/raid1/www/Hosts/bankrupt/TCR_Public/241217.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Tuesday, December 17, 2024, Vol. 28, No. 351
Headlines
14813 DRAFT HORSE: Files Chapter 11 Bankruptcy in Florida
2206 BLUE CYPRESS: Hires Robert W. Buchholz PC as Legal Counsel
303 HIGHLINE: Court Approves Use of Cash Collateral Until Feb. 15
3160 8TH: Files Chapter 11 Bankruptcy in California
3265 E. VALLEY: Sec. 341(a) Meeting of Creditors on Jan. 14
3304 BLUE BELL: Hires Robert W. Buchholz PC as Legal Counsel
4669 E. SUNSET: Files Chapter 11 Bankruptcy Protection in Arizona
ADVANCED CARE: Plan Exclusivity Period Extended to Jan. 16, 2025
ADVANCED CARE: Wins Final Approval for Cash Collateral Use
ADVANCED DOMINO: Hires Estelle Miller as Acountant
AFB RESTAURANTS: Unsecureds Will Get 25% of Claims in Plan
AIO US: Committee Hires Gilbert as Special Insurance Counsel
AKOUSTIS TECHNOLOGIES: Case Summary & 20 Top Unsecured Creditors
AKOUSTIS TECHNOLOGIES: Files for Chapter 11 to Pursue Sale
AKOUSTIS TECHNOLOGIES: Gordon Bros. Has $10MM Lead Bid for Assets
AKOUSTIS TECHNOLOGIES: Qorvo Litigation Blamed for Financial Woes
ALL BLUE INVESTMENTS: Chapter 15 Case Summary
ALLAN'S COFFEE: Hires Scott Law Group LLP as Counsel
ALLAN'S COFFEE: Wins Interim $38K Cash Collateral Use Until Dec. 27
ALRACHID LLC: Unsecureds Will Get 6% of Claims in Plan
ALVARIA HOLDCO: 92% Markdown for DoubleLine ISF $1.3MM Loan
ALVARIA HOLDCO: DoubleLine ISF Marks $577,009 Loan at 55% Off
AMARILLO PLATINUM: Exclusivity Period Extended to Jan. 10, 2025
AMERICAN TIRE: DoubleLine ISF Marks $1.4MM Loan at 39% Off
AMERIFIRST FINANCIAL: Seeks to Extend Exclusivity to Feb. 24, 2025
AN SM 1925: Dec. 19 Deadline Set for Panel Questionnaires
ANGUS A2A: To Restructure Under CCAA Protection; A&M as Monitor
APEX AG SOLUTIONS: Gets Final OK to Use Cash Collateral
ARTICO COLD STORAGE: Gets OK to Use Cash Collateral Until Dec. 21
ASPEN ELECTRONICS: Gets OK to Hire Werther & Mills as ESOP Counsel
ASTRA ACQUISITION: 88% Markdown for DoubleLine ISF $3.2MM Loan
ASTRA ACQUISITION: 88% Markdown for DoubleLine ISF $9.6MM Loan
ASTRA ACQUISITION: DoubleLine ISF Marks $277,224 Loan at 17% Off
ASTRA ACQUISITION: DoubleLine ISF Marks $438,485 Loan at 79% Off
AVENTIV TECHNOLOGIES: $1.04BB Bank Debt Trades at 16% Discount
BC AVENTURA: Seeks to Hire Pack Law as Legal Counsel
BEAR BRICK OVEN: Gets OK to Use Cash Collateral Until Jan. 3
BEAR BRICK: Files Bare-Bones Chapter 11 Petition in Maryland
BEVERLY HOSPITAL: Trustee Hires Stretto as Litigation Provider
BIG FEET: Hires Bush Kornfeld LLP as Legal Counsel
BIOTACTICS INC: Hires Michael Jay Berger as Bankruptcy Counsel
BUCKSKIN REALTY: Seeks to Hire Jacobs PC as Bankruptcy Counsel
CALTIER INC: Financial Strain Raises Going Concern Doubt
CENTENNIAL HOUSING: Gets OK to Use Cash Collateral Until Jan. 8
CHANTILLY ROAD: Case Summary & 16 Unsecured Creditors
COBRA HOLDINGS: $560MM Bank Debt Trades at 19% Discount
COMMERCIAL FURNITURE: Gets Interim OK to Use Cash Collateral
COMPLETE HEALTH: Gets Green Light to Use Cash Collateral
CRITICAL REHAB: Court Approves Use of Cash Collateral Until Feb. 12
CROWNCO INC: Court Approves Stipulation for Cash Collateral Use
CROWNCO INC: Gets Interim OK to Use Cash Collateral
CRUSADE BURGER: Gets OK to Use Cash Collateral Until Jan. 29
CRYPTO COMPANY: Mark Uram Acquires 16.3% Stake
CTF CHICAGO: Gets Interim OK to Use Cash Collateral Until Dec. 31
CXOSYNC LLC: Gets Interim OK to Use Cash Collateral Until Dec. 20
D.I.P. FOUNDATION: Gets Interim Approval to Use Cash Collateral
DARKPULSE INC: Posts $590,898 Net Loss for 2024 Third Quarter
DCERT BUYER: $515MM Bank Debt Trades at 16% Discount
ECHOSTAR CORP: Completes $400MM Private Placement w/ PIPE Investors
ECHOSTAR CORP: Completes Exchange Offers for DISH Network Notes
ELECTRONICS FOR IMAGING: $895MM Bank Debt Trades at 20% Discount
ELIZABETH SUZANN: Files Emergency Bid to Use Cash Collateral
EMERGENCY HOSPITAL: Seeks to Tap Kean Miller as Bankruptcy Counsel
EMPIRE TODAY: S&P Ups ICR to CCC+ on Distressed Debt Restructuring
ENSERVCO CORP: Ionic Ventures Holds 8% Equity Stake
ENSONO INTERMEDIATE: S&P Rates New First-Lien Term Loan 'B-'
ENVERIC BIOSCIENCES: Armistice Ceases 5% Ownership of Shares
ENVERIC BIOSCIENCES: Reports $2.1 Million Net Loss in Fiscal Q3
ERIS HARMONIA: Hires David W. Steen P.A. as Counsel
ESCALON MEDICAL: Reports $32,217 Net Loss in Q1 2025
EUBANKS ELECTRIC: Unsecureds to Get Share of Income for 60 Months
EXELA TECHNOLOGIES: Reports $24.9 Million Net Loss in Fiscal Q3
EYENOVIA INC: Armistice Capital Holds 9.95% Equity Stake
FC COMPASSUS: S&P Withdraws 'B-' ICR Following Debt Repayment
FIDDLERS GREEN: Hires Robert W. Buchholz PC as Counsel
FIG & FENNEL: Gets OK to Use Cash Collateral Until Feb. 20
FINTHRIVE SOFTWARE: $1.44BB Bank Debt Trades at 33% Discount
FINTHRIVE SOFTWARE: DoubleLine ISF Marks $2.2MM Loan at 56% Off
FITZGERALD HILL: Trustee Hires as John E. Ciluzzi Broker
FOOTBALL NATION: Files Chapter 11 Bankruptcy in Massachusetts
FRALEG JEFFERSON: Hires Francis E. Hemmings as Bankruptcy Counsel
FREIRICH FOODS: Gets OK to Use Cash Collateral Until Jan. 10
FUEL FITNESS: Court Approves Use of Cash Collateral Thru Dec. 20
FUEL HOMESTEAD: Gets Interim OK to Use Cash Collateral Thru Dec. 20
FUEL REYNOLDA: Gets Court OK to Use Cash Collateral Thru Dec. 20
G & T 5206: Hires Center City Law Offices as Legal Counsel
G & T 5206: Hires J. Gleason Associates as Accountant
GARCIA PROPERTY: Hires Keller Williams Realty as Broker
GAUCHO GROUP: 3i LP, 2 Others Hold 9.9% Stake as of Sept. 30
GLASS MANAGEMENT: Gets OK to Use Cash Collateral Until Dec. 24
GOGO INC: Completes $375MM Satcom Buyout, Closes HPS & MPS Loans
GREENWAVE TECHNOLOGY: 3i LP, 2 Others Hold 4% Stake as of Sept. 30
GREENWAVE TECHNOLOGY: Anson Funds, Affiliates Hold 4.9% Stake
GRESHAM WORLDWIDE: Laurence Lytton Holds 8.4% Stake
GRESHAM WORLDWIDE: Seeks to Extend Exclusivity to Jan. 31, 2025
HAMMOCK COMMUNITIES: Cash Collateral Access Extended to Jan. 14
HARE TAYLOR: Seeks to Hire Berger Singerman as Bankruptcy Counsel
HARVEST NUTRITION: Seeks to Use Cash Collateral
HARVEY CEMENT: Files Subchapter V Bankruptcy in Illinois
HAWAII STAGE: Case Summary & 20 Largest Unsecured Creditors
HEALTHIER CHOICES: Reports $4.35 Million Net Loss in Fiscal Q3
HEALTHLYNKED CORP: Reports $1.97 Million Net Loss in Fiscal Q3
HEPION PHARMACEUTICALS: Posts $4.87 Million Net Loss in 3rd Quarter
HIGHLANDS GROUP: Plan Exclusivity Period Extended to Jan. 20, 2025
HONOLULU SPINE CENTER: Sec. 341(a) Meeting of Creditors on Jan. 14
HONOLULU SPINE: Seeks to Hire Choi & Ito as Bankruptcy Counsel
HUDSON RIVER: S&P Raises ICR to 'BB' on Improved Capital Position
IDEANOMICS INC: Hires Epiq Corporate as Claims, Noticing Agent
INGENOVIS HEALTH: $675MM Bank Debt Trades at 31% Discount
JAYASWALL LLC: Files Emergency Bid to Use Cash Collateral
JETT HOLDINGS: Hires Joyce W. Lindauer PLLC as Counsel
JM CARTER: Seeks Bankruptcy Protection in Texas
JRSIS HEALTH: Delays Fiscal Q3 Report Due to Calculation Issues
JSCO ENTERPRISES: Taps Halloran Farkas + Kittila as Special Counsel
KENREG LLC: Seeks to Hire Marc Voisenat as Bankruptcy Counsel
KINGDOM GROUP: Unsecured Creditors to Split $100K over 3 Years
KLX ENERGY: Corbin Robertson, Jr. Appointed as Board Chairman
KLX ENERGY: Greene's Investment, Affiliates Report 11.2% Stake
KNIGHT HEALTH: $450MM Bank Debt Trades at 36% Discount
L.O.F. INC: Seeks 60-Day Extension of Plan Filing Deadline
LA HACIENDA: Trustee Hires Kronick Moskovitz as General Counsel
LA HACIENDA: Trustee Seeks to Tap Michael Gabrielson as Accountant
LASERSHIP INC: DoubleLine ISF Marks $1.02MM Loan at 58% Off
LASERSHIP INC: DoubleLine ISF Marks $333,203 Loan at 58% Off
LEFEVER MATTSON: Committee Seeks to Tap FTI as Real Estate Advisor
LEGACY CLINICAL: Gets OK to Use Cash Collateral Until Jan. 29
LEITMOTIF SERVICES: Court Approves Final Use of Cash Collateral
LFTD PARTNERS: Posts $194K Net Loss in Third Quarter
LIFESCAN GLOBAL: $1.01BB Bank Debt Trades at 65% Discount
LOVING KINDNESS: Seeks to Hire Gloria J. Besley as Accountant
MALIA REALTY: Gets Interim OK to Use Cash Collateral
MAT TRANSPORT: Plan Exclusivity Period Extended to Feb. 17, 2025
MAUDE'S ALABAMA: Unsecureds to Split $25K via Quarterly Payments
MBMG HOLDING: Seeks to Hire Moecker Auctions as Appraiser
MEDICAL SOLUTIONS: $1.05BB Bank Debt Trades at 29% Discount
MILAN SAI: Hires Joyce W. Lindauer Attorney as Legal Counsel
MILLENNIA CARDIOVASCULAR: Gets Final OK to Use Cash Collateral
MIRACLE RESTAURANT: Gets OK to Use Cash Collateral Until Jan. 8
MYSTICAL STARS: Committee Taps Trenk Isabel Siddiqi as Counsel
NETCAPITAL INC: Files Amendment No. 1 to Shares Resale Prospectus
NORDICUS PARTNERS: Incurs $507K Net Loss in Second Quarter
OG LIVING: Gets Interim OK to Use Cash Collateral Until Jan. 10
OKLAHOMA FORGE: Seeks $250,000 DIP Loan From Forge Resources
OLIVIA J STUDIOS: Hires Ure Law Firm as Legal Counsel
ONCOCYTE CORP: Patrick Smith, Trust Holds 9.3% Equity Stake
PACE ROSEWOOD: Wins Approval to Use Cash Collateral Until Feb. 1
PACKERS HOLDINGS: $1.24BB Bank Debt Trades at 49% Discount
PARTY EMPORIUM: Seeks to Hire the Bond Law Office as Legal Counsel
PENINSULA HEIGHTS: Seeks to Hire By the Law APC as Counsel
POLAR US BORROWER: $541.4MM Bank Debt Trades at 28% Discount
PREMIER MEDICAL: Unsecureds to Get Share of Income for 3 Years
PROCOM SERVICES: Gets OK to Use Cash Collateral Until Jan. 7
PROFESSIONAL SECURITY: Hires Hester Baker Krebs LLC as Attorney
PUERTO RICO: Dechert LLP Updates List of PREPA Bondholders
PVH CORP: Reports $131.9-Mil. Net Income for 13-Weeks Ended Nov. 3
QSR STEEL: Gets Interim OK to Use Cash Collateral Thru Jan. 31
QUALITY SERVICES: Seeks to Hire Harris Law Practice as Counsel
R.A.R.E. CORP: Gets Interim OK to Use Cash Collateral Until Dec. 19
RHODIUM ENCORE: Seeks to Extend Plan Exclusivity to March 24, 2025
RIVER SUB: Hires Masten Valuation LLC as Valuation Expert
RLG HOLDINGS: $110MM Bank Debt Trades at 20% Discount
ROYSTONE ON QUEEN: Hires Kidder Matthews as Real Estate Broker
RPM EXPEDITE: Wins Interim Cash Collateral Use Thru Dec. 28
S&G HOSPITALITY: Court Extends Use of Cash Collateral to Jan. 31
SANDVINE CORP: Obtains Court's CCAA Initial Stay Order
SBB SHIPPING: Voluntary Chapter 11 Case Summary
SCILEX HOLDING: Delays Filing of Third Quarter Form 10-Q
SCILEX HOLDING: Enters Into Binding Term Sheet for Joint Venture
SEASONAL LANDSCAPE: Gets OK to Use Cash Collateral Until Dec. 31
SGZ GROUP: Court Approves Interim Use of Cash Collateral
SHARK CLUB: Hires Jones & Walden LLC as Legal Counsel
SHARPLINK GAMING: Adjourns Annual Meeting Until December 23
SHARPLINK GAMING: Gets Another Non-Compliance Notice From Nasdaq
SHARPLINK GAMING: Lowers Net Loss to $885K in Third Quarter
SKILLSOFT FINANCE: $640MM Bank Debt Trades at 17% Discount
SKOPIMA CONSILIO: S&P Rates New Senior Secured Term Loan 'B-'
SKY FITNESS 24/7: Seeks Cash Collateral Access
SOLDIER OPERATING: Gets Final OK to Use Cash Collateral
SPIN HOLDCO: $2BB Bank Debt Trades at 15% Discount
SQRL SERVICE: Fox Rothschild Advises Mt. Dora & Jacksonville Park
STAR TRANSPORTATION: Hires Pack Law P.A. as Legal Counsel
STORED SOLAR: Trustee Seeks to Tap Verdolino & Lowey as Accountant
SWF HOLDINGS: S&P Downgrades ICR to 'CCC' on Elevated Default Risk
T & U INVESTMENTS: Creditors to Get Proceeds From Liquidation
TANNER DEWEESE PAVING: Sec. 341(a) Meeting of Creditors on Jan. 3
TANNER DEWEESE: Taps Dunham Hildebrand Payne Waldron as Counsel
TD&H INC: Gets Interim OK to Use Cash Collateral Until Dec. 26
TEXAS SOLAR: Seeks to Hire Ray Battaglia as Bankruptcy Counsel
TG NATURAL: S&P Affirms 'B+' Rating on Unsecured Notes
TGI FRIDAY'S: Taps Kyle Richter of Berkeley Research Group as CRO
THORNCO HOSPITALITY: Hires Joyce W. Lindauer PLLC as Counsel
TRANS AMERICAN: Voluntary Chapter 11 Case Summary
TRINSEO PLC: S&P Downgrades ICR to 'CC', Outlook Negative
TROPHY CUPCAKES: Gets Interim OK to Use Cash Collateral Until Jan 2
TRUE VALUE: Retirees' Questionnaires Due on Dec. 17
TWO VINES: Seeks to Extend Plan Exclusivity to Jan. 17, 2025
TYKARAH INFANT: Unsecureds Will Get 20% of Claims in Plan
UMAPM HOLDING: Gets Interim OK to Use Cash Collateral
US ECO PRODUCTS: Seeks to Hire the Feinman Law Offices as Counsel
VISALUS INC: Files Chapter 11 Bankruptcy, Jan. 8 Creditors' Meeting
VOBEV LLC: Seeks to Hire FTI Consulting as Financial Advisor
VOBEV LLC: Seeks to Tap Houlihan Lokey Capital as Investment Banker
VOBEV LLC: Seeks to Tap Ray Quinney & Nebeker as Bankruptcy Counsel
VOBEV LLC: Taps Kroll Restructuring Administration as Claims Agent
WARFIELD HISTORIC: Claims Will be Paid from Property Sale/Refinance
WATER'S EDGE: Sec. 341(a) Meeting of Creditors on January 6
WESTAR PLUMBING: Court OKs Use of Cash Collateral Until Feb. 28
WINESTEAD LLC: Gets Final OK to Use Cash Collateral Thru Jan. 31
WYNN RESORTS: EVP Holds 32,397 Shares of Stock
ZAYO GROUP: Begins Private Talks with Lenders to Extend Debt
[^] Large Companies with Insolvent Balance Sheet
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14813 DRAFT HORSE: Files Chapter 11 Bankruptcy in Florida
---------------------------------------------------------
On December 9, 2024, 14813 Draft Horse Lane LLC 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 6,
2025 at 10:30 AM, TELEPHONIC MEETING.
About 14813 Draft Horse Lane LLC
14813 Draft Horse Lane LLC is a limited liability company.
14813 Draft Horse Lane LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-22829) on
December 9, 2024. In the petition filed by Mordechay Maximoff, as
manager, the Debtor reports estimated assets and liabilities
between $1 million and $10 million each.
Honorable Bankruptcy Judge Mindy A. Mora handles the case.
The Debtor is represented by:
Jordan L. Rappaport, Esq.
RAPPAPORT OSBORNE & RAPPAPORT, PLLC
1300 N Federal Hwy
Suite 203
Boca Raton, FL 33432
Tel: 561-368-2200
2206 BLUE CYPRESS: Hires Robert W. Buchholz PC as Legal Counsel
---------------------------------------------------------------
2206 Blue Cypress, LLC seeks approval from the U.S. Bankruptcy
Court for the Northern District of Texas to employ The Law Office
of Robert W. Buchholz, PC to handle its Chapter 11 case.
The firm will be paid at these rates:
Robert Buchholz, Attorney $350 per hour
Paralegal $125 per hour
In addition, the firm will seek reimbursement for expenses
incurred.
The firm has been paid a retainer of $3,262 and has been paid the
filing fee of $1,738.
Mr. Buchholz disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Robert W. Buchholz, Esq.
The Law Office of Robert W. Buchholz, P.C.
5220 Spring Valley Road, Suite 618
Dallas, TX 75254
Telephone: (214) 754-5500
Facsimile: (214) 754-9100
Email: bob@attorneybob.com
About 2206 Blue Cypress, LLC
2206 Blue Cypress LLC is a Single Asset Real Estate debtor (as
defined in 11 U.S.C. Section 101(51B)).
2206 Blue Cypress LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-33553) on November 4,
2024. In the petition filed by Daniel C. Blackburn, as chief
executive officer, the Debtor reports estimated assets and
liabilities between $1 million and $10 million each.
The Debtor is represented by Robert Buchholz, Esq. at THE LAW
OFFICE OF ROBERT W. BUCHHOLZ, P.C.
303 HIGHLINE: Court Approves Use of Cash Collateral Until Feb. 15
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
approved a stipulation between 303 Highline Corp. and Metro City
Bank, allowing the company to use cash collateral until Feb. 15,
2025.
The cash collateral must be used exclusively to fund working
capital and general corporate purposes of 303 Highline and the
costs, fees and expenses incurred in connection with the
administration of its Chapter 11 case, according to the terms of
the stipulation.
As adequate protection, Metro City Bank was granted replacement
liens on all post-petition collateral, including accounts
receivable.
In addition, the bank will receive $40,000 from 303 Highline, to be
paid in three installments.
About 303 Highline
303 Highline Corp., doing business as Hudson Market, owns a grocery
store in New York.
303 Highline sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-11409) on August 15,
2024, with $207,164 in assets and $2,161,207 in liabilities. Hyeon
Jin Kim, president of 303 Highline, signed the petition.
Judge Philip Bentley oversees the case.
Douglas Pick, Esq., at Pick & Zabicki, LLP represents the Debtor as
legal counsel.
3160 8TH: Files Chapter 11 Bankruptcy in California
---------------------------------------------------
On December 9, 2024, 3160 8th LLC filed Chapter 11 protection in
the Central District of California. According to court filing, the
Debtor reports between $1 million and $10 million in debt owed to 1
and 49 creditors. The petition states funds will be available to
unsecured creditors.
A meeting of creditors under Sec. 341(a) to be held on December 16,
2024 at 10:00 AM at UST-LA3, TELEPHONIC MEETING. CONFERENCE
LINE:1-866-811-2961, PARTICIPANT CODE:9609127.
About 3160 8th LLC
3160 8th LLC operates hotels and motels.
3160 8th LLC sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. C.D. Cal. Case No. 24-20018) on December 9, 2024. In
the petition filed by David Suh, as owner/principal, the Debtor
reports estimated assets and liabilities between $1 million and $10
million each.
Honorable Bankruptcy Judge Sheri Bluebond handles the case.
The Debtor is represented by Matthew Sean Harrison, Esq., at
PROMETHEUS CIVIC LAW, in Aliso Viejo, California.
3265 E. VALLEY: Sec. 341(a) Meeting of Creditors on Jan. 14
-----------------------------------------------------------
On December 9, 2024, 3265 E. Valley Vista LLC filed Chapter 11
protection in the District of Arizona. According to court filing,
the Debtor reports between $1 million and $10 million in debt owed
to 1 and 49 creditors. The petition states that funds will be
available to unsecured creditors.
A meeting of creditors under Sec. 341(a) to be held on January 14,
2025 at 9:00 AM, TELEPHONIC MEETING.
About E. Valley Vista LLC
E. Valley Vista LLC is primarily engaged in renting and leasing
real estate properties.
E. Valley Vista LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Ariz. Case No. 24-10529) on December 9,
2024. In the petition filed by Sean Parsons as member, the Debtor
reports estimated assets and liabilities between $1 million and $10
million each.
Honorable Bankruptcy Judge Brenda K. Martin handles the case.
The Debtor is represented by:
Randy Nussbaum, Esq.
SACKS TIERNEY P.A.
4250 N Drinkwater Blvd.
4th Floor
Scottsdale, AZ 85251-3693
Tel: 480-425-2600
Email: Randy.Nussbaum@SacksTierney.com
3304 BLUE BELL: Hires Robert W. Buchholz PC as Legal Counsel
------------------------------------------------------------
3304 Blue Bell Place, LLC seeks approval from the U.S. Bankruptcy
Court for the Northern District of Texas to employ The Law Office
of Robert W. Buchholz, PC to handle its Chapter 11 case.
The firm will be paid at these rates:
Robert Buchholz, Attorney $350 per hour
Paralegal $125 per hour
In addition, the firm will seek reimbursement for expenses
incurred.
The firm has been paid a retainer of $3,262 and has been paid the
filing fee of $1,738.
Mr. Buchholz disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Robert W. Buchholz, Esq.
The Law Office of Robert W. Buchholz, P.C.
5220 Spring Valley Road, Suite 618
Dallas, TX 75254
Telephone: (214) 754-5500
Facsimile: (214) 754-9100
Email: bob@attorneybob.com
About 3304 Blue Bell Place, LLC
3304 Blue Bell Place LLC is a Single Asset Real Estate debtor (as
defined in 11 U.S.C. Section 101(51B)).
3304 Blue Bell Place LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-33554) on Nov. 4,
2024. In the petition filed by Daniel C. Blackburn, as chief
executive officer, the Debtor reports estimated assets and
liabilities between $1 million and $10 million each.
The Debtor is represented by:
Robert Buchholz, Esq.
THE LAW OFFICE OF ROBERT W. BUCHHOLZ, P.C.
5220 Spring Valley Road, Suite 618
Dallas, TX 75254
Tel: (214) 754-5500
Email: bob@attorneybob.com
4669 E. SUNSET: Files Chapter 11 Bankruptcy Protection in Arizona
-----------------------------------------------------------------
On December 9, 2024, 4669 E. Sunset LLC filed Chapter 11 protection
in the District of Arizona. According to court documents, the
Debtor reports between $1 million and $10 million in debt owed to 1
and 49 creditors. The petition states that funds will be available
to unsecured creditors.
A meeting of creditors under Sec. 341(a) to be held on January 14,
2025 at 10:30 AM, TELEPHONIC MEETING.
About 4669 E. Sunset LLC
4669 E. Sunset LLC is primarily engaged in renting and leasing real
estate properties.
4669 E. Sunset LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Ariz. Case No. 24-10533) on December 9,
2024. In the petition filed by Sean Parsons, as member, the Debtor
reports estimated assets and liabilities between $1 million and $10
million each.
The Debtor is represented by:
Randy Nussbaum, Esq.
SACKS TIERNEY P.A.
4250 N Drinkwater Blvd.
4th Floor
Scottsdale, AZ 85251-3693
Tel: 480-425-2600
Email: Randy.Nussbaum@SacksTierney.com
ADVANCED CARE: Plan Exclusivity Period Extended to Jan. 16, 2025
----------------------------------------------------------------
Judge Catherine Peek McEwen of the U.S. Bankruptcy Court for the
Middle District of Florida extended Advanced Care Hospitalists,
PL's exclusive periods to file a plan of reorganization and obtain
acceptance thereof to January 16, 2025 and March 16, 2025,
respectively.
As shared by Troubled Company Reporter, the Debtor explains that
ample cause exists to extend the exclusive period within which the
company may file its chapter 11 plan and solicit acceptances. The
Debtor continues to work with major stakeholders in this
proceeding, including obtaining PPP forgiveness and through
mediation with its largest unsecured creditor.
Furthermore, extending the exclusive period within which the Debtor
may file a plan of reorganization, and the period to solicit
acceptances will not harm creditors. Allowing the Debtor additional
time to continue discussions with creditors regarding the proposed
plan and attend the scheduled mediation, will only serve to benefit
all parties in interest and any delay is negligible.
The Debtor claims that it continues to work diligently to file and
confirm a plan of reorganization and believes that cause exists to
extend the exclusive period within which it may file a plan of
reorganization and solicit acceptances pursuant to Section 1121 of
the Bankruptcy Code. Permitting this extension will not prejudice
creditors in this case, while allowing the Debtor to continue its
effort to reach consensus as to a plan of reorganization.
Advanced Care Hospitalists, PL is represented by:
David S. Jennis, Esq.
Katelyn M. Vinson, Esq.
DAVID JENNIS, PA
D/B/A JENNIS MORSE
606 East Madison Street
Tampa, FL 33602
Tel: (813) 229-2800
E-mail: ecf@JennisLaw.com
About Advanced Care Hospitalists
Advanced Care Hospitalists, PL, is a medical group practice in
Lakeland, Fla.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-02899) on May 21,
2024, with up to $50,000 in assets and up to $50 million in
liabilities. Gulab Sher, M.D., president and managing member,
signed the petition.
Judge Catherine Peek McEwen oversees the case.
David S. Jennis, Esq., at David Jennis, P.A., doing business as
Jennis Morse, represents the Debtor as legal counsel.
ADVANCED CARE: Wins Final Approval for Cash Collateral Use
----------------------------------------------------------
the U.S. Bankruptcy Court for the Middle District of Florida, Tampa
Division, granted on a final basis the motion of Advanced Care
Hospitalists, PL, to use cash collateral to pay its ordinary and
necessary business expenses, as set forth in the budget attached to
the order, plus an amount not to exceed 10% per each line item.
Truist Bank retains a replacement lien on post-petition cash
collateral and must be notified of any default. The debtor has five
business days to cure such defaults before further action.
The provisions of the Final Order are without prejudice to the
rights of any official committee that may be appointed by the
United States Trustee.
About Advanced Care Hospitalists, PL
Advanced Care Hospitalists, PL, is a medical group practice in
Lakeland, Fla.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-02899) on May 21,
2024, with up to $50,000 in assets and up to $50 million in
liabilities. Gulab Sher, M.D., president and managing member,
signed the petition.
Judge Catherine Peek McEwen oversees the case.
David S. Jennis, Esq., at David Jennis, P.A., doing business as
Jennis Morse, represents the Debtor as legal counsel.
ADVANCED DOMINO: Hires Estelle Miller as Acountant
--------------------------------------------------
Advanced Domino Inc. dba Domino Supermarket seeks approval from the
U.S. Bankruptcy Court for the Eastern District of New York to
employ Estele Miller, a certified public accountant practicing in
Bellmore, New York, as accountant.
The firm will provide these services:
a. gather and verify all pertinent information required to
compile and prepare monthly reports; and
b. prepare monthly operating reports for the Debtor in the
bankruptcy case.
The firm will bill at the rate of $400 per report plus
reimbursement for out-of-pocket expenses incurred.
The firm received an initial retainer of $4,000 from the Debtor.
Mr. Miller 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 accountant can be reached at:
Estelle Miller, CPA
Bellmore, NY 11710
Telephone: (347) 570-7002
Email: estellemillercpa@gmail.com
About Advanced Domino Inc. dba Domino Supermarket
Advanced Domino Inc., doing business as Domino Supermarket, is a
grocery store in Brooklyn, NY that offers a variety of food and
household items for local residents.
Advanced Domino Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-44263) on October 15,
2024. In the petition filed by Victoria Salkinder, as CEO, the
Debtor reports total assets of $800,667 and total liabilities of
$1,219,101.
The Honorable Bankruptcy Judge Elizabeth S. Stong handles the
case.
The Debtor is represented by Alla Kachan, Esq. at LAW OFFICES OF
ALLA KACHAN, P.C.
AFB RESTAURANTS: Unsecureds Will Get 25% of Claims in Plan
----------------------------------------------------------
AFB Restaurants, Inc., filed with the U.S. Bankruptcy Court for the
Northern District of California a Small Business Plan of
Reorganization under Subchapter V dated November 14, 2024.
The Debtor is a California Corporation. Debtor has been operating
Manakish Oven and Grill in Walnut Creek since December 2019.
Manakish serves Mediterranean and Middle Eastern Food, including
shawarma and flat breads.
The funds from the Black Olive Capital and Fintegra were used to
fund CEO Ferass Gaben's investment in AFBM Restaurants, Inc, which
now operates a Manakish Restaurant in San Jose, California. AFBM
and Gaben (who personally guaranteed these obligations) have
informally agreed to be responsible for the obligations to Black
Olive Capital and Fintegra.
This Chapter 11 Bankruptcy was filed on August 16, 2024. Shortly
after the filing, Abdullah Taleb, who was the primary investor in
Debtor took over operations and is acting as the Responsible
Individual in this case. Mr. Taleb has not been receiving post
petition compensation to date and has agreed to not do so through
the end of this year.
The Debtor's financial projections show that the Debtor will have
projected disposable income of $ 747,600. The final Plan payment is
expected to be paid on December 15, 2029, which is anticipated to
be 60 months after the effective date.
This Plan of Reorganization proposes to pay creditors of the Debtor
from cash flow from operations and from indemnity payments from
AFBM Restaurants, Inc.
Non-priority unsecured creditors holding allowed claims will
receive distributions, which the proponent of this Plan has valued
at approximately 25 cents on the consistent with the liquidation
analysis and projected disposable income. This Plan also provides
for the payment of administrative and priority claims.
Class 3 consists of Non-priority unsecured creditors. Beginning in
Month 49 of the Plan, monthly payments of $12,600 will be paid to
the non priority unsecured creditors, which total $601,822, which
includes Rewards Network ($10,000), American Express ($31,822) and
the Taleb Shareholder Loan ($560,000). Non-priority unsecured
creditors will receive 25% of their claim in 12 equal payments
ending on the 60th month after the Effective Date. This Class is
impaired.
The plan will be implemented as required under Section 1123(a)(5)
of the Code. It will be funded by cashflow from the operations of
Manakish Oven & Grill. Debtor will also seek reimbursement for all
payments made to Black Olive Capital and Fintegra from AFBM
Restaurants, Inc. and Feras Gaben.
A full-text copy of the Plan of Reorganization dated November 14,
2024 is available at https://urlcurt.com/u?l=WwYt1C from
PacerMonitor.com at no charge.
Attorney for the Debtor:
John Gregory Downing, Esq.
Downing Law Offices, P.C.
2021 The Alameda, Suite 200
San Jose, CA 95126
Tel: (408) 564-7020
Email: john@downinglaw.com
About AFB Restaurants
AFB Restaurants Inc., doing business as Manakash Oven & Grill, is a
celebrated Walnut Creek restaurant.
AFB Restaurants Inc. sought relief under Subchapter V Chapter 11 of
the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 24-41235) on
August 16, 2024. In the petition filed by Ferass Nabil bughan, as
CEO, the Debtor reported total assets of $32,470 and total
liabilities of $1,103,058.
The Debtor is represented by John G. Downing, Esq., of DOWNING LAW
OFFICES, P.C.
AIO US: Committee Hires Gilbert as Special Insurance Counsel
------------------------------------------------------------
The official committee of unsecured creditors of AIO US, Inc. and
its affiliates seeks approval from the U.S. Bankruptcy Court for
the District of Delaware to employ Gilbert LLP as special insurance
counsel.
The firm will provide these services:
a. analyze the Debtors' insurance policies and provide strategic
advice as to the coverage potentially available to respond to talc
claims;
b. advise the Committee on steps to be taken to preserve
insurance coverage and maximize insurance recoveries;
c. attend meetings and negotiations with the Committee,
representatives of the Debtors, their insurance carriers, and other
parties-in-interest in these chapter 11 cases related to the
preservation and recovery of insurance coverage;
d. advise and represent the Committee with respect to any
insurance settlements executed prior to the commencement of these
chapter 11 cases;
e. advise and represent the Committee with respect to the use of
insurance coverage and insurance proceeds in connection with a plan
of reorganization;
f. advise and represent the Committee with respect to other
matters and pleadings that may be raised by insurers or that may
impact insurance coverage;
g. advise and represent the Committee in any dispute that may
arise including, but not limited to, an adversary proceeding,
arbitration, or mediation related to insurance coverage; and
h. assist the Committee with any other insurance-related matters
arising in conjunction with the formulation of a plan of
reorganization and funding of a trust for the payment of claims
established under the plan.
The firm will be paid at these hourly rates:
Billing Category 2024 Rates 2025 Rates
Partners $925 to $1,625 $1,025 to $1,700
Senior Counsel/Of Counsel $850 to $1,500 $925 to $1,550
Associates $350 to $825 $360 to $825
Paralegals $235 to $415 $250 to $440
Professional Staff $250 to $550 $350 to $600
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
The following is provided in response to the request for additional
information set forth in Paragraph D.1. of the U.S. Trustee
Guidelines:
Question: Did you agree to any variations from, or alternatives
to, your standard or customary billing arrangements for this
engagement?
Response: No.
Question: Do any of the professionals included in this
engagement vary their rate based on the geographic location of the
bankruptcy case?
Response: No.
Question: If you represented the client in the 12 months
prepetition, disclose your billing rates and material financial
terms for the prepetition engagement, including any adjustments
during the 12 months prepetition. If your billing rates and
material financial terms have changed postpetition, explain the
difference and the reasons for the difference.
Response: Gilbert did not represent the Committee in the 12
months prior to the Petition Date.
Question: Has your client approved your prospective budget and
staffing plan, and, if so for what budget period?
Response: Yes. For the period from November 5, 2024 through
December 31, 2024.
Kami E. Quinn, Esq., a partner at Gilbert LLP, disclosed in a court
filing that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Kami E. Quinn, Esq.
Gilbert LLP
700 Pennsylvania Ave., SE, Suite 400
Washington, DC 2003
Tel: (202) 772-2336
About AIO US, Inc.
AIO US Inc., Avon Products Inc, and some of its affiliates are
manufacturers and marketers of beauty, fashion, and home products
with operations and customers across the globe.
AIO US and its affiliates sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-11836) on
Aug. 12, 2024. In the petition filed by Philip J. Gund as chief
restructuring officer, AIO US disclosed $1 billion to $10 billion
in assets and debt.
Richards, Layton & Finger, P.A. and Weil, Gotshal & Manges LLP are
counsel to the Debtors. Ankura Consulting Group LLC serves as
restructuring advisor to the Debtors. Rothschild & Co US Inc is the
Debtors' investment banker and financial advisor.Epiq Corporate
Restructuring LLC acts as claims and noticing agent to the Debtors.
AKOUSTIS TECHNOLOGIES: Case Summary & 20 Top Unsecured Creditors
----------------------------------------------------------------
Lead Debtor: Akoustis Technologies, Inc.
9805 Northcross Center Court, Suite A
Huntersville, NC 28078
Business Description: The Debtor develops, designs, and
manufacturers RF filter solutions for the
wireless industry, including for
smartphones/tablets, network infrastructure
equipment, WiFi Customer Premise Equipment,
and defense applications.
Chapter 11 Petition Date: December 16, 2024
Court: United States Bankruptcy Court
District of Delaware
Four affiliates that concurrently filed voluntary petitions for
relief under Chapter of the Bankruptcy Code:
Debtor Case No.
------ --------
Akoustis Technologies, Inc. (Lead Case) 24-12796
Akoustis, Inc. 24-12797
Grinding & Dicing Services, Inc. 24-12798
RFM Integrated Device Inc. 24-12799
Judge: Hon. Laurie Selber Silverstein
Debtors'
Local
Bankruptcy
Counsel: Matthew B. McGuire, Esq.
Matthew R. Pierce, Esq.
Joshua B. Brooks, Esq.
LANDIS RATH & COBB LLP
919 Market Street
Suite 1800
Wilmington, DE 19801
Tel: 302-467-4400
Email: mcguire@lrclaw.com
pierce@lrclaw.com
brooks@lrclaw.com
Debtors'
Bankruptcy
Counsel: Jeffrey T. Kucera, Esq.
K&L GATES LLP
Southeast Financial Center, Suite 3900
200 South Biscayne Blvd.
Miami, Florida 33131
Tel: (305) 539-3300
Email: jeffrey.kucera@klgates.com
- and -
Margaret R. Westbrook, Esq.
301 Hillsborough Street, Suite 1200
Raleigh, North Carolina 27603
Tel: (919) 743-7300
Email: margaret.westbrook@klgates.com
Provider of a Finance
Transformation
Officer to the
Debtors: GETZLER HENRICH & ASSOCIATES LLC
Debtors'
Investment
Banker: RAYMOND JAMES & ASSOCIATES, INC.
Debtors'
Notice,
Claims,
Solicitation &
Balloting Agent: STRETTO, INC.
Debtors' Provider
of Strategic
Communication and
Media Management
Services and
Support: C STREET ADVISORY GROUP, LLC
Debtors'
Compensation
Consultant &
Advisor: WILLIS TOWERS WATSON PLC
Total Assets as of September 30, 2024: $53,371,000
Total Debts as of September 30, 2024: $122,586,000
The petitions were signed by Mark D. Podgainy as financial
transformation officer.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/E2UOACA/Akoustis_Technologies_Inc_and__debke-24-12796__0001.0.pdf?mcid=tGE4TAMA
List of Debtors' 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. Qorvo, Inc. Litigation $59,000,000
7628 Thorndike Road
Greensboro, NC 27409-9421
c/o CEO or General Counsel
Tel: 336-664-1233
2. Bank of New York Mellon Trust Convertible $44,000,000
Company, N.A. (Indenture Trustee) Senior Notes
4655 Salisbury Road, Suite 300
Jacksonville, FL 32256
c/o CEO or General Counsel
Tel: 312-499-6045
Fax: 312-499-6145
Email: mattwarren@paulhastings.com
3. Pillsbury Winthrop Shaw Litigation $4,403,566
Pittman LLP
2550 Hanover Street
Palo Alto, CA 94304-1114
c/o CEO or General Counsel
Tel: 650-233-4046
Fax: 650-233-4545
4. Squire Patton Boggs (US) LLP Litigation $2,835,558
1000 Key Tower, 127 Public Square
Cleveland, OH 44114
c/o CEO or General Counsel
Tel: 216-479-8500
Fax: 216-479-8780
5. Tai-Saw Technology Co., Ltd. Trade $485,269
No. 3, Industrial 2nd Rd.
Ping-Chen Industrial District
Taoyuan, 00324, Taiwan
Attn: Alice Ou
Tel: 886-3-4690038; 408-894-9882
aliceou@taisaw.com;
peichiang@mail.taisaw.com;
tstcom1@ms24.hinet.net;
tst.n.america@mail.taisaw.com
6. Unisem Chengdu Co., Ltd. Trade $334,617
No. 8-2 Kexin Road West Park of
Chengdu
Chengdu, China
c/o CEO or General Counsel
Tel: 86-28-87958228-1288
Email: info@unisemgroup.com
7. KPMG LLP Professional $114,125
3 Chestnut Ridge Road Services
Montvale, NJ 07645
c/o CEO or General Counsel
Tel: 312-665-2113
8. FTI Consulting Technology LLC Professional $107,072
16701 Melford Boulevard Services
Suite 200
Bowie, MD 20715
c/o CEO or General Counsel
Tel: 214-397-1708
9. Cadence Design Systems, Inc. Trade $96,499
2655 Seely Avenue
San Jose, CA 95134
c/o CEO or General Counsel
Fax: 801-561-6516
Email: laurab@cadence.com
10. Tong Hsing Electronics Trade $79,159
Industries, Ltd
No. 88, Ln. 1125 Heping Rd
Taoyuan City, 334004, Taiwan
c/o CEO or General Counsel
Tel: 886-2-26790122
Fax: 886-2-26700122
Email: info@theil.com
11. McKool Smith, Professional $70,956
A Professional Corporation Services
300 Crescent Court, Suite 1200
Dallas, TX 75201
c/o CEO or General Counsel
Tel: 214-978-4000; 512-692-9730
Fax: 214-978-4044
12. Propel Software Solutions, Inc. Trade $66,173
835 Main Street
Redwood City, CA 94063
c/o CEO or General Counsel
Tel: 408-755-3780
Email: info@propelsoftware.com
13. PC Connection Sales Corporation Trade $30,244
PO Box 536472
Pittsburgh, PA 15253
c/o CEO or General Counsel
Tel: 800-998-0092
Email: maccustomercare@connection.com
14. Pureon, Inc. Trade $24,685
1412 Airport Road
Monroe, NC 28110
c/o CEO or General Counsel
Tel: 480-505-3409
Email: office.us@pureon.com
15. Aixtron, Inc. Trade $22,517
1700 Wyatt Drive Suite 14-15
Santa Clara, CA 95054
c/o CEO or General Counsel
Tel: 612-242-1273
Email: d.kingham@aixtron.com
16. Messer LLC Trade $20,065
88718 Expedite Way
Chicago, IL 60695
c/o CEO or General Counsel
Tel: 800-755-9277
Email: sales@messer-us.com
17. Bayard, P.A. Professional $18,311
600 N. King Street Suite 400 Services
Wilmington, DE 19899
c/o CEO or General Counsel
Tel: 302-429-4232
18. UGI Energy Services Utility $14,162
One Meridian Blvd.
Suite 2C01
Reading, PA 19610
c/o CEO or General Counsel
Email: customerservice@ugi.com
19. Subtron Technology Co., LTD. Trade $13,578
No. 8, Kuang Fu North Road,
HuHsin-Chu Industrial Park
Hsin-Chu, 30351, Taiwan
c/o CEO or General Counsel
Tel: 03-5972036 #59041
Email: EltonLiu@subtron.com.tw
20. BDO Professional $12,990
PO Box 642743 Services
Pittsburgh, PA 15264-2743
c/o CEO or General Counsel
Tel: 703-893-0600
AKOUSTIS TECHNOLOGIES: Files for Chapter 11 to Pursue Sale
----------------------------------------------------------
Akoustis Technologies, Inc. (NASDAQ: AKTS) sought Chapter 11
protection in Delaware to pursue a sale of its business.
Akoustis Technologies, an integrated device manufacturer (IDM) of
patented bulk acoustic wave (BAW) high-band RF filters for mobile
and other wireless applications, said it sought chapter 11 relief
to provide the Company with the flexibility to complete its ongoing
marketing and sale process while continuing to deliver for its
valued customers around the world.
The voluntary chapter 11 filing follows the Company's recent legal
case with Qorvo, Inc., in which Akoustis was ordered to pay a total
judgement of approximately $59 million in damages, fees, and
interest related to allegations of trade secret misappropriation
and patent infringement.
"In light of the final judgement, we have taken this strategic step
to provide flexibility and allow us to continue operations while
our sale process continues with momentum. Our priority is to
ensure a seamless process for our customers, partners, and
employees as we work to find partners who recognize the importance
of our products, continued operations, and the central role we play
in the RF wireless industry," said Kamran Cheema, Chief Executive
Officer of Akoustis, in a statement.
"We intend to leverage the court-supervised sale process to
reaffirm that the business being sold is free and clear of any
Qorvo infringement following the court-ordered cleansing process,
which we firmly believe is the case."
To anchor the sale process, Akoustis has entered into a stalking
horse asset purchase agreement with Gordon Brothers Commercial &
Industrial, LLC, for the purchase of certain of the Company's
assets.
Prior to the commencement of its chapter 11 cases, the Company
engaged in discussions with interested parties regarding the
Company's continued operations through a potential sale of all or
part of the Company's businesses and assets. In response to such
interest, the Company intends to use the court-supervised sale
process to seek the highest or otherwise best bid for its assets.
The Company seeks to execute an organized sale process with
sufficient time to obtain going concern qualified bids.
Importantly, Akoustis continues to manage its operations
efficiently with sufficient liquidity to continue to operate in the
ordinary course of business during the court-supervised sale
process. To ensure the continued operation of its business without
interruption, Akoustis has filed customary "first day" motions in
its chapter 11 cases. These motions, upon approval, will help
facilitate the continued payment of employee wages and benefits,
enable payments to critical vendors and other relief measures
standard in these circumstances.
About Akoustis Technologies
Akoustis Technologies, Inc. -- http://www.akoustis.com/-- is a
high-tech BAW RF filter solutions company that is pioneering
next-generation materials science and MEMS wafer manufacturing to
address the market requirements for improved RF filters --
targeting higher bandwidth, higher operating frequencies and higher
output power compared to legacy polycrystalline BAW technology.
The Company utilizes its proprietary and patented XBAW(R)
manufacturing process to produce bulk acoustic wave RF filters for
mobile and other wireless markets, which facilitate signal
acquisition and accelerate band performance between the antenna and
digital back end. Superior performance is driven by the significant
advances of poly-crystal, single-crystal, and other high purity
piezoelectric materials and the resonator-filter process technology
which enables optimal trade-offs between critical power, frequency
and bandwidth performance specifications.
Akoustis owns and operates a 125,000 sq. ft. ISO-9001:2015
registered commercial wafer-manufacturing facility located in
Canandaigua, NY, which includes a class 100 / class 1000 cleanroom
facility -- tooled for 150-mm diameter wafers -- for the design,
development, fabrication and packaging of RF filters, MEMS and
other semiconductor devices. Akoustis is headquartered in the
Piedmont technology corridor near Charlotte, North Carolina.
Akoustis and three affiliates sought Chapter 11 protection (Bankr.
D. Del. Lead Case No. 24-12796) on Dec. 16, 2024.
The Hon. Laurie Selber Silverstein is the case judge.
The Debtor disclosed $53,371,000 in total assets against
$122,586,000 in total debt as of Sept. 30, 2024.
K&L Gates LLP is serving as legal counsel, Raymond James &
Associates, Inc. is serving as investment banker, Getzler Henrich &
Associates LLC is serving as financial advisor, and C Street
Advisory Group is serving as strategic communications advisor.
Landis Rath & Cobb LLP is the local counsel. Stretto is the claims
agent and has launched the page https://cases.stretto.com/Akoustis
AKOUSTIS TECHNOLOGIES: Gordon Bros. Has $10MM Lead Bid for Assets
-----------------------------------------------------------------
Akoustis Technologies, Inc. (NASDAQ: AKTS) disclosed in a
regulatory filing that on Dec. 15, 2024, prior to the filing of its
bankruptcy petitions, the Company and Gordon Brothers Commercial &
Industrial, LLC agreed to the form of a "stalking horse" asset
purchase agreement under which an affiliate of Gordon Brothers
would purchase substantially all of the Debtors' tool and
tool-related equipment, all machinery and equipment, material
handling, IT equipment, spare parts, shop equipment, manufacturing
supplies, furniture, fixtures, scrap materials and mechanical
equipment.
The initial purchase price for the Purchased Assets will be $10.0
million, subject to certain deductions. In the event the closing
occurs more than 52 days after the Petition Date, the Initial
Purchase Price will be reduced to $7.0 million plus a percentage of
certain proceeds received by Gordon Brothers in connection with any
subsequent sale of the Purchased Assets. The Sale Transaction is
part of a sale process under Section 363 of the Bankruptcy Code
that will be subject to approval by the Court and compliance with
agreed-upon and Court-approved bidding procedures allowing for the
submission of higher or otherwise better offers, and other
agreed-upon conditions. In accordance with the 363 Sale Process,
notice of the proposed sale to Gordon Brothers will be given to
third parties and competing bids will be solicited by Raymond
James. The Company will manage the bidding process and evaluate
the bids, in consultation with its advisors and as overseen by the
Court.
The Stalking Horse Asset Purchase Agreement contains customary
representations and warranties of the parties and is subject to a
number of closing conditions, including, among others, (i) the
accuracy of representations and warranties of the parties; (ii)
material compliance with the obligations of the parties set forth
in the Stalking Horse Asset Purchase Agreement, including
achievement of certain milestones by the Company related to the
Cases and the 363 Sale Process on a timely basis; and (iii) Gordon
Brothers having completed an inspection of the Purchased Assets.
The Stalking Horse Asset Purchase Agreement may be terminated,
subject to certain exceptions: (i) by the mutual written consent of
the parties; (ii) by Gordon Brothers if (a) the Debtors withdraw
the Sale Motion (as defined in the Stalking Horse Asset Purchase
Agreement) or the Sale Motion is denied, (b) the Debtors move to
voluntarily dismiss the Cases or the Court otherwise orders, (c)
the Debtors move for conversion of the Cases to chapter 7 of the
Bankruptcy Code or the Court otherwise orders, (d) the Debtors move
for appointment of an examiner with expanded powers or a trustee in
the Cases or the Court otherwise orders, (e) Gordon Brothers is not
selected as the successful bidder or the backup bidder at the
conclusion of the auction contemplated by the 363 Sale Process, (f)
the Bidding Procedures Order (as defined in the Stalking Horse
Asset Purchase Agreement) is not entered within 28 days after the
Petition Date, unless otherwise agreed by the Debtors, or (g) the
Sale Order is not entered within 108 days after the Petition Date,
unless otherwise agreed by the Debtors, or (iii) by either party,
(a) for certain material breaches by the other party of its
representations and warranties or covenants that remain uncured,
(b) if the closing has not occurred on or prior to the date 113
days after the Petition Date, (c) any governmental authority of
competent jurisdiction issues an order, enacts any law, or takes
any other action restraining, enjoining, or otherwise prohibiting
the Sale Transaction, (d) the Court rules that it does not approve
the Stalking Horse Asset Purchase Agreement for any reason, or (e)
if the Debtors consummate an Alternative Transaction (as defined in
the Stalking Horse Asset Purchase Agreement).
The Stalking Horse Asset Purchase Agreement remains subject to
approval by the Court.
A copy of the Stalking Horse Asset Purchase Agreement is available
at https://tinyurl.com/6adkbpjs
Akoustis Technologies, Inc. -- http://www.akoustis.com/-- is a
high-tech BAW RF filter solutions company that is pioneering
next-generation materials science and MEMS wafer manufacturing to
address the market requirements for improved RF filters --
targeting higher bandwidth, higher operating frequencies and higher
output power compared to legacy polycrystalline BAW technology.
The Company utilizes its proprietary and patented XBAW(R)
manufacturing process to produce bulk acoustic wave RF filters for
mobile and other wireless markets, which facilitate signal
acquisition and accelerate band performance between the antenna and
digital back end. Superior performance is driven by the significant
advances of poly-crystal, single-crystal, and other high purity
piezoelectric materials and the resonator-filter process technology
which enables optimal trade-offs between critical power, frequency
and bandwidth performance specifications.
Akoustis owns and operates a 125,000 sq. ft. ISO-9001:2015
registered commercial wafer-manufacturing facility located in
Canandaigua, NY, which includes a class 100 / class 1000 cleanroom
facility -- tooled for 150-mm diameter wafers -- for the design,
development, fabrication and packaging of RF filters, MEMS and
other semiconductor devices. Akoustis is headquartered in the
Piedmont technology corridor near Charlotte, North Carolina.
Akoustis and three affiliates sought Chapter 11 protection (Bankr.
D. Del. Lead Case No. 24-12796) on Dec. 16, 2024.
The Hon. Laurie Selber Silverstein is the case judge.
The Debtor disclosed $53,371,000 in total assets against
$122,586,000 in total debt as of Sept. 30, 2024.
K&L Gates LLP is serving as legal counsel, Raymond James &
Associates, Inc. is serving as investment banker, Getzler Henrich &
Associates LLC is serving as financial advisor, and C Street
Advisory Group is serving as strategic communications advisor.
Landis Rath & Cobb LLP is the local counsel. Stretto is the claims
agent and has launched the page https://cases.stretto.com/Akoustis
AKOUSTIS TECHNOLOGIES: Qorvo Litigation Blamed for Financial Woes
-----------------------------------------------------------------
Akoustis Technologies, Inc. (NASDAQ: AKTS), said it sought
bankruptcy protection after a losing in a patent infringement case
filed by Qorvo, Inc.
Mark D. Podgainy, a Managing Director with Getzler Henrich &
Associates LLC, who has been tapped to serve as finance
transformation officer of the Debtor, explained that since its
inception, the Company has consistently incurred losses and
negative cash flows, and has used the issuance of debt and equity
securities to help fund operations.
Notwithstanding these losses, the Debtors had sufficient resources
to continue funding operations and planned investments, with $36.8
million in total current assets (including $24.4 million in cash on
hand) as of June 30, 2024.
Recent developments, however, have rendered the Debtors' financial
situation unsustainable, necessitating the commencement of the
Chapter 11 Cases, Mr. Podgainy said in court filings.
On Oct. 4, 2021, the Company was named as a defendant in a
complaint filed by Qorvo, Inc., in the United States District Court
for the District of Delaware, captioned as Qorvo Inc. v. Akoustis
Technologies, Inc., No. 1:21-cv-01417-JPM, alleging, among other
things, patent infringement, false advertising, false patent
marketing, and unfair competition. Qorvo sought to enjoin the
Company from continuing the alleged infringement as well as
monetary damages (including punitive and statutory enhanced
damages).
On May 17, 2024, the jury returned a verdict in favor of Qorvo with
respect to counts alleging misappropriation of certain trade
secrets and patent infringement, including an award of damages in
the amount of $38.6 million. The Company disagrees with the jury
verdict and Jury Award and, through post-trial briefing, sought to
contest the judgment by obtaining a vacatur, remittitur, or
amendment thereof. Those efforts were unavailing, and the District
Court entered orders (a) awarding attorneys' fees to Qorvo on Sept.
9, 2024, in the amount of $11,743,745.54, and (b) awarding pre- and
post- judgment interest to Qorvo on September 10, 2024, in the
aggregate amount of $7,257,437. Qorvo thereafter submitted an
Amended Final Judgment, compiling all of the District Court's
findings and rulings into a single judgment, which the District
Court entered on Nov. 22, 2024.
In addition to the Damages Award, the Court also granted Qorvo a
permanent injunction. On Oct. 11, 2024 -- though not entered on
the docket until Oct. 15 -- the District Court entered an order
permanently enjoining the Debtors and related parties from
possessing, reviewing, using, or disclosing trade secret
information obtained from Qorvo, offering, selling, or distributing
products that were made using the Qorvo Trade Secret Information;
or advertising, promoting, or offering services utilizing the Qorvo
Trade Secret Information. In support of the Injunction, the
District Court ordered the Debtors to engage in a review of their
files, data, and information in order to identify, quarantine, and
purge any Qorvo Trade Secret Information as well as other
confidential Qorvo information, and the District Court granted
Qorvo certain audit rights with respect to this process. Finally,
the District Court also permanently enjoined the Debtors from
making, using, selling, or otherwise offering to sell in the United
States certain products that the jury found infringed on two of
Qorvo's patents.
The Debtors filed a notice of appeal of the Damages Award and the
Injunction on November 29, 2024.
The Debtors have sought to comply with the Injunction by
identifying an appropriate vendor (Stroz Freidberg) to conduct a
robust "cleansing" process to purge any Qorvo Trade Secret
Information from the Debtors' systems, files, and products in
connection with the marketing its assets for sale. The Debtors
will seek the Court's approval of that retention.
About Akoustis Technologies
Akoustis Technologies, Inc. -- http://www.akoustis.com/-- is a
high-tech BAW RF filter solutions company that is pioneering
next-generation materials science and MEMS wafer manufacturing to
address the market requirements for improved RF filters --
targeting higher bandwidth, higher operating frequencies and higher
output power compared to legacy polycrystalline BAW technology.
The Company utilizes its proprietary and patented XBAW(R)
manufacturing process to produce bulk acoustic wave RF filters for
mobile and other wireless markets, which facilitate signal
acquisition and accelerate band performance between the antenna and
digital back end. Superior performance is driven by the significant
advances of poly-crystal, single-crystal, and other high purity
piezoelectric materials and the resonator-filter process technology
which enables optimal trade-offs between critical power, frequency
and bandwidth performance specifications.
Akoustis owns and operates a 125,000 sq. ft. ISO-9001:2015
registered commercial wafer-manufacturing facility located in
Canandaigua, NY, which includes a class 100 / class 1000 cleanroom
facility -- tooled for 150-mm diameter wafers -- for the design,
development, fabrication and packaging of RF filters, MEMS and
other semiconductor devices. Akoustis is headquartered in the
Piedmont technology corridor near Charlotte, North Carolina.
Akoustis and three affiliates sought Chapter 11 protection (Bankr.
D. Del. Lead Case No. 24-12796) on Dec. 16, 2024.
The Hon. Laurie Selber Silverstein is the case judge.
The Debtor disclosed $53,371,000 in total assets against
$122,586,000 in total debt as of Sept. 30, 2024.
K&L Gates LLP is serving as legal counsel, Raymond James &
Associates, Inc. is serving as investment banker, Getzler Henrich &
Associates LLC is serving as financial advisor, and C Street
Advisory Group is serving as strategic communications advisor.
Landis Rath & Cobb LLP is the local counsel. Stretto is the claims
agent and has launched the page https://cases.stretto.com/Akoustis
ALL BLUE INVESTMENTS: Chapter 15 Case Summary
---------------------------------------------
Lead Debtor: All Blue Investments North Star 1 Ltd.
Little Denmark Bldg, Unit 3a
147 Main St.
P.O. Box 3162, Road Town
Tortola
British Virgin Islands, VG1110
Foreign Proceeding: Liquidation of All Blue Investments North
Star 1 Ltd. by resolution of member
Chapter 15 Petition Date: December 13, 2024
Court: United States Bankruptcy Court
Southern District of Florida
Two affiliates that concurrently filed voluntary petitions for
relief under Chapter 15 of the Bankruptcy Code:
Debtor Case No.
------ --------
All Blue Investments North Star 1 Ltd. (Lead Case) 24-23015
All Blue Investment Management Ltd. 24-23016
Foreign Representatives: Martin Trott and Nathan Mills
Little Denmark Bldg, Unit 3a
147 Main St.
PO Box 3162, Road Town
Tortola
British Virgin Islands, VG1110
Foreign
Representatives'
Counsel: Rachel Nanes, Esq.
DLA PIPER LLP (US)
200 South Biscayne Boulevard, Suite 2500
Miami, FL 33131
Tel: (305) 423-8500
Email: rachel.nanes@us.dlapiper.com
Estimated Assets: Unknown
Estimated Debt: Unknown
A full-text copy of the Chapter 15 petition is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/OLKEV7I/All_Blue_Investments_North_Star__flsbke-24-23015__0001.0.pdf?mcid=tGE4TAMA
ALLAN'S COFFEE: Hires Scott Law Group LLP as Counsel
----------------------------------------------------
Allan's Coffee & Tea, Inc. seeks approval from the U.S. Bankruptcy
Court for the District of Oregon to employ Scott Law Group LLP to
serve as legal counsel in its Chapter 11 case.
The firm will be paid at these rates:
Loren S. Scott, Esq. $340 per hour
Natalie C. Scott, Esq. $300 per hour
Paralegals $90 to $160 per hour
Law Clerks $150 to $200 per hour
The firm will also be reimbursed for out-of-pocket expenses
incurred.
The firm requested for a retainer in the amount of $30,000.
Loren Scott, Esq., a partner at Scott Law Group, disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Loren S. Scott, Esq.
Scott Law Group LLP
PO Box 70422
Springfield, OR 97475
Tel: (541) 868-8005
Fax: (541) 868-8004
Email: lscott@scott-law-group.com
About Allan's Coffee & Tea, Inc.
Allan's Coffee & Tea Inc., doing business as Allan's Cafe and
Allan's Coffee, sells coffee, tea, syrups, concentrates, cups, and
filters.
Allan's Coffee & Tea Inc. sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Or. Case No. 24-62692) on December
3, 2024. In the petition filed by Robert Morgan, as president, the
Debtor reports total assets of $1,246,785 and total liabilities of
$2,767,308.
Honorable Bankruptcy Judge Thomas M. Renn handles the case.
The Debtor is represented by Loren S. Scott, Esq., at THE SCOTT LAW
GROUP.
ALLAN'S COFFEE: Wins Interim $38K Cash Collateral Use Until Dec. 27
-------------------------------------------------------------------
Allan's Coffee & Tea, Inc. received interim approval from the U.S.
Bankruptcy Court for the District of Oregon to use cash collateral
of Fox Capital Group, Inc., Channel Partners Capital, LLC, and the
United States Small Business Administration.
The Debtor is authorized to use cash collateral in an amount not to
exceed $38,487.88 for limited expenses, including building lease,
payroll, owner payroll, and payroll taxes.
The secured creditors are granted replacement liens on all of the
Debtor's assets or interests in assets acquired on or after the
petition date, with the same scope, validity, perfection, relative
priority, and enforceability as their pre-petition security
interests.
A copy of the court's order and the Debtor's budget is available at
https://shorturl.at/qscQb from PacerMonitor.com.
A final hearing on the motion will be held on December 27, 2024, at
10:00 a.m.
About Allan's Coffee & Tea, Inc.
Allan's Coffee & Tea, Inc. sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D.O. Case No. 24-62692) with
$1,000,001 to $10 million in assets and $1,000,001 to $10 million
in laibilities.
The petition was signed by Robert Morgan as president.
Judge Thomas M Renn oversees the case.
The Debtor is represented by:
LOREN S SCOTT
The Scott Law Group
Tel: 541-868-8005
E-mail: ecf@scott-law-group.com
ALRACHID LLC: Unsecureds Will Get 6% of Claims in Plan
------------------------------------------------------
Alrachid, LLC, filed with the U.S. Bankruptcy Court for the
Northern District of Ohio a Plan of Reorganization under Subchapter
V dated November 14, 2024.
The Debtor owns and operates a restaurant as a franchisee of
Sittoo's Systems LLC ("Sittoo's") and does business as Sittoo's
Lebanese Grill at 24930 Lorain Rd, North Olmstead Ohio. The Debtor
was founded in 2014, and Mr. Tony Soueid is its sole member and its
president.
The Debtor has been funded by a combination of supplier credit, a
business loan with Headway Capital, five so-called "merchant cash
advance" ("MCA") companies, and a loan with Ford Motor Credit for a
pickup truck.
The Debtor's attempts to finance its return to its normal level of
operation with loans from the MCA Lenders caused excessive demands
on its existing cash. The attempts of certain MCA Lenders to seize
the Debtor's accounts receivable led to the filing of this
bankruptcy case.
The Debtor's financial projections prepared by the Debtor and its
accountant show that the Debtor will have total projected
disposable income of $302,143.04 (the "Projected Disposable
Income"). The final Plan payment is expected to be paid 36 months
after the initial Distribution Date of this Plan or when all Claims
have been Allowed.
This Plan of Reorganization under chapter 11 of the Bankruptcy Code
proposes to pay creditors of the Debtor from the future actual
disposable income of the Reorganized Debtor.
Creditors holding Allowed Claims in Classes 1, 2 and 3 will receive
Distributions which the Debtor has estimated to be approximately
100 cents on the dollar during the term of this Plan. Classes 4
will also receive approximately 6% if all of their Allowed Claims
are Allowed as filed, and substantially greater if some claims are
disallowed. This Plan provides for full payment of administrative
expenses and priority claims.
Class 4 consists of the Allowed Unsecured Claims, including the
Allowed Unsecured Claims of Alternative, Avanza, Essential, FBF,
Headway and Lazarus. Based on filed and scheduled claims there are
potentially 10 holders of Allowed Unsecured Claims who may have
approximately $494,554.51 in Unsecured Claims in this class. This
amount is not a statement by the Debtor that this amount will
ultimately be the amount of Allowed Claims in this Class, as the
Debtor reserves all rights and objections to any Claim in this
Class.
Allowed Claims in this class shall receive a pro rata share of the
Debtor's actual Disposable Income from the Reorganized Debtor
commencing on first business day that is 30 days after the last
business day of the year in which the payment of Administrative
Expenses provided for in this Plan, and Class 1 is paid in full
occurs. Allowed Claims in this class will receive an annual pro
rata Distribution from the Reorganized Debtor and in each calendar
year thereafter until paid in full or the Plan reaches 3 years from
the initial Distribution Date. No interest shall accrue on any
Claims in this Class.
Class 6 consists of the outstanding membership interests issued by
the Debtor, all of which are owned by Tony Soueid. Confirmation of
this Plan shall cause all prepetition membership interests issued
by the Debtor to be revested in and retained Mr. Soueid as of the
Petition Date and shall subject to and based upon the terms and
conditions as they existed on the Petition Date including under any
Articles of Incorporation, By-Laws, and other duly executed
corporate documents.
The Plan will be primarily implemented and funded through the
future business operations of the Reorganized Debtor recoveries
from the Avoidance Actions, if any may be used to fund
distributions under the Plan. As a part of its reorganization, the
Debtor does not contemplate the sale of any assets, however assets
may be sold to the extent that it is later determined they are no
longer of value to the Reorganized Debtor's business operation or
their useful life for the Reorganized Debtor has expired.
A full-text copy of the Plan of Reorganization dated November 14,
2024 is available at https://urlcurt.com/u?l=GreHI6 from
PacerMonitor.com at no charge.
About Alrachid, LLC
Alrachid LLC owns and operates a restaurant as a franchisee of
Sittoo's Systems LLC and does business as Sittoo's Lebanese Grill
at 24930 Lorain Rd, North Olmstead Ohio.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ohio Case No. 24-12309) on June 11,
2024, with $100,001 to $500,000 in both assets and liabilities.
Judge Suzana Krstevski Koch presides over the case.
Frederic P. Schwieg, Esq., is the Debtor's legal counsel.
ALVARIA HOLDCO: 92% Markdown for DoubleLine ISF $1.3MM Loan
-----------------------------------------------------------
DoubleLine Income Solutions Fund has marked its $1,346,354 loan
extended to Alvaria Holdco (Aspect Software) Second-Out T/L to
market at $107,708 or 8% of the outstanding amount, according to a
disclosure contained in DoubleLine ISF's Amended Form N-CSR for the
six-month period ended September 30, 2024, filed with the U.S.
Securities and Exchange Commission.
DoubleLine ISF is a participant in a Senior Secured First Lien Term
Loan to Alvaria Holdco (Aspect Software) Second-Out T/L. The loan
accrues interest at a rate of 6.97% (1 Month term SOFR US+ 2%,0 %
FLOOR) per annum. The loan matures on May 18, 2028.
DoubleLine YOF was formed as a closed-end management investment
company registered under the Investment Company Act of 1940, as
amended and originally classified as a non-diversified fund. The
Fund is currently operating as a diversified fund.
The fiscal year ends September 30.
DoubleLine YOF is led by Ronald R. Redell, President and Chief
Executive Officer; and Henry V. Chase, Treasurer and Principal
Financial and Accounting Officer. The Fund can be reach through:
Ronald R. Redell
President and Chief Executive Officer
c/o DoubleLine Capital LP
2002 North Tampa Street, Suite 200
Tampa, FL 33602
Tel. No.: (813) 791-7333
Alvaria is a holding company that operates two technology
providers: Alvaria CX and Aspect. Alvaria is a company that aims to
improve customer experience and workforce engagement through
software.
ALVARIA HOLDCO: DoubleLine ISF Marks $577,009 Loan at 55% Off
-------------------------------------------------------------
DoubleLine Income Solutions Fund has marked its $577,009 loan
extended to Alvaria Holdco (Aspect Software) Second-Out T/L to
market at $260,378 or 45% of the outstanding amount, according to a
disclosure contained in DoubleLine ISF's Amended Form N-CSR for the
six-month period ended September 30, 2024, filed with the U.S.
Securities and Exchange Commission.
DoubleLine ISF is a participant in a Senior Secured First Lien Term
Loan to Alvaria Holdco (Aspect Software) Second-Out T/L. The loan
accrues interest at a rate of 6.08% (1 Month term SOFR US+ 1%,0.75%
FLOOR) per annum. The loan matures on May 18, 2028.
DoubleLine YOF was formed as a closed-end management investment
company registered under the Investment Company Act of 1940, as
amended and originally classified as a non-diversified fund. The
Fund is currently operating as a diversified fund.
The fiscal year ends September 30.
DoubleLine YOF is led by Ronald R. Redell, President and Chief
Executive Officer; and Henry V. Chase, Treasurer and Principal
Financial and Accounting Officer. The Fund can be reach through:
Ronald R. Redell
President and Chief Executive Officer
c/o DoubleLine Capital LP
2002 North Tampa Street, Suite 200
Tampa, FL 33602
Tel. No.: (813) 791-7333
Alvaria is a holding company that operates two technology
providers: Alvaria CX and Aspect. Alvaria is a company that aims to
improve customer experience and workforce engagement through
software.
AMARILLO PLATINUM: Exclusivity Period Extended to Jan. 10, 2025
---------------------------------------------------------------
Judge Charles M. Walker of the U.S. Bankruptcy Court for the Middle
District of Tennessee extended Amarillo Platinum, LLC, and
affiliates' exclusive periods to file a plan of reorganization and
obtain acceptance thereof to January 10, 2025 and February 28,
2025, respectively.
As shared by Troubled Company Reporter, the Debtors explain that
cause exists warranting the Court's extension of the 120-Day
Exclusivity Period and the 180-Day Period to the dates requested.
The Debtors own and operate three separate hotels under three
separate brand franchise agreements in distinct markets. Each
requires its own detailed analysis of cash flow, capital
improvement costs and anticipated timelines, and valuation.
Moreover, as set forth in the Company Profile, and as this Court is
aware from the Affiliated Cases, the Debtors historically used
centralized cash management under a separate management company,
Platinum Management Services, LLC ("PMS"). This historical
financial recordkeeping, however, is not fully reliable as it did
not consistently segregate and capture expenses on a hotel-by hotel
basis.
The Debtors assert that creditors, in general, will not be
prejudiced by the extension request, because the requested extended
deadlines fall within the extension limitation found in Section
1121(d)(2) of the Bankruptcy Code, and, specifically as to the
largest secured creditor, LBC2 Trust, because it has consented to
the requested extension dates.
The Debtors believe, and if necessary will present evidence to
demonstrate, that if given additional time to propose a Plan on an
exclusive basis, they will be able to propose a confirmable Plan
that will at best be consensually supported by all creditors or at
worst provide creditors significantly more than they would receive
in a chapter 7 liquidation.
Counsel to the Debtors:
Henry E. (Ned) Hildebrand, IV, Esq.
Gray Waldron, Esq.
DUNHAM HILDEBRAND PAYNE WALDRON, PLLC
9020 Overlook Boulevard, Suite 316
Brentwood, TN 37027
Phone: (615) 933-5851
Email: ned@dhnashville.com
Email: gray@dhnashville.com
About Amarillo Platinum
Amarillo Platinum, LLC d/b/a SpringHill Suites Amarillo filed its
voluntary petition for relief under Chapter 11 of the Bankruptcy
Code (Bankr. M.D. Tenn. Case No. 24-02447) on July 1, 2024, listing
up to $50,000 in assets and $10 million to $50 million in
liabilities. The petition was signed by Mitul Patel as manager.
Judge Charles M Walker presides over the case.
Henry E. ("Ned") Hildebrand, IV, Esq. at DUNHAM HILDEBRAND PAYNE
WALDRON, PLLC, is the Debtor's counsel.
AMERICAN TIRE: DoubleLine ISF Marks $1.4MM Loan at 39% Off
----------------------------------------------------------
DoubleLine Income Solutions Fund has marked its $761,213 loan
extended to American Tire Distributors, Inc to market at $107,708
or 61% of the outstanding amount, according to a disclosure
contained in DoubleLine ISF's Amended Form N-CSR for the six-month
period ended September 30, 2024, filed with the U.S. Securities and
Exchange Commission.
DoubleLine ISF is a participant in a Senior Secured First Lien Term
Loan to American Tire Distributors, Inc. The loan accrues interest
at a rate of 6.97% (3 Month term SOFR US+ 6.25%, 0.75% Floor) per
annum. The loan matures on October 23, 2028.
DoubleLine YOF was formed as a closed-end management investment
company registered under the Investment Company Act of 1940, as
amended and originally classified as a non-diversified fund. The
Fund is currently operating as a diversified fund.
The fiscal year ends September 30.
DoubleLine YOF is led by Ronald R. Redell, President and Chief
Executive Officer; and Henry V. Chase, Treasurer and Principal
Financial and Accounting Officer. The Fund can be reach through:
Ronald R. Redell
President and Chief Executive Officer
c/o DoubleLine Capital LP
2002 North Tampa Street, Suite 200
Tampa, FL 33602
Tel. No.: (813) 791-7333
American Tire Distributors, Inc. distributes motor vehicle parts.
The Company offers custom wheels, tires, and other related
products. American Tire Distributor serves customers in the United
States.
AMERIFIRST FINANCIAL: Seeks to Extend Exclusivity to Feb. 24, 2025
------------------------------------------------------------------
AmeriFirst Financial, Inc., and Phoenix 1040 LLC asked the U.S.
Bankruptcy Court for the District of Delaware to extend their
exclusivity periods to file a plan of reorganization and obtain
acceptance thereof to February 24, 2025 and April 24, 2025,
respectively.
Here, causes exists to extend the Exclusive Periods. First, the
Debtors continue to make good-faith progress. Early on in these
cases, the Debtors obtained approval to continue certain business
operations in the ordinary course. The Debtors also consummated a
sale of the bulk of their commercial line of business. In
addition, the Debtors recently concluded the sale of their most
valuable asset, their mortgage servicing rights (the "MSR Sale").
In connection therewith, the Debtors worked with a variety of
parties, including Ginnie Mae, Fannie Mae and Freddie Mac to ensure
the Debtors obtained all necessary approvals prior to the "Transfer
Date" at which point additional sale proceeds will be paid into the
estates. Given recent developments, allowing the expiration of the
Exclusive Periods now would serve only to potentially place these
cases in turmoil and would interfere with, or delay the progress
the Debtors have made to date.
Second, the requested extensions have a legitimate purpose and will
not pressure creditors to accede to the Debtors' demands. The
Debtors are not seeking to delay these chapter 11 cases by
requesting the relief sought herein. Rather, the Debtors intend to
use the extensions of the Exclusive Periods to ultimately seek
confirmation of a plan of liquidation and exit chapter 11 in a
timely manner, without the unnecessary costs and distraction of a
competing plan process.
Lastly, creditors will not be prejudiced by extending the Exclusive
Periods. All stakeholders would benefit from the continued
stability and predictability of having the Debtors as the sole plan
proponents, and the Debtors will continue to work constructively
with their creditors and all parties in interest to resolve any
outstanding issues on a consensual basis whenever possible.
Counsel for the Debtors:
Laura Davis Jones, Esq.
David M. Bertenthal, Esq.
Timothy P. Cairns, Esq.
Pachulski Stang Ziehl & Jones, LLP
919 North Market Street, 17th Floor
P.O. Box 8705
Wilmington, DE 19899
Telephone: (302) 652-4100
Facsimile: (302) 652-4400
Email: ljones@pszjlaw.com
About AmeriFirst Financial
AmeriFirst Financial, Inc., is a mid-sized independent mortgage
company in Mesa, Ariz.
AmeriFirst and its affiliate Phoenix 1040, LLC, filed Chapter 11
petitions (Bankr. D. Del. Lead Case No. 23-11240) on Aug. 24, 2023.
In the petitions signed by T. Scott Avila, chief restructuring
officer, each Debtor disclosed between $50 million and $100million
in both assets and liabilities.
Judge Thomas M. Horan oversees the cases.
The Debtors tapped Laura Davis Jones, Esq., at Pachulski Stang
Ziehl & Jones, LLP as bankruptcy counsel; and Paladin Management
Group, LLC as restructuring advisor. Omni Agent Solutions, Inc., is
the claims, noticing and administrative agent.
On Sept. 15, 2023, the Office of the United States Trustee
appointed an official committee of unsecured creditors. The
Committee tapped Morris, Nichols, Arsht & Tunnell LLP as its
counsel.
AN SM 1925: Dec. 19 Deadline Set for Panel Questionnaires
---------------------------------------------------------
The United States Trustee is soliciting members for committee of
unsecured creditors in the bankruptcy case of AN SM 1925 Broadway
Holdings LLC.
If a party wishes to be considered for membership on any official
committee that is appointed, it must complete a questionnaire
available at https://tinyurl.com/mu9wc8p4 and return by email it to
Hannah McCollum - Hannah.McCollum@usdoj.gov - at the Office of the
United States Trustee so that it is received no later than
Thursday, Dec. 19, 2024, 4:00 p.m..
If the U.S. Trustee receives sufficient creditor interest in the
solicitation, it may schedule a meeting or telephone conference for
the purpose of forming a committee.
About AN SM 1925 Broadway Holdings LLC
AN SM 1925 Broadway Holdings LLC is engaged in activities related
to real estate.
AN SM 1925 Broadway Holdings LLC sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-12710) on
December 3, 2024. In the petition filed by Alex Nerush, as sole
member and manager, the Debtor reports estimated assets between $1
million and $10 million and estimated liabilities between $100,000
and $500,000.
The Honorable Bankruptcy Judge Brendan Linehan Shannon oversees the
case.
The Debtor is represented by William J. Burton, Esq. and Kevin G.
Collins, Esq. of Barnes & Thornburg LLP.
ANGUS A2A: To Restructure Under CCAA Protection; A&M as Monitor
---------------------------------------------------------------
The Court of King's Bench of Alberta ("Court") issued an order
under the Companies' Creditors Arrangement Act, as amended ("CCAA")
("Initial Order") with respect to Angus A2A GP Inc., Angus Manor
Park A2A GP Inc., Angus Manor Park A2A Capital Corp., Angus Manor
Park A2A Developments Inc., Windridge A2A GP Inc., Windridge A2A
Developments, LLC, Fossil Creek A2A GP Inc., Fossil Creek A2A
Developments, LLC, A2A Developments Inc., Serene Country Homes
(Canada) Inc. ("Companies"). Alvarez & Marsal Canada Inc. was
appointed pursuant to the CCAA as monitor ("Monitor") of the
business and financial affairs of the Companies, with expanded
powers to operate the day to day business of the Companies.
The Initial Order provides for, among other things, a stay of
proceedings to November 24, 2024 "Initial Stay Period"). The
Initial Stay Period may be further extended by the Court from time
to time. The Initial Order also provides a stay of proceedings
against Angus A2A Limited Partnership, Angus Manor A2A Limited
Partnership, Windridge A2A LP, Hills of Windridge A2A Trust, Fossil
Creek A2A Limited Partnership, and Fossil Creek A2A Trust.
A comeback hearing was scheduled to be heard on Nov. 21, 2024 at
2:00 pm MST where the Court will hear arguments with respect to the
relief granted in the Initial Order, an extension of the Initial
Stay Period, and any additional relief that may be sought at the
Comeback Hearing. At the Hearing, the Monitor sought to increase
charges on the property of the Companies and expand the charges to
attach to the undivided financial interests of certain investors in
real estate purchased through investments raised by one or more of
the Companies. Such charge will rank in priority to all other
security interests, trusts, liens, charges and encumbrances, and
claims of secured creditors, statutory or otherwise in favour of
any person. The purposes of the charges are to secure payment for
the professionals involved in the proceeding and to secure the
funding made available by an interim lender. These amounts, in
aggregate, are expected at this time to be $2,500,000 (excluding
interest, costs and expenses) and are secured against all of the
projects included in the CCAA filing.
A copy of the Initial Order, as well as other materials filed in
these CCAA proceedings may be obtained at
https://www.alvarezandmarsal.com/A2A.
To date, no claims procedure has been approved by the Court and
creditors are therefore not required to file a proof of claim at
this time.
If you have any questions regarding the foregoing or require
further information, please consult the Monitor's website at
www.alvarezandmarsal.com/A2A. Should you wish to speak to a
representative of the Monitor, please contact
A2A@alvarezandmarsal.com.
Monitor can be reached at:
Alvarez & Marsal Canada Inc.
Attn: Orest Konowalchuk
Duncan MacRae
Suite 1110, 250 6th Ave SW
888 3rd Street SW
Calgary AB T2P 3H7
Email: dmacrae@alvarezandmarsal.com
okonowalchuk@alvarezandmarsal.com
US Counsel to Alvarez & Marsal Canada Inc.
Reed Smith LLP
Attn: Keith Aurzada
Michael Cooley
2850 N Harwood St Suite 1500,
Dallas, TX 75201, United States
Email: KAurzada@reedsmith.com
mpcooley@reedsmith.com
Counsel to A2A:
Metcalfe, Blainey & Burns LLP
Attn: Sammy Lee
Jonathan Ku
Stephen Barbier
18 Crown Steel Dr #202
Markham, ON L3R 9X9
E-mail: sammylee@mbb.ca
jonathanku@mbb.ca
stephenbarbier@mbb.ca
Co-Counsel with A2A Group ON:
Miles Davidson LLP
Attn: Daniel Jukes
900, 517 - 10 Avenue SW
Calgary, AB T2R 0A8
Email: djukes@milesdavison.com
Angus A2A GP Inc. is a group of real estate investment companies.
APEX AG SOLUTIONS: Gets Final OK to Use Cash Collateral
-------------------------------------------------------
Apex Ag Solutions, LLC received final approval from the U.S.
Bankruptcy Court for the Southern District of Indiana to use cash
collateral.
The final order signed by Judge James Carr authorized the company
to use cash collateral, provided that its expenditures made under
the final order for any category of expenses included in its budget
may not exceed the expenditures provided in the budget for that
category by more than 10%, and its net cash flow for any period
provided in the budget must be equal to or greater than 90% of the
net projected cash flow for such period.
Three Rivers Federal Credit Union, which is owed $2 million by the
company, holds a lien on substantially all of the company's
property.
As adequate protection, Three Rivers will be granted a replacement
lien on the cash collateral and post-petition property of the
company to the same extent and with the same priority as its
pre-bankruptcy lien.
The use of cash collateral may terminate if specific defaults
occur, including failure to comply with the budget or other terms
outlined in the order.
About Apex Ag Solutions
Apex Ag Solutions LLC is a diversified full-service industrial
contractor specializing in grain, aggregate and industrial
maintenance.
Apex Ag Solutions LLC sought relief under Subchapter V of Chapter
11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 24-05408)
on October 6, 2024. In the petition filed by Torey Hunt, as
president, the Debtor reports total assets of $1,467,920 and total
liabilities of $2,094,515.
The Honorable Bankruptcy Judge James M. Carr handles the case.
The Debtor is represented by KC Cohen, Esq., at KC Cohen, Lawyer,
PC.
ARTICO COLD STORAGE: Gets OK to Use Cash Collateral Until Dec. 21
-----------------------------------------------------------------
Artico Cold Storage Chicago, LLC received interim approval from the
U.S. Bankruptcy Court for the Northern District of Illinois to use
the cash collateral of Wintrust Bank, N.A. until Dec. 21.
The interim order signed by Judge Deborah Thorne on Dec. 11
approved the use of cash collateral to pay the company's operating
expenses in accordance with its budget. The budget shows total
operating expenses of $188,561 for the week ending Dec. 22.
The next hearing is scheduled for Dec. 18.
The bankruptcy court previously issued an order on Nov. 26,
allowing Artico to use cash collateral to pay $59,466 in operating
expenses through Dec. 7, and another order on Dec. 6, approving the
use of cash collateral to pay $175,167 in operating expenses
through Dec. 14.
About Artico Cold Storage Chicago
Artico Cold Storage Chicago, LLC is a premier full-service public
refrigerated warehouse. It offers local and regional transportation
solutions. Strategically located in an approximately
220,000-square-foot building in Chicago's Stock Yards Industrial
Park, Artico offers a variety of services and employs the latest
technology to meet customer demands and increase accountability in
the cold chain.
The company has been in operation since April 2022, after acquiring
a 60-year-old operation. In May 2023, Artico transitioned to a new
warehouse management system, which did not operate as expected. The
transition disrupted operations, resulting in shipping delays and
errors and eventually the loss of several customers. Artico
estimates revenues declined by about 60% during this period. The
company has been diligently working to recover and restore business
operations but recovery has been slower than hoped.
Artico filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-04371) on March 26,
2024, with $1 million to $10 million in both assets and
liabilities.
Judge Deborah L. Thorne presides over the case.
William J. Factor, Esq., represents the Debtor as legal counsel.
ASPEN ELECTRONICS: Gets OK to Hire Werther & Mills as ESOP Counsel
------------------------------------------------------------------
Aspen Electronics Manufacturing, Inc. received approval from the
U.S. Bankruptcy Court for the District of Colorado to employ
Werther & Mills, LLC as Employee Stock Ownership Plan litigation
counsel.
The Debtor requires an ESOP litigation counsel to represent its
interest in the lawsuit styled Holzman Horner Chartered v. Valdez,
Case No. 2024-CAB-006974, in the Superior Court for the District of
Columbia.
Laurin Mills, Esq., the primary attorney in this representation,
will be paid at her hourly rate of $550.
The firm requested a retainer of $5,000 from the Debtor.
Ms. Mills 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:
Laurin H. Mills, Esq.
Werther & Mills, LLC
800 Connecticut Avenue NW, Suite 300
Washington, DC 20006
Telephone: (202) 599-5006
About Aspen Electronics Manufacturing
Aspen Electronics Manufacturing Inc., an electronics manufacturer
in Westminster, Colorado, sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No.
24-16558) on Nov. 1, 2024. In the petition filed by Giao Le,
president, the Debtor disclosed total assets of $1,828,289 and
total liabilities of $2,710,940.
Judge Joseph G. Rosania Jr. oversees the case.
The Debtor tapped Jenny M.F. Fujii, Esq., at Kutner Brinen Dickey
Riley PC and Laurin H. Mills, Esq., at Werther & Mills, LLC as
special counsel.
ASTRA ACQUISITION: 88% Markdown for DoubleLine ISF $3.2MM Loan
--------------------------------------------------------------
DoubleLine Income Solutions Fund has marked its $3,249,219 loan
extended to Astra Acquisition Corp to market at $378,745 or 12% of
the outstanding amount, according to a disclosure contained in
DoubleLine ISF’s Amended Form N-CSR for the six-month period
ended September 30, 2024, filed with the U.S. Securities and
Exchange Commission.
DoubleLine ISF is a participant in a Senior Secured Second Lien
Term Loan to Astra Acquisition Corp. The loan accrues interest at a
rate of 14.47% (3 Month term SOFR+ 8.88%,.75% floor) per annum. The
loan matures on October 25, 2029.
DoubleLine YOF was formed as a closed-end management investment
company registered under the Investment Company Act of 1940, as
amended and originally classified as a non-diversified fund. The
Fund is currently operating as a diversified fund.
The fiscal year ends September 30.
DoubleLine YOF is led by Ronald R. Redell, President and Chief
Executive Officer; and Henry V. Chase, Treasurer and Principal
Financial and Accounting Officer. The Fund can be reach through:
Ronald R. Redell
President and Chief Executive Officer
c/o DoubleLine Capital LP
2002 North Tampa Street, Suite 200
Tampa, FL 33602
Tel. No.: (813) 791-7333
Astra Acquisition Corp. is a provider of cloud-based software
solutions for higher educational institutions.
ASTRA ACQUISITION: 88% Markdown for DoubleLine ISF $9.6MM Loan
--------------------------------------------------------------
DoubleLine Income Solutions Fund has marked its $9,662,677 loan
extended to Astra Acquisition Corp to market at $1,126,330 or 12%
of the outstanding amount, according to a disclosure contained in
DoubleLine ISF's Amended Form N-CSR for the six-month period ended
September 30, 2024, filed with the U.S. Securities and Exchange
Commission.
DoubleLine ISF is a participant in a Senior Secured Second Lien
Term Loan to Astra Acquisition Corp. The loan accrues interest at a
rate of 14.47% (3 Month term SOFR+ 8.88%) per annum. The loan
matures on October 25, 2029.
DoubleLine ISF was formed as a closed-end management investment
company registered under the Investment Company Act of 1940, as
amended and originally classified as a non-diversified fund. The
Fund is currently operating as a diversified fund.
DoubleLine ISF is led by Ronald R. Redell, President and Chief
Executive Officer; and Henry V. Chase, Treasurer and Principal
Financial and Accounting Officer. The Fund can be reach through:
Ronald R. Redell
President and Chief Executive Officer
c/o DoubleLine Capital LP
2002 North Tampa Street, Suite 200
Tampa, FL 33602
Tel. No.: (813) 791-7333
Astra Acquisition Corp. is a provider of cloud-based software
solutions for higher educational institutions.
ASTRA ACQUISITION: DoubleLine ISF Marks $277,224 Loan at 17% Off
----------------------------------------------------------------
DoubleLine Income Solutions Fund has marked its $277,224 loan
extended to Astra Acquisition Corp to market at $229,819 or 83% of
the outstanding amount, according to a disclosure contained in
DoubleLine ISF’s Amended Form N-CSR for the six-month period
ended September 30, 2024, filed with the U.S. Securities and
Exchange Commission.
DoubleLine ISF is a participant in a Senior Secured First Lien Term
Loan to Astra Acquisition Corp. The loan accrues interest at a rate
of 12.08% (3 Month term SOFR+ 6.75%, 2% floor) per annum. The loan
matures on February 25, 2028.
DoubleLine YOF was formed as a closed-end management investment
company registered under the Investment Company Act of 1940, as
amended and originally classified as a non-diversified fund. The
Fund is currently operating as a diversified fund.
The fiscal year ends September 30.
DoubleLine YOF is led by Ronald R. Redell, President and Chief
Executive Officer; and Henry V. Chase, Treasurer and Principal
Financial and Accounting Officer. The Fund can be reach through:
Ronald R. Redell
President and Chief Executive Officer
c/o DoubleLine Capital LP
2002 North Tampa Street, Suite 200
Tampa, FL 33602
Tel. No.: (813) 791-7333
Astra Acquisition Corp. is a provider of cloud-based software
solutions for higher educational institutions.
ASTRA ACQUISITION: DoubleLine ISF Marks $438,485 Loan at 79% Off
----------------------------------------------------------------
DoubleLine Income Solutions Fund has marked its $438,485 loan
extended to Astra Acquisition Corp to market at $91,352 or 21% of
the outstanding amount, according to a disclosure contained in
DoubleLine ISF’s Amended Form N-CSR for the six-month period
ended September 30, 2024, filed with the U.S. Securities and
Exchange Commission.
DoubleLine ISF is a participant in a Senior Secured First Lien Term
Loan to Astra Acquisition Corp. The loan accrues interest at a rate
of 9.85% (3 Month term SOFR+ 5.25%2% floor) per annum. The loan
matures on October 25, 2028.
DoubleLine YOF was formed as a closed-end management investment
company registered under the Investment Company Act of 1940, as
amended and originally classified as a non-diversified fund. The
Fund is currently operating as a diversified fund.
The fiscal year ends September 30.
DoubleLine YOF is led by Ronald R. Redell, President and Chief
Executive Officer; and Henry V. Chase, Treasurer and Principal
Financial and Accounting Officer. The Fund can be reach through:
Ronald R. Redell
President and Chief Executive Officer
c/o DoubleLine Capital LP
2002 North Tampa Street, Suite 200
Tampa, FL 33602
Tel. No.: (813) 791-7333
Astra Acquisition Corp. is a provider of cloud-based software
solutions for higher educational institutions.
AVENTIV TECHNOLOGIES: $1.04BB Bank Debt Trades at 16% Discount
--------------------------------------------------------------
Participations in a syndicated loan under which Aventiv
Technologies LLC is a borrower were trading in the secondary market
around 84.4 cents-on-the-dollar during the week ended Friday,
December 13, 2024, according to Bloomberg's Evaluated Pricing
service data.
The $1.04 billion Term loan facility is scheduled to mature on July
31, 2025. The amount is fully drawn and outstanding.
Carrollton, Texas-based Aventiv Technologies LLC is a diversified
technology company that provides innovative solutions to customers
in the corrections and government services sectors. Aventiv is the
parent company to Securus Technologies and AllPaid.
BC AVENTURA: Seeks to Hire Pack Law as Legal Counsel
----------------------------------------------------
BC Aventura Contemporary Furniture, LLC and its affiliates seek
approval from the U.S. Bankruptcy Court for the Southern District
of Florida to employ the Law Firm of Pack Law, P.A. as counsel.
The firm's services include:
a. assisting the Debtor in carrying out its duties as debtor
in possession in the Chapter 11 Case and its special obligations as
a debtor under subchapter v of chapter 11 of the Bankruptcy Code;
b. representing the Debtor in respect of its negotiation,
prosecution, and confirmation of a plan of reorganization, and
consummation of the restructuring transaction contemplated
therein;
c. preparing and assisting the Debtor in filing and
prosecuting all applications, motions, answers, responses, reports,
memoranda of law, and other papers required in connection with the
Chapter 11 Case; and
d. performing any other service that may be required in
connection with the Chapter 11 Case or confirmation of the Debtor's
proposed plan of reorganization.
The firm will be paid at these rates:
Joseph Pack, Esq. $750 per hour
Kelsi Cronkhite, Esq. $520 per hour
Jessey Krehl, Esq. $500 per hour
Paralegal Support $250 per hour
Pack Law received the following retainers from the Debtors: (a)
October 25, 2024, the amount of $25,000; and (b) October 28, 2024,
the amount of $75,000. Each payment was deposited into a trust
account of Pack Law. Prior to filing these Chapter 11 Cases, Pack
Law exhausted $50,000 from the retainer in the course of preparing
the Debtors for their respective Chapter 11 filings; and has
written off outstanding fees and expenses as of the commencement of
the Chapter 11 Cases.
The Law firm of Pack Law will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Joseph Pack, Esq., a partner at Pack Law, P.A., disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Joseph A. Pack, Esq.
Pack Law, P.A.
51 NE 24th St., Suite 108
Miami, FL 33137
Tel: (305) 916-4500
Email: joe@packlaw.com
About BC Aventura Contemporary Furniture, LLC
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.
BEAR BRICK OVEN: Gets OK to Use Cash Collateral Until Jan. 3
------------------------------------------------------------
Bear Brick Oven, Co. received interim approval from the U.S.
Bankruptcy Court for the District of Maryland, Greenbelt Division,
for authority to use the cash collateral of U.S. Small Business
Administration.
The company requires the use of cash collateral to meet its
ordinary and necessary expenses.
The interim order signed by Judge Maria Ellena Chavez-Ruark
approved the use of cash collateral during the period from Dec. 6,
2024, to Jan. 3, 2025.
As a means of providing adequate protection to the SBA, Bear Brick
Oven was authorized to use the pre-bankruptcy collateral, including
cash collateral, to make the payments of $250 per month to the
lender through the confirmation of the company's Chapter 11 plan.
In addition, the SBA will be granted a replacement lien on all
post-petition assets of the company to the same extent and with the
same priority as the lender's interest in the pre-bankruptcy
collateral.
The final hearing is set for Jan. 2. Objections are due by Dec.
23.
Bear Brick Oven, a restaurant business, was formed in 2019.
However, due to the COVID-19 pandemic, the company faced delays in
its build-out and opening. Despite these challenges, the company
proceeded with its plans,but ultimately ran out of funds to
complete the build-out and commence operations.
To maintain its operations during the COVID-19 pandemic, Bear Brick
Oven sought and obtained a $484,000 loan from the U.S. Small
Business Administration. In order to obtain financing from the SBA,
on or about November 24, 2021, the company executed a Loan
Authorization and Agreement. On the Petition Date, Bear Brick Oven
was indebted to the SBA in the full principal amount of $484,000
plus accrued interest. The SBA indebtedness is evidenced by a note
dated November 24, 2021, in the original principal amount of
$484,000. As part of the loan documents, on or about November 24,
2021, the company executed a security agreement in favor of the
SBA.
On December 8, 2021, the SBA filed a UCC-1 Financing Statement with
the Maryland State Department of Assessments and Taxation,
asserting and perfecting a first-priority lien on and against,
substantially all personal property of Bear Brick Oven.
On the petition date, the total value of the pre-petition
collateral was less than $120,000.
Although it was able to obtain the loan from the SBA, Bear Brick
Oven still was feeling the effects of the COVID-19 pandemic and
found itself cash strapped. As a result, the company sought and
obtained a number of loans from entities that offered merchant
credit loans at high rates of interest or that purported to
purchase receivables.
Bear Brick Oven was current on its payments to the SBA under the
deferral arrangements with the SBA and the company intends to
continue to make the $250 monthly payments to the SBA on account of
the loan.
About Bear Brick Oven Co.
Bear Brick Oven Co. sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Md. Case No. 24-20292) on December 6,
2024. In the petition signed by George Jarrell, president, the
Debtor disclosed $102,893 in assets and $1,136,040 in liabilities.
Judge Maria Ellena Chavez-Ruark oversees the case.
Matthew Abbott, Esq., at Wolff & Orenstein, LLC, represents the
Debtor as legal counsel.
BEAR BRICK: Files Bare-Bones Chapter 11 Petition in Maryland
------------------------------------------------------------
On December 6, 2024, Bear Brick Oven Co. filed Chapter 11
protection in the District of Maryland. According to court filing,
the Debtor reports $1,136,040 in debt owed to 1 and 49 creditors.
The petition states that funds will be available to unsecured
creditors.
A meeting of creditors under Sec. 341(a) to be held on January 13,
2025 at 10:00 AM via Conference Call - Chapter 11 Greenbelt: Phone
number 1-866-917-2025, Passcode 2926743#.
About Bear Brick Oven Co.
Bear Brick Oven Co. offers authentic brick oven pizza, salads, and
sandwiches.
Bear Brick Oven Co. sought relief under Subchapter V of Chapter 11
of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 24-20292) on
December 6, 2024. In the petition filed by George Jarrell, as
president, the Debtor reports total assets of $102,893 and total
liabilities of $1,136,040.
Honorable Bankruptcy Judge Maria Ellena Chavez-Ruark handles the
case.
The Debtor is represented by:
Matthew Abbott, Esq.
WOLFF & ORENSTEIN LLC
15245 Shady Grove Road Suite 465 - North
Rockville, MD 20850-4231
Tel: 301-250-7232
E-mail: mabbott@wolawgroup.com
BEVERLY HOSPITAL: Trustee Hires Stretto as Litigation Provider
--------------------------------------------------------------
Howard Ehrenberg, the trustee appointed in the Chapter 11 cases of
Beverly Community Hospital Association, doing business as Beverly
Hospital, and Montebello Community Health Services, Inc., seeks
approval from the U.S. Bankruptcy Court for the Central District of
California to employ Stretto, Inc. as financial analysis and
litigation support services provider.
Stretto will provide cost-efficient assistance with evaluating the
Avoidance Actions and analyzing, pursuing, and settling the alleged
avoidable transfers.
The firm will be paid at these following contingency fees:
(a) Pre-complaint: 14 percent of the gross recovery obtained
from Avoidance Actions;
(b) Post-complaint, before pre-trial hearing: 14 percent of
the gross recovery obtained from Avoidance Actions; and
(c) Post-compliant, after pre-trial hearing: 13 percent of the
gross recovery obtained from Avoidance Actions.
Stretto will also seek reimbursement only from the gross recovery
obtained from Avoidance Actions.
Maryann Gallagher, a senior director at Stretto, 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:
Maryann Gallagher
Stretto, Inc.
410 Exchange, St. 100
Irvine, CA 92602
Telephone: (800) 634-7734
About Beverly Community Hospital Association
dba Beverly Hospital
Beverly Community Hospital Association and affiliates operate
general medical and surgical hospitals.
The Debtors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Cal. Lead Case No. 23-12359) on April
19, 2023. In the petition signed by its chief executive officer,
Alice Cheng, Beverly Community disclosed $1 million to $10 million
in assets and $100 million to $500 million in liabilities.
Judge Sandra R. Klein oversees the cases.
The Debtors tapped Sheppard, Mullin, Richter and Hampton, LLP as
bankruptcy counsel; Orrick, Herrington & Sutcliffe, LLP as special
and conflicts counsel; and Triple P RTS, LLC, a wholly owned
subsidiary of Portage Point Partners, LLC, as restructuring
advisor.
The U.S. Trustee for Region 16 appointed an official committee to
represent unsecured creditors in these Chapter 11 cases. The
committee is represented by Tania Moyron, Esq.
Tamar Terzian is the patient care ombudsman appointed in the
Debtors' Chapter 11 cases.
Howard M. Ehrenberg was appointed as trustee appointed in these
Chapter 11 cases. The trustee tapped Greenspoon Marder, LLP as
counsel and Stretto, Inc. as financial analysis and litigation
support services provider.
BIG FEET: Hires Bush Kornfeld LLP as Legal Counsel
--------------------------------------------------
Big Feet, Inc. seeks approval from the U.S. Bankruptcy Court for
the Western District of Washington to employ Bush Kornfeld LLP as
bankruptcy counsel.
The firm's services include:
a. advising the Debtor of its rights, duties, responsibilities
and powers in the Chapter 11 Case;
b. assisting, advising, and representing the Debtor relative
to the administration of the Chapter 11 Case;
c. attending meetings and conferences and otherwise
communicating and negotiating with representatives of creditors and
other parties in interest as to matters arising in or related to
the Chapter 11 Case;
d. assisting the Debtor in the formulation, preparation,
drafting, negotiating and obtaining approval of a plan of
reorganization and corresponding disclosure statement;
e. assisting the Debtor in the review, analysis, negotiation
and approval of any financing or funding agreements;
f. taking all necessary actions to protect and preserve the
interests of the Debtor, its business operations and its bankruptcy
estate, including, without limitation, the investigation and
prosecution of actions against third parties;
g. reviewing, analyzing, evaluating and (where appropriate)
filing objections to claims filed or asserted against the Debtor in
the Chapter 11 Case;
h. assisting the Debtor in the review, analysis, negotiation
and approval of any transactions as an alternative to confirmation
of plans of reorganization;
i. preparing on behalf of the Debtor all appropriate and
necessary motions, applications, responses, replies, answers,
orders, reports, and other papers and pleadings in support and
furtherance of the Chapter 11 Case;
j. appearing, as appropriate, before this Court, appellate
courts, and other courts or regulatory bodies in which matters may
be heard and to protect the interests of the Debtor before said
courts, regulatory bodies and the United States Trustee; and
k. performing such other legal services as may be required or
deemed to be in the interests of the Chapter 11 Case, the Debtor
and the bankruptcy estate.
The firm will be paid at these rates:
Attorneys $380 to $675 per hour
Clerks and paralegals $75 to $150 per hour
Within one year prior to the Petition Date, the Debtor paid to Bush
Kornfeld the total sum of $22,250.25. On the Petition Date, the
Debtor owed no funds to Bush Kornfeld. As of the Petition Date,
Bush Kornfeld held, and currently holds $35,198.75 in trust.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Richard B. Keeton, Esq., a partner at Bush Kornfeld LLP, disclosed
in a court filing that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Richard B. Keeton, Esq.
Bush Kornfeld Llp
601 Union Street, Suite 5000
Seattle, WA 98101
Tel: (206) 292-2110
Email: rkeeton@bskd.com
About Big Feet, Inc.
Big Feet, Inc. manufactures onesies, footed pajamas, loungewear,
athleisure, and sleepwear for adults and children.
Big Feet sought protection for relief under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Wash. Case No. 24-12880) on November
12, 2024, with $100,001 to $500,000 in assets and $1 million to $10
million in liabilities.
Judge Timothy W. Dore presides over the case.
The Debtor is represented by Jason E. Wax, Esq., at Bush Kornfeld,
LLP.
BIOTACTICS INC: Hires Michael Jay Berger as Bankruptcy Counsel
--------------------------------------------------------------
Biotactics, Inc. seeks approval from the U.S. Bankruptcy Court for
the Central District of California to employ the Law Offices of
Michael Jay Berger as bankruptcy counsel.
The firm will render these services:
(a) communicate with the Debtor's creditors;
(b) review the Debtor's Chapter 11 bankruptcy petition and all
supporting schedules;
(c) advise the Debtor of its legal rights and obligations in a
bankruptcy proceeding;
(d) work to bring the Debtor into full compliance with
reporting requirements of the Office of United States Trustee;
(e) prepare status reports as required by the court;
(f) respond to any motions filed in the Debtor's bankruptcy
proceeding.
(g) respond to creditor inquiries;
(h) review proofs of claim filed in the Debtor's bankruptcy;
(i) object to inappropriate claims;
(j) prepare notices of automatic stay in all state court
proceedings in which the Debtor is sued during the pending of its
bankruptcy proceeding; and
(k) prepare a Chapter 11 Plan of Reorganization for the
Debtor.
The firm will be paid at these hourly rates:
Michael Berger, Attorney $645
Sofya Davtyan, Partner $595
Robert Poteete, Associate $475
Senior Paralegals and Law Clerks $275
Paralegals $200
The firm received a retainer of $25,000 plus $1,738 filing fee from
the Debtor.
`
Mr. Berger 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 Jay Berger, Esq.
Law Offices of Michael Jay Berger
9454 Wilshire Blvd., 6th Floor
Beverly Hills, CA 90212
Telephone: (310) 271-6223
Facsimile: (310) 271-9805
Email: Michael.Berger@bankruptcypower.com
About Biotactics Inc.
Biotactics, Inc. sought relief under Subchapter V of Chapter 11 of
the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 24-12038) on
Dec. 6, 2024.
Law Offices of Michael Jay Berger serves as the Debtor's counsel.
BUCKSKIN REALTY: Seeks to Hire Jacobs PC as Bankruptcy Counsel
--------------------------------------------------------------
Buckskin Realty, Inc. seeks approval from the U.S. Bankruptcy Court
for the Eastern District of New York to employ Jacobs PC to handle
its Chapter 11 case.
The firm will be paid at its hourly rates plus expenses.
Wayne Greenwald, Esq., an attorney at Jacobs PC, 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:
Wayne Greenwald, Esq.
Jacobs PC
595 Maidson Avenue, 39th Floor
New York, New York 10022
Telephone: (212) 229-9476
About Buckskin Realty
Buckskin Realty, Inc. sought relief under Subchapter V of Chapter
11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 13-40083)
on Jan. 8, 2013. At the time of the filing, the Debtor disclosed up
to $1 million in assets and up to $500,000 in liabilities.
Judge Nancy Hershey Lord oversees the case.
Wayne Greenwald, Esq., at Jacobs PC serves as the Debtor's counsel.
CALTIER INC: Financial Strain Raises Going Concern Doubt
--------------------------------------------------------
CalTier, Inc. disclosed in a Form 1-SA Report filed with the U.S.
Securities and Exchange Commission for the fiscal semiannual period
ended June 30, 2024, that there is substantial doubt about its
ability to continue as a going concern within the next 12 months.
According to the Company, it has not generated profits since
inception, has sustained net losses of $562,082 and $546,752 for
the six months ended June 30, 2024 and 2023, respectively, and has
incurred negative cash flows from operations for the years then
ended. The Company's cash balance and revenues generated are not
currently sufficient and cannot be projected to cover its operating
expenses and obligations for the next 12 months. These factors
among others raise substantial doubt about the Company's ability to
continue as a going concern for a reasonable period of time.
The Company's ability to continue as a going concern is dependent
upon its ability to obtain the necessary financing and generate
future profitable operations to meet its obligations and repay its
liabilities arising from normal business operations when they come
due. Management has in the past, and is expected to in the future,
arrange additional equity or debt financing and grow revenues that
may assist in addressing these issues. No assurance can be given
that management's actions will result in additional financing or
profitable operations or the resolution of its liquidity problems.
A full-text copy of the Company's Form 1-SA is available at:
https://urlcurt.com/u?l=1mjBwJ
About CalTier, Inc.
CalTier, Inc. is a financial technology company that opens the door
to professionally managed institutional grade multi-family
investments not typically available to the retail investor. The
Company is currently focused on bringing institutional-grade real
estate investments to the everyday investor and removing the
complicated barriers that currently exist. The Company changed its
name from CalTier Realty, LLC to CalTier, Inc. on March 23, 2022
and converted from a California Limited Liability Company, which
was formed on August 18, 2017, to a Delaware C-corporation.
As of June 30, 2024, the company had $1,614,187 in total assets and
$1,593,549 in total liabilities.
CENTENNIAL HOUSING: Gets OK to Use Cash Collateral Until Jan. 8
---------------------------------------------------------------
Centennial Housing & Community Services Corporation received
interim approval from the U.S. Bankruptcy Court for the Eastern
District of North Carolina, Greenville Division, to use the cash
collateral of its secured creditors through January 8, 2025.
The company requires the use of cash collateral to maintain its
business and pay operating expenses set forth in its projected
budget. Any expenditure in excess of 10% of the total budget
requires prior consent from the secured creditors before being
paid.
The budget projects total operational expenses from Dec. 1 to Dec.
31, of $1,302,079.
The company's secured creditors include McKesson Corporation, Task
Force BPO, LLC, Change Capital Holdings I, LLC, Diamond Stone
Funding, Inc., and Thomas Waldrep, the Chapter 11 trustee for CAH
Acquisition Company #1, LLC. These creditors assert a security
interest in certain proceeds generated from Centennial's business,
which constitute their cash collateral.
Centennial will provide its secured creditors with adequate
protection in the form of a post-petition replacement lien.
A copy of the court's order and the Debtor's budget is available at
https://shorturl.at/d1ppx from PacerMonitor.com.
A further hearing on this matter will be held on January 8, 2025.
About Centennial Housing & Community Services
Centennial Housing & Community Services Corp. is a 25-bed critical
access hospital offering a broad range of healthcare services.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. N.C. Case No. 24-03769) on October 29,
2024, with $6,970,517 in assets and $11,730,050 in liabilities.
Todd Mobley, chairman of the board of directors, signed the
petition.
Judge Joseph N. Callaway oversees the case.
Jason L. Hendren, Esq., at Hendren, Redwine & Malone, PLLC,
represents the Debtor as legal counsel.
CHANTILLY ROAD: Case Summary & 16 Unsecured Creditors
-----------------------------------------------------
Debtor: Chantilly Road, LLC
c/o Penny M. Fox, CPA
15615 Alton Parkway, Suite 450
Irvine CA 92618
Business Description: Chantilly Road owns a single family home
located at 1116 N. Chantilly Rd., Los
Angeles, CA 90077 having an appraised
value of $28.06 million.
Chapter 11 Petition Date: December 15, 2024
Court: United States Bankruptcy Court
Central District of California
Case No.: 24-13197
Debtor's Counsel: Michael R. Totaro, Esq.
TOTARO & SHANAHAN, LLP
P.O. Box 789
Pacific Palisades CA 90272
Tel: (310) 804-2157
E-mail: Ocbkatty@aol.com
Total Assets: $28,510,000
Total Liabilities: $21,573,732
The petition was signed by Adrian Rudomin as managing member.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/V3K2LGI/Chantilly_Road_LLC__cacbke-24-13197__0001.0.pdf?mcid=tGE4TAMA
List of Debtor's 16 Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. Showroom Interiors, LLC Lawsuit $220,000
dba Vesta Home
8905 Red Rd
Pico Rivera, CA 90660
2. Bank of America Credit Card $14,570
P.O. Box 982238
El Paso, TX 79998
3. DWP Utility $9,125
2417 Daly St
Los Angeles, CA 90031
4. DWP Utility $8,394
2417 Daly St.
Los Angeles, CA 90031
5. Gomez R Plumbing, Inc. Plumbing $2,500
14320 Ventura Blvd. #704
Sherman Oaks, CA
91423
6. ACS Security Security $1,315
3803 West Chester Pike
#100
New Town Square, PA
19073
7. Martinez Pools & Spas Maintenance $500
2334 S. Cloverdale Ave
Los Angeles, CA 90016
8. Southern California Gas Co. Utility $184
P.O. Box C
Monterey Park, CA
9. Zuniga Pool & Spa Pool Service $0
9330 Telfair Ave.
Sun Valley, CA 91352
10. M & M Air Conditioning Air Conditioning $0
and Heating, Inc.
13995 Wallabi Ave.
Sylmar, CA 891342
11. HM Cali, Inc. Staging $0
153 Lafayette St. 5th Fl
New York, NY 10013
12. German Cruz Landscaping $0
1522 W. 112 St
Los Angeles, CA 90047
13. Creative Art Partners, LLC Art Staging $0
6542 Hayes Dr.
Los Angeles, CA 90048
14. Christopher Lai Lawsuit $0
Jonathan M. Deer
Quantum Law Group
8383 Wilshire Blvd. #935
Beverly Hills, CA 90211
15. Charter Communications Internet $0
Spectrum
P.O. Box 223085
Pittsburg, PA 15251
16. Castro's HVAC Air Conditioning $0
1990 Meadow View Court
Thousand Oaks, CA
19362
COBRA HOLDINGS: $560MM Bank Debt Trades at 19% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Cobra Holdings Inc
is a borrower were trading in the secondary market around 81.5
cents-on-the-dollar during the week ended Friday, December 13,
2024, according to Bloomberg's Evaluated Pricing service data.
The $560 million Term loan facility is scheduled to mature on July
31, 2028. The amount is fully drawn and outstanding.
Cobra Holdings PLC is retail and wholesale insurance broking group.
COMMERCIAL FURNITURE: Gets Interim OK to Use Cash Collateral
------------------------------------------------------------
Commercial Furniture Services, LLC received interim approval from
the U.S. Bankruptcy Court for the Eastern District of Tennessee,
Southern Division to use the cash collateral of its lender,
Southeast Bank.
The interim order approved the use of cash collateral to pay
$198,434 in operating expenses set forth in the company's projected
budget, with a 15% variance.
In addition to the items set forth in the budget, Commercial
Furniture Services will be permitted to pay the actual expenses
incurred for the fees of the Subchapter V trustee. The company was
granted a monthly carveout of $1,000, and was authorized to
continue to use cash collateral for the purpose of payments of the
administrative expense claims of the Subchapter V trustee.
Southeast Bank was granted a replacement lien on the company's
collateral to the same extent and with the same validity and
priority as its pre-bankruptcy liens.
A final hearing is scheduled for Dec 19.
About Commercial Furniture Services
Commercial Furniture Services, LLC, a company in Chattanooga,
Tenn., offers office furniture installation, asset management (safe
storage) and logistics services.
Commercial Furniture Services filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. E.D. Tenn. Case No.
24-12642) on Oct. 18, 2024, with $100,001 to $500,000 in assets and
$1 million to $10 million in liabilities. Brenda Brooks of Moore &
Brooks serves as Subchapter V trustee.
Judge Nicholas W. Whittenburg oversees the case.
Wright, Cortesi & Gilbreath serves as the Debtor's legal counsel.
COMPLETE HEALTH: Gets Green Light to Use Cash Collateral
--------------------------------------------------------
Complete Health Dentistry of WNY, P.C. got the green light from the
U.S. Bankruptcy Court for the Western District of New York to use
cash collateral.
The order signed by Judge Carl Bucki authorized Complete Health
Dentistry to use cash collateral to pay the portion of its budget,
which covers the period from Nov. 26 to Dec. 15.
Expenses incurred for the period include bi-weekly payroll
amounting to $4,129.88, dental supplies and insurance, utility
services and travel expenses.
Holders of pre-bankruptcy liens, including Bankers Healthcare
Group, LLC and the U.S. Small Business Administration were provided
with adequate protection in the form of roll-over or replacement
liens.
The next hearing is scheduled for Dec. 30.
About Complete Health Dentistry of WNY
Complete Health Dentistry of WNY, P.C. is a licensed dentist
primarily engaged in the private or group practice of general or
specialized dentistry or dental surgery.
Complete Health Dentistry of WNY, P.C. filed Chapter 11 petition
(Bankr. W.D. N.Y. Case No. 24-11356) on November 26, 2024, with
$100,001 to $500,000 in assets and $1 million to $10 million in
liabilities.
Judge Carl L. Bucki handles the case.
The Debtor is represented by Arthur G. Baumeister, Jr., Esq., at
Baumeister Denz, LLP.
CRITICAL REHAB: Court Approves Use of Cash Collateral Until Feb. 12
-------------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Florida,
Tallahassee Division issued a second interim order authorizing
Critical Rehab Corporation to use cash collateral through Feb. 12,
2025.
Critical Rehab requires the use of cash collateral, which is
comprised of cash on hand and income from the company's operations,
to pay the expenses set forth in its projected budget.
To protect its interest in the cash collateral, the U.S. Small
Business Administration was granted replacement liens on the
company's post-petition assets. Critical Rehab was ordered to set
aside $1,522 monthly for SBA, pending a final hearing.
The next hearing is set for Feb. 12, 2025.
About Critical Rehab Corporation
Critical Rehab Corporation filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. N.D. Fla. Case No.
24-40444) on November 4, 2024, with up to $50,000 in assets and up
to $500,000 in liabilities. Meagan Peluso, president of Critical
Rehab, signed the petition.
Judge Karen K. Specie oversees the case.
Justin M. Luna, Esq., at Latham Luna Eden & Beaudine LLP,
represents the Debtor as legal counsel.
CROWNCO INC: Court Approves Stipulation for Cash Collateral Use
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California
approved the stipulation between CROWNCO INC., the debtor, and
Centerstone SBA Lending, Inc., regarding the use of cash
collateral. The stipulation, filed on December 6, 2024, was
approved in its entirety.
About Crownco Inc.
Crownco Inc. provides construction solutions for the building
community, including production services, warranty services or
SB800 repair services. The Company has developed innovative
systems
that ensure every job is completed in the utmost time efficient
manner with the highest level of precision and service.
Crownco Inc. sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. C.D. Cal. Case No. 24-16205) on Oct. 16, 2024. In the
petition filed by Charles E. Morrison, chief executive officer, the
Debtor reports total assets of $896,358 and total liabilities of
$5,175,883.
Judge Scott M. Grossman oversees the cases.
Goe Forsythe & Hodges LLP serves as the Debtor's counsel.
CROWNCO INC: Gets Interim OK to Use Cash Collateral
---------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California,
Riverside Division, granted Crownco Inc. authorization to use cash
collateral on an interim basis in accordance with its projected
budget.
Pending the final hearing, Crownco may exceed the disbursements
forecasted in the budget by up to 15% on a line-by-line basis and
may exceed aggregate disbursements forecasted in the budget by a
total of 15%. To the extent any amount in a disbursement category
is unused during a particular period, that amount will be preserved
and available for use in any subsequent period.
Any alleged holder of a lien on cash collateral will receive a
replacement lien with the same priority and validity as its
pre-bankruptcy lien.
A final hearing is scheduled for December 20, 2024.
About Crownco Inc.
Crownco Inc. provides construction solutions for the building
community, including production services, warranty services or
SB800 repair services. The Company has developed innovative
systems
that ensure every job is completed in the utmost time efficient
manner with the highest level of precision and service.
Crownco Inc. sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. C.D. Cal. Case No. 24-16205) on Oct. 16, 2024. In the
petition filed by Charles E. Morrison, chief executive officer, the
Debtor reports total assets of $896,358 and total liabilities of
$5,175,883.
Judge Scott M. Grossman oversees the cases.
Goe Forsythe & Hodges LLP serves as the Debtor's counsel.
CRUSADE BURGER: Gets OK to Use Cash Collateral Until Jan. 29
------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Illinois,
Eastern Division, granted Crusade Burger Bar, LLC interim
authorization to use the cash collateral of CFG Merchant Solutions,
LLC.
The interim order signed by Judge Jacqueline Cox authorized the
company to use its secured creditor's cash collateral to pay
operating expenses until Jan. 29 next year.
CFG was granted replacement liens and security interests in certain
assets of the company to the same extent, validity and priority
held by the secured creditor prior to the petition date.
A status hearing is scheduled for Jan. 28.
About Crusade Burger Bar
Crusade Burger Bar, LLC filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No.
24-10008) on July 10, 2024, listing $100,001 to $500,000 in assets
and $500,001 to $1 million in liabilities.
Judge Jacqueline P Cox presides over the case.
Konstantine T. Sparagis, Esq., at the Law Offices of Konstantine
Sparagis, PC represents the Debtor as bankruptcy counsel.
CRYPTO COMPANY: Mark Uram Acquires 16.3% Stake
----------------------------------------------
Mark Andrew Uram disclosed in a Schedule 13G filed with the U.S.
Securities and Exchange Commission that as of November 14, 2024, he
beneficially owned 420,000,000 shares of The Crypto Company's
common stock, representing 16.3% of the 2,584,452,644 shares of
Common Stock outstanding on November 13, 2024.
From July 12, 2024, to November 14, 2024, Mark Uram purchased
420,000,000 Shares of Common Stock of The Crypto Company, a Nevada
corporation, with a par value of $0.001 with personal funds. Shares
are held in the Street's Name.
Mr. Uram may be reached at:
1215 Alene Drive
Plainfield, Illinois 60586
60586-2224
A full-text copy of Mr. Uram's SEC Report is available at:
https://tinyurl.com/2mvm4hbt
About Crypto Company
Malibu, Calif.-based The Crypto Company --
https://www.thecryptocompany.com -- is engaged in the business of
providing consulting services and education for blockchain
technology and for the building of technological infrastructure and
enterprise blockchain technology solutions. During 2023, the
Company generated revenues and incurred expenses solely through
these consulting operations. In February 2022, the Company acquired
bitcoin mining equipment and entered into an arrangement with a
third party to host and operate the equipment. However, by the end
of 2022, the Company had exited that Bitcoin mining business.
Crypto Company reported a net loss of $4.92 million for the year
ended December 31, 2023, compared to a net loss of $5.66 million
for the year ended December 31, 2022. As of June 30, 2024, Crypto
Company had $1,293,153 in total assets, $5,939,990 in total
liabilities, and $4,646,837 in total stockholders' deficit.
Lakewood, Colorado-based BF Borgers CPA PC, the Company's former
auditor, issued a "going concern" qualification in its report dated
April 16, 2024, citing that the Company has suffered recurring
losses from operations that raise substantial doubt about its
ability to continue as a going concern.
On May 8, 2024, the Audit Committee of the Board of Directors of
the Company approved the dismissal of BF Borgers CPA PC as the
Company's independent registered public accounting firm after the
firm and its owner, Benjamin F. Borgers, were charged by the
Securities and Exchange Commission with deliberate and systemic
failures to comply with Public Company Accounting Oversight Board
(PCAOB) standards in its audits and reviews incorporated in more
than 1,500 SEC filings from January 2021 through June 2023; falsely
representing to their clients that the firm's work would comply
with PCAOB standards; fabricating audit documentation to make it
appear that the firm's work did comply with PCAOB standards; and
falsely stating in audit reports included in more than 500 public
company SEC filings that the firm's audits complied with PCAOB
standards. Borgers agreed to pay a $14 million civil penalty and
agreed to permanent suspensions from appearing and practicing
before the Commission as accountants, effective immediately.
On May 8, 2024, the Company engaged Bush & Associates CPA LLC as BF
Borgers' replacement. The decision to change independent registered
public accounting firms was made with the recommendation and
approval of the Audit Committee of the Company.
CTF CHICAGO: Gets Interim OK to Use Cash Collateral Until Dec. 31
-----------------------------------------------------------------
CTF Chicago, Inc. received third interim approval from the U.S.
Bankruptcy Court for the Northern District of Illinois to use the
cash collateral of Wintrust Bank until Dec. 31.
The interim order signed by Judge Janet Baer authorized the company
to use the cash collateral of its pre-bankruptcy secured lender to
pay expenses in accordance with its budget.
The court-approved budget is a bi-weekly budget for the period
commencing on Dec. 1 and ending at the close of business on Dec.
31. The budget reflects on a line-item basis the company's
anticipated cumulative expenses, which the company expects to incur
during each week of the budget period.
Wintrust Bank holds a senior lien on the company's assets, valued
at $781,571.93, with a subordinate lien by the U.S. Small Business
Administration.
As adequate protection, Wintrust Bank was granted a replacement
lien on substantially all of the company's assets, including cash
collateral equivalents, cash and accounts receivable, to the same
extent and with the same validity as its pre-bankruptcy lien.
In addition, Wintrust Bank was granted an administrative expense
claim under Section 507(b) of the Bankruptcy Code, subordinate only
to the administrative claim of the Subchapter V trustee.
The next hearing is scheduled for Dec. 31.
A copy of the court's order and the Debtor's budget is available at
https://shorturl.at/Mh20h from PacerMonitor.com.
About CTF Chicago
CTF Chicago, Inc. operates within a framework that requires
substantial capital and resources. The company is structured to
provide specific services or products, likely in a competitive
market, given its presence in Chicago.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-15580) with up to
$50,000 in assets and up to $10 million in liabilities. Charles
Graff, managing member, signed the petition.
Judge Janet S. Baer oversees the case.
The Debtor is represented by Richard G. Larsen, Esq., at Springer
Larsen, LLC.
CXOSYNC LLC: Gets Interim OK to Use Cash Collateral Until Dec. 20
-----------------------------------------------------------------
CXOsync, LLC received interim approval from the U.S. Bankruptcy
Court for the Northern District of Illinois to use the cash
collateral of the Internal Revenue Service and the U.S. Small
Business Administration until Dec. 20.
In exchange for the use of cash collateral, the IRS and SBA were
provided adequate protection for their secured interests in CXO's
assets such as cash, accounts receivable and other collateral held
before the company's bankruptcy filing.
Adequate protection measures include allowing the IRS and SBA to
inspect the company's books and records, maintaining insurance on
the collateral, and keeping the collateral in good repair.
In addition, the IRS and SBA will receive replacement liens on all
of CXO's existing and future property. These replacement liens will
hold the same priority and validity as the pre-bankruptcy liens.
About CXOsync LLC
CXOsync, LLC is a corporate event planner which presents events and
workshops geared toward CIOs, CISOs, CMOs, and CFOs of businesses.
It hosts live and virtual events to gather CXOs from the world's
largest corporations and brands.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Banker. N.D. Ill. Case No. 24-08351) on June 5,
2024, with $128,315 in assets and $6,030,532 in liabilities. Rupen
Patel, managing member, signed the petition.
Judge Janet S. Baer presides over the case.
Ben Schneider, Esq., at The Law Offices of Schneider and Stone,
represents the Debtor as bankruptcy counsel.
D.I.P. FOUNDATION: Gets Interim Approval to Use Cash Collateral
---------------------------------------------------------------
D.I.P. Foundation, Inc. received second interim approval from the
U.S. Bankruptcy Court for the Middle District of Florida,
Jacksonville Division to use the cash collateral of its lender.
The interim order granted D.I.P. Foundation temporary access to
cash collateral to support business operations and pay its
expenses. D.I.P. Foundation, however, is restricted from using
funds for pre-bankruptcy expenses, officer salaries, and
professional fees without further court approval.
The lender, Steve Allen Vansandt, was granted a replacement lien on
D.I.P. Foundation's post-petition assets, effective as of the
petition date. In addition, the lender will receive a monthly
payment of $867, starting November 1, 2024.
D.I.P. Foundation owes $124,643.06 to Mr. Vansandt under
pre-bankruptcy loan documents.
The next hearing is set for Jan. 8, 2025.
About D.I.P. Foundation
D.I.P. Foundation Inc. sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-02977) on
October 1, 2024, with $100,001 to $500,000 in both assets and
liabilities.
Judge Jason A. Burgess presides over the case.
Bryan K. Mickler, Esq., at Mickler & Mickler represents the Debtor
as legal counsel.
DARKPULSE INC: Posts $590,898 Net Loss for 2024 Third Quarter
-------------------------------------------------------------
DarkPulse, Inc. reported a net loss of $590,898 for the three
months ended September 30, 2024, compared to a net loss of $987,293
for the same period a year ago, the Company disclosed in a Form
10-Q/A Report filed with the U.S. Securities and Exchange
Commission. DarkPulse also posted a net loss of $3,534,550 for the
nine months ended September 30, 2024, down from a net loss of
$19,093,964 for the same period in 2023.
DarkPulse reported revenues of $30,671 for the three months ended
September 30, 2024, down from revenues of $82,071 for the same
period a year ago. The Company posted revenues of $55,839 for the
nine months ended September 30, 2024, down from $2,032,673 for the
same period in 2023.
As of September 30, 2024, the Company had $2,998,900 in total
assets, $23,284,171 in total liabilities, and $20,285,271 in total
stockholders' deficit.
The Company originally filed its Form 10-Q report for the quarter
ended September 30, 2024, on November 19, 2024, and submitted an
amendment last week, to amend disclosures found in Part 1, Item 2.
Management’s Discussion and Analysis of Financial Condition and
Results of Operations and Note 3 of the financial statements, which
its auditor expressed substantial doubt about the Company's ability
to continue as a going concern.
The Amendment includes new certifications required by Sections 302
and 906 of the Sarbanes-Oxley Act of 2002, as amended, from its
Principal Executive Officer and Principal Financial and Accounting
Officer.
The Company disclosed it generated net losses of $3,540,148 and
$19,915,940 during the nine months ended September 30, 2024 and
2023, respectively, and net cash used in operating activities of
$29,782 and ($4,066,096), respectively. As of September 30, 2024,
the Company's current liabilities exceeded its current assets by
$20,535,285 and has an accumulated deficit of $70,910,772. As of
September 30, 2024, the Company had $165,186 of cash.
The Company said the liquidation of Optilan (UK) Limited, a wholly
owned subsidiary of the Company's subsidiary, Optilan HoldCo 3
Limited, underway in the Portsmouth Combined Court Centre, no
longer raises serious concerns about the viability of the Optilan
(UK) Limited entity and related operations of the Optilan
subsidiaries.
The Company said it will require additional funding during the next
12 months to finance the growth of its current operations and
achieve its strategic objectives. These factors, as well as the
uncertain conditions that the Company faces relative to capital
raising activities, create substantial doubt as to the Company's
ability to continue as a going concern.
The Company is seeking to raise additional capital principally
through private placement offerings and is targeting strategic
partners in an effort to finalize the development of its products
and begin generating revenues. The ability of the Company to
continue as a going concern is dependent upon the success of future
capital offerings or alternative financing arrangements or
expansion of its operations.
The Company said management is actively pursuing additional sources
of financing sufficient to generate enough cash flow to fund its
operations for the next 12 months. However, management cannot make
any assurances that such financing will be secured.
A full-text copy of the Company's Form 10-Q/A Report is available
at:
https://urlcurt.com/u?l=tBn5am
About DarkPulse, Inc
Houston, Texas-based DarkPulse, Inc. is a technology-security
company incorporated in 1989 as Klever Marketing, Inc. Its
wholly-owned subsidiary, DarkPulse Technologies Inc., originally
started as a technology spinout from the University of New
Brunswick, Fredericton, Canada. The Company's security and
monitoring systems will initially be delivered in applications for
border security, pipelines, the oil and gas industry and mine
safety. Current uses of fiber optic distributed sensor technology
have been limited to quasi-static, long-term structural health
monitoring due to the time required to obtain the data and its poor
precision. The Company's patented BOTDA dark-pulse sensor
technology allows for the monitoring of highly dynamic environments
due to its greater resolution and accuracy.
Lagos, Nigeria-based Boladale Lawal & Co., the Company's auditor
since 2024, issued a "going concern" qualification in its report
dated July 15, 2024, citing that the Company suffered an
accumulated deficit of $67,376,221, net loss of $21,273,043 and a
negative working capital of $18,126,281. The Company is dependent
on obtaining additional working capital funding from the sale of
equity and/or debt securities to execute its plans and continue
operations. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.
The Company generated net losses of $21,723,043 and $35,517,505
during the years ended December 31, 2023, and 2022, respectively.
As of December 31, 2023, the Company had $4,112,352 in total
assets, $20,787,671 in total liabilities, and $16,675,319 in total
stockholders' deficit.
DCERT BUYER: $515MM Bank Debt Trades at 16% Discount
----------------------------------------------------
Participations in a syndicated loan under which Dcert Buyer Inc is
a borrower were trading in the secondary market around 84
cents-on-the-dollar during the week ended Friday, December 13,
2024, according to Bloomberg's Evaluated Pricing service data.
The $515 million Term loan facility is scheduled to mature on
February 16, 2029. The amount is fully drawn and outstanding.
DCert is a CA that enables trusted communications between website
servers and terminal devices such as browsers and smartphone
applications. Increasingly, applications are expanding to include
Internet of Things terminal devices. A CA verifies and
authenticates the validity of websites and their hosting entities,
and facilitates the encryption of data on the internet. CA services
are 100% subscription-based and generally recurring in nature.
ECHOSTAR CORP: Completes $400MM Private Placement w/ PIPE Investors
-------------------------------------------------------------------
EchoStar Corporation disclosed in a Form 8-K Report filed with the
U.S. Securities and Exchange Commission that on November 12, 2024,
the Company consummated its previously disclosed private placement
with certain accredited investors, pursuant to which it issued an
aggregate of 14,265,334 shares of its Class A common stock, par
value $0.001 per share to the PIPE Investors at $28.04 per share.
The Company received an aggregate of approximately $400 million.
The PIPE Shares were issued to the PIPE Investors pursuant to and
in accordance with the exemption from registration under the
Securities Act of 1933, as amended, under Section 4(a)(2)
promulgated under the Securities Act.
About EchoStar Corporation
EchoStar Corporation (Nasdaq: SATS) -- www.echostar.com -- is a
provider of technology, networking services, television
entertainment, and connectivity, offering consumer, enterprise,
operator, and government solutions worldwide under its EchoStar,
Boost Mobile, Boost Infinite, Sling TV, DISH TV, Hughes, HughesNet,
HughesON, and JUPITER brands. In Europe, EchoStar operates under
its EchoStar Mobile Limited subsidiary, and in Australia, the
Company operates as EchoStar Global Australia.
Denver, Colorado-based KPMG LLP, the Company's auditor since 2002,
issued a "going concern" qualification in its report dated Feb. 29,
2024, citing that the Company has debt maturing in 2024 and expects
to use a substantial amount of cash in the next twelve months. This
raises substantial doubt about the Company's ability to continue as
a going concern.
As of September 30, 2024, EchoStar had $57.5 billion in total
assets, $38 billion in total liabilities, and $19.5 billion in
total stockholders' equity.
* * *
On November 2024, S&P Global Ratings raised its Company credit
rating (ICR) on EchoStar Corp. to 'CCC+' due to the improved
liquidity position enabled by fresh capital and debt maturity
extensions.
ECHOSTAR CORP: Completes Exchange Offers for DISH Network Notes
---------------------------------------------------------------
EchoStar Corporation disclosed in a Form 8-K Report filed with the
U.S. Securities and Exchange Commission that on November 12, 2024,
the Company completed its previously announced:
(i) offers to exchange any and all of the 0% Convertible Notes
due 2025 issued by DISH Network Corporation and any and all of the
3.375% Convertible Notes due 2026 issued by DISH Network for the
applicable principal amount of 6.75% Senior Spectrum Secured
Exchange Notes due 2030 and 3.875% Convertible Senior Secured Notes
due 2030 issued by the Company, and
(ii) solicitations of consent from holders of Existing Notes to
amend certain provisions of the applicable indenture governing the
related series of Existing Notes.
The Offers were made pursuant to the terms described in a final
prospectus and consent solicitation statement, dated November 7,
2024. Pursuant to the Offers, as of the expiration date, an
aggregate principal amount of $4,682,384,000 of Existing Notes had
been validly tendered (and not validly withdrawn), which
represented participation from 92.93% of the holders of the DISH
Network 2025 Notes and 98.45% of the holders of our DISH Network
2026 Notes. At the Settlement Date and pursuant to the Offers, the
Company issued $2,287,738,216 in aggregate principal amount of
EchoStar Exchange Notes and $1,876,229,456 in aggregate principal
amount of EchoStar Convertible Notes. A total of $138,403,000
aggregate principal amount of DISH Network 2025 Notes and
$45,209,000 aggregate principal amount of DISH Network 2026 Notes
remain outstanding following the consummation of the Offers.
Following the receipt of the necessary consents to amend the
applicable indenture governing the related series of Existing
Notes, the Company, DISH Network and U.S. Bank Trust Company,
National Association, as trustee of the Existing Notes, entered
into:
(i) a supplemental indenture amending certain provisions of
the indenture governing DISH Network 2025 Notes
(ii) a supplemental indenture amending certain provisions of
the indenture governing DISH Network 2026 Notes.
ECHOSTAR EXCHANGE NOTES INDENTURE
The EchoStar Exchange Notes were issued pursuant to an indenture,
dated as of November 12, 2024, by and among the Company, the equity
pledge guarantors named therein, the spectrum assets guarantors
named therein and The Bank of New York Mellon Trust Company, N.A.
as trustee and the collateral agent party thereto.
INTEREST AND MATURITY
Pursuant to the EchoStar Exchange Notes Indenture, the EchoStar
Exchange Notes will mature on November 30, 2030. Interest on the
EchoStar Exchange Notes will be payable semi-annually in arrears on
each May 30 and November 30, beginning on May 30, 2025.
The EchoStar Exchange Notes will accrue interest at a rate of
6.75%, paid through the first four coupon payments, at the
Company's option, in cash or in kind; provided that no payment in
kind interest may be paid for any interest period if the payment of
interest on the EchoStar Convertible Notes or certain other
indebtedness during such period is made in cash, and paid in cash
thereafter. Interest from and including the fifth interest payment
period (which will be payable on May 30, 2027) and thereafter will
be paid solely cash.
GUARANTEES AND SECURITY
The EchoStar Exchange Notes will be jointly and severally
guaranteed on a senior secured basis by the Guarantors. The Company
and its subsidiaries that are not Guarantors of the EchoStar
Exchange Notes will not pledge any of its or their assets to secure
the EchoStar Exchange Notes. The guarantees related thereto will be
secured equally and ratably with the EchoStar New Notes, the
EchoStar Convertible Notes and certain other future secured
indebtedness on a first-priority basis, subject to permitted liens,
certain exceptions and the First Lien Intercreditor Agreement, by:
(i) a lien on all licenses, authorizations and permits issued
from time to time by the Federal Communications Commission for use
of the AWS-3 Spectrum and for the use of the AWS-4 Spectrum held by
the Spectrum Assets Guarantors;
(ii) the proceeds of any Spectrum Assets;
(iii) any Replacement Collateral; and
(iv) a lien on the equity interests of the Spectrum Assets
Guarantors held by the Equity Pledge Guarantors.
In connection with the issuance of the EchoStar Exchange Notes:
(i) the Spectrum Assets Guarantors and The Bank of New York
Mellon Trust Company, N.A., as notes collateral agent, entered into
a Security Agreement, dated as of November 12, 2024, pursuant to
which the Spectrum Assets Guarantors granted a lien over the
Spectrum Assets and any proceeds thereof to The Bank of New York
Mellon Trust Company, N.A., on behalf of the noteholders of the
EchoStar Exchange Notes, and
(ii) the Equity Pledge Guarantors and The Bank of New York
Mellon Trust Company, N.A, as notes collateral agent, entered into
a Pledge Agreement, dated as of November 12, 2024 (the "EchoStar
Exchange Notes Pledge Agreement"), a copy of which is attached as
Exhibit 4.5 to this Current Report on Form 8-K and incorporated
herein by reference, pursuant to which the Equity Pledge Guarantors
granted a lien over the equity interests of the Spectrum Assets
Guarantors held by such Equity Pledge Guarantors to The Bank of New
York Mellon Trust Company, N.A., on behalf of the noteholders of
the EchoStar Exchange Notes.
RANKING
The EchoStar Exchange Notes will be:
* general unsecured obligations of the Company;
* pari passu in right of payment, without giving effect to
collateral arrangements, with the Company's other existing and
future senior indebtedness, including the EchoStar New Notes and
the EchoStar Convertible Notes;
* effectively subordinated to the Company's existing and
future secured indebtedness to the extent of the value of any
collateral securing such indebtedness;
* senior in right of payment to any of the Company's existing
and future indebtedness that is expressly subordinated in right of
payment to the EchoStar Exchange Notes;
* unconditionally guaranteed by each Guarantor; and
* structurally subordinated to the indebtedness of the
Company's subsidiaries which are not Guarantors.
The guarantee of each Spectrum Assets Guarantor will be:
* a general secured obligation of such Spectrum Assets
Guarantor;
* secured by the Collateral equally and ratably with the
EchoStar New Notes and the EchoStar Convertible Notes on a
first-priority basis pursuant to the First Lien Intercreditor
Agreement, subject to permitted liens and certain other
exceptions;
* contractually senior in right of lien priority, to the
extent of the value of any collateral owned by such Spectrum Assets
Guarantor, to such Spectrum Assets Guarantor's existing and future
second lien indebtedness (subject to any Second Lien Intercreditor
Agreement) and unsecured indebtedness;
* pari passu in right of payment with such Spectrum Assets
Guarantor's other existing and future senior indebtedness,
including their guarantees of the EchoStar New Notes and the
EchoStar Convertible Notes; and
* senior in right of payment to any of such Spectrum Assets
Guarantor's existing and future indebtedness that is expressly
subordinated in right of payment to such Spectrum Assets
Guarantor's guarantee.
The guarantee of each Equity Pledge Guarantor will be:
* a general secured obligation of such Equity Pledge
Guarantor;
* secured by the Collateral equally and ratably with the
EchoStar New Notes and the EchoStar Convertible Notes on a
first-priority basis pursuant to the First Lien Intercreditor
Agreement, subject to permitted liens and certain other
exceptions;
* contractually senior in right of lien priority, to the
extent of the value of any collateral owned by such Equity Pledge
Guarantor, to such Equity Pledge Guarantor's existing and future
second lien indebtedness (subject to any Second Lien Intercreditor
Agreement) and unsecured indebtedness;
* pari passu in right of payment with such Equity Pledge
Guarantor's other existing and future senior indebtedness,
including their guarantees of the EchoStar New Notes and the
EchoStar Convertible Notes; and
* senior in right of payment to any of such Equity Pledge
Guarantor's existing and future indebtedness that is expressly
subordinated in right of payment to such Equity Pledge Guarantor's
Notes Guarantee.
OPTIONAL REDEMPTION
The EchoStar Exchange Notes will be redeemable at the option of the
Company, in whole or in part, at the redemption price and under the
conditions set forth in the EchoStar Exchange Notes Indenture.
Upon the occurrence of a change of control, holders of the EchoStar
Exchange Notes may require the Company to repurchase such holder's
EchoStar Exchange Notes, in whole or in part, at a purchase price
equal to 101% of the aggregate principal amount of such EchoStar
Exchange Notes plus accrued and unpaid interest to thereon to the
date of repurchase.
SPECIAL PARTIAL
MANDATORY REDEMPTION
If a Special Partial Mandatory Redemption Event occurs, the
EchoStar Exchange Notes will be redeemed on a pro rata basis in an
amount (taking into consideration equivalent provisions under the
EchoStar Convertible Notes Indenture and the EchoStar New Notes
Indenture) such that immediately after giving effect to such
redemption, the LTV Ratio shall not be greater than 0.375 to 1.00
at a price equal to 102% of the aggregate principal amount of the
EchoStar Exchange Notes to be redeemed, plus accrued and unpaid (or
not yet capitalized in the case of in kind interest) interest on
the principal amount of the EchoStar Exchange Notes to be redeemed
to, but not including, the Special Mandatory Redemption Date.
CERTAIN COVENANTS
The EchoStar Exchange Notes Indenture contains covenants that limit
the ability of the Company and any of its restricted subsidiaries
(as such term is defined in the EchoStar Exchange Notes Indenture),
to, among other things:
* incur or guarantee additional indebtedness;
* make certain investments and other restricted payments;
* create liens;
* enter into transactions with affiliates;
* engage in mergers, consolidations or amalgamations; and
* transfer and sell assets.
EVENTS OF DEFAULT
The EchoStar Exchange Notes Indenture also provides for customary
events of default.
ECHOSTAR CONVERTIBLE NOTES INDENTURE
The EchoStar Convertible Notes were issued pursuant to an
indenture, dated as of November 12, 2024, by and among EchoStar,
the Guarantors and The Bank of New York Mellon Trust Company, N.A.,
as trustee and notes collateral agent.
INTEREST AND MATURITY
Pursuant to the EchoStar Convertible Notes Indenture, the EchoStar
Convertible Notes will mature on November 30, 2030. Interest on the
EchoStar Convertible Notes will be payable semi-annually in arrears
on each May 30 and November 30, beginning on May 30, 2025.
The EchoStar Convertible Notes will accrue interest at a rate of
3.875%, paid through the first four coupon payments, at the
Company's option, in cash or in kind; provided that no payment in
kind interest may be paid for any interest period if the payment of
interest on the EchoStar Exchange Notes or certain other
indebtedness during such period is made in cash, and paid in cash
thereafter. Interest from and including the fifth interest payment
period (which will be payable on May 30, 2027) and thereafter will
be paid solely cash.
GUARANTEES AND SECURITY
The EchoStar Convertible Notes will be jointly and severally
guaranteed on a senior secured basis by the Guarantors. The Company
and its subsidiaries that are not Guarantors of the EchoStar
Convertible Notes will not pledge any of its or their assets to
secure the EchoStar Convertible Notes. The guarantees related
thereto will be secured equally and ratably with the EchoStar New
Notes, the EchoStar Exchange Notes and certain other future secured
indebtedness on a first-priority basis, subject to permitted liens,
certain exceptions and the First Lien Intercreditor Agreement, by
the Collateral.
In connection with the issuance of the EchoStar Convertible Notes:
(i) the Spectrum Assets Guarantors and The Bank of New York
Mellon Trust Company, N.A, as notes collateral agent, entered into
a Security Agreement, dated as of November 12, 2024, pursuant to
which the Spectrum Assets Guarantors granted a lien over the
Spectrum Assets and any proceeds thereof to The Bank of New York
Mellon Trust Company, N.A., on behalf of the noteholders of the
EchoStar Convertible Notes, and
(ii) the Equity Pledge Guarantors and The Bank of New York
Mellon Trust Company, N.A, as notes collateral agent, entered into
a Pledge Agreement, dated as of November 12, 2024, pursuant to
which the Equity Pledge Guarantors granted a lien over the equity
interests of the Spectrum Assets Guarantors held by such Equity
Pledge Guarantors to The Bank of New York Mellon Trust Company,
N.A., on behalf of the noteholders of the EchoStar Convertible
Notes.
RANKING
The EchoStar Convertible Notes will be:
* general unsecured obligations of the Company;
* pari passu in right of payment, without giving effect to
collateral arrangements, with the Company's other existing and
future senior indebtedness, including the EchoStar New Notes and
the EchoStar Exchange Notes;
* effectively subordinated to the Company's existing and
future secured indebtedness to the extent of the value of any
collateral securing such indebtedness;
* senior in right of payment to any of the Company's existing
and future indebtedness that is expressly subordinated in right of
payment to the EchoStar Convertible Notes;
* unconditionally guaranteed by each Guarantor; and
* structurally subordinated to the indebtedness of the
Company's subsidiaries which are not Guarantors.
The guarantee of each Spectrum Assets Guarantor will be:
* a general secured obligation of such Spectrum Assets
Guarantor;
* secured by the Collateral equally and ratably with the
EchoStar New Notes and the EchoStar Exchange Notes on a
first-priority basis pursuant to the First Lien Intercreditor
Agreement, subject to permitted liens and certain other
exceptions;
* contractually senior in right of lien priority, to the
extent of the value of any collateral owned by such Spectrum Assets
Guarantor, to such Spectrum Assets Guarantor's existing and future
second lien indebtedness (subject to any Second Lien Intercreditor
Agreement) and unsecured indebtedness;
* pari passu in right of payment with such Spectrum Assets
Guarantor's other existing and future senior indebtedness,
including their guarantees of the EchoStar New Notes and the
EchoStar Exchange Notes; and
* senior in right of payment to any of such Spectrum Assets
Guarantor's existing and future indebtedness that is expressly
subordinated in right of payment to such Spectrum Assets
Guarantor's guarantee.
The guarantee of each Equity Pledge Guarantor will be:
* a general secured obligation of such Equity Pledge
Guarantor;
* secured by the Collateral equally and ratably with the
EchoStar New Notes and the EchoStar Exchange Notes on a
first-priority basis pursuant to the First Lien Intercreditor
Agreement, subject to permitted liens and certain other
exceptions;
* contractually senior in right of lien priority, to the
extent of the value of any collateral owned by such Equity Pledge
Guarantor, to such Equity Pledge Guarantor's existing and future
second lien indebtedness (subject to any Second Lien Intercreditor
Agreement) and unsecured indebtedness;
* pari passu in right of payment with such Equity Pledge
Guarantor's other existing and future senior indebtedness,
including their guarantees of the EchoStar New Notes and the
EchoStar Exchange Notes; and
* senior in right of payment to any of such Equity Pledge
Guarantor's existing and future indebtedness that is expressly
subordinated in right of payment to such Equity Pledge Guarantor's
Notes Guarantee.
OPTIONAL REDEMPTION
The EchoStar Convertible Notes will be redeemable at the option of
the Company, in whole or in part, at the redemption prices and
subject to the conversion rights and other conditions set forth in
the EchoStar Convertible Notes Indenture.
FUNDAMENTAL CHANGE
Subject to certain conditions, if the Company undergoes a
"fundamental change" (as defined in the EchoStar Convertible Notes
Indenture), noteholders will have the option to require the Company
to repurchase all or any portion of the EchoStar Convertible Notes.
The fundamental change repurchase price will be 100% of the
principal amount of the EchoStar Convertible Notes to be
repurchased plus any accrued and unpaid interest to, but not
including the fundamental change repurchase date. The Company will
pay cash for all EchoStar Convertible Notes so repurchased.
CONVERSION RIGHTS
Holders may convert their EchoStar Convertible Notes prior to the
close of business on the business day immediately preceding May 30,
2030, in multiples of $1,000 principal amount, at the option of the
holder, under circumstances described in the EchoStar Convertible
Notes Indenture. The initial conversion rate for the EchoStar
Convertible Notes will be 29.73507 shares of Class A Common Stock,
par value $0.001 per share, per $1,000 principal amount of EchoStar
Convertible Notes (equivalent to approximately $33.63 per share of
Class A Common Stock).
CERTAIN COVENANTS
The EchoStar Convertible Notes Indenture contains covenants that
limit the ability of the Company and any of its restricted
subsidiaries (as such term is defined in the EchoStar Convertible
Notes Indenture), to, among other things:
* incur or guarantee additional indebtedness;
* make certain investments and other restricted payments;
* create liens;
* enter into transactions with affiliates;
* engage in mergers, consolidations or amalgamations; and
* transfer and sell assets.
EVENTS OF DEFAULT
The EchoStar Convertible Notes Indenture also provides for
customary events of default.
EchoStar New Notes and Additional EchoStar Convertible Notes
Concurrently with the issuance of the EchoStar Exchange Notes and
the EchoStar Convertible Notes, the Company issued:
(i) $5,355,999,854 of 10.750% Senior Spectrum Secured Notes
due 2029 to certain eligible and consenting holders of the DISH
Network 2025 Notes and the DISH Network 2026 Notes and to certain
other accredited investors and
(ii) $29,999,993 of EchoStar Convertible Notes to certain
eligible and consenting holders of the DISH Network 2025 Notes and
the DISH Network 2026 Notes.
The EchoStar New Notes were sold pursuant to a certain note
purchase agreement, dated as of November 8, 2024, among the
Company, the Guarantors and the purchasers listed therein and were
issued pursuant to the EchoStar New Notes Indenture. The Additional
EchoStar Convertible Notes were sold pursuant to a certain note
purchase agreement, dated as of November 8, 2024, among the
Company, the Guarantors and the purchasers named therein and were
issued pursuant to the Convertible Notes Indenture.
ECHOSTAR NEW NOTES INDENTURE
The EchoStar New Notes were issued pursuant to the indenture, dated
as of November 12, 2024, among the Company, the Guarantors, The
Bank of New York Mellon Trust Company, N.A, as trustee and notes
collateral agent.
INTEREST AND MATURITY
Pursuant to the EchoStar New Notes Indenture, the EchoStar New
Notes will mature on November 30, 2029. Interest on the EchoStar
New Notes will be payable in cash at a rate of 10.750% per annum
and will be payable semiannually in arrears on May 30 and November
30 of each year, beginning on May 30, 2025.
GUARANTEES AND SECURITY
The EchoStar New Notes will be jointly and severally guaranteed on
a senior secured basis by the Guarantors. The Company and its
subsidiaries that are not Guarantors of the EchoStar New Notes will
not pledge any of its or their assets to secure the EchoStar
Convertible Notes. The guarantees related thereto will be secured
equally and ratably with the EchoStar Exchange Notes, the EchoStar
New Notes and certain other future secured indebtedness on a
first-priority basis, subject to permitted liens, certain
exceptions and the First Lien Intercreditor Agreement, by the
Collateral.
In connection with the issuance of the EchoStar New Notes:
(i) the Spectrum Assets Guarantors and The Bank of New York
Mellon Trust Company, N.A, as notes collateral agent, entered into
a Security Agreement, dated as of November 12, 2024, pursuant to
which the Spectrum Assets Guarantors granted a lien over the
Spectrum Assets and any proceeds thereof to The Bank of New York
Mellon Trust Company, N.A., on behalf of the noteholders of the
EchoStar New Notes, and
(ii) the Equity Pledge Guarantors and The Bank of New York
Mellon Trust Company, N.A, as notes collateral agent, entered into
a Pledge Agreement, dated as of November 12, 2024 (the "EchoStar
New Notes Pledge Agreement" and together with the EchoStar Exchange
Notes Pledge Agreement and the EchoStar Convertible Notes Purchase
Agreement, the "Pledge Agreements"), a copy of which is attached as
Exhibit 4.13 to this Current Report on Form 8-K and incorporated
herein by reference, pursuant to which the Equity Pledge Guarantors
granted a lien over the equity interests of the Spectrum Assets
Guarantors held by such Equity Pledge Guarantors to The Bank of New
York Mellon Trust Company, N.A., on behalf of the noteholders of
the EchoStar New Notes.
RANKING
The EchoStar New Notes will be:
* general unsecured obligations of the Company;
* pari passu in right of payment, without giving effect to
collateral arrangements, with the Company's other existing and
future senior indebtedness, including the EchoStar Exchange Notes
and the EchoStar Convertible Notes;
* effectively subordinated to the Company's existing and
future secured indebtedness to the extent of the value of any
collateral securing such indebtedness;
* senior in right of payment to any of the Company's existing
and future indebtedness that is expressly subordinated in right of
payment to the EchoStar New Notes;
* unconditionally guaranteed by each Guarantor; and
* structurally subordinated to the indebtedness of the
Company's subsidiaries which are not Guarantors.
The guarantee of each Spectrum Assets Guarantor will be:
* a general secured obligation of such Spectrum Assets
Guarantor;
* secured by the Collateral equally and ratably with the
EchoStar Exchange Notes and the EchoStar Convertible Notes on a
first-priority basis pursuant to the First Lien Intercreditor
Agreement, subject to permitted liens and certain other
exceptions;
* contractually senior in right of lien priority, to the
extent of the value of any collateral owned by such Spectrum Assets
Guarantor, to such Spectrum Assets Guarantor's existing and future
second lien indebtedness (subject to any Second Lien Intercreditor
Agreement) and unsecured indebtedness;
* pari passu in right of payment with such Spectrum Assets
Guarantor's other existing and future senior indebtedness,
including their guarantees of the EchoStar Exchange Notes and the
EchoStar Convertible Notes; and
* senior in right of payment to any of such Spectrum Assets
Guarantor's existing and future indebtedness that is expressly
subordinated in right of payment to such Spectrum Assets
Guarantor's Notes Guarantee.
The guarantee of each Equity Pledge Guarantor will be:
* a general secured obligation of such Equity Pledge
Guarantor;
* secured by the Collateral equally and ratably with the
EchoStar Exchange Notes and the EchoStar Convertible Notes on a
first-priority basis pursuant to the First Lien Intercreditor
Agreement, subject to permitted liens and certain other
exceptions;
* contractually senior in right of lien priority, to the
extent of the value of any collateral owned by such Equity Pledge
Guarantor, to such Equity Pledge Guarantor's existing and future
second lien indebtedness (subject to any Second Lien Intercreditor
Agreement) and unsecured indebtedness;
* pari passu in right of payment with such Equity Pledge
Guarantor's other existing and future senior indebtedness,
including their guarantees of the EchoStar Exchange Notes and the
EchoStar Convertible Notes; and
* senior in right of payment to any of such Equity Pledge
Guarantor's existing and future indebtedness that is expressly
subordinated in right of payment to such Equity Pledge Guarantor's
Notes Guarantee.
OPTIONAL REDEMPTION
The EchoStar New Notes will be redeemable at the option of the
Company, in whole or in part, at the redemption prices and under
the conditions set forth in the EchoStar New Notes Indenture.
Upon the occurrence of a change of control, holders of the EchoStar
New Notes may require the Company to repurchase such holder's
EchoStar New Notes, in whole or in part, at a purchase price equal
to 101% of the aggregate principal amount of such EchoStar New
Notes plus accrued and unpaid interest to thereon to the date of
repurchase.
SPECIAL PARTIAL
MANDATORY REDEMPTION
If a Special Partial Mandatory Redemption Event (as defined in the
EchoStar New Notes Indenture) occurs, the EchoStar New Notes will
be redeemed on a pro rata basis in an amount (taking into
consideration equivalent provisions under the EchoStar Exchange
Notes Indenture and the EchoStar Convertible Notes Indenture) such
that immediately after giving effect to such redemption, the LTV
Ratio (as defined in the EchoStar New Notes Indenture) shall not be
greater than 0.375 to 1.00 at a price equal to 102% of the
aggregate principal amount of the EchoStar New Notes to be
redeemed, plus accrued and unpaid (or not yet capitalized in the
case of in kind interest) interest on the principal amount of the
EchoStar New Notes to be redeemed to, but not including, the
Special Mandatory Redemption Date (as defined in the EchoStar New
Notes Indenture).
CERTAIN COVENANTS
The EchoStar New Notes Indenture contains covenants that limit the
ability of the Company and any of its restricted subsidiaries, to,
among other things:
* incur or guarantee additional indebtedness;
* make certain investments and other restricted payments;
* create liens;
* enter into transactions with affiliates;
* engage in mergers, consolidations or amalgamations; and
* transfer and sell assets.
EVENTS OF DEFAULT
The EchoStar New Notes Indenture also provides for customary events
of default.
INTERCREDITOR AGREEMENTS
In connection with the issuance of the EchoStar Notes, the
Guarantors and The Bank of New York Mellon Trust Company, N.A, as
trustee and notes collateral agent for each of the EchoStar Notes
entered into a First Lien Intercreditor Agreement dated as of
November 12, 2024. To the extent that the Guarantors issue or incur
any future indebtedness (including any guarantees of any future
indebtedness of the Company) that is to be secured by a lien on the
Collateral on a junior basis to the liens on the Collateral
securing the obligations under any of the EchoStar Indentures, The
Bank of New York Mellon Trust Company, N.A., as representative for
the holders of the EchoStar Notes, will enter into a junior lien
intercreditor agreement with the grantors named therein and the
representative for the holders of such junior indebtedness to
govern the relative lien priorities of such holders.
About EchoStar Corporation
EchoStar Corporation (Nasdaq: SATS) -- www.echostar.com -- is a
provider of technology, networking services, television
entertainment, and connectivity, offering consumer, enterprise,
operator, and government solutions worldwide under its EchoStar,
Boost Mobile, Boost Infinite, Sling TV, DISH TV, Hughes, HughesNet,
HughesON, and JUPITER brands. In Europe, EchoStar operates under
its EchoStar Mobile Limited subsidiary, and in Australia, the
Company operates as EchoStar Global Australia.
Denver, Colorado-based KPMG LLP, the Company's auditor since 2002,
issued a "going concern" qualification in its report dated Feb. 29,
2024, citing that the Company has debt maturing in 2024 and expects
to use a substantial amount of cash in the next twelve months. This
raises substantial doubt about the Company's ability to continue as
a going concern.
As of September 30, 2024, EchoStar had $57.5 billion in total
assets, $38 billion in total liabilities, and $19.5 billion in
total stockholders' equity.
* * *
On November 2024, S&P Global Ratings raised its Company credit
rating (ICR) on EchoStar Corp. to 'CCC+' due to the improved
liquidity position enabled by fresh capital and debt maturity
extensions.
ELECTRONICS FOR IMAGING: $895MM Bank Debt Trades at 20% Discount
----------------------------------------------------------------
Participations in a syndicated loan under which Electronics For
Imaging Inc is a borrower were trading in the secondary market
around 80.2 cents-on-the-dollar during the week ended Friday,
December 13, 2024, according to Bloomberg's Evaluated Pricing
service data.
The $895 million Term loan facility is scheduled to mature on July
23, 2026. About $851.2 million of the loan has been drawn and
outstanding.
Electronics for Imaging is a worldwide provider of products,
technology and services leading the transformation of analog to
digital imaging.
ELIZABETH SUZANN: Files Emergency Bid to Use Cash Collateral
------------------------------------------------------------
Elizabeth Suzann, LLC asked the U.S. Bankruptcy Court for the
Middle District of Tennessee, Nashville Division, for authority to
use cash collateral and provide adequate protection.
As of the petition date, Elizabeth Suzann has bank accounts in an
approximate amount of $7,301 and accounts receivable in an
approximate amount of $19,296.
The company requires the use of cash collateral for the payment of
payroll, insurance, supplies, rent and other expenses.
Elizabeth Suzann is disputing the validity of CFG Merchant
Solutions' security interest in its future receipts. However, out
of caution, the company is seeking court approval to use cash
collateral subject to CFG's potential security interest.
The company also requests a carve-out and authority to use cash
collateral for payment of: (i) allowed professional fees and
disbursements to professionals whose employment has been approved
by the court; (ii) allowed fees and disbursements, including monies
to be escrowed, to the Subchapter V Trustee appointed in the case;
and (iii) any fees payable to the Clerk of the Bankruptcy Court.
Elizabeth Suzann proposes to provide to the alleged secured
creditor replacement liens in accordance with 11 U.S.C. sections
361(2) and 552(b) to the extent of cash collateral actually
expended, and on the same assets and in the same order of priority
as currently exists.
Any such replacement lien will be to the same extent and with the
same validity and priority as the secured creditors' pre-petition
liens, without the need to file or execute any document as may
otherwise be required under applicable non-bankruptcy law.
A copy of the motion is available at https://urlcurt.com/u?l=ZC3Uf6
from PacerMonitor.com.
About Elizabeth Suzann LLC
Elizabeth Suzann, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code(Bankr. M.D. Tenn. Case No. 3:24-bk-04703) on
December 5, 2024. In the petition signed by Elizabeth Martucci,
chief executive officer, the Debtor disclosed up to $100,000 in
assets and up to $500,000 in liabilities.
Judge Nancy B. King oversees the case.
Michael G. Abelow, Esq., at Sherrard Roe Voigt & Harbison, PLC,
represents the Debtor as legal counsel.
EMERGENCY HOSPITAL: Seeks to Tap Kean Miller as Bankruptcy Counsel
------------------------------------------------------------------
Emergency Hospital Systems, LLC seeks approval from the U.S.
Bankruptcy Court for the Southern District of Texas to employ Kean
Miller LLP as counsel.
The firm will provide these services:
(a) advise the Debtor with respect to its rights, duties and
powers in the bankruptcy case;
(b) advise the Debtor regarding compliance with United States
Trustee guidelines;
(c) advise and represent the Debtor in connection with
Adversary Proceeding No. 24-03206, styled Emergency Hospital
Systems, LLC v. Moparty et al.;
(d) assist and advise the Debtor in its consultations with
creditors and parties in interest relating to the administration of
the bankruptcy case;
(e) attend meetings and negotiate with representatives of
creditors and other parties in interest;
(f) assist and advise the Debtor as to their communications,
if any, to the general creditor body regarding significant matters
in the bankruptcy case;
(g) represent the Debtor at all necessary hearings and other
proceedings;
(h) represent the Debtor in connection with cash collateral
proceedings;
(i) review, analyze, and advise the Debtor with respect to
applications, orders, statements of operations and schedules filed
with the court;
(j) advise and represent the Debtor in connection with
collecting upon any accounts receivable;
(k) assist the Debtor in formulating a Plan and Disclosure
Statement, engage in negotiations regarding any Plan and Disclosure
Statement, and prosecute a Plan and Disclosure Statement to
confirmation, if possible;
(l) assist the Debtor in preparing pleadings and applications
as may be necessary in furtherance of its interests and objectives;
and
(m) perform such other legal services as may be required and
are deemed to be in the interests of the Debtor in accordance with
its powers and duties as set forth in the Bankruptcy Code.
The firm's counsel and staff will be paid at these hourly rates:
Megan Rapp, Attorney $500
Zach Mathis, Attorney $350
Paralegal/Paraprofessional $175 - $225
Ms. Rapp 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:
Megan Rapp, Esq.
Kean Miller LLP
1400 Woodloch Forest Drive, Suite 400
The Woodlands, TX 77380
Telephone: (832) 494-1711
Facsimile: (888) 781-0162
Email: megan.rapp@keanmiller.com
About Emergency Hospital Systems
Emergency Hospital Systems LLC, doing business as Cleveland
Emergency Hospital, is a system of regional hospitals serving the
communities of The Woodlands, Porter, and Deerbrook, Cleveland.
These facilities support each other with respect to the services
they provide and are united under a common objective to provide
quality healthcare professionally and compassionately.
Emergency Hospital Systems sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 24-34683) on
October 3, 2024, with $10 million to $50 million in both assets and
liabilities. Rafael Delaflor, operating officer, signed the
petition.
Judge Eduardo V. Rodriguez oversees the case.
Kean Miller LLP serves as the Debtor's counsel.
EMPIRE TODAY: S&P Ups ICR to CCC+ on Distressed Debt Restructuring
------------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on U.S.-based
flooring retailer Empire Today LLC to 'CCC+' from 'SD' (selective
default).
S&P said, "At the same time, we assigned our 'B' issue-level rating
to Empire Today IP's revolving credit facility and first-out term
loan, reflecting a recovery rating of '1' (90%-100% recovery;
rounded estimate: 95%). Also, we assigned our 'CCC' issue-level
rating on Empire Today's second-out term loan, reflecting a
recovery rating of '5' (10%-30% recovery; rounded estimate: 10%).
"The negative outlook reflects the risk of a downgrade if we
anticipate a specific default scenario in the next 12 months. This
could occur if the company cannot generate material FOCF."
Empire Today completed a cashless exchange of its term loan for new
first- and second-out term loans at a blended discount to par value
of about 9%. The company also raised about $100 million of new
capital from participating lenders to repay $41 million of
outstanding borrowings under its revolving facility, pay
transaction expenses, and invest in its operations. In S&P's view,
the restructuring did not impair revolving facility lenders because
they were paid in full and benefitted from an increase of 50 basis
points in applicable margin on the new Empire Today IP revolving
facility.
As part of the transaction, Empire Today extended the maturity of
its capital structure, with the new revolving facility and term
loans due in 2029 (from 2026 and 2028, respectively). In addition,
the new revolving credit facility includes an estimated springing
leverage covenant of 21.6x (calculated by dividing total debt at
transaction close by $29 million) starting in the quarter ending
March 31, 2027. The covenant will be tested if more than 40% of the
revolving facility is drawn.
Prior to the transaction, Empire Today moved its intellectual
property assets to a new subsidiary outside of the existing
borrower group. Empire Today IP is the borrower of the new first-
and second-out term facilities and made an intercompany loan to
Empire Today. The new term loan facilities are secured by the
transferred assets and a pledge of the intercompany loan. They are
guaranteed on a first-lien basis by the existing borrower group.
The upgrade follows the completion of a distressed debt
restructuring, which improved Empire Today's liquidity. The
company reported an FOCF deficit of about $8 million in the third
quarter of 2024 due to revenue deterioration and operating margin
pressure partially offset by working capital inflow of about $23
million. In November 2024, the company raised about $100 million in
new capital from its lenders as part of a debt restructuring
transaction, primarily to improve its liquidity position and invest
on its operations. In addition, the company extended its capital
structure maturity to 2029, and reset and waived its springing
leverage covenant for two years. S&P said, "While we believe Empire
Today has enough near-term liquidity to implement its turnaround
initiatives, we expect the FOCF deficit will continue over the next
two years: about $27 million in 2025 due to a decline in working
capital inflow and compressed profitability, and about $18 million
in 2026 as profitability improves, supported by the company's
turnaround initiatives. However, we believe Empire Today's elevated
debt burden and uncertainties around the duration of the business
cycle could lead to another default, absent material FOCF
improvement."
S&P said, "We estimate S&P Global Ratings-adjusted leverage will
increase to the mid-17x area in 2024 following the debt
restructuring due to pressured adjusted EBITDA and a modest
increase in outstanding debt. We expect adjusted leverage will
improve over the next two year to the mid-12x area as the company
benefits from its turnaround initiatives. Despite elevated
outstanding debt, we expect interest expenses will decline to about
$57 million in 2025 due to further interest rate cuts.
Nevertheless, we forecast insufficient adjusted EBITDA to cover
interest expenses, with S&P Global Ratings-adjusted EBITDA interest
coverage of 0.7x in 2025. We expect this to improve to almost 1x in
2026.
"We expect revenue volatility as the company navigates a downturn
of the business cycle. Revenue decline accelerated to almost 20%
in the third quarter following a deterioration in business lead
trends despite a significant increase in advertising spending the
last two years. While the broader flooring industry has faced
headwinds, we believe liquidity issues have interfered with Empire
Today's ability to execute its business plan. To partially combat
demand softness, the company has focused on strengthening its
product assortment and increasing customer conversion by improving
operating practices across the markets and reducing order
cancelation. We forecast revenue will decline 6% in 2025 because we
believe the housing market is unlikely to rebound due to a still
high interest rate together with affordability issues. In 2026, we
expect revenue will increase 6% as the business cycle starts to
improve. However, we believe elevated competitive pressures from
less leveraged peers with more financial flexibility to invest
represents significant risks that could decrease market share and
slow recovery.
"We expect adjusted EBITDA will improve but remain below levels
during the height of the COVID-19 pandemic. S&P Global
Ratings-adjusted EBITDA margin declined to 5.3% in the third
quarter of 2024, largely led by higher overhead expenses with
payroll and severance, partially offset by gross margin
improvement. In addition, advertising expenses have increased to
about 15% of revenue since 2023 as Empire Today attempts to combat
weak revenue and drive business leads. To partially offset
operating margin pressures, Empire Today has, for example,
optimized advertising spending and transitioned contractors to
full-time employees to reduce turnover. The company has also
shifted its supply chain away from China, increasing its inventory
turnover and limiting its exposure to geopolitical risks. We
forecast adjusted EBITDA will decline 36% in 2024 due to lower
revenue and operating margin pressures. In 2025, we expect adjusted
EBITDA margin will increase more than 100 basis points as the
company benefits from its turnaround initiatives."
The negative outlook reflects the risk that Empire Today will not
stabilize its operating performance and generate meaningful FOCF if
the housing market worsens, which could lead to another default.
S&P could lower its ratings on Empire Today if it envisions a
specific default scenario over the subsequent 12 months. This could
occur if the company cannot generate material FOCF and liquidity
deteriorates.
S&P could raise the rating if Empire's operating performance
improved significantly, including:
-- Liquidity remaining adequate to support the business and debt
service;
-- Sustained positive free cash flow supporting the current
capital structure; and
-- Operating margin improvement leading to significant
deleveraging.
ENSERVCO CORP: Ionic Ventures Holds 8% Equity Stake
---------------------------------------------------
Ionic Ventures, LLC disclosed in Schedule 13G/A Report filed with
the U.S. Securities and Exchange Commission that as of September
30, 2024, the firm and its affiliated entities -- Ionic Management,
LLC, Brendan O'Neil, and Keith Coulston -- owned 4,000,000 shares
of Enservco Corporation's Common Stock issuable upon full exercise
of Common Stock purchase warrants, representing 8% of the
45,841,886 shares of the Company's common stock, par value $0.005
per share, outstanding as of August 12, 2024, as disclosed in the
Company's Quarterly Report on Form 10-Q for the fiscal period ended
June 30, 2024, filed with the U.S. Securities and Exchange
Commission on August 14, 2024.
Ionic is the beneficial owner of 4,000,000 shares of Common Stock.
Ionic has the power to dispose of and the power to vote the Shares
beneficially owned by it, which power may be exercised by its
manager, Ionic Management. Each of the managers of Ionic
Management, Mr. O'Neil and Mr. Coulston, has shared power to vote
and/or dispose of the Shares beneficially owned by Ionic and Ionic
Management. Neither Mr. O'Neil nor Mr. Coulston directly owns the
Shares. By reason of the provisions of Rule 13d-3 of the Act, each
of Mr. O'Neil and Mr. Coulston may be deemed to beneficially own
the Shares which are beneficially owned by each of Ionic and Ionic
Management, and Ionic Management may be deemed to beneficially own
the Shares which are beneficially owned by Ionic.
A full-text copy of Ionic's SEC Report is available at:
https://tinyurl.com/2ceudtwh
About Enservco
Enservco -- www.enservco.com -- provides a range of oilfield
services through its various operating subsidiaries, including hot
oiling, acidizing, frac water heating, and related services. The
Company has a broad geographic footprint covering major domestic
oil and gas basins across the United States.
Houston, Texas-based Pannell Kerr Forster of Texas, P.C., the
Company's auditor since 2022, issued a "going concern"
qualification in its report dated March 29, 2024, citing that the
Company has a significant working capital deficiency, has recurring
losses, and needs to raise additional funds to meet its obligations
and sustain its operations. These conditions raise substantial
doubt about the Company's ability to continue as a going concern.
For the years ended December 31, 2023, and 2022, Enservco incurred
net losses of $8.5 million and $5.6 million, respectively. As of
June 30, 2024, Enservco had $11.6 million in total assets, $10.1 in
total liabilities, and $1.5 million in total stockholders' equity.
ENSONO INTERMEDIATE: S&P Rates New First-Lien Term Loan 'B-'
------------------------------------------------------------
S&P Global Ratings lowered its issue-level rating on Ensono
Intermediate HoldCo Inc. (B-/Stable) proposed upsized first-lien
term loan to 'B-' from 'B' and revised its recovery rating to '3'
from '2'. The '3' recovery rating indicates its expectation for
meaningful (50%-70%; rounded estimate: 55%) recovery for
debtholders in the event of a payment default. Pro forma for the
$200 million fungible add-on, the company's first lien term loan
will increase to $1.246 billion.
S&P said, "The downgrade reflects our view that an increase in the
company's first-lien claims will reduce the recovery prospects for
its first-lien lenders. We expect the transaction will provide
Ensono with about $4 million of cash interest savings annually
based on indicative pricing estimates of SOFR +400, which we view
as modestly credit positive because it will help improve the
company's free operating cash flow (FOCF) generation. The company
plans to use the proceeds from this fungible add-on to repay its
existing second-lien term loan and add cash to its balance sheet.
The company also plans to extend is revolver maturity by 18 months
to November 2027.
"Our 'B-' issuer-credit rating is unchanged and reflects our
expectation that the company will continue increase its revenue,
expand its EBITDA margins, and sequentially improve its FOCF,
which--alongside the improvement in its liquidity position--will
enable to it to sustain its growth strategy and capital
structure."
ISSUE RATINGS--RECOVERY ANALYSIS
Key analytical factors
-- Following the proposed transaction, Ensono's debt
capitalization will comprise a $125 million account receivable
securitization facility due 2025, an undrawn $100 million revolving
credit facility due 2027 and a $1.246 billion first-lien term loan
B due 2028.
-- Ensono Inc. is the borrower under the first-lien credit
facilities. The debt is guaranteed by all current and future
material domestic subsidiaries. The debt will be secured with a
first-priority lien on substantially all current and future assets
of the borrower and guarantors. In S&P's analysis, it assumes the
borrower and guarantor entities account for sustainably all of its
emergence enterprise value.
-- S&P's simulated default scenario contemplates lower demand for
mainframe solutions and heightened competitive pressures for
managed services and third-party cloud solutions that lead to
increased churn and pricing pressures and erode the company's
profitability. This would reduce Ensono's cash flow to the point
that it cannot cover its fixed charges (interest expense, required
amortization, and minimum maintenance capital expenditure),
eventually leading to a default in 2027.
-- Other default assumptions include an 85% draw on the revolving
credit facility and 60% draw on the accounts receivable facility;
the spread on the revolving credit facility rises to 5% as covenant
amendments are obtained, and all debt includes six months of
prepetition interest.
-- S&P values the company on a going-concern basis using a 6x
multiple of its projected emergence EBITDA to reflect its customer
relationships and strong demand prospects for IT managed services.
Simulated default assumptions
-- Simulated year of default: 2027
-- EBITDA at emergence: $153.6 million
-- EBITDA multiple: 6x
Simplified waterfall
-- Gross recovery value: $921 million
-- Net recovery value (after 5% administrative expenses): $875
million
-- Obligor/nonobligor valuation split: 90%/10%
-- Priority claims: $90 million
-- Collateral value available to first-lien claims: $767 million
-- Unpledged value (not collateral): $30 million
-- Estimated senior secured first-lien debt: $1.376 billion
--Recovery expectations: 50%-70% (rounded estimate: 55%)
Note: All debt amounts include six months of prepetition interest
ENVERIC BIOSCIENCES: Armistice Ceases 5% Ownership of Shares
------------------------------------------------------------
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 ceased to be the beneficial
owner of more than five percent of Enveric Biosciences, Inc.'s
Common Stock.
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/4a7x5fxb
About Enveric Biosciences
Enveric Biosciences (NASDAQ: ENVB) -- www.enveric.com -- is a
biotechnology company dedicated to the development of novel
neuroplastogenic small-molecule therapeutics for the treatment of
depression, anxiety, and addiction disorders. Leveraging its unique
discovery and development platform, Psybrary, Enveric has created a
robust intellectual property portfolio of new chemical entities for
specific mental health indications. Enveric's lead program, EB-003,
is a first-in-class approach to the treatment of
difficult-to-address mental health disorders designed to promote
neuroplasticity without inducing hallucinations in the patient.
Enveric is also developing EB-002, formerly EB-373, a next
generation synthetic prodrug of the active metabolite, psilocin,
being studied as a treatment of psychiatric disorders. Enveric is
headquartered in Naples, FL with offices in Cambridge, MA and
Calgary, AB Canada.
East Hanover, New Jersey-based Marcum LLP, the Company's auditor
since 2021, issued a "going concern" qualification in its report
dated March 25, 2024, citing that the Company has incurred
significant losses and needs to raise additional funds to meet its
obligations and sustain its operations. These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.
For the year ended December 31, 2023, the Company had a loss from
operations of $16.4 million.
ENVERIC BIOSCIENCES: Reports $2.1 Million Net Loss in Fiscal Q3
---------------------------------------------------------------
Enveric Biosciences, Inc. filed with the U.S. Securities and
Exchange Commission its Quarterly Report on Form 10-Q reporting a
net loss of $2,084,032 for the three months ended September 30,
2024, compared to a net loss of $2,822,216 for the three months
ended September 30, 2023.
For the nine months ended September 30, 2024, the Company reported
a net loss of $6,420,341, compared to a net loss of $13,855,796 for
the same period in 2023.
As of September 30, 2024, the Company had $4,790,316 in total
assets, $839,166 in total liabilities, and $3,951,150 in total
stockholders' equity.
CEO Commentary
"The third quarter of 2024 was highlighted by important progress in
the development of EB-003, our neuroplastogenic molecule that is
designed to address difficult-to-treat mental health disorders
without inducing the hallucinogenic effect common to
N,N-Dimethyltryptamine (DMT) and related analogs," said Joseph
Tucker, Ph.D., Director and CEO of Enveric. "Among the key
achievements, data confirmed that EB-003 has the potential to be
delivered via oral administration and penetrate the brain at levels
expected to elicit the desired therapeutic effect. Additionally,
preclinical safety and pharmacology studies confirmed that EB-003
targets desired serotonergic receptors while minimizing potentially
harmful, off-target interactions common to serotonin-like drug
compounds. These are clear differentiators for EB-003, which we
believe will add to its value potential."
Dr. Tucker added: "Since the June FDA Advisory Committee hearing
that raised numerous questions around the potential to approve MDMA
for post-traumatic stress disorder, Enveric helped lead the
discussion for how neuroplastogens with no or limited
hallucinogenic effects might safely progress through clinical
trials and gain approval for these patients in need while avoiding
the challenges and complexities inherent to running trials with
hallucination-inducing compounds. We chose to focus Enveric's
AI-backed drug development platform on reducing and removing
hallucinations for our various candidates to mitigate these
challenges during clinical development and to reduce barriers to
wide adoption by physicians post approval."
"In our opinion, drug technologies that minimize or eliminate the
hallucinogenic effect in molecules targeting the 5-HT2A receptor
have the potential to become the gold standard in one or more
neuropsychiatric indications, given the advantages such compounds
would offer, including the ability to conduct truly blinded
placebo-controlled clinical trials and the potential to administer
the therapy in an outpatient setting without psychotherapy support.
Recognizing this, we are working to finalize the data package for
the EB-003 Investigational New Drug (IND) application, which we
anticipate submitting to the U.S. Food and Drug Administration in
the second half of 2025."
Dr. Tucker concluded: "In parallel with our EB-003 development
efforts, Enveric continues to seek to identify opportunities to
secure out-licensing agreements for our other proprietary drug
candidates. On this front, we were pleased to enter into separate
licensing agreements with Aries Science & Technology and MycoMedica
Life Sciences, and we anticipate announcing additional agreements
over the coming months . These agreements not only validate the
Company's platform but also generate non-dilutive revenue to
support the development of EB-003 and further building stockholder
value."
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/4ezsdvbe
About Enveric Biosciences
Enveric Biosciences (NASDAQ: ENVB) -- www.enveric.com -- is a
biotechnology company dedicated to the development of novel
neuroplastogenic small-molecule therapeutics for the treatment of
depression, anxiety, and addiction disorders. Leveraging its unique
discovery and development platform, Psybrary, Enveric has created a
robust intellectual property portfolio of new chemical entities for
specific mental health indications. Enveric's lead program, EB-003,
is a first-in-class approach to the treatment of
difficult-to-address mental health disorders designed to promote
neuroplasticity without inducing hallucinations in the patient.
Enveric is also developing EB-002, formerly EB-373, a next
generation synthetic prodrug of the active metabolite, psilocin,
being studied as a treatment of psychiatric disorders. Enveric is
headquartered in Naples, FL with offices in Cambridge, MA and
Calgary, AB Canada.
East Hanover, New Jersey-based Marcum LLP, the Company's auditor
since 2021, issued a "going concern" qualification in its report
dated March 25, 2024, citing that the Company has incurred
significant losses and needs to raise additional funds to meet its
obligations and sustain its operations. These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.
For the year ended December 31, 2023, the Company had a loss from
operations of $16.4 million.
ERIS HARMONIA: Hires David W. Steen P.A. as Counsel
---------------------------------------------------
Eris Harmonia, LLC seeks approval from the U.S. Bankruptcy Court
for the Middle District of Florida to employ David W. Steen, PA to
handle its Chapter 11 case.
The firm will be paid based upon its normal and usual hourly
billing rates. The firm will also be reimbursed for reasonable
out-of-pocket expenses incurred.
The firm received a retainer of $15,000 from the Debtor.
David Steen, Esq., disclosed in a court filing that his firm is a
"disinterested person" as defined in Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
David W. Steen, Esq.
David W. Steen, PA
P.O. Box 270394
Tampa, FL 33688
Telephone: (813) 251-3000
Email: dwsteen@dsteenpa.com
About Eris Harmonia, LLC
Eris Harmonia, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-06544) on November 5,
2024, with $500,001 to $1 million in both assets and liabilities.
Judge Roberta A. Colton presides over the case.
David W. Steen, Esq., at David W Steen, P.A. represents the Debtor
as legal counsel.
ESCALON MEDICAL: Reports $32,217 Net Loss in Q1 2025
----------------------------------------------------
Escalon Medical Corp. filed with the U.S. Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net loss
of $32,217 on $2,781,346 of net revenue for the three months ended
September 30, 2024, compared to a net loss of $21,197 on $2,945,000
of net revenue for the three months ended September 30, 2023.
As of September 30, 2024, the Company had $4,719,116 in total
assets, $2,941,751 in total liabilities, and $1,777,365 in total
shareholders' equity.
To date, the Company's operations have not generated sufficient
revenues to enable consistent profitability. Through September 30,
2024, the Company had incurred historical recurring losses from
operations and incurred negative cash flows from operating
activities. These factors raise substantial doubt regarding the
Company's ability to continue as a going concern for the next 12
months.
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/4nv3zpd8
About Escalon
Headquartered in Wayne, Pennsylvania, Escalon Medical Corp.
operates in the healthcare market, specializing in the development,
manufacture, marketing and distribution of medical devices for
ophthalmic applications.
Marlton, New Jersey-based Marcum LLP, the Company's auditor since
2010, issued a "going concern" qualification in its report dated
Sept. 30, 2024, citing that the Company's historical recurring
losses from operations and negative cash flows from operating
activities raise substantial doubt about the Company's ability to
continue as a going concern.
EUBANKS ELECTRIC: Unsecureds to Get Share of Income for 60 Months
-----------------------------------------------------------------
Eubanks Electric, LLC filed with the U.S. Bankruptcy Court for the
Eastern District of Texas a Chapter 11 Plan of Reorganization dated
November 14, 2024.
Founded in 1973, the Debtor is a family owned and operated
electrician company. The Debtor currently operates out of its
office location at 6100 FM 115, Scroggins, TX 75480.
Due to cash flow issues resulting from a drop in revenue in the
year 2023, the Debtor was unable meet its monthly debt obligations.
Making matters worse, the Debtor was unable to secure additional
capital to fund operations. The net effect was that the Debtor did
not have sufficient liquidity to continue its business outside the
protection of the Bankruptcy Court and was forced to seek relief
pursuant to Chapter 11 of the Bankruptcy Code.
The Debtor is currently owned fifty percent by Dustin Eubanks and
fifty percent by Erin James. After confirmation, Mr. Eubanks and
Mrs. James will remain the owners of the Debtor.
The Debtor's Assets include its: (i) cash; (ii) accounts
receivable; (iii) real estate located at 108 Redbud Ln, Mt.
Pleasant, Texas 75455, (iv) trucks and trailers; (v) office
furniture; and (vi) office equipment.
It is anticipated that after confirmation, the Debtor will continue
in business. Based upon the Projections, the Debtor believes it can
service the debt to creditors.
Class 10 consists of Allowed Unsecured Claims. In the event the
Plan is a consensual plan pursuant to Sections 1191(a) and 1129(a),
the Debtor shall make sixty consecutive monthly payments commencing
thirty days after the Effective Date in the amount of $2,194.86
(the "Monthly Payment"), which amount equals the Debtor's
Disposable Income identified on the Debtor's Projections. The
Holders of Allowed Unsecured Claims shall receive their pro rata
share of the Monthly Payment.
In the event the Plan is a nonconsensual plan under Section
1191(b), the Debtor shall make sixty consecutive monthly payments
commencing thirty days after the Effective Date in the amount of
the Monthly Payment, which amount equals the Debtor's Disposable
Income identified on the Debtor's Projections. The Holders of
Allowed Unsecured Claims shall receive their pro rata share of the
Monthly Payment. The Class 10 Claimants are impaired and entitled
to vote on the Plan.
The current owners, Dustin Eubanks and Erin James, will receive no
payments under the Plan; however, Mr. Eubanks and Mrs. James will
be allowed to retain their ownership in the Debtor.
From and after the Effective Date, the Debtor will continue to
exist as a Reorganized Debtor. By reducing the Debtor's monthly
obligations to creditors to the Reorganized Debtor's Disposable
Income, the Reorganized Debtor will have sufficient cash to
maintain operations and will allow the Reorganized Debtor to
successfully operate following the Effective Date of the Plan.
A full-text copy of the Plan of Reorganization dated November 14,
2024 is available at https://urlcurt.com/u?l=59fWbC from
PacerMonitor.com at no charge.
Counsel to the Debtor:
Brandon J. Tittle, Esq.
Tittle Law Group, PLLC
5465 Legacy Dr., Suite 650
Telephone: (972) 731-2590
Email: btittle@tittlelawgroup.com
About Eubanks Electric
Eubanks Electric, LLC, is a family owned and operated business that
offers electrical solutions to residential, commercial, and
industrial clients.
Eubanks Electric filed its voluntary petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. E.D. Tex. Case No.
24-50124) on Aug. 23, 2024. In the petition signed by Erin James,
member, the Debtor disclosed up to $500,000 in assets and up to $10
million in liabilities.
Brandon J. Tittle, Esq., at Tittle Law Group, PLLC, serves as the
Debtor's legal counsel.
EXELA TECHNOLOGIES: Reports $24.9 Million Net Loss in Fiscal Q3
---------------------------------------------------------------
Exela Technologies, Inc. filed with the U.S. Securities and
Exchange Commission its Quarterly Report on Form 10-Q reporting a
net loss of $24.9 million on $269.2 million of revenue for the
three months ended September 30, 2024, compared to a net loss of
$23.1 million on $253.1 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 $77.4 million on $773.6 million of revenue, compared
to a net loss of $99.4 million on $799.7 million of revenue for the
same period in 2023.
As of September 30, 2024, the Company had $567 million in total
assets, $1.5 billion in total liabilities, and $936.2 million in
total stockholders' deficit.
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/z6ph9rjk
About Exela Technologies
Headquartered in Irving, Texas, Exela Technologies, Inc. --
http://www.exelatech.com/-- is a business process automation (BPA)
company, leveraging a global footprint and proprietary technology
to provide digital transformation solutions enhancing quality,
productivity, and end-user experience. With decades of experience
operating mission-critical processes, Exela serves a growing roster
of more than 4,000 customers throughout 50 countries, including
over 60% of the Fortune 100. Utilizing foundational technologies
spanning information management, workflow automation, and
integrated communications, Exela's software and services include
multi-industry, departmental solution suites addressing finance and
accounting, human capital management, and legal management, as well
as industry-specific solutions for banking, healthcare, insurance,
and the public sector. Through cloud-enabled platforms, built on a
configurable stack of automation modules, and approximately 13,600
employees operating in 20 countries, Exela rapidly deploys
integrated technology and operations as an end-to-end digital
journey partner.
Iselin, New Jersey-based EisnerAmper LLP, the Company's auditor
since 2023, issued a "going concern" qualification in its report
dated April 3, 2024, citing that the Company has experienced
recurring losses, has a working capital deficit and stockholders'
deficit, and significant future required cash payments for interest
under its long-term debt obligations that raise substantial doubt
about its ability to continue as a going concern.
EYENOVIA INC: Armistice Capital Holds 9.95% 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 8,600,000 shares of Eyenovia, Inc.'s Common Stock,
representing 9.95% of the shares outstanding.
Armistice Capital, LLC is the investment manager of Armistice
Capital Master Fund Ltd., the direct holder of the Shares, and
pursuant to an Investment Management Agreement, Armistice Capital
exercises voting and investment power over the securities of the
Company held by the Master Fund and thus may be deemed to
beneficially own the securities of the Company held by the Master
Fund. Mr. Boyd, as the managing member of Armistice Capital, may be
deemed to beneficially own the securities of the Company held by
the Master Fund. The Master Fund specifically disclaims beneficial
ownership of the securities of the Company directly held by it by
virtue of its inability to vote or dispose of such securities as a
result of its Investment Management Agreement with Armistice
Capital.
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/n6t4574h
About Eyenovia
New York, N.Y.-based Eyenovia, Inc. is an ophthalmic technology
company commercializing Mydcombi (tropicamide and phenylephrine HCL
ophthalmic spray) for inducing mydriasis for routine diagnostic
procedures and in conditions where short-term pupil dilation is
desired, preparing for the commercialization of clobetasol
propionate ophthalmic suspension 0.05% ("clobetasol propionate"),
for the treatment of post-operative inflammation and pain following
ocular surgery, and developing the Optejet delivery system both for
use in combination with its own drug-device therapeutic programs
and for out-licensing for use in combination with therapeutics for
additional indications. The Company's aim is to improve the
delivery of topical ophthalmic medication through the ergonomic
design of the Optejet, which facilitates ease-of-use and delivery
of a more physiologically appropriate medication volume, with the
goal to reduce side effects and improve tolerability and introduce
digital health technology to improve therapy compliance and
ultimately medical outcomes.
In its Quarterly Report for the three months ended September 30,
2024, Eyenovia reported that it had unrestricted cash and cash
equivalents of approximately $7.2 million and an accumulated
deficit of approximately $175.4 million as of September 30, 2024.
For the nine months ended September 30, 2024 and 2023, the Company
used cash in operations of approximately $24.0 million and $17.5
million, respectively. The Company does not have recurring
significant revenue and has not yet achieved profitability. The
Company expects to continue to incur cash outflows from operations
for the near future. The Company expects that it will continue to
incur significant research and development and selling, general and
administrative expenses and, as a result, it will eventually need
to generate significant product revenues to achieve profitability.
These circumstances raise substantial doubt about the Company's
ability to continue as a going concern for at least one year from
the date that the financial statements were issued.
For the years ended December 31, 2023 and 2022, Eyenovia incurred
net losses of approximately $27.3 million and $28 million,
respectively. As of September 30, 2024, Eyenovia had $22,796,091 in
total assets, $19,076,788 in total liabilities, and $3,719,303 in
total stockholders' equity.
FC COMPASSUS: S&P Withdraws 'B-' ICR Following Debt Repayment
-------------------------------------------------------------
S&P Global Ratings withdrew all of its ratings on FC Compassus LLC,
including the 'B-' issuer credit rating. At the time of the
withdrawal, its outlook on the company was stable.
This withdrawal is following FC Compassus' recent repayment of all
of its outstanding debt.
FIDDLERS GREEN: Hires Robert W. Buchholz PC as Counsel
------------------------------------------------------
Fiddlers Green, LLC seeks approval from the U.S. Bankruptcy Court
for the Northern District of Texas to employ The Law Office of
Robert W. Buchholz, PC to handle its Chapter 11 case.
The firm will be paid at these rates:
Robert Buchholz, Attorney $350 per hour
Paralegal $125 per hour
In addition, the firm will seek reimbursement for expenses
incurred.
The firm has been paid a retainer of $3,262 and has been paid the
filing fee of $1,738.
Mr. Buchholz disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Robert W. Buchholz, Esq.
The Law Office of Robert W. Buchholz, P.C.
5220 Spring Valley Road, Suite 618
Dallas, TX 75254
Telephone: (214) 754-5500
Facsimile: (214) 754-9100
Email: bob@attorneybob.com
About Fiddlers Green, LLC
Fiddlers Green LLC is a Single Asset Real Estate debtor (as defined
in 11 U.S.C. Section 101(51B)).
Fiddlers Green LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-33556) on November 4,
2024. In the petition filed by Dan Blackburn, as 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
FIG & FENNEL: Gets OK to Use Cash Collateral Until Feb. 20
----------------------------------------------------------
Fig & Fennel at Mia, LLC and its affiliates received ninth interim
approval from the U.S. Bankruptcy Court for the Southern District
of Florida to use collateral until Feb. 20 next year.
The interim order approved the use of cash collateral to pay
operating expenses in accordance with the companies' projected
budget.
To protect creditors including Newtek Small Business Finance, Inc.
and the U.S. Small Business Administration, the court granted these
creditors replacement liens.
In addition, the court ordered the companies to make interest-only
payments to Newtek. In case of non-payment, Newtek must notify the
companies of any default. If the companies fail to rectify the
default within 10 days, Newtek may seek further relief regarding
its cash collateral rights.
The next hearing is scheduled for Feb. 19.
About Fig & Fennel at Mia
Fig & Fennel at MIA, LLC and affiliates own and operate restaurants
offering a broad selection of grab-and-go sandwiches, salads,
bowls, snacks, desserts, and more.
The Debtors filed Chapter 11 petitions (Bankr. S.D. Fla. Lead Case
No. 23-18515) on October 18, 2023. Robert Siegmann, manager, signed
the petitions. At the time of the filing, Fig & Fennel at MIA
reported $2,956,271 in total assets and $523,057 in total
liabilities.
Judge Scott M. Grossman oversees the cases.
Adam Leichtling, Esq., at Lapin & Leichtling, LLP, is the Debtors'
legal counsel.
FINTHRIVE SOFTWARE: $1.44BB Bank Debt Trades at 33% Discount
------------------------------------------------------------
Participations in a syndicated loan under which FinThrive Software
Intermediate Holdings Inc is a borrower were trading in the
secondary market around 66.6 cents-on-the-dollar during the week
ended Friday, December 13, 2024, according to Bloomberg's Evaluated
Pricing service data.
The $1.44 billion Term loan facility is scheduled to mature on
December 18, 2028. About $1.40 billion of the loan has been drawn
and outstanding.
FinThrive is a provider of revenue cycle management software
solutions to the healthcare sector.
FINTHRIVE SOFTWARE: DoubleLine ISF Marks $2.2MM Loan at 56% Off
---------------------------------------------------------------
DoubleLine Income Solutions Fund has marked its $2,205,000 loan
extended to FinThrive Software Intermediate Holdings, Inc to market
at $970,663 or 44% of the outstanding amount, as of September 30,
2024, according to a disclosure contained in DoubleLine ISF's
Amended Form N-CSR for the six-month period ended September 30,
2024, filed with the U.S. Securities and Exchange Commission.
DoubleLine ISF is a participant in a Senior Secured Second Lien
Term Loan to FinThrive Software Intermediate Holdings, Inc. The
loan accrues interest at a rate of 12.11% (3 Month term SOFR+
6.75%) per annum. The loan matures on December 17, 2028.
DoubleLine YOF was formed as a closed-end management investment
company registered under the Investment Company Act of 1940, as
amended and originally classified as a non-diversified fund. The
Fund is currently operating as a diversified fund.
The fiscal year ends September 30.
DoubleLine YOF is led by Ronald R. Redell, President and Chief
Executive Officer; and Henry V. Chase, Treasurer and Principal
Financial and Accounting Officer. The Fund can be reach through:
Ronald R. Redell
President and Chief Executive Officer
c/o DoubleLine Capital LP
2002 North Tampa Street, Suite 200
Tampa, FL 33602
Tel. No.: (813) 791-7333
FinThrive is a provider of revenue cycle management software
solutions to the healthcare sector.
FITZGERALD HILL: Trustee Hires as John E. Ciluzzi Broker
--------------------------------------------------------
Donald Lassman, the Chapter 11 Trustee of Fitzgerald Hill LLC,
seeks approval from the U.S. Bankruptcy Court for the District of
Massachusetts to employ John E. Ciluzzi, a commercial real estate
broker
on Cape Cod.
Mr. John E. Ciluzzi will market and sell the Debtor's real property
a 5.6 acres of land in Wellfleet, Massachusetts known as 70 Main
Street.
He will be paid a commission of 5 percent of the selling price.
As disclosed in a court filing, Mr. Ciluzzi is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
He can be reached at:
John E. Ciluzzi
Premier Commercial - Centerville
1645 Falmouth Road Building G First Floor
PO Box 731
Centerville, MA 02632
Tel: (508) 815-5701
Email: jciluzzi@premiercommercial.biz
About Fitzgerald Hill LLC
Fitzgerald Hill LLC sought relief under Chapter 11 of the
Bankruptcy Code (Bankr. D. Del. Case No. 24-11583) on Aug. 5,
2024.
In the petition filed by John O'Toole & Grant Hester, as managers,
the Debtor estimated assets and liabilities between $1 million and
$10 million each.
Judge Janet E Bostwick presides over the case.
The Debtor is represented by Peter M. Daigle, Esq. at DAIGLE LAW
OFFICE.
FOOTBALL NATION: Files Chapter 11 Bankruptcy in Massachusetts
-------------------------------------------------------------
On December 5, 2024, Football Nation Holdings LLC filed Chapter 11
protection in the District of Massachusetts. According to court
documents, the Debtor reports between $1 million and $10 million in
debt owed to 1 and 49 creditors. The petition states funds will be
available to unsecured creditors.
A meeting of creditors under Sec. 341(a) to be held on January 6,
2025 at 3:30 PM, TELEPHONIC MEETING. Dial-in Number: 1-877-369-9123
Participant Code: 8635039#.
About Football Nation Holdings LLC
Football Nation Holdings LLC, doing business as Command Media LLC,
provides cutting-edge app and web development specializing in the
application of advanced AI, enhanced live streaming, and real-time
gamification.
Football Nation Holdings LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 24-12453) on
December 5, 2024. In the petition filed by Laura Peck, as chief
operating officer, the Debtor reports estimated assets up to
$50,000 and estimated liabilities between $1 million and $10
million.
Honorable Bankruptcy Judge Janet E. Bostwick handles the case.
The Debtor is represented by:
D. Ethan Jeffery, Esq.
MURPHY & KING, PROFESSIONAL CORPORATION
28 State Street, Suite 3101
Boston, MA 02109
Tel: (617) 423-0400
FRALEG JEFFERSON: Hires Francis E. Hemmings as Bankruptcy Counsel
-----------------------------------------------------------------
Fraleg Jefferson Corp. seeks approval from the U.S. Bankruptcy
Court for the Eastern District of New York to employ Law Offices of
Francis E. Hemmings PLLC as counsel.
the Law Offices of Francis E. Hemmings PLLC to handle its Chapter
11 case.
Mr. Hemmings received a retainer of $2,500 from the Debtor.
The Debtor will compensate the attorney at his hourly rate of
$400.
Mr. Hemmings disclosed in a court filing that he and his firm are
"disinterested persons" as that term is defined in Section 101(14)
of the Bankruptcy Code.
The firm can be reached through:
Francis E. Hemmings, Esq.
Law Offices of Francis E. Hemmings PLLC
228-18 Mentone Avenue
Laurelton, NY 11413
Telephone: (212) 747-9560
Email: Fhemmings@gmail.com
About Fraleg Jefferson Corp.
Fraleg Jefferson Corp., filed a Chapter 11 bankruptcy petition
(Bankr. E.D.N.Y. Case No. 24-41125) on March 14, 2024, disclosing
under $1 million in both assets and liabilities. The Debtor hires
Law Offices of Francis E. Hemmings PLLC as counsel.
FREIRICH FOODS: Gets OK to Use Cash Collateral Until Jan. 10
------------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of North
Carolina, Winston-Salem Division, granted Freirich Foods, Inc.
authority to use cash collateral on an interim basis.
The Debtor is authorized to use cash collateral in accordance with
Section 363 of the Bankruptcy Code and the budget attached to the
order, through January 10, 2025.
The Debtor must make adequate protection payments to First National
Bank of Pennsylvania (FNB) in the amount of $448,579.72 from the
sale of raw meat inventory, $1,102,500.00 from the net sale
proceeds of the sale assets, and an amount to be determined at
closing from the sale of non-meat inventory.
In addition, First National Bank will receive monthly payments of
$50,000 from Freirich Foods, plus interest accruing during the
prior month at the contract rate on the outstanding principal
balance of the bank's secured claim.
The Debtor's authorization to use cash collateral will
automatically terminate on the earliest of (a) entry of an order by
the court modifying the terms of this order, (b) entry of an order
by the court terminating the right to use cash collateral, (c) the
effective date of any confirmed plan, (d) conversion to Chapter 7,
or (e) dismissal of the case.
The budget attached to the order shows the Debtor's projected 9
weeks expenses for the period from November 29, 2024, to January
24, 2025, as follow:
$804,255 for Week 1
$1,526,685 for week 2
$1,220,750 for week 3
$478,750 for week 4
$521,461 for week 5
$478,235 for week 6
$304,750 for week 7
($59,750) for week 8
$885,403 for week 9
A further hearing is scheduled for January 7, 2025.
About Freirich Foods
Freirich Foods, Inc. is a deli meat processor that produces dry
open-oven roasted products. It has been supplying specialty meats
to select grocers and delis since 1921. Although initially opened
in New York, the business is headquartered in Salisbury, North
Carolina today and has been managed by four generations of the
Freirich family.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D.N.C. Case No. 24-50204) on March 20,
2024, with $13,015,005 in assets and $14,524,627 in liabilities.
Paul Bardinas, president, signed the petition.
Judge Benjamin A. Kahn oversees the case.
The Debtor tapped John A Northen, Esq., at Northen Blue, LLP as
legal counsel and The Finley Group, Inc. as financial advisor.
FUEL FITNESS: Court Approves Use of Cash Collateral Thru Dec. 20
----------------------------------------------------------------
The United States Bankruptcy Court for the Eastern District of
North Carolina, Raleigh Division, approved Fuel Fuel Fitness, LLC's
emergency motion to use cash collateral for 30 days to sustain
operations and prevent irreparable harm.
The Debtor is authorized to use cash collateral consistent with the
attached budget, with a 10% overall variance, for the period from
November 22, 2024, to December 20, 2024.
The budget attached to the order shows the Debtor's projected
income and expenses for the period from Nov. 22 to Dec. 20, which
is $65,000.
The Debtor must make an adequate protection payment to Live Oak
Banking Company in the amount of $5,000 on or before December 15,
2024.
Live Oak Banking Company and all other lien creditors are granted a
continuing post-petition security interest in and lien on all
personal property of the Debtor to the same extent and with the
same priority as the liens existed on the Petition Date.
The Debtor has the following secured creditors with possible
interests in its cash collateral:
Premier Fitness Mooresville: $0.00
Breakout Finance: $0.00
Live Oak Banking Co.: $525,000
ByzFunder, LLC: $0.00
NewTek Bank, NA: $345,000
SofiaGrey, LLC dba eFinancial Tree: $77,000
A hearing is scheduled for December 18, 2024.
About Fuel Fitness
Fuel Fitness, LLC, a company in Raleigh, N.C., filed a petition
under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr.
E.D.N.C. Case No. 24-03698) on Oct. 22, 2024, with up to $100,000
in assets and up to $10 million in liabilities. Christopher Shawn
Stewart, member-manager, signed the petition.
Philip M. Sasser, Esq., at Sasser Law Firm, is the Debtor's legal
counsel.
FUEL HOMESTEAD: Gets Interim OK to Use Cash Collateral Thru Dec. 20
-------------------------------------------------------------------
The United States Bankruptcy Court for the Eastern District of
North Carolina, Raleigh Division, approved Fuel Homestead, LLC's
emergency motion to use cash collateral for 30 days to sustain
operations and prevent irreparable harm.
The Debtor is authorized to use cash collateral consistent with the
attached budget, with a 10% overall variance, for the period from
November 22, 2024, to December 20, 2024.
The budget attached to the order shows the Debtor's projected
expenses for the period from Nov. 22, 2024, to Dec. 20, 2024, which
is $91,300.
The Debtor must make an adequate protection payment to Live Oak
Banking Company in the amount of $5,000 on or before December 15,
2024.
Live Oak Banking Company and all other lien creditors are granted a
continuing post-petition security interest in and lien on all
personal property of the Debtor to the same extent and with the
same priority as the liens existed on the Petition Date.
The Debtor has the following secured creditors with possible
interests in its cash collateral:
Fitness Investment Partners: $110,000
Breakout Finance: $0.00
Live Oak Banking Co.: $525,000
ByzFunder, LLC: $0.00
Lifetime Funding: $0.00
NewTek: $345,000
SofiaGrey, LLC dba eFinancial Tree: $77,000
The next hearing is scheduled for Dec. 18, 2024.
About Fuel Homestead
Fuel Homestead, LLC, a company in Raleigh, N.C., sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case
No. 24-03699) on October 22, 2024, with up to $100,000 in assets
and up to $10 million in liabilities. Christopher Shawn Stewart,
member-manager, signed the petition.
Philip M. Sasser, Esq., at Sasser Law Firm, represents the Debtor
as bankruptcy counsel.
FUEL REYNOLDA: Gets Court OK to Use Cash Collateral Thru Dec. 20
----------------------------------------------------------------
The United States Bankruptcy Court for the Eastern District of
North Carolina, Raleigh Division, approved Fuel Reynolda, LLC's
emergency motion to use cash collateral for 30 days to sustain
operations and prevent irreparable harm.
The Debtor is authorized to use cash collateral consistent with the
attached budget, with a 10% overall variance, for the period from
Nov. 22, 2024, to Dec. 20, 2024.
The budget attached to the order shows the Debtor's projected
income and expenses for the period from Nov. 22 to Dec. 20, which
is $84,300.
The Debtor must make an adequate protection payment to Live Oak
Banking Company in the amount of $5,000 on or before December 15,
2024.
Live Oak Banking Company and all other lien creditors are granted a
continuing post-petition security interest in and lien on all
personal property of the Debtor to the same extent and with the
same priority as the liens existed on the Petition Date.
The Debtor has the following secured creditors with possible
interests in its cash collateral:
Live Oak Banking Co.: $525,000 (UCC filed on June 24, 2022)
Live Oak Banking Co.: $150,000 (UCC filed on June 27, 2022)
Live Oak Banking Co.: Unknown (UCC filed on June 29, 2022)
CFC Merchant Solutions: $60,000 (UCC filed on August 20, 2024)
A return hearing is scheduled for December 18, 2024.
About Fuel Reynolda
Fuel Reynolda, LLC -- https://fuelfitnessclubs.com/about/ -- doing
business as Fuel Fitness, is a fitness center that offers the best
free weights, strength training/cardio equipment, group fitness
classes, personal training, childcare, recovery studio and smoothie
bar.
Fuel Reynolda sought relief under Subchapter V of Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 24-03700) on October
22, 2024, with $100,000 to $500,000 in assets and $1 million to $10
million in liabilities. Christopher Shawn Stewart, member-manager,
signed the petition.
The Debtor is represented by Philip M. Sasser, Esq., at Sasser Law
Firm.
G & T 5206: Hires Center City Law Offices as Legal Counsel
----------------------------------------------------------
G & T 5206 Investments, LLC seeks approval from the U.S. Bankruptcy
Court for the Eastern District of Pennsylvania to employ Center
City Law Offices, LLC as its counsel.
The firm will provide these services:
(a) prepare all papers required to be filed in connection with
this bankruptcy proceeding;
(b) give the Debtor legal advice with respect to its powers
and duties;
(c) represent the Debtor at its Initial Debtor Interview, its
first meeting of creditors, all status hearings, confirmation
hearings and any Rule 2004 examinations;
(d) prepare on behalf of the Debtor all necessary legal
papers; and
(e) perform all other legal services for the Debtor as may be
required and necessary in the continued administration of this
case.
The firm's principal will be paid at an hourly rate of $250.
The firm received an initial retainer of $7,500 from the Debtor.
Center City Law Offices is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Center City Law Offices LLC
2705 Bainbridge St.
Philadelphia, PA 19146
Telephone: (215) 820-2132
Facsimile: (215) 977-9644
About G & T 5206 Investments
G & T 5206 Investments, LLC filed its voluntary petition for relief
under Chapter 11 of the Bankrutpcy Code (Bankr. E.D. Pa. Case No.
24-13262) on Sept. 13, 2024, listing up to $1 million in both
assets and liabilities.
Judge Patricia M. Mayer oversees the case.
The Debtor tapped Center City Law Offices, LLC as counsel and J.
Gleason Associates, LLC as accountant.
G & T 5206: Hires J. Gleason Associates as Accountant
-----------------------------------------------------
G & T 5206 Investments, LLC seeks approval from the U.S. Bankruptcy
Court for the Eastern District of Pennsylvania to employ J. Gleason
Associates, LLC as accountant.
The firm will render these services:
(a) provide monthly bookkeeping;
(b) prepare all Internal Revenue Service (IRS) required
documents and filings; and
(c) prepare the Chapter 11 Monthly Operating reports and the
Debtor's Subchapter V Plan of Reorganization.
The firm will be paid $250 per month for the preparation of the
Monthly Operating Reports and an hourly fee of $175 for the
preparation and revisions to the Subchapter V Plan of
Reorganization. The Plan fees shall be included in the Monthly
Disposable Income spreadsheet and is expected to be incurred in the
approximate amount of $10,000 prior to confirmation.
Jacqueline Gleason, CPA, a member at J. Gleason Associates,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached through:
Jacqueline Gleason, CPA
J. Gleason Associates, LLC
928 E. High St.
Pottstown, PA 19464
Telephone: (610) 347-5004
About G & T 5206 Investments
G & T 5206 Investments, LLC filed its voluntary petition for relief
under Chapter 11 of the Bankrutpcy Code (Bankr. E.D. Pa. Case No.
24-13262) on Sept. 13, 2024, listing up to $1 million in both
assets and liabilities.
Judge Patricia M. Mayer oversees the case.
The Debtor tapped Center City Law Offices, LLC as counsel and J.
Gleason Associates, LLC as accountant.
GARCIA PROPERTY: Hires Keller Williams Realty as Broker
-------------------------------------------------------
Garcia Property Group II, Inc. seeks approval from the U.S.
Bankruptcy Court for the Southern District of Florida to employ
Keller Williams Realty Greater Metropolitan as broker.
The firm will market and sell the following real properties:
a) 1135 E 74th St, Cleveland, Ohio 44104;
b) 949 E 77th St, Cleveland, Ohio 44104;
c) 9620 Fuller Avenue, Cleveland, Ohio 44104;
d) 10306 Prince Avenue, Cleveland, Ohio 44104;
e) 9511 Reno Avenue, Cleveland, Ohio 44105; and
f) 6914 Saint Clair Avenue, Cleveland, Ohio 44103.
The firm will be paid a commission of 7 percent of the purchase
price of each properties.
As disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Kaitlyn Dawn Rabinovitch
Keller Williams Realty Greater Metropolitan
29225 Chagrin Blvd.
Cleveland, OH 44122
Tel: (216) 839-5500
About Garcia Property Group II, Inc.
Garcia Property Group II, Inc. filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No.
24-21766) on November 8, 2024, with $100,001 to $500,000 in assets
and liabilities.
Judge Laurel M. Isicoff presides over the case.
Christina Vilaboa-Abel, Esq., represents the Debtor as legal
counsel.
GAUCHO GROUP: 3i LP, 2 Others Hold 9.9% Stake as of Sept. 30
------------------------------------------------------------
3i, LP disclosed in a Schedule 13G filed with the U.S. Securities
and Exchange Commission that as of September 30, 2024, the firm, 3i
Management LLC, and Maier J. Tarlow beneficially owned 97,482
shares of Gaucho Group Holdings, Inc.'s common stock, representing
9.9% of the shares outstanding.
The ownership percentages are based on:
(i) 889,263 shares of Common Stock outstanding of August 14,
2024, as disclosed in the Company's Quarterly Report on Form 10-Q
for the fiscal period ended June 30, 2024, filed by the Company
with the SEC on August 14, 2024, and
(ii) 97,482 shares of Common Stock issuable, in an combination,
to 3i upon the (x) the full exercise of Common Stock purchase
warrants held by 3i, which are exercisable for up to an aggregate
of 35,054 shares of Common Stock, which are subject to a 4.99%
beneficial ownership limitation provision, and (y) full conversion
of senior secured convertible notes held by 3i in the principal
aggregate amount of approximately $1.6 million, which conversions
are subject to a 9.99% beneficial ownership limitation provision.
3i holds the Warrants exercisable for up to an aggregate of 35,054
shares of Common Stock and the Notes convertible into a number of
shares of Common Stock pursuant to, and in accordance with, the
conversion price and terms of the Notes, subject to the Blocker.
Due to the interaction between the Blocker and the 4.99% beneficial
ownership limitation, 3i is prohibited from exercising the Warrants
and/or converting the Notes into shares of Common Stock if, as a
result of such exercise or conversion, respectively, 3i, together
with its affiliates and any persons acting as a group together with
3i or any such affiliates, would beneficially own more than 4.99%
or 9.99% of the total number of shares of Common Stock then issued
and outstanding immediately after giving effect to such exercise or
conversion, as applicable.
Consequently, 3i is the beneficial owner of 97,482 shares of Common
Stock. 3i has the power to dispose of and the power to vote the
Shares beneficially owned by it, which power may be exercised by 3i
Management, the manager and general partner of 3i. Mr. Tarlow, as
the manager of 3i Management, has shared power to vote and/or
dispose of the Shares beneficially owned by each of 3i and 3i
Management. Mr. Tarlow does not directly own the Shares. By reason
of the provisions of Rule 13d-3 of the Act, Mr. Tarlow may be
deemed to beneficially own the Shares beneficially owned by 3i and
3i Management, and 3i Management may be deemed to beneficially own
the Shares beneficially owned by 3i.
A full-text copy of 3i's SEC Report is available at:
https://tinyurl.com/yynt4jv9
About Gaucho Group Holdings
Gaucho Group Holdings, Inc. is a Delaware holding company
headquartered in Miami, Fla., which owns certain subsidiaries
including operating companies that own a winery, boutique hotel and
real property in Argentina.
Gaucho filed Chapter 11 petition (Bankr. S.D. Fla. Case No.
24-21852) on November 12, 2024, with $10 million to $50 million in
both assets and liabilities.
Nathan G. Mancuso, Esq., at Mancuso Law, P.A. is the Debtor's legal
counsel.
GLASS MANAGEMENT: Gets OK to Use Cash Collateral Until Dec. 24
--------------------------------------------------------------
Glass Management Services, Inc. received interim approval from the
U.S. Bankruptcy Court for the Northern District of Illinois to use
the cash collateral of Old National Bank until Dec. 24.
ONB, the primary secured creditor, holds a senior lien on Glass
Management's assets on account of its loans to the company. As of
Sept. 25, 2024, the company owed the bank over $4 million.
ONB's interest in the assets will be protected by replacement liens
on post-petition assets, according to the interim order penned by
Judge Janet Baer.
In addition, ONB will be granted a superpriority administrative
expense claim in case of diminution in value of its collateral and
will receive monthly payments of $30,000 from Glass Management
starting this month, which the bank can automatically debit from
the company's account.
Glass Management must adhere strictly to the court-approved budget
for cash collateral use and must ensure the total expenses do not
exceed 110% of the budgeted amount.
The next hearing is scheduled for Dec. 24.
About Glass Management
Glass Management Services, Inc. is a construction contractor based
in Illinois, specializing in glazing services. Established with a
focus on high-profile projects, the company has been involved in
significant developments, including the Obama Presidential Library,
Terminal 5 at O’Hare Airport, and multiple Chicago
Public Schools and CTA transit stations.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-14036) with
$3,029,997 in assets and $11,989,444 in liabilities. Ernest B.
Edwards, president, signed the petition.
Hon. Janet S. Baer presides the case.
David P. Leibowitz, Esq., at Leibowitz, Hiltz & Zanzig, LLC
represents the Debtor as legal counsel.
GOGO INC: Completes $375MM Satcom Buyout, Closes HPS & MPS Loans
----------------------------------------------------------------
Gogo Inc. has completed the buyout of Satcom shares, it disclosed
in a Form 8-K filing with the U.S. Securities and Exchange
Commission.
On September 29, 2024, Gogo Inc. announced its plans to acquire
Satcom Direct Inc. for an initial purchase price of $375 million of
cash and 5 million shares of Gogo stock. The transaction also
includes up to $225 million of contingent consideration based on
performance through 2028.
Specifically, Gogo Direct Holdings LLC, a Delaware limited
liability company and indirect wholly owned subsidiary of Gogo
Inc., a Delaware corporation, entered into the Purchase Agreement
with:
-- the Sellers:
* Satcom Direct Holdings, Inc., a Delaware corporation,
* SDHC Holdings, Inc., a Delaware corporation,
* Satcom Direct Government Holdings, Inc., a Delaware
corporation,
* ndtHost Holdings, Inc., a Delaware corporation
-- the Parent Companies:
* Satcom Direct, LLC, a Delaware limited liability company
(f/k/a Satcom Direct, Inc., a Florida corporation),
* Satcom Direct Holding Company, LLC, a Delaware limited
liability company (formerly a Florida limited liability company),
* Satcom Direct Government, LLC (f/k/a Satcom Direct
Government, Inc., a Florida corporation),
* ndtHost, LLC, a Delaware limited liability company
(formerly a Florida limited liability company),
-- James W. Jensen, in his individual capacity
On December 3, 2024, the Company consummated the transactions
contemplated by the Purchase Agreement and, among other matters,
purchased from Sellers all of the issued and outstanding equity
interests of the Parent Companies, in exchange for: (i) an
aggregate cash purchase price of approximately $375,000,000,
subject to customary post-Closing purchase price adjustments, (ii)
5,000,000 restricted shares -- Closing Date Stock Consideration --
of the Company's common stock, par value $0.0001 per share ("Common
Stock") valued, for purposes of the Purchase Agreement, at
approximately $40,500,000 based on the Company's closing stock
price of $8.10 on December 2, 2024 and immediately prior to the
Closing, and (iii) up to an additional $225,000,000 in potential
earnout payments of cash and/or Common Stock tied to realizing
certain financial performance milestones over the next four years.
Amendment to the Morgan Stanley Credit Agreement
On December 3, 2024, in connection with the Closing, the Company
and Gogo Intermediate Holdings LLC as Borrower, a direct wholly
owned subsidiary of the Company, entered into a second amendment to
the Credit Agreement, dated as of April 30, 2021, with the
guarantors party thereto, Morgan Stanley Senior Funding, Inc., as
administrative agent, and the lenders party thereto, to, among
other purposes, (a) increase the aggregate principal amount of
revolving commitments available under the MS Credit Agreement to
$122,000,000 and (b) extend the maturity date of the revolving
facility to December 3, 2029 (subject to such maturity date
springing to the date that is 90 days prior to the then-current
maturity date of the term loan facility under the MS Credit
Agreement under certain conditions).
HPS Credit Agreement
On December 3, 2024, in connection with the Closing, the Company
and the Borrower entered into a credit agreement with HPS
Investment Partners, LLC, as the administrative agent, and the
lenders party thereto, which provides for a term loan credit
facility in an aggregate principal amount of $250,000,000. The Term
Loan Facility amortizes in quarterly installments equal to one
percent of the aggregate initial principal amount thereof per
annum, with the remaining balance payable upon final maturity of
the Term Loan Facility on April 30, 2028.
The Term Loan Facility bears annual interest at a floating rate
measured by reference to, at the Borrower's option, either (i) an
adjusted term SOFR (subject to a floor of 1.00%) plus an initial
applicable margin of 6.00%, which is subject to two leverage-based
step-downs of up to 0.25% each or (ii) an alternate base rate plus
an applicable margin of 5.00%, which is subject to two
leverage-based step-downs of up to 0.25% each.
The Term Loan Facility may be prepaid at the Borrower's option, at
any time, without premium or penalty (other than customary breakage
costs, and except that (a) during the first 12 months following the
Closing, certain prepayments of the Term Loan Facility are subject
to a 3.00% prepayment premium and (b) during the period from 12
months to 24 months following the Closing, certain prepayments of
the Term Loan Facility are subject to a 1.00% prepayment premium),
subject to minimum principal repayment amount requirements.
Subject to certain exceptions and de minimis thresholds, the Term
Loan Facility is subject to mandatory prepayments in an amount
equal to:
* 100% of the net cash proceeds of certain asset sales,
insurance recovery and condemnation events;
* 100% of the net cash proceeds of certain debt offerings;
and
* 75% of annual excess cash flow (as defined in the HPS Credit
Agreement), subject to reduction to 50% if specified senior secured
first lien net leverage ratio targets are met.
The HPS Credit Agreement contains customary representations and
warranties and customary affirmative and negative covenants. The
negative covenants include restrictions on, among other things: the
incurrence of indebtedness or issuance of disqualified equity
interests; the incurrence or existence of liens; consolidations or
mergers; activities of the Company; the making of investments,
loans, advances, guarantees or acquisitions; asset sales; the
making of dividends or other distributions on equity; the purchase,
redemption or retirement of capital stock; payment or redemption of
certain junior indebtedness; activities of Federal Communications
Commission license holders; entry into other agreements that
restrict the ability to incur liens securing the Term Loan
Facility; and amendment of organizational documents and the MS
Credit Agreement; in each case subject to customary exceptions.
The HPS Credit Agreement contains customary events of default,
which, if any of them occurred, would permit or require the
principal, premium, if any, and interest on all of the then
outstanding obligations under the Term Loan Facility to be due and
payable immediately.
Lock-up Agreement
Concurrently with the Closing, pursuant to the terms of the
Purchase Agreement, the Company and SD Seller entered into a
Lock-Up Agreement, dated as of December 3, 2024, pursuant to which
SD Seller agreed to, among other things, certain restrictions on
the transfer of the Closing Date Stock Consideration.
A full-text copy of the Form 8-K is available at
https://urlcurt.com/u?l=uV4B3T
About Gogo Inc.
Gogo Inc. -- http://www.gogoair.com-- is a provider of broadband
connectivity services for the business aviation market. The
Company offers a customizable suite of smart cabin systems for
highly integrated connectivity, inflight entertainment and voice
solutions. Gogo's products and services are installed on thousands
of business aircraft of all sizes and mission types from turboprops
to the largest global jets, and are utilized by the largest
fractional ownership operators, charter operators, corporate flight
departments and individuals. As of Dec. 31, 2021, Gogo reported
2,504 business aircraft flying with Gogo's AVANCE L5 or L3 system
installed, 6,400 aircraft flying with its ATG systems onboard, and
4,567 aircraft with narrowband satellite connectivity installed.
Gogo Inc. reported a net loss of $250.04 million for the year ended
Dec. 31, 2020, a net loss of $146 million for the year ended Dec.
31, 2019, a net loss of $162.03 million for the year ended Dec. 31,
2018, and a net loss of $171.99 million for the year ended Dec. 31,
2017.
* * *
In November 2024, Moody's Ratings affirmed Gogo Inc.'s B1 corporate
family rating and B1-PD probability of default rating. According to
Moody, Gogo's acquisition of Satcom will enhance the combined
company's ability to market Gogo Galileo LEO-based in-flight
connectivity services outside North America. Satcom's existing
sales force and customer relations efforts outside of North America
will save Gogo significant time and effort replicating similar
infrastructure as a standalone company. Moody's noted that
Starlink, a subsidiary of Space Exploration Technologies
Corporation, looms as a potentially formidable competitor to Gogo
or the combined company of Gogo and Satcom for LEO-based
connectivity services to business and government aviation end
markets. However, the FAA approval processes for antenna
installations on the exterior fuselages of various aircraft, as
well as the cumbersome logistics surrounding installation, will
allow Gogo's existing service revenue to remain relatively stable
as it highlights its competitive differentiation and seeks to win
its fair share of going forward LEO-based contracts.
Also in November, S&P Global Ratings affirmed the 'B+' issuer
credit rating on Gogo and the 'B+' issue-level rating on the
company's existing secured debt. At the same time, S&P assigned a
'B+' issue-level rating to Gogo's proposed term loan. The ratings
firm also believes the acquisition will improve Gogo's scale,
product, and geographic diversity. The addition of Satcom will
immediately result in Gogo roughly doubling its revenue and adding
more than $80 million of EBITDA. The transaction will also increase
Gogo's business diversity through the addition of Satcom's
government revenue, which typically has longer-term contracts than
business aviation.
This concludes the Troubled Company Reporter's coverage of Gogo
until facts and circumstances, if any, emerge that demonstrate
financial or operational strain or difficulty at a level sufficient
to warrant renewed coverage.
GREENWAVE TECHNOLOGY: 3i LP, 2 Others Hold 4% Stake as of Sept. 30
------------------------------------------------------------------
3i, LP disclosed in a Schedule 13G filed with the U.S. Securities
and Exchange Commission that as of September 30, 2024, the firm, 3i
Management LLC, and Maier J. Tarlow beneficially owned 845,000
shares of Greenwave Technology Solutions, Inc.'s common stock,
representing 4% of the shares outstanding.
The ownership percentages reported are based on:
(i) 20,215,963 shares of Common Stock outstanding as of August
13, 2024, as disclosed in the Quarterly Report on Form 10-Q for the
fiscal period ended June 30, 2024, filed by the Company with the
SEC on August 19, 2024, and
(ii) 825,000 shares of Common Stock that may be issued upon
full exercise of a Common Stock purchase warrant directly held by
3i.
3i holds the Warrant as well as 20,000 shares of Common Stock.
Consequently, 3i beneficially holds 845,000 shares of Common Stock
(the "Shares"). 3i has the power to dispose of and the power to
vote the Shares beneficially owned by it, which power may be
exercised by 3i Management, the manager and general partner of 3i.
Mr. Tarlow, as the manager of 3i Management, has shared power to
vote and/or dispose of the Shares beneficially owned by each of 3i
and 3i Management. Mr. Tarlow does not directly own the Shares. By
reason of the provisions of Rule 13d-3 of the Act, Mr. Tarlow may
be deemed to beneficially own the Shares beneficially owned by 3i
and 3i Management, and 3i Management may be deemed to beneficially
own the Shares beneficially owned by 3i.
A full-text copy of 3i's SEC Report is available at:
https://tinyurl.com/yucdh2r7
About Greenwave
Headquartered in Chesapeake, Va., Greenwave Technology Solutions,
Inc. -- https://www.greenwavetechnologysolutions.com/ -- is an
operator of 13 metal recycling facilities in Virginia, North
Carolina, and Ohio. The Company's recycling facilities collect,
classify, and process raw scrap metal (ferrous and nonferrous). The
Company provides metal recycling services to a wide range of
suppliers, including large corporations, industrial manufacturers,
retail customers, and government organizations.
New York, N.Y.-based RBSM LLP, the Company's auditor since 2017,
issued a "going concern" qualification in its report dated April
16, 2024, citing that the Company has net loss, has 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.
As of Sept. 30, 2024, Greenwave had $69.57 million in total assets,
$18.30 million in total liabilities, and $51.27 million in total
stockholders' equity.
GREENWAVE TECHNOLOGY: Anson Funds, Affiliates Hold 4.9% Stake
-------------------------------------------------------------
Anson Funds Management LP, Anson Management GP LLC, Mr. Tony Moore,
Anson Advisors Inc., Mr. Amin Nathoo and Mr. Moez Kassam disclosed
in a Schedule 13G filed with the U.S. Securities and Exchange
Commission that as of September 30, 2024, they beneficially owned
shares of Greenwave Technology Solutions, Inc.'s common stock.
(a) Anson Funds Management LP, Anson Management GP LLC, Mr.
Moore, Anson Advisors Inc., Mr. Nathoo and Mr. Kassam are the
beneficial owners of 1,032,412 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 1,032,412 by 20,689,634, which is the sum
of: (i) 20,689,634 shares of Common Stock issued and outstanding,
as reported in the Company's Report on Form 10-Q filed with the
Securities and Exchange Commission on August 16, 2024; and (ii)
473,671, 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 1,032,412 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
1,032,412 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 1,032,412 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 1,032,412 shares of Common Stock held by the
Fund.
A full-text copy of Anson Funds' SEC Report is available at:
https://tinyurl.com/3ptpfdaf
About Greenwave
Headquartered in Chesapeake, Va., Greenwave Technology Solutions,
Inc. -- https://www.greenwavetechnologysolutions.com/ -- is an
operator of 13 metal recycling facilities in Virginia, North
Carolina, and Ohio. The Company's recycling facilities collect,
classify, and process raw scrap metal (ferrous and nonferrous). The
Company provides metal recycling services to a wide range of
suppliers, including large corporations, industrial manufacturers,
retail customers, and government organizations.
New York, N.Y.-based RBSM LLP, the Company's auditor since 2017,
issued a "going concern" qualification in its report dated April
16, 2024, citing that the Company has net loss, has 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.
As of Sept. 30, 2024, Greenwave had $69.57 million in total assets,
$18.30 million in total liabilities, and $51.27 million in total
stockholders' equity.
GRESHAM WORLDWIDE: Laurence Lytton Holds 8.4% Stake
---------------------------------------------------
Laurence W. Lytton disclosed in a Schedule 13G/A filed with the
U.S. Securities and Exchange Commission that as of September 30,
2024, he beneficially owned 682,688 shares of Gresham Worldwide,
Inc.'s Common Stock, representing 8.4% of the shares outstanding.
The Common Stock held by the reporting person consists of (1)
451,919 shares of the Stock, and (2) 230,769 shares of the Stock
issuable on exercise of warrants to purchase Common Stock of the
Company that are subject to a 9.99% beneficial ownership limitation
and based on 7,931,602 shares of Common Stock outstanding as of May
16, 2024, as reported in the Form 10-Q filed by the Company on May
17, 2024.
Mr. Lytton may be reached at:
467 Central Park West
New York, NY 10025
A full-text copy of Mr. Lytton's SEC Report is available at:
https://tinyurl.com/tnwa853t
About Gresham Worldwide
Gresham Worldwide, Inc. designs, manufactures, and distributes
purpose-built electronics equipment, automated test solutions,
power electronics, supply and distribution solutions, as well as
radio, microwave, and millimeter wave communication systems and
components for a variety of applications with a focus on the global
defense industry and the healthcare market.
Gresham Worldwide sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Ariz. Case No. 24-06732) on Aug. 14,
2024. In the petition filed by Lutz P. Henckels, chief financial
officer, the Debtor disclosed $32,859,000 in assets and $39,786,000
in liabilities as of June 30, 2024.
Judge Scott H. Gan oversees the case.
Patrick A. Clisham, Esq., at Engelman Berger, PC serves as the
Debtor's counsel.
GRESHAM WORLDWIDE: Seeks to Extend Exclusivity to Jan. 31, 2025
---------------------------------------------------------------
Gresham Worldwide, Inc., asked the U.S. Bankruptcy Court for the
District of Arizona to extend their exclusivity periods to file a
plan of reorganization and obtain acceptance thereof to January 31,
2025 and March 31, 2025, respectively.
The Debtor explains that application of the Dow Corning factors to
its case demonstrates that the requested extensions of the
Exclusivity Periods are appropriate pursuant to Section 1121(d) of
the Bankruptcy Code.
First, this bankruptcy case has been pending for just three months
and this is Debtor's first request to extend the Exclusivity
Periods. Second, as this Court has certainly observed, Debtor's
efforts during much of the first three months of this case have
been primarily consumed by litigation with Arena Investor LP's over
Arena's opposition to Debtor's use of cash collateral and request
for DIP financing and Arena's motion to appoint a chapter 11
trustee.
As a result of this protracted litigation, Debtor has largely been
denied the benefit of the statutory breathing space the Exclusivity
Periods are designed to provide under chapter 11. While Debtor has
recently made good progress in evaluating its financial conditions,
its future prospects for reorganization, and projected financial
needs following confirmation of a plan, Debtor needs more time to
evaluate the ongoing financial performances of its operating
divisions and subsidiaries and to develop a plan.
The Debtor claims that it is working closely and cooperatively with
the Committee and is not using the extension process to obtain
leverage against its creditors or pressure any creditors into
accepting a plan of reorganization. The Debtor is simply still in
the process of securing a path to reorganization and needs
additional time to allow for an informed dialogue with the
Committee potential investors/exit lenders about Debtor's future
economic prospects.
Gresham Worldwide, Inc. is represented by:
Patrick A. Clisham, Esq.
Engelman Berger, PC
2800 North Central Avenue, Suite 1200
Phoenix, AZ 85004
Telephone: (602) 271-9090
Facsimile: (602) 222-4999
Email: pac@eblawyers.com
About Gresham Worldwide
Gresham Worldwide, Inc., designs, manufactures, and distributes
purpose-built electronics equipment, automated test solutions,
power electronics, supply and distribution solutions, as well as
radio, microwave, and millimeter wave communication systems and
components for a variety of applications with a focus on the global
defense industry and the healthcare market.
Gresham Worldwide sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Ariz. Case No. 24-06732) on Aug. 14,
2024. In the petition filed by Lutz P. Henckels, chief financial
officer, the Debtor disclosed $32,859,000 in assets and $39,786,000
in liabilities as of June 30, 2024.
Judge Scott H. Gan oversees the case.
Patrick A. Clisham, Esq., at Engelman Berger, PC, serves as the
Debtor's counsel.
The U.S. Trustee appointed an official committee of unsecured
creditors in the Chapter 11 case. The Committee tapped Stinson LLP
as legal counsel.
HAMMOCK COMMUNITIES: Cash Collateral Access Extended to Jan. 14
---------------------------------------------------------------
A U.S. bankruptcy judge overseeing the Chapter 11 case of Hammock
Communities, Inc. extended the company's use of cash collateral
from Dec. 4 to Jan. 14 next year.
At the hearing held on Dec. 4, Judge Jason Burgess of the U.S.
Bankruptcy Court for the Middle District of Florida, Jacksonville
Division, granted the company interim authorization to use cash
collateral and scheduled a continued hearing on Jan. 14.
Judge Burgess previously issued an interim order allowing Hammock
Communities to use cash collateral through Dec. 4. The interim
order dated Nov. 26 granted the company's secured creditor a
perfected post-petition lien on cash collateral to the same extent
and with the same validity and priority as its pre-bankruptcy
lien.
About Hammock Communities
Hammock Communities Inc., doing business as HC Builds, specializes
in creating unique residential communities, they offer a range of
housing options for individuals and families looking to settle in
the area.
Hammock Communities Inc. sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No.
24-03101) on October 15, 2024, with up to $50,000 in assets and up
to $10 million in liabilities. Richard J. Smith, president, signed
the petition.
Judge Jason A. Burgess handles the case.
The Debtor is represented by Scott W. Spradley, Esq., at The Law
Offices of Scott W. Spradley.
HARE TAYLOR: Seeks to Hire Berger Singerman as Bankruptcy Counsel
-----------------------------------------------------------------
Hare Taylor, LLC seeks approval from the U.S. Bankruptcy Court for
the Northern District of Florida to employ Berger Singerman LLP as
counsel.
The firm will render 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 United States Trustee's Operating Guidelines and
Reporting Requirements and with the rules of the court;
(c) prepare legal documents necessary in the administration of
this Chapter 11 case;
(d) protect the interests of the Debtor in all matters pending
before the court; and
(e) represent the Debtor in negotiations with its creditors
and in the preparation of a plan.
The firm's professionals will be paid at these hourly rates:
Brian Rich, Partner $750
Of Counsel & Associate Attorneys $415 - $625
Legal Assistants/Paralegals $95 - $325
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received a total retainer in the amount of $24,000 from
the Debtor.
Mr. Rich disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Brian G. Rich, Esq.
Berger Singerman LLP
313 North Monroe Street, Suite 301
Tallahassee, FL 32301
Telephone: (850) 561-3010
Facsimile: (850) 561-3013
Email: brich@bergersingerman.com
About Hare Taylor
Hare Taylor, LLC is a full-service accounting firm with offices in
Panama City and Chipley, Florida. The Company offers a broad range
of services for business owners, executives, and independent
professionals.
Hare Taylor filed its voluntary petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. N.D. Fla. Case No. 24-50181) on
Dec. 6, 2024. In the petition signed by Gerald W. Taylor, manager,
the Debtor disclosed up to $10 million in both assets and
liabilities.
Brian G. Rich, Esq., at Berger Singerman LLP serves as the Debtor's
counsel.
HARVEST NUTRITION: Seeks to Use Cash Collateral
-----------------------------------------------
Harvest Nutrition, LLC asked the U.S. Bankruptcy Court for the
District of Kansas for authority to use cash collateral and provide
adequate protection.
The company requires the use of cash collateral for general
operating purposes and to pay the costs and expense of
administering its Chapter 11 case, all in compliance with the
budget.
The creditor Kansas Department of Revenue had garnished and placed
a hold on the operational accounts of Harvest Nutrition prior to
the filing of the bankruptcy.
Harvest Nutrition seeks interim authority to use cash collateral
only until a final hearing can be held. Thereafter, and subject to
its right to request additional cash collateral authority for
further periods on property notice, Harvest Nutrition seeks
authority to use cash collateral through February 28, 2025.
It is anticipated that the secured lender is adequately protected
during the specified period.
A court hearing is set for Dec. 19.
A copy of the motion is available at https://urlcurt.com/u?l=9apx4e
from PacerMonitor.com.
About Harvest Nutrition, LLC
Harvest Nutrition, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 24-11224) on November
27, 2024. In the petition signed by Alexis Hernandez Dickens,
owner, the Debtor disclosed up to $50,000 in both assets and
liabilities.
Shaun Colglazier Huff, Esq., at Smith, Hagerman & Colglazier, LLC,
represents the Debtor as legal counsel.
HARVEY CEMENT: Files Subchapter V Bankruptcy in Illinois
--------------------------------------------------------
On December 5, 2026, Harvey Cement Products Incorporated filed
Chapter 11 protection in the Northern District of Illinois.
According to court documents, the Debtor reports $1,174,348 in debt
owed to 1 and 49 creditors. The petition states that funds will be
available to unsecured creditors.
A meeting of creditors under Sec. 341(a) to be held on January 8,
2025 at 2:00 PM at Appear by Teams.
About Harvey Cement Products Incorporated
Harvey Cement Products Incorporated founded in 1947, has grown over
the years to be one of the leading manufacturers of over 200
varieties and sizes of masonry products and is able to deliver
customer orders to virtually any job site in the contiguous United
States.
Harvey Cement Products Incorporated sought relief under Subchapter
V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case
No. 24-18335) on December 5, 2024. In the petition filed by Gordon
Steck, as vice president, the Debtor reports total liabilities of
$1,174,348.
Honorable Bankruptcy Judge Jacqueline P. Cox handles the case.
The Debtor is represented by:
Scott R. Clar, Esq.
CRANE, SIMON, CLAR & GOODMAN
Suite 3950
135 South LaSalle Street
Chicago, IL 60603-4297
Tel: 312-641-6777
Fax: 312-641-7114
Email: sclar@cranesimon.com
HAWAII STAGE: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Hawaii Stage and Lighting Rentals, Inc.
d/b/a Hawaii Stage
d/b/a Hawaii Stage Event Production Company
710 Kohou Street
Honolulu, HI 96817
Business Description: Hawaii Stage is a full service event
production company serving the Hawaiian
Islands since 1976.
Chapter 11 Petition Date: December 14, 2024
Court: United States Bankruptcy Court
District of Hawaii
Case No.: 24-01132
Judge: Hon. Robert J Faris
Debtor's Counsel: Chuck C. Choi, Esq.
CHOI & ITO
700 Bishop Street, Suite 1107
Honolulu, HI 96813
Tel: 808-533-1877
Email: cchoi@hibklaw.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Joseph Kuhio Lewis as president.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/4INKDOI/Hawaii_Stage_and_Lighting_Rentals__hibke-24-01132__0001.0.pdf?mcid=tGE4TAMA
HEALTHIER CHOICES: Reports $4.35 Million Net Loss in Fiscal Q3
--------------------------------------------------------------
Healthier Choices Management Corp. filed with the U.S. Securities
and Exchange Commission its Quarterly Report on Form 10-Q reporting
a net loss of $4,347,031 for the three months ended September 30,
2024, compared to a net loss of $2,990,989 for the three months
ended September 30, 2023.
For the nine months ended September 30, 2024, the Company reported
a net loss of $9,714,854, compared to a net loss of $7,551,045 for
the same period in 2023.
As of September 30, 2024, the Company had $3,784,648 in total
assets, $3,193,801 in total liabilities, $1,111,100 of convertible
preferred stock, and $520,253 in total stockholders' deficit.
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/mw487wf4
About Healthier Choices Management
Hollywood, Fla.-based Healthier Choices Management Corp. is a
holding company focused on providing consumers with healthier daily
choices with respect to nutrition and other lifestyle alternatives.
Through its wholly owned subsidiary HCMC Intellectual Property
Holdings, LLC, the Company manages its intellectual property
portfolio.
Saddle Brook, N.J.-based Marcum LLP, the Company's auditor since
2017, issued a "going concern" qualification in its report dated
March 27, 2024, citing that the Company has a working capital
deficiency, has incurred significant losses and needs to raise
additional funds to meet its obligations to sustain its operations.
These conditions raise substantial doubt about the Company's
ability to continue as a going concern.
For the year ended December 31, 2023, Healthier Choices reported a
net loss of $18.5 million, compared to a net loss of 7.2 million
for the same period in 2022.
HEALTHLYNKED CORP: Reports $1.97 Million Net Loss in Fiscal Q3
--------------------------------------------------------------
HealthLynked Corp. filed with the U.S. Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net loss
of $1,973,119 on $590,124 of revenue for the three months ended
September 30, 2024, compared to a net loss of $174,924 on
$1,332,515 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 $4,901,273 on $2,389,434 of revenue, compared to a
net income of $273,556 on $4,791,165 of revenue for the same period
in 2023.
As of September 30, 2024, the Company had $2,758,158 in total
assets, $4,691,077 in total liabilities, and $1,932,919 in total
stockholders' deficit.
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/2zadutyx
About HealthLynked Corp.
Naples, Fla.-based HealthLynked Corp. was incorporated in the State
of Nevada on August 4, 2014. It operates a cloud-based patient
information network and record archiving system in the United
States, and currently operates through three distinct divisions:
the Health Services Division, the Digital Healthcare Division, and
the Medical Distribution Division.
New York, N.Y.-based RBSM LLP, the Company's auditor since 2014,
issued a "going concern" qualification in its report dated April 1,
2024, citing that the Company has recurring losses from operations,
limited cash flow, and an accumulated deficit. These conditions
raise substantial doubt about the Company's ability to continue as
a going concern.
HEPION PHARMACEUTICALS: Posts $4.87 Million Net Loss in 3rd Quarter
-------------------------------------------------------------------
Hepion Pharmaceuticals, Inc., filed with the Securities and
Exchange Commission its Quarterly Report on Form 10-Q reporting a
net loss of $4.87 million on $0 of revenues for the three months
ended Sept. 30, 2024, compared to a net loss of $10.53 million 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 $11.64 million on $0 of revenues compared to a net loss
of $37.87 million on $0 of revenues for the nine months ended Sept.
30, 2023.
As of Sept. 30, 2024, the Company had $3.72 million in total
assets, $4.12 million in total liabilities, and a total
stockholders' deficit of $406,685.
Hepion stated, "Due to our recurring and expected continuing losses
from operations, we have concluded there is substantial doubt in
our ability to continue as a going concern within one year of the
issuance of these condensed consolidated financial statements
without additional capital becoming available to us. The condensed
consolidated financial statements do not include any adjustments
that might result from the outcome of this uncertainty.
"We will be required to raise additional capital within the few
months to continue to fund operations. We cannot be certain that
additional funding will be available on acceptable terms, or at
all. To the extent that we raise additional funds by issuing equity
securities, our stockholders may experience significant dilution.
Any debt financing, if available, may involve restrictive covenants
that impact our ability to conduct business. If we are unable to
raise additional capital when required or on acceptable terms, we
may have to (i) seek collaborators for our product candidates on
terms that are less favorable than might otherwise be available; or
(ii) relinquish or otherwise dispose of rights to technologies,
product candidates or products that we would otherwise seek to
develop or commercialize on unfavorable terms."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1583771/000149315224046002/form10-q.htm
About Hepion Pharmaceuticals
Hepion Pharmaceuticals, Inc., is a biopharmaceutical company
headquartered in Edison, New Jersey, focused on the development of
drug therapy for treatment of chronic liver diseases. This
therapeutic approach targets fibrosis, inflammation, and shows
potential for the treatment of hepatocellular carcinoma ("HCC")
associated with non-alcoholic steatohepatitis ("NASH"), viral
hepatitis, and other liver diseases. The Company's cyclophilin
inhibitor, rencofilstat (formerly CRV431), is being developed to
offer benefits to address multiple complex pathologies related to
the progression of liver disease.
Jericho, New York-based Grassi & Co., CPAs, P.C., the Company's
auditor since 2023, issued a "going concern" qualification in its
report dated April 16, 2024, citing that the Company's significant
operating losses and negative cash flows from operations since
inception raise substantial doubt about its ability to continue as
a going concern.
HIGHLANDS GROUP: Plan Exclusivity Period Extended to Jan. 20, 2025
------------------------------------------------------------------
Judge Jeffery A. Deller of the U.S. Bankruptcy Court for the
Western District of Pennsylvania extended Highlands Group LLC's
exclusive periods to file a Small Business Plan of Reorganization
and Disclosure Statement to January 20, 2025.
As shared by Troubled Company Reporter, the Debtor owns and
operates a golf course complex that include a nine-hole golf
course, tennis center, and bar/restaurant.
The Debtor believes that an extension of 90 days to file a Chapter
11 Plan will allow the Debtor to prepare for the next season while
also potentially selling some of the currently listed property
and/or listing more acreage for sale.
Moreover, based on the value of the real property owned by the
Debtor, all creditors are adequately protected for an extension of
time to file a Plan, as the value of the real property exceeds the
amount of estate debt.
The Debtor believes that no parties will be harmed or prejudiced by
the extension of the exclusivity period to file a Chapter 11 Plan.
The Highlands Group LLC is represented by:
Christopher M. Frye
Steidl and Steinberg, P.C.
2830 Gulf Tower, 707 Grant Street,
Pittsburgh, PA 15219
Telephone: (412)391-8000
Facsimile: (412) 391-0221
Email: chris.frye@steidl-steinberg.com
About Highlands Group LLC
The Highlands Group LLC in Johnstown, PA, filed its voluntary
petition for Chapter 11 protection (Bankr. W.D. Pa. Case No.
24-70160) on April 22, 2024, listing as much as $1 million to $10
million in both assets and liabilities. Brian C. Durham as member,
signed the petition.
STEIDL & STEINBERG, P.C. serve as the Debtor's legal counsel.
HONOLULU SPINE CENTER: Sec. 341(a) Meeting of Creditors on Jan. 14
------------------------------------------------------------------
On December 6, 2024, Honolulu Spine Center LLC filed Chapter 11
protection in the District of Hawaii. According to court filing,
the Debtor reports between $1 million and $10 million in debt owed
to 50 and 99 creditors. The petition states that funds will be
available to unsecured creditors.
A meeting of creditors under Sec. 341(a) to be held on January 14,
2025 at 10:00 AM via teleconference (Ch 11). To access the meeting,
call 1-877-461-0585; passcode 5721781#.
About Honolulu Spine Center LLC
Honolulu Spine Center LLC, doing business as Honolulu Sports &
Spine Surgery Center and Honolulu Sports and Spine Center, is a
surgical center in Honolulu, Hawaii.
Honolulu Spine Center LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Haw. Case No. 24-01110) on December
6, 2024. In the petition filed by Louis DiMartini, as authorized
signatory, the Debtor reports estimated assets and liabilities
between $1 million and $10 million each.
Honorable Bankruptcy Judge Robert J. Faris handles the case.
The Debtor is represented by:
Chuck C. Choi, Esq.
CHOI & ITO
700 Bishop Street, Suite 1107
Honolulu, HI 96813
Tel: 808-533-1877
Fax: 808-566-6900
Email: cchoi@hibklaw.com
HONOLULU SPINE: Seeks to Hire Choi & Ito as Bankruptcy Counsel
--------------------------------------------------------------
Honolulu Spine Center, LLC seeks approval from the U.S. Bankruptcy
Court for the District of Hawaii to employ Choi & Ito to handle its
Chapter 11 case.
The firm will be paid at these hourly rates:
Chuck C. Choi, Attorney $450
Allison A. Ito, Attorney $300
The firm received a retainer in the amount of $40,104.89 from the
Debtor.
Chuck Choi, Esq., an attorney at Choi & Ito, 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:
Chuck C. Choi, Esq.
Choi & Ito
700 Bishop Street, Suite 1107
Honolulu, HI 96813
Telephone: (808) 533-1877
Facsimile: (808) 566-6900
Email: cchoi@hibklaw.com
About Gaucho Group Holdings
Honolulu Spine Center, LLC a surgical center in Honolulu, Hawaii,
filed a Chapter 11 petition (Bankr. D. Hawaii Case No. 24-01110) on
Dec. 6, 2024. In the petition signed by Louis DiMartini, authorized
signatory, the Debtor disclosed up to $10 million in both assets
and liabilities.
Judge Robert J. Faris oversees the case.
Chuck C. Choi, Esq., at Choi & Ito serves as the Debtor's counsel.
HUDSON RIVER: S&P Raises ICR to 'BB' on Improved Capital Position
-----------------------------------------------------------------
S&P Global Ratings said it raised its long-term issuer credit and
issue ratings on Hudson River Trading (HRT) and its secured debt to
'BB' from 'BB-'. The outlook is stable.
The upgrade incorporates S&P's view of HRT's improved capital
position and reduced structural subordination, balanced by its
continued reliance on short-term wholesale funding and a business
model that relies on higher-risk, less stable principal trading
revenue.
IDEANOMICS INC: Hires Epiq Corporate as Claims, Noticing Agent
--------------------------------------------------------------
Ideanomics, Inc. and its affiliates seek approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Epiq
Corporate Restructuring, LLC as claims and noticing agent.
Epiq will oversee the distribution of notices and will assist in
the maintenance, processing, and docketing of proofs of claim filed
in the Chapter 11 cases of the Debtors.
The firm will be paid at these hourly rates:
Executive Vice President, Solicitation $190
Solicitation Consultant $190
Project Managers/Consultants/Directors $170 - $185
Case Managers $85 - $170
IT/Programming $55 - $80
In addition, the firm will seek reimbursement for expenses
incurred.
Prior to the petition date, Epiq received a retainer of $10,000
from the Debtors.
Kate Mailloux, a senior director at Epiq, disclosed in a court
filing that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Kate Mailloux
Epiq Corporate Restructuring LLC
777 3rd Ave., Fl. 12
New York, NY 10017
Telephone: (646) 282-2532
Email: kmailloux@epiqglobal.com
About Ideanomics, Inc.
New York, N.Y.-based Ideanomics, Inc. is a global electric vehicle
company that is focused on driving the adoption of electric
commercial vehicles and associated sustainable energy consumption.
It is made up of 5 subsidiaries including: VIA Motors, Solectrac,
Treeletrik, Wave, and US Hybrid.
Ideanomics Inc. and seven of its affiliates sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No. 24-12728) on December 4, 2024. In its petition, the Debtor
reports assets between $50 million and $100 million and liabilities
ranging from $100 million to $500 million.
Foley & Lardner LLP serves as the Debtors' general bankruptcy
counsel and Ashby & Geddes, P.A. acts as the Debtors' Delaware
co-counsel. The Debtors tapped Epiq Corporate Restructuring as
noticing and claims agent. Riveron Management Services, LLC is the
Debtors' CRO and financial advisor, and SSG Advisors, LLC is the
Debtors' investment banker and financial adviser.
INGENOVIS HEALTH: $675MM Bank Debt Trades at 31% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Ingenovis Health
Inc is a borrower were trading in the secondary market around 68.6
cents-on-the-dollar during the week ended Friday, December 13,
2024, according to Bloomberg's Evaluated Pricing service data.
The $675 million Term loan facility is scheduled to mature on March
6, 2028. About $652.1 million of the loan has been drawn and
outstanding.
Ingenovis Health is an Ohio based temporary healthcare staffing
agency providing nurses on assignments to hospitals and medical
centers, including both traditional and fast response staffing,
across the US. The company also supplies nurses during strikes and
provides interventional cardiologists for rural and remote
hospitals. Ingenovis is majority owned by Cornell and Trilantic
Capital Partners (the Investor Group).
JAYASWALL LLC: Files Emergency Bid to Use Cash Collateral
---------------------------------------------------------
Jayaswal LLC asked the U.S. Bankruptcy Court for the District of
Massachusetts for authority to use cash collateral and provide
adequate protection.
The company requires the use of cash collateral to pay mortgage,
taxes, and insurance.
Jayaswal's only asset and source of income is a commercial property
at 358-360 Salem Street in Malden, Massachusetts. The only tenant
is a barber shop.
Anuradha Jayaswal, the sole member of Jayaswal, purchased the
property in her own name and refinanced it multiple times. She
recently defaulted on a mortgage with Sig Cap Group, LLC, leading
to a foreclosure auction. To protect the property, she formed an
LLC and filed for bankruptcy. Jayaswal plans to challenge the
foreclosure sale in an adversary proceeding.
The tenant pays $3,000 per month in rent, which is the LLC's only
source of income. The monthly mortgage payment is $2,300, which
leaves $700 per month for taxes and insurance. Given the simplicity
of Jayaswal's finances, no additional budget should be required,
but the $700 is believed to be adequate to make those payments.
A copy of the motion is available at https://urlcurt.com/u?l=Uo8nxa
from PacerMonitor.com
About Jayaswal LLC
Jayaswal LLC sought protection under Chapter 11 if the U.S.
Bankruptcy Code (Bankr. D. Mass. Case No. 24-12444) on December 4,
2024. In the petition signed by Anuradha Jayaswal, manager, the
Debtor disclosed up to $500,000 in assets and up to $10 million in
liabilities.
David G. Baker, Esq., at Law Office of David G. Baker, represents
the Debtor as legal counsel.
JETT HOLDINGS: Hires Joyce W. Lindauer PLLC as Counsel
------------------------------------------------------
Jett Holdings LLC seeks approval from the U.S. Bankruptcy Court for
the Northern District of Texas to employ Joyce W. Lindauer, PLLC as
bankruptcy counsel to handle the Chapter 11 proceedings.
The firm will be paid at these rates:
Joyce W. Lindauer $595 per hour
Laurance Boyd, Associate Attorney $295 per hour
Dian Gwinnup, Paralegal $250 per hour
The firm will be paid a retainer in the amount of 11,738. It will
also be reimbursed for reasonable out-of-pocket expenses incurred.
Joyce W. Lindauer, Esq., a partner at Joyce W. Lindauer, PLLC,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Joyce W. Lindauer, Esq.
Joyce W. Lindauer, PLLC
1412 Main Street, Suite 500
Dallas, TX 75202
Telephone: (972) 503-4033
Facsimile: (972) 503-4034
About Jett Holdings LLC
Jett Holdings LLC is a limited liability company.
Jett Holdings LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-33612) on November 6,
2024. In the petition filed by Garrett Johnson, as member, the
Debtor reports estimated assets and liabilities between $1 million
and $10 million each.
Honorable Bankruptcy Judge Scott W. Everett handles the case.
The Debtor is represented by:
Joyce W. Lindauer, Esq.
JOYCE W. LINDAUER ATTORNEY, PLLC
1412 Main Street, Suite 500
Dallas TX 75202
Tel: (972) 503-4033
Email: joyce@joycelindauer.com
JM CARTER: Seeks Bankruptcy Protection in Texas
-----------------------------------------------
On December 6, 2024, JM Carter Plumbing Inc. filed Chapter 11
protection in the Northern District of Texas. According to court
filing, the Debtor reports between $1 million and $10 million in
debt owed to 1 and 49 creditors. The petition states funds will be
available to unsecured creditors.
A meeting of creditors under Sec. 341(a) to be held on January 15,
2025 at 1:30 PM, TELEPHONIC MEETING.
About JM Carter Plumbing Inc.
JM Carter Plumbing Inc. specializes in plumbing repairs & water
heater installations.
JM Carter Plumbing Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-33983) on December 6,
2024. In the petition filed by Josh Rathbone, as president, the
Debtor reports estimated assets between $100,000 and $500,000 and
estimated liabilities between $1 million and $10 million.
Honorable Bankruptcy Judge Michelle V. Larson handles the case.
The Debtor is represented by:
Joyce W. Lindauer, Esq.
JOYCE W. LINDAUER ATTORNEY, PLLC
1412 Main Street, Suite 500
Dallas TX 75202
Tel: (972) 503-4033
E-mail: joyce@joycelindauer.com
JRSIS HEALTH: Delays Fiscal Q3 Report Due to Calculation Issues
---------------------------------------------------------------
JRSIS Health Care Corporation disclosed in a Form 12b-25 with the
U.S Securities and Exchange Commission that it is unable to file
its Quarterly Report on Form 10-Q for the period ended September
30, 2024, within the required time because there was a delay in
completing the calculations necessary to close the books for the
quarter.
About JRSIS Health Care
JRSIS Health Care Corporation provides medical services. The
Company offers both Western and Chinese medical practices,
including pediatrics, dermatology, traditional Chinese medicine,
internal medicine dentistry, general surgery, rehabilitation
science, and gynecology. JRSIS Health Care serves patients in
China.
As of December 31, 2023, the Company has $2,144,525 in total
assets, $2,305,177 in total liabilities, and $160,652 in total
deficit.
New York-based HHC, the Company's auditor since 2021, issued a
"going concern" qualification in its report dated April 26, 2024,
citing that the Company has suffered recurring significant losses
which resulted significant accumulated deficiency in stockholders'
equity and has a net capital deficiency. These factors raise
substantial doubt about the Company's ability to continue as a
going concern.
JSCO ENTERPRISES: Taps Halloran Farkas + Kittila as Special Counsel
-------------------------------------------------------------------
JSCo Enterprises, Inc. seeks approval from the U.S. Bankruptcy
Court for the Eastern District of Texas to employ Halloran Farkas +
Kittila LLP as special counsel.
The Debtor requires a special counsel to represent its interest in
the adversary proceeding styled BDO USA, PC v. JSCo Enterprises,
Inc., Case No. 24-ap-04087.
The firm will be paid at its standard billing rates plus
out-of-pocket expenses.
James McMillan III, Esq., an attorney at Halloran Farkas + Kittila,
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:
James G. McMillan, III, Esq.
Halloran Farkas + Kittila LLP
5722 Kennett Pike
Wilmington, DE 19807
Telephone: (302) 257-2103
Facsimile: (302) 257-2019
Email: jm@hfk.law
About JSCO Enterprises
JSCo Enterprises, Inc. filed its voluntary Chapter 11 petition
(Bankr. E.D. Tex. Case No. 23-42151) on Nov. 9, 2023, with $1
million to $10 million in both assets and liabilities. Eric
Jia-Sobota, president, signed the petition.
Judge Brenda T. Rhoades oversees the case.
The Debtor tapped Howard Marc Spector, Esq., at Spector & Cox, PLLC
as bankruptcy counsel and the Law Offices of L.W. Cooper Jr. and
Halloran Farkas + Kittila LLP as special counsel.
KENREG LLC: Seeks to Hire Marc Voisenat as Bankruptcy Counsel
-------------------------------------------------------------
Kenreg, LLC seeks approval from the U.S. Bankruptcy Court for the
Northern District of California to employ Marc Voisenat, Esq., an
attorney practicing in Alameda, Calif., to handle its Chapter 11
case.
Mr. Voisenat will be paid at his hourly rate of $500. He also
received a retainer of $12,000 from Regan Courtney Catanzaro,
daughter of Molly Catanzaro, a member of the Debtor.
Mr. Voisenat 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:
Marc Voisenat, Esq.
2329A Eagle Avenue
Alameda, CA 94501
Telephone: (510) 263-8664
Facsimile: (510) 272-9158
About Kenreg LLC
Kenreg, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Cal. Case No. 24-30827) on November 5,
2024, with $1 million to $10 million in both assets and
liabilities.
Judge Dennis Montali oversees the case.
Marc Voisenat, Esq., serves as the Debtor's counsel.
KINGDOM GROUP: Unsecured Creditors to Split $100K over 3 Years
--------------------------------------------------------------
Kingdom Group Realty & Investments, LLC, filed with the U.S.
Bankruptcy Court for the Middle District of Florida a Plan of
Reorganization dated November 14, 2024.
The Debtor owns multiple properties, some developed, some vacant
lots and some in various stages of construction. Specifically,
there are two houses; ten vacant lots; and two duplexes.
The Plan under Chapter 11 of the Bankruptcy Code proposes to pay
creditors of the Debtor from the Debtor's current and future
earnings.
This Plan provides for one class of priority claims; eleven classes
of secured claims; one class of general unsecured claims; and one
class of equity security holders. Unsecured creditors holding
allowed claims will receive a pro rata distribution of their
allowed claims, if all general unsecured claims are allowed. This
Plan also provides for the payment of administrative and priority
claims under the terms to the extent permitted by the Code or by
agreement between the Debtor and the claimant.
Class 13 consists of General Unsecured Claims. Claimants in this
class with allowed claims will be paid a pro rata share of $100,000
on the third anniversary of the Effective Date of the Plan. This
Class is impaired.
Class 14 consists of Equity Security Holders of the Debtor. Current
equity will retain ownership in the Debtor post-confirmation. No
distributions will be made to equity until such time as all
payments in Class 13 have been made.
Yelixa Beckner will continue to manage the Debtor post
confirmation. The Plan will be funded by the continued operations
of the Debtor, cash contributions from insiders, and post-petition
financing.
A full-text copy of the Plan of Reorganization dated November 14,
2024 is available at https://urlcurt.com/u?l=KHXAnU from
PacerMonitor.com at no charge.
About Kingdom Group Realty & Investments
Kingdom Group Realty & Investments LLC owns nine investment
properties all located in Florida having a total current value of
$1.07 million.
Kingdom Group Realty & Investments LLC sought relief under
Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D.
Fla. Case No. 24-03945) on July 12, 2024. In the petition filed by
Yelixa Beckner, as manager, the Debtor reports total assets of
$1,068,455 and total liabilities of $1,713,590.
The Honorable Bankruptcy Judge Catherine Peek Mcewen handles the
case.
The Debtor is represented by:
Buddy D. Ford, Esq.
Jonathan A. Semach, Esq.
Heather M. Reel, Esq.
Buddy D. Ford, P.A.
9301 West Hillsborough Avenue
Tampa, FL 33615-3008
Tel: (813) 877-4669
Fax: (813) 877-5543
Email: All@tampaesq.com
Email: Jonathan@tampaesq.com
Email: Heather@tampaesq.com
KLX ENERGY: Corbin Robertson, Jr. Appointed as Board Chairman
-------------------------------------------------------------
KLX Energy Services Holdings, Inc. announced that Dag Skindlo has
resigned from the board of directors as of November 12, 2024. The
Board appointed current director Corbin Robertson, Jr. as Chairman
of the Board as of November 13, 2024. Mr. Robertson has been an
independent director on the Board since 2020.
"On behalf of the Board and management, I would like to thank Dag
for his unwavering commitment and strategic guidance since joining
the Board in July 2020 and with a predecessor company, Quintana
Energy Services, Inc. since its IPO in February 2018. His active
participation on our Board was vital to our growth over the last
several years as we navigated an incredibly dynamic environment. We
wish him all the best," said Gunnar Eliassen, Chair of the
Nominating and Corporate Governance Committee.
"It has been my privilege to serve on the KLX Board and especially
as its Chairman since June 2022. KLX has established itself as one
of the most reliable service partners for the leading E&P companies
in the U.S. market. Since joining the board of QES at its IPO in
2018, through the QES merger with KLX in 2020, and the challenges
of the COVID era it has been a privilege to serve. As Archer is
acquiring the U.S. based WFR, I am now resigning from the KLX
Board. I am proud of all that the KLX management team and employees
have accomplished and look forward to the Company's continued
success for many years to come," stated Mr. Skindlo.
Mr. Eliassen continued, "The Board is proud to have Mr. Robertson
take the helm as Chairman. Mr. Robertson is a tremendous asset to
our Board and his deep understanding of the oilfield service
sector, KLX's strategy, markets, and financial drivers will be
invaluable as the Company further extends its leadership position.
I look forward to working closely with him to execute on our
strategic priorities and continue driving shareholder value."
Following Mr. Skindlo's resignation, the Board will consist of 7
members, 6 of whom are independent directors.
About KLX Energy
KLX Energy Services Holdings, Inc. -- https://www.klxenergy.com/ --
is a provider of diversified oilfield services to leading onshore
oil and natural gas exploration and production companies operating
in both conventional and unconventional plays in all of the active
major basins throughout the United States. The Company delivers
mission-critical oilfield services focused on drilling, completion,
production, and intervention activities for technically demanding
wells from over 60 service and support facilities located
throughout the United States.
As of September 30, 2024, KLX had $486.8 million in total assets,
$484.3 million in total liabilities, and $2.5 million in total
stockholders' equity.
* * *
As reported by the TCR in November 2024, S&P Global Ratings lowered
its Company credit rating on Houston-based oil and gas oilfield
services company KLX Energy Services Holdings Inc. to 'CCC' from
'CCC+'. S&P also lowered the issue-level rating on KLX's senior
secured notes due November 2025 to 'CCC' from 'CCC+'. The recovery
rating remains '4′, reflecting its expectations of average
(30%-50%; rounded estimate: 40%) recovery of principal in the event
of a payment default.
Moreover, Moody's Ratings changed KLX Energy Services Holdings,
Inc.'s (KLXE) outlook to negative from positive. The Caa1 Corporate
Family Rating, Caa1-PD Probability of Default Rating and Caa1
senior secured notes ratings were affirmed. The SGL-2 Speculative
Grade Liquidity Rating (SGL) was changed to SGL-4.
KLX ENERGY: Greene's Investment, Affiliates Report 11.2% Stake
--------------------------------------------------------------
Greene's Investment Holdings LLC 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 -- Denham
IV Continuation Fund LP, Denham IV Continuation Fund GP LP, Denham
IV Continuation GP LLC, Denham Capital Management LP, Denham
Capital Management GP LLC, and Stuart D. Porter -- beneficially
owned 1,891,063 shares of KLX Energy Services Holdings, Inc.'s
common stock, representing 11.2% of the 16,864,431 shares of Common
Stock outstanding as of July 31, 2024, as reported in the Company's
quarterly report on Form 10-Q filed with the Securities and
Exchange Commission on August 8, 2024.
The shares are held directly by GIH. Denham IV Fund is the sole
owner of GIH. Denham IV Fund GP is the general partner of Denham
IV Fund. Denham IV GP is the general partner of Denham IV Fund GP.
DCM serves as investment adviser to Denham IV Fund. DCM GP is the
general partner of DCM. Mr. Porter is the sole owner of DCM GP and
the controlling member of Denham IV GP, and serves as Chief
Executive Officer and Chief Investment Officer of DCM. Because of
the relationship among the Reporting Persons, each of the Reporting
Persons may be deemed to be the beneficial owner of 1,891,063
shares of Common Stock held directly by GIH.
A full-text copy of the SEC Report is available at:
https://tinyurl.com/3p8yyepk
About KLX Energy
KLX Energy Services Holdings, Inc. -- https://www.klxenergy.com/ --
is a provider of diversified oilfield services to leading onshore
oil and natural gas exploration and production companies operating
in both conventional and unconventional plays in all of the active
major basins throughout the United States. The Company delivers
mission-critical oilfield services focused on drilling, completion,
production, and intervention activities for technically demanding
wells from over 60 service and support facilities located
throughout the United States.
As of September 30, 2024, KLX had $486.8 million in total assets,
$484.3 million in total liabilities, and $2.5 million in total
stockholders' equity.
* * *
As reported by the TCR in November 2024, S&P Global Ratings lowered
its Company credit rating on Houston-based oil and gas oilfield
services company KLX Energy Services Holdings Inc. to 'CCC' from
'CCC+'. S&P also lowered the issue-level rating on KLX's senior
secured notes due November 2025 to 'CCC' from 'CCC+'. The recovery
rating remains '4′, reflecting its expectations of average
(30%-50%; rounded estimate: 40%) recovery of principal in the event
of a payment default.
Moreover, Moody's Ratings changed KLX Energy Services Holdings,
Inc.'s (KLXE) outlook to negative from positive. The Caa1 Corporate
Family Rating, Caa1-PD Probability of Default Rating and Caa1
senior secured notes ratings were affirmed. The SGL-2 Speculative
Grade Liquidity Rating (SGL) was changed to SGL-4.
KNIGHT HEALTH: $450MM Bank Debt Trades at 36% Discount
------------------------------------------------------
Participations in a syndicated loan under which Knight Health
Holdings LLC is a borrower were trading in the secondary market
around 63.6 cents-on-the-dollar during the week ended Friday,
December 13, 2024, according to Bloomberg's Evaluated Pricing
service data.
The $450 million Term loan facility is scheduled to mature on
December 26, 2028. The amount is fully drawn and outstanding.
Knight Health Holdings LLC is a provider of a community-based acute
and post-acute care, with 18 short-term acute care hospitals and 61
long-term acute care facilities across 25 states.
L.O.F. INC: Seeks 60-Day Extension of Plan Filing Deadline
----------------------------------------------------------
L.O.F., Inc., and Discount Auto Experts, Inc., asked the U.S.
Bankruptcy Court for the Southern District of Florida to extend its
periods to file a plan of reorganization and obtain acceptance
thereof for 60 days.
By previous Court orders entered on July 26, 2024 and October 4,
2024, the deadline to file a chapter 11 plan was extended to
December 9, 2024 and the Debtors' exclusive right to obtain
acceptances of the plan was extended to February 7, 2025.
The Debtors explain that upon review of the record, finances, and
operations, it does not appear that a plan can be proposed by the
December 9, 2024 deadline.
The Debtors expect to be able to present a confirmable plan within
the next 60 days.
L.O.F., Inc., is represented by:
Craig I. Kelley, Esq.
Dana Kaplan, Esq.
Kelley Kaplan & Eller, PLLC
1665 Palm Beach Lakes Blvd. Suite 1000
West Palm Beach, FL 33401
Tel: (561) 491-1200
Fax: (561) 684-3773
Email: craig@kelleylawoffice.com
About L.O.F., Inc
L.O.F., Inc., was founded in 1968 in Northwest Indiana as a retail
Recreational Vehicle sales operation. In 2011, the Company changed
its focus to replacement automotive and industrial products under
its brands such as Best In Auto, TruckChamp, Red Hound Auto, and
Polar Whale.
Debtor: L.O.F., Inc. in Wellington, FL 33414, filed its voluntary
petition for Chapter 11 protection (Bankr. S.D. Fla. Case No.
24-13350) on April 8, 2024, listing $1,198,800 in assets and
$8,259,975 in liabilities. Laszlo Kovach as president, signed the
petition.
Judge Mindy A. Mora oversees the case.
KELLEY KAPLAN & ELLER, PLLC, serves as the Debtor's legal counsel.
LA HACIENDA: Trustee Hires Kronick Moskovitz as General Counsel
---------------------------------------------------------------
Kimberly Husted, the trustee appointed in the Chapter 11 case of
La Hacienda Mobile Estates, LLC, seeks approval from the U.S.
Bankruptcy Court for the Eastern District of California to employ
Kronick, Moskovitz, Tiedemann & Girard as general counsel.
The firm will render these services:
(a) advise the trustee with respect to her Chapter 11 duties
and the administration of the case;
(b) assist the trustee in investigating and liquidiating the
estate's interest in a mobile home park; and
(c) investigate and resolve disputes with tenants, the City of
Fresno and other interested parties.
The firm will be paid at these hourly rates:
Bret Rossi, Attorney $475
Gabriel Herrera, Attorney $375
Shareholders/Of Counsel/Senior Counsel $380 - $690
Senior Associates $325 - $475
Associate Attorneys $275 - $425
Paralegals $190 - $265
Law Clerks/Document Clerk $190 - $265
Mr. Herrera 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:
Gabriel P. Herrera, Esq.
Kronick, Moskovitz, Tiedemann & Girard
1331 Garden Hwy., 2nd Floor
Sacramento, CA 95833
Telephone: (916) 321-4500
Facsimile: (916) 321-4555
Email: gherrera@kmtg.com
About La Hacienda Mobile Estates
La Hacienda Mobile Estates, LLC, is primarily engaged in renting
and leasing real estate properties.
La Hacienda sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bank. D. Del. Case No. 24-10984) on May 9, 2024,
with $1 million to $5 million in both assets and liabilities. The
petition was signed by Matt Davies as managing member.
The Hon. Karen B. Owens presides over the case.
The Debtor tapped Ashby & Geddes, P.A., as bankruptcy counsel.
Kimberly Husted was appointed as trustee appointed in this Chapter
11 case. The trustee tapped Kronick, Moskovitz, Tiedemann & Girard
as her general counsel and Michael Gabrielson as accountant.
LA HACIENDA: Trustee Seeks to Tap Michael Gabrielson as Accountant
------------------------------------------------------------------
Kimberly Husted, the trustee appointed in the Chapter 11 case of
La Hacienda Mobile Estates, LLC, seeks approval from the U.S.
Bankruptcy Court for the Eastern District of California to employ
Michael Gabrielson, a certified public accountant practicing in
Moraga, Calif.
The accountant will provide these services:
(a) prepare all necessary estate income tax returns for the
estate and represent the trustee and the estate with the federal,
state and local tax authorities; and
(b) prepare all required Chapter 11 financial and accounting
reports.
Mr. Gabrielson will be compensated at his hourly rate of $445.
Mr. Gabrielson 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:
Michael Gabrielson, CPA
1605 School Street
Moraga, CA 94556
Telephone: (925) 899-5798
About La Hacienda Mobile Estates
La Hacienda Mobile Estates, LLC, is primarily engaged in renting
and leasing real estate properties.
La Hacienda sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bank. D. Del. Case No. 24-10984) on May 9, 2024,
with $1 million to $5 million in both assets and liabilities. The
petition was signed by Matt Davies as managing member.
The Hon. Karen B. Owens presides over the case.
The Debtor tapped Ashby & Geddes, P.A., as bankruptcy counsel.
Kimberly Husted was appointed as trustee appointed in this Chapter
11 case. The trustee tapped Kronick, Moskovitz, Tiedemann & Girard
as her general counsel and Michael Gabrielson as accountant.
LASERSHIP INC: DoubleLine ISF Marks $1.02MM Loan at 58% Off
-----------------------------------------------------------
DoubleLine Income Solutions Fund has marked its $1,025,000 loan
extended to Lasership, Inc to market at $428,450 or 42% of the
outstanding amount, according to a disclosure contained in
DoubleLine ISF's Amended Form N-CSR for the six-month period ended
September 30, 2024, filed with the U.S. Securities and Exchange
Commission.
DoubleLine ISF is a participant in a Senior Secured First Lien Term
Loan to Lasership, Inc. The loan accrues interest at a rate of
12.37% (3 Month term SOFR+ 7.50%) per annum. The loan matures on
May 7, 2029.
DoubleLine ISF was formed as a closed-end management investment
company registered under the Investment Company Act of 1940, as
amended and originally classified as a non-diversified fund. The
Fund is currently operating as a diversified fund.
The fiscal year ends September 30.
DoubleLine ISF is led by Ronald R. Redell, President and Chief
Executive Officer; and Henry V. Chase, Treasurer and Principal
Financial and Accounting Officer. The Fund can be reach through:
Ronald R. Redell
President and Chief Executive Officer
c/o DoubleLine Capital LP
2002 North Tampa Street, Suite 200
Tampa, FL 33602
Tel. No.: (813) 791-7333
LaserShip is a regional last-mile delivery company that services
the Eastern and Midwest United States. Founded in 1986, LaserShip
is based in Vienna, Virginia, and has sorting centers in New
Jersey, Ohio, North Carolina, and Florida.
LASERSHIP INC: DoubleLine ISF Marks $333,203 Loan at 58% Off
------------------------------------------------------------
DoubleLine Income Solutions Fund has marked its $333,203 loan
extended to Lasership, Inc to market at $139,279 or 42% of the
outstanding amount, according to a disclosure contained in
DoubleLine ISF's Amended Form N-CSR for the six-month period ended
September 30, 2024, filed with the U.S. Securities and Exchange
Commission.
DoubleLine ISF is a participant in a Senior Secured First Lien Term
Loan to Lasership, Inc. The loan accrues interest at a rate of
12.37% (3 Month term SOFR+ 7.50%) per annum. The loan matures on
May 7, 2029.
DoubleLine YOF was formed as a closed-end management investment
company registered under the Investment Company Act of 1940, as
amended and originally classified as a non-diversified fund. The
Fund is currently operating as a diversified fund.
The fiscal year ends September 30.
DoubleLine YOF is led by Ronald R. Redell, President and Chief
Executive Officer; and Henry V. Chase, Treasurer and Principal
Financial and Accounting Officer. The Fund can be reach through:
Ronald R. Redell
President and Chief Executive Officer
c/o DoubleLine Capital LP
2002 North Tampa Street, Suite 200
Tampa, FL 33602
Tel. No.: (813) 791-7333
LaserShip is a regional last-mile delivery company that services
the Eastern and Midwest United States. Founded in 1986, LaserShip
is based in Vienna, Virginia, and has sorting centers in New
Jersey, Ohio, North Carolina, and Florida.
LEFEVER MATTSON: Committee Seeks to Tap FTI as Real Estate Advisor
------------------------------------------------------------------
The official committee of unsecured creditors appointed in the
Chapter 11 cases of LeFever Mattson and its affiliates seeks
approval from the U.S. Bankruptcy Court for the Northern District
of California to employ FTI Consulting Services, Inc. as real
estate advisor.
The firm will render these services:
A. Core Services
(a) advise the Debtors with respect to the monetization and
value maximization strategy for their real estate portfolio;
(b) advise the Debtors on the real estate portfolio asset
management matters;
(c) manage the real estate portfolio marketing and sales
process on behalf of the Debtors;
(d) identify, interview and select third-party real estate
brokers;
(e) monitor and supervise broker activities and reporting;
(f) evaluate and negotiate purchase offers and make
recommendations to the Debtors; and
(g) review and comment on business terms of letters of intent,
counteroffers, and purchase and sale agreements prepared by the
Debtors' real estate counsel.
B. Additional Services
(a) advise the Debtors on real estate tax matters related to
portfolio monetization;
(b) provide litigation consulting and/or expert witness
services on matters related to the Debtors' real estate portfolio;
and
(c) provide additional ad-hoc services that may be related to
the monetization or management of the real estate portfolio.
The firm will be paid at these following fees:
(a) Core Services: non-refundable fee of $250,000 per month
for the first three months and $125,000 per month for the following
nine months;
(b) In addition for Core Services: advisory fee of 1.5 percent
of gross sales proceeds or gross value of any real estate asset
contributed, restructured, foreclosed or disposed of by the Client.
If the total Advisory and Transaction Fee exceeds $2,000,000, FTI
will credit 100 percent of the first four months of Monthly Fees
against the Advisory and Transaction Fee. FTI agrees to cap the
combined Monthly Fees and Advisory and Transaction Fee during the
assumed 12-month period at $6,000,000; and
(c) For additional services fees:
Senior Managing Directors $1,185 -
$1,445
Directors/Senior Directors/Managing Directors $890 -
$1,155
Consultants/Senior Consultants $485 -
$820
Administrative/Paraprofessionals $190 -
$385
Gregory Gotthardt, a senior managing director at FTI 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:
Gregory G. Gotthardt
FTI Consulting Services, Inc.
2030 Main Street, Suite 530
Irvine, CA 92614
Telephone: (949) 485-4040
Facsimile: (949) 485-4045
About LeFever Mattson
LeFever Mattson, a California corporation, manages a large real
estate portfolio. Timothy LeFever and Kenneth W. Mattson each owns
50% of the equity in the company. Based in Citrus Heights, Calif.,
LeFever Mattson manages a portfolio of more than 200 properties,
comprised of commercial, residential, office, and mixed-use real
estate, as well as vacant land, located throughout Northern
California, primarily in Sonoma, Sacramento, and Solano Counties.
It generates income from the properties through rents and use the
proceeds to fund its operations.
LeFever Mattson and its affiliates filed voluntary Chapter 11
petitions (Bankr. N.D. Calif. Lead Case No. 24-10545) on September
12, 2024. At the time of the filing, LeFever Mattson listed $100
million to $500 million in assets and $10 million to $50 million in
liabilities.
Judge Charles Novack oversees the cases.
Thomas B. Rupp, Esq., at Keller Benvenutti Kim LLP represents the
Debtors as counsel. Kurtzman Carson Consultants, LLC is the
Debtors' claims and noticing agent.
The U.S. Trustee for Region 17 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
committee tapped Pachulski Stang Ziehl & Jones LLP as counsel and
FTI Consulting Services, Inc. as real estate advisor.
LEGACY CLINICAL: Gets OK to Use Cash Collateral Until Jan. 29
-------------------------------------------------------------
Legacy Clinical Consultants, LLC received third interim approval
from the U.S. Bankruptcy Court for the Northern District of
Illinois to use cash collateral until Jan. 29 next year.
As adequate protection, the U.S. Small Business Administration was
granted replacement liens on the cash collateral and post-petition
property of Legacy Clinical Consultants, with the same priority as
its pre-bankruptcy lien.
The next hearing is scheduled for Jan. 28.
About Legacy Clinical Consultants
Legacy Clinical Consultants, LLC filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No.
24-11758) on August 13, 2024, with up to $50,000 in assets and up
to $500,000 in liabilities.
Judge Donald R. Cassling presides over the case.
Gregory K. Stern, Esq., at Gregory K. Stern, P.C. represents the
Debtor as legal counsel.
LEITMOTIF SERVICES: Court Approves Final Use of Cash Collateral
---------------------------------------------------------------
Leitmotif Services, LLC, received final approval from the U.S.
Bankruptcy Court for the Southern District of Florida to use cash
collateral.
The Debtor is authorized to use cash collateral to operate its
business as required in the normal course of business and as
provided in the Budget, with a 10% variance.
Secured creditors were granted replacement liens on post-petition
cash collateral to the same extent and with the same validity and
priority as their pre-bankruptcy liens.
The Debtor's right to contest whether any of the Alleged Secured
Creditors has a properly perfected security interest is preserved
in its entirety.
The Debtor is authorized to take all actions necessary to
effectuate the relief granted pursuant to this Final Order.
About Leitmotif Services
Leitmotif Services, LLC is a retailer of a wide selection of
electric scooters. It is based in Miami, Fla., with a self-operated
service center in Brooklyn, N.Y., and an expanding network of
service partners.
Leitmotif Services sought relief under Subchapter V of Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-21215) on
October 28, 2024, with total assets of $1,410,835 and total
liabilities of $2,584,500. Carol Fox of GlassRatner serves as
Subchapter V trustee.
Judge Laurel M. Isicoff handles the case.
The Debtor is represented by Brett Lieberman, Esq., at Edelboim
Lieberman, PLLC.
LFTD PARTNERS: Posts $194K Net Loss in Third Quarter
----------------------------------------------------
LFTD Partners Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net loss
attributable to the Company's common stockholders of $194,399 on
$8.69 million of net sales for the three months ended Sept. 30,
2024, compared to net income attributable to the Company's common
stockholders of $617,648 on $13.11 million of net sales for the
three months ended Sept. 30, 2023.
For the nine months ended Sept. 30, 2024, the Company reported a
net loss attributable to the Company's common stockholders of $1.86
million on $28.85 million of net sales compared to net income
attributable to the Company's common stockholders of $2.14 million
on $38.09 million of net sales for the same period during the prior
year.
As of Sept. 30, 2024, the Company had $48.04 million in total
assets, $10.53 million in total liabilities, and $37.51 millijon in
total shareholders' equity.
LFTD stated, "The Company maintains levels of cash bank accounts
that typically exceed federally insured limits. The Company has
not experienced any losses in such accounts and it believes that it
is not exposed to any significant credit risk on cash.
"No assurance or guarantee whatsoever can be given that the net
income of the Company's wholly owned subsidiary Lifted will be
sufficient to allow the Company to pay all of its operating
expenses, its financial obligations under its loan agreements with
Surety Bank, the dividends accruing and being paid on the Company's
preferred stock, future company-wide management bonus pool
payments, and other obligations.
"As a result of all of the foregoing described factors, there is
substantial doubt that the Company will be able to continue as a
going concern. Bankruptcy of the Company at some point in the
future is a possibility."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1391135/000109690624002150/lsfp_10q.htm
About LFTD Partners
Publicly traded LFTD Partners Inc. (OTCQB: LIFD), headquartered in
Jacksonville, Fla., is the parent corporation of Lifted Made, based
in Kenosha, WI. Lifted Made manufactures and sells hemp-derived and
other psychoactive products under its award-winning Urb Finest
Flowers brand. The company is the worldwide, exclusive
manufacturer and seller of Diamond Supply Co. and Cali Sweets
hemp-derived products.
Spokane, Wash.-based Fruci & Associates II, the Company's auditor
since 2018, issued a "going concern" qualification in its report
dated March 29, 2024, citing that the Company has an accumulated
deficit, net losses, and is subject to unique regulatory risks and
uncertainties. These factors, among others, raise substantial
doubt about the Company's ability to continue as a going concern.
LIFESCAN GLOBAL: $1.01BB Bank Debt Trades at 65% Discount
---------------------------------------------------------
Participations in a syndicated loan under which LifeScan Global
Corp is a borrower were trading in the secondary market around 34.8
cents-on-the-dollar during the week ended Friday, December 13,
2024, according to Bloomberg's Evaluated Pricing service data.
The $1.01 billion Term loan facility is scheduled to mature on
December 31, 2026. About $842.7 million of the loan has been drawn
and outstanding.
LifeScan Global Corporation is a provider of blood glucose
monitoring systems for home and hospital use.
LOVING KINDNESS: Seeks to Hire Gloria J. Besley as Accountant
-------------------------------------------------------------
Loving Kindness Healthcare Systems, LLC seeks approval from the
U.S. Bankruptcy Court for the Western District of Pennsylvania to
employ Gloria Besley, a licensed public accountant practicing in
Pittsburgh, Pa.
The accountant will assist the Debtor in filing both federal and
state income tax returns, and to provide general financial advice
and assistance in the restructuring efforts.
Ms. Belsey will be paid at her hourly rate of $85.
Ms. Belsey 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 accountant can be reached at:
Gloria J. Besley, EA/LPA
1889 Atkinson Place
Pittsburgh, PA 15219
Telephone: (412) 451-8992
About Loving Kindness Healthcare Systems
Loving Kindness Healthcare Systems LLC is a state-licensed Home
Health Care Agency.
Loving Kindness Healthcare Systems sought relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 24-22610) on
Oct. 25, 2024, with up to $50,000 in assets and up to $10 million
in liabilities. Copa Davis, member, signed the petition.
The Debtor tapped Robert S. Bernstein, Esq., at Bernstein-Burkley
PC as counsel and Gloria J. Besley as accountant.
MALIA REALTY: Gets Interim OK to Use Cash Collateral
----------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Georgia
issued an interim order allowing Malia Realty, LLC, to use cash
collateral to fund operations.
The Debtor must provide adequate protection to the Lender, who may
assert a security interest in certain of the Debtor's real property
located at Martin Luther King Junior Drive, Atlanta, Georgia 30310
(the "Property").
The Lender is granted a valid and properly-perfected replacement
lien (the "Adequate Protection Lien") on all property and assets of
the Debtor of a similar kind or nature, except that no such
replacement lien shall attach to the proceeds of any avoidance
actions under Chapter 5 of the Bankruptcy Code.
A final hearing is set for December 17, 2024, at 11:00 a.m.
About Malia Realty LLC
Malia Realty LLC is a Single Asset Real Estate debtor (as defined
in 11 U.S.C. Section 101(51B)).
Malia Realty LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ga. Case No. 24-61684) on November 1,
2024. In the petition filed by Chirhamolekwa Williams, as trustee
of the sole member, the Debtor reports estimated assets and
liabilities between $1 million and $10 million each.
The Debtor is represented by:
William Rountree, Esq.
ROUNTREE, LEITMAN, KLEIN & GEER, LLC
2987 Clairmont Road Suite 350
Atlanta GA 30329
Tel: 404-584-1238
Email: wrountree@rlkglaw.com
MAT TRANSPORT: Plan Exclusivity Period Extended to Feb. 17, 2025
----------------------------------------------------------------
Judge Madeleine C. Wanslee of the U.S. Bankruptcy Court for the
District of Arizona extended Mat Transport, Inc.'s exclusive
periods to file a plan of reorganization and obtain acceptance
thereof to February 17, 2025 and April 18, 2025, respectively.
As shared by Troubled Company Reporter, the Debtor explains that
its premises at Grand Avenue suffered substantial damage during a
storm the day after the Petition Date. The Debtor's outdoor shade
structures were torn apart by the high winds in the storm and
portions of the shade structures landed on the roof, damaging the
roof and dangling precariously, causing a dangerous situation. The
building that had previously served as the Debtor's main base of
operations was virtually unusable.
The Debtor claims that since the debris has been hauled away and
the Debtor obtained the required insurance, the Debtor has been
able to successfully obtain numerous shipping contracts and
preliminary analysis shows that it has approximately $9000 in
profit for October. Moreover, the roofing contractor is expected to
begin roof repairs. The Debtor believes that it will continue to
increase the number of contracts and its profitability in November
and beyond.
Moreover, the Debtor is still working to resolve the property
boundary issue with Beth Israel Congregation so that it can more
effectively market and more profitably sell its Jackson Street
Property, which will help resolve the debt owed to West Valley
National Bank and will improve the Debtor's financial situation,
which in turn will benefit all of its creditors. The requested
extension will allow time for the Debtor to seek and obtain this
Court's approval of the proposed resolution of the boundary issue
and to market and hopefully sell the Jackson Street Property
shortly thereafter.
Finally, the Debtor needs to obtain appraisals of its trucks so
that it can negotiate appropriate plan treatments for the claims
secured by the trucks. However, it has been difficult to find an
available appraiser. The Debtor has located an appraiser who has
agreed to assist but is unavailable until mid-December. The
requested extension will allow the Debtor time to obtain appraisals
and negotiate with the creditors for an appropriate plan treatment
of their claims.
Mat Transport, Inc. is represented by:
D. Lamar Hawkins, Esq.
Guidant Law, PLC
402 E. Southern Ave.
Tempe AZ 85282
Telephone: (602) 888-9229
Facsimile: (480) 725-0087
Email: lamar@guidant.law
About Mat Transport
Mat Transport, Inc. sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Ariz. Case No. 24-05932) on July 22,
2024. In the petition signed by Marko Tomovic, president, the
Debtor disclosed up to $10 million in both assets and liabilities.
Judge Madeleine C. Wanslee oversees the case.
D. Lamar Hawkins, Esq., at Guidant Law, PLC, serves as the Debtor's
counsel.
MAUDE'S ALABAMA: Unsecureds to Split $25K via Quarterly Payments
----------------------------------------------------------------
Maude's Alabama BBQ, LLC, filed with the U.S. Bankruptcy Court for
the Eastern District of Michigan a Plan of Reorganization dated
November 14, 2024.
The Debtor operates a takeout barbecue restaurant in Davison,
Michigan and a sit down barbecue restaurant in Lapeer, Michigan
which also sells alcohol.
Pre-petition, the Debtor opened the first of its locations in
Davison. Based on the initial success of the takeout restaurant,
the Debtor decided to expand to its sit down location in Lapeer.
Unfortunately, the Debtor under estimated both the time and money
it would take to open the restaurant. This resulted in the
borrowing of MCA loans which the Debtor could not service resulting
in the filing of this case.
Post-petition, the Debtor has taken steps to improve its bottom
line. These changes support the financial projections prepared by
the Debtor. These changes have also resulted in profitability for
the Debtor post petition.
The Debtor's financial projections show that the Debtor will have
projected disposable income in an amount sufficient to meet the
requirements of this Plan.
Class 6 consists of Unsecured Creditors. The total amount ot
unsecured debt totals $163,170. Unsecured creditors shall share in
sum total of $25,000 over the life of the plan. These funds shall
be paid quarterly in the first of 16 quarterly payments of $1,563
due 12 montgs from confirmation with each creditor paid on a pro
rata basis. This Class is impaired.
A full-text copy of the Plan of Reorganization dated November 14,
2024 is available at https://urlcurt.com/u?l=fadMO6 from
PacerMonitor.com at no charge.
Counsel to the Debtor:
George E. Jacobs, Esq.
Bankruptcy Law Offices
2425 S. Linden Rd., Ste. C
Flint, MI 48532
Tel: (810) 720-4333
Email: George@bklawoffice.com
About Maude's Alabama BBQ
Maude's Alabama BBQ, LLC, operates a takeout barbecue restaurant in
Davison, Michigan and a sit down barbecue restaurant in Lapeer,
Michigan which also sells alcohol.
The Debtor sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. E.D. Mich. Case No. 24-31583) on Aug. 23, 2024, with
$100,001 to $500,000 in both assets and liabilities.
George E. Jacobs, at Bankruptcy Law Offices, is the Debtor's
counsel.
MBMG HOLDING: Seeks to Hire Moecker Auctions as Appraiser
---------------------------------------------------------
MBMG Holding, LLC and its affiliates seek approval from the U.S.
Bankruptcy Court for the Southern District of Florida to employ
Moecker Auctions, Inc. as medical and dental equipment appraiser.
Moecker will provide appraisal services with respect to certain of
the Debtors' medical and dental equipment.
Moecker will also provide, if necessary, expert testimony services
which may include any of the following: (i) research, client
consultation, additional on-site inspection and additional
appraisal, and preparation of an expert witness report; (ii)
deposition and court testimony; and (iii) related administrative
tasks.
Moecker will charge an hourly rate of $200 per hour to complete the
Desktop Appraisal, exclusive of any fees related to expert
testimony services.
Moecker will charge the Debtors separately at a $200 per hour rate
plus up to an additional $2,000 per day in the event
representatives from Moecker are required to attend depositions or
provide court testimony.
David D. Dyba, a partner at Moecker Auctions, Inc., disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
David D. Dybas
Moecker Auctions, Inc.
1885 Marina Mile Boulevard, Suite 103
Fort Lauderdale, FL 33315
Tel: (954) 252-2887
Fax: (954) 252-2791
About MBMG Holding, LLC
MBMG Holding, LLC and its affiliates are an independent primary
care and integrated physician group focused on value-based,
multi-specialty healthcare services. The Debtors deliver health and
wellness services to approximately 35,000 patients across 26
primary care centers in Florida, with half of those centers being
in Miami-Dade County. In addition to primary care services, the
Debtors provide several in-house and ancillary support services to
patients, including dental, vision, in-home, telehealth, case
management, podiatry, chiropractic, pain management, lab, x-ray,
and transportation services, and operate wellness centers that
provide meal support and social activities.
MBMG Holding and its affiliates commenced voluntary Chapter 11
proceedings (Bankr. S.D. Fla. Lead Case No. 24-20576) on Oct. 13,
2024. Nicholas K. Campbell, chief restructuring officer, signed the
petitions.
At the time of the filing, MBMG Holding disclosed up to $50,000 in
assets and up to $500 million in liabilities.
Judge Corali Lopez-Castro oversees the cases.
The Debtors tapped Berger Singerman LLP as legal counsel; Meru, LLC
as restructuring advisor; and Oppenheimer & Co. Inc. as investment
banker. Epiq Corporate Restructuring, LLC is the claims agent.
MEDICAL SOLUTIONS: $1.05BB Bank Debt Trades at 29% Discount
-----------------------------------------------------------
Participations in a syndicated loan under which Medical Solutions
Holdings Inc is a borrower were trading in the secondary market
around 71.1 cents-on-the-dollar during the week ended Friday,
December 13, 2024, according to Bloomberg's Evaluated Pricing
service data.
The $1.05 billion Term loan facility is scheduled to mature on
November 1, 2028. The amount is fully drawn and outstanding.
Medical Solutions L.L.C. operates as a travel nursing company. The
Company provides benefits such as personalized pay package, medical
and dental insurance, paid private housing, and loyalty programs,
as well as pet care, education and training, and friendly housing
services for travel nurses. Medical Solutions serves customers in
the United States.
MILAN SAI: Hires Joyce W. Lindauer Attorney as Legal Counsel
------------------------------------------------------------
Milan SAI Joint Venture LLC seeks approval from the U.S. Bankruptcy
Court for the Northern District of Texas to employ Joyce W.
Lindauer Attorney, PLLC as counsel.
The firm will handle the Debtor's Chapter 11 proceedings.
The firm will be paid at these rates:
Joyce W. Lindauer $595 per hour
Laurance Boyd, Associate Attorney $295 per hour
Paralegals/Legal Assistants $125 to $250 per hour
The firm will be paid a retainer in the amount of 20,000. It will
also be reimbursed for reasonable out-of-pocket expenses incurred.
Joyce W. Lindauer, Esq., a partner at Joyce W. Lindauer, PLLC,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Joyce W. Lindauer, Esq.
Joyce W. Lindauer, PLLC
1412 Main Street, Suite 500
Dallas, TX 75202
Telephone: (972) 503-4033
Facsimile: (972) 503-4034
About Milan SAI Joint Venture LLC
Milan Sai Joint Venture, LLC, doing business as Super 8, operates
in the traveler accommodation industry. The company is based in
Stanton, Texas.
Milan Sai sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. N.D. Texas Case No. 24-33560) on November 4, 2024,
with $1 million to $10 million in assets and liabilities. Sunil
Kumar Patel, managing member, signed the petition.
Judge Michelle V. Larson presides over the case.
Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC
represents the Debtor as bankruptcy counsel.
MILLENNIA CARDIOVASCULAR: Gets Final OK to Use Cash Collateral
--------------------------------------------------------------
Millennia Cardiovascular, P.A., received final approval from the
U.S. Bankruptcy Court for the Eastern District of North Carolina,
Raleigh Division, to use cash collateral, subject to certain
conditions and adequate protection for its pre-petition secured
creditors, Secure Funding Source and Vivian Capital Group LLC.
The Debtor was authorized to use cash collateral under a budget
with a 10% variance for operating expenses, provided the funds are
deposited into debtor-in-possession accounts.
The Debtor's budget is attached to the order and includes projected
expenses of $164,170.
The Debtor relies heavily on receivables and reported $150,000 in
receivables as of the Petition Date.
As adequate protection, secure Funding Source and Vivian Capital
Group LLC are granted replacement liens on the Debtor's
post-petition assets, with the same validity, priority, and
enforceability as their pre-petition liens.
The Debtor's authorization to use cash collateral will
automatically terminate on certain events of default, including
failure to comply with the terms of the order or failure to
maintain insurance on the property.
About Millennia Cardiovascular
Millennia Cardiovascular, PA sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 24-03494) on Oct. 4,
2024, listing under $1 million in both assets and liabilities.
Jason L. Hendren, Esq., at Hendren, Redwine & Malone PLLC serves as
the Debtor's counsel.
MIRACLE RESTAURANT: Gets OK to Use Cash Collateral Until Jan. 8
---------------------------------------------------------------
Miracle Restaurant Group, LLC received sixth interim approval from
the U.S. Bankruptcy Court for the Eastern District of Louisiana to
use cash collateral until Jan. 8, 2025.
The company can use funds in its bank account and cash from
operations based on its projected budget, with a 15% flexibility
per line item.
Creditors with a security interest in cash collateral were granted
replacement liens on the company's assets, including inventory,
accounts receivable and employee retention tax credit claims, to
the same extent and with the same validity and priority as their
pre-bankruptcy liens.
Secured creditors were also granted a superpriority administrative
claim to protect against any loss in value of their collateral.
Meanwhile, First Franchise Capital Corporation, one of the secured
creditors, will receive a monthly payment of $14,062, as set forth
in the budget.
A final hearing on the motion is scheduled for Jan. 8, 2025.
About Miracle Restaurant Group
Miracle Restaurant Group, LLC owns and operates a fast-food
restaurant in Covington, La.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. La. Case No. 24-11158) on June 20,
2024, with $1 million to $10 million in both assets and
liabilities. Dwayne Murray, Esq., at Murray & Murray, LLC, serves
as Subchapter V trustee.
Judge Meredith S. Grabill presides over the case.
The Debtor tapped Douglas S. Draper, Esq., at Heller, Draper &
Horn, LLC as legal counsel and Peak Franchise Capital, LLC as
financial advisor.
MYSTICAL STARS: Committee Taps Trenk Isabel Siddiqi as Counsel
--------------------------------------------------------------
The official committee of unsecured creditors of Mystical Stars,
LLC, f/k/a Arya International, Inc seeks approval from the U.S.
Bankruptcy Court for the District of New Jersey to hire Trenk
Isabel Siddiqi & Shahdanian P.C. as its counsel.
The firm's services include:
a. advising the Committee with respect to its rights, duties,
and powers in this Chapter 11 Case;
b. assisting and advising the Committee in its consultations
with the Debtor relative to the administration of the Chapter 11
Case;
c. assisting the Committee in analyzing the claims of the
Debtor's creditors and the Debtor's capital structure and in
negotiating with holders of claims and equity interests;
d. assisting the Committee in its investigation of the acts,
conduct, assets, liabilities, and financial condition of the Debtor
and of the operation of the Debtor's business;
e. assisting the Committee in analyzing (i) the Debtor's
pre-petition financing, (ii) proposed use of cash collateral, and
(iii) the Debtor's proposed debtorin-possession financing ("DIP
Financing") (if any), the terms and conditions of the proposed DIP
Financing and the adequacy of the proposed
DIP Financing budget;
f. assisting the Committee in its investigation of the liens
and claims of the holders of the Debtor's pre-petition debt and the
prosecution of any claims or causes of action revealed by such
investigation;
g. assisting the Committee in its analysis of, and
negotiations with, the Debtor or any third-party concerning matters
related to, among other things, the assumption or rejection of
certain leases of nonresidential real property and executory
contracts, asset dispositions, sale of assets, financing of other
transactions and the terms of one or more plans of reorganization
for the Debtor and accompanying disclosure statements and related
plan documents;
h. assisting and advising the Committee as to its
communications to unsecured creditors regarding significant matters
in the Chapter 11 Case;
i. representing the Committee at hearings and other
proceedings;
j. reviewing and analyzing applications, orders, statements of
operations, and schedules filed with the Court and advising the
Committee as to their propriety;
k. assisting the Committee in preparing pleadings and
applications as may be necessary in furtherance of the Committee's
interests and objectives in the Chapter 11 Case, including without
limitation, the preparation of retention papers and fee
applications for the Committee's professionals, including TISS;
l. preparing, on behalf of the Committee, any pleadings,
including without limitation, motions, memoranda, complaints,
adversary complaints, objections, or comments in connection with
any of the foregoing; and
m. performing such other legal services as may be required or
are otherwise deemed to be in the interests of the Committee in
accordance with the Committee's powers and duties as set forth in
the Bankruptcy Code, Bankruptcy Rules, or other applicable law.
The firm will be paid at these rates:
Richard D. Trenk (Shareholder) $725
Robert S. Roglieri (Partner) $475
Partners $400 - $725
Associates $275 - $300
Law Clerks $125
Paralegals and Support Staff $125 - $250
Mr. Trenk 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 D. Trenk, Esq.
Robert S. Roglieri, Esq.
Trenk Isabel Siddiqi & Shahdanian PC
290 W. Mt. Pleasant Ave., Suite 2370
Livingston, NJ 07039
Telephone: (973) 533-1000
Email: rtrenk@tisslaw.com
rroglieri@tisslaw.com
About Mystical Stars
Mystical Stars, LLC, f/k/a Arya International, Inc filed its
voluntary petition for relief under Chapter 11 of the Bankruptcy
Code (Bankr. D.N.J. Case No. 24-18290) on August 21, 2024, listing
$1,000,001 to $10 million in assets and $10,000,001 to $50 million
in liabilities. Anthony Sodono, III, Esq, at Mcmanimon, Scotland &
Baumann, LLC represents the Debtor as counsel.
NETCAPITAL INC: Files Amendment No. 1 to Shares Resale Prospectus
-----------------------------------------------------------------
Netcapital Inc. filed with the U.S. Securities and Exchange
Commission Amendment No. 1 to its Form S-1 Registration Statement
for resale of up to 865,264 shares of the Company's common stock.
As previously reported by The Troubled Company Reporter on October
25, 2024, the Company filed a preliminary prospectus on Form S-1
with the SEC relating to the offer and resale by certain selling
shareholders of up to an aggregate of 865,264 shares of common
stock, par value $0.001 per share, of Netcapital Inc.
In November 2024, the Company's recently formed wholly owned
subsidiary, Netcapital Securities Inc., was accepted as a
broker-dealer by the Financial Industry Regulatory Authority. The
Company believes that by having a registered broker-dealer, it will
create opportunities to expand revenue base by hosting and
generating additional fees from Reg A+ and Reg D offerings on the
Netcapital platform;, earning additional fees in connection with
offerings that may result from the introduction of clients to other
FINRA broker-dealers and expanding the Company's distribution
capabilities by leveraging strategic partnerships with other
broker-dealers to distribute offerings of issuers that utilize the
Netcapital platform to a wider range of investors in order to
maximize market penetration and optimize capital raising efforts.
As of the date of this Amendment No. 1, Netcapital Securities Inc.
has not conducted any business activities.
A full-text copy of Amendment No. 1 to Form S -1 is available at
https://urlcurt.com/u?l=urrjJo
About Netcapital Inc.
Headquartered in Boston, Mass., Netcapital Inc. --
www.netcapital.com -- is a fintech company with a scalable
technology platform that allows private companies to raise capital
online and provides private equity investment opportunities to
investors. The Company's consulting group, Netcapital Advisors,
provides marketing and strategic advice and takes equity positions
in select companies. The Company's funding portal, Netcapital
Funding Portal, Inc. is registered with the U.S. Securities &
Exchange Commission (SEC) and is a member of the Financial Industry
Regulatory Authority (FINRA), a registered national securities
association.
Spokane, Washington-based Fruci & Associates II, PLLC, the
Company's auditor since 2017, issued a "going concern"
qualification in its report dated July 29, 2024, citing that the
Company has negative working capital, net operating 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.
Netcapital reported a net loss of $4.99 million for the year ended
April 30, 2024, compared to net income of $2.95 million for the
year ended April 30, 2023. As of July 31, 2024, Netcapital had
$41.44 million in total assets, $3.93 million in total liabilities,
and $37.51 million in total stockholders' equity.
NORDICUS PARTNERS: Incurs $507K Net Loss in Second Quarter
----------------------------------------------------------
Nordicus Partners Corporation filed with the Securities and
Exchange Commission its Quarterly Report on Form 10-Q reporting a
net loss of $507,396 on $2,500 of revenue for the three months
ended Sept. 30, 2024, compared to a net loss of $98,790 on $0 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 $765,565 on $2,500 of revenue compared to a net loss of
$139,086 on $0 of revenue for the six months ended Sept. 30, 2023.
As of Sept. 30, 2024, the Company had $20.78 million in total
assets, $152,868 in total liabilities, and $20.63 million in total
stockholders' equity.
Nordicus stated, "The Company has no revenue and has incurred
losses since inception resulting in an accumulated deficit of
$44,642,481 as of September 30, 2024. As a result, we expect our
funds will not be sufficient to meet our needs for more than twelve
months from the date of issuance of these financial statements.
Accordingly, there is substantial doubt about the ability to
continue as a going concern.
"The ability to continue as a going concern is dependent upon the
Company's recent acquisition, its generating profitable operations
in the future and/or obtaining the necessary financing to meet its
obligations and repay its liabilities arising from normal business
operations when they come due. Management intends to finance
operating costs over the next twelve months with existing cash on
hand, the private placement of common stock and the exercise of
outstanding warrants. The financial statements of the Company 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 for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1011060/000149315224045927/form10-q.htm
About Nordicus Partners
Headquartered in Beverly Hills, Calif., Nordicus Partners
Corporation is a financial consulting company specializing in
providing Nordic companies with the best possible conditions to
establish themselves in the U.S. market. The Company leverages
management's combined 90+ years of experience in the corporate
sector, serving in various capacities both domestically and
globally. Additionally, Nordicus operates as a business incubator,
offering support resources and services such as office space, legal
and accounting services, and marketing expertise to facilitate a
smooth transition for companies entering the U.S. marketplace.
Spokane, Washington-based Fruci & Associates II, PLLC, the
Company's auditor since 2023, issued a "going concern"
qualification in its report dated July 2, 2024, citing that the
Company has an accumulated deficit, net losses, and minimal
revenue. These factors, among others, raise substantial doubt
about the Company's ability to continue as a going concern.
OG LIVING: Gets Interim OK to Use Cash Collateral Until Jan. 10
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Florida,
Fort Lauderdale Division, authorized OG Living, LLC to use cash
collateral on an interim basis through Jan. 10, 2025.
The interim order signed by Judge Scott Grossman authorized the
company to use cash collateral to maintain operations consistent
with its budget.
As adequate protection, secured lenders which may assert a security
interest in the company's assets, were granted a replacement lien
on the cash collateral; all property acquired by the company after
the petition date that is of the same nature, kind, type, or
character as the cash collateral; and all cash and receivables that
are proceeds, products, offspring, or profits of such collateral.
The next hearing is set for Jan. 8, 2025.
About OG Living LLC
OG Living, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-22597) on November
29, 2024, with $500,001 to $1 million in assets and $1 million to
$10 million in liabilities. The petition was signed by George John
Wohlford as managing member.
Judge Scott M Grossman oversees the case.
The Debtor is represented by Chad P. Pugatch, Esq.
OKLAHOMA FORGE: Seeks $250,000 DIP Loan From Forge Resources
------------------------------------------------------------
Oklahoma Forge, LLC asked the U.S. Bankruptcy Court for the
Northern District of Oklahoma for authority to obtain post-petition
financing.
The company is facing significant financial challenges and has
filed for Chapter 11 bankruptcy. It has been forced to shut down
operations and lay off most of its employees. The company has been
struggling with declining sales, operational inefficiencies, and a
lack of liquidity. To address these issues, Oklahoma Forge is
seeking court approval to sell its assets to Forge Resources Group.
The sale is contingent upon the simultaneous sale of the real
property to FRG. Oklahoma Forge has also requested a
debtor-in-possession (DIP) loan of up to $250,000 from FRG to fund
its operations during the bankruptcy process.
Oklahoma Forge believes that the proposed sale and DIP financing
are necessary to maximize the value of the company's assets and
ensure a successful reorganization. The DIP facility is due and
payable on the earliest of:
(i) the occurrence of an Event of Default,
(ii) 90 days after the entry of the DIP order, or
(iii) the closing of the sale, subject to extensions that may be
agreed upon by DIP lender and Oklahoma Forge.
Oklahoma Forge has prepetition secured debts to Loeb Term
Solutions, LLC and Pathward, National Association, pursuant to
documents executed and delivered to the prepetition lenders by the
company, subject to an Intercreditor Agreement dated August 11,
2022.
Pursuant to the pre-petition claim documents and applicable law,
prepetition lenders hold valid, enforceable, and allowable claims
against Oklahoma Forge, as of the petition date, in an aggregate
amount of at least $4.5 million of unpaid principal, plus any and
all accrued and unpaid interest, fees, costs, expenses, charges,
and other claims, debts or obligations of the company to
prepetition lenders that have accrued as of the petition date under
the pre-petition claim documents and applicable law.
The DIP lender will be granted first-priority claims, liens and
security interests in any and all assets and properties of Oklahoma
Forge, now owned or after acquired, real and personal, and the
proceeds and products thereof to secure the obligations under the
DIP facility. Subject in all cases to the carve-out, one half of
the DIP obligations will be secured by senior, priming liens in the
DIP Collateral pursuant to the terms of the DIP order and the other
one half of the DIP obligations will be secured by junior liens to
the Loeb lien claims but senior liens to the Pathward lien claims
pursuant to the terms of the DIP order. The DIP collateral does not
include (x) any causes of action under 11 U.S.C. sections 544, 547,
and 548 or the proceeds thereof or (y) any Accounts or the proceeds
thereof.
The DIP lender will be granted superpriority administrative claims
and all other benefits and protections allowable under 11 U.S.C.
sections 364(c)(1) and 503(b)(1), senior in right to all other
administrative claims against the company, except for the
carve-out.
A copy of the motion is available at https://urlcurt.com/u?l=MzLXJv
from PacerMonitor.com.
About Oklahoma Forge, LLC
An involuntary petition was filed against Oklahoma Forge, LLC
(Bankr. N.D. Okla. Case No. 24-11060) on August 16, 2024 by Ellwood
Quality Steels Company, Ellwood National Steel Company, and Lehigh
Specialty Melting Inc.
Stephen J. Moriarty, Esq., at Fellers, Snider, Blankenship, Bailey
and Tippens, PC, represents the Debtor as legal counsel.
OLIVIA J STUDIOS: Hires Ure Law Firm as Legal Counsel
-----------------------------------------------------
Olivia J Studios LLC seeks approval from the U.S. Bankruptcy Court
for the Central District of California to employ Ure Law Firm as
counsel.
The firm will render these services:
(a) advise the Debtor regarding matters of bankruptcy law and
concerning the requirement of the Bankruotcy Code and Bankruptcy
Rules relating to the administration of this case and the operation
of its estate;
(b) represent the Debtor in proceedings and hearings in court
involving matters of bankruptcy law;
(c) assist in compliance with the requirements of the Office
of the United States Trustee;
(d) advise and assist the Debtor with respect to its powers
and duties in the continued operation of its business and
management of the estate's property;
(e) assist the Debtor in the administration of the estate's
assets and liabilities;
(f) prepare necessary legal documents on behalf of the
Debtor;
(g) assist in the collection of all accounts receivable and
other claims that the Debtor may have and resolve claims against
its estate;
(h) provide advice, as counsel, concerning the claims of
secured and unsecured creditors, prosecution and/or defense of all
actions; and
(l) prepare, negotiate, prosecute, and attain confirmation of
a plan of reorganization.
The firm will be paid as follows:
Thomas B. Ure, Attorney $475 per hour
Associates $395 per hour
Paralegals $195 per hour
Law Clerks $295 per hour
`
In addition, the firm will seek reimbursement for expenses
incurred.
The Debtor agreed to pay the firm $10,000 as an initial deposit for
fees and expenses.
Mr. Ure 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:
Thomas B. Ure, Esq.
Ure Law Firm
8280 Florence Avenue, Suite 200
Downey, CA 90240
Tel: (213) 202-6070
Fax: (213) 202-6075
Email: tom@urelawfirm.com
About Olivia J Studios LLC
Olivia J Studios LLC, filed a Chapter 11 bankruptcy petition
(Bankr. C.D. Cal. Case No. 1:24-bk-11956-VK) on Nov. 22, 2024. The
Debtor hires Ure Law Firm as counsel.
ONCOCYTE CORP: Patrick Smith, Trust Holds 9.3% Equity Stake
-----------------------------------------------------------
Patrick W Smith Ttee The Smith Irrevocable Trust U/A Dtd 05/01/2015
and Patrick W. Smith disclosed in a Scheduled 13G filing with the
U.S. Securities and Exchange Commission that as of December 5,
2024, they beneficially own 1,558,437 shares, representing 9.3% of
Oncocyte Corporation's outstanding shares of common stock.
About Oncocyte Corp.
Irvine, Calif.-based Oncocyte Corporation is a molecular
diagnostics technology company. The Company's tests are designed to
help provide clarity and confidence to physicians and their
patients. VitaGraft is a clinical blood-based solid organ
transplantation monitoring test. GraftAssure is a research use only
(RUO) blood-based solid organ transplantation monitoring test.
DetermaIO is a gene expression test that assesses the tumor
microenvironment to predict response to immunotherapies. DetermaCNI
is a blood-based monitoring tool for monitoring therapeutic
efficacy in cancer patients.
Going Concern
Oncocyte Corporation, in its Quarterly Report on Form 10-Q for the
three months ended September 30, 2024, disclosed that it has
incurred operating losses and negative cash flows since inception
and had an accumulated deficit of $317.0 million as of September
30, 2024. At September 30, 2024, the Company had $3.4 million of
cash and cash equivalents. On October 4, 2024, the Company raised
additional capital. The Company expects to continue to incur
operating losses and negative cash flows for the near future. The
Company's expectation to generate operating losses and negative
operating cash flows in the future and the need for additional
funding to support its planned operations raise substantial doubt
regarding its ability to continue as a going concern for a period
of one year after the date that the financial statements were
issued.
PACE ROSEWOOD: Wins Approval to Use Cash Collateral Until Feb. 1
----------------------------------------------------------------
Pace Rosewood Association, Inc. got the green light from the U.S.
Bankruptcy Court for the District of Arizona to use the cash
collateral of Western Alliance Bank to pay its operating expenses.
The order authorized the use of cash collateral for the period from
Dec. 8 to Feb. 1, 2025 in accordance with Pace Rosewood's projected
budget, with a 10% variance.
To protect Western Alliance, the court order granted the bank
replacement liens on Pace Rosewood's assets.
As of the petition date, the condominium management association
owes Western Alliance $823,575.93, which stemmed from its
pre-bankruptcy loan agreement with the bank.
Western Alliance holds a first-position lien on the association's
cash and assets, which provides the bank with security in the event
of any defaults.
Western Alliance Bank was authorized to debit the company's
debtor-in-possession main operating account at the bank in the
amounts of $9,482.54 on Dec. 9, Dec. 23, Jan. 6, 2025, and Jan. 20,
2025.
A copy of the Debtor's budget is available at
https://shorturl.at/4R5Jj from PacerMonitor.com.
About Pace Rosewood Association
Pace Rosewood Association, Inc. is a condominium management
association in Phoenix, Ariz.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. D. Ariz. Case No. 24-04588) on June 7,
2024, with $100,000 to $500,000 in assets and $1 million to $10
million in liabilities. James Cross, Esq., at Cross Law Firm, PLC
serves as Subchapter V trustee.
Judge Paul Sala oversees the case.
Chad P. Miesen, Esq., at CHDB Law, LLP represents the Debtor as
bankruptcy counsel.
PACKERS HOLDINGS: $1.24BB Bank Debt Trades at 49% Discount
----------------------------------------------------------
Participations in a syndicated loan under which Packers Holdings
LLC is a borrower were trading in the secondary market around 51.1
cents-on-the-dollar during the week ended Friday, December 13,
2024, according to Bloomberg's Evaluated Pricing service data.
The $1.24 billion Term loan facility is scheduled to mature on
March 9, 2028. About $1.20 billion of the loan has been drawn and
outstanding.
Packers Holdings, LLC, known as PSSI, founded in 1972 and
headquartered in Kieler, Wisconsin, is a provider of contract
sanitation services to the food processing industry in the U.S. and
Canada.
PARTY EMPORIUM: Seeks to Hire the Bond Law Office as Legal Counsel
------------------------------------------------------------------
Party Emporium, LLC seeks approval from the U.S. Bankruptcy Court
for the Western District of Arkansas to employ the Bond Law Office
to handle its Chapter 11 case.
The firm will be paid at its hourly rates:
Stanley Bond, Lead Counsel $350
Kathryn Worlow, Associate Counsel $250
Paraprofessional $125
The firm received a retainer of $10,262 plus filing fee of $1,738
from the Debtor.
Mr. Bond 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:
Stanley V. Bond, Esq.
Bond Law Office
P.O. Box 1893
Fayetteville, AR 72702
Telephone: (479) 444-0255
Facsimile: (479) 235-2827
Email: attybond@me.com
About Party Emporium
Party Emporium, LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Ark. Case No. 24-72049) on Dec. 7,
2024. In the petition filed by Melody Sanford, managing member, the
Debtor disclosed $390,191 in assets and $1,259,574 in liabilities.
Judge Bianca M. Rucker oversees the case.
Stanley V. Bond, Esq., at Bond Law Office serves as the Debtor's
counsel.
PENINSULA HEIGHTS: Seeks to Hire By the Law APC as Counsel
----------------------------------------------------------
Peninsula Heights Diagnostic Laboratories Inc. seeks approval from
the U.S. Bankruptcy Court for the Northern District of California
to employ By the Law, APC as counsel.
The firm's services include:
i. advising the Debtor with respect to the powers and duties as
Debtor-In-Possession in the continued operation of the business and
management of the Debtor's property;
ii. taking necessary action to avoid any liens against the
Debtor's property, if needed;
iii. assisting, advising and representing the Debtor in
consultations with creditors regarding the administration of this
case, including the creditors holding liens on the property;
iv. advising and taking any action to stay foreclosure
proceedings against any of Debtor's property, specifically the
Property discussed above;
v. preparing on behalf of the applicants as Debtor-in-possession
necessary applications, answers, orders, reports and other legal
papers
vi. preparing on behalf of the applicants as
Debtor-in-possession a disclosure statement, a plan of
reorganization, and representing the Debtor at any hearing to
approve the disclosure statement and to confirm the plan of
reorganization;
vii. assisting, advising and representing the Debtor in any
manner relevant to a review of any contractual obligations, and
asset collection and dispositions;
viii. preparing documents relating to the disposition of
assets;
ix. advising the Debtor on finance and finance-related matters
and transactions and matters relating to the sale of the Debtor's
assets;
x. assisting, advising and representing the Debtor in any issues
associated with the acts, conduct, assets, liabilities and
financial condition of the Debtor, and any other matters relevant
to this case or to the formulation of plan(s) of reorganization;
xi. assisting, advising and representing the Debtor in the
negotiation, formulation, preparation and submission of any plan(s)
or reorganization and disclosure statement(s);
xii. providing other necessary advice and services as the Debtor
may require in connection with this case, including advising and
assisting the Debtor with respect to resolving disputes with any
creditor that may arise;
xiii. preparing status conference statements, and appearing at
all court hearings as necessary, including status conference
hearings before the court; and
xiv. obtaining the necessary approval from the Court for
Approval of Disclosure Statement and soliciting ballots as
necessary for plan confirmation.
The firm will be paid at these rates:
Barzin Barry Sabahat $550 per hour
Attorneys $450 per hour
Associates $350 per hour
The firm has received the filing fee of $1,738.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Barzin Barry Sabahat, Esq., a partner at By the Law, APC, disclosed
in a court filing that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Barzin Barry Sabahat, Esq.
By The Law, APC
4285 Payne Ave, Suite 9691
San Jose, CA 95117
Tel: (408) 500-5280
Email: barry@anchorlawgroup.com
About Peninsula Heights Diagnostic
Laboratories Inc.
Peninsula Heights Diagnostic Laboratories Inc. filed a Chapter 11
bankruptcy petition (Bankr. N.D. Cal. Case No. 24-30863) on Nov.
18, 2024. The Debtor hires By the Law, APC as counsel.
POLAR US BORROWER: $541.4MM Bank Debt Trades at 28% Discount
------------------------------------------------------------
Participations in a syndicated loan under which Polar US Borrower
LLC is a borrower were trading in the secondary market around 72.3
cents-on-the-dollar during the week ended Friday, December 13,
2024, according to Bloomberg's Evaluated Pricing service data.
The $541.4 million Payment in kind Term loan facility is scheduled
to mature on October 15, 2028. The amount is fully drawn and
outstanding.
Polar US Borrower, LLC is the pass-through entity of ultimate
parent, SK Blue Holdings, LP, an affiliate of private investment
firm, SK Capital Partners. SI Group manufactures performance
additives for use in polymer, rubber, lubricants, fuels, adhesives
applications, surfactants in addition to some specialty chemicals.
PREMIER MEDICAL: Unsecureds to Get Share of Income for 3 Years
--------------------------------------------------------------
Premier Medical Transportation LLC filed with the U.S. Bankruptcy
Court for the Middle District of Georgia a Plan of Reorganization
under Subchapter V dated November 14, 2024.
The Debtor is a Georgia limited liability company, which was formed
by Kristy N. McCorkle, in July 2018, for the purpose of providing
medical transport and ambulance services in the Middle Georgia
area.
The Debtor maintains its principal office located at 4545 Forsyth
Road, Suite 1, Macon, Georgia 31210 and is opening a second office
located in Jonesboro, Georgia to increase its service area. The
Debtor current operates four ambulances and has contracts with
several medical providers in Georgia.
The Debtor is expanding its business area and enhancing the
services the company provides to its customers. These improvements
will enable the company to be more efficient in transporting
patients to providers in the area and allow the company to offer a
full complement of services to increase margins and net revenue.
The Debtor plans to obtain its Advanced Life Support ("ALS")
license next year to enhance its level of service. However, the
addition of the ALS license will require the Debtor to employ
additional staff, including EMT Advanced and Paramedics, and
upgrade its existing medical equipment.
The Debtor shows that its business can fund the necessary plan
payments through the continued operation of its business without
the need for further reorganization. Debtor is restructuring its
business to become more efficient, increase its level of services,
and grow its client basis. The increase in net revenue will fund
its plan of reorganization.
The Debtor's financial projections show that the business will have
projected disposable income of approximately $301,356.02 (aggregate
amount of 3 years of disposable income). The final Plan payment is
expected to be paid on or before December 31, 2027.
This Plan submitted in accordance with Chapter 11 Subchapter V of
the Bankruptcy Code proposes to pay creditors from revenue
generated through the continued operation of the Debtor's business.
The Plan provides for the payment in full of all allowed secured
claims through regular monthly payments and provides for the
payment of allowed unsecured claims through annual distributions of
the Debtor's disposable income for a period of three years.
Class 2 consists of Allowed Unsecured Claims. Allowed unsecured
claims shall be paid, on a pro-rata basis, through the annual
distribution of the Debtor's disposable income for three years. The
Debtor estimates that the total amount of disposable income
available for distribution to holders of allowed unsecured claims
in Class 2 under the Plan is approximately $301,356.02. Based on
the Debtor's financial projections, holders of Allowed Unsecured
Claims in Class 2 may receive payments equal to 100% of their
claim.
The annual pro-rata disbursements shall be paid on the anniversary
date of the Effective Date of the Plan. The Debtor expects the
first annual disbursement to be made on or before December 31,
2025. If the Plan is confirmed as a consensual plan under Section
1191(a) of the Bankruptcy Code, the Debtor shall file an annual
report documenting the calculations of annual disposable income to
be distributed to creditors and distribute the payments directly to
the creditors. If the Plan is confirmed as a non-consensual plan
under Section 1191(b) of the Bankruptcy Code, the Debtor shall file
an annual report documenting the calculations of annual disposable
income to be distributed to creditors under the Plan and deposit
the amount of disposable income with the Subchapter V Trustee for
distribution to creditors under the Plan.
The unsecured claims in Class 2 total approximately $275,061.31.
The Debtor reserves the right to object to any Class 2 claim. Any
objection to a Class 2 claim must be filed within sixty days of the
Effective Date of the Plan.
If the holder of a MCA Claim does not cast a vote to accept or
reject the Plan, then the MCA claim shall be treated as an
unsecured claim and paid as a Class 2 claim. If the holder of a MCA
Claim files a ballot rejecting the Plan or objects to the proposed
treatment as a Class 2 claim, then the Debtor shall file an
objection to the MCA Claim, within ten days of receipt of such
ballot and/or objection, and request the Court determine the
secured status and allowed amount of the disputed MCA Claim.
Class 3 consists of Equity Security Interest Holders. Kristy N.
McCorkle shall retain her equity in the Debtor.
All payments under this Plan shall be made from the Debtor's
disposable income.
A full-text copy of the Plan of Reorganization dated November 14,
2024 is available at https://urlcurt.com/u?l=OAvSw9 from
PacerMonitor.com at no charge.
Counsel for the Debtor:
Christopher W. Terry, Esq.
Boyer Terry LLC
348 Cotton Avenue, Suite 200
Macon, GA 31201
Tel: (478) 742-6481
Fax: (770) 200-9230
Email: chris@boyerterry.com
About Premier Medical Transportation
Premier Medical Transportation LLC is a Georgia limited liability
company, which was formed by Kristy N. McCorkle, in July 2018, for
the purpose of providing medical transport and ambulance services
in the Middle Georgia area.
The Debtor filed its voluntary petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. M.D. Ga. Case No. 24-51212) on
August 16, 2024, listing $100,001 to $500,000 in both assets and
liabilities. Christopher W. Terry, Esq. at Boyer Terry LLC
represents the Debtor as counsel.
PROCOM SERVICES: Gets OK to Use Cash Collateral Until Jan. 7
------------------------------------------------------------
Procom Services, Inc. received fifth interim approval from the U.S.
Bankruptcy Court for the Middle District of Florida, Orlando
Division to use the cash collateral of its secured creditors until
Jan. 7 next year.
The interim order authorized the company to use the cash collateral
of the U.S. Small Business Administration and, to the extent
necessary, that of ODK Capital, LLC to pay expenses set forth in
its budget.
The order granted SBA and ODK Capital a replacement lien on the
cash collateral to the same extent and with the same validity and
priority as their pre-bankruptcy lien.
The next hearing is scheduled for Jan. 7.
About Procom Services
Procom Services, Inc. sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-02414) on May
14, 2024, with $50,001 to $100,000 in assets and $100,001 to
$500,000 in liabilities. Aaron Cohen, Esq., a practicing attorney
in Jacksonville, Fla., serves as Subchapter V trustee.
Judge Lori V. Vaughan presides over the case.
Jeffrey Ainsworth, Esq., at Bransonlaw, PLLC represents the Debtor
as bankruptcy counsel.
PROFESSIONAL SECURITY: Hires Hester Baker Krebs LLC as Attorney
---------------------------------------------------------------
Professional Security Enterprises Incorporated seeks approval from
the U.S. Bankruptcy Court for the Southern District of Indiana to
employ Hester Baker Krebs LLC as attorney.
The firm will provide these services:
a. give the Debtor legal advice with respect to its powers and
duties as debtor-in-possession and management of its property;
b. take necessary action to avoid the attachment of any lien
against the Debtor's property threatened by secured creditors
holding liens;
c. prepare on behalf of the Debtor as debtor-in-possession
necessary petitions, answers, orders, reports, and other legal
papers;
d. perform all other legal services for the Debtor as
debtor-in-possession which may be necessary herein, inclusive of
the preparation of petitions and orders respecting the sale or
release of equipment not found to be necessary in the management of
its property, to file petitions and orders for the borrowing of
funds; and it is necessary for the Debtor as debtor-in-possession
to employ counsel for such professional services.
The firm will be paid at these rates:
Jeffrey H. Hester, Member $450 per hour
John A. Allman, Member $420 per hour
Marsha Hetser, Paralegal $215 per hour
Tricia Hignight, Paralegal $215 per hour
Prior to the Filing Date, the Debtor paid an initial retainer to
Hester Baker in the amount of $16,738, including the filing fee. On
the Petition Date, the firm had a remaining balance of $9,993.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
David R. Krebs, Esq., a partner at Hester Baker Krebs LLC,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
David R. Krebs, Esq.
Hester Baker Krebs LLC
One Indiana Square, Suite 1330
Indianapolis, IN 46204
Tel: (317) 833-3030;
Fax: (317) 833-3031
Email: dkrebs@hbkfirm.com
About Professional Security
Enterprises Incorporated
Professional Security Enterprises Incorporated sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case
No. 24-80461) on November 14, 2024, with $0 to $50,000 in assets
and $500,001 to $1 million in liabilities.
Judge Jeffrey J. Graham presides over the case.
Jeffrey M. Hester, Esq. at Hester Baker Krebs LLC represents the
Debtor as legal counsel.
PUERTO RICO: Dechert LLP Updates List of PREPA Bondholders
----------------------------------------------------------
The law firm of Dechert LLP filed a fifth verified statement
pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure
to disclose that in the Chapter 11 case of Puerto Rico Electric
Power Authority ("PREPA"), the firm represents PREPA Ad Hoc Group.
Dechert notes that it does not represent the PREPA Ad Hoc Group as
a committee (as such term is used in the Bankruptcy Code and
Bankruptcy Rules) and does not undertake to, and does not,
represent the interest of, and is not a fiduciary for, any
creditor, party in interests, or entity other than the PREPA Ad Hoc
Group and Invesco.
Dechert has been advised by the Members of the PREPA Ad Hoc Group
that its Members either hold, or manage funds and/or accounts that
hold, collectively, approximately $2.3 billion in aggregate
principal amount of uninsured Bonds, in addition to approximately
$449 million in aggregate principal amount of insured Bonds.
The members of the PREPA Ad Hoc Group and their bond holdings in
PREPA are:
Member Uninsured Bonds Insured Bonds
------- --------------- -------------
AllianceBernstein L.P. $170,415,000 $56,305,000
1345 Avenue of
the Americas,
New York, NY 10105
Aristeia Capital, L.L.C. $41,710,000 $0
One Greenwich
Plaza, Suite 300,
Greenwich, CT
06830
BNY Mellon Funds Trust $14,500,000 $0
201 Washington
Street, 8th Floor,
Boston, MA 02108
Capital Research and Management Co. $216,695,000 $51,040,000
333 South Hope Street, 54th Floor
Los Angeles, CA 90404
Columbia Management Investment
Advisers, LLC $61,475,000 $0
290 Congress Street,
Boston, MA 02210
Delaware Management Company
a series of Macquarie
Investment Management
Business
Trust $161,190,000 $0
610 Market Street,
Philadelphia PA
19106
Ellington Management Group, L.L.C. $33,595,000 $0
711 Third Avenue,
New York, NY 10017
Goldman Sachs Asset Management LP $313,457,000 $148,577,000
200 West Street,
New York, NY 10282
Invesco Advisers, Inc. $308,205,000 $125,790,000
225 Liberty Street
New York, NY 10281
MacKay Shields LLC $608,545,000 $26,045,000
1345 Avenue of the Americas
New York, NY 10105
Massachusetts Financial
Services Company $145,060,000 $36,995,000
111 Huntington
Avenue, Boston, MA 02199
RUSSELL INVESTMENT COMPANY $26,465,000 $3,965,000
1301 Second Avenue, 18th Floor
Seattle, WA 98101
SIG Structured Products, LLC $4,635,000 $0
401 E. City Avenue, Suite 220
Bala Cynwyd, PA 19004
T. Rowe Price $151,120,000 $130,000
100 E. Pratt Street, BA 0754
Baltimore, MD 21202
Tower Bay Asset Management LP $20,535,000 $0
700 Canal Street, Ste 12E
Stamford, CT 06902
PREPA Ad Hoc Group is represented by:
MONSERRATE SIMONET & GIERBOLINI, LLC
Dora L. Monserrate-Peñagarícano, Esq.
Fernando J. Gierbolini-González, Esq.
Richard J. Schell, Esq.
101 San Patricio Ave., Suite 1120
Guaynabo, PR 00968
Phone: (787) 620-5300
Facsimile: (787) 620-5305
Email: dmonserrate@msglawpr.com
fgierbolini@msglawpr.com
rschell@msglawpr.com
- and -
DECHERT LLP
G. Eric Brunstad Jr., Esq.
Stephen D. Zide, Esq.
David A. Herman, Esq.
1095 Avenue of the Americas
New York, NY 10036
Phone: (212) 698-3500
Facsimile: (212) 698-3599
Email: eric.brunstad@dechert.com
stephen.zide@dechert.com
david.herman@dechert.com
About Puerto Rico
Puerto Rico is a self-governing commonwealth in association with
the United States. The chief of state is the President of the
United States of America. The head of government is an elected
Governor. There are two legislative chambers: the House of
Representatives, 51 seats, and the Senate, 27 seats. The
governor-elect is Ricardo Antonio "Ricky" Rossello Nevares, the son
of former governor Pedro Rossello.
In 2016, the U.S. Congress passed PROMESA, which, among other
things, created the Financial Oversight and Management Board and
imposed an automatic stay on creditor lawsuits against the
government, which expired May 1, 2017.
The members of the oversight board are: (i) Andrew G. Biggs, (ii)
Jose B. Carrion III, (iii) Carlos M. Garcia, (iv) Arthur J.
Gonzalez, (v) Jose R. Gonzalez, (vi) Ana. J. Matosantos, and (vii)
David A. Skeel Jr.
On May 3, 2017, the Commonwealth of Puerto Rico filed a petition
for relief under Title III of the Puerto Rico Oversight,
Management, and Economic Stability Act ("PROMESA"). The case is
pending in the United States District Court for the District of
Puerto Rico under case number 17-cv-01578. A copy of Puerto Rico's
PROMESA petition is available at http://bankrupt.com/misc/17
01578-00001.pdf
On May 5, 2017, the Puerto Rico Sales Tax Financing Corporation
(COFINA) commenced a case under Title III of PROMESA (D.P.R. Case
No. 17-01599). Joint administration has been sought for the Title
III cases.
On May 21, 2017, two more agencies -- Employees Retirement System
of the Government of the Commonwealth of Puerto Rico and Puerto
Rico Highways and Transportation Authority (Case Nos. 17-01685 and
17-01686) -- commenced Title III cases.
U.S. Chief Justice John Roberts named U.S. District Judge Laura
Taylor Swain to preside over the Title III cases.
The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets as municipal investment
banker, and Ernst & Young, as financial advisor.
Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose LLP; and Hermann D. Bauer, Esq.,
at O'Neill & Borges LLC are onboard as attorneys.
Prime Clerk LLC is the claims and noticing agent. Prime Clerk
maintains the case Web site
https://cases.primeclerk.com/puertorico
Jones Day is serving as counsel to certain ERS bondholders.
Paul Weiss is counsel to the Ad Hoc Group of Puerto Rico General
Obligation Bondholders.
PVH CORP: Reports $131.9-Mil. Net Income for 13-Weeks Ended Nov. 3
------------------------------------------------------------------
PVH Corp. filed a Form 10-Q with the U.S. Securities and Exchange
Commission reporting $131.9 million in net income for the 13 weeks
ended November 3, 2024, compared to $161.6 million in net income
for the 13 weeks ended October 29, 2023.
For the 13 weeks ended November 3, 2024, the Company reported
$2,255.1 million in total revenue. The Company also reported
11,241.3 million in total assets, $11,241.3 million in total
liabilities, and $5,288.2 million in total equity as of November 3,
2024.
A full-text copy of the Form 10-Q is available at
https://urlcurt.com/u?l=jjAUP4
PVH Corp. and its consolidated subsidiaries constitute a global
apparel company with a brand portfolio that includes TOMMY HILFIGER
and Calvin Klein, which are owned, and Van Heusen, Nike and other
brands, which the Company licenses for certain product categories.
The Company designs and markets branded sportswear (casual
apparel), jeanswear, performance apparel, intimate apparel,
underwear, swimwear, dress shirts, handbags, accessories, footwear
and other related products and licenses its owned brands globally
over a broad array of product categories and for use in certain
territories. The Company completed the sale of its women's
intimates businesses conducted under the Warner's, Olga and
True&Co. trademarks to Basic Resources on November 27, 2023.
* * *
Egan-Jones Ratings Company on April 7, 2022, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by PVH Corp. to BB+ from BB-.
This concludes the Troubled Company Reporter's coverage of PVH
until facts and circumstances, if any, emerge that demonstrate
financial or operational strain or difficulty at a level sufficient
to warrant renewed coverage.
QSR STEEL: Gets Interim OK to Use Cash Collateral Thru Jan. 31
--------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Connecticut, Hartford
Division, granted QSR Steel Corporation, LLC, authorization to use
cash collateral, which includes funds subject to liens held by
Liberty Bank, First-Citizens Bank & Trust Company, and Philadelphia
Indemnity Insurance Company. The court previously issued interim
orders allowing the debtor to use these funds to maintain
operations.
The Debtor is authorized to use cash collateral in the amount of
$1,013,863.44 from December 1, 2024, through January 31, 2025,
solely to fund the types and corresponding amounts of itemized
expenditures contained in the budget attached to the order.
The Debtor may exceed the disbursements forecasted in the budget by
up to 20% on a line-by-line basis and may exceed aggregate
disbursements forecasted in the budget by a total of 20%.
Liberty Bank holds a significant prepetition claim against QSR
Steel, stemming from a $1.5 million line of credit extended in
2019, which is secured by the company's assets, including accounts
receivable and equipment. As of the petition date, QSR Steel owed
Liberty approximately $659,716. Additionally, First-Citizens Bank
and Philadelphia Indemnity have security interests in certain
assets of the debtor, with amounts owed totaling about $40,390.84
to First-Citizens Bank.
In exchange for allowing QSR Steel to use the cash collateral, the
court grants Liberty Bank, First-Citizens Bank, and Philadelphia
Indemnity replacement liens on the debtor's assets to ensure their
interests are protected. The order also outlines protections for
Liberty in case the value of its collateral diminishes during the
bankruptcy process.
The court further stipulates that professional fees, Subchapter V
trustee expenses up to $2,500.00 per month, and wages must be paid
using available unencumbered funds or the Carve-Out provided in the
order, which allows for certain priority payments to be made ahead
of other claims.
A further hearing on the motion is set for January 23, 2025, at
12:00 p.m.
About QSR Steel Corporation LLC
QSR Steel Corporation, LLC is a one-stop, full service structural
steel company based in Hartford, Conn., offering everything from
steel buildings to stairs and railings.
The Debtor filed Chapter 11 petition (Bankr. D. Conn. Case No.
24-20562) on June 18, 2024, with $2,838,179 in assets and
$2,124,057 in liabilities as of March 31, 2024. Glenn Salamone,
its
member, signed the petition.
Irve J. Goldman, Esq., at Pullman & Comley, LLC represents the
Debtor as legal counsel.
QUALITY SERVICES: Seeks to Hire Harris Law Practice as Counsel
--------------------------------------------------------------
Quality Services, Inc. seeks approval from the U.S. Bankruptcy
Court for the District of Nevada to employ Harris Law Practice, LLC
as counsel.
The firm will provide these services:
(a) examine and prepare records and reports as required by the
Bankruptcy Code, Federal Rules of Bankruptcy Procedure and Local
Bankruptcy Rules;
(b) prepare applications and proposed orders to be submitted
to the court;
(c) identify and prosecute claims and causes of action
assertable by the Debtor on behalf of the estate;
(d) examine proofs of claim anticipated to be filed and the
possible prosecution of objections to certain claims;
(e) advise the Debtor and prepare documents in connection wih
the contemplated ongoing operation of its business;
(f) assist and advise the Debtor in performing other official
functions as set forth in Section 521, et seq., of the Bankruptcy
Code; and
(g) advise and prepare a plan of reorganization and related
documents, and confirmation of said plan, as provided in Section
1121, et seq., of the Bankruptcy Code.
The firm will be paid at these hourly rates:
Stephen Harris, Attorney $635
Norma Guariglia, Attorney $525
Paraprofessional $175
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received an advance retainer of $7,500 from the Debtor.
Mr. Harris 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:
Stephen R. Harris, Esq.
Harris Law Practice LLC
850 E. Patriot Blvd., Suite F
Reno, NV 89511
Telephone: (775) 786-7600
Email: steve@harrislawreno.com
About Quality Services
Quality Services, Inc. sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 24-51118) on November
6, 2024, with up to $50,000 in assets and up to $1 million in
liabilities.
Judge Hilary L. Barnes presides over the case.
Stephen R. Harris, Esq., at Harris Law Practice, LLC represents the
Debtor as bankruptcy counsel.
R.A.R.E. CORP: Gets Interim OK to Use Cash Collateral Until Dec. 19
-------------------------------------------------------------------
R.A.R.E. Corporation received interim approval from a U.S.
bankruptcy judge to continue to use the cash collateral of its
secured creditors.
The interim order penned by Judge David Cleary of the U.S.
Bankruptcy Court for the Northern District of Illinois authorized
the company to use cash collateral until Dec. 19 in accordance with
its projected budget.
This latest approval aligns with the terms of the court's Feb. 20
order, which remains in effect.
The next hearing is scheduled for Dec. 18, with an objection
deadline of Dec. 13.
About R.A.R.E. Corporation
R.A.R.E. Corporation sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-02127) on February
15, 2024, with up to $500,000 in assets and up to $1 million in
liabilities. R.A.R.E. President Rocky Eastland signed the
petition.
Judge David D. Cleary oversees the case.
William J. Factor, Esq., at FactorLaw, represents the Debtor as
legal counsel.
RHODIUM ENCORE: Seeks to Extend Plan Exclusivity to March 24, 2025
------------------------------------------------------------------
Rhodium Encore LLC and its affiliates asked the U.S. Bankruptcy
Court for the Southern District of Texas to extend their
exclusivity periods to file a plan of reorganization and obtain
acceptance thereof to March 24, 2025 and May 21, 2025,
respectively.
The Debtors claim that these cases are complex, involving multiple
Debtors and contracts in addition to numerous specialized assets
serving in the Debtors' bitcoin mining operations. The Debtors'
chapter 11 cases have been pending for less than three months,
during which time the Debtors have worked diligently on a number of
time-sensitive matters critical to the maximization of the Debtors'
assets.
The Debtors explain that because the outcomes of both the Sale and
the Whinstone Litigation will dictate which assets and contracts
will remain with the Debtors, at this time, the Debtors are unable
to formulate a plan or reorganization. The Debtors have dedicated
all their resources into facilitating the Sale and resolving the
Whinstone Litigation, which has involved substantial discovery,
motion practice, and multiple hearings even before the trial
begins.
The Debtors cite that the ongoing marketing and sale of the
Debtors' Rockdale assets adds further complexity to these cases:
aside from being time-and-resources intensive, the sale will
determine the assets and contracts available to the estate and
delineate the path going forward for the Debtors.
The Debtors assert that the requested extension of the Exclusive
Periods will not prejudice the legitimate interests of postpetition
creditors, as the Debtors continue to make timely payments on their
undisputed postpetition obligations. As such, this factor also
weighs in favor of allowing the Debtors to extend the Exclusive
Periods.
The Debtors further assert that they have no ulterior motive in
seeking an extension of the Exclusive Periods. The Debtors have
worked diligently over the past few months to preserve their
estates during the pendency of the Chapter 11 Cases, and require
the extension sought by this Motion to ensure that they are able to
seek confirmation of their plan of reorganization without any
unnecessary distractions that would be caused by competing plans.
The Debtors are not seeking an extension to pressure creditors or
other parties in interest.
Counsel to the Debtors:
QUINN EMANUEL URQUHART & SULLIVAN, LLP
Patricia B. Tomasco, Esq.
Joanna D. Caytas, Esq.
Cameron Kelly, Esq.
Alain Jaquet, Esq.
700 Louisiana Street, Suite 3900
Houston, Texas 77002
Telephone: 713-221-7000
Facsimile: 713-221-7100
Email: pattytomasco@quinnemanuel.com
Email: joannacaytas@quinnemanuel.com
Email: cameronkelly@quinnemanuel.com
Email: alainjaquet@quinnemanuel.com
- and-
Eric Winston, Esq.
Razmig Izakelian, Esq.
865 S. Figueroa Street, 10th Floor
Los Angeles, California 90017
Telephone: 213-443-3000
Facsimile: 213-443-3100
Email: ericwinston@quinnemanuel.com
Email: razmigizakelian@quinnemanuel.com
About Rhodium Encore
Rhodium Encore LLC is a founder-led, Texas based, digital asset
technology company utilizing proprietary tech to self-mine bitcoin.
The Company creates innovative technologies with the goal of being
the most sustainable and cost-efficient producer of bitcoin in the
industry.
Rhodium Encore sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 24-90448) on Aug.
24, 2024. In the petition filed by Michael Robinson, as co-CRO,
the Debtor reports lead debtor's estimated assets between $100
million and $500 million and estimated liabilities between $50
million and $100 million.
The Honorable Bankruptcy Judge Alfredo R. Perez oversees the case.
The Debtor tapped QUINN EMANUEL URQUHART & SULLIVAN, LLP, as
counsel, and PROVINCE as restructuring advisor.
RIVER SUB: Hires Masten Valuation LLC as Valuation Expert
---------------------------------------------------------
River Sub, LLC seeks approval from the U.S. Bankruptcy Court for
the Western District of Texas to employ Masten Valuation, LLC as
valuation expert.
The firm will provide these services:
-- evaluate the value of the Debtor's assets;
-- analyze any other valuation reports by other parties; and
-- testify in court as needed.
The firm will be paid at these rates:
Lari B. Masten $425 per hour
Senior Analysts $285 per hour
Staffs $175 per hour
The firm will be paid a retainer in the amount of $15,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Lari B. Masten, a managing member at Masten Valuation, LLC,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Lari B. Masten
Masten Valuation, LLC
4600 South Syracuse St., 9th Floor
Denver, CO 80237
Tel: (303) 229-5517
Email: lari@mastenvaluation.com
About River Sub, LLC
River Sub, LLC, a company in San Antonio, Texas, filed a petition
under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D.
Texas Case No. 24-51145) on June 20, 2024, with as much as $1
million to $10 million in both assets and liabilities. Cathy Amato,
manager, signed the petition.
Judge Michael M Parker oversees the case.
The Law Offices of Ray Battaglia, PLLC serves as the Debtor's
bankruptcy counsel.
RLG HOLDINGS: $110MM Bank Debt Trades at 20% Discount
-----------------------------------------------------
Participations in a syndicated loan under which RLG Holdings LLC is
a borrower were trading in the secondary market around 79.6
cents-on-the-dollar during the week ended Friday, December 13,
2024, according to Bloomberg's Evaluated Pricing service data.
The $110 million Term loan facility is scheduled to mature on July
9, 2029. The amount is fully drawn and outstanding.
RLG is a leader in pressure-sensitive and other high-value label
solutions in the fragmented North American labels industry. The
company is owned by Ares Management and does not file public
financial statements. For the last twelve months ended March 31,
2023, Resource Label generated sales of $472 million.
ROYSTONE ON QUEEN: Hires Kidder Matthews as Real Estate Broker
--------------------------------------------------------------
Roystone On Queen Anne LLC seeks approval from the U.S. Bankruptcy
Court for the Western District of Washington to employ Kidder
Matthews, Inc. as real estate broker.
The firm will market and sell the Debtor's real property located at
5 W. Roy Street in Seattle, Washington.
The firm will be paid a commission of .75 percent of the gross
sales price.
As disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Dylan Simon
Kidder Matthews
601 Union Street, Ste 2700
Seattle, WA 98101
Tel: (206) 414-8575
About Roystone On Queen Anne LLC
Roystone on Queen Anne, LLC owns a newly-constructed residential
apartment complex commonly known as the Roystone Apartments located
at 5 W. Roy Street, Seattle, Wash. The property has an appraised
value of $39,056,543.
Roystone on Queen Anne filed its voluntary petition for Chapter 11
protection (Bankr. W.D. Wash. Case No. 24-11462) on June 12, 2024,
listing $39,433,126 in assets and $35,776,259 in liabilities. James
H. Wong, manager of Vibrant Cities, LLC, signed the petition.
Judge Christopher M. Alston oversees the case.
Bush Kornfeld, LLP serves as the Debtor's legal counsel.
RPM EXPEDITE: Wins Interim Cash Collateral Use Thru Dec. 28
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas, Fort
Worth Division, authorized RPM Expedite USA LLC to use cash
collateral on an interim basis.
The Debtor is authorized to use cash collateral consistent with the
attached budget, with a 10% overall variance, for the period from
Nov. 24 to Dec. 28, 2024.
The budget attached to the order shows the Debtor's projected 5
weeks expenses for the period from November 24, 2024, to December
28, 2024, as follow:
$435,000 (week 1);
$277,060 (week 2);
$405,050 (week 3);
$275,845 (week 4); and
$431,400 (week 5).
The Debtor must provide adequate protection to Frost Bank, the
secured creditor, in the form of a payment in the amount of $5,000
on or before December 15, 2024.
Frost Bank is granted a continuing post-petition security interest
in and lien on all personal property of the Debtor to the same
extent and with the same priority as the liens existed on the
Petition Date.
The Debtor has the following secured creditor with a possible
interest in its cash collateral:
Frost Bank: $525,000 (UCC filed on June 24, 2022)
A copy of the court's order and the Debtor's budget is available at
https://shorturl.at/wsmka from PacerMonitor.com.
A final hearing is set for December 17, 2024, at 1:30 p.m.
About RPM Expedite USA LLC
RPM Expedite USA LLC is part of the general freight trucking
industry.
RPM Expedite USA LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-44345) on November
22, 2024. In the petition filed by Eric Kunz, as CEO, the Debtor
reports estimated assets and liabilities between $1 million and $10
million each.
The Debtor is represented by:
Howard Marc Spector, Esq.
SPECTOR + COX PLLC
12770 Coit Rd. #850
Dallas TX 75251
Tel: (214) 365-5377
E-mail: hspector@spectorcox.com
S&G HOSPITALITY: Court Extends Use of Cash Collateral to Jan. 31
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Ohio,
Eastern Division, approved a stipulation between S&G Hospitality,
Inc. and its lender, RSS COMM2015-PC1-OH BL, LLC, extending the use
of cash collateral from Nov. 30 to Jan. 31 next year.
Except for its agreement that the use of cash collateral in
accordance with S&G's revised budget is authorized for purposes of
Section 363(c)(2) of the Bankruptcy Code, the lender reserves all
of its rights and remedies under the Bankruptcy Code and to make
any arguments in support of those rights and remedies whether based
on S&G's cash position, operating performance, or otherwise.
About S&G Hospitality Inc.
S&G Hospitality, Inc. operates in the traveler accommodation
industry.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Ohio Case No. 23-52859) on August 18,
2023. In the petition signed by Abijit Vasani, president, the
Debtor disclosed up to $10 million in assets and up to $1 million
in liabilities.
Judge Mina Nami Khorrami oversees the case.
David Beck, Esq., at Carpenter Lipps LLP, represents the Debtor as
legal counsel.
SANDVINE CORP: Obtains Court's CCAA Initial Stay Order
------------------------------------------------------
The Ontario Superior Court of Justice (Commercial List) ("Court")
made an Order ("Initial Order") granting Sandvine Corporation and
its affiliates protection pursuant to the Companies' Creditors
Arrangement Act ("CCAA"). Pursuant to the Initial Order, KSV
Restructuring Inc. was appointed as monitor ("Monitor").
Pursuant to the Initial Order, there is a stay of proceedings until
Nov. 17, 2024, which may be extended by the Court from
time-to-time. The stay of proceedings was granted in respect of
the Applicants, along with the Companies' parent company, Procera
II LP, and the following other affiliates of the Companies:
Sandvine Sweden AB, Sandvine Singapore Pte. Ltd., Sandvine Japan
K.K., Sandvine Technologies (India) Private Limited, Sandvine
Technologies Malaysia SDN BDH and Sandvine Australia Pty Ltd.
("Sandvine"). A motion is scheduled to be heard on Nov. 15, 2024
to extend the stay of proceedings to Jan. 31, 2025 ("Comeback
Motion").
A copy of this order, if issued, and other materials filed and
orders entered in the CCAA proceedings will be available on the
Monitor’s website at:
https://www.ksvadvisory.com/insolvencycases/case/sandvine. The
Monitor also intends to post a notice on its website regarding the
extension immediately following the Comeback Motion.
On Nov. 7, 2024, Sandvine Corporation commenced proceedings in the
United States Bankruptcy Court for the Northern District of Texas
(Dallas Division) pursuant to Chapter 15 of title 11 of the United
States Code, in order to recognize the CCAA proceedings and enforce
in the United States, among other things, a stay of proceedings.
To date, no claims procedure has been approved by the Court and
creditors are not required to file a proof of claim at this time.
Proposed Court-appointed Monitor:
KSV Restructuring Inc.
220 Bay Street, Suite 1300,
Toronto, ON M5J 2W4
Noah Goldstein
Tel: 416-932-6207
Email: ngoldstein@ksvadvisory.com
Murtaza Tallat
Tel: 416-932-6031
Email: mtallat@ksvadvisory.com
Ben Luder
Tel: 437-889-9995
Email: bluder@ksvadvisory.com
Counsel to the proposed Court-appointed Monitor:
Cassels Brock & Blackwell LLP
Bay Adelaide Centre - North Tower
40 Temperance St, Suite 3200
Toronto, ON M5H 0B4
Ryan Jacobs
Tel: 416-860-6465
Email: rjacobs@cassels.com
Michael Wunder
Tel: 416-860-6484
Email: mwunder@cassels.com
Joseph J. Bellisimo
Tel: 416-860-6572
Email: jbellissimo@cassels.com
Alec Hoy
Tel: 416-860-2976
Email: ahoy@cassels.com
Counsel to the Companies:
Osler, Hoskin & Harcourt LLP
100 King Street West
1 First Canadian Place, Suite 6200
Toronto, ON M5X 1B8
Fax: 416-862-6666
Marc Wasserman
Tel: 416-862-4908
Email: mwasserman@osler.com
Jeremy Dacks
Tel: 416.862.4923
Email: jdacks@osler.com
Martino Calvaruso
Tel: 416-862-6665
Email: mcalvaruso@osler.com
Karin Sachar
Tel: 416-862-5949
Email: ksachar@osler.com
US Counsel to the Companies:
Paul, Weiss, Rifkind, Wharton & Garrison LLP
1285 Avenue of the Americas
New York, NY 10019-6064
Robert A. Britton
Tel: 212-373-3615
Email: rbritton@paulweiss.com
Claudia R. Tobler
Tel: 202-223-7354
Email: ctobler@paulweiss.com
Xu Pang
Tel: 212-373-3498
Email: xpang@paulweiss.com
Nargis Fazli
Tel: 212-373-3326
Email: nfazli@paulweiss.com
Financial Advisor to the Companies:
GLC Investment Advisors & Co., LLC
600 Lexington Ave., 9th Floor
New York, NY 10022
Michael Sellinger
Tel: 212-542-4545
Email: michael.sellinger@glca.com
Tim Hagamen
Tel: 212-542-4547
Email: tim.hagamen@glca.com
Ryan Clyde
Tel: 212-600-2413
Email: Ryan.Clyde@glca.com
Texas Counsel to the Companies:
Gray Reed & Mcgraw P.C.
1601 Elm Street
Suite 4600
Dallas, Texas 75201
Jason S. Brookner
Tel: 469-320-6132
Email: jbrookner@grayreed.com
Lydia Webb
Tel: 469-320-6111
Email: lwebb@grayreed.com
Sean Burns
Tel: 469-320-6148
Email: sburns@grayreed.com
Sandvine Corporation -- https://www.sandvine.com/ -- helps
customers deliver application and network QoE by combining
real-time insights and network visibility in convenient,
pre-packaged use cases.
SBB SHIPPING: Voluntary Chapter 11 Case Summary
-----------------------------------------------
Debtor: SBB Shipping USA, Inc.
246 Pegasus Avenue
Northvale NJ 07647
Business Description: Headquartered in New Jersey, USA, SBB
Shipping offers JIT and tailor-made
international logistics and fulfillment
services.
Chapter 11 Petition Date: December 14, 2024
Court: United States Bankruptcy Court
District of New Jersey
Case No.: 24-22278
Judge: Hon. Vincent F Papalia
Debtor's Counsel: David Stevens, Esq.
SCURA WIGFIELD, HEYER, STEVENS & CAMMAROTA LLP
1599 Hamburg Turnpike
Wayne NJ 07470
Tel: 201-490-4777
Email: dstevens@scura.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $10 million to $50 million
The petition was signed by Batuhan Cakmak as president.
The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/ULOZXZQ/SBB_Shipping_USA_Inc__njbke-24-22278__0001.0.pdf?mcid=tGE4TAMA
SCILEX HOLDING: Delays Filing of Third Quarter Form 10-Q
--------------------------------------------------------
Scilex Holding Company has determined that it is unable, without
unreasonable effort or expense, to file its Quarterly Report on
Form 10-Q for the fiscal quarter ended Sept. 30, 2024 by Nov. 14,
2024, the prescribed due date because it requires more time to
finalize its financial statements to be included in such Form 10-Q.
The Company is working diligently to complete the Form 10-Q as
soon as possible.
About Scilex Holding
Headquartered in Palo Alto, Calif., Scilex Holding Company is an
innovative revenue-generating company focused on acquiring,
developing and commercializing non-opioid pain management products
for the treatment of acute and chronic pain. The Company 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 are 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.
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 HOLDING: Enters Into Binding Term Sheet for Joint Venture
----------------------------------------------------------------
Scilex Holding Company and IPMC Company, a representative company
of the Bio Innovation Consortium, which holds the exclusive rights
to NeuroBiogen Company's KDS2010 global license, announced Dec. 10
a binding term sheet to create a commercial joint venture, Scilex
Bio, to develop and commercialize a next-generation reversible
MAO-B Inhibitor, a novel inhibitor of aberrant GABA production in
reactive astrocytes for the treatment of obesity and
neurodegenerative diseases including Alzheimer's disease.
IPMC, a private biopharmaceutical company, represents the BOIC, an
innovative consortium committed to establishing 'Open Innovation'
as a transformative paradigm in biohealth research, development,
and commercialization.
"The partnership between IPMC and Scilex spans almost a decade. At
the 2017 IPMC International Conference in Seoul, leaders from both
companies pledged to undertake a bold challenge for the next
century, dedicated to upholding the dignity of human life. Since
then, we have been deeply impressed by Scilex's efforts in
advancing multiple non-opioid pain management programs, addressing
areas of significant unmet medical needs in the U.S. and beyond.
We believe Scilex is uniquely positioned to unlock the potential of
KDS2010, offering hope to individuals suffering from
neurodegenerative and cardiometabolic diseases. This potential
milestone represents a significant advancement in fulfilling the
vision of our bold challenge," said Youngwoo Jang, president of
IPMC.
"We are thrilled to partner with IPMC and BOIC to advance KDS2010,
a promising oral therapy targeting some of the most pressing global
health challenges, including obesity and neurodegenerative
diseases, which affect over a billion people globally. By
leveraging IPMC's groundbreaking work on KDS2010 and Scilex's
strengths in development and commercialization, we believe this
novel oral therapy may redefine treatment standards, offering a
safer and more convenient solution for patients with obesity and
other CNS diseases," said Jaisim Shah, president and chief
executive officer of Scilex.
"KDS2010 has the potential to significantly advance treatment
options for obesity and neurodegenerative diseases, areas where
current therapies often fall short. With its innovative mechanism
and favorable safety profile, this small molecule offers a unique
opportunity to deliver better outcomes for patients. We are eager
to bring this groundbreaking therapy to market," said Dr. Jay Chun,
M.D., Ph.D., board member of Scilex.
The formation and organizational structure of Scilex Bio JV is
subject to negotiation of definitive agreements between Scilex and
IMPC, with operations of Scilex Bio JV expected to commence during
Q1-2025.
About Scilex Holding
Headquartered in Palo Alto, Calif., Scilex Holding Company is an
innovative revenue-generating company focused on acquiring,
developing and commercializing non-opioid pain management products
for the treatment of acute and chronic pain. The Company 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 are 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.
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.
SEASONAL LANDSCAPE: Gets OK to Use Cash Collateral Until Dec. 31
----------------------------------------------------------------
Seasonal Landscape Solutions, Inc. received interim approval from
the U.S. Bankruptcy Court for the Northern District of Illinois to
use the cash collateral of BMO Harris Bank, N.A. until Dec. 31.
The interim order signed by Judge Janet Baer authorized the company
to use the cash collateral of its pre-bankruptcy secured lender to
pay expenses in accordance with its budget.
The court-approved budget is a monthly budget for the period
commencing on Dec. 1 and ending at the close of business on Dec.
31. The budget shows total projected expenses of $298,337.
BMO Harris Bank holds a senior lien on the company's assets
totaling at least $495,000, with a subordinate lien by the U.S.
Small Business Administration.
As adequate protection, BMO Harris Bank was granted a replacement
lien on substantially all of the company's assets, including cash
collateral equivalents, cash and accounts receivable, to the same
extent and with the same validity as its pre-bankruptcy lien.
In addition, BMO Harris Bank was granted an administrative expense
claim under Section 507(b) of the Bankruptcy Code.
The next hearing is scheduled for Dec. 24.
About Seasonal Landscape Solutions
Seasonal Landscape Solutions, Inc. is a company in Algonquin, Ill.,
which specializes in residential design-build landscaping.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-08880) on June 17,
2024, with $500,000 to $1 million in assets and $1 million to $10
million in liabilities. Ira Bodenstein serves as Subchapter V
trustee.
Judge Janet S. Baer presides over the case.
Richard G. Larsen, Esq., at Springerlarsen, LLC represents the
Debtor as legal counsel.
SGZ GROUP: Court Approves Interim Use of Cash Collateral
--------------------------------------------------------
SGZ Group, Inc. received second interim approval from the U.S.
Bankruptcy Court for the District of Massachusetts to use cash
collateral.
The interim order signed by Janet Bostwick authorized SGZ Group to
use cash collateral until Jan. 13 next year to pay operating
expenses set forth in its budget, with a 10% variance.
Secured creditors, Customers Bank, Celtic Bank Corp. and the U.S.
Small Business Administration, were granted continuing replacement
liens to protect their interests, with the same priority as their
pre-bankruptcy liens.
The next hearing is scheduled for Jan. 8. Objections are due by
Jan. 6.
About SGZ Group Inc.
SGZ Group Inc., doing business as Kendall Press, was founded in
Kendall Square, Cambridge, MA in 1986 as a commercial print and
sign company serving the Boston and Cambridge community. Today, the
company has evolved to become a full-service content production
company delivering printed and digital media in support of
marketing, sales, and experiential initiatives to leading
businesses in the Boston region and beyond.
SGZ Group sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D. Mass. Case No. 24-12330) on November 20, 2024, with
total assets of $351,334 and total liabilities of $1,397,764. J.
Edward Christopher, president of SGZ Group, signed the petition.
The Debtor is represented by:
David B. Madoff, Esq.
Madoff & Khoury, LLP
124 Washington Street, Suite 202
Foxborough, MA 02035
Tel: 508-543-0040
Fax: 508-543-0020
Email: alston@mandkllp.com
SHARK CLUB: Hires Jones & Walden LLC as Legal Counsel
-----------------------------------------------------
Shark Club Logistics LLC seeks approval from the U.S. Bankruptcy
Court for the Northern District of Georgia to employ Jones & Walden
LLC as counsel.
The firm's services include:
a. prepare pleadings and applications;
b. conduct of examination;
c. advise the Debtor of its rights, duties and obligations as
a debtor-in-possession;
d. consult with the Debtor and representing the Debtor with
respect to a Chapter 11 plan;
e. perform those legal services incidental and necessary to
the day-to-day operations of the Debtor's business; and
f. take any and all other action incident to the proper
preservation and administration of the Debtor's estate and
business.
Jones & Walden will be paid at these rates:
Attorney $300 to $475 per hour
Paralegals and law clerks $110 to $200 per hour
As of the petition date, the firm holds a retainer of $13,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Mandy L. Milner, Esq., a partner at Jones & Walden LLC, disclosed
in a court filing that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Mandy L. Milner, Esq.
Jones & Walden LLC
699 Piedmont Avenue, NE
Atlanta, GA 30308
Tel: (404) 564-9300
Email: mmilner@joneswalden.com
About Shark Club Logistics LLC
Shark Club Logistics LLC in Smyrna, GA, sought relief under Chapter
11 of the Bankruptcy Code filed its voluntary petition for Chapter
11 protection (Bankr. N.D. Ga. Case No. 24-62761) on Dec. 2, 2024,
listing as much as $1 million to $10 million in both assets and
liabilities. Taronne Long as sole member, signed the petition.
JONES & WALDEN LLC serve as the Debtor's legal counsel.
SHARPLINK GAMING: Adjourns Annual Meeting Until December 23
-----------------------------------------------------------
SharpLink Gaming, Inc., reported in a Form 8-K filed with the
Securities and Exchange Commission that it convened an annual
meeting of stockholders on Monday, Dec. 9, 2024 at 4:00 PM, local
time, at 333 Washington Avenue North, Suite 104, Minneapolis,
Minnesota 55401. The Meeting was adjourned because a quorum of the
holders of the Company's common stock, $0.0001 par value per share,
was not present in person or by proxy to transact business at the
Meeting. The adjournment was approved by a vote of 652,422 shares
of Common Stock, with no shares voting against the adjournment or
abstaining, and no broker non-votes, thus constituting approval by
more than a majority of the shares of Common Stock represented in
person or by proxy at the Meeting and entitled to vote on the
adjournment. The Meeting has been adjourned to Monday, Dec. 23,
2024 at 4:00 p.m., local time, at 333 Washington Avenue North,
Suite 104, Minneapolis, Minnesota 55401, to consider and vote upon
the proposals described in the notice of meeting that was sent to
each stockholder of record as of the close of business on Nov. 12,
2024.
About SharpLink
Headquartered in Minneapolis, Minnesota, SharpLink Gaming --
http://www.sharplink.com/-- is an online performance-based
marketing company that leverages its unique fan activation
solutions to generate and deliver high quality leads to its U.S.
sportsbook and global casino gaming partners. Through its iGaming
and affiliate marketing network, known as PAS.net, SharpLink
focuses on driving qualified traffic and player acquisitions,
retention and conversions to U.S. regulated and global iGaming
operator partners worldwide. In addition, SharpLink owns a
performance marketing platform through which the Company owns and
operates state-specific web domains designed to attract, acquire
and drive local sports betting and casino traffic directly to its
sportsbook and casino partners which are licensed to operate in
each respective state.
Raleigh, North Carolina-based Cherry Bekaert LLP, the Company's
auditor since 2022, issued a "going concern" qualification in its
report dated March 29, 2024, citing that the Company has recurring
losses and negative cash flows from operations that raise
substantial doubt about their ability to continue as a going
concern.
SHARPLINK GAMING: Gets Another Non-Compliance Notice From Nasdaq
----------------------------------------------------------------
SharpLink Gaming, Inc., reported in a Form 8-K filed with the
Securities and Exchange Commission that on Nov. 20, 2024, it
received a notification letter from the Listing Qualifications
Department of The Nasdaq Stock Market, LLC notifying the Company
that, because the stockholders' equity for the Company was below
$2,500,000 as reported on the Company's Form 10-Q for the period
ended Sept. 30, 2024, the Company no longer meets the minimum
shareholders' equity requirement for continued listing on The
Nasdaq Capital Market under Nasdaq Marketplace Rule 5550(b)(1),
requiring a minimum stockholders' equity of $2,500,000.
In addition, as announced in a press release on July 17, 2024, the
Company received a notification letter from Nasdaq notifying the
Company that, because the closing bid price for the Company's
common stock listed on Nasdaq was below $1.00 for 30 consecutive
trading days, the Company no longer meets the minimum bid price
requirement for continued listing on The Nasdaq Capital Market
under Nasdaq Marketplace Rule 5550(a)(2), requiring a minimum bid
price of $1.00 per share. The Company has until Jan. 7, 2025 to
regain compliance with the Minimum Bid Price Requirement.
The notification has no immediate effect on SharpLink's listing or
the trading of its common stock. In accordance with Nasdaq
Marketplace Rule 5810(c)(3)(A), the Company has 45 calendar days to
submit a plan to regain compliance or until Jan. 6, 2025. If the
plan is accepted, Nasdaq can grant an extension of up to 180
calendar days from the date of this letter to evidence compliance,
or until May 19, 2025, to regain compliance with the Minimum
Stockholders' Equity Requirement. If at any time before May 19,
2025 the Company's stockholders' equity is reported at or above
$2,500,000, Nasdaq will provide written notification that the
Company has achieved compliance with the Minimum Stockholders'
Equity Requirement.
SharpLink said it is currently working on a plan to submit to
Nasdaq to regain compliance on the Minimum Stockholders' Equity
Requirement and action to meet the Minimum Bid Price Requirement.
There can be no assurance that the Company will be able to regain
compliance with either requirement or that its plan will be
accepted by Nasdaq.
About SharpLink
Headquartered in Minneapolis, Minnesota, SharpLink Gaming --
http://www.sharplink.com/-- is an online performance-based
marketing company that leverages its unique fan activation
solutions to generate and deliver high quality leads to its U.S.
sportsbook and global casino gaming partners. Through its iGaming
and affiliate marketing network, known as PAS.net, SharpLink
focuses on driving qualified traffic and player acquisitions,
retention and conversions to U.S. regulated and global iGaming
operator partners worldwide. In addition, SharpLink owns a
performance marketing platform through which the Company owns and
operates state-specific web domains designed to attract, acquire
and drive local sports betting and casino traffic directly to its
sportsbook and casino partners which are licensed to operate in
each respective state.
Raleigh, North Carolina-based Cherry Bekaert LLP, the Company's
auditor since 2022, issued a "going concern" qualification in its
report dated March 29, 2024, citing that the Company has recurring
losses and negative cash flows from operations that raise
substantial doubt about their ability to continue as a going
concern.
SHARPLINK GAMING: Lowers Net Loss to $885K in Third Quarter
-----------------------------------------------------------
Sharplink Gaming, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $885,131 on $881,690 of revenues for the three months ended
Sept. 30, 2024, compared to a net loss of $2.85 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 recorded net
income of $11 million on $2.84 million of revenues compared to a
net loss of $9.11 million on $3.93 million of revenues for the same
period during the prior year.
As of Sept. 30, 2024, the Company had $2.92 million in total
assets, $895,013 in total liabilities, and $2.02 million in total
stockholders' equity.
Sharplink said, "In addition to funds that may be raised through
the ATM Sales Agreement, we may need to raise additional capital to
fund the Company's growth and future business operations. We
cannot be certain that additional funding will be available on
acceptable terms, or at all. If we are not able to secure
additional funding when needed to support our business and to
respond to business challenges, track and comply with applicable
laws and regulations, develop new technology and services or
enhance our existing offering, improve our operating
infrastructure, enhance our information security systems to combat
changing cyber threats and expand personnel to support our
business, we may have to delay or reduce the scope of our planned
strategic initiatives. Moreover, any additional equity financing
that we obtain may dilute the ownership held by our existing
shareholders. The economic dilution to our shareholders will be
significant if our stock price does not materially increase, or if
the effective price of any sale is below the price paid by a
particular shareholder. Any debt financing could involve
substantial restrictions on activities and creditors could seek
additional pledges of some or all of our assets. If we fail to
obtain additional funding as needed, we may be forced to cease or
scale back operations, and our results, financial conditions and
stock price would be adversely affected. As such, these factors,
among others, raise substantial doubt about the ability of the
Company to continue as a going concern for a reasonable period."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1981535/000143774924035335/sbet20240930_10q.htm
About SharpLink
Headquartered in Minneapolis, Minnesota, SharpLink Gaming --
www.sharplink.com -- is an online performance-based marketing
company that leverages its unique fan activation solutions to
generate and deliver high quality leads to its U.S. sportsbook and
global casino gaming partners. Through its iGaming and affiliate
marketing network, known as PAS.net, SharpLink focuses on driving
qualified traffic and player acquisitions, retention and
conversions to U.S. regulated and global iGaming operator partners
worldwide. In addition, SharpLink owns a performance marketing
platform through which the Company owns and operates state-specific
web domains designed to attract, acquire and drive local sports
betting and casino traffic directly to its sportsbook and casino
partners which are licensed to operate in each respective state.
Raleigh, North Carolina-based Cherry Bekaert LLP, the Company's
auditor since 2022, issued a "going concern" qualification in its
report dated March 29, 2024, citing that the Company has recurring
losses and negative cash flows from operations that raise
substantial doubt about their ability to continue as a going
concern.
SKILLSOFT FINANCE: $640MM Bank Debt Trades at 17% Discount
----------------------------------------------------------
Participations in a syndicated loan under which Skillsoft Finance
II Inc is a borrower were trading in the secondary market around
82.9 cents-on-the-dollar during the week ended Friday, December 13,
2024, according to Bloomberg's Evaluated Pricing service data.
The $640 million Term loan facility is scheduled to mature on July
14, 2028. About $589.8 million of the loan has been drawn and
outstanding.
SkillSoft Corporation provides cloud-based learning solutions,
offering enterprise courseware.
SKOPIMA CONSILIO: S&P Rates New Senior Secured Term Loan 'B-'
-------------------------------------------------------------
S&P Global Ratings assigned its 'B-' issue-level rating and '3'
recovery rating to Skopima Consilio Parent LLC's $1.982 billion
senior secured first-lien term loan due 2028. The company will use
the proceeds to consolidate its outstanding first- and second-lien
term loans into a single first-lien tranche. S&P expects the
transaction will lower Consilio's annual interest expense by $15
million-$20 million. The '3' recovery rating indicates our
expectation for meaningful (50%-70%; rounded estimate: 50%)
recovery of principal in the event of a payment default.
The transaction reprices and consolidates the company's existing
$1.494 billion term loan and non-fungible incremental $199 million
term loan into a single tranche. The company is also issuing a $290
million fungible add-on to refinance its outstanding $284 million
second-lien term loan, resulting in an all-first-lien structure.
S&P said, "Our 'B-' issuer credit rating and stable outlook are
unchanged since the transaction is leverage neutral and does not
materially affect the company's credit metrics. While we expect S&P
Global Ratings-adjusted leverage to improve to the mid-6x area in
2024 and 2025 from 7x in 2023, driven primarily by higher hourly
usage and improved pricing in the company's Review Solutions
segment and consistent growth in eDiscovery, we continue to
forecast free operating cash flow to debt below 5% after factoring
in the expected interest savings from the transaction."
ISSUE-RATINGS--RECOVERY ANALYSIS
Key analytical factors:
-- As part of the proposed transaction, Consilio will extend the
maturity of its $95 million revolving credit facility to 2028 from
2026.
-- The first-lien debt is secured by a first-priority perfected
lien on substantially all assets of the borrowers and guarantors
domestically and abroad.
-- In a default scenario, S&P assumes creditors would receive more
value in a reorganization rather than a liquidation; therefore, it
employs a distressed enterprise value-based analysis.
-- S&P's simulated default risk factors include financial stress
from high debt service, integration risk, increased competition,
pricing pressure leading to lower margins, significant loss of
customers, or unfavorable shift in the regulatory environment.
Simulated default assumptions:
-- Simulated year of default: 2026
-- EBITDA at emergence: About $190 million
-- EBITDA multiple: 6x
-- The revolving credit facility is 85% drawn
All debt amounts at default include six months of accrued
prepetition interest.
Simplified waterfall:
-- Net emergence value (after 5% administrative costs): About $1.1
billion
-- Estimated first-lien debt at default: About $2.1 billion
--Recovery expectations (50%-70%; rounded estimate: 50%)
SKY FITNESS 24/7: Seeks Cash Collateral Access
----------------------------------------------
Sky Fitness 24/7, LLC asked the U.S. Bankruptcy Court for the
District of South Carolina for authority to use its secured
creditors' cash collateral.
The company intends to use the cash collateral to pay its operating
expenses. This cash collateral is subject to the security interests
of the U.S. Small Business Administration, and Venus Concept USA,
Inc.
Sky Fitness proposes to provide monthly adequate protection payment
as follows: $731 to SBA, $2,527 to Venus Concept, and $192 to MD
Leasing.
Sky Fitness has significant debt, including a loan from Clark
County Credit Union and equipment leases from MD Leasing and Venus
Concept USA. The company is in default on its franchise agreement
with M.H. Franchise Company, which could lead to termination. Sky
Fitness is also behind on rent payments to its landlord, RL
Surfside 17, LLC.
About Sky Fitness 24/7 LLC
Sky Fitness 24/7, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. S.C. Case No. 24-04316) on December
2, 2024. In the petition signed by Nicole Eberhardt, manager, the
Debtor disclosed up to $50,000 in assets and up to $500,000 in
liabilities.
Robert Pohl, Esq., at Pohl Bankruptcy, LLC, represents the Debtor
as bankruptcy counsel.
SOLDIER OPERATING: Gets Final OK to Use Cash Collateral
-------------------------------------------------------
Soldier Operating, LLC received final court approval to use its
secured creditors' cash collateral until Feb. 28 next year.
The U.S. Bankruptcy Court for the Western District of Louisiana,
Lafayette Division on Dec. 11 granted the company's motion to use
cash collateral nunc pro tunc as of the petition date.
As adequate protection for the use of cash collateral, secured
creditors were granted a replacement lien on post-petition
properties owned by the company.
The adequate protection granted is subject and subordinate to a
carve-out in the amount of $150,000 for the payment of all accrued
and unpaid fees, disbursements, costs, and
expenses incurred in the administration of the company's Chapter 11
case.
Soldier Operating was ordered to pay the amount of $5,000 to its
bankruptcy counsel's trust account on or before Friday of each week
until Febr. 28.
About Soldier Operating LLC
and Viceroy Petroleum LP
Soldier Operating, LLC and Viceroy Petroleum, LP filed voluntary
petitions for relief under Chapter 11 of the Bankruptcy Code
(Bankr. W.D. La. Lead Case No. 24-50387) on May 13, 2024. At the
time of the filing, Soldier Operating disclosed $5,615,631 in
assets and $6,089,722 in liabilities.
Viceroy Petroleum owns certain interests in oil, gas and/or mineral
leases, subleases, leasehold and contractual rights in mineral
interests, and other leasehold interests related to State Lease No.
340, Cote Blanche Island (CBI) field, St. Mary Parish, Louisiana.
Judge John W. Kolwe presides over the cases.
The Debtors tapped Bradley L. Drell, Esq., at Gold, Weems, Bruser,
Sues & Rundell, APLC as legal bankruptcy counsel. Viceroy
Petroleum retained Chaffe & Associates, Inc. as investment broker.
SPIN HOLDCO: $2BB Bank Debt Trades at 15% Discount
--------------------------------------------------
Participations in a syndicated loan under which Spin Holdco Inc is
a borrower were trading in the secondary market around 84.7
cents-on-the-dollar during the week ended Friday, December 13,
2024, according to Bloomberg's Evaluated Pricing service data.
The $2 billion Term loan facility is scheduled to mature on March
6, 2028. The amount is fully drawn and outstanding.
Spin Holdco Inc. provides laundry solutions. The Company offers
residential and commercial laundry solutions, as well as tire
inflation and vacuum vending services at convenience stores and gas
stations. Spin Holdco serves clients in North America and Europe.
SQRL SERVICE: Fox Rothschild Advises Mt. Dora & Jacksonville Park
-----------------------------------------------------------------
The law firm of Fox Rothschild LLP filed a verified statement
pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure
to disclose that in the Chapter 11 case of SQRL Service Stations,
LLC, the firm represents Mt. Dora Park Place, LLC and Jacksonville
Park Place, LLC.
Mt. Dora Park Place, LLC, a successor in interest to RCP 3101 MT.
DORA, LLC, and Jacksonville Park Place, LLC, a successor in
interest to ORLY JACKSONVILLE, LLC, are aware of and had consented
to Counsel's representation of both parties in the case.
This verified statement is intended only to comply with Bankruptcy
Rule 2019 and is not intended for any other purpose. Upon
information and belief formed after due inquiry, Counsel does not
hold any claims against or equity interests in the Debtor.
The law firm can be reached at:
FOX ROTHSCHILD, LLP
Trey A. Monsour, Esq.
Saint Ann Court
2501 North Harwood Street, Suite 1800
Dallas, TX 75201
Telephone: (214) 231-5796
Facsimile: (972) 404-0516
E-mail: tmonsour@foxrothschild.com
About SQRL Service Stations
SQRL Service Stations, LLC, a convenience store chain, sought
relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.
Tex. Case No. 24-32457) on August 16, 2024, with $10 million to $50
million in assets and $1 billion to $10 billion in liabilities.
Jamal Hizam, managing member, signed the petition.
Judge Stacey G. Jernigan oversees the case.
The Debtor is represented by Joyce Lindauer, Esq., at Joyce W.
Lindauer Attorney, PLLC.
STAR TRANSPORTATION: Hires Pack Law P.A. as Legal Counsel
---------------------------------------------------------
Star Transportation PA Inc. and its affiliates seek approval from
the U.S. Bankruptcy Court for the Southern District of Florida to
employ the Law Firm of Pack Law, P.A. as counsel.
The firm's services include:
a. assisting the Debtor in carrying out its duties as debtor
in possession in the Chapter 11 Case and its special obligations as
a debtor under subchapter v of chapter 11 of the Bankruptcy Code;
b. representing the Debtor in respect of its negotiation,
prosecution, and confirmation of a plan of reorganization, and
consummation of the restructuring transaction contemplated
therein;
c. preparing and assisting the Debtor in filing and
prosecuting all applications, motions, answers, responses, reports,
memoranda of law, and other papers required in connection with the
Chapter 11 Case; and
d. performing any other service that may be required in
connection with the Chapter 11 Case or confirmation of the Debtor's
proposed plan of reorganization.
The firm will be paid at these rates:
Joseph Pack, Esq. $750 per hour
Kelsi Cronkhite, Esq. $520 per hour
Jessey Krehl, Esq. $500 per hour
Paralegal Support $250 per hour
Pack Law received the following retainers from the Debtors: (a)
October 25, 2024, the amount of $25,000; and (b) October 28, 2024,
the amount of $75,000. Each payment was deposited into a trust
account of Pack Law. Prior to filing these Chapter 11 Cases, Pack
Law exhausted $50,000 from the retainer in the course of preparing
the Debtors for their respective Chapter 11 filings; and has
written off outstanding fees and expenses as of the commencement of
the Chapter 11 Cases.
The Law firm of Pack Law will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Joseph Pack, Esq., a partner at Pack Law, P.A., disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Joseph A. Pack, Esq.
Pack Law, P.A.
51 NE 24th St., Suite 108
Miami, FL 33137
Tel: (305) 916-4500
Email: joe@packlaw.com
About Star Transportation PA Inc.
Star Transportation PA, Inc. offers specialized freight trucking
services in Miami, Fla.
Star Transportation sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-21557) on November 1,
2024, with $1 million to $10 million in assets and $10 million to
$50 million in liabilities. Victor Khramov, president of Star
Transportation, signed the petition.
Judge Corali Lopez-Castro oversees the case.
The Debtor is represented by Joseph A. Pack, Esq., at Pack Law.
STORED SOLAR: Trustee Seeks to Tap Verdolino & Lowey as Accountant
------------------------------------------------------------------
Anthony Manhart, the trustee appointed in the Chapter 11 case of
Stored Solar Enterprises, Series LLC, seeks approval from the U.S.
Bankruptcy Court for the District of Maine to employ Verdolino &
Lowey, PC as accountant.
Verdolino & Lowey will render these services:
(a) advise the trustee on his obligations with respect to tax
obligations for the Liquidating Trust;
(b) assist with preparation/review/analysis of Post
Confirmation Reports;
(c) advise and assist the trustee with preparation of required
state and federal tax filings for the Liquidating Trust; and
(d) provide necessary accounting, tax, and advisory services
to the extent requested by the trustee.
The firm's professionals will be paid at these hourly rates:
Principals $525
Managers $275 - $425
Staff $225 - $395
Bookkeepers $175 - $255
In addition, the firm will seek reimbursement for expenses
incurred.
Craig Jalbert, a principal at Verdolino & Lowey, 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 R. Jalbert, Esq.
Verdolino & Lowey PC
124 Washington Street
Foxboro, MA 02035
Telephone: (508) 543-1720
About Stored Solar Enterprises Series
Stored Solar Enterprises, Series, LLC owns and operates seven
biomass-fueled, renewable energy generating facilities located in
Maine, Massachusetts and New Hampshire. The plants produce electric
energy, which is transmitted into, and earns payments from, the ISO
New England power grid. Stored Solar has 87 employees.
Stored Solar sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Me. Case No. 22-10191) on Sept. 14,
2022. In the petition signed by its manager, William Harrington,
the Debtor disclosed $50 million to $100 million in assets and $10
million to $50 million in liabilities.
Judge Michael A. Fagone oversees the case.
The Debtor tapped George J. Marcus, Esq., at Marcus Clegg as its
legal counsel and Spinglass Management Group, LLC as its
restructuring advisor.
Anthony J. Manhart, the Chapter 11 trustee appointed in the
Debtor's case, tapped Preti Flaherty, LLP as legal counsel and
Bradley Woods & Co. Ltd. as financial advisor.
The official committee of unsecured creditors and the Chapter 11
trustee proposed a Chapter 11 Plan for the Debtor Dated August 18,
2023. The Court entered an order confirming the Plan on April 8,
2024. The Plan was declared effective May 22, 2024.
Anthony J. Manhart was appointed as trustee in this Chapter 11
case. The trustee tapped Verdolino & Lowey, PC as accountant.
SWF HOLDINGS: S&P Downgrades ICR to 'CCC' on Elevated Default Risk
------------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on U.S.-based
SWF Holdings I Corp. (Springs) to 'CCC' from 'CCC+', its
issue-level rating on its first-lien senior secured debt to 'CCC'
from 'CCC+', and its issue-level rating on its senior unsecured
debt to 'CC' from 'CCC-'. The '3' recovery rating on the first-lien
debt and '6' recovery rating on the unsecured debt are unchanged,
indicating its expectation for meaningful (50%-70%; rounded
estimate: 50%) and negligible (0%-10%; rounded estimate 0%)
recovery, respectively, in the event of a payment default.
The negative outlook reflects the likelihood S&P will lower its
ratings on the company if its operating performance and liquidity
deteriorate further such that it envisions a default occurring over
the subsequent six months.
The downgrade reflects Springs' increased default risk over the
next 12 months. The company had $22 million of cash on hand and
$104 million of combined liquidity under its RCF and ABL facilities
as of Sept. 30, 2024. S&P said, "We forecast Springs will burn
about $57 million of cash in 2024, which will deplete its cash
balance and reduce its borrowing availability to about $80 million
(based on its current borrowing base) at year-end. In 2025, we
expect the company will burn about $59 million of cash due to
continued demand headwinds, stemming from weak consumer spending on
discretionary household furnishings, and its large interest burden
(the large interest burden stems from its leveraged buyout [LBO] by
Clearlake Capital Group in 2021, which added significant debt to
its capital structure). We forecast this will reduce the company's
liquidity to about $20 million as of year-end 2025 under our
base-case forecast, although its liquidity could weaken more
rapidly if it continues to underperform. Absent changes to its
liquidity profile, we forecast Springs will run out of liquidity in
the first part of 2026. However, we think it is likely the company
will restructure its debt over the near-term, including potentially
extending its ABL and RCF facilities, which both become current on
Oct. 6, 2025, to avoid the potential consequences from a missed
debt service payment. Therefore, we believe Springs will default
absent unforeseen positive developments due to a near-term
liquidity crisis."
Tight covenant cushion will limit its ability to borrow from its
facilities. The RCF has a springing maximum first-lien leverage
ratio of 8.6x, which is triggered when Springs utilizes more than
40% of the facility's commitment (equates to $50 million). The
company's ABL facility also has a springing covenant that requires
a minimum fixed-charge coverage ratio of 1x, which is tested when
its excess availability falls below the greater of 10% of the
facility size or $10 million. Currently, neither covenant is in
effect, though we expect Springs will trigger the RCF covenant over
the next couple months when its borrowings on the RCF surpass $50
million. S&P said, "Regarding the ABL facility, we believe the
company only has access to an additional $23 million of liquidity
(based on its borrowing base) to avoid breaching its covenant
because its fixed-charge coverage (FCC) ratio is below 1x.
Therefore, we expect the company will mostly rely on its RCF over
the next 12 months. However, we forecast Springs will maintain a
covenant cushion of 10% in 2024 and only 1% in 2025 under its
first-lien maximum net leverage covenant, which further limits its
room for an underperformance."
S&P said, "Consumer spending on window coverings will remain weak
due to ongoing macroeconomic headwinds in 2025, in our view. In the
third quarter, Springs' revenue declined 12%, which followed a 9%
decrease in the first quarter and a 5% drop in the second quarter.
This underperformed our expectation for a low-single-digit percent
decline, as well as the company’s budget for flat revenue. S&P
Global economists project 30-year fixed mortgage rates in the U.S.
of 6.7% in 2024 and 5.9% in 2025. Therefore, we expect existing
home sales and repair and remodel activity will remain pressured in
2025, leading to continued weak demand for window coverings
products since demand is typically driven by cyclical housing
trends.
"The negative outlook reflects the likelihood we will lower our
ratings on the company if its operating performance and liquidity
deteriorate further such that we envision a default occurring over
the subsequent six months.
"We could lower our rating on Springs if a default including a debt
restructuring or distressed exchange appears inevitable.
"We could raise our rating on Springs if we no longer believe there
is risk of a default."
T & U INVESTMENTS: Creditors to Get Proceeds From Liquidation
-------------------------------------------------------------
T & U Investments LLC filed with the U.S. Bankruptcy Court for the
District of Arizona a Disclosure Statement accompanying Chapter 11
Plan dated November 14, 2024.
The Debtor is a Limited Liability Company registered in 1995 in the
State of Arizona. Over the years, Debtor acquired many properties
in Yuma, Tacna and Dateland.
The Debtor has many income generating leases on its properties
providing approximately $15,000.00 per month. Debtor's manager,
Shirley Tuffly, oversaw the leases and has since actively managed
the Properties.
The Debtor has two mortgage accounts on various properties with the
lenders First Bank of Yuma and SMS Financial, LLC. The loan with
SMS originated with Foothills Bank, and had been restructured every
5 years for the past 20 years. Foothills Bank decided to not
restructure this past term and sold its loan to SMS. As the full
loan was due, and Debtor was unable to pay the loan in full, SMS
scheduled a foreclosure sale on its properties and this bankruptcy
case followed.
Class 2-A consists of the Secured claim of First Bank Yuma. First
Bank of Yuma, will continue to be paid monthly, per the original
contracts, with the proceeds Debtor generates each month from its
leased properties. This is unimpaired by the Plan.
Class 2-B consists of the Secured Claim of SMS Financial LLC. SMS
Financial will be paid in full upon the sale of the cell phone
tower located at 4151 S. Avenue 3E, Yuma, AZ 85365. This Class is
unimpaired by the Plan.
Class 3 consists of Non-priority unsecured creditors. Non-priority
unsecured creditors (if any) will be paid in full within sixty days
after the Effective Date. Debtor knows of no creditors asserting a
non-priority unsecured claim and no such Proofs of Claim have been
filed. This Class is unimpaired by the Plan.
Class 4 consists of Equity Security holders of the Debtor.
Membership in the Debtor shall remain unchanged. Class 5 is
unimpaired by the Plan.
This is a partial liquidating plan; the Debtor intends to remain
current on payments with First Bank of Yuma and is proposing to
liquidate the properties financed by SMS to pay the related
mortgage obligation in full upon the sale of each property. Debtor
has no other pre-petition creditors.
A full-text copy of the Disclosure Statement dated November 14,
2024 is available at https://urlcurt.com/u?l=ORm1Nj from
PacerMonitor.com at no charge.
Attorney for the Debtor:
Scott Macmillan Baker, Esq.
Law Offices Of Scott Macmillan Baker, P.C.
4562 N. First Avenue, Suite 100
Tucson, AZ 85718
Tel: (520) 629-0900
Email: bakerlaw@bakerlawpc.net
About T & U Investments
T & U Investments, LLC is a Limited Liability Company registered in
1995 in the State of Arizona. Over the years, Debtor acquired many
properties in Yuma, Tacna and Dateland.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. D. Ariz. Case No. 24-06816) on August 16,
2024, with as much as $50,000 in both assets and liabilities.
Scott M. Baker, Esq., at Scott Macmillan Baker, PC represents the
Debtor as legal counsel.
TANNER DEWEESE PAVING: Sec. 341(a) Meeting of Creditors on Jan. 3
-----------------------------------------------------------------
On December 9, 2024, Tanner Deweese Paving LLC filed Chapter 11
protection in the Middle District of Tennessee. According to court
documents, the debtor reports $1,060,330 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 3,
2025 at 9:00 AM, TELEPHONIC MEETING. CONFERENCE LINE:877-934-2472,
PARTICIPANT CODE:8613356#.
About Tanner Deweese Paving LLC
Tanner Deweese Paving LLC is a limited liability company.
Tanner Deweese Paving LLC sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No.
24-04736) on December 9, 2024. In the petition filed Tanner
Deweese, as owner, the Debtor reports total assets of $433,821 and
total liabilities of $1,060,330.
Honorable Bankruptcy Judge Randal S. Mashburn handles the case.
The Debtor is represented by:
R. Alex Payne, Esq.
DUNHAM HILDEBRAND PAYNE WALDRON, PLLC
9020 Overlook Blvd., Suite 316
Brentwood, TN 37027
Tel: 629-777-6529
Fax: 615 777 3765
Email: alex@dhnashville.com
TANNER DEWEESE: Taps Dunham Hildebrand Payne Waldron as Counsel
---------------------------------------------------------------
Tanner Deweese Paving, LLC seeks approval from the U.S. Bankruptcy
Court for the Middle District of Tennessee to employ Dunham
Hildebrand Payne Waldron, PLLC as counsel.
The firm will provide these services:
(a) render legal advice with respect to the Debtor's rights,
power, and duties in the management of its assets;
(b) investigate and, if necessary, institute legal action on
behalf of the Debtor to collect and recover assets of its estate;
(c) prepare all necessary pleadings, orders and reports with
respect to this proceeding and render all other necessary or proper
legal services;
(d) assist and counsel the Debtor in the preparation,
presentation, and confirmation of a plan of reorganization;
(e) represent the Debtor as may be necessary to protect its
interests; and
(f) perform all other legal services that may be necessary and
appropriate in the general administration of the Debtor's estate.
The firm will be paid at these hourly rates:
Attorneys $475 - $550
Paralegals $175
`
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received a total retainer of $20,000 from the Debtor.
R. Alex Payne, Esq., an attorney at Dunham Hildebrand Payne
Waldron, 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:
R. Alex Payne, Esq.
Dunham Hildebrand Payne Waldron, PLLC
9020 Overlook Blvd., Ste. 316
Brentwood, TN 37027
Telephone: (629) 777-6539
Email: alex@dhnashville.com
About Tanner Deweese Paving
Tanner Deweese Paving, LLC sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 24-04736) on
Dec. 9, 2024. In the petition signed by Tanner Deweese, owner, the
Debtor disclosed $433,821 in total assets and $1,060,330 in total
liabilities.
Judge Randal S. Mashburn oversees the case.
R. Alex Payne, Esq., at Dunham Hildebrand Payne Waldron, PLLC is
the Debtor's counsel.
TD&H INC: Gets Interim OK to Use Cash Collateral Until Dec. 26
--------------------------------------------------------------
TD&H, Inc., received sixth interim approval from the U.S.
Bankruptcy Court for the Middle District of North Carolina,
Greensboro Division, to use cash collateral for operating expenses
necessary to avoid immediate and irreparable harm to its business.
The Debtor is authorized to use cash collateral to make
expenditures for expenses as budget attached as Exhibit 1, through
December 26, 2024, with a 10% variance allowed for any one
particular expense line item.
The Debtor must make adequate protection payments to Truist Bank in
the amount of $4,076.00.
The Secured Parties (Truist Bank, Vox Funding, Knightsbridge
Funding, LLC, and LG Funding, LLC) are granted post-petition
replacement liens on the Debtor's post-petition property, with the
same validity, priority, and enforceability as their pre-petition
liens.
The budget attached as Exhibit 1 shows the Debtor's projected
expenses for the period from November 29, 2024, to December 26,
2024 as follow:
$36,376.20 from Nov. 2 to Dec. 5, 2024;
$32,210.50 from Dec. 6 to Dec. 12, 2024;
$29,560.76 from Dec. 13 to Dec. 19, 2024; and
$29,902.74 from Dec. 20 to Dec. 26, 2024.
About TD&H Inc.
TD&H, Inc. filed its voluntary petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. M.D.N.C. Case No. 24-10392) on June
25, 2024, listing $652,317 in assets and $2,207,775 in liabilities.
The petition was signed by Huntly Nero, president.
Judge Benjamin A. Kahn presides over the case.
Samantha K. Brumbaugh, Esq. at Ivey, Mcclellan, Siegmund, Brumbaugh
& Mcdonough, LLP represents the Debtor as legal counsel.
TEXAS SOLAR: Seeks to Hire Ray Battaglia as Bankruptcy Counsel
--------------------------------------------------------------
Texas Solar Integrated, LLC seeks approval from the U.S. Bankruptcy
Court for the Western District of Texas to employ the Law Offices
of Ray Battaglia, PLLC as bankruptcy counsel.
Ray Battaglia will render services:
(a) advise the Debtor of its rights, powers and duties;
(b) advise the Debtor concerning, and assist in a negotiation
of documentation of debtor-in-possession financing agreements, debt
restructuring, cash collateral orders and related transactions;
(c) review the nature and validity of agreements related to
the Debtor's business and assets and advise in connection
therewith;
(d) review the nature and validity of liens asserted against
the Debtor and advise concerning the enforceability of such liens;
(e) advise the Debtor concerning the actions to be taken to
collect and recover property for the benefit of its estate;
(f) review and assist the Debtor with the preparation of all
necessary and appropriate legal documents, and review all financial
and other reports to be filed in Chapter 11 case;
(g) advise the Debtor concerning, and prepare responses to,
legal papers;
(h) counsel the Debtor in connection with the formulation,
negotiation and promulgation of plans of reorganization and related
documents; and
(i) perform all other legal services which may be necessary or
appropriate in the administration of the Debtor's Chapter 11 case.
Raymond Battaglia, Esq., the primary attorney in this
representation, will be paid at his hourly rate of $570, plus
reimbursement for expenses incurred.
The firm received a retainer of $76,738, including the filing fee,
from the Debtor.
Mr. Battaglia 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:
Ray W. Battaglia, Esq.
Law Offices of Ray Battaglia, PLLC
66 Granburg Circle
San Antonio, TX 78218
Telephone: (210) 601-9405
Email: rbattaglialaw@outlook.com
About Texas Solar Integrated
Texas Solar Integrated, LLC is a solar panel installation company
in San Antonio, Texas.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Texas Case No. 24-52297) on November
14, 2024, with $50 million to $100 million in assets and $10
million to $50 million in liabilities. Mike Sardo, manager, signed
the petition.
Judge Michael M. Parker oversees the case.
Ray Battaglia, Esq., at the Law Offices of Ray Battaglia, PLLC,
represents the Debtor as bankruptcy counsel.
TG NATURAL: S&P Affirms 'B+' Rating on Unsecured Notes
------------------------------------------------------
S&P Global Ratings affirmed its 'B+' issue-level rating on TG
Natural Resources LLC's unsecured notes due 2029 previously issued
by wholly-owned subsidiary Rockcliff Energy LLC, which it acquired
in 2023. S&P also revised its recovery rating on the notes to '4'
from '3', reflecting a somewhat lower recovery enterprise value
based on the impact of the Rockcliff integration in 2024, slightly
offset by some operating cost improvements. The recovery rating of
'4' indicates its expectation for average recovery (30%-50%;
rounded estimate: 40%) of principal in the event of payment
default. The issuer credit rating of 'B+' and stable outlook are
unchanged.
ISSUE RATINGS--RECOVERY ANALYSIS
Key analytical factors
-- S&P's simulated default scenario for TG Natural Resources
assumes sustained low commodity prices, consistent with conditions
of past defaults in this sector.
-- S&P bases its valuation of TG Natural Resources reserves on a
company-provided PV-10 report using our recovery price deck
assumptions of $50/bbl for WTI crude oil and $2.50/mmBtu for Henry
Hub natural gas.
-- S&P assumes the company's senior secured RBL facility is fully
drawn up to its elected commitment amount of $1.350 billion at
default.
Simulated default assumptions
-- Simulated year of default: 2028
-- Jurisdiction (Rank A): Company headquartered in the U.S. and
most of its revenue and assets located domestically
-- Net enterprise value (EV): Adjusted to account for
restructuring administrative costs (estimated at about 5% of the
gross value)
Simplified waterfall
-- Net EV (after 5% administrative costs): $1.7 billion
-- Secured first-lien debt: $1.4 billion
--Recovery expectations: Not applicable
-- Total value available to unsecured claims: $300 million
-- Unsecured debt: $719 million
--Recovery expectations: 30%-50% (rounded estimate: 40%)
All debt amounts include six months of prepetition interest.
TGI FRIDAY'S: Taps Kyle Richter of Berkeley Research Group as CRO
-----------------------------------------------------------------
TGI Friday's Inc. and its affiliates seek approval from the U.S.
Bankruptcy Court for the Northern District of Texas to hire
Berkeley Research Group, LLC to provide additional personnel and
designate Kyle Richter as chief restructuring officer.
The firm will render these services:
a. subject to the approval of the Board of Directors of the
Debtors, develop and implement a chosen course of action to
preserve asset value and maximize recoveries to stakeholders;
b. oversee the activities of the Debtors in consultation with
other advisors and the management team to effectuate the selected
course of action;
c. manage the development of cash flow projections and related
methodologies and assist with planning for alternatives as
requested by the Debtors;
d. oversee the activities related to preparing for and
operating in a chapter 11 bankruptcy proceeding, including
negotiations with stakeholders;
e. have exclusive authority for the approval of all of the
Debtors' disbursements and any modifications to all cash flow
projections;
f. manage the Debtors' development of its business plan, and
such other related forecasts as may be required by creditor
constituencies in connection with negotiations;
g. provide information deemed by the CRO to be reasonable and
relevant to stakeholders and consult with key constituents as
necessary;
h. to the extent reasonably requested by the Debtors, offer
testimony before the Court with respect to the services provided by
the CRO and the BRG Personnel, and participate in depositions,
including by providing deposition testimony, related thereto; and
i. provide such other services as mutually agreed upon by the
CRO, BRG, and the Debtors.
The firm will be paid at these hourly rates:
Managing Directors $1,095 - $1,325
Associate Directors & Directors $865 - $1,050
Professional Staff $420 - $850
Support Staff $175 - $375
Further, the Debtors have agreed to pay BRG a completion fee in the
amount of $300,000.
Mr. Richter disclosed in a court filing that his firm is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.
The firm can be reached through:
Kyle Richter
Berkeley Research Group, LLC
99 High Street, 27th Floor
Boston, MA 02110
Tel: (877) 696-0391
About TGI Friday's Inc.
TGI Friday's Inc., doing business as Wow Bao, operates a chain of
restaurants. The Company provides appetizers, sizzlings, seafood,
salads, sandwiches, entres, desserts, and non-alcoholic and
alcoholic beverages. Wow Bao serves customers in the United
States.
TGI Friday's Inc. filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No.
24-80069) on Nov. 2, 2024, listing $100,000,001 to $500 million in
both assets and liabilities.
Judge Stacey G Jernigan presides over the case.
Holland N. O'Neil, Esq. at Foley & Lardner LLP represents the
Debtor as counsel.
THORNCO HOSPITALITY: Hires Joyce W. Lindauer PLLC as Counsel
------------------------------------------------------------
Thornco Hospitality LLC seeks approval from the U.S. Bankruptcy
Court for the Northern District of Texas to employ Joyce W.
Lindauer Attorney, PLLC as counsel.
The firm will handle the Debtor's Chapter 11 proceedings.
The firm will be paid at these rates:
Joyce W. Lindauer $595 per hour
Laurance Boyd, Associate Attorney $295 per hour
Dian Gwinnup, Paralegal $250 per hour
The firm will be paid a retainer in the amount of 20,000. It will
also be reimbursed for reasonable out-of-pocket expenses incurred.
Joyce W. Lindauer, Esq., a partner at Joyce W. Lindauer, PLLC,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the
Bankruptcy
Code.
The firm can be reached at:
Joyce W. Lindauer, Esq.
Joyce W. Lindauer, PLLC
1412 Main Street, Suite 500
Dallas, TX 75202
Telephone: (972) 503-4033
Facsimile: (972) 503-4034
About Thornco Hospitality LLC
Thornco Hospitality, LLC dba Homewood Suites by Hilton Thornton
Denver owns and operates a hotel.
Thornco Hospitality, LLC filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No.
24-33596) on Nov. 5, 2024, listing $10 million to $50 million in
both assets and liabilities. The petition was signed by Nimrat Kaur
as managing member.
Judge Scott W Everett presides over the case.
Joyce W. Lindauer, Esq. at JOYCE W. LINDAUER ATTORNEY, PLLC
represents the Debtor as counsel.
TRANS AMERICAN: Voluntary Chapter 11 Case Summary
-------------------------------------------------
Debtor: Trans American Aquaculture, LLC
1022 Shadyside Lane
Dallas, TX 75223
Case No.: 24-10217
Business Description: Trans American is a family-owned company
that produces white shrimps.
Chapter 11 Petition Date: December 13, 2024
Court: United States Bankruptcy Court
Southern District of Texas
Judge: Hon. Eduardo V Rodriguez
Debtor's Counsel: David R. Langston, Esq.
MULLIN HOARD & BROWN, LLP
P.O. Box 2585
Lubbock, TX 79408
Tel: 806-765-7491
E-mail: drl@mhba.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Adam Thomas as CEO.
The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/E7NO5KA/Trans_American_Aquaculture_LLC__txsbke-24-10217__0001.0.pdf?mcid=tGE4TAMA
TRINSEO PLC: S&P Downgrades ICR to 'CC', Outlook Negative
---------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Trinseo PLC
to 'CC' from 'CCC+'. S&P will lower this rating to a 'SD'
(selective default) on completion of the exchange offer. It expects
to raise this rating to a 'CCC+' shortly after completion of the
exchange offer, assuming the deal closes as is currently proposed
per our expectation. At the same time, S&P lowered the issue-level
ratings on the 5.125% senior unsecured notes due 2029 to 'C' from
'CCC' and revised our recovery rating to '6' from '5'.
S&P said, "We will lower these to a 'D' on completion of the
exchange.
"In addition, Trinseo upsized it's existing first-lien super holdco
term loan by $115 million, it intends to use the proceeds to redeem
all of its outstanding senior unsecured notes due 2025 at par. We
do not consider this transaction to be a distressed exchange.
"The company is also launching a new super priority revolving
credit facility (RCF) with a $300 million borrowing base due 2028.
We assigned a 'B' issue-level rating with a '1' recovery rating to
the new super priority RCF. We based this on our expectation that
once the distressed exchange is completed we will raise our issuer
credit rating back to 'CCC+' as it was prior to the announced
exchange.
"We also assigned a 'CCC-' issue-level rating with a '6' recovery
rating to the new 7.625% second-lien super holdco notes due 2029.
"We are revising our recovery rating on the existing term loan B
due 2028 to '4' from '2' and lowering the issue-level rating to
'CCC+' from 'B-'. In addition, we are revising our recovery rating
on the first-lien secured RCF to '4' from '2' and lowering the
issue-level rating to 'CCC+' from 'B-'. We are also revising our
recovery rating on the senior unsecured notes due 2025 to '6' from
'5' and lowering the issue-level rating to 'CCC-' from 'CCC'. There
are no changes to the ratings on the first-lien super holdco term
loan due 2028 at 'B'.
"The negative outlook reflects our expectation that we will lower
our issuer credit rating to 'SD' upon the completion of the 2029
senior unsecured note exchange, which we expect in January 2025.
Thereafter, we intend to review our ratings on Trinseo to
incorporate the debt exchange, other recent events, and our
forward-looking opinion on the creditworthiness of the entity."
The downgrade follows Trinseo's announced exchange agreement with
at least 74% of the holders of its 5.125% senior unsecured notes
due 2029, whereby the company will exchange the outstanding
principal of eligible noteholders for new second-lien super holdco
notes due 2029.
The exchange offer is for 85 cents on the dollar. S&P said, "As a
result, we believe the transaction offers noteholders less value
than originally promised on the securities and thus view it as a
selective default. Specifically, we do not believe the increased
position in the capital stack at a second-lien position and the
higher offered coupon is adequate, offsetting compensation for the
below-par redemption." Furthermore, the release of covenants on the
existing 5.125% notes will add additional risk to holders who opt
out of the exchange.
S&P said, "Based on our current assumptions, we expect to raise the
issuer credit rating on Trinseo to 'CCC+' following the conclusion
of the exchange.
"This reflects our expectation that Trinseo will maintain high
leverage over the next 12 months which, combined with a higher
interest burden following the exchange, would sustain pressure on
the company's negative free cash flow and liquidity. Thus, we rated
the second-lien super holdco notes 'CCC-', with a '6' recovery
rating. The '6' recovery rating indicates our expectation for
negligible (0%-10%; rounded estimate: 0%) recovery in the event of
a payment default. We note the new 7.625% second-lien secured notes
to be issued to consenting noteholders will be backed by collateral
that will rank second to the existing first-lien super holdco term
loan due 2028. For additional details, please refer to S&P Global
Ratings' full analysis on Trinseo published Aug. 22, 2024, on
RatingsDirect.
"The negative outlook reflects our expectation that we will lower
our issuer credit rating on Trinseo to 'SD' upon the completion of
the debt exchange because we consider it to be distressed and,
therefore, tantamount to default. We would also lower our
issue-level rating on the existing 5.125% senior unsecured notes to
'D' at that time.
"We expect to lower our issuer credit rating on Trinseo to 'SD'
when the company completes its distressed debt exchange, which we
expect to occur in January 2025.
"We could raise our rating on Trinseo if we no longer expect it to
complete the distressed debt exchange."
TROPHY CUPCAKES: Gets Interim OK to Use Cash Collateral Until Jan 2
-------------------------------------------------------------------
Judge Christopher M. Alston of the U.S. Bankruptcy Court for the
Western District of Washington issued an interim order authorizing
Trophy Cupcakes, LLC, to use cash collateral until January 2, 2025,
with protections for the U.S. Small Business Administration (SBA)
and Washington Trust Bank.
The SBA and Washington Trust Bank are granted replacement liens on
the Debtor's post-petition revenues to the same extent, priority,
and validity as their pre-petition liens. Additionally, the SBA
receives monthly adequate protection payments of $4,941 starting
January 15, 2025.
Cash collateral use is limited to essential expenses to avoid harm
to the estate. Insider payments are prohibited except for salaries
of Jennifer Shea and Mike Williamson, totaling $8,466 bi-weekly.
Debtor must maintain insurance on collateral and provide monthly
financial reports.
A final cash collateral hearing will be held on January 2, 2025, at
9:30 AM.
About Trophy Cupcakes, LLC
Trophy Cupcakes, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D.W. Case No. 24-13083) with $100,001 to
$500,000 in assets and $1,000,001 to $10 million in laibilities.
The petition was signed by Jennifer Shea as member.
Judge Christopher M Alston oversees the case.
The debtor is represented by:
Faye C Rasch
Wenokur Riordan PLLC
Tel: 646-279-9627
E-mail: faye@wrlawgroup.com
TRUE VALUE: Retirees' Questionnaires Due on Dec. 17
---------------------------------------------------
The United States Trustee is soliciting members for a committee of
non-union retirees in the bankruptcy cases of True Value Company,
LLC, et al.
On December 3, 2024, the Court ordered the appointment of a
Non-Union Retirees Committee in the Debtors' cases. The Committee
will represent the interests of, and act on behalf of, all
non-union retired employees who may be entitled to retiree
benefits
provided by the Debtors.
If a party wishes to be considered for membership on the Retirees
Committee, it must complete a questionnaire available at
https://tinyurl.com/3t6vez57 and return by email it to Benjamin A.
Hackman -- benjamin.a.hackman@usdoj.gov -- at the Office of the
United States Trustee so that it is received no later than Dec. 17,
2024.
The United States Trustee urges former employees of the Debtors to
consider serving on the Committee.
About True Value Company
True Value Company, LLC and its affiliates are hardlines
wholesalers, serving approximately 4,500 stores worldwide. A
globally recognized retail brand, the Debtors provide customers in
over 55 countries an expansive product set across key categories
such as Hardware Lumber and Building, Outdoor Living and Tools, and
Plumbing and Heating.
The Debtors filed voluntary Chapter 11 petitions (Bankr. D. Del.
Lead Case No. 24-12337) on October 14, 2024. True Value estimated
total assets of $100 million to $500 million and total liabilities
of $500 million to $1 billion as of the bankruptcy filing.
Judge Karen B. Owens oversees the cases.
The Debtors tapped Skadden, Arps, Slate, Meagher & Flom LLP, and
Young Conaway Stargatt & Taylor, LLP as bankruptcy counsel; Glenn
Agre Bergman & Fuentes, LLP as conflicts counsel; Houlihan Lokey
Capital, Inc. as financial advisor; and Omni Agent Solutions, Inc.
as claims and administrative agent. The Debtors also tapped M3
Advisory Partners, LP to provide chief transformation officer and
supporting personnel.
The U.S. Trustee for Regions 3 and 9 appointed an official
committee to represent unsecured creditors in the Debtors' Chapter
11 cases.
TWO VINES: Seeks to Extend Plan Exclusivity to Jan. 17, 2025
------------------------------------------------------------
Two Vines Vineyards LLC asked the U.S. Bankruptcy Court for the
District of Arizona to extend its exclusivity periods to file a
plan of reorganization and obtain acceptance thereof to January 17,
2025 and March 15, 2025, respectively.
Since the commencement of this case, the Debtor has worked
diligently to effectuate a smooth and expedient transition into
Chapter 11 including obtaining appropriate insurance coverage and
satisfying operating guideline requirements.
The Debtor requests an extension to assess the viability of a plan
of reorganization and the financials of the related-entity,
Coronado Vineyards to fund the Chapter 11 plan. The requested
extension will not prejudice any of the creditors.
Two Vines Vineyards, Inc. is represented by:
Chris D. Barski, Esq.
Barski Law Firm PLC
9332 N. 95th Way, Ste. 109
Scottsdale, AZ 85258
Telephone: (602) 441-4700
Email: cbarski@barskilaw.com
About Two Vines Vineyards
Two Vines Vineyards, Inc. sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 24-06870) on Aug.
20, 2024, listing up to $1 million in both assets and liabilities.
Judge Brenda K. Martin oversees the case.
Chris D. Barski, Esq., at Barski Law Firm PLC, serves as the
Debtor's bankruptcy counsel.
TYKARAH INFANT: Unsecureds Will Get 20% of Claims in Plan
---------------------------------------------------------
Tykarah Infant and Toddler Daycare, LLC, d/b/a Mindful Munchkins
Academy, filed with the U.S. Bankruptcy Court for the Southern
District of New York a Small Business Plan of Reorganization under
Subchapter V dated November 14, 2024.
The Debtor is a New York Corporation organized under the laws of
the State of New York with its corporate headquarters located at
321 N. Highland Ave., Nyack, NY 10960.
The Debtor owns and operates a NY State licensed daycare center
located at 1536 Crescent Rd., Clifton Park, NY 12065, that offers
childcare and play experiences for infants and toddlers with a
total capacity of up to seventy-four children. The Debtor's
Principal manages and maintains the Debtor's daily business
operations.
On or about September 15, 2023, the Debtor entered into an asset
purchase agreement with Learning to Know Educational Center, LLC
("LTK"); whereby the Debtor acquired certain and specific assets
related to LTK's kindergarten program for approximately
$100,000.00. Although the Debtor has substantially increased its
revenue stream over the course of the year, the Debtor's lack of
operating capital caused the Debtor to incur substantial debt to
maintain its day-to-day operations. The Debtor filed this
bankruptcy case to successfully reorganize its debts and emerge as
a profitable infant and toddler daycare center.
The Debtor's Chapter 11 Plan estimates that the distributions to
creditors over the course of Debtor's sixty-month plan will be
approximately $14,016.50; therefore, creditors will receive more in
Chapter 11 than they would receive in a Chapter 7 Liquidation.
Notwithstanding the above, the Debtor will make plan payments over
the course of the sixty-month plan totaling an amount greater than
the creditors would receive in a Chapter 7 liquidation.
Class 4 consists of all allowed general unsecured claims. Class 4
Claims will receive a pro rata distribution of approximately 20.00%
through the Plan. Holders of Class 4 Claims are impaired under the
Plan and therefore entitled to vote to accept or reject the Plan.
Class 5 consists of the equity holder of the Debtor. The Debtor's
Principal Tykarah Pitt-Wade shall retain her Interest in the Debtor
and continue to manage and maintain the Debtor's daily business
operations and receive the same or similar compensation that she
does now. Class 5 interests are unimpaired under the Plan and are
deemed to have accepted the Plan.
Except as set forth elsewhere in the Plan, all payments required to
be made under the Plan shall be made by the Reorganized Debtor and
will come from income earned from on-going operations of the
Debtor.
A full-text copy of the Plan of Reorganization dated November 14,
2024 is available at https://urlcurt.com/u?l=n2hHK1 from
PacerMonitor.com at no charge.
Attorney for the Debtor:
James J. Rufo, Esq.
Law Office of James J. Rufo
222 Bloomingdale Road, Suite 202
White Plains, NY 10605
Tel: (914) 600-7161
Email: jrufo@jamesrufolaw.com
About Tykarah Infant and Toddler Daycare
d/b/a Mindful Munchkins Academy
Tykarah Infant and Toddler, LLC, doing business as Mindful
Munchkins Academy, owns and operates a NY State licensed daycare
center located at 1536 Crescent Rd., Clifton Park, NY 12065.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-22723) on August 16,
2024, with up to $50,000 in assets and up to $500,000 in
liabilities.
Judge Sean H. Lane presides over the case.
James J. Rufo, Esq., at The Law Office of James J. Rufo, is the
Debtor's bankruptcy counsel.
UMAPM HOLDING: Gets Interim OK to Use Cash Collateral
-----------------------------------------------------
The U.S. Bankruptcy Court for the District of Minnesota authorized
UMAPM Holding Company, LLC, to use cash collateral under Chapter
11, securing adequate protection for creditors including Choice
Financial Group and the U.S. Small Business Administration.
The Debtor is authorized to use cash collateral in accordance with
the attached budget.
A copy of the court's order and the Debtor's budget is available at
https://shorturl.at/oDZaT from PacerMonitor.com.
The Debtor shall grant replacement liens to Choice Financial Group
and the U.S. Small Business Administration on the Debtor's
post-petition assets of the same type and nature as are subject to
the pre-petition liens of Choice Financial Group and the U.S. Small
Business Administration.
Additionally, The replacement liens shall not attach to any
pre-petition assets of the Debtor as of the petition date or to any
claims arising pursuant to Chapter 5 of the Bankruptcy Code.
The final hearing authorizing use of cash collateral will be held
on January 9, 2025.
About UMAPM Holding Company, LLC
UMAPM Holding Company, LLC sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D.M. Case No. 24-43262) with $0 to
$50,000 in assets and $1,000,001 to $10 million in laibilities.
Judge Katherine A Constantine oversees the case.
The debtor is represented by:
Karl J. Johnson
Sapientia Law Group
Tel: 612-756-7155
E-mail:karlj@sapientialaw.com
Alexander J. Beeby
Sapientia Law Group
Tel: 612-756-7100
E-mail: alexb@sapientialaw.com
US ECO PRODUCTS: Seeks to Hire the Feinman Law Offices as Counsel
-----------------------------------------------------------------
US Eco Products Corporation seeks approval from the U.S. Bankruptcy
Court for the District of Massachusetts to employ the Feinman Law
Offices as counsel.
The firm will prepare and file a Plan of Reorganization and
disclosure statement, and assist the Debtor in this Chapter 11
case.
The firm received a retainer of $40,000 from Peter Slettehaugh, a
principal of the Debtor.
Michael Feinman, Esq., the primary attorney in this representation,
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 B. Feinman, Esq.
Feinman Law Offices
69 Park St., Second Floor
Andover, MA 01810
Telephone: (978) 494-6669
Facsimile: (978) 475-0852
Email: mbf@feinmanlaw.com
About US Eco Products Corporation
US Eco Products Corporation filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. D. Mass. Case No.
24-41263) on Dec. 9, 2024. In the petition signed by Doreen Blades,
president, the Debtor disclosed $320,830 in total assets and
$1,249,695 in total liabilities.
Judge Elizabeth D. Katz oversees the case.
Michael B. Feinman, Esq., at the Feinman Law Offices represents the
Debtor as counsel.
VISALUS INC: Files Chapter 11 Bankruptcy, Jan. 8 Creditors' Meeting
-------------------------------------------------------------------
On December 5, 2024, ViSalus Inc. filed Chapter 11 protection in
the Eastern District of Texas. According to court documents, the
Debtor reports between $50 million and $100 million in debt owed to
1 and 49 creditors. The petition states funds will not be available
to unsecured creditors.
A meeting of creditors under Sec. 341(a) to be held on January 8,
2025 at 4:00 PM via Telephonic Dial-In Information at
https://www.txeb.uscourts.gov/341info.
About ViSalus Inc.
ViSalus Inc. is a direct-to-consumer, personal health product
company.
ViSalus Inc. sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. E.D. Tex. Case No. 24-42952) on December 5, 2024. In
the petition filed by Niklas Sarnicola, as authorized
representative, the Debtor reports estimated assets between $1
million and $10 million and estimated liabilities between $50
million and $100 million.
The Debtor is represented by:
Jeff Carruth, Esq.
WEYCER KAPLAN PULASKI & ZUBER P.C.
2608 Hibernia St.
Dallas TX 75204
Tel: (713) 961-9045
E-mail: jcarruth@wkpz.com
VOBEV LLC: Seeks to Hire FTI Consulting as Financial Advisor
------------------------------------------------------------
Vobev, LLC seeks approval from the U.S. Bankruptcy Court for the
District of Utah to employ FTI Consulting, Inc. as financial
advisor.
The firm will provide Alan Boyko as the Debtor's chief
transformation officer and will provide these related financial
advisory services:
(a) assist the Debtor, its senior management and other
advisors to revise and update its 2025 business plan and forecasted
financial performance;
(b) as directed by the independent committee, lead management
of and ongoing reporting requirements to the senior secured lender
and its advisors;
(c) assist the Debtor and its advisors, when requested, in the
preparation, design, and presentation of proposals to creditors and
investors regarding terms of potential amendments, capital raising
initiatives, modifications, and/or a sales process;
(d) assist the Debtor and its other advisors, only if directed
by the independent committee, in the preparation of additional
strategic options for the business;
(e) provide periodic status reports to senior management, the
Debtor's Board of Directors, and the other advisors with respect to
the progress of the overall engagement, as requested; and
(f) perform other customary financial and strategic advisory
services as may be reasonably requested by the Debtor and as may be
customary in this type of engagement.
The Debtor will compensate FTI at the rate of $500,000 per month,
with this rate effective as of December 1, 2024.
The hourly rates of the firm's professionals are as follows:
Senior Managing Director $1,185 -
$1,525
Directors/Senior Directors/Managing Directors $890 -
$1,155
Consultants/Senior Consultants $485 -
$385
Paraprofessionals $190 -
$385
In addition, the firm will seek reimbursement for expenses
incurred.
Prior to the petition date, the firm received advance payments in
the aggregate amount of $2,142,597.88 from the Debtor.
Alan Boyko, 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:
Alan Boyko
FTI Consulting, Inc.
4835 East Cactus Road, Suite 230
Scottsdale, AZ 85254
About Vobev LLC
Vobev LLC, a Salt Lake City-based beverage can manufacturer, 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
disclosed between $500 million and $1 billion in both assets and
liabilities.
Honorable Bankruptcy Judge Joel T. Marker handles the case.
The Debtor tapped Ray Quinney & Nebeker PC as counsel, Houlihan
Lokey Capital, Inc. as investment banker, and FTI Consulting, Inc.
as financial advisor. Kroll Restructuring Administration LLC is the
Debtor's claims and noticing agent.
VOBEV LLC: Seeks to Tap Houlihan Lokey Capital as Investment Banker
-------------------------------------------------------------------
Vobev, LLC seeks approval from the U.S. Bankruptcy Court for the
District of Utah to employ Houlihan Lokey Capital, Inc. as
investment banker.
The firm will provide these services:
(a) assist the Debtor in the development and distribution of
selected information, documents and other materials;
(b) assist the Debtor in soliciting, coordinating, and
evaluating indications of interest and proposals regarding any
transaction(s) from current and/or potential lenders, equity
investors, acquirers and/or strategic partners;
(c) assist the Debtor with the negotiation of any
transaction(s);
(d) provide expert advice and testimony regarding financial
matters related to any transaction(s), if necessary;
(e) attend meetings of the Debtor's Sole Independent Manager,
creditor groups, official constituencies and other interested
parties, as the Debtor and Houlihan Lokey mutually agree; and
(f) provide such other financial advisory and investment
banking services as may be agreed upon by Houlihan Lokey and the
Debtor.
The firm will be paid at these hourly rates:
(a) Initial Fee of $150,000.
(b) Monthly Fee of $150,00.
(c) Transaction Fee - (1) Ares Capital Corporation, ACF FINCO
I LLP or any of their respective affiliates, funds, managed
accounts, or investment vehicles (collectively, “Ares”),
Houlihan Lokey shall earn and the Company shall promptly pay upon
closing, a cash fee equal to $2,250,000 less any Monthly Fee
credits arising hereunder, or (2) a third party purchaser other
than Ares, Houlihan Lokey shall earn and the Company shall promptly
pay upon closing a cash fee equal to $2,250,000 plus 1.0% of the
cash purchase price paid by such third party in excess of
$150,000,000 less any Monthly Fee credits arising hereunder.
(d) Fee Cap - not exceed of $3,500.
(e) Court Services Fee - not exceed of $70,000.
(f) Reimbursement for expenses incurred.
John Popehn, a managing director at Houlihan Lokey Capital,
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:
John Popehn
Houlihan Lokey Capital, Inc.
245 Park Avenue, 20th Fl.
New York, NY 10167
Telephone: (212) 497-4100
Facsimile: (212) 661-3070
About Vobev LLC
Vobev LLC, a Salt Lake City-based beverage can manufacturer, 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
disclosed between $500 million and $1 billion in both assets and
liabilities.
Honorable Bankruptcy Judge Joel T. Marker handles the case.
The Debtor tapped Ray Quinney & Nebeker PC as counsel, Houlihan
Lokey Capital, Inc. as investment banker, and FTI Consulting, Inc.
as financial advisor. Kroll Restructuring Administration LLC is the
Debtor's claims and noticing agent.
VOBEV LLC: Seeks to Tap Ray Quinney & Nebeker as Bankruptcy Counsel
-------------------------------------------------------------------
Vobev, LLC seeks approval from the U.S. Bankruptcy Court for the
District of Utah to employ Ray Quinney & Nebeker, PC as general
bankruptcy and litigation counsel.
The firm will provide these services:
(a) investigate the assets, liabilities, and financial affairs
of the estate;
(b) investigate and advise the Debtor on issues related to
asset sale;
(c) assist the Debtor with cash collateral and DIP financing
matters;
(d) prepare on behalf of the Debtor any necessary legal papers
as required by applicable bankruptcy or non-bankruptcy law,
dictated by the demands of the case, or required by the court, and
represent the Debtor in proceedings or hearings related thereto;
(e) assist the Debtor in analyzing and pursuing possible
business reorganizations, sales and/or liquidations;
(f) assist the Debtor in analyzing and pursuing any proposed
dispositions of assets of the bankruptcy estate;
(g) pursue claims and causes of action of the Debtor's
bankruptcy estate;
(h) defend the Debtor and its estate in any litigation matters
which may be asserted;
(i) review, analyze, and advise the Debtor regarding claims or
causes of action to be pursued on behalf of the bankruptcy estate;
(j) assist the Debtor in providing information to creditors
and other parties in interest;
(k) interface with the Official Committee of Unsecured
Creditors and its professionals;
(l) review, analyze, and advise the Debtor regarding the
retention of any further professionals that may be necessary to
investigate and analyze assets of the estate;
(m) review, analyze, and advise the Debtor regarding fee
applications or other issues involving professional compensation in
the case;
(n) prepare and advise the Debtor regarding any Chapter 11
plan, and advise regarding possible Chapter 11 plans filed by other
constituents in the case;
(o) advise the Debtor regarding issues related to possible
requests for conversion or appointment of a trustee or examiner;
(p) assist the Debtor in negotiations with various creditor
constituencies regarding treatment, resolution, and payment of
creditor claims;
(q) review and analyze the validity of claims filed, and
advise the Debtor as to the filing of objections to claims, if
necessary;
(r) provide necessary corporate and tax advice as may be
necessary concerning the Debtor and other entities owned by,
controlled by, or affiliated with the Debtor;
(s) provide continuing legal advice with respect to the
bankruptcy estate concerning litigation and all other legal
matters; and
(t) perform all other necessary legal services as may be
required by the needs of the Debtor in the case.
The firm's counsel and staff will be paid at these hourly rtes:
Michael Johnson, Shareholder $515
Jeffrey Shields, Shareholder $510
David Leigh, Shareholder $465
Austin Nate, Associate $295
Mel Joes-Cannon, Associate $265
Natalie Openshaw, Paralegal $205
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received two prepetition retainers in total amount of
$60,000 from the Debtor.
Mr. Johnson 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 R. Johnson, Esq.
Ray Quinney & Nebeker PC
36 South State Street, 14th Floor
Salt Lake City, UT 84111
Telephone: (801) 532-1500
Email: mjohnson@rqn.com
About Vobev LLC
Vobev LLC, a Salt Lake City-based beverage can manufacturer, 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
disclosed between $500 million and $1 billion in both assets and
liabilities.
Honorable Bankruptcy Judge Joel T. Marker handles the case.
The Debtor tapped Ray Quinney & Nebeker PC as counsel, Houlihan
Lokey Capital, Inc. as investment banker, and FTI Consulting, Inc.
as financial advisor. Kroll Restructuring Administration LLC is the
Debtor's claims and noticing agent.
VOBEV LLC: Taps Kroll Restructuring Administration as Claims Agent
------------------------------------------------------------------
Vobev, LLC seeks approval from the U.S. Bankruptcy Court for the
District of Utah to employ Kroll Restructuring Administration LLC
as claims and noticing agent.
Kroll will oversee the distribution of notices and will assist in
the maintenance, processing, and docketing of proofs of claim filed
in the Chapter 11 case of the Debtor.
Prior to the petition date, Kroll received an advance payment in
the amount of $50,000 from the Debtor.
Benjamin Steele, a managing director at Kroll Restructirng
Administration, 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:
Benjamin J. Steele
Kroll Restructirng Administartion LLC
1 World Trade Center, 31st Floor
New York, NY 10007
About Vobev LLC
Vobev LLC, a Salt Lake City-based beverage can manufacturer, 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
disclosed between $500 million and $1 billion in both assets and
liabilities.
Honorable Bankruptcy Judge Joel T. Marker handles the case.
The Debtor tapped Ray Quinney & Nebeker PC as counsel, Houlihan
Lokey Capital, Inc. as investment banker, and FTI Consulting, Inc.
as financial advisor. Kroll Restructuring Administration LLC is the
Debtor's claims and noticing agent.
WARFIELD HISTORIC: Claims Will be Paid from Property Sale/Refinance
-------------------------------------------------------------------
Warfield Historic Properties, LLC and its affiliates filed with the
U.S. Bankruptcy Court for the District of Maryland a Disclosure
Statement describing Joint Amended Plan of Reorganization dated
November 14, 2024.
Class 3 consists of the creditors holding the Allowed Unsecured
Claims. Each holder of a General Unsecured Claim will be paid in
full with interest at the rate of 6% per annum no later than the
first to occur of: closing on the sale of Parcel B; or closing on
the sale of Parcel A or any other real estate the Debtors' own.
Holders of the Class 3 Claims are impaired.
Class 4 consists of the Debtors' equity interest holders. The
holder of these interests shall hold 100% of the membership
interests in the Reorganized Debtors in exchange for contributing
up to $1,400,000, as needed, to fund the Plan payments and the
Debtors' operating expenses as they accrue. This Class is Impaired.
The funds necessary to pay all Allowed Claims shall be derived from
property sales and/or a refinancing.
Warfield Investments, Inc., the Debtors' equity security holder,
has sufficient funds to fund the Plan as contemplated herein and in
the Plan. Pre-petition and post-petition, Warfield Investments,
Inc., the Debtors' equity security holder, has funded the Debtors'
monthly operating expenses. That will continue as required in
addition to making the Plan payments.
A full-text copy of the Disclosure Statement dated November 14,
2024 is available at https://urlcurt.com/u?l=1tXHOY from
PacerMonitor.com at no charge.
Counsel for the Debtors:
Michael J. Lichtenstein, Esq.
Ben Smith, Esq.
Shulman, Rogers, Gandal, Pordy & Ecker, P.A.
12505 Park Potomac Avenue, Sixth Floor
Potomac, MD 20854
Telephone: (301) 230-5200
Facsimile: (301) 230-2891
Email: mjl@shulmanroges.com
About Warfield Historic Properties
Springfield Hospital Center, originally set on 1,300 acres, began
admitting
psychiatric patients in Maryland in July 1896. In the 1940s and
50s, its patient population exceeded 3,000, and the hospital became
one of the subjects of a landmark Baltimore Sun series, "Maryland's
Shame." Because of deinstitutionalization and other factors, the
State of Maryland began to shutter portions of SHC in the 1990’s
including three clusters of historic buildings known as the Martin
Gross campus, Clark Circle, and the Warfield Complex.
In 1999, the Town of Sykesville and the State signed a Letter of
Intent to
transfer the Warfield Complex, which is now known as Warfield at
Historic Sykesville ("Warfield Project") to implement the State's
vision of multi-faceted, higher-density development.
The Town and Warfield Collaborative, LLC, a predecessor entity of
the Debtors, entered into a Purchase and Sale Agreement dated April
17, 2014 on the Warfield Project. Closing under the PSA occurred
on June 26, 2018 when the Debtors, as successor entities, paid
approximately $8.2 million for the Warfield Project, which included
49 +/- acres in multiple improved and unimproved parcels and
fourteen historic structures containing approximately 183,000 SF.
Warfield Historic Properties filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case
No. 24-12500) on March 26, 2024. In the petition signed by Roger
Conley as president, the Debtor estimated $1 million to $10 million
in both assets and liabilities.
Michael J. Lichtenstein, Esq, at Shulman Rogers, P.A., is the
Debtor's counsel.
WATER'S EDGE: Sec. 341(a) Meeting of Creditors on January 6
-----------------------------------------------------------
On December 5, 2024, Water's Edge Limited Partnership filed Chapter
11 protection in the District of Massachusetts. According to court
filing, the Debtor reports between $10 million and $50 million in
debt owed to 1 and 49 creditors. The petition states that funds
will be available to unsecured creditors.
A meeting of creditors under Sec. 341(a) to be held on January 6,
2025 at 10:30 AM, TELEPHONIC MEETING. Dial-in Number:
1-877-369-9123 Participant Code: 8635039#.
About Water's Edge Limited Partnership
Water's Edge Limited Partnership is primarily engaged in renting
and leasing real estate properties.
Water's Edge Limited Partnership sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 24-12445) on
December 5, 2024. In the petition filed by Evelyn M. Carabetta, as
authorized representative of the Debtor, the Debtor reports
estimated assets and liabilities between $10 million and $50
million each.
Honorable Bankruptcy Judge Christopher J. Panos handles the case.
The Debtor is represented by:
David Frye, Esq.
RUSSO, FRYE & ASSOCIATES, LLP
2 Oliver Street
Suite 612
Boston, MA 02109
Tel: (617) 542-7700
E-mail: dfrye@russofryellp.com
WESTAR PLUMBING: Court OKs Use of Cash Collateral Until Feb. 28
---------------------------------------------------------------
A U.S. bankruptcy judge signed a stipulated order allowing Westar
Plumbing Services, LLC to use the cash collateral of its
pre-bankruptcy secured creditors, Wells Fargo Bank, N.A. and the
Arizona Department of Revenue.
The second stipulated order, signed by Judge Brenda Moody Whinery
of the U.S. Bankruptcy Court for the District of Arizona,
authorized the company to continue to use cash collateral until
Feb. 28, 2025, for the expenses set forth in its three-month
budget, subject to a 10% variance.
The budget shows total projected expenses of $29,035 for December,
$19,015 for January 2025, and $1,115 for February 2025.
Wells Fargo and the Arizona Revenue Department will receive monthly
payments of $8,222.22 and $388.10 respectively. Both will also
continue to receive replacement liens in the company's
post-petition assets, including cash and receivables.
About Westar Plumbing Services
Westar Plumbing Services, LLC filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz.
Case No. 24-04301) on May 29, 2024, listing $1,000,001 to $10
million in both assets and liabilities.
Judge Brenda Moody Whinery presides over the case.
Thomas H. Allen, Esq. at Allen, Jones & Giles, PLC represents the
Debtor as counsel.
WINESTEAD LLC: Gets Final OK to Use Cash Collateral Thru Jan. 31
----------------------------------------------------------------
Winestead, LLC received final approval from the U.S. Bankruptcy
Court for the Central District of California, Riverside Division,
to use cash collateral in accordance with its agreement with First
Bank.
Winestead LLC is authorized to use cash collateral until Jan. 31,
2025, to cover its business expenses set forth in its budget. A 10%
variance is allowed to accommodate reasonable expense
fluctuations.
Creditors with existing liens, including First Bank, the United
States Small Business Association, and the California Department of
Tax and Fee Administration, were granted replacement liens on the
company's post-petition property. This excludes any causes of
action under certain sections of the Bankruptcy Code.
Additionally, Winestead must make monthly adequate protection
payments of $3,168.00 to the SBA, starting Nov. 15.
The Debtor shall pay monthly adequate protection payments to First
Bank in the amount of $2,000.00, beginning December 15, 2024.
The Debtor is authorized to use cash collateral to pay approved
adequate assurance payments of $2,940.00 to Southern California Gas
and of $1,157.00 to the Western Municipal Water District.
About Winestead LLC
Winestead LLC -- https://www.orangecoastwinery.com -- is a
restaurant known for offering great lunch, dinner and brunch. It
conducts business under the name Wine Ranch Grill and Cellars.
Winestead filed a petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. C.D. Calif. Case No. 24-16223) on October
17, 2024, with $100,001 to $500,000 in assets and $1 million to
$10
million in liabilities.
Judge Mark Houle oversees the case.
The Debtor is represented by Robert B Rosenstein, Esq., at
Rosenstein & Associates.
WYNN RESORTS: EVP Holds 32,397 Shares of Stock
----------------------------------------------
Krum Jacqui, EVP and General Counsel of Wynn Resorts Ltd., filed
Form 3 with the U.S. Securities and Exchange Commission disclosing
that as of as of December 1, 2024, he beneficially owns 32,397
shares of the Company's outstanding shares of stock.
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 $1.1 billion in
total stockholders' deficit.
* * *
Egan-Jones Ratings Company, on January 31, 2024, maintained its
'CCC+' foreign currency and local currency senior unsecured ratings
on debt issued by Wynn Resorts, Limited.
ZAYO GROUP: Begins Private Talks with Lenders to Extend Debt
------------------------------------------------------------
Reshmi Basu of Bloomberg News reports that Zayo Group Holdings
Inc., a fiber-network company, has initiated confidential
discussions with some of its first-lien lenders about potentially
amending and extending its term loan debt, according to sources
with knowledge of the matter.
These talks come as the company is also preparing to launch an
asset-backed deal to manage its significant debt load, according to
the report, citing sources who requested anonymity. During an
earnings call last month, management stated plans to initiate the
deal in the coming months, with others confirming that the timing
of the financing is being carefully planned, the report states.
About Zayo Holdings Inc.
Zayo Group is a privately held company headquartered in Boulder,
Colorado, with European headquarters in London, England. The
company provides communications infrastructure services.
The Troubled Company Reporter reported on May 21, 2024, that S&P
Global Ratings affirmed all its ratings on U.S.-based fiber
infrastructure provider Zayo Group Holdings Inc. (Zayo), including
the 'B-' issuer-credit rating.
[^] Large Companies with Insolvent Balance Sheet
------------------------------------------------
Total
Share- Total
Total Holders' Working
Assets Equity Capital
Company Ticker ($MM) ($MM) ($MM)
------- ------ ------ -------- -------
AEMETIS INC AMTX US 247.4 (258.9) (97.3)
ALPHA COGNITION ACOG CN 6.8 (3.9) 2.0
ALTRIA GROUP INC MO US 34,167.0 (3,418.0) (4,497.0)
AMC ENTERTAINMEN AMC US 8,324.1 (1,685.3) (789.8)
AMERICAN AIRLINE AAL US 63,528.0 (4,854.0) (11,076.0)
AMNEAL PHARM INC AMRX US 3,461.0 (33.7) 418.1
APPIAN CORP-A APPN US 549.9 (49.8) 62.0
AQUESTIVE THERAP AQST US 110.0 (45.4) 81.4
AUTOZONE INC AZO US 17,465.8 (4,394.8) (2,388.6)
AVEANNA HEALTHCA AVAH US 1,644.2 (156.4) (24.7)
AVIS BUDGET GROU CAR US 32,749.0 (229.0) (1,007.0)
BATH & BODY WORK BBWI US 4,984.0 (1,748.0) 145.0
BAUSCH HEALTH CO BHC CN 26,540.0 (242.0) 845.0
BAUSCH HEALTH CO BHC US 26,540.0 (242.0) 845.0
BELLRING BRANDS BRBR US 837.0 (205.9) 389.0
BEYOND MEAT INC BYND US 692.9 (611.9) 210.8
BIOAGE LABS INC BIOA US 337.4 313.7 317.4
BIOCRYST PHARM BCRX US 491.3 (468.6) 295.2
BIOTE CORP-A BTMD US 101.3 (126.8) 23.5
BLEICHROEDER ACQ BACQU US 0.3 (0.1) (0.3)
BLEICHROEDER ACQ BACQ US 0.3 (0.1) (0.3)
BOEING CO/THE BA US 137,695.0 (23,562.0) 12,136.0
BOLD EAGLE ACQUI BEAGU US 0.9 (0.1) (0.0)
BOMBARDIER INC-A BDRAF US 12,670.0 (1,996.0) 328.0
BOMBARDIER INC-A BBD/A CN 12,670.0 (1,996.0) 328.0
BOMBARDIER INC-B BDRBF US 12,670.0 (1,996.0) 328.0
BOMBARDIER INC-B BBD/B CN 12,670.0 (1,996.0) 328.0
BOOKING HOLDINGS BKNG US 27,978.0 (3,653.0) 3,851.0
BRIDGEBIO PHARMA BBIO US 665.0 (1,218.4) 305.4
BRIDGEMARQ REAL BRE CN 163.4 (68.9) (86.7)
BRIGHTSPHERE INV BSIG US 555.2 (3.8) -
CALUMET INC CLMT US 2,640.1 (426.6) (464.6)
CANTOR PA CEP US 101.5 100.9 (0.1)
CARDINAL HEALTH CAH US 43,059.0 (3,276.0) (1,773.0)
CHARLTON ARIA AC CHARU US 0.2 (0.1) (0.3)
CHARLTON ARIA-A CHAR US 0.2 (0.1) (0.3)
CHECKPOINT THERA CKPT US 5.2 (12.6) (12.6)
CHENIERE ENERGY CQP US 17,385.0 (626.0) (543.0)
CHILDREN'S PLACE PLCE US 888.8 (49.6) (46.3)
CHOICE HOTELS CHH US 2,544.0 (96.2) (140.2)
CINEPLEX INC CGX CN 2,209.3 (39.7) (310.5)
CINEPLEX INC CPXGF US 2,209.3 (39.7) (310.5)
CLIPPER REALTY I CLPR US 1,287.0 (9.5) -
COHEN CIRCLE ACQ CCIRU US 0.2 (0.5) (0.7)
COHEN CIRCLE ACQ CCIR US 0.2 (0.5) (0.7)
COMMSCOPE HOLDIN COMM US 8,810.7 (2,111.8) 973.2
COMMUNITY HEALTH CYH US 13,905.0 (1,270.0) 982.0
COMPOSECURE IN-A CMPO US 435.4 (285.0) 92.2
CONSENSUS CLOUD CCSI US 622.5 (93.2) 4.5
CONTANGO ORE INC CTGO US 158.3 (10.2) (43.0)
COOPER-STANDARD CPS US 1,797.5 (163.1) 223.8
CORE SCIENTIFIC CORZ US 921.9 (729.4) 201.3
CPI CARD GROUP I PMTS US 342.3 (42.8) 123.7
CROSSAMERICA PAR CAPL US 1,130.1 (30.7) (47.1)
CYTOKINETICS INC CYTK US 1,436.1 (13.9) 908.8
D-WAVE QUANTUM I QBTS US 49.6 (16.9) 9.3
DAVE INC DAVE US 272.2 (169.3) 217.3
DELEK LOGISTICS DKL US 1,960.7 (45.1) 16.4
DELL TECHN-C DELL US 81,951.0 (2,190.0) (11,465.0)
DENNY'S CORP DENN US 461.6 (54.5) (53.8)
DIGITALOCEAN HOL DOCN US 1,526.5 (211.7) 376.0
DINE BRANDS GLOB DIN US 1,699.5 (216.7) (55.4)
DOMINO'S PIZZA DPZ US 1,775.1 (3,976.6) 361.7
DOMO INC- CL B DOMO US 190.2 (171.2) (105.7)
DROPBOX INC-A DBX US 2,576.7 (546.1) (156.6)
ELUTIA INC ELUT US 48.4 (40.2) (2.4)
EMBECTA CORP EMBC US 1,285.3 (738.3) 387.0
EOS ENERGY ENTER EOSE US 216.8 (417.7) 74.1
ETSY INC ETSY US 2,442.2 (624.3) 767.7
EXCO RESOURCES EXCE US 1,032.7 (1,026.5) (421.2)
FAIR ISAAC CORP FICO US 1,717.9 (962.7) 237.1
FENNEC PHARMACEU FENC US 58.9 (5.2) 50.5
FENNEC PHARMACEU FRX CN 58.9 (5.2) 50.5
FERRELLGAS PAR-B FGPRB US 1,458.7 (298.3) 132.4
FERRELLGAS-LP FGPR US 1,458.7 (298.3) 132.4
FOGHORN THERAPEU FHTX US 308.4 (28.3) 214.4
FREIGHTCAR AMERI RAIL US 245.9 (72.4) 63.3
GCM GROSVENOR-A GCMG US 575.0 (113.0) 152.8
GOAL ACQUISITION PUCKU US 4.0 (11.1) (13.4)
GRINDR INC GRND US 456.3 (13.4) 29.3
GUARDANT HEALTH GH US 1,538.7 (60.1) 1,029.4
H&R BLOCK INC HRB US 2,550.0 (368.1) (184.3)
HERBALIFE LTD HLF US 2,653.5 (954.2) (40.4)
HILTON WORLDWIDE HLT US 16,689.0 (3,430.0) (918.0)
HP INC HPQ US 39,909.0 (1,323.0) (7,927.0)
HUMACYTE INC HUMA US 114.8 (63.7) 2.1
INHIBIKASE THERA IKT US 4.4 (0.5) (0.7)
INSEEGO CORP INSG US 113.4 (85.1) (103.8)
INSPIRED ENTERTA INSE US 388.6 (78.3) 56.1
INTUITIVE MACHIN LUNR US 224.8 (4.5) 73.0
INVIZYNE TECHNOL IZTC US 3.6 (3.6) (4.4)
IRON MOUNTAIN IRM US 18,469.6 (31.9) (587.2)
IRONWOOD PHARMAC IRWD US 389.5 (311.3) 129.2
JACK IN THE BOX JACK US 2,735.6 (851.8) (253.0)
JUPITER NEUROSCI JUNS US 0.1 (5.4) (5.3)
LAUNCH ONE ACQUI LPAAU US 234.0 (9.8) -
LAUNCH ONE ACQUI LPAA US 234.0 (9.8) -
LIFEMD INC LFMD US 72.6 (6.0) (10.3)
LINDBLAD EXPEDIT LIND US 889.8 (122.4) (98.3)
LIONS GATE ENT-B LGF/B US 7,146.8 (124.9) (2,637.3)
LIONS GATE-A LGF/A US 7,146.8 (124.9) (2,637.3)
LIONSGATE STUDIO LION US 5,261.4 (938.9) (2,312.9)
LOWE'S COS INC LOW US 44,743.0 (13,419.0) 2,530.0
LUCKY STRIKE ENT LUCK US 3,092.4 (40.4) (104.2)
LUMINAR TECHNOLO LAZR US 403.4 (258.0) 176.2
MADISON SQUARE G MSGS US 1,373.3 (277.5) (338.9)
MADISON SQUARE G MSGE US 1,610.3 (48.7) (260.8)
MANNKIND CORP MNKD US 464.2 (209.9) 255.6
MARBLEGATE ACQ-A GATE US 4.2 (19.4) (0.4)
MARBLEGATE ACQUI GATEU US 4.2 (19.4) (0.4)
MARRIOTT INTL-A MAR US 26,209.0 (2,421.0) (4,945.0)
MARTIN MIDSTREAM MMLP US 554.8 (61.3) 53.9
MATCH GROUP INC MTCH US 4,425.8 (88.5) 792.4
MBIA INC MBI US 2,230.0 (1,988.0) -
MCDONALDS CORP MCD US 56,172.0 (5,177.0) (1,396.0)
MCKESSON CORP MCK US 72,429.0 (2,642.0) (5,430.0)
MEDIAALPHA INC-A MAX US 236.1 (59.6) 29.4
METTLER-TOLEDO MTD US 3,319.8 (154.4) 13.3
MODIVCARE INC MODV US 1,651.7 (17.0) (118.1)
MSCI INC MSCI US 5,408.9 (751.0) (92.1)
NATHANS FAMOUS NATH US 57.7 (21.3) 32.6
NEW ENG RLTY-LP NEN US 387.4 (65.5) -
NEXT-CHEMX CORP CHMX US 3.9 (1.8) (3.8)
NOVAGOLD RES NG CN 114.7 (37.8) 103.5
NOVAGOLD RES NG US 114.7 (37.8) 103.5
NOVAVAX INC NVAX US 1,712.5 (526.4) (77.3)
NUTANIX INC - A NTNX US 2,181.4 (685.3) 302.9
O'REILLY AUTOMOT ORLY US 14,577.5 (1,439.1) (2,486.9)
OAKTREE ACQUISIT OACCU US 0.6 (0.0) -
OMEROS CORP OMER US 313.3 (154.2) 109.3
OTIS WORLDWI OTIS US 10,261.0 (4,780.0) (1,602.0)
PAPA JOHN'S INTL PZZA US 860.9 (414.7) (54.7)
PELOTON INTERA-A PTON US 2,157.1 (480.3) 644.9
PHATHOM PHARMACE PHAT US 387.0 (187.1) 308.5
PHILIP MORRIS IN PM US 66,892.0 (7,713.0) (2,570.0)
PITNEY BOWES INC PBI US 3,647.7 (518.9) (198.4)
PLANET FITNESS-A PLNT US 3,048.2 (267.1) 270.2
PORCH GROUP INC PRCH US 867.3 (77.0) (84.6)
PRIORITY TECHNOL PRTHU US 1,759.7 (58.9) 37.7
PRIORITY TECHNOL PRTH US 1,759.7 (58.9) 37.7
PROS HOLDINGS IN PRO US 384.2 (75.2) 44.2
PTC THERAPEUTICS PTCT US 1,842.2 (1,054.4) 670.8
QUANTUM CORP QMCOEUR EU 163.1 (153.4) (25.7)
RAPID7 INC RPD US 1,574.5 (6.3) 99.0
RE/MAX HOLDINGS RMAX US 578.6 (61.8) 54.2
REALREAL INC/THE REAL US 406.3 (345.4) (14.0)
REDFIN CORP RDFN US 1,151.1 (25.2) 167.3
REVANCE THERAPEU RVNC US 461.6 (163.0) 249.6
RH RH US 4,464.2 (183.0) 381.5
RIGEL PHARMACEUT RIGL US 139.4 (14.6) 52.2
RINGCENTRAL IN-A RNG US 1,818.4 (345.9) 94.2
RUBRIK INC-A RBRK US 1,268.7 (521.1) 127.1
SABRE CORP SABR US 4,693.2 (1,530.1) 22.9
SANUWAVE HEALTH SNWV US 21.8 (60.3) (71.6)
SBA COMM CORP SBAC US 10,201.7 (5,125.8) (217.6)
SCOTTS MIRACLE SMG US 2,871.9 (390.6) 230.1
SEAGATE TECHNOLO STX US 7,972.0 (1,300.0) 447.0
SEMTECH CORP SMTC US 1,379.0 (139.7) 322.3
SHOULDERUP TEC-A SUAC US 9.6 (3.8) (4.8)
SHOULDERUP TECHN SUACU US 9.6 (3.8) (4.8)
SLEEP NUMBER COR SNBR US 864.7 (448.8) (723.8)
SPECTRAL CAPITAL FCCN US 0.3 (0.1) (0.2)
SPIRIT AEROSYS-A SPR US 7,049.2 (1,936.5) 501.5
STARBUCKS CORP SBUX US 31,339.3 (7,441.6) (2,222.6)
STARDUST POWER I SDST US 5.4 (13.3) (7.7)
TORRID HOLDINGS CURV US 493.0 (189.3) (28.4)
TOWNSQUARE MED-A TSQ US 565.4 (52.5) 25.3
TRANSDIGM GROUP TDG US 25,586.0 (6,283.0) 3,690.0
TRAVEL + LEISURE TNL US 6,698.0 (861.0) 658.0
TRAVERE THERAPEU TVTX US 504.4 (30.5) 134.7
TRINSEO PLC TSE US 2,882.8 (480.0) 305.5
TRISALUS LIFE SC TLSI US 27.5 (20.4) 13.9
TRIUMPH GROUP TGI US 1,511.5 (95.2) 453.7
TUCOWS INC-A TC CN 799.0 (53.1) 22.7
TUCOWS INC-A TCX US 799.0 (53.1) 22.7
UNISYS CORP UIS US 1,861.6 (187.9) 361.8
UNITED PARKS & R PRKS US 2,579.6 (455.9) (142.3)
UNITI GROUP INC UNIT US 5,098.7 (2,476.3) -
VERISIGN INC VRSN US 1,462.0 (1,900.6) (808.8)
VOYAGER ACQ CORP VACHU US 256.9 (11.3) 0.8
VOYAGER ACQUISIT VACH US 256.9 (11.3) 0.8
WAYFAIR INC- A W US 3,414.0 (2,733.0) (357.0)
WILLOW LANE ACQU WLACU US 0.1 (0.0) (0.1)
WINGSTOP INC WING US 484.8 (447.5) 47.3
WINMARK CORP WINA US 52.0 (33.7) 30.0
WORKIVA INC WK US 1,302.1 (50.8) 449.5
WPF HOLDINGS INC WPFH US 0.0 (0.3) (0.3)
WYNN RESORTS LTD WYNN US 14,111.4 (1,065.5) 1,447.4
XERIS BIOPHARMA XERS US 321.1 (28.3) 71.8
XPONENTIAL FIT-A XPOF US 472.2 (123.3) 1.4
YUM! BRANDS INC YUM US 6,461.0 (7,674.0) 439.0
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts. The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
The Sunday TCR delivers securitization rating news from the week
then-ending.
TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA.
Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante,
Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon,
Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and
Peter A. Chapman, Editors.
Copyright 2024. All rights reserved. ISSN: 1520-9474.
This material is copyrighted and any commercial use, resale or
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*** End of Transmission ***