/raid1/www/Hosts/bankrupt/TCR_Public/241212.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Thursday, December 12, 2024, Vol. 28, No. 346
Headlines
22ND CENTURY: Stockholders Vote for Reverse Stock Split
2508 CRAWFORD: Files Chapter 11 Bankruptcy in Texas
ACCURIDE CORP: Clark Hill Represents Multiple Creditors
ADM TRONICS: Reports $52,687 Net Loss in Fiscal Q2
AIR INDUSTRIES: Net Loss Narrows to $404,000 in Fiscal Q3
ALGORHYTHM HOLDINGS: Selling Common Shares & Warrants
ALGORHYTHM HOLDINGS: To Repurchase Shares Held by Stingray Group
ALL STAR TRANSPORTATION: Case Summary & 20 Unsecured Creditors
ALPINE HOSPITALITY: Taps Marcus & Millichap as Real Estate Broker
ALTICE USA: FMR, Abigail Johnson Hold 1.0% Equity Stake
ALTRA SERVICE: Case Summary & 14 Unsecured Creditors
AMERICAN DREAM: Case Summary & One Unsecured Creditor
APMI INC: Claims to be Paid From Continued Operations
ARCADIA BIOSCIENCES: To Combine with Roosevelt in All-Stock Deal
ARCUTIS BIOTHERAPEUTICS: Point72, 3 Others Lower Stake to 0.2%
ASMC LLC: Gets Interim OK to Use Cash Collateral Until Dec. 20
ASSETTA ENTERPRISES: Gets OK to Use Cash Collateral Until Jan. 10
ATARA BIOTHERAPEUTICS: EcoR1 Capital, 2 Others Hold 9.99% Stake
ATLAS PURCHASER: PennantPark Marks $4.7MM Loan at 87% Off
ATLAS PURCHASER: PennantPark Marks $4.8MM Loan at 87% Off
ATLAS PURCHASER: PennantPark Marks $8.8MM Loan at 30% Off
AVENTIVE TECH: Considers Bankruptcy After Missing Sale Deadline
AVINGER INC: Armistice Capital Holds 9.99% Stake as of Sept. 30
BABY K'TAN: Seeks Chapter 11 Bankruptcy in Florida
BACKYARD ENVIRONMENTS: Gets Final Approval to Use Cash Collateral
BC AVENTURA: Aleida Martinez Molina Named Subchapter V Trustee
BEECH INTERNATIONAL: Case Summary & Four Unsecured Creditors
BHAVI HOSPITALITY: Gets OK to Use Cash Collateral Until Dec. 30
BIO-KEY INTL: Armistice Capital Holds 8.95% Equity Stake
BIO-KEY INTL: Fiber Food Holds 595,000 Shares of Common Stock
BIO-KEY INTL: Reports $738,959 Net Loss in Fiscal Q3
BIOLASE INC: Anson Entities Disclose 4.9% Stake as of Sept. 30
BIOLASE INC: Lind Global, 2 Others No Longer Hold Shares
BIP PIPECO: S&P Affirms 'B+' ICR on Term Loan Upsizing
BISHOP OF OAKLAND: Contribution & Ongoing Operations to Fund Plan
BLUEWORKS CORP: Trustee Gets Approval to Hire Bankruptcy Counsel
BREAD FINANCIAL: S&P Affirms 'BB-' Long-Term ICR, Outlook Stable
BRIDGETOPIA LLC: To Sell Family Lots to Vantage Corporate for $840K
BULLDOG PURCHASER: S&P Rates New $708MM First-Lien Term Loan 'B'
BULLDOG PURCHASER: S&P Rates New $708MM First-Lien Term Loan 'B'
BULLETPROOF DOG: Court Approves Use of Cash Collateral
CAMARILLO HHCA: Updates Unsecured Claims Pay Details
CELULARITY INC: Reports $16MM Net Loss for 3rd Quarter 2024
CIMG INC: Registers 1MM Shares Under Equity Plan
CIRTRAN CORP: Reports $899,953 Net Loss in Fiscal Q3
CLINICAL NETWORK: Case Summary & 20 Largest Unsecured Creditors
CLYDESDALE ACQUISITION: S&P Places 'B' ICR on CreditWatch Positive
COLUMBIA WEST: Seeks to Hire The Burgess Law Group as Counsel
COMMUNITY HEALTH: CastleKnight Entities Hold 2.8% Equity Stake
COMMUNITY HEALTH: Eversept, 2 Others Hold 6.3% Equity Stake
CORINTH AUTUMN: Creditor Seeks Involuntary Chapter 11 Bankruptcy
DALE HOLLOW: Gets Interim OK to Tap DelCotto Law Group as Counsel
DANIEL SMART: Gets Final Cash Collateral Approval
DELCATH SYSTEMS: Vivo Opportunity Holds 5.3% Equity Stake
DIEBOLD NIXDORF: S&P Alters Outlook to Positive, Affirms 'B' ICR
DIOCESE OF ROCKVILLE CENTRE: Parish Affiliates' Case Summary
DMD CUSTOM: Gets Interim OK to Use Cash Collateral Until Dec. 17
DRI HOLDING: S&P Alters Outlook to Positive, Affirms 'B-' ICR
DRIP MORE: Unsecureds Will Get 6.59% of Claims over 60 Months
DT&T LOGISTICS: Gets OK to Use Cash Collateral Until Dec. 20
DTH 215 VENTURE: Files Amendment to Disclosure Statement
ECONOCRAFTS PLUS: Gerard Luckman Named Subchapter V Trustee
ECONOCRAFTS PLUS: Hires Shiryak Bowman Anderson Gill as Counsel
ECONOCRAFTS PLUS: Seeks Approval to Hire Vestcorp as Accountant
EL CHILITO MEXICAN: Gets OK to Use Cash Collateral Until March 31
ELECTROCORE INC: Reports $2.5 Million Net Loss in Fiscal Q3
ELNA MEDICAL: Files for CCAA Protection, Plans Restructuring
ENC PARENT: PennantPark Marks $3.3MM Loan at 16% Off
ENC PARENT: PennantPark Marks $7.5MM Loan at 17% Off
ENJOY SA: CEO Esteban Rigo-Righi to Step Down on December 31
ENTECCO FILTER: Gets OK to Use Cash Collateral Until Dec. 20
ENVIROSCENT INC: Files Chapter 11 Bankruptcy
EPIC! CREATIONS: Trustee Hires FTI Consulting as Financial Advisor
ETHEMA HEALTH: Swings to $1 Million Net Loss in Third Quarter
EXELA TECHNOLOGIES: Posts $24.94 Million Net Loss in Third Quarter
FLEXJET INC: S&P Assigns 'B+' Issuer Credit Rating, Outlook Stable
FLY LEASING: S&P Withdraws 'CCC+' Long-Term Issuer Credit Rating
FRANCHISE GROUP: Hires Deloitte & Touche as Independent Auditor
FRANCHISE GROUP: Taps Tax, Accounting & Valuation Services Provider
FREE SPEECH: Judge Rejects The Onion's Bid for Infowars
FULCRUM LOAN: Seeks to Hire Fox Rothschild as Special Counsel
GANDY'S TRANSPORT: Gets OK to Use Cash Collateral Until March 25
GAUCHO GROUP: Seeks to Hire Salazar Law as Bankruptcy Counsel
GREAT EASTERN: Gets Approval for Continued Cash Collateral Use
GROWTHWORKS CANADIAN: Updates CCAA Process, Dissolution Timeline
HEALTHY SPOT: Case Summary & 20 Largest Unsecured Creditors
HIGHLAND PARK: Case Summary & One Unsecured Creditor
HOPE COMMUNITY: S&P Affirms 'B-' Rating on 2015/2020A Rev. Bonds
HORIZON MIDCO 2: S&P Assigns 'B' ICR, Outlook Stable
HUDSON 888: Herrick Feinstein Attorneys Comment on Refinancing
HURSTVIEW DRIVE: Files Chapter 11 Bankruptcy Protection in Texas
HYPERSCALE DATA: Sells 570 Series C Stock to Ault for $570,000
IM GROUP: S&P Downgrades ICR to 'CCC+', Outlook Stable
INDEPENDENCE CONTRACT: Latham, Hunton Advise Bondholders
INFINITY HOMES: PennantPark Marks CAD2.5MM Loan at 26% Off
INSPIREMD INC: Nantahala Capital, Two Others Report 9.99% Stake
INSPIREMD INC: OrbiMed Advisors Holds 8.3% Equity Stake
INTRUM AB: Quinn Emanuel Files Supplemental 2019 Statement
INTRUM AB: Quinn Emanuel Updates List of 2025 Noteholders
INTRUSION INC: Reports $2.1 Million Net Loss in Fiscal Q3
J.H. LLC: Claims to be Paid From Rental Income
JRT 340 ASSOCIATES: Case Summary & Three Unsecured Creditors
JULIO & SONS: Secured Party Sets Dec. 19, 2024 Foreclosure Sale
KALALOU RESTAURANT: Andrew Layden Named Subchapter V Trustee
KPM INVESTMENT: Unsecured Creditors Will Get $1M over 60 Months
KRAIG BOCRAFT: Posts $433,200 Net Loss in Fiscal Q3
KULR TECHNOLOGY: Reports $2 Million Net Loss in Fiscal Q3
LAW OFFICE OF JESSICA: Taps Krigel Nugent + Moore as Counsel
LIVEONE INC: Has Until Oct. 4, 2025 to Cure Nasdaq Deficiency
LIVEONE INC: Incurs $2.32 Million Net Loss in Second Quarter
MARINUS PHARMACEUTICALS: Avoro Capital No Longer Holds Shares
MARINUS PHARMACEUTICALS: Cormorant Asset No Longer Holds Shares
MARINUS PHARMACEUTICALS: Eventide, 2 Others No Longer Hold Shares
MARINUS PHARMACEUTICALS: Sofinnova Entities Report Equity Stakes
MEDLIN EXPEDITED: M. Aaron Spencer Named Subchapter V Trustee
MISS AMERICA: Seeks to Hire Kelley Kaplan & Eller as Counsel
MOBIQUITY TECHNOLOGIES: Lind Global Entities Lower Stake to 0.8%
NORTHPOINT DEVELOPMENT: Gets OK to Use Cash Collateral Until Dec 31
NURSES FIRST: Case Summary & 20 Largest Unsecured Creditors
OCUGEN INC: Reports $13 Million Net Loss in Fiscal Q3
ODYSSEY MARINE: Swings to $18.7 Million Net Income in Fiscal Q3
OMIMEX PETROLEUM: Voluntary Chapter 11 Case Summary
ONDAS HOLDINGS: Partners with Siemens to Upgrade Metra's Network
OPGEN INC: Names Mohd Azham Azudin as Chief Operating Officer
ORGANON & CO.: S&P Rates New EUR726MM Term Loan B 'BB'
ORL ACQUISITION: PennantPark Marks $4.2MM Loan at 15% Off
PACTIV EVERGREEN: S&P Places 'BB-' ICR on CreditWatch Negative
PARKER ESTATES: Wins Cash Collateral Access Thru Dec. 18
PARKERVISION INC: Reports $10.8 Million Net Loss in Fiscal Q3
PARTY CITY: Considering Second Bankruptcy Filing
PERASO INC: Reports $2.7 Million Net Loss in Fiscal Q3
PERIMETER SOLUTIONS: S&P Assigns 'B+' ICR, Outlook Stable
PHVC4 HOMES: To Sell Family Lots to Vantage Corporate for $2.7MM
PHYSMODO INC: Seeks Approval to Hire Hayward as Bankruptcy Counsel
PLANVIEW PARENT: S&P Affirms 'B-' ICR on Debt-Funded Acquisition
PLAZA MARIACHI: Gets OK to Use Cash Collateral Thru Jan. 31
POET TECHNOLOGIES: Appoints Bob Tirva as Director
PORTSMOUTH SQUARE: Posts $1.87 Million Net Loss in Q1 2025
POTTSVILLE OPERATIONS: Seeks to Sell Care Pavilion Property
POWER BLOCK: Committee Taps Huron Consulting as Financial Advisor
PRAGMATIC INSTITUTE: PennantPark Marks $37.2MM Loan at 39% Off
PRAGMATIC INSTITUTE: PennantPark Marks $5.1MM Loan at 39% Off
PREFERRED EMERGENCY: Robert Handler Named Subchapter V Trustee
PROMINENCE HOMES: To Sell 29 Family Lots to Vantage for $6.3-Mil.
PROMINENCE HOMES: To Sell Family Lot to RCHHM for $2.025MM
PROPERTY ADVOCATES: Hires Zebersky Payne Shaw as Expert Witness
PRUDENTIAL ENTERPRISE: Seeks to Hire Tarbox Law as Legal Counsel
QHSLAB INC: Swings to $49,765 Net Income in Fiscal Q3
QUANTUM CORP: Reports $13.5 Million Net Loss in Fiscal Q2
RBC BEARINGS: S&P Alters Outlook to Positive, Affirms 'BB' ICR
RECEPTION PURCHASER: PennantPark Marks $10.7MM Loan at 25% Off
RED CAT: AWM Investment Holds 2.4% Equity Stake
RED CAT: Revenue Chief Holds 83,137 Company Shares
RED VENTURES: S&P Rates Subs' New Senior Secured Term Loan B 'BB-'
REVA HOSPITALITY: Gets OK to Use Cash Collateral Until Dec. 30
REYNOSO VINEYARDS: Seeks to Hire Michael J. Greco as Legal Counsel
RIDGELINE CAPITAL: Case Summary & Four Unsecured Creditors
ROCKY MOUNTAIN: Renaissance Technologies Entities Hold 4.18% Stake
RX DISCOUNT: Gets Final Approval to Use Cash Collateral
RYMAN HOSPITALITY: S&P Rates Repriced Term Loan B 'BB'
SABER AUTOMOTIVE: Case Summary & Seven Unsecured Creditors
SAKS GLOBAL: S&P Assigns Preliminary 'CCC+' ICR, Outlook Stable
SANUWAVE HEALTH: Solas Capital Management Holds 9.9% Stake
SCILEX HOLDING: Directors OK BPM as Outside Accountant
SEAQUEST HOLDINGS: Seeks to Tap Johnson May as Bankruptcy Counsel
SEBL FITNESS: Seeks to Hire Slocum Law as Bankruptcy Counsel
SHARING SERVICES: Net Loss Narrows to $466,145 in Fiscal Q2
SINTX TECHNOLOGIES: Lind Global Entities Hold 5.1% Stake
SKS BOTTLE: Gets Interim OK to Use Cash Collateral
SMITH MICRO: Reports $6.4 Million Net Loss in Fiscal Q3
SMITH MOUNTAIN: Hires Magee Goldstein Lasky & Sayers as Counsel
SPIRIT AIRLINES: BlackRock No Longer Holds Equity Stake
SS INNOVATIONS: Awaits Favorable Ruling in Otto Shareholder Suit
SS INNOVATIONS: Restates Financial Statements for Fiscal Year 2023
STAFFING 360: Armistice Capital, Steven Boyd Hold 9.99% Stake
STAFFING 360: Commitment Expiry Date Under Midcap Loan Extended
STARWOOD PROPERTY: S&P Rates $800MM Term Loan Facility 'BB'
SUNNY ROSE: Gregory Jones Named Subchapter V Trustee
TALPHERA INC: Reports $3.4 Million Net Loss in Fiscal Q3
TAX LIEN LAW: Sheriff Puts Schwartz Properties Up for Sale
THREE FISHERMAN: Kathleen DiSanto Named Subchapter V Trustee
TIMELESS AESTHETICS: Gets OK to Use Cash Collateral Thru Dec. 18
TIMELESS AESTHETICS: Scott Seidel Named Subchapter V Trustee
TLC MEDICAL: Gets OK to Hire Susan D. Lasky as Bankruptcy Counsel
TOUCH OF TEXAS: Francis Brennan Named Subchapter V Trustee
TRAEGER INC: S&P Upgrades ICR to 'B-' on Improving Credit Metrics
TRANSOCEAN LTD: Capital World Investors Holds 5.5% Stake
TRINITY PLACE: Net Loss Narrows to $1.1 Million in Fiscal Q3
TURBO GLOBAL: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable
UN MONDE: Incurs $23K Net Loss in Third Quarter
UNIMODE WOODWORKING: Gets OK to Use Cash Collateral Thru Dec. 13
UPSCALE DEVELOPMENT: Sec. 341(a) Meeting of Creditors on Dec. 30
URBAN AIR PARK: Michael Colvard Named Subchapter V Trustee
VADO CORP: CEO, Director Resign; Interim CEO Appointed
VADO CORP: Incurs $1.61 Million Net Loss in Third Quarter
VBI VACCINES: Restructuring Nears Completion Under Acquisition Deal
VENUS CONCEPT: Reports $9.3 Million Net Loss in Fiscal Q3
VOBEV LLC: Aims to Sell Company Through Bankruptcy
WALTONIA LLC: Fine-Tunes Plan Documents
WESTERN URANIUM: Global X Management Holds 5.92% Stake
WIN PRODUCTIONS: Seeks to Hire Growthland as Real Estate Broker
WINTERHAWK CURATORS: Gets Approval to Hire Moon Wright as Counsel
WORKHORSE GROUP: Cowen Financial Ceases Ownership of Common Stock
WORKSPORT LTD: Incurs $4.1 Million Net Loss in Fiscal Q3
WYNN RESORTS: Susquehanna Securities, 4 Others Own 5.6% Stake
X4 PHARMACEUTICALS: Net Loss Widens to $36.7 Million in Fiscal Q3
YIELD10 BIOSCIENCE: To Continue Wind-Down in Chapter 11
ZARA LLC: Case Summary & Four Unsecured Creditors
ZEVRA THERAPEUTICS: Posts $33.2 Million Net Loss in Fiscal Q3
[*] Dec.13, 2024 Mixed-Use Property Sale Auction Set
[^] Recent Small-Dollar & Individual Chapter 11 Filings
*********
22ND CENTURY: Stockholders Vote for Reverse Stock Split
-------------------------------------------------------
22nd Century Group, Inc., disclosed in a Form 8-K filing with the
U.S. Securities and Exchange Commission that a 2024 Special Meeting
of Stockholders of 22nd Century Group, Inc. was held December 6,
2024.
The matters voted upon and the results of the vote were as
follows:
Proposal One: To approve an amendment to the Company's Articles of
Incorporation, as amended, to effect a reverse stock split of the
Company's outstanding common stock at a ratio between 1-for-2 and
1-for-250, to be determined at the discretion of the Board of
Directors, for the purpose of complying with the Nasdaq Listing
Rules, subject to the Board or Directors' discretion to abandon
such amendment. In accordance with the voting results, the proposal
was approved.
For: 8,041,783
Against: 3,372,936
Abstain: 129,502
Broker non-votes
Proposal Two: To approve the issuance of shares of common stock
upon exercise of the warrants dated September 29, 2024 in
accordance with Nasdaq Listing Rules. In accordance with the voting
results, the proposal was approved.
For: 4,706,919
Against: 779,097
Abstain: 6,012,566
Broker non-votes: 45,639
Proposal Three: To approve the issuance of shares of common stock
upon exercise of the warrants dated August 27, 2024 in accordance
with Nasdaq Listing Rules. In accordance with the voting results,
the proposal was approved.
For: 4,708,187
Against: 764,637
Abstain: 58,831
Broker non-votes: 6,012,566
Proposal Four: To approve the issuance of shares of common stock
upon exercise of the warrants dated September 13, 2024, in
accordance with Nasdaq Listing Rules. In accordance with the voting
results, the proposal was approved.
For: 4,682,556
Against: 796,658
Abstain: 52,441
Broker non-votes: 6,012,566
Proposal Five: To approve the issuance of shares of common stock
upon exercise of the warrants dated September 27, 2024, in
accordance with Nasdaq Listing Rules. In accordance with the voting
results, the proposal was approved.
For: 4,709,538
Against: 769,689
Abstain: 52,428
Broker non-votes: 6,012,566
Proposal Six: To approve the issuance of shares of common stock
upon exercise of the warrants dated October 11, 2024, in accordance
with Nasdaq Listing Rules. In accordance with the voting results,
the proposal was approved.
For: 4,707,338
Against: 771,115
Abstain: 53,202
Broker non-votes: 6,012,566
Proposal Seven: To approve an amendment to the outstanding
convertible Debentures -- JGB Amendment -- pursuant to Rules
5635(b) and 5635(d) of the Nasdaq Stock Market. In accordance with
the voting results, the proposal was approved.
For: 4,835,573
Against: 618,915
Abstain: 77,167
Broker non-votes: 6,012,566
Proposal Eight: The approval of an adjournment of the Special
Meeting to a later date, if necessary or appropriate, to permit
further solicitation and vote of proxies in the event that there
are insufficient votes for, or otherwise in connection with,
Proposals 1, 2, 3, 4, 5, 6, and 7. In accordance with the voting
results, the proposal was approved.
For: 8,228,011
Against: 3,121,429
Abstain: 194,781
Broker non-votes
About 22nd Century Group
Mocksville, N.C.-based 22nd Century Group, Inc. is a tobacco
products company specializing in the sales and distribution of its
proprietary reduced nicotine tobacco products, which have been
authorized as Modified Risk Tobacco Products by the FDA. The
company also provides contract manufacturing services for
conventional combustible tobacco products for third-party brands.
As of September 30, 2024, the Company had $26.2 million in total
assets, $22.7 million in total liabilities, and $3.5 million in
total shareholders' equity.
22nd Century Group disclosed in its Quarterly Report for the three
months ended September 30, 2024 that it has incurred significant
losses and negative cash flows from operations since inception and
expects to incur additional losses until such time that it can
generate significant revenue and profit in its tobacco business.
Given the Company's projected operating requirements and its
existing cash and cash equivalents, there is substantial doubt
about the Company's ability to continue as a going concern through
one year following the date (November 12, 2024) that the Quarterly
Report was issued.
For the year ended December 31, 2023, the company reported a net
loss of $140.8 million, compared to a net loss of $59.8 million in
2022.
2508 CRAWFORD: Files Chapter 11 Bankruptcy in Texas
---------------------------------------------------
On December 2, 2024, 2508 Crawford 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 1 and 49 creditors. The petition states funds will be available
to unsecured creditors.
About 2508 Crawford LLC
2508 Crawford LLC is engaged in activities related to real estate.
2508 Crawford LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-33931) on December 2,
2024. In the petition filed by Daniel C. Blackburn; as chief
executive officer and president, the Debtor reports estimated
assets and liabilities between $1 million and $10 million each.
The Debtor is represented by:
Robert Buchholz, Esq.
THE LAW OFFICE OF ROBERT W. BUCHHOLZ, P.C.
5220 Spring Valley Road, Suite 618
Dallas, TX 75254
Tel: (214) 754-5500
Email: BOB@ATTORNEYBOB.COM
ACCURIDE CORP: Clark Hill Represents Multiple Creditors
-------------------------------------------------------
The law firm of Clark Hill PLC filed a verified statement pursuant
to Rule 2019 of the Federal Rules of Bankruptcy Procedure to
disclose that in the Chapter 11 cases of Accuride Corporation and
its affiliates, the firm represents the following parties in
interest and/or creditors:
1. Shandong Juncheng Metal Technology Co., Ltd.
2. Wintrust Commercial Finance, a division of Wintrust Asset
Finance Inc.
Clark Hill represents each of the clients individually and they do
not constiture a committee of any kind. Each of the parties has
consented to multiple representation by Clark Hill.
The Creditors' nature and amount of disclosable economic interests
held in relation to the Debtors are:
1. Shandong Juncheng Metal Technology Co., Ltd.
* Unsecured Creditor (Vendor)
* $2,496,079.24
2. Wintrust Commercial Finance, a division of Wintrust Asset
Finance Inc.
* Secured Creditor (Equipment Lease)
* $10,000,000.00
The law firm can be reached at:
Clark Hill PLC
Karen M. Grivner, Esq.
824 N. Market St., Suite 710
Wilmington, DE 19801
Tel: (302) 250-4750
Fax: (302) 421-9439
Email: kgrivner@clarkhill.com
-and-
Paul P. Franke, Esq.
Andrew G. Edson, Esq.
Audrey L. Hornisher, Esq.
901 Main St., Suite 6000
Dallas, TX 75202
Telephone: (214) 651-4300
Facsimile: (214) 659-4330
Email: bfranke@clarkhill.com
aedson@clarkhill.com
ahornisher@clarkhill.com
-and-
George W. Fitting, Esq.
One Oxford Centre
301 Grant St., Fl. 14
Pittsburgh, PA 15219
Telephone: (412) 338-2929
Facsimile: (412) 394-2555
Email: gfitting@clarkhill.com
About Accuride Corp.
Accuride Corporation and its affiliates are a global leader in
steel and aluminum wheels and wheel-end components and assemblies,
supplying innovative products to over 1,000 customers in the
commercial vehicles, passenger cars, agriculture, construction and
industrial equipment markets.
Headquartered in Livonia, Michigan, the Debtors are part of a
global enterprise that employs approximately 3,600 individuals at
facilities in the United States, Canada, Mexico, Germany, France,
Turkey, Russia, and China.
Accuride's U.S. entities first filed for Chapter 11 protection in
October 2009, also in Delaware, to restructure in excess of $675
million in debt. The Court confirmed the Company's Plan of
Reorganization in February 2010.
On Oct. 9, 2024, Accuride Corp. and its U.S. entities filed
voluntary petitions for protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-12289). Accuride
reported $500 million to $1 billion in assets and liabilities as of
the bankruptcy filing.
In the new Chapter 11 cases, the Debtors tapped Kirkland & Ellis
LLP as bankruptcy counsel; Young Conaway Stargatt & Taylor, LLP, as
local bankruptcy counsel; Quinn Emanuel Urquhart & Sullivan, LLP as
special counsel; and Perella Weinberg Partners LP as investment
banker. Alvarez & Marsal North America, LLC is the CRO provider and
Omni Agent Solutions is the claims agent.
ADM TRONICS: Reports $52,687 Net Loss in Fiscal Q2
--------------------------------------------------
ADM Tronics Unlimited, Inc. filed with the U.S. Securities and
Exchange Commission its Quarterly Report on Form 10-Q reporting a
net loss of $52,687 on $840,036 of net revenue for the three months
ended September 30, 2024, compared to a net loss of $228,105 on
$754,132 of net revenue for the three months ended September 30,
2023.
For the six months ended September 30, 2024, the Company reported a
net income of $219,481 on $1,697,881 of net revenue, compared to a
net loss of $360,366 on $1,516,821 of net revenue for the same
period in 2023.
As of September 30, 2024, the Company had $2,407,267 in total
assets, $1,395,448 in total liabilities, and $1,011,819 in total
stockholders' equity.
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/59t655ra
About ADM Tronics Unlimited
Northvale, N.J.-based ADM Tronics Unlimited, Inc. is a
technology-based developer and manufacturer of diversified lines of
products. The Company derives revenue from the production and sale
of electronics for medical devices and other applications;
environmentally safe chemical products for industrial, medical, and
cosmetic uses; and research, development, regulatory, and
engineering services. The Company is a corporation that was
organized under the laws of the State of Delaware on November 24,
1969.
Somerset, N.J.-based Rosenberg Rich Baker Berman, P.A., the
Company's auditor since 2022, issued a "going concern"
qualification in its report dated July 15, 2024, citing that the
Company has experienced losses from operations and negative cash
flows from operating activities, which raise substantial doubt
about its ability to continue as a going concern.
ADM Tronics reported net losses of $877,222 and $96,322 for the
fiscal years ended March 31, 2024 and 2023, respectively.
AIR INDUSTRIES: Net Loss Narrows to $404,000 in Fiscal Q3
---------------------------------------------------------
Air Industries Group filed with the U.S. Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net loss
of $404,000 on $12.6 million of net sales for the three months
ended September 30, 2024, compared to a net loss of $1.3 million on
$12.3 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 $812,000 on $40.2 million of net sales, compared to a
net loss of $2.3 million on $38 million of net sales for the same
period in 2023.
As of September 30, 2024, the Company had $50.4 million in total
assets, $35.7 million in total liabilities, and $14.7 million in
total stockholders' equity.
CEO Commentary
Lou Melluzzo, CEO of Air Industries commented, "Our results for the
third quarter and year-to-date reflect continued improvement
compared to the prior year. We expect this positive trend to
continue in the foreseeable future. Our success is driven by
executing our strategy including a sharp focus on:
1. Portfolio Expansion – Deepening our engagement with existing
customers.
2. Aftermarket Strategy – Expanding our presence in the
Maintenance, Repair and Overhaul sector, where profit margins are
often higher
3. Industry Outreach – Increasing our visibility and reach with
new customers.
"These efforts have strengthened our book-to-bill ratio and driven
backlog growth across every quarter in 2023 and 2024. While supply
chain challenges and on-boarding of new customers have caused some
fluctuations, we remain focused on achieving profitable growth."
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/5enty6wk
About Air Industries Group
Headquartered in Bay Shore, New York, Air Industries Group (NYSE
American: AIRI) is a manufacturer of precision components and
assemblies for large aerospace and defense prime contractors. Its
products include landing gears, flight controls, engine mounts, and
components for aircraft jet engines, ground turbines, and other
complex machines.
Saddle Brook, New Jersey-based Marcum LLP, the Company's auditor
since 2008, issued a "going concern" qualification in its report
dated April 15, 2024. The report noted that for the period ending
March 31, 2024, the Company was not in compliance with the
financial covenants required under the terms of its current credit
facility. It is reasonably possible that the Company will not
receive a waiver and may fail to meet these financial covenants in
future periods. The Company is required to maintain a collection
account with its lender into which substantially all of the
Company's cash receipts are remitted. If the Company's lender were
to cease lending and keep the funds remitted to the collection
account, the Company would lack the funds to continue its
operations. Failure to receive a waiver or meet the financial
covenants in future periods raises substantial doubt about the
Company's ability to continue as a going concern.
ALGORHYTHM HOLDINGS: Selling Common Shares & Warrants
-----------------------------------------------------
Algorhythm Holdings, Inc. has entered into a securities purchase
agreement in connection with the public offering of:
-- 4,200,000 shares of its common stock, par value $0.01 per
share,
-- 51,682,352 Pre-Funded Warrants to purchase shares of common
stock in lieu of shares of Common Stock, and
-- accompanying Series A Warrants to purchase up to 55,882,352
shares of Common Stock and Series B Warrants to purchase up to
55,882,352 shares of Common Stock
at a combined offering price of $0.17.
Each share of Common Stock or Pre-Funded Warrant in lieu thereof
was offered together with a Series A Warrant and a Series B
Warrant, Algorhythm disclosed in a Form 8-K filed with the U.S.
Securities and Exchange Commission.
The Series A Warrants are exercisable at a per share initial
exercise price of $0.17 and will expire five years from the date
such Series A Warrants become exercisable. The Series B Warrants
are exercisable at a per share initial exercise price of $0.34 and
will expire 2.5 years from the date such Series B Warrant becomes
exercisable. The Pre-Funded Warrants are immediately exercisable,
have an exercise price of $0.01 per share and may be exercised at
any time until all Pre-Funded Warrants are exercised in full. The
Series A Warrants and the Series B Warrants will be exercisable
only upon receipt of such shareholder approval as may be required
by the applicable rules and regulations of the Nasdaq Stock Market
to permit the exercise of the Warrants.
Beginning on the date of the Shareholder Approval and ending on the
fourth trading day after the Shareholder Approval, the exercise
price of the Series A and Series B Warrants will be adjusted to
equal the lower of (i) the exercise price then in effect and (ii)
the greater of (a) the lowest daily volume weighted average price
of the shares of Common Stock during the period commencing on the
first trading day prior to the Shareholder Approval and ending
following the close of trading on the fourth trading day
thereafter, and (b) if prior to Shareholder Approval, a price equal
to $0.08555, or following the Shareholder Approval, a price equal
to $0.03422, and the number of shares issuable upon exercise will
be increased such that the aggregate exercise price of the Warrants
on the issuance date for the Warrant Shares then outstanding shall
remain unchanged following such reset.
If at the time a holder exercises the Warrants, a registration
statement registering the issuance of the Warrant Shares is not
then effective or available, in lieu of paying the exercise price
in cash, the holder may elect instead to receive upon such exercise
(either in whole or in part) the number of shares of common stock
determined according to a formula set forth in the Warrants.
The holders of Series B Warrants may also effect an "alternative
cashless exercise" at any time following Shareholder Approval,
pursuant to which the holder has the right to receive an aggregate
number of shares equal to the product of (x) the aggregate number
of shares of Common Stock that would be issuable upon a cashless
exercise of the Series B Warrant and (y) 1.0.
In addition, subject to certain exceptions, the Series A Warrant is
subject to reduction to the exercise price upon an issuance of
securities by the Company at a price per share that is less than
the then exercise price. Any reduction to the exercise prices of
the Series A Warrants; provided that such adjustment in the
exercise price shall be subject to a floor price as set forth in
the Series A Warrant. and resulting increase in the number of
shares of common stock underlying the Warrants is subject to a
floor price as set forth in the Warrants.
The exercise price of the Series A and Series B Warrants is subject
to adjustment for stock splits, share dividends, share combinations
and similar capital transactions or other such event as further
described in the Series A and Series B Warrants.
The Offering was made pursuant to that certain Registration
Statement on Form S-1 (File No. 333-283178), as amended, which was
originally filed on November 12, 2024, and declared effective by
the Securities and Exchange Commission on December 4, 2024.
The closing of the Offering occurred on December 6, 2024. The
Company received net proceeds of approximately $8,370,000 million
from the Offering, after deducting the estimated offering expenses
payable by the Company, including the placement agent fees. The
Company intends to use the net proceeds from the Offering for
working capital and other general corporate purposes and to repay
the principal amount of $2,352,941 in outstanding senior secured
notes of the Company.
In connection with the Offering, the Company entered into a
Placement Agency Agreement with Univest Securities, LLC, as the
exclusive placement agent in connection with the Offering. As
compensation to the Placement Agent, the Company paid the Placement
Agent a cash fee of 7% and a non-accountable expense allowance of
1.0% of the aggregate gross proceeds raised in the Offering and
reimbursed certain expenses of the Placement Agent.
About Algorhythm Holdings
Algorhythm Holdings, Inc., fka The Singing Machine Company, Inc.,
is a holding company for an AI enabled software logistics business
operated through its SemiCab Holding subsidiary and a home karaoke
consumer products company that designs and distributes karaoke
products globally to retailers and ecommerce partners through the
Singing Machine subsidiary.
Headquartered in Fort Lauderdale, Fla., Singing Machine --
http://www.singingmachine.com/-- had $12,367,000 in total assets,
$13,239,000 in total liabilities, and $872,000 in total
stockholders' deficit as of June 30, 2024.
The Company had cash on hand of approximately $1,245,000 as of June
30, 2024, which is not sufficient to fund the Company's planned
operations through one year after the date the consolidated
financial statements are issued. The Company has a recent history
of recurring operating losses and decreases in working capital. The
Company said these factors create substantial doubt about the
Company's ability to continue as a going concern for at least one
year after the date that the Company's audited consolidated
financial statements are issued.
ALGORHYTHM HOLDINGS: To Repurchase Shares Held by Stingray Group
----------------------------------------------------------------
Algorhythm Holdings, Inc., disclosed in a Form 8-K filed with the
U.S. Securities and Exchange Commission that the Company on
December 3, 2024, entered into a Stock Repurchase Agreement with
Stingray Group, Inc., a Canadian corporation, pursuant to which the
Company agreed to repurchase from the Seller an aggregate of
1,098,901 issued and outstanding shares of common stock, par value
$0.01 per share, of the Company.
The shares of common stock to be repurchased were originally issued
to the Seller on November 21, 2023, pursuant to a certain stock
purchase agreement, dated November 20, 2023.
As consideration for the transaction contemplated by the Repurchase
Agreement, at the closing, the Company has agreed to repurchase
from the Seller, and the Seller has agreed to sell, assign and
transfer to the Company, all of the Seller's right, title and
interest in and to the Repurchased Shares, at a price per share
equal to the higher of: (1) the closing price of the common stock
on the last trading day immediately preceding the date of the
Repurchase Agreement; or (2) the highest volume weighted average
price (VWAP) of the common stock during a pricing period of 10
consecutive trading days prior to the date of the Repurchase
Agreement per share, and the Company shall issue to the Seller a
promissory note in the principal amount equal to the Purchase
Price, and subject to terms and conditions therein.
The obligations of each of the Company and the Seller to consummate
the closing are conditioned upon (i) the issuance by the Company to
the Seller the Note evidencing the Purchase Price and (ii) the
Seller's delivery to the Company of executed stock power with a
medallion signature guarantee.
The Repurchase Agreement contains customary representations and
warranties. The closing is expected to occur upon satisfaction of
the conditions described above, after which the Repurchased Shares
will be cancelled and retired.
Mathiew Peloquin, a director of the Company, is the Senior
Vice-President, Marketing and Communications of Stingray Group,
Inc.
About Algorhythm Holdings
Algorhythm Holdings, Inc., fka The Singing Machine Company, Inc.,
is a holding company for an AI enabled software logistics business
operated through its SemiCab Holding subsidiary and a home karaoke
consumer products company that designs and distributes karaoke
products globally to retailers and ecommerce partners through the
Singing Machine subsidiary.
Headquartered in Fort Lauderdale, Fla., Singing Machine --
http://www.singingmachine.com/-- had $12,367,000 in total assets,
$13,239,000 in total liabilities, and $872,000 in total
stockholders' deficit as of June 30, 2024.
The Company had cash on hand of approximately $1,245,000 as of June
30, 2024, which is not sufficient to fund the Company's planned
operations through one year after the date the consolidated
financial statements are issued. The Company has a recent history
of recurring operating losses and decreases in working capital. The
Company said these factors create substantial doubt about the
Company's ability to continue as a going concern for at least one
year after the date that the Company's audited consolidated
financial statements are issued.
ALL STAR TRANSPORTATION: Case Summary & 20 Unsecured Creditors
--------------------------------------------------------------
Debtor: All Star Transportation Group LLC
949 E. 4th St.
Reno, NV 89512
Chapter 11 Petition Date: December 10, 2024
Court: United States Bankruptcy Court
District of Nevada
Case No.: 24-51229
Judge: Hon. Hilary L Barnes
Debtor's Counsel: Kevin A Darby, Esq.
DARBY LAW PRACTICE
499 W. Plumb Lane, Suite 202
Reno, NV 89509
Tel: 775-322-1237
Fax: 775-996-7290
E-mail: kevin@darbylawpractice.com
Total Assets: $917,504
Total Liabilities: $1,303,069
The petition was signed by Tim Ledesma as manager.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/3ZAUGMY/ALL_STAR_TRANSPORTATION_GROUP__nvbke-24-51229__0001.0.pdf?mcid=tGE4TAMA
ALPINE HOSPITALITY: Taps Marcus & Millichap as Real Estate Broker
-----------------------------------------------------------------
Alpine Hospitality, Inc. seeks approval from the U.S. Bankruptcy
Court for the District of Colorado to employ Marcus & Millichap
Real Estate Investment Services as commercial real estate broker.
The broker will render these services:
`
(a) advise the Debtor with respect to a sale of its property
located at 6210 N. Tower Road, Denver, Colorado;
(b) solicit interest for the sale of the property; and
(c) negotiate the terms of the sale at the Debtor's direction
and act as the its exclusive agent with respect to the sale of the
property.
The broker will receive a commission of 3.25 percent of the
property's purchase price. If the property is refinanced before a
prospective buyer enters into a contract to purchase, the broker
shall not be entitled to a commission, but shall be entitled to a
reimbursement of up to $30,000.
Adam Lewis, a real estate agent at Marcus & Millichap Real Estate
Investment 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 through:
Adam Lewis
Marcus & Millichap Real Estate Investment Services
1144 15th Street, Suite 2150
Denver, CO 80202
Telephone: (303) 328-2000
Facsimile: (303) 328-2010
About Alpine Hospitality
Alpine Hospitality, Inc. filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No.
24-14064) on July 19, 2024, listing $1 million to $10 million in
both assets and liabilities. The petition was signed by Wanda
Bertoia as president.
Judge Joseph G. Rosania Jr. presides over the case.
The Debtor tapped Jeffrey S. Brinen, Esq., at Kutner Brinen Dickey
Riley, PC as counsel and Ryu Inc. as accountant.
ALTICE USA: FMR, Abigail Johnson Hold 1.0% Equity Stake
-------------------------------------------------------
FMR LLC disclosed in a Schedule 13G filed with the U.S. Securities
and Exchange Commission that as of November 29, 2024, it
beneficially owns 2,701,534 shares in Altice USA Inc., representing
1.0% of the shares outstanding. Abigail P. Johnson also disclosed
that she owns 2,701,534 shares in Altice USA Inc., representing
1.0% of the shares outstanding.
About Altice USA Inc.
Altice USA, Inc. is an American cable television provider.
* * *
As reported by the TCR on May 17, 2024, S&P Global Ratings lowered
all its ratings on Altice USA Inc. one notch, including the issuer
credit rating to 'CCC+', and removed them from Credit Watch, where
it placed them with negative implications on May 2, 2024. The
negative outlook reflects that S&P could lower its ratings if the
company opts to pursue a debt restructuring over the next year.
S&P said, "We believe Altice USA's capital structure is
unsustainable. We believe the company is vulnerable to nonpayment
long term and depends on favorable business, financial, and
economic conditions to meet its financial obligations as they come
due in 2027 and beyond. We believe it is more likely than not that
Altice USA will enter into a distressed debt restructuring that we
consider tantamount to default, or it could face bankruptcy long
term."
ALTRA SERVICE: Case Summary & 14 Unsecured Creditors
----------------------------------------------------
Debtor: Altra Service Professionals Inc.
5640 SW 6th Place, Suite 600
Ocala, FL 34474
Business Description: ASP is a medical equipment service & repair
company located in Ocala, FL, specializing
in home respiratory medical equipment
repairs for portable oxygen concentrators
and CPAP machines. ASP is an authorized
service center for Philips Respironics and
ResMed.
Chapter 11 Petition Date: December 10, 2024
Court: United States Bankruptcy Court
Middle District of Florida
Case No.: 24-03753
Judge: Hon. Jacob A Brown
Debtor's Counsel: Jeffrey S. Ainsworth, Esq.
BRANSONLAW, PLLC
1501 E. Concord Street
Orlando, FL 32803
Tel: 407-894-6834
E-mail: jeff@bransonlaw.com
Total Assets: $190,482
Total Liabilities: $1,075,332
The petition was signed by Robert DeChello as president.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 14 unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/MYDOGAA/Altra_Service_Professionals_Inc__flmbke-24-03753__0001.0.pdf?mcid=tGE4TAMA
AMERICAN DREAM: Case Summary & One Unsecured Creditor
-----------------------------------------------------
Debtor: American Dream Land Development of Colorado, LLC
7941 Ferncliff Drive
Colorado Springs, CO 80920
Chapter 11 Petition Date: December 10, 2024
Court: United States Bankruptcy Court
District of Colorado
Case No.: 24-17308
Judge: Hon. Joseph G Rosania Jr
Debtor's Counsel: Jonathan M. Dickey, Esq.
KUTNER BRINEN DICKEY RILEY PC
1660 Lincoln Street, Suite 1720
Denver, CO 80264
Tel: 303-832-2400
E-mail: jmd@kutnerlaw.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Yichen Yang as sole member.
The Debtor listed Pueblo County Treasurer located at 215 W. 10th
Street, #110, Pueblo, CO 81003 as it sole unsecured creditor.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/T3MNCKQ/American_Dream_Land_Development__cobke-24-17308__0001.0.pdf?mcid=tGE4TAMA
APMI INC: Claims to be Paid From Continued Operations
-----------------------------------------------------
APMI Inc. filed with the U.S. Bankruptcy Court for the District of
Maryland a Disclosure Statement describing Plan of Reorganization
dated November 11, 2024.
APMI is a logistics and transportation company operating in Fort
Washington, Maryland. APMI has been in business for 21 years.
The Debtor has been impacted by taking merchant cash advances which
were paid weekly killed APMI's cash flow resulting in financial
difficulties and the need for reorganization.
The Debtor proposes a Plan that aims to resolve its outstanding
liabilities, continue its operations, and meet its obligations to
creditors. The Plan focuses on reorganizing the Debtor's finances,
with the primary goal of repaying unsecured debts over five years,
supported by projected revenues and operational adjustments.
Class 2 consists of Unsecured Claims. These creditors will receive
payments according to the five-year repayment.
Class 3 consists of Equity Interests. Existing equity holders of
APMI will retain their interests in the Debtor, subject to any
adjustments necessary to support the reorganization.
APMI's reorganization plan proposes the following for its unsecured
creditors:
* A total repayment schedule spanning five years, with
quarterly payments.
* Each unsecured creditor will receive a proportional share of
the total quarterly payment based on their claim amount relative to
the total unsecured claims.
* Interest may be applied at a reasonable rate [state if any
interest will be paid or not] to maintain the claim's present
value.
* The Debtor will make payments directly from operational
revenue and resources allocated for debt repayment.
To demonstrate the feasibility of the Plan, APMI has included
financial projections for the next five years. These projections
take into account anticipated revenue, operating expenses, and
funds available for creditor payments.
The Debtor's management believes these projections provide
reasonable assurance of APMI's ability to meet its financial
commitments under the Plan. The financial projections are based on
a revenue of about $45,000 to $50,000 per month consistent with the
proposed expense cost control to net $5,000 to $10,000 per month
with external funding by the end of the plan or sooner to satisfy
all creditors.
A full-text copy of the Disclosure Statement dated November 11,
2024 is available at https://urlcurt.com/u?l=j5CSXq from
PacerMonitor.com at no charge.
Counsel to the Debtor:
Charles E. Walton, Esq.
Walton Law Group, LLC
10905 Fort Washington Road, Suite 201
Fort Washington, MD 20744
Telephone: (301) 233-0607
Facsimile: (202) 595-9121
Email: cwalton@cwaltonlaw.com
About APMI Inc.
APMI, Inc. is a logistics and transportation company operating in
Fort Washington, Maryland.
The Debtor sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D. Md. Case No. 24-15489) on June 28, 2024, listing
under $1 million in both assets and liabilities.
Judge Lori S. Simpson oversees the case.
Charles E. Walton, Esq., at Walton Law Group, LLC, is the Debtor's
legal counsel.
ARCADIA BIOSCIENCES: To Combine with Roosevelt in All-Stock Deal
----------------------------------------------------------------
Arcadia Biosciences, Inc., a Delaware corporation, Roosevelt
Resources, LP, a Texas limited partnership, and certain other
parties have entered into a Securities Exchange Agreement providing
for the combination of the two companies in an all-stock
transaction, Arcadia Biosciences disclosed in a Form 8-K filed with
the U.S. Securities and Exchange Commission.
Under the terms of the Exchange Agreement, Arcadia will issue to
the partners of Roosevelt shares of Arcadia common stock at the
closing of the transaction in exchange for all of the equity
interests in Roosevelt. Following the closing of the transaction
and the effective time of the Exchange, the current equity owners
of Roosevelt and the Arcadia stockholders before the closing are
expected to own, immediately after the closing, approximately 90%
and 10%, respectively, of the outstanding shares of Common Stock of
the Company, subject to certain possible adjustments as provided in
the Exchange Agreement, and the Partnership will continue as a
wholly owned subsidiary of the Company.
The Exchange Agreement and related transactions have been approved
by the board of directors of Arcadia.
Roosevelt is a privately held, Dallas, Texas based exploration and
production company. The Partnership's management team includes
experienced oil and gas professionals with an extensive background
in development of major oil and natural gas projects. The
Partnership's primary asset is a carbon capture utilization and
storage ("CCUS") oil and natural gas project spanning 16,208
(13,892 net) contiguous acres on the Northwest Shelf of the Texas
Permian Basin, that Roosevelt plans to develop in the future.
Following the Closing and the Effective Time, the management of the
Company is expected to include the current executive officers of
Roosevelt, including Elliot "Tony" Roosevelt, Jr., as Chief
Executive Officer, Jimmy C. Hawkins as President, Jerrel Branson as
Chief Financial Officer, and Paul Buckner as Chief Legal Officer,
and the board of directors of the Company is expected to include
three of the current directors of Roosevelt as well as two
additional directors who will be independent, one of which may be a
current Arcadia director.
The Exchange Agreement contains customary representations and
warranties of Arcadia and the Partnership relating to their
respective businesses and financial statements. Additionally, the
Exchange Agreement provides for customary pre-closing covenants of
Arcadia and the Partnership, including covenants relating to
conducting their respective businesses in the ordinary course and
refraining from taking certain actions without the other party's
consent. The Exchange Agreement also contains covenants by the
Company not to solicit proposals relating to alternative
transactions or, subject to certain exceptions, enter into
discussions concerning or provide information in connection with
alternative transactions and, subject to certain exceptions,
covenants to recommend that its stockholders approve the issuance
of shares of Common Stock pursuant to the Exchange Agreement and
related proposals. Pursuant to the Exchange Agreement, Arcadia
agreed to amend its amended and restated certificate of
incorporation to change its corporate name to Roosevelt Resources,
Inc. effective at the Effective Time of the Exchange.
The completion of the Exchange is subject to certain customary
mutual conditions, including (i) the receipt of the required
approvals from Arcadia's stockholders and Roosevelt's limited
partners, (ii) the absence of any governmental law or order that
makes consummation of the Exchange illegal or otherwise prohibited,
(iii) Arcadia filing a registration statement on Form S-4 with the
U.S. Securities and Exchange Commission ("SEC") pursuant to the
Securities Act of 1933, as amended (the "Securities Act"), and the
registration statement having been declared effective by the SEC,
(iv) Arcadia holding a special meeting of stockholders of the
Company and the stockholders approving several proposals relating
to the Exchange Agreement and the transactions contemplated
thereby, and (v) the shares of Arcadia Common Stock issuable in
connection with the Exchange having been authorized for listing on
the Nasdaq Capital Market and the Common Stock continuing to be
approved for listing on the Nasdaq Capital Market. The obligation
of each party to consummate the Exchange is also conditioned upon
the other party's representations and warranties being true and
correct (subject to certain materiality exceptions) and the other
party having performed in all material respects its covenants and
obligations under the Exchange Agreement. Assuming the satisfaction
of all of the closing conditions, the transaction is expected to
close during the first quarter of 2025 or thereafter. However,
neither Arcadia nor the Partnership can predict the exact timing of
the consummation of the Exchange.
Before, but not after, the Company Shareholder Approval, the
Arcadia board of directors may withdraw, amend, modify, or
materially qualify its recommendation that Arcadia's stockholders
approve the issuance of Arcadia shares pursuant to the Exchange
Agreement and related proposals, as result of a Superior Proposal,
if the Board determines that the failure to make such a change of
recommendation would be inconsistent with the fiduciary duties owed
by the Board to Arcadia's stockholders under applicable law,
subject to complying with certain notice and other specified
conditions, including giving the Partnership the opportunity to
propose revisions to the Exchange Agreement during a match right
period.
The Exchange Agreement may be terminated by either party under
certain circumstances, including, among others: (i) if the Exchange
has not been completed by May 15, 2025 (the "Outside Date"),
subject to extension of that date in certain circumstances; (ii) if
a court or other governmental entity has issued a final and
non-appealable order prohibiting the closing; (iii) if the
Company's stockholders or the Partnership's partners fail to
approve the Exchange or the Company's stockholders failure to
approve the proposals required to complete the transaction; (iv)
upon a material uncured breach by the other party that would result
in a failure of the conditions to the closing; or (v) upon the
occurrence of certain other events as described in the Exchange
Agreement.
If the Company terminates the Exchange Agreement upon the
Partnership's or the limited partners' intentional fraud in the
making of their representations and warranties, in each case
resulting in a failure to close, or upon the Partnership's
Intentional Breach (as defined in the Exchange Agreement) of the
Exchange Agreement (including failing to close when all of the
applicable Partnership conditions to closing have been satisfied or
waived), then the Partnership would be required to pay or reimburse
the Company for its documented out-of-pocket expenses incurred in
connection with the Exchange Agreement and the Exchange
contemplated thereby not to exceed a total of $750,000. If the
Partnership terminates the Exchange Agreement under certain
circumstances, then the Company would be required to reimburse the
Partnership for the Partnership's documented out-of-pocket expenses
incurred in connection with the Exchange Agreement and the
Exchange, not to exceed $750,000 upon the Company's intentional
fraud in the making of its representations and warranties or the
Company's Intentional Breach of the Exchange Agreement (including
failing to close when all of the applicable Company conditions to
closing have been satisfied or waived), in each case resulting in a
failure to close, or $500,000 upon the Company entering into an
Alternative Acquisition Agreement (as defined in the Exchange
Agreement).
As contemplated by the Exchange Agreement, Arcadia intends to hold
a special meeting of its stockholders and seek the approval of its
stockholders to, among other things, vote on certain proposals the
approval of which is necessary in order to effect the transaction,
including a proposal to (a) approve the issuance of shares pursuant
to the Exchange Agreement, pursuant to the rules of The Nasdaq
Stock Market LLC, (b) approve a new long term incentive plan for
the Company, (c) approve a proposal to give the board of directors
of the Company the authority to approve and effect a reverse stock
split of the outstanding shares of Common Stock in a ratio to be
set by the Board before or in connection with the Effective Time of
the Exchange, if the Board determines that such a reverse stock
split is appropriate, including in connection with the Company's
application to Nasdaq for approval of issuance of Arcadia Common
Stock pursuant to the Exchange Agreement and continued listing of
the Common Stock on the Nasdaq Capital Market, and (d) approve
certain other proposals relating to the transaction.
Lake Street Capital Markets acted as exclusive financial advisor to
Arcadia, and Roth Capital Partners acted as exclusive financial
advisor to Roosevelt.
A full-text copy of the Exchange Agreement is available at
https://tinyurl.com/3r8zvara
The Exchange Agreement has been included to provide investors and
security holders with information regarding its terms or to modify
or supplement any factual disclosures about the Company in its
public reports filed with the SEC. It is not intended to provide
any other financial information about Arcadia, Roosevelt, or their
respective subsidiaries and affiliates. The representations,
warranties and covenants contained in the Exchange Agreement were
made only for purposes of the Exchange Agreement and as of specific
dates, were solely for the benefit of the parties thereto in
connection with the negotiated terms of the Exchange Agreement, may
be subject to limitations agreed upon by the parties, including
being qualified by confidential disclosures made by the parties in
connection with the signing of the Exchange Agreement for the
purposes of allocating contractual risk between the parties to the
Exchange Agreement instead of establishing these matters as facts,
and may be subject to standards of materiality applicable to the
contracting parties that differ from those applicable to investors
or security holders. Information concerning the subject matter of
the representations, warranties and covenants may change after the
date of the Exchange Agreement, which subsequent information may or
may not be fully reflected in public disclosures by Arcadia.
Accordingly, the representations and warranties in the Exchange
Agreement should not be relied on by any persons as
characterizations of the actual state of facts and circumstances of
the Company or Roosevelt at the time they were made and should be
considered in conjunction with the entirety of the factual
disclosure about the Company in the Company's public reports filed
with the SEC. The Exchange Agreement should not be read alone, but
should instead be read in conjunction with other information
regarding the Company.
About Arcadia
Headquartered in Dallas, Texas, Arcadia Biosciences, Inc. is a
producer and marketer of innovative, plant-based food and beverage
products. The Company has used non-genetically modified advanced
breeding techniques to develop these proprietary innovations which
it is now commercializing through the sales of seed and grain, food
ingredients and products, trait licensing and royalty agreements.
The acquisition of the assets of Live Zola, LLC added coconut water
to its portfolio of products.
In its Quarterly Report for the three months ended September 30,
2024 issued on November 12, 2024, Arcadia Biosciences said that
with cash and cash equivalents of $3.9 million, short-term
investments of $2.6 million and current note receivable of $1.8
million as of September 30, 2024, the Company believes that its
existing cash, cash equivalents and short-term investments will not
be sufficient to meet its anticipated cash requirements for at
least the next 12-18 months from the issuance date of the financial
statements, and thus raises substantial doubt about the Company's
ability to continue as a going concern.
As of September 30, 2024, the Company had $15.2 million in total
assets, $5.1 million in total liabilities, and $10.1 million in
total stockholders' equity.
ARCUTIS BIOTHERAPEUTICS: Point72, 3 Others Lower Stake to 0.2%
--------------------------------------------------------------
Point72 Asset Management, L.P. disclosed in a Schedule 13G/A filed
with the U.S. Securities and Exchange Commission that the firm and
its affiliated entities -- Point72 Capital Advisors, Inc., Cubist
Systematic Strategies, LLC, and Steven A. Cohen -- beneficially
owned 247,055 shares of Arcutis Biotherapeutics, Inc.'s common
stock, representing 0.2% of the shares outstanding. As of September
30, 2024, the entities have ceased to be the beneficial owner of
more than 5 percent of the class of securities
Point72 Asset Management, Point72 Capital Advisors Inc., Cubist
Systematic Strategies, and Mr. Cohen own directly no Shares.
Pursuant to an investment management agreement, Point72 Asset
Management maintains investment and voting power with respect to
the securities held by an investment fund it manages. Point72
Capital Advisors Inc. is the general partner of Point72 Asset
Management. Mr. Cohen controls each of Point72 Asset Management,
Point72 Capital Advisors Inc., and Cubist Systematic Strategies.
A full-text copy of the SEC Report is available at:
https://tinyurl.com/5d8nrj9k
About Arcutis
Arcutis Biotherapeutics, Inc. (Nasdaq: ARQT) -- www.arcutis.com --
is a commercial-stage medical dermatology company. It owns a
growing portfolio of products for a range of inflammatory
dermatological conditions including scalp and body psoriasis,
atopic dermatitis, and alopecia areata.
Los Angeles, California-based Ernst & Young LLP, the Company's
auditor since 2019, issued a "going concern" qualification in its
report dated Feb. 27, 2024, citing that the Company has not yet met
a requirement under its loan agreement to raise capital by April 1,
2024, has recurring losses from operations, and has stated that
substantial doubt exists about the Company's ability to continue as
a going concern.
Arcutis Biotherapeutics' net loss for the year ended December 31,
2023, was approximately $262.1 million. As of June 30, 2024,
Arcutis Biotherapeutics had $444.8 million in total assets, $258.3
million in total liabilities, and $186.4 million in total
stockholders' equity.
ASMC LLC: Gets Interim OK to Use Cash Collateral Until Dec. 20
--------------------------------------------------------------
ASMC, LLC, received a third interim approval from the U.S.
Bankruptcy Court for the Northern District of Illinois to use its
secured creditors' cash collateral.
The interim order approved the use of cash collateral from Nov. 22
to Dec. 20 to cover necessary expenditures consistent with the
company's budget, plus up to 10% for expense payments.
The court's order granted secured creditors replacement liens on
the collateral but only to the extent of their pre-bankruptcy
liens, with any valid liens attaching to the collateral.
The next hearing is scheduled for Dec. 18. Objections are due by
Dec. 13.
About ASMC LLC
ASMC, LLC is a fastener distributor headquartered in Libertyville,
Ill. It sells anchors, bolts & screws, nuts, washers, pins and
clips, and bearings.
ASMC sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. N.D. Ill. Case No. 24-14067) with $100,000 to $500,000 in
assets and $1 million to $10 million in liabilities. The petition
was signed by Anthony J. King as managing member.
Judge David D. Cleary oversees the case.
The Debtor is represented by:
Scott R Clar
Crane, Simon, Clar & Goodman
135 South LaSalle Street, Suite 3950
Chicago, IL 60603-4297
Tel: 312-641-6777
Fax: 312-641-7114
Email: sclar@cranesimon.com
ASSETTA ENTERPRISES: Gets OK to Use Cash Collateral Until Jan. 10
-----------------------------------------------------------------
Assetta Enterprises, Inc., received interim approval from the U.S.
Bankruptcy Court for the District of Massachusetts to use its
secured creditors' cash collateral until Jan. 10, next year.
Assetta can use the cash collateral in accordance with the
court-approved budget that allows for a 10% variance in expenses.
The company is not authorized to pay any professional fees or
additional protection payments without further court approval.
Brookline Bank and other creditors will be granted replacement
liens. These liens will have the same priority as pre-bankruptcy
liens to protect creditors against any decrease in the value of
their collateral.
The next hearing is scheduled for January 7, 2025, at 10:45 a.m.
About Assetta Enterprises
Assetta Enterprises, Inc. filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. D. Mass. Case No.
24-11594) on August 7, 2024, with up to $50,000 in assets and up
to
$1 million in liabilities.
Judge Janet E. Bostwick oversees the case.
Laurel E. Bretta, Esq. at Bretta Law Advisors, P.C. represents the
Debtor as bankruptcy counsel.
ATARA BIOTHERAPEUTICS: EcoR1 Capital, 2 Others Hold 9.99% Stake
---------------------------------------------------------------
EcoR1 Capital Fund Qualified, L.P., EcoR1 Capital, LLC and Oleg
Nodelman disclosed in a Schedule 13G/A filed with the U.S.
Securities and Exchange Commission that as of September 30, 2024,
they beneficially owned 493,463 shares of Atara Biotherapeutics'
common stock, representing 9.99% of the 4,915,049 shares of Common
Stock outstanding as of August 6, 2024, as reported on the Form
10-Q filed by the Company on August 12, 2024. The 468,938 shares
are held by Qualified Fund and other private investment funds
managed by EcoR1 and 1,090,922 shares of Common Stock issuable to
those funds pursuant to pre-funded warrants issued by the Company.
A full-text copy of the SEC Report is available at:
https://tinyurl.com/y9s3u4ce
About Atara Biotherapeutics
Headquartered in Thousand Oaks, California, Atara Biotherapeutics,
Inc. -- atarabio.com -- is harnessing the natural power of the
immune system to develop off-the-shelf cell therapies for
difficult-to-treat cancers and autoimmune conditions that can be
rapidly delivered to patients from inventory. With cutting-edge
science and a differentiated approach, Atara is the first company
in the world to receive regulatory approval of an allogeneic T-cell
immunotherapy. The company's advanced and versatile T-cell platform
does not require T-cell receptor or HLA gene editing and forms the
basis of a diverse portfolio of investigational therapies targeting
EBV, the root cause of certain diseases. This includes
next-generation AlloCAR-Ts designed for best-in-class opportunities
across a broad range of hematological malignancies and B-cell
driven autoimmune diseases.
San Francisco, Calif.-based Deloitte & Touche LLP, the company's
auditor since 2013, issued a "going concern" qualification in its
report dated March 28, 2024, citing that the company's recurring
losses from operations raise substantial doubt about its ability to
continue as a going concern.
Atara Biotherapeutics reported net losses of $276.1 million and
$228.3 million for the years ended December 31, 2023, and 2022,
respectively. As of September 30, 2024, Atara Biotherapeutics had
$142.7 million in total assets, $233.2 million in total
liabilities, and $90.5 million in total stockholders' deficit.
ATLAS PURCHASER: PennantPark Marks $4.7MM Loan at 87% Off
---------------------------------------------------------
PennantPark Investment Corporation has marked its $4,760,000 loan
extended to Atlas Purchaser, Inc to market at $624,000 or 13% of
the outstanding amount, according to a disclosure contained in
PennantPark's Form 10-K for the Fiscal year ended September 30,
2024, filed with the Securities and Exchange Commission.
PennantPark is a participant in a First Lien Secured Debt-Fourth
Out to Atlas Purchaser, Inc. The loan accrues interest at a rate of
11.97% (3M SOFR+700) per annum. The loan matures on May 6, 2028.
PennantPark Investment Corporation, a Maryland corporation
organized in January 2007, is a closed-end, externally managed,
non-diversified investment company that has elected to be treated
as a BDC under the 1940 Act. In addition, for federal income tax
purposes we have elected to be treated, and intend to qualify
annually, as a RIC under the Code.
PennantPark is led by Arthur H. Penn, Chief Executive Officer and
Chairman of the Board of Directors ; and Richard T. Allorto, Jr.,
Chief Financial Officer and Treasurer. The fund can be reach
through:
Arthur H. Penn
1691 Michigan Avenue
Miami Beach, FL 33319
Tel No.: (786) 297-9500
Atlas Purchaser, Inc., which does business as Alvaria, Inc.,
acquired the assets of Aspect Software in a leveraged buyout in
2021. Aspect is a provider of call center software and solution.
ATLAS PURCHASER: PennantPark Marks $4.8MM Loan at 87% Off
---------------------------------------------------------
PennantPark Investment Corporation has marked its $4,760,000 loan
extended to Atlas Purchaser, Inc to market at $624,000 or 13% of
the outstanding amount, according to a disclosure contained in
PennantPark's Form 10-K for the Fiscal year ended September 30,
2024, filed with the Securities and Exchange Commission.
PennantPark is a participant in a First Lien Secured Debt - Fourth
Out to Atlas Purchaser, Inc. The loan accrues interest at a rate of
11.97% (3M SOFR+700) per annum. The loan matures on May 6, 2028.
PennantPark Investment Corporation, a Maryland corporation
organized in January 2007, is a closed-end, externally managed,
non-diversified investment company that has elected to be treated
as a BDC under the 1940 Act. In addition, for federal income tax
purposes we have elected to be treated, and intend to qualify
annually, as a RIC under the Code.
PennantPark is led by Arthur H. Penn, Chief Executive Officer and
Chairman of the Board of Directors ; and Richard T. Allorto, Jr.,
Chief Financial Officer and Treasurer. The fund can be reach
through:
Arthur H. Penn
1691 Michigan Avenue
Miami Beach, FL 33319
Tel No.: (786) 297-9500
Atlas Purchaser, Inc., which does business as Alvaria, Inc.,
acquired the assets of Aspect Software in a leveraged buyout in
2021. Aspect is a provider of call center software and solution.
ATLAS PURCHASER: PennantPark Marks $8.8MM Loan at 30% Off
---------------------------------------------------------
PennantPark Investment Corporation has marked its $8,840,000 loan
extended to Atlas Purchaser, Inc to market at $6,144,000 or 70% of
the outstanding amount, according to a disclosure contained in
PennantPark's Form 10-K for the Fiscal year ended September 30,
2024, filed with the Securities and Exchange Commission.
PennantPark is a participant in a First Lien Secured Debt - Third
Out to Atlas Purchaser, Inc. The loan accrues interest at a rate of
11.97% (3M SOFR+700) per annum. The loan matures on May 6, 2028.
PennantPark Investment Corporation, a Maryland corporation
organized in January 2007, is a closed-end, externally managed,
non-diversified investment company that has elected to be treated
as a BDC under the 1940 Act. In addition, for federal income tax
purposes we have elected to be treated, and intend to qualify
annually, as a RIC under the Code.
PennantPark is led by Arthur H. Penn, Chief Executive Officer and
Chairman of the Board of Directors ; and Richard T. Allorto, Jr.,
Chief Financial Officer and Treasurer. The fund can be reach
through:
Arthur H. Penn
1691 Michigan Avenue
Miami Beach, FL 33319
Tel No.: (786) 297-9500
Atlas Purchaser, Inc., which does business as Alvaria, Inc.,
acquired the assets of Aspect Software in a leveraged buyout in
2021. Aspect is a provider of call center software and solution.
AVENTIVE TECH: Considers Bankruptcy After Missing Sale Deadline
---------------------------------------------------------------
Reshmi Basu of Bloomberg News reports that Aventiv Technologies, a
prison phone company backed by Platinum Equity, is reportedly
approaching a bankruptcy filing after missing a sale deadline,
according to sources familiar with the matter.
According to Bloomberg News, the company informed lenders that it
failed to meet a December target to secure a buyer capable of fully
repaying its debt, the sources said, speaking anonymously due to
the private nature of the discussions.
A three-member committee will lead the restructuring process, which
may result in either a sale of the company or its transfer to
lenders under Chapter 11 bankruptcy, according to additional
sources.
About Aventiv Technologies
Aventiv Technologies Inc. (Securus) is in the Diversified
Telecommunication Services industry.
AVINGER INC: Armistice Capital Holds 9.99% Stake as of Sept. 30
---------------------------------------------------------------
Armistice Capital, LLC and Steven Boyd disclosed in a Schedule
13G/A Report filed with the U.S. Securities and Exchange Commission
that as of September 30, 2024, they beneficially owned an aggregate
amount of 304,011 shares of Avinger, Inc.'s Common Stock,
representing 9.99% of the shares outstanding.
Armistice Capital, LLC may be reached at:
Steven Boyd
c/o Armistice Capital, LLC
510 Madison Avenue, 7th Floor
New York, New York 10022
United States of America
Tel: (212) 231-4932
A full-text copy of Armistice Capital's SEC Report is available
at:
https://tinyurl.com/5n79tmxe
About Avinger Inc.
Headquartered in Redwood City, Calif., Avinger, Inc. --
http://www.avinger.com/-- is a commercial-stage medical device
company that designs and develops the first image-guided,
catheter-based system for the diagnosis and treatment of patients
with vascular disease in the peripheral and coronary arteries.
Avinger is dedicated to radically changing the way vascular disease
is treated through its Lumivascular platform, which currently
consists of the Lightbox series of imaging consoles, the Ocelot and
Tigereye family of chronic total occlusion (CTO) catheters, and the
Pantheris family of atherectomy devices for the treatment of
peripheral artery disease (PAD), estimated to affect more than 200
million people worldwide. Avinger is developing its first product
application for the treatment of coronary artery disease (CAD), an
image-guided system for CTO-crossing in the coronary arteries,
which provides the opportunity to redefine a large and underserved
market.
As of September 30, 2024, Avinger had $13.6 million in total
assets, $9.7 million in total liabilities, and $3.9 million in
total stockholders' equity.
San Francisco, Calif.-based Moss Adams LLP, the Company's auditor
since 2017, issued a "going concern" qualification in its report
dated March 20, 2024, citing that the Company's recurring losses
from operations and its need for additional capital raise
substantial doubt about its ability to continue as a going concern.
BABY K'TAN: Seeks Chapter 11 Bankruptcy in Florida
--------------------------------------------------
On December 3, 2024, Baby K'tan LLC filed Chapter 11 protection in
the Southern District of Florida. According to court filing, the
Debtor reports between $1 million and $10 million in debt owed to 1
and 49 creditors. The petition states funds will be available to
unsecured creditors.
A meeting of creditors under Sec. 341(a) to be held on January 7,
2025 at 9:30 AM, TELEPHONIC MEETING.
About Baby K'tan LLC
Baby K'tan LLC 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.
Baby K'tan LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-22671) on December 3,
2024. In the petition filed by Michal Chesal, as president &
co-founder, the Debtor reports estimated assets between $500,000
and $1 million and estimated liabilities between $1 million and $10
million.
Honorable Bankruptcy Judge Peter D. Russin handles the case.
The Debtor is represented by:
Isaac Marcushamer, Esq.
DGIM LAW PLLC
2875 North East 191st Street Suite 705
Aventura, FL 33180
Email: isaac@dgimlaw.com
BACKYARD ENVIRONMENTS: Gets Final Approval to Use Cash Collateral
-----------------------------------------------------------------
Backyard Environments, LLC, received final approval from the U.S.
Bankruptcy Court for the Northern District of Texas to use cash
collateral.
The interim order authorized the company to use cash collateral in
accordance with its budget, which shows total projected expenses of
$277,770. The company may exceed any line item in the budget by up
to 10%.
The secured lenders were granted replacement liens on all of the
company's equipment, inventory and accounts whether acquired before
or after the petition date as adequate protection for the use of
their cash collateral.
The replacement liens are exclusive of any avoidance actions
available to the company's bankruptcy estate and are equal to the
aggregate diminution in value of the respective collateral, if
any,
that occurs from and after the petition date.
About Backyard Environments
Backyard Environments, LLC, a company in Roanoke, Texas, sought
relief under Subchapter V of Chapter 11 of the Bankruptcy Code
(Bankr. N.D. Texas Case No. 24-43689) on Oct. 10, 2024, with
$500,000 to $1 million in assets and $1 million to $10 million in
liabilities. Billy Sullivan, managing member, signed the
petition.
The Debtor is represented by Robert T DeMarco, Esq., at DeMarco
Mitchell, PLLC.
BC AVENTURA: Aleida Martinez Molina Named Subchapter V Trustee
--------------------------------------------------------------
The U.S. Trustee for Region 21 appointed Aleida Martinez Molina,
Esq., as Subchapter V trustee for BC Aventura Contemporary
Furniture, LLC.
Ms. Molina will be paid an hourly fee of $450 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Molina declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Aleida Martinez Molina, Esq.
2121 NW 2nd Avenue, Suite 201
Miami, FL 33127
Telephone: (305) 297-1878
Email: Martinez@subv-trustee.com
About BC Aventura Contemporary Furniture
BC Aventura Contemporary Furniture, LLC and affiliates sell
BoConcept-brand furniture merchandise in the State of Florida.
The Debtors sought relief under Subchapter V of Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 24-22028) on
November 15, 2024. As of September 30, 2024, BC Aventura reported
total assets of $589,996 and total liabilities of $741,692.
Judge Peter D. Russin oversees the case.
The Debtor is represented by Joseph A. Pack, Esq., and Jessey J.
Krehl, Esq., at Pack Law.
BEECH INTERNATIONAL: Case Summary & Four Unsecured Creditors
------------------------------------------------------------
Debtor: Beech International, LLC
1520-38 Cecil B. Moore Avenue
Philadelphia, PA, 19121
Business Description: Beech International is a Single Asset Real
Estate debtor (as defined in 11 U.S.C.
Section 101(51B)).
Chapter 11 Petition Date: December 10, 2024
Court: United States Bankruptcy Court
Eastern District of Pennsylvania
Case No.: 24-14406
Judge: Hon. Ashely M Chan
Debtor's Counsel: Robert Lapowsky, Esq.
STEVENS & LEE, P.C.
620 Freedom Business Center, Ste. 200
King of Prussia PA 19406
Tel: (215) 751-2866
E-mail: Robertlapowsky@stevenslee.com
Estimated Assets: $10 million to $50 million
Estimated Liabilities: $10 million to $50 million
The petition was signed by Ken Scott as CEO.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/CGNAXQA/Beech_International_LLC__paebke-24-14406__0001.0.pdf?mcid=tGE4TAMA
List of Debtor's Four Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. Single Digits, Inc. Trade Payable $8,615
Attn: Craig Sheetz, CEO
4 Bedford Farms Drive,
Suite 210
Bedford, NH 03310
2. Leap Insurance Agency, LLC Insurance $528
Attn: General Counsel Coverage
111 Town Square Place
Jersey City, NJ 07310
3. Elevator Construction and Trade Payable $453
Repair Co., Inc.
Attn: Alex Kucherovsky
2040 Bennett Road
Philadelphia, PA 19116
4. Philadelphia Industrial Guaranty of Loan $685
Development Corporation
Attn: Irene Burak, General Counsel
1500 Market Street, St. 3500
Philadelphia, PA 19102
BHAVI HOSPITALITY: Gets OK to Use Cash Collateral Until Dec. 30
---------------------------------------------------------------
Bhavi Hospitality, LLC, received sixth interim approval from the
U.S. Bankruptcy Court for the Northern District of Texas to use the
cash collateral of its secured lenders until Dec. 30.
The secured lenders include Louisiana National Bank, CFG Merchant
Solutions, LLC and the U.S. Small Business Administration.
Bhavi Hospitality will use the cash collateral in the amounts set
forth in its two-week budget, plus 15% per line item and 15%
overall.
A copy of the court's order and the Debtor's budget is available at
https://shorturl.at/JolG2 from PacerMonitor.com.
The total projected budgeted expenditures for the two-week period
amount to approximately $70,000. The budget includes payment of the
City of Forney's hotel occupancy taxes at the rate of 7% of revenue
and payment of franchise fees to Holiday Hospitality Franchising,
LLC.
To protect lenders, the court granted them replacement liens on all
post-petition property of the company. In addition, Louisiana
National Bank will receive adequate protection payments of $52,116
monthly.
The next hearing is scheduled for Dec. 30.
About Bhavi Hospitality
Bhavi Hospitality LLC, doing business as Holiday Inn Express
Forney, filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. N.D. Texas Case No. 24-30972) on April 1,
2024, with $1 million to $10 million in both assets and
liabilities. Mehul Gajera, manager, signed the petition.
Judge Scott W. Everett presides over the case.
Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC, is
the Debtor's bankruptcy counsel.
BIO-KEY INTL: Armistice Capital Holds 8.95% Equity Stake
--------------------------------------------------------
Armistice Capital, LLC and Steven Boyd disclosed in a Schedule
13G/A Report filed with the U.S. Securities and Exchange Commission
that as of September 30, 2024, they beneficially owned an aggregate
amount of 250,000 shares of BIO-key International, Inc.'s Common
Stock, representing 8.95% of the shares outstanding.
Armistice Capital, LLC may be reached at:
Steven Boyd
c/o Armistice Capital, LLC
510 Madison Avenue, 7th Floor
New York, New York 10022
United States of America
Tel: (212) 231-4932
A full-text copy of Armistice Capital's SEC Report is available
at:
https://tinyurl.com/ycxk9w3d
About BIO-key
Holmdel, N.J.-based BIO-key International, Inc., founded in 1993,
is revolutionizing authentication and cybersecurity with
biometric-centric, multi-factor identity and access management
(IAM) software securing access for over forty million users.
BIO-key allows customers to choose the right authentication factors
for diverse use cases, including phoneless, tokenless, and
passwordless biometric options. Its hosted or on-premise
PortalGuard IAM solution provides cost-effective, easy-to-deploy,
convenient, and secure access to computers, information,
applications, and high-value transactions.
Henderson, Nev.-based Bush & Associates CPA LLC, the Company's
auditor since 2024, issued a "going concern" qualification in its
report dated June 5, 2024, citing that the Company has suffered
substantial net losses and negative cash flows from operations in
recent years and is dependent on debt and equity financing to fund
its operations, all of which raise substantial doubt about the
Company's ability to continue as a going concern.
For the years ended December 31, 2023 and 2022, BIO-key
International reported net losses of $8,521,837 and $11,909,903,
respectively. As of September 30, 2024, BIO-key International had
$6,399,703 in total assets, $6,266,661 in total liabilities, and
$133,042 in total stockholders' equity.
BIO-KEY INTL: Fiber Food Holds 595,000 Shares of Common Stock
-------------------------------------------------------------
Fiber Food Systems, Inc., disclosed in a Form 3 filed with the U.S.
Securities and Exchange Commission that as of November 27, 2024, it
beneficially owns 595,000 shares of BIO-Key International Inc.'s
outstanding shares of common stock.
About BIO-key
Holmdel, N.J.-based BIO-key International, Inc., founded in 1993,
is revolutionizing authentication and cybersecurity with
biometric-centric, multi-factor identity and access management
(IAM) software securing access for over forty million users.
BIO-key allows customers to choose the right authentication factors
for diverse use cases, including phoneless, tokenless, and
passwordless biometric options. Its hosted or on-premise
PortalGuard IAM solution provides cost-effective, easy-to-deploy,
convenient, and secure access to computers, information,
applications, and high-value transactions.
Henderson, Nev.-based Bush & Associates CPA LLC, the Company's
auditor since 2024, issued a "going concern" qualification in its
report dated June 5, 2024, citing that the Company has suffered
substantial net losses and negative cash flows from operations in
recent years and is dependent on debt and equity financing to fund
its operations, all of which raise substantial doubt about the
Company's ability to continue as a going concern.
For the years ended December 31, 2023 and 2022, BIO-key
International reported net losses of $8,521,837 and $11,909,903,
respectively. As of June 30, 2024, BIO-key International had $4.80
million in total assets, $5.85 million in total liabilities, and a
total stockholders' deficit of $1.06 million.
BIO-KEY INTL: Reports $738,959 Net Loss in Fiscal Q3
----------------------------------------------------
BIO-key International, Inc. filed with the U.S. Securities and
Exchange Commission its Quarterly Report on Form 10-Q reporting a
net loss of $738,959 on $2,144,804 of total revenue for the three
months ended September 30, 2024, compared to a net loss of
$1,837,824 on $1,817,108 of total revenue for the three months
ended September 30, 2023.
For the nine months ended September 30, 2024, the Company reported
a net loss of $2,916,195 on $5,467,293 of total revenue, compared
to a net loss of $6,149,024 on $5,929,804 of total revenue for the
same period in 2023.
As of September 30, 2024, the Company had $6,399,703 in total
assets, $6,266,661 in total liabilities, and $133,042 in total
stockholders' equity.
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/bdfay6u6
About BIO-key
Holmdel, N.J.-based BIO-key International, Inc., founded in 1993,
is revolutionizing authentication and cybersecurity with
biometric-centric, multi-factor identity and access management
(IAM) software securing access for over forty million users.
BIO-key allows customers to choose the right authentication factors
for diverse use cases, including phoneless, tokenless, and
passwordless biometric options. Its hosted or on-premise
PortalGuard IAM solution provides cost-effective, easy-to-deploy,
convenient, and secure access to computers, information,
applications, and high-value transactions.
Henderson, Nev.-based Bush & Associates CPA LLC, the Company's
auditor since 2024, issued a "going concern" qualification in its
report dated June 5, 2024, citing that the Company has suffered
substantial net losses and negative cash flows from operations in
recent years and is dependent on debt and equity financing to fund
its operations, all of which raise substantial doubt about the
Company's ability to continue as a going concern.
For the years ended December 31, 2023 and 2022, BIO-key
International reported net losses of $8,521,837 and $11,909,903,
respectively.
BIOLASE INC: Anson Entities Disclose 4.9% Stake as of Sept. 30
--------------------------------------------------------------
Anson Funds Management LP, Anson Management GP LLC, Tony Moore,
Anson Advisors Inc., Amin Nathoo and Moez Kassam disclosed in a
Schedule 13G/A Report filed with the U.S. Securities and Exchange
Commission that as of September 30, 2024, they beneficially owned
1,921,872 shares of Biolase, Inc.'s Common Stock, representing‚
4.9% of the shares outstanding.
(a) Anson Funds Management LP, Anson Management GP LLC, Mr.
Moore, Anson Advisors Inc., Mr. Nathoo and Mr. Kassam are the
beneficial owners of 1,921,872 shares of Common Stock held by the
Fund.
(b) Anson Funds Management LP, Anson Management GP LLC, Mr.
Moore, Anson Advisors Inc., Mr. Nathoo and Mr. Kassam are the
beneficial owners of 4.9% of the outstanding shares of Common
Stock, which includes shares of Common Stock underlying outstanding
warrants held by Anson Funds Management LP, Anson Management GP
LLC, Mr. Moore, Anson Advisors Inc., Mr. Nathoo and Mr. Kassam. The
Warrant includes a beneficial ownership limitation. The Warrant may
not be exercised to the extent the Reporting Persons would, in the
case of some of the Warrant, beneficially own more than 4.99% of
the outstanding Common Stock. The beneficial ownership set forth
herein takes into account the foregoing limitation. This percentage
is determined by dividing 1,921,872 by 38,518,928, which is the sum
of: (i) 36,597,056 shares of Common Stock issued and outstanding,
as reported in the Issuer's Quarterly Report on Form 10-Q filed
with the Securities and Exchange Commission on August 8, 2024; and
(ii) 1,921,872, the number of shares of Common Stock receivable by
the Fund upon exercise of the Common Warrants.
(c) Anson Funds Management LP and Anson Advisors Inc., as the
co-investment advisors to the Fund, may direct the vote and
disposition of the 1,921,872 shares of Common Stock held by the
Fund. Anson Management GP LLC, as the general partner of Anson
Funds Management LP, may direct the vote and disposition of the
1,921,872 shares of Common Stock held by the Fund. As the principal
of Anson Funds Management LP and Anson Management GP LLC, Mr. Moore
may direct the vote and disposition of the 1,921,872 shares of
Common Stock held by the Fund. Mr. Nathoo and Mr. Kassam, each as a
director of Anson Advisors Inc., may direct the vote and
disposition of the 1,921,872 shares of Common Stock held by the
Fund.
A full-text copy of Anson Funds' SEC Report is available at:
https://tinyurl.com/2vhnwpk2
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.
BIOLASE INC: Lind Global, 2 Others No Longer Hold Shares
--------------------------------------------------------
Lind Global Fund II LP, Lind Global Partners II LLC, and Jeff
Easton disclosed in a Schedule 13G filed with the U.S. Securities
and Exchange Commission that as of September 30, 2024, they ceased
to be the beneficial owner of more than five percent of Biolase,
Inc.'s common stock.
A full-text copy of Lind Global's SEC Report is available at:
https://tinyurl.com/y9w6h4fv
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.
BIP PIPECO: S&P Affirms 'B+' ICR on Term Loan Upsizing
------------------------------------------------------
S&P Global Ratings affirmed its 'B+' issuer credit rating on BIP
PipeCo Holdings LLC.
S&P said, "At the same time, we affirmed our 'B+' issue-level
rating on BIP PipeCo's upsized term loan B. Our recovery rating is
'3', indicating expectations for meaningful recovery (50%-70%;
rounded estimate: 50%).
"The stable outlook reflects our expectation that BIP PipeCo will
generate debt to EBITDA of about 6.5x and EBITDA interest coverage
of about 2.5x in 2025."
BIP PipeCo, a subsidiary of Brookfield Infrastructure Partners, has
a 25% ownership interest in NGPL Holdings LLC. BIP PipeCo announced
an incremental $50 million addition to its $466 million outstanding
term loan B due in 2030. It will use the proceeds to fund
distributions to Brookfield. BIP PipeCo also has a fully drawn $25
million letter of credit to fund its debt service reserve. Despite
the upsizing, S&P expects adjusted leverage of approximately 6.5x.
S&P said, "We affirmed the 'B+' issuer credit rating on BIP PipeCo
to reflect our updated base-case forecast following the incremental
$50 million upsize of the $466 million outstanding term loan B
announced on Dec. 9, 2024. The company also repriced its capital
structure to market rate plus 225 basis points from market rate
plus 250 basis points. We now expect debt to EBITDA of 6.5x and
EBITDA interest coverage of about 2.5x in 2025.
"BIP PipeCo relies on distributions from NGPL Holdings to service
its debt. Because BIP PipeCo has no other substantive assets
besides its investment in NGPL Holdings, we rate it under our
noncontrolling equity interest criteria. Our view of the company's
credit profile incorporates NGPL Holdings' cash flow stability, BIP
PipeCo's financial ratios, and its ability to influence NGPL
Holdings' financial policy and to liquidate its investment to repay
the term loans.
"We anticipate that BIP PipeCo will continue receiving stable cash
distributions from NGPL Holdings over the duration of the term
loan. NGPL Holdings operates a substantial and diversified
long-haul pipeline network providing natural gas transportation and
storage services in key regions including the Greater Chicago area,
Texas, and Louisiana Gulf Coast. The company benefits from stable
throughput volumes, significant operational scale, a high
proportion of fee-based revenue, and high-quality customer base.
Its credit profile remains robust, supported by 97% of its 2024
transportation revenue contracted under take-or-pay agreements.
These factors underpin our view of NGPL Holdings' cash flow
stability as a positive factor in our analysis."
NGPL Holdings is required to distribute all available cash
quarterly to its sponsors, providing an incentive to maintain
steady or increasing distributions. BIP PipeCo's corporate
governance and financial policies are a positive factor in S&P's
credit analysis, particularly due to its significant governance
rights in NGPL Holdings. Although BIP PipeCo holds a 25% equity
interest in NGPL Holdings, it has significant influence through two
of the five board of directors seats, 40% of voting rights. Major
decisions including those related to capital contributions and
distributions require BIP PipeCo's approval as long as it retains
at least a 5% equity stake. Additionally, the company holds a
controlling vote on super-majority decisions affecting cash
distributions such as policy changes, debt management, asset sales,
and budget adjustments with available cash determined through
majority vote.
S&P said, "We continue to assess BIP PipeCo's financial ratios
negatively. We project an EBITDA ratio of approximately 6.5x in
2024, remaining 6.5x-6.7x through 2025 and 2026. We expect EBITDA
interest coverage to improve slightly to 2.5x from 2x over the next
two years." This reflects the company's ability to reduce its term
loan B balance using an excess cash flow sweep mechanism. Terms of
the loan require the 75% sweep when consolidated net leverage
exceeds 6x, decreasing to 50% when leverage is between 5x and 6x,
and 25% when it is between 4x and 5x.
The term loan B benefits from a collateral package that includes
25% of the $1 billion outstanding shareholder notes issued by MidCo
LLC, a subsidiary of NGPL Holdings, to Kinder Morgan, Brookfield,
and Arclight Capital Partners LLC. This collateral enhances the
overall financial structure. S&P views negatively BIP PipeCo's
ability to monetize its investment in NGPL Holdings due to the
private ownership structure, which limits liquidity options and
reduces financial flexibility.
S&P said, "The stable outlook reflects our expectation that BIP
PipeCo will receive steady cash distributions from NGPL HoldCo,
underpinned by its largely take-or-pay contracts and large
operational scale. We expect the company to maintain EBITDA
interest coverage ratio of 2.5x in 2025 and 2026. We also
anticipate leverage of 6.5x-6.7x in 2025 and 2026."
S&P could take a negative rating action on BIP PipeCo if:
-- Leverage deteriorated to 7.5x or EBITDA interest coverage ratio
declined to 1.5x or below on a forward-looking basis. This could
occur due to lower-than-expected available cash at NGPL HoldCo; or
-- NGPL HoldCo's credit quality deteriorated such that subsidiary
NGPL PipeCo's leverage exceeded 4.5x. This could occur due to
prolonged increases in operating expenditure, an inability to renew
expiring contracts at competitive rates, or substantial increase in
debt to fund growth projects.
Although unlikely in the near term, S&P could consider taking a
positive rating action on BIP PipeCo if:
-- EBITDA interest coverage ratio exceeded 3x and debt to EBITDA
declined below 5.5x. This could occur if higher-than-expected
throughput volumes at NGPL PipeCo supported greater available cash;
or
-- S&P raised its rating on NGPL PipeCo and expected BIP PipeCo
interest coverage above 3x. This could occur if NGPL PipeCo
achieved S&P Global Ratings-adjusted debt to EBITDA of less than
3.5x on a consistent basis due to higher-than-expected volumes or
debt repayment.
BISHOP OF OAKLAND: Contribution & Ongoing Operations to Fund Plan
-----------------------------------------------------------------
The Roman Catholic Bishop of Oakland filed with the U.S. Bankruptcy
Court for the Northern District of California a Disclosure
Statement for Plan of Reorganization dated November 8, 2024.
The Debtor is responsible for coordinating the mission of the Roman
Catholic Church within the geographical boundary of the Diocese of
Oakland.
Beginning in the late Twentieth Century, it came to light that some
people working for and associated with the Roman Catholic Church,
priests, bishops, laypersons, and volunteers, had been sexually
abusing children and vulnerable adults for decades. It also exposed
Church institutions worldwide, including the Debtor, to significant
tort liability.
To compensate the victims and survivors of sexual abuse, the Plan
establishes a Survivors' Trust funded with the Survivors' Trust
Assets. The Survivors' Trustee will liquidate the Survivors' Trust
Assets and distribute the proceeds to the Holders of Abuse Claims
and Unknown Abuse Claims, pursuant to the procedures contained in
the Survivors' Trust Distribution Plan to be filed with the Plan
Supplement.
On the Plan's Effective Date (the date after confirmation when the
Plan becomes Effective), the Plan will create a Survivors' Trust
for the purpose of paying distributions to Holders of Class 4 and
Class 5 Claims, which are the two Classes of Abuse Claims under the
Plan. The Survivors' Trust will be funded with (a) $103 million in
cash contributed by the Debtor, (b) a contribution of real estate
which the Debtor believes is worth between approximately $43
million and $81 million (or more), and (c) $14.25 million in cash
contributed by RCWC contingent on the number of Releases it secures
from those Holders of Class 4 Claims and Class 5 Claims who have
asserted liability against RCWC in connection with an Abuse Claim.
3 The Debtor will also contribute and assign to the Survivors'
Trust the rights and interests of the Debtor in the Non-Settling
Insurer Policies.
The Debtor Cash Contribution to the Survivors' Trust will be
facilitated in part by a $55 million loan from the RCC. The
remaining Debtor Cash Contribution will come from unrestricted cash
including unrestricted cash raised from the sale of real estate
owned by the Debtor. The RCWC Cash Contribution will come from
unrestricted cash including unrestricted cash raised from the sale
of real estate owned by RCWC, and is based on the number of Abuse
Claims asserting liability against it that do not affirmatively
"opt out" of the third-party releases.
The Plan provides that Non-Settling Insurers may become Settling
Insurers, and provides for settlement proceeds resulting therefrom
to be used to further supplement the Survivors' Trust. To the
extent no settlement with a particular Non-Settling Insurer is
achieved, the Plan establishes a framework for post-confirmation
litigation for Trust Claimants seeking recovery from Non-Settling
Insurers.
The Plan further provides that other Non-Debtor Catholic Entities
(in addition to Adventus and RCWC), such as religious orders, may
make contributions and receive treatment similar to Adventus and
RCWC. All such parties (including Adventus and RCWC) are referred
to as the "Contributing NonDebtor Catholic Entities." Collectively,
the Cash, property, and insurance contributions to the Survivors'
Trust from all parties are referred to herein as the "Survivors'
Trust Assets."
On the Effective Date, the Survivors' Trust will segregate $5.0
million of the Initial Debtor Contribution into the Unknown Abuse
Claims Reserve for the benefit of Holders of Class 5 Claims.
The Plan further provides that the Holders of Allowed
Administrative Expense Claims, Priority Tax Claims, Non-Tax
Priority Claims, Professional Fee Claims, Secured Claims, and
General Unsecured Claims will be paid in full as set forth herein,
that all Abuse Claims will be channeled to the Survivors' Trust,
that the Debtor will be able to restructure its financial affairs,
and that the Reorganized Debtor will be able to continue the
mission and ministry of the Church, including through its work with
the elderly, poor, incarcerated, vulnerable populations, and the
Catholic community as a whole, and to address the spiritual needs
of those harmed by the Abuse crisis.
Class 3 shall consist of all Allowed General Unsecured Claims.
Class 3 does not include Abuse Claims. Except to the extent a
Holder of an Allowed General Unsecured Claim (including an Allowed
Rejection Claim) agrees to less favorable treatment, in full and
final satisfaction, settlement, release, and discharge of and in
exchange for each Allowed General Unsecured Claim, each such Holder
shall receive payment in Cash from the general operating revenues
of the Reorganized Debtor in an amount equal to such Allowed
General Unsecured Claim, payable no later than the later of (a) the
date that is one year after the Effective Date, (b) the date that
is 21 days after the date when such General Unsecured Claim becomes
an Allowed General Unsecured Claim, or (c) the date on which the
Holder of such General Unsecured Claim and the Reorganized Debtor
shall otherwise agree in writing.
Class 4 shall consist of all Allowed Abuse Claims, other than
Unknown Abuse Claims. Approximately 386 non duplicative, timely
Abuse Claims have been asserted against the Debtor and the
Contributing Non-Debtor Catholic Entities through proofs of claim
filed in the Chapter 11 Case. The Plan creates the Survivors' Trust
to fund payments to Holders of Allowed Abuse Claims entitled to
such payments under the Plan and the Survivors' Trust Documents.
Except to the extent a Holder of an Allowed Abuse Claim agrees to
less favorable treatment of such Claim, in full and final
satisfaction, settlement, release, and discharge of and in exchange
for such Allowed Abuse Claim, each such Holder shall receive their
allocable share of the Survivors' Trust Assets at the time and in
the manner set forth in the Survivors' Trust Documents. It is
intended that any payment on an Allowed Abuse Claim will constitute
payment for damages on account of personal physical injuries or
sickness arising from an occurrence, within the meaning of Section
104(a)(2) of the Tax Code.
On the Effective Date, the Survivors' Trust shall be established in
accordance with the Survivors' Trust Documents. The Survivors'
Trust will, upon its creation, and without limitation: (1) assume
liability for all Abuse Claims, including without limitation
Unknown Abuse Claims, of the Debtor, Contributing Non-Debtor
Catholic Entities, and any Settling Insurers; and (2) receive,
hold, administer, liquidate, and distribute the Survivors' Trust
Assets in accordance with the Plan and the Survivors' Trust
Documents.
The Survivors' Trust shall be funded with (i) aggregate Cash
contributions from the Debtor and Reorganized Debtor (as
applicable) of $103 million, (ii) any Cash contributions from a
Contributing Non-Debtor Catholic Entity pursuant to Section 9.3.2
of the Plan, (iii) title to the Livermore Property, on an as-is,
where-is basis, (iv) any proceeds held by the Debtor or the
Reorganized Debtor on account of Insurance Settlement Agreements as
set forth in this Section 9.3, and (v) the Assigned Insurance
Interests. These are the Survivors' Trust Assets.
The Debtor has prepared cash flow projections demonstrating that
the Debtor, together with the Contributing Non-Debtor Catholic
Entities, will be able to fund the Contributing Entities' Cash
Contribution, that the Debtor and the Reorganized Debtor will be
able to meet their other respective obligations under the Plan, and
that the Reorganized Debtor will have sufficient resources to
support ongoing ministries and operations. The cash flow
projections demonstrate that the Debtor will be able to fund the
Plan on the Effective Date and that the Reorganized Debtor will be
able to make all payments required pursuant to the Plan so that no
further financial restructuring will be necessary.
A full-text copy of the Disclosure Statement dated November 8, 2024
is available at https://urlcurt.com/u?l=NzO44w from Kurtzman Carson
Consultants LLC, claims agent.
The Roman Catholic Bishop of Oakland is represented by:
Jeffrey R. Blease, Esq.
Thomas F. Carlucci, Esq.
Shane J. Moses, Esq.
Emil P. Khatchatourian, Esq.
Ann Marie Uetz, Esq.
Matthew D. Lee, Esq.
FOLEY & LARDNER LLP
555 California Street, Suite 1700
San Francisco, CA 94104-1520
Email: jblease@foley.com
tcarlucci@foley.com
smoses@foley.com
ekhatchatourian@foley.com
auetz@foley.com
mdlee@foley.com
About The Roman Catholic Bishop of Oakland
The Roman Catholic Bishop of Oakland, a tax-exempt religious
organization, sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Cal. Case No. 23-40523) on May 8,
2023. In the petition signed by Bishop Michael Charles Barber, the
Debtor disclosed $100 million to $500 million in both assets and
liabilities.
Judge William J. Lafferty oversees the case.
The Debtor tapped Foley & Lardner LLP as legal counsel and Alvarez
& Marsal North America, LLC as restructuring advisor. Kurtzman
Carson Consultants LLC is the Debtors' claims and noticing agent
and administrative advisor.
The U.S. Trustee for Region 17 appointed an official committee to
represent unsecured creditors in the Debtor's Chapter 11 case. The
committee tapped Lowenstein Sandler, LLP as bankruptcy counsel;
Burns Bair LLP as special insurance counsel; and Berkeley Research
Group, LLC as financial advisor.
BLUEWORKS CORP: Trustee Gets Approval to Hire Bankruptcy Counsel
----------------------------------------------------------------
Michael Bowers, the trustee appointed in the Chapter 11 case of
Blueworks Corporation, received approval from the U.S. Bankruptcy
Court for the Western District of North Carolina to employ Grier
Wright Martinez, PA as counsel.
The firm will render these services:
(a) advise and consult with respect to the trustee's powers
and duties;
(b) assist in assessment and, if appropriate, the prosecution
of avoidance actions on behalf of the Debtor's estate, the defense
of any actions commenced against its estate, negotiations
concerning all litigation in which its estate is involved, and the
objection to claims filed against its estate;
(c) prepare on behalf of the trustee all necessary legal
papers necessary to fulfill his duties under the Appointment
Order;
(d) perform any and all other legal services for the trustee
in connection with this Chapter 11 case; and
(e) give legal advice and perform legal services with respect
to other issues relating to the foregoing.
The firm's hourly rates are as follows:
Joseph Grier, III, Attorney $695
A. Cotton Wright, Attorney $450
Michael Martinez, Attorney $425
Anna Gorman, Attorney $410
Benjamin Rhodes, Attorney $275
Paraprofessionals $190
In addition, the firm will seek reimbursement for expenses
incurred.
Mr. Martinez disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Michael L. Martinez, Esq.
Grier Wright Martinez, PA
521 East Morehead Street, Suite 440
Charlotte, NC 28202
Telephone: (704) 375-3720
Facsimile: (704) 332-0215
Email: mmartinez@grierlaw.com
About Blueworks Corporation
Blueworks Corp. specializes in developing and manufacturing a
comprehensive range of swimming pool equipment. Products include
Salt Chlorinator, Salt Chlorinator Cell Replacement, Saltwater
System Parts, Pool Light, Pool Alarm, Pool Timer, Pool Pump and
more.
Blueworks Corp. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D.N.C. Case No. 24-30494) June 11, 2024.
In the petition signed by Michael Bowers, chief restructuring
office, the Debtor reports estimated assets between $500,000 and $1
million and estimated liabilities between $10 million and $50
million.
Honorable Bankruptcy Judge Laura T. Beyer oversees the case.
The Debtor tapped Matthew L. Tomsic, Esq. at Rayburn Cooper &
Durham, PA as bankruptcy counsel and Platinum Intellectual
Property, PC and Shumaker, Loop & Kendrick, LLP as special
counsels.
On July 26, 2024, Michael T. Bowers was appointed as trustee in
this Chapter 11 case. The trustee tapped Grier Wright Martinez, PA
as counsel.
BREAD FINANCIAL: S&P Affirms 'BB-' Long-Term ICR, Outlook Stable
----------------------------------------------------------------
S&P Global Ratings said it affirmed its 'BB-' long-term issuer
credit rating on Bread Financial Holdings and its 'BB-' unsecured
debt rating. The outlook remains stable.
The rating affirmation primarily reflects S&P's favorable view of
Bread's progress in improving financial and business measures,
though overall creditworthiness still trails higher rated consumer
peers, in its view. In the last year, the company has continued
to execute its strategic priorities, with significant progress
reducing parent debt and implementing further enterprise governance
and risk management policies to be closer in-line with more
rigorous bank holding company regulatory standards.
As of Sept. 30, 2024, Bread had $1.1 billion in outstanding parent
debt, comprised mostly of senior unsecured notes, after paying down
the remaining $300 million balance of its term loan and
repurchasing with cash the majority of its convertible notes. As
such, double leverage as of the third-quarter 2024, fell to a
manageable 103%, well-below historical levels (double leverage in
third-quarter 2022 was 182%).
In addition, Bread continued to build capital ratios, with common
equity Tier 1 growing about 40 basis points, reflecting minimal
share repurchases and flat credit card receivable growth
year-over-year. The company also strengthened its funding mix,
growing its retail deposit base to about 41% of total funding, from
35% as of third-quarter 2023.
S&P said, "However, we continue to think Bread is exposed to
relatively higher risk than its card-focused peers amid continued
macroeconomic and potential regulatory headwinds. With its
low-to-middle income consumer base facing persistent high prices
and elevated interest rates, credit sales have slowed with
pressured borrower performance resulting in higher credit losses.
We also think a reduction in allowable late fees, while unlikely to
be enacted as stated in the final rule, could hurt Bread's earnings
proportionally more than other card peers, reflecting its more
prominent private-label focus."
BRIDGETOPIA LLC: To Sell Family Lots to Vantage Corporate for $840K
-------------------------------------------------------------------
Bridgetopia LLC seeks permission from the U.S. Bankruptcy Court for
the Northern District of Alabama, Southern Division, to sell its
Property in a private sale, free and clear of liens, encumbrances
and other interests.
The Debtor's Property is consists of 4-single family lots in the
municipality of Jasper, Walker County, Alabama with a total
purchase price of the Property is $840,282.98.
CoreVest American Finance Lender LLC claims a lien of the Estate.
According to court documents, receipt of the Sale proceeds shall
not constitute a full payoff as to any loans or obligations owed by
Debtor (or any related entity) to CoreVest; however, CoreVest may
apply the Sale proceeds to reduce amounts owed by Debtor to
CoreVest.
The Debtor enters a purchase agreement with Vantage Corporate
Holdings Inc. for the Property.
The Debtor sets forth the total sales price for Lots 1-4 represents
the fair market value of the Property. The Purchaser has already
obtained or will obtain financing, and the sales are contemplated
to be closed forthwith after approval from this Court. The Property
consisting of Lots 1-4 will be purchased at closing on or before
March 20, 2025.
The Property is subject to the following liens, mortgages or other
interest held by CoreVest.
About Bridgetopia, LLC
Bridgetopia LLC is part of the residential building construction
industry.
Bridgetopia LLC sought relief under Subchapter V of Chapter 11 of
the Bankruptcy Code (Bankr. N.D. Ala. Case No. 24-02788) on Sept.
12, 2024. In the petition filed by Misty Glass, as manager, the
Debtor reports estimated assets and liabilities between $1 million
and $10 million each.
The Honorable Bankruptcy Judge D. Sims Crawford handles the case.
The Debtor is represented by Stephen P. Leara, Esq. at SPAIN &
GILLON, LLC.
BULLDOG PURCHASER: S&P Rates New $708MM First-Lien Term Loan 'B'
----------------------------------------------------------------
S&P Global Ratings assigned its 'B' issue-level rating and '2'
recovery rating on Bulldog Purchaser Inc.'s (doing business as Bay
Club) proposed $708 million first-lien term loan due June 2031. The
'2' recovery rating indicates its expectation of substantial
(70%-90%; rounded estimate: 75%) recovery for lenders in the event
of a default. S&P's estimated recovery prospects for lenders will
modestly decline to 75%, from an 80% rounded estimate because of an
increase in secured debt claims.
The company will use proceeds from proposed issuance to refinance
the company's existing $635 million first-lien term loan due June
2031 ($633 million outstanding as of Sept. 30, 2024), pay down
revolver borrowings, add cash to the balance sheet to fund
acquisitions, and pay related transaction fees. The $75 million
incremental debt will not affect the company's credit quality
because the company is seeking to reduce its interest rate, which
will modestly improve cashflows and we expect Bay Club will seek
accretive acquisitions to expand its portfolio.
S&P said, "Our 'B-' issuer credit rating and positive outlook on
the company are unchanged, which reflects our expectations the
company will continue to grow its member count and utilization
because it benefits from its shared membership pricing model and an
ongoing shift toward consumer spending on experiences and in-person
fitness options. We continue to expect that with steady organic
growth in revenue and EBITDA, and along with a full year of
revenues from acquired clubs could result in deleveraging below
6.5x by fiscal year- end 2025 (ending Jan. 31, 2026)."
ISSUE RATINGS – RECOVERY ANALYSIS
Simulated default assumptions
-- S&P's issue-level rating and recovery rating on the company's
first-lien term loan is 'B' and '2', respectively. The '2' recovery
rating indicates its expectation of significant (70%-90%; rounded
estimate: 75%) recovery for lenders in a payment default.
-- S&P's issue-level rating and recovery rating on the company's
$195 million second-lien term loan is 'CCC' and '6', respectively.
The '6' recovery rating indicates its expectation of negligible
(0%-10%; rounded estimate: 0%) recovery for lenders in a payment
default.
-- S&P's simulation considers a default in 2026, reflecting a
substantial decline in revenue, EBITDA, and cash flow due to the
company's inability to attract members in part due to lack of
consumer confidence in the safety of gyms.
-- S&P believes that if the company defaults, it would continue to
have a viable business model given its high-end, full-service clubs
and locations in attractive markets. As a result, it believes
lenders would achieve greater value through reorganization than
liquidation of the business.
-- S&P assumes the $75 million revolver (not rated) is 85% drawn
at default.
Key analytical factors
-- Year of default: 2026
-- EBITDA at emergence: $104 million
-- EBITDA multiple: 6x
-- Cash flow revolver: 85% drawn at default
Simplified waterfall
-- Net recovery value (after 5% administrative expense): $590
million
-- Obligor/nonobligor valuation split: 100%/0%
-- Estimated first-lien debt claims: $787 million
-- Value available for first-lien claims: $590 million
--Recovery expectations: 70%-90% (rounded estimate: 75%)
-- Value available for second-lien claims: $0
--Recovery expectations: 0%-10% (rounded estimate: 0%)
All debt amounts include six months of prepetition interest.
BULLDOG PURCHASER: S&P Rates New $708MM First-Lien Term Loan 'B'
----------------------------------------------------------------
S&P Global Ratings assigned its 'B' issue-level rating and '2'
recovery rating on Bulldog Purchaser Inc.'s (doing business as Bay
Club) proposed $708 million first-lien term loan due June 2031. The
'2' recovery rating indicates its expectation of substantial
(70%-90%; rounded estimate: 75%) recovery for lenders in the event
of a default. S&P's estimated recovery prospects for lenders will
modestly decline to 75%, from an 80% rounded estimate because of an
increase in secured debt claims.
The company will use proceeds from proposed issuance to refinance
the company's existing $635 million first-lien term loan due June
2031 ($633 million outstanding as of Sept. 30, 2024), pay down
revolver borrowings, add cash to the balance sheet to fund
acquisitions, and pay related transaction fees. The $75 million
incremental debt will not affect the company's credit quality
because the company is seeking to reduce its interest rate, which
will modestly improve cashflows and we expect Bay Club will seek
accretive acquisitions to expand its portfolio.
S&P said, "Our 'B-' issuer credit rating and positive outlook on
the company are unchanged, which reflects our expectations the
company will continue to grow its member count and utilization
because it benefits from its shared membership pricing model and an
ongoing shift toward consumer spending on experiences and in-person
fitness options. We continue to expect that with steady organic
growth in revenue and EBITDA, and along with a full year of
revenues from acquired clubs could result in deleveraging below
6.5x by fiscal year- end 2025 (ending Jan. 31, 2026)."
ISSUE RATINGS – RECOVERY ANALYSIS
Simulated default assumptions
-- S&P's issue-level rating and recovery rating on the company's
first-lien term loan is 'B' and '2', respectively. The '2' recovery
rating indicates its expectation of significant (70%-90%; rounded
estimate: 75%) recovery for lenders in a payment default.
-- S&P's issue-level rating and recovery rating on the company's
$195 million second-lien term loan is 'CCC' and '6', respectively.
The '6' recovery rating indicates its expectation of negligible
(0%-10%; rounded estimate: 0%) recovery for lenders in a payment
default.
-- S&P's simulation considers a default in 2026, reflecting a
substantial decline in revenue, EBITDA, and cash flow due to the
company's inability to attract members in part due to lack of
consumer confidence in the safety of gyms.
-- S&P believes that if the company defaults, it would continue to
have a viable business model given its high-end, full-service clubs
and locations in attractive markets. As a result, it believes
lenders would achieve greater value through reorganization than
liquidation of the business.
-- S&P assumes the $75 million revolver (not rated) is 85% drawn
at default.
Key analytical factors
-- Year of default: 2026
-- EBITDA at emergence: $104 million
-- EBITDA multiple: 6x
-- Cash flow revolver: 85% drawn at default
Simplified waterfall
-- Net recovery value (after 5% administrative expense): $590
million
-- Obligor/nonobligor valuation split: 100%/0%
-- Estimated first-lien debt claims: $787 million
-- Value available for first-lien claims: $590 million
--Recovery expectations: 70%-90% (rounded estimate: 75%)
-- Value available for second-lien claims: $0
--Recovery expectations: 0%-10% (rounded estimate: 0%)
All debt amounts include six months of prepetition interest.
BULLETPROOF DOG: Court Approves Use of Cash Collateral
------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida
granted Chelsea's Bed & Biscuits, LLC's fifth interim approval to
use cash collateral.
The court authorized allowing the debtor to utilize cash collateral
for operational expenses, payments to the Subchapter V trustee, and
other necessary costs outlined in the approved budget, includes
provisions for a 10% budget flexibility.
Lenders are permitted reasonable access to the Debtor’s records
and premises for inspection, provided it does not disrupt
operations.
Creditors with prepetition security interests in cash collateral
are granted replacement liens with the same validity and priority
as their prepetition liens, subject to valuation and potential
adjustment.
The next hearing is scheduled for January 8, 2025, at 9:30 a.m.
About Bulletproof Dog Training
Bulletproof Dog Training, LLC and its affiliates sought relief
under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code
(Bankr. M.D. Fla. Lead Case No. 24-01700) on June 14, 2024. In the
petitions signed by William Thomas, manager, Bulletproof Dog
Training disclosed up to $50,000 in assets and up to $10 million in
liabilities.
Judge Jason A. Burgess oversees the cases.
Daniel Fogarty, Esq., at Stichter, Riedel, Blain & Postler, P.A.
serves as the Debtors' counsel.
CAMARILLO HHCA: Updates Unsecured Claims Pay Details
----------------------------------------------------
Camarillo HHCA, Inc., submitted an Amended Plan of Reorganization
for Small Business dated November 8, 2024.
The Amended Plan Proponent's financial projections show that the
Debtor will have projected disposable income of approximately
$5,541.74/month.
The final Plan payment is expected to be paid on November 2029
(estimated).
This Amended Plan of Reorganization proposes to pay creditors of
the Debtor from business operation.
Non-priority unsecured creditors holding allowed claims will
receive distributions, which the proponent of this Amended Plan has
valued at approximately 100cents on the dollar. This Amended Plan
also provides for the payment of administrative and priority
claims.
Class 3A consists of Non-Priority Unsecured creditor (COR
Enterprises, LLC). COR Enterprises, LLC is the landlord for the
Commercial Lease for the premises the Debtor occupies as an office
space. COR Enterprises, LLC holds a pre-petition claim of $2,433.60
[per Amended POC #2] for arrears, which includes April 2024 pre
petition rent obligation. The Debtor proposes to assume the Lease
and cure the pre-petition arrears by tendering a one-time lump sum
payment of $2,433.60 to COR Enterprises, LLC on the Effective Date.
Debtor will remain current with the monthly obligation to COR
Enterprises, LLC pursuant to the terms of the Commercial Lease
Agreement. Effective July 2024, the monthly rent obligation
increased to $2,530.95. This Class is impaired.
Class 3B consists of Non-Priority Unsecured creditor. The total
amount of the allowed general unsecured claims, excluding $2,433.60
for COR Enterprises, LLC which is classified separately in Class
3A, is $26,354.93. The holders of allowed general unsecured claims
will be receiving an estimated 100% pro-rata distribution through
the Amended Plan. The distribution to allowed general unsecured
claims will be made monthly, with the first payment of $439.24 due
on the Effective Date, followed by 59 consecutive payments, each in
the amount of $439.24 to be paid pro-rata to each holder of allowed
general unsecured claim until each claim is paid in full.
The equity security holders of the Debtor are Anushavan Chalikyan
and Zhozef J. Zargarian.
Mr. Chalikyan is the CEO and a 51% equity security holder of the
Debtor. He will retain his interest in the Reorganized Debtor as of
the Effective Date.
Mr. Zargarian is the Secretary and a 49% equity security holder of
the Debtor. He will retain his interest in the Reorganized Debtor
as of the Effective Date.
Mr. Zargarian holds a pre-petition claim of $18,000.00 against the
Debtor for unpaid insider compensation. Mr. Zargarian waives
collection of his pre-petition claim from the Debtor. See Mr.
Zargarian's Declaration in support of this Amended Plan.
The Debtor's proposed 5-year projections itemize the Debtor's
revenue sources and the expenses for the next 5-years. The Debtor
intends to fund its Amended Plan from the funds available in its
debtor-in-possession account and from the continued operation on
its business. Debtor's September 2024 monthly operating report
shows that the Debtor has approximately $75,489.39 in its
debtor-in-possession account.
A full-text copy of the Amended Plan dated November 8, 2024 is
available at https://urlcurt.com/u?l=2EJfYz from PacerMonitor.com
at no charge.
About Camarillo HHCA
Camarillo HHCA, Inc., is a corporation formed in 2015 and provides
home health care services.
The Debtor sought protection for relief under Chapter 11 of the
Bankruptcy Code (Bankr. C.D. Cal. Case No. 24-10677) on April 24,
2024, listing $50,001 to $100,000 in assets and $100,001 to
$500,000 in liabilities.
Judge Martin R Barash presides over the case.
Michael Jay Berger, Esq., at the Law Office of Michael Jay Berger,
is the Debtor's counsel.
CELULARITY INC: Reports $16MM Net Loss for 3rd Quarter 2024
-----------------------------------------------------------
Celularity Inc. filed with the U.S. Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting $16,098,000
in net loss on $9,296,000 net revenue for three months ended
September 30, 2024, compared to a $93,876,000 net loss on a
$3,786,000 net revenue for the three months ended September 30,
2023.
The Company has evaluated whether there are certain conditions and
events, considered in the aggregate, that raise substantial doubt
about the Company's ability to continue as a going concern within
one year after the date that the condensed consolidated financial
statements are issued.
As an emerging clinical-stage biotechnology company, Celularity is
subject to certain inherent risks and uncertainties associated with
the development of an enterprise. In this regard, since the
Company's inception, substantially all of management's efforts have
been devoted to making investments in research and development
including basic scientific research into placentally-derived
allogeneic cells, pre-clinical studies to support its current and
future clinical programs in cellular therapeutics, and clinical
development of its cell programs as well as facilities and selling,
general and administrative expenses that support its core business
operations, all at the expense of the Company's short-term
profitability. The Company has historically funded these
investments through limited revenues generated from its biobanking
and degenerative disease businesses and issuances of equity and
debt securities to public and private investors (these issuances
are collectively referred to as "outside capital"). Notwithstanding
these efforts, management can provide no assurance that the
Company's research and development and commercialization efforts
will be successfully completed, or that adequate protection of the
Company's intellectual property will be adequately maintained. Even
if these efforts are successful, it is uncertain when, if ever, the
Company will generate significant sales or operate in a profitable
manner to sustain the Company's operations without needing to
continue to rely on outside capital.
Since its inception, the Company has incurred significant operating
losses and net cash used in operating activities. For the nine
months ended September 30, 2024, the Company incurred an operating
loss of $29,078,000 and net cash used in operating activities of
$7,995,000. As of September 30, 2024, the Company had an
accumulated deficit of $886,390,000. The Company expects to
continue to incur significant operating losses and use net cash for
operations for the foreseeable future.
The Company expects to incur substantial expenditures to fund its
investments for the foreseeable future. In order to fund these
investments, the Company will need to secure additional sources of
outside capital. While the Company is actively seeking to secure
additional outside capital (and has historically been able to
successfully secure such capital), as of the issuance date,
additional outside capital sufficient to fund operations for the
next 12 months has not been secured or was deemed probable of being
secured. In addition, management can provide no assurance that the
Company will be able to secure additional outside capital in the
future or on terms that are acceptable to the Company. Absent an
ability to secure additional outside capital in the very near term,
the Company will be unable to meet its obligations as they become
due over the next 12 months beyond the issuance date.
As of the issuance date, the Company had approximately $46,050,000
of debt outstanding, all of which is currently due or due within
one year of the issuance date. A substantial portion of the
Company's outstanding debt is subject to forbearance agreements. In
the event the terms of the forbearance agreements are not met
and/or the outstanding borrowings are not repaid, the lenders may,
at their discretion, exercise all of their rights and remedies
under the loan agreements which may include, among other things,
seizing the Company's assets and/or forcing the Company into
liquidation.
As a result of the Company's failure to timely file its quarterly
reports on Form 10-Q for the periods ended March 31, 2024 and June
30, 2024, it no longer complied with the continued listing
requirements under the timely filing criteria outlined in Nasdaq
Listing Rule 5250(c)(1). The Company had regained compliance with
the Nasdaq listing requirements upon filing its Form 10-Q for the
period ended June 30, 2024 on November 7, 2024. On November 21,
2024, Nasdaq provided formal notice to the Company that as a result
of Company's failure to timely file its quarterly report on Form
10-Q for the period ended September 30, 2024, the Company was not
in compliance with the continued listing requirements under Nasdaq
Listing Rule 5250(c)(1). The Company has 60 days to submit a plan
to Nasdaq to regain compliance with the continued listing
requirements. If Nasdaq accepts the Company's plan, it may grant an
exception of up to 180 days from the filing's due date, or May 13,
2025, to regain compliance. There can be no assurance that Nasdaq
will grant the Company an extension or that the Company will
maintain compliance with the Nasdaq listing requirements. If the
Company is unable to regain compliance, the Company's securities
will be delisted from the Nasdaq, which such delisting could have a
materially adverse effect on the Company's ability to continue as a
going concern.
In the event the Company is unable to secure additional outside
capital to fund the Company's obligations when they become due over
the next 12 months beyond the issuance date, which includes the
funds needed to repay the Company's outstanding debt, management
will be required to seek other strategic alternatives, which may
include, among others, a significant curtailment of the Company's
operations, a sale of certain of the Company's assets, a sale of
the entire Company to strategic or financial investors, and/or
allowing the Company to become insolvent by filing for bankruptcy
protection under the provisions of the U.S. Bankruptcy Code.
These uncertainties raise substantial doubt about the Company's
ability to continue as a going concern. The accompanying condensed
consolidated financial statements have been prepared on the basis
that the Company will continue to operate as a going concern, which
contemplates that the Company will be able to realize assets and
settle liabilities and commitments in the normal course of business
for the foreseeable future. Accordingly, the accompanying condensed
consolidated financial statements do not include any adjustments
that may result from the outcome of these uncertainties.
A full-text copy of the Form 10-Q is available at
https://urlcurt.com/u?l=5TyWJw
About Celularity Inc.
Headquartered in Florham Park, NJ, Celularity Inc. --
https://www.celularity.com -- is a cellular and regenerative
medicine company focused on improving health longevity, which the
U.S. National Academy of Medicine defines as the state in which a
person's number of years in good health approaches their biological
lifespan. The objective of extending health longevity is to
compress the period of time in which an individual experiences
aging-related degenerative diseases and disorders associated with
increased mortality towards the end of life. The Company is
developing off-the-shelf placental-derived allogeneic cellular
therapies and advanced biomaterial products for the treatment of
degenerative disorders and diseases including those associated with
aging.
Morristown, New Jersey-based Deloitte & Touche LLP, the Company's
auditor since 2018, issued a "going concern" qualification in its
report dated July 30, 2024, citing that the Company has suffered
recurring losses and net cash outflows from operations and has
outstanding debt that is currently due for which the Company does
not have sufficient liquidity to repay, which raises substantial
doubt about its ability to continue as a going concern.
Celularity reported a net loss of $196.30 million for the year
ended Dec. 31, 2023, compared to a net income of $14.19 million for
the year ended Dec. 31, 2022. As of June 30, 2024, Celularity had
$135.5 million in total assets, $107.7 million in total
liabilities, and $27.8 million in total stockholders' equity.
CIMG INC: Registers 1MM Shares Under Equity Plan
------------------------------------------------
CIMG Inc. filed a registration statement on Form S-8 with the U.S.
Securities and Exchange Commission to register securities issuable
pursuant to its 2024 Equity Incentive Plan.
The securities registered consist of 1,000,000 shares of common
stock, $0.00001 par value per share of the Company, which represent
the number of shares of Common Stock available for issuance under
the 2024 Equity Incentive Plan. Pursuant to Rule 416(a) under the
Securities Act of 1933, as amended, this Registration Statement
also covers an indeterminate number of additional shares which may
be offered and issued to prevent dilution from share splits, share
subdivisions, share dividends, bonus issues of shares or similar
transactions as provided in the 2024 Equity Incentive Plan. Any
Common Stock covered by an award granted under the 2024 Equity
Incentive Plan (or portion of an award) that terminates, expires,
lapses or repurchased for any reason will be deemed not to have
been issued for purposes of determining the maximum aggregate
number of Common Stock that may be issued under the 2024 Equity
Incentive Plan.
A full-text copy of the Registration Statement is available at
https://tinyurl.com/4h6m4jd2
Counsel for CIMG:
Huan Lou, Esq.
Sichenzia Ross Ference Carmel LLP
1185 Avenue of the Americas, 31st Floor
New York, NY 10036
Tel: (212) 930-9700
About CIMG Inc.
Headquartered in Vista, California, CIMG Inc., formerly known as
NuZee, Inc., is a digital marketing, sales, and distribution
company for various consumer products with focuses on food and
beverages. Dedicated to reshaping the digital marketing and
distribution with technological applications, the Company endeavors
to create greater commercial value for its business partners and
therefore enhance its own enterprise value and shareholders' value
of their stake in the Company. The Company has a professional brand
and marketing management system, which can quickly help partnering
enterprises achieve their connection, management, and operation of
marketing channels domestically and globally.
CIMG reported a net loss of $8.75 million for the year ended Sept.
30, 2023, compared to a net loss of $11.80 million for the year
ended Sept. 30, 2022. As of June 30, 2024, CIMG had $2.75 million
in total assets, $2.94 million in total liabilities, and a total
stockholders' deficit of $193,613.
Going Concern
In its Quarterly Report for the period ended June 30, 2024, CIMG
said, "Since its inception, the Company has devoted substantially
all of its efforts to business planning, research and development,
recruiting management and technical staff, acquiring operating
assets, raising capital and the commercialization and manufacture
of its single-serve coffee products. The Company has grown revenues
from its principal operations; however, there is no assurance of
future revenue growth similar to historical levels. As of June 30,
2024, the Company had cash of $374,458 and working capital of
$(801,812). The Company has not attained profitable operations
since inception. . . . The Company has had limited revenues,
recurring losses, and an accumulated deficit. These items raise
substantial doubt as to the Company's ability to continue as a
going concern. The Company's continued existence is dependent upon
management's ability to develop profitable operations and to raise
additional capital for the further development and marketing of the
Company's products and business."
CIRTRAN CORP: Reports $899,953 Net Loss in Fiscal Q3
----------------------------------------------------
CirTran Corporation filed with the U.S. Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net loss
of $899,953 on $256,070 of net sales for the three months ended
September 30, 2024, compared to a net loss of $205,755 on $766,512
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 $1,814,150 on $1,075,952 of net sales, compared to a
net loss of $929,087 on $1,438,432 of net sales for the same period
in 2023. The Company had a working capital deficiency of
$21,085,854 and had an accumulated deficit of $60,831,341 as of
September 30, 2024.
As of September 30, 2024, the Company had $2,213,955 in total
assets, $25,806,790 in total liabilities, and $23,592,835 in total
stockholders' deficit.
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/5fxus2tj
About CirTran Corp.
CirTran Corporation specializes in manufacturing, marketing,
distribution, and technology services in a wide variety of consumer
products, including tobacco products, medical devices, and
beverages, around the world. It has an innovative and
consumer-focused approach to brand portfolio management, resting on
a strong understanding of consumers domestically, and has
established a footprint in more than 50 key international markets.
Spokane, Wash.-based Fruci & Associates II, PLLC, the Company's
auditor since 2020, issued a "going concern" qualification in its
report dated April 19, 2024, citing that the Company has an
accumulated deficit, net losses, and negative cash flows from
operations. These factors, among others, raise substantial doubt
about the Company's ability to continue as a going concern.
CLINICAL NETWORK: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Clinical Network Research Development Corporation
Proactive Sober Living
19222 Roscoe Boulevard
Northridge CA 91324
Business Description: Proactive Sober Living offers a serene,
safe, sober living environment for quality
and affordable structured transitional
living.
Chapter 11 Petition Date: December 10, 2024
Court: United States Bankruptcy Court
Central District of California
Case No.: 24-12055
Judge: Hon. Martin R. Barash
Debtor's Counsel: Michael L. Tusken, Esq.
LAW OFFICES OF MICHAEL TUSKEN
1510 West Whittier Boulevard, #42
La Habra CA 90631
Tel: 562-365-9495
Fax: 562-252-8529
E-mail: Michael@TuskenLaw.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Yong Chu Kim Brillouet as CEO, president
and chief executive.
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/ORQ6VHY/Clinical_Network_Research_Development__cacbke-24-12055__0001.0.pdf?mcid=tGE4TAMA
CLYDESDALE ACQUISITION: S&P Places 'B' ICR on CreditWatch Positive
------------------------------------------------------------------
S&P Global Ratings placed all of its ratings on Clydesdale
Acquisition Holdings Inc. (d/b/a Novolex), including the 'B' issuer
credit rating, its 'B' issue-level rating on its first-lien debt,
and its 'CCC+' issue-level rating on its senior unsecured notes, on
CreditWatch with positive implications.
Novolex announced that it has definitively agreed to merge with
Pactiv Evergreen Inc. to create one of the largest rigid and
flexible packaging manufacturers and distributors in the food and
beverage space, with expected pro forma annual revenue above $9
billion. S&P Global Ratings expects the merger will close in
mid-2025.
S&P expects to resolve the CreditWatch placement when the companies
complete their merger.
The transaction will likely strengthen Novolex's business risk
profile. While S&P believes there is significant overlap between
the two companies in terms of their product offerings and
end-market customers, it expects Novolex will benefit from much
greater scale and geographic diversity in North America as one of
the largest flexible and rigid packaging manufacturers by revenue
and EBITDA. Pactiv will also provide it with expanded paper and
molded fiber manufacturing capabilities that it does not currently
offer, which will enable it to further expand its product
offerings.
S&P said, "We expect to resolve the CreditWatch upon the completion
of the transaction, which we anticipate will occur in mid-2025. At
that time, we will reassess the combined entity's business risk
profile, credit metrics, and financial policy. We could raise our
issuer credit rating on Novolex if the transaction provides it with
significant scale advantages, further expands its geographic
diversity, and we expect it will maintain credit metrics and a
financial policy that support a higher rating."
COLUMBIA WEST: Seeks to Hire The Burgess Law Group as Counsel
-------------------------------------------------------------
Columbia West Cap, LLC and Columbia West Capital, LLC seek approval
from the U.S. Bankruptcy Court for the District of Arizona to
employ The Burgess Law Group as bankruptcy counsel.
The firm will render these services:
(a) provide legal advice with respect to the Debtors' powers
and duties;
(b) attend meetings and negotiate with representatives of
creditors and other parties-in-interest;
(c) take actions to protect and preserve the Debtors'
estates;
(d) prepare on behalf of the Debtors all legal papers
necessary to the administration of the estates;
(e) negotiate and prepare on the Debtors' behalf any plan(s)
of reorganization, disclosure statement(s), and all related
agreements and/or documents, and take any necessary action on
behalf of them to obtain confirmation of such plan(s);
(f) appear before this court, any appellate courts, and the
United States Trustee and protect the interests of the Debtors'
estates before such courts and the United States Trustee; and
(g) perform all other necessary legal services and provide all
other necessary legal advice to the Debtors in connection with the
cases.
The firm's counsel will be paid at these hourly rates:
Partners $500
Associates $325
Paralegals $200
In addition, the firm will seek reimbursement for expenses
incurred.
The firm also received a retainer of $75,000 from Columbia West
Cap, LLC.
`
Todd Burgess, a partner at The Burgess Law Group, disclosed in a
court filing that he is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Todd A. Burgess, Esq.
The Burgess Law Group
3131 E. Camelback Road, Ste. 224
Phoenix, AZ 85016
Telephone: (602) 806-2100
Email: todd@theburgesslawgroup.com
About Columbia West Cap
Columbia West Cap, LLC and and Columbia West Capital, LLC sought
relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code
(Bankr. D. Ariz. Lead Case No. 24-10325) on Dec. 2, 2024, listing
under $1 million in both assets and liabilities.
Todd A. Burgess, Esq., at The Burgess Law Group serves as the
Debtors' counsel.
COMMUNITY HEALTH: CastleKnight Entities Hold 2.8% Equity Stake
--------------------------------------------------------------
CastleKnight Master Fund LP disclosed in a Schedule 13G/A filed
with the U.S. Securities and Exchange Commission that as of
September 30, 2024, it and its affiliated entities -- CastleKnight
Fund GP LLC, CastleKnight Management LP, CastleKnight Management GP
LLC, Weitman Capital LLC, and Aaron Weitman -- beneficially owned
3,937,567 shares of Community Health Systems Inc.'s common stock,
representing 2.8% of the shares outstanding.
CastleKnight Master Fund LP may be reached at:
Maples Corporate Services Limited
P.O. Box 309
Ugland House
Grand Cayman KY1-1104
Cayman Islands
Tel: 212-852-6300
A full-text copy of CastleKnight's SEC Report is available at:
https://tinyurl.com/4p3xaj77
About Community Health Systems Inc.
Community Health Systems, Inc. -- http://www.chs.net/-- is a
publicly traded hospital company and an operator of general acute
care hospitals in communities across the country. Its affiliates
provide healthcare services, developing and operating healthcare
delivery systems in 40 distinct markets across 15 states.
For the year ended December 31, 2023, the net loss attributable to
Community Health Systems, Inc. stockholders was $133 million,
compared to net income of $46 million for the same period in 2022.
As of June 30, 2024, the Company had $14.4 billion in total assets,
$15.3 billion in total liabilities, $324 million in redeemable
noncontrolling interests in equity of consolidated subsidiaries,
and $1.2 billion in total stockholders' deficit.
* * *
In August 2024, S&P Global Ratings raised its rating on Community
Health Systems Inc. to 'CCC+' from 'SD' (selective default). At the
same time, S&P also raised its ratings on the senior unsecured
notes to 'CCC-' from 'D'. The outlook is negative, reflecting the
risk of further distressed exchanges in the intermediate future
despite credit metrics potentially improving in 2024.
Egan-Jones Ratings Company, on August 8, 2024, maintained its
'CCC+' foreign currency and local currency senior unsecured ratings
on debt issued by Community Health Systems, Inc. EJR also withdrew
the rating on commercial paper issued by the Company.
COMMUNITY HEALTH: Eversept, 2 Others Hold 6.3% Equity Stake
-----------------------------------------------------------
Eversept Partners, LP disclosed in a Schedule 13G/A filed with the
U.S. Securities and Exchange Commission that as of September 30,
2024, Eversept and its controlling persons -- Eversept 1 LLC and
Kamran Moghtaderi -- were the beneficial owners of 8,776,455 shares
of Community Health Systems Inc.'s common stock, representing
approximately 6.3% of the outstanding Shares, based on 138,943,058
shares of Common Stock of the Company outstanding as of October 18,
2024, as reported in the Company's Form 10-Q filed on October 24,
2024, including 0.6% of the outstanding Shares held in Eversept's
Managed Accounts.
Eversept Partners may be reached at:
c/o Eversept Partners, L.P.
444 Madison Avenue, 22nd Floor
New York, NY 10022.
A full-text copy of Eversept Partners' SEC Report is available at:
https://tinyurl.com/yuxj9ted
About Community Health Systems Inc.
Community Health Systems, Inc. -- http://www.chs.net/-- is a
publicly traded hospital company and an operator of general acute
care hospitals in communities across the country. Its affiliates
provide healthcare services, developing and operating healthcare
delivery systems in 40 distinct markets across 15 states.
For the year ended December 31, 2023, the net loss attributable to
Community Health Systems, Inc. stockholders was $133 million,
compared to net income of $46 million for the same period in 2022.
As of June 30, 2024, the Company had $14.4 billion in total assets,
$15.3 billion in total liabilities, $324 million in redeemable
noncontrolling interests in equity of consolidated subsidiaries,
and $1.2 billion in total stockholders' deficit.
* * *
In August 2024, S&P Global Ratings raised its rating on Community
Health Systems Inc. to 'CCC+' from 'SD' (selective default). At the
same time, S&P also raised its ratings on the senior unsecured
notes to 'CCC-' from 'D'. The outlook is negative, reflecting the
risk of further distressed exchanges in the intermediate future
despite credit metrics potentially improving in 2024.
Egan-Jones Ratings Company, on August 8, 2024, maintained its
'CCC+' foreign currency and local currency senior unsecured ratings
on debt issued by Community Health Systems, Inc. EJR also withdrew
the rating on commercial paper issued by the Company.
CORINTH AUTUMN: Creditor Seeks Involuntary Chapter 11 Bankruptcy
----------------------------------------------------------------
On December 2, 2024, the creditors of Corinth Autumn Oaks L.P.
filed involuntary Chapter 11 protection in the Northern District of
Texas. According to court filing, the creditor reports $1,488,511
in promissory notes owed by the Debtor.
About Corinth Autumn Oaks L.P.
Corinth Autumn Oaks L.P. is a senior care community and a member of
the National Association of Activity Professionals. As trained and
specialized caregivers, the Company provides personalized
assistance in activities of daily living, supportive services, and
compassionate care to its assisted living residents.
Corinth Autumn Oaks L.P. creditors sought relief under involuntary
Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No.
24-44464) on December 2, 2024.
The Debtor is represented by:
Gregory W. Mitchell, Esq.
FREEMAN LAW, PLLC
7011 Main Street
Frisco TX 75034
Tel: (214) 924-3124
Email: gmitchell@freemanlaw.com
DALE HOLLOW: Gets Interim OK to Tap DelCotto Law Group as Counsel
-----------------------------------------------------------------
Dale Hollow Charcoal, LLC received interim approval from the U.S.
Bankruptcy Court for the Western District of Kentucky to employ
DelCotto Law Group PLLC as counsel.
The firm will provide these services:
(a) take all necessary action to protect and preserve the
estate of the Debtor;
(b) prepare on behalf of the Debtor necessary legal papers in
connection with the administration of its estate;
(c) negotiate and prepare on behalf of the Debtor a plan of
reorganization and all related documents; and
(d) perform all other necessary legal services in connection
with this Chapter 11 case.
The firm received a retainer of $25,000 from the Debtor.
Laura Day DelCotto, Esq., an attorney at DelCotto 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 through:
Laura Day DelCotto, Esq.
DelCotto Law Group PLLC
200 North Upper Street
Lexington, KY 40507
Telephone: (859) 231-5800
Facsimile: (859) 281-1179
Email: ldelcotto@dlgfirm.com
About Dale Hollow Charcoal LLC
Dale Hollow Charcoal LLC filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Ky. Case No.
24-10863) on Dec. 2, 2024. In the petition signed by Steve Beyer,
managing member, the Debtor disclosed up to $10 million in both
assets and liabilities.
Laura Day DelCotto, Esq., at DelCotto Law Group PLLC serves as the
Debtor's counsel.
DANIEL SMART: Gets Final Cash Collateral Approval
-------------------------------------------------
The United States Bankruptcy Court for the District of Maryland
(Baltimore Division) issued a Final Order granting Daniel Smart
Manufacturing, Inc., authority to use cash collateral and provide
adequate protection under 11 U.S.C. sections 361 and 363.
The debtor had previously received approval for interim use of cash
collateral through four successive interim orders issued between
July 11 and October 29, 2024.
The final order consolidates and approves all relief granted in
those interim orders, including continued authorization to use cash
collateral and adequate protection for secured creditors.
About Daniel Smart Manufacturing
Daniel Smart Manufacturing, Inc. is a manufacturer and distributor
of motorcycle gear, accessories and fashion leather apparel in
Baltimore City, Md. It conducts business under the name Daniel
Smart Leather.
Daniel Smart Manufacturing filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. D. Md. Case No.
24-15658) on July 5, 2024, with $1 million to $10 million in both
assets and liabilities. Hassan Tariq, president and owner, signed
the petition.
Judge Michelle M. Harner presides over the case.
The Debtor tapped Janet M. Nesse, Esq., at McNamee Hosea, PA as
legal counsel and Waypoint Resources, LLC as financial advisor.
DELCATH SYSTEMS: Vivo Opportunity Holds 5.3% Equity Stake
---------------------------------------------------------
Vivo Opportunity Fund Holdings, L.P. and its general partner, Vivo
Opportunity, LLC disclosed in a Schedule 13G/A filed with the U.S.
Securities and Exchange Commission that as of October 31, 2024.,
they beneficially owned 1,708,579 shares of Delcath Systems' common
stock, representing 5.3% of the 31,973,784 shares of Common Stock
outstanding as of November 5, 2024, as disclosed in the Company's
Quarterly Report on Form 10-Q, filed with the Securities and
Exchange Commission on November 8, 2024.
A full-text copy of Vivo's SEC Report is available at:
https://tinyurl.com/3r4avpyj
About Delcath Systems
Headquartered in New York, N.Y., Delcath Systems, Inc. --
www.delcath.com -- is an interventional oncology company focused on
the treatment of primary and metastatic liver cancers. The
company's proprietary products, HEPZATO KIT (Hepzato (melphalan)
for Injection/Hepatic Delivery System) and CHEMOSAT Hepatic
Delivery System for Melphalan percutaneous hepatic perfusion (PHP)
are designed to administer high-dose chemotherapy to the liver
while controlling systemic exposure and associated side effects
during a PHP procedure.
New York, N.Y.-based Marcum LLP, the Company's auditor since 2018,
issued a "going concern" qualification in its report dated March
26, 2024, citing that the Company has a significant working capital
deficiency, has incurred significant losses, and needs to raise
additional funds to meet its obligations and sustain its
operations. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.
As of September 30, 2024, Delcath Systems had $31.7 million in
total assets, $23.1 million in total liabilities, and $8.6 million
in total stockholders' equity.
DIEBOLD NIXDORF: S&P Alters Outlook to Positive, Affirms 'B' ICR
----------------------------------------------------------------
S&P Global Ratings revised its outlook to positive from stable and
affirmed its 'B' issuer credit rating on Diebold Nixdorf Inc. At
the same time, S&P assigned a 'B' issue-level rating to Diebold's
proposed senior secured notes due 2030, issued in connection to its
refinancing transaction. The recovery rating is '3.'
S&P said, "The positive outlook reflects our expectation of
strengthening credit metrics and improved free operating cash flow
(FOCF) generation, as one-time transaction costs roll off and the
company pursues a refinancing of its existing capital structure. In
this case, we expect the company to maintain debt to EBITDA of
about 3.0x and FOCF to debt above 10% in 2024 and 2025.
"The positive outlook reflects our view of Diebold's meaningfully
improved earnings and cash flow profile, as well as our expectation
that its credit profile will continue to strengthen into 2025.
While we project that the company will report slightly lower
revenue in 2024, compared with the previous year, we believe
impacts from the company's cost restructuring efforts in 2023 and
earlier this year will support S&P Global Ratings-adjusted EBITDA
margin expansion of 310 basis points (bps) in 2024 to 10.5% from
7.4%. We expect steady 1%-2% revenue growth, driven by the recovery
in its retail segment (which we assume will start in the second
half of 2025), ongoing lean manufacturing efforts, and the roll-off
of restructuring-related costs will contribute to an additional 50
bps increase to EBITDA margin in 2025.
"In addition to improved profitability, Diebold will likely
generate positive FOCF in 2024 and achieve its FOCF conversion goal
of 25% this year. In our view, the improving free cash flow profile
will be supported by the company's increased focus on improving the
linearity of business operations and vendor terms. We believe that
through maintaining an order backlog of about $900 million-$1
billion the company will be able to better manage its working
capital, avoiding the large swings it has typically experienced in
the fourth quarter due to business seasonality.
"Under our base case, we forecast S&P Global Ratings-adjusted
leverage to approach 3x and below over the next one to two years.
We note that our leverage ratio calculation does not reflect
netting of accessible cash, as is typical for companies assessed
with similar business risk. However, we view the company's
considerable cash balance as providing some downside protection and
buffer to absorb unexpected business challenges.
"We believe the company will remain disciplined with its cash flow
and manage its balance sheet to support an internal net leverage
target of 1.5x. We do not project major cash outlays or significant
acquisitions over our forecast period and believe the company will
maintain conservative capital allocation policies. With the
improved FOCF profile, we believe the company will build some
cushion to pursue its capital allocation goals, which may include
tuck-in acquisitions or further debt reduction. We expect that the
company will continue to operate in a way that preserves its
liquidity position and supports its net leverage target."
The debt refinancing will provide incremental improvements to FOCF,
reducing the company's annual interest expense, thus strengthening
EBITDA interest coverage. The company is issuing new $950 million
senior secured notes to refinance its existing term loan and
entering a new $310 million senior secured revolving credit
agreement (upsize from $200 million) that is ranked the same as the
notes. S&P said, "The proposed transaction will reduce the
company's pro forma debt balance by $100 million, and we expect S&P
Global Ratings-adjusted debt of about $1.18 billion throughout our
forecast period. In addition to reducing the company's outstanding
debt, the refinancing transaction will likely yield some
incremental cash flow benefits stemming from our expectation of a
lower annual interest expense. Considering the refinancing
transaction, we expect S&P Global Ratings-adjusted EBITDA interest
coverage ratio to exceed 4x next year."
Diebold Nixdorf Inc.'s banking segment, which accounts for roughly
70% of the company's total revenue, faces mature industry
conditions. As an ATM manufacturer, Diebold is likely to experience
adverse pressure from the increased adoption of digital payment
systems cannibalizing cash use and related changes in end-consumer
behaviors and preferences. S&P said, "While we do not expect a
cashless society, such shifts are likely to inhibit growth in the
company's install base going forward and increase reliance on
hardware refreshes in its install base. We believe much of this
growth in the banking sector in the first nine months of 2024 is
cyclical and related to ATM upgrades. The company stated in its
third-quarter 2024 earnings call that it anticipates being roughly
mid-way through the refresh cycle. Looking ahead, we expect the
banking segment to make little contribution to top-line growth;
instead, we project that the retail segment will account for most
of future revenue growth."
S&P said, "The positive rating outlook on Diebold Nixdorf reflects
our expectation for steady deleveraging and improving FOCF, as
one-time transaction costs roll off and the company pursues a
refinancing of its existing capital structure. In this case, we
expect the company to maintain S&P Global Ratings-adjusted leverage
of about 3.0x and below and FOCF to debt greater than 10% in 2024
and 2025.
"We could revise our outlook to stable if the company were unable
to execute cost-saving-initiatives such that EBITDA margin and FOCF
improvements were slower than expected, leading S&P Global
Ratings-adjusted debt to EBITDA to rise to the high 3.0x level and
S&P Global Ratings-adjusted FOCF to debt to trend closer to 10%. We
could also revise our outlook to stable if the company did not
maintain a significant liquidity buffer to offset business
challenges."
S&P could raise its rating over the next 12 months if the company
continued to execute its operational initiatives, provided
consistent operating performance that consistently achieves its
earnings projections, and strengthened its earnings profile, such
that:
-- S&P believed it would sustain EBITDA and FOCF improvements
without significant business disruptions;
-- Debt to EBITDA were well below 4x on a sustained basis; and
FOCF to debt were meaningfully above 10%.
DIOCESE OF ROCKVILLE CENTRE: Parish Affiliates' Case Summary
------------------------------------------------------------
Additional affiliates of The Roman Catholic Diocese of Rockville
Centre that filed for Chapter 11 protection on Dec. 3, 2024:
Case No. Debtor-Entity
-------- -------------
1:24-bk-12128 Infant Jesus Roman Catholic Church
1:24-bk-12129 St. Joseph Roman Catholic Church
1:24-bk-12130 Queen of the Most Holy Rosary RCC
1:24-bk-12131 St. Martin of Tours Roman Catholic Church
1:24-bk-12132 St. Thomas More Roman Catholic Church
1:24-bk-12133 St. Vincent de Paul
1:24-bk-12134 Assumption of the Blessed Virgin Mary RCC
1:24-bk-12135 St. Joseph's Roman Catholic Church
1:24-bk-12136 St. Mary's RCC
1:24-bk-12137 St. Ignatius Martyr
1:24-bk-12138 St. Boniface RCC
1:24-bk-12139 Our Lady of Fatima Roman Catholic Church
1:24-bk-12140 Our Lady of Loretto Roman Catholic Church
1:24-bk-12141 St. Christopher Roman Catholic Church
1:24-bk-12142 St. Mary of the Isle
1:24-bk-12143 St. Kilian RCC
1:24-bk-12144 St. Andrew's RCC
1:24-bk-12145 St. Patrick's Roman Catholic Church
1:24-bk-12146 St. Ladislaus Roman Catholic Church
1:24-bk-12147 Our Lady Queen of Martyrs RCC
1:24-bk-12148 Our Lady of Mt. Carmel Roman Catholic Church RCC
1:24-bk-12149 St. Gertrude's Roman Catholic Church
1:24-bk-12150 Our Lady of Peace
1:24-bk-12151 Our Lady Star of the Sea, Mission Chapel RCC
1:24-bk-12152 St. Hedwig's RCC
1:24-bk-12153 St. John of God RCC
1:24-bk-12154 St. Joseph's Roman Catholic Church
1:24-bk-12155 St. Lawrence the Martyr RCC
1:24-bk-12156 Our Lady of the Magnificat Roman Catholic Church R
1:24-bk-12157 Our Lady of Lourdes
1:24-bk-12158 Blessed Sacrament Roman Catholic Church
1:24-bk-12159 St. Boniface Martyr RCC
1:24-bk-12160 Our Lady of Victory RCC
1:24-bk-12161 St. Barnabas the Apostle Roman Catholic Church
1:24-bk-12162 St. Ignatius Loyola Roman Catholic Church
1:24-bk-12163 St. Mary's Roman Catholic Church
1:24-bk-12164 Church of the Resurrection RCC
1:24-bk-12165 Christ the King RCC
1:24-bk-12166 Mary Immaculate Roman Catholic Church
1:24-bk-12167 Holy Family Roman Catholic Church
1:24-bk-12168 Our Lady of the Miraculous Medal Roman Catholic Ch
1:24-bk-12169 Holy Name of Jesus Roman Catholic Church
1:24-bk-12170 St. William the Abbot RCC
1:24-bk-12171 St.Catherine of Sienna RCC
1:24-bk-12172 Our Lady of the Assumption RCC
1:24-bk-12173 Sts. Peter & Paul
1:24-bk-12174 St. Martin of Tours Roman Catholic Church
1:24-bk-12176 Our Lady of Mercy Roman Catholic Church
1:24-bk-12177 Sacred Heart Roman Catholic Church RCC
1:24-bk-12178 Our Lady of the Snow Roman Catholic Church
1:24-bk-12179 St. Rose of Lima
1:24-bk-12180 St. Frances Cabrini RCC
1:24-bk-12181 Holy Name of Mary Roman Catholic Church
1:24-bk-12182 Our Holy Redeemer RCC
1:24-bk-12183 Good Shepherd Roman Catholic Church
1:24-bk-12184 St. Agnes Cathedral Roman Catholic Church RCC
1:24-bk-12185 Maria Regina RCC
1:24-bk-12186 St. John Nepomucene Roman Catholic Church
1:24-bk-12187 St. Joseph's RCC
1:24-bk-12188 Our Lady of Ostrabrama RCC
1:24-bk-12189 St. Luke's Roman Catholic Church
1:24-bk-12190 Our Lady of Lourdes
1:24-bk-12191 St. Patrick's Roman Catholic Church
1:24-bk-12192 St. Anthony's Roman Catholic Church RCC
1:24-bk-12193 St. Anne's Roman Catholic Church
1:24-bk-12194 St. James RCC
1:24-bk-12195 Immaculate Conception Roman Catholic Church
1:24-bk-12196 St. Anne RCC
1:24-bk-12197 St. Jude
1:24-bk-12198 St. Anthony of Padua Roman Catholic Church RCC
1:24-bk-12199 Sacred Heart Roman Catholic Church
1:24-bk-12200 St. Hugh of Lincoln Roman Catholic Church
1:24-bk-12201 Queen of the Most Holy Rosary Roman Catholic Churc
1:24-bk-12202 St. Margaret of Scotland RCC
1:24-bk-12203 St. Rocco RCC
1:24-bk-12204 St. Dominic's Roman Catholic Church RCC
1:24-bk-12205 St. Sylvester
1:24-bk-12206 St. James RCC
1:24-bk-12207 St. Paul the Apostle Roman Catholic Church
1:24-bk-12208 Our Lady of Grace Roman Catholic Church
1:24-bk-12209 St. Patrick's RCC
1:24-bk-12210 St. Francis de Sales Roman Catholic Church RCC
1:24-bk-12211 St. Elizabeth of Hungary Roman Catholic Church
1:24-bk-12212 Most Precious Blood RCC
1:24-bk-12213 Church of Our Lady of Hope
1:24-bk-12214 St. Gerard Majella Roman Catholic Church RCC
1:24-bk-12215 St. Hyacinth RCC
1:24-bk-12216 Our Lady of Lourdes Roman Catholic Church
1:24-bk-12217 Cure of Ars
1:24-bk-12218 St. Aloysius RCC
1:24-bk-12219 Our Lady of the Isle RCC
1:24-bk-12220 St. Joachim Roman Catholic Church
1:24-bk-12221 Ss. Cyril and Methodius RCC
1:24-bk-12222 Corpus Christi
1:24-bk-12223 St. Isidore Roman Catholic Church RCC
1:24-bk-12224 St. Mark RCC
1:24-bk-12225 Our Lady of the Miraculous Medal Roman Catholic Ch
1:24-bk-12226 St. Francis of Assisi RCC
1:24-bk-12227 St. John the Evangelist Roman Catholic Church RCC
1:24-bk-12228 St. John the Evangelist Roman Catholic Church
1:24-bk-12229 Our Lady of Good Counsel Roman Catholic Church
1:24-bk-12230 St. Matthew RCC
1:24-bk-12231 St. Patrick RCC
1:24-bk-12232 St. Peter of Alcantara Roman Catholic Church RCC
1:24-bk-12233 St. Louis de Montfort RCC
1:24-bk-12234 SS. Philip and James Roman Catholic Church
1:24-bk-12235 Most Holy Trinity RCC
1:24-bk-12236 St. Agnes RCC
1:24-bk-12237 St. Philip Neri Roman Catholic Church RCC
1:24-bk-12238 Sacred Heart Roman Catholic Church
1:24-bk-12239 Church of the Holy Cross RCC
1:24-bk-12240 Basilica Church of Sacred Hearts of Jesus and Mary
1:24-bk-12241 Church of St. Mary RCC
1:24-bk-12242 St. Pius X Roman Catholic Church RCC
1:24-bk-12243 St. Rosalie's RCC
1:24-bk-12244 St. Therese of Lisieux RCC
1:24-bk-12245 St. Peter the Apostle Roman Catholic Church
1:24-bk-12246 St. Aidan's Church
1:24-bk-12247 St. Joseph's Roman Catholic Church
1:24-bk-12248 Church of the Holy Spirit
1:24-bk-12249 St. Brigid Roman Catholic Church
1:24-bk-12250 Notre Dame Roman Catholic Church
1:24-bk-12251 St. Elizabeth Ann Seton Roman Catholic Church
1:24-bk-12252 St. Raphael RCC
1:24-bk-12253 St. Bernard Roman Catholic Church
1:24-bk-12254 St. Edward the Confessor Roman Catholic Church
1:24-bk-12255 Our Lady of Perpetual Help Roman Catholic Church
1:24-bk-12256 St. Anthony of Padua RCC
1:24-bk-12257 St. Frances de Chantal Roman Catholic Church
1:24-bk-12258 St. Joseph the Worker RCC
1:24-bk-12259 St. John Baptist Roman Catholic Church
1:24-bk-12260 St. Raymond's RCC
1:24-bk-12261 St. Martha's Roman Catholic Church
1:24-bk-12262 St. Patrick's Roman Catholic Church
1:24-bk-12263 St. Thomas, the Apostle Roman Catholic Church
1:24-bk-12265 Our Lady of Poland Roman Catholic Church
Parish Affiliates'
Counsel: William C. Heuer, Esq.
WESTERMAN BALL EDERER MILLER ZUCKER &
SHARFSTEIN, LLP
E-mail: wheuer@westermanllp.com
Copies of the petitions are available at:
https://www.pacermonitor.com/view/5WZWAAY/Queen_of_the_Most_Holy_Rosary__nysbke-24-12130__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/ZIRAX6A/Infant_Jesus_Roman_Catholic_Church__nysbke-24-12128__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/ZQIWHSI/St_Joseph_Roman_Catholic_Church__nysbke-24-12129__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/57QLPCI/St_Martin_of_Tours_Roman_Catholic__nysbke-24-12131__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/CGW53LI/St_Thomas_More_Roman_Catholic__nysbke-24-12132__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/CMIFCSY/St_Vincent_de_Paul__nysbke-24-12133__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/CW7KK4Y/Assumption_of_the_Blessed_Virgin__nysbke-24-12134__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/C7GKVCQ/St_Josephs_Roman_Catholic_Church__nysbke-24-12135__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/DGVMWRY/St_Marys_RCC__nysbke-24-12136__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/DAROFKI/St_Ignatius_Martyr__nysbke-24-12137__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/DPI276Q/St_Boniface_RCC__nysbke-24-12138__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/DLAXK4Q/Our_Lady_of_Fatima_Roman_Catholic__nysbke-24-12139__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/DWP2LPY/Our_Lady_of_Loretto_Roman_Catholic__nysbke-24-12140__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/DTX2XFY/St_Christopher_Roman_Catholic__nysbke-24-12141__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/D5VVOOI/St_Mary_of_the_Isle__nysbke-24-12142__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/D2DYMHA/St_Kilian_RCC__nysbke-24-12143__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/AEHUUNA/St_Andrews_RCC__nysbke-24-12144__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/ACL7A2I/St_Patricks_Roman_Catholic_Church__nysbke-24-12145__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/RZQZ43Q/St_Ladislaus_Roman_Catholic_Church__nysbke-24-12146__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/WCDVRWY/Our_Lady_Queen_of_Martyrs_RCC__nysbke-24-12147__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/WTQCVKY/St_Gertrudes_Roman_Catholic_Church__nysbke-24-12149__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/WYC25OA/Our_Lady_of_Peace__nysbke-24-12150__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/XD757YY/Our_Lady_Star_of_the_Sea_Mission__nysbke-24-12151__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/XISNGJA/St_Hedwigs_RCC__nysbke-24-12152__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/XT5PDBQ/St_John_of_God_RCC__nysbke-24-12153__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/UBT62CI/St_Lawrence_the_Martyr_RCC__nysbke-24-12155__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/X3XKEDY/St_Josephs_Roman_Catholic_Church__nysbke-24-12154__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/UBT62CI/St_Lawrence_the_Martyr_RCC__nysbke-24-12155__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/UIWDZDI/Our_Lady_of_the_Magnificat_Roman__nysbke-24-12156__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/URWE4UQ/Our_Lady_of_Lourdes__nysbke-24-12157__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/UYGX3NA/Blessed_Sacrament_Roman_Catholic__nysbke-24-12158__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/VDRNMGA/St_Boniface_Martyr_RCC__nysbke-24-12159__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/VIMICHI/Our_Lady_of_Victory_RCC__nysbke-24-12160__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/VRWVQTY/St_Barnabas_the_Apostle_Roman__nysbke-24-12161__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/VYXOVXY/St_Ignatius_Loyola_Roman_Catholic__nysbke-24-12162__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/2AEQ4LI/St_Marys_Roman_Catholic_Church__nysbke-24-12163__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/2PTYWZI/Church_of_the_Resurrection_RCC__nysbke-24-12164__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/2JIY6PI/Christ_the_King_RCC__nysbke-24-12165__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/HLZS65Y/Mary_Immaculate_Roman_Catholic__nysbke-24-12166__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/HSBHEVQ/Holy_Family_Roman_Catholic_Church__nysbke-24-12167__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/HY736EQ/Our_Lady_of_the_Miraculous_Medal__nysbke-24-12168__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/EAWROLQ/Holy_Name_of_Jesus_Roman_Catholic__nysbke-24-12169__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/EIEPEDQ/St_William_the_Abbot_RCC__nysbke-24-12170__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/EQ7K6QY/StCatherine_of_Sienna_RCC__nysbke-24-12171__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/EZGJRFY/Our_Lady_of_the_Assumption_RCC__nysbke-24-12172__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/FB3GAZY/Sts_Peter__Paul__nysbke-24-12173__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/FLCZ3CY/St_Martin_of_Tours_Roman_Catholic__nysbke-24-12174__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/FTMDGYQ/Our_Lady_of_Mercy_Roman_Catholic__nysbke-24-12176__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/F2BVGQQ/Sacred_Heart_Roman_Catholic_Church__nysbke-24-12177__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/KC6ZOII/Our_Lady_of_the_Snow_Roman_Catholic__nysbke-24-12178__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/KKZMJLY/St_Rose_of_Lima__nysbke-24-12179__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/KQMPHTA/St_Frances_Cabrini_RCC__nysbke-24-12180__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/KZKEI4I/Holy_Name_of_Mary_Roman_Catholic__nysbke-24-12181__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/LAHPVJQ/Our_Holy_Redeemer_RCC__nysbke-24-12182__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/LJPBNSQ/Good_Shepherd_Roman_Catholic_Church__nysbke-24-12183__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/LRN5LPA/St_Agnes_Cathedral_Roman_Catholic__nysbke-24-12184__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/L3WBRZI/Maria_Regina_RCC__nysbke-24-12185__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/IBIZG3Q/St_John_Nepomucene_Roman_Catholic__nysbke-24-12186__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/IJNQL7Q/St_Josephs_RCC__nysbke-24-12187__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/IRQHINQ/Our_Lady_of_Ostrabrama_RCC__nysbke-24-12188__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/IZT4G4Q/St_Lukes_Roman_Catholic_Church__nysbke-24-12189__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/JCP5DVQ/Our_Lady_of_Lourdes__nysbke-24-12190__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/JIMAOVI/St_Patricks_Roman_Catholic_Church__nysbke-24-12191__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/JTDTEPQ/St_Anthonys_Roman_Catholic_Church__nysbke-24-12192__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/J4CGA4A/St_Annes_Roman_Catholic_Church__nysbke-24-12193__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/J25ITYI/St_James_RCC__nysbke-24-12194__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/OGDIESA/Immaculate_Conception_Roman_Catholic__nysbke-24-12195__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/OBJ2QTQ/St_Anne_RCC__nysbke-24-12196__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/OPTQTVY/St_Jude__nysbke-24-12197__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/OIARCDQ/St_Anthony_of_Padua_Roman_Catholic__nysbke-24-12198__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/OWOO3CA/Sacred_Heart_Roman_Catholic_Church__nysbke-24-12199__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/OR44XZA/St_Hugh_of_Lincoln_Roman_Catholic__nysbke-24-12200__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/7LOWATY/Queen_of_the_Most_Holy_Rosary__nysbke-24-12201__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/7RT2J5A/St_Margaret_of_Scotland_RCC__nysbke-24-12202__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/7YC7MIY/St_Rocco_RCC__nysbke-24-12203__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/4AKZYZA/St_Dominics_Roman_Catholic_Church__nysbke-24-12204__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/4LSRNMA/St_Sylvester__nysbke-24-12205__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/4TEHDGY/St_James_RCC__nysbke-24-12206__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/4ZXIV4I/St_Paul_the_Apostle_Roman_Catholic__nysbke-24-12207__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/5BE6ZQA/Our_Lady_of_Grace_Roman_Catholic__nysbke-24-12208__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/5JDHVRI/St_Patricks_RCC__nysbke-24-12209__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/5RYPLLA/St_Francis_de_Sales_Roman_Catholic__nysbke-24-12210__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/52CUAEI/St_Elizabeth_of_Hungary_Roman__nysbke-24-12211__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/CDRNFXA/Most_Precious_Blood_RCC__nysbke-24-12212__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/CK6PMPI/Church_of_Our_Lady_of_Hope__nysbke-24-12213__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/CQF4CRQ/St_Gerard_Majella_Roman_Catholic__nysbke-24-12214__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/CZZPBLQ/St_Hyacinth_RCC__nysbke-24-12215__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/DAXG5RI/Our_Lady_of_Lourdes_Roman_Catholic__nysbke-24-12216__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/DLG3YMY/Cure_of_Ars__nysbke-24-12217__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/DTRTHXI/St_Aloysius_RCC__nysbke-24-12218__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/D2F5IXY/Our_Lady_of_the_Isle_RCC__nysbke-24-12219__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/ACNWS2Q/St_Joachim_Roman_Catholic_Church__nysbke-24-12220__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/AIASSRI/Ss_Cyril_and_Methodius_RCC__nysbke-24-12221__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/AT2DZFI/Corpus_Christi__nysbke-24-12222__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/A3GALTY/St_Isidore_Roman_Catholic_Church__nysbke-24-12223__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/BBHUVBQ/St_Mark_RCC__nysbke-24-12224__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/BL3QWDY/Our_Lady_of_the_Miraculous_Medal__nysbke-24-12225__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/BXGLIRA/St_Francis_of_Assisi_RCC__nysbke-24-12226__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/BSYPJTY/St_John_the_Evangelist_Roman_Catholic__nysbke-24-12227__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/B6TKHQY/St_John_the_Evangelist_Roman_Catholic__nysbke-24-12228__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/B36BGYY/Our_Lady_of_Good_Counsel_Roman__nysbke-24-12229__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/GFYSRZI/St_Matthew_RCC__nysbke-24-12230__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/GCPCEAA/St_Patrick_RCC__nysbke-24-12231__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/4XU4BKY/St_Peter_of_Alcantara_Roman_Catholic__nysbke-24-12232__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/45J5NDY/St_Louis_de_Montfort_RCC__nysbke-24-12233__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/5EYKCLI/SS_Philip_and_James_Roman_Catholic__nysbke-24-12234__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/5NHDIUQ/Most_Holy_Trinity_RCC__nysbke-24-12235__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/5W7DQ3A/St_Agnes_RCC__nysbke-24-12236__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/57WYP6I/St_Philip_Neri_Roman_Catholic__nysbke-24-12237__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/CGRNXUQ/Sacred_Heart_Roman_Catholic_Church__nysbke-24-12238__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/CMP454A/Church_of_the_Holy_Cross_RCC__nysbke-24-12239__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/CWYVUDI/Basilica_Church_of_Sacred_Hearts__nysbke-24-12240__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/C7BRQ4A/Church_of_St_Mary_RCC__nysbke-24-12241__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/DGSRGMY/St_Pius_X_Roman_Catholic_Church__nysbke-24-12242__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/DPPNU5I/St_Rosalies_RCC__nysbke-24-12243__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/DWIIO3Q/St_Therese_of_Lisieux_RCC__nysbke-24-12244__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/D5SPSBA/St_Peter_the_Apostle_Roman_Catholic__nysbke-24-12245__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/AEACUHY/St_Aidans_Church__nysbke
https://www.pacermonitor.com/view/ANXTW2A/St_Josephs_Roman_Catholic_Church__nysbke-24-12247__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/AWFBWBY/Church_of_the_Holy_Spirit__nysbke-24-12248__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/A46TYWQ/St_Brigid_Roman_Catholic_Church__nysbke-24-12249__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/BGUPIPQ/Notre_Dame_Roman_Catholic_Church__nysbke-24-12250__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/BNTQVHI/St_Elizabeth_Ann_Seton_Roman_Catholic__nysbke-24-12251__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/BL2JXWI/St_Raphael_RCC__nysbke-24-12252__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/BXHQGVA/St_Bernard_Roman_Catholic_Church__nysbke-24-12253__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/BSZYK5I/St_Edward_the_Confessor_Roman__nysbke-24-12254__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/B6S6DDY/Our_Lady_of_Perpetual_Help_Roman__nysbke-24-12255__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/FLAVK6I/St_Anthony_of_Padua_RCC__nysbke-24-12256__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/FTOKO4Y/St_Frances_de_Chantal_Roman_Catholic__nysbke-24-12257__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/F2DWR7A/St_Joseph_the_Worker_RCC__nysbke-24-12258__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/KC423DY/St_John_Baptist_Roman_Catholic__nysbke-24-12259__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/KK3KWEY/St_Raymonds_RCC__nysbke-24-12260__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/KQOF2IY/St_Marthas_Roman_Catholic_Church__nysbke-24-12261__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/7RR6B7Y/St_Patricks_Roman_Catholic_Church__nysbke-24-12262__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/77ASRTQ/St_Thomas_the_Apostle_Roman_Catholic__nysbke-24-12263__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/SBWY47Y/Our_Lady_of_Poland_Roman_Catholic__nysbke-24-12265__0001.0.pdf?mcid=tGE4TAMA
Lead Debtor: The Roman Catholic Diocese of
Rockville Centre, New York
Diocese of Rockville Centre
50 North Park Avenue
Rockville Centre, NY 11570
Business Description: The Roman Catholic Diocese of Rockville
Centre, New York is the seat of the Roman
Catholic Church on Long Island. The Diocese
has been under the leadership of Bishop John
O. Barres since February 2017. The State of
New York established the Diocese as a
religious corporation in 1958. The Diocese
is one of eight Catholic dioceses in New
York, including the Archdiocese of New York.
The Diocese's total Catholic population is
approximately 1.4 million, roughly half of
Long Island's total population of 3.0
million. The Diocese is the eighth
largest diocese in the United States when
measured by the number of baptized
Catholics.
Chapter 11 Petition Date: September 30, 2020
Court: United States Bankruptcy Court
Southern District of New York
Case No.: 20-12345
Judge: Hon. Shelley C. Chapman
Debtor's Counsel: Corinne Ball, Esq.
JONES DAY
250 Vesey Street
New York, NY 10281
Tel: (212) 326-3939
Email: cball@jonesday.com
Debtor's
Restructuring
Advisor: ALVAREZ & MARSAL NORTH AMERICA, LLC
Debtor's
Corporate
Communication
Consultant: SITRICK AND COMPANY, INC.
Debtor's
Claims &
Noticing
Agent: EPIQ CORPORATE RESTRUCTURING, LLC
https://dm.epiq11.com/case/rdrockville/dockets
Estimated Assets: $100 million to $500 million
Estimated Liabilities: $100 million to $500 million
The petition was signed by Thomas Renker, chief operating officer
and general counsel.
A copy of the petition is available for free at PacerMonitor.com
at:
https://www.pacermonitor.com/view/SPUGFYQ/The_Roman_Catholic_Diocese_of__nysbke-20-12345__0001.0.pdf?mcid=tGE4TAMA
List of Rockville's 35 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
1. Jeff Anderson & Associates, P.A. Litigation Undetermined
55 West 39th Street, 11th Floor
New York, NY 10018
Attn: Jeffrey R. Anderson
Tel: 646-759-2551
Email: Jeff@AndersonAdvocates.com
2. PFAU Cochran Vertetis Amala PLLC Litigation Undetermined
403 Columbia Street Suite 500
Seattle, WA 98104
31 Hudson Yards, 11th Floor
Suite 36
New York, NY 10001-2170
Attn: Michael T. Pfau
Tel: 206-462-4335
Fax: 206-623-3624
Email: michael@pcvalaw.com
3. Marsh Law Firm PLLC Litigation Undetermined
151 East Post Road Suite 102
White Plains, NY 10601
Attn: James A. Marsh
Tel: 212-372-3030
Fax: 833-210-3336
Email: jamesmarsh@marsh.law
4. Simmons Hanly Conroy LLC Litigation Undetermined
112 Madison Avenue, 7th Floor
New York, NY 10016
Attn: Paul J. Hanly, Jr.
Tel: 212-784-6401
Fax: 212-213-5949
Email: phanly@simmonsfirm.com
5. Certain & Zilberg PLLC Litigation Undetermined
488 Madison Avenue 20th Floor
New York, NY 10022
Attn: Gary Certain
Tel: 212-687-7800
Email: gcertain@certainlaw.com
6. Slater Slater Schulman LLP Litigation Undetermined
488 Madison Avenue 20th Floor
New York, NY 10022
Attn: Adam Slater
Tel: 212-922-0906
Email: aslater@sssfirm.com
7. Herman Law Litigation Undetermined
434 W. 33rd Street, Penthouse
New York, NY 10001
Attn: Jeff Herman
Tel: 212-390-0100
Email: jherman@hermanlaw.com
8. Michael G. Dowd Litigation Undetermined
1981 Marcus Avenue, Suite 200
Lake Success, NY 11042
Attn: Michael G. Dowd
Tel: 212-751-1640
Fax: 212-872-1777
Email: michaelgdowd@gmail.com
9. Sweeney, Reich & Bolz, LLP Litigation Undetermined
1981 Marcus Avenue, Suite 200
Lake Success, NY 11042
Attn: Gerard J. Sweeney
Tel: 718-459-9000
Email: cxuereb@srblawfirm.com
10. Law Offices of Litigation Undetermined
Mitchell Garabedian
100 State Street, 6th Floor
Boston, MA 02109
Attn: Mitchell Garabedian
Tel: 617-523-6250
Email: mgarabedian@garabedianlaw.com
11. Merson Law PLLC Litigation Undetermined
150 East 58th Street, 34th Floor
New York, NY 10155
Attn: Jordan K. Merson
Tel: 212-603-9100
Fax: 347-441-4171
Email: jmerson@mersonlaw.com
12. James, Vernon & Weeks, P.A. Litigation Undetermined
1626 Lincoln Way
Coeur D'Alene, ID 83815
Attn: Leander L. James IV
Tel: 208-667-0683
Fax: 208-664-1684
Email: james@jvwlaw.net
13. Patrick Noaker, Litigation Undetermined
Noaker Law Firm, LLC
1600 Utica Avenue S, 9th Floor
St. Louis Park, MN 55416
Attn: Patrick Noaker
Tel: 952-491-6798
Email: patrick@noakerlaw.com
14. Tolmage, Peskin, Harris, Litigation Undetermined
& Falick
20 Vesey St., Suite 700
New York, NY 10007
Attn: Stephan H. Peskin
Tel: 212-964-1390
Fax: 212-608-4959
Email: peskin@tolmagepeskinlaw.com
15. Phillips & Paolicelli, LLP Litigation Undetermined
747 Third Avenue, 6th Floor
New York, NY 10027
Attn: Diane Paolicelli
Tel: 212-388-5100
Fax: 212-388-5100
Email: dpaolicelli@p2law.com
16. Dell & Dean PLLC Litigation Undetermined
1225 Franklin Avenue, Suite 450
Garden City, NY 11530
Attn: Joseph G. Dell
Tel: 516-880-9700
Fax: 516-880-9707
Email: JTipa@d2triallaw.com
17. Betti & Associates Litigation Undetermined
30 Wall Street, 8th Floor
New York, NY 10005
Attn: Mitchell M. Betti, Esq.
Tel: 646-895-0939
Email: mbettilaw@gmail.com
18. Desimone & Associates, LLC Litigation Undetermined
745 Fifth Avenue, Suite 500
New York, NY 10151
Attn: Ralph Desimone
Tel: 646-776-7425
Email: rdesimone@dlaw.net
19. Gair, Gair, Conason, Litigation Undetermined
Rubinowitz, Bloom,
Hershenhorn, Steigman & Mackauf
80 Pine Street, 34th Floor
New York, NY 10005
Attn: Rachel L. Jacobs &
Peter Saghir
Tel: 212-943-1090
Fax: 212-425-7513
Email: rjacobs@gairgair.com;
psaghir@gairgair.com
20. Janet, Janet & Suggs LLC Litigation Undetermined
4 Reservoir Circle, Suite 200
Baltimore, MD 21208
Attn: Andrew S. Janet
Tel: 410-653-3200
Fax: 410-653-9030
Email: sjanet@jjsjustice.com
21. Levy Konigsberg, LLP Litigation Undetermined
800 Third Avenue, 11th Floor
New York, NY 11231
Attn: Helene M. Weiss, & Vara Lyons
Tel: 212-605-6200
Email: vlyons@levylaw.com;
22. Rheingold Giuffra Ruffo & Litigation Undetermined
Plotkin LLP
551 Fifth Avenue 29th Floor
New York, NY 10016
Attn: Thomas P. Giuffa
Tel: 212-684-1880
Email: tgiuffra@Rheingoldlaw.com
23. The Law Office of Joshua Litigation Undetermined
W. Skillman
111 John Street, Suite 1050
New York, NY 10038
Attn: Joshua W. Skillman
Tel: 212-785-0808
Fax: 212-785-0177
Email: osh@skillmanlaw.nye
24.Buttafuoco & Associates, PLLC Litigation Undetermined
144 Woodbury Road
Woodbury, NY 11797
Attn: James S. McCarthy &
Ellen Buccholz
Tel: 516-746-81000
Email: jmccarthy@buttafuocolaw.com
25. Hach Rose Schirippa & Litigation Undetermined
Cheverie
112 Madison Avenue, 10th Floor
New York, NY 10016
Attn: Michael Rose & Hillary Nappi
Tel: 212-213-8311
Email: mrose@hrsclaw.com; Hnappi@hrsclaw.com
26. Hamburger, Maxson, Yaffe & Litigation Undetermined
McNally, LLP
225 Broadhollow Road, Suite 301E
Melville, NY 11747
Attn: Richard Hamburger
David N. Yaffe, & Douglas
McNally
Tel: 631-694-2400
Fax: 631-694-1376
Email: hamburger@hmylaw.com;
dmcnally@hmylaw.com;
dyaffe@hmylaw.com
27. Hurley McKenna & Mertz P.C. Litigation Undetermined
33 N. Dearborn Street, Suite 1430
Chicago, IL 60602
Attn: Christopher Hurley, Evan
Smola, & Mark McKenna
Tel: 312-553-4900
Email: churley@hurley-law.com;
esmola@hurley-law.com;
mmckenna@hurley-law.com
28. Laura A. Ahearn, Esq. PLLC Litigation Undetermined
3075 Veteran's Memorial Hwy
Suite 200
Ronronkoma, NY 11779
Attn: Laura A. Ahearn
Tel: 631-320-5204
Email: lahearn@lauraahearn.com
29. Law Offices of Ronald Litigation Undetermined
J. Kim, PC
P.O. Box 318
Saratoga Springs, NY 12866
Attn: Ronald J. Kim
Tel: 518-581-8416
Email: ron@ronaldkimlaw.com
30. Parker Waichman LLP Litigation Undetermined
6 Harbor Drive
Port Washington, NY 11050
Attn: Brett Zkowski & Fred
Rosenthal
Tel: 516-466-6500
Email: zekowski@yourlawyer.com;
frosenthal@yourlawyer.com
31. Romano & Associates Litigation Undetermined
350 Old Country Road, Suite 205
Garden City, NY 11530
Attn: Michael J. Romano
Tel: 516-248-8880
Email: mjr@romanofirm.com
32. Russo, Karl, Widmaier & Litigation Undetermined
Cordano PLLC
400 Townline Road, Suite 170
Hauppage, NY 11788
Attn: Christopher Gerace
Tel: 631-265-7200
Fax: 631-265-7578
Email: cg@rkwclaw.com
33. Silberstein, Awad Litigation Undetermined
& Miklos, P.C.
600 Old Country Road, Suite 505
Garden City, NY 11530
Attn: Michael Lauterborn
Tel: 516-832-7777
Fax: 516-832-7877
Email: mlaw@ask4sam.net
34. Sullivan Papain Block Litigation Undetermined
McGrath & Cannavo P.C.
120 Broadway 18th Floor
New York, NY 10271
Attn: Eric K. Schwarz
Tel: 212-266-4116
Fax: 212-266-4141
Email: Eschwarz@triallaw1.com
35. The Zalkin Law Firm, P.C. and Litigation Undetermined
Barasch McGarry Salzman & Penson
11 Park Place
New York, NY 10007
Attn: Bruce Kaye,
Dominique Penson,
Elizabeth Cate,
Devin Storey,
Irwin Zalkin,
Dana Cohen
TEl: 212-385-8000
Fax: 212-385-7845
Email: elizabeth@zalkin.com
dms@zalkin.com
irwin@zalkin.com
DMD CUSTOM: Gets Interim OK to Use Cash Collateral Until Dec. 17
----------------------------------------------------------------
DMD Custom Critical, Inc., got the green light from the U.S.
Bankruptcy Court for the Northern District of Illinois to continue
using cash collateral until Dec. 17.
The order issued by Judge Donald Cassling approved the use of cash
collateral to pay the company's operating expenses in accordance
with its budget.
The budget estimates a monthly gross income of $323,000. Key
expenses include payments to contractors ($119,000), fuel costs
($73,500), and insurance premiums ($22,902), among others. The
budget anticipates an estimated free cash amount of $7,691 after
accounting for all expenses.
The U.S. Small Business Administration will be granted replacement
lien and security interest on the company's assets and will receive
monthly payments as adequate protection.
The next hearing is scheduled for Dec. 17.
About DMD Custom Critical
DMD Custom Critical, Inc. is a trucking company in Des Plaines,
Ill., which provides expedited transportation services to all 48
states.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-10873) on July 26,
2024, with $874,500 in assets and $1,885,742 in liabilities. Ira
Bodenstein serves as Subchapter V trustee.
Judge Donald R. Cassling presides over the case.
David P. Leibowitz, Esq., at Leibowitz, Hiltz & Zanzig, LLC
represents the Debtor as legal counsel.
DRI HOLDING: S&P Alters Outlook to Positive, Affirms 'B-' ICR
-------------------------------------------------------------
S&P Global Ratings revised the outlook to positive from stable and
affirmed its 'B-' issuer credit rating on U.S.-based web-to-print
provider DRI Holding Inc.
The positive outlook reflects S&P's expectation that
mid-single-digit organic revenue growth and improving profitability
will enable the company to increase FOCF to debt to above 5% over
the next year.
The positive outlook reflects DRI's stronger-than-expected EBITDA
margins and improving credit metrics. DRI's adjusted debt to EBITDA
decreased to around 5.3x for the trailing-12-months ended Sept. 30,
2024, which is below our 6x upgrade threshold, compared with 5.8x
in the prior year period. S&P attributes the decrease to higher
adjusted EBITDA margins, which increased to 23.2% compared with
21.5% in the prior year period. The increase in margins was driven
by increased cost savings from improved manufacturing efficiencies,
lower outsourced services costs, and lower shipping expenses (from
improved manufacturing turnaround times resulting in lower
expedited shipments to customers).
S&P said, "Based on recent trends and our updated macroeconomic
projections, we revised our base-case forecast to reflect our
expectation for higher revenue growth and margin expansion.
Specifically, we expect organic revenue growth will increase to
around 5%-6% in 2025 and 2026 (from relatively flat revenue growth
in 2024). Additionally, we expect stronger top-line growth and
realized cost savings from improved operating and manufacturing
efficiencies will drive margin expansion to around 25% in 2025 and
2026 (from 24% in 2024). Our forecast also assumes FOCF increases
to $40 million-$50 million annually in 2025 and 2026 from $21
million in 2024, supported by higher margins and lower projected
cash interest expense of $50 million in 2025 and $45 million in
2026 (driven by lower rates). We therefore expect leverage to
decline to the low-5x area and FOCF to debt to increase to above 5%
over the next several quarters with the potential to reach 8% by
year-end 2025.
"We expect revenue growth to accelerate to 5%-6% in 2025 and 2026
as demand from its small- to mid-sized business (SMB) customers
recovers. We believe improving macroeconomic conditions, including
easing inflationary pressures and lower interest rates, will drive
recovery in demand from its SMB customers in the coming quarters,
contributing to revenue growth around 5%-6% in 2025 and 2026.
Specifically, our base-case forecast assumes U.S. CPI declines to
2.3% in 2025 from 2.9% in 2024 and secured overnight financing rate
(SOFR) rates decline to 3.9% in 2025 from 5.1% in 2024.
"Continued elevated inflation and higher interest rates are key
risks to our base-case forecast. DRI generates a significant
portion of its revenue from sales of custom marketing materials,
such as display and signage, stickers and labels, professional
forms and stationery, and other specialty print items to SMBs. We
view these as more discretionary in nature and vulnerable to
changing economic conditions. Specifically, short-run, print-based
marketing materials are subject to discretionary client spending
and are generally not purchased on a contractual basis. As a
result, demand for these products tends to be volatile, especially
during periods of economic uncertainty as customers look to reduce
their marketing spending. As a result, we believe the company's
operating performance could be significantly impacted by
weaker-than-expected economic conditions, such as elevated
inflation and higher interest rates. In this scenario, we would
expect elevated or potentially higher inflation to result in
continued weak demand trends that would significantly affect
projected revenue growth. We believe higher interest rates
(compared with our base-case assumptions) would result in
significantly weaker FOCF generation and delayed deleveraging.
"We expect DRI will continue to pursue acquisitions, which it may
finance with additional debt. The company has a track record of
supplementing its organic revenue growth through an active
acquisition strategy. Specifically, DRI buys established brands
with stable customer bases and integrates them with its own
platform through data-driven marketing techniques, production
efficiencies, and product optimization. While DRI has not completed
a sizable debt-funded acquisition since its purchase of Packlane
Inc. in May 2022 ($30 million gross purchase price), we believe the
company will continue prioritizing acquisitions as a key component
of its capital allocation plans, emphasizing strategic acquisitions
that expand its product portfolio, geographical presence, and
market position in high-growth verticals. We expect future
acquisitions would be funded with incremental debt and available
revolver borrowings, resulting in higher leverage that could limit
longer-term credit metric improvement. Although not incorporated
into our base case, we expect DRI will resume its mergers and
acquisitions (M&A) strategy in the future, but we believe the
timing of future acquisition activity will largely depend on market
conditions, as well as valuations. Therefore, we do not include the
effects of future acquisitions in our forecast.
"The positive outlook reflects our expectation that
mid-single-digit organic revenue growth and improving profitability
will enable the company to increase FOCF to debt to above 5% over
the next year."
S&P could revise the outlook on DRI back to stable over the next 12
months if:
-- Top line improvement and margin expansion do not materialize;
FOCF to debt remains below 5%; or
-- Leverage increases above 6x on a sustained basis.
S&P could raise the rating on DRI over the next 12 months if the
company:
-- Consistently grows its organic revenue and improves scale
through increased market penetration and accretive acquisitions.
-- Improves its FOCF to debt to more than 5% while maintaining
leverage below 6x on a sustained basis; and
-- S&P believes the company's financial-sponsor owners are
committed to maintaining leverage at these levels.
DRIP MORE: Unsecureds Will Get 6.59% of Claims over 60 Months
-------------------------------------------------------------
Drip More, LLC filed with the U.S. Bankruptcy Court for the Central
District of California a Disclosure Statement describing Plan of
Reorganization dated November 8, 2024.
The Debtor was formed in August 2016 as a California limited
liability corporation. Brian Bereber is the Chief Executive Officer
and sole managing member.
The Debtor manufactures and distributes vape tobacco flavor
products. The Debtor employs 20 full-time non-insider employees,
65% of whom have been with the company for over five years. These
employees work from a sales office and warehouse located in
Redlands, CA, where inventory is manufactured, sold, and shipped.
The management of the Debtor has remained the same before and after
the bankruptcy filing.
Class 4 consists of Priority Unsecured Claims. The class holds one
claimant, Kaiser Permanente. The class will receive the statutory
limit of $15,150. The Debtor will pay $15,150 in full over 12
months, with payments of $1,263 per month. This Class is impaired.
Class 5 consists of General Unsecured Claims. In the present case,
the Debtor estimates that general unsecured debts total
approximately $5,009,007.07. Class 5 will be paid as follows:
Month 12, $30,000
Month 24, $40,000
Month 36, $80,000
Month 48, $60,000
Month 60, $105,000
This totals $325,000, which is estimated to pay approximately 6.59%
of each claim. All payments to this class will be held in the
client trust account of Debtor's general bankruptcy counsel,
pending the conclusion of the litigation with Harper and MODO. Upon
entry of the discharge, the remainder of the Debtor's unsecured
debts will be discharged.
Class 6 consists of Interest Holders. The Debtor's owner will
retain his ownership interest in the Debtor.
The Debtor will fund the Plan from the operation of its business
and the funds that it has/will have accumulated in its DIP bank
accounts.
A full-text copy of the Disclosure Statement dated November 8, 2024
is available at https://urlcurt.com/u?l=tlZp62 from
PacerMonitor.com at no charge.
Counsel to the Debtor:
Roksana D. Moradi-Brovia, Esq.
RHM Law LLP
17609 Ventura Blvd., Suite 314
Encino, CA 91316
Telephone: (818) 285-0100
Facsimile: (818) 855-7013
Email: roksana@RHMFirm.com
About Drip More
Drip More LLC sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. C.D. Cal. Case No. 24-11703) on July 5, 2024. In the
petition filed by Brian Bereber, managing member, the Debtor
disclosed up to $500,000 in assets and up to $10 million in
liabilities.
Judge Scott C. Clarkson oversees the case.
The Debtor tapped Roksana D. Moradi-Brovia, Esq., at RHM Law LLP as
bankruptcy counsel; Steven J. Mirsky, Esq., at Mirsky Corporate
Advisors as special counsel; and Chris Yau, CPA, at Lighthouse
Consultants Inc. as bookkeeper.
DT&T LOGISTICS: Gets OK to Use Cash Collateral Until Dec. 20
------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Illinois
authorized DT&T Logistics Inc. to use cash collateral until Dec. 20
in accordance with its budget.
The budget outlines a range of expenses that the company
anticipates incurring in October, including payments for
contractors, insurance, fuel, and truck leases, among others.
The budget projects gross revenue of $275,000, with factoring fees
of $6,187.50, resulting in a net revenue of $268,812.50.
Total projected expenses for the month amount to $262,000, leaving
an estimated monthly net income of $6,812.50.
A status hearing regarding the cash collateral motion is set for
Dec. 18.
About DT&T Logistics
DT&T Logistics Inc. operates in the trucking industry.
DT&T Logistics filed a petition under Chapter 11, Subchapter V of
the Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-08667) on June
12, 2024, with $500,000 to $1 million in assets and $1 million to
$10 million in liabilities. Robert Handler of Commercial Recovery
Associates, LLC serves as Subchapter V trustee.
Judge Deborah L. Thorne handles the case.
The Debtor is represented by Saulius Modestas, Esq., at Modestas
Law Offices, P.C.
DTH 215 VENTURE: Files Amendment to Disclosure Statement
--------------------------------------------------------
DTH 215 Venture, LLC, submitted an Amended Disclosure Statement
describing Amended Plan of Reorganization dated November 8, 2024.
The Plan was strategically crafted to optimize the value of the
Debtor's current assets and to complete construction of the
Debtor's Project as quickly and efficiently as possible to increase
the value of the Project and generate future reoccurring revenue.
The Debtor has also considered the public impact of its Project on
the Henderson community and is proposing a Plan that will provide a
positive outcome for the community in a relatively short amount of
time while simultaneously enhancing the Project's value.
Class 1 consists of the Allowed Secured Claim of ACRES. The Class 1
secured claim of ACRES in the amount ultimately allowed by
agreement or the Court (currently estimated by ACRES at
$39,084,737.12) shall be paid as follows: ACRES will retain its
liens as they existed on the Petition Date. The Debtor will be
required to maintain insurance coverage on the Project as currently
described in the Construction Loan, except that the insurance
deductibles shall be modified to $100,000 per occurrence ($500,000
for water damage). ACRES' Class 1 claim shall accrue pendency
interest from the Petition Date until the Effective Date of the
Plan at the current non-default contract rate under the
Construction Loan.
On and after the Effective Date, the Class 1 claim shall accrue
interest based on the lesser of the federal funds prime rate
(currently 4.83% to 5%) plus 1.5% per annum or an interest rate
determined by the Court under the Till approach. The Debtor shall
commence making interest-only payments to ACRES on account of its
Class 1 allowed claim upon the earlier of nine months after the
Project receives a Certificate of Occupancy issued by the City of
Henderson, or when total lease occupancy for the Project reaches
100% for commercial spaces and 88% for residential spaces, with the
first interest-only payment due on the tenth day of the month in
the calendar month after the above-stated conditions precedent and
continuing on the tenth day of each month thereafter, with the
entire allowed unpaid Class 1 principal balance plus accrued
interest and fees due and payable upon the earlier of a sale or
permanent loan refinance of the Project or two years after the
Effective Date.
Class 3A through Class 3CC consists of Allowed Secured Mechanic's
Lien Claims. The Class 3A through Class 3CC allowed secured claims
will retain their lien rights as they existed on the Petition Date
and shall be paid from DIP Loan proceeds as set forth in the
Settlement Agreement with Gillett, assuming Court approval of the
Settlement Agreement. Specifically, the Settlement Agreement
provides that Debtor will pay Gillett the sum of $10,839,222.97
(less a retainage of $234,032.52 subject to retainage provisions in
the Construction Contract) in full satisfaction of all previous
work provided by Gillett and its subcontractors. Gillett will be
responsible for paying its subcontractors and obtaining lien/claim
releases and dismissals of any litigation against the Debtor and
the Project.
If the Court does not approve the Settlement Agreement, then the
allowed Class 3A through 3CC secured claims shall accrue interest
from the Petition Date until paid in full at the existing contract
rate for each claimant, or if no interest is stated in the
contract, at the Nevada contract rate under NRS 99.040 (currently
the prime rate at the largest bank in Nevada plus 2%) or, at the
election of the claimant, an appropriate interest rate determined
by the Court under the Till approach, with the principal balance
and all accrued interest of each allowed claim to be paid by the
Debtor upon the earlier of a sale or permanent loan refinance of
the Project, or two years after the Effective Date of the Plan.
Like in the prior iteration of the Plan, the lass 4 general
unsecured claims of trade creditors with individual claims of less
than $20,000 each will accrue interest at 4% per annum from the
Petition Date until paid in full. For administrative convenience,
the Debtor shall pay the allowed Class 4 claims in one lump sum
from operating revenues or new loan proceeds on or before March 1,
2026. If the Debtor sells the Project, the Debtor shall pay allowed
Class 4 claims on a prorate basis with Class 5 claims from the net
sale proceeds remaining after payment of all allowed secured and
higher priority claims. Remaining unpaid Class 4 claim amounts, if
any, shall be discharged to the extent allowed under the Bankruptcy
Code.
The Class 5 allowed general unsecured claims will accrue interest
at 4% per annum from the Petition Date until paid in full and shall
be paid by the Debtor in quarterly installments of $200,000
starting January 1, 2027, and continuing on the first day of each
calendar quarter thereafter until paid in full, with each quarterly
payment to be distributed on a pro rata basis among all allowed
Class 5 claims. If the Debtor sells the Project, the Debtor shall
pay allowed Class 5 claims on a prorata basis with Class 4 claims
from the net sale proceeds remaining after payment of all allowed
secured and higher priority claims.
The Debtor intends to fund its Plan and ongoing construction and
business operations from a combination of debtor-in-possession
financing, leasing revenues, permanent financing, and/or sale
proceeds.
A full-text copy of the Amended Disclosure Statement dated November
8, 2024 is available at https://urlcurt.com/u?l=5wHi1S from
PacerMonitor.com at no charge.
Attorneys for the Debtor:
Stephen R. Harris, Esq.
Harris Law Practice LLC
850 E. Patriot Blvd., Suite F
Reno, NV 89511
Tel: (775) 786-7600
About DTH 215 Venture, LLC
DTH 215 Venture is the owner of certain real property located at
215 S. Water Street, Henderson, Nevada 89015-7226.
DTH 215 Venture, LLC in Dexter, MO, filed its voluntary petition
for Chapter 11 protection (Bankr. D. Nev. Case No. 24-12829) on
June 5, 2024, listing as much as $50 million to $100 million in
both assets and liabilities. Natalie Riley as authorized agent,
signed the petition.
Judge Natalie M Cox oversees the case.
HARRIS LAW PRACTICE LLC serves as the Debtor's legal counsel.
ECONOCRAFTS PLUS: Gerard Luckman Named Subchapter V Trustee
-----------------------------------------------------------
The U.S. Trustee for Region 2 appointed Gerard Luckman, Esq., at
Forchelli Deegan Terrana, LLP as Subchapter V trustee for
Econocrafts Plus, LLC.
Mr. Luckman will be paid an hourly fee of $695 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Luckman declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Gerard R. Luckman, Esq.
Forchelli Deegan Terrana, LLP
333 Earle Ovington Blvd., Suite 1010
Uniondale, NY 11553
Tel: (516) 812-6291
Email: gluckman@ForchelliLaw.com
About Econocrafts Plus
Econocrafts Plus, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D. N.Y. Case No. 24-44842) on
November 19, 2024, with $100,001 to $500,000 in assets and $500,001
to $1 million in liabilities.
Judge Elizabeth S. Stong presides over the case.
Btzalel Hirschhorn, Esq., at Shiryak, Bowman, Anderson, Gill &
Kadochnikov LLP represents the Debtor as legal counsel.
ECONOCRAFTS PLUS: Hires Shiryak Bowman Anderson Gill as Counsel
---------------------------------------------------------------
Econocrafts Plus, LLC seeks approval from the U.S. Bankruptcy Court
for the Eastern District of New York to employ Shiryak Bowman
Anderson Gill & Kadochnikov, LLP to handle its Chapter 11 case.
The firm will be paid at these hourly rates:
Partner $600
Associate $450
Paralegals/Law Clerks $195
The firm received a pre-petition retainer of $10,000 from the
Debtor.
`
Btzalel Hirschborn, Esq., an associate at Shiryak Bowman Anderson
Gill & Kadochnikov, 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:
Btzalel Hirschborn, Esq.
Shiryak Bowman Anderson Gill & Kadochnikov, LLP
80-02 Kew Gardens Rd., Ste. 600
Kew Gardens, NY 11415
Telephone: (718) 263-6800
Facsimile: (718) 520-9401
Email: bhirschhorn@sbagk.com
About Econocrafts Plus
Econocrafts Plus LLC sought relief under Subchapter V of Chapter 11
of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-44842) on
Nov. 19, 2024, listing up to $500,000 in assets and up to $1
million in liabilities.
Judge Elizabeth S. Stong oversees the case.
The Debtor tapped Btzalel Hirschborn, Esq., at Shiryak Bowman
Anderson Gill & Kadochnikov, LLP as counsel and Vestcorp LLC as
accountant.
ECONOCRAFTS PLUS: Seeks Approval to Hire Vestcorp as Accountant
---------------------------------------------------------------
Econocrafts Plus, LLC seeks approval from the U.S. Bankruptcy Court
for the Eastern District of New York to employ Vestcorp LLC as its
accountant.
Vestcorp will provide accounting services to the Debtor.
The hourly rates of the firm's counsel and staff are as follows:
Managing Director $400
Principal $350
Tax Accountant $250
Associate $195
Irv Schwarzbaum, CPA, a managing director at Vestcorp, 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:
Irv Schwarzbaum, CPA
Vestcorp, LLC
623 Eagle Rock Avenue, Suite 364
West Orange, NJ 07052
Telephone: (973) 787-0123
Email: ischwarzbaum@vestcorp.net
About Econocrafts Plus
Econocrafts Plus LLC sought relief under Subchapter V of Chapter 11
of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-44842) on
Nov. 19, 2024, listing up to $500,000 in assets and up to $1
million in liabilities.
Judge Elizabeth S. Stong oversees the case.
The Debtor tapped Btzalel Hirschborn, Esq., at Shiryak Bowman
Anderson Gill & Kadochnikov, LLP as counsel and Vestcorp LLC as
accountant.
EL CHILITO MEXICAN: Gets OK to Use Cash Collateral Until March 31
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California,
Northern Division, approved a stipulation between El Chilito
Mexican Food Inc. and the U.S. Small Business Administration,
authorizing the company to use cash collateral to pay its operating
expenses on an interim basis.
The court-approved stipulation allows the company to use SBA's cash
collateral until March 31.
The next hearing is scheduled for March. 25, 2025, at 1:00 p.m.
About El Chilito Mexican Food
El Chilito Mexican Food, Inc. is a local taqueria serving a
delicious selection of Tex-Mex and interior Mexican style tacos,
coffee, frozen sangria/mimosas, and draft beer.
El Chilito sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. C.D. Calif. Case No. 24-11032) on September 11, 2024,
with $500,001 to $1 million in assets and $1 million to $10 million
in liabilities.
Judge Ronald A. Clifford III oversees the case.
The Debtor is represented by Matthew D. Resnik, Esq., at RMH Law,
LLP.
ELECTROCORE INC: Reports $2.5 Million Net Loss in Fiscal Q3
-----------------------------------------------------------
electroCore, Inc. filed with the U.S. Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net loss
of $2.5 million on $6.6 million of net sales for the three months
ended September 30, 2024, compared to a net loss of $4.03 million
on $4.51 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 $8.66 million on $18.14 million of net sales,
compared to a net loss of $14.8 million on $10.84 million of net
sales for the same period in 2023.
As of September 30, 2024, the Company had $21.05 million in total
assets, $11.59 million in total liabilities, and $9.46 million in
total stockholders' equity.
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/yc2byyh6
About electroCore, Inc.
electroCore, Inc. -- www.electrocore.com -- is a commercial-stage
bioelectronic medicine and wellness company dedicated to improving
health through its non-invasive vagus nerve stimulation technology
platform. The Company's focus is the commercialization of medical
devices for the management and treatment of certain medical
conditions and consumer product offerings utilizing nVNS to promote
general well-being and human performance in the United States and
select overseas markets.
New York, NY-based Marcum LLP, the Company's auditor since 2020,
issued a "going concern" qualification in its report dated March
13, 2024, citing that the Company has experienced significant
losses and cash used in operations and expects to continue to incur
net losses. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.
ELNA MEDICAL: Files for CCAA Protection, Plans Restructuring
------------------------------------------------------------
ELNA Medical Group announced on Dec. 11, 2024, that it has brought
an application before the Québec Superior Court (Commercial
Division) to seek protection under the Companies' Creditors
Arrangement Act for the majority of its entities.
Notwithstanding the Company's significant growth and cost
optimization measures taken in recent years, ELNA is facing
financial pressures and has no alternative but to initiate
restructuring proceedings to initiate a formal sale and investment
solicitations process with a view to emerging as a resilient a
thriving business for the long term.
ELNA's primary objective is to sustain its operations effectively,
ensuring uninterrupted care and support for its patients, doctors,
healthcare professionals, and the broader community it serves.
About ELNA Medical Group
ELNA Medical Group is Canada's largest network of medical clinics &
diagnostic laboratories, focused on revolutionizing healthcare,
patient and doctor experience. With over 100 clinics and points of
care, over 1,000 physicians, and serving more than 3 million
Canadians, ELNA is transforming the future of healthcare delivery
and continuity of care by building a fully integrated omnichannel
ecosystem, to better serve our patients in our clinics, virtually
and in-home. Striving to improve patient outcomes and optimize
access to high quality healthcare, ELNA provides unparalleled
support to healthcare professionals within its modern clinics by
leveraging cutting-edge AI technologies and strategic partnerships
with global healthcare leaders. ELNA complements its vast offering
of over 500 medical services with access to diagnostic services,
through its subsidiary CDL Laboratories, a leader in medical
testing for over three decades. For more information, visit:
elnamedical.com
ENC PARENT: PennantPark Marks $3.3MM Loan at 16% Off
----------------------------------------------------
PennantPark Investment Corporation has marked its $3,391,000 loan
extended to ENC Parent Corporation to market at $2,865,000 or 84%
of the outstanding amount, according to a disclosure contained in
PennantPark's Form 10-K for the Fiscal year ended September 30,
2024, filed with the Securities and Exchange Commission.
PennantPark is a participant in a First Lien Secured Debt - Fourth
Out to ENC Parent Corporation. The loan accrues interest at a rate
of 9.12% (3M SOFR+451) per annum. The loan matures on August 20,
2029.
PennantPark Investment Corporation, a Maryland corporation
organized in January 2007, is a closed-end, externally managed,
non-diversified investment company that has elected to be treated
as a BDC under the 1940 Act. In addition, for federal income tax
purposes we have elected to be treated, and intend to qualify
annually, as a RIC under the Code.
PennantPark is led by Arthur H. Penn, Chief Executive Officer and
Chairman of the Board of Directors ; and Richard T. Allorto, Jr.,
Chief Financial Officer and Treasurer. The fund can be reach
through:
Arthur H. Penn
1691 Michigan Avenue
Miami Beach, FL 33319
Tel No.: (786) 297-9500
ENC Parent Corporation (dba Evans Network of Companies or Evans
Delivery) is an asset-light agent-based provider of services to
operators in the intermodal drayage, truckload, and freight
brokerage markets of the logistics industry. Services provided
include national and regional sales support to agents via a number
of back-office support functions including but not limited to
accounts receivable management, payment processing, insurance, and
compliance. ENC will be owned by PE firm Court Square Capital
Partners.
ENC PARENT: PennantPark Marks $7.5MM Loan at 17% Off
----------------------------------------------------
PennantPark Investment Corporation has marked its $4,760,000 loan
extended to ENC Parent Corporation to market at $624,000 or 83% of
the outstanding amount, according to a disclosure contained in
PennantPark's Form 10-K for the Fiscal year ended September 30,
2024, filed with the Securities and Exchange Commission.
PennantPark is a participant in a First Lien Secured Debt - Fourth
Out to ENC Parent Corporation. The loan accrues interest at a rate
of 11.97% (3M SOFR+451) per annum. The loan matures on May 6,
2028.
PennantPark Investment Corporation, a Maryland corporation
organized in January 2007, is a closed-end, externally managed,
non-diversified investment company that has elected to be treated
as a BDC under the 1940 Act. In addition, for federal income tax
purposes we have elected to be treated, and intend to qualify
annually, as a RIC under the Code.
PennantPark is led by Arthur H. Penn, Chief Executive Officer and
Chairman of the Board of Directors ; and Richard T. Allorto, Jr.,
Chief Financial Officer and Treasurer. The fund can be reach
through:
Arthur H. Penn
1691 Michigan Avenue
Miami Beach, FL 33319
Tel No.: (786) 297-9500
ENC Parent Corporation (dba Evans Network of Companies or Evans
Delivery) is an asset-light agent-based provider of services to
operators in the intermodal drayage, truckload, and freight
brokerage markets of the logistics industry. Services provided
include national and regional sales support to agents via a number
of back-office support functions including but not limited to
accounts receivable management, payment processing, insurance, and
compliance. ENC will be owned by PE firm Court Square Capital
Partners.
ENJOY SA: CEO Esteban Rigo-Righi to Step Down on December 31
------------------------------------------------------------
Jose Orozco of Bloomberg News reports that Enjoy CEO Esteban
Rigo-Righi has agreed to resign, effective December 31, according
to a company filing following an extraordinary board meeting.
Rigo-Righi, who spearheaded the company's judicial reorganization,
will pursue new professional opportunities, the company announced.
Carolina Galvez Fuentes, the current head of Investor Relations,
will succeed him as CEO starting January 1, 2025, the report
states.
About Enjoy SA
Enjoy SA owns and/or operates hotels and casinos.
Enjoy SA sought relief under Chapter 15 of the U.S. Bankruptcy Code
(Bankr. S.D.N.Y. Case No. 24-10433) on March 15, 2024.
Honorable Bankruptcy Judge Philip Bentley handles the case.
Foreign Representative's Counsel is Pedro A. Jimenez, Esq., at PAUL
HASTINGS LLP.
ENTECCO FILTER: Gets OK to Use Cash Collateral Until Dec. 20
------------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of North
Carolina, Winston-Salem Division granted Entecco Filter Technology,
Inc., authorization to use cash collateral on an interim basis.
At the time of its Chapter 11 filing, Entecco's available cash
collateral included $348,564 in its bank account and $376,818 in
accounts receivable. PNC Bank, National Association has a lien on
these assets based on a $125,000 loan extended under a revolving
line of credit issued on July 20, 2023. The bank holds a valid and
perfected security interest in the company's pre-bankruptcy
collateral.
The court authorized Entecco to use the cash collateral through
Dec. 20 or until a further order, based on the company's four-week
budget projection. The budget outlines anticipated income from
accounts receivable collections and down payments, along with
expenses related to operations and ongoing projects.
A copy of the court's order and the Debtor's budget is available at
https://shorturl.at/DodG7 from PacerMonitor.com.
During this interim period, Entecco is permitted to use up to 110%
of any line item in the budget to cover necessary expenditures. The
budget includes expenses like payroll and payments of secured debt
to PNC Bank. Notably, the cash flow projection shows the company
starting with $362,000 and ending with an anticipated balance of
$683,401 after four weeks.
As adequate protection for PNC's interest in the cash collateral,
the court granted the bank a continuing security interest in the
company's post-petition assets. This security interest mirrors the
pre-bankruptcy collateral and ensures that PNC's position remains
protected throughout the bankruptcy process. In case of any default
or unauthorized use of funds, PNC can request immediate relief,
including termination of the company's ability to use cash
collateral.
The next hearing is scheduled for Dec. 18.
About Entecco Filter Technology
Entecco Filter Technology, Inc., is a Delaware-based environmental
technology company, specializing in air purification systems and
filter products used in various industries.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D.N.C. Case No. 24-50707) with $1 million
to $10 million in both assets and liabilities. James David
Edgerton, president and chief executive officer, signed the
petition.
James C. Lanik, Esq., at Waldrep Wall Babcock & Bailey, PLLC serves
as the Debtor's legal counsel.
ENVIROSCENT INC: Files Chapter 11 Bankruptcy
--------------------------------------------
On December 3, 2024, Enviroscent Inc. filed Chapter 11 protection
in the Northern District of Georgia. 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.
About Enviroscent Inc.
Enviroscent Inc. is a Consumer Goods, Manufacturing, and Cleaning
Products company located in Atlanta, Georgia.
Enviroscent Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ga. Case No. 24-62804) on December 3,
2024. In the petition filed by Kevin Coen, as CEO, the Debtor
reports estimated assets between $10 million and $50 million and
estimated liabilities between $1 million and $10 million.
The Debtor is represented by:
Cameron M. McCord, Esq.
JONES & WALDEN LLC
699 Piedmont Avenue NE
Atlanta, GA 30308
Tel: 404-564-9300
E-mail: info@joneswalden.com
EPIC! CREATIONS: Trustee Hires FTI Consulting as Financial Advisor
------------------------------------------------------------------
Claudia Springer, the trustee appointed in the Chapter 11 cases of
Epic! Creations, Inc. and its affiliates, seeks approval from the
U.S. Bankruptcy Court for the District of Delaware to employ FTI
Consulting, Inc. as financial advisor.
The firm will provide these services:
(a) undertake investigative research into the Debtors in India
using publicly and semi-publicly available information;
(b) conduct searches using all relevant configurations of the
Debtors' names, in English, and using identified key words;
(c) undertake investigative research into the Debtors in the
United States using publicly and semi-publicly available
information;
(d) use information obtained from FTI's investigative
research, its local knowledge, and broad network of sources in
India, to undertake discrete source inquiries into the Debtors with
the objective of addressing the trustee's informational
requirements, on a best effort basis;
(e) assist in India regarding requested financial information
of the Debtors; and
(f) perform any other investigative services requested by the
trustee related to the Debtors.
The firm will be paid for investigative services at these hourly
rates:
Senior Managing Directors $930 -
$1,195
Directors/Senior Directors/Managing Directors $650 - $965
Consultants/Senior Consultants $375 - $640
Administrative/Paraprofessionals $175 - $275
The firm will be paid for corporate finance services at these
hourly rates:
Senior Managing Directors $1,185 -
$1,525
Directors/Senior Directors/Managing Directors $890 -
$1,155
Consultants/Senior Consultants $485 - $820
Administrative/Paraprofessionals $190 - $385
In addition, the firm will seek reimbursement for expenses
incurred.
Andrew Hinkelman, a senior managing director at FTI Consulting,
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:
Andrew Hinkelman
FTI Consulting, Inc.
555 12th NW, Ste. 700
Washington, DC 20004
Telephone: (202) 312-9100
About Epic! Creations Inc.
Epic! Creations Inc. -- https://www.getepic.com/ -- doing business
as Byju's, retails books online. The Company offers digital library
which includes kids books, ebooks, and videos. Epic! Creations
serves customers in the State of California.
Alleged creditors of Epic! Creations sought involuntary petition
under Chapter 11 of the the U.S. Bankruptcy Code against Epic!
Creations (Bankr. D. Del. Case No. 24-11161) on June 5, 2024.
On September 23, 2024, the United States Trustee for Region 3
appointed Claudia Z. Springer as trustee in these Chapter 11 cases.
The trustee tapped Quinn Emanuel Urquhart, Pashman Stein Walder,
and Jenner & Block LLP as counsel; Panag & Babu as Indian local
counsel; Novo Advisors LLC as accountant; Kurtzman Carson as admin.
Advisor; and FTI Consulting, Inc. as financial advisor.
ETHEMA HEALTH: Swings to $1 Million Net Loss in Third Quarter
-------------------------------------------------------------
Ethema Health Corporation filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net loss
of $1 million on $1.76 million of revenues for the three months
ended Sept. 30, 2024, compared to net income of $2.11 million on
$1.35 million of revenues for the three months ended Sept. 30,
2023.
For the nine months ended Sept. 30, 2024, the Company reported a
net loss of $1.84 million on $4.55 million of revenues compared to
net income of $1.70 million on $4.22 million of revenues for the
nine months ended Sept. 30, 2023.
As of Sept. 30, 2024, the Company had $12.32 million in total
assets, $19.45 million in total liabilities, and a total
stockholders' deficit of $7.13 million.
At Sept. 30, 2024 the Company has a working capital deficiency of
$7.1 million, and total liabilities in excess of assets in the
amount of $7.1 million.
Ethema stated, "Management believes that current available
resources will not be sufficient to fund the Company's planned
expenditures over the next 12 months. These factors, individually
and collectively indicate that a material uncertainty exists that
raises substantial doubt about the Company's ability to continue as
a going concern for one year from the date of issuance of these
condensed interim consolidated financial statements.
"The Company will be dependent upon the raising of additional
capital through placement of common shares, and/or debt financing
in order to implement its business plan and generating sufficient
revenue in excess of costs. If the Company raises additional
capital through the issuance of equity securities or securities
convertible into equity, stockholders will experience dilution, and
such securities may have rights, preferences or privileges senior
to those of the holders of common stock or convertible senior
notes. If the Company raises additional funds by issuing debt, the
Company may be subject to limitations on its operations, through
debt covenants or other restrictions. If the Company obtains
additional funds through arrangements with collaborators or
strategic partners, the Company may be required to relinquish its
rights to certain geographical areas, or techniques that it might
otherwise seek to retain. There is no assurance that the Company
will be successful with future financing ventures, and the
inability to secure such financing may have a material adverse
effect on the Company's financial condition."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/792935/000190359624000678/grst_10q.htm
About Ethema Health
Headquartered in West Palm Beach, Florida, Ethema Health
Corporation --
http://www.ethemahealth.com/-- operates in the behavioral
healthcare space, specifically in the treatment of substance use
disorders.
New York, NY-based RBSM LLP, the Company's auditor since 2023,
issued a "going concern" qualification in its report dated May 7,
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.
EXELA TECHNOLOGIES: Posts $24.94 Million Net Loss in Third Quarter
------------------------------------------------------------------
Exela Technologies, Inc., filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net loss
of $24.94 million on $269.17 million of revenue for the three
months ended Sept. 30, 2024, compared to a net loss of $23.11
million on $253.13 million of revenue for the three months ended
Sept. 30, 2023.
For the nine months ended Sept. 30, 2024, the Company reported a
net loss of $77.42 million on $773.63 million of revenue compared
to a net loss of $99.43 million on $799.68 million of revenue for
the same period during the prior year.
As of Sept. 30, 2024, the Company had $566.97 million in total
assets, $1.50 billion in total liabilities, and a total
stockholders' deficit of $936.18 million.
"...[T]the Company's ability to execute its operational plans is
uncertain and its ability to obtain additional financing in the
debt and equity capital markets is subject to several factors,
including market and economic conditions, the Company's performance
and investor sentiment with respect to the Company and its
industry. Should the Company be unable to execute on its plans it
may need to consider restructuring. Due to the uncertainty
associated with Management's plans, the Company has determined that
substantial doubt regarding its ability to continue as a going
concern exists as of September 30, 2024," Exela 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/1620179/000155837024015755/xela-20240930x10q.htm
About Exela Technologies
Headquartered in Irving, Texas, Exela Technologies, Inc. --
http://www.exelatech.com/-- is a business process automation (BPA)
company, leveraging a global footprint and proprietary technology
to provide digital transformation solutions enhancing quality,
productivity, and end-user experience. With decades of experience
operating mission-critical processes, Exela serves a growing roster
of more than 4,000 customers throughout 50 countries, including
over 60% of the Fortune 100. Utilizing foundational technologies
spanning information management, workflow automation, and
integrated communications, Exela's software and services include
multi-industry, departmental solution suites addressing finance and
accounting, human capital management, and legal management, as well
as industry-specific solutions for banking, healthcare, insurance,
and the public sector.
Iselin, New Jersey-based EisnerAmper LLP, the Company's auditor
since 2023, issued a "going concern" qualification in its report
dated April 3, 2024, citing that the Company has experienced
recurring losses, has a working capital deficit and stockholders'
deficit, and significant future required cash payments for interest
under its long-term debt obligations that raise substantial doubt
about its ability to continue as a going concern.
FLEXJET INC: S&P Assigns 'B+' Issuer Credit Rating, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings assigned its 'B+' issuer credit rating to
Flexjet Inc. and its 'B' issue-level and '5' recovery rating
(rounded estimate: 25%) to the proposed senior unsecured notes.
S&P said, "The stable outlook indicates our expectation that
Flexjet's credit metrics will remain steady through our forecast
period based on the relatively long-term nature of the fractional
contracts with committed revenues, with funds from operations (FFO)
to debt in the mid- to high-teens percentage area.
"We view Flexjet as a leader in the global private aviation space,
with market share among the top three players in the highly
fragmented industry."
Flexjet Inc., global provider of private aviation services, intends
to issue $500 million of senior unsecured notes and a $600 million
secured warehouse facility, with $358 million expected to be drawn
at close. The company will use proceeds to fund $300 million in
dividends and share repurchases, refinance about $430 million of
existing debt, and add cash to balance sheet.
Flexjet operates about 300 aircraft and offers various products
tailored to a range of customer demand around pricing, type of
aircraft, and flexibility. Using flight hours as a proxy for market
share, NetJets is the market leader by far, followed by Flexjet and
VistaJet. Flexjet's flagship offering, fractional aviation (about
80% of total revenues in 2023), offers customers the option to
either purchase (fractional own) or lease (fractional lease) a
share of an aircraft with a set number of flying hours per year
while Flexjet manages the aircraft and provides guaranteed
availability of flying service (i.e., pilot and crewmembers).
Contracts are typically over a five-year term with renewal rates
and retention rate (defined as portion of committed hours that
remain from one year to the next) both around 95%. Flexjet also
offers jet card membership, for less frequent flyers that want to
purchase flying hours in lower increments, as well as on-demand
services for single charter bookings. Most of its fleet is composed
of midsize, super midsize, and long-range aircraft, which are more
versatile and carry higher margin than light jets. In addition,
Flexjet has developed and acquired significant in-house
maintenance, repair, and overhaul (MRO) capabilities over the
years, which S&P views as a competitive advantage over its peers
that rely on 3rd party MRO providers and original equipment
manufacturers (OEMs), which could lead to delays and impact
capacity.
S&P expects demand for private aviation to grow steadily, with the
fractional model benefiting from greater customer stickiness.
Private aviation saw a surge in demand through the pandemic due to
travel regulations and health concerns, from both increased flying
by existing consumers as well as travelers who are experiencing
private aviation for the first time. S&P said, "While we believe
growth has normalized in the post-pandemic world, we expect steady
demand as Flexjet retains a large portion of customers acquired
through COVID and as consumers increasingly pivot toward premium
services. Flexjet's customer base consists of ultra-high net worth
individuals and corporate customers, who we view to be less
volatile and more resilient in economic downturns than the broader
customer base for commercial airlines. In addition, we view the
fractional ownership offering in the market as having greater
stickiness, due to the higher upfront capital investment by the
customer. Within private aviation, Netjets and Flexjet are the two
main players in the fractional space. In comparison, VistaJet
offers primarily subscription-based membership programs and
on-demand, jet card programs, which are shorter term and have lower
switching costs. While Flexjet historically has had high retention
and renewal rates, we note the market is highly fragmented and
competitive pressures could arise from evolving customer demand
shifts toward more asset-light options."
S&P projects steady credit metrics over the next two years with
FFO-to-debt in the mid-to-high-teens percentage area in 2024 and
2025.
Of all fractional contracts, about 65% of customers purchase a
share of the aircraft (fractional own), while the remaining opt for
the fractional lease option. In a fractional own contract, FlexJet
collects a deposit from the customer in order to buy the aircraft,
subsequently selling a partial share of the aircraft to the
customer. About 10% of total revenues is attributed to these
aircraft share sales, with the corresponding revenue amortized over
the contract term. Eight percent of total revenues stems from
monthly lease payments from fractional lease customers. The
remaining revenue under the fractional segment is somewhat evenly
split between monthly management fees and hourly fees for active
flying time, which have built in inflationary escalators and
pass-through components (fuel) that help Flexjet cover both fixed
and variable costs. S&P said, "We view the fees portion (about 65%
of total revenues) as recurring and providing high revenue
visibility and predictability, a key credit positive. S&P Global
Ratings-adjusted EBITDA margins were 16.7%, and we project margins
to remain in the mid-teens percentage area in our forecast period,
supported by steady 10% annual organic revenue growth over the next
few years, with fractional revenue growth outpacing that of the jet
card segment, due to a more crowded market and overlapping
offerings with on-demand charter."
S&P views Flexjet as being less capital intensive as VistaJet and
other peers in the aviation space.
S&P said, "With its fractional ownership model, we view Flexjet's
offering as more service-based, since the customers own the
aircraft. While Flexjet initially purchases the aircraft from the
OEMs, it immediately sells the aircraft to customers at a margin,
receiving cash upfront to offset the cash outlay for the aircraft
purchase. We note that Flexjet does not buy aircraft on speculation
and only enters purchasing contract with OEMs when there is
sufficient demand (i.e., customers that have put down deposits),
which mitigates risks of significant upfront costs. We estimate
that of all the aircraft that Flexjet manages across its products,
only about half of the fleet is owned by the company.
"While we view the fractional own business to be less capital
intensive, we do expect some volatility in reported free cash flow
generation due to the timing of the contracts and the magnitude of
the payments. Nevertheless, we project positive free cash flow
generation in 2025 through consistent demand and stable
profitability. We expect the company to maintain adequate
liquidity, with about $150 million of cash on balance sheet, pro
forma for the transaction, and additional sources from its revolver
($185 million of $250 million drawn as of Sept. 30, 2024) and the
proposed warehouse facility.
"We view Directional Aviation as a strategic owner, based on its
commitment to long-term ownership of Flexjet and its alignment with
Flexjet's strategy.
"We view Directional as an investing entity with long-term
investment horizon and the resources and incentives to help its
investments in case of need. We believe Directional's investments
are predominantly for vertical or horizontal integration within the
private aviation space, as seen with its acquisition of Constant
Aviation and Flying Colours in 2023, which bolstered Flexjet's
in-house MRO capabilities. We exclude its preferred equity from our
financial analysis, including our leverage and coverage
calculations, given its deep subordination, maturity after all
outstanding debt obligations, and lack of events of default or
ability to accelerate repayment.
"Our stable outlook indicates our expectation of steady performance
over the next 12 months based on the relatively long-term nature of
the fractional contracts with committed revenues. We forecast
FFO-to-debt ratio to be in the mid- to- high-teens percentage area
through our forecast period, driven by about 10% annual revenue
growth and stable margins.
"We could lower our ratings on Flexjet within the next 12 months if
it experiences weaker-than-expected operating performance that
causes its metrics to deteriorate, such that we expect FFO to debt
to be sustained below 12%. This could occur if there is a
significant economic downturn that leads to deterioration in market
demand, or Flexjet loses a significant portion of its market share
through competitive pressures. This could also result from a more
aggressive financial policy than expected, through heavy
discretionary or significant debt-financed transactions.
"We could raise our rating on Flexjet if it expands scale
substantially while maintaining consistent margin improvement, such
that we expect FFO to debt to approach 20%, with stable positive
free cash flow generation. This could occur if Flexjet expands its
customer base faster than expected while maintaining a conservative
financial policy."
FLY LEASING: S&P Withdraws 'CCC+' Long-Term Issuer Credit Rating
----------------------------------------------------------------
S&P Global Ratings withdrew its 'CCC+' long-term issuer credit
rating on Fly Leasing Ltd. and 'B' issue rating on Fly Funding II
S.a.r.l.'s 2012 term loan at the company's request.
This came after the company repaid the 2012 term loan. The outlook
on Fly Leasing was stable at the time of the withdrawal.
FRANCHISE GROUP: Hires Deloitte & Touche as Independent Auditor
---------------------------------------------------------------
Franchise Group, Inc. and its affilaites seek approval from the
U.S. Bankruptcy Court for the District of Delaware to employ
Deloitte & Touche LLP as independent auditor.
Deloitte & Touche will provide certain independent audit and review
services to the Debtors.
The firm will bill the Debtors a fixed fee for such services in the
amount of $2,295,000, which shall be billed on a monthly basis.
The firm's out-of-scope services will be billed as follows:
Partner/Principal/Managing Director $980
Senior Manager $970
Manager $845
Senior $750
Staff $615
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received an advance payment of $450,000 from the Debtors.
Bradley Vineyard, a partner at Deloitte & Touche, 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:
Bradley Vineyard
Deloitte & Touche LLP
100 South Mill Avenue, Suite 1800
Tempe, AZ 85281
Telephone: (602) 234-5100
About Franchise Group Inc.
Franchise Group, Inc., through its subsidiaries, operates
franchised and franchisable businesses including The Vitamin
Shoppe, Pet Supplies Plus, LLC, Badcock Home Furniture & More,
American Freight, Buddy's Home Furnishings and Sylvan Learning
Systems, Inc.
Franchise Group, Inc. and its affiliates filed their voluntary
petition for relief under Chapter 11 of the Bankrutpcy Code (Bankr.
D. Del. Lead Case No. 24-12480) on Nov. 3, 2024, listing
$1,000,000,001 to $10 billion in both assets and liabilities. The
petitions were signed by David Orlofsky as chief restructuring
officer.
The Debtors tapped Willkie Farr & Gallagher LLP and Young Conaway
Stargatt & Taylor, LLP as legal counsel; AlixPartners as financial
advisor and chief restructuring officer; Ducera Partners as
investment banker; Ernst & Young LLP as tax, accounting and
valuation services provider; and Deloitte & Touche LLP as
independent auditor. Paul Hastings LLP and Lazard serve as legal
counsel and investment banker, respectively, to the first lien ad
hoc group.
FRANCHISE GROUP: Taps Tax, Accounting & Valuation Services Provider
-------------------------------------------------------------------
Franchise Group, Inc. and its affiliates seek approval from the
U.S. Bankruptcy Court for the District of Delaware to employ Ernst
& Young LLP as tax, accounting and valuation services provider.
The firm will render these services:
(a) prepare tax returns for the years ended December 30, 2023
and December 28, 2024 inclusive of extensions and quarterly
estimated payments, if required;
(b) prepare tax provision calculations for 2024 (annual) and
2025 (interim) financial statements;
(c) manage 2019 Internal Revenue Service (IRS) audit and
appeals process for Franchise Group New Holdco, LLC;
(d) assist in analyzing and responding to notices from state
and local jurisdictions and support the Debtors through state tax
audits, as required;
(e) advise the Debtors on tax implications of contemplated
restructuring alternatives;
(f) routine on-call advisory for miscellaneous tax questions
that arise time to time;
(g) valuation assistance;
(h) ad hoc assistance with general and technical accounting
and financial reporting matters during the bankruptcy proceedings;
and
(j) compute tax depreciation using the firm's Cost Recovery
Vector platform for the tax years ending 12/28/2024 and
12/27/2025.
The firm will be paid at these following rates:
(a) 2023/2024 Tax Compliance - fixed fee of $640,000;
(b) 2024/2025 tax provision:
Partner/Principal $900
Managing Director $875
Senior Manager $750
Manager $625
Senior $410
Staff $275
(c) IRS audit and appeals:
Partner/Principal $900
Managing Director $875
Senior Manager $750
Manager $625
Senior $410
Staff $275
(d) State Notice and State Audit Assistance:
Standard Rate:
Partner/Principal $750
Managing Director $750
Senior Manager $650
Manager $500
Senior $300
Staff $225
National/State Desk Rate:
Partner/Principal $900
Managing Director $875
Senior Manager $750
Manager $625
Senior $410
Staff $275
(e) Debt Restructuring Tax Assistance:
Partner/Principal $1,250
Managing Director $1,150
Senior Manager $950
Manager $850
Senior $600
Staff $400
(f) Routine On-Call advisory:
Compliance Rate Card:
Partner/Principal $750
Managing Director $750
Senior Manager $650
Manager $500
Senior $300
Staff $225
Consulting Rate Card:
Partner/Principal $750
Managing Director $700
Senior Manager $600
Manager $500
Senior $400
Staff $250
(g) Valuation Assistance:
Partner/Principal $750
Managing Director $700
Senior Manager $600
Manager $500
Senior $400
Staff $250
(h) Accounting Assistance:
Partner/Principal $750
Managing Director $700
Senior Manager $600
Manager $500
Senior $400
Staff $250
(i) Vector Depreciation – fixed fee of $25,000 - $28,000.
In addition, the firm will seek reimbursement for expenses
incurred.
Prior to the petition date, the Debtors paid approximately $552,701
to the firm, of which approximately $100,000 constituted the
retainer.
Andrea Hill, a partner at Ernst & Young, 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:
Andrea Hill
Ernst & Young LLP
101 East Washington St., Suite 910
Phoenix, AZ 85004
Telephone: (602) 322-3000
Facsimile: (602) 322-3023
About Franchise Group Inc.
Franchise Group, Inc., through its subsidiaries, operates
franchised and franchisable businesses including The Vitamin
Shoppe, Pet Supplies Plus, LLC, Badcock Home Furniture & More,
American Freight, Buddy's Home Furnishings and Sylvan Learning
Systems, Inc.
Franchise Group, Inc. and its affiliates filed their voluntary
petition for relief under Chapter 11 of the Bankrutpcy Code (Bankr.
D. Del. Lead Case No. 24-12480) on Nov. 3, 2024, listing
$1,000,000,001 to $10 billion in both assets and liabilities. The
petitions were signed by David Orlofsky as chief restructuring
officer.
The Debtors tapped Willkie Farr & Gallagher LLP and Young Conaway
Stargatt & Taylor, LLP as legal counsel; AlixPartners as financial
advisor and chief restructuring officer; Ducera Partners as
investment banker; Ernst & Young LLP as tax, accounting and
valuation services provider; and Deloitte & Touche LLP as
independent auditor. Paul Hastings LLP and Lazard serve as legal
counsel and investment banker, respectively, to the first lien ad
hoc group.
FREE SPEECH: Judge Rejects The Onion's Bid for Infowars
-------------------------------------------------------
James Nani of Bloomberg Law reports that The Onion's attempt to
purchase the assets of Alex Jones' Infowars platform was denied.
During a Tuesday, December 10, 2024, hearing, Houston bankruptcy
Judge Christopher M. Lopez halted the sale, citing concerns that
the sealed bid auction process lacked transparency and did not
maximize value for all creditors, according to Bloomberg Law.
"I think it's clear the trustee left a lot of money on the table,"
Bloomberg cited Judge Lopez as saying.
While the ruling leaves the next steps uncertain, it opens the door
for other potential bidders, the report states.
About Free Speech Systems
Free Speech Systems LLC is a broadcast media production and
distribution company that provides broadcasting aural programs by
radio to the public. Free Speech Systems is a family-run business
founded by Alex Jones.
FSS is presently engaged in the business of producing and
syndicating Jones' radio and video talk shows and selling products
targeted to Jones' loyal fan base via the Internet. Today, FSS
produces Alex Jones' syndicated news/talk show (The Alex Jones
Show) from Austin, Texas, which airs via the Genesis Communications
Network on over 100 radio stations across the United States and via
the internet through websites including Infowars.com.
Due to the content of Alex Jones' shows, Jones and FSS have faced
an all-out ban of Infowars from mainstream online spaces. Shunning
from financial institutions and banning Jones and FSS from major
tech companies began in 2018.
Conspiracy theorist Alex Jones has been sued by victims' family
members over Jones' lies that the 2012 Sandy Hook Elementary School
shooting was a hoax.
Jones' InfoW LLC and affiliates, IWHealth, LLC and Prison Planet
TV, LLC, filed petitions under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 22-60020) on April
18, 2022.
FULCRUM LOAN: Seeks to Hire Fox Rothschild as Special Counsel
-------------------------------------------------------------
Fulcrum Loan Holdings, LLC and its affiliates seek approval from
the U.S. Bankruptcy Court for the Northern District of Georgia to
employ Fox Rothschild LLP as special counsel.
The firm will render these services:
(a) provide legal advice regarding litigation strategy and
options;
(b) represent Debtor Fulcrum Loan Holdings, LLC in the Lyle &
Cary Litigation, and in matters related to the said litigation;
(c) prepare and file pleadings and motions as necessary; and
(d) perform all other necessary legal services related to the
litigation.
The firm's professionals will be paid at these hourly rates:
Lawyers $240 - $990
Paralegals $140 - $425
In addition, the firm will seek reimbursement for expenses
incurred.
F. Beau Howard, a partner at Fox Rothschild, 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:
F. Beau Howard, Esq.
Fox Rothschild LLP
999 Peachtree Street NE, Suite 1500
Atlanta, GA 30309
Telephone: (404) 844-5700
Email: fbhoward@foxrothschild.com
About Fulcrum Loan Holdings
Fulcrum Loan Holdings, LLC is engaged in activities related to real
estate.
Fulcrum Loan Holdings and its affiliates filed their voluntary
petitions for relief under Chapter 11 of the Bankruptcy Code
(Bankr. N.D. Ga. Lead Case No. 24-56114) on June 11, 2024, listing
$10 million to $50 million in assets and $1 million to $10 million
in liabilities.
Judge Paul W. Bonapfel oversees the case.
The Debtors tapped Benjamin Keck, Esq., at Keck Legal, LLC, as
bankruptcy counsel and F. Beau Howard, Esq., at Fox Rothschild LLP
as special counsel.
GANDY'S TRANSPORT: Gets OK to Use Cash Collateral Until March 25
----------------------------------------------------------------
Gandy's Transport, LLC, received third interim approval from the
U.S. Bankruptcy Court for the Northern District of Texas, Fort
Worth Division, to use cash collateral until March 25 next year.
The court determined that the use of cash collateral is necessary
for the company to meet operational needs and fund the
administration of its bankruptcy case.
A copy of the court's order and the Debtor's budget is available at
https://shorturl.at/08EZ0 from PacerMonitor.com.
The interim order includes provisions, granting secured creditors
replacement liens on Gandy's Transport's property and requiring the
company to provide adequate insurance coverage on collateral held
by secured creditors.
About Gandy's Transport
Gandy's Transport, LLC is a transportation company that specializes
in freight and logistics services. Based in Fort Worth, Texas, the
company operates within the trucking industry, providing reliable
transport solutions for various goods and cargo.
Gandy's Transport sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Texas Case No. 24-43354) on September
19, 2024, listing under $1 million in both assets and liabilities.
Judge Edward L. Morris oversees the case.
M. Jermaine Watson, Esq. -- jwatson@canteyhanger.com -- at Cantey
Hanger LLP, serves as the Debtor's legal counsel.
GAUCHO GROUP: Seeks to Hire Salazar Law as Bankruptcy Counsel
-------------------------------------------------------------
Gaucho Group Holdings, Inc. seeks approval from the U.S. Bankruptcy
Court for the Southern District of Florida to employ Salazar Law,
LLP as counsel.
The firm will render these services:
(a) advise the Debtor with respect to its powers and duties;
(b) advise the Debtor in connection with post-petition
financing, provide advice and counsel with respect to pre-petition
financing arrangements, and provide advice in connection with
emergency financing and capital structure, and negotiate and draft
documents relating thereto;
(c) advise the Debtor on matters relating to the evaluation of
unexpired leases and executory contracts to be assumed, rejected or
assigned;
(d) advise the Debtor with respect to legal issues arising in
or relating to its ordinary course of business and provide advice
and counsel on matters involving tax, insurance, corporate,
business operation, contracts, real property, media, press
releases, and public affairs;
(e) take all necessary action to protect and preserve the
Debtor's estate;
(f) prepare all legal documents necessary in the
administration of this case;
(g) negotiate on the Debtor's behalf and prepare a plan of
reorganization, disclosure statement and all related agreements
and/or documents, and take any necessary action on its behalf to
obtain confirmation of such plan;
(h) attend meetings and negotiate with representatives of
creditors and other parties-in-interest and advise and consult on
the conduct of this case;
(i) attend meetings with third parties and participate in
negotiations with respect to the matters described above;
(j) appear before this court, any appellate courts, and the
United States Trustee, and protect the interests of the Debtor's
estate before such courts and the United States Trustee;
(k) provide advice to the Debtor with respect to its
responsibilities in complying with the United States Trustee's
Operating Guidelines and Reporting Requirements and with the rules
of this court; and
(l) perform all other necessary legal services and provide all
other necessary legal advice to the Debtor in connection with this
Chapter 11 case.
The firm will be paid at these hourly rates:
Luis Salazar, Partner $750
Jose Ceide, Partner $595
Ali-Marcelle Lee-Sin, Paralegal $250
Partners $550 - $750
Of Counsel $350 - $550
Associates $285 - $550
Law Clerks $210 - $280
Paralegals $120 - $250
In addition, the firm will seek reimbursement for expenses
incurred.
Mr. Salazar 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:
Luis Salazar, Esq.
Salazar Law, LLP
2121 S.W. 3rd Avenue, Suite 200
Miami, FL 33129
Telephone: (305) 374-4848
Facsimile: (305) 397-1021
Email: Luis@Salazar.Law
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 a 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.
Luis Salazar, Esq., at Salazar Law, LLP is the Debtor's legal
counsel.
GREAT EASTERN: Gets Approval for Continued Cash Collateral Use
--------------------------------------------------------------
Great Eastern Group, Inc., received approval from the U.S.
Bankruptcy Court for the Southern District of Florida to continue
using cash collateral.
The Court approved the Debtor's request to continue using cash
collateral as necessary for business operations, in accordance with
the budget attached to the motion.
The Debtor is allowed to deviate by up to 10% per line item and
overall without needing further court approval, Variances beyond
10% require court authorization.
The adequate protection to be provided to the secured creditors
includes replacement liens on the company's post-petition cash
collateral to the same extent and with the same validity and
priority as their pre-bankruptcy liens.
About Great Eastern Group
Great Eastern Group, Inc., a company in Fort Lauderdale, provides
engineering services to government and commercial sectors in
Florida, Rhode Island, Washington, and Virginia. It specializes in
submarine telecommunications, marine, environmental, and
alternative energy engineering services.
Great Eastern Group sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-15582) on June 4,
2024, with total assets of $1,587,987 and total liabilities of
$13,552,66. Virginia J. Hoffman, president of Great Eastern Group,
signed the petition.
Judge Scott M. Grossman oversees the case.
The Debtor is represented by Brett Lieberman, Esq., at Edelboim
Lieberman, PLLC.
GROWTHWORKS CANADIAN: Updates CCAA Process, Dissolution Timeline
----------------------------------------------------------------
GrowthWorks Canadian Fund Ltd. provided a further update on its
proceedings under the Companies' Creditors Arrangement Act and the
proposed winding-up and dissolution of the Fund, including certain
proposed amendments to the Distribution, Termination and Discharge
Order previously obtained by the Fund from the Ontario Superior
Court of Justice under the CCAA.
At a hearing scheduled for December 18, 2024, the Fund will request
the Court to amend the Distribution Order to, among other things,
extend the Stay Period.
The Fund is continuing with its efforts to liquidate the remainder
of its investment portfolio. The Fund currently expects to cease
those efforts and make a final cash distribution to eligible Class
A shareholders of the Fund and the holder of the Fund's Class B
shares, respectively, in connection with the Dissolution by March
31, 2025.
Background; Dissolution Date
In October 2013, the Fund sought protection from its creditors
pursuant to proceedings commenced under the CCAA and obtained an
order of the Court granting a stay of proceedings against the Fund
for a specified period of time . The current Stay Period will
expire on December 31, 2024, unless further extended by the Court.
FTI Consulting Canada Inc. has been appointed by the Court as
monitor for the CCAA Proceedings.
Since the commencement of the CCAA Proceedings, the Fund, in
consultation with the Monitor and with the assistance of the Fund's
investment advisor, Crimson Capital Inc., has been primarily
engaged in the orderly disposition of the Fund's remaining venture
assets and the settlement of the Fund's liabilities and
obligations, including significant amounts owing to Roseway Capital
S.a.r.l., legal proceedings commenced by the former manager of the
Fund and other litigation involving the Fund.
Distribution Order
On January 19, 2023, the Fund obtained the Distribution Order from
the Court. Among other things, the Distribution Order:
-- extends the Stay Period to December 31, 2024;
-- authorizes the Fund to continue to take such steps as it, in
consultation with its investment advisor and the Monitor,
determines is appropriate to effect an orderly liquidation of its
investment portfolio;
-- authorizes the Fund to cease those efforts and donate any
security that it continues to hold to one or more charities or
otherwise deal with it in the manner determined by the Fund, in
consultation with the Monitor, if the Fund determines that it would
be appropriate to do so, after considering the proceeds likely to
be realized, the estimated cost of such efforts and such other
factors as the Fund determines relevant in the circumstances;
-- authorizes the Fund to make one or more distributions to the
holders of its Class A shares and the holder of its Class B shares
in certain circumstances;
-- provides that, upon the Fund concluding the liquidation of its
investment portfolio, paying all creditor claims, making
distributions to shareholders and otherwise completing all matters
to be attended to in connection with the CCAA Proceedings to the
satisfaction of the Monitor, the Monitor will file with the Court
the Monitor's CCAA Completion Certificate, which will designate the
"CCAA Termination Time"; and that, as of the CCAA Termination Time:
-- the CCAA Proceedings will be terminated;
-- the Fund will be dissolved without any further act or formality;
-- the Monitor will be discharged and released from its duties,
obligations and responsibilities; and
-- the current and former directors, officers and other
Representatives of the Fund, the Monitor and the Monitor's
Representatives, will be released from all claims arising in
connection with Fund or the CCAA Proceedings (except claims that
cannot be compromised pursuant to the provisions of the CCAA).
A copy of the Distribution Order is available on the website of the
Monitor at: http://cfcanada.fticonsulting.com/GCFL/.
Proposed Amendments to the Distribution Order
The Fund has filed a motion with the Court for certain amendments
to the Distribution Order. The Court will consider the Fund's
application at a hearing to be held virtually at 12:00 p.m.
(Eastern Time) on December 18, 2024. Persons wishing to attend the
Court hearing should contact the Monitor by telephone at
416-649-8087 / 1-855-431-3185 or by e-mail at
growthworkscanadianfundltd@fticonsulting.com.
If granted, the amendments to the Distribution Order would provide
the following relief, among other things:
-- the Stay Period would be extended until the CCAA Termination
Time, during which time the Fund would be authorized to continue to
take such steps as it, in consultation with its investment advisor
and the Monitor as appropriate, determines is appropriate to effect
an orderly liquidation of its investment portfolio after December
31, 2024.
-- the term of the Second Amended and Restated Investment Advisor
Agreement between the Fund and Crimson Capital would be extended
until the CCAA Termination Time.
The Fund would continue its efforts to liquidate its investment
portfolio until such time as the Fund, in consultation with the
Monitor, determines that it would be appropriate to cease those
efforts, after considering the proceeds likely to be realized, the
estimated cost of such efforts and such other factors as the Fund
determines relevant in the circumstances. Upon making that
determination, the Fund would be authorized to donate any security
that it continues to hold to one or more charities or otherwise
deal with it in the manner determined by the Fund. At this time, it
is the Fund's intention to cease its portfolio liquidation efforts
and make a final cash distribution to eligible shareholders of the
Fund in connection with the Dissolution by March 31, 2025. Since
the Fund's remaining non-cash assets consist of equity and debt
venture investments in private enterprises or restricted
securities, this means that the Fund would surrender any such
remaining investments for no consideration notwithstanding the
potential long-term value of the investments, which may be
material, and proceed with the Distribution in connection with the
Dissolution, as described below.
Copies of the court material filed by the Fund and the Monitor,
together with details relating to the CCAA Proceeding and general
information relating to the status of the remaining investments,
are available on the Monitor's website at
http://cfcanada.fticonsulting.com/gcfl/.
Dissolution Date; Distribution to Class A Shareholders
The Distribution Order authorizes the Fund to make distributions to
eligible Class A Shareholders out of the available cash and cash
equivalents of the Fund, net of any amount due and owing to the
Fund's creditors, the estimated costs to make the distribution and
certain other amounts. As noted above, the Fund currently expects
to make a final cash distribution to eligible Class A Shareholders
and the holder of the Fund's Class B shares, respectively, in
connection with the Dissolution. Eligible Class A Shareholders
would be expected to share rateably in the distribution proceeds
according to the net asset value of the applicable series of Class
A Share, share for share, in the distribution proceeds, less any
applicable withholding taxes and subject to the terms of the
Distribution Order.
The amount and timing of any such Distribution has not yet been
determined; however, the Fund presently expects this to occur by
March 31, 2025. Delivery of cheques representing any such
Distribution may be adversely affected by the current postal strike
in Canada if it is not resolved prior to any Distribution. The Fund
intends to provide a further update as to the details of the
Dissolution and any Distribution in the coming weeks, including the
approximate amount of cash that will be available for the
Distribution.
Updates to Shareholder Registration Details Prior to the
Dissolution
Since the commencement of the CCAA Proceedings, it is possible that
changes in the registration details of a Class A Shareholder may
have occurred without those changes being reflected on the Fund's
register of Class A Shareholders, including as a result of Class A
Shares having devolved as a consequence of the death of a Class A
Shareholder.
In order to ensure that any notice or distribution by the Fund to
Class A Shareholders in connection with the Dissolution is properly
given or made, Class A Shareholders are reminded to submit any
changes in registration details since October 1, 2013 to the Fund's
transfer agent, The Investment Administration Solution Inc., by
utilizing the following website administered by IAS on behalf the
Fund:
https://www.autonomousinvest.com/gwcf
About GrowthWorks Canadian
GrowthWorks Canadian Fund Ltd., L.P. specializes in early-stage and
growth capital. It also supports companies through to maturity. The
fund seeks to invest in small to medium sized companies. It seeks
to invest in information technology; life sciences; advanced
manufacturing; clean technology; communications; media;
transportation; medical products and health services; specialty
merchandising; computer systems and software; lodging; financial,
professional, and personal services; and training and education
sectors. The fund prefers to invest in private companies based in
Canada with a focus on Ontario, Saskatchewan, and Manitoba.
HEALTHY SPOT: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Healthy Spot Operating LLC
1831 W. 20th St.
Torrance, CA 90501
Chapter 11 Petition Date: December 10, 2024
Court: United States Bankruptcy Court
Central District of California
Case No.: 24-20065
Debtor's Counsel: David L. Neale, Esq.
LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P.
2818 La Cienega Ave.
Los Angeles, CA 90034
Tel: (310) 229-1234
E-mail: dln@lnbyg.com
Estimated Assets: $10 million to $50 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Mark Boonnark as CEO.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/RUPMMJQ/Healthy_Spot_Operating_LLC__cacbke-24-20065__0001.0.pdf?mcid=tGE4TAMA
List of Debtor's 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. 8525 Santa Monica Blvd LLC $92,412
710 North Oakhurst Drive
Beverly Hills, CA 90210
2. Century City Mall, LLC $94,922
7950 Collection
Center Dr.
Chicago, IL 60693
3. Cintas Corporation $64,350
P.O. Box 639990
Cincinnati, OH
45263-9990
4. Clearmind Technology, Inc. $78,819
3303 Wilshire Blvd
Suite 1225
Los Angeles, CA 90010
5. ECS Janitorial Services, Inc. $42,716
901 East 65th Street
Inglewood, CA 90302
6. Essex Portfolio, L.P. $49,635
MB360 Retail
PO Box 209441
Austin, TX
78720-9281
7. Ivy Station Residential LLC $89,676
11777 San Vicente Boulevard
Suite 900
Los Angeles, CA 90049
8. Kaiser Permanente $71,924
New York, NY 10001
9. Mamo LBMP Investors I LLC $65,016
PO Box 209427
Austin, TX
78720-9281
10. Michael Quagletti Trust $42,225
2300 Greenfield Avenue
Los Angeles, CA 90064
11. Newco $1,173,502
9060 Rochester Avenue
Rancho
Cucamonga, CA 91730
12. Perkins Coi LLP $42,469
1201 3rd Ave
Suite 4900
Seattle, WA 98101
13. Pet Food Experts $52,077
175 Main Street
Pawtucket, RI 02860
14. Primal Pet Foods $62,520
801 Chadbourne Rd.
Ste 103
Fairfield, CA 94534
15. Radbert Chin & $40,086
Diana Chin
c/o Manco Abbott Inc
P.O. Box 9440
Fresno, CA
93792-9440
16. Runway Owner LLC $125,440
12775 Millennium Drive
Suite 165
Los Angeles, CA 90094
17. Sepulveda Blvd. $54,856
Properties, LLC
225 S Sepulveda Blvd
ATTN: Holly Miyagawa
Manhattan Beach, CA 90266
18. Silver Ridge Plaza $45,719
16541 Gothard Street
Ste 112
Huntington Beach,
CA 92647-9013
19. Village at Westfield Topanga $78,050
211 North Stadium
Boulevard
Suite 201
Columbia, MO 65203
20. Ziwipeak $140,668
10985 Cody Street
Suite 110
Overland Park, KS 66210
HIGHLAND PARK: Case Summary & One Unsecured Creditor
----------------------------------------------------
Debtor: Highland Park Apts LLC
100 Franklin Square Drive, Suite 401
Somerset NJ 08873
Business Description: Highland Park Apts is a Single Asset Real
Estate debtor (as defined in 11 U.S.C.
Section 101(51B)).
Chapter 11 Petition Date: December 10, 2024
Court: United States Bankruptcy Court
District of New Jersey
Case No.: 24-22119
Judge: Hon. Michael B Kaplan
Debtor's Counsel: Kenneth A. Rosen, Esq.
KEN ROSEN ADVISORS PC
80 Central Park West
New York, NY 10023
Tel: (973) 493-4955
Email: Ken@kenrosenadvisors.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Elizabeth A. LaPuma as independent
fiduciary.
The Debtor listed X-Caliber Funding LLC located at 3 W Main Street,
Suite 103, Irvington, NY 10533 as is sole unsecured creditor.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/USCD5JQ/Highland_Park_Apts_LLC__njbke-24-22119__0001.0.pdf?mcid=tGE4TAMA
HOPE COMMUNITY: S&P Affirms 'B-' Rating on 2015/2020A Rev. Bonds
----------------------------------------------------------------
S&P Global Ratings revised the outlook to stable from negative and
affirmed its 'B-' long-term rating on the St. Paul Housing and
Redevelopment Authority, Minn.'s series 2015 and 2020A revenue
bonds, issued for HOPE Community Academy (HOPE).
"The outlook revision reflects our view of HOPE's fiscal
improvement such that the school was in compliance with covenants
in fiscal 2024, as well as our expectation that it will also be so
in fiscal 2025," said S&P Global Ratings credit analyst Sue Ryu.
S&P said, "The stable outlook reflects our view of HOPE's return to
stable financial operations and covenant compliance in fiscal 2024,
and our expectation that the school will generate similar results
and compliance in fiscal 2025 given its effort to amend its budget
to actual enrollment. We are monitoring closely for enrollment
trends and their effects on expected fiscal 2026 results."
As of June 30, 2024, HOPE had approximately $28.6 million in total
debt outstanding, including the series 2015 and series 2020A bonds
as well as a minimal amount of capital leases. The bonds
outstanding are secured by a pledge of state funding assigned to
the trustee. Covenants require at least 45 days' cash on hand, as
well as debt service coverage of at least 1.1x; coverage below 1.1x
but above 1.0x could require a consultant call-in, and coverage
below 1x could be declared an event of default.
HORIZON MIDCO 2: S&P Assigns 'B' ICR, Outlook Stable
----------------------------------------------------
S&P Global Ratings assigned its 'B' issuer credit rating to Horizon
Midco 2 Ltd. (dba The Travel Corp.; TTC). At the same time, S&P
assigned its 'B' issue-level rating and '3' recovery rating to its
proposed secured credit facility. The '3' recovery rating indicates
its expectation for meaningful (50%-70%, rounded estimate: 55%)
recovery for lenders in the event of a payment default.
S&P said, "The stable outlook reflects our expectation that TTC
will exhibit steady performance and volume growth, but increase
investments to drive efficiencies will cause its margin to modestly
decline in 2025. We expect leverage to increase to the mid-4x area
and free operating cash flow (FOCF) to remain above 10% over the
next 12 months.
The 'B' issuer credit rating reflects the high degree of
competition in the touring and European river cruise markets, as
well as TTC's low profitability, limited scale and geographic
diversity, and financial-sponsor ownership. Offsetting these
risks is its good market position in the touring and luxury river
cruise spaces, good revenue visibility given its long booking
windows, and our view that TTC's affluent target customer base is
more resilient in economic cycles than mass market customers. S&P
said, "In addition, despite our expectation that the company's
leverage will be in the mid-4x area through 2025 and mid-3x area
through 2026, we view Apollo's ownership as a financial risk
because we believe financial-sponsor owners frequently engage in
debt-financed acquisitions, investments, or shareholder returns."
TTC's main touring brand (Trafalgar) and river cruise brand
(Uniworld) are established players in their markets, but require
significant marketing spend to drive passenger volume growth. The
global tour and river cruise markets are highly fragmented and
competitive. While its Trafalgar and Uniworld brands command
roughly 15% and 45% market share in the touring and luxury river
cruising markets, respectively, passenger volume growth has lagged
peers. S&P said, "We expect the company, under new ownership, to
reverse previous marketing cost cuts to drive passenger volume
recovery, drive customer repeat rates with a focus on direct
marketing, and stabilize the agent channel by aligning commissions
to market rates. Although we expect passenger growth across each of
TTC's 18 brands, we believe Trafalgar and Uniworld are the only TTC
brands that will recover their passenger levels in our forecast
period to pre-COVID-19 levels."
TTC faces significant competition from other river cruise
operators. Its Uniworld brand competes against other river cruise
operators, including Viking Cruises Ltd., Ahab Finance 2 Ltd.(dba
AmaWaterways), Tauck, and Scenic. Aside from Viking, which has a
50% market share across all price points, the river cruising market
is highly fragmented. AmaWaterways is a direct competitor in the
luxury and premium categories, though S&P views Uniworld as a
slightly more luxury brand due to its higher price point and
smaller ships. As such, Uniworld has limited capacity and brand
recognition in the overall river cruising space due to its boutique
operations, which challenges its ability to take market share from
larger, more well-known brands, like Viking.
However, the company has entrenched its niche position in the
luxury segments of the river cruising industry, which caters
largely to high-net-worth individuals in North America, Europe,
Australia, and New Zealand that are generally 65 years or older. In
addition, approximately 75% of the company's customers reside in
the U.S. or Canada. TTC's wealthier core customer base generally
leads to higher spending per passenger. S&P also expects the large
and growing cohort of people aged 65 or older across its source
markets will likely support continued demand for river cruises.
TTC is vulnerable to operating volatility given its relatively
small scale and geographic concentration in Europe, partially
offset by some diversification in its land touring brands. S&P
believes TTC has some asset diversity between its touring and river
cruise brands. TTC's five brands in the global tour space also span
across luxury, premium, and value categories, serving a wide range
of consumers. In total, TTC has 18 brands including free
independent traveler, day tours, and destination management
companies. However, TTC's weak competitive positioning reflects the
operations between TTC's core luxury brands of Trafalgar and
Uniworld as stand-alone brands with limited existing capabilities
to expand via cross-selling.
Furthermore, TTC has limited geographic diversity because over 80%
of TTC's destinations are based in Europe, including 12 of its 17
ships. S&P said, "We view the size of its fleet as small. Given
TTC's reliance on European itineraries, we believe the company is
more vulnerable to adverse changes in the competitive environment
and regional economic conditions than larger, more diversified
peers."
TTC benefits from a long booking window, which supports significant
revenue and cash flow visibility. In line with other river tour
operators, as of November 2024, TTC has sold nearly half of its
2025 capacity. Furthermore, relative to booking expectations in
2025, TTC has booked 42% and 58% of its touring and river cruise
itineraries, respectively, for the year. The company's long booking
window provides it with some flexibility to manage tours in the
global touring market if passenger demand falters and tours do not
reach their break-even points. These break-even load factors
average roughly 40% for the touring segment and 35% for the river
cruise segment. On the other hand, TTC has limited flexibility in
its river cruise segment to manage substantial passenger increases
due to the smaller capacity of its ships and has no plans to add
new ships to its fleet over the next two years. Nonetheless, S&P
expects TTC's forward-booked position and recovering occupancy will
support solid growth.
However, the demand for future cruise bookings could decline if
macroeconomic volatility hinders the wealth of its target customer
demographic, leading them to reduce their discretionary spending on
travel. Furthermore, an escalation of geopolitical conflicts could
affect consumers' willingness to travel, especially for river
cruises that rely on them to fly to overseas destinations. This
could cause the company's customers to cancel their current
bookings.
S&P said, "We view TTC's profitability as weak compared with peers
and expect margins to contract on higher marketing and growth
investments in 2025. We expect the company to generate S&P Global
Ratings-adjusted EBITDA margin of about 14% in 2024, which compares
less favorably with its peers with margins above 20%. Although the
company has identified cost savings opportunities in the form of
headcount reduction, labor cost arbitrage, real estate
consolidation, and tech optimization, we believe substantial
upfront investments of up to $50 million will keep its
profitability limited in at least the next two years. We expect the
break-even point in which realized cost savings exceeds costs to
achieve to occur in 2027 at the earliest. Nevertheless, we expect
TTC to benefit from operating leverage beginning 2026 once sales
and marketing expenses stabilize and the company experiences
passenger volume growth and modest sales price growth. As such, we
forecast EBITDA margins of about 11% and 14% in 2025 and 2026,
respectively."
TTC's majority ownership by a financial sponsor increases its
financial risk. Private-equity sponsor Apollo will own the
company following the sale from the Tollman family. S&P said, "Pro
forma the transaction, we forecast the company's S&P Global
Ratings-adjusted leverage will be 3.9x in 2024 and remain 3.5x-4.6x
over the next 12-24 months, which is less aggressive than the
leverage levels of many other financial sponsor-owned companies.
However, our view of TTC's financial risk incorporates Apollo's
ownership, board control, and ability to dictate its strategy and
cash flows." This could lead the company to adopt a more aggressive
financial policy, potentially by pursuing debt-financed
acquisitions or shareholder distributions, which would likely
weaken its credit measures.
S&P said, "The stable outlook reflects our expectation that TTC
will exhibit steady performance and volume growth, but increase
investments to drive efficiencies will cause its margin to modestly
decline in 2025. We expect leverage to increase to the mid-4x area
and FOCF to remain above 10% over the next 12 months.
"We could lower our rating on TTC if its operating performance over
the next 12 months is weaker than we expect or its forward bookings
deteriorate such the company's leverage increases above 6.5x and
its FOCF to debt declines below 5% in 2025." This could occur if
the company underperforms S&P's base-case assumptions due to:
-- Missed execution related to its cost savings initiatives;
-- Escalating geopolitical conflicts;
-- Increased competitive pressures that significantly reduce
demand for touring or river cruising, or
-- Increased shareholder returns or debt-financed acquisitions.
S&P said, "We could consider raising our ratings on TTC by one
notch if we believe its revenue and EBITDA will support sustained
S&P Global Ratings-adjusted leverage of less than 5x, after
incorporating growth investments and shareholder returns. We would
also look for the company to build a track record of having a
conservative financial policy and adhering to leverage well below
5x with a sufficient cushion for any leveraging transactions."
Environmental factors are also a negative consideration because of
TTC's use of greenhouse gas-emitting fuels, as well as increasing
environmental regulations and the potential for environmental
damage stemming from an accident involving one of its ships. These
risks could increase its required investment spending or fines if
not properly managed. Additionally, TTC's operations are less
concentrated in river cruising than some of its peers, which
exposes it less so to EBITDA volatility during low-water periods.
The company's operations have not been impaired by low water levels
in the past.
S&P views TTC's management and governance as moderately negative,
which is similar to its view of most rated entities owned by
private-equity sponsors. This reflects our view that its corporate
decision-making prioritizes the interests of its controlling
owners. It also reflects private-equity sponsors' generally finite
holding periods and focus on maximizing shareholder returns.
HUDSON 888: Herrick Feinstein Attorneys Comment on Refinancing
--------------------------------------------------------------
On Friday, December 6, 2024, the Hudson 888 entities and their
parent, XIN Development Group International Inc. (a subsidiary of
XINYUAN Real Estate Co., Ltd., a publicly traded company listed on
the NYSE under the stock symbol XIN), consummated a transaction to
pay off the remaining secured claims in the Hudson 888 chapter 11
cases in the approximate amount of $48 million. This transaction
represents the successful culmination of the Hudson 888 entities'
reorganization around the retail portion of its development known
as The Bloom on 45th, a high-end mixed-use development located at
45th street and 10th Avenue in Hell's Kitchen. The cases were
jointly administered as case no. 24-10021-MEW in the Bankruptcy
Court for the Southern District of New York. Christina Ying and
Robert Gordon of Herrick, Feinstein LLP served as lead real estate
counsel and lead restructuring counsel, respectively.
"This represents a very positive result for our clients in this
matter, retaining an important piece of The Bloom on 45th
development and enabling them to devote their energies more fully
to their various development strategies. XIN Development and its
affiliated entities are excellent developers and operators, and
throughout the restructuring process, they managed and maintained
the value of this beautiful property that they developed and earned
this victory. CEO of XIN Development, Mr. Sheng Zhang, and his team
deserve the credit," said attorneys Ying and Gordon.
About Hudson 888 Owner
Hudson 888 Owner LLC, a Single Asset Real Estate debtor (as defined
in 11 U.S.C. Sec. 101(51B)), owns a mixed-use real estate project
commonly known as the Bloom on Forty-Fifth Condominium, located at
500 West 45th Street, in Manhattan, New York. Construction was
completed in 2020 and consists of 92 studio, one-bedroom,
two-bedroom, and three-bedroom residential condominium apartments
and five commercial condominium units.
Hudson 888 Holdco LLC, a holding company, owns the membership
interests in Hudson 888 Owner. Chinese developer Xinyuan Real
Estate Co., Ltd., is the parent entity of Hudson 888.
Hudson 888 Owner LLC and Hudson 888 Holdco LLC sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No.
24-10021) on Jan. 7, 2024. In the petition signed by Sheng Zhang,
chairman and CEO, Hudson 888 Owner disclosed up to $500 million in
both assets and liabilities. Judge Michael E. Wiles oversaw the
cases.
Counsel for the Debtors:
Robert D. Gordon, Esq.
Nicholas G.O. Veliky, Esq.
Rodger T. Quigley, Esq.
HERRICK, FEINSTEIN LLP
Two Park Avenue
New York, NY 10016
Tel: (212) 592-1400
Fax: (212) 592-1500
E-mail: rgordon@herrick.com
nveliky@herrick.com
rquigley@herrick.com
Special condominium counsel to the Debtors:
Holland & Knight LLC
31 West 52nd Street
New York, NY 10019
Attn: Stuart M. Saft
Telephone: (212) 513-3308
E-mail: stuart.saft@hklaw.com
Counsel to the Secured Lenders:
Reed Smith LLP
David A. Pisciotta
599 Lexington Avenue
New York, NY 10022-7650
Tel: (212) 521 5400
Fax: (212) 521 5450
E-mail: dpisciotta@reedsmith.com
HURSTVIEW DRIVE: Files Chapter 11 Bankruptcy Protection in Texas
----------------------------------------------------------------
On December 2, 2024, Hurstview Drive LLC filed Chapter 11
protection in the Northern District of Texas. According to court
filing, the Debtor reports between $1 million and $10 million in
debt owed to 1 and 49 creditors. The petition states funds will be
available to unsecured creditors.
About Hurstview Drive LLC
Hurstview Drive LLC is engaged in activities related to real
estate.
Hurstview Drive LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-33933) on December 2,
2024. In the petition filed by Daniel C. Blackburn, as president,
the Debtor estimated assets and liabilities between $1 million and
$10 million each.
The Debtor is represented by:
Robert Buchholz, Esq.
THE LAW OFFICE OF ROBERT W. BUCHHOLZ, P.C.
5220 Spring Valley Road, Suite 618
Dallas, TX 75254
Tel: (214) 754-5500
E-mail: BOB@ATTORNEYBOB.COM
HYPERSCALE DATA: Sells 570 Series C Stock to Ault for $570,000
--------------------------------------------------------------
Hyperscale Data, Inc., disclosed in a Form 8-K filing with the U.S.
Securities and Exchange Commission that the Company has sold 570
shares of Series C convertible preferred stock and warrants to
purchase 4,815 shares of the Company's common stock for a purchase
price of $570,000.
The deal was pursuant to the Securities Purchase Agreement the
Company entered into with Ault & Company, Inc., a Delaware
corporation, as Purchaser, on November 6, 2023.
As of December 6, 2024, the Purchaser has purchased an aggregate of
47,550 shares of Series C Convertible Preferred Stock and Series C
Warrants to purchase an aggregate of 401,647 Warrant Shares, for an
aggregate purchase price of $47.55 million. The Agreement provides
that the Purchaser may purchase up to $75 million of Series C
Convertible Preferred Stock and Series C Warrants in one or more
closings.
The Purchaser is an affiliate of the Company.
About Hyperscale Data
Hyperscale Data, Inc., formerly known as Ault Alliance, Inc., is a
diversified holding company pursuing growth by acquiring
undervalued businesses and disruptive technologies with a global
impact. Through the Company's wholly and majority-owned
subsidiaries and strategic investments, the Company owns and/or
operates data centers at which it mines Bitcoin and offers
colocation and hosting services for the emerging artificial
intelligence ecosystems and other industries, and provides
mission-critical products that support a diverse range of
industries, including a metaverse platform, oil exploration, crane
services, defense/aerospace, industrial, automotive,
medical/biopharma, consumer electronics, and textiles.
New York, New York-based Marcum LLP, the Company's auditor since
2016, issued a "going concern" qualification in its report dated
April 16, 2024, citing that the Company has a working capital
deficiency, has incurred net 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.
IM GROUP: S&P Downgrades ICR to 'CCC+', Outlook Stable
------------------------------------------------------
S&P Global Ratings lowered to 'CCC+' from 'B' its long-term issuer
credit rating on IM Group (Isabel Marant's holding company) and its
issue rating on the EUR265 million senior secured notes due in
2028. The recovery rating on the notes is unchanged at '3',
indicating recovery prospects of about 50%-70% (rounded estimate
50%) in the event of default.
S&P said, "The stable outlook indicates that we expect Isabel
Marant to maintain sufficient liquidity to fund its operations over
the next 12 months, supported by its lack of significant near-term
debt maturities. In our base case, we assume that operating
performance will gradually improve from early in 2025, as the
company tightens its control over working capital and implements
measures to control costs.
Low consumer demand is still weighing on operating performance at
French personal luxury goods manufacturer Isabel Marant by
hampering its wholesale distribution network. Over the first nine
months of 2024, reported revenue declined by about 17%
year-on-year, to close to EUR150 million, while recurring EBITDA
declined by 34%.
Under S&P's revised base case, it now forecasts S&P Global
Ratings-adjusted debt to EBITDA of close to 10x at year-end 2024,
followed by a moderate decrease in 2025. After leases, annual free
operating cash flow (FOCF) generation is expected to be negative
for both 2024 and 2025 and weaker cash flow conversion will add to
the pressure on the company's liquidity profile.
S&P said, "The company's operating performance remains volatile,
prompting us to revise our base-case scenario. We now anticipate
that debt to EBITDA will be significantly weaker at about 10.0x at
year-end 2024, while funds from operations (FFO) cash interest
coverage will be about 1.0x." Revenue declined by 17% over the
first nine months of 2024. Although performance was negative across
all regions, the biggest declines were in Europe, its largest
market, followed by Asia. Europe accounted for about 50% of sales
(year-to-date 2024) and Asia for a further 10%-15% of sales. By
channel, the most striking underperformance occurred in the
business-to-business (B2B) segment, where revenue declined by 31%.
The online distribution channel, through which the company made
about 20% of its sales (year-to-date 2024) was hit by termination
of contracts with some large third-party e-tailers. By contrast,
the direct-to-consumer (DTC) channel, which comprises retail and
the company's own e-shop, saw modest growth.
Operating leverage was negative, with lower absorption of the
company's fixed cost base, causing recurring EBITDA to decline
sharply by 34% during the first nine months of 2024. S&P said,
"Under our revised base case for the full year 2024, adjusted
EBITDA (including capitalized design costs) is forecast to be about
EUR35 million, well below the EUR53 million achieved in 2023. We
estimate that adjusted debt to EBITDA will approach 10.0x at
year-end 2024, compared with 7.1x in 2023; this is above the
7.0x-7.5x we forecast for 2024 in our previous base case. Moreover,
FFO cash interest coverage is forecast to be close to 1.0x over the
next 12-18 months."
The company is not self-funding--its annual FOCF generation after
leases is negative, which puts its liquidity profile under some
pressure. S&P said, "Based on annual FOCF (after leases), we
estimate that cash flow generation in 2024 will be negative by
EUR15 million-EUR20 million, assuming annual capital expenditure
(capex) of about EUR17 million-EUR18 million (EUR27 million in
2023). That said, annual capex was relatively high in 2022-2023,
while the company was investing in the expansion of its DTC
channel, and we expected it to moderate during 2024 and 2025."
Net cash flow generation is constrained by annual lease payments of
about EUR16 million-EUR18 million and nearly EUR25 million of
annual cash interest expenses. The company has no significant debt
maturities in the near term; its senior secured notes are due to
mature in 2028. That said, as of September 2024, it was due to
repay EUR10.1 million of amortizing unsecured credit lines due in
2026. These lines, guaranteed by the French government, were taken
out in 2020. In July 2024, Isabel Marant signed an unrated
revolving credit facility (RCF) of EUR15 million that is subject to
a maintenance financial covenant under which the maximum net debt
to EBITDA ratio is 5.0x. In our view, there is insufficient
headroom under this covenant for us to include availability under
the RCF in our liquidity calculations. As of Sept. 30, 2024, the
company had about EUR30 million of cash on its balance sheet. S&P
understands it needs a minimum of EUR15 million-EUR20 million of
cash on its balance sheet to operate.
S&P said, "The stable outlook indicates that we expect Isabel
Marant to maintain sufficient liquidity to fund its operations over
the next 12 months, supported by its lack of significant near-term
maturities. In our base case, we assume that operating performance
will gradually improve from early in 2025, as the company tightens
its control over working capital and implements measures to control
costs.
"We could lower the ratings within the next 12 months if Isabel
Marant's liquidity position weakens further due to
weaker-than-expected FOCF or higher working capital volatility,
with FFO cash interest coverage below 1.0x and no prospect of
improvements. We could also lower our rating if we see heightened
risk of default, including debt exchange offers or similar
restructurings that we consider to be distressed exchanges.
"We could raise the rating on Isabel Marant if it generates
positive FOCF (after leases) on a sustained basis and consistently
reduces its leverage, supported by revenue growth, an improvement
in EBITDA margins, and stronger FFO interest coverage."
INDEPENDENCE CONTRACT: Latham, Hunton Advise Bondholders
--------------------------------------------------------
The law firms of Latham & Watkins LLP and Hunton Andrews Kurth LLP
filed a verified statement pursuant to Rule 2019 of the Federal
Rules of Bankruptcy Procedure to disclose that in the Chapter 11
cases of Independence Contract Drilling, Inc. and affiliates, the
firms represent the ad hoc group of holders of Floating Rate
Convertible Senior Secured PIK Toggle Notes due 2026.
The Notes are issued by Independence Contract Drilling, Inc. under
that certain Indenture, dated as of March 18, 2022, between the
Company and U.S. Bank Trust Company, National Association, a
national banking association, as trustee and as collateral agent
(the "Indenture"). The Members of the Group are also the lenders
under the Debtors' proposed debtor-in possession financing facility
(together, the "DIP Lenders"), and one Member is the holder of
certain equity interests in the Debtors.
The amounts reflect the Group's holding of, in the aggregate, (i)
all of the Notes issued by Independence under the Indenture in the
original principal amount of $206,774,305 and (ii) equity interests
in the Debtors.
On or about July 19, 2024 and November 25, 2024, the Group engaged
Latham and Hunton AK, respectively, to represent it in connection
with the Notes and, ultimately, the Bankruptcy Case. Each member of
the Group has consented to Counsel's representation.
Counsel does not represent or purport to represent any other
entities in connection with the Chapter 11 Cases that is acting in
concert with the Group to advance their common interests. Counsel
does not represent the Group as a "committee" and does not
undertake to represent the interests of, and are not fiduciaries
for, any creditor, party in interest, or other entity that has not
signed a retention agreement with Counsel.
The Group (and any Member thereof) does not represent or purport to
represent any other entities in connection with the Chapter 11
Cases, and the Group (and each Member thereof) does not represent
the interests of, nor act as a fiduciary for, any other person or
entity other than itself in connection with the Chapter 11 Cases.
The Ad Hoc Group Members' address and the nature and amount of
disclosable economic interests held in relation to the Debtors
are:
1. MSD Partners, L.P.
1 Vanderbilt Avenue, 26th Floor
New York, NY 10017
* Holder of $103,593,927.06 in principal amount of the Notes
* Holder of 1,701,000 shares of common stock of the Debtors
2. Glendon Capital Management, L.P.
2425 Olympic Blvd., Suite 500E
Santa Monica, CA 90404
* Holder of $103,180,378.44 in principal amount of the Notes
Co-Counsel for DIP Lenders:
Timothy A. ("Tad") Davidson II, Esq.
Ashley L. Harper, Esq.
Philip M. Guffy, Esq.
HUNTON ANDREWS KURTH LLP
600 Travis Street, Suite 4200
Houston, Texas 77002
Telephone: (713) 220-4200
Email: taddavidson@HuntonAK.com
ashleyharper@HuntonAK.com
pguffy@HuntonAK.com
- and –
David A. Hammerman, Esq.
Adam J. Goldberg, Esq.
Jonathan J. Weichselbaum, Esq.
LATHAM & WATKINS LLP
1271 Avenue of the Americas
New York, New York 10020
Telephone: (212) 906-1200
Email: david.hammerman@lw.com
adam.goldberg@lw.com
jon.weichselbaum@lw.com
About Independence Contract Drilling
Independence Contract Drilling, Inc., and its affiliates provide
land-based contract drilling services for a broad array of oil and
natural gas producers in the United States. The Company utilizes
its 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.
Independence Contract Drilling and its affiliates sought relief
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead
Case No. 24-90612) on December 2, 2024. In the petition signed by
J. Anthony Gallegos, Jr., as president and chief executive officer,
Independence reported total assets of $356,854,000 and total debt
of $216,785,000 as of Sept. 30, 2024.
The Honorable Bankruptcy Judge Alfredo R. Perez handles the cases.
Sidley Austin LLP is the Company's restructuring counsel, Riveron
is the restructuring advisor, and Piper Sandler is the investment
banker. Kroll is the claims agent.
Latham & Watkins LLP is legal counsel for the Noteholders.
INFINITY HOMES: PennantPark Marks CAD2.5MM Loan at 26% Off
----------------------------------------------------------
PennantPark Investment Corporation has marked its CAD2,563,000 loan
extended to Infinity Home Services Holdco, Inc to market at
CAD1,897,000 or 74% of the outstanding amount, according to a
disclosure contained in PennantPark's Form 10-K for the Fiscal year
ended September 30, 2024, filed with the Securities and Exchange
Commission.
PennantPark is a participant in a First Lien Secured Debt to
Infinity Home Services Holdco, Inc. The loan accrues interest at a
rate of 10.35% (3M SOFR+600) per annum. The loan matures on
December 28, 2028.
PennantPark Investment Corporation, a Maryland corporation
organized in January 2007, is a closed-end, externally managed,
non-diversified investment company that has elected to be treated
as a BDC under the 1940 Act. In addition, for federal income tax
purposes we have elected to be treated, and intend to qualify
annually, as a RIC under the Code.
PennantPark is led by Arthur H. Penn, Chief Executive Officer and
Chairman of the Board of Directors ; and Richard T. Allorto, Jr.,
Chief Financial Officer and Treasurer. The fund can be reach
through:
Arthur H. Penn
1691 Michigan Avenue
Miami Beach, FL 33319
Tel No.: (786) 297-9500
Infinity Home Services Holdco, Inc ("IHS") leads the industry in
residential roofing and exterior remodeling services. We empower
brands to enhance their service quality while improving customer
recognition and local market share. Our brands offer best-in-class
roofing, windows, and siding installation using the industry’s
most reliable materials.
INSPIREMD INC: Nantahala Capital, Two Others Report 9.99% Stake
---------------------------------------------------------------
Nantahala Capital Management, LLC, Wilmot B. Harkey, and Daniel
Mack disclosed in a Schedule 13G Report filed with the U.S.
Securities and Exchange Commission that they beneficially own
shares of InspireMD, Inc.'s Common Stock.
As of September 30, 2024, Nantahala may be deemed to be the
beneficial owner of 2,607,884 Shares held by funds and separately
managed accounts under its control, and as the managing members of
Nantahala, each of Messrs. Harkey and Mack may be deemed to be a
beneficial owner of those Shares. The 2,607,884 Shares includes
398,291 Shares which may be acquired by the Reporting Persons
within 60 days through the exercise of warrants. Each of the
Reporting Persons may be deemed to be the beneficial owner of 9.99%
of the shares outstanding.
A full-text copy of Nantahala Capital's SEC Report is available
at:
https://tinyurl.com/2rfz9ybu
About InspireMD
Headquartered in Tel Aviv, Israel, InspireMD, Inc. --
http://www.inspiremd.com-- is a medical device company focusing on
the development and commercialization of its proprietary MicroNet
stent platform technology for the treatment of complex vascular and
coronary disease. A stent is an expandable "scaffold-like" device,
usually constructed of a metallic material, that is inserted into
an artery to expand the inside passage and improve blood flow. Its
MicroNet, a micron mesh sleeve, is wrapped over a stent to provide
embolic protection in stenting procedures.
InspireMD reported a net loss of $19.92 million in 2023, a net loss
of $18.49 million in 2022, a net loss of $14.92 million in 2021, a
net loss of $10.54 million in 2020, and a net loss of $10.04
million in 2019. As of September 30, 2024, InspireMD had $50.5
million in total assets, $9.1 million in total liabilities, and
$41.4 million in total equity.
InspireMD said in its Quarterly Report for the period ended June
30, 2024, that as of Aug. 5, 2024 (the date of issuance of the
condensed consolidated financial statements), the Company has the
ability to fund its planned operations for at least the next 12
months. However, the Company expects to continue incurring losses
and negative cash flows from operations until its product, CGuard
Headquartered in Tel Aviv, Israel, InspireMD, Inc. -- PS, reaches
commercial profitability. Therefore, in order to fund the Company's
operations until such time that the Company can generate
substantial revenues, the Company may need to raise additional
funds.
The Company said its plans include continued commercialization of
its products and raising capital through sale of additional equity
securities, debt or capital inflows from strategic partnerships.
There are no assurances, however, that the Company will be
successful in obtaining the level of financing needed for its
operations. If it is unsuccessful in commercializing its products
or raising capital, the Company may need to reduce activities,
curtail or cease operations.
INSPIREMD INC: OrbiMed Advisors Holds 8.3% Equity Stake
-------------------------------------------------------
OrbiMed Advisors, LLC and OrbiMed Capital GP IX, LLC disclosed in a
Schedule 13G/A filed with the U.S. Securities and Exchange
Commission that as of September 30, 2024, it beneficially owned
shares of InspireMD, Inc.'s common stock.
OrbiMed Advisors beneficially owned 2,133,405 shares of common
stock, representing 8.3% of the shares outstanding. Meanwhile,
OrbiMed Capital beneficially owned 1,878,704 of the shares,
representing 7.3% of the shares outstanding.
OrbiMed Capital GP IX LLC by OrbiMed Advisors LLC, its Managing
Member may be reached at:
Carl L. Gordon
Member of OrbiMed Advisors LLC
601 Lexington Avenue, 54th Floor
New York, NY 10022
Tel: (212) 739-6400
A full-text copy of OrbiMed Advisors' SEC Report is available at:
https://tinyurl.com/8eb7jdb8
About InspireMD
Headquartered in Tel Aviv, Israel, InspireMD, Inc. --
http://www.inspiremd.com-- is a medical device company focusing on
the development and commercialization of its proprietary MicroNet
stent platform technology for the treatment of complex vascular and
coronary disease. A stent is an expandable "scaffold-like" device,
usually constructed of a metallic material, that is inserted into
an artery to expand the inside passage and improve blood flow. Its
MicroNet, a micron mesh sleeve, is wrapped over a stent to provide
embolic protection in stenting procedures.
InspireMD reported a net loss of $19.92 million in 2023, a net loss
of $18.49 million in 2022, a net loss of $14.92 million in 2021, a
net loss of $10.54 million in 2020, and a net loss of $10.04
million in 2019. As of September 30, 2024, InspireMD had $50.5
million in total assets, $9.1 million in total liabilities, and
$41.4 million in total equity.
InspireMD said in its Quarterly Report for the period ended June
30, 2024, that as of Aug. 5, 2024 (the date of issuance of the
condensed consolidated financial statements), the Company has the
ability to fund its planned operations for at least the next 12
months. However, the Company expects to continue incurring losses
and negative cash flows from operations until its product, CGuard
Headquartered in Tel Aviv, Israel, InspireMD, Inc. -- PS, reaches
commercial profitability. Therefore, in order to fund the Company's
operations until such time that the Company can generate
substantial revenues, the Company may need to raise additional
funds.
The Company said its plans include continued commercialization of
its products and raising capital through sale of additional equity
securities, debt or capital inflows from strategic partnerships.
There are no assurances, however, that the Company will be
successful in obtaining the level of financing needed for its
operations. If it is unsuccessful in commercializing its products
or raising capital, the Company may need to reduce activities,
curtail or cease operations.
INTRUM AB: Quinn Emanuel Files Supplemental 2019 Statement
----------------------------------------------------------
The law firm of Quinn Emanuel Urquhart & Sullivan, LLP filed a
supplemental verified statement pursuant to Rule 2019 of the
Federal Rules of Bankruptcy Procedure to disclose that in the
Chapter 11 cases of Intrum AB and affiliates, the firm represents
Ad Hoc Committee ("AHC") of holders of 2025 notes.
On or around October 23, 2024, certain parties of the AHC retained
Quinn Emanuel to represent their interests as holders of 2025 notes
issued by Intrum (the "Notes") in connection with these Chapter 11
Cases, for the purpose of enforcing their rights and remedies with
respect to the Notes. Since then, TQ Master Fund LP has joined the
AHC. Each member of the AHC has consented to Quinn Emanuel's
representation.
Quinn Emanuel represents only the AHC and does not represent or
purport to represent any other individuals or entities other than
the AHC with respect to the Chapter 11 Cases. Additionally, neither
the AHC nor any member of the AHC (a) assumes any fiduciary or
other duties to any other creditor, equity holder or person or (b)
purport to act, represent or speak on behalf of any other entities
in connection with the Chapter 11 Cases.
The Ad Hoc Committee Members' address and the nature and amount of
disclosable economic interests held in relation to the Debtors
are:
1. Boundary Creek Master Fund LP
340 Madison Ave, 12th Floor
New York, NY 10173
* Intrum AB 4.875% 08/15/2025 (EUR37,400,000)
* Intrum CDS EUR 06/20/25 (EUR11,000,000) (sold)
* Intrum CDS EUR 12/20/26 (EUR30,000,000)
* Intrum CDS EUR 06/20/27 (EUR10,000,000)
* Intrum CDS EUR 12/20/27 (EUR5,000,000)
* Intrum CDS EUR 6/20/29 (EUR3,000,000)
2. CF INT Holdings Designated Activity Company
1st Floor Cape House, Westend Office Park
Snugborough Rd, Blanchardstown, Dublin 15, Ireland
* Intrum AB 11.875% 07/03/2025 (SEK40,000,000)
* Intrum AB 4.875% 08/15/2025 (EUR72,500,000)
* Intrum AB - Revolving Credit Facility (EUR1,996.86)
* Intrum AB - Revolving Credit Facility (SEK63,952,366.61)
* Intrum AB - Revolving Credit Facility (NOK6,242,140.36)
3. Caius Capital Master Fund
PO Box 309 Ugland House Grand Cayman
Cayman Islands KY1-1104
* Intrum AB 4.875% 08/15/2025 (EUR38,982,000)
* SEK FRN 2025 9/12 (SEK34,000,000)
4. Diameter Master Fund LP
Maples Corporate Services Lmtd.,
Ugland House, South Church St, PO Box 309
Grand Cayman KY1-1104
Intrum AB 11.875% 07/03/2025 (SEK29,700,000)
* Intrum AB 4.875% 08/15/2025 (EUR57,950,000)
* SEK FRN 2025 9/12 (SEK8,900,000)
* SEK FRN 2025 7/03 (SEK5,950,000)
* SEK FRN Sep-26 (SEK8,900,000)
5. Diameter Dislocation Master Fund II LP
Maples Corporate Services Lmtd.,
Ugland House, South Church St, PO Box 309
Grand Cayman KY1-1104
* Intrum AB 11.875% 07/03/2025 (SEK10,300,000)
* Intrum AB 4.875% 08/15/2025 (SEK20,050,000)
* SEK FRN 2025 9/12 (SEK3,100,000)
* SEK FRN 2025 7/03 (SEK2,050,000)
* SEK FRN Sep-26 (SEK3,100,000)
6. Fir Tree Credit Opportunity Master Fund, LP
89 Nexus Way, Camana Bay
Grand Cayman KY1-1205
* Intrum AB STIB3M+4.6 % 09/12/2025 (SEK30,000,000)
* Intrum AB 11.875% 07/03/2025 (SEK24,000,000)
* Intrum AB 4.875% 08/15/2025 (EUR15,680,000)
* Intrum CDS EUR SR 12/20/28 (EUR3,000,000)
* Intrum CDS EUR 6/20/29 (EUR13,080,000)
* Intrum CDS EUR 06/20/31 (EUR5,000,000)
7. Star V Partners LLC
2100 West End Ave., Suite 1000
Nashville, TN 37203
* Intrum AB 4.875% 815/25 (EUR3,249,000)
* SEK FRN 2025 9/12 (SEK2,000,000)
8. TQ Master Fund LP
331 Park Ave South, 3rd Floor
New York, NY 10010
* Intrum AB 4.875% 08/15/2025 (EUR10,000,000)
* Intrum CDS EUR 6/20/29 (EUR10,000,000)
Counsel to the Ad Hoc Committee:
QUINN EMANUEL URQUHART & SULLIVAN, LLP
Christopher D. Porter, Esq.
Joanna D. Caytas, Esq.
Melanie A. Guzman, Esq.
700 Louisiana Street, Suite 3900
Houston, TX 77002
Telephone: (713) 221-7000
Facsimile: (713) 221-7100
Email: christopherporter@quinnemanuel.com
joannacaytas@quinnemanuel.com
melanieguzman@quinnemanuel.com
-and-
Benjamin I. Finestone (pending pro hac vice)
Sascha N. Rand (pending pro hac vice)
Katherine A. Scherling (pending pro hac vice)
51 Madison Avenue, 22nd Floor
New York, NY 10010
Telephone: (212) 849-7000
Facsimile: (212) 849-7100
Email: benjaminfinestone@quinnemanuel.com
sascharand@quinnemanuel.com
katescherling@quinnemanuel.com
About Intrum AB
Intrum AB is a provider of credit management services with a
presence in 20 markets in Europe. By helping companies to get paid
and supporting people with their late payments, Intrum leads the
way to a sound economy and plays a critical role in society at
large. Intrum has circa 10,000 dedicated professionals who serve
around 80,000 companies across Europe. In 2023, income amounted to
SEK 20.0 billion. Intrum is headquartered in Stockholm, Sweden and
publicly listed on the Nasdaq Stockholm exchange. On the Web:
http://www.intrum.com/
On November 15, 2024, Intrum AB and U.S. affiliate Intrum AB of
Texas LLC each filed a voluntary petition for the relief under
Chapter 11 of the United States Bankruptcy Code in the United
States Bankruptcy Court for the Southern District of Texas (Bankr.
S.D. Tex. Lead Case No. 24-90575) to seek confirmation of their
Prepackaged Reorganization Plan.
The cases are pending before the Honorable Christopher M. Lopez.
Milbank LLP and Porter Hedges LLP are serving as counsel in the
U.S. restructuring. Houlihan Lokey is the advisor to Intrum. Kroll
Issuer Services Limited is the information agent. Kroll
Restructuring Administration is the claims agent. Brunswick Group
is also serving as advisers to Intrum.
Latham & Watkins LLP and Latham & Watkins (London) LLP, and
Advokatfirmaet Schjodt AS, are advising a group of bondholders
holding widely across Intrum AB's notes issuances (the "Notes Ad
Hoc Group"). PJT Partners (UK) Limited is financial advisor to the
noteholder ad hoc group.
Weil Gotshal & Manges LLP is representing a group of short-dated
bondholders holding primarily 2024- and 2025-maturing notes
("Minority Ad Hoc Group").
Ropes & Gray LLP is representing another minority group of
bondholders.
Clifford Chance US LLP is counsel to the group that collectively
holds 76% of the total commitments under the RCF (the "RCF Steerco
Group").
INTRUM AB: Quinn Emanuel Updates List of 2025 Noteholders
---------------------------------------------------------
The law firm of Quinn Emanuel Urquhart & Sullivan, LLP filed a
second supplemental verified statement pursuant to Rule 2019 of the
Federal Rules of Bankruptcy Procedure to disclose that in the
Chapter 11 cases of Intrum AB and affiliates, the firm represents
Ad Hoc Committee ("AHC") of holders of 2025 notes.
On or around October 23, 2024, certain parties of the AHC retained
Quinn Emanuel to represent their interests as holders of 2025 notes
issued by Intrum (the "Notes") in connection with these Chapter 11
Cases, for the purpose of enforcing their rights and remedies with
respect to the Notes. Since then, TQ Master Fund LP has joined the
AHC. Each member of the AHC has consented to Quinn Emanuel's
representation.
Quinn Emanuel represents only the AHC and does not represent or
purport to represent any other individuals or entities other than
the AHC with respect to the Chapter 11 Cases. Additionally, neither
the AHC nor any member of the AHC (a) assumes any fiduciary or
other duties to any other creditor, equity holder or person or (b)
purport to act, represent or speak on behalf of any other entities
in connection with the Chapter 11 Cases.
The Ad Hoc Committee Members' address and the nature and amount of
disclosable economic interests held in relation to the Debtors
are:
1. Boundary Creek Master Fund LP
340 Madison Ave, 12th Floor
New York, NY 10173
* Intrum AB 4.875% 08/15/2025 (EUR37,400,000)
* Intrum CDS EUR 06/20/25 (EUR11,000,000) (sold)
* Intrum CDS EUR 12/20/26 (EUR30,000,000)
* Intrum CDS EUR 06/20/27 (EUR10,000,000)
* Intrum CDS EUR 12/20/27 (EUR5,000,000)
* Intrum CDS EUR 6/20/29 (EUR3,000,000)
2. CF INT Holdings Designated Activity Company
1st Floor Cape House, Westend Office Park
Snugborough Rd, Blanchardstown, Dublin 15, Ireland
* Intrum AB 11.875% 07/03/2025 (SEK40,000,000)
* Intrum AB 4.875% 08/15/2025 (EUR72,500,000)
* Intrum AB - Revolving Credit Facility (EUR1,996.86)
* Intrum AB - Revolving Credit Facility (SEK63,952,366.61)
* Intrum AB - Revolving Credit Facility (NOK6,242,140.36)
3. Caius Capital Master Fund
PO Box 309 Ugland House Grand Cayman
Cayman Islands KY1-1104
* Intrum AB 4.875% 08/15/2025 (EUR38,982,000)
* SEK FRN 2025 9/12 (SEK34,000,000)
4. Diameter Master Fund LP
Maples Corporate Services Lmtd.,
Ugland House, South Church St, PO Box 309
Grand Cayman KY1-1104
Intrum AB 11.875% 07/03/2025 (SEK29,700,000)
* Intrum AB 4.875% 08/15/2025 (EUR57,950,000)
* SEK FRN 2025 9/12 (SEK8,900,000)
* SEK FRN 2025 7/03 (SEK5,950,000)
* SEK FRN Sep-26 (SEK8,900,000)
5. Diameter Dislocation Master Fund II LP
Maples Corporate Services Lmtd.,
Ugland House, South Church St, PO Box 309
Grand Cayman KY1-1104
* Intrum AB 11.875% 07/03/2025 (SEK10,300,000)
* Intrum AB 4.875% 08/15/2025 (SEK20,050,000)
* SEK FRN 2025 9/12 (SEK3,100,000)
* SEK FRN 2025 7/03 (SEK2,050,000)
* SEK FRN Sep-26 (SEK3,100,000)
6. Fir Tree Credit Opportunity Master Fund, LP
89 Nexus Way, Camana Bay
Grand Cayman KY1-1205
* Intrum AB STIB3M+4.6 % 09/12/2025 (SEK30,000,000)
* Intrum AB 11.875% 07/03/2025 (SEK24,000,000)
* Intrum AB 4.875% 08/15/2025 (EUR15,680,000)
* Intrum CDS EUR SR 12/20/28 (EUR3,000,000)
* Intrum CDS EUR 6/20/29 (EUR13,080,000)
* Intrum CDS EUR 06/20/31 (EUR5,000,000)
7. MAP 204 Segregated Portfolio, a segregated portfolio of LMA SPC
Walkers Corporate Lmtd., 190 Elgin Avenue
George Town, Grand Cayman KY1-9008
* Intrum AB 4.875% 08/15/2025 (EUR1,039,000)
8. Star V Partners LLC
2100 West End Ave., Suite 1000
Nashville, TN 37203
* Intrum AB 4.875% 815/25 (EUR3,249,000)
* SEK FRN 2025 9/12 (SEK2,000,000)
9. TQ Master Fund LP
331 Park Ave South, 3rd Floor
New York, NY 10010
* Intrum AB 4.875% 08/15/2025 (EUR10,000,000)
* Intrum CDS EUR 6/20/29 (EUR10,000,000)
Counsel to the Ad Hoc Committee:
QUINN EMANUEL URQUHART & SULLIVAN, LLP
Christopher D. Porter, Esq.
Joanna D. Caytas, Esq.
Melanie A. Guzman, Esq.
700 Louisiana Street, Suite 3900
Houston, TX 77002
Telephone: (713) 221-7000
Facsimile: (713) 221-7100
Email: christopherporter@quinnemanuel.com
joannacaytas@quinnemanuel.com
melanieguzman@quinnemanuel.com
-and-
Benjamin I. Finestone (pending pro hac vice)
Sascha N. Rand (pending pro hac vice)
Katherine A. Scherling (pending pro hac vice)
51 Madison Avenue, 22nd Floor
New York, NY 10010
Telephone: (212) 849-7000
Facsimile: (212) 849-7100
Email: benjaminfinestone@quinnemanuel.com
sascharand@quinnemanuel.com
katescherling@quinnemanuel.com
About Intrum AB
Intrum AB is a provider of credit management services with a
presence in 20 markets in Europe. By helping companies to get paid
and supporting people with their late payments, Intrum leads the
way to a sound economy and plays a critical role in society at
large. Intrum has circa 10,000 dedicated professionals who serve
around 80,000 companies across Europe. In 2023, income amounted to
SEK 20.0 billion. Intrum is headquartered in Stockholm, Sweden and
publicly listed on the Nasdaq Stockholm exchange. On the Web:
http://www.intrum.com/
On November 15, 2024, Intrum AB and U.S. affiliate Intrum AB of
Texas LLC each filed a voluntary petition for the relief under
Chapter 11 of the United States Bankruptcy Code in the United
States Bankruptcy Court for the Southern District of Texas (Bankr.
S.D. Tex. Lead Case No. 24-90575) to seek confirmation of their
Prepackaged Reorganization Plan.
The cases are pending before the Honorable Christopher M. Lopez.
Milbank LLP and Porter Hedges LLP are serving as counsel in the
U.S. restructuring. Houlihan Lokey is the advisor to Intrum. Kroll
Issuer Services Limited is the information agent. Kroll
Restructuring Administration is the claims agent. Brunswick Group
is also serving as advisers to Intrum.
Latham & Watkins LLP and Latham & Watkins (London) LLP, and
Advokatfirmaet Schjodt AS, are advising a group of bondholders
holding widely across Intrum AB's notes issuances (the "Notes Ad
Hoc Group"). PJT Partners (UK) Limited is financial advisor to the
noteholder ad hoc group.
Weil Gotshal & Manges LLP is representing a group of short-dated
bondholders holding primarily 2024- and 2025-maturing notes
("Minority Ad Hoc Group").
Ropes & Gray LLP is representing another minority group of
bondholders.
Clifford Chance US LLP is counsel to the group that collectively
holds 76% of the total commitments under the RCF (the "RCF Steerco
Group").
INTRUSION INC: Reports $2.1 Million Net Loss in Fiscal Q3
---------------------------------------------------------
Intrusion Inc. filed with the U.S. Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net loss
of $2.1 million on $1.5 million of revenue for the three months
ended September 30, 2024, compared to a net loss of $3.2 million on
$1.5 million of revenue for the three months ended September 30,
2023.
For the nine months ended September 30, 2024, the Company reported
a net loss of $5.8 million on $4.1 million of revenue, compared to
a net loss of $11.1 million on $4.2 million of revenue for the same
period in 2023.
As of September 30, 2024, the Company had cash and cash equivalents
of $1.1 million and a working capital deficit of $1 million. In
addition, the Company has incurred net operating losses during the
last four years. These conditions raise substantial doubt about the
Company's ability to continue as a going concern within the next 12
months. The Company's principal source of funding operations in
2024 has been proceeds received from the issuance of common stock
in a series of transactions which include $4.8 million from ATM
sales, $2.6 million from a private placement, and $0.6 million from
the exercise of warrants. Management plans to continue to fund the
operations of the Company through the issuance of common stock
using a combination of ATM and equity financings. If the Company is
not able to raise adequate funds under the Company's ATM program or
obtain additional equity financing, the Company may be unable to
implement the Company's business plan, fund its liquidity needs or
even continue its operations.
As of September 30, 2024, the Company had $7.4 million in total
assets, $4.8 million in total liabilities, and $2.6 million in
total shareholders' equity.
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/2p9u9enj
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.
J.H. LLC: Claims to be Paid From Rental Income
----------------------------------------------
J.H., LLC filed with the U.S. Bankruptcy Court for the Northern
District of Alabama a Combined Disclosure Statement and Plan of
Reorganization dated November 8, 2024.
The Debtor is a limited liability company organized in the State of
Delaware and is headquartered in Bessemer, Alabama. The Debtor has
two equity owners: Qinghai Ruili Investment Corp (75%) and Bintao
Qin (25%).
The Debtor owns a sizeable commercial building at 301 21st Street
North, Bessemer, Alabama 35020 (the "Building" or the "Property").
The tenant of the Building, JB Processing, LLC, is an insider
entity that manufactures and processes natural stone, including
marble. In addition, the Debtor is the parent company and the sole
owner of JB.
Class 2 consists of the IRS Claim. As of the Effective Date, the
IRS Filed a Priority Unsecured Claim in the amount of $300.00.
Debtor shall pay this, in full, within thirty days of the Effective
Date.
Class 4 consists of the Zurich American Insurance Company Claim. As
of the Effective Date, Zurich Filed a non-priority Unsecured Claim
in the amount of $1.00. Debtor shall pay this, in full, within
thirty days of the Effective Date.
Class 5 consists of Equity Security Holders. Equity security
holders in the Debtor shall be allowed to maintain their ownership
interest.
This Plan will be primarily funded with rents generated from the
tenant at the Property, JB. Funds may also be generated from loans
from JB to the Debtor or funds generated by JB.
From and after the Effective Date, the Debtor shall continue in
existence in the ordinary course of business.
A full-text copy of the Combined Disclosure Statement and Plan
dated November 8, 2024 is available at
https://urlcurt.com/u?l=uvJsum from PacerMonitor.com at no charge.
Counsel for the Debtor:
Stuart H. Memory, Esq.
Memory Memory & Causby, LLP
P.O. Box 4054
Montgomery, AL 36103
Tel: (334) 834-8000
Email: smemory@memorylegal.com
About J.H., LLC
J.H., LLC is primarily engaged in manufacturing non-metallic
mineral products.
J.H., LLC filed its voluntary petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. N.D. Ala. Case No. 24-01711) on June
6, 2024. The petition was signed by Bintao Qin, VP of Operations.
At the time of filing, the Debtor estimated $10 million to $50
million in both assets and liabilities.
Judge Tamara O. Mitchell presides over the case.
Stuart Memory, Esq., at MEMORY MEMORY AND CAUSBY LLP, is the
Debtor's counsel.
JRT 340 ASSOCIATES: Case Summary & Three Unsecured Creditors
------------------------------------------------------------
Debtor: JRT 340 Associates, LLC
133 West 72nd Street
Suite 201
New York, NY 10023
Case No.: 24-12303
Business Description: The Debtor is engaged in activities related
to real estate. The Debtor owns a
condominium unit located at 340 W 86th
Street, Unit 5A, New York, NY having an
appraised value of $1.83 million.
Chapter 11 Petition Date: December 10, 2024
Court: United States Bankruptcy Court
Southern District of New York
Judge: Hon. Michael E Wiles
Debtor's Counsel: Andrew Gottesman, Esq.
ROSENBERG & ESTIS, P.C.
733 Third Avenue
New York, NY 10017
Tel: (212) 867-6000
Email: agottesman@rosenbergestis.com
Total Assets: $1,860,100
Total Liabilities: $2,152,812
The petition was signed by Michael Trencher as sole member.
A full-text copy of the petition containing, among other items, a
list of the Debtor's three unsecured creditors is available for
free at PacerMonitor.com at:
https://www.pacermonitor.com/view/XNXEOYY/JRT340ASSOCIATES_LLC__nysbke-24-12303__0001.0.pdf?mcid=tGE4TAMA
JULIO & SONS: Secured Party Sets Dec. 19, 2024 Foreclosure Sale
---------------------------------------------------------------
Acquiom Agency Services LLC as collateral agent ("secured party")
will conduct a foreclosure sale of substantially all of the assets
of Julio & Sons Company and its affiliates ("Debtors") on Dec. 19,
2024, at 9:30 a.m. (Prevailing Central Time) via video conference.
Interested parties who intend to bid on the collateral must contact
Lisa Schutz at Acquiom Agency via email at ioagency@srsacquiom.com
with copy to Kaylan Das at Greenberg Traurig LLP via email at
kal.das@gtlaw.com and to Marcus Helth at McDermott Will & Emery LLP
via email at Mhelt@mwe.com not less than three business days prior
to the date of the sale to receive the bidding procedures and
information about how to qualify for the public sale as a qualified
bidder.
The Debtors are in the food and restaurant business. The assets to
be sold include inventory, intellectual property, fixtures and
equipment, accounts, chattel paper, documents, furniture, general
intangibles, and goods.
Foreclosure sale may be accessed using the following link:
https://us06web.zoom.us/j/84965587405?pwd=6tSINDorr40xnpdBM02fqMpqLHBRXr.1
KALALOU RESTAURANT: Andrew Layden Named Subchapter V Trustee
------------------------------------------------------------
The U.S. Trustee for Region 21 appointed Andrew Layden as
Subchapter V trustee for Kalalou Restaurant Management, LLC.
Mr. Layden will be paid an hourly fee of $400 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Layden declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Andrew Layden
200 S. Orange Avenue, Suite 2300
Orlando, Florida 32801
Telephone: 407-649-4000
Email: alayden@bakerlaw.com
About Kalalou Restaurant Management
Kalalou Restaurant Management LLC sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-06227)
on November 15, 2024, with $100,001 to $500,000 in both assets and
liabilities.
Judge Tiffany P. Geyer presides over the case.
Michael R. Dal Lago, Esq., represents the Debtor as legal counsel.
KPM INVESTMENT: Unsecured Creditors Will Get $1M over 60 Months
---------------------------------------------------------------
KPM Investment A2, LLC and KPM Investment B2, LLC filed with the
U.S. Bankruptcy Court for the Northern District of Georgia a
Disclosure Statement for Joint Plan of Reorganization dated
November 8, 2024.
KPM B2 is the 100% owner of the membership interests of KPM A2 (the
"Membership Interest").
KPM B2 has no operations, assets, or business other than holding
the Membership Interest and has no bank accounts. KPM A2 owns an
apartment complex located at 6370 Shannon Parkway, Union City,
Georgia 30291 (the "Property").
In December 2016, the Property was in total disrepair. Through
prior bankruptcy filings, Case No. 16-71783, jointly administered
in the United States Bankruptcy Court for the Northern District of
Georgia, the property manager was able to renovate and upgrade the
Property and all secured and unsecured creditors were paid in
full.
Through their projections, Debtors show that they will be able to
increase the occupancy of the units at the Properties by paying
tenants. This increase has been facilitated by the opening of the
legal system to the ejectment of non-paying tenants and removing
tenants by agreement. Not only have the Debtors been able to obtain
more writs of possession now that the courts are going through
their backlog of cases, but the authorities are also now finally
executing such writs, which can be a months-long process.
Based on the increased rate of evictions and placement of paying
tenants, the Debtors will be able to reorganization their
operations to repay their creditors through the Plan. Isaac
Perlmutter and the Kohn Insurance Trust 2018 will be making equity
contributions to supplement the Debtor's operating income as a
source of funding for the Plan.
Class 6 consists of all general unsecured claims against the
Debtor. Holders of Class 6 claims shall be paid $1,084,415.90 over
60 months, to be paid a pro rata payment with payment commencing on
the first business day of the first full quarter following the
Effective Date and continuing by the 1st business day of each
subsequent quarter for a total of 20 quarterly payments until paid
in full. Payments on Class 6 claims shall be mailed to the address
of the creditor on the proof of claim (or, if allowed pursuant to
the schedules, to the address on the schedules), unless the
creditor files a change of address notice with the Court.
The allowed unsecured claims total $2,302,596.05. Class 6 is
impaired and entitled to vote on the Plan. Nothing herein shall
constitute an admission as to the nature, validity, or amount of
any such claims. The Debtors reserves the right to object to any
and all claims.
Class 7 consists of Equity Security Holders of Debtors. The
Reorganized Debtors shall not make any distributions or pay any
dividends related to any Equity Interests unless and until all
distributions related to all Allowed Claims in Classes 1 through 6
have been made in full as set forth herein. Holders of Equity
Interests in the Debtors will retain those interests.
The source of funds for payments pursuant to the Plan will be the
profits of the Reorganized Debtors' business operations and
contributions from external sources.
A full-text copy of the Disclosure Statement dated November 8, 2024
is available at https://urlcurt.com/u?l=QbeCRx from
PacerMonitor.com at no charge.
Counsel for the Debtors:
William A. Rountree, Esq.
Rountree, Leitman, Klein & Geer, LLC
Century Plaza I
2987 Clairmont Road, Suite 350
Atlanta, GA 30329
Tel: (404) 584-1238
Email: wrountree@rlkglaw.com
cpowers@rlkglaw.com
About KPM Investment A2
KPM Investment A2, LLC, is engaged in activities related to real
estate.
KPM Investment A2 filed a Chapter 11 petition (Bankr. N.D. Ga. Case
No. 24-58139) on August 5, 2024, with up to $50,000 in assets and
up to $50 million in liabilities. The petition was signed by Isaac
Perlmutter as authorized representative.
Judge Paul W. Bonapfel oversees the case.
The Debtor is represented by William Rountree, Esq., at Rountree,
Leitman, Klein & Geer, LLC.
KRAIG BOCRAFT: Posts $433,200 Net Loss in Fiscal Q3
---------------------------------------------------
Kraig Biocraft Laboratories, Inc. filed with the U.S. Securities
and Exchange Commission its Quarterly Report on Form 10-Q reporting
a net loss of $433,200 for the three months ended September 30,
2024, compared to a net loss of $549,273 for the three months ended
September 30, 2023.
For the nine months ended September 30, 2024, the Company reported
a net loss of $2,547,264, compared to a net loss of $1,705,146 for
the same period in 2023.
For the three and nine months ended September 30, 2024, and 2023,
the Company recognized $0 and $0 respectively in revenue. The
Company has a working capital deficiency of $8,102,679 and
stockholders' deficiency of $7,357,009 and used $1,326,563 of cash
in operations for the nine months ended September 30, 2024. This
raises substantial doubt about its ability to continue as a going
concern. The ability of the Company to continue as a going concern
is dependent on the Company's ability to raise additional capital
and implement its business plan.
Management believes that actions presently being taken to obtain
additional funding and implement its strategic plans provide the
opportunity for the Company to continue as a going concern.
As of September 30, 2024, the Company had $2,026,358 in total
assets, $9,383,367 in total liabilities, and $7,357,009 in total
stockholders' deficit.
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/ycjb46sa
About Kraig Biocraft
Ann Arbor, Mich.-based Kraig Biocraft Laboratories, Inc., a Wyoming
corporation, is organized to develop high-strength fibers using
recombinant DNA technology for commercial applications in technical
textiles.
The Woodlands, Texas-based M&K CPAS, PLLC, the Company's auditor
since 2013, issued a "going concern" qualification in its report
dated April 1, 2024, citing that the Company has suffered net
losses from operations and has a net capital deficiency, which
raise substantial doubt about its ability to continue as a going
concern.
Kraig Biocraft Laboratories incurred a net loss of $3,029,780
during the year ended December 31, 2023.
KULR TECHNOLOGY: Reports $2 Million Net Loss in Fiscal Q3
---------------------------------------------------------
KULR Technology Group Inc. filed with the U.S. Securities and
Exchange Commission its Quarterly Report on Form 10-Q reporting a
net loss of $2,003,764 on $3,185,778 of revenue for the three
months ended September 30, 2024, compared to a net loss of
$5,562,274 on $3,041,007 of revenue for the three months ended
September 30, 2023.
For the nine months ended September 30, 2024, the Company reported
a net loss of $12,903,168 on $7,366,887 of revenue, compared to a
net loss of $18,500,127 on $7,496,315 of revenue for the same
period in 2023.
As of September 30, 2024, the Company had $12,354,812 in total
assets, $7,180,785 in total liabilities, and $5,174,027 in total
stockholders' equity.
Management Commentary
KULR Chief Financial Officer Shawn Canter noted, "We are proud to
announce another record revenue quarter so meaningfully the result
of our entire team's focus and dedication. The announced license
agreement for KULR Xero Vibe represents a new business model that
can expand the ways we grow KULR. Our recent first "Open House" in
Webster was a smashing success with many customers, potential
customers, insurance, fire – including the FDNY - and hazmat
experts, public officials, and investors in attendance. I think we
will do more of those types of events to invite more and more
people to see and experience the mission critical nature of our
work for so many applications."
Mr. Canter continued, "The work we do is really part of the "picks
and shovels" of the space economy, the broader adoption of
electrification of the global aerospace and defense sectors, and
the evolution toward more and more electric applications like
planes, drones, vehicles, industrial and commercial equipment. Who
isn't going to need safe, reliable, clean power in often
inconvenient environments?"
With regards to KULR Xero Vibe, Mr. Canter offered, "By
meaningfully improving cooling efficiency, KXV is addressing the
high operating costs of high intensity, power hungry applications
like AI and crypto currency servers. Again, our proprietary
technology offers a variety of sectors critical "picks and shovels"
for them to continue to grow and flourish. Our goal is to have KXV
technology used across these and other use cases to lower their
operating costs and thus promote their expanded use."
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/3r97xxcj
About KULR Technology Group
KULR Technology Group Inc. -- www.kulrtechnology.com -- delivers
cutting edge energy storage solutions for space, aerospace, and
defense by leveraging a foundation of in-house battery design
expertise, comprehensive cell and battery testing suite, and
battery fabrication and production capabilities. The Company's
holistic offering allows delivery of commercial-off-the-shelf and
custom next generation energy storage systems in rapid timelines
for a fraction of the cost compared to traditional programs.
Los Angeles, Calif.-based Marcum LLP, the Company's auditor since
2018, issued a "going concern" qualification in its report dated
April 12, 2024, citing that the Company has a working capital
deficit, has incurred losses from operations, 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.
During the year ended December 31, 2023, KULR Technology Group
incurred a net loss of $23,693,556.
LAW OFFICE OF JESSICA: Taps Krigel Nugent + Moore as Counsel
------------------------------------------------------------
Law Office of Jessica Piedra, LLC seeks approval from the U.S.
Bankruptcy Court for the Western District of Missouri to employ
Krigel Nugent + Moore, PC as counsel.
The firm will render these services:
(a) advise the Debtor with respect to its powers and duties;
(b) attend meetings and negotiate with representatives of
creditors and other parties in interest;
(c) take all necessary action to protect and preserve the
estate;
(d) prepare on behalf of Debtor all legal papers necessary to
the administration of the estate;
(e) negotiate and prosecute on the Debtor's behalf all
contracts for the sale of assets, plan of reorganization, and all
related agreements and/or documents, and take any action that is
necessary to obtain confirmation of its Plan of Reorganization;
(f) appear before this court and the United States Trustee;
and protect the interests of the Debtor's estate before the court
and the U.S. Trustee; and
(g) perform all other necessary legal services and provide all
other necessary legal advice to the Debtor in connection with this
Chapter 11 proceeding.
The hourly rates of the firm's counsel and staff are as follows:
Sanford Krigel, Attorney $400
SJ Moore, Attorney $400
Ivan Nugent, Attorney $400
Erlene Krigel, Attorney $300
Karen Rosenberg, Attorney $300
Dana Wilders, Attorney $300
Lara Pabst, Attorney $300
Sean Cooper, Attorney $300
Jared Marsh, Attorney $300
Paralegals $100
Ms. Krigel 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:
Erlene W. Krigel, Esq.
Krigel Nugent + Moore, P.C.
4520 Main Street, Suite 700
Kansas City, MO 64111
Telephone: (816) 756-5800
Facsimile: (816) 756-1999
About Law Office of Jessica Piedra
Law Office of Jessica Piedra, LLC sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. W.D. Mo. Case No. 24-41664) on
Nov. 19, 2024, listing up to $10 million in assets and up to
$500,000 in liabilities.
Judge Brian T. Fenimore oversees the case.
Erlene W. Krigel, Esq., at Krigel Nugent + Moore, PC serves as the
Debtor's counsel.
LIVEONE INC: Has Until Oct. 4, 2025 to Cure Nasdaq Deficiency
-------------------------------------------------------------
LiveOne, Inc. reported 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 Listing Qualifications Department of
The Nasdaq Stock Market, LLC confirming that the Company has a cure
period until the earlier of (i) Oct. 4, 2025 and (ii) the Company's
next annual meeting of stockholders, to fill the vacancy created by
the resignation of Craig Foster in order to comply with the audit
committee requirements set forth in Nasdaq Listing Rule 5605. To
fill the vacancy created by Mr. Foster's resignation, the Company
anticipates that one or more existing independent members of the
Board will be appointed to its Audit Committee and/or the
Nominating and Corporate Governance Committee and will also conduct
a search to find a well-qualified candidate to serve on the Board
and/or such committees that has the applicable experience and the
necessary qualifications, skills and perspective.
On Oct. 4, 2024, Mr. Foster notified LiveOne that he was resigning
from service on the Company's board of directors to pursue other
current professional obligations, effective as of the same date.
At the time of his resignation, Mr. Foster served on the Audit
Committee and the Nominating and Corporate Governance Committee of
the Board.
Mr. Foster's resignation was not a result of any disagreement with
the Company on any matter relating to the Company's operations,
policies or practices.
About LiveOne
Headquartered in Los Angeles, Calif., LiveOne, Inc. (NASDAQ: LVO)
(formerly known as LiveXLive Media, Inc.) is a creator-first,
music, entertainment, and technology platform focused on delivering
premium experiences and content worldwide through memberships and
live and virtual events. LiveOne's wholly-owned subsidiaries
include Slacker Radio, PodcastOne (Nasdaq: PODC), PPVOne, CPS,
LiveXLive, DayOne Music Publishing, Drumify and Splitmind. LiveOne
is available on iOS, Android, Roku, Apple TV, Spotify, Samsung,
Amazon Fire, Android TV, and through STIRR's OTT applications. For
more investor information, please visit ir.liveone.com.
Los Angeles, Calif.-based Macias Gini & O'Connell LLP, the
Company's auditor since 2022, issued a "going concern"
qualification in its report dated July 1, 2024, citing that the
Company has suffered recurring losses from operations, negative
cash flows from operating activities and has a net capital
deficiency. These matters raise substantial doubt about the
Company's ability to continue as a going concern.
LIVEONE INC: Incurs $2.32 Million Net Loss in Second Quarter
------------------------------------------------------------
LiveOne, Inc., filed with the Securities and Exchange Commission
its Quarterly Report on Form 10-Q reporting a net loss of $2.32
million on $32.59 million of revenue for the three months ended
Sept. 30, 2024, compared to a net loss of $7.93 million on $28.53
million of revenue for the three months ended Sept. 30, 2023.
For the six months ended Sept. 30, 2024, the Company reported a net
loss of $3.88 million on $65.67 million of revenue compared to a
net loss of $8.42 million on $56.30 million of revenue for the same
period a year ago.
As of Sept. 30, 2024, the Company had $67.21 million in total
assets, $61.36 million in total liabilities, and $5.85 million in
total equity.
The Company's principal sources of liquidity have historically been
its debt and equity issuances and its cash and cash equivalents
(which cash, cash equivalents and restricted cash amounted to $11.1
million as of Sept. 30, 2024). The Company has a history of
losses, incurred a net loss of $3.9 million for the six months
ended Sept. 30, 2024, and provided cash of $7.1 million in
operating activities for the six months ended Sept. 30, 2024 and
had a working capital deficiency of $22.3 million as of Sept. 30,
2024. The Company said these factors, among others, raise
substantial doubt about its ability to continue as a going concern
within one year from the date that these financial statements are
filed.
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1491419/000143774924035385/lvo20240930c_10q.htm
About LiveOne
Headquartered in Los Angeles, Calif., LiveOne, Inc. (NASDAQ: LVO)
(formerly known as LiveXLive Media, Inc.) is a creator-first,
music, entertainment, and technology platform focused on delivering
premium experiences and content worldwide through memberships and
live and virtual events. LiveOne's wholly-owned subsidiaries
include Slacker Radio, PodcastOne (Nasdaq: PODC), PPVOne, CPS,
LiveXLive, DayOne Music Publishing, Drumify and Splitmind. LiveOne
is available on iOS, Android, Roku, Apple TV, Spotify, Samsung,
Amazon Fire, Android TV, and through STIRR's OTT applications. For
more investor information, please visit ir.liveone.com.
Los Angeles, Calif.-based Macias Gini & O'Connell LLP, the
Company's auditor since 2022, issued a "going concern"
qualification in its report dated July 1, 2024, citing that the
Company has suffered recurring losses from operations, negative
cash flows from operating activities and has a net capital
deficiency. These matters raise substantial doubt about the
Company's ability to continue as a going concern.
MARINUS PHARMACEUTICALS: Avoro Capital No Longer Holds Shares
-------------------------------------------------------------
Avoro Capital Advisors LLC and Behzad Aghazadeh disclosed in a
Schedule 13G/A filed with the U.S. Securities and Exchange
Commission that as of September 30, 2024, they ceased to be the
beneficial owner of more than five percent of Marinus
Pharmaceuticals, Inc.'s common stock.
A full-text copy of Avoro Capital's SEC Report is available at:
https://tinyurl.com/2rjw4eax
About Marinus Pharmaceuticals
Marinus Pharmaceuticals, Inc. -- www.marinuspharma.com -- is a
commercial-stage pharmaceutical company dedicated to the
development of innovative therapeutics for seizure disorders. The
Company first introduced FDA-approved prescription medication
ZTALMY (ganaxolone) oral suspension CV in the U.S. in 2022 and
continues to invest in the potential of ganaxolone in IV and oral
formulations to maximize therapeutic reach for adult and pediatric
patients in acute and chronic care settings.
Philadelphia, Pennsylvania-based Ernst & Young LLP, the Company's
auditor since 2020, issued a "going concern" qualification in its
report dated March 5, 2024, citing that the Company has suffered
recurring losses from operations and has stated that substantial
doubt exists about the Company's ability to continue as a going
concern.
Marinus Pharmaceuticals incurred a net loss of $141.4 million for
the year ended December 31, 2023. As of June 30, 2024, Marinus
Pharmaceuticals had $87.1 million in total assets, $134.4 million
in total liabilities, and $47.3 million in total stockholders'
deficit.
MARINUS PHARMACEUTICALS: Cormorant Asset No Longer Holds Shares
---------------------------------------------------------------
Cormorant Asset Management, LP and Bihua Chen disclosed in a
Schedule 13G/A filed with the U.S. Securities and Exchange
Commission that as of September 30, 2024, they ceased to be the
beneficial owner of more than five percent of Marinus
Pharmaceuticals, Inc.'s common stock.
A full-text copy of Cormorant Asset's SEC Report is available at:
https://tinyurl.com/35vsmac4
About Marinus Pharmaceuticals
Marinus Pharmaceuticals, Inc. -- www.marinuspharma.com -- is a
commercial-stage pharmaceutical company dedicated to the
development of innovative therapeutics for seizure disorders. The
Company first introduced FDA-approved prescription medication
ZTALMY (ganaxolone) oral suspension CV in the U.S. in 2022 and
continues to invest in the potential of ganaxolone in IV and oral
formulations to maximize therapeutic reach for adult and pediatric
patients in acute and chronic care settings.
Philadelphia, Pennsylvania-based Ernst & Young LLP, the Company's
auditor since 2020, issued a "going concern" qualification in its
report dated March 5, 2024, citing that the Company has suffered
recurring losses from operations and has stated that substantial
doubt exists about the Company's ability to continue as a going
concern.
Marinus Pharmaceuticals incurred a net loss of $141.4 million for
the year ended December 31, 2023. As of June 30, 2024, Marinus
Pharmaceuticals had $87.1 million in total assets, $134.4 million
in total liabilities, and $47.3 million in total stockholders'
deficit.
MARINUS PHARMACEUTICALS: Eventide, 2 Others No Longer Hold Shares
-----------------------------------------------------------------
Eventide Asset Management, LLC, Finny Kuruvilla, M.D. Ph. D. and
Robin C. John disclosed in a Schedule 13G/A filed with the U.S.
Securities and Exchange Commission that as of September 30, 2024,
they ceased to be the beneficial owner of more than five percent of
Marinus Pharmaceuticals, Inc.'s common stock.
A full-text copy of Eventide Asset's SEC Report is available at:
https://tinyurl.com/3captt3d
About Marinus Pharmaceuticals
Marinus Pharmaceuticals, Inc. -- www.marinuspharma.com -- is a
commercial-stage pharmaceutical company dedicated to the
development of innovative therapeutics for seizure disorders. The
Company first introduced FDA-approved prescription medication
ZTALMY (ganaxolone) oral suspension CV in the U.S. in 2022 and
continues to invest in the potential of ganaxolone in IV and oral
formulations to maximize therapeutic reach for adult and pediatric
patients in acute and chronic care settings.
Philadelphia, Pennsylvania-based Ernst & Young LLP, the Company's
auditor since 2020, issued a "going concern" qualification in its
report dated March 5, 2024, citing that the Company has suffered
recurring losses from operations and has stated that substantial
doubt exists about the Company's ability to continue as a going
concern.
Marinus Pharmaceuticals incurred a net loss of $141.4 million for
the year ended December 31, 2023. As of June 30, 2024, Marinus
Pharmaceuticals had $87.1 million in total assets, $134.4 million
in total liabilities, and $47.3 million in total stockholders'
deficit.
MARINUS PHARMACEUTICALS: Sofinnova Entities Report Equity Stakes
----------------------------------------------------------------
Sofinnova Investments, Inc. disclosed in a Schedule 13G/A filed
with the U.S. Securities and Exchange Commission that as of
September 30, 2024, the firm and its affiliated entities --
Sofinnova BioEquities GP LLC, James Healy, and Eric Delbridge --
beneficially owned shares Marinus Pharmaceuticals, Inc.'s Common
Stock.
Sofinnova Investments and James Healy beneficially owned 4,386,177
shares, representing 8% of the outstanding shares. Meanwhile,
Sofinnova BioEquities and Eric Delbridge beneficially owned
3,404,246 shares, representing 6.2% of the outstanding shares.
A full-text copy of Eventide Asset's SEC Report is available at:
https://tinyurl.com/3cr3thpk
About Marinus Pharmaceuticals
Marinus Pharmaceuticals, Inc. -- www.marinuspharma.com -- is a
commercial-stage pharmaceutical company dedicated to the
development of innovative therapeutics for seizure disorders. The
Company first introduced FDA-approved prescription medication
ZTALMY (ganaxolone) oral suspension CV in the U.S. in 2022 and
continues to invest in the potential of ganaxolone in IV and oral
formulations to maximize therapeutic reach for adult and pediatric
patients in acute and chronic care settings.
Philadelphia, Pennsylvania-based Ernst & Young LLP, the Company's
auditor since 2020, issued a "going concern" qualification in its
report dated March 5, 2024, citing that the Company has suffered
recurring losses from operations and has stated that substantial
doubt exists about the Company's ability to continue as a going
concern.
Marinus Pharmaceuticals incurred a net loss of $141.4 million for
the year ended December 31, 2023. As of June 30, 2024, Marinus
Pharmaceuticals had $87.1 million in total assets, $134.4 million
in total liabilities, and $47.3 million in total stockholders'
deficit.
MEDLIN EXPEDITED: M. Aaron Spencer Named Subchapter V Trustee
-------------------------------------------------------------
The Acting U.S. Trustee for Region 8 appointed M. Aaron Spencer of
Woolf, McClane, Bright, Allen & Carpenter, PLLC as Subchapter V
trustee for Medlin Expedited + Leasing LLC.
Mr. Spencer will be paid an hourly fee of $305 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Spencer declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
M. Aaron Spencer
Woolf, McClane, Bright, Allen & Carpenter, PLLC
Post Office Box 900
Knoxville, TN 37901-0900
Phone: (865) 215-1000 | Fax: (865) 215-1001
Email: aspencer@wmbac.com
About Medlin Expedited + Leasing
Medlin Expedited + Leasing, LLC operates in the general freight
trucking industry.
Medlin Expedited + Leasing sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No.
24-32009) on November 14, 2024, with total assets of $895,225 and
total liabilities of $1,607,849. Susan Medlin, chief manager,
signed the petition.
Judge Suzanne H. Bauknight handles the case.
The Debtor is represented by Thomas H. Dickenson, Esq., at Hodges,
Doughty & Carson, PLLC.
MISS AMERICA: Seeks to Hire Kelley Kaplan & Eller as Counsel
------------------------------------------------------------
Miss America Competition, LLC seeks approval from the U.S.
Bankruptcy Court for the Southern District of Florida to employ
Kelley Kaplan & Eller, PLLC as general counsel.
Kelley Kaplan & Eller will provide these services:
(a) advise the Debtor with respect to its powers and duties;
(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 legal documents necessary in the administration of
the case;
(d) protect the interest 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.
The firm will be paid at these hourly rates:
Attorneys $550
Paralegals $155
In addition, the firm will seek reimbursement for expenses
incurred.
Prior to the petition date, the firm received a retainer of $50,000
from the Debtor.
Craig Kelley, Esq., an attorney at Kelley Kaplan & Eller, 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:
Craig I. Kelley, Esq.
Kelley Kaplan & Eller, PLLC
1665 Palm Beach Lakes Blvd., Suite 1000
West Palm Beach, FL 33401
Telephone: (561) 491-1200
Facsimile: (561) 684-3773
Email: bankruptcy@kelleylawoffice.com
About Miss America Competition
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, 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.
Craig I. Kelley, Esq., at Kelley Kaplan & Eller, PLLC serves as the
Debtor's counsel.
MOBIQUITY TECHNOLOGIES: Lind Global Entities Lower Stake to 0.8%
----------------------------------------------------------------
Lind Global Fund II LP, Lind Global Partners II LLC, and Jeff
Easton disclosed in a Schedule 13G filed with the U.S. Securities
and Exchange Commission that as of September 30, 2024, they
beneficially owned 122,695 shares of Mobiquity Technologies' common
stock, representing 0.8% or less than 5% of the shares
outstanding.
A full-text copy of Lind Global's SEC Report is available at:
https://tinyurl.com/2a599hr9
About Mobiquity Technologies
Headquartered in Shoreham, N.Y., Mobiquity Technologies, Inc., is a
next-generation advertising technology, data compliance, and
intelligence company that operates through its various proprietary
software platforms. The Company's product solutions are comprised
of three proprietary software platforms: Advertising Technology
Operating System (ATOS Platform); Data Intelligence Platform; and
Publisher Platform for Monetization and Compliance.
Margate, Florida-based Assurance Dimensions, the Company's auditor
since 2023, issued a "going concern" qualification in its report
dated April 8, 2024, citing that the Company has incurred operating
losses, negative cash flows from operations, and has an accumulated
deficit. These and other factors raise substantial doubt about the
Company's ability to continue as a going concern.
Mobiquity Technologies reported a net loss of $6.53 million for the
year ended Dec. 31, 2023, compared to a net loss of $8.06 million
for the year ended Dec. 31, 2022. As of March 31, 2024, the Company
had $4.12 million in total assets, $2.54 million in total
liabilities, and $1.58 million in total stockholders' equity.
NORTHPOINT DEVELOPMENT: Gets OK to Use Cash Collateral Until Dec 31
-------------------------------------------------------------------
Northpoint Development Holdings, LLC, received interim approval
from the U.S. Bankruptcy Court for the Northern District of
Illinois, Eastern Division, to use cash collateral to pay its
operating
expenses.
The interim order authorized the company to use cash collateral
until Dec. 31 as outlined in its projected budget, with a 10%
variance. Any further usage of cash collateral beyond Dec. 31
requires further court approval.
The budget shows projected total operating expenses of $33585.16.
The First National Bank of Ottawa, a secured creditor, was granted
post-petition replacement liens on the company's collateral,
including cash collateral, to protect its interest.
The next hearing is scheduled for December 18, 2024 at 1:15 p.m.
About Northpoint Development Holdings
Northpoint Development Holdings, LLC is a Single Asset Real Estate
debtor (as defined in 11 U.S.C. Section 101(51B)). It is the fee
simple owner of real property located at 1800 North Bloomington
St., Streator, Ill., valued at $6.8 million.
Northpoint sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. N.D. Ill. Case No. 24-13265) on September 9, 2024,
with total assets of $6,800,000 and total liabilities of
$5,176,241. Keith Weinstein, manager of Greystone Develpment
Holdings, LLC, signed the petition.
Judge Deborah L. Thorne oversees the case.
The Debtor is represented by Gregory K. Stern, Esq., at Gregory K.
Stern, P.C.
NURSES FIRST: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Nurses First Solutions, LLC
7061 University Blvd.
Winter Park, FL 32792
Business Description: Nurses First Solutions is a nurses staffing
agency built by nurses for nurses. As a
trusted travel nursing and allied healthcare
agency, NFS offers opportunities, tools,
technology, and support to advance nurses'
career.
Chapter 11 Petition Date: December 10, 2024
Court: United States Bankruptcy Court
Middle District of Florida
Case No.: 24-06700
Judge: Hon. Tiffany P Geyer
Debtor's Counsel: Justin M. Luna, Esq.
LATHAM LUNA EDEN & BEAUDINE LLP
201 S. Orange Avenue
Suite 1400
Orlando, FL 32801
Tel: (407) 481-5800
Fax: (407) 481-5801
Email: jluna@lathamluna.com
Estimated Assets: $500,000 to $1 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Alvin D. Cortez as managing member.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/ZHPZGSI/Nurses_First_Solutions_LLC__flmbke-24-06700__0001.0.pdf?mcid=tGE4TAMA
OCUGEN INC: Reports $13 Million Net Loss in Fiscal Q3
-----------------------------------------------------
Ocugen, Inc. filed with the U.S. Securities and Exchange Commission
its Quarterly Report on Form 10-Q reporting a net loss of $13
million on $1.1 million of revenue for the three months ended
September 30, 2024, compared to a net loss of $11.7 million on $3.7
million of revenue for the three months ended September 30, 2023.
For the nine months ended September 30, 2024, the Company reported
a net loss of $40.2 million on $3.3 million of revenue, compared to
a net loss of $52.1 million on $4.6 million of revenue for the same
period in 2023.
As of September 30, 2024, the Company had an accumulated deficit of
$326.3 million and cash totaling $38.7 million. This amount will
not be sufficient to fund the Company's operations over the next 12
months. Due to the inherent uncertainty involved in making
estimates and the risks associated with the research, development,
and commercialization of biotechnology products, the Company may
have based this estimate on assumptions that may prove to be
different than actuals, and the Company's operating plan may change
as a result of many factors currently unknown to the Company.
As of September 30, 2024, the Company had $61.9 million in total
assets, $21.3 million in total liabilities, and $40.6 million in
total stockholders' equity.
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/3vdu8juy
About Ocugen Inc.
Malvern, Pa.-based Ocugen, Inc. is a biotechnology company focused
on discovering, developing, and commercializing novel gene and cell
therapies, biologics, and vaccines that improve health and offer
hope for patients across the globe. The Company's technology
pipeline includes: Modifier Gene Therapy Platform, Novel Biologic
Therapy for Retinal Diseases, Regenerative Medicine Cell Therapy
Platform, and Inhaled Mucosal Vaccine Platform.
Philadelphia, Pennsylvania-based Ernst & Young LLP, the Company's
auditor since 2018, issued a "going concern" qualification in its
report dated April 16, 2024, citing that the Company has suffered
recurring losses from operations and has stated that substantial
doubt exists about the Company's ability to continue as a going
concern.
ODYSSEY MARINE: Swings to $18.7 Million Net Income in Fiscal Q3
---------------------------------------------------------------
Odyssey Marine Exploration, Inc. filed with the U.S. Securities and
Exchange Commission its Quarterly Report on Form 10-Q reporting a
net income of $18,688,236 attributable to the Company on $213,901
of revenue for the three months ended September 30, 2024, compared
to a net loss of $3,813,285 attributable to the Company on $175,876
of revenue for the three months ended September 30, 2023.
For the nine months ended September 30, 2024, Odyssey Marine
Exploration reported a net income of $20,659,157 attributable to
the Company on $632,530 of revenue, compared to a net income of
$13,562,793 attributable to the Company on $637,190 of revenue for
the same period in 2023.
As of September 30, 2024, the Company had $21,758,228 in total
assets, $98,480,151 in total liabilities, and $76,721,923 in total
stockholders' deficit.
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/mpbupmxk
About Odyssey Marine
Odyssey Marine Exploration, Inc. and its subsidiaries are engaged
in deep-ocean exploration. Their innovative techniques are
currently applied to mineral exploration and other marine survey
and contracted services. The corporate headquarters are in Tampa,
Florida.
Tampa, Fla.-based Grant Thornton LLP, the Company's auditor since
2023, issued a "going concern" qualification in its report dated
May 17, 2024, citing that the Company incurred net operating losses
during the year ended 2023, and as of December 31, 2023, the
Company's current liabilities exceeded its current assets by $26.6
million, and its total liabilities exceeded its total assets by
$85.9 million. These conditions, along with other matters, raise
substantial doubt about the Company's ability to continue as a
going concern.
OMIMEX PETROLEUM: Voluntary Chapter 11 Case Summary
---------------------------------------------------
Debtor: Omimex Petroleum, Inc.
100 Crescent Ct., Ste. 700
Unit 5528
Dallas, TX 75201
Court: United States Bankruptcy Court
Northern District of Texas
Case No.: 24-34018
Debtor's Counsel: Jeff Caruth, Esq.
WEYCER, KAPLAN, PULASKI & ZUBER, P.C.
2608 HIbernia St. Ste 105
Dallas, TX 75204-2514
Tel: (713) 341-1158
Email: jcarruth@wkpz.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Christopher Chambers as sole director.
The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/KHKSZCQ/Omimex_Petroleum_Inc__txnbke-24-34018__0001.0.pdf?mcid=tGE4TAMA
ONDAS HOLDINGS: Partners with Siemens to Upgrade Metra's Network
----------------------------------------------------------------
Ondas Holdings Inc. disclosed in a Form 8-K filing with the U.S.
Securities and Exchange Commission that on December 5, 2024,
Siemens Mobility announced its continued efforts to future-proof
legacy rail networks across the country, partnering with Ondas
Networks Inc. on a new project to upgrade Metra's legacy 900 MHz
communications network with Siemens Mobility's Airlink wireless
networking equipment.
A copy of a press release issued by Siemens Mobility is available
at https://urlcurt.com/u?l=I1h6Vq
About Ondas Holdings
Marlborough, Mass.-based Ondas Holdings Inc. is a provider of
private wireless, drone, and automated data solutions through its
subsidiaries Ondas Networks Inc., Ondas Autonomous Holdings Inc.,
Airobotics, Ltd, and American Robotics, Inc. Ondas Networks,
American Robotics, and Airobotics together provide users in
defense, homeland security, public safety, and other critical
industrial and government security and infrastructure markets with
improved connectivity, situational awareness, and data collection
and information processing capabilities.
Somerset, N.J.-based Rosenberg Rich Baker Berman, P.A., the
Company's auditor since 2017, issued a "going concern"
qualification in its report dated April 1, 2024, citing that the
Company has experienced recurring losses from operations, negative
cash flows from operations, and a working capital deficit as of
Dec. 31, 2023.
OPGEN INC: Names Mohd Azham Azudin as Chief Operating Officer
-------------------------------------------------------------
OpGen, Inc., disclosed in a Form 8-K filing with the U.S.
Securities and Exchange Commission that the Board of Directors of
OpGen, Inc., on December 4, 2024, appointed Mohd Azham Azudin as
Chief Operating Officer of the Company and Gillian Tan Rou Yee as
Company Secretary of the Company.
Mr. Azudin, age 52, has over 25 years of investment experience
specifically in private equity, venture capital deals, and
corporate advisory, including corporate structuring, finance and
mergers and acquisitions. Since March 2023, he has served as Vice
President of Group Investments and Corporate Advisory at AEI
Capital Ltd. Mr. Azudin will retain such role, however, in such
capacity, he will also serve as the Chief Operating Officer of the
Company. Prior to his current role, from September 2022 to January
2023, Mr. Azudin served as the Lead Executioner for the Security
Token Offering ("STO") Division at ATA Global Inc. US. From March
2021 to June 2021, Mr. Azudin was involved in the F&B Fund
Framework and Conceptualization Paper at Articulate Fusion Sdn.
Bhd. Mr. Azudin served as Vice President in Private Equity
Investments at Malaysian Development Bank's Private Equity
Management Company from 2007 to 2010 and as the Executive Vice
President in Corporate Affairs at Quest MasteryAsia Group from 2017
to 2021. Mr. Azudin holds a chartered accountant designation from
the Malaysia Institute of Accountants.
In connection with his appointment, on December 4, 2024, the
Company entered into a Consulting Agreement with Mr. Azudin,
pursuant to which he will serve as the Chief Operating Officer. The
Azudin Consulting Agreement provides that Mr. Azudin will receive a
base salary of $50,000 per year. Under the Azudin Consulting
Agreement, the Company may elect to pay such base salary, or a
portion thereof, by granting Mr. Azudin equity securities of the
Company.
Ms. Tan, age 27, is a legal professional, who earned her LLB degree
from the University of the West of England, Bristol, in 2019.
Following her undergraduate studies, Ms. Tan pursued further
education at the City Law School, University of London, where she
completed the Bar Professional Training Course (BPTC) and obtained
a Master's in Law, in 2020 and 2021, respectively. Ms. Tan began
her legal career when she was called to the Bar of England and
Wales at Lincoln's Inn in 2020. She completed her chambering in
2021 at Messrs. Gideon Tan Razali Zaini, focusing on litigation. In
2022, she completed her chambering and was called to the Malaysian
Bar as an advocate and solicitor of the High Court of Malaya, and
she subsequently practiced as a lawyer specializing in
corporate-commercial law until 2023 at Messrs. J.M. Chong, Vincent
Chee & Co. as a Legal Associate. In April 2024, Ms. Tan
transitioned to her current role as In-House Lead Counsel at AEI
Capital Group. In this position, she leverages her expertise in
corporate law to contribute significantly to the organization's
legal strategies.
In connection with her appointment, on December 4, 2024, the
Company entered into a Consulting Agreement with Ms. Tan, pursuant
to which she will serve as Company Secretary. The Tan Consulting
Agreement provides that Ms. Tan will receive a base salary of
$25,000 per year. Under the Consulting Agreement, the Company may
elect to pay such base salary, or a portion thereof, by granting
Ms. Tan equity securities of the Company.
About OpGen
OpGen, Inc., based in Rockville, Md., -- https://www.opgen.com/ --
is a precision medicine company harnessing the power of molecular
diagnostics and bioinformatics to help combat infectious disease.
The Company distributes molecular microbiology solutions that help
guide clinicians with more rapid and actionable information about
life-threatening infections to improve patient outcomes and
decrease the spread of infections caused by multidrug-resistant
microorganisms, or MDROs.
West Palm Beach, Florida-based Beckles & Co., Inc., the Company's
auditor since 2024, issued a "going concern" qualification in its
report dated June 3, 2024, citing that the Company has incurred
recurring losses from operations since inception and has stated
that substantial doubt exists about the Company's ability to
continue as a going concern.
For the years ended December 31, 2023 and 2022, OpGen had net
losses of $32.7 million and $37.3 million, respectively. As of June
30, 2024, Opgen had $2.87 million in total assets, $14.54 million
in total liabilities, and a total stockholders' deficit of $11.67
million.
ORGANON & CO.: S&P Rates New EUR726MM Term Loan B 'BB'
------------------------------------------------------
S&P Global Ratings assigned its 'BB' issue-level rating to Organon
& Co.'s proposed EUR726 million term loan B due in 2031.
The transaction is leverage neutral because proceeds will be used
to refinance the company's existing euro term loan due in 2028.
S&P said, "Our 'BB' issuer credit rating on Organon continues to
reflect the company's solid women's health franchise anchored by
its lead product, Nexplanon, good geographic and product
diversification, and our expectation for S&P Global
Ratings-adjusted net leverage to decline below 4x before the end of
2025 despite an active mergers and acquisitions (M&A) appetite. Our
negative outlook highlights the risk that adjusted leverage could
remain above 4x, due to potential further M&A and possible
operating shortfalls as the company approaches the 2027 patent
expiration on Nexplanon."
ORL ACQUISITION: PennantPark Marks $4.2MM Loan at 15% Off
---------------------------------------------------------
PennantPark Investment Corporation has marked its $4,245,000 loan
extended to ORL Acquisition, Inc to market at $3,624,000 or 85% of
the outstanding amount, according to a disclosure contained in
PennantPark's Form 10-K for the Fiscal year ended September 30,
2024, filed with the Securities and Exchange Commission.
PennantPark is a participant in a First Lien Secured Debt - Fourth
Out to ORL Acquisition, Inc. The loan accrues interest at a rate of
14% (3M SOFR+ 940) per annum. The loan matures on September 3,
2027.
PennantPark Investment Corporation, a Maryland corporation
organized in January 2007, is a closed-end, externally managed,
non-diversified investment company that has elected to be treated
as a BDC under the 1940 Act. In addition, for federal income tax
purposes we have elected to be treated, and intend to qualify
annually, as a RIC under the Code.
PennantPark is led by Arthur H. Penn, Chief Executive Officer and
Chairman of the Board of Directors ; and Richard T. Allorto, Jr.,
Chief Financial Officer and Treasurer. The fund can be reach
through:
Arthur H. Penn
1691 Michigan Avenue
Miami Beach, FL 33319
Tel No.: (786) 297-9500
PACTIV EVERGREEN: S&P Places 'BB-' ICR on CreditWatch Negative
--------------------------------------------------------------
S&P Global Ratings placed all of its ratings on Pactiv Evergreen,
including the 'BB-' issuer credit rating, on CreditWatch with
negative implications.
S&P expects to resolve the CreditWatch placement when the proposed
acquisition closes, which it expects will occur in mid-2025,
subject to regulatory approvals and other customary closing
conditions.
The CreditWatch placement follows Pactiv Evergreen's announced
acquisition by financial sponsor-owned Clydesdale Acquisition
Holdings Inc. (dba Novolex Holdings LLC). Under the terms of the
agreement, Novolex will acquire Pactiv Evergreen for $18.00 per
share in an all-cash transaction valued at $6.7 billion, inclusive
of Pactiv Evergreen’s net debt. The transaction has been approved
by the Pactiv Evergreen Board of Directors and by Packaging Finance
Ltd., in its capacity as the majority shareholder of Pactiv
Evergreen, and no other shareholder approval is required. The
transaction is not subject to a financing condition and is expected
to close in mid-2025.
S&P said, "The CreditWatch placement with negative implications
reflects our view that we will likely lower the issuer credit
rating on Pactiv Evergreen by one or more notches when the proposed
transaction closes. This reflects our view of financial-sponsor
owned companies and our expectation for a more-aggressive financial
policy following the transaction."
PARKER ESTATES: Wins Cash Collateral Access Thru Dec. 18
--------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Pennsylvania
authorized Parker Estates LLC and affiliates to use cash
collateral, on an interim basis, in accordance with the budget,
through Dec. 18, 2024.
As adequate protection for the use of Prepetition Secured Lenders'
cash collateral, Prepetition Secured Lenders will be granted valid,
binding, enforceable and automatically perfected replacement liens
on and security interests in the same types and items of the
Debtors' property that Prepetition Secured Lenders held a valid,
enforceable, properly perfected lien or Security Interest in
prepetition. For the avoidance of doubt, the Replacement Liens, and
any other form of adequate protection provided for under the Order,
will be only valid to the extent that Prepetition Secured Lenders
have a valid perfected lien against the cash collateral of the
Debtors and the Debtors are unable to avoid such lien under Chapter
5 of the Bankruptcy Code or other applicable law.
As additional adequate protection for the use of Prepetition
Secured Lenders' cash collateral, Prepetition Secured Lenders will
be granted, solely to the extent of any diminution in the value of
Prepetition Secured Lenders' collateral, valid, binding,
enforceable and automatically perfected liens on and Security
Interests in any and all assets of Debtors against which
Prepetition Secured Lenders did not possess a lien on the Petition
Date, except for any causes of action arising under Chapter 5 of
the Bankruptcy Code.
Further, to the extent that the diminution in value of Prepetition
Secured Lenders' collateral is greater than the value of the
collateral to which the Adequate Protection Liens attach,
Prepetition Secured Lenders will be entitled to a super-priority
administrative expense claim having priority in the right of
payment over any all obligations, liabilities and indebtedness of
the Debtors now in existence and hereafter incurred by the Debtors
and over all administrative expenses or priority claims.
A final hearing on the matter is set for Dec 18.
A copy of the order is available at https://shorturl.at/TFGxt from
PacerMonitor.com.
About Parker Estates LLC
Parker Estates, LLC filed a petition under Chapter 11, Subchapter V
of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 24-11539) on May
6, 2024, with $500,001 to $1 million in assets and $100,001 to
$500,000 in liabilities.
Judge Ashely M. Chan presides over the case.
Ronald S. Gellert, Esq., at Gellert Seitz Busenkell & Brown, LLC
represents the Debtor as legal counsel.
PARKERVISION INC: Reports $10.8 Million Net Loss in Fiscal Q3
-------------------------------------------------------------
ParkerVision, Inc. filed with the U.S. Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net loss
of $10.8 million with no revenue for the three months ended
September 30, 2024, compared to a net loss of $3.9 million with no
revenue for the three months ended September 30, 2023.
For the nine months ended September 30, 2024, the Company reported
a net loss of $11.8 million with no revenue, compared to a net
income of $10.6 million on $25 million of revenue for the same
period in 2023.
As of September 30, 2024, the Company had $1.8 million in total
assets, $52.1 million in total liabilities, and $50.3 million in
total shareholders' deficit.
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/ywnrktvu
About ParkerVision
Jacksonville, Fla.-based ParkerVision, Inc., and its wholly-owned
German subsidiary, ParkerVision GmbH is in the business of
innovating fundamental wireless hardware technologies and products.
The Company has designed and developed proprietary RF technologies
and integrated circuits based on those technologies, and the
Company licenses its technologies to others for use in wireless
communication products.
Fort Lauderdale, Fla.-based MSL, P.A., the Company's auditor since
2019, issued a "going concern" qualification in its report dated
March 21, 2024, citing that the Company's current resources are not
sufficient to meet their liquidity needs for the next 12 months,
the Company has historically suffered recurring losses from
operations, and has a net capital deficiency that raise substantial
doubt about its ability to continue as a going concern.
PARTY CITY: Considering Second Bankruptcy Filing
------------------------------------------------
Reshmi Basu and Eliza Ronalds-Hannon of Bloomberg News report that
Party City Holdco Inc. is exploring options, including a potential
sale or a second bankruptcy filing, just over a year after emerging
from Chapter 11, according to sources familiar with the matter.
According to Bloomberg News, the New Jersey-based retailer, which
sells balloons and party supplies, is behind on rent at some
locations and running low on cash to support operations, the
sources said, speaking anonymously due to the confidential nature
of the issue. The company's struggles are due to years of weak
sales, leaving it unable to manage a heavy debt load, the report
says.
About Party City Holdco
Party City Holdco Inc. (NYSE: PRTY) is the global leader in the
celebrations' industry, with its offerings spanning more than 70
countries around the world. It is also the largest designer,
manufacturer, distributor, and retailer of party goods in North
America. Party City Holdco had 761 company-owned stores as of
September 2022. It is headquartered in Woodcliff Lake, N.J. with
additional locations throughout the Americas and Asia.
Party City Holdco and its domestic subsidiaries sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead
Case No. 23-90005). As of Sept. 30, 2022, Party City Holdco had
total assets of $2,869,248,000 against total debt of
$3,022,960,000.
Judge David R. Jones oversees the cases.
The Debtors tapped Paul, Weiss, Rifkind, Wharton & Garrison, LLP,
as legal counsel; Moelis & Company, LLC as investment banker;
AlixPartners, LLP as financial advisor; A&G Realty Partners as real
estate advisor; and Kroll as the claims agent.
PricewaterhouseCoopers LLP (PwC) provides accounting and valuation
advisory services, tax-related services, and internal audit
Sarbanes-Oxley Act support services.
Davis Polk & Wardwell, LLP and Lazard serve as legal counsel and
investment banker, respectively, to the ad hoc group of first lien
holders.
The U.S. Trustee for Region 6 appointed an official committee to
represent unsecured creditors in the Chapter 11 cases. The
committee is represented by Pachulski Stang Ziehl & Jones, LLP.
PERASO INC: Reports $2.7 Million Net Loss in Fiscal Q3
------------------------------------------------------
Peraso Inc. filed with the U.S. Securities and Exchange Commission
its Quarterly Report on Form 10-Q reporting a net loss of $2.7
million on $3.8 million of total net revenue for the three months
ended September 30, 2024, compared to a net loss of $623,000 on
$4.5 million of total net revenue for the three months ended
September 30, 2023.
For the nine months ended September 30, 2024, the Company reported
a net loss of $9.2 million on $10.9 million of total net revenue,
compared to a net loss of $7.9 million on $11.9 million of total
net revenue for the same period in 2023.
As of September 30, 2024, the Company had $7.2 million in total
assets, $5.2 million in total liabilities, and $2.02 million in
total stockholders' equity.
Management Commentary
"Third quarter revenue was within our range of expectations, with
overall results being highlighted by meaningful improvement in our
operating performance," commented Ron Glibbery, CEO of Peraso.
"Underpinning this improvement was the benefit of our previous and
ongoing actions to reduce costs and increase efficiencies,
resulting in operating expenses decreasing almost 20%
year-over-year.
"During the quarter, we continued to advance diverse customer
engagements toward new design wins for our mmWave solutions in
targeted markets, including fixed wireless access (FWA), tactical
military communication and transportation applications. We are
seeing growing momentum for Peraso's DUNE platform solution for
dense urban environments, as highlighted by the recently received
$1.4 million follow-on order from a South African wireless Internet
service provider (WISP), as well as an initial purchase order from
a Kenya-based WISP. Additionally, we are supporting an expansion of
engagement activity for mission-critical, tactical communications
in combat deployments that leverage our 60 GHz mmWave technology.
In fact, we secured a new purchase order from a military customer
during the quarter, and we believe Peraso is well positioned to
capitalize on additional opportunities in tactical communication
applications.
"With a robust and growing pipeline of opportunities for our mmWave
solutions, we remain focused on converting engagements into
incremental design wins and production orders. Based on our current
expectations for the fourth quarter, we continue to anticipate
total revenue for the second half of 2024 to increase over the
first half of the year, as well as represent double-digit growth
over the comparable prior year period."
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/3wf3yvsf
About Peraso Inc.
Headquartered in San Jose, California, Peraso Inc. (NASDAQ: PRSO)
-- www.perasoinc.com -- is a pioneer in high-performance 60 GHz
unlicensed and 5G mmWave wireless technology, offering chipsets,
antenna modules, software and IP. Peraso supports a variety of
applications, including fixed wireless access, immersive video and
factory automation. In addition, Peraso's solutions for data and
telecom networks focus on Accelerating Data Intelligence and
Multi-Access Edge Computing, providing end-to-end solutions from
the edge to the centralized core and into the cloud.
Los Angeles, California-based Weinberg & Company, the Company's
auditor since 2020, issued a "going concern" qualification in its
report dated March 29, 2024, citing that during the year ended Dec.
31, 2023, the Company incurred a net loss and utilized cash in
operations. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.
Peraso incurred net losses of approximately $16.8 million and $32.4
million for the years ended December 31, 2023 and 2022,
respectively.
PERIMETER SOLUTIONS: S&P Assigns 'B+' ICR, Outlook Stable
---------------------------------------------------------
S&P Global Ratings assigned a B+ issuer credit rating on Perimeter
Holdings LLC.
Going forward, S&P will publish its reports on the parent entity
because it is the filer of fully consolidated financial results.
The stable outlook reflects Perimeter Solutions' significantly
improved credit metrics in recent quarters as well as the
possibility for continued volatility in metrics depending on
unpredictable wildfire activity and financial policy decisions in
the next 12 months.
S&P will publish its reports on Perimeter Solutions Inc. going
forward.
Perimeter Solutions Inc., the parent entity for the organization,
is the filer of publicly available financial results, which
consolidate the full scale of the Perimeter business through its
subsidiaries as well as the parent entity's preferred shares issued
to old owners and its transactions related to the Founders Advisory
Agreement. S&P believes the scope of consolidation of its rating on
the business aligns with the financial statements issued by the
parent entity.
S&P expects Perimeter Solutions' debt leverage to remain relatively
stable in 2025 after a significant rebound in the last twelve month
(LTM) period ended Sept. 30, 2024.
After two back-to-back mild wildfire seasons in the U.S. in 2022
and 2023, wildfire activity in 2024 was significantly higher than
2023 and acres burned (excluding Alaska) so far have trailed
moderately above the rolling 10-year average. S&P said, "Due to
this rebound, seen primarily in the third quarter of 2024, as well
as the continued positive demand momentum in the company's
specialty products segment, we now expect the company's EBITDA for
2024 to be significantly higher than our previous forecasts and the
2023 level. Our base case forecast for the company's S&P Global
Ratings-adjusted debt to EBITDA for 2024 is about 3x."
S&P said, "For 2025, our base case assumes some normalization in
fire safety volumes to be offset by a mid-single-digit percentage
revenue growth in the specialty products segment and contribution
from acquisitions, which the company is actively targeting using
its available liquidity built on surplus free cash flow this year.
Improvements in earnings are also supported by better pricing
throughout the fire safety business, particularly for suppressants,
strong performance in international retardant markets, and better
operating efficiency. We expect debt leverage of between 4x and 5x
on a weighted-average basis over the next 12 months, which reflects
the company's performance in 2023 as well.
"In our last review of the business on June 18, 2024, we noted our
belief that it was too early to predict the intensity of the U.S.
wildfire season (i.e., the largest driver of the company's
performance each year, which is heavily weighted toward the third
quarter) and that it can be affected by multiple exogenous
factors.
"We anticipate Perimeter Solutions to materially improve free
operating cash flow (FOCF) generation this year and maintain
adequate liquidity.
The company generated a minimal FOCF deficit during 2023 due to
weaker earnings and continued working capital build up from weak
demand. However, during the first nine months of 2024, the
company's earnings and cash flows significantly improved such that
the company has a consolidated cash balance of about $223 million
as of Sept. 30, 2024. The company also has full availability under
its $100 million revolving credit facility. S&P said, "Based on the
company's public statements, we expect the company to deploy its
significant liquidity as of Sept. 30, 2024, toward higher capital
expenditure (capex), acquisition spending, and shareholder
distributions over the next 24 months. In our forecasts, we do not
assume any debt-funded transactions."
In November 2024, the company completed a re-domiciling transaction
for certain of its entities.
This re-domiciling includes changing the domicile for Perimeter
Solutions, SA (parent) and SK Invictus Intermediate II S.a.r.l.
(wholly owned borrower subsidiary) to Delaware from Luxembourg. As
a result, the parent entity has been converted into Perimeter
Solutions Inc. and the borrower entity has converted into Perimeter
Holdings LLC. S&P notes that this transaction had no rating
implications and was not a key factor for the higher rating on the
company.
Perimeter Solutions' business risk profile of weak is limited by
high earnings volatility and limited operating scale and diversity,
partially offset by strengths, including above-average
profitability and leading market positions.
S&P said, "While we believe there are long-term secular tailwinds
for the fire safety segment, we note high volatility and
unpredictability in wildfire activity in recent years. The
company's growing fire suppressants and specialty products
businesses will continue to dampen this effect—-albeit not to a
significant extent in the next 24 months. The company's scale of
operations is also relatively limited compared with the overall
specialty chemicals industry given that it operates in niche
segments and lacks sufficient geographic diversity. Alongside such
limitations, our business risk assessment also reflects certain
strengths in the business, including its leading market positions
and high barriers to entry in its end markets, specifically in the
fire retardants business, which facilitate strong, above-average
EBITDA margins.
"The stable outlook on Perimeter Solutions reflects our expectation
that its weighted-average debt to EBITDA ratio will be in the 4x-5x
range over the next 12 months, primarily due to the rebound in
earnings in 2024 driven by significantly stronger wildfire activity
and a pickup in lubricant oil additives demand after customer
destocking seen last year. While this metric on a last 12 months
ended Sept 30. 2024 basis is well below this range, our
weighted-average ratio also accounts for recent years where
leverage was weaker and volatile. Our outlook also reflects the
possibility of leverage increasing in the next 12 months because of
potential debt-funded acquisitions or shareholder distributions."
S&P could take a negative rating action on Perimeter Solutions in
the next 12 months if:
-- Its earnings were significantly weaker-than-expected in 2025
due to a mild U.S. wildfire season, loss of key customers to any
new competitor in the fire retardant market, or an unexpected drop
in demand from key end markets in its specialty products business;
-- The company's weighted-average S&P Global Ratings-adjusted debt
to EBITDA exceeded 5x on a sustained basis if reported EBITDA
margins dropped to the mid-20% area;
-- The company pursued large debt-funded shareholder distributions
or acquisitions that lead to debt leverage being stretched at the
current rating with little prospects of improving; or
-- Liquidity significantly decreased because of free cash flow
being negative for a sustained period, resulting in sources over
uses being less than 1.2x, or if compliance against the springing
financial covenant were pressured.
S&P could take a positive rating action on Perimeter Solutions in
the next 12 months if:
-- The company's operating performance exceeded S&P's expectations
because of higher-than-anticipated wildfire activity in the U.S.,
reported EBITDA margins remained in the 40%-50% range or financial
policies were supportive of credit metrics such that S&P expected
its weighted-average S&P Global Ratings-adjusted debt to EBITDA
ratio to remain below 4x consistently; or
-- It significantly diversified its end-market exposure in a
manner that added more stability and predictability to EBITDA and
credit metrics. This could happen in the event of a material
acquisition that reduced its reliance on fire retardants
sufficiently while credit metrics remained appropriate for a higher
rating.
PHVC4 HOMES: To Sell Family Lots to Vantage Corporate for $2.7MM
----------------------------------------------------------------
PHCV4 Homes, LLC, seeks approval from the U.S. Bankruptcy Court for
the Northern District of Alabama, Southern Division, to sell
Property in a private sale, free and clear of liens, encumbrances
and other interests.
The Debtor's Property is consists of 12-single family lots in the
community known as Woodland Trails, in the municipality of
Bessemer, Jefferson County, Alabama with a total purchase price of
the Property is $2,758,974.56.
CoreVest American Finance Lender LLC claims a lien of the Property.
The Debtor enters a purchase agreement with Vantage Corporate
Holdings Inc. for the Property.
The Debtor sets forth the total sales price for the Property
represents the fair market value of
the Property. The Purchaser has already obtained or will obtain
financing, and the sales are
contemplated to be closed forthwith after approval from this Court.
The Property consisting of
Lots 1-12 will be purchased at closing on or before March 20,
2025.
The Property is subject to the following liens, mortgages or other
interest held by CoreVest.
About PHCV4 Homes, LLC
PHCV4 Homes LLC is part of the residential building construction
industry.
PHCV4 Homes LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ala. Case No. 24-02751) on September
10, 2024. In the petition filed by Misty M. Glass, as manager, the
Debtor reports estimated assets and liabilities between $10 million
and $50 million each.
The Honorable Bankruptcy Judge Tamara O. Mitchell presides over the
case.
The Debtor is represented by Frederick M. Garfield, Esq., at SPAIN
& GILLON, LLC.
PHYSMODO INC: Seeks Approval to Hire Hayward as Bankruptcy Counsel
------------------------------------------------------------------
Physmodo, Inc. seeks approval from the U.S. Bankruptcy Court for
the Northern District of Texas to employ Hayward PLLC to handle its
Chapter 11 case.
The firm will be compensated at these hourly rates:
Melissa Hayward, Attorney $500
Other Attorneys $250 - $400
Paralegal $195
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received a retainer of $25,000 from the Debtor.
Ms. Hayward 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:
Melissa S. Hayward, Esq.
Hayward PLLC
10501 North Central Expy., Suite 106
Dallas, TX 75231
Telephone: (972) 755-7100
Email: MHayward@HaywardFirm.com
About Physmodo Inc.
Physmodo Inc. is a merchant wholesaler of professional and
commercial equipment and supplies.
Physmodo sought relief under Subchapter V of Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-33699) on November
14, 2024, with assets between $100,000 and $500,000 and liabilities
between $1 million and $10 million. Andrew Menter, chief executive
officer, signed the petition.
Melissa S. Hayward, Esq., at Hayward PLLC serves as the Debtor's
counsel.
PLANVIEW PARENT: S&P Affirms 'B-' ICR on Debt-Funded Acquisition
----------------------------------------------------------------
S&P Global Ratings affirmed its 'B-' issuer credit rating on
Planview Parent Inc. The outlook is stable.
S&P said, "We also affirmed our 'B-' rating ('3' recovery rating;
rounded estimate: 60%) on the first-lien term loan and revolving
credit facility and our 'CCC+' rating ('5' recovery rating; rounded
estimate: 10%) on the second-lien term loan.
"The stable outlook reflects our expectation for flat- to
low-single-digit percentage organic revenue growth in fiscals 2024
and 2025. We anticipate the company will sustain an EBITDA margin
in the low-30% area while maintaining adequate liquidity."
This transaction will increase leverage to the low-10x area in
2025, and further constrain its FOCF generation. S&P said, "S&P
Global Ratings-adjusted leverage is projected to rise to the
low-10x area in fiscal 2025, up from our previous expectation of
the high-8x area. However, we anticipate a decline to the mid-9x
area in fiscal 2026 as one-time transaction and severance costs
decrease, and Planview realizes cost savings. The company is
currently experiencing pressure on free cash flow generation,
primarily due to high interest expenses. The additional interest
burden from the debt incurred for the acquisition will further
limit FOCF generation. Consequently, we expect the company to
achieve break-even S&P Global Ratings-adjusted FOCF in fiscal 2025,
with modest improvement in fiscal 2026 as interest rates decline,
synergies are fully realized, and costs to generate synergies
declines."
Cautious customer spending amid a weak macroeconomic environment
continues to be a headwind. In the first nine months of fiscal
2024, Planview achieved about 2.3% revenue growth, falling short of
our expectation for mid-single-digit percent growth. The
underperformance primarily reflected cautious spending from
customers, resulting in longer sales cycles amid a weak
macroeconomic environment. S&P said, "We anticipate that cautious
spending will persist through 2025, with gradual improvement in the
latter half of fiscal 2025. Consequently, we project organic
revenue growth in the flat- to low-single-digit percentage area in
fiscals 2024 and 2025. We expect Planview's S&P Global
Ratings-adjusted EBITDA margin for fiscals 2024 and 2025 to remain
in the low-30% area, because we expect the company's continued
investments in research and development (R&D) and sales and
marketing to promote growth will largely offset its cost-cutting
measures."
S&P said, "Although we view Project and Portfolio Management (PPM)
software to be more discretionary than other software applications,
we believe that Planview's diversification across various
industries, along with its large customer base primarily consisting
of enterprise-scale clients and a high recurring revenue stream,
provides a cushion against the current economic headwinds.
"Professional project management is constantly evolving, with
solutions continually changing to address these new approaches. We
expect increased adoption of these technologies that enable
companies to deliver projects more quickly and cost effectively. We
believe Planview's products, some of which have been recognized as
leaders by independent third parties, are well positioned to
benefit from the secular trend in the project management space.
Current liquidity provides ample cushion through current period of
weak cash flow generation. S&P said, "The company has adequate
liquidity, with a pro forma cash balance of about $60 million and
an undrawn $75 million revolving credit facility as of Sept. 30,
2024, which we believe provides the company ample cushion to
weather current operating environment. However, given the company's
history, it may choose to use existing cash reserves for tuck-in
acquisitions to strengthen its solution offerings, which could
potentially constrain liquidity. Furthermore, considering our
forecast for breakeven FOCF in fiscal 2025, EBITDA interest
coverage slightly above 1x, and mandatory debt amortization of
nearly $12 million, an operational underperformance relative to our
base case could strain the company's liquidity. Should cash
outflows accelerate and significantly weaken its liquidity
position, we would reassess our outlook on the business
accordingly."
S&P said, "The stable outlook reflects our expectation for flat- to
low-single-digit percentage organic revenue growth in fiscals 2024
and 2025. We anticipate the company will sustain an EBITDA margin
in the low-30% area while maintaining adequate liquidity.
"We could lower our rating on Planview if it underperforms our
forecast such that its FOCF and liquidity weaken. We would also
consider downgrading the company if it enters into debt-funded
acquisitions that materially increase its cash interest expense
well in excess of any acquired cash flows.
"Although it is unlikely we will upgrade Planview within the next
12 months, we could consider raising our rating over the longer
term if it organically increases its EBITDA and FOCF such that its
leverage improves to the low-7x area and it maintains FOCF to debt
in the mid-single-digit percent area.
"Governance factors are a moderately negative consideration in our
credit rating analysis of Planview Parent, as is the case for most
rated entities owned by private-equity sponsors. We believe the
company's highly leveraged financial risk profile points to
corporate decision-making that prioritizes the interests of its
controlling owners. This also reflects private-equity owners'
generally finite holding periods and focus on maximizing
shareholder returns."
PLAZA MARIACHI: Gets OK to Use Cash Collateral Thru Jan. 31
-----------------------------------------------------------
The United States Bankruptcy Court for the Middle District of
Tennessee, Nashville Division, authorized Plaza Mariachi, LLC, to
use cash collateral of secured creditors First Financial Bank, N.A.
(FFB) and Capital One through January 31, 2025, in accordance with
a monthly budget.
Plaza Mariachi owns a property leased to an affiliate, generating
monthly rental income of $79,500, which is subject to secured
claims from FFB and Capital One.
The Debtor's secured creditors, First Financial Bank (FFB) and
Capital One, have agreed to the Debtor's use of cash collateral and
have stipulated to the perfection, extent, validity, and priority
of their respective liens.
The Debtor will make monthly adequate protection payments to FFB in
the amount of $55,000, and FFB will forbear from taking certain
actions in the Debtor's bankruptcy case through January 31, 2025.
The Debtor will also make monthly insurance payments for the
Property in the amount of approximately $3,800.
Secured creditors consented to the terms, which also include
insurance payments and carve-outs for operational costs.
Additionally, Plaza Mariachi is required to arrange bi-weekly
updates on the property's sale efforts and release second-priority
liens by November 30, 2024.
The attached Monthly Budget outlines the Debtor's projected monthly
income and expenses, including rent, property insurance, payments
to FFB and Capital One, and professional fees. The total combined
monthly payments to FFB will be $90,000, and the total monthly
payments to Capital One will be $33,000.
About Plaza Mariachi LLC
Plaza Mariachi is a Single Asset Real Estate debtor (as defined in
11 U.S.C. Section 101(51B)).
Plaza Mariachi LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. M.D. Tenn. Case No.
24-02441) on July 1, 2024, listing $10 million to $50 million in
both assets and liabilities. The petition was signed by Mahan Mark
Janbakhsh, member/manager.
Judge Charles M. Walker oversees the case.
Sean C. Wlodarczyk, Esq. at Evans, Jones & Reynolds, PC, is the
Debtor's counsel.
POET TECHNOLOGIES: Appoints Bob Tirva as Director
-------------------------------------------------
POET Technologies Inc. disclosed in a Form 6K filing with the U.S.
Securities and Exchange Commission that on December 5, 2024, the
Company expanded the Company's Board of Directors to six members
with the appointment of Bob Tirva as director and member of the
Audit Committee. Mr. Tirva's appointment will be effective December
5, 2024 and, along with the incumbent five directors of the
Company, he will serve until the next annual meeting of
shareholders of the Company or until his successor is duly elected
or appointed.
Mr. Tirva brings over 30-years of executive experience in the
technology industry and several years of advisory experience as a
director of companies advancing semiconductor technology.
Throughout his career, Mr. Tirva held various management positions
at IBM, Broadcom Corporation, Dropbox and Intermedia Cloud
Communications Inc. before assuming the role of President, Chief
Operating Officer and Chief Financial Officer of Sonim
Technologies, Inc. until it was acquired by AJP Holding Company in
2022. Mr. Tirva currently serves on the board of Skyworks
Aeronautics and was recently on the boards of Costar Technologies
and Resonant, Inc.
POET's Chairman & CEO, Dr. Suresh Venkatesan commented: "It is a
pleasure to welcome Bob to our Board. His experience at Broadcom
and Resonant is directly relevant to POET and his strong financial
background will be an asset to our Audit Committee and management
team overall."
Following the appointment of Mr. Tirva, the Board will consist of
six members, being Dr. Suresh Venkatesan (Chair), Jean-Louis
Malinge (Lead Independent Director), Theresa Lan Ende, Glen Riley,
Chris Tsiofas, and Bob Tirva.
Option Grant
For services as a member of the Board for the period December 5,
2024 through the date of the next Annual General Meeting, the Board
of Directors has approved a combination of option grants and cash
payments equivalent to the compensation of other members of the
Board who hold no Committee chair positions. Specifically, a grant
of 18,823 options to purchase common shares of the Corporation will
be made to Bob Tirva, which will vest quarterly in arrears over 7
months. The options are exercisable for 10 years at a price of
CAD$7.19, that being the closing price of the Company's shares on
TSX Venture Exchange on December 4, 2024. In addition, Mr. Tirva
will receive a cash payment of US$17,500 in two quarterly payments.
The options are granted in accordance with the Corporation's Board
Compensation Program, and are subject to provisions of the
Corporation's 2024 Stock Option Plan and to the TSX Venture
Exchange policies and applicable securities laws.
About POET Technologies Inc.
POET Technologies Inc. (TSX Venture: PTK; NASDAQ: POET) --
https://www.poet-technologies.com -- is a designer and developer of
the POET Optical Interposer(TM), Photonic Integrated Circuits
(PICs) and light sources for the data center, tele-communication
and artificial intelligence markets. POET's Optical Interposer
platform also solves device integration challenges in 5G networks,
machine-to-machine communication, self-contained "Edge" computing
applications, and sensing applications, such as LIDAR systems for
autonomous vehicles. POET is headquartered in Toronto, Canada, with
operations in Allentown, PA, Shenzhen, China, and Singapore.
Hartford, Conn.-based Marcum LLP, the Company's auditor since 2009,
issued a "going concern" qualification in its report dated March
15, 2024, citing that the Company has incurred significant losses
over the past few years and needs to raise additional funds to meet
its future obligations and sustain its operations. These conditions
raise substantial doubt about the Company's ability to continue as
a going concern.
PORTSMOUTH SQUARE: Posts $1.87 Million Net Loss in Q1 2025
----------------------------------------------------------
Portsmouth Square, Inc. filed with the U.S. Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net loss
of $1,872,000 on $11,820,000 of hotel revenue for the three months
ended September 30, 2024, compared to a net loss of $1,560,000 on
$11,093,000 of hotel revenue for the three months ended September
30, 2023.
As of September 30, 2024, the Company had $42,838,000 in total
assets, $159,720,000 in total liabilities, and $116,882,000 in
total shareholders' deficit.
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/23ymyz7n
About Portsmouth
Headquartered in Los Angeles, California, Portsmouth Square, Inc.,
is a California corporation, incorporated on July 6, 1967, for the
purpose of acquiring a hotel property in San Francisco, California
through a California limited partnership, Justice Investors Limited
Partnership. As of June 30, 2024, approximately 75.7% of the
outstanding common stock of Portsmouth was owned by The InterGroup
Corporation, a public company (NASDAQ: INTG). As of June 30, 2024,
the Company's Chairman of the Board and Chief Executive Officer,
John V. Winfield, owns approximately 2.5% of the outstanding common
shares of the Company. Mr. Winfield also serves as the President,
Chairman of the Board and Chief Executive Officer of InterGroup and
owns approximately 69.4% of the outstanding common shares of
InterGroup as of June 30, 2024.
East Brunswick, N.J.-based WithumSmith+Brown, PC, the Company's
auditor since 2022, issued a "going concern" qualification in its
report dated Sept. 30, 2024, citing that the outstanding balance as
of June 30, 2024 of the hotel's mortgage notes payable consists of
a senior mortgage loan and mezzanine loan totaling $100,783,000,
net of debt issuance costs amounting to $679,000. Both loans
matured on Jan. 1, 2024, and were subsequently extended to Jan. 1,
2025 through forbearance agreements. In addition, the Company has
recurring losses and has an accumulated deficit of $117,102,000.
These factors and the Company's ability to successfully refinance
the debt on favorable terms in the current lending environment
raise substantial doubt about the Company's ability to continue as
a going concern for one year after the financial statement issuance
date.
POTTSVILLE OPERATIONS: Seeks to Sell Care Pavilion Property
-----------------------------------------------------------
Pottsville Operations LLC and its affiliates seek approval from the
U.S. Bankruptcy Court for the Western District of Pennsylvania, to
sell Care Pavilion's business property and assets, free and clear
of all liens, claims, encumbrances, and interests in an Auction.
The Debtors establishes dates and deadlines for the sale process:
-- Entry of Bidding Procedures Order on or before December 18,
2024
-- Deadline to serve Sale Notice within 5 business days following
entry of the Bidding Procedures
Order
-- Deadline to serve the Contract Assumption and Assignment Notice
on December 27, 2024, at 5:00
p.m. (ET)
-- Sale Objection Deadline and Contract Objection Deadline on
January 9, 2025, at 5:00 p.m. (ET)
-- Bid Deadline on January 16, 2025, at 12:00 p.m. (ET)
-- Deadline for Care Pavilion Debtors to Designate qualifying bids
and opening bid on or before
January 16, 2025
-- Auction on January 21, 2025, at 10:00 a.m. (ET)
-- File and Serve Post-Auction Notice as soon as practicable after
completion of the Auction
-- Deadline for Supplemental Objections on January 23, 2025, at
5:00 p.m. (ET)
-- Sale Order Hearing on January 24, 2025, at 10:00 (ET) (subject
to Court availability)
-- Entry of the Sale Order on or before January 24, 2025
-- Sale Closing on or before February 15, 2025
The United States Trustee appoints Reliant Pro Rehab, LLC,
Trans-Med Ambulance, Inc., and Dedicated Nursing Associates Inc. to
serve as the Official Committee of Unsecured Creditors in
connection with the jointly administered cases.
The Debtor which operates skilled nursing facilities suffered
negative effects of the COVID-19 pandemic, added with the
fluctuation of its resident headcounts and the reimbursement rates
paid by the Commonwealth of Pennsylvania for many of the residents
were not enough to keep up with the
increased costs.
The Debtors have faced with significant creditor claims including
secured and unsecured debt, wrongful death, negligence, and related
professional liability claims.
The Debtor leases the facilities under certain Master Leases
administered by Ventas Inc. and as of petition date, the Debtors
were delinquent in the rent due under the Master Leases that were
accelerated.
The Eastern Union Healthcare Group conducts an expedited marketing
process attempting to locate a buyer for the Debtor's property and
operations, however, was unable to identify any potential buyers.
The Debtor retains Meridian Capital Group as broker to market and
sell the Property and to find competing bids to the Stalking Horse
bid.
As part of the lease relationship with Ventas, Care Pavilion Debtor
MAPA Operating, LLC, had a right of first refusal to buyout the
real property on which the Care Pavilion Debtors' facilities
operate. The Property Purchasers offered to purchase the real
property from Ventas for $150 million and provided a $10 million
deposit. The Care Pavilion Debtors were unable to exercise their
right of first refusal within the 30 days provided in the Master
Leases due to cash flow constraints and the distressed nature of
the Care Pavilion Debtors' operations.
The Property Purchasers identified new operators for the Facilities
and the Care Pavilion Debtors and the New Operators negotiated
operations transfer agreements to handle the transition of the
operations to the New Operators.
The Care Pavilion Debtors believe that completing the operations
transfer and sale of the Assets on an expedited basis is the best
option for the patients and residents of the Facilities, as well as
the creditors and stakeholders.
The Debtors Assets have two one that relates to facilities within
Philadelphia (OTAs) which have their respective transactions terms.
The bid submitted by the Stalking Horse Bidders is subject to
higher and better offers made in accordance with the Bidding
Procedures Order requested. The OTAs include various
representations, warranties, and covenants by the Care Pavilion
Debtors and the Stalking Horse Bidders that are customary in
operations transfer agreements, as well as certain conditions to
Closing and rights of termination related to the Sale Transaction
and the Care Pavilion Cases generally. The OTAs provide the
Stalking Horse Bidders with certain bid protections as the sale
process continues in bankruptcy, including a Termination Fee and
Expense Reimbursement if the Stalking Horse Bidders ultimately are
not the successful purchasers of the Transferred Assets. The Care
Pavilion Debtors believe that the Stalking Horse Bids are
competitive offers that merit granting these bid protections to the
Stalking Horse Bidders.
The Care Pavilion Debtors request approval of the OTAs and the
Stalking Horse Bidders to serve as the stalking horses for the
Transferred Assets and authority to, among other things, provide
the Stalking Horse Bidders with certain bid protections as a
component of the OTAs. The Care Pavilion Debtors seek approval to
provide the Stalking Horse Bidders with a termination fee of
$50,000.00, actual legal and diligence expense reimbursement in an
amount not to exceed $50,000.00, and other buyer protections
provided for in the Bidding Procedures and in the OTAs.
In addition, the Bidding Procedures and the OTAs provide for an
initial overbid amount of cash consideration equal to or exceeding
$100,000. Subsequent incremental bids at any Auction must be in the
amount of $25,000.00 or more, which may thereafter be modified in
the Care Pavilion Debtors’ discretion.
The Debtors believe that the Bidding Procedures will allow the Care
Pavilion Debtors to solicit and identify bids from potential buyers
that constitute the highest and/or best offer(s) for the
Transferred Assets in an efficient manner and on a reasonable
timeline.
The Care Pavilion Debtors further asserts that the Notice
Procedures constitute adequate and reasonable notice of the key
dates and deadlines for the sale process, including, among other
things, the Contract Objection Deadline, the Sale Objection
Deadline, the applicable Bid Deadlines, and the date, time, and
location of the Auction and Sale Order Hearing.
About Pottsville Operations LLC
Pottsville Operations LLC and its affiliates own and operates six
skilled nursing facilities in Pennsylvania. Collectively,
Pottsville has 925 beds across the six facilities, and 759
residents currently at the Facilities as of the Petition Date.
Pottsville acquired the facilities in May of 2021.
Pottsville Operations LLC and its 10 affiliates sought relief under
sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr.
W.D. Pa. Lead Case No. 24-70418) on Oct. 15, 2024. In the petition
signed by Neil Luria, as chief restructuring officer, Pottsville
reports estimated assets between $1 million and $10 million and
estimated liabilities between $10 million and $50 million.
Judge Jeffery A Deller handles the cases.
The Debtors tapped BAKER & HOSTETLER LLP as general bankruptcy
counsel; and RAINES FELDMAN LITTRELL, LLP as local counsel. SOLIC
Capital Advisors LLC is serving as financial advisor, and Solic's
Neil Luria has been tapped as CRO of the Debtors. STRETTO, INC., is
the claims agent.
POWER BLOCK: Committee Taps Huron Consulting as Financial Advisor
-----------------------------------------------------------------
The official committee of unsecured creditors appointed in the
Chapter 11 case of Power Block Coin, LLC seeks approval from the
U.S. Bankruptcy Court for the District of Utah to employ Huron
Consulting Services, LLC as financial advisor.
The firm will render these services:
(a) review the Debtor's financial information;
(b) assist with assessing and monitoring the Debtor's
short-term cash flow, liquidity, operating results, and business
plan;
(c) review and analyze the Debtor's associated budgets and
forecasts;
(d) assist in reviewing reports or filings as required by the
Bankruptcy Court or the Office of the United States Trustee;
(e) assist with identifying and recommending potential cost
containment opportunities;
(f) assist with identifying and recommending asset
redeployment opportunities;
(g) analyze assumption and rejection issues concerning any
executory contracts;
(h) review and analyze the Debtor's proposed business plans,
assumptions related thereto, and the general business and financial
condition;
(i) assist in evaluating reorganization strategy and
alternatives available to the creditors;
(j) assist in the evaluation of any proposed asset sales;
(k) review and analyze the Debtor's capital structure;
(l) prepare enterprise, asset, and liquidation valuations;
(m) assist in the review and/or preparation of information and
analysis necessary for the confirmation;
(n) assist in the evaluation of avoidance actions;
(o) provide advice and assistance to the committee in
negotiations and meetings with the Debtor and stakeholders;
(p) attend meetings and teleconferences with and on behalf of
the committee;
(q) assist with the claims resolution procedures;
(r) provide litigation consulting services and expert witness
testimony regarding confirmation issues, avoidance actions, or
other matters; and
(s) perform such other functions as requested by the committee
or its counsel to assist the committee in this Chapter 11 case that
are consistent with the role of a financial advisor and not
duplicative of services provided by other professionals in this
proceeding.
The firm will be paid at these hourly rates:
Managing Director $900
Senior Director $750
Director $690
Manager $550
Associate $350
In addition, the firm will seek reimbursement for expenses
incurred.
Ryan Bouley, a managing director at Huron Consulting 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 through:
Ryan Bouley, Esq.
Huron Consulting Services, LLC
350 West Cedar Street, Suite 200
Pensacola, FL 32502
Telephone: (850) 439-5839
Facsimile: (850) 439-5768
About Power Block Coin
Power Block Coin, LLC, a company in Orem, Utah, conducts business
as SmartFi. SmartFi is a unique monetary system, which combines
monetary policy with the freedoms of cryptocurrency to create a
self-sustaining open-lending platform, providing the holders of
SmartFi Token the opportunity to manage the system and become the
beneficiaries of the wealth creation that would otherwise accrue to
traditional banks.
Power Block Coin filed its voluntary petition for Chapter 11
protection (Bankr. D. Utah Case No. 24-23041) on June 20, 2024,
listing $10 million to $50 million in assets and $1 million to $10
million in liabilities. Aaron Tilton, officer, signed the
petition.
Judge Joel T. Marker oversees the case.
The Debtor tapped Parsons Behle & Latimer as legal counsel and CFO
Solutions LLC as accountant and financial advisor.
On October 24, 2024, the United States Trustee appointed an
official committee of unsecured creditors in this Chapter 11 case.
The committee tapped Greenberg Traurig LLP as counsel and Huron
Consulting Services, LLC as financial advisor.
PRAGMATIC INSTITUTE: PennantPark Marks $37.2MM Loan at 39% Off
--------------------------------------------------------------
PennantPark Investment Corporation has marked its $37,241,000 loan
extended to Pragmatic Institute, LLC to market at $22,810,000 or
61% of the outstanding amount, according to a disclosure contained
in PennantPark's Form 10-K for the Fiscal year ended September 30,
2024, filed with the Securities and Exchange Commission.
PennantPark is a participant in a First Lien Secured Debt to
Pragmatic Institute, LLC. The loan accrues interest at a rate of
12.09% (12.09 Payment in Kind) (3M SOFR+750) per annum. The loan
matures on July 6, 2028.
PennantPark Investment Corporation, a Maryland corporation
organized in January 2007, is a closed-end, externally managed,
non-diversified investment company that has elected to be treated
as a BDC under the 1940 Act. In addition, for federal income tax
purposes we have elected to be treated, and intend to qualify
annually, as a RIC under the Code.
PennantPark is led by Arthur H. Penn, Chief Executive Officer and
Chairman of the Board of Directors ; and Richard T. Allorto, Jr.,
Chief Financial Officer and Treasurer. The fund can be reach
through:
Arthur H. Penn
1691 Michigan Avenue
Miami Beach, FL 33319
Tel No.: (786) 297-9500
Pragmatic Institute is the global leader in Product, Data, and
Design training and certification programs for working
professionals.
PRAGMATIC INSTITUTE: PennantPark Marks $5.1MM Loan at 39% Off
-------------------------------------------------------------
PennantPark Investment Corporation has marked its $5,154,000 loan
extended to Pragmatic Institute, LLC to market at $3,157,000 or 61%
of the outstanding amount, according to a disclosure contained in
PennantPark's Form 10-K for the Fiscal year ended September 30,
2024, filed with the Securities and Exchange Commission.
PennantPark is a participant in a First Lien Secured Debt-revolver
to Pragmatic Institute, LLC. The loan accrues interest at a rate of
12.09% (12.09 Payment in Kind) (3M SOFR+750) per annum. The loan
matures on July 6, 2028.
PennantPark Investment Corporation, a Maryland corporation
organized in January 2007, is a closed-end, externally managed,
non-diversified investment company that has elected to be treated
as a BDC under the 1940 Act. In addition, for federal income tax
purposes we have elected to be treated, and intend to qualify
annually, as a RIC under the Code.
PennantPark is led by Arthur H. Penn, Chief Executive Officer and
Chairman of the Board of Directors ; and Richard T. Allorto, Jr.,
Chief Financial Officer and Treasurer. The fund can be reach
through:
Arthur H. Penn
1691 Michigan Avenue
Miami Beach, FL 33319
Tel No.: (786) 297-9500
Pragmatic Institute is the global leader in Product, Data, and
Design training and certification programs for working
professionals.
PREFERRED EMERGENCY: Robert Handler Named Subchapter V Trustee
--------------------------------------------------------------
The U.S. Trustee for Region 11 appointed Robert Handler of
Commercial Recovery Associates, LLC as Subchapter V trustee for
Preferred Emergency Road Service, LLC.
Mr. Handler will be paid an hourly fee of $450 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Handler declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Robert P. Handler
Commercial Recovery Associates, LLC
205 West Wacker Drive, Suite 918
Chicago, IL 60606
Tel: (312) 845-5001 x221
Email: rhandler@com-rec.com
About Preferred Emergency Road
Preferred Emergency Road Service, LLC sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No.
24-17397) on November 19, 2024, with $1,000,001 to $10 million in
assets and liabilities.
Judge Deborah L. Thorne presides over the case.
Paul M. Bach, Esq., at Bach Law Offices represents the Debtor as
bankruptcy counsel.
PROMINENCE HOMES: To Sell 29 Family Lots to Vantage for $6.3-Mil.
-----------------------------------------------------------------
Prominence Homes & Communities, LLC, seeks approval from the U.S.
Bankruptcy Court for the Northern District of Alabama, Southern
Division, to sell Property in a private sale, free and clear of
liens, encumbrances, and other interests.
The Debtor proposes to sell all of the estate's right, title and
interest in the real property consisting of 29-single family lots.
Lots 1-7 are located in the municipality of New Market, Madison
County, Alabama; lots 8-29 are located in the municipality of
Jasper, Walker County, Alabama with a total purchase price of
$6,370,686.93.
CoreVest American Finance Lender LLC claims a lien on the Property.
The Debtor enters into a purchase agreement with Vantage Corporate
Holdings Inc. to purchase the Property.
The Debtor sets forth the total sales price for Lots 1-29
represents the fair market value of
the Property. The Purchaser has already obtained or will obtain
financing, and the sales are contemplated to be closed forthwith
after approval from this Court. The Property consisting of Lots
1-29 will be purchased at closing on or before March 20, 2025.
The Property is subject to the following liens, mortgages or other
interest held by CoreVest.
About Prominence Homes & Communities, LLC
Prominence Homes & Communities LLC is part of the residential
building construction industry.
Prominence Homes & Communities LLC sought relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. N.D. Ala. Case No. 24-02790) on
September 12, 2024. In the petition filed by Misty M. Glass, as
manager, the Debtor reports estimated assets and liabilities
between $10 million and $50 million each.
Honorable Bankruptcy Judge D Sims Crawford handles the case.
The Debtor is represented by Stephen P. Leara, Esq. at SPAIN &
GILLON, LLC.
PROMINENCE HOMES: To Sell Family Lot to RCHHM for $2.025MM
----------------------------------------------------------
Prominence Homes & Communities, LLC, seeks permission from the U.S.
Bankruptcy Court for the Northern District of Alabama, Southern
Division, to sell Real Estate in a private sale, free and clear of
liens, encumbrances and other interests.
The Debtor's Real Estate consists of nine-single family lots
located in the municipality of Meridianville, Madison County,
Alabama with the total purchase price of $2,025,000.
CoreVest American Finance Lender LLC claims a lien of the Estate.
According to court documents, receipt of the Sale proceeds shall
not constitute a full payoff as to any loans or obligations owed by
Debtor (or any related entity) to CoreVest; however, CoreVest may
apply the Sale proceeds to reduce amounts owed by Debtor to
CoreVest.
The Debtor has entered into a purchase agreement with RCHHM, LLC,
for the Estate.
The Debtor sets forth the total sales price for Lots 1-9 represents
the fair market value of the
Property. The Purchaser has already obtained or will obtain
financing, and the sales are contemplated to be closed forthwith
after approval from this Court. The Property consisting of Lots 1-9
will be purchased at closing on or before February 10, 2025.
The Property is subject to the liens, mortgages or other interest
held by CoreVest.
About Prominence Homes & Communities, LLC
Prominence Homes & Communities LLC is part of the residential
building construction industry.
Prominence Homes & Communities LLC sought relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. N.D. Ala. Case No. 24-02790) on
September 12, 2024. In the petition filed by Misty M. Glass, as
manager, the Debtor reports estimated assets and liabilities
between $10 million and $50 million each.
Honorable Bankruptcy Judge D Sims Crawford handles the case.
The Debtor is represented by Stephen P. Leara, Esq. at SPAIN &
GILLON, LLC.
PROPERTY ADVOCATES: Hires Zebersky Payne Shaw as Expert Witness
---------------------------------------------------------------
The Property Advocates, PA seeks approval from the U.S. Bankruptcy
Court for the Southern District of Florida to employ Zebersky Payne
Shaw Lewenz LLP as expert witness.
The Debtor needs an expert witness to provide industry standards
and fees related to litigation of the class litigation and claim
initiated by Sonia Ortiz on behalf of herself and others similarly
situated.
The firm will be paid at these hourly rates:
Jordan Shaw, Attorney $650
Law Clerks $225 - $295
Paralegals $125 - $200
In addition, the firm will seek reimbursement for expenses
incurred.
Mr. Shaw 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:
Jordan Shaw, Esq.
Zebersky Payne Shaw Lewenz LLP
110 SE 6th St., Ste. 2900
Fort Lauderdale, FL 33301
Telephone: (954) 989-6333
Facsimile: (954) 989-7781
Email: jshaw@zpllp.com
About The Property Advocates
The Property Advocates, PA, a law firm specializing in Florida
first-party property insurance issues, sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No.
23-16797) on Aug. 25, 2023. In the petition signed by Hunter
Patterson, president, the Debtor disclosed up to $10 million in
assets and up to $50 million in liabilities.
Judge Robert A. Mark oversees the case.
The Debtor tapped Paul N. Mascia, Esq., at Nardella & Nardella,
PLLC as bankruptcy counsel; Michael Goldberg, Esq., as special
conflicts counsel; and Zebersky Payne Shaw Lewenz LLP as expert
witness.
PRUDENTIAL ENTERPRISE: Seeks to Hire Tarbox Law as Legal Counsel
----------------------------------------------------------------
Prudential Enterprise, LLC seeks approval from the U.S. Bankruptcy
Court for the Northern District of Texas to employ Tarbox Law, PC
as its bankruptcy counsel.
The firm will render these services:
(a) prepare all necessary legal papers;
(b) counsel the Debtor regarding preparation of operating
reports, motions for use of cash collateral, and development of
Chapter 11 plan of reorganization;
(c) advise the Debtor concerning questions arising in the
conduct of the administration of the estate and concerning the
Trustee's rights and remedies with regard to the estate's assets
and the claims of secured, preferred and unsecured creditors and
other parties in interest; and
(d) assist the Debtor with any and all sales of assets,
closings of such sales and distributions to creditors.
The firm will be compensated at its standard billing rates plus
reimbursement for expenses incurred.
Max Tarbox, Esq., an attorney at Tarbox Law, 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:
Max R. Tarbox, Esq.
Tarbox Law P.C.
2301 Broadway
Lubbock, TX 79401
Telephone: (806) 686-4448
Facsimile: (806) 368-9785
Email: tami@tarboxlaw.com
About Prudential Enterprise
Prudential Enterprise, LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-50302) on Dec.
2, 2024. In the petition filed by George Castillo, managing member,
the Debtor disclosed up to $10 million in assets and up to $50
million in liabilities.
Max R. Tarbox, Esq., at Tarbox Law PC serves as the Debtor's
counsel.
QHSLAB INC: Swings to $49,765 Net Income in Fiscal Q3
-----------------------------------------------------
QHSLab, Inc. filed with the U.S. Securities and Exchange Commission
its Quarterly Report on Form 10-Q reporting a net income of $49,765
on $544,285 of revenue for the three months ended September 30,
2024, compared to a net loss of $82,443 on $336,407 of revenue for
the three months ended September 30, 2023.
For the nine months ended September 30, 2024, the Company reported
a net income of 28,350 on $1,505,945 of revenue, compared to a net
loss of $381,725 on $1,093,974 of revenue for the same period in
2023.
As of September 30, 2024, the Company had $1,764,643 in total
assets, $2,099,910 in total liabilities, and $335,267 in total
stockholders' deficit.
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/mus8cuw4
About QHSLab, Inc.
Beach, Fla.-based QHSLab, Inc. is a medical device technology and
software-as-a-service company focused on enabling primary care
physicians to increase their revenues by providing them with
relevant, value-based tools to evaluate and treat chronic disease
as well as provide preventive care through reimbursable
procedures.
Going Concern
The Company has only recently operated profitably, is highly
leveraged and has only recently begun to generate cash from
operations. These conditions raise substantial doubt about the
Company's ability to continue as a going concern. The continuation
of the Company's business is dependent upon its ability to achieve
increased positive cash flows and profitability and, pending such
achievement, future issuances of equity or other financings to fund
ongoing operations. However, access to such funding may not be
available on commercially reasonable terms, if at all.
QUANTUM CORP: Reports $13.5 Million Net Loss in Fiscal Q2
---------------------------------------------------------
Quantum Corporation filed with the U.S. Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net loss
of $13.5 million on $70.5 million of revenue for the three months
ended September 30, 2024, compared to a net loss of $3.3 million on
$75.7 million of revenue for the three months ended September 30,
2023.
For the six months ended September 30, 2024, the Company reported a
net loss of $34.3 million on $141.8 million of revenue, compared to
a net loss of $12.5 million on $168.2 million of revenue for the
same period in 2023.
As of September 30, 2024, the Company had $163.1 million in total
assets, $316.5 million in total liabilities, and $153.4 million in
total stockholders' deficit.
In the Company's Annual Report, it was previously stated that the
Company believed it was probable that it would be in violation of
the net leverage covenant at the next testing date which was July
2024. With the signing of the August 2024 Amendments, this testing
requirement has been waived and the Company is currently in
compliance with all covenants. Further, the August 2024 Amendments
provide the Company with revised covenants and additional liquidity
such that the Company believes that it will continue as a going
concern and the substantial doubt no longer exists.
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/bdem7pah
About Quantum Corp.
Quantum Corp., based in San Jose, California, specializes in
technology and services that store and manage video and video-like
data. It provides streaming solutions for video and rich media
applications, as well as low-cost, high-density, massive-scale data
protection and archive systems. The company aims to help customers
capture, create, share, and preserve digital data for decades.
* * *
This concludes the Troubled Company Reporter's coverage of Quantum
Corp. until facts and circumstances, if any, emerge that
demonstrate financial or operational strain or difficulty at a
level sufficient to warrant renewed coverage.
RBC BEARINGS: S&P Alters Outlook to Positive, Affirms 'BB' ICR
--------------------------------------------------------------
S&P Global Ratings revised its outlook on RBC Bearings Inc. to
positive from stable. At the same time, S&P affirmed all its
ratings on RBC, including its 'BB' issuer credit rating.
S&P said, "The positive outlook reflects a one-in-three chance that
we could raise our ratings on RBC Bearings within the next year or
so, given our forecast for EBITDA growth and solid free cash flow
generation, such that the company maintains S&P Global
Ratings-adjusted leverage below 3x, on average, inclusive of
acquisitions and shareholder returns.
"We assume continued good organic revenue growth driven largely by
RBC's commercial aerospace and defense products. RBC's operating
performance through the first half of fiscal 2025 (ending March 29)
remained healthy, supported by strong shipments to marine defense
and commercial aircraft customers. Notably, its aerospace and
defense segment grew year over year by about 18% in the first half
of fiscal 2025 and 21% in full-year 2024 compared to prior-year
periods, due to strong demand across numerous applications,
including fixed-wing aircraft (importantly, Boeing 737 and 787
builds), marine applications, and guided munitions.
"Recent positive demand trends seem likely to continue for key end
markets across aerospace/defense. Despite challenges at Boeing, we
believe Max plane production rates, while maybe uneven, generally
will increase over time, and that RBC will continue to benefit from
aftermarket revenue relating to existing aircraft. Furthermore,
geopolitical tensions have spurred increased global defense
spending, including by the U.S. Department of Defense, over the
past few years. We expect elevated spending levels to continue,
with these tailwinds only partially offset by sluggishness demand
in certain of RBC's industrial markets, such as oil and gas and
semiconductor machinery. Under our forecast, this demand, along
with modest price increases to offset inflationary pressures,
translates to organic revenue growth in the mid-single digit
percent area through 2026. Our forecast assumes some moderation
from the company's strong recent aerospace/defense segment revenue,
balanced by a modest improvement in its industrials segment in line
with our forecast for US GDP growth.
"We forecast S&P Global Ratings-adjusted EBITDA margin remains
stable in the 30% area over the next few years, supporting an
average S&P Global Ratings-adjusted leverage of under 3x, inclusive
of bolt-on acquisitions assumed in our base case. RBC has improved
its gross EBITDA margins in recent quarters through the realization
of manufacturing efficiencies, favorable product mix, and synergies
from its integration and optimization of the Dodge operations. The
company also defended margins by passing through costs to counter
inflationary headwinds. We assume margin will generally remain in
the 30% area, due to the ongoing cost-out actions in its production
facilities and from operating leverage on higher volumes.
"Our forecast for revenue and EBITDA margin, along with our
assumption the company uses internally generated cash flow to fund
bolt-on acquisitions of around $300 million per year, translates to
RBC's S&P Global Ratings-adjusted EBITDA remaining at about 2x
under our forecast. This level of leverage provides some cushion
for the company to absorb potential modest operating
underperformance or modestly larger acquisitions, or higher levels
of shareholder returns, compared with our current forecast.
However, given the company's relatively low S&P Global
Ratings-adjusted leverage (2.2x as of the past 12 months ended
Sept. 28, 2024), its financial policy and track record of
debt-financed acquisitions, and management's active interest in
asset purchases--possibly to gain increased exposure to
international aerospace/defense markets--we believe the company may
increase leverage more significantly from current levels. Our
current ratings and outlook reflect a degree of cushion in credit
metrics, while we acknowledge the likelihood, timing, nature, and
funding of potential acquisitions remain risks to our base case
forecast. We also note that sizable acquisitions, while potentially
increasing leverage for a time, could also affect our view of the
company's business, including its scaling, diversification, or
margin profile."
RBC's scale and scope compare less favorably to higher-rated peers,
yet it maintains a solid position in the niche, specialized
domestic bearings market. RBC has a narrower product scope (mostly
specialty bearings and related components), greater customer
concentration, and higher exposure to the domestic market (about
88% of 2024 revenue), compared to many higher rated peers. Taken
together, S&P views the company's profitability and cash flow as
being potentially more vulnerable to business downcycles relative
to higher rated peers.
RBC generated about $1.6 billion in revenue for the 12 months ended
Sept. 28, 2024, one-third or less of the revenue of some of its
competitors. Still, S&P views the company as being able to compete
effectively in the markets in which it participates, as
characterized by its long-standing relationships with original
equipment manufacturer (OEM) and distributor customers, long-term
defense contracts, and high gross margins (about 47% for the 12
months ended Sept. 28, 2024). The company also benefits from a
robust backlog (valued at $864 million as of Sept. 28, 2024) and a
high percentage of revenue derived from sole, single- or
primary-sourced contracts (estimated at about 70%), which S&P
believes creates a larger installed base to support aftermarket
revenue opportunities and increases the likelihood of winning
subsequent contracts.
S&P said, "The positive outlook reflects a one-in-three chance that
we could raise our ratings on RBC Bearings within the next year or
so, given our forecast for EBITDA growth and solid free cash flow
generation, such that the company maintains S&P Global
Ratings-adjusted leverage below 3x, on average, inclusive of
acquisitions and shareholder returns.
"We could revise our outlook to stable if financial policy
decisions or a deterioration in operating performance led us to
believe the company would not maintain S&P Global Ratings-adjusted
leverage below 3x on a sustained basis. We believe this would most
likely be caused by the company pursuing large debt-funded
acquisitions at a time when operating performance weakens, or due
to weakness in the company's end markets or the loss of significant
customer contracts.
"We could raise our ratings if we believe S&P Global
Ratings-adjusted debt-to-EBITDA will remain below 3x on a
sustainable basis, or if we view the company's business more
favorably."
This could occur if:
-- RBC continues its track record of building cushion in credit
metrics, including S&P Global Ratings-adjusted leverage below 3x,
to provide sufficient buffer for potential modest operating
underperformance or higher levels of shareholder returns or
acquisitions;
-- The company establishes a public financial policy that is
generally aligned with maintaining S&P Global Ratings-adjusted
leverage below 3x, inclusive of large debt-financed transactions,
to provide assurances that credit metrics are unlikely to stretch
to levels where the magnitude or deleveraging pace becomes onerous;
or
-- The company's business strengthens, in S&P's view, possibly
resulting from acquisitions that increase the company's revenue and
cash flow base, and product scope, without meaningfully impairing
the company's already good margins.
RECEPTION PURCHASER: PennantPark Marks $10.7MM Loan at 25% Off
--------------------------------------------------------------
PennantPark Investment Corporation has marked its $10,763,000 loan
extended to Reception Purchaser, LLC to market at $8,072,000 or 75%
of the outstanding amount, according to a disclosure contained in
PennantPark's Form 10-K for the Fiscal year ended September 30,
2024, filed with the Securities and Exchange Commission.
PennantPark is a participant in a First Lien Secured Debt to
Reception Purchaser, LLC. The loan accrues interest at a rate of
11.97% (3M SOFR+700) per annum. The loan matures on February 28,
2028.
PennantPark Investment Corporation, a Maryland corporation
organized in January 2007, is a closed-end, externally managed,
non-diversified investment company that has elected to be treated
as a BDC under the 1940 Act. In addition, for federal income tax
purposes we have elected to be treated, and intend to qualify
annually, as a RIC under the Code.
PennantPark is led by Arthur H. Penn, Chief Executive Officer and
Chairman of the Board of Directors ; and Richard T. Allorto, Jr.,
Chief Financial Officer and Treasurer. The fund can be reach
through:
Arthur H. Penn
1691 Michigan Avenue
Miami Beach, FL 33319
Tel No.: (786) 297-9500
RED CAT: AWM Investment Holds 2.4% Equity Stake
-----------------------------------------------
AWM Investment Company, Inc., disclosed in a Schedule 13G filing
with the U.S. Securities and Exchange Commission that as of
November 30, 2024, it beneficially owns 1,800,000 shares of the
Company's common stock representing 2.4% of the Company's
outstanding shares of stock.
Red Cat (Nasdaq: RCAT) -- http://www.redcatholdings.com-- is a
drone technology company integrating robotic hardware and software
for military, government, and commercial operations. Red Cat's
solutions are designed to "Dominate the Night" and include the Teal
2, a small unmanned system offering the highest-resolution thermal
imaging in its class.
Red Cat reported a net loss of $24.05 million for the year ended
April 30, 2024, a net loss of $28.11 million for the year ended
April 30, 2023, a net loss of $11.69 million for the year ended
April 30, 2022, a net loss of $13.24 million for the year ended
April 30, 2021, and a net loss of $1.60 million for the year ended
April 30, 2020.
As of July 31, 2024, the Company had $37.96 million in total
assets, $4.23 million in total current liabilities, $1.27 million
in total long-term liabilities, and $32.46 million in total
stockholders' equity.
Going Concern Doubt
In its Quarterly Report on Form 10-Q for the three months ended
July 31, 2023, Red Cat said, "The Company has never been profitable
and has incurred net losses related to acquisitions, as well as
costs incurred to pursue its long-term growth strategy. During the
three months ended July 31, 2024, the Company incurred a net loss
of approximately $12,000,000 and used cash in operating activities
of approximately $2,300,000. As of July 31, 2024, working capital
totaled approximately $17,200,000. These financial results and our
financial position at July 31, 2024 raise substantial doubt about
our ability to continue as a going concern. However, the Company
has recently taken actions to strengthen its liquidity. On
December 11, 2023, we completed a public offering of 18,400,000
shares of common stock which generated net proceeds of
approximately $8,400,000...In addition, the Company's operating
plan for the next twelve months has been updated to reflect recent
operating improvements. Revenues have accelerated and are expected
to continue growing. The Company's manufacturing facility is
scaling production and gross profits are projected to increase. If
necessary, the Company will seek to obtain additional debt
financing for which there can be no guarantee...[T]he Company sold
its equity method investment for $4,400,000 in July 2024....[T]he
Company closed a financing with proceeds of $8 million to be
received in late September 2024. Management has concluded that
these recent positive developments alleviate any substantial doubt
about the Company's ability to continue its operations, and meet
its financial obligations, for twelve months from the date these
consolidated financial statements are issued."
RED CAT: Revenue Chief Holds 83,137 Company Shares
--------------------------------------------------
Hitchcock Geoffrey Wayne, Chief Revenue Officer of Red Cat
Holdings, Inc., disclosed in a Form 3 filing with the U.S.
Securities and Exchange Commission that as of November 27, 2024, he
beneficially owns 83,137 shares of the Company's outstanding stock.
About Red Cat Holdings Inc.
Red Cat (Nasdaq: RCAT) -- http://www.redcatholdings.com-- is a
drone technology company integrating robotic hardware and software
for military, government, and commercial operations. Red Cat's
solutions are designed to "Dominate the Night" and include the Teal
2, a small unmanned system offering the highest-resolution thermal
imaging in its class.
Red Cat reported a net loss of $24.05 million for the year ended
April 30, 2024, a net loss of $28.11 million for the year ended
April 30, 2023, a net loss of $11.69 million for the year ended
April 30, 2022, a net loss of $13.24 million for the year ended
April 30, 2021, and a net loss of $1.60 million for the year ended
April 30, 2020.
As of July 31, 2024, the Company had $37.96 million in total
assets, $4.23 million in total current liabilities, $1.27 million
in total long-term liabilities, and $32.46 million in total
stockholders' equity.
Going Concern Doubt
In its Quarterly Report on Form 10-Q for the three months ended
July 31, 2023, Red Cat said, "The Company has never been profitable
and has incurred net losses related to acquisitions, as well as
costs incurred to pursue its long-term growth strategy. During the
three months ended July 31, 2024, the Company incurred a net loss
of approximately $12,000,000 and used cash in operating activities
of approximately $2,300,000. As of July 31, 2024, working capital
totaled approximately $17,200,000. These financial results and our
financial position at July 31, 2024 raise substantial doubt about
our ability to continue as a going concern. However, the Company
has recently taken actions to strengthen its liquidity. On
December 11, 2023, we completed a public offering of 18,400,000
shares of common stock which generated net proceeds of
approximately $8,400,000...In addition, the Company's operating
plan for the next twelve months has been updated to reflect recent
operating improvements. Revenues have accelerated and are expected
to continue growing. The Company's manufacturing facility is
scaling production and gross profits are projected to increase. If
necessary, the Company will seek to obtain additional debt
financing for which there can be no guarantee...[T]he Company sold
its equity method investment for $4,400,000 in July 2024....[T]he
Company closed a financing with proceeds of $8 million to be
received in late September 2024. Management has concluded that
these recent positive developments alleviate any substantial doubt
about the Company's ability to continue its operations, and meet
its financial obligations, for twelve months from the date these
consolidated financial statements are issued."
RED VENTURES: S&P Rates Subs' New Senior Secured Term Loan B 'BB-'
------------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue-level rating and '3'
recovery rating to the proposed $812 million senior secured term
loan B issued by Red Ventures Holdco L.P.'s subsidiaries Red
Ventures LLC and New Imagitas Inc. The '3' recovery rating
indicates its expectation for meaningful (50%-70%; rounded
estimate: 60%) recovery for lenders in the event of a payment
default. Red Ventures is issuing the new term loan in conjunction
with a $25 million paydown to reprice its existing $837 million
senior secured loan to SOFR +250-275 from SOFR +300.
S&P said, "Our 'BB-' issuer credit rating and negative outlook are
unchanged because the transaction will not affect the company's net
leverage. The negative outlook reflects the potential that Red
Ventures will sustain leverage above our 4x downside threshold amid
uncertain macroeconomic conditions and industry disruption from new
technologies, as well as the limited visibility around its
recovery."
ISSUE RATINGS--RECOVERY ANALYSIS
Key analytical factors
-- The company's pro forma capital structure comprises two
warehouse revolving credit lines of $10 million each with
indefinite lives (not rated), a $1.02 billion first-lien revolving
credit facility due 2027, and an $812 million first-lien term loan
B due 2030.
-- Red Ventures LLC and New Imagitas Inc. are the coborrowers of
the credit facility.
-- The credit facility is secured by a lien on substantially all
of the coborrowers' and guarantors' capital stock and tangible and
intangible property (subject to 65% of the voting stock of the
first-tier foreign subsidiary and other excluded assets).
Simulated default assumptions
-- S&P's simulated default scenario considers a default in 2028
stemming from a sharp decline in advertising and marketing spending
(due to economic weakness) and key client losses or pricing
pressure (due to increased competition and technological
disruption).
-- Other default assumptions include an 85% draw on the revolving
credit facility. The spread on the revolving credit facility rises
to 5% as the company obtains covenant amendments. All debt includes
six months of prepetition interest.
-- S&P valued Red Ventures on a going-concern basis using a 6x
multiple of its projected emergence EBITDA, which is in line with
the multiples we use for its peers of a comparable size and
business strength.
Simplified waterfall
-- EBITDA at emergence: $191 million
-- EBITDA multiple: 6x
-- Gross enterprise value: $1.1 billion
-- Net enterprise value (after 5% administrative costs): $1.1
billion
-- Value available for senior secured debt claims: $1.1 billion
-- Estimated senior secured debt claims: $1.7 billion
--Recovery expectations: 50%-70% (rounded estimate: 60%)
REVA HOSPITALITY: Gets OK to Use Cash Collateral Until Dec. 30
--------------------------------------------------------------
Reva Hospitality Wylie, LLC, received interim approval from the
U.S. Bankruptcy Court for the Northern District of Texas to use
cash collateral to fund business operations until Dec. 30.
The interim order authorized the company to spend cash collateral
according to a two-week budget, plus 15% per line item and 15%
overall.
A copy of the court's order and the Debtor's budget is available at
https://shorturl.at/3iItX from PacerMonitor.com.
The U.S. Small Business Administration and Louisiana National Bank
are the primary secured creditors, holding liens on the company's
assets, including property acquired after the bankruptcy filing.
Both creditors will be granted replacement liens. In addition, LNB
will receive monthly payments of $46,134.90 from the company.
The next hearing is scheduled for Dec. 30.
About Reva Hospitality Wylie
Reva Hospitality Wylie, LLC, doing business as Holiday Inn Express
Wylie, filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. N.D. Texas Case No. 24-30973) on April 1,
2024, with $1 million to $10 million in both assets and
liabilities. Mehul Gajera, manager, signed the petition.
Judge Scott W. Everett oversees the case.
Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney PLLC
represents the Debtor as bankruptcy counsel.
REYNOSO VINEYARDS: Seeks to Hire Michael J. Greco as Legal Counsel
------------------------------------------------------------------
Reynoso Vineyards, Inc. seeks approval from the U.S. Bankruptcy
Court for the Northern District of Illinois to employ Michael
Greco, Esq., an attorney practicing in Chicago, Ill., as its
counsel.
The attorney will provide guidance, recommendations, and advocacy
to represent Debtor in all aspects of this case.
Mr. Greco will be compensated at his hourly rate of $350, plus
reimbursement for out-of-pocket expenses incurred.
The attorney also received an advance payment of $4,000 from the
Debtor.
Mr. Greco disclosed in a court filing that he is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The attorney can be reached at:
Michael J. Greco, Esq.
175 W. Jackson Boulevard, Suite 240
Chicago, IL 60604
Telephone: (312) 222-0599
Email: Michaelgreco18@yahoo.com
About Reynoso Vineyards Inc.
Reynoso Vineyards Inc. is a family-owned vineyard in the Alexander
Valley of Sonoma County California.
Reynoso Vineyards Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-15572) on October 18,
2024. In the petition filed by Joseph Reynoso, president, the
Debtor disclosed between $10 million and $50 million in both assets
and liabilities.
Judge Deborah L. Thorne oversees the case.
Michael J. Greco, Esq., serves as the Debtor's counsel.
RIDGELINE CAPITAL: Case Summary & Four Unsecured Creditors
----------------------------------------------------------
Debtor: Ridgeline Capital Investments, LLC
15955 Running Deer Trail
Poway CA 92064
Business Description: The Debtor is the 70% owner of a single
family home located at 15955 Running Deer
Trail, Poway, CA, 92064 valued at $3.1
million and another real property located
at 45200 Oak Manor Ct., Temecula, CA
92590 having an appraised value of $4.3
million.
Chapter 11 Petition Date: December 10, 2024
Court: United States Bankruptcy Court
Southern District of California
Case No.: 24-04715
Debtor's Counsel: Michael R. Totaro, Esq.
TOTARO & SHANAHAN, LLP
P.O. Box 789
Pacific Palisades CA 90272
Tel: (310) 804-2157
Email: Ocbkatty@aol.com
Total Assets: $7,400,200
Total Liabilities: $3,424,907
The petition was signed by Shaun Michael Reynolds as managing
member.
A full-text copy of the petition containing, among other items, a
list of the Debtor's four unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/YC6ZYFI/Ridgeline_Capital_Investments__casbke-24-04715__0001.0.pdf?mcid=tGE4TAMA
ROCKY MOUNTAIN: Renaissance Technologies Entities Hold 4.18% Stake
------------------------------------------------------------------
Renaissance Technologies LLC and Renaissance Technologies Holdings
Corporation disclosed in a Schedule 13G/A filed with the U.S.
Securities and Exchange Commission that as of September 30, 2024,
they beneficially owned 316,979 shares of Rocky Mountain Chocolate
Factory, Inc.'s common stock, representing 4.18% of the shares
outstanding.
Renaissance Technologies LLC may be reached at:
Brian Felczak
Chief Financial Officer
800 Third Ave
New York NY 10022
Tel: 212-486-6780
A full-text copy of Renaissance's SEC Report is available at:
https://tinyurl.com/524wje22
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.
RX DISCOUNT: Gets Final Approval to Use Cash Collateral
-------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Kentucky,
London Division, authorized R/X Discount Pharmacy, Inc. to use cash
collateral, on an interim basis, in accordance with the budget,
with a 10% variance.
Alpine Advance 5 LLC, Expert Funding, Funding Metrics, LLC, Peoples
Bank & Trust Company, Pinnacle Advances Corp., QFS Capital, LLC,
U.S. Small Business Administration, Thriveway Funding Group LLC,
Mr. Advance, Kapitus, LLC, Capybara Capital, LLC, Forest Capital
Group, OnDeck Capital, and other unidentified creditors may claim
an interest in Cash Collateral pursuant to UCC1 financing
statements filed of record with the Kentucky Secretary of State
and/or merchant cash advance agreements that that encumber
accounts, accounts receivables, and receipts, amongst other
personal property.
As adequate protection for any diminution in the value of the Cash
Collateral Creditors' interests in the cash collateral, the Cash
Collateral Creditors are granted liens, upon the property of the
Debtors in the priority as existed as of the Petition Date, subject
only to any valid and enforceable, perfected, and non-avoidable
liens of other secured creditors. The Cash Collateral Creditors do
not waive their right to request and receive additional adequate
protection from the Debtors, including but not limited to, monthly
adequate protection payments.
Cardinal Health 110, LLC, is a unique Cash Collateral creditor as
it provides substantially all inventory used by the Debtors to
conduct their business. Accordingly, the Debtors will collectively
make a monthly adequate protection payment to Cardinal in the
amount of $5,000, beginning on or before June 1, 2024 and
continuing on the 1st day of each subsequent month, pending future
court orders. Cardinal will fill future orders from the Debtors and
accept next-day EFT payment for such orders, subject to the
following daily limits: Hazard - $10,000; McKee - $15,000;
Manchester - $12,000; provided, however, that should any EFT
payment be dishonored, Cardinal will not release any order until
the returned payment is made and the Debtors will be required to
pay for future orders via the prepaid wire transfer of funds. The
Debtors will provide weekly variance reports to Cardinal, and
Cardinal will provide weekly reconciliation reports to the
Debtors.
The Replacement Liens granted will be deemed effective, valid, and
perfected as of the Petition Date without the necessity of the
filing or lodging by or with any entity of any documents or
instruments otherwise required to be filed or lodged under
applicable non-bankruptcy law. The Replacement Liens will be junior
to the Debtors' obligations to pay allowed administrative expense
claims in the event the case converts to a case under Chapter 7.
A copy of the order is available https://shorturl.at/C9TAt from
PacerMonitor.com.
About RX Discount Pharmacy Inc.
RX Discount Pharmacy Inc. is an Community/Retail Pharmacy based out
of Mckee, Kentucky.
RX Discount Pharmacy Inc. sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ky. Case No.
Case No. 24-60405) on May 1, 2024. In the petition signed by
Richard K. Slone, as president, the Debtor reports estimated assets
up to $50,000 and estimated liabilities between $1 million and $10
million.
Judge Gregory R. Schaaf oversees the case.
The Debtor is represented by Dean A. Langdon, Esq. at DelCotto Law
Group PLLC.
RYMAN HOSPITALITY: S&P Rates Repriced Term Loan B 'BB'
------------------------------------------------------
S&P Global Ratings assigned its 'BB' issue-level rating and '1'
recovery rating to the proposed repriced term loan B due 2030
issued by Ryman Hospitality Properties Inc.'s subsidiary RHP Hotel
Properties L.P. The '1' recovery rating indicates its expectation
for very high (90%-100%; rounded estimate: 95%) recovery for
investors in the event of a default. S&P expects that this
repricing will slightly reduce the company's interest expense.
S&P said, "The transaction is leverage neutral. The positive
outlook indicates that we could raise our ratings on Ryman by one
notch if we believe it will sustain leverage of less than 4.5x (our
upgrade threshold for the current rating) over the cycle, inclusive
of its investment and development spending. The positive outlook
also reflects the company's long-term financial target to sustain
net leverage of 4.0x-4.5x, which would translate to S&P Global
Ratings-adjusted net leverage below our 4.5x upgrade threshold."
SABER AUTOMOTIVE: Case Summary & Seven Unsecured Creditors
----------------------------------------------------------
Debtor: Saber Automotive, LLC
9891 Irvine Center Dr.
Irvine, CA 92618
Business Description: The Debtor offers automotive repair and
maintenance services.
Chapter 11 Petition Date: December 10, 2024
Court: United States Bankruptcy Court
Central District of California
Judge: Hon. Scott C Clarkson
Debtor's Counsel: Michael R. Totaro, Esq.
TOTARO & SHANAHAN, LLP
PO Box 789
Pacific Palisades CA 90272
Tel: (310) 804-2157
Email: Ocbkatty@aol.com
Total Assets: $58,740
Total Liabilities: $1,362,548
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 seven unsecured creditors is available for
free at PacerMonitor.com at:
https://www.pacermonitor.com/view/UNSAFWY/Saber_Automotive_LLC__cacbke-24-13144__0001.0.pdf?mcid=tGE4TAMA
SAKS GLOBAL: S&P Assigns Preliminary 'CCC+' ICR, Outlook Stable
---------------------------------------------------------------
S&P Global Ratings assigned its 'CCC+' preliminary issuer credit
rating to U.S.-based luxury retailer Saks Global Enterprises LLC.
At the same time, S&P assigned its 'B' preliminary issue-level
rating and '1' preliminary recovery rating to the company's
proposed senior secured notes, reflecting its expectations for very
high (90%-100%; rounded estimate: 95%) recovery in the event of
default. S&P expects to finalize the rating once the proposed
transaction closes.
The stable outlook reflects S&P's view that the company will have
enough short-term liquidity to implement its turnaround initiatives
and invest in synergies while the operating environment remains
challenging due to soft consumer discretionary spending.
S&P said, "Our rating on Saks Global reflects our view that the
sustainability of its new capital structure is highly dependent on
favorable business, economic, and financial conditions, including
significant synergies from the proposed acquisition. The company
plans to acquire Neiman Marcus for a total enterprise value of $2.7
billion, consolidating the operations of the Saks Fifth Avenue,
Neiman Marcus, and Bergdorf Goodman luxury brands and Saks Off 5th
stores under Saks Global. At the same time, the company will
separate its Canadian business, including the Hudson's Bay
department store chain, from the group and issue a new $1.8 billion
ABL facility due in 2029 to improve its liquidity position. New
equity contributed from Amazon.com Inc., investors of Authentic
Brands Group LLC, and Salesforce Inc. will also support liquidity
while strengthening new commercial relationships. The slowdown in
demand for luxury goods, liquidity pressure at the Canadian
operations, and inventory disruptions have posed significant
challenges to Saks Global since 2023. Similarly, Neiman Marcus'
weak demand led to increased promotions and pressured margins.
Despite that, we believe Saks Global's estimate of about $500
million in cost synergies over time is achievable. Almost half
would come from labor expenses, which include headcount reduction
and increased outsourcing.
"We expect S&P Global Ratings-adjusted EBITDA margin will remain
constrained in 2025, partially due to continued soft demand
combined with acquisition and integration costs. We expect adjusted
EBITDA margin will improve to the low-teens percents in 2026 as
synergies come to fruition. However, in our view, integration
challenges, potential delays, and higher-than-anticipated costs to
achieve synergies represent a significant risk that could keep
operating margin pressured longer term.
"The acquisition will meaningfully increase Saks Global's business
operation scale and allow it to access a large customer base. We
expect the combined operations will generate revenue of about $7.4
billion in fiscal 2024 (ending Jan. 31, 2025) compared to $4.5
billion in 2023 on a stand-alone basis, which will improve its
competitive position. However, growth trends will remain weak, with
pro forma revenue declining about 9% from the prior year. While the
broader retail sector has faced weak consumer demand for
discretionary categories, deteriorated relationships with vendors
have aggravated the drag on Saks Global's revenue trends, including
disrupted inventory flow as some vendors withheld products. We
forecast pro forma revenue will increase 5% in fiscal 2025 as
access to additional liquidity will improve the company's
relationships with vendors.
"In 2026, we expect revenue will further expand 4.2% as the company
invests in its business. We expect growth initiatives will focus on
partnerships and leverage an asset-light model. Relationships with
Amazon and Authentic Brands Group should leverage private-label
brands and support growth in e-commerce and internationally.
"While Saks Global's liquidity will improve with the new upsized
ABL facility, we expect a free operating cash flow (FOCF) deficit
and credit metrics pressure near term. A reported FOCF deficit of
$264 million through the second quarter was due to profitability
pressures and working capital outflow. We forecast an FOCF deficit
of about $130 million in 2025 as the company implements its
turnaround initiatives. We forecast availability under the proposed
ABL will be about $1 billion in 2024 compared to $193 million
pre-acquisition, which will reduce the risk of a near-term
liquidity shortfall. While Saks Global's net real estate assets of
about $4.4 billion will offer some financial cushion, our base-case
projections do not assume meaningful asset monetization. The
company has a history of cutting costs and stretching payables to
an extent that impair sales, rather than selling real estate assets
to support liquidity. We will monitor its ability to generate
meaningful sustained FOCF over the next two years.
"We forecast S&P Global Ratings-adjusted leverage will improve but
remain very high in fiscal 2025, in the mid-9x area, due to
operating margin pressures. We expect leverage will improve in 2026
due to higher EBITDA as the company benefits from synergies. In
addition, we expect S&P Global Ratings-adjusted EBITDA interest in
the mid-1x area. However, we expect EBITDA will fall short of
interest expenses on a reported basis, which highlights risks of
less-than-expected synergy generation that could eventually lead to
liquidity pressure."
The final rating will depend on the close of the proposed
acquisition and the company's liquidity position. If the
transaction doesn't close or liquidity available post close departs
from the materials and terms reviewed, the rating could be
different than the preliminary rating. Potential changes include
lower equity infusion, higher draw, or lower committed amount under
the company's new ABL facility. Similarly, if the final
organizational structure leads us to believe the Canadian
operations are relevant to Saks Global's credit quality, S&P could
arrive at a different issuer credit rating.
The stable outlook reflects S&P's view that Saks Global will have
enough short-term liquidity to implement its turnaround initiatives
and invest in synergies.
S&P could lower its rating on Saks Global over the next 12 months
if it envisions a specific default scenario over the subsequent 12
months. This could occur if liquidity deteriorates due to
less-than-anticipated cost savings from synergies, leading to
insufficient FOCF.
S&P could raise its rating on Saks Global if:
-- The company significantly improves its operating performance,
supported by consistent working capital management and synergies
from the acquisition, leading to adjusted leverage approaching 7x;
and
-- S&P expects sustained FOCF to support its capital structure,
improving its liquidity position.
S&P said, "Governance is a moderately negative consideration in our
analysis of Saks Global, as it is for most rated entities owned by
private-equity sponsors. We believe the company's highly leveraged
financial risk profile points to corporate decision-making that
prioritizes the interests of controlling owners. This also reflects
generally finite holding periods and a focus on maximizing
shareholder returns.
SANUWAVE HEALTH: Solas Capital Management Holds 9.9% Stake
----------------------------------------------------------
Solas Capital Management, LLC disclosed in a Schedule 13 filed with
the U.S. Securities and Exchange Commission that as of September
30, 2024, it beneficially owned 121,142,237 shares of SANUWAVE
Health, Inc.'s common stock, representing 9.9% of the shares
outstanding.
Solar Capital may be reached at:
Frederick Tucker Golden
c/o Solas Capital Management, LLC
1063 Post Road, 2nd Floor
Darien, CT 06820
Tel: 03-625-1300
A full-text copy of Solas Capital's SEC Report is available at:
https://tinyurl.com/25pxzazk
About SANUWAVE Health
Headquartered in Suwanee, Georgia, SANUWAVE Health, Inc.
(OTCQB:SNWV) -- http://www.SANUWAVE.com-- is an ultrasound and
shock wave technology company using patented systems of
noninvasive, high-energy, acoustic shock waves or low intensity and
non-contact ultrasound for regenerative medicine and other
applications. The Company's focus is regenerative medicine
utilizing noninvasive, acoustic shock waves or ultrasound to
produce a biological response resulting in the body healing itself
through the repair and regeneration of tissue, musculoskeletal, and
vascular structures. The Company's two primary systems are
UltraMIST and PACE. UltraMIST and PACE are the only two Food and
Drug Administration (FDA) approved directed energy systems for
wound healing.
New York, NY-based Marcum LLP, the Company's auditor since 2018,
issued a "going concern" qualification in its report dated March
21, 2024, citing that the Company has incurred recurring losses and
needs to raise additional funds to meet its obligations, sustain
its operations, and to resolve the events of default on the
Company's debt. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.
SANUWAVE Health reported a net loss of $25.81 million for the year
ended Dec. 31, 2023, compared to a net loss of $10.29 million for
the year ended Dec. 31, 2022. As of September 30, 2024, SANUWAVE
Health had $21.8 million in total assets, $82.1 million in total
liabilities, and $60.3 million in total stockholders' deficit.
SCILEX HOLDING: Directors OK BPM as Outside Accountant
------------------------------------------------------
Scilex Holding Company disclosed in a Form 8-K filed with the U.S.
Securities and Exchange Commission that on December 5, 2024, the
Audit Committee of the Board of Directors of Scilex Holding Company
approved the appointment of BPM LLP as the Company's independent
registered public accounting firm, effective immediately, for the
quarter ended September 30, 2024 and the fiscal year ending
December 31, 2024.
During the Company's two most recent fiscal years and the
subsequent interim period preceding BPM's engagement, neither the
Company nor anyone acting on its behalf consulted BPM regarding (i)
the application of accounting principles to a specified
transaction, either completed or proposed, or the type of audit
opinion that might be rendered on the Company's consolidated
financial statements, and BPM did not provide either a written
report or oral advice to the Company that was an important factor
considered by the Company in reaching a decision as to any
accounting, auditing or financial reporting issue, or (ii) any
matter that was either the subject of a disagreement on accounting
principles or practices, financial statement disclosure or auditing
scope or procedures or a "reportable event."
About Scilex Holding
Headquartered in Palo Alto, Calif., Scilex Holding Company is
focused on acquiring, developing, and commercializing non-opioid
pain management products for the treatment of acute and chronic
pain. Scilex targets indications with high unmet needs and large
market opportunities with non-opioid therapies for the treatment of
patients with acute and chronic pain and is dedicated to advancing
and improving patient outcomes. Scilex's commercial products
include: (i) ZTlido (lidocaine topical system) 1.8%, a prescription
lidocaine topical product approved by the U.S. Food and Drug
Administration for the relief of neuropathic pain associated with
postherpetic neuralgia, which is a form of post-shingles nerve
pain; (ii) ELYXYB, a potential first-line treatment and the only
FDA-approved, ready-to-use oral solution for the acute treatment of
migraine, with or without aura, in adults; and (iii) Gloperba, the
first and only liquid oral version of the anti-gout medicine
colchicine indicated for the prophylaxis of painful gout flares in
adults, expected to launch in the first half of 2024.
San Diego, California-based Ernst & Young LLP, the Company's
auditor since 2020, issued a "going concern" qualification in its
report dated March 11, 2024, citing that the Company has negative
working capital, has suffered losses from operations, has recurring
negative cash flows from operations, and has stated that
substantial doubt exists about the Company's ability to continue as
a going concern.
Scilex incurred net losses of $114.3 million, $23.4 million, and
$88.4 million for the years ended December 31, 2023, 2022, and
2021, respectively. As of June 30, 2024, Scilex had $104.5 million
in total assets, $319.2 million in total liabilities, and $214.7
million in total stockholders' deficit.
SEAQUEST HOLDINGS: Seeks to Tap Johnson May as Bankruptcy Counsel
-----------------------------------------------------------------
SeaQuest Holdings, LLC seeks approval from the U.S. Bankruptcy
Court for the District of Idaho to employ Johnson May as counsel.
The firm will provide these services:
(a) prepare and file a petition, schedules, statement of
financial affairs, and other related pleadings;
(b) attend all meetings of creditors, hearings, pretrial
conferences, and trials in the case or any litigation arising in
connection with the case, whether in state or federal court;
(c) prepare, file, and present to the Bankruptcy Court of any
pleadings requesting relief;
(d) prepare, file and present to the court a disclosure
statement and plan or arrangement under Chapter 11 of the
Bankruptcy Code;
(e) review of claims made by creditors or interested parties,
preparation, and prosecution of any objections to claims as
appropriate;
(f) prepare, file and present to the court all applications to
employ and compensate professionals in the Chapter 11 proceeding;
and
(g) prepare and present final accounting and motion for final
decree closing the bankruptcy case.
The firm received a total retainer of $50,000 from the Debtor.
Matthew Christensen, Esq., an attorney at Johnson May, 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:
Matthew T. Christensen, Esq.
Johnson May
199 N. Capitol Blvd., Suite 200
Boise, ID 83702
Telephone: (208) 384-8588
Facsimile: (208) 629-2157
Email: mtc@johnsonmaylaw.com
About SeaQuest Holdings
SeaQuest Holdings, LLC better known as SeaQuest, is an interactive
marine, exotic mammal, and bird/reptile life attraction chain.
Guests are encouraged to connect with animals and learn about their
ecosystems through various hands-on activities which include
hand-feeding sharks, stingrays, birds, and tropical animals.
SeaQuest offers a private event venue ideal for school field trips,
birthday parties, and more.
SeaQuest Holdings, LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Idaho Case No. 24-00803) on December 2,
2024. In the petition filed by Aaron Neilsen, CEO, the Debtor
reports total assets of $659,473 and total liabilities of
$16,653,877.
Honorable Bankruptcy Judge Benjamin P. Hursh handles the case.
Matthew T. Christensen, Esq., at Johnson May serves as the Debtor's
counsel.
SEBL FITNESS: Seeks to Hire Slocum Law as Bankruptcy Counsel
------------------------------------------------------------
SEBL Fitness, LLC seeks approval from the U.S. Bankruptcy Court for
the Middle District of Tennessee to employ Slocum Law as counsel.
Scolum Law will render these services:
(a) advise the Debtor as to its rights, duties and powers;
(b) prepare and file statements and schedules, plans, and
other documents and pleadings necessary to be filed by the Debtor;
(c) represent the Debtor at all hearings, meetings of
creditors, conferences, trials, and any other proceedings in this
case; and
(d) perform such other legal services as may be necessary in
connection with this case.
Keith Slocum, Esq., an attorney at Slocum Law, will be paid $475
per hour for time spent in court and $425 per hour for time spent
out of court. The paralegals are billed $150 per hour.
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received a total retainer of $11,738 from the Debtor's
owner relative.
Mr. Slocum 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:
Keith D. Slocum, Esq.
Slocum Law
370 Mallory Station Road Suite 504
Franklin TN, TN 37067
Telephone: (615) 656-3344
Facsimile: (615) 647-0651
Email: keith@keithslocum.com
About SEBL Fitness
SEBL Fitness, LLC sought protection for relief under Chapter 11 of
the Bankrutpcy Code (Bankr. M.D. Tenn. Case No. 24-04559) on Nov.
22, 2024, listing under $1 million in both assets and liabilities.
Judge Nancy B. King oversees the case.
Keith D. Slocum, Esq., at Slocum Law represents the Debtor as
counsel.
SHARING SERVICES: Net Loss Narrows to $466,145 in Fiscal Q2
-----------------------------------------------------------
Sharing Services Global Corporation filed with the U.S. Securities
and Exchange Commission its Quarterly Report on Form 10-Q reporting
a net loss of $466,145 on $2,084,658 of net sales for the three
months ended September 30, 2024, compared to a net loss of
$1,454,790 on $2,408,704 of net sales for the three months ended
September 30, 2023.
For the six months ended September 30, 2024, the Company reported a
net loss of $1,434,712 on $4,306,182 of net sales, compared to a
net loss of $3,879,148 on $5,286,825 of net sales for the same
period in 2023.
As of September 30, 2024, the Company had $6,257,230 in total
assets, $10,470,791 in total liabilities, and $4,213,561 in total
stockholders' deficit.
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/rnhcn2cf
About Sharing Services
Headquartered in Plano, Texas, Sharing Services Global Corporation
currently markets and distributes health and wellness products
primarily in the U.S. and Canada, and delivers its member-based
travel services, primarily in the U.S., using a direct selling
business model. The Company markets its health and wellness
products through its proprietary website: www.thehappyco.com; and
its member-based travel services using www.mytravelventures.com.
Currently, the Company is in the process of revamping its
subscription-based travel services and plans to relaunch it in
November 2024.
The Company intends to continue to grow its business both
organically and by making strategic acquisitions, from time to
time, of businesses and technologies that augment its product
portfolio, complement its business competencies, and fit its growth
strategy.
Jericho, New York-based Grassi & Co., CPAs, P.C., the Company's
auditor since 2023, issued a "going concern" qualification in its
report dated July 1, 2024, citing that the Company (i) has incurred
losses and negative cash flows from operations for consecutive
years, (ii) has an accumulated deficit and negative equity, which
raise substantial doubt about its ability to continue as a going
concern.
Sharing Services reported a net loss of $6.71 million for the year
ended March 31, 2024, compared to a net loss of $37.69 million for
the year ended March 31, 2023.
SINTX TECHNOLOGIES: Lind Global Entities Hold 5.1% Stake
--------------------------------------------------------
Lind Global Fund II LP, Lind Global Partners II LLC, and Jeff
Easton disclosed in a Schedule 13G filed with the U.S. Securities
and Exchange Commission that as of September 30, 2024, they
beneficially owned 71,500 shares of SINTX Technologies, Inc.'s
common stock, representing 5.1% of the shares outstanding.
A full-text copy of Lind Global's SEC Report is available at:
https://tinyurl.com/3erkc3p8
About SINTX Technologies
Headquartered in Salt Lake City, Utah, SINTX Technologies, Inc. --
https://ir.sintx.com/ -- is an advanced ceramics company that
develops and commercializes materials, components, and technologies
for biomedical, technical, and antipathogenic applications. The
core strength of SINTX Technologies is the manufacturing, research,
and development of advanced ceramics for external partners.
Lehi, Utah-based Tanner LLC, the Company's auditor since 2017,
issued a "going concern" qualification in its report dated March
27, 2024, citing that the Company has recurring losses from
operations and negative operating cash flows and needs to obtain
additional financing to finance its operations. These issues raise
substantial doubt about the Company's ability to continue as a
going concern.
SKS BOTTLE: Gets Interim OK to Use Cash Collateral
--------------------------------------------------
SKS Bottle and Packaging, Inc., received interim approval from the
U.S. Bankruptcy Court for the Northern District of New York to use
cash collateral to maintain ongoing operations and avoid immediate
and irreparable harm to the Debtor's estate.
The Debtor is authorized to use cash collateral in accordance with
a attached budget.
The Debtor's pre-petition secured creditor, GMES, is deemed
adequately protected due to its receipt of ongoing interest
payments from its interest reserve account and Monthly payments of
$3,500 begin when the reserve is exhausted.
GMES is granted replacement liens in all of the Debtor's
pre-petition and post-petition assets as further protection.
A hearing is set for December 18, 2024.
About SKS Bottle and Packaging
SKS Bottle and Packaging, Inc. sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 24-11283) on
Nov. 18, 2024, listing up to $10 million in both assets and
liabilities.
Justin A. Heller, Esq., at Nolan Heller Kauffman LLP serves as the
Debtor's counsel.
SMITH MICRO: Reports $6.4 Million Net Loss in Fiscal Q3
-------------------------------------------------------
Smith Micro Software, Inc. filed with the U.S. Securities and
Exchange Commission its Quarterly Report on Form 10-Q reporting a
net loss of $6.4 million on $4.6 million of revenue for the three
months ended September 30, 2024, compared to a net loss of $5.1
million on $11 million of revenue for the three months ended
September 30, 2023.
For the nine months ended September 30, 2024, the Company reported
a net loss of $44.3 million on $15.6 million of revenue, compared
to a net loss of $17.7 million on $32.3 million of revenue for the
same period in 2023.
As of September 30, 2024, the Company had $46.2 million in total
assets, $8.4 million in total liabilities, and $37.7 million in
total stockholders' equity.
"We believe that the actions that we've taken to rationalize our
costs over the past several months, coupled with the expansion of
our revenue opportunities, have positioned us for a return to
profitability on a non-GAAP basis and free cash flow during 2025,"
said William W. Smith Jr., president, chief executive officer, and
chairman of the board of Smith Micro. "With the pending launch of
our Tier One carrier in Europe, new product innovations that align
with our customers' strengths, and new prospects on the horizon, we
are confident that the Company is positioned for growth over the
coming quarters."
"We had targeted eliminating at least $2 million in quarterly
expenses from our cost structure by the fourth quarter of this
year. As compared with the first quarter of this year, we have
already achieved $1.9 million in cost reductions during the third
quarter and we have yet to see the full benefit of the actions that
we have taken," Smith continued. "I'm very confident in our outlook
for 2025, as evidenced by the recent $3 million investment I made
into the Company last month as part of our combined $6.9 million
capital raise."
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/bdzxexzn
About Smith Micro Software
Pittsburgh, Pa.-based Smith Micro Software, Inc. develops software
to simplify and enhance the mobile experience, providing solutions
to some of the leading wireless and cable service providers around
the world. Smith Micro's portfolio includes family safety software
solutions to support families in the digital age and a wide range
of products for creating, sharing, and monetizing rich content,
such as visual voice messaging, retail content display
optimization, and performance analytics.
Los Angeles, Calif.-based SingerLewak LLP, the Company's auditor
since 2005, issued a "going concern" qualification in its report
dated Feb. 26, 2024, citing that the Company has suffered recurring
losses from operations and has projected future cash flow
requirements to meet continuing operations in excess of current
available cash. This raises substantial doubt about the Company's
ability to continue as a going concern.
SMITH MOUNTAIN: Hires Magee Goldstein Lasky & Sayers as Counsel
---------------------------------------------------------------
Smith Mountain Lake Coffee Shop, LLC seeks approval from the U.S.
Bankruptcy Court for the Western District of Virginia to employ
Magee Goldstein Lasky & Sayers, PC as counsel.
The firm will provide these services:
(a) advise the Debtor with respect to its powers and duties;
(b) advise and consult on the conduct of the bankruptcy case;
(c) attend meetings and negotiate with representatives of the
Debtor's creditor and other parties in interest;
(d) take all necessary action to protect and preserve the
Debtor's estate;
(e) prepare all legal papers necessary or otherwise beneficial
to the administration of the Debtor's estate;
(f) represent the Debtor in connection with obtaining
post-petition financing, if necessary;
(g) advise the Debtor in connection with any potential sale of
assets;
(h) appear before the court to represent the interests of the
Debtor's estate before the court;
(i) take any necessary action on behalf of the Debtor to
negotiate, prepare on behalf of the Debtor, and obtain approval of
a Chapter 11 plan and documents related thereto; and
(j) perform all other necessary or otherwise beneficial legal
services to the Debtor in connection with prosecution of this
bankruptcy case.
The firm will be paid at these hourly rates:
Attorneys $250 - $425
Paralegal and Paraprofessional $115
`
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received a retainer of $16,738, including the filing fee
of $1,738 from the Debtor.
Andrew Goldstein, Esq., an attorney at Magee Goldstein Lasky &
Sayers, 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:
Andrew S. Goldstein, Esq.
Magee Goldstein Lasky & Sayers, P.C.
P.O. Box 404
Roanoke, VA 24003
Telephone: (540) 343-9800
Facsimile: (540) 343-9898
Email: agoldstein@mglspc.com
About Smith Mountain Lake Coffee Shop
Smith Mountain Lake Coffee Shop, LLC sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Va. Case No.
24-70904) on Nov. 26, 2024, listing up to $50,000 in assets and up
to $1 million in liabilities.
Andrew S. Goldstein, Esq., at Magee Goldstein Lasky & Sayers, PC is
the Debtor's counsel.
SPIRIT AIRLINES: BlackRock No Longer Holds Equity Stake
-------------------------------------------------------
BlackRock, Inc., disclosed in a Scheduled 13G filed with the U.S.
Securities and Exchange Commission that as of November 30, 2024, it
owns zero shares of Spirit Airlines Inc.'s outstanding shares of
common stock.
About Spirit Airlines
Spirit Airlines, Inc. (NYSE: SAVE) is a low-fare carrier committed
to delivering the best value in the sky by offering an enhanced
travel experience with flexible, affordable options. Spirit serves
destinations throughout the United States, Latin America and the
Caribbean with its Fit Fleet, one of the youngest and most
fuel-efficient fleets in the U.S. On the Web:
http://wwww.spirit.com/
Spirit Airlines filed Chapter 11 petition (Bankr. S.D.N.Y. Case No.
24-11988) on Nov. 18, 2024, after reaching terms of a pre-arranged
plan with bondholders. At the time of the filing, Spirit Airlines
reported $1 billion to $10 billion in both assets and liabilities.
Judge Sean H. Lane oversees the case.
The Debtor tapped Davis Polk & Wardwell, LLP as legal counsel;
Alvarez & Marsal North America, LLC as financial advisor; and Epiq
Corporate Restructuring, LLC as claims agent.
Paul Hastings, LLP and Ducera Partners, LLC serve as legal counsel
for the Ad Hoc Group of Convertible Noteholders.
Akin Gump Strauss Hauer & Feld, LLP and Evercore Group LLC
represent the Ad Hoc Group of Senior Secured Noteholders.
SS INNOVATIONS: Awaits Favorable Ruling in Otto Shareholder Suit
----------------------------------------------------------------
SS Innovations International, Inc., disclosed in a Form 10-K/A
filed with the U.S. Securities and Exchange Commission that in
April 2024, an ex-shareholder of Otto Pvt Ltd., an indirect wholly
owned Bahamian subsidiary of SSi, commenced litigation in the
Bahamas, seeking legal confirmation that it holds 9,000 shares
(approximately a 9% interest) in Otto.
The litigation, in which Otto is one of the defendants, relates to
a purported transaction in 2021, at which time Dr. Sudhir
Srivastava, the Company's Chairman, Chief Executive Officer and
principal shareholder, was the sole shareholder of Otto. The
plaintiff in the litigation alleges that at that time, it acquired
the 9,000 Otto shares from Dr. Srivastava. However, as the
plaintiff failed to pay the agreed upon consideration for the
shares, in July 2022, the shareholding was cancelled. Dr.
Srivastava along with Otto, has recently filed an action in the
Bahamas to confirm the cancellation of the shares and reconfirm
their ownership and both actions are pending in the Bahamian
courts.
The Bahamian court has issued an interim order to maintain the
status quo as it stands today with respect to the 9,000 Otto shares
at the center of the dispute, as well as Otto's shareholdings in
Sudhir Srivastava Innovations Pvt Ltd., the Indian operating
subsidiary and SSI-India's assets during the pendency of the
litigation. Based on legal opinions obtained from counsel, the
Company believes that there will be a favorable outcome in this
case.
Notwithstanding the foregoing, Dr. Srivastava and the Company have
entered into an Indemnification Agreement on October 12, 2024,
pursuant to which Dr. Srivastava has agreed to fully indemnify the
Company for any claims, damages and costs (including legal fees)
which it incurs in connection with this litigation or in relation
to any of his ventures prior to consummation of the Company's
acquisition by merger of CardioVentures, Inc. in April 2023.
About SS Innovations International
SS Innovations International, Inc. (OTC: SSII) is a developer of
innovative surgical robotic technologies headquartered in Gurugram,
Haryana, India. The company's vision is to make robotic surgery
benefits more affordable and accessible globally. SSII's product
range includes its proprietary "SSi Mantra" surgical robotic system
and "SSi Mudra," a broad array of surgical instruments for various
procedures, including robotic cardiac surgery. The company plans to
expand its presence with technologically advanced, user-friendly,
and cost-effective surgical robotic solutions.
SS Innovations International had a net loss of $20.94 million for
the year ended December 31, 2023. As of June 30, 2024, SS
Innovations International had $38.32 million in total assets,
$21.33 million in total liabilities, and $16.98 million in total
stockholders' equity.
Lakewood, Colo.-based BF Borgers CPA PC, the Company's former
auditor, issued a "going concern" qualification in its report dated
March 22, 2024, citing recurring losses from operations that raise
substantial doubt about the Company's ability to continue as a
going concern.
On May 13, 2024, SS Innovations dismissed BF Borgers CPA PC as its
independent registered public accounting firm after the firm and
its owner, Benjamin F. Borgers, were charged by the Securities and
Exchange Commission with deliberate and systemic failures to comply
with PCAOB standards in audits and reviews included in over 1,500
SEC filings from January 2021 through June 2023. The charges
included false representations of compliance with PCAOB standards,
fabrication of audit documentation, and false statements in audit
reports. Borgers agreed to a $14 million civil penalty and a
permanent suspension from practicing before the Commission.
On May 29, 2024, SS Innovations engaged BDO India LLP as its new
independent registered public accounting firm. This engagement was
approved by the Company's board of directors through unanimous
written consent in lieu of a meeting dated May 23, 2024.
SS INNOVATIONS: Restates Financial Statements for Fiscal Year 2023
------------------------------------------------------------------
SS Innovations International, Inc., filed with the U.S. Securities
and Exchange Commission a Form 10-K/A for the fiscal year ended
December 31, 2023.
On May 3, 2024, the SEC entered an order barring BF Borgers CPA PC
("Borgers"), the Company's then independent registered public
accounting firm, from appearing or practicing before the SEC as an
accountant and therefore Borgers could no longer act as the
Company's independent registered public accounting firm. Effective
May 13, 2024, the Company dismissed Borgers as its independent
registered public accounting firm. Subsequently, the Company
engaged BDO India LLP ("BDO") as the Company's new independent
registered public accounting firm.
Given the circumstances giving rise to Borgers' dismissal, the
Company asked BDO to re-audit SSi's consolidated financial
statements as of and for the years ended December 31, 2023 and
December 31, 2022, which were included in the Company's Annual
Report on Form 10-K filed with the SEC on March 22, 2024 (the
"Original Filing"). Contemporaneously with the reaudit, the Company
also undertook an internal review of certain accounting policies
and internal controls and procedures.
In the course of this internal review and while BDO was performing
the reaudit, the Company discovered material errors in the prior
audited consolidated financial statements included in the Original
Filing. As a result, the Company determined that in order to
reflect the foregoing, SSi's consolidated financial statements for
the years ended December 31, 2023 and December 31, 2022 included in
the Original Filing would need to be restated. An external
consulting firm was also appointed by the Company to help perform
comprehensive technical accounting evaluations.
Thereafter, the board of directors of the Company, after discussion
with management of the matters described, concluded that the
Company's audited consolidated financial statements as of and for
the years ended December 31, 2023 and December 31, 2022, included
in the Original Filing, should no longer be relied upon.
This Amendment restates the Company's previously issued
consolidated financial statements and related footnote disclosures
as of and for the years ended December 31, 2023, and 2022 included
in the Original Filing.
In connection with the restatement, management has re-evaluated the
effectiveness of SSi's disclosure controls and procedures and
internal control over financial reporting as of December 31, 2023.
As a result of that assessment, management has concluded that SSi's
disclosure controls and procedures and internal controls over
financial reporting were not effective as of December 31, 2023, due
to material weaknesses in SSi's internal control over financial
reporting related to above accounting errors. For a discussion of
management's consideration of SSi's disclosure controls and
procedures, internal controls over financial reporting, the
material weaknesses identified, and the remedial actions being
taken.
About SS Innovations International
SS Innovations International, Inc. (OTC: SSII) is a developer of
innovative surgical robotic technologies headquartered in Gurugram,
Haryana, India. The company's vision is to make robotic surgery
benefits more affordable and accessible globally. SSII's product
range includes its proprietary "SSi Mantra" surgical robotic system
and "SSi Mudra," a broad array of surgical instruments for various
procedures, including robotic cardiac surgery. The company plans to
expand its presence with technologically advanced, user-friendly,
and cost-effective surgical robotic solutions.
SS Innovations International had a net loss of $20.94 million for
the year ended December 31, 2023. As of June 30, 2024, SS
Innovations International had $38.32 million in total assets,
$21.33 million in total liabilities, and $16.98 million in total
stockholders' equity.
Lakewood, Colo.-based BF Borgers CPA PC, the Company's former
auditor, issued a "going concern" qualification in its report dated
March 22, 2024, citing recurring losses from operations that raise
substantial doubt about the Company's ability to continue as a
going concern.
On May 13, 2024, SS Innovations dismissed BF Borgers CPA PC as its
independent registered public accounting firm after the firm and
its owner, Benjamin F. Borgers, were charged by the Securities and
Exchange Commission with deliberate and systemic failures to comply
with PCAOB standards in audits and reviews included in over 1,500
SEC filings from January 2021 through June 2023. The charges
included false representations of compliance with PCAOB standards,
fabrication of audit documentation, and false statements in audit
reports. Borgers agreed to a $14 million civil penalty and a
permanent suspension from practicing before the Commission.
On May 29, 2024, SS Innovations engaged BDO India LLP as its new
independent registered public accounting firm. This engagement was
approved by the Company's board of directors through unanimous
written consent in lieu of a meeting dated May 23, 2024.
STAFFING 360: Armistice Capital, Steven Boyd Hold 9.99% Stake
-------------------------------------------------------------
Armistice Capital, LLC and Steven Boyd disclosed in a Schedule
13G/A Report filed with the U.S. Securities and Exchange Commission
that as of September 30, 2024, they beneficially owned an aggregate
amount of 105,610 shares of Staffing 360 Solutions, Inc.'s Common
Stock, representing 9.99% of the shares outstanding.
A full-text copy of Armistice Capital's SEC Report is available
at:
https://tinyurl.com/3nt5urwp
About Staffing 360 Solutions
Headquartered in New York, Staffing 360 Solutions, Inc. is engaged
in the execution of a buy-integrate-build strategy through the
acquisition of domestic and international staffing organizations in
the United States. The Company believes that the staffing industry
offers opportunities for accretive acquisitions and, as part of its
targeted consolidation model, is pursuing acquisition targets in
the finance and accounting, administrative, engineering, IT, and
light industrial staffing space.
New York, NY-based RBSM LLP, the Company's auditor since 2024,
issued a "going concern" qualification in its report dated June 11,
2024, citing that the Company has incurred substantial operating
losses and will require additional capital to continue as a going
concern. This raises substantial doubt about the Company's ability
to continue as a going concern.
Staffing 360 Solutions reported a net loss of $26.04 million for
the fiscal year ended Dec. 30, 2023, compared to a net loss of
$16.99 million for the fiscal year ended Dec. 31, 2022. As of June
29, 2024, the Company had $63.44 million in total assets, $75.42
million in total liabilities, and $11.97 million in total
stockholders' deficit.
STAFFING 360: Commitment Expiry Date Under Midcap Loan Extended
---------------------------------------------------------------
Staffing 360 Solutions, Inc., disclosed in a Form 8-K filing with
the U.S. Securities and Exchange Commission that on December 9,
2024, Staffing 360 Solutions, Inc. entered into Amendment No. 32 to
Credit and Security Agreement and Limited Waiver, effective as of
December 5, 2024, by and among the Company, as Parent, Monroe
Staffing Services, LLC, a Delaware limited liability company, Faro
Recruitment America, Inc., a New York corporation, Lighthouse
Placement Services, Inc., a Massachusetts corporation, Key
Resources, Inc., a North Carolina Corporation, Headway Workforce
Solutions, Inc., a Delaware corporation, Headway Employer Services
LLC, a Delaware limited liability company, Headway Payroll
Solutions, LLC, a Delaware limited liability company, Headway HR
Solutions, Inc., a New York corporation, and NC PEO Holdings, LLC,
a Delaware limited liability company, collectively, as borrowers,
and MidCap Funding IV Trust, as agent for the lenders -- as
successor by assignment to MidCap Funding X Trust -- and the
lenders party thereto from time to time (the "Lenders"), which such
Amendment No. 32 amends that certain Credit and Security Agreement,
dated as of April 8, 2015, by and among, the Borrowers, the Agent
and the Lenders.
Pursuant to Amendment No. 32, the Commitment Expiry Date is
extended to December 13, 2024.
A full text copy of Amendment No. 32 is available at
https://urlcurt.com/u?l=5wrs3m
On December 9, 2024, in connection with Amendment No. 32, the
Company entered into a Limited Consent to the Intercreditor
Agreement, dated as of September 15, 2017, as amended, by and
between the Company and Jackson Investment Group, LLC, which such
Limited Consent permits the Company's entry into Amendment No. 32.
About Staffing 360
Headquartered in New York, Staffing 360 Solutions, Inc. --
http://www.staffing360solutions.com/-- is a domestic staffing
company engaged in the acquisition of United States based staffing
companies. As part of its consolidation model, the Company pursues
a broad spectrum of staffing companies supporting primarily
accounting and finance, IT, engineering, administration and
commercial disciplines. The Company's typical acquisition model is
based on paying consideration in the form of cash, stock, earn-outs
and/or promissory notes. In furthering its business model, the
Company is regularly in discussions and negotiations with various
suitable, mature acquisition targets.
New York, NY-based RBSM LLP, the Company's auditor since 2024,
issued a "going concern" qualification in its report dated June 11,
2024, citing that the Company has incurred substantial operating
losses and will require additional capital to continue as a going
concern. This raises substantial doubt about the Company's ability
to continue as a going concern.
As of Sept. 28, 2024, the Company had $62.22 million in total
assets, $76.86 million in total liabilities, and a total
stockholders' deficit of $14.64 million.
STARWOOD PROPERTY: S&P Rates $800MM Term Loan Facility 'BB'
-----------------------------------------------------------
S&P Global Ratings assigned its 'BB' issue rating to Starwood
Property Mortgage LLC's proposed $800 million term loan facility
due January 2030. The 'BB' rating is in line with its issuer credit
ratings on Starwood Property Mortgage (SPM) and its parent,
Starwood Property Trust Inc. (Starwood).
S&P said, "The issuance will not affect our measure of Starwood's
leverage (debt to adjusted total equity), which was about 3x as of
Sept. 30, 2024. Starwood will use the proceeds to pay off an
existing SPM term loan facility that matures in 2026 and includes
two tranches with $380.0 million and $386.8 million outstanding. It
will allocate the remaining $33 million of additional proceeds to
pay down repurchase facilities.
"We view favorably Starwood's actions this year to push out
maturities and strengthen its funding, particularly during a time
of stress in commercial real estate (CRE) markets and some asset
quality deterioration on its loans." In addition to this term loan
issuance, those actions include:
-- A planned extension of the maturity on SPM's $150 million
revolving credit facility to 2029 from 2026 and an upsizing of that
facility;
-- Last week's refinancing of a separate SPM 'BB' rated term loan
facility that matures November 2027, increasing the size of that
facility by $100 million to $689.5 million and reducing its spread
over SOFR by 50 basis points to 2.25%;
-- The September issuance of $400 million of unsecured notes due
2030;
-- The September issuance of almost $400 million of common equity;
and
-- The March issuance of $600 million of unsecured notes due
2029.
Starwood's asset quality has deteriorated over the past year due to
stress in CRE markets, particularly on office loans. For instance,
loans it rates 4 or 5, at the bottom of its internal rating scale,
equated to more than one-third of its adjusted total equity as of
Sept. 30, up from less than 25% in the third quarter of 2023.
S&P said, "However, we expect the company's good diversification,
expertise in managing troubled assets, and sizable unencumbered
assets to allow it to navigate challenges without significantly
weakening its financial or business position. Office loans in the
U.S. make up 10% of Starwood's assets, below the proportional
exposures of many of its rated peers.
"The stable rating outlook on Starwood indicates we expect the
company to manage difficult conditions in CRE without a sharp
worsening in its asset quality, liquidity, or performance. We also
expect the company to maintain leverage at 3x-4x and meet its debt
maturities."
SUNNY ROSE: Gregory Jones Named Subchapter V Trustee
----------------------------------------------------
The U.S. Trustee for Region 16 appointed Gregory Jones, Esq., at
Stradling Yocca Carlson & Rauth, PC as Subchapter V trustee for
Sunny Rose Corporation.
Mr. Jones will be paid an hourly fee of $595 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Jones declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Gregory K. Jones, Esq.
Stradling Yocca Carlson & Rauth, PC
10100 N. Santa Monica Boulevard, Suite 1400
Los Angeles, CA 90067
Telephone: (424) 214-7000
Facsimile: (424) 214-7010
Email: gjones@stradlinglaw.com
About Sunny Rose Corporation
Sunny Rose Corporation sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 24-19413) on
November 18, 2024, with $100,001 to $500,000 in assets and
$1,000,001 to $10 million in liabilities.
W. Derek May, Esq., at the Law Office of W. Derek May represents
the Debtor as bankruptcy counsel.
TALPHERA INC: Reports $3.4 Million Net Loss in Fiscal Q3
--------------------------------------------------------
Talphera, Inc. filed with the U.S. Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net loss
of $3.4 million with no reported revenue for the three months ended
September 30, 2024, compared to a net loss of $1.4 million on
$117,000 of revenue for the three months ended September 30, 2023.
For the nine months ended September 30, 2024, the Company reported
a net loss of $11.1 million with no reported revenue, compared to a
net loss of $13.9 million on $370,000 of revenue for the same
period in 2023.
As of September 30, 2024, the Company had $21 million in total
assets, $11.4 million in total liabilities, and $9.6 million in
total stockholders' equity.
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/5cejefxc
About Talphera
Headquartered in San Mateo, California, Talphera, Inc. --
www.talphera.com -- is a specialty pharmaceutical company focused
on the development and commercialization of innovative therapies
for use in medically supervised settings. Talphera's lead product
candidate, Niyad, is a lyophilized formulation of nafamostat and is
currently being studied under an investigational device exemption
(IDE) as an anticoagulant for the extracorporeal circuit, and has
received Breakthrough Device Designation status from the U.S. Food
and Drug Administration (FDA).
Walnut Creek, Calif.-based BPM LLP, the Company's auditor since
2023, issued a "going concern" qualification in its report dated
March 6, 2024, citing that the Company has suffered recurring
operating losses and negative cash flows from operating activities
since inception, and expects to continue to incur operating losses
and negative cash flows in the future. These matters raise
substantial doubt about its ability to continue as a going
concern.
Talphera reported a net loss of $18.4 million for 2023 and a net
income of$47.8 million for 2022.
TAX LIEN LAW: Sheriff Puts Schwartz Properties Up for Sale
----------------------------------------------------------
By virtue of a writ of execution issued by the Circuit Court for
Montgomery County, Maryland, and to Maxwell C. Uy as sheriff of the
said county, directed at the suite of EagleBank vs. Tax Lien Law
Group LLC, et al. in the Circuit Court for Montgomery County,
Maryland, Case No. 478002V have this 23rd day of July 2024, seized
and taken into execution all the right and title, claim, and
interest, and estate both at law and in equity, of, in, to, and
about the following described property to wit:
i) 250 series F preferred shares of Mesh Structured,
Incorporated, Puerto Rico Corporation, dated Oct. 15, 2015
(Consisting 50% of series F preferred shares)
ii) 25 series A preferred shares of Mesh Structured, Incorporated,
Puerto Rico Corporation, dated Jan. 15, 2018 (Consisting 10.5% of
series A preferred shares)
iii) 12 series A-2 preferred shares of Mesh Structured,
Incorporated, Puerto Rico Corporation, dated March 23, 2019
(Consisting 5.6% of series A preferred shares)
iv) 70 alleged commons shares of Mesh Structured, Incorporated,
Puerto Rico Corporation, dated Oct. 20, 2019
v) 74 alleged commons shares of Mesh Structured, Incorporated,
Puerto Rico Corporation, dated Dec. 2, 2019
vi) 24 alleged commons shares of Mesh Structured, Incorporated,
Puerto Rico Corporation, dated Jan. 26, 2019
Purchasers should be aware that they are purchasing Mark Schwartz's
interest only. The described personal property will be sold
together in the aggregate and subject to reservations of title,
subject to liens or records, and to all claims known and unknown.
Sheriff hereby give notice that it will sell all the right, title,
claim interest both in law and in equity of the said Mark Schwartz
and his trust, and, of, in, to, and about the above-described
property to the highest bidder for cash at the Maryland Avenue
entrance of the Judicial Center, 50 Maryland Avenue, Rockville,
Maryland, on Dec. 9, 2024, at 11:00 a.m.
A deposit of $50,000 of the purchase price will be required at the
time of the sale, balance within 10 days after ratification by the
Circuit Court for Montgomery County, Maryland. Deposit and
remaining balance must be paid by cashier's check or certified
check made payable to the "Sheriff of Montgomery County". Payment
made by cashier's check or certified checks only. No cash,
personal or business checks, or third party checks will be
accepted. To be eligible to bid you must have a government issued
photo and $50,000 deposit in the proper form in hand.
THREE FISHERMAN: Kathleen DiSanto Named Subchapter V Trustee
------------------------------------------------------------
The U.S. Trustee for Region 21 appointed Kathleen DiSanto, Esq., at
Bush Ross, P.A., as Subchapter V trustee for Three Fisherman
Seafood, LLC.
Ms. DiSanto will be paid an hourly fee of $350 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. DiSanto declared that she is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Kathleen L. DiSanto, Esq.
Bush Ross, P.A.
P.O. Box 3913
Tampa, FL 33601-3913
Phone: (813) 224-9255
Fax: (813) 223-9620
Email: disanto.trustee@bushross.com
About Three Fisherman Seafood
Three Fisherman Seafood, LLC sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-01761) on
November 18, 2024, with as much as $50,000 in both assets and
liabilities.
Judge Caryl E. Delano presides over the case.
John Weinberg, Esq., at Weinberg Law Firm, PA represents the Debtor
as bankruptcy counsel.
TIMELESS AESTHETICS: Gets OK to Use Cash Collateral Thru Dec. 18
----------------------------------------------------------------
Timeless Aesthetics LLC received interim approval from the U.S.
Bankruptcy Court for the Northern District of Texas, Dallas
Division to use cash collateral to pay the company's operating
expenses.
The court authorized Timeless Aesthetics LLC to use the cash
collateral through December 18, 2024, following the budget
presented. A deviation of up to 10% from the budget is allowed
without further court approval.
The Debtor projects 30-DAY BUDGET total operational expenses
$56,865.
As adequate protection, Wallis Bank is granted replacement liens on
post-petition property and cash collateral, excluding Chapter 5
causes of action or their proceeds.
A final hearing will be held on December 18, 2024, at 2:00 PM.
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.
TIMELESS AESTHETICS: Scott Seidel Named Subchapter V Trustee
------------------------------------------------------------
The U.S. Trustee for Region 6 appointed Scott Seidel as Subchapter
V trustee for Timeless Aesthetics, LLC.
Mr. Seidel will be paid an hourly fee of $525 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Seidel declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Scott Seidel
6505 West Park Blvd., Suite 306
Plano, TX 75093
214-234-2500-main
214-234-2503-direct
Email: scott@scottseidel.com
About Timeless Aesthetics
Timeless Aesthetics, LLC filed a Chapter 11 bankruptcy petition
(Bankr. N.D. Texas Case No. 24-33709) on Nov. 15, 2024, with
$100,001 to $500,000 in assets and $500,001 to $1 million in
liabilities.
Judge Scott W. Everett oversees the case.
The Debtor tapped The Lane Law Firm, PLLC.
TLC MEDICAL: Gets OK to Hire Susan D. Lasky as Bankruptcy Counsel
-----------------------------------------------------------------
TLC Medical Group, Inc. received approval from the U.S. Bankruptcy
Court for the Southern District of Florida to employ Susan Lasky,
Esq., an attorney practicing in Ft. Lauderdale, Fla., as its
counsel.
The attorney will provide its services:
(a) advise the Debtor with respect to its powers and duties;
(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 all legal documents necessary in the
administration of the case;
(d) protect the interest of the Debtor in all matters pending
before the court; and
(e) represent the Debtor in negotiation with its creditors in
the preparation of a Plan.
The firm's hourly rates are as follows:
Susan D. Lasky $500
Paralegal $250
In addition, the attorney will seek reimbursement for expenses
incurred.
The Debtor also paid the attorney a pre-petition retainer of $9,300
and a filing fee of $1,738.
Ms. Lasky disclosed in a court filing that she is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The attorney can be reached at:
Susan D. Lasky, Esq.
320 S.E. 18th St
Ft. Lauderdale, FL 33316
Telephone: (954) 400-7474
Email: Sue@SueLasky.com
About TLC Medical Group
TLC Medical Group, Inc. filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No.
24-21588) on Nov. 4, 2024, listing up to $10 million in both assets
and liabilities.
Judge Mindy A. Mora oversees the case.
Susan D. Lasky, Esq., represents the Debtor as counsel.
TOUCH OF TEXAS: Francis Brennan Named Subchapter V Trustee
----------------------------------------------------------
The U.S. Trustee for Region 2 appointed Francis Brennan, Esq., at
Nolan Heller Kauffman, LLP, as Subchapter V trustee for Touch of
Texas, LLC.
Mr. Brennan will be paid an hourly fee of $445 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Brennan declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Francis Brennan, Esq.
Nolan Heller Kauffman, LLP
80 State Street, 11th Floor
Albany, NY 12207
Phone: 518-432-3159
Email: fbrennan@nhkllp.com
About Touch of Texas
Touch of Texas, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D.N.Y. Case No. 24-60930) on November 19,
2024, with up to $50,000 in assets and up to $1 million in
liabilities.
Peter Alan Orville, Esq., at Orville & Mcdonald Law, PC represents
the Debtor as bankruptcy counsel.
TRAEGER INC: S&P Upgrades ICR to 'B-' on Improving Credit Metrics
-----------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on Salt Lake
City-based outdoor grill manufacturer Traeger Inc. to 'B-', from
'CCC+', and raised its issue-level rating on Traeger's first-lien
secured debt to 'B-' from 'CCC+', with the recovery rating
remaining '3' (55% expected recovery).
S&P said, "The stable outlook reflects our expectation the company
can sustain credit metrics at current levels over the next 12
months with FOCF improving to around $20 million in 2025, albeit
with possible downside risk depending on whether the company's
product may be subject to future tariffs.
"Traeger performed in line with our expectations, and we now expect
faster recovery in 2025 due lower operating costs from better
supply chain management. The company's revenue is improving in line
with our expectations and its margins have expanded faster than we
had previously expected, with EBITDA margins for the third quarter
ended Sept. 30, 2024, expanding by approximately 250 basis points
(bps) on a trailing 12 months basis year over year. We believe the
company will be able to sustain the improved margins and recover
faster than our previous expectation going into 2025 despite a
still challenging demand outlook for the year. The margin expansion
is primarily related to renegotiated customer contracts with its
larger customers' leverages their more cost-efficient supply chain,
as well as reduced working capital requirements in exchange for a
lower average selling price, but still higher margins. Based on our
expectations for continued 1%-2% annual sales growth with higher
margins, we now expect the company to maintain leverage in the 5x
area over the next year compared to our previous expectation in the
6x area by fiscal year-end 2025. We also project free operating
cash flow of approximately $20 million for 2025.
"We believe Traeger's sales have likely bottomed in 2024 and will
now return to growth despite still challenging customer demands. We
remain conservative regarding industrywide consumer demands on
large-ticket durable household items going into 2025 as interest
rates remain high, housing turnover remains low, and spending on
travels and outside-of-home entertainment continues to take share
in the customers' wallets. In addition, we view Traeger's growth in
the sub-$1,000 categories grill as consistent to weaker consumer
spending trends, as consumers are willing to spend on lower-ticket
items with a premium brand name during times of economic
uncertainties. In addition, this reflects our view that Traeger's
brand continues to resonate well with consumers. However, in the
absence of growth in the larger-ticket premium grills in its
product offerings, we remain cautious on the status of overall
consumer demands. At this time, we believe Traeger has managed its
brand position well, and only discounted opportunistically to drive
channel efficiency and to compete for new customers. However, we do
not believe promotion to be a long-term strategy for
brand-building; however, we believe Traeger will need to return to
spending to support brand health in 2025.
"Although still too uncertain to include in our base case
projections, we believe Traeger's credit metrics could weaken if
its grill products were subject to future tariffs. Traeger's grills
were exempt from previous rounds of tariffs, despite 80% of its
grills products being sourced from China and 20% sourced from
Vietnam. While the company is actively working to diversify its
supply chain toward Vietnam, we view high supplier concentration
from a single country as a risk, especially in this volatile
geopolitical environment. Traeger's accessories are subject to
current tariffs, but only 20% of such products are manufactured in
China; thus, we believe tariff risk would primarily affect its
grill products. Still, with leverage projected to remain near 5x,
we believe the company currently has sufficient headroom in its
credit measures to protect against tariff-related downside risks to
its current ratings. We nonetheless will continue to monitor any
future tariff-related developments.
"The stable outlook reflects our expectation that the company can
sustain credit metrics at current levels over the next 12 months
with FOCF improving to around $20 million in 2025, albeit with
possible downside risk depending on whether the company's product
may be subject to future tariffs.
"We could downgrade Traeger if its EBITDA interest coverage ratio
approaches the mid-1x area with negative FOCF generation or if its
liquidity position becomes constrained."
This could occur if:
-- Additional tariffs materialize causing large volume declines
and weaker margins; or
-- The company cannot effectively manage its cost structure and
inventory over the next 12 months; or
-- The economy worsens and consumer demand for large discretionary
items is lower than our current expectations.
S&P could upgrade Traeger if it sustains leverage in the 5x area
and it generates about $20 million of FOCF a year and it does not
believe tariffs pose a significant risk to the company's operating
outlook.
This could occur if:
-- The company maintains adequate liquidity to fund seasonal and
growth working capital needs; and
-- It continues to manage its cost structure and inventory
prudently in a challenging demand environment; or
-- Consumer demand for grills improves beyond S&P's current
expectations.
TRANSOCEAN LTD: Capital World Investors Holds 5.5% Stake
--------------------------------------------------------
Capital World Investors disclosed in a Schedule 13G filed with the
U.S. Securities and Exchange Commission that as of September 30,
2024, it beneficially owned 48,260,669 shares of Transocean Ltd.'s
Common Stock, representing 5.5% of the 875,470,199 shares believed
to be outstanding.
Capital World Investors is a division of Capital Research and
Management Company, as well as its investment management
subsidiaries and affiliates Capital Bank and Trust Company, Capital
International, Inc., Capital International Limited, Capital
International Sarl, Capital International K.K., Capital Group
Private Client Services, Inc., and Capital Group Investment
Management Private Limited. CWI's divisions of each of the
investment management entities collectively provide investment
management services under the name "Capital World Investors."
Capital World Investors may be reached at:
Erik A. Vayntrub
Senior Vice President and Senior Counsel
333 South Hope Street
55th Floor
Los Angeles, California 90071
Tel: 213-486-9200
A full-text copy of Capital World's SEC Report is available at:
https://tinyurl.com/59by9dwh
About Transocean
Transocean Ltd. is an international provider of offshore contract
drilling services for oil and gas wells. The Company specializes in
technically demanding sectors of the offshore drilling business
with a particular focus on ultra-deepwater and harsh environment
drilling services. As of Feb. 14, 2024, the Company owned or had
partial ownership interests in and operated 37 mobile offshore
drilling units, consisting of 28 ultra-deepwater floaters and nine
harsh environment floaters. Additionally, as of Feb. 14, 2024, the
Company was constructing one ultra-deepwater drillship.
Transocean reported a net loss of $954 million in 2023, a net loss
of $621 million in 2022, and a net loss of $591 million in 2021. As
of June 30, 2024, Transocean Ltd. had $20.33 billion in total
assets, $1.57 billion in total current liabilities, $8.04 billion
in total long-term liabilities, and $10.71 billion in total
equity.
* * *
As reported by the TCR on Sept. 28, 2023, S&P Global Ratings raised
its issuer credit rating on offshore drilling contractor Transocean
Ltd. to 'CCC+' from 'CCC'. S&P said, "The upgrade reflects improved
rig demand, higher day rates, and our view that there is reduced
near-term risk of a distressed debt exchange or balance sheet
restructuring."
TRINITY PLACE: Net Loss Narrows to $1.1 Million in Fiscal Q3
------------------------------------------------------------
Trinity Place Holdings Inc. filed with the U.S. Securities and
Exchange Commission its Quarterly Report on Form 10-Q reporting a
net loss of $1.1 million on $397,000 of revenue for the three
months ended September 30, 2024, compared to a net loss of $11.9
million on $10.7 million of revenue for the three months ended
September 30, 2023.
For the nine months ended September 30, 2024, the Company reported
a net income of $6.1 million on $3.1 million of revenue, compared
to a net loss of $29 million on $32.1 million of revenue for the
same period in 2023.
As of September 30, 2024, the Company had $3 million in total
assets, $1.5 million in total liabilities, and $1.5 million in
total stockholders' equity.
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/2r5dtakf
About Trinity Place
Trinity Place Holdings Inc. is a real estate holding, investment,
development, and asset management company. On Feb. 14, 2024, the
Company's real estate assets and related liabilities were
contributed to TPH Greenwich Holdings LLC, which is owned 95% by
the Company, with an affiliate of the lender under the Company's
corporate credit facility owning a 5% interest in, and acting as
manager of, such entity. These real estate assets include: (i) the
property located at 77 Greenwich Street in Lower Manhattan, which
is substantially complete as a mixed-use project consisting of a
90-unit residential condominium tower, retail space, and a New York
City elementary school; (ii) a 105-unit, 12-story multi-family
property located at 237 11th Street in Brooklyn, New York; and
(iii) a property occupied by retail tenants in Paramus, New
Jersey.
Trinity Place reported a net loss attributable to common
stockholders of $39.02 million in 2023, a net loss attributable to
common stockholders of $20.69 million in 2022, and a net loss
attributable to common stockholders of $20.80 million in 2021. As
of June 30, 2024, the Company had $4.5 million in total assets,
$2.6 million in total liabilities, and $1.8 million in total
stockholders' equity.
On Jan. 4, 2024, the Company was notified by the NYSE American that
it had determined that the Company's securities had been selling
for a low price per share for a substantial period of time and,
pursuant to Section 1003(f)(v) of the Guide, the Company's
continued listing was predicated on it effecting a reverse stock
split of its shares of common stock or otherwise demonstrating
sustained price improvement by no later than July 4, 2024. The
notice stated that, as a result of the foregoing, the Company had
become subject to the procedures and requirements of Section 1009
of the Guide, which could, among other things, result in the
initiation of delisting proceedings unless the Company cures the
deficiency in a timely manner. The NYSE American could also take
accelerated delisting action if the common stock trades at levels
viewed to be abnormally low. On Feb. 21, 2024, the NYSE American
notified the Company that it had reviewed the Plan that the Company
submitted to the NYSE American and determined to accept the Plan
and grant a cure period through May 29, 2025. As a result of the
acceptance of the Company's Plan, the Company's listing is being
continued pursuant to an extension. The NYSE American will review
the Company periodically for compliance with the initiatives
outlined in the Plan. If the Company is not in compliance with the
continued listing standards by May 29, 2025, or if the Company does
not make progress consistent with the Plan during the cure period,
the NYSE American staff will initiate delisting proceedings as
appropriate.
TURBO GLOBAL: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings assigned its 'B' issuer credit rating to
Chicago- based accounting and professional services firm Turbo
Global L.P. Turbo Global L.P., the new parent of Grant Thornton
Advisors LLC and financial reporting entity going forward. At the
same time, S&P assigned its 'B' issue-level rating and '3' recovery
rating to the delayed-draw term loan. The '3' recovery rating
indicates its expectation for meaningful (50%-70%; rounded
estimate: 50%) recovery for lenders in the event of a payment
default.
S&P said, "The stable outlook reflects our expectation that Turbo
Global L.P will organically grow revenue in the mid-single-digit
percent area and successfully integrate the recent acquisition of
Grant Thornton Ireland. We expect pro forma S&P Global
Ratings-adjusted debt leverage in the high-5x area by the end of
2024, improving to the high-4x area by the end of 2025."
Turbo Global is proposing a $335 million fungible term loan B
add-on, a new $50 million delayed-draw term loan, and a $25 million
upsize to its revolver to fund its acquisition of Grant Thornton
Ireland.
S&P said, "We expect that the proposed acquisition of Grant
Thornton Ireland will result in a modest increase in leverage. We
expect pro forma S&P Global Ratings-adjusted leverage to be in the
high-5x area at the end of 2024 which is a modest increase compared
to our original expectations. We view this leverage as high but
adequate for the current rating level. The company is purchasing
Grant Thornton Ireland for $504 million which includes a $335
fungible term loan B add-on, a 50 million delayed-draw term loan
which will be used for earn-outs. We believe that the acquisition
will provide significant synergy opportunities including
back-office cost realizations and increased offshoring activity
that will provide additional operating leverage. In addition, we
believe Grant Thornton is well positioned to for continued modest
growth in its revenue and EBITDA base. Nevertheless, we view New
Mountain Capital's ownership as a credit risk because we believe
financial-sponsor owners are more likely to engage in debt-financed
acquisitions and shareholder returns.
"Turbo Global L.P. benefits from strong brand recognition in an
industry we view as noncyclical, regulatory-driven, and with high
levels of reoccurring revenue, though we believe its limited
pricing power and market share will impair its ability to scale
organically. Grant Thornton is one of the largest accounting firms
in the U.S., with expected pro forma revenue of approximately $2.4
billion in calendar year 2024. We expect the recent acquisition of
Grant Thornton Ireland will improve geographical diversity given a
stronger cross-continental presence. The company receives a high
percentage of its fees from recurring and nondiscretionary
services, which provides good visibility for future revenue and
cash flow generation. The company competes in the next tier of
accounting firms outside the "big four" and serves clients that
have a strong national, but limited international, presence. A
large majority of its clients have revenue of $100 million to $10
billion, so there is limited competitive overlap between the big
four and regional accounting firms. However, we believe Grant
Thornton has limited pricing power because it must compete with
other national players based on billing rate.
"The stable outlook reflects our expectation that Turbo Global L.P
will organically grow revenue in the mid-single-digit percent area
and successfully integrate its recent acquisition of Grant Thornton
Ireland. We expect its pro forma S&P Global Ratings-adjusted debt
leverage to be in the high-5x area by the end of 2024, improving to
high-4x area by the end of 2025.
"We could lower our rating on Turbo Global L.P. if its leverage
exceeds 6.5x or its free operating cash flow (FOCF) to debt
declines below 5% on a sustained basis. This could occur if the
company undertakes debt-financed shareholder returns or
acquisitions or has a significantly weaker-than-expected operating
performance compared with our base-case assumptions."
S&P could raise the issuer credit rating if Turbo Global L.P
exhibits:
-- A track record of expanding scale by a modest amount while
maintaining solid operating margins; and
-- A financial policy that reduces leverage below 5x on a
sustained basis, incorporating potential dividends and
debt-financed acquisitions.
UN MONDE: Incurs $23K Net Loss in Third Quarter
-----------------------------------------------
UN Monde International Ltd. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net loss
of $22,882 on $0 of revenues for the three months ended Sept. 30,
2024, compared to a net loss of $25,384 on $0 of revenues for the
three months ended Sept. 30, 2023.
For the nine months ended Sept. 30, 2024, the Company reported a
net loss of $66,243 on $0 of revenues compared to a net loss of
$51,777 on $0 of revenues for the same period a year ago.
As of Sept. 30, 2024, the Company had $125,959 in total assets,
$363,911 in total liabilities, and a total stockholders' deficit of
$237,952.
Un Monde stated, "As reflected in the accompanying financial
statements, the Company has net losses, accumulated deficit and a
negative working capital without generating any revenues. These
factors among others raise substantial doubt about the Company's
ability to continue as a going concern.
"While the Company has not commenced operations and generate
revenues, the Company's cash position may not be significant enough
to support the Company's daily operations. Management intends to
raise additional funds by way of a public or private offering.
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 the Company believes in the viability of its strategy to
generate revenues and in its ability to raise additional funds,
there can be no assurances to that effect. 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."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1415813/000168316824008140/armc_i10q-093024.htm
About Un Monde
Headquartered in Richmond Hill, ON, Un Monde International Ltd. is
intends to acquire private corporations that are involved in
education and management services offering private, distinguished,
specialized, and internationalized education to international
students in schools.
UNIMODE WOODWORKING: Gets OK to Use Cash Collateral Thru Dec. 13
----------------------------------------------------------------
Unimode Woodworking, Inc., received first interim approval from the
U.S. Bankruptcy Court for the Northern District of Illinois to use
cash collateral through December 13, 2024.
The Debtor is allowed to use cash collateral to pay actual,
ordinary, and necessary operating expenses as outlined in a
budget.
The monthly budget shows projected total operating expenses of
$38,654.
The Debtor must obtain prior written approval from the U.S. Small
Business Administration (SBA) or a further court order to exceed
budgeted amounts by more than 5%.
The SBA is granted valid, binding, and perfected liens and security
interests in the Debtor's collateral, including post-petition
collateral, as adequate protection.
About Unimode Woodworking
Unimode Woodworking, Inc. sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-15017) on
October 9, 2024, with $100,001 to $500,000 in assets and $500,001
to $1 million in liabilities.
Judge Timothy A. Barnes presides over the case.
David Freydin, Esq., at the Law Offices of David Freydin Ltd.
represents the Debtor as legal counsel.
UPSCALE DEVELOPMENT: Sec. 341(a) Meeting of Creditors on Dec. 30
----------------------------------------------------------------
On December 2, 2024, Upscale Development LLC filed Chapter 11
protection in the Northern District of Georgia. A meeting of
creditors under Sec. 341(a) to be held on December 30, 2024 at
11:00 AM, TELEPHONIC MEETING. To attend, Dial 888-902-9750 and
enter participation code 9635734.
About Upscale Development LLC
Upscale Development LLC is a limited liability company.
Upscale Development LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ga. Case No. 24-62687) on December 2,
2024. In the petition filed by Nelson H. Carey, as manager, the
Debtor reports estimated assets and liabilities between $1 million
and $10 million each.
Honorable Bankruptcy Judge Sage M. Sigler handles the case.
The Debtor is represented by:
Paul Reece Marr, Esq.
PAUL REECE MARR, P.C.
6075 Barfield Road, Suite 213
Sandy Springs, GA 30328-4402
Tel: (770) 984-2255
E-mail: paul.marr@marrlegal.com
URBAN AIR PARK: Michael Colvard Named Subchapter V Trustee
----------------------------------------------------------
The U.S. Trustee for Region 7 appointed Michael Colvard as
Subchapter V trustee for Urban Air Park North.
Mr. Colvard will charge $400 per hour for his services as
Subchapter V trustee and will seek reimbursement for work-related
expenses incurred.
Mr. Colvard declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Michael Colvard
Weston Centre
112 East Pecan St., Ste. 1616
San Antonio, TX 78205
Email: mcolvard@mdtlaw.com
Telephone: (210) 220-1334
About Urban Air Park North
Urban Air Park North is a San Antonio franchisee of Urban Air
Adventure Park operating in the Park North Shopping Center along
Northwest Loop 410.
Urban Air Park North sought relief under Subchapter V of Chapter 11
of the U.S. Bankruptcy Code (Bankr. W.D. Texas Case No. 24-52316)
on November 18, 2024. In the petition filed by owners Paul and
Michele Hoskins, they listed estimated assets up to $50,000 and
estimated liabilities between $1 million and $10 million.
Honorable Bankruptcy Judge Craig A. Gargotta handles the case.
The Debtor is represented by:
Gabrielle Ramirez
4214 Eli Street, Unit A
Houston, TX 77007
(210) 378-9764
Email: garamirez910@gmail.com
VADO CORP: CEO, Director Resign; Interim CEO Appointed
------------------------------------------------------
Vado Corp. reported in a Form 8-K filed with the Securities and
Exchange Commission that on Nov. 27, 2024, Jason Wulfsohn resigned
as chief executive officer, and Reeve Benaron resigned as a
director, of Vado Corp. In connection with these resignations, the
Company's Board of Directors appointed Benjamin Tiernan, 48, as the
interim chief executive officer of the Company and Jason Wulfsohn
as Chairman of the Company's Board of Directors.
Neither Mr. Benaron nor Mr. Wulfsohn resigned from their respective
roles in the Company as a result of a disagreement with the Company
on any matter relating to the Company's operations, policies or
practices.
Since 2008, Mr. Tiernan has been the co-founder of ONE/x, a digital
marketing and advertising technology company that merged to form
AUDIENCEX in 2012. Since 2021, Mr. Tiernan has worked as principal
at The DAK Group, a New Jersey based middle-market Investment bank.
Mr. Tiernan has also been managing partner at Sepulveda Partners
Consulting, LLC a management consulting firm that provides
innovation, growth and capital strategies for privately owned and
closely held businesses. Prior, Mr. Tiernan worked at Omnicom
agencies Hearts & Science and OMD in senior strategy roles. Mr.
Tiernan has a history working in and advising world class
advertising firms.
Mr. Tiernan is presently employed on a part-time basis for an
initial period of 90 days, subject to potential renewal for
successive periods, at the following compensation structure: $6,250
bi-weekly for the initial 90-day period, or $12,500 bi-weekly if
the Company is EBITDA positive beginning after the first two
payments.
About Vado Corp
Headquartered in Beverly Hills, CA 90211, Vado Corp., through
Socialcom, operates as a digital marketing and services company
focused on delivering integrated advertising and technology
performance solutions to independent agencies and brands through
its omnichannel trading desk platform.
The Woodlands, TX-based M&K CPAS, PLLC, the Company's auditor since
2022, issued a "going concern" qualification in its report dated
April 16, 2024, citing that the Company has suffered net losses
from operations and has a net capital deficiency, which raises
substantial doubt about its ability to continue as a going
concern.
VADO CORP: Incurs $1.61 Million Net Loss in Third Quarter
---------------------------------------------------------
Vado Corp. filed with the Securities and Exchange Commission its
Quarterly Report on Form 10-Q reporting a net loss of $1.61 million
on $5.11 million of revenue for the three months ended Sept. 30,
2024, compared to a net loss of $1.64 million on $4.35 million of
revenue for the three months ended Sept. 30, 2023.
For the nine months ended Sept. 30, 2024, the Company reported a
net loss of $5.41 million on $16.06 million of revenue compared to
a net loss of $5.58 million on $11.67 million of revneue for the
nine months ended Sept. 30, 2023.
As of Sept. 30, 2024, the Company had $3.69 million in total
assets, $18.61 million in total liabilities, and a total
stockholders' deficit of $14.92 million.
As of Sept. 30, 2024, the Company had restricted cash of $1,058,504
and unrestricted cash on hand of ($47,709) net of an overdraft in
the amount of $51,301, and a working capital deficit of
$12,320,754.
"Management believes this amount is not sufficient to meet our
operating needs for the 12 months subsequent to the date of this
filing. In order to meet our working capital requirements, we will
need to either raise sufficient capital and/or increase revenue by
executing against our various ongoing strategic growth initiatives
while continuing to actively reduce, maintain, or manage our
current expenditures. The Company's ability to continue as a going
concern is dependent upon its ability to improve cash flow and the
ability to obtain additional financing, including debt and equity
offerings. These and other listed factors cause substantial doubt
about the Company's ability to continue as a going concern," Vado
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/1700849/000118518524001120/vado20240930_10q.htm
About Vado Corp
Headquartered in Beverly Hills, CA 90211, Vado Corp., through
Socialcom, operates as a digital marketing and services company
focused on delivering integrated advertising and technology
performance solutions to independent agencies and brands through
its omnichannel trading desk platform.
The Woodlands, TX-based M&K CPAS, PLLC, the Company's auditor since
2022, issued a "going concern" qualification in its report dated
April 16, 2024, citing that the Company has suffered net losses
from operations and has a net capital deficiency, which raises
substantial doubt about its ability to continue as a going concern.
VBI VACCINES: Restructuring Nears Completion Under Acquisition Deal
-------------------------------------------------------------------
VBI Vaccines Inc. provided an update on the restructuring
proceedings announced on July 30, 2024. Following the conclusion of
the sale and investment solicitation process conducted under the
supervision of the Ontario Superior Court of Justice (Commercial
List) and Ernst & Young Inc., as Court-appointed monitor of the
Company and its subsidiaries, in connection with the restructuring
proceedings of the Company and its subsidiaries instituted on July
30, 2024 under the Companies' Creditors Arrangement Act (Canada),
on October 24, 2024, the Company, as well as certain of its
subsidiaries, namely VBI Vaccines (Delaware) Inc., Variation
Biotechnologies Inc. and SciVac Ltd., entered into an acquisition
agreement with K2 VBI Equity Trust, LLC, an affiliate of K2
HealthVentures LLC, one of the secured creditors of the Company and
the lender under the debtor-in-possession financing implemented in
connection with the Restructuring Proceedings.
Pursuant to the Acquisition Agreement, the Purchaser (or its
nominee in respect of certain designated assets) will acquire all
or substantially all of the assets of the Company and its
subsidiaries that are parties to the Acquisition Agreement,
pursuant to:
(i) a reverse vesting order in respect of the Company and VBI
Canada, whereby, among other things, (A) all of the issued and
outstanding equity interests of the Company and VBI Canada,
including the issued common shares of the Company that were
previously listed on the Nasdaq Stock Market, will be cancelled and
redeemed by the Company or VBI Canada, as applicable, for no
consideration, (B) shares of a newly created class of common shares
will be issued to the Purchaser in consideration for releasing the
Company and its applicable subsidiaries from repayment of the
aggregate amounts outstanding under the DIP Loan and the
pre-existing loan and guarantee agreement among K2HV, as lender,
and the Company and VBI DE, as borrowers, and (C) certain excluded
assets and excluded liabilities of the Company, VBI DE and VBI
Canada, including the equity interests beneficially held by the
Company or its subsidiaries in Variation Biotechnologies (US),
Inc., VBI Vaccines B.V., SciVac and SciVac Hong Kong Limited, will
be vested out in newly-incorporated special purpose vehicles
incorporated for the purposes of the transactions contemplated by
the Acquisition Agreement; and
(ii) a vesting order whereby the issued share of common stock of
VBI DE will be vested in the Purchaser, and certain assets of
SciVac, VBI Canada, VBI DE and the Company will be vested in VBI DE
(or the Purchaser's nominee).
On October 31, 2024, the Court issued an approval and reverse
vesting order pursuant to which the Court approved the Transaction.
Such order was subsequently recognized in the United States by the
United States Bankruptcy Court for the District of Delaware on
November 20, 2024, and is in the process of being recognized in
Israel under relevant provisions of The Israeli Insolvency and
Economic Rehabilitation Law, 2018.
Upon completion of the Transaction, the Purchaser will be the
beneficial owner of all the securities of the Company, VBI DE, VBI
Canada and the ResidualCos, and such entities will be wholly-owned
direct or indirect subsidiaries of the Purchaser. In addition,
following completion of the Transaction, it is expected that the
Company, VBI Canada and VBI DE will cease to be petitioners in the
Restructuring Proceedings, and that the ResidualCos will be
liquidated and wound-up by way of bankruptcy proceedings.
The closing of the transactions contemplated by the Acquisition
Agreement is expected to occur in the near term, by the end of
2024, subject to the satisfaction or waiver (where possible) of the
other closing conditions set forth in the Acquisition Agreement.
Following completion of the Transaction, the Company intends to
apply for a full revocation of the FFCTO (as defined below) and a
cease to be a reporting issuer order in each of the jurisdictions
of Canada in which the Issuer is a reporting issuer, namely British
Columbia, Alberta, Saskatchewan, Manitoba, Ontario, New Brunswick,
Nova Scotia, Prince Edward Island, and Newfoundland and Labrador.
Stikeman Elliott LLP is acting as legal counsel to the VBI group of
companies, McMillan LLP is representing K2HV and the Purchaser,
while McCarthy Tétrault LLP is advising the Monitor.
Extension of Stay of Proceedings
On November 27, 2024, the Court issued an order extending the stay
of proceedings under the Restructuring Proceedings to and including
January 31, 2025, and amending the DIP Loan to increase the maximum
aggregate amount to be incurred under the DIP Loan, and
correlatively, the amount of the priority DIP lender's charge on
the Company's and its subsidiaries' assets and properties.
Partial Revocation Order
On December 9, 2024, the British Columbia Securities Commission, as
principal securities regulator of the Company, issued an order
partially revoking the "failure to file" cease trade order as it
applies to the Company solely for the purpose of completing the
Transaction with the Purchaser.
The FFCTO was issued by the BCSC on August 20, 2024, as a result of
the Company's failure to file its interim financial statements,
management's discussion and analysis and related officer
certifications for the three and six months ended June 30, 2024
pursuant to National Instrument 51-102 - Continuous Disclosure
Obligations. The Interim Filings were not filed due to financial
distress.
About VBI Vaccines
VBI Vaccines Inc. -- www.vbivaccines.com -- is a biopharmaceutical
company driven by immunology in the pursuit of powerful prevention
and treatment of disease. Through its innovative approach to
virus-like particles including a proprietary enveloped VLP platform
technology and a proprietary mRNA-launched eVLP platform
technology, VBI develops vaccine candidates that mimic the natural
presentation of viruses, designed to elicit the innate power of the
human immune system. VBI is committed to targeting and overcoming
significant infectious diseases, including hepatitis B,
coronaviruses, and cytomegalovirus (CMV), as well as aggressive
cancers including glioblastoma (GBM). VBI is headquartered in
Cambridge, Massachusetts, with research operations in Ottawa,
Canada, and a research and manufacturing site in Rehovot, Israel.
Iselin, New Jersey-based EisnerAmper LLP, the Company's auditor
since 2016, issued a "going concern" qualification in its report
dated April 16, 2024, citing that the Company faces several risks,
including but not limited to, uncertainties regarding the success
of the development and commercialization of its products, demand
and market acceptance of the Company's products, and reliance on
major customers. The Company anticipates that it will continue to
incur significant operating costs and losses in connection with the
development and commercialization of its products. The Company has
an accumulated deficit as of December 31, 2023 and cash outflows
from operating activities for the year-ended December 31, 2023 and,
as such, will require significant additional funds to conduct
clinical and non-clinical trials, commercially launch its products,
and achieve regulatory approvals that raise substantial doubt about
its ability to continue as a going concern.
VENUS CONCEPT: Reports $9.3 Million Net Loss in Fiscal Q3
---------------------------------------------------------
Venus Concept Inc. filed with the U.S. Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net loss
of $9.3 million for the three months ended September 30, 2024,
compared to a net loss of $8.96 million for the three months ended
September 30, 2023.
For the nine months ended September 30, 2024, the Company reported
a net loss of $38.96 million, compared to a net loss of $25.9
million for the same period in 2023.
As of September 30, 2024, the Company had $72.28 million in total
assets, $61.65 million in total liabilities, $520,000 in
non-controlling interests, and $10.11 million in total
stockholders' equity.
Management Commentary:
"Third quarter revenue results were softer than the expectations we
outlined during our second quarter report," said Rajiv De Silva,
Chief Executive Officer of Venus Concept. "Aesthetic capital
equipment sales continue to be challenged by macroeconomic
headwinds particularly in the US, as expected. However,
importantly, we continue to see evidence that our efforts to
reposition the business over the last eighteen months have been
proving successful. We are enhancing our cash flow profile – as
evidenced by the 40% reduction year-over-year in cash used in
operations over the first nine months of 2024 -- and remain focused
on enhancing the health of our balance sheet and the Company's
foundation to support long-term, sustainable, profitability and
growth in the future."
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/4rseky5r
About Venus Concept
Toronto, Ontario-based Venus Concept Inc. is an innovative global
medical technology company that develops, commercializes, and
delivers minimally invasive and non-invasive medical aesthetic and
hair restoration technologies and related services. The Company's
systems have been designed on cost-effective, proprietary, and
flexible platforms that enable the Company to expand beyond the
aesthetic industry's traditional markets of dermatology and plastic
surgery, and into non-traditional markets, including family
medicine and general practitioners and aesthetic medical spas.
Toronto, Canada-based MNP LLP, the Company's auditor since 2019,
issued a "going concern" qualification in its report dated April 1,
2024, citing that the Company has reported recurring net losses and
negative cash flows from operations that raise substantial doubt
about its ability to continue as a going concern.
Venus Concept reported a net loss of $37.1 million for the year
ended December 31, 2023, compared to a net loss of $43.6 million
for the year ended December 31, 2022. As of June 30, 2024, the
Company had $79.8 million in total assets, $75.4 million in total
liabilities, $662,000 in non-controlling interests, and $3.7
million in total stockholders' equity.
VOBEV LLC: Aims to Sell Company Through Bankruptcy
--------------------------------------------------
Dorothy Ma of Bloomberg Law reports that Vobev LLC, a can
manufacturer based in Salt Lake City, intends to sell its business
through bankruptcy proceedings over the next two months, a company
lawyer stated during a Tuesday, December 10, 2024, hearing in
Utah.
Attorney Gregg Galardi disclosed that Ares Management Corp., which
has extended roughly $400 million in loans to Vobev, decided last
week to halt funding the company outside of bankruptcy. Following a
default event, Ares exercised its shareholder rights to initiate
the bankruptcy filing, Galardi explained, according to Bloomberg
Law.
The company was previously listed in Ares' direct lending
portfolio, according to a press release issued last 2023, the
report states.
About Vobev LLC
Vobev LLC is a Salt Lake City-based beverage can manufacturer.
Vobev LLC sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D. Utah Case No. 24-26346) on December 9, 2024. In its
petition, the Debtor reports estimated assets and liabilities
between $500 million and $1 billion each.
Honorable Bankruptcy Judge Joel T. Marker handles the case.
Michael R. Johnson of Ray Quinney & Nebeker P.C. is the Debtor's
counsel.
WALTONIA LLC: Fine-Tunes Plan Documents
---------------------------------------
Waltonia, LLC, submitted an Amendment to Amended Plan of
Reorganization for Small Business under Subchapter V dated November
8, 2024.
The Debtor amends the Amended Plan of Reorganization as follows:
* Article 9.04 of the Plan is deleted in its entirety.
The Amended Plan does not alter the proposed treatment for
unsecured creditors and the equity holder:
Class 5 consists of All Non-Classified, Non-Priority Unsecured
Claims. This Class includes all general unsecured claims scheduled
by the Debtor and/or timely filed by a Creditor, to the extent such
claim is allowed, unless such claim is paid pursuant to another
provision of this Plan. This Class does not include any claims
scheduled by the Debtor to be disputed, contingent, or unliquidated
and for which no proof of claim was timely filed, unless such claim
is allowed by a non-appealable final order.
Each holder of an allowed Class 5 claim will be paid in full, in
cash, on the later of 120 days from the Effective Date of the Plan,
or the date on which such claim is allowed by a final nonappealable
order, or on such terms set forth in a final non-appealable order,
or on such other terms as may be agreed on by the holder of the
claim and the Debtor.
The City of DeFuniak Springs was scheduled in the unsecured claim
amount of $391.78. This claim has been paid and no further
prepetition amount is due and owing to the City of Defuniak
Springs. No other unsecured claims have been filed or scheduled,
and therefore there are no other allowed unsecured claims.
Class 6 is comprised of all membership interests in the Debtor,
which are owned by Elma Earl Mathews (51%) and Stephen E. Mathews
(49%). Existing members will retain their membership interests in
the Debtor, however, no distributions (except for salaries,
benefits, and pass-through distributions for tax attributable to
income earned by the Debtor to the extent that the Debtor is
operating) will be made to Class 6 until all Class 1 through Class
5 claims have been paid in full.
Payments required under the Plan will be funded from: (i) the
proceeds from the sale of the Marketed Properties, or (ii) from any
other source of revenue as may be related to the Properties.
A full-text copy of the Amended Plan dated November 8, 2024 is
available at https://urlcurt.com/u?l=WUjHmN from PacerMonitor.com
at no charge.
Attorneys for the Debtor:
Elena Paras Ketchum, Esq.
Jodi Daniel Dubose, Esq.
Stichter Riedel Blain & Postler, P.A.
41 N. Jefferson St., Suite 111
Pensacola, FL 32502
Tampa, FL 33602
Telephone: (850) 637-1836
Email: eketchum@srbp.com
jdubose@srbp.com
About Waltonia LLC
Waltonia, LLC is a Florida limited liability company that was
organized on November 14, 2013, and currently owns and manages
commercial and residential rental properties.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Fla. Case No. 24-30182) on March 8,
2024, with $1 million to $10 million in assets and $100,000 to
$500,000 in liabilities. Stephen E. Mathews, manager, signed the
petition.
Judge Karen K. Specie presides over the case.
Elena Paras Ketchum, Esq., at Stichter, Riedel, Blain & Postler,
PA, is the Debtor's legal counsel.
WESTERN URANIUM: Global X Management Holds 5.92% Stake
------------------------------------------------------
Global X Management Company, LLC disclosed in a Schedule 13G filed
with the U.S. Securities and Exchange Commission that as of
September 30, 2024, it beneficially owned 3,268,064 shares of
Western Uranium & Vanadium Corp.'s common stock, representing 5.92%
of the shares outstanding.
Global X Management Company LLC may be reached at:
Ryan O'Connor, Chief Executive Officer
605 3rd Avenue, 43rd Floor
New York, NY 10158
Tel: (212) 644-6110
A full-text copy of Global X's SEC Report is available at:
https://tinyurl.com/39e3zh42
About Western Uranium
Western Uranium & Vanadium Corp is engaged in the business of
exploring, developing, mining and producing uranium and vanadium
resources. In addition to the flagship property located in the
prolific Uravan Mineral Belt, the production pipeline also includes
conventional projects in Colorado and Utah. The Maverick Minerals
Processing Plant and Pinon Ridge Corporation processing plants will
be licensed to include the kinetic separation process.
Mississauga, Canada-based MNP LLP, the Company's auditor since
2015, issued a "going concern" qualification in its report dated
April 16, 2024, citing that the Company has incurred continuing
losses and negative cash flows from operations and is dependent
upon future sources of equity or debt financing in order to fund
its operations. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.
As of June 30, 2024, Western Uranium & Vanadium had $34.96 million
in total assets, $4.14 million in total liabilities, and $30.83
million in total shareholders' equity.
WIN PRODUCTIONS: Seeks to Hire Growthland as Real Estate Broker
---------------------------------------------------------------
Win Productions, LLC seeks approval from the U.S. Bankruptcy Court
for the Central District of Illinois to employ Growthland as real
estate broker.
The Debtor needs a broker to sell its properties located at;
(a) 656 Lost Lane, Winchester, Ill., Scott County;
(b) 37808 Co. Hwy. 2, New Salem, Ill., Pike County;
(c) 46619 County Hwy. 2, Griggsville, Ill., Pike County;
(d) 340th Avenue, Perry, Ill., Pike County;
(e) 785 N. Taylor Road, Astoria, Ill., Fulton County;
(f) 6324 Pilger Lane, Beardstown, Ill., Cass County;
(g) 31172 38th Lane, Griggsville, Ill., Pike County;
(h) 44574 300th Avenue, Griggsville, Ill., Pike County; and
(i) 37808 380th Street, Perry, Ill., Pike County.
The firm will receive a commission of 6 percent of the gross sales
price of the properties, plus reimbursement of marketing expenses.
The Debtor also proposes an additional fee of $250 per hour for the
assistance in the negotiation of a long-term manure easement if
needed for use by a prospective purchaser of the properties.
Benjamin Isaacson, a real estate agent at Growthland, disclosed in
court filings 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 through:
Benjamin W. Isaacson
Growthland
5475 Dyer Ave., Suite 141
Marion, IA 52302
Telephone: (319) 377-1143
About Win Productions
Win Productions, LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No.
24-70901) on Nov. 9, 2024, listing $1 million to $10 million in
assets and $10 million to $50 million in liabilities. The petition
was signed by Wyatt Bradshaw as authorized manager.
Judge Mary P. Gorman presides over the case.
Jeana K. Reinbold, Esq., at Sgro, Hanrahan, Durr, Rabin & Reinbold,
LLP represents the Debtor as counsel.
WINTERHAWK CURATORS: Gets Approval to Hire Moon Wright as Counsel
-----------------------------------------------------------------
WinterHawk Curators, LLC received approval from the U.S. Bankruptcy
Court for the Western District of North Carolina to employ Moon
Wright & Houston, PLLC as counsel.
The firm will render these services:
(a) advise the Debtor with respect to its powers and duties;
(b) negotiate, prepare, and pursue confirmation of a Chapter
11 plan and approval of a disclosure statement and related
reorganization agreements and/or documents;
(c) prepare necessary legal papers on behalf of the Debtor;
(d) represent the Debtor in litigation arising from or
relating to the bankruptcy estate;
(e) appear in court to protect the interests of the Debtor;
and
(f) perform all other legal services for the Debtor that may
be necessary and proper in the Chapter 11 proceeding.
The firm's counsel will be paid at these hourly rates:
Richard Wright, Attorney $575
Andrew Houston, Attorney $550
Caleb Brown, Attorney $375
Shannon Myers, Paralegal $185
Jaime Schaedler, Assistant $150
In addition, the firm will seek reimbursement for expenses
incurred.
Mr. Wright 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:
Richard S. Wright, Esq.
Moon Wright & Houston, PLLC
212 N. McDowell Street, Suite 200
Charlotte, NC 28204
Telephone: (704) 944-6560
Facsimile: (704) 944-0380
About WinterHawk Curators
WinterHawk Curators, LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D.N.C. Case No. 24-50429) on Nov. 18,
2024, listing under $1 million in both assets and liabilities.
Judge Laura T. Beyer oversees the case.
Richard S. Wright, Esq., at Moon Wright & Houston, PLLC represents
the Debtor as counsel.
WORKHORSE GROUP: Cowen Financial Ceases Ownership of Common Stock
-----------------------------------------------------------------
Cowen Financial Products, LLC disclosed in a Schedule 13 filed with
the U.S. Securities and Exchange Commission that as of September
30, 2024, it ceased to be the beneficial owner of more than five
percent of Workhorse Group Inc.'s Common Stock.
Cowen Financial Products LLC may be reached at:
John Holmes
Chief Operating Officer
599 Lexington Ave.
New York, NY 10022
Tel: 646-562-1000
A full-text copy of Cowen Financial's SEC Report is available at:
https://tinyurl.com/m9rtjuhr
About Workhorse Group
Workhorse Group Inc. -- http://www.workhorse.com-- is a technology
company focused on providing electric vehicles to the last-mile
delivery sector. As an American original equipment manufacturer,
the Company designs and builds high-performance, battery-electric
trucks. Workhorse also develops cloud-based, real-time telematics
performance monitoring systems that are fully integrated with its
vehicles and enable fleet operators to optimize energy and route
efficiency. All Workhorse vehicles are designed to make the
movement of people and goods more efficient and less harmful to the
environment.
Cincinnati, Ohio-based Grant Thornton LLP, the Company's auditor
since 2018, issued a "going concern" qualification in its report
dated March 12, 2024, citing that the Company incurred a net loss
of $123.9 million and used $123.0 million of cash in operating
activities during the year ended December 31, 2023. As of that
date, the Company had total working capital of $40.5 million,
including $25.8 million of cash and cash equivalents, and an
accumulated deficit of $751.6 million. These conditions, along with
other matters, raise substantial doubt about the Company's ability
to continue as a going concern.
Workhorse Group incurred a net loss of $123.9 million during the
year ended December 31, 2023. As of June 30, 2024, Workhorse Group
had $105.4 million in total assets, $46.7 million in total
liabilities, and $58.6 million in total stockholders' equity.
WORKSPORT LTD: Incurs $4.1 Million Net Loss in Fiscal Q3
--------------------------------------------------------
Worksport Ltd. filed with the U.S. Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net loss
of $4,134,917 on $3,122,359 of net sales for the three months ended
September 30, 2024, compared to a net loss of $3,949,298 on
$458,483 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 $11,862,973 on $5,556,535 of net sales, compared to a
net loss of $11,270,023 on $690,259 of net sales for the same
period in 2023.
As of September 30, 2024, the Company had $24,939,158 in total
assets, $8,576,083 in total liabilities, and $16,363,075 in total
shareholders' equity.
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/2cpp4pnx
About Worksport Ltd.
West Seneca, N.Y.-based Worksport Ltd., through its subsidiaries,
designs, develops, manufactures, and owns intellectual property on
a portfolio of tonneau cover, solar integration, portable power
station, and NP (Non-Parasitic), Hydrogen-based green energy
products and solutions for the automotive aftermarket accessories,
power storage, residential heating, and electric vehicle-charging
industries.
Going Concern
The Company cautioned in its Form 10-Q Report for the quarter ended
March 31, 2024, that there is substantial doubt about its ability
to continue as a going concern. As of March 31, 2024, the Company
had $3,536,980 in cash and cash equivalents. The Company has
generated only limited revenues and has relied primarily upon
capital generated from public and private offerings of its
securities. Since the Company's acquisition of Worksport in fiscal
year 2014, it has never generated a profit.
WYNN RESORTS: Susquehanna Securities, 4 Others Own 5.6% Stake
-------------------------------------------------------------
Susquehanna Securities, LLC disclosed in a Schedule 13 filed with
the U.S. Securities and Exchange Commission that as of September
30, 2024, the firm and its affiliated entities -- G1 Execution
Services, LLC, SIG Brokerage, LP, Susquehanna Fundamental
Investments, LLC, and Susquehanna Investment Group -- beneficially
owned 6,166,194 shares of Wynn Resorts Ltd.'s common stock,
representing 5.6% of the 110,991,627 Shares outstanding as of July
31, 2024, according to the Company's Quarterly Report on Form 10-Q,
filed on August 6, 2024.
The number of Shares reported as beneficially owned by SIG
Brokerage, LP consists of options to buy 9,000 Shares. The number
of Shares reported as beneficially owned by Susquehanna Investment
Group consists of options to buy 332,200 Shares. The number of
Shares reported as beneficially owned by Susquehanna Securities
includes options to buy 3,302,000 Shares.
The address of the principal business office of G1 Execution
Services, LLC is:
175 W. Jackson Blvd.
Suite 1700
Chicago, IL 60604
The address of the principal business office of each of SIG
Brokerage, LP, Susquehanna Fundamental Investments, LLC,
Susquehanna Investment Group and Susquehanna Securities, LLC is:
401 E. City Avenue
Suite 220
Bala Cynwyd, PA 19004
A full-text copy of Susquehanna Securities' SEC Report is available
at:
https://tinyurl.com/5n76y8kz
About Wynn Resorts Ltd.
Headquartered in Las Vegas, Nevada, Wynn Resorts, Limited owns and
operates hotels and casino resorts.
As of September 30, 2024, Wynn Resorts had $14.1 billion in total
assets, $15.2 billion in total liabilities, and $1.1 billion in
total stockholders' deficit.
* * *
Egan-Jones Ratings Company, on January 31, 2024, maintained its
'CCC+' foreign currency and local currency senior unsecured ratings
on debt issued by Wynn Resorts, Limited.
X4 PHARMACEUTICALS: Net Loss Widens to $36.7 Million in Fiscal Q3
-----------------------------------------------------------------
X4 Pharmaceuticals, Inc. filed with the U.S. Securities and
Exchange Commission its Quarterly Report on Form 10-Q reporting a
net loss of $36.7 million on $560,000 of product revenue for the
three months ended September 30, 2024, compared to a net loss of
$2.3 million with no product revenue for the three months ended
September 30, 2023.
For the nine months ended September 30, 2024, the Company reported
a net income of $2.4 million on $1.1 million of product revenue,
compared to a net loss of $82 million with no product revenue for
the same period in 2023.
As of September 30, 2024, the Company had $178.2 million in total
assets, $118.5 million in total liabilities, and $59.6 million in
total stockholders' equity.
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/4hn2ttp9
About X4 Pharmaceuticals
Boston, Mass.-based X4 Pharmaceuticals, Inc. is a biopharmaceutical
company focused on discovering, developing, and commercializing
novel therapeutics for the treatment of rare diseases and those
with limited treatment options, particularly conditions resulting
from immune system dysfunction.
The Company cautioned in its Form 10-Q Report for the quarterly
period ended March 31, 2024, that substantial doubt exists about
its ability to continue as a going concern. The Company said,
"Since our inception, we have incurred significant operating losses
and negative cash flows from our operations. As of March 31, 2024,
our cash and cash equivalents were $60.5 million, our restricted
cash balance was $0.8 million, and our investment in marketable
securities was $20.4 million. We have a covenant under our Hercules
Loan Agreement that currently requires that we maintain a minimum
level of cash of $20 million through January 31, 2025, subject to
subsequent reductions. Based on our current cash flow projections,
which exclude any benefit from the potential sale of our PRV, no
additional borrowings that may become available on Hercules Loan
Agreement, and with no additional external funding, we believe that
we will not be able to maintain the minimum cash required to
satisfy this covenant beginning in the first quarter of 2025. In
such event, the lenders could require the repayment of all
outstanding debt."
YIELD10 BIOSCIENCE: To Continue Wind-Down in Chapter 11
-------------------------------------------------------
Yield10 Bioscience, Inc. and its two wholly owned subsidiaries,
Yield10 Bioscience Securities Corp. and Yield10 Oilseeds Inc., on
December 6, 2024, filed a voluntary petition for relief under
Chapter 11 of the United States Bankruptcy Code in the United
States Bankruptcy Court for the District of Delaware, thereby
commencing a Chapter 11 case for the Company (Case No. 24-12752,
Case No. 24-12753 and Case No. 24-12755).
Yield10 Bioscience, Inc., disclosed in a Form 8-K filed with the
U.S. Securities and Exchange Commission that the Company continues
to operate its business as a "debtor-in-possession" under the
jurisdiction of the Bankruptcy Court and in accordance with the
applicable provisions of the Bankruptcy Code and orders of the
Bankruptcy Court. The Company is seeking approval of a variety of
"first day" motions containing customary relief intended to enable
the Company to continue its ordinary course operations. The Company
intends to sell substantially all of its assets during the
bankruptcy case.
The Company further disclosed that on November 20, 2024, the board
of directors of Yield10 approved the Company's wind down of
operations and corresponding reduction in workforce, designed to
reduce costs and reallocate resources while maintaining the minimum
personnel needed to support the Company's operations and sale of
its assets. The restructuring reduced the Company's workforce to
three remaining part-time employees, including its President and
CEO, Vice President-Finance and Chief Accounting Officer and its
Controller. The Company may incur charges or cash expenditures not
currently contemplated due to events that may occur as a result of,
or associated with, the restructuring.
In connection with the wind down of the Company's operations, the
employment with the Company of Lynne H. Brum, Vice President,
Planning and Communications was terminated without cause effective
November 29, 2024. In addition, effective December 6, 2024, Sherri
M. Brown, Ph.D., Anthony J. Sinskey, Sc.D. and Willie Loh, Ph.D.,
resigned as members of the Company's board of directors.
The Company would like to thank Ms. Brum, Dr. Brown, Dr. Sinskey,
and Dr. Loh for their commitment and guidance to the Company.
About Yield10 Bioscience
Yield10 Bioscience, Inc., and two affiliates filed voluntary
petitions for relief under Chapter 11 of the Bankruptcy Code
(Bankr. D. Del., Lead Case No. 24-12752) on December 6, 2024. The
two affiliates are Yield10 Bioscience Securities Corp. (Case No.
24-12753) and Yield10 Oilseeds Inc. (Case No. 24-12755).
Yield10, f/d/b/a Metabolix Bioscience, Inc., is an agricultural
bioscience company focused on commercializing sustainable products
using the oilseed Camelina sativa as a platform crop. Yield10's
goal is to efficiently develop gene traits for the crops to
increase yield.
The case is before Judge Hon. Mary F. Walrath.
The Debtors' Counsel is Frederick B. Rosner, Esq., at THE ROSNER
LAW GROUP LLC, in Wilmington, DE.
The Debtors disclosed total assets of $8,218,085 and total debts of
$5,771,189.
ZARA LLC: Case Summary & Four Unsecured Creditors
-------------------------------------------------
Debtor: Zara LLC
126 E Burke St.
Martinsburg, WV 25401-4302
Business Description: Zara LLC is the fee simple owner of seven
properties located in Maryland, West
Virginia, and Virginia having a total
current value of $2.40 million (based on
sales comparison and zillow.com estimate).
Chapter 11 Petition Date: December 10, 2024
Court: United States Bankruptcy Court
Northern District of West Virginia
Case No.: 24-00637
Debtor's Counsel: Bobbie Vardan, Esq.
MORRIS PALERM
804 Pershing Drive, Unit 207
Silver Spring, MD 20910
Tel: (301) 424-6290
Email: bvardan@morrispalerm.com
Total Assets: $2,463,213
Total Liabilities: $1,620,000
The petition was signed by Ruby Mir as owner and sole member.
A full-text copy of the petition containing, among other items, a
list of the Debtor's four unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/UBB3EMY/Zara_LLC__wvnbke-24-00637__0001.0.pdf?mcid=tGE4TAMA
ZEVRA THERAPEUTICS: Posts $33.2 Million Net Loss in Fiscal Q3
-------------------------------------------------------------
Zevra Therapeutics, Inc. filed with the U.S. Securities and
Exchange Commission its Quarterly Report on Form 10-Q reporting a
net loss of $33.2 million on $3.7 million of net revenue for the
three months ended September 30, 2024, compared to a net loss of
$10.4 million on $2.9 million of net revenue for the three months
ended September 30, 2023.
For the nine months ended September 30, 2024, the Company reported
a net loss of $69.8 million on $11.6 million of net revenue,
compared to a net loss of $26.2 million on $14.5 million of net
revenue for the same period in 2023.
As of September 30, 2024, the Company had $191.6 million in total
assets, $121.8 million in total liabilities, and $69.8 million in
total stockholders' equity.
"The third quarter was one of the most exciting and
transformational periods in Zevra's journey," said Neil F.
McFarlane, Zevra's President and Chief Executive Officer. "After
years of tireless effort, our team has achieved a major milestone
with FDA approval of MIPLYFFATM (arimoclomol), and we're
celebrating with the Niemann-Pick disease type C (NPC) community.
We intend to achieve our goals with a high-performing team
committed to execute, focus and innovate to drive our continued
growth and long-term transformation."
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/2xu3j26p
About Zevra Therapeutics
Celebration, Fla.-based Zevra Therapeutics, Inc. is a company
focused on developing therapies for rare diseases with limited or
no treatment options. The company aims to create transformational
therapies by combining science, data, and patient needs. Utilizing
unique, data-driven development and commercialization strategies,
Zevra Therapeutics overcomes complex drug development challenges to
provide new therapies for the rare disease community.
During the year ended December 31, 2023, Zevra Therapeutics
incurred a net loss of $46 million, compared to a net loss of $26.8
million in 2022.
Orlando, Fla.-based Ernst & Young LLP, the company's auditor since
2022, issued a "going concern" qualification in its report dated
April 1, 2024. The qualification cited sustained recurring losses,
negative cash flows from operations, and substantial doubt about
the company's ability to continue as a going concern.
[*] Dec.13, 2024 Mixed-Use Property Sale Auction Set
----------------------------------------------------
Northgate Real Estate Group has been exclusively retained to run
the bankruptcy sale of 70 Broad Street. The 5-story, 19,478 square
foot mixed-use property offers a combination of full-floor
residential and office spaces.
An auction will tale place on Dec. 13, 2024, at 11:00 a.m. ET.
Deadline to submit bid was on Dec. 6, 2024.
Interested bidder must contact Greg Corbin of Northgate Real Estate
at Gcorbin@northgatereg.com for more information on how to
participate in the auction.
[^] Recent Small-Dollar & Individual Chapter 11 Filings
-------------------------------------------------------
In re Elfand Organization LLC
Bankr. S.D.N.Y. Case No. 24-12122
Chapter 11 Petition filed December 2, 2024
See
https://www.pacermonitor.com/view/6Z5SYKA/Elfand_Organization_LLC__nysbke-24-12122__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Galactic Music Digital LLC
Bankr. N.D. Ga. Case No. 24-62779
Chapter 11 Petition filed December 3, 2024
In re SK Beauty Institute and Salon Suites Inc.
Bankr. N.D. Ga. Case No. 24-62792
Chapter 11 Petition filed December 3, 2024
In re Zip Ship, Inc.
Bankr. N.D. Ga. Case No. 24-62817
Chapter 11 Petition filed December 3, 2024
See
https://www.pacermonitor.com/view/AWIVTLA/Zip_Ship_Inc__ganbke-24-62817__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re OMB Realty Services LLC
Bankr. N.D. Ga. Case No. 24-62834
Chapter 11 Petition filed December 3, 2024
See
https://www.pacermonitor.com/view/CQDE3NY/OMB_Realty_Services_LLC__ganbke-24-62834__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Charles Brent Allen
Bankr. N.D. Ill. Case No. 24-18092
Chapter 11 Petition filed December 3, 2024
represented by: William Factor, Esq.
In re 726A Quincy Holdings LLC
Bankr. E.D.N.Y. Case No. 24-45075
Chapter 11 Petition filed December 3, 2024
See
https://www.pacermonitor.com/view/KXWFHEA/726A_Quincy_Holdings_LLC__nyebke-24-45075__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Amsterdam Coffee LLC dba MEDX9
Bankr. E.D.N.Y. Case No. 24-74594
Chapter 11 Petition filed December 3, 2024
See
https://www.pacermonitor.com/view/MPANC5Y/Amsterdam_Coffee_LLC_dba_MEDX9__nyebke-24-74594__0001.0.pdf?mcid=tGE4TAMA
represented by: Chauncey Henry, Esq.
CHAUNCEY HENRY
Email: chauncey.henry@hlawg.com
In re Kimberly A Lydtin
Bankr. E.D.N.Y. Case No. 24-45076
Chapter 11 Petition filed December 3, 2024
represented by: H. Bronson, Esq.
In re North Shore Properties
Bankr. E.D.N.Y. Case No. 24-74588
Chapter 11 Petition filed December 3, 2024
See
https://www.pacermonitor.com/view/PTNH74Q/North_Shore_Properties__nyebke-24-74588__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Timothy B Malone
Bankr. M.D. Tenn. Case No. 24-04668
Chapter 11 Petition filed December 3, 2024
represented by: R. Payne, Esq.
In re Faith Community Development Center LLC
Bankr. E.D. Tex. Case No. 24-10521
Chapter 11 Petition filed December 3, 2024
See
https://www.pacermonitor.com/view/O7MROPY/Faith_Community_Development_Center__txebke-24-10521__0001.0.pdf?mcid=tGE4TAMA
represented by: Daniel Baldree, Esq.
BALDREE LAW FIRM
Email: baldreelawfirm@gmail.com
In re Ana Ruth Carey
Bankr. S.D. Tex. Case No. 24-35708
Chapter 11 Petition filed December 3, 2024
In re Georgia K Bode
Bankr. C.D. Cal. Case No. 24-19904
Chapter 11 Petition filed December 4, 2024
represented by: David Zolkin, Esq.
In re Peek, LLC
Bankr. D.D.C. Case No. 24-00415
Chapter 11 Petition filed December 4, 2024
See
https://www.pacermonitor.com/view/7HR3GYY/Peek_LLC__dcbke-24-00415__0001.0.pdf?mcid=tGE4TAMA
represented by: Charles E Walton, Esq.
WALTON LAW GROUP
Email: cwalton@cwaltonlaw.com
In re Jayaswal LLC
Bankr. D. Mass. Case No. 24-12444
Chapter 11 Petition filed December 4, 2024
See
https://www.pacermonitor.com/view/ETO53QQ/Jayaswal_LLC__mabke-24-12444__0001.0.pdf?mcid=tGE4TAMA
represented by: David G. Baker, Esq.
LAW OFFICE OF DAVID G. BAKER
Email: david@bostonbankruptcy.org
In re 3405 Church Ave Management Corp
Bankr. E.D.N.Y. Case No. 24-45098
Chapter 11 Petition filed December 4, 2024
See
https://www.pacermonitor.com/view/Y7FLSZQ/3405_Church_Ave_Management_Corp__nyebke-24-45098__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re 494 E 96 Street Inc.
Bankr. E.D.N.Y. Case No. 24-45090
Chapter 11 Petition filed December 4, 2024
See
https://www.pacermonitor.com/view/YH6N43Q/494_E_96_Street_INC__nyebke-24-45090__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re J&D Customs LLC
Bankr. E.D.N.Y. Case No. 24-74605
Chapter 11 Petition filed December 4, 2024
represented by: Marc Pergament, Esq.
In re Ruby and Jade Inc.
Bankr. E.D.N.Y. Case No. 24-45092
Chapter 11 Petition filed December 4, 2024
See
https://www.pacermonitor.com/view/YNV7M5A/Ruby_and_Jade_Inc__nyebke-24-45092__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Trina Do Mai
Bankr. S.D. Cal. Case No. 24-04668
Chapter 11 Petition filed December 5, 2024
represented by: Beilal Chatila, Esq.
In re Orlando Medical Institute, Inc.
Bankr. M.D. Fla. Case No. 24-06628
Chapter 11 Petition filed December 5, 2024
See
https://www.pacermonitor.com/view/32O3KHI/Orlando_Medical_Institute_Inc__flmbke-24-06628__0001.0.pdf?mcid=tGE4TAMA
represented by: Daniel A. Velasquez, Esq.
LATHAM LUNA EDEN & BEAUDINE LLP
Email: dvelasquez@lathamluna.com
In re The Inkwell Productions, Inc.
Bankr. M.D. Fla. Case No. 24-07199
Chapter 11 Petition filed December 5, 2024
See
https://www.pacermonitor.com/view/AY4MHBI/The_Inkwell_Productions_Inc__flmbke-24-07199__0001.0.pdf?mcid=tGE4TAMA
represented by: Townsend J. Belt, Esq.
ANTHONY AND PARTNERS, LLC
Email: tbelt@anthonyandpartners.com
In re Norwell Holdings, LLC
Bankr. D. Mass. Case No. 24-41257
Chapter 11 Petition filed December 5, 2024
See
https://www.pacermonitor.com/view/EDNPM5I/Norwell_Holdings_LLC__mabke-24-41257__0001.0.pdf?mcid=tGE4TAMA
represented by: James L. O'Connor, Esq.
NICKLESS, PHILLIPS AND O'CONNOR
Email: joconnor@npolegal.com
In re Ricardo Borrego
Bankr. E.D. Mich. Case No. 24-51513
Chapter 11 Petition filed December 5, 2024
represented by: Yuliy Osipov, Esq.
In re Kestespresso LLC
Bankr. D.N.J. Case No. 24-22019
Chapter 11 Petition filed December 5, 2024
See
https://www.pacermonitor.com/view/R2DKXKA/Kestespresso_LLC__njbke-24-22019__0001.0.pdf?mcid=tGE4TAMA
represented by: Steven J. Abelson, Esq.
ABELSON LAW OFFICES
In re Broad Street, LLC
Bankr. D. Rhode Island Case No. 24-10863
Chapter 11 Petition filed December 5, 2024
See
https://www.pacermonitor.com/view/XFBSHEI/Broad_Street_LLC__ribke-24-10863__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Elizabeth Suzann, LLC
Bankr. M.D. Tenn. Case No. 24-04703
Chapter 11 Petition filed December 5, 2024
See
https://www.pacermonitor.com/view/IARIHUA/Elizabeth_Suzann_LLC__tnmbke-24-04703__0001.0.pdf?mcid=tGE4TAMA
represented by: Michael G. Abelow, Esq.
SHERRARD ROE VOIGT & HARBISON, PLC
Email: mabelow@srvhlaw.com
In re Karrie Lee Greene
Bankr. M.D. Tenn. Case No. 24-04708
Chapter 11 Petition filed December 5, 2024
represented by: Denis Waldron, Esq.
In re Elizabeth Martucci and Christopher Martucci
Bankr. M.D. Tenn. Case No. 24-04705
Chapter 11 Petition filed December 5, 2024
represented by: Michael Abelow, Esq.
In re Wheelchair Clinic Inc
Bankr. N.D. Tex. Case No. 24-20332
Chapter 11 Petition filed December 5, 2024
See
https://www.pacermonitor.com/view/KOZF67Y/Wheelchair_Clinic_Inc__txnbke-24-20332__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Biotactics, Inc.
Bankr. C.D. Cal. Case No. 24-12038
Chapter 11 Petition filed December 6, 2024
See
https://www.pacermonitor.com/view/EG23RCY/Biotactics_Inc__cacbke-24-12038__0001.0.pdf?mcid=tGE4TAMA
represented by: Michael Jay Berger, Esq.
LAW OFFICES OF MICHAEL JAY BERGER
Email: michael.berger@bankruptcypower.com
In re JenRan Holdings, LLC
Bankr. C.D. Cal. Case No. 24-19983
Chapter 11 Petition filed December 6, 2024
See
https://www.pacermonitor.com/view/HI2PRUY/JenRan_Holdings_LLC__cacbke-24-19983__0001.0.pdf?mcid=tGE4TAMA
represented by: Onyinye N Anyama, Esq.
ANYAMA LAW FIRM, APC
Email: info@anyamalaw.com
In re Jay Squared, LLC
Bankr. M.D. Fla. Case No. 24-06641
Chapter 11 Petition filed December 6, 2024
See
https://www.pacermonitor.com/view/BDS2DBY/Jay_Squared_A_Limited_Liability__flmbke-24-06641__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Orange Tumbler, LLC
Bankr. D. Maine Case No. 24-20254
Chapter 11 Petition filed December 6, 2024
See
https://www.pacermonitor.com/view/CEAAL3I/Orange_Tumbler_LLC__mebke-24-20254__0001.0.pdf?mcid=tGE4TAMA
represented by: Michael P. Boyd, Esq.
Email: mpboydlaw@myfairpoint.net
In re Gloria Prestifilippo
Bankr. D.N.J. Case No. 24-22043
Chapter 11 Petition filed December 6, 2024
represented by: Lawrence Morrison, Esq.
In re R & H Motor Group, Inc.
Bankr. D.S.C. Case No. 24-04374
Chapter 11 Petition filed December 6, 2024
See
https://www.pacermonitor.com/view/HID3QIQ/R__H_Motor_Group_Inc__scbke-24-04374__0001.0.pdf?mcid=tGE4TAMA
represented by: Robert Pohl, Esq.
POHL BANKRUPTCY, LLC
Email: Robert@POHLPA.com
In re Caribbean Gourmet Delights, Inc.
Bankr. E.D. Va. Case No. 24-50914
Chapter 11 Petition filed December 6, 2024
See
https://www.pacermonitor.com/view/G7VYEGY/Caribbean_Gourmet_Delights_Inc__vaebke-24-50914__0001.0.pdf?mcid=tGE4TAMA
represented by: Sherman C. Smith, Esq.
SHERMAN C. SMITH, ATTORNEY AT LAW
Email: scsmith18@gmail.com
In re Lyndon Wincoln Louie
Bankr. N.D. Cal. Case No. 24-30918
Chapter 11 Petition filed December 9, 2024
represented by: Gregory Rougeau, Esq.
In re KKC Restaurants, Inc.
Bankr. S.D. Fla. Case No. 24-22845
Chapter 11 Petition filed December 9, 2024
See
https://www.pacermonitor.com/view/7LXMBIQ/KKC_Restaurants_Inc__flsbke-24-22845__0001.0.pdf?mcid=tGE4TAMA
represented by: Bradley S. Shraiberg, Esq.
SHRAIBERG PAGE PA
Email: bss@slp.law
In re Miracle Leaf Corp
Bankr. S.D. Fla. Case No. 24-22842
Chapter 11 Petition filed December 9, 2024
See
https://www.pacermonitor.com/view/ROUVE2A/Miracle_Leaf_Corp__flsbke-24-22842__0001.0.pdf?mcid=tGE4TAMA
represented by: Carlos E. Sardi, Esq.
SARDI LAW, PLLC
Email: carlos@sardilaw.com
In re 9 Lake Region Blvd LLC
Bankr. S.D.N.Y. Case No. 24-36192
Chapter 11 Petition filed December 9, 2024
See
https://www.pacermonitor.com/view/PVEH3PI/9_Lake_Region_Blvd_LLC__nysbke-24-36192__0001.0.pdf?mcid=tGE4TAMA
represented by: Robert Lewis, Esq.
ROBERT S LEWIS PC
Email: Robert.lewlaw1@gmail.com
In re Peter Joseph Tonkin
Bankr. E.D. Pa. Case No. 24-14399
Chapter 11 Petition filed December 9, 2024
represented by: David Smith, Esq.
In re Kevin P. Dandurand
Bankr. D.S.D. Case No. 24-40401
Chapter 11 Petition filed December 9, 2024
represented by: Kenneth Edstrom, Esq.
In re Tanner B Deweese
Bankr. M.D. Tenn. Case No. 24-04737
Chapter 11 Petition filed December 9, 2024
represented by: R. Payne, Esq.
DUNHAM HILDEBRAND PAYNE WALDRON, PLLC
In re Elevated ROI LLC
Bankr. E.D. Va. Case No. 24-34648
Chapter 11 Petition filed December 9, 2024
See
https://www.pacermonitor.com/view/EP3EN7I/Elevated_ROI_LLC__vaebke-24-34648__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
*********
Monday's edition of the TCR delivers a list of indicative prices
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obtained by TCR editors from a variety of outside sources during
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Troubled Company Reporter is a daily newsletter co-published
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