deployment includes
advanced portable printers and tablets aimed at optimizing in-store
operations thereby enhancing inventory accuracy, efficiency, and
overall customer experience. The new equipment will replace legacy
systems, allowing the retailer to maintain a streamlined, effective
infrastructure across its network.
"We appreciate the trust this partner has placed in OMNIQ to
support their operations," said Shai Lustgarten, CEO of OMNIQ Corp.
"Our team remains committed to providing solutions that meet their
specific needs, and we look forward to continuing this
long-standing relationship with the same dedication and focus."
About Omniq
OmniQ Corporation -- www.omniq.com -- provides computerized and
machine vision image processing solutions that use patented and
proprietary AI technology to deliver real-time object
identification, tracking, surveillance, and monitoring for the
Supply Chain Management, Public Safety, and Traffic Management
applications. The technology and services provided by the Company
help clients move people, objects, and manage big data safely and
securely through airports, warehouses, schools, and national
borders and in many other applications and environments.
Salt Lake City, Utah-based Haynie & Company, the Company's auditor
since 2019, issued a "going concern" qualification in its report
dated April 1, 2024, citing that the Company has a deficit in
stockholders' equity and has sustained recurring losses from
operations. This raises substantial doubt about the Company's
ability to continue as a going concern.
OmniQ reported a net loss of $29.43 million for the year ended Dec.
31, 2023, compared to a net loss of $13.61 million for the year
ended Dec. 31, 2022. As of June 30, 2024, OMNIQ had $42.62 million
in total assets, $80.97 million in total liabilities, and $38.36
million in total stockholders' deficit.
OPTINOSE INC: FMR LLC, Abigail Johnson Hold 12.213% Equity Stake
----------------------------------------------------------------
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 18,675,561 shares of
OptiNose, Inc.'s Common Stock, representing 12.213% 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 FMR's SEC Report is available at:
https://tinyurl.com/32p56u95
About OptiNose Inc.
Yardley, Pa.-based OptiNose, Inc. is a specialty pharmaceutical
company focused on the development and commercialization of
products for patients treated by ear, nose and throat (ENT) and
allergy specialists.
Philadelphia. Pa.-based Ernst & Young LLP, the Company's auditor
since 2016, issued a "going concern" qualification in its report
dated March 7, 2024, citing that the Company has incurred recurring
losses from operations, has a working capital deficiency and
expects to not be in compliance with certain debt covenants, and
has stated that substantial doubt exists about the Company's
ability to continue as a going concern.
As of June 30, 2024, OptiNose had $131.9 million in total assets,
$174.7 million in total liabilities, and $42.9 million in total
stockholders' deficit.
ORION MENTAL: Hires Nicholson & Eastin LLP as Special Counsel
-------------------------------------------------------------
Orion Mental Health Center LLC seeks approval from the U.S.
Bankruptcy Court for the Southern District of Florida to employ
Nicholson & Eastin, LLP as special counsel.
The firm will provide these services:
(a) advise the Debtor with respect to their enrollment as a
Florida Medicaid provider through AHCA and any current payment
suspension and/or alleged overpayment;
(b) advise the Debtor with respect to their payment obligations
in connection with any alleged overpayment as well as their
responsibilities in complying with any terms imposed by AHCA in
order for any current payment suspension to be lifted and for their
enrollment as a Medicaid provider through AHCA to continue; and
(c) represent the Debtor in negotiations with AHCA regarding
Debtor's enrollment as a Florida Medicaid provider, the lifting of
any current payment suspension, as well as repayment of any alleged
overpayment assessed by AHCA.
The firm will be paid at these rates:
Attorneys $200 to $650 per hour
Legal Assistants $450 per hour
The firm will be paid a retainer in the amount of $3,500.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Erin M. Ferber, Esq., a partner at Nicholson & Eastin, 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:
Erin M. Ferber, Esq.
Nicholson & Eastin, LLP
1330 Southeast 4th Avenue, Suite J
Fort Lauderdale, FL 33316
Tel: (954) 634-4400
Fax: (954) 634-4418
About Orion Mental Health Center LLC
Orion Mental Health Center LLC sought protection for relief under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No.
24-15804) on June 11, 2024, listing $100,001 to $500,000 in both
assets and liabilities.
Judge Corali Lopez-Castro presides over the case.
Chad T. Van Horn, Esq., at Van Horn Law Group, PA represents the
Debtor as bankruptcy counsel.
P2 OAKLAND: Christopher Hayes Named Subchapter V Trustee
--------------------------------------------------------
The U.S. Trustee for Region 17 appointed Christopher Hayes as
Subchapter V trustee for P2 Oakland CA, LLC.
Mr. Hayes will be paid an hourly fee of $455 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Hayes declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Christopher Hayes
23 Railroad Avenue, #1238
Danville, CA 94526
Phone: (925) 725-4323
Email: chayestrustee@gmail.com
About P2 Oakland CA
P2 Oakland CA, LLC, doing business as East SF, LLC, owns a
single-family residence located at 1434 34th Ave, Oakland Calif.,
valued at $516,000, and a duplex property located at 1032-1034
Peralta St., Oakland, Calif., valued at $567,000.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Calif. Case No 24-41810) on November
14, 2024, with $1,083,002 in assets and $2,409,656 in liabilities.
Bruce Edward Loughridge, principal of Debtor, signed the petition.
Kevin Tang, Esq., at Tang & Associates represents the Debtor as
legal counsel.
PAIN MEDICINE: Hires Seiller Waterman LLC as Bankruptcy Counsel
---------------------------------------------------------------
The Pain Medicine & Rehabilitation Center, Professional Corp. seeks
approval from the U.S. Bankruptcy Court for the Southern District
of Indiana to employ Seiller Waterman LLC as bankruptcy counsel.
The firm will render these services:
(a) dispense legal advice with respect to the Debtor's powers
and duties as debtor-in-possession in the continued operation of
its affairs and management of its assets;
(b) undertake all necessary action to protect and preserve the
Debtor's estate, including the prosecution of actions on behalf of
the Debtor, the defense of any actions commenced against the
Debtor, negotiations concerning all litigation in which the Debtor
is involved, and objecting to claims filed against the Debtor's
estate;
(c) prepare on behalf of the Debtor all necessary motions,
answers, orders, reports, and other legal papers in connection with
the administration of the Debtor's estate; and
(d) perform any other legal services for the Debtor in
connection with the chapter 11 case and the formulation and
implementation of the Debtor's chapter 11 plan.
The firm will be paid at these hourly rates:
Partners $350 - $450
Counsel $300 - $400
Associates $250 - $350
Paralegals $130 - $150
In addition, the firm will seek reimbursement for expenses
incurred.
Seiller Waterman received a retainer of $20,000 on October 25,
2024, from the Debtor's principal, Dr. Anthony Alexander.
Pauline Benich, Esq. an attorney at Seiller Waterman, 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:
Pauline Benich, Esq.
Seiller Waterman, LLC
462 S. 4th St., Floor 22
Louisville, KY 40202
Telephone: (502) 584-7400
Email: benich@derbycitylaw.com
About The Pain Medicine & Rehabilitation Center
The Pain Medicine & Rehabilitation Center, Professional Corp.
sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. S.D. Ind. Case No. 24-90519) on May 18, 2024. In the
petition signed by Anthony Alexander, president, the Debtor
disclosed up to $500,000 in assets and up to $10 million in
liabilities.
Judge Andrea K. McCord oversees the case.
KC Cohen, Lawyer, PC represents the Debtor as legal counsel.
PAREXEL INT’L: Moody's Hikes CFR to B1, Outlook Stable
--------------------------------------------------------
Moody's Ratings upgraded the ratings of Parexel International, Inc.
(Parexel), including the Corporate Family Rating to B1 from B2 and
the Probability of Default Rating to B1-PD from B2-PD.
Concurrently, Moody's upgraded senior secured first lien bank
credit facility rating to B1 from B2. The outlook is stable.
"The ratings upgrade reflects ongoing improvement in Parexel's
credit metrics, as well as material growth in the company's scale.
Although Moody's expect that Parexel will pursue a moderately
aggressive financial policy, Moody's anticipate adjusted
debt/EBITDA in the range of 4.5 and 5.5 times," stated Vladimir
Ronin, Moody's Vice President-Senior Analyst. "The upgrade also
reflects Moody's expectation that Parexel will benefit from
mid-single digit earnings growth over the next 12-18 months,"
continued Ronin.
RATINGS RATIONALE
Parexel's B1 Corporate Family Rating reflects the company's
considerable size, geographic footprint, and established market
positions as a pharmaceutical contract research organization (CRO).
The ratings are supported by the company's good liquidity,
including sustained positive free cash flows. The ratings reflect
Parexel's moderately high pro forma financial leverage with Moody's
adjusted debt/EBITDA of 5.2x, for the twelve months period ended
September 30, 2024. Ongoing deleveraging over the next 18 months
will depend on Parexel sustaining strong earnings growth and its
capital allocation under private equity ownership. Parexel's rating
also encompasses the risks inherent in the pharmaceutical services
industry, including exposure to project delays and cancellations.
While CROs have experienced softer demand over the last 12-18
month, Moody's expect this sector to have good long-term growth
prospects. This is underpinned by increasing outsourcing of R&D
functions by both enterprise and biopharmaceutical clients, which
will benefit Parexel.
Moody's expect Parexel to maintain very good liquidity over the
next 12 months. The company cash balance was approximately $542
million at September 30, 2024. Moody's expect Parexel will generate
over $150 million in free cash flow in 2025. Parexel's liquidity is
supported by access to an undrawn $500 million revolver expiring in
July 2029. The revolver has a 8.3x springing maximum first lien net
leverage financial covenant that is tested once borrowings exceed
40% ($200 million) and Moody's anticipate ample cushion.
Parexel's CIS-4 ESG credit impact score indicates that the rating
is lower than it would have been if ESG risk exposures did not
exist. Social risk considerations relate to pharmaceutical drug
pricing, which could have both positive and negative effects for
Parexel. Furthermore, social risks are driven by human capital,
reflecting risks from availability of highly skilled workforce.
Governance risks (G-4) reflect the company's high financial
leverage, as well as private equity ownership, which creates risk
of aggressive financial policies.
The senior secured first lien bank credit facilities represent the
majority of Parexel's funded debt structure and are rated the same
as the corporate family rating of B1. The bank credit facilities
are comprised of a $500 million senior secured first lien revolving
credit facility and $3.2 billion senior secured term loan. The
credit facilities are secured by substantially all of the
borrower's and guarantor's assets.
The stable outlook reflects Moody's expectation that Parexel's
debt/EBITDA will modestly improve below 5.0x and that liquidity
will remain strong.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Factors that could lead to an upgrade include Parexel sustaining
earnings growth along with consistently strong new business awards.
Successfully managing strategic initiatives and external growth
opportunities (i.e., acquisitions) under conservative financial
policies would also support an upgrade. Quantitatively, debt/EBITDA
sustained below 4.5 times would support an upgrade.
The ratings could be downgraded if Parexel's operating performance
significantly weakens, or liquidity deteriorates. The ratings could
also be downgraded if the company executes material debt-funded
acquisitions or shareholder distributions, resulting in debt to
EBITDA sustained above 5.5 times.
Headquartered in Durham, North Carolina, Parexel International,
Inc., is a global biopharmaceutical services company providing
clinical research and logistics, and consulting services for the
pharmaceutical, biotechnology, and medical device industries.
Reported revenue for the twelve months ended September 30, 2024 was
approximately $4.4 billion. The company is privately held by EQT
Partners and Goldman Sachs Asset Management.
The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.
PINNACLE FOODS: Hearing on Cash Collateral Use Set for Jan. 28
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of California,
Fresno Division, is set to hold a hearing on Jan. 28 next year to
consider the motion by Pinnacle Foods of California, LLC for
continued use of cash collateral.
The court previously issued an order allowing the company to use
its secured creditors' cash collateral until Nov. 30 only.
The order granted secured creditors replacement liens on the
company's assets with the same priority as their pre-bankruptcy
liens.
About Pinnacle Foods of California
Pinnacle Foods of California, LLC owns two commercial properties in
Fresno, Calif. One property is valued at $780,000, while the other
is valued at $770,000.
Pinnacle Foods sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Calif. Case No. 24-11015) on April 22,
2024, with $2,077,748 in assets and $4,509,986 in liabilities.
Walter Dahl, Esq., a partner at Dahl Law, serves as Subchapter V
trustee.
Judge Rene Lastreto II presides over the case.
Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger
represents the Debtor as bankruptcy counsel.
POST HOLDINGS: S&P Assigns 'B+' ICR on Strong Performance
---------------------------------------------------------
S&P Global Ratings affirmed its 'B+' issuer credit rating on
U.S.-based Post Holdings Inc. Concurrently, S&P affirmed its 'BB'
issue-level rating on the company's senior secured debt facilities
and our 'B+' issue-level rating on the company's senior unsecured
debt facilities. The recovery ratings remain unchanged at '1' and
'4', respectively.
The stable outlook reflects S&P's expectation that Post will
generate FOCF of about $500 million annually. However, S&P believes
the company's leverage could increase to 5x or more as it executes
its holding company strategy by continuing to buy and sell assets.
The affirmation reflects S&P's more favorable view of Post's
business risk and strong operating performance. The company reduced
its S&P Global Ratings-adjusted leverage to 4.5x as of the end of
fiscal 2024, from 5.2x as of the end of 2023, by expanding its
EBITDA and cash flow generation. Volumes increased in the
Foodservice and Refrigerated Retail segments during the year.
However, Post's organic revenues declined by 4% year over year in
2024 due to lower pet food and cereal volumes, lower pass-through
pricing in Foodservice and higher promotions and distribution
losses in Refrigerated Retail. Despite the topline decline, Post
improved its S&P Global Ratings-adjusted EBITDA margin by 100 basis
points (bps) during the year to 17.7% by expanding its gross margin
on lower ingredient and freight costs and improving operating
efficiencies in its manufacturing network.
S&P said, "We expect Post will modestly expand its topline in 2024,
despite the weak consumer environment, benefitting from
distribution gains within pet food and higher volumes coupled with
stabilizing prices in Foodservice. Declines in the cereal category
stabilized to pre-COVID levels in the fourth quarter of fiscal
2024, and we expect volume declines will remain in the 2%-3% range
in fiscal 2025. We forecast Post's S&P Global Ratings-adjusted
EBITDA margin will improve by about 60 bps in fiscal 2025 due to
pricing, productivity, ongoing cost control, benefits from network
optimization, and continued shift to value-added products in
Foodservice. We also expect incremental EBITDA contribution from
the company's nutrition shake manufacturing operations as
production ramps up during fiscal 2025, while investments in
marketing and IT projects related to enterprise resource planning
(ERP) conversion will partly offset the margin improvement.
"We now assess Post's business risk profile as satisfactory due to
its larger scale, improved product diversity, and increased
operating efficiency. Post improved its overall scale in the past
three years, and we expect revenues of about $8 billion in fiscal
2025, compared with less than $1 billion in 2012 (when it was spun
out of the former Ralcorp Inc.). The 2023 addition of pet food
brands from J.M. Smucker Co. and the acquisition of Perfection Pet
Foods, along with Michael Foods in 2014 and Bob Evans in 2018,
shifted Post's portfolio from the previously declining cereal
category toward faster-expanding categories including pet foods,
the refrigerated aisle, and the food service. Post has a diverse
portfolio of brands and products at different price points,
channels, and categories. Its portfolio consists of multiple
product offerings, the largest of which are cereal and granola
(around 35% of fiscal 2024 revenues), egg and egg products (27%),
and pet food (22%)."
Post's consolidated EBITDA margins declined from 20% levels in the
pre-pandemic period to 16%-18% over the past three years due to mix
shifts resulting from higher growth of its low-margin Foodservice
and acquisitions of businesses with lower margins than group
average. However, the company has meaningfully improved its
operating efficiency and EBITDA margins within each of its
segments. Post's Foodservice's profitability increased
significantly over the last two years because of pass-through
pricing and advantaged cost structure given vertical integration
within its supply chain from its ownership of egg farms. Post's
large scale and ability to better service customers than
competitors resulted in outsize EBITDA gains within the segment.
At the same time, the company was able to sustainably shift its mix
toward higher-margin, value-added products which now constitute
about 80% of the Foodservice. Post also improved the profitability
of the pet food brands that it acquired from the J.M. Smucker Co.
by optimizing its manufacturing network, improving service levels,
and enhancing production capabilities with the acquisition of
Perfection Pet Foods. S&P said, "In 2025, we believe the company
will optimize the portfolio and leverage its large-scale
distribution and procurement network to increase sales and further
improve margins. The company has also consolidated its
manufacturing footprint and improved capacity utilization in
cereal. We expect the U.K.-based Weetabix segment's profitability
will improve to the historical levels of about 30% over the next
three years as the company right-sizes the manufacturing base to
improve utilization and benefits from its supply chain
investments."
Post generates stronger cash flows than most smaller consumer
products peers within the rating category. Higher profitability and
modest working capital improvements led to strong FOCF generation
of about $500 million in fiscal 2024 compared to $480 million in
fiscal 2023. This is higher than the pre-pandemic levels of $432
million in fiscal 2019 despite the spin-off of BellRing Brands
completed in 2022. The company's FOCF conversion rate of about
30%-40% range is consistent with packaged food peers in the
investment-grade category and its FOCF levels are higher than other
similarly rated consumer products peers. Moreover, unlike its
packaged food peers, Post does not pay a dividend. The company
conducts modest share repurchases, leaving ample cash flow
available to reinvest into the business or fund strategic
acquisitions.
S&P said, "We expect Post will continue to generate strong cash
flow at least at 2024 levels through increased profitability and
lower working capital investments. We forecast at least $400
million in annual share repurchases and about $500 million of
annual spend on tuck-in acquisitions. For modeling purposes, we
assume $1.5 billion of combined share repurchase and acquisition
spending in fiscal 2025 and do not include any EBITDA benefit from
acquisitions, while acknowledging that the mix of use of FOCF could
differ from our model.
"Post's financial policies constrain the ratings. Despite Post's
ability to reduce leverage by repaying debt with cash flows, we
expect it will maintain leverage of about 5x or more given its
holding company strategy, which involves regularly buying and
selling assets. We believe management will consider tuck-in
acquisitions that bolster its scale or further diversify its
products. Since 2012, the company has completed 17 acquisitions,
spending over $10 billion. Its most recent acquisitions were
Perfection Pet Foods and Deeside cereals, both completed in
December 2023. Its largest acquisition to date was that of Michael
Foods in 2014 for about $2.5 billion. We believe the company may
seek to monetize portions of its portfolio to potentially fund
acquisitions. For example, in November 2022 the company completed
the spin-off of BellRing Brands, and in 2018, it monetized a
minority stake in 8th Avenue.
"The stable outlook reflects our expectation that Post will
generate FOCF of about $500 million annually. However, we believe
the company's leverage could increase and be sustained at 5x or
more as it executes its holding company strategy by continuing to
buy and sell assets."
S&P could lower the rating if it expects Post will sustain leverage
at more than 7x. S&P believes this could occur if:
-- The company pursues more aggressive financial policies,
including large, debt-financed acquisitions; or
-- Profitability deteriorates materially due to escalating input
costs, increased competition, or market share losses.
S&P could raise the rating if Post demonstrates more conservative
financial policies such that it sustains S&P Global
Ratings-adjusted leverage below 5x the majority of the time, with
temporary increases above this level for acquisitions. S&P believes
this could occur if the company:
-- Makes fewer large, debt-funded acquisitions or uses a greater
proportion of its cash flow or divestiture proceeds for debt
reduction, and significantly curtails its share repurchase
activity; and
-- Continues to grow profitability by further improving operating
efficiencies within each of its business segments.
PRECISION SWISS: Gets Interim Approval to Use Cash Collateral
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of California
granted Precision Swiss Products, Inc.'s motion for interim use of
cash collateral.
The company was authorized to use cash collateral on an interim
basis as stated on the record.
A hearing on final approval of the motion is scheduled for Dec. 18,
at 10:00 a.m., in the courtroom of Judge M. Elaine Hammond.
About Precision Swiss Products
Precision Swiss Products, Inc., a company in Milpitas, Calif.,
filed Chapter 11 petition (Bankr. N.D. Calif. Case No. 24-51678) on
November 4, 2024, with $10 million to $50 million in both assets
and liabilities. Norbert Kozar, chief executive officer, signed the
petition.
Judge M. Elaine Hammond oversees the case.
Chris Kuhner, Esq., at Kornfield, Nyberg, Bendes, Kuhner & Little
P.C., represents the Debtor as legal counsel.
PRECISION SWISS: Seeks to Hire SC&H Group as Investment Banker
--------------------------------------------------------------
Precision Swiss Products Inc. seeks approval from the U.S.
Bankruptcy Court for the Northern District of California to hire
SC&H Group as investment banker.
The firm will render these services:
a) undertake a study in order to better understand the
Business and inspect the assets of the Business to determine their
physical condition;
b) identify potential Buyers based on information to be
provided by the Debtor and make recommendations to prepare the
Assets and the Business for proper investigation by potential
Buyers;
c) prepare an information memorandum or other materials about
the Assets and the Business for consideration by prospective Buyers
and prepare advertising letters, fliers and/or similar sales
materials, which would include information regarding the Assets, in
each case, based on information provided by the Debtor;
d) prepare a program which may include marketing a potential
Transaction through newspapers, trade journals and websites,
letters, fliers, telephone solicitation, the Internet and/or such
other methods as SC&H may deem appropriate;
e) contact potential Buyers for the Debtor's consideration and
evaluation and require potential Buyers to execute Confidentiality
Agreements in favor of the Debtor, unless the Debtor has instructed
SC&H to do otherwise;
f) facilitate the development of a Virtual Data Room with
detailed information including financial statements, marketing
materials, customer and supplier lists, management CVs, facilities
and other information the Debtor deems relevant;
g) circulate any information memorandum and marketing
materials, provide access to the VDR or send materials to
interested parties regarding the Assets, after completing
confidentiality documents;
h) respond, provide information to, coordinate site visits,
communicate and negotiate with and obtain offers from interested
parties. Advise the Debtor in structuring a Transaction and make
recommendations as to whether or not a particular Transaction offer
should be accepted;
i) provide updates on the status of a Transaction to the
Debtor and to it secured creditors (who shall have independent
access to SC&H), and their respective professionals, including
update calls as reasonably requested by Debtor;
j) in connection with a bankruptcy or similar proceeding
governing a potential Transaction, assist with the submission of
bid procedures to the Court, conduct the auction that may result
therefrom, and obtain Court approval of such Transaction to the
extent necessary, including appearing and testifying at Court
hearings;
k) if requested by Debtor, negotiate with various stakeholders
of the Debtor, including but not limited to, secured and unsecured
creditors, in regards to the possible financial restructuring of
the existing claims of the creditors of the Debtor; and
l) provide assistance in transaction structuring and pricing
discussions with potential Buyers, on an as-needed basis, in an
effort to guide the Transaction to a satisfactory conclusion and
perform related services necessary to maximize the proceeds to be
realized in any Transaction.
The firm will be paid as follows:
a) Monthly Fee. Beginning on the first day of the term and
continuing on the first day of every month thereafter during the
term of the Engagement Letter, the Debtors shall be obligated to
pay SC&H, without notice or invoice, a nonrefundable cash fee of
$20,000, payable in arrears, on the last day of such 30-day period
(the "Monthly Fee"). 100 percent of all Monthly Fees paid to, and
received by, SC&H shall be credited against any Transaction Fee to
which SC&H becomes entitled, except that, in no event, shall such
Transaction Fee be reduced below zero.
b) Transaction Fee. In the event that the Debtor enters into a
Definitive Agreement, SC&H shall be entitled to a Transaction Fee
that shall be equal to the greater of (i) $300,000, (ii) 3 percent
of the Total Consideration if the Total Consideration up to and
including $5 million, and (iii) 3 percent of all Total
Consideration greater than $5 million but less than $10 million,
and (iv) 5 percent of all Total Compensation greater than or equal
to $10 million, if any.
c) Financing. In the event the Company completes a Financing
(the "Financing Fee"), to be paid upon the Closing of any Financing
equal to the greater of $300,000 or the sum of (i) 2.5 percent of
the gross amount of funded or committed indebtedness that is
secured by a first lien including, without limitation,
debtor-in-possession financing; plus (ii) 3.5 percent of the gross
amount of funded or committed indebtedness that (1) is secured by a
second or more junior lien, (2) is unsecured and/or (3)
subordinated; plus (iii) 6.0 percent of the gross amount of any
funded or committed preferred or common equity, convertible or
otherwise equity-linked securities or obligations. (iv) However,
for any debtor-in-possession financing provided by a presumed
Stalking Horse Bidder in a sale process, 75 percent of the
Financing Fee shall be credited towards any subsequent Sale Fee
earned. Subsequent to reaching agreement with the Debtor, SC&H
agrees to accept $50,000 as a Financing Fee payable out of proceeds
of a sale transaction for any debtor-in-possession financing
approved by the Court from Gateway Acceptance Company.
d) Expense Reimbursement. The Debtors shall reimburse SC&H for
all reasonable out-of-pocket costs and expenses incurred by SC&H in
connection with its engagement under the Engagement Letter, up to a
maximum of $20,000.
As disclosed in the court filings, SC&H does not hold any interest
adverse to the Debtor's estate and (b) believes that it is a
"disinterested person" as that term is defined in section 101(14)
of the Bankruptcy Code, as modified by Bankruptcy Code section
1107(b), as required by Bankruptcy Code section 327(a).
The firm can be reached through:
Kenneth W. Mann
SC&H Group
910 Ridgebrook Rd
Sparks, MD 21152
Tel: (410) 403-1500
E-mail: kmann@schgroup.com
About Precision Swiss Products Inc.
Precision Swiss Products Inc. is a privately held California
corporation which specializes in the manufacturing and selling
highly specialized components and assemblies equipment for medical,
semiconductor, aviation and defense companies.
Precision Swiss Products Inc. sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 24-51678) on
November 4, 2024. In the petition signed by Norbert Kozar, chief
executive officer, the Debtor disclosed up to $50 million in both
assets and liabilities.
The Debtor is represented by Chris Kuhner, Esq. at KORNFIELD,
NYBERG, BENDES, KUHNER & LITTLE P.C.
PROFESSIONAL SECURITY: Judy Wolf Weiker Named Subchapter V Trustee
------------------------------------------------------------------
The U.S. Trustee for Region 10 appointed Judy Wolf Weiker of
Manewitz Weiker Associates, LLC as Subchapter V trustee for
Professional Security Enterprises Incorporated.
Ms. Weiker will be paid an hourly fee of $375 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Weiker declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Judy Wolf Weiker
Manewitz Weiker Associates, LLC
P.O. Box 40185
Indianapolis, IN 46240
Phone: 973-768-2735
Email: JWWtrustee@manewitzweiker.com
About Professional Security Enterprises
Professional Security Enterprises Incorporated sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case
No. 24-80461) on November 14, 2024, with $0 to $50,000 in assets
and $500,001 to $1 million in liabilities.
Judge Jeffrey J. Graham presides over the case.
Jeffrey M. Hester, Esq. at Hester Baker Krebs LLC represents the
Debtor as legal counsel.
PROS HOLDINGS: FMR LLC, Abigail Johnson Reduce Stake to 0.29%
-------------------------------------------------------------
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 136,975 shares of PROS
Holdings, Inc.'s common stock, representing 0.29% of the
outstanding shares, and ceased to be the beneficial owner of more
than five percent of the class of securities.
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 FMR's SEC Report is available at:
https://tinyurl.com/4y639ren
About PROS Holdings
Headquartered in Houston, Texas, PROS Holdings, Inc. (NYSE: PRO),
is a provider of AI-powered SaaS pricing, CPQ, revenue management,
and digital offer marketing solutions.
As of June 30, 2024, PROS Holdings had $384.9 million in total
assets, $467.9 million in total liabilities, and $83 million in
total shareholders' deficit.
* * *
Egan-Jones Ratings Company, on August 22, 2024, maintained its
'CCC-' foreign currency and local currency senior unsecured ratings
on debt issued by PROS Holdings, Inc.
QUIKRETE HOLDINGS: S&P Places 'BB' ICR on CreditWatch Negative
--------------------------------------------------------------
S&P Global Ratings placed its 'BB' issuer credit rating as well as
the issue-level ratings on Atlanta-based Quikrete Holdings Inc. on
CreditWatch with negative implications.
S&P said, "The CreditWatch placement reflects our view that the
announced transaction will likely result in a more highly leveraged
credit profile due to the incremental debt incurred to fund the
acquisition, and that we could likely lower the issuer credit
rating on Quikrete by one or more notches upon close of the
proposed transaction.
"The negative CreditWatch placement reflects our view that
Quikrete's leverage will likely exceed 4x with the acquisition
related debt financing. On Nov. 25, 2024, Quikrete announced that
it entered into a definitive agreement to acquire Summit Materials
for $52.50 per share, reflecting a total enterprise value of
approximately $11.5 billion dollars. In connection with the
transaction, the company plans to use a combination of cash and
debt to fund the acquisition. The negative implications reflect our
view that we could likely lower the issuer credit rating on
Quikrete by one or more notches upon close of the proposed
transaction.
"We expect to resolve the CreditWatch placement when the
acquisition closes in the first half of 2025. We will reassess
Quikrete's market and competitive position, pro forma capital
structure, and long-term financial policy as more information
becomes available. If the incremental debt relative to the acquired
EBITDA notably increases the company's debt leverage, we could
lower the issuer credit rating. If the transaction fails to close,
we would reassess the company and could likely affirm our
ratings."
RAINBOW PRODUCTION: Taps Donlin Recano as Administrative Advisor
----------------------------------------------------------------
Rainbow Production Services, LLC and its affiliates seek approval
from the U.S. Bankruptcy Court for the District of Delaware to
employ Donlin, Recano & Company, Inc. as administrative advisor.
The firm will render these services:
(a) assist with the preparation of the Debtors’ schedules of
assets and liabilities and statements of financial affairs and
gather data in conjunction therewith;
(b) though such services are not presently contemplated:
a. to assist with, among other things, solicitation,
balloting and tabulation of votes, and prepare any related reports,
as required in support of confirmation of a chapter 11 plan, and in
connection with such services, process requests for documents from
parties in interest, including, if applicable, brokerage firms,
bank back-offices and institutional holders;
b. prepare an official ballot certification and, if
necessary, testify in support of the ballot tabulation results;
c. provide a confidential data room, if requested; and
d. manage and coordinate any distributions pursuant to a
chapter 11 plan; and
e. provide such other processing, solicitation, balloting
and other administrative services described in the Engagement
Agreement, but not included in the Section 156(c) Application, as
may be requested from time to time by the Debtors, the Court or the
Office of the Clerk of the Bankruptcy Court.
The firm received from the Debtor a retainer of $15,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Lisa Terry, a senior legal director at Donlin, Recano & Company,
Inc., disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached through:
Lisa Terry
Donlin, Recano & Company, Inc.
48 Wall Street
New York, NY 10016
Tel: (619) 346-1628
About Rainbow Production Services
Rainbow Production Services, LLC and its affiliates sought Chapter
11 bankruptcy protection (Bankr. D. Del. Case No. 24-12564) on Nov.
4, 2024, listing up to $50 million in both assets and liabilities.
The Debtors tapped Bayard, PA and Levene, Neale, Bender, Yoo &
Golubchik LLP as counsel. Donlin, Recano & Company, Inc. is the
claims and noticing agent.
RAINBOW PRODUCTION: Taps Quinn Emanuel Urquhart as Special Counsel
------------------------------------------------------------------
Rainbow Production Services, LLC and its affiliates seek approval
from the U.S. Bankruptcy Court for the District of Delaware to
employ Quinn Emanuel Urquhart & Sullivan, LLP as special counsel.
The firm will represent the Debtors in connection with these
matters:
a. Dramacorp Pampas Studios AB and Film Finances, Inc. v.
Hiscox Insurance Company Limited, Ad Hoc Arbitration under the
Arbitration Act 1996, pending in London, England (the "Hamilton
Arbitration");
b. City National Bank v. New Line Productions, Inc. and Film
Finances, Inc., JAMS Ref. No. 5220007341 (the "Horizon
Arbitration"), pending in Los Angeles, California, and which is
currently subject to the automatic stay provisions of 11 U.S.C.
Sec. 362(a); and
c. Any other matters which may arise from time to time in
connection with FFI's completion guarantee programs and agreements
which may require the involvement of Quinn, which FFI and Quinn
mutually agree should be handled by Quinn.
Quinn's ordinary hourly rates range from $1,035 to $3,000 per hour
for attorneys and $655-$849 per hour for paraprofessionals. The
primary attorneys that will work on this representation and their
respective hourly rates are:
Gary E. Gans $1,655
Daniel Posner $1,480
Jack Davies $1,250
Nathan Masih-Hanneghan $1,150
Scott Schlafer $1,110
Quinn is holding a $50,000 retainer.
The following is provided in response to the request for additional
information set forth in Paragraph D.1 of the US Trustee Fee
Guidelines:
Question: Did the Firm agree to any variations from, or
alternatives to, the Firm's standard billing arrangements for this
engagement?
Answer: There are two engagements. No variations for Horizon;
contingency agreement for Hamilton.
Question: Do any of the Firm's professionals in this engagement
vary their rate based on the geographical location of the Debtor's
Chapter 11 Case?
Answer: No.
Question: If the Firm has represented the Debtor in the 12
months pre-petition, disclose the Firm's billing rates and material
financial terms for the prepetition engagement, including any
adjustments during the 12 months prepetition. If the Firm's billing
rates and material financial terms have changed post-petition,
explain the difference and the reasons for the difference.
Answer: The billing rates listed in the Application and my
declaration have been the billing rates for the last 12 months,
except that we have given Film Finances a 10% discount.
Question: Has the Debtor approved Quinn Emanuel's budget and
staffing plan, and if so, for what budget period?
Answer: We don't have a budget and as yet, do not have approval
of a staffing plan. The budget is irrelevant for Hamilton because
of the contingency arrangement. However, Quinn's compensation shall
be subject to the terms of the cash collateral/debtor-in-financing
budgets approved pursuant to the Court's orders approving the
Debtors' motion for authority to use cash collateral and obtain
debtor-in-possession financing.
Gary E. Gans, Esq., a senior counsel of Quinn, 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:
Victor Noskov, Esq.
Quinn Emanuel Urquhart & Sullivan LLP
500 Delaware Avenue, Suite 220
Wilmington, DE 19801
Telephone: (302) 302 4000
Facsimile: (302) 302-4010
About Rainbow Production Services
Rainbow Production Services, LLC and its affiliates sought Chapter
11 bankruptcy protection (Bankr. D. Del. Case No. 24-12564) on Nov.
4, 2024, listing up to $50 million in both assets and liabilities.
The Debtors tapped Bayard, PA and Levene, Neale, Bender, Yoo &
Golubchik LLP as counsel. Donlin, Recano & Company, Inc. is the
claims and noticing agent.
RANCHO HOSPITALITY: Gina Klump Named Subchapter V Trustee
---------------------------------------------------------
The U.S. Trustee for Region 17 appointed Gina Klump, Esq., at the
Law Office of Gina R. Klump, as Subchapter V trustee for Rancho
Hospitality Group, LLC.
Ms. Klump will be paid an hourly fee of $500 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Klump declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Gina Klump, Esq.
Law Office of Gina R. Klump
11 5th Street, Suite 102
Petaluma, CA 94952
Phone: (707) 778-0111
Email: gklump@klumplaw.net
About Rancho Hospitality Group
Rancho Hospitality Group, LLC sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 24-51716) on
November 13, 2024. At the time of the filing, the Debtor reported
up to $50,000 in assets and up to $100,000 in liabilities.
Reshma Kamath, Esq., serves as the Debtor's legal counsel.
RAPID7 INC: FMR LLC, Abigail Johnson Hold 5.926% Equity Stake
-------------------------------------------------------------
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 3,725,132 shares of
Rapid7, Inc.'s common stock, representing 5.926% of the outstanding
share.
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 FMR's SEC Report is available at:
https://tinyurl.com/yrpjrj29
About Rapid7 Inc.
Rapid7, Inc. (Nasdaq: RPD) provides cybersecurity services.
Rapid7 reported a net loss of $149.26 million for the year ended
December 31, 2023, compared to a net loss of $124.7 million for the
year ended December 31, 2022. As of June 30, 2024, Rapid7 had $1.5
billion in total assets, $1.6 billion in total liabilities, and
$52.9 million in total stockholders' deficit.
* * *
Egan-Jones Ratings Company on October 10, 2023, maintained its 'CC'
foreign currency and local currency senior unsecured ratings on
debt issued by Rapid7, Inc.
RDB MANAGEMENT: Files Chapter 11 Bankruptcy in Colorado
-------------------------------------------------------
On November 22, 2024, RDB Management LLC filed Chapter 11
protection in the District of Colorado. According to court
documents, the Debtor reports $2,481,528 in debt owed to 1 and 49
creditors. The petition states that funds will be available to
unsecured creditors.
About RDB Management LLC
RDB Management LLC provides personalized in-home care and is
especially skilled in consulting with families about Long-Term Care
insurance (LTCi) policies and identifying other funding sources
that cover the costs of in-home care.
RDB Management LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Col. Case No. 24-16998) on November 22,
2024. In the petition filed by Richard Babcock, as manager, the
Debtor reports total assets of $201,342 and total liabilities of
$2,481,528.
Honorable Bankruptcy Judge Michael E. Romero handles the case.
The Debtor is represented by:
Keri L. Riley, Esq.
KUTNER BRINEN DICKEY RILEY PC
1660 Lincoln Street, Suite 1720
Denver, CO 80264
Tel: 303-832-2400
Email: klr@kutnerlaw.com
RED RIVER: Judge Orders Talc Cases to Stay Paused Until Mid-March
-----------------------------------------------------------------
Steven Church of Bloomberg News reports that lawsuits accusing
Johnson & Johnson's baby powder of causing ovarian cancer will
remain paused until at least mid-March, as a subsidiary works to
resolve the claims through bankruptcy.
During a hearing on December 2, 2024, U.S. Bankruptcy Judge
Christopher Lopez rejected efforts to expand the litigation freeze
to include more entities or to lift the stay, allowing certain
cases against J&J to continue.
The company is facing tens of thousands of claims from women
alleging that contaminated talc in its baby powder caused cancer.
About J&J Talc Units
LLT Management, LLC (formerly known as LTL Management LLC) was a
subsidiary of Johnson & Johnson that was formed to manage and
defend thousands of talc-related claims and oversee the operations
of Royalty A&M. Royalty A&M owns a portfolio of royalty revenue
streams, including royalty revenue streams based on third-party
sales of LACTAID, MYLANTA/MYLICON and ROGAINE products.
LTL Management first filed a petition for Chapter 11 protection
(Bankr. W.D.N.C. Case No. 21-30589) on Oct. 14, 2021. The case was
transferred to New Jersey (Bankr. D.N.J. Case No. 21-30589) on Nov.
16, 2021. The Hon. Michael B. Kaplan is the case judge. At the time
of the filing, the Debtor was estimated to have $1 billion to $10
billion in both assets and liabilities.
In the 2021 case, LTL Management tapped Jones Day and Rayburn
Cooper & Durham, P.A., as bankruptcy counsel; King & Spalding, LLP
and Shook, Hardy & Bacon LLP as special counsel; McCarter &
English, LLP as litigation consultant; Bates White, LLC as
financial consultant; and AlixPartners, LLP as restructuring
advisor. Epiq Corporate Restructuring, LLC, served as the claims
agent.
On Dec. 24, 2021, the U.S. Trustee for Regions 3 and 9
reconstituted the talc claimants' committee and appointed two
separate committees: (i) the official committee of talc claimants
I, which represents ovarian cancer claimants, and (ii) the official
committee of talc claimants II, which represents mesothelioma
claimants.
The official committee of talc claimants I tapped Genova Burns LLC,
Brown Rudnick LLP, Otterbourg PC and Parkins Lee & Rubio LLP as its
legal counsel. Meanwhile, the official committee of talc claimants
II is represented by the law firms of Cooley LLP, Bailey Glasser
LLP, Waldrep Wall Babcock & Bailey PLLC, Massey & Gail LLP, and
Sherman Silverstein Kohl Rose & Podolsky P.A.
Re-Filing of Chapter 11 Petition
On Jan. 30, 2023, a panel of the Third Circuit issued an opinion
directing this Court to dismiss the 2021 Chapter 11 Case on the
basis that it was not filed in good faith. Although the Third
Circuit panel recognized that the Debtor "inherited massive
liabilities" and faced "thousands" of future claims, it concluded
that the Debtor was not in financial distress before the filing.
On March 22, 2023, the Third Circuit entered an order denying the
Debtor's petition for rehearing. The Third Circuit entered an order
denying LTL's stay motion on March 31, 2023, and, on the dame day,
issued its mandate directing the Bankruptcy Court to dismiss the
2021 Chapter 11 Case.
The Bankruptcy Court entered an order dismissing the 2021 Case on
April 4, 2023.
Johnson & Johnson on April 4, 2023, announced that its subsidiary
LTL Management LLC (LTL) has re-filed for voluntary Chapter 11
bankruptcy protection (Bankr. D.N.J. Case No. 23-12825) to obtain
approval of a reorganization plan that will equitably and
efficiently resolve all claims arising from cosmetic talc
litigation against the Company and its affiliates in North
America.
In the new filing, J&J said it has agreed to contribute up to a
present value of $8.9 billion, payable over 25 years, to resolve
all the current and future talc claims, which is an increase of
$6.9 billion over the $2 billion previously committed in connection
with LTL's initial bankruptcy filing in October 2021. LTL also has
secured commitments from over 60,000 current claimants to support
a
global resolution on these terms.
In August 2023, U.S. Bankruptcy Judge Michael Kaplan in Trenton,
New Jersey, ruled that the second bankruptcy case should be
dismissed.
3rd Try
In May 2024, J&J announced its subsidiary LLT Management LLC is
soliciting support for a consensual prepackaged bankruptcy plan to
resolve its talc-related liabilities. Under the terms of the plan,
a trust would be funded with over $5.4 billion in the first three
years and more than $8 billion over the course of 25 years, which
J&J calculates to have a net present value of $6.475 billion.
Claimants must cast their vote to accept or reject the Plan by 4:00
p.m. (Central Time) on July 26, 2024. A solicitation package may be
requested at www.OfficialTalcClaims.com or by calling
1-888-431-4056. If the Plan is accepted by at least 75% of voters,
a bankruptcy may be filed under the case name In re: Red River Talc
LLC in a bankruptcy court in Texas or in the bankruptcy court of
another jurisdiction. Epiq Corporate Restructuring, LLC is serving
as balloting and solicitation agent for LLT.
On Sept. 20, 2024, Red River Talc LLC filed a Chapter 11 bankruptcy
petition (Bankr. S.D. Tex. Case No. 24-90505).
Porter Hedges LLP and Jones Day serve as counsel in the new Chapter
11 case. Epiq is the claims agent.
Paul Hastings LLP is counsel to the Ad Hoc Committee of Supporting
Counsel. Randi S. Ellis is the proposed prepetition legal
representative of future claimants.
RKSR INVESTMENTS: Case Summary & 15 Unsecured Creditors
-------------------------------------------------------
Debtor: RKSR Investments, LLC
2313 Woodway
Round Rock, TX 78681-4092
Business Description: RKSR Investments 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
Western District of Texas
Case No.: 24-11528
Judge: Hon. Shad Robinson
Debtor's Counsel: Stephen W. Sather, Esq.
BARRON & NEWBURGER, P.C.
7320 N. MoPac Expressway 400
Austin TX 78731
Tel: (512) 653-1009
E-mail: ssather@bn-lawyers.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Dr. Narendra Punjabi as manager.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 15 unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/XD3X64I/RKSR_Investments_LLC__txwbke-24-11528__0001.0.pdf?mcid=tGE4TAMA
ROCKY MOUNTAIN: FMR LLC, Abigail Johnson Hold 7.631% Equity Stake
-----------------------------------------------------------------
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 579,381 shares of Rocky
Mountain Chocolate Factory, Inc.'s common stock, representing
7.631% of the outstanding share.
Abigail P. Johnson is a Director, the Chairman and the 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 FMR's SEC Report is available at:
https://tinyurl.com/bdh3b7ae
About Rocky Mountain Chocolate Factory
Durango, Colo.-based Rocky Mountain Chocolate Factory, Inc. is an
international franchisor, confectionery producer, and retail
operator. Founded in 1981, the Company produces an extensive line
of premium chocolate candies and other confectionery products.
As of August 31, 2024, Rocky Mountain Chocolate Factory had $21.1
million in total assets, $10.6 million in total liabilities, and
$10.5 million in total shareholders' equity.
Going Concern
During the six months ended August 31, 2024, Rocky Mountain
Chocolate Factory used cash in operating activities of $5.7
million. Additionally, the Company was not in compliance with the
requirement under a credit agreement, as amended, with Wells Fargo
Bank N.A. to maintain a ratio of total current assets to total
current liabilities of at least 1.5 to 1. The Company's current
ratio as of August 31, 2024 was 1.24 to 1. The Credit Agreement was
set to expire on September 30, 2024, and was repaid on September
30, 2024. These factors raise substantial doubts about the
Company's ability to continue as a going concern within the next 12
months.
ROKSTAD HOLDINGS: Dec. 16 Chapter 15 Recognition Hearing Set
------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware scheduled a
hearing on Dec. 16, 2024, at 2:00 p.m., to consider approval of a
verified petition filed by Rokstad Holdings Corporation and its
debtor-affiliates seeking recognition of the Canadian Receivership
as a foreign main proceeding.
All parties wishing to appear at the recognition hearing remotely
must, in accordance with the eCourt Appearance Effective Jan. 2,
2024, register using the eCourtAppearances tool found on the
court's website at https://www.debt.uscourts.gov/ecourt-appearances
by no later than 4:00 p.m. (Prevailing Eastern Time) one business
day prior to the recognition hearing.
About Rokstad Holdings
Rokstad Holdings Corporation -- https://rokstadpower.com/ --
distributes and transmits construction company that operates across
the United States and Canada.
The Company filed for Chapter 15 protection on Nov. 21, 2024
(Bankr. D. Del. Lead Case No. 24-12645). The Hon. Mary F. Walrath
presides over the Chapter 15 case.
The petition was signed by FTI Consulting Canada Inc., the Debtor's
receiver.
Steven W. Golden, Esq., Debra I. Grassgreen, Esq., Colin R.
Robinson, Esq., and Brooke E. Wilson, Esq. of Pachulski Stang Ziehl
& Jones LLP, represents the Receiver.
ROTM LOFTS: Sec. 341(a) Meeting of Creditors on December 20
-----------------------------------------------------------
On November 21, 2024, The ROTM Lofts LLC filed Chapter 11
protection in the District of Maine. 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 20,
2024 at 11:00 AM.
About ROTM Lofts LLC
ROTM Lofts LLC is a limited liability company.
ROTM Lofts LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Me. Case No. 24-10257) on November 21,
2024. In the petition filed by Geoffrey Houghton, as manager and
authorized party, the Debtor reports estimated assets and
liabilities between $1 million and $10 million each.
Honorable Bankruptcy Judge Michael A. Fagone handles the case.
The Debtor is represented by:
Adam Prescott, Esq.
BERNSTEIN SHUR SAWYER & NELSON, P.A.
100 Middle Street
P.O. Box 9729
Portland ME 04101
Tel: 207-774-1200
Email: aprescott@bernsteinshur.com
RPM EXPEDITE: Seeks Chapter 11 Bankruptcy in Texas
--------------------------------------------------
On November 22, 2024, RPM Expedite USA LLC filed Chapter 11
protection in the Northern District of Texas. According to court
documents, the Debtor reports between $1 million and $10 million in
debt owed to 100 and 199 creditors. The petition states funds will
be available to unsecured creditors.
About RPM Expedite USA LLC
RPM Expedite USA LLC is part of the general freight trucking
industry.
RPM Expedite USA LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-44345) on November
22, 2024. In the petition filed by Eric Kunz, as CEO, the Debtor
reports estimated assets and liabilities between $1 million and $10
million each.
The Debtor is represented by:
Howard Marc Spector, Esq.
SPECTOR + COX PLLC
12770 Coit Rd. #850
Dallas TX 75251
Tel: (214) 365-5377
E-mail: hspector@spectorcox.com
RYKIN PUMP: Files Chapter 11 Protection in Texas
------------------------------------------------
On November 25, 2024, Rykin Pump Company Inc. filed Chapter 11
protection in the Western District of Texas. According to court
documents, the Debtor reports $8,148,987 in debt owed to 1 and 49
creditors. The petition states that funds will be available to
unsecured creditors.
About Rykin Pump Company Inc.
Rykin Pump Company Inc. specializes in service station equipment,
maintenance, and testing. The Company is a distributor for some of
the top names in the industry, including Wayne, Fill-Rite, and
OPW.
Rykin Pump Company Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Tex. Case No.: 24-70178) on November
25, 2024. In the petition filed by Amy Gayle Dennis, as president,
the Debtor reports total assets of $32,905,273 and total
liabilities of $8,148,987.
Honorable Bankruptcy Judge Shad Robinson oversees the case.
The Debtor is represented by:
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
SABER AUTOMOTIVE: Case Summary & Six Unsecured Creditors
--------------------------------------------------------
Debtor: Saber Automotive, LLC
9891 Irvine Center Dr.
Irvine, CA 92618
Chapter 11 Petition Date: December 2, 2024
Court: United States Bankruptcy Court
Central District of California
Case No.: 24-13090
Debtor's Counsel: Michael R. Totaro, Esq.
TOTARO & SHANAHAN, LLP
PO Box 789
Pacific Palisades CA 90272
Tel: (310) 804-2157
E-mail: Ocbkatty@aol.com
Total Assets: $32,500
Total Liabilities: $1,347,548
The petition was signed by Fardis Rezvani as managing member.
A full-text copy of the petition containing, among other items, a
list of the Debtor's six unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/36CPACQ/Saber_Automotive_LLC__cacbke-24-13090__0001.0.pdf?mcid=tGE4TAMA
SANDISK CORP: S&P Assigns 'BB' ICR, Outlook Stable
--------------------------------------------------
S&P Global Ratings assigned its 'BB' 87 to Sandisk Corp. The
outlook is stable. S&P assigned its 'BB' issue-level rating and '3'
recovery rating to the company's credit facilities.
The stable outlook is based on S&P's expectation that Sandisk will
continue to benefit from a recovery in the global NAND industry,
while maintaining S&P Global Ratings-adjusted leverage under 1.5x.
Western Digital Corp. has announced a plan to separate its flash
memory business in a tax-free spin-off to existing shareholders.
The separated business will operate as a stand-alone public company
under the name Sandisk Corp.
In conjunction with the separation, Sandisk will issue up to a $2
billion first-lien term loan which will fund balance sheet cash and
up to a $1 billion dividend to Western Digital.
The announced capital structure will give Sandisk a manageable debt
load, but the company will remain one of the smaller players in a
volatile NAND market. S&P said, "We view Sandisk's announced
capital structure, with $2 billion of gross debt, a $1.5 billion
undrawn revolver, and $1 billion of balance sheet cash at close as
manageable, particularly if the company capitalizes on a recovering
NAND market to reduce debt. While we expect near-term leverage to
be modest at under 1.5x, Sandisk will remain a smaller player in
one of the most highly cyclical subsectors within a highly cyclical
semiconductor industry. Due to the nature of this industry, the
company's ability to successfully navigate future downturns while
preserving liquidity and the ability to invest in its product
roadmap remains critical to creditworthiness over the longer term."
A constructive manufacturing joint-venture relationship with Kioxia
has helped Sandisk remain competitive despite being a smaller
player in a highly capital-intensive industry, as the two companies
are able to pool resources and benefit from economies of scale well
beyond what Sandisk could achieve on its own.
S&P said, "The stable outlook is based on our expectation that
Sandisk will continue to broadly perform in line with the global
NAND industry, including our forecast for a significant increase in
its revenue in the coming year as demand recovers from a severe
industry downturn. We expect the company's cash generation and low
net debt levels will enable it to maintain net leverage of below
1.5x when the industry performs well and about 3.0x amid future
downturns. We expect the company's free cash flow (FCF) to debt
will exceed 30% by fiscal 2026."
S&P would likely downgrade Sandisk if:
-- A reduction in NAND industry growth or excess capacity in the
industry lead to declining revenue and margins such that its
leverage rises substantially over 3x or its FCF to debt declines
below 15%;
-- S&P believes that net leverage is likely to remain over 1.5x at
midcycle business conditions;
-- The company pursues aggressive shareholder return goals before
reducing initial leverage; or
-- S&P believes that this business is failing to sustain its
technological and competitive position.
While unlikely over the next 12 months, S&P would consider
upgrading Sandisk if it:
-- Capitalizes on strong near-term demand in the NAND industry to
expand and sustain EBITDA margins exceeding those it has
experienced in previous cycles;
-- Reduce its leverage to a sustainably net-cash position; and
-- Sustains a conservative financial policy commensurate with
retaining a net cash or near net cash position through industry
cycles.
S&P said, "ESG credit factors have an overall neutral influence on
our rating analysis of Sandisk. As a manufacturer of semiconductors
through its joint-venture structure, the company faces
environmental risks related to its greenhouse gas emissions, water
use, e-waste, and hazardous substances, which could affect its
ability to manage its manufacturing operations and cost structure.
We view the company's management and governance as neutral,
reflecting management's experience, expertise, and ability to
adjust its business strategies when needed."
SCIENTIFIC ENERGY: Posts $1.65 Million Net Profit in Third Quarter
------------------------------------------------------------------
Scientific Energy, Inc., filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing net profit
of $1.65 million on $19.38 million of revenue for the three months
ended Sept. 30, 2024, compared to net profit of $723,555 on $9.75
million of revenue for the three months ended Sept. 30, 2023.
For the nine months ended Sept. 30, 2024, the Company reported net
profit of $2.40 million on $50.56 million of revenue compared to
net profit of $1.69 million on $28.64 million of revenue for the
nine months ended Sept. 30, 2023.
As of Sept. 30, 2024, the Company had $92.69 million in total
assets, $21.69 million in total liabilities, $72.14 million in
total stockholders' surplus, and $1.14 million in non-controlling
interests.
Going Concern
Scientific Energy stated, "As shown in the accompanying
consolidated financial statements, the Company has an accumulated
deficit of $8,980,282 as of September 30, 2024. The Company also
experienced insufficient cash flows from operations and will be
required continuous financial support from the shareholders. The
Company will need to raise capital to fund its operations until it
is able to generate sufficient revenue to support the future
development. Moreover, the Company may be continuously raising
capital through the sale of debt and equity securities.
"The Company's ability to achieve these objectives cannot be
determined at this stage. If the Company is unsuccessful in its
endeavors, it may be forced to cease operations. These
consolidated financial statements do not include any adjustments
that might result from this uncertainty which may include
adjustments relating to the recoverability and classification of
recorded asset amounts, or amounts and classifications of
liabilities that might be necessary should the Company be unable to
continue as a going concern.
"These factors have raised substantial doubt about the Company's
ability to continue as a going concern. There can be no assurances
that the Company will be able to obtain adequate financing or
achieve profitability. These consolidated financial statements do
not include any adjustments that might result from the outcome of
this uncertainty."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1276531/000137647424000714/scgy-20240930.htm
About Scientific Energy
Scientific Energy, Inc. is a mobile platform of ordering and
delivery services for restaurants or other merchants in Macau. The
Company's businesses are built on its platform, Aomi App. The
Platform connects restaurants/merchants with consumers and delivery
riders. The Platform is created to serve the needs of these three
key areas and to become more intelligent and efficient with every
customer order.
Hong Kong-based Centurion ZD CPA & Co, the Company's auditor since
2014, issued a "going concern" qualification in its report dated
April 16, 2024, citing that the Company has suffered recurring
losses from operations and has a net capital deficiency that raise
substantial doubt about its ability to continue as a going concern.
SCIONTI CONSTRUCTION: Seeks to Extend Exclusivity to Jan. 10, 2025
------------------------------------------------------------------
Scionti Construction Group LLC asked the U.S. Bankruptcy Court for
the Southern District of Florida to extend its exclusivity period
to file a plan of reorganization and disclosure statement to
January 10, 2025.
Pursuant to Sections 1107(a) and 1108 of the Bankruptcy Code, the
Debtor is managing its affairs as a debtor-in-possession. As of the
date hereof, no trustee, examiner or statutory committee has been
appointed in this Chapter 11 case.
This Motion is the Debtor's first request for an extension of
exclusivity and solicitation.
The Debtor claims that it is seeking an extension in good faith and
not to unnecessarily delay the progress of its case. Such an
extension, if granted, will not prejudice the legitimate interests
of creditors and other parties in interest.
Scionti Construction Group LLC is represented by:
H. Bruce Bronson, Esq.
BRONSON LAW OFFICES, P.C.
480 Mamaroneck Ave.
Harrison, NY 10528
Tel: (914) 269-2530
Fax: (888) 908-6906
Email: hbbronson@bronsonlaw.net
About Scionti Construction Group
Scionti Construction Group LLC is the owner of real property
located at 7454 School House Road valued at $1.65 million and eight
unimproved properties in Ocala valued at $360,000.
Scionti Construction Group LLC sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-22427) on May
14, 2024. In the petition signed by Joseph Anthony Scionti, as
managing member, the Debtor reports total assets of $2,040,000 and
total liabilities of $3,874,749.
Honorable Bankruptcy Judge Sean H Lane oversees the case.
The Debtor is represented by H. Bruce Bronson, Jr., Esq. at Bronson
Law Offices, P.C.
SEBASTIAN TECH: Beverly Brister Named Subchapter V Trustee
----------------------------------------------------------
The Acting U.S. Trustee for Region 13 appointed Beverly Brister,
Esq., a practicing attorney in Benton, Ark., as Subchapter V
trustee for Sebastian Tech Systems, LLC.
Ms. Brister will be paid an hourly fee of $300 for her services as
Subchapter V trustee. Should travel be required outside of Saline
or Pulaski Counties, the Subchapter V trustee will seek a
compensation rate of $100 per hour for actual travel time
incurred.
Ms. Brister declared that she is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Beverly I. Brister, Esq.
Attorney at Law
212 W. Sevier
Benton, AR 72015
Phone: 501-778-2100
Email: bibristerlaw@gmail.com
About Sebastian Tech Systems
Sebastian Tech Systems, LLC owns and operates an IT Service company
in Jonesboro, Ark.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Ark. Case No. 24-13722) on November
13, 2024, with up to $500,000 in assets and up to $10 million in
liabilities. Meg Sebastian, managing member, signed the petition.
Judge Phyllis M. Jones oversees the case.
Kevin P. Keech, Esq., at Keech Law Firm, PA, represents the Debtor
as bankruptcy counsel.
SEMILEDS CORP: Incurs $2.03 Million Net Loss in FY Ended Aug. 31
----------------------------------------------------------------
SemiLEDs Corporation filed with the Securities and Exchange
Commission its Annual Report on Form 10-K reporting a net loss of
$2.03 million on $5.18 million of net revenues for the year ended
Aug. 31, 2024, compared to a net loss of $2.69 million on $5.98
million of net revenues for the year ended Aug. 31, 2023.
As of Aug. 31, 2024, the Company had $11.14 million in total
assets, $8.89 million in total liabilities, and $2.25 million in
total equity.
Diamond Bar, California-based KCCW Accountancy Corp, the Company's
auditor since 2019, issued a "going concern" qualification in its
report dated Nov. 26, 2024, citing that the Company incurred
recurring losses from operations and has an accumulated deficit,
which raises substantial doubt about its ability to continue as a
going concern.
A full-text copy of the Form 10-K is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1333822/000095017024131245/leds-20240831.htm
About SemiLEDs
Headquartered in Miao-Li County, Taiwan, R.O.C., SemiLEDs --
http://www.semileds.com-- develops, manufactures and sells light
emitting diode (LED) chips, LED components, LED modules and
systems. The Company's products are used for general specialty
industrial applications, including ultraviolet, or UV, curing of
polymers, LED light therapy in medical/cosmetic applications,
counterfeit detection, LED lighting for horticulture applications,
architectural lighting and entertainment lighting.
SGZ GROUP: Commences Subchapter V Bankruptcy Process
----------------------------------------------------
On November 20, 2024, SGZ Group Inc. filed Chapter 11 protection in
the District of Massachusetts. According to court filing, the
Debtor reports $1,397,764 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 10:00 AM.
About SGZ Group Inc.
SGZ Group Inc., doing business as Kendall Press, was founded in
Kendall Square, Cambridge, MA in 1986 as a commercial print and
sign company serving the Boston and Cambridge community. Today, the
Company has evolved to become a full-service content production
company delivering printed and digital media in support of
marketing, sales, and experiential initiatives to leading
businesses in the Boston region and beyond.
SGZ Group Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Mass. Case No. 24-12330) on November 20,
2024. In the petition filed by J. Edward Christopher, as president,
the Debtor reports total assets of $351,334 and total liabilities
of $1,397,764.
The Debtor is represented by:
David B. Madoff, Esq.
MADOFF & KHOURY LLP
124 Washington Street, Suite 202
Foxborough, MA 02035
Tel: 508-543-0040
Fax: 508-543-0020
E-mail: alston@mandkllp.com
SGZ GROUP: Seeks to Hire Madoff & Khoury LLP as Counsel
-------------------------------------------------------
SGZ Group, Inc. d/g/a Kendall Press seeks approval from the U.S.
Bankruptcy Court for the District of Massachusetts to employ Madoff
& Khoury LLP as counsel to handle its Chapter 11 case.
The firm will be paid at these rates:
Partner Time $450 per hour
Associate Time $350 per hour
Paralegals $160 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
The firm received a retainer in the amount of $26,738.
David B. Madoff, a partner at Madoff & Khoury 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:
David B. Madoff, Esq.
Steffani M. Pelton, Esq.
Madoff & Khoury LLP
124 Washington Street
Foxboro, MA 02035
Tel: (508) 543-0040
Email: madoff@mandkllp.com
About SGZ Group, Inc. d/g/a Kendall Press
Kendall Press was founded in Kendall Square, Cambridge, MA in 1986
as a commercial print and sign company serving the Boston and
Cambridge community. Today, the Company has evolved to become a
full-service content production company delivering printed and
digital media in support of marketing, sales, and experiential
initiatives to leading businesses in the Boston region and beyond.
SGZ Group, Inc., d/b/a Kendall Press in East Boston, MA, sought
relief under Chapter 11 of the Bankruptcy Code filed its voluntary
petition for Chapter 11 protection (Bankr. D. Mass. Case No.
24-12330) on Nov. 20, 2024, listing $351,334 in assets and
$1,397,764 in liabilities. J. Edward Christopher as president,
signed the petition.
MADOFF & KHOURY LLP serve as the Debtor's legal counsel.
SHIRER FAMILY: Taps Integrated Solutions and Analysis as Bookkeeper
-------------------------------------------------------------------
Shirer Family Casket Company, LLC seeks approval from the U.S.
Bankruptcy Court for the Eastern District of Louisiana to hire
Integrated Solutions and Analysis, LLC as bookkeeper.
The services to be provided by the the firm include preparing the
statement of cash flows, Monthly Operating Reports, and statement
of changes in equity; analyzing the Debtor's financial statements;
performing reasonableness testing; and providing all other services
as outlined in and within the confines of the Statement of Work.
The firm will be paid at an hourly rate of $45.
As disclosed in the court filings, Integrated Solutions and
Analysis, its managers, associates, and other professionals do not
represent or hold any interest adverse to the Debtor or her estate
and are disinterested persons.
The firm can be reached through:
Sonia Badon
Integrated Solutions and Analysis, LLC
2044 Halsey Avenue
New Orleans, LA 70114
Tel: (504) 382-1975
About Shirer Family Casket Company
Shirer Family Casket Company, LLC sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 24-11860)
on September 25, 2024, with $100,001 to $500,000 in assets and
$500,001 to $1 million in liabilities.
Judge Meredith S. Grabill presides over the case.
Evan Park Howell, III, Esq. at the Law Office of Evan Howell
represents the Debtor as bankruptcy counsel.
SIGNIA LTD: Plan Exclusivity Period Extended to Feb. 17, 2025
-------------------------------------------------------------
Judge Thomas B. McNamara of the U.S. Bankruptcy Court for the
District of Colorado extended Signia, Ltd.'s exclusive periods to
file a plan of reorganization and obtain acceptance thereof to
February 17, 2025 and April 16, 2025, respectively.
As shared by Troubled Company Reporter, several factors favor
granting the requested extension:
* First, good faith progress has been made towards
reorganization, as evidenced by the filing of the Plan within the
initial 120-day exclusivity window and the pending motion seeking
approval of the settlement agreement with certain parties that, if
approved, would reduce unsecured claims in the case by $1.85
million. In addition, the Debtor succeeded in negotiating both a
consensual cash collateral order and a consensual DIP financing
order.
* Second, the filed Plan is a viable reorganization plan that
addresses prepetition claims while also provide a path forward for
continued operations.
* Third, the Debtor is paying its bills as they come due,
timely filing its monthly operating reports, and operating in
compliance with its approved DIP financing agreement.
* Fourth, this is the first extension request.
* Fifth, there are complexities to this case, primarily
centering on disputes between the Debtor and judgment creditors
Male Excel Medical, P.A. and Male Excel, Inc. (together "Male
Excel") over ownership of various litigation claims and whether
Male Excel has violated the automatic stay.
Signia, Ltd., is represented by:
David V. Wadsworth, Esq.
Aaron J. Conrardy, Esq.
Wadsworth Garber Warner Conrardy, P.C.
2580 West Main Street, Suite 200
Littleton, CO 80120
Tel: (303) 296-1999
Fax: (303) 296-7600
Email: dwadsworth@wgwc-law.com
aconrardy@wgwc-law.com
About Signia, Ltd.
SIGNIA provides the full spectrum of customer service and care from
order and payment processing to customer inquiries and timely
follow-up to Tier 1 support.
Signia, Ltd., filed its voluntary petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. 24-13438) on June 20, 2024,
listing $507,431 in assets and $10,081,009 in liabilities. The
petition was signed by Jeffrey Fell as CEO.
Judge Thomas B. Mcnamara presides over the case.
David V. Wadsworth, Esq., at WADSWORTH GARBER WARNER CONRARDY,
P.C., is the Debtor's counsel.
SIGYN THERAPEUTICS: Incurs $1.20 Million Net Loss in Third Quarter
------------------------------------------------------------------
Sigyn Therapeutics, Inc., filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net loss
of $1.20 million on $0 of net revenues for the three months ended
Sept. 30, 2024, compared to a net loss of $905,726 on $0 of net
revenues for the three months ended Sept. 30, 2023.
For the nine months ended Sept. 30, 2024, the Company reported a
net loss of $2.82 million on $0 of net revenues compared to a net
loss of $2.97 million on $0 of net revenues for the same period
during the prior year.
As of Sept. 30, 2024, the Company had $427,438 in total assets,
$4.35 million in total liabilities, and a total stockholders'
deficit of $3.92 million.
The Company had an accumulated deficit of $14,158,906 at Sept. 30,
2024, had a working capital deficit of $4,006,168 at Sept. 30,
2024, had net losses of $1,196,923 and $2,817,394, and $905,726 and
$2,969,886 for the three and nine months ended Sept. 30, 2024 and
2023, respectively, and net cash used in operating activities of
$582,218 and $1,255,316 for the nine months ended Sept. 30, 2024
and 2023, respectively, with no revenue earned since inception, and
a lack of operational history. The Company said these matters
raise substantial doubt about the Company's ability to continue as
a going concern.
"While the Company is attempting to expand operations and generate
revenues, the Company's cash position will not be significant
enough to support the Company's daily operations for the
foreseeable future. Management intends to raise additional funds
by way of a private offering, public offering, or an asset sale
transaction. Management believes that the actions presently being
taken to further implement its business plan and generate revenues
provide the opportunity for the Company to continue as a going
concern. While management believes in the viability of its strategy
to generate revenues and in its ability to raise additional funds
or transact an asset sale, there can be no assurances to that
effect or on terms acceptable to the Company. The ability of the
Company to continue as a going concern is dependent upon the
Company's ability to further implement its business plan and
generate revenues," the Company said in the SEC filing.
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1642159/000149315224046847/form10-q.htm
About Sigyn
Headquartered in San Diego, California, Sigyn Therapeutics, Inc. is
a development-stage company that creates blood purification
technologies to overcome clearly defined limitations in healthcare.
Sigyn Therapy, its lead product candidate, is being advanced to
treat life-threatening conditions that are not addressed with
market-cleared drug agents. Candidate treatment indications
include endotoxemia, sepsis (a leading cause of hospital deaths),
community acquired pneumonia (a leading cause of infectious disease
deaths), drug-resistant bacterial infections, and emerging pandemic
viral threats.
New York, New York-based Kreit & Chiu CPA LLP, the Company's
auditor since 2021, issued a "going concern" qualification in its
report dated Feb. 20, 2024, citing that the Company has suffered
recurring losses from operations, has a net capital deficiency, and
negative cash flows from operating activities, therefore, the
Company has stated that substantial doubt exists about its ability
to continue as a going concern.
SMITH HEALTH: Hires Cunningham Chernicoff as Counsel
----------------------------------------------------
Smith Health Care, Ltd. seeks approval from the U.S. Bankruptcy
Court for the Middle District of Pennsylvania to employ Cunningham,
Chernicoff & Warshawsky, P.C. as counsel.
The firm will provide these services:
a. give the Debtor legal advice regarding its powers and
duties as Debtor-in-Possession in the continued operation of its
business and management of its property;
b. prepare and file on behalf of the Debtor, as
Debtor-in-Possession, the original Petition and Schedules, and all
necessary applications, complaints, answers, orders, reports and
other legal papers; and
c. perform all other legal services for the Debtor, as
Debtor-in-Possession, which may be necessary.
The firm will be paid at these rates:
Robert E. Chernicoff $450 per hour
Partners $400 to $450 per hour
Associate Attorneys $225 to $350 per hour
Paralegals $100 to $175 per hour
The Debtor paid the firm a retainer of $6,300.00, plus the Chapter
11 filing fee of $1,738.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Robert E. Chernicoff, Esq., a partner at Cunningham, Chernicoff &
Warshawsky, 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:
Robert E. Chernicoff, Esq.
Cunningham, Chernicoff & Warshawsky, P.C.
2320 North Second Street
P. O. Box 60457
Harrisburg, PA 17106-0457
Tel: (717) 238-6570
About Smith Health Care, Ltd.
Smith Health Care Ltd., formerly known as Smith Nursing and
Convalescent Home of Mountain Top, Inc., provides inpatient nursing
and rehabilitative services to patients who require continuous
health care. It is based in Mountain Top, Pa.
Smith Health Care filed a petition under Chapter 11, Subchapter V
of the Bankruptcy Code (Bankr. M.D. Pa. Case No. 24-02892) on
November 7, 2024, with $1 million to $10 million in both assets and
liabilities. Donna Strittmatter, president of Smith Health Care,
signed the petition.
Judge Mark J. Conway handles the case.
The Debtor is represented by Robert E. Chernicoff, Esq., at
Cunningham, Chernicoff & Warshawsky, PC.
SMITH HEALTH: Hires Marsh & Associates LLC as Special Counsel
-------------------------------------------------------------
Smith Health Care, Ltd. seeks approval from the U.S. Bankruptcy
Court for the Middle District of Pennsylvania to employ Marsh &
Associates, LLC, as special counsel.
The Debtor needs the firm's legal assistance in connection with
business and health care matters.
The firm will be paid at these rates:
Attorneys $225 per hour
Paralegals $95 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
The firm is owed more than $10,000 by the Debtor pre-Petition, but
is waiving any fees over $10,000.
Robert E. March, Jr., Esq., a partner at Marsh & Associates, 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:
Robert E. March, Jr., Esq.
Marsh & Associates, LLC
140 Maffet Street
Plains, PA 18705
Tel: (570) 826-1810
Email: mylaw@epix.net
About Smith Health Care, Ltd.
Smith Health Care Ltd., formerly known as Smith Nursing and
Convalescent Home of Mountain Top, Inc., provides inpatient nursing
and rehabilitative services to patients who require continuous
health care. It is based in Mountain Top, Pa.
Smith Health Care filed a petition under Chapter 11, Subchapter V
of the Bankruptcy Code (Bankr. M.D. Pa. Case No. 24-02892) on
November 7, 2024, with $1 million to $10 million in both assets and
liabilities. Donna Strittmatter, president of Smith Health Care,
signed the petition.
Judge Mark J. Conway handles the case.
The Debtor is represented by Robert E. Chernicoff, Esq., at
Cunningham, Chernicoff & Warshawsky, PC.
SOLUTION ENGINEERING: Taps Martin Law Group as Bankruptcy Counsel
-----------------------------------------------------------------
Solution Engineering for Reliable and Viable Enter seeks approval
from the U.S. Bankruptcy Court for the District of Colombia to hire
Martin Law Group, P.C. to handle its chapter 11 case.
The firm will be paid at the rates of $350 to $550 per hour.
The firm received from the Debtor a retainer in the amount of
$11.182.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Jeffery T. Martin, Jr., Esq., a partner at Martin Law Group, 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:
Jeffery T. Martin, Jr., Esq.
John E. Reid, Esq.
Martin Law Group, P.C.
8065 Leesburg Pike, Suite 750
Vienna, VA 22182
Telephone: (703) 834-5550
Email: jack@martinlawgroupva.com
About Solution Engineering for
Reliable and Viable Enter
Solution Engineering for Reliable and Viable Enter filed its
voluntary petition for relief under Chapter 11 of the Bankruptcy
Code (Bankr. D. Col. Case No. 24-00390) on Nov. 18, 2024, listing
$100,001 to $500,000 in assets and $1,000,001 to $10 million in
liabilities.
Judge Elizabeth L Gunn presides over the case.
Jeffery T. Martin, Esq. at Martin Law Group, P.C. represents the
Debtor as counsel.
SPIRIT AIRLINES: Reports Accelerated Debt After Chapter 11 Filing
-----------------------------------------------------------------
Investing.com reports that Spirit Airlines, Inc. has disclosed an
event of default, which led to the automatic acceleration of its
debt due to its voluntary Chapter 11 bankruptcy filing, according
to a recent SEC filing.
With a market capitalization of $448 million and total debt of
$579.7 million, Spirit revealed this development in a Form 8-K
filed with the Securities and Exchange Commission. Before the
filing, the airline had a current ratio of 1.3, indicating its
short-term liquidity position, as reported by InvestingPro.
The default resulted from the Chapter 11 filings made on November
25, 2024, in the Southern District of New York. This triggered the
acceleration of the company's 8.00% Senior Secured Notes due 2025,
meaning the principal and interest are now immediately payable.
However, bankruptcy code provisions temporarily halt any
enforcement actions. These obligations are outlined in the
Indenture, which was last amended on September 17, 2020, the report
cites.
Despite the financial difficulties, Spirit Airlines maintained an
Altman Z-Score of 5.56 and posted $273.6 million in EBITDA for the
past 12 months, according to InvestingPro analysis.
In related news, Spirit was informed on November 18, 2024, that the
NYSE Regulation plans to delist its common stock. As a result,
trading on the NYSE was suspended, and the stock began trading on
the OTC Pink Market under the symbol "SAVEQ" starting November 19,
2024.
This bankruptcy filing is in line with Spirit's previously
announced pre-arranged Chapter 11 reorganization strategy. For more
comprehensive financial insights and analysis of distressed
companies, investors can access real-time data and expert
evaluations through InvestingPro.
About Spirit Airlines
Spirit Airlines Inc. is a major United States ultra-low cost
airline headquartered in Miramar, Florida, in the Miami
metropolitan area.
Spirit Airlines Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-11989) on November 18,
2024. In its petition, the Debtor listed estimated assets and
liabilities between $1 billion and $10 billion each.
STARCO BRANDS: Kevin Zaccardi Resigns; Ross Sklar Named Interim CFO
-------------------------------------------------------------------
Starco Brands, Inc. disclosed in a Form 8-K Report filed with the
U.S. Securities and Exchange Commission that Mr. Kevin Zaccardi
resigned as the Interim-Chief Financial Officer of the Company,
effective November 8, 2024, to pursue another opportunity.
Mr. Ross Sklar will take over as acting Interim-Chief Financial
Officer and Mr. Zaccardi has agreed to provide consulting services
to the Company on a limited basis for a period of time mutually
agreed by both parties. The appointment of Mr. Sklar to the role of
acting Interim-Chief Financial Officer was approved by unanimous
written consent of the board of directors of the Company on
November 8, 2024. Mr. Zaccardi's transition was not the result of
any dispute between Mr. Zaccardi and the Company, the Board, or the
any officer or auditor of the Company.
On November 8, 2024, the Board unanimously approved the appointment
of Mr. Sklar, the Company's current Chief Executive Officer and
President, and member of the Board, to the position of
Interim-Chief Financial Officer and Treasurer, effective November
8, 2024. Mr. Sklar holds other "named executive officer" roles and
a Board position.
About Starco Brands
Santa Monica, Calif.-based Starco Brands (OTCQB: STCB) --
starcobrands.com -- invents consumer products with
behavior-changing technologies that spark excitement. Starco Brands
identifies whitespaces across consumer product categories. Starco
Brands publicly trades on the OTCQB stock exchange so that retail
investors can invest in STCB alongside accredited individuals and
institutions.
Irvine, Calif.-based Macias, Gini, and O'Connell LLP, the Company's
auditor since 2022, issued a "going concern" qualification in its
report dated April 3, 2024, citing that the Company has an
accumulated deficit of approximately $63.8 million at Dec. 31,
2023, including the impact of its net loss of approximately $46.4
million for the year ended Dec. 31, 2023. Net cash provided by
operating activities was $0.7 million for the year ended Dec. 31,
2023. The Company's ability to raise additional capital through the
future issuances of common stock and/or debt financing is unknown.
The obtainment of additional financing and the successful
development of the Company's contemplated plan of operations to the
attainment of profitable operations are necessary for the Company
to continue operations. These conditions and the ability to
successfully resolve these factors raise substantial doubt about
the Company's ability to continue as a going concern.
As of June 30, 2024, Starco Brands had $84,736,623 in total assets,
$56,843,236 in total liabilities, and $27,893,387 in total
stockholders' equity.
STARSHIP LOGISTICS: Seeks to Hire BG Law LLP as Counsel
-------------------------------------------------------
Starship Logistics LLC seeks approval from the U.S. Bankruptcy
Court for the Central District of California to employ BG Law LLP
as counsel.
The firm's services include:
a. advising the Debtor with regard to the requirements of the
Bankruptcy Court, Bankruptcy Code, Bankruptcy Rules and the Office
of the United States Trustee as they pertain to the Debtor;
b. advising the Debtor with regard to certain rights and
remedies of their respective bankruptcy estates, including with
regard to certain current and potential litigation, and the rights,
claims and interests of creditors and equity holders;
c. representing the Debtor in any sale or liquidation of
estate property;
d. representing the Debtor in any proceeding or hearing in the
Bankruptcy Court involving the Debtor and/or their estates unless
the Debtor and/or the estates is represented in such proceeding or
hearing by other special counsel;
e. conducting examinations of witnesses, claimants or adverse
parties and representing the Debtor in any adversary proceeding
except to the extent that any such adversary proceeding is in an
area outside of the firm's expertise or which is beyond BG's
staffing capabilities;
f. preparing and assisting the Debtor in the preparation of
reports, applications, pleadings and orders including but not
limited to applications to employ professionals, monthly operating
reports, initial filing requirements, schedules and statement of
financial affairs, lease pleadings, financing pleadings, cash
collateral pleadings and pleadings with respect to the Debtor' use,
sale or lease of property outside of the ordinary course of
business;
g. representing the Debtor with regard to obtaining use of
debtor in possession financing including, but not limited to,
negotiating and seeking Bankruptcy Court approval of any debtor in
possession financing pleading or stipulation and preparing any
pleadings related to obtaining use of debtor in possession
financing;
h. assisting the Debtor in the negotiation, formulation,
preparation and obtaining Court approval of a plan of
reorganization; and
i. performing any other services which may be appropriate in
BG's representation of the Debtor during their bankruptcy cases.
The firm will be paid at these rates:
Partners $695 to $995 per hour
Of Counsel $645 to $665 per hour
Associate $525 to $645 per hour
Paralegal $325 to $395 per hour
Clerk $300 per hour
The firm received a pre-petition retainers in the amount of
$120,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Susan K. Seflin, Esq., a partner at BG Law LLP, disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Susan K. Seflin, Esq.
BG Law LLP
21650 Oxnard Street, Suite 500,
Woodland Hills, CA 91367
Tel: (818) 827-9000
Fax: (818) 827-9099
About Starship Logistics LLC
Starship Logistics, LLC, a company in Long Beach, Calif., offers
freight transportation arrangement services.
Starship Logistics sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Calif. Case No. 24-18834) on October
28, 2024, with $1 million to $10 million in both assets and
liabilities. Clarence Xu, chief executive officer and managing
director, signed the petition.
The Debtor is represented by Susan K. Seflin, Esq., at BG Law, LLP.
STRATHCONA RESOURCES: Moody's Alters Outlook on B1 CFR to Positive
------------------------------------------------------------------
Moody's Ratings changed Strathcona Resources Ltd.'s outlook to
positive from stable. At the same time, Moody's affirmed
Strathcona's B1 corporate family rating, B1-PD probability of
default rating and B3 senior unsecured notes rating. Moody's have
also assigned Strathcona a speculative grade liquidity rating (SGL)
of SGL-3.
"The change in outlook to positive reflects Moody's view that
execution and financial policy risks have lessened following rapid
growth and debt reduction as Strathcona focuses on organic
development and continues to build on a solid track record," said
Whitney Leavens, Moody's Ratings analyst.
RATINGS RATIONALE
Strathcona's CFR is supported by: 1) sizable production and proved
developed reserves base; 2) business profile complemented by
concentration in heavy oil and oil sands assets benefiting from low
decline rates and low sustaining capital requirements; and 3) good
production diversification across three core areas providing
optionality around capital allocation and natural hedges to
fluctuating natural gas and condensate prices.
The rating is constrained by: 1) a limited history of organic
growth and short track record operating its consolidated portfolio;
2) geographic concentration in Western Canada, exposing the company
to regional prices and regulatory developments; 3) a sizeable
dividend constraining free cash flow at Moody's medium term prices;
and 4) a track record of tight liquidity management.
Strathcona has adequate liquidity (SGL-3). As of Q3 2024,
Strathcona has about C$700 million in liquidity sources, consisting
of minimal cash and around C$700 million available under the C$2.5
billion revolver expiring March 2028. Under Moody's midcycle
prices, Strathcona generates negative free cash flow of about $285
million through year end 2025 (and positive free cash flow in
excess of C$500 million at current strip prices). Moody's expect
Strathcona to remain in compliance with its three financial
covenants. Alternate liquidity is limited, as all assets are
pledged to the first lien credit facilities.
Strathcona's unsecured notes are rated B3, two notches below the
company's B1 CFR, reflecting the priority ranking of the company's
sizeable C$2.5 billion first lien revolver expiring March 2028.
The positive outlook reflects Moody's expectation that Strathcona
will organically grow production and reserves while maintaining a
conservative balance sheet and good liquidity.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be upgraded if Strathcona maintains good
liquidity while demonstrating successful execution and the ability
to grow production organically at competitive costs while
maintaining positive free cash flow and RCF/debt above 40% and LFCR
above 1.5x.
The ratings could be downgraded if RCF/debt is below 20%, if the
LFCR is below 1x, or if Strathcona generates sustained negative
free cash flow or the company's liquidity profile deteriorates.
Strathcona Resources Ltd. is an oil and gas producer headquartered
in Calgary Alberta, with producing assets located across Western
Canada. Strathcona is a publicly traded company majority owned by
private equity firm Waterous Energy Fund.
The principal methodology used in these ratings was Independent
Exploration and Production published in December 2022.
SUMMIT MATERIALS: S&P Places 'BB+' ICR on CreditWatch Negative
--------------------------------------------------------------
S&P Global Ratings placed all its ratings on Summit Materials LLC,
including its 'BB+' issuer credit rating, on CreditWatch with
negative implications.
The CreditWatch placement reflects our expectation that Summit's
assets will merge with those of Quikrete upon close of the
transaction. S&P expects to resolve the CreditWatch placement after
the proposed acquisition closes, which is expected to occur in the
first half of 2025 subject to shareholder approval and customary
regulatory approvals.
On Nov. 25, 2024, U.S.-based aggregates, cement, and ready-mix
provider Summit Materials LLC announced that it has entered into a
definitive agreement to be acquired by Quikrete Holdings Inc.
(BB/Stable/--) for about $11.5 billion.
The CreditWatch placement follows Summit's announcement that it has
reached an agreement to be acquired by lower-rated Quikrete. Upon
the close of the acquisition, Summit will be fully integrated into
Quikrete, through its newly formed subsidiary. S&P would view
Summit as a core subsidiary of Quikrete. Both companies' boards
have approved the transaction, which is still subject to
shareholder approval and customary regulatory approvals.
S&P said, "The CreditWatch placement with negative implications
reflects our view that we will likely lower the issuer credit
rating on Summit Materials by one or more notches upon close of the
proposed transaction. We expect to resolve the CreditWatch at the
transaction closing, in the first half of 2025, subject to
customary regulatory approvals. We expect that Quikrete will fully
integrate Summit into its business following the acquisition."
Summit Materials LLC, a construction materials company, engages in
the production and distribution of aggregates, cement, ready-mix
concrete, asphalt paving mix, and concrete products in the U.S. and
Canada. It also provides paving and related services. In addition,
the company owns and operates quarries, sand and gravel pits,
cement plants, cement distribution terminals, ready-mix concrete
plants, asphalt plants, and landfill sites. It serves the public
infrastructure, residential, and nonresidential construction
markets. The company was incorporated in 2008 and is based in
Denver. Summit Materials LLC operates as a subsidiary of Summit
Materials Intermediate Holdings LLC.
SVB FINANCIAL: Proceeds to Recover $1.9 Billion Claims from FDIC
----------------------------------------------------------------
Bernie Pazanowski of Bloomberg Law reports that a federal court has
allowed most of SVB Financial Group's claims against the Federal
Deposit Insurance Corporation (FDIC), acting as the receiver for
Silicon Valley Bank (SVB), to move forward, rejecting the agency's
motion to dismiss.
When the FDIC assumed control of SVB in March 2023, SVB Financial
Group (SVBFG) had over $1.9 billion in deposits with the bank. The
U.S. Treasury Department later determined that covering all
accounts, including uninsured ones, was essential for economic
stability.
Following its bankruptcy filing, SVBFG attempted several transfers
from its SVB accounts. However, the FDIC froze the accounts,
sparking the current legal dispute.
About SVB Financial Group
SVB Financial Group (Pink Sheets: SIVBQ) is a financial services
company focusing on the innovation economy, offering financial
products and services to clients across the United States and in
key international markets.
Prior to March 10, 2023, SVB Financial Group owned and operated
Silicon Valley Bank, a state chartered bank. During the week of
March 6, 2023, Silicon Valley Bank, Santa Clara, CA, experienced a
severe "run-on-the-bank." On the morning of March 10, the
California Department of Financial Protection and Innovation seized
SVB and placed it under the receivership of the Federal Deposit
Insurance Corporation. SVB was the nation's 16th largest bank and
the biggest to fail since the 2008 financial meltdown.
On March 17, 2023, SVB Financial Group sought Chapter 11 bankruptcy
protection (Bankr. S.D.N.Y. Case No. 23-10367). The Debtor had
assets of $19,679,000,000 and liabilities of $3,675,000,000 as of
Dec. 31, 2022.
The Hon. Martin Glenn is the bankruptcy judge.
The Debtor tapped Sullivan & Cromwell, LLP as bankruptcy counsel;
Centerview Partners, LLC as investment banker; and Alvarez & Marsal
North America, LLC as restructuring advisor. William Kosturos, a
partner at Alvarez & Marsal, serves as the Debtor's chief
restructuring officer. Kroll Restructuring Administration, LLC, is
the claims and noticing agent and administrative advisor.
The U.S. Trustee for Region 2 appointed an official committee to
represent unsecured creditors in the Debtor's Chapter 11 case.
The committee tapped Akin Gump Strauss Hauer & Feld, LLP as
bankruptcy counsel; Cole Schotz P.C. as conflict counsel; Lazard
Freres & Co. LLC as investment banker; and Berkeley Research Group,
LLC as financial advisor.
TERRA TECHNOLOGIES: Gets OK to Use Cash Collateral Until Dec. 31
----------------------------------------------------------------
Terra Technologies, Inc. received interim approval from the U.S.
Bankruptcy Court for the Western District of Kentucky to use the
cash collateral of The U.S. Small Business Administration until
Dec. 31.
The interim order approved the use of cash collateral to pay
operating expenses and make adequate protection payments.
The company's projected financials show $55,187 in operating
expenses for November and $52,239 in operating expenses for
December.
As adequate protection for the use of its cash collateral, the SBA
was granted a replacement lien on the company's post-petition
property. However, the replacement lien will not prime any
pre-existing liens or security interests held by other creditors.
A final hearing is scheduled for Dec. 31.
About Terra Technologies
Terra Technologies, Inc. offers a full-system repair and service
for lab equipment. The company is based in Louisville, Ky.
Terra Technologies filed Chapter 11 petition (Bankr. W.D. Ky. Case
No. 24-32233) on Sept. 12, 2024, with $500,001 to $1 million in
assets and $1 million to $10 million in liabilities. Michael
Wheatley serves as Subchapter V trustee.
Judge Joan A. Lloyd oversees the case.
Tyler R. Yeager, Esq., at Kaplan Johnson Abate & Bird, LLP is the
Debtor's legal counsel.
TILI LOGISTICS: Hires Bookkeeping Repair LLC as Bookkeeper
----------------------------------------------------------
Tili Logistics Corporation seeks approval from the U.S. Bankruptcy
Court for the Southern District of California to employ Bookkeeping
Repair, LLC as bookkeeper.
The firm will provide bookkeeping services to Debtor through all
stages of the Chapter 11 Subchapter V process with an anticipated
confirmation of a Plan of Reorganization within six (6) months of
the Petition date.
The firm will be paid at the rate of $48 per hour, and $1,100 per
month, inclusive of expenses.
Ashley Klein, a partner at Bookkeeping Repair, 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:
Ashley Klein
Bookkeeping Repair, LLC
3435 Camino Del Rio S. Ste. 322
San Diego, CA 92108
Telephone: (619) 777-2665
Facsimile: (619) 672-7059
Email: ashley@bookkeepingrepair.com
About Tili Logistics Corporation
Tili Logistics Corporation is a trucking company in San Diego,
California.
Tili Logistics Corporation sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Cal. Case No. 24-02128) on June
8, 2024. In the petition signed by Sergio Casas-Silva, Jr., as
executive vice president, the Debtor reports estimated assets
between $100,000 and $500,000 and estimated liabilities between $1
million and $10 million.
Honorable Bankruptcy Judge Christopher B. Latham oversees the
case.
The Debtor is represented by:
Steven E. Cowen, Esq.
S.E. COWEN LAW
333 H St. Ste. 5000
Chula Vista, CA 91910
Tel: (619) 202-7511
E-mail: cowen.christian@secowenlaw.com
TIMELESS AESTHETICS: Hires Slaton Financial as Bookkeeper
---------------------------------------------------------
Timeless Aesthetics LLC seeks approval from the U.S. Bankruptcy
Court for the Northern District of Texas to employ Slaton Financial
Services as bookkeeper.
The firm will provide the following services and the associated
fees:
-- Monthly: Financial Statements and associated detail general
ledger and bank reconciliation – 300 per month.
-- Per payroll period (Bi-Weekly): Payroll Processing, Variable,
but averaging -- $85 per payroll period.
-- Quarterly: Preparation of Federal and State Payroll Tax
Reports;
-- Annually: Federal and State tax returns – Form 1120S, Forms
1099, and W-2's -- $1,400 per annum.
Michael Slaton, a partner at Slaton Financial Services, 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:
Michael Slaton
Slaton Financial Services
12989 Jupiter Rd Ste 101
Dallas, TX 75238
Tel: (214) 343-0642
About Timeless Aesthetics LLC
Timeless Aesthetics LLC, filed a Chapter 11 bankruptcy petition
(Bankr. N.D. Tax. Case No. 24-33709) on Nov. 15, 2024. The Debtor
hires The Lane Law Firm, PLLC.
TOS WHEELS: Seeks to Hire Neeleman Law Group as Legal Counsel
-------------------------------------------------------------
TOS Wheels & Tires, LLC seeks approval from the U.S. Bankruptcy
Court for the Western District of Washington to hire Neeleman Law
Group as legal counsel.
The firm's services include:
a. assisting the Debtor in the investigation of the financial
affairs of the estate;
b. providing legal advice and assistance to the Debtor with
respect to matters relating to this case and creditor
distribution;
c. preparing all pleadings necessary for proceedings arising
under this case; and
d. performing all necessary legal services for the estate in
relation to this case.
The firm will be paid at these rates:
Principal $550 per hour
Associate $475 per hour
Paralegal $225 per hour
Neeleman Law Group received a retainer in the amount of $4,238.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Jennifer L. Neeleman, Esq., a partner at Neeleman Law Group,
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:
Jennifer L. Neeleman, Esq.
Neeleman Law Group
1403 8th Street
Marysville, WA 98270
Tel: (425) 212-4800
Fax: (425) 212-4802
Email: jennifer@neelemanlaw.com
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.
TRAVEL + LEISURE: S&P Rates New $875MM Secured Term Loan B 'BB-'
----------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue-level rating (the same
level as its long-term issuer credit rating) and '4' recovery
rating to Travel + Leisure Co.'s proposed $875 million senior
secured term loan B (TLB) due 2029. The '4' recovery rating
reflects its expectation for average (30%-50%; rounded estimate:
45%) recovery for lenders in the event of a default. The company
intends to use the proceeds from this offering to refinance its
$282 million outstanding TLB due 2025 and reprice its $593 million
outstanding TLB due 2029.
All of S&P's existing ratings on Travel + Leisure Co. are
unchanged.
TRUENORTH PROJECTS: Secured Party Sets Dec. 17 Auction
------------------------------------------------------
Mayaguana Island Developers Limited, a company formed under the
laws of The Bahamas ("secured party"), will commence a public
auction on Dec. 17, 2024, at 4:00 p.m. CDT, of certain assets of
TrueNorth Projects LLC ("Debtor"), to the highest bidder via remote
communication.
The assets for sale are a 20% membership interest in True North
Services LLC together with all proceeds and substitutions, all
cash, securities and other moneys and property paid thereon, all
rights to subscribe for securities declared or granted in
connection therewith, and all other cash and noncash proceeds of
the foregoing.
Each bidder will be required to provide a refundable deposit of
$25,000 and the winning bidder will be required to pay half of the
bid amount less the deposit by 5:00 p.m. CDT on the first business
day after the auction and the remainder of the bid amount within 10
days after the auction or such later date as the winning bidder and
the secured party may agree. All payments will be made in cash or
by cashier or certified check payable to the order of the secured
party.
For further information regarding the sale, contact:
Nelson Mullins Riley & Scarborough LLP
Attn: Matthew Iverson
One Financial Center, Suite 3500
Boston, MA 0211
Email: TrueNorthSale@nelsonmullins.com
TUPPERWARE BRANDS: To Close Australia Operations After Ch.11 Filing
-------------------------------------------------------------------
Dominique Tassell of 7 News reports that Tupperware Brands is
poised to end its operations in Australia following the sale of its
global business after filing for bankruptcy.
According to 7 News, the company filed for Chapter 11 bankruptcy in
September 2024, citing years of declining popularity and financial
challenges. Chapter 11 bankruptcy provides companies with the
opportunity to address financial difficulties through
restructuring.
"We've been told that the new owners are not continuing Tupperware
in Australia. They are keeping only eight countries open out of 70,
and unfortunately, Australia is not one of them," Tupperware
consultant Maria informed 2GB on Monday, December 2, 2024.
"We don't have a final date for Australia yet, but we've been
assured that all commissions and owed payments will be made. That's
all the information we have at this time. We've been told the
business will no longer trade in Australia," Maria added.
According to report, Tupperware has experienced a decline in
popularity among younger consumers, especially when compared to
some of its competitors. However, the brand is still commonly used
to describe plastic food storage containers. The company first
raised concerns in April 2023 when it disclosed in a regulatory
filing that it might face closure. Tupperware warned that without
additional funds, it would be unable to continue operating.
In August 2023, Tupperware secured a financial lifeline by
negotiating with creditors to reduce interest payments by $150
million. The company also secured $21 million in new financing,
extended the deadline for repaying $348 million in debt, and
reduced its debt by $55 million. Despite these efforts,
Tupperware's financial situation continued to deteriorate. Earlier
this year, the company closed its only U.S. plant in South
Carolina, resulting in 148 layoffs, according to a Worker
Adjustment and Retraining Notification Act filing, the report
cites.
Tupperware Australia has been contacted for comment by
7NEWS.com.au.
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
TURKEY LEG: Shuts Down After Court Converts Case to Chapter 7
-------------------------------------------------------------
Cory McCord of KHOU 11 reports that the once-famous Turkey Leg Hut
has officially closed following a judge's ruling. The judge
converted the Third Ward restaurant's Chapter 11 bankruptcy to
Chapter 7, allowing the property owner to terminate the lease. The
closure marks the culmination of months of financial and legal
troubles, including bankruptcy filings, lawsuits, and over 30
health department violations. Turkey Leg Hut reportedly owes its
landlord over $100,000.
When KHOU 11 visited the location on Nov. 26, 2024, all the iconic
signs along Almeda Road were removed. The restaurant's assets are
set to be sold to repay creditors.
In September, the Houston Health Department shut down the
restaurant due to "serious health code violations," citing 35
violations, some of which posed an imminent threat to public
health. Earlier this year, bankruptcy filings revealed the
restaurant was nearly $5 million in debt, the report states.
Turkey Leg Hut filed for Chapter 11 bankruptcy earlier this 2024,
with court filings showing the restaurant carried nearly $5 million
in debt. In 2018, a lawsuit was filed against co-owner Nakia Price,
accusing her of failing to pay rent after assuming the restaurant's
lease. Court records indicate the case is still ongoing, according
to report.
In March 2024, a fire broke out in the Turkey Leg Hut business
office. In a social media post, Nakia expressed gratitude that the
restaurant itself was spared.
About Turkey Leg Hut
The Turkey Leg Hut & Company, LLC is a Houston-based restaurant
specializing in turkey legs.
Turkey Leg Hut sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-31275) on March 26,
2024. In the petition filed by Nakia Price, managing member, the
Debtor estimated assets up to $50,000 and estimated liabilities
between $1 million and $10 million.
Judge Eduardo V. Rodriguez oversees the case.
Susan Tran Adams, Esq., at Tran Singh, LLP serves as the Debtor's
counsel.
TWO RIVERS: Eric Terry Named Subchapter V Trustee
-------------------------------------------------
The U.S. Trustee for Region 7 appointed Eric Terry as Subchapter V
trustee for Two Rivers Ventures, LLC.
Mr. Terry will charge $450 per hour for his services as Subchapter
V trustee and will seek reimbursement for work-related expenses
incurred.
Mr. Terry declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Eric Terry
3511 Broadway
San Antonio, TX 78209
Phone: (210)468-8274
Email: eric@ericterrylaw.com
About Two Rivers Ventures
Two Rivers Ventures, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. W.D. Texas Case No. 24-52292) on
November 13, 2024, with up to $500,000 in assets and up to $10
million in liabilities. Lee Lichlyter, president of Two Rivers
Ventures, signed the petition.
Judge Craig. A. Gargotta oversees the case.
William R. Davis, Jr., Esq., at Langley & Banack, Inc., represents
the Debtor as legal counsel.
US LIGHTING: Incurs $339K Net Loss in Third Quarter
---------------------------------------------------
US Lighting Group, Inc., filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $338,981 on $151,798 of net sales for the three months ended
Sept. 30, 2024, compared to a net loss of $640,835 on $755,152 of
net sales for the three months ended Sept. 30, 2023.
For the nine months ended Sept. 30, 2024, the Company reported a
net loss of $1.20 million on $517,235 of net sales compared to a
net loss of $791,108 on $3.09 million of net sales for the nine
months ended Sept. 30, 2023.
As of Sept. 30, 2024, the Company had $3.04 million in total
assets, $8.87 million in total liabilities, and a total
shareholders' deficit of $5.83 million.
US Lighting stated, "As the Company further develops its products
and markets, the Company may need to raise additional capital or
borrow additional funds to support increasing levels of working
capital until it is able to generate sufficient revenues.
"Management plans to generate increasing revenues and as needed
raise additional capital or borrow additional funds in order to
provide liquidity and fund increasing levels of working capital to
continue operations as a going concern. However, there is no
assurance the Company will be successful in accomplishing its
plans. These factors raise substantial doubt about the Company's
ability to continue as a going concern. These financial statements
do not include any adjustments that might result from the outcome
of this uncertainty."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1536394/000121390024102919/ea0221920-10q_uslight.htm
About US Lighting
Headquartered in Euclid, Ohio, US Lighting Group, Inc., is an
innovative composite manufacturer utilizing advanced fiberglass
technologies in growth sectors such as high-end recreational
vehicles (RVs), prefabricated off-grid houses, and high-performance
powerboats. The Company derives expertise and inspiration from the
marine industry, where the harshest conditions are expected and met
with superior engineering and the latest in composite technology.
The Company plans to expand its manufacturing footprint, enhance
production techniques, and develop more products in the RV, marine,
and composite housing sectors. Its current R&D efforts are focused
on future tow-behind camper models under the Cortes Campers brand,
as well as the prefabricated housing segment.
Columbus, Ohio-based GBQ Partners LLC, the Company's auditor since
2023, issued a "going concern" qualification in its report dated
April 15, 2024, citing that the Company has suffered recurring
losses from operations and has a significant accumulated deficit.
In addition, the Company continues to experience negative cash
flows from operations. These factors raise substantial doubt about
the Company's ability to continue as a going concern.
VERDE RESOURCES: Posts $355K Net Profit in First Quarter
--------------------------------------------------------
Verde Resources, Inc., filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing net profit
of $354,715 on $125,570 of net revenue for the three months ended
Sept. 30, 2024, compared to a net loss of $549,461 on $2,582 of net
revenue for the three months ended Sept. 30, 2023.
As of Sept. 30, 2024, the Company had $41.69 million in total
assets, $1.38 million in total liabilities, and $40.31 million in
total equity.
The Company has generated recurring losses and suffered from an
accumulated deficit of $13,125,489 as of Sept. 30, 2024.
Verde Resources stated, "The Company's ability to continue as a
going concern over the next twelve months depends on the successful
validation and certification of its Net Zero road construction
blueprint by the National Center for Asphalt Technology (NCAT) and
its adherence to established carbon removal and avoidance
methodologies. Achieving these milestones will enable the Company
to generate revenue through the commercial licensing of the
blueprint, royalties from biochar-asphalt mix designs, carbon
credits, and sales of biochar and bio-fuel. On August 8th, CRH,
the largest building materials company in North America and Europe,
listed on both the NYSE and the London Stock Exchange, announced
through its investment arm, CRH Ventures, that it has selected the
Company to scale up its biochar-asphalt technology for
commercialization.
"There can be no assurance that the Company will be successful in
its plans described above.
"These and other factors raise substantial doubt about the
Company's ability to continue as a going concern."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1506929/000164033424001765/vrdr_10q.htm
About Verde Resources
Headquartered in St. Louis, MO, Verde Resources, Inc., specializes
in Net Zero road construction and building materials, driving
innovations that enhance sustainability and advance environmental
stewardship. Since 2021, the Company's BioFraction facility in
Borneo has been converting palm waste into biochar and other
sustainable byproducts. The Company conducts business operations
in La Belle, Missouri, U.S.A., through Verde Renewables, Inc., a
company incorporated in the State of Missouri, U.S.A., and an
indirect wholly-owned subsidiary Verde Estates, LLC, a Missouri
limited liability company.
Kuala Lumpur, Malaysia-based J&S Associate PLT, the Company's
auditor since 2022, issued a "going concern" qualification in its
report dated Oct. 16, 2024, citing that the Company has generated
recurring losses and suffered from an accumulated deficit of
$13,480,204 as of June 30, 2024. These matters raise substantial
doubt about the Company's ability to continue as a going concern.
VISION CAPITAL: To Sell Decatur Property to Matthew White for $4MM
------------------------------------------------------------------
Vision Capital Holdings Ltd. Co. seeks permission from the U.S.
Bankruptcy Court for the Northern District of Georgia, Atlanta
Division, to sell its property, free and clear of liens, claims,
and encumbrances.
The Debtor is a Georgia limited liability company and operates a
residential real estate investment and development operation. The
Debtor’s sole project currently is a residence located at 2650
Fairoaks Road, Decatur, GA 30033.
The Debtor values the Property at $4,000,000 and seeks to
consummate the purchase and sale agreement with Matthew White as
purchaser providing the purchase price of $4,000,000.00 with Seller
concessions totaling $200,000.00.
The lienholders of the Property include Plymouth Prager Capital,
LLC, Principle Builders Group, LLC, and James P. Newell d/b/a/
Newell Precision Glass.
The Exclusive Seller Brokerage Agreement seeks five percent
commission on the sale that will be divided 2.5-2.5 percent between
the Debtor's broker, Watson Realty Group, and Purchaser's broker,
North Pro Realty.
The Debtor proposes to deposit proceeds of the sale, after payment
of the PPG Lien, the Principle Lien, the Newell Lien, commissions,
and cost of sale, and the associated U.S Trustee quarterly fee, in
a segregated debtor-in-possession bank account.
The Debtor asserts that the Agreement represents the highest and
best offer, in fact
only offer, for the Property and is in the best interest of the
estate and creditors.
About Vision Capital Holdings, Ltd.
Co.
Vision Capital Holdings Ltd. Co. sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 24-59271) on
September 3, 2024. In the petition signed by Julia Burton, as
managing member, the Debtor reports estimated assets and
liabilities between $1 million and $10 million each.
Judge Barbara Ellis-Monro presides over the case.
The Debtor is represented by Theodore N. Stapleton, Esq., of
THEODORE N. STAPLETON, PC.VISION CAPITAL
VYAIRE MEDICAL: Examiner Taps Bielli & Klauder LLC as Counsel
-------------------------------------------------------------
David M. Klauder, the fee examiner for the bankruptcy estates of
Vyaire Medical, Inc and its affiliates, seeks approval from the
U.S. Bankruptcy Court for the District of Delaware to employ Bielli
& Klauder, LLC as his counsel.
The firm's services include:
a. reviewing the Fee Applications and related invoices for
compliance with:
i. Sections 328, 329, 330 and 331 of the Bankruptcy Code;
ii. Rule 2016 of the Bankruptcy Rules;
iii. Local Rule 2016-2 of the Local Rules;
iv. The United States Trustee Guidelines for Reviewing
Applications for Compensation & Reimbursement of Expenses filed
under 11 U.S.C. Sec. 330 (28 C.F.R. Part 58, Appendix A) (the "UST
Guidelines"); and
v. The Fee Examiner Order and together with the Local Rules
and the UST Guidelines, the "Guidelines";
b. assisting the Fee Examiner in any hearings or other
proceedings before the Court to consider the Fee Applications
including, without limitation, advocating positions asserted in the
reports filed by the Fee Examiner and on behalf of the Fee
Examiner;
c. assisting the Fee Examiner with legal issues raised by
inquiries to and from the Retained Professionals and any other
professional services provider retained by the Fee Examiner;
d. where necessary, attending meetings between the Fee
Examiner and the Retained Professionals;
e. assisting the Fee Examiner with the preparation of
preliminary and final reports regarding professional fees and
expenses;
f. assisting the Fee Examiner in developing protocols and
making reports and recommendations; and
g. providing such other services as the Fee Examiner may
request.
The firm will be paid at these rates:
Thomas D. Bielli (Member) $490 per hour
Associates and of counsel $225 to $425 per hour
Paraprofessionals and law clerks $195 to $275 per hour
As disclosed in the court filings, Bielli & Klauder is a
"disinterested person" as that term is defined in section 101(14)
of the Bankruptcy Code.
The firm can be reached through:
David M. Klauder, Esq.
Bielli & Klauder, LLC
1204 N. King St.
Wilmington, DE 19801
Phone: (302) 803-4600
About Vyaire Medical
Vyaire Medical, Inc., together with its direct and indirect
subsidiaries, is a global company focused on developing products
and providing related services for the diagnosis, treatment, and
monitoring of various cardiology, pulmonology, and respiratory
health conditions. With a 70-year history of pioneering breathing
technology, the integrated solutions offered by the Company help
enable, enhance, and extend lives. Headquartered in Mettawa,
Illinois, Vyaire operates approximately 27 offices and
manufacturing facilities, and employs approximately 950 individuals
around the world. The Company has a global reach, and Vyaire
products are available in more than 100 countries. Its customers
are the hospitals, health centers, and private practice facilities
delivering life-enhancing products and services to patients every
day.
Vyaire Medical and its affiliates sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No.
24-11217) on June 9, 2024. In the petitions signed by John Bibb,
chief executive officer, the Debtors disclosed up to $500 million
in estimated assets and up to $1 billion in estimated liabilities.
Judge Brendan Linehan Shannon oversees the cases.
The Debtors tapped Kirkland & Ellis LLP and Cole Schotz P.C. as
counsel; AlixPartners, LLP as financial advisor; and PJT Partners,
LP as investment banker. The Omni Agent Solutions, Inc. is the
Debtors' claims and noticing agent.
WATER REDEVELOPMENT: Case Summary & 20 Top Unsecured Creditors
--------------------------------------------------------------
Debtor: Waterville Redevelopment Company III LLC
45 Church Street
Gardiner, ME 04345
Business Description: The Debtor is engaged in activities related
to real estate.
Chapter 11 Petition Date: December 2, 2024
Court: United States Bankruptcy Court
District of Maine
Case No.: 24-10265
Judge: Hon. Peter G. Cary
Debtor's Counsel: E. Chris L'Hommedieu, Esq.
L'HOMMEDIEU LAW OFFICE
190 Bates Street
Lewiston, ME 04240
Tel: (207) 786-5244
Fax: (207) 784-3472
Email: Lewistonlawbky@yahoo.com
Estimated Assets: $500,000 to $1 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Kevin J. Mattson 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/25U3CEI/Waterville_Redevelopment_Company__mebke-24-10265__0001.0.pdf?mcid=tGE4TAMA
WIMPY'S CALIFORNIA: Files Chapter 11 Bankruptcy
-----------------------------------------------
On November 23, 2024, Wimpy's California Delta Resort LLC filed
Chapter 11 protection in the Eastern 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.
About Wimpy's California Delta Resort LLC
Wimpy's California Delta Resort LLC is a Single Asset Real Estate
debtor (as defined in 11 U.S.C. Section 101(51B)).
Wimpy's California Delta Resort LLC sought relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 24-25338) on
November 23, 2024. In the petition filed by Nancy A. Goodie, as
president/50% shareholder, the Debtor reports estimated assets and
liabilities between $1 million and $10 million each.
Honorable Bankruptcy Judge Fredrick E. Clement handles the case.
The Debtor is represented by:
Peter G. Macaluso, Esq.
LAW OFFICE OF PETER G. MACALUSO
7230 South Land Park Drive #127
Sacramento, CA 95831
Tel: 916-392-6591
Fax: 916-392-6590
Email: info@pmbankruptcy.com
WINDTREE THERAPEUTICS: Posts $3.75M Net Loss in Third Quarter
-------------------------------------------------------------
Windtree Therapeutics, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net loss
attributable to common stockholders of $3.75 million for the three
months ended Sept. 30, 2024, compared to a net loss attributable to
common stockholders of $4.43 million for the three months ended
Sept. 30, 2023.
For the nine months ended Sept. 30, 2024, the Company reported a
net loss attributable to common stockholders of $5.56 million
compared to a net loss attributable to common stockholders of
$15.14 million for the same period in 2023.
As of Sept. 30, 2024, the Company had $30.45 million in total
assets, $23.90 million in total liabilities, $2.14 million in total
mezzanine equity, and $4.41 million in total stockholders' equity.
As of Sept. 30, 2024, the Company had cash and cash equivalents of
$2.3 million and current liabilities of $14.4 million, which
includes an $8.6 million warrant liability. Included in prepaid
expenses and other assets as of Sept. 30, 2024 is $0.7 million in
receivables related to ELOC Purchase Agreement gross proceeds for
sales made during the quarter for which the Company had not yet
received the cash payment. The related net proceeds after the
additional redemption of the Series C Preferred Stock was $0.5
million. In addition, subsequent to Sept. 30, 2024 and through
Nov. 22, 2024, the Company sold an additional 4.3 million shares of
Common Stock under the ELOC Purchase Agreement for net proceeds of
$2.4 million following mandatory redemption payments on our Series
C Preferred Stock.
"Following these financings, we believe that we have sufficient
resources available to fund our business operations through January
2025. We do not have sufficient cash and cash equivalents as of
the date of this Quarterly Report on Form 10-Q to support our
operations for at least the 12 months following the date that the
financial statements are issued. These conditions raise
substantial doubt about our ability to continue as a going
concern," the Company said in the Report.
Management Comments
"The third quarter of 2024 was marked with significant progress.
We were very pleased with the SEISMiC B study results in early
cardiogenic shock showing significant improvement in many measures
of cardiac function and blood pressure along with a favorable
safety profile in patients with heart failure and cardiogenic
shock. There have been four positive Phase 2 studies with over 300
patients treated with istaroxime resulting in a consistent, unique
and attractive drug profile across a wide range of severities,"
said Craig Fraser, Chairman and CEO. "With trial execution and
active operations comes the need for capital and we successfully
completed transactions providing resources for our near-term needs
as well as secured an equity line of credit to potentially support
future requirements," Mr. Fraser added. "Looking forward, we plan
to accelerate enrollments in the istaroxime SCAI Stage C
cardiogenic shock study with a planned interim data read out in
early Q2 2025 as well as providing guidance on our strategy and
planned activities with our oncology preclinical aPKCi inhibitor
assets. Given what we believe to be strong data and market need,
the Company is turning attention to business development activities
to secure additional licenses and partnerships for our multi-asset
cardiovascular platform with the objective to secure non-dilutive
capital and partner resources to advance the assets to potential
commercialization."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/946486/000143774924036277/wint20240930c_10q.htm
About Windtree Therapeutics
Headquartered in Warrington, Pennsylvania, Windtree Therapeutics,
Inc. -- windtreetx.com -- is a biotechnology company focused on
advancing early and late-stage innovative therapies for critical
conditions and diseases. Windtree's portfolio of product candidates
includes istaroxime, a Phase 2 candidate with SERCA2a activating
properties for acute heart failure and associated cardiogenic
shock, preclinical SERCA2a activators for heart failure, and
preclinical precision aPKCi inhibitors that are being developed for
potential use in rare and broad oncology applications. Windtree
also has a licensing business model with partnership out-licenses
currently in place.
Philadelphia, Pennsylvania-based EisnerAmper LLP, the company's
auditor since 2022, issued a "going concern" qualification in its
report dated April 16, 2024, citing that the company has suffered
recurring losses from operations and expects to incur losses for
the foreseeable future, which raises substantial doubt about its
ability to continue as a going concern.
WINDTREE THERAPEUTICS: Regains Compliance With Nasdaq Listing Rule
------------------------------------------------------------------
Windtree Therapeutics, Inc. disclosed in a Form 8-K filed with the
Securities and Exchange Commission that on Nov. 21, 2024, the
Company received a notification letter from the Nasdaq Listing
Qualifications Staff of The Nasdaq Stock Market LLC indicating
that, as a result of the Company's delay in filing its Quarterly
Report on Form 10-Q for the quarter ended Sept. 30, 2024 with the
SEC, the Company is not in compliance with Nasdaq Listing Rule
5250(c)(1), which requires listed companies to timely file all
required periodic financial reports with the SEC. Based on the
Nov. 26, 2024 filing of the Company's Form 10-Q and a subsequent
letter received from Nasdaq on Nov. 27, 2024 stating the Staff has
determined that the Company complies with Nasdaq Listing Rule
5250(c)(1), this matter is now closed.
About Windtree Therapeutics
Headquartered in Warrington, Pennsylvania, Windtree Therapeutics,
Inc. -- windtreetx.com -- is a biotechnology company focused on
advancing early and late-stage innovative therapies for critical
conditions and diseases. Windtree's portfolio of product candidates
includes istaroxime, a Phase 2 candidate with SERCA2a activating
properties for acute heart failure and associated cardiogenic
shock, preclinical SERCA2a activators for heart failure, and
preclinical precision aPKCi inhibitors that are being developed for
potential use in rare and broad oncology applications. Windtree
also has a licensing business model with partnership out-licenses
currently in place.
Philadelphia, Pennsylvania-based EisnerAmper LLP, the company's
auditor since 2022, issued a "going concern" qualification in its
report dated April 16, 2024, citing that the company has suffered
recurring losses from operations and expects to incur losses for
the foreseeable future, which raises substantial doubt about its
ability to continue as a going concern.
[*] MSN Lists Top Companies That Filed for Bankruptcy in 2024
-------------------------------------------------------------
Srishti B Dutta of MSN reports on the major companies that filed
for bankruptcy protection in 2024.
In 2024, several high-profile companies encountered significant
financial challenges, leading them to file for bankruptcy,a legal
process that helps businesses unable to meet their debt obligations
either restructure or liquidate assets. Bankruptcy often represents
a final attempt to save operations, address creditor claims, or
close down completely. This 2024, a combination of economic
pressures and changing market conditions pushed major players
across various industries into financial distress.
Here's a look at the top companies that sought bankruptcy
protection in 2024 and the factors behind their decline:
* Tupperware
Tupperware, a leading name in kitchen and home storage solutions,
filed for bankruptcy in September 2024.
Founded in 1946 by Earl Tupper with his groundbreaking airtight
plastic containers, the company reported assets between $500
million and $1 billion, and liabilities ranging from $1 billion to
$10 billion.
CEO Laurie Ann Goldman attributed the bankruptcy to ongoing
financial struggles, further intensified by a challenging
macroeconomic climate.
Tupperware is now seeking court approval to protect its brand and
transition to a digital-first, technology-driven business model.
* The Body Shop (US & Canada)
In March 2024, The Body Shop filed for Chapter 7 bankruptcy in the
U.S. and Canada, triggering the liquidation of assets to pay off
its debts. The company closed all of its U.S. stores on March 1,
2024, and in Canada, it shut down 33 of its 105 locations and
ceased online sales.
Founded in 1976 by Anita Roddick, the UK-based cosmetics brand,
known for its ethical, cruelty-free products, has been
significantly impacted by inflation and growing competition,
particularly as mall-based retailers catering to middle-class
shoppers face challenges.
* Spirit Airlines
In November 2024, Spirit Airlines, the largest budget carrier in
the U.S., filed for bankruptcy after facing substantial losses and
unmanageable debt in the post-pandemic travel market. Increased
competition and a failed merger with JetBlue Airways left the
airline with no viable solutions.
* Northvolt AB
In November 2024, Swedish battery maker Northvolt filed for Chapter
11 bankruptcy protection in the U.S. The company, essential to the
electric vehicle sector, is burdened with $5.8 billion in debt due
to production issues, the loss of a key customer, and inadequate
funding.
With only a week's cash reserves remaining, Northvolt obtained $100
million in financing to support its bankruptcy proceedings.
* Evergrande Group
In January 2024, a Hong Kong court ordered the liquidation of
Evergrande Group, one of China's largest property developers. The
company's inability to restructure its overwhelming $300 billion
debt following its 2021 default sent ripples through China's real
estate sector, which is a key part of the national economy.
Once the country's top property developer, Evergrande was revealed
in 2021 to be struggling with more than $300 billion in debt as the
government ramped up regulation of the real estate market.
* Red Lobster
Red Lobster, the largest seafood restaurant chain in the world,
filed for bankruptcy after amassing more than $1 billion in debt
and struggling with liquidity issues, holding less than $30 million
in cash reserves.
In the bankruptcy filing, Red Lobster CEO Jonathan Tibus stated:
"Recently, the company has faced numerous financial and operational
challenges, including a challenging macroeconomic environment, an
overextended and underperforming restaurant network, poorly
executed strategic initiatives, and heightened competition in the
restaurant industry."
* LaVie Care Centers
LaVie Care Centers, a leading provider of skilled nursing
facilities, filed for Chapter 11 bankruptcy in June 2024, citing
the prolonged effects of the COVID-19 pandemic and rising labor
costs.
The company holds over $1.1 billion in debt, with $622 million of
it tied to long-term lease agreements with its landlords.
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts. The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
The Sunday TCR delivers securitization rating news from the week
then-ending.
TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA.
Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante,
Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon,
Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and
Peter A. Chapman, Editors.
Copyright 2024. All rights reserved. ISSN: 1520-9474.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers. Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.
The TCR subscription rate is $975 for 6 months delivered via
e-mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each. For subscription information, contact Peter A.
Chapman at 215-945-7000.
*** End of Transmission ***