/raid1/www/Hosts/bankrupt/TCR_Public/241219.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Thursday, December 19, 2024, Vol. 28, No. 353
Headlines
13 ADAMS LLC: Case Summary & Two Unsecured Creditors
14 16 SHEEPS: Buyer's Bankruptcy Delays Sale of Waterfront Property
1945 OHIO STREET: Case Summary & Three Unsecured Creditors
22ND CENTURY: Joseph Reda, SEG Opportunity Hold 9.7% Stake
2303 AVE: Sec. 341(a) Meeting of Creditors on January 13
301 W NORTH: Court Approves Use of Cash Collateral Until Jan. 8
ACCEL MOTORS: Case Summary & Five Unsecured Creditors
AFFINITY INTEGRATED: Matthew Brash Named Subchapter V Trustee
AIR INDUSTRIES: Wins $4M F-35 Arresting Gear Components Contract
AL NGPL: S&P Affirms 'B+' Issuer Credit Rating, Outlook Stable
ALL STAR TRANSPORTATION: Seeks Chapter 11 Protection in Nevada
ALTRA SERVICE: Sec. 341(a) Meeting of Creditors on January 15
AMERICAN DREAM: Files Chapter 11 Bankruptcy in Colorado
ANGIE'S TRANSPORTATION: Voluntary Chapter 11 Case Summary
ASHFORD HOSPITALITY: To Close Series J & K Stock Offering by March
ASHFORD HOSPITALITY: To Sell Courtyard Boston Downtown for $123MM
ASHKAN RAJAEE: Court Extends Stay of Tyler Davis Lawsuit
ASHKAN RAJAEE: Second Tyler Davis Lawsuit Stayed
ATI PHYSICAL: Moves to OTC Market After NYSE Delisting
BEECH INTERNATIONAL: Sec. 341(a) Meeting of Creditors on January 23
BEYOND AIR: Receives CE Mark for LungFit PH System in Europe
BF 121 LLC: Case Summary & 20 Largest Unsecured Creditors
BIG LOTS: Creditors Demand $89MM in Unpaid Rent, Vendor Fees
BIO-KEY INTL: Believes to Have Regained Nasdaq Compliance
BIO-KEY INTL: Buys Boumarang Shares, Partners With Fiber Food
BIT MINING: Buys Ethiopian Data Centers, BTC Machines for $14.28MM
BL SANTA FE: Realty Financial Suit Can't Proceed to Mediation
BLUE CRATES: Janice Seyedin Named Subchapter V Trustee
BLUE STAR: Investors Granted Right to Convert Notes Into Shares
BLUEBIRD BIO: Implements 1-for-20 Reverse Stock Split
BLUM HOLDINGS: James Miller Retires as COO, Remains Director
BUCKARDT TECHNOLOGIES: Janice Seyedin Named Subchapter V Trustee
C&S GROUP: S&P Downgrades ICR to 'B+' on Terminated Deal
CARDIFF LEXINGTON: Amends Stock Terms, Increases Series Y Shares
CHARGING ROBOTICS: Cuts Authorized Common Stock to 50 Million
CLEAN ENERGY: Signs $100K Securities Purchase Deal With Lucas
COASTAL GREEN: Case Summary & 20 Largest Unsecured Creditors
COAT CHECK: Court OKs Provider Coffee Sale to Tinker T.A.B.
COAT CHECK: Sale of Personal Property to Athenaeum Foundation OK'd
COAT CHECK: Strange Bird Restaurant Sale to Strange Phoenix OK'd
COKING COAL: Case Summary & 20 Largest Unsecured Creditors
COMMSCOPE HOLDING: Inks Deal w/ Monarch, Apollo to Refinance Debt
CONTAINER STORE: S&P Downgrades ICR to 'CCC-', Outlook Negative
CORAL POINTE: U.S. Trustee Unable to Appoint Committee
DCCM RESTAURANT: Andrew Layden Named Subchapter V Trustee
DCS NAPLES: Files Chapter 11 Bankruptcy in Florida
DREAM ASSOCIATES: Case Summary & Eight Unsecured Creditors
EASTSIDE DISTILLING: Raises $595K From Sale of Preferred Shares
ELECTRICAL CONNECTIONS: Paul Jordan Named Subchapter V Trustee
ENGINEERING RECRUITING: Gets Interim OK to Use Cash Collateral
EP PROPERTY CLEARLAKE: Gina Klump Named Subchapter V Trustee
EP PROPERTY FORTUNA: Gina Klump Named Subchapter V Trustee
EP PROPERTY YREKA: Gina Klump Named Subchapter V Trustee
EPIC! CREATIONS: Dec. 30 Deadline Set for Panel Questionnaires
EXELA TECHNOLOGIES: The Rifles Trust Holds 11.17% Stake
EXPRESS INC: Court Approves Chapter 11 Liquidation Plan
EYENOVIA INC: Stuart Grant Owns Warrants to Acquire 3.96% Shares
FINGERMOTION INC: Names New Board Members After Director Resigns
FIRST MODE: Case Summary & 30 Largest Unsecured Creditors
FIRST MODE: Dec. 23 Deadline Set for Panel Questionnaires
FLUENT INC: Global Value Investment, 5 Others Hold 14.83% Stake
FOCUS UNIVERSAL: All Three Proposals Approved at Annual Meeting
FRANCHISE GROUP: Lender Feud Erupts Over Controversial Buyout
FULCRUM BIOENERGY: Refuse Inc. Buys Nevada Site via Bankruptcy
GRAND VIEW HOSPITAL: S&P Lowers 2021 Revenue Bonds Rating to 'B+'
GRIT & GRAVEL: Case Summary & 20 Largest Unsecured Creditors
HIGHLAND PARK: Sec. 341(a) Meeting of Creditors on January 16
ILUSTRATO PICTURES: Holds 16.6% of Fusion Fuel's Ordinary Shares
INSPIREMD INC: Nantahala Capital Partners Holds 5.22% Equity Stake
INTERFREIGHT SYSTEMS: Case Summary & 20 Top Unsecured Creditors
ISLAND VIEW: Seeks Bankruptcy Protection in California
JOHNSTONE SUPPLY: S&P Rates New $1.125 Billion Term Loan 'B'
JRL ACQUISITION: Case Summary & 20 Largest Unsecured Creditors
JRL COAL: Case Summary & 20 Largest Unsecured Creditors
JRL ENERGY: Case Summary & 20 Largest Unsecured Creditors
JRL UNDERGROUND: Case Summary & 20 Largest Unsecured Creditors
JRT 340: Seeks Bankruptcy Protection in S.D.N.Y.
JUS BROADCASTING: Seeks Chapter 11 Bankruptcy Protection
K&NN TRUCKING: Case Summary & Eight Unsecured Creditors
KERISMA LLC: Kicks Off Subchapter V Bankruptcy Process
KULR TECHNOLOGY: Allocates Up to 90% of Cash to Bitcoin
KULR TECHNOLOGY: Increases Offering to $46MM Under Sales Agreement
LEVINTE INC: Neema Varghese Named Subchapter V Trustee
LIFESTYLE BRANDS: Case Summary & 11 Unsecured Creditors
LSF12 BADGER: S&P Downgrades ICR to 'B-', Outlook Stable
MALLINCKRODT PLC: S&P Raises ICR to 'BB-' on Material Deleveraging
MAWSON INFRASTRUCTURE: Denies Voluntary Chapter 11 Filing
MEJJM INC: Judy Wolf Weiker Named Subchapter V Trustee
MERRILL SERVICES: Files Subchapter V Bankruptcy Proceeding
MIDLOTHIAN COFFEE: Peter Barrett Named Subchapter V Trustee
MIRANDA LOGISTICS: Case Summary & 20 Largest Unsecured Creditors
MISS AMERICA: Court Dismisses Chapter 11 Case Amid Ownership Fight
MONTEREY CAPITOLA: Voluntary Chapter 11 Case Summary
MOUNTAINSKY LANDSCAPING: Seeks Court OK to Sell Sedona Property
N.C. 17-19 ADAMS: Voluntary Chapter 11 Case Summary
NB 700 LOGAN: Files Chapter 11 Bankruptcy in California
NEW WAVE PROPERTY: Judy Wolf Weiker Named Subchapter V Trustee
NEW YORK'S PREMIER: Paul Levine of Emery Named Subchapter V Trustee
NORDICUS PARTNERS: Inks Consulting Deals With Harbor Access, ESG
NORTHVOLT AB: Bankruptcy Court Postpones 2nd-Day Hearing to Dec. 20
NURSES FIRST: Seeks Bankruptcy Protection in Florida
OCEAN POWER: Increases Issuance Amount to $60.3M Under Sales Deal
OCEAN POWER: Reports 40% Year-Over-Year Drop in Net Loss for Q2FY25
OKLAHOMA FORGE: U.S. Trustee Appoints Creditors' Committee
OMIMEX PETROLEUM: Commences Subchapter V Bankruptcy Process
ONDAS HOLDINGS: Increases Shares Under Incentive Plan by 3 Million
OUTLOOK THERAPEUTICS: CEO Trenary Resigns, CFO Takes Interim Role
PARK SQUARE: Court Selects Cushman & Wakefield as Receiver
PAYNE'S ENVIRONMENTAL: Court OKs Interim Use of Cash Collateral
PICCARD PETS: Jacksonville Property Sale to Anthony Rademeyer OK'd
POET TECHNOLOGIES: Closes $25M Offering With Institutional Investor
PRESBYTERIAN HOMES: Case Summary & 20 Largest Unsecured Creditors
QBS PARENT: S&P Withdraws 'B-' Issuer Credit Rating
QUICKWAY ESTATES: Seeks to Sell Monroe Property for $2.8MM
QURATE RETAIL: Transfers Equity Listing to Nasdaq Capital Market
R&W CLARK: Matthew Brash Named Subchapter V Trustee
RE WEALTH ADVISORS: Seeks Chapter 11 Bankruptcy w/ $10MM Debt
RED RIVER TALC: Discovery Needs Delay Chapter 11 Bankruptcy Trial
REVOLUTIONARY CLINICS: Enters Receivership With Affiliates
RHODE ISLAND: Court Tosses Receivership Bid
RIDGELINE CAPITAL: Files Chapter 11 Bankruptcy in California
SEARS HOLDING: Trustee Can Retain Mall of America Lease
SERIOUS FUN: Gerard Luckman Named Subchapter V Trustee
SEVEN RIVERS: Case Summary & Six Unsecured Creditors
SPIRIT AIRLINES: Court Schedules Chapter 11 Plan Hearing on Jan.
SPIRIT AIRLINES: Pushes Forward With Restructuring
SPORTS INTERIORS: Robert Handler Named Subchapter V Trustee
ST. JAMES GROUP: Case Summary & Two Unsecured Creditors
STARWOOD PROPERTY: S&P Assigns 'BB-' Rating on Unsecured Bonds
SWC INDUSTRIES: U.S. Trustee Appoints Creditors' Committee
TEMADA INC: Linda Leali Named Subchapter V Trustee
THERATECHNOLOGIES INC: Expands Portfolio With Ionis Licensing Deal
TITAN MECHANICAL: Robert Handler Named Subchapter V Trustee
TONIX PHARMACEUTICALS: Expands Leadership Team With Two New Hires
TRANSOCEAN LTD: Shifts Subsidiaries to Bermuda
TREE CONNECTION: Sec. 341(a) Meeting of Creditors on Jan. 16
TWIN FALLS OIL: Seeks Chapter 11 Bankruptcy
VAI CONSTRUCTION: Files Bare-Bones Bankruptcy in S.D.N.Y.
VENUS CONCEPT: Amends Madryn Loan Deal, Defers Payment Through 2024
VENUS CONCEPT: Dr. Garheng Kong Steps Down as Director
VENUS CONCEPT: Draws $1.2MM Bridge Loan From Madryn Partners
VERTEX ENERGY: Cancels Auction, Opts for Restructuring
VIVAKOR INC: Completes Omega Pipeline Expansion Project
WFO LLC: To Sell Concrete Batch Plant to Martin Marietta Materials
WIMPY'S CALIFORNIA: Lisa Holder Named Subchapter V Trustee
WINDTREE THERAPEUTICS: Hires NGA for Cardiovascular Asset Sale
WISA TECHNOLOGIES: Inks Third Amendment to Inducement Agreement
WISA TECHNOLOGIES: Stanley Mbugua Holds 70,000 Common Shares
WORLD OF BEER: Secures Bankruptcy Plan Deal With Junior Creditors
YERUSHA LLC: Robert Handler Named Subchapter V Trustee
YS GARMENTS: S&P Affirms 'CCC' ICR, Outlook Negative
[^] Recent Small-Dollar & Individual Chapter 11 Filings
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13 ADAMS LLC: Case Summary & Two Unsecured Creditors
----------------------------------------------------
Debtor: 13 Adams LLC
13 Adams Street
Bedford Hills, NY 10507
Business Description: 13 Adams LLC is a Single Asset Real Estate
debtor (as defined in 11 U.S.C. Section
101(51B)).
Chapter 11 Petition Date: December 17, 2024
Court: United States Bankruptcy Court
Southern District of New York
Case No.: 24-23096
Judge: Hon. Sean H Lane
Debtor's Counsel: Anne Penachio, Esq.
PENACHIO MALARA LLP
245 Main Street
Suite 450
White Plains, NY 10601
Tel: (914) 946-2889
E-mail: anne@pmlawllp.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Nuo Camaj as manager.
A full-text copy of the petition containing, among other items, a
list of the Debtor's two unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/5RRFV7Q/13_Adams_LLC__nysbke-24-23096__0001.0.pdf?mcid=tGE4TAMA
14 16 SHEEPS: Buyer's Bankruptcy Delays Sale of Waterfront Property
-------------------------------------------------------------------
Jason Graziadei of Nantucket Current reports that a foreclosure
auction for the waterfront properties at 14 and 16 Sheep Pond Road
has been delayed after the limited liability company that purchased
the eroding lots two years ago filed for bankruptcy. On December
15, 2024, 14 16 Sheeps Pond LLC, the property owner, filed for
Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District
of Massachusetts. The LLC is registered to Brett Fodiman, president
of Slacktide, a Boston-based private equity and real estate
development firm. Since buying the properties for $3.9 million in
April 2022, Slacktide had been renting them out as short-term
rentals at $16,000 per week.
According to Nantucket Current, the bankruptcy filing has blocked a
foreclosure auction that Clinton Savings Bank, a central
Massachusetts lender, was pursuing. The bank had provided Fodiman's
LLC with a $2.9 million mortgage just before the sale. The auction
was set for noon on the same day. The timing of the filing comes
after workers rushed over the weekend to move the house at 16 Sheep
Pond Road away from an eroding coastal bank, leaving part of the
deck hanging over the edge. The Nantucket Health Department
condemned the house, citing "severe erosion" and declaring the
property uninhabitable.
Fodiman's bankruptcy filing stated, "The Debtor filed this case to
stop a foreclosure scheduled by Clinton Savings Bank. Given the
value of the Property, the Debtor believes it will be able to
propose a plan of reorganization that satisfies all creditors in
full," the report relays.
The bankruptcy documents list two secured creditors: Clinton
Savings Bank, claiming $3.14 million, and Martin Bourke Painting
Inc., owed $35,698. Three unsecured creditors, familiar to
Nantucket, include Emeritus Development ($41,866), Bracken
Engineering ($17,585), and Blackwell Associates ($2,480).
While the bankruptcy filing cites a fair market value of $5.1
million for the properties (based on Zillow), Fodiman's team
believes the actual value is higher, Nantucket Current reports.
Dave Madoff, Fodiman's attorney, clarified, "Slacktide did not file
the bankruptcy. The property is owned by 14 16 Sheeps Pond LLC,
which filed for Chapter 11."
Despite this, Slacktide is facing its own set of challenges. The
company's main office number is currently "temporarily
unavailable," and it is involved in several lawsuits and small
claims in Nantucket District and Superior Courts over unpaid debts
and contractual disputes, the report cites.
Property records show that the two Sheep Pond Road properties were
sold for $1.3 million in November 2020, amid the COVID-19 pandemic.
Less than two years later, Fodiman's LLC purchased them for $3.9
million in April 2022.
About 14 16 Sheeps Pond LLC
14 16 Sheeps Pond LLC is a real estate property owner.
14 16 Sheeps Pond LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Mass. Case No. 24-12513) on December 15,
2024. In its petition, the Debtor reports estimated assets and
liabilities between $1 million and $10 million each.
Honorable Bankruptcy Judge Janet E. Bostwick handles the case.
David B. Madoff of Madoff & Khoury LLP is the Debtor's counsel.
1945 OHIO STREET: Case Summary & Three Unsecured Creditors
----------------------------------------------------------
Debtor: 1945 Ohio Street, LLC
1945 Ohio Street LLC
Naperville, IL 60564
Business Description: 1945 Ohio Street, LLC is a Single Asset Real
Estate debtor (as defined in 11 U.S.C.
Section 101(51B)).
Chapter 11 Petition Date: December 17, 2024
Court: United States Bankruptcy Court
Northern District of Illinois
Case No.: 24-18816
Judge: Hon. Janet S Baer
Debtor's Counsel: Paul M. Bach, Esq.
BACH LAW OFFICES
P.O. Box 1285
Northbrook, IL 60065
E-mail: paul@bachoffices.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Ernest Edwards as managing member.
A full-text copy of the petition containing, among other items, a
list of the Debtor's three unsecured creditors is available for
free at PacerMonitor.com at:
https://www.pacermonitor.com/view/RPA7JKI/1945_Ohio_Street_LLC__ilnbke-24-18816__0001.0.pdf?mcid=tGE4TAMA
22ND CENTURY: Joseph Reda, SEG Opportunity Hold 9.7% Stake
----------------------------------------------------------
SEG Opportunity Fund, LLC and its manager, Joseph Reda, filed a
Schedule 13G/A Report with the U.S. Securities and Exchange
Commission disclosing that as of November 26, 2024, they
beneficially owned 6,000,000 shares of 22nd Century Group, Inc.'s
common stock, representing 9.7% of the shares outstanding.
SEG Opportunity Fund may be reached at:
1 Wolfs Lane Suite 316
Pelham, NY 10803
A full-text copy of the SEC Report is available at:
https://tinyurl.com/38jvm4yt
About 22nd Century Group
Mocksville, N.C.-based 22nd Century Group, Inc. is a tobacco
products company specializing in the sales and distribution of its
proprietary reduced nicotine tobacco products, which have been
authorized as Modified Risk Tobacco Products by the FDA. The
company also provides contract manufacturing services for
conventional combustible tobacco products for third-party brands.
22nd Century Group disclosed in its Quarterly Report for the three
months ended September 30, 2024 that it has incurred significant
losses and negative cash flows from operations since inception and
expects to incur additional losses until such time that it can
generate significant revenue and profit in its tobacco business.
The Company had negative cash flow from operations of $9,947 and
$50,184 for the nine months ended September 30, 2024 and 2023,
respectively, and an accumulated deficit of $389,315 and $378,707
as of September 30, 2024 and December 31, 2023, respectively. As of
September 30, 2024, the Company had cash and cash equivalents of
$5,341.
Given the Company's projected operating requirements and its
existing cash and cash equivalents, there is substantial doubt
about the Company's ability to continue as a going concern through
one year following the date (November 12, 2024) that the Quarterly
Report was issued.
For the year ended December 31, 2023, the company reported a net
loss of $140.8 million, compared to a net loss of $59.8 million in
2022. As of September 30, 2024, 22nd Century Group had $26.2
million in total assets, $22.7 million in total liabilities, and
$3.5 million in total shareholders' equity.
2303 AVE: Sec. 341(a) Meeting of Creditors on January 13
--------------------------------------------------------
On December 11, 2024, 2303 Ave LLC filed Chapter 11 protection in
the Eastern District of New York. 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 not be available
to unsecured creditors.
A meeting of creditors under Sec. 341(a) to be held on January 13,
2025 at 02:00 AM, TELEPHONIC MEETING. CONFERENCE LINE:1 (866)
919-4760, PARTICIPANT CODE:4081400#.
About 2303 Ave LLC
2303 Ave LLC is a Single Asset Real Estate debtor (as defined in 11
U.S.C. Section 101(51B)).
2303 Ave LLC sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. E.D.N.Y. Case No. 24-45179) on December 11, 2024. In
the petition filed by Dorothy Black, as managing member, the Debtor
reports estimated assets and liabilities between $1 million and $10
million each.
Honorable Bankruptcy Judge Jil Mazer-Marino oversees the case.
The Debtor is represented by:
Bryant A. Roman, Esq.
ROMAN & ASSOCIATES, PLLC
305 Broadway, Suite 720
New York, NY 10007
Tel: (212) 323-7428
Fax: (646) 349-3222
E-mail: bryantroman@romanassociates.com
301 W NORTH: Court Approves Use of Cash Collateral Until Jan. 8
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Illinois
approved a stipulation between 301 W North Avenue, LLC and its
secured lender, BDS III Mortgage Capital G, LLC, allowing the
company to use cash collateral until Jan. 8, 2025.
The stipulation aims to avoid immediate litigation over the
company's motion to access the lender's cash collateral. BDS
previously objected to the motion.
This is the ninth time the company obtained interim court approval
since the filing of its motion in March. The company's continued
use of cash collateral is subject to the agreed terms of prior
orders.
A status hearing is scheduled for Jan. 8, 2025. If an agreement on
the extension is not reached by that time, the companies will seek
a briefing schedule.
The budget approved by the court shows total projected expenses of
$142,744 for December.
About 301 W North Avenue
301 W North Avenue, LLC is a Chicago-based company engaged in
activities related to real estate.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-02741) on February
27, 2024, with up to $50 million in both assets and liabilities.
The petition was signed by F. Martin Paris, Jr., president of MK
Manager Corp., which manages the Debtor.
Judge Donald R. Cassling oversees the case.
Much Shelist, PC represents the Debtor as legal counsel.
ACCEL MOTORS: Case Summary & Five Unsecured Creditors
-----------------------------------------------------
Debtor: Accel Motors, Inc.
30-15 Thompson Avenue
Long Island City, NY 11101
Business Description: The Debtor is primarily engaged in renting
and leasing real estate properties.
Chapter 11 Petition Date: December 16, 2024
Court: United States Bankruptcy Court
Eastern District of New York
Case No.: 24-45239
Debtor's Counsel: Lawrence Morrison, Esq.
MORRISON TENENBAUM PLLC
87 Walker Street, Second Floor
New York, NY 10013
E-mail: lmorrison@m-t-law.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Mehdi Moslem as president.
A copy of the Debtor's list of five unsecured creditors is
available for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/LVEZGWA/Accel_Motors_Inc__nyebke-24-45239__0003.0.pdf?mcid=tGE4TAMA
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/LOFCPEQ/Accel_Motors_Inc__nyebke-24-45239__0001.0.pdf?mcid=tGE4TAMA
AFFINITY INTEGRATED: Matthew Brash Named Subchapter V Trustee
-------------------------------------------------------------
The U.S. Trustee for Region 11 appointed Matthew Brash of Newpoint
Advisors Corporation as Subchapter V trustee for Affinity
Integrated Healthcare, S.C.
Mr. Brash will be paid an hourly fee of $410 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Brash declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Matthew Brash
Newpoint Advisors Corporation
655 Deerfield Road, Suite 100-311
Deerfield, IL 60015
Tel: (847) 404-7845
About Affinity Integrated Healthcare
Affinity Integrated Healthcare S.C. sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-09010)
on June 19, 2024, with up to $50,000 in assets and up to $500,000
in liabilities.
Judge Donald R. Cassling presides over the case.
Blair R. Zanzig, Esq., at Leibowitz Hiltz & Zanzig represents the
Debtor as legal counsel.
AIR INDUSTRIES: Wins $4M F-35 Arresting Gear Components Contract
----------------------------------------------------------------
Air Industries Group announced that it has secured a follow-on
contract valued at approximately $4 million for arresting gear
components to be used on the F-35 Lightning II fighter aircraft.
The contract originated in a European partner nation of the F-35
program.
Production of the arresting gear components is expected to begin in
the first half of 2025, with the contract scheduled for completion
by year end 2025. This agreement demonstrates Air Industries
Group's commitment to supporting global defense initiatives and
solidifying its role as a trusted supplier in the aerospace and
defense sector.
Lou Melluzzo, Chief Executive Officer of Air Industries Group
commented:
"The initial contract for these products was awarded in 2023,
representing our first experience with this new customer. The
current order affirms the mutual trust that we have established
during the period of performance, and underscores our strategic
objective to expand international sales, and to continue our strong
support of the F-35 program."
About Air Industries Group
Headquartered in Bay Shore, New York, Air Industries Group (NYSE
American: AIRI) is a manufacturer of precision components and
assemblies for large aerospace and defense prime contractors. Its
products include landing gears, flight controls, engine mounts, and
components for aircraft jet engines, ground turbines, and other
complex machines.
Saddle Brook, New Jersey-based Marcum LLP, the Company's auditor
since 2008, issued a "going concern" qualification in its report
dated April 15, 2024. The report noted that for the period ending
March 31, 2024, the Company was not in compliance with the
financial covenants required under the terms of its current credit
facility. It is reasonably possible that the Company will not
receive a waiver and may fail to meet these financial covenants in
future periods. The Company is required to maintain a collection
account with its lender into which substantially all of the
Company's cash receipts are remitted. If the Company's lender were
to cease lending and keep the funds remitted to the collection
account, the Company would lack the funds to continue its
operations. Failure to receive a waiver or meet the financial
covenants in future periods raises substantial doubt about the
Company's ability to continue as a going concern.
As of September 30, 2024, Air Industries Group had $50.4 million in
total assets, $35.7 million in total liabilities, and $14.7 million
in total stockholders' equity.
AL NGPL: S&P Affirms 'B+' Issuer Credit Rating, Outlook Stable
--------------------------------------------------------------
S&P Global Ratings affirmed its 'B+' issuer credit rating on AL
NGPL, a subsidiary of Arclight Capital Partners with a 37.5%
ownership interest in NGPL Holdings LLC. At the same time, S&P
affirmed its 'B+' issue-level rating on AL NGPL's upsized term loan
B. S&P's recovery rating is '3', indicating expectations for
meaningful recovery (50%-70%; rounded estimate: 55%) in the event
of a default.
The stable outlook reflects S&P's expectation that AL NGPL will
generate debt to EBITDA of about 6.5x and EBITDA interest coverage
of about 2.5x in 2025.
S&P affirmed the 'B+' issuer credit rating on AL NGPL following the
incremental $75 million upsize of the $685 million outstanding term
loan B announced on Dec. 16, 2024.
AL NGPL relies on distributions from NGPL Holdings to service its
debt.
S&P said, "The stable outlook reflects our expectation that AL NGPL
will continue to receive steady cash distributions from NGPL
Holdings underpinned by its take-or-pay contracts and large
operational scale. We expect debt to EBITDA of 7x in 2024 and
6.5x-6.8x in the two following years."
S&P could take a negative rating action on AL NGPL if:
-- Leverage deteriorates to 7.5x or EBITDA interest coverage ratio
declines to 1.5x or below on a forward-looking basis. This could
occur due to lower-than-expected available cash at NGPL Holdings or
debt-financed dividends; or
-- NGPL Holdings' credit quality deteriorates such that leverage
at its subsidiary, NGPL PipeCo LLC, exceeds 4.5x. This could occur
due to prolonged increases in operating expenditure, an inability
to renew expiring contracts at competitive rates, or a substantial
increase in debt to fund growth projects.
Although unlikely in the near term, S&P could consider a positive
rating action on AL NGPL if:
-- EBITDA interest coverage ratio exceeds 3x and debt to EBITDA
declines below 5.5x. This could occur if higher-than-expected
throughput volumes at NGPL PipeCo support greater available cash;
or
-- S&P raise its rating on NGPL PipeCo. This could occur if S&P
Global Ratings-adjusted debt to EBITDA is less than 3.5x on a
consistent basis due to higher-than-expected volumes or debt
repayment.
ALL STAR TRANSPORTATION: Seeks Chapter 11 Protection in Nevada
--------------------------------------------------------------
On December 10, 2024, All Star Transportation Group LLC filed
Chapter 11 protection in the District of Nevada. According to court
documents, the Debtor reports $1,303,069 in debt owed to 1 and 49
creditors. The petition states funds will be available to unsecured
creditors.
About All Star Transportation Group LLC
All Star Transportation Group LLC --
https://all-startransportation.com/ -- provides uncompromising
transportation services.
All Star Transportation Group LLC sought relief under Subchapter V
of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No.
24-51229) on December 10, 2024. In the petition filed by Tim
Ledesma, as manager, the Debtor reports total assets of $917,504
and total liabilities of $1,303,069.
Honorable Bankruptcy Judge Hilary L. Barnes handles the case.
The Debtor is represented by:
Kevin A Darby, Esq.
DARBY LAW PRACTICE
499 W. Plumb Lane, Suite 202
Reno, NV 89509
Tel: 775-322-1237
Fax: 775-996-7290
E-mail: kevin@darbylawpractice.com
ALTRA SERVICE: Sec. 341(a) Meeting of Creditors on January 15
-------------------------------------------------------------
On December 10, 2024, Altra Service Professionals Inc. filed
Chapter 11 protection in the Middle District of Florida. According
to court filing, the Debtor reports $1,075,332 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 12:00 AM. U.S. Trustee (Jax) will hold the meeting
telephonically. Call in Number: 866-718-3566. Passcode: 2721444#.
About Altra Service Professionals Inc.
Altra Service Professionals Inc. is a medical equipment service &
repair company located in Ocala, FL, specializing in home
respiratory medical equipment repairs for portable oxygen
concentrators and CPAP machines. ASP is an authorized service
center for Philips Respironics and ResMed.
Altra Service Professionals Inc. sought relief under Subchapter V
of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case
No. 24-03753) on December 10, 2024. In the petition filed by Robert
DeChello, as president, the Debtor reports total assets of $190,482
and total liabilities of $1,075,332.
Honorable Bankruptcy Judge Jacob A. Brown handles the case.
The Debtor is represented by:
Jeffrey S. Ainsworth, Esq.
BRANSONLAW, PLLC
1501 E. Concord Street
Orlando, FL 32803
Tel: 407-894-6834
E-mail: jeff@bransonlaw.com
AMERICAN DREAM: Files Chapter 11 Bankruptcy in Colorado
-------------------------------------------------------
On December 10, 2024, American Dream Land Development of Colorado
LLC in the District of Colorado. According to court documents, the
Debtor reports between $1 million and $10 million in debt owed to 1
and 49 creditors. The petition states funds will be available to
unsecured creditors.
A meeting of creditors under Sec. 341(a) to be held on January 13,
2025 at 1:00 PM, TELEPHONIC MEETING. CONFERENCE LINE:888-497-4718,
PARTICIPANT CODE:6026644#.
About American Dream Land Development of Colorado LLC
American Dream Land Development of Colorado LLC is a limited
liability company in Colorado.
American Dream Land Development of Colorado LLC sought relief under
Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.
Col. Case No. 24-17308) on December 10, 2024. In the petition filed
by Yichen Yang, as sole member, the Debtor reports estimated assets
and liabilities between $1 million and $10 million each.
Honorable Bankruptcy Judge Joseph G. Rosania Jr. handles the case.
The Debtor is represented by:
Jonathan M. Dickey, Esq.
KUTNER BRINEN DICKEY RILEY PC
1660 Lincoln Street, Suite 1720
Denver, CO 80264
Tel: 303-832-2400
E-mail: jmd@kutnerlaw.com
ANGIE'S TRANSPORTATION: Voluntary Chapter 11 Case Summary
---------------------------------------------------------
Debtor: Angie's Transportation, LLC
4550 Gustine Ave.
Saint Louis, MO 63116
Business Description: The Debtor is a trucking company in St.
Louis, Missouri.
Chapter 11 Petition Date: December 16, 2024
Court: United States Bankruptcy Court
Eastern District of Missouri
Case No.: 24-44594
Judge: Hon. Bonnie L Clair
Debtor's Counsel: Sndrew Magdy, Esq.
SCHMIDT BASCH, LLC
1034 S. Brentwood Blvd. 1555
Saint Louis MO 63117
Tel: (314) 721-9200
E-mail: amagdy@schmidtbasch.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $500,000 to $1 million
The petition was signed by Angelina Twardawa as manager.
The Debtor failed to include in the petiton 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/UYUZTIQ/Angies_Transportation_LLC__moebke-24-44594__0001.0.pdf?mcid=tGE4TAMA
ASHFORD HOSPITALITY: To Close Series J & K Stock Offering by March
------------------------------------------------------------------
Ashford Hospitality Trust, Inc. announced that it plans to close
its offering of Series J and Series K non-traded preferred stock on
March 31, 2025. Since launching the offering in 2022, the Company
raised approximately $180.0 million of gross proceeds from the sale
of its Series J and Series K non-traded preferred stock.
"Our non-traded preferred stock offering has allowed us to raise
substantial capital during a challenging time in the capital
markets," commented Stephen Zsigray, Ashford Trust's President and
Chief Executive Officer. "Given the success of this offering to
date and our improved financial condition, we are pleased to
announce the upcoming closing of the offering."
Ashford Hospitality Trust is a real estate investment trust (REIT)
focused on investing predominantly in upper upscale, full-service
hotels.
The Company has filed a registration statement (including a
prospectus) with the Securities and Exchange Commission for the
offering to which this communication relates. Before you invest,
you should read the prospectus in that registration statement and
other documents the Company has filed with the SEC for more
complete information about the Company and this offering. You may
get these documents for free by visiting EDGAR on the SEC's web
site at www.sec.gov. Alternatively, the Company, the dealer manager
or any dealer participating in the offering will arrange to send
you the prospectus if you request it by calling toll-free
1-877-787-9239.
The final prospectus and prospectus supplement no. 1 for the
Offering, dated May 4, 2022 and September 14, 2022, respectively,
can be accessed through the following links:
* https://tinyurl.com/3chju3yj
* https://tinyurl.com/455xcryp
About Ashford Hospitality
Headquartered in Dallas, Texas, Ashford Hospitality Trust, Inc.
operates as a self-advised real estate investment trust focusing on
the lodging industry.
Ashford Hospitality Trust reported a net loss of $180.73 million
for the year ended Dec. 31, 2023, compared to a net loss of $141.06
million for the year ended Dec. 31, 2022. As of Dec. 31, 2023, the
Company had $3.46 billion in total assets, $3.69 billion in total
liabilities, $22.01 million in redeemable noncontrolling interests
in operating partnership, $79.98 million in Series J Redeemable
Preferred Stock, $0.01 par value (3,475,318 shares issued and
outstanding at December 31, 2023), $4.78 million in Series K
Redeemable Preferred Stock, $0.01 par value (194,193 shares issued
and outstanding at December 31, 2023), and $331.04 million in total
deficit.
* * *
Egan-Jones Ratings Company, on May 5, 2023, maintained its 'CCC+'
foreign currency and local currency senior unsecured ratings on
debt issued by Ashford Hospitality Trust, Inc.
On March 1, 2024, the Company received notice that the hotel
properties securing the KEYS Pool A and KEYS Pool B loans had been
transferred to a court-appointed receiver.
On March 6, 2024, the Company sold the Residence Inn Salt Lake City
in Salt Lake City, Utah, for $19.2 million in cash. As reported by
the TCR on April 22, the Company closed on the sale of the 390-room
Hilton Boston Back Bay in Boston, Massachusetts, for $171 million.
On April 29, it closed on the sale of the 85-room Hampton Inn in
Lawrenceville, Georgia, for $8.1 million. On May 27, Ashford closed
a $267 million refinancing of the mortgage loan for the 673-room
Renaissance Hotel in Nashville, Tennessee, which had a final
maturity date of March 2026. On June 14, the Company closed on the
sale of the 90-room Courtyard located in Manchester, Connecticut,
for $8 million.
ASHFORD HOSPITALITY: To Sell Courtyard Boston Downtown for $123MM
-----------------------------------------------------------------
Ashford Hospitality Trust, Inc. signed a definitive agreement to
sell the 315-room Courtyard Boston Downtown located in Boston,
Massachusetts for $123.0 million ($390,500 per key). The sale is
expected to be completed in January 2025 and is subject to normal
closing conditions. The Company provides no assurances that the
sale will be completed on these terms or at all.
When adjusted for the Company's anticipated capital expenditures,
the sale price represents a 5.9% capitalization rate on net
operating income for the trailing twelve months ended September 30,
2024, or 14.3x Hotel EBITDA for the same time period. Excluding the
anticipated capital spend, the sale price represents a 6.9%
capitalization rate on net operating income for the trailing twelve
months ended September 30, 2024, or 12.3x Hotel EBITDA for the same
time period.
"We are pleased to announce the signed agreement to sell the
Courtyard Boston Downtown at a very attractive cap rate," commented
Stephen Zsigray, Ashford Trust's President and Chief Executive
Officer. "This sale will not only deleverage our BAML Highland Pool
loan, but will also result in significant capital expenditure
savings. We continue to have several assets in the market at
various stages of the sales process and are encouraged by the
improved sentiment we are seeing in the transaction market."
About Ashford Hospitality
Headquartered in Dallas, Texas, Ashford Hospitality Trust, Inc.
operates as a self-advised real estate investment trust focusing on
the lodging industry.
Ashford Hospitality Trust reported a net loss of $180.73 million
for the year ended Dec. 31, 2023, compared to a net loss of $141.06
million for the year ended Dec. 31, 2022. As of Dec. 31, 2023, the
Company had $3.46 billion in total assets, $3.69 billion in total
liabilities, $22.01 million in redeemable noncontrolling interests
in operating partnership, $79.98 million in Series J Redeemable
Preferred Stock, $0.01 par value (3,475,318 shares issued and
outstanding at December 31, 2023), $4.78 million in Series K
Redeemable Preferred Stock, $0.01 par value (194,193 shares issued
and outstanding at December 31, 2023), and $331.04 million in total
deficit.
* * *
Egan-Jones Ratings Company, on May 5, 2023, maintained its 'CCC+'
foreign currency and local currency senior unsecured ratings on
debt issued by Ashford Hospitality Trust, Inc.
On March 1, 2024, the Company received notice that the hotel
properties securing the KEYS Pool A and KEYS Pool B loans had been
transferred to a court-appointed receiver.
On March 6, 2024, the Company sold the Residence Inn Salt Lake City
in Salt Lake City, Utah, for $19.2 million in cash. As reported by
the TCR on April 22, the Company closed on the sale of the 390-room
Hilton Boston Back Bay in Boston, Massachusetts, for $171 million.
On April 29, it closed on the sale of the 85-room Hampton Inn in
Lawrenceville, Georgia, for $8.1 million. On May 27, Ashford closed
a $267 million refinancing of the mortgage loan for the 673-room
Renaissance Hotel in Nashville, Tennessee, which had a final
maturity date of March 2026. On June 14, the Company closed on the
sale of the 90-room Courtyard located in Manchester, Connecticut,
for $8 million.
ASHKAN RAJAEE: Court Extends Stay of Tyler Davis Lawsuit
--------------------------------------------------------
The Honorable Robert S. Huie of the United States District Court
for the Southern District of California granted the motion filed by
the trustee in Ashkan Rajaee's Chapter 7 liquidation to stay
proceedings in the case captioned as ASHKAN RAJAEE, Plaintiff, v.
TYLER BRANDON DAVIS, et al., Defendants, Case No. 24-cv-549-RSH-KSC
(S.D. Calif.) for 60 days.
Ashkan Rajaee is a Plaintiff in three related cases pending before
the Court. On February 26, 2024, Plaintiff filed for Chapter 11
bankruptcy in the United States Bankruptcy Court for the Southern
District of California. On May 9, 2024, the bankruptcy court
entered an order converting the bankruptcy from Chapter 11 to
Chapter 7 and appointed a Trustee pursuant to 11 U.S.C. Sec. 704.
The Trustee thereafter appeared in this action, and on June 5,
2024, filed a motion to stay proceedings for 90 days. The Court
granted the motion.
On September 6, 2024, the Trustee requested an additional 90-day
stay. The Trustee reported that the Parties were engaged in
meaningful settlement discussions. The Court granted the motion.
On October 23, 2024, the Trustee filed a motion to approve a
settlement reached with Defendants in the Bankruptcy Court.
Plaintiff opposed the settlement. On November 25, 2024, the
Bankruptcy Court conducted a hearing on the Trustee's settlement
motion. The Trustee's motion is under submission with the
Bankruptcy Court.
On December 9, 2024, the Trustee filed a status report requesting a
60-day extension of the stay while the Bankruptcy Court considers
whether to approve the settlement, which approval would result in
settlement payments and dismissal of this case.
Given the motion to approve the settlement pending in the
Bankruptcy Court, the numerous pending motions in this and the
related cases, and the prospects of a global resolution to the
litigation, the Court finds good cause exists to stay this
proceeding for an additional 60 days.
A copy of the Court's decision dated December 10, 2024, is
available at https://urlcurt.com/u?l=C3u9q3
Ashkan Mirfakhr Rajaee and Nassim Rajaee filed for Chapter 11
bankruptcy protection (Bankr. S.D. Cal. Case No. 24-00617) on
February 26, 2024, listing under $1 million in both assets and
liabilities. The Debtor was represented by Leslie Cohen, Esq., at
Leslie Cohen, PC. The case was converted to Chapter 7 on May 9,
2024.
ASHKAN RAJAEE: Second Tyler Davis Lawsuit Stayed
------------------------------------------------
The Honorable Robert S. Huie of the United States District Court
for the Southern District of California granted the motion filed by
the trustee in Ashkan Rajaee's Chapter 7 liquidation to stay
proceedings in the case captioned as ASHKAN RAJAEE, Plaintiff, v.
TYLER BRANDON DAVIS, et al., Defendants, Case No.: 24-cv-1-RSH-KSC
(S.D. Calif.) for 60 days.
Ashkan Rajaee is a Plaintiff in three related cases pending before
the Court. On February 26, 2024, Plaintiff filed for Chapter 11
bankruptcy in the United States Bankruptcy Court for the Southern
District of California. On May 9, 2024, the bankruptcy court
entered an order converting the bankruptcy from Chapter 11 to
Chapter 7 and appointed a Trustee pursuant to 11 U.S.C. Sec. 704.
The Trustee thereafter appeared in this action, and on June 5,
2024, filed a motion to stay proceedings for 90 days. The Court
granted the motion.
On September 6, 2024, the Trustee requested an additional 90-day
stay. The Trustee reported that the Parties were engaged in
meaningful settlement discussions. The Court granted the motion.
On October 23, 2024, the Trustee filed a motion to approve a
settlement reached with Defendants in the Bankruptcy Court.
Plaintiff opposed the settlement. On November 25, 2024, the
Bankruptcy Court conducted a hearing on the Trustee's settlement
motion. The Trustee's motion is under submission with the
Bankruptcy Court.
On December 9, 2024, the Trustee filed a status report requesting a
60-day extension of the stay while the Bankruptcy Court considers
whether to approve the settlement, which approval would result in
settlement payments and dismissal of this case.
Given the motion to approve the settlement pending in the
Bankruptcy Court, the numerous pending motions in this and the
related cases, and the prospects of a global resolution to the
litigation, the Court finds good cause exists to stay this
proceeding for an additional 60 days. The Court grants the
Trustee's motion. The Trustee is ordered to file a status report 60
days from the date of this Order.
A copy of the Court's decision dated December 10, 2024, is
available at https://urlcurt.com/u?l=QGZJCH
Ashkan Mirfakhr Rajaee and Nassim Rajaee filed for Chapter 11
bankruptcy protection (Bankr. S.D. Cal. Case No. 24-00617) on
February 26, 2024, listing under $1 million in both assets and
liabilities. The Debtor was represented by Leslie Cohen, Esq., at
Leslie Cohen, PC. The case was converted to Chapter 7 on May 9,
2024.
ATI PHYSICAL: Moves to OTC Market After NYSE Delisting
------------------------------------------------------
ATI Physical Therapy, Inc. announced that it received notification
from the New York Stock Exchange indicating that the Company's
Class A common stock will be delisted, and trading of its Class A
common stock on the NYSE was suspended, after market close on
December 3, 2024. The Company also announced that it is currently
in discussions to obtain interim financing in an effort to provide
a near-term opportunity for the Company's common stockholders to
obtain liquidity.
The Company anticipates that its Class A common stock will now
begin trading publicly on the OTC Pink® Market. This transition to
the over-the-counter market is not expected to affect the Company's
business operations, its relationships with partners or employees,
or its current Securities and Exchange Commission reporting
obligations.
"Over the past year, we have made meaningful progress strengthening
our operating performance and positioning the company for growth,"
said Sharon Vitti, Chief Executive Officer of ATI. "We remain
confident in our strategic plan as we continue to invest in our
people and deliver exceptional experiences for patients."
Joe Jordan, Chief Financial Officer of ATI, said, "The interim
financing discussions we announced today are aligned to delivering
liquidity to our stockholders while providing a possible path to a
simpler capital structure."
The NYSE reached its decision to delist the Company's Class A
common stock pursuant to Rule 802.01B of the NYSE Listed Company
Manual, which requires listed companies to maintain an average
global market capitalization of at least $15 million over a period
of 30 consecutive trading days.
About ATI Physical Therapy
Headquartered in Bolingbrook, Ill., ATI Physical Therapy, Inc.,
together with its subsidiaries, is a nationally recognized
healthcare company specializing in outpatient rehabilitation and
adjacent healthcare services. The Company provides outpatient
physical therapy services under the name ATI Physical Therapy and,
as of Dec. 31, 2023, had 896 clinics located in 24 states (as well
as 18 clinics under management service agreements).
Chicago, Ill.-based Deloitte and Touche LLP, the Company's auditor
since 2023, issued a "going concern" qualification in its report
dated Feb. 27, 2024, citing that the Company has experienced
recurring losses from operations and negative cash flows from
operations and requires operational improvement in order to meet
its obligations as they become due over the next 12 months and
maintain compliance with debt covenants, which raises substantial
doubt about its ability to continue as a going concern.
As of September 30, 2024, ATI Physical Therapy had $967.3 million
in total assets, $889.6 million in total liabilities, $238.9
million in mezzanine equity, and $161.1 million in total
stockholders' deficit.
BEECH INTERNATIONAL: Sec. 341(a) Meeting of Creditors on January 23
-------------------------------------------------------------------
On December 10, 2024, Beech International LLC filed Chapter 11 in
the Eastern District of Pennsylvania. 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 23,
2025 at 10:00 AM at ALTERNATE TELEPHONIC CONFERENCE. CONFERENCE
LINE:1-877-685-3103, PARTICIPANT CODE: 6249335#.
About Beech International LLC
Beech International LLC is a Single Asset Real Estate debtor (as
defined in 11 U.S.C. Section 101(51B)).
Beech International LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Pa. Case No. 24-14406) on December 10,
2024. In the petition filed by Ken Scott, as CEO, the Debtor
reports estimated assets and liabilities between $10 million and
$50 million each.
Honorable Bankruptcy Judge Ashely M. Chan handles the case.
The Debtor is represented by:
Robert Lapowsky, Esq.
STEVENS & LEE, P.C.
620 Freedom Business Center, Ste. 200
King of Prussia PA 19406
Tel: (215) 751-2866
E-mail: Robertlapowsky@stevenslee.com
BEYOND AIR: Receives CE Mark for LungFit PH System in Europe
------------------------------------------------------------
Beyond Air, Inc., announced European CE mark approval of the
LungFit® PH system. This CE mark approval allows Beyond Air to
market LungFit PH in the European Union and all other countries
that recognize this certification. LungFit PH, the first device in
the LungFit therapeutic platform of nitric oxide generators,
leverages the company's patented Ionizer® technology and has
already received FDA approval in the United States.
"We are thrilled to announce CE mark for LungFit PH, paving the way
for commercial sales in Europe and other global regions. In
anticipation of this approval, we partnered with Business Asia
Consultants to leverage their extensive international distribution
network," stated Steve Lisi, Chairman and Chief Executive Officer
of Beyond Air. "I am incredibly proud of the team that made this
happen over the past 30 months and look forward to initiating
shipments to our Asia-Pacific partner, Getz Healthcare, and other
international partners in 2025."
Under the terms of Beyond Air's existing commercialization
agreement with Getz Healthcare for LungFit PH, Getz will make a $1
million milestone payment to Beyond Air upon CE mark certification.
In addition, Beyond Air will receive ongoing royalty payments based
on LungFit PH net sales. The partnership provides access to
hospitals in Australia, New Zealand, Thailand, Philippines, Taiwan,
Hong Kong, Malaysia, Pakistan, Singapore and Vietnam.
The specific indications for LungFit PH under CE Mark certification
include:
1) the treatment of infants > 34 weeks gestation with
hypoxic respiratory failure associated with clinical or
echocardiographic evidence of pulmonary hypertension, in order to
improve oxygenation and to reduce the need for extracorporeal
membrane oxygenation.
2) the treatment of peri- and post-operative pulmonary
hypertension in adults and newborn infants, infants and toddlers,
children and adolescents, ages 0-17 years in conjunction to heart
surgery, in order to selectively decrease pulmonary arterial
pressure and improve right ventricular function.
LungFit PH uses Ionizer technology to generate unlimited on-demand
NO from ambient air and deliver it to a ventilator circuit,
regardless of dose or flow. The device uses a compressor to drive
room air through a plasma chamber where pulses of electrical
discharge are created between two electrodes. The LungFit PH system
ionizes the nitrogen and oxygen molecules, forming NO with low
levels of nitrogen dioxide (NO2) created as a byproduct. The gas is
then passed through a Smart Filter, which removes toxic NO2 from
the internal circuit.
LungFit PH represents a significant step forward in sustainable
healthcare solutions. Since the device generates NO conveniently
and cleanly from ambient air, without the need for tanks or
chemicals, it is highly energy-efficient, using only the power
equivalent to a 60-watt light bulb. By eliminating the emissions
associated with truck transport and cylinder refills, LungFit PH
supports hospital sustainability initiatives, helping facilities
reduce their carbon footprint while delivering critical care to
patients.
For the approved indications, the novel LungFit PH system is
designed to deliver a dosage of NO to the lungs that is consistent
with the current standard of care for delivery of 20 ppm NO, with a
range of 0.5 ppm – 80 ppm (low concentration NO) for ventilated
patients. Each Smart Filter will last 12 hours regardless of
ventilator demands, and replacing a filter only takes seconds.
Potential customers can visit the LungFit PH website,
www.lungfitph.com, for additional information, including the
product label, and to sign up for updates.
About Beyond Air
Headquartered in Garden City, N.Y., Beyond Air, Inc. --
www.beyondair.net -- is a commercial-stage medical device and
biopharmaceutical company developing a platform of nitric oxide
generators and delivery systems (the "LungFit platform") capable of
generating NO from ambient air. The Company's first device, LungFit
PH, received premarket approval from the FDA in June 2022. The NO
generated by the LungFit PH system is indicated to improve
oxygenation and reduce the need for extracorporeal membrane
oxygenation in term and near term (34 weeks gestation) neonates
with hypoxic respiratory failure associated with clinical or
echocardiographic evidence of pulmonary hypertension in conjunction
with ventilatory support and other appropriate agents.
East Hanover, New Jersey-based Marcum LLP, the Company's auditor
since 2019, issued a "going concern" qualification in its report
dated June 24, 2024, citing that the Company has incurred
significant losses and needs to raise additional funds to meet its
obligations and sustain its operations. These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.
Beyond Air reported a net loss of $64.30 million for the year ended
March 31, 2024, compared to a net loss of $59.40 million for the
year ended March 31, 2023. As of September 30, 2024, Beyond Air had
$53 million in total assets, $23.7 million in total liabilities,
and $29.3 million in total equity.
BF 121 LLC: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: BF 121 LLC
The Blue Japanese Bistro at Plano
The Blue Fish
The Blue Fish Plano
5760 State Hwy. 121
Suite 175
Plano TX 75024
Business Description: The Debtor owns and operates a Japanese
restaurant business.
Chapter 11 Petition Date: December 17, 2024
Court: United States Bankruptcy Court
Eastern District of Texas
Case No.: 24-43043
Judge: Hon. Brenda T Rhoades
Debtor's Counsel: Mark Castillo, Esq.
CARRINGTON, COLEMAN, SLOMAN & BLUMENTHAL, LLP
901 Main St., Suite 5500
Dallas TX 75202
Tel: 214-855-3000
Email: markcastillo@ccsb.com
Total Assets as of September 30, 2024: $2,638,488
Total Liabilities as of September 30, 2024: $2,696,507
The petition was signed by Rebekah Kim as managing member.
A copy of the Debtor's list of 20 largest unsecured creditors is
available for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/7Q6FW3Q/BF_121_LLC__txebke-24-43043__0001.0.pdf?mcid=tGE4TAMA
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/7Q6FW3Q/BF_121_LLC__txebke-24-43043__0001.0.pdf?mcid=tGE4TAMA
BIG LOTS: Creditors Demand $89MM in Unpaid Rent, Vendor Fees
------------------------------------------------------------
James Nani of Bloomberg Law reports that Big Lots Inc.'s unsecured
creditors have warned a court that they will seek to convert the
retailer's Chapter 11 reorganization into a liquidation if they do
not receive nearly $89 million in promised rent and vendor
payments.
According to a motion filed on December 16, 2024, with the U.S.
Bankruptcy Court for the District of Delaware, the discount
retailer has failed to pay approximately $23 million in rent owed
to landlords since filing for Chapter 11 in September 2024.
Additionally, it owes $65.8 million in claims for goods supplied by
vendors, the report states.
About Big Lots
Big Lots (NYSE: BIG) -- http://www.biglots.com/-- is one of the
nation's largest closeout retailers focused on extreme value,
delivering bargains on everything for the home, including
furniture, decor, pantry and more.
On Sept. 9, 2024, Big Lots, Inc. and each of its subsidiaries
initiated voluntary Chapter 11 proceedings (Bankr. D. Del. Lead
Case No. 24-11967). The case is being administered by the Honorable
J. Kate Stickles.
Davis Polk & Wardwell LLP is serving as legal counsel, Guggenheim
Securities, LLC is serving as financial advisor, AlixPartners LLP
is serving as restructuring advisor, and A&G Real Estate Partners
is serving as real estate advisor to the Company. Kroll is the
claims agent.
Kirkland & Ellis is serving as legal counsel to Nexus Capital
Management LP.
PNC Bank, National Association, the DIP ABL Agent and Prepetition
ABL Agent, is represented by Choate, Hall & Stewart, LLP; and Blank
Rome, LLP. 1903P Loan Agent, LLC, the DIP Term Agent, and the
Prepetition Term Loan Agent are represented by Otterbourg, P.C. and
Richards, Layton & Finger, P.A.
BIO-KEY INTL: Believes to Have Regained Nasdaq Compliance
---------------------------------------------------------
As previously reported, on June 10, 2024, BIO-key International,
Inc. received notice from The Nasdaq Capital Market LLC that the
Company's stockholders' equity reported in the Company's Annual
Report on Form 10-K for the year ended December 31, 2023 did not
satisfy the Nasdaq Capital Market continued listing requirement set
forth in Nasdaq Listing Rule 5550(b)(1) which requires companies
listed on the Nasdaq Capital Market to maintain stockholders'
equity of at least $2,500,000 (the "Minimum Stockholders' Equity
Requirement").
On July 25, 2024, the Company submitted its plan to regain
compliance the Minimum Stockholders' Equity Requirement which it
supplemented on August 9, 2024. On August 13, 2024, Nasdaq approved
the Company's plan to regain compliance.
On November 27, 2024, the Company entered into and closed a
Securities Purchase Agreement with Fiber Food Systems, Inc., a
Delaware corporation, and Boumarang Inc., a Delaware corporation.
Under the Agreement, Fiber Food sold 5 million shares of common
stock of Boumarang to the Company in exchange for 595,000 shares of
common stock, $.0001 par value per share, of the Company, which
represented 19.0% of Company's issued and outstanding shares prior
to the closing of the transaction.
Based on its due diligence of Boumerang, including review of recent
sales of its equity securities, its intellectual property
portfolio, management team, and business plan, the Company has
valued the Boumerang Shares received in the transaction at $5
million, or $1.00 per share, which has increased the Company's
total stockholders' equity by $5 million.
As a result of the forgoing transaction, as of the date of this
Current Report on Form 8-K, the Company believes it has
stockholders' equity above the $2.5 million requirement and has
regained compliance with the Minimum Stockholders' Equity
Requirement. Nasdaq will continue to monitor the Company's ongoing
compliance with the Stockholders' Equity Requirement and, if at the
time of the Company's next periodic report, the Company does not
evidence compliance, the Company may be subject to delisting.
Accordingly, until Nasdaq has reached a final determination that
the Company has regained compliance with all of the applicable
continued listing requirements, there can be no assurances
regarding the continued listing of the Company's Common Stock on
the Nasdaq Capital Market.
About BIO-key
Holmdel, N.J.-based BIO-key International, Inc., founded in 1993,
is revolutionizing authentication and cybersecurity with
biometric-centric, multi-factor identity and access management
(IAM) software securing access for over forty million users.
BIO-key allows customers to choose the right authentication factors
for diverse use cases, including phoneless, tokenless, and
passwordless biometric options. Its hosted or on-premise
PortalGuard IAM solution provides cost-effective, easy-to-deploy,
convenient, and secure access to computers, information,
applications, and high-value transactions.
Henderson, Nev.-based Bush & Associates CPA LLC, the Company's
auditor since 2024, issued a "going concern" qualification in its
report dated June 5, 2024, citing that the Company has suffered
substantial net losses and negative cash flows from operations in
recent years and is dependent on debt and equity financing to fund
its operations, all of which raise substantial doubt about the
Company's ability to continue as a going concern.
For the years ended December 31, 2023 and 2022, BIO-key
International reported net losses of $8,521,837 and $11,909,903,
respectively. As of September 30, 2024, BIO-key International had
$6,399,703 in total assets, $6,266,661 in total liabilities, and
$133,042 in total stockholders' equity.
BIO-KEY INTL: Buys Boumarang Shares, Partners With Fiber Food
-------------------------------------------------------------
BIO-key International, Inc. disclosed in a Form 8-K Report filed
with the U.S. Securities and Exchange Commission that the Company
entered into and closed a Securities Purchase Agreement with Fiber
Food Systems, Inc., a Delaware corporation, and Boumarang Inc., a
Delaware corporation.
Under the Agreement, Fiber Food sold 5 million shares of common
stock of Boumarang to the Company in exchange for 595,000 shares of
common stock, $.0001 par value per share, of the Company, which
represented 19% of Company's issued and outstanding shares prior to
the closing of the transaction. Fiber Food and the Company have
agreed to collaborate regarding potential strategic and commercial
transactions that could be mutually beneficial, including acquiring
assets or equity interests in other operating companies. Fiber Food
has also agreed to integrate the Company's identity access
management solutions into its offerings and introduce the Company
to its customers, affiliates and business contacts who are
potential users of the Company's solutions, in each case pursuant
to future definitive agreements.
Based on its due diligence, the Company has valued the Boumerang
Shares received in the transaction at $5,000,000 or $1.00 per
share, which is expected to increase the stockholders' equity on
the Company's balance sheet by $5 million. In the event that at any
time during the nine-month period after the closing of the
transaction the Company is required to value the Boumerang Shares
at less than $5,000,000 on its balance sheet, the Company will have
the right to cause Fiber Food to repurchase the Boumerang Shares
from the Company in exchange for the return of the Company Shares.
During the Put Period, the Company will hold the Company Shares and
Fiber Food will be subject to a lockup prohibiting it from selling,
offering to sell, agreeing to sell, pledging or otherwise
transferring directly or indirectly, any of the Company Shares.
"Partnering with Fiber Food Systems marks an important milestone in
our mission to deliver secure, easy-to-use IAM solutions to
industries where seamless and secure access is critical," said
Michael W. DePasquale, Chairman & CEO of BIO-key International. "We
are thrilled to bring our technology to the food service sector and
provide solutions that can enhance security and operational
efficiency."
"BIO-key's solutions offer a unique advantage in secure and
convenient access, and we're excited to integrate their technology
into our business," said Candice Beaumont, Executive Chairperson of
Fiber Food Systems Inc. "This partnership aligns perfectly with our
mission to innovate and transform the food tech industry,
especially in areas requiring stringent access control, such as
educational and institutional cafeterias."
The Agreement contains a standstill which prohibits the Company,
Fiber Food, Boomerang and their respective affiliates and
representatives for a period of two years, from, among other
things, initiating any business combination, restructuring, tender
offer, proposal to seek representation on the board of directors,
or any proxy solicitation, instigating, encouraging or assisting
any third party from doing any of the forgoing, or acquiring any
debt or equity securities of any other party.
About BIO-key
Holmdel, N.J.-based BIO-key International, Inc., founded in 1993,
is revolutionizing authentication and cybersecurity with
biometric-centric, multi-factor identity and access management
(IAM) software securing access for over forty million users.
BIO-key allows customers to choose the right authentication factors
for diverse use cases, including phoneless, tokenless, and
passwordless biometric options. Its hosted or on-premise
PortalGuard IAM solution provides cost-effective, easy-to-deploy,
convenient, and secure access to computers, information,
applications, and high-value transactions.
Henderson, Nev.-based Bush & Associates CPA LLC, the Company's
auditor since 2024, issued a "going concern" qualification in its
report dated June 5, 2024, citing that the Company has suffered
substantial net losses and negative cash flows from operations in
recent years and is dependent on debt and equity financing to fund
its operations, all of which raise substantial doubt about the
Company's ability to continue as a going concern.
For the years ended December 31, 2023 and 2022, BIO-key
International reported net losses of $8,521,837 and $11,909,903,
respectively. As of September 30, 2024, BIO-key International had
$6,399,703 in total assets, $6,266,661 in total liabilities, and
$133,042 in total stockholders' equity.
BIT MINING: Buys Ethiopian Data Centers, BTC Machines for $14.28MM
------------------------------------------------------------------
BIT Mining Limited announced that it has entered into a definitive
agreement to acquire 51-megawatt crypto mining data centers in
Ethiopia and 17,869 high-quality Bitcoin mining machines.
Under the Agreement, the Company will indirectly acquire the Data
Centers and BTC Mining Machines for a total consideration of
US$14.28 million. The consideration comprises a cash payment of
US$2.265 million and the issuance of Class A ordinary shares of the
Company with a par value of US$0.00005 per share, amounting to an
aggregate value of US$12.015 million.
The transaction will be executed in two phases. Upon completion of
the first phase, a 35-megawatt operational and electrified crypto
mining data center and all the BTC Mining Machines will be
transferred to the Company. The first phase is expected to close in
the next few days. The second phase, which involves transfer of the
remaining Data Centers to the Company, is expected to close upon
completion of construction of the remaining Data Centers.
"This transaction represents a significant milestone in advancing
our global development strategy," remarked Mr. Xianfeng Yang, CEO
of BIT Mining, "Following the divestiture of our mining pool
business, we have sharpened our focus on bolstering core
competencies by dedicating resources to mining machine innovation,
self-operated mining, and mining data center operations. With our
expanded market presence and robust operational capabilities, we
are well-equipped to further solidify our competitive edge and
enhance our profitability and financial standing, paving the way
for long-term, sustainable growth."
About BIT Mining Ltd.
Akron, Ohio-based BIT Mining (NYSE: BTCM) --
https://www.btcm.group/ -- is a technology-driven cryptocurrency
mining company, with a long-term strategy to create value across
the cryptocurrency industry. Its business covers cryptocurrency
mining, mining pool, and data center operation.
Houston, Texas-based MaloneBailey, LLP, the Company's auditor since
2020, issued a "going concern" qualification in its report dated
May 15, 2024, citing that the Company has incurred recurring losses
and operating cash outflows that raises substantial doubt about its
ability to continue as a going concern.
As of June 30, 2024, BIT Mining had US$63.3 million in total
assets, US$17.4 million in total liabilities, and US$45.9 million
in total shareholders' equity.
BL SANTA FE: Realty Financial Suit Can't Proceed to Mediation
-------------------------------------------------------------
Magistrate Judge Christopher J. Burke of the United States District
Court for the District of Delaware determined that mediation is not
appropriate in the case captioned as REORGANIZED DEBTOR BL SANTA
FE, LLC, Appellant, v. REALTY FINANCIAL RESOURCES, INC., Appellee,
Civil Action No. 24-1077-JLH (D. Del.) pursuant to Section 1 of the
Procedures to Govern Mediation of Appeals, dated July 19, 2023.
The Court conducted an initial review of this matter, including
having gathered information from the parties and their counsel, in
order to determine the appropriateness of mediation for the case.
The parties do not agree as to whether mediation would be helpful,
and in light of the correspondence received by the Court, the Court
does not believe that mediation would be helpful at this stage.
The Court recommends that the assigned District Judge issue an
order withdrawing the matter from mediation.
A copy of the Court's decision dated December 10, 2024, is
available at https://urlcurt.com/u?l=XlPDPy
About BL Santa Fe
BL Santa Fe, LLC and BL Santa Fe (MEZZ), LLC own and operate
Bishop's Lodge, a luxury resort located at 1297 Bishops Lodge Road,
Santa Fe, N.M.
The Debtors filed petitions for Chapter 11 protection (Bankr. D.
Del. Lead Case No. 21-11190) on Aug. 30, 2021, listing $50 million
to $100 million in both assets and liabilities. Judge Craig T.
Goldblatt oversees the cases.
The Debtors tapped the Law Offices of Frank J. Wright, PLLC and
Young Conaway Stargatt & Taylor, LLP as legal counsel, and
ValueScope, Inc. as restructuring advisor. Stretto serves as the
Debtors' claims and noticing agent and administrative advisor.
BLUE CRATES: Janice Seyedin Named Subchapter V Trustee
------------------------------------------------------
The U.S. Trustee for Region 11 appointed Janice Seyedin as
Subchapter V trustee for Blue Crates, LLC.
Ms. Seyedin will be paid an hourly fee of $295 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Seyedin declared that she is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
About Blue Crates LLC
Blue Crates, LLC is a Chicago-based provider of warehousing and
storage services.
Blue Crates sought Chapter 11 protection (Bankr. N.D. Ill. Case No.
21-03984) on March 26, 2021, with $50,000 to $100,000 in assets and
$1 million to $10 million in liabilities. Michael Walker,
authorized agent, signed the petition.
Judge Carol A. Doyle oversees the cases.
John Hiltz, Esq., at Hitlz Zanzig & Heiligman LLC, serves as the
Debtor's counsel.
BLUE STAR: Investors Granted Right to Convert Notes Into Shares
---------------------------------------------------------------
Blue Star Foods Corp. disclosed in a Form 8-K Report filed with the
U.S. Securities and Exchange Commission that the Company filed a
resale registration statement on Form S-1 with the Securities and
Exchange Commission which was declared effective on November 27,
2024. The resale registration statement was filed pursuant to a
registration rights agreement with certain investors. As part of
the Company's strategic initiatives, the Company closed a private
placement offering in August 2024 whereby it issued promissory
notes in the aggregate principal amount of $550,000. The
registration rights agreement was a part of the private placement
offering.
The investors have the right, at any time on or following the
earlier of (i) the date that any of the shares are registered for
resale under a registration statement of the Company, or (ii) the
date that is six months after the issue date, to convert all or any
portion of the then outstanding and unpaid principal and interest
into fully paid and non-assessable shares of the Company's common
stock. The conversion price is $1.50 per share, subject to
adjustments.
These steps reflect the Company's commitment to optimizing its
financial strategies while reinforcing its dedication to
maintaining a strong and stable fiscal outlook.
About Blue Star Foods Corp.
Blue Star Foods Corp., headquartered in Miami, Florida, is an
international seafood company that imports, packages, and sells
refrigerated pasteurized crab meat and other premium seafood
products. The Company's current source of revenue is from importing
blue and red swimming crab meat primarily from Indonesia, the
Philippines, and China, and distributing it in the United States
and Canada under several brand names such as Blue Star, Oceanica,
Pacifika, Crab & Go, First Choice, Good Stuff, and Coastal Pride
Fresh. The Company also distributes steelhead salmon and rainbow
trout fingerlings produced under the brand name Little Cedar Farms
for distribution in Canada. The Company sells primarily to food
service distributors, wholesalers, retail establishments, and
seafood distributors.
Houston, Texas-based MaloneBailey, LLP, the Company's auditor since
2014, issued a "going concern" qualification in its report dated
April 1, 2024, citing that the Company has suffered recurring
losses from operations and has a net capital deficiency that raises
substantial doubt about its ability to continue as a going
concern.
As of September 30, 2024, Blue Star Foods had $7,837,292 in total
assets, $3,111,973 in total liabilities, and $4,725,319 in total
stockholders' equity.
BLUEBIRD BIO: Implements 1-for-20 Reverse Stock Split
-----------------------------------------------------
bluebird bio, Inc. disclosed in a Form 8-K Report filed with the
U.S. Securities and Exchange Commission that at the Company's
Annual Meeting, reconvened on December 4, 2024, the stockholders of
the Company approved a reverse stock split of all outstanding
shares of the Company's common stock, at a ratio ranging from any
whole number between 1-for-15 and 1-for-20, with the exact ratio as
determined by the Board in its discretion.
On December 4, 2024, the Board approved a reverse stock split of
the Company's common stock at a final ratio of 1-for-20 and
abandoned all other amendments. The Reverse Stock Split became
effective at 5:00 p.m. Eastern Time on December 12, 2024, following
the filing of a certificate of amendment with the Secretary of
State of the State of Delaware, in substantially the form described
and set forth in our Definitive Proxy Statement on Schedule 14A
filed with the Securities and Exchange Commission on September 26,
2024, under Proposal 4 and Appendix B. The common stock commenced
trading on a split-adjusted basis when the markets opened on
December 13, 2024, under the existing trading symbol "BLUE." The
new CUSIP number for the common stock following the Reverse Stock
Split is 09609G 209.
No fractional shares will be issued if, as a result of the Reverse
Stock Split, a stockholder would otherwise become entitled to a
fractional share because the number of shares of common stock they
hold before the Reverse Stock Split is not evenly divisible by the
split ratio. Instead, each stockholder will be entitled to receive
a cash payment in lieu of such fractional share. The cash payment
to be paid will be equal to the fraction of a share to which such
stockholder would otherwise be entitled multiplied by the closing
price per share as reported by The Nasdaq Global Select Market (as
adjusted to give effect to the Reverse Stock Split) on December 12,
2024.
About bluebird bio, Inc.
bluebird bio, Inc. was incorporated in Delaware on April 16, 1992,
and is headquartered in Somerville, Massachusetts. The Company is a
biotechnology firm dedicated to researching, developing, and
commercializing potentially curative gene therapies for severe
genetic diseases based on its proprietary lentiviral vector gene
addition platform. Since its inception, bluebird bio has focused
nearly all its resources on research and development efforts
related to its product candidates and the commercialization of its
approved products, including activities to manufacture product
candidates, conduct clinical studies, perform preclinical research,
provide administrative support, and market and commercially
manufacture its approved products.
Boston, Massachusetts-based Ernst & Young LLP, the Company's
auditor since 2012, issued a "going concern" qualification in its
report dated September 13, 2024, citing that the Company has
suffered recurring operating losses and negative operating cash
flows, raising substantial doubt about its ability to continue as a
going concern.
bluebird bio had a net loss of $211.9 million for the year ended
December 31, 2023, and an accumulated deficit of $4.3 billion as of
December 31, 2023. As of September 30, 2024, bluebird bio had
$465.1 million in total assets, $470.8 million in total
liabilities, and $5.8 million in total stockholders' deficit.
BLUM HOLDINGS: James Miller Retires as COO, Remains Director
------------------------------------------------------------
Blum Holdings, Inc. disclosed in a Form 8-K Report filed with the
U.S. Securities and Exchange Commission that effective December 2,
2024, James Miller retired from his position as Chief Operating
Officer of Blum Holdings, Inc. Mr. Miller will continue to serve as
a director on the Company's Board of Directors.
As of December 4, the Company has not appointed a new Chief
Operating Officer. The Company has transitioned his duties
internally to other members of management.
About Blum Holdings
Blum Holdings, Inc., headquartered in Santa Ana, California, is a
cannabis company engaged in retail and distribution across
California. The company focuses on providing high-quality medical
and adult-use cannabis products and is known for its Korova brand,
which offers high-potency products in various categories. Blum
Holdings operates several dispensaries, including Blum OC in Orange
County, and locations under The Spot and Blum brands in Santa Ana,
Oakland, and San Leandro.
Costa Mesa, California-based Marcum LLP, the company's auditor
since 2018, issued a "going concern" qualification in its report
dated April 15, 2024. The report indicated a significant working
capital deficiency, substantial losses, and the need for additional
funds to meet obligations and sustain operations, raising
substantial doubt about Blum Holdings' ability to continue as a
going concern.
As of September 30, 2024, Blum Holdings had $38.7 million in total
assets, $66.2 million in total liabilities, and $27.5 million in
total mezzanine equity and stockholders' deficit.
BUCKARDT TECHNOLOGIES: Janice Seyedin Named Subchapter V Trustee
----------------------------------------------------------------
The U.S. Trustee for Region 11 appointed Janice Seyedin as
Subchapter V trustee for Buckardt Technologies, Inc.
Ms. Seyedin will be paid an hourly fee of $295 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Seyedin declared that she is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
About Buckardt Technologies Inc.
Buckardt Technologies, Inc. is an information and security
technology consulting firm.
Buckardt sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. N.D. Ill. Case No. 22-04420) on April 18, 2022, with
up to $50,000 in assets and up to $10 million in liabilities.
Judith A. Buckardt, president of Buckardt, signed the petition.
Judge Lashonda A. Hunt oversees the case.
Richard G. Larsen, Esq., at SpringerLarsenGreene, LLC is the
Debtor's counsel.
C&S GROUP: S&P Downgrades ICR to 'B+' on Terminated Deal
--------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on U.S. based
C&S Group Enterprises LLC to 'B+' from 'BB-' and its issue-level
rating on its senior unsecured notes due 2028 to 'B-' from 'B'; the
recovery rating remains '6', indicating its expectation of
negligible (0%-10%; rounded estimate: 0%) recovery in the event of
a payment default. S&P also removed the ratings from CreditWatch
where they were placed with developing implications on May 31,
2024.
The negative outlook reflects the possibility that S&P could lower
the ratings over the next year if leverage remains in the high-5x
area. Failure to reduce leverage to the low-5x area in fiscal 2025
could result in a downgrade.
C&S Group is no longer purchasing any stores from Albertson’s and
Kroger following their merger termination. C&S had agreed to
purchase 579 grocery stores from the merged company. The deal was
terminated after the U.S. District Court in Oregon and the King
County Superior Court for the State of Washington issued
injunctions related to the proposed merger on Dec. 10, 2024.
S&P said, "We expect C&S will resume mergers and acquisitions (M&A)
activity following the terminated Kroger-Albertsons transaction. On
its most recent earnings call for the fiscal-year-ended Sept. 28,
2024, C&S discussed its strategy in the event that the
Kroger-Albertsons merger was unsuccessful. The company stated it
would likely pursue acquisitions if the Kroger-Albertsons deal was
not consummated, adding that the company believes the wholesale
grocery distribution industry is due for consolidation. Due to the
opportunistic nature and spend-level of acquisitions, as well as
the uncertainty of whether it would be debt- or equity-funded, we
do not incorporate acquisition spending in our forecast. Still,
given the company’s high leverage in 2024, we believe the company
has little cushion in the current rating to spend excess cash flow
on acquisitions or incur additional debt.
"We expect the company’s breakup fee will alleviate elevated
leverage. C&S incurred a significant amount of expenses (more than
$100 million) related to its Kroger-Albertsons store acquisition in
fiscal 2024, which contributed to the company's elevated leverage
at the end of the year; leverage increased 0.4x from the prior
quarter (5.4x as of June 2024) and 2.1x from the prior year (3.8x
as of September 2023). However, C&S is likely to receive a breakup
fee now that the transaction has been terminated, which it has said
it would use to partially pay down borrowings under its asset-based
lending (ABL) facility ($363 million outstanding as of September
2024). We would expect this to offset the company's incurred costs
and reduce leverage to 5.3x at the end of fiscal 2025. Failure to
receive the fee could keep leverage above 5.5x and pressure the
ratings. Before 2024, the company managed leverage below 4x. The
combination of transaction expenses and the rolled off Ahold
Delhaize and Target mid-Atlantic contracts weighed on
EBITDA-generation. ABL borrowings of $180 million--primarily used
to fund $94 million of capital spending and $62 million of
inventory acquired from Save Mart-- caused leverage to increase as
well.
"We expect the company will maintain its good market position
despite ongoing challenges in the highly competitive, low-margin
U.S. grocery distribution industry. C&S' revenues have declined to
less than $20.4 billion in its most recent year ended September
2024 from nearly $30 billion in 2017 due in large part to the
decision by Ahold Delhaize USA--which at its peak represented more
than $10 billion of sales--to transition to a self-distribution
model in late-2019. Despite this, C&S maintains a market share of
approximately 15% in the competitive U.S. grocery distribution
industry."
Additionally, the company has partially replaced its larger
customers that have gone on to self-distribute (such as Ahold and
Target Mid-Atlantic) with smaller, higher-margin independent
grocers. This has softened the decline in EBITDA since the Ahold
announcement (20.5% revenue decline and 1.3% S&P Global
Ratings-adjusted EBITDA decline between fiscal years 2019 and 2024,
excluding more than $100 million of transaction costs related to
the Kroger-Albertsons deal in fiscal 2024). S&P said, "We believe
C&S will continue to implement strategic measures--including
investments in warehouse technology, network optimization, and
automation of distribution centers--to help maintain sales leverage
and partially offset declining sales as the Ahold transition is
completed over fiscal years 2025 and 2026. This, in addition to the
company’s ongoing transformation toward higher-margin, though
smaller customers, robust market share, and moving past the
transformative acquisition potential cause us to view fiscal 2025
as a transition year whereby leverage will hover above our
downgrade threshold of about 5x."
S&P said, "The negative outlook reflects the possibility that we
could lower the ratings over the next year if leverage remains in
the high-5x area. Failure to reduce leverage to the low-5x area in
fiscal 2025 could result in a downgrade.
"We could lower our ratings on C&S if there was no line of sight
toward S&P Global Ratings-adjusted debt to EBITDA of less than 5x
or funds from operations (FFO) to total debt of more than 12% over
the next 12 months." This would likely result from:
-- Deteriorating operating performance, namely the inability to
sufficiently back-fill the loss of significant customer contracts
with higher-margin new customers; or
-- Engaging in acquisitions that were either primarily or entirely
debt-funded, with little to no equity funding.
S&P said, "We could revise the outlook to stable if leverage were
decrease beyond our current expectation to below 5x in 2025 and
more toward the mid-4x area. We would expect this to occur if a
combination of higher topline or margin contracts were signed over
the course of the year."
CARDIFF LEXINGTON: Amends Stock Terms, Increases Series Y Shares
----------------------------------------------------------------
Cardiff Lexington Corporation disclosed in a Form 8-K Report filed
with the U.S. Securities and Exchange Commission that it filed
Certificates of Amendment to the Certificates of Designation for
the Company's Series B Preferred Stock, Series C Preferred Stock,
Series E Preferred Stock, Series I Preferred Stock and Series Y
Senior Convertible Preferred Stock with the Nevada Secretary of
State's Office, pursuant to which:
(i) the Certificates of Designation for the Company's Series B
Preferred Stock, Series C Preferred Stock, Series E Preferred Stock
and Series I Preferred Stock were amended to provide that the
conversion prices for such series of Preferred Stock shall be
subject to adjustment for reverse stock splits or other stock
combinations with respect to the Company's Common Stock and
(ii) the Certificate of Designation for the Company's Series Y
Senior Convertible Preferred Stock was amended to increase the
number of authorized shares of Series Y Senior Convertible
Preferred Stock from 1,000,000 shares to 1,250,000 shares.
The Amendments were approved by the requisite holders of each
series of Preferred Stock.
About Cardiff Lexington
Headquartered in Las Vegas, Nevada, Cardiff Lexington Corporation
is an acquisition holding company focused on locating undervalued
and undercapitalized companies, primarily in the healthcare
industry, and providing them capitalization and leadership to
maximize the value and potential of their private enterprises while
also providing diversification and risk mitigation for its
stockholders.
Jericho, New York-based Grassi & Co., CPAs, PC, the Company's
former auditor, issued a "going concern" qualification in its
report dated March 27, 2024, citing that the Company has sustained
an accumulated deficit and negative cash flows from operations,
which raise substantial doubt about its ability to continue as a
going concern.
Cardiff reported a net income of $3,028,394 for the year ended
December 31, 2023, as compared to a net loss of $5,429,521 for the
year ended December 31, 2022. As of June 30, 2024, Cardiff had
$24,659,020 in total assets, $14,196,608 in total liabilities,
$4,625,000 in total mezzanine equity, and $5,837,412 in total
stockholders' equity.
CHARGING ROBOTICS: Cuts Authorized Common Stock to 50 Million
-------------------------------------------------------------
Charging Robotics Inc. disclosed in a Form 8-K Report filed with
the U.S. Securities and Exchange Commission that on December 2,
2024, the Company filed an amended and restated certificate of
incorporation with the Delaware Secretary of State to reduce the
Company's authorized common stock, par value $0.0001 from
2,990,000,000 to 50,000,000.
A full-text copy of the Amended and Restated Certificate is
available at:
https://tinyurl.com/yc2sz4sd
About Charging Robotics
Charging Robotics Inc. (formerly Fuel Doctor Holdings Inc.) was
formed in February 2021, as an Israeli corporation, with the main
goal of developing an innovative wireless electric vehicles (EV)
charging technology. At the heart of the technology is a wireless
power transfer module that uses resonance induction coils to
transfer electricity wirelessly.
Mitzpe Netofa, Israel-based Elkana Amitai CPA, the Company's
auditor since 2023, issued a "going concern" qualification in its
report dated March 12, 2024, citing that as of Dec. 31, 2023, the
Company suffered losses from operations and further losses are
anticipated in the development of its business. These and other
factors raise substantial doubt about the Company's ability to
continue as a going concern.
As of March 31, 2024, Charging Robotics had $285,000 in total
assets, $558,000 in total liabilities, and a total stockholders'
deficit of $273,000.
CLEAN ENERGY: Signs $100K Securities Purchase Deal With Lucas
-------------------------------------------------------------
Clean Energy Technology, Inc. disclosed in a Form 8-K Report filed
with the U.S. Securities and Exchange Commission that it entered
into a securities purchase agreement with Lucas Ventures, LLC, a
Arizona limited liability company, pursuant to which the Company
agreed to issue and sell to Lender:
(i) a convertible promissory note of the Company in the
principal amount of $105,000 and
(ii) 40,000 shares of common stock of the Company, par value
$0.001 per share as inducement shares for this transaction, for an
aggregate purchase price of $100,000.
The Note becomes due and payable on February 28, 2025, and provides
for a one-time interest charge of 12% of the principal amount
payable on the Maturity Date. The Lender is entitled to convert at
any time all or any part of the outstanding and unpaid amount under
the Note into Common Stock of the Company, at the conversion price
of $1.00 per share, subject to anti-dilution adjustments and a
beneficial ownership limitation of 4.99% of Lender and its
affiliates.
About Clean Energy
Based in Houston, Texas, Camber Energy, Inc. —
http://www.camber.energy— is a growth-oriented diversified
energy company. Through its majority-owned subsidiaries, the
Company provides custom energy and power solutions to commercial
and industrial clients in North America and has a majority interest
in: (i) an entity with intellectual property rights to a fully
developed, patented, proprietary Medical and Bio-Hazard Waste
Treatment system using Ozone Technology; and (ii) entities with the
intellectual property rights to fully developed, patented, and
patent-pending proprietary Electric Transmission and Distribution
Open Conductor Detection Systems. Additionally, the Company holds a
license to a patented clean energy and carbon-capture system with
exclusivity in Canada and for multiple locations in the United
States. Various of the Company's other subsidiaries own interests
in oil properties in the United States. The Company is also
exploring other renewable energy-related opportunities and/or
technologies, which are currently generating revenue or have a
reasonable prospect of generating revenue within a reasonable
period of time.
Dallas, Texas-based Turner, Stone & Company, L.L.P., the Company's
auditor since 2016, issued a "going concern" qualification in its
report dated March 25, 2024, citing that the Company has suffered
recurring losses from operations and has a net capital deficiency
that raises substantial doubt about its ability to continue as a
going concern.
COASTAL GREEN: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Coastal Green Energy Solutions, LLC
935 US 301 South
Tampa, FL 33619
Business Description: Coastal Green is a privately held company
that specializes in replacing windows and
doors.
Chapter 11 Petition Date: December 17, 2024
Court: United States Bankruptcy Court
Middle District of Florida
Case No.: 24-07416
Judge: Hon. Roberta A Colton
Debtor's Counsel: Buddy D. Ford, Esq.
BUDDY D. FORD, P.A.
9301 West Hillsborough Avenue
Tampa, FL 33615-3008
Tel: (813) 877-4669
Fax: (813) 877-5543
E-mail: All@tampaesq.com
Total Assets: $155,350
Total Liabilities: $2,107,420
The petition was signed by Saesha North as manager.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/KH7FC6Y/Coastal_Green_Energy_Solutions__flmbke-24-07416__0001.0.pdf?mcid=tGE4TAMA
COAT CHECK: Court OKs Provider Coffee Sale to Tinker T.A.B.
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Indiana,
Indiana Division, has approved Coat Check Coffee LLC and its
affiliate, Strange Bird LLC, to sell its business operations at
Provider Coffee & Coattail Lounge establishment, located at 1101 E.
16th St., Indianapolis, Indiana 46202.
The business property will be sold to Tinker T.A.B. LLC for a
purchase price of $29,578.42 and the sale will be free and clear of
any interest, lien, claim, or encumbrance in or on the Provider
Property.
The net proceeds of the purchase price will be disbursed in the
following order, without further order of the Court:
-- Auctioneer fees and expenses from the sale
-- To lienholders in order of seniority
-- The remainder, if any, to Debtor's bankruptcy estate to be used
in accordance with the plan.
About Coat Check Coffee LLC
Coat Check Coffee, LLC, an Indianapolis-based company, and its
affiliate Strange Bird, LLC filed Chapter 11 petitions (Bankr. S.D.
Ind. Lead Case No. 24-04651) on Aug. 28, 2024.
At the time of the filing, Coat Check Coffee reported $100,001 to
$500,000 in assets and $1 million to $10 million in liabilities
while Strange Bird reported $50,001 to $100,000 in assets and
$500,001 to $1 million in liabilities.
Judge Jeffrey J. Graham oversees the cases.
Kroger, Gardis & Regas, LLP serves as the Debtors legal counsel.
COAT CHECK: Sale of Personal Property to Athenaeum Foundation OK'd
------------------------------------------------------------------
Coat Check Coffee LLC and its affiliate, Strange Bird LLC, received
the approval from the U.S. Bankruptcy Court for the Southern
District of Indiana, Indianapolis Division, to sell Property
related to its business operations.
The Court authorized the Debtor to sell its business operations
located at 401 E. Michigan St., Indianapolis, Indiana 46204 to the
Athenaeum Foundation Inc. for a purchase price of $35,000.
The Property to be sold consists of all the personal property
related to the Debtors' operations at the Coat Check Coffee
establishment, located at 401 E. Michigan St., Indianapolis,
Indiana 46204 including: Curtis Touch Screen Digital Coffee Maker,
Mahlkonig Coffee Grinder, Pastry Display Cabinet, Home
International Coffee Grinder, La Morzocco Espresso Machine,
Countertop Refrigerator, In Counter Icetainer, All white countertop
and aluminum framed service units, stainless steel serving cart
rear kitchen area, Moffet Turbofan Oven, glassware, mugs, bar
stools, and more, also known as Coat Check Property.
The sale of the Coat Check Property to Anthenaeum shall be free and
clear of any interest, lien, claim, or encumbrance.
The Debtor is ordered to disburse the net proceeds to auctioneer
fees and expenses from the sale, to lienholders in order of
seniority, and the remainder will be to the Debtor's bankruptcy
estate to be used in accordance with the plan.
About Coat Check Coffee, LLC and Strange Bird LLC
Coat Check Coffee, LLC, an Indianapolis-based company, and its
affiliate Strange Bird, LLC filed Chapter 11 petitions (Bankr. S.D.
Ind. Lead Case No. 24-04651) on Aug. 28, 2024.
At the time of the filing, Coat Check Coffee reported $100,001 to
$500,000 in assets and $1 million to $10 million in liabilities
while Strange Bird reported $50,001 to $100,000 in assets and
$500,001 to $1 million in liabilities.
Judge Jeffrey J. Graham oversees the cases.
Kroger, Gardis & Regas, LLP serves as the Debtors legal counsel.
COAT CHECK: Strange Bird Restaurant Sale to Strange Phoenix OK'd
----------------------------------------------------------------
Coat Check Coffee LLC and its affiliate, Strange Bird LLC, received
permission from the U.S. Bankruptcy Court for the Southern District
of Indiana, Indianapolis Division, to sell Property related to
Strange Bird restaurant.
The Court authorized the Debtor to sell its operations at Strange
Bird restaurant, located at 128 S. Audubon Road, Indianapolis,
Indiana 46219 to Strange Phoenix Inc. for a purchase price of
$147,103.37.
The The Property to be sold consists of all the personal property
related to the Debtors' operations at the Strange Bird restaurant,
located at 128 S. Audubon Road, Indianapolis, Indiana 46219 and is
comprised of High Top tables, rectangle tables with chair and booth
seating, couches, host stand, wooden baby high chair, removable
decor, lanterns, planters bar, behind bar, wooden shelf with touch
screen POS and towel storage, Delfield stainless steel countertop
refrigerator, Bev-Air stainless steel under bar single door
freezer, turbo air M3 stainless steel double door refrigerator,
needlers, whisks, paddles, mixing stand mixers with accessories,
and more.
The Property also includes Strange Bird's intellectual property,
specifically name, logo, branding, and design.
The sale of the Strange Bird Property to Strange Phoenix shall be
free and clear of any interest, lien, claim, or encumbrance.
The Debtor is ordered to disburse the net proceeds to auctioneer
fees and expenses from the sale, to lienholders in order of
seniority, and the remainder will be to the Debtor's bankruptcy
estate to be used in accordance with the plan.
About Coat Check Coffee LLC and Strange Bird LLC
Coat Check Coffee, LLC, an Indianapolis-based company, and its
affiliate Strange Bird, LLC filed Chapter 11 petitions (Bankr. S.D.
Ind. Lead Case No. 24-04651) on Aug. 28, 2024.
At the time of the filing, Coat Check Coffee reported $100,001 to
$500,000 in assets and $1 million to $10 million in liabilities
while Strange Bird reported $50,001 to $100,000 in assets and
$500,001 to $1 million in liabilities.
Judge Jeffrey J. Graham oversees the cases.
Kroger, Gardis & Regas, LLP serves as the Debtors legal counsel.
COKING COAL: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Coking Coal, LLC
6720 Dunbar Road
Appalachia VA 24216
Business Description: The Debtor operates in the coal mining
industry.
Chapter 11 Petition Date: December 16, 2024
Court: United States Bankruptcy Court
Eastern District of Kentucky
Case No.: 24-70529
Judge: Hon. Gregory R Schaaf
Debtor's Counsel: Ellen Arvin Kennedy, Esq.
DINSMORE & SHOHL LLP
100 W. Main St, Ste 900
Lexington KY 40507
Tel: 859-425-1000
E-mail: ellen.kennedy@dinsmore.com
Estimated Assets: $50 million to $100 million
Estimated Liabilities: $100 million to $500 million
The petition was signed by Lloyd Hill as president and CEO.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/TIQVXYI/Coking_Coal_LLC__kyebke-24-70529__0001.0.pdf?mcid=tGE4TAMA
List of Debtor's 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. Natural Resource Partners Transaction/ $5,187,575
5260 Irvin Rd. Deficiency
Huntington, WV 25705 Liability
Contact: Jeff Conley
Email: JCONLEY@WPPLP.COM
2. Eurasia Center AG Commodity $2,572,480
Bahnhofstrasse 6 Advance
Herisau 9100
Switzerland
Contact: Cheton Malhotra
Email: CHETAN.MALHOTRA@EURASIA-CENTER.EU
3. Alpha Metallurgical Trade Payable $1,952,527
Coal Sales, LLC
340 Martin Luther King Jr Blvd
Bristol, TN 37620
Contact: Dan Horn
Email: BFOLEY@ALPHAMETRESOURCES.COM
4. Penn VA Lease Liability $1,917,498
7 Sheridan Square
Kingsport, TN 37660
Contact: Steve Looney
Email: STEVE.LOONEY@ENERGYTRANSFER.COM
5. Arcelormittal Sourcing SCA Trade Payable $1,876,243
24-26 Boulevard Davranches
Grand Duchy of luxemburg
Luxemburg L-1160
Luxemburg
Contact: Iulian Iacob
Email: PRATIK.JADHAV.CONTRACTO
R2@ARCELORMITTAL.COM
6. Blackjewel Liquidation Trust Contract Claim $1,720,000
1051 Main St.
Milton, WV 25541
Contact: Dave Beckman
Email: DAVE.BECKMAN@FTICONSULTING.COM
7. Appalachian Resource Trade Payable $1,233,962
Company, LLC
251 Tollage Creek
Pikeville, KY 41501
Contact: Chad Hunt
Email: EBRANHAM@APPRESOURCECO.COM
8. Norfolk Southern Railway Trade Payable $795,904
Company
650 W. Peachtree St NW
Atlanta, GA 30308
Contact: Scott Maw
EmaiL: ANDREW.MIMS@NSCORP.COM
9. Howard Engr. & Gly., Inc. Trade Payable $605,051
PO Box 271
Harlan, KY 40831
Contact: Tim Howard
Email: TCHOWARD@HOWARDENG-GEO.COM
10. Dgael Investment Holdings LLC Shareholder $600,000
48 Owenoke Park Loan
Westport, CT 06880
Contact: Gadi Slade
11. JW Construction Co., Inc. Trade Payable $563,168
PO Box 2470
Wise, VA 24293
Contact: Jerry Wharton
Email: JWCONSTRUCTION1984@GMAIL.COM
12. Old Dominion Power Trade Payable $273,792
One Quality St
Lexington, KY 40507
Contact: Scott McElmurray
Email: SCOTT.MCELMURRAY@LGE-KU.COM
13. A&A Supplies, Inc. Trade Payable $268,407
PO Box 99
Whitesburg, KY 41858
Contact: Avery Miles
Email: AVERY.SUPPLIES@GMAIL.COM
14. Mine Service Company Inc. Trade Payable $233,134
2342 S. Kentucky Hwy 15
Hazard, KY 4170
Contact: Stephen Patrick
SCPATRICK@WINDSTREAM.NET
15. Double R Trucking Company Inc. Trade Payable $138,980
10136 Jefferson Rd
Coeburn, VA 24230
Contact: April Meade
Email: AMEADE@BTES.TV
16. Penn Virginia Operating Co., LLC Trade Payable $127,498
13905 Maccorkle Ave
Charleston, WV 25035
Contact: Steve Looney
Email: STEVE.LOONEY@ENERGYTRANSFER.COM
17. American Resources Trade Payable $117,512
Insurance Company Inc.
111 Hillcrest Road Ste 100
Mobile, AL 36695
Contact: Chris Slye
Email: CHRIS.SLYE@ARIC.CC
18. Inmet Mining LLC Trade Payable $113,840
401 Ragland Rd
PO Box 936
Beckley, WV 25801
Contact: David Dye
Email: HHOBSON@INMETMININGLLC.COM
19. National Armature Trade Payable $103,104
PO Box 655
Holden, WV 25625
Contact: Shane Gore
Email: SHANE.GORE@NATIONALARMATURE.COM
20. Bocook Engineering Inc. Trade Payable $101,318
312 Tenth Street
Paintsville, KY 41240
Contact: JR Salyers
Email: JRSALYERS@BOCOOK.COM
COMMSCOPE HOLDING: Inks Deal w/ Monarch, Apollo to Refinance Debt
-----------------------------------------------------------------
Reshmi Basu of Bloomberg News reports that CommScope Holding Co., a
telecommunications infrastructure firm, announced on December 17,
2024, that it has secured a refinancing deal with creditors led by
Apollo Global Management and Monarch Alternative Capital to address
$4.3 billion in debt maturing by 2026.
According to Bloomberg, the agreement includes a $3.15 billion
first-lien term loan and $1 billion in first-lien notes. The
proceeds will be used to repay approximately $1.3 billion in
unsecured bonds due in 2025 and a $3 billion term loan B set to
mature in 2026.
About CommScope Holding
Headquartered in Hickory, North Carolina, CommScope Holding
Company, Inc. -- https://www.commscope.com/ -- is a global provider
of infrastructure solutions for communication, data center, and
entertainment networks. The Company's solutions for wired and
wireless networks enable service providers, including cable,
telephone, and digital broadcast satellite operators, as well as
media programmers, to deliver media, voice, Internet Protocol (IP)
data services, and Wi-Fi to their subscribers. This allows
enterprises to experience constant wireless and wired connectivity
across complex and varied networking environments.
CommScope reported a net loss of $1.45 billion in 2023, a net loss
of $1.28 billion in 2022, a net loss of $462.6 million in 2021, and
a net loss of $573.4 million in 2020.
* * *
As reported by the TCR on Nov. 22, 2023, S&P Global Ratings lowered
its Company credit rating on CommScope to 'CCC' from 'B-' and
removed the ratings from CreditWatch with negative implications,
where they were placed on Oct. 31, 2023. S&P revised the outlook to
negative. The negative outlook reflects S&P's view that CommScope's
expected weak financial performance, with leverage above the 10x
area and low FOCF generation in 2023 and 2024, will increase the
risk of a distressed exchange or buyback within the next 12 months
to address upcoming maturities.
As reported by the TCR on March 15, 2024, Moody's Ratings
downgraded CommScope's ratings, including the corporate family
rating to Caa2 from B3. The ratings downgrade primarily reflects
the increasing risk of a capital restructuring, including a
distressed exchange of some or all of the company's debt, with
maturities approaching, including the company's senior notes in
June 2025 and secured debt in March and April of 2026.
CONTAINER STORE: S&P Downgrades ICR to 'CCC-', Outlook Negative
---------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on The
Container Store Group Inc. (TCS) to 'CCC-' from 'CCC+' and its
issue-level rating on the company's term loan to 'CCC-' from
'CCC+'. The recovery rating remains '3'.
The negative outlook reflects the possibility that TCS could
default on its debt obligations or pursue a debt restructuring that
S&P views as tantamount to a default over the next six months.
S&P said, "The downgrade reflects our view that TCS faces
significant refinancing risk because of approaching maturities. Its
$100 million asset-based lending (ABL) facility is set to mature in
October 2025, and its term loan, with approximately $160 million
outstanding as of September 2024, is due in January 2026. In our
view, the company's ability to manage these looming maturities is
contingent on either a substantial improvement in operating
performance or immediately securing additional capital.
"Despite obtaining a covenant waiver in the second quarter (ended
Sept. 28, 2024), we believe TCS's ongoing weak sales and
profitability challenges will likely result in a covenant breach in
the third quarter. Additionally, TCS has $80 million drawn under
its ABL facility and limited access to additional borrowings
without breaching its fixed-charge covenant ratio of 1x. These
factors, in our view, increase the likelihood of a default in the
near-term.
"TCS also amended its credit agreement to include a covenant
requirement to secure a qualified financing transaction subject to
approval from required lenders by Nov. 15, 2024. The deadline has
since been extended twice, now to Dec. 31, 2024. We believe the
company may not be able to secure a financing transaction before
the deadline, increasing the likelihood of a bankruptcy filing or
out-of-court restructuring we would view tantamount to default
within six months.
"We expect liquidity to be pressured with the unlikelihood of a
strategic partnership deal with Beyond Inc. In May 2024, TCS
announced that its board of directors had initiated a formal review
process to evaluate strategic alternatives and hired a financial
and legal adviser. A pronounced revenue decline followed a peak in
demand during the COVID-19 pandemic. In October 2024, TCS announced
a proposed partnership with Beyond for a $40 million preferred
equity investment contingent on refinancing the capital structure
by Jan. 31, 2025. However, recent developments have cast
substantial doubt on the feasibility of this partnership, with both
companies releasing statements that they do not expect closing
conditions to be met. In our view, TCS's inability to complete a
transaction that provides additional liquidity or to reach an
agreement with lenders increases the likelihood of default within
the next six months. Additionally, there is increasing speculation
that TCS will file for bankruptcy in the next few weeks.
"We expect ongoing top-line and profitability pressures to persist
in the next several quarters as consumers cut back on discretionary
spending for home-related products." In the latest quarter (ended
Sept. 28), revenues decreased significantly, 10.5% year over year,
largely driven by a 12.5% drop in comparable store sales. It's the
ninth consecutive quarter of decline in comparable sales. The trend
reflects broader market challenges as consumers cut back on
spending in the storage and organization categories, despite TCS's
increased promotional efforts aimed at driving sales.
To offset these challenges, TCS has focused on improving its
products, particularly in the custom spaces segment, and introduced
new items and an in-home design service. However, these initiatives
have not yet turned around sales. S&P projects that TCS's revenue
will decline about 9% in fiscal 2024 due to ongoing shifts in
consumer preferences and macroeconomic pressures.
Additionally, while the company's promotional activities aim to
attract traffic, they likely will exert downward pressure on profit
margins. In the most recent quarter, S&P Global Ratings-adjusted
EBITDA margin declined 660 basis points (bps) to 11.8% year over
year. S&P said, "Consequently, we anticipate profitability will
remain under pressure amid lower sales and increased promotional
offerings. We expect adjusted EBITDA margin of about 14% in fiscal
2024, compared to 15.8% in fiscal 2023."
The negative outlook reflects the possibility that TCS could
default on its debt obligations or pursue a debt restructuring that
S&P would view as tantamount to a default over the next six
months.
S&P could lower its rating if TCS:
-- Announces a bankruptcy filing; or
-- Pursues a transaction that we consider tantamount to a default,
including a subpar exchange or failure to repay its debt in full at
maturity.
S&P could raise the rating if TCS refinances or extends its credit
facilities in a manner it doesn't view as distressed.
CORAL POINTE: U.S. Trustee Unable to Appoint Committee
------------------------------------------------------
The U.S. Trustee for the Region 21, until further notice, will not
appoint an official committee of unsecured creditors in the Chapter
11 case of Coral Pointe 604, LLC, according to court dockets.
About Coral Pointe 604
Coral Pointe 604, LLC sought protection for relief under Chapter 11
of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-21820) on
November 12, 2024, with $100,001 to $500,000 in both assets and
liabilities.
Judge Laurel M. Isicoff oversees the case.
Joel Aresty, Esq. at Joel M. Aresty PA represents the Debtor as
legal counsel.
DCCM RESTAURANT: Andrew Layden Named Subchapter V Trustee
---------------------------------------------------------
The U.S. Trustee for Region 21 appointed Andrew Layden as
Subchapter V trustee for DCCM Restaurant Group, LLC.
Mr. Layden will be paid an hourly fee of $400 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Layden declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Andrew Layden
200 S. Orange Avenue, Suite 2300
Orlando, Florida 32801
Telephone: 407-649-4000
Email: alayden@bakerlaw.com
About DCCM Restaurant Group LLC
DCCM Restaurant Group, LLC owns and operates a sports bar.
DCCM Restaurant Group sought relief under Subchapter V of Chapter
11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-06400)
on November 22, 2024. In the petition filed by Charlie Norman, as
manager, the Debtor reports total assets of $29,964 and total
liabilities of $1,474,834.
Honorable Bankruptcy Judge Tiffany P. Geyer handles the case.
The Debtor is represented by:
Jeffrey S. Ainsworth, Esq.
BransonLaw, PLLC
1501 E. Concord Street
Orlando, FL 32803
Tel: 407-894-6834
Email: jeff@bransonlaw.com
DCS NAPLES: Files Chapter 11 Bankruptcy in Florida
--------------------------------------------------
On December 11, 2024, DCS Naples Investments LLC filed Chapter 11
protection in the Middle 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.
About DCS Naples Investments LLC
DCS Naples Investments LLC is a limited liability company.
DCS Naples Investments LLC sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No.
24-01884) on December 11, 2024. In the petition filed by Diane
Sullivan, as manager, the Debtor reports estimated assets up to
$50,000 and estimated liabilities between $1 million and $10
million.
Honorable Bankruptcy Judge Caryl E. Delano handles the case.
The Debtor is represented by:
Jeffrey Lampley, Esq.
JEFF LAMPLEY
5237 Summerlin Commons Boulevard, Ste. 217
Fort Myers, FL 33907
E-mail: jlampley@lampleylaw.com
DREAM ASSOCIATES: Case Summary & Eight Unsecured Creditors
----------------------------------------------------------
Debtor: Dream Associates, Inc.
320 W. Las Colinas Blvd.
Suite 110
Irving TX 75039
Business Description: The Debtor owns and operates a restaurant
business.
Chapter 11 Petition Date: December 17, 2024
Court: United States Bankruptcy Court
Eastern District of Texas
Case No.: 24-43044
Judge: Hon. Brenda T. Rhoades
Debtor's Counsel: Mark Castillo, Esq.
CARRINGTON, COLEMAN, SLOMAN & BLUMENTAL, LLP
901 Main St. Ste. 5500
Dallas TX 75202
Tel: 214-855-3000
Email: markcastillo@ccsb.com
Total Assets as of September 30, 2024: $2,760,682
Total Liabilities as of September 30, 2024: $2,398,531
The petition was signed by Rebekah Kim as president and secretary.
A copy of the Debtor's list of eight unsecured creditors is
available for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/V3ANLGA/Dream_Associates_Inc__txebke-24-43044__0004.0.pdf?mcid=tGE4TAMA
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/76PJKDY/Dream_Associates_Inc__txebke-24-43044__0001.0.pdf?mcid=tGE4TAMA
EASTSIDE DISTILLING: Raises $595K From Sale of Preferred Shares
---------------------------------------------------------------
Eastside Distilling, Inc. disclosed in a Form 8-K Report filed with
the U.S. Securities and Exchange Commission that from November 26
to December 2, 2024, the Company entered into a Securities Purchase
Agreement with two accredited investors pursuant to which the
Company sold units comprised of a total of 1,166,667 shares of a
newly designated Series G Convertible Preferred Stock and five-year
warrants to purchase a total of 583,333 shares of the Company's
Common Stock for total gross proceeds of $595,000. The Company
intends to use the net proceeds, after deducting offering expenses
and related costs, for working capital and general corporate
purposes.
In connection, the Company entered into a registration rights
agreement with the investors pursuant to which the Company agreed
file a registration statement to register the shares of Common
Stock underlying the Series G and Warrants within 30 trading days
following the later of the final closing or termination of the
offering, and to cause such registration to be declared effective
within 60 days thereafter (or 120 days thereafter if such
registration statement is subject to a full review).
The Warrants are exercisable at an exercise price of $0.65 per
share beginning on the effective date of:
(i) an increase in authorized Common Stock of the Company as
necessary to permit full issuance of the shares of Common Stock
underlying the Warrants and the Series G sold pursuant to the
Purchase Agreement together with other common stock equivalents
outstanding as of the date of the Purchase Agreement and
(ii) the approval of the issuance of all of the securities as
may be required by the rules and regulations of The Nasdaq Stock
Market LLC.
Certificate of Designation
of Series G Preferred Stock
On November 26, 2024 Eastside filed with the Nevada Secretary of
State a Certificate of Designation of 6,000,000 shares of Series G
Preferred Stock. The material terms of the Series G Preferred Stock
are summarized below:
Each share of Series G has a stated value of $0.51. The holder of
Series G shares has no conversion or voting rights prior to
stockholder approval of such actions. In the event of a liquidation
of Eastside, the holders of Series G shares will share in the
distribution of Eastside's net assets on an as-converted basis,
subordinate only to the Series B, Series C, Series D and Series E
shares.
Subject to the Shareholder Approval, each share of Series G will be
convertible into Common Stock by a conversion ratio equal to the
stated value of the Series G share divided by the Series G
conversion price. The initial Series G conversion price is $0.51
per share, subject to adjustment as provided therein including in
the event of an issuance by Eastside of Common Stock or Common
Stock equivalents at a price per share that is less than the
conversion price. The Series G conversion price is subject to
equitable adjustment in the event of a stock split, reverse split
and similar events. The number of shares of Common Stock into which
a holder may convert Series G shares will be limited by a
beneficial ownership limitation, which restricts the number of
shares of Eastside Common Stock that the holder and its affiliates
may beneficially own after a conversion to 4.99%.
On December 2, 2024, Eastside filed with the Nevada Secretary of
State a Certificate of Correction of the Certificate of Designation
of the Series G Preferred Stock to include a floor price under
which the conversion price of the Series G cannot be reduced, which
floor price is equal to 20% of the Minimum Price as that term is
defined by the rules and regulations of The Nasdaq Stock Market
LLC.
Certificate of Correction
of Series F Preferred Stock
On November 27, 2024 Eastside filed with the Nevada Secretary of
State a Certificate of Correction of the Certificate of Designation
of the Series F Preferred Stock. The Certificate of Correction
recites that, due to a scrivener's error, the beneficial ownership
limitation on conversion set forth in Section 3(e) of the
Certificate of Designation was given excessive scope, contrary to
the intent of the Eastside Board of Directors. The Certificate of
Correction corrects the error by adding text to Section 3(e)
providing that the beneficial ownership limitation will not apply
to any shareholder who became subject to Section 16 of the
Securities Exchange Act of 1934 by reason of being an executive
officer or director of Eastside.
Certificate of Correction
of Series F-1 Preferred Stock
On November 27, 2024 Eastside filed with the Nevada Secretary of
State a Certificate of Correction of the Certificate of Designation
of the Series F-1 Preferred Stock. The Certificate of Correction
recites that, due to a scrivener's error, the beneficial ownership
limitation on conversion set forth in Section 3(e) of the
Certificate of Designation was given excessive scope, contrary to
the intent of the Eastside Board of Directors. The Certificate of
Correction corrects the error by adding text to Section 3(e)
providing that the beneficial ownership limitation on conversion
will not apply to any shareholder who became subject to Section 16
of the Securities Exchange Act of 1934 by reason of being an
executive officer or director of Eastside. In addition, the
Certificate of Correction clarifies that the corrective language
added to Section 3(e) will also govern the provision of voting
rights on an as-converted basis set forth in Section 6 of the
Certificate of Designation.
About Eastside Distilling
Headquartered in Portland, Oregon, Eastside Distilling, Inc. has
been producing craft spirits in Portland, Oregon since 2008. The
Company is distinguished by its highly decorated product lineup
that includes Azunia Tequilas, Burnside Whiskeys, Hue-Hue Coffee
Rum, and Portland Potato Vodkas. All Eastside spirits are crafted
from natural ingredients for the highest quality and taste.
Eastside's Craft Canning + Printing subsidiary is one of the
Northwest's leading independent mobile canning, co-packing, and
digital can printing businesses.
The Woodlands, Texas-based M&K CPAS, PLLC, the Company's auditor
since 2017, issued a "going concern" qualification in its report
dated April 1, 2024, citing that the Company suffered a net loss
from operations and used cash in operations, which raises
substantial doubt about its ability to continue as a going
concern.
Eastside Distilling incurred a net loss of $7.5 million during the
year ended December 31, 2023. As of June 30, 2024, Eastside
Distilling had $16,589,000 in total assets, $18,523,000 in total
liabilities, and $1,934,000 in total stockholders' deficit.
ELECTRICAL CONNECTIONS: Paul Jordan Named Subchapter V Trustee
--------------------------------------------------------------
The U.S. Trustee for Region 19 appointed Paul Jordan of NP3 LLC as
Subchapter V trustee for Electrical Connections, Inc.
Mr. Jordan will be paid an hourly fee of $350 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Jordan declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Paul A. Jordan, P.E.
NP3 LLC - Energy Advisory & Interim Management
5 Tamarade De.
Littleton, CO. 80127
(303) 809-1273
About Electrical Connections Inc.
Electrical Connections Inc. filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. D. Wyo. Case No.
24-20470) on November 25, 2024, listing $523,754 in assets and
$2,737,254 in liabilities. The petition was signed by Darren Casey
as authorized representative of the Debtor.
Judge Cathleen D. Parker presides over the case.
Clark D. Stith, Esq. represents the Debtor as counsel.
ENGINEERING RECRUITING: Gets Interim OK to Use Cash Collateral
--------------------------------------------------------------
Engineering Recruiting Experts, LLC received second interim
approval from the U.S. Bankruptcy Court for the Middle District of
Florida to use cash collateral by the U.S. Small Business
Administration to maintain operations and pay necessary expenses.
The company owes SBA approximately $135,000.
As adequate protection, SBA was granted a replacement lien to the
same extent and with the same priority as its pre-bankruptcy lien.
In addition, the lender will receive a monthly payment of $2,500
starting this month until further order by the court.
The company's authority to use cash collateral terminates
immediately upon conversion of its bankruptcy case to Chapter 7,
cessation of business operations, dismissal of the case, or default
in payments.
The final hearing is scheduled for Jan. 29, 2025.
About Engineering Recruiting Experts
Engineering Recruiting Experts, LLC filed its voluntary petition
for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D.
Fla. Case No. 24-03292) on Oct. 29, 2024, listing $100,001 to
$500,000 in assets and $1 million to $10 million in liabilities.
Judge Jason A Burgess presides over the case.
Bryan K. Mickler, Esq. at Mickler & Mickler represents the Debtor
as counsel.
EP PROPERTY CLEARLAKE: Gina Klump Named Subchapter V Trustee
------------------------------------------------------------
The U.S. Trustee for Region 17 appointed Gina Klump, Esq., at the
Law Office of Gina R. Klump, as Subchapter V trustee for EP
Property Clearlake, LLC.
Ms. Klump will be paid an hourly fee of $500 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Klump declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Gina Klump, Esq.
Law Office of Gina R. Klump
11 5th Street, Suite 102
Petaluma, CA 94952
Phone: (707) 778-0111
Email: gklump@klumplaw.net
About EP Property Clearlake
EP Property Clearlake, LLC sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 24-41847) on
November 20, 2024, with $1 million to $10 million in both assets
and liabilities.
Arasto Farsad, Esq., at Farsad Law Office, P.C. is the Debtor's
bankruptcy counsel.
EP PROPERTY FORTUNA: Gina Klump Named Subchapter V Trustee
----------------------------------------------------------
The U.S. Trustee for Region 17 appointed Gina Klump, Esq., at the
Law Office of Gina R. Klump, as Subchapter V trustee for EP
Property Fortuna, LLC.
Ms. Klump will be paid an hourly fee of $500 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Klump declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Gina Klump, Esq.
Law Office of Gina R. Klump
11 5th Street, Suite 102
Petaluma, CA 94952
Phone: (707) 778-0111
Email: gklump@klumplaw.net
About EP Property Fortuna
EP Property Fortuna, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 24-41848) on
November 20, 2024, with $1 million to $10 million in both assets
and liabilities.
Arasto Farsad, Esq., at Farsad Law Office, P.C. is the Debtor's
bankruptcy counsel.
EP PROPERTY YREKA: Gina Klump Named Subchapter V Trustee
--------------------------------------------------------
The U.S. Trustee for Region 17 appointed Gina Klump, Esq., at the
Law Office of Gina R. Klump, as Subchapter V trustee for EP
Property Yreka, LLC.
Ms. Klump will be paid an hourly fee of $500 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Klump declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Gina Klump, Esq.
Law Office of Gina R. Klump
11 5th Street, Suite 102
Petaluma, CA 94952
Phone: (707) 778-0111
Email: gklump@klumplaw.net
About EP Property Yreka
EP Property Yreka, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 24-41849) on
November 20, 2024, with $1 million to $10 million in both assets
and liabilities.
Arasto Farsad, Esq., at Farsad Law Office, P.C. is the Debtor's
bankruptcy counsel.
EPIC! CREATIONS: Dec. 30 Deadline Set for Panel Questionnaires
--------------------------------------------------------------
The United States Trustee is soliciting members for committee of
unsecured creditors in the bankruptcy case of Epic! Creations Inc.
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/feynnzxz and return by email it to
Linda Casey - linda.casey@usdoj.gov - at the Office of the United
States Trustee so that it is received no later than Monday, Dec.
30, 2024, at 4:00 p.m. (ET).
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 Epic! Creations Inc.
Epic! Creations Inc. -- https://www.getepic.com/ -- doing business
as Byju's, retails books online. The Company offers digital library
which includes kids books, ebooks, and videos. Epic! Creations
serves customers in the State of California.
Alleged creditors of Epic! Creations sought involuntary petition
under Chapter 11 of the the U.S. Bankruptcy Code against Epic!
Creations (Bankr. D. Del. Case No. 24-11161) on June 5, 2024.
On September 23, 2024, the United States Trustee for Region 3
appointed Claudia Z. Springer as trustee in these Chapter 11
cases.
The trustee tapped Quinn Emanuel Urquhart, Pashman Stein Walder,
and Jenner & Block LLP as counsel; Panag & Babu as Indian local
counsel; Novo Advisors LLC as accountant; Kurtzman Carson as admin.
advisor; and FTI Consulting, Inc. as financial advisor.
EXELA TECHNOLOGIES: The Rifles Trust Holds 11.17% Stake
-------------------------------------------------------
The Rifles Trust disclosed in a Schedule 13D/A filed with the U.S.
Securities and Exchange Commission that as of December 2, 2024, it
beneficially owned 3,100,388 shares of Exela Technologies, Inc.'s
common stock, representing 11.17% of 6,365,363 shares of Common
Stock of the Company outstanding, as of November 13, 2024, as
reported in the Company's Quarterly Report on Form 10-Q for the
period ended September 30, 2024, plus 21,385,694 shares of Common
Stock issued in connection with an exchange for Series A Preferred
Stock as described under Subsequent Events is such Form 10-Q plus
50 shares of Common Stock issuable upon conversion of Preferred
Stock of the Company held by Rifles Trust.
The amount shown includes 4 shares of Common Stock issuable upon
conversion of 24,947 shares of the Series A Preferred Stock and 46
shares of Common Stock issuable upon conversion of 8,100 shares of
the Series B Preferred Stock held by the Rifles Trust as of
November 21, 2024.
The Rifles Trust may be reached at:
Ajit Singh Chadha, Trustee
8550 West Desert Inn Road
Suite 102-452
Las Vegas, Nevada 89117
Tel: (310) 496-3248
A full-text copy of Rifles Trust's SEC Report is available at:
https://tinyurl.com/yxjfsfuy
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.
As of September 30, 2024, Exela Technologies had $567 million in
total assets, $1.5 billion in total liabilities, and $936.2 million
in total stockholders' deficit.
EXPRESS INC: Court Approves Chapter 11 Liquidation Plan
-------------------------------------------------------
Ben Zigterman of Law360 reports that on December 17, 2024, a
Delaware bankruptcy judge approved the Chapter 11 liquidation plan
for clothing retailer Express Inc., following the debtor's sale of
the business for $174 million earlier this summer.
About Express Inc.
Express, Inc., operates specialty retail apparel stores. The
Company offers apparel and accessories such as jeans, sweaters,
dresses, suits, and coats. Express serves customers in the United
States.
The Debtors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-10831) on April
22, 2024. In the petition signed by Stewart Glendinning, chief
executive officer, the Debtor disclosed $1,298,055,000 in assets
and $1,199,781,226 in liabilities.
The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis
International, LLP as bankruptcy counsel; Klehr Harrison Harvey
Branzburg, LLP as local bankruptcy counsel; Moelis & Company, LLC
as investment banker; M3 Advisory Partners, LP as restructuring
advisor; and Stretto, Inc. as claims agent.
Stephen L. Iacovo, Esq., at Ropes & Gray, LLP serves as counsel to
ReStore Capital, LLC, agent to the FILO Lenders. ReStore is also
the agent under a second lien senior secured DIP single-draw term
facility. AlixPartners, LLP serves as advisor to the DIP agents.
Randall L. Klein, Eseq., Eva D. Gadzheva, Esq., and Dimitri G.
Karcazes, Esq., at Goldberg Kohn Ltd., serve as counsel to Wells
Fargo Bank, National Association, as first lien ABL agent. Wells
Fargo is also the agent under a first lien senior secured DIP
revolving credit facility.
EYENOVIA INC: Stuart Grant Owns Warrants to Acquire 3.96% Shares
----------------------------------------------------------------
Stuart M. Grant disclosed in a Schedule 13D/A filed with the U.S.
Securities and Exchange Commission that as of December 2, 2024, he
beneficially owned warrants to acquire 3,942,361 shares of Common
Stock of Eyenovia, Inc., representing 3.96% of the Company's
outstanding shares.
Mr. Grant has sold all of his shares of Common Stock in Eyenovia
and currently only owns warrants to purchase an aggregate of
3,942,361 shares of Common Stock at an exercise price of $0.69 per
share. Between November 18, 2024 and December 3, 2024, Mr. Grant
sold 6,971,792 shares of Common Stock in market transactions at an
average price of $0.942 per share. Warrants to acquire 677,430
shares of Common Stock are currently exercisable and the balance of
the Warrants are exercisable on and after January 1, 2025. The
Reporting Person has no current intent to exercise any of such
warrants.
A full-text copy of Mr. Grant's SEC report is available at:
https://tinyurl.com/ypxfnjw5
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.
FINGERMOTION INC: Names New Board Members After Director Resigns
----------------------------------------------------------------
FingerMotion Inc. disclosed in a Form 8-K Report filed with the
U.S. Securities and Exchange Commission that Michael Chan resigned
as a director on November 29, 2024. Mr. Chan was a member and the
chair of the audit committee of the Board of Directors as well as a
member of the compensation committee of the Board.
On December 3, 2024, following the resignation of Mr. Chan as a
director of the Company creating a vacancy on each of the Board's
audit committee and the compensation committee, the Board appointed
Hsien Loong Wong as a member of the audit committee of the Board
and appointed Yew Poh Leong as the chair of the audit committee of
the Board. In addition, the Board appointed Eng Ho Ng as a member
of the compensation committee of the Board.
About FingerMotion Inc.
FingerMotion Inc. is an evolving technology Company with a core
competency in mobile payment and recharge platform solutions in
China.
Hong Kong-based Centurion ZD CPA & Co., the Company's former
auditor, issued a "going concern" qualification in its report dated
May 29, 2024, citing that the Company has suffered recurring losses
from operations that raise substantial doubt about its ability to
continue as a going concern.
FingerMotion had a net loss of $3,812,017 and $7,538,837 for the
years ended February 29, 2024 and February 28, 2023, respectively.
As of August 31, 2024, FingerMotion had $30,188,875 in total
assets, $20,310,503 in total liabilities, and $9,878,372 in total
shareholders' equity.
FIRST MODE: Case Summary & 30 Largest Unsecured Creditors
---------------------------------------------------------
Two affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
First Mode Holdings, Inc. (Lead Case) 24-12794
3417 1st Ave S
Seattle WA 98134
Synchronous LLC 24-12795
Business Description: First Mode was founded in 2018 as an
engineering consultancy business. Following
the acquisition of a majority stake in First
Mode by Anglo American, the Company aspired
to develop products to abate the use of
diesel in heavy industry applications
(starting with ultra-class mine haul trucks
and rail freight locomotives). These
products were intended to comprise an
initial product offering of zero-emissions
haulage systems based on hydrogen fuel cell
technology, which was diversified, based on
customer feedback and infancy of the
hydrogen economy, to include diesel-battery
hybrid and battery electric systems.
Additionally, the Company provides certain
services to ensure that the necessary
infrastructure is also delivered as well as
seamless integration with customers'
existing fleets and management systems.
Chapter 11 Petition Date: December 15, 2024
Court: United States Bankruptcy Court
District of Delaware
Judge: Hon. Judge Karen B. Owens
Debtors'
Bankruptcy
Counsel: Kara Hammond Coyle, Esq.
Michael R. Nestor, Esq.
Joseph M. Mulvihill, Esq.
YOUNG CONAWAY STARGATT & TAYLOR, LLP
Rodney Square
1000 North King Street
Wilmington, DE 19801
Tel: (302) 571-6600
Fax: (302) 571-1253
Email: kcoyle@ycst.com
mnestor@ycst.com
jmulvihill@ycst.com
Debtors'
Bankruptcy
Co-Counsel: Ray C. Schrock, Esq.
Annemarie V. Reilly, Esq.
Brian S. Rosen, Esq.
LATHAM & WATKINS LLP
271 Avenue of the Americas
New York, NY 10020
Tel: (212) 906-1200
Fax: (212) 751-4864
Email: ray.schrock@lw.com
annemarie.reilly@lw.com
brian.rosen@lw.com
- and -
Caroline Reckler, Esq.
330 North Wabash Avenue, Suite 2800
Chicago, IL 60611
Tel: (312) 876-7700
Fax: (312) 993-9767
Email: caroline.reckler@lw.com
- and -
Jeffrey T. Mispagel, Esq.
355 South Grand Avenue, Suite 100
Los Angeles, CA 90071
Tel: (213) 485-1234
Fax: (213) 891-8763
Email: jeffrey.mispagel@lw.com
Debtors'
Investment
Banker: PJT PARTNERS, INC.
Debtors'
Financial
Advisor: M3 PARTNERS, LP
Debtors'
Claims,
Noticing,
Solicitation &
Balloting
Agent: OMNI AGENT SOLUTIONS, INC.
Estimated Assets
(on a consolidated basis): $10 million to $50 million
Estimated Liabilities
(on a consolidated basis): $50 million to $100 million
The petitions were signed by Colin Mark Freed as chief financial
officer.
Full-text copies of the petitions are available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/BFOEB7Y/First_Mode_Holdings_Inc__debke-24-12794__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/BIAAHLI/Synchronous_LLC__debke-24-12795__0001.0.pdf?mcid=tGE4TAMA
Consolidated List of Debtors' 30 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. ABB Inc. Trade $3,489,271
8440 Times Dispatch Blvd.
Mechanicsville, VA 23116
PO Box 88868
Chicago, IL, 60695-1868, United States
Peter Basilex
Kelly Kling
Phone: 804-789-5985
866-330-2461
Email: us-tractionsupport@abb.com /
us.sasacctrec@us.abb.com
2. Ballard Power Systems Inc. Trade $2,553,000
9000 Glenlyon Parkway
Burnaby, BC, V5J 5J8, Canada
Norman Dacanay
Phone: 604-454-0900
Email: bpsreceivables@ballard.com
3. Reedo LP Trade $910,471
c/o KG Investment Properties, LLC
formerly Kidder Matthews
5th floor - 1508 West Broadway
Vancouver BC Canada, 98124
c/o Attorney Michael Courtnage Attorney
Matthew D. Green, and
Elizabeth Hebener Norwood
Phone: 425-450-1550, 206-447-1625
Email: nicolateam@kgip.com
4. Nyobolt Limited Trade $279,031
Unit 2, Evolution Business Park
Milton Road, Impington
Cambridge, England, Cb24 9Ng
United Kingdom
Sai Shivareddy
Phone: +44 1223 928254
Email: sai.shivareddy@nyobolt.com
5. LinkedIn Corporation Trade $178,317
1000 W. Maude Avenue
Sunnyvale, CA, 94085
Katie Lock
Phone: 855-655-5653
Email: ar-receipts@linkedin.com
6. DSV Air & Sea, Inc. Trade $150,194
200 Wood Ave S, Suite 300
Iselin, New Jersey, 08830
Carvalho Yane
Phone: 732-850-8000
Email: yane.carvalho@us.dsv.com
7. Greene IS Trade $134,211
4742 42nd Ave SW PMB 420
Seattle, WA, 98116
Benjamin Greene
Phone: 206-639-2900
Email: ap@greeneis.com
8. CryoWorks, Inc. Trade $97,498
1801 W. Olympic Blvd.
Pasadena CA 91199
3309 Grapevine Street,
Jurupa Valley, CA, 91752
Matthew Miller
Phone: 951-360-0920
Email: lcotten@cryoworks.net / bevans@cryoworks.net
9. Prime Electric Inc. Trade $95,488
3301 SE 26th Street
Bellevue, WA, 98005
Kasandra Garmong
Phone: 425-747-5200
Email: pnw-ach@primee.com /
kasandra.garmong@primeelectric.com
10. Miles and Sons Inc. Trade $81,367
PO Box 745
Napavine, WA, 98565
Vicky Miles
Phone: 360-508-6804
Email: vicky.miles@milesandsons.com
11. BrightLoop Converters Trade $81,139
221 Boulevard Davout
Paris, 75020, France
Florent Liffran Pj Liardou
Hugues Largeron
Phone: +33 619 016 909
Email: florent.liffran@brightloop.fr /
pj.liardou@brightloop.fr /
hugues.largeron@brightloop.fr
12. ABW Technologies, Inc. Trade $64,150
6720 191st PL NE
Arlington, WA, 98223
Betty Hanley
Phone: 360-618-4400
Email: bhanley@abwtec.com
13. Workday, Inc. Trade $62,882
6110 Stoneridge Mall Road
Pleasanton, CA, 94588
Kevin Israel
Phone: 925-951-9000
Email: accounts.receivable@workday.com /
kevin.israel@workday.com
14. Northwest Technologies, Inc. Trade $60,047
PO Box 1304
Estacada, OR, 97203
Eric Sale
Phone: 503-630-2030
Email: ar@nw-technologies.com
15. LAZ Parking Northwest, LLC Trade $50,000
One Financial Plaza, 14th Floor
Hartford, CT, 06103
Erica Robertson
Phone: 860-522-7641
Email: erobertson@lazparking.com
16. Miro Trade $48,300
201 Spear Street Suite 1100
San Francisco, CA, 94105
Andrey Khusid
Phone: 415-300-0533
Email: billing_requests@miro.com
17. Rockwell Automation, Inc. Trade $48,273
formerly Plex Systems, Inc.
PO Box 3712
Carol Stream, IL, 60132-3712
Theresa Wright
Phone: 248-391-8001
Email: plex.invoicing@rockwellautomation.com /
invoicing@plex.com
18. Hydac Pty Ltd Trade $44,306
109-111 Dohertys Road
Altona North, VIC, 3025, Australia
Mark Keen
Phone: +61 3 9272 8900
Email: hydac-accounting@hydac.com.au /
info@hydac.com.au
19. Mercer (US) Inc. Trade $41,145
1166 Avenue of the Americas
New York, NY, 10036
Pam Koerber
Phone: 502-561-4743
Email: pam.koerber@mercer.com /
surveys@mercer.com
20. BrandSafway Services, LLC Trade $39,101
PO Box 91473
Chicago, IL, 60693
Shane Davis
Phone: 360-575-9366
Email: cashapplication@beis.com
21. White River Fabrication, LLC Trade $24,276
2321 Cole St, Suite 101
Enumclaw, WA, 98022
Kevin Boyles
Phone: 360-829-6325
Email: accounting@whiteriverfabrication.com
22. Performance Mechanical Group Trade $22,231
1012 Central Ave South
Kent, WA, 98032
Kenny Miller
Phone: 425-251-0356
Email: info@pmghvac.com
23. Knorr-Bremse Australia Pty Ltd Trade $22,071
23-29 Factory Street,
Granville, NSW 2142, Australia
Isaias Leon
Phone: +612 8863 6529
Email: isaias.leon@knorr-bremse.com
24. Smartsheet Inc. Trade $18,693
10500 NE 8th Street, Suite 1300
Bellevue, WA 98004
Mark Mader
Phone: 425-326-3995
Email: remittanceadvice@smartsheet.com
25. The Financial Times Limited Trade $18,648
Bracken House, 1 Friday Street,
London, United Kingdom, EC4M 9BT United
Kingdom
Stephanie Joy Otico
Phone: 917-551-5149
Email: stephaniejoy.otico@ft.com
26. Fortra, LLC Trade $18,600
11095 Viking Dr, Suite 100
Eden Prairie, MN 55344
Kate Bolseth
Phone: 952-933-0609
Email: info@fortra.com
27. Armanino LLP Professional $17,850
12657 Alcosta Blvd., Suite 500 Services
Los Angeles, CA, 90088
Cyndi Garcia
Phone: 310-745-5882
Email: accountsreceivable@armaninollp.com /
cyndi.garcia@armaninollp.com
28. New Eagle, LLC Trade $17,020
5220 South State Road
Ann Arbor, MI, 48108
Jon Peitz
Phone: 734-929-4557
Email: jpeitz@neweagle.net /
accounting@neweagle.net
29. Air Radiators Trade $16,823
45 Heales Rd, PO Box 243
Lara Victoria, 3212, Australia
Don Cormack
Phone: +613 5275 6644
Email: accounts@airrads.com
30. Affiliated Engineers, Inc. Trade $16,782
5802 Research Park Blvd.
Madison, WI, 53719
Jason Atkisson
Phone: 608-231-2020
Email: ap@facfin.com
FIRST MODE: Dec. 23 Deadline Set for Panel Questionnaires
---------------------------------------------------------
The United States Trustee is soliciting members for committee of
unsecured creditors in the bankruptcy case of First Mode Holdings,
Inc., et al..
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/cnr3ptxv and return by email it to
Jane M. Leamy - Jane.M.Leamy@usdoj.gov - at the Office of the
United States Trustee so that it is received no later than Monday,
Dec. 23, 2024, at 5:00 p.m. (ET).
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 First Mode
First Mode is a multinational decarbonization company that designs,
manufactures, and distributes hybrid battery systems and hydrogen
fuel cell technologies for heavy duty mining and rail vehicles,
along with hydrogen refueling equipment.
First Mode Holdings, Inc. and Synchronous LLC filed for voluntary
petitions under Chapter 11 of the Bankruptcy Code (Bankr. D. Del.,
Lead Case No. 24-12794) on December 15, 2024. In their petitions
signed by Colin Mark Freed as chief financial officer, the Debtors
reported estimated consolidated assets of $10 million to $50
million and estimated consolidated liabilities of $50 million to
$100 million.
The Hon. Judge Karen B. Owens oversees the cases.
The Debtors tapped Young Conaway Stargatt & Taylor, LLP as
bankruptcy counsel and Latham & Watkins LLP as bankruptcy
co-counsel. PJT Partners serves as investment banker to the
Debtors, while M3 Partners LP acts as financial advisor. Omni
Agent Solutions Inc is the claims and noticing agent for the
Debtors.
FLUENT INC: Global Value Investment, 5 Others Hold 14.83% Stake
---------------------------------------------------------------
Global Value Investment Corp., Jeffrey R. Geygan, James P. Geygan,
Stacy A. Wilke, Kathleen M. Geygan, and Shawn G. Rice disclosed in
a Schedule 13G filed with the U.S. Securities and Exchange
Commission that as of November 29, 2024, they beneficially owned a
total of 3,047,924 shares of common stock of Fluent Inc.,
representing 14.83% of the 20,548,162 shares of Common Stock (upon
full exercise of pre-funded warrants), $0.0005 par value per share
outstanding as of December 2, 2024, as reported in the Form 10-Q
for the fiscal quarter ended September 30, 2024, and the Form 8-K
filed December 2, 2024, of the Company.
GVIC serves as investment adviser to managed accounts and may be
deemed to have beneficial ownership over the Common Stock held for
the Accounts.
GVIC owns 9,385 shares of Common Stock in its corporate capacity.
Mr. Jeffrey Geygan, Mr. James Geygan, Ms. Wilke, Ms. Geygan, and
Mr. Rice each own shares of Common Stock in their individual
capacities. These shares may be deemed to be indirectly beneficial
owned by GVIC. Mr. Jeffrey Geygan owns 54,584 shares in his
individual capacity. Mr. James Geygan owns 8,599 shares in his
individual capacity. Ms. Wilke owns 3,869 shares in her individual
capacity. Ms. Geygan owns 9,875 shares in her individual capacity.
Mr. Rice owns 13,459 shares in his individual capacity.
Mr. Jeffrey Geygan, Mr. James Geygan, Ms. Geygan, and Mr. Rice are
the directors of GVIC. Mr. James Geygan and Ms. Wilke are the
executive officers of GVIC. As a result of his ownership interest
in GVIC, Mr. Jeffrey Geygan is the controlling person of GVIC. As
each of the Reporting Persons, directly or indirectly, share the
power to vote, or direct the voting of, the Common Stock held for
the Accounts, and the power to dispose, or to direct the
disposition of, the Common Stock held for the Accounts, each may be
deemed to have beneficial ownership over the Common Stock held for
the Accounts.
A full-text copy of Global Value's SEC Report is available at:
https://tinyurl.com/pzfepaut
About Fluent Inc.
Fluent, Inc. -- https://www.fluentco.com/ -- is a performance
marketing company, offering customer acquisition and partner
monetization solutions that exceed client expectations. Leveraging
untapped channels and diverse ad inventory across partner
ecosystems and owned sites, Fluent connects brands with consumers
at the most optimal moment, ensuring impactful engagement when it
matters most. Constantly innovating and optimizing for performance,
Fluent unlocks additional revenue streams for partners and empowers
advertisers to acquire their most valuable customers at scale.
Fluent said in its Quarterly Report for the period ended Sept. 30,
2024, "Based on current projections, the Company expects to be in
compliance with the new financial covenants for each of the
quarters in the twelve months following the issuance date of this
Quarterly Report on Form 10-Q. However, the Company has not met its
projections for certain recent quarters, so there can be no
assurance that the Company will meet its projections in the future.
If during any fiscal quarter, the Credit Parties do not comply with
any of their financial covenants, such non-compliance would result
in an event of default that would give SLR the right to accelerate
maturities. Additionally, if the Company fails to raise capital in
at least the amount required under the Third Amendment by November
29, 2024, such failure would also result in an event of default. In
such case, the Company would not have sufficient funds to repay the
SLR Term Loan … and the SLR Revolver…In addition, even if the
Company is able to raise additional capital as required by the
Third Amendment, there is no assurance that such capital plus the
available cash plus borrowing base on the SLR Revolver will be
sufficient to fund operations over the next twelve months. If
needed, the Company will consider implementing other cost-saving
measures, but there is no guarantee that such plans would be
successfully executed or have the expected benefits. As a result,
management concluded that there is substantial doubt about the
Company's ability to continue as a going concern for the next 12
months."
FOCUS UNIVERSAL: All Three Proposals Approved at Annual Meeting
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Focus Universal Inc. held its 2024 annual meeting of shareholders.
The Company engaged Broadridge Financial Services, Inc. to tabulate
the proxies and the votes cast for the Annual Meeting. Of the
68,667,760 shares of the Company's common stock outstanding as of
October 2, 2024, the record date for the Annual Meeting, 52,062,172
shares of the Company's common stock were represented at the Annual
Meeting in person or by proxy, representing a quorum. The following
matters were voted upon at the Annual Meeting:
Proposal One – Election of Directors.
Dr. Desheng Wang, Dr. Edward Lee, Michael Pope, Carine Clark, and
Sean Warren were named to serve as members of the Board of
Directors of the Company until the annual meeting of shareholders
to be held in 2025 (or action by written consent of shareholders in
lieu thereof), or until their successors have been duly elected and
qualified.
Proposal Two – Ratification of Selection of Independent
Registered Public Accounting Firm.
The appointment of Weinberg & Company, P.A. as the Company's
independent registered public accounting firm for the fiscal year
ending December 31, 2023 and December 31, 2024 was ratified.
Proposal Three – Approval of Amendment to the Company's
Articles of Incorporation.
An amendment to the Company's Articles of Incorporation to increase
the number of authorized shares of the Company's common stock,
$0.001 par value per share, from 75,000,000 to 150,000,000 was
approved.
About Focus Universal
Focus Universal Inc. (NASDAQ: FCUV) is a provider of patented
hardware and software design technologies for Internet of Things
(IoT) and 5G. The company has developed five disruptive patented
technology platforms with 28 patents and patents pending in various
phases and 8 trademarks pending in various phases to solve the
major problems facing hardware and software design and production
within the industry today. These technologies combined to have the
potential to reduce costs, product development timelines, and
energy usage while increasing range, speed, efficiency, and
security.
Los Angeles, Calif.-based Weinberg & Company, P.A., the Company's
auditor since 2023, issued a "going concern" qualification in its
report dated April 1, 2024, citing that the Company has suffered
recurring losses from operations and has experienced negative cash
flows from operating activities that raise substantial doubt about
its ability to continue as a going concern.
Focus Universal had a net loss of $4,718,142 and $4,926,937 for the
years ended December 31, 2023 and 2022, respectively. As of
September 30, 2024, Focus Universal had $6,230,440 in total assets,
$784,783 in total liabilities, and $5,445,657 in total
stockholders' equity.
FRANCHISE GROUP: Lender Feud Erupts Over Controversial Buyout
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Steven Church of Bloomberg News reports that the battle over
Franchise Group Inc.'s bankruptcy centers on a contentious
management buyout involving embattled investment adviser B. Riley
Financial and former CEO Brian Kahn.
Second-lien lenders, including Pacific Investment Management Co.,
are seeking approval to sue those involved in the buyout, completed
just 14 months before the company filed for bankruptcy in early
November, the report relates. Kahn, who is under investigation by
U.S. authorities for his alleged role in the collapse of the hedge
fund Prophecy, is among those likely implicated, the report
relays.
About Franchise Group Inc.
Franchise Group, Inc., through its subsidiaries, operates
franchised and franchisable businesses including The Vitamin
Shoppe, Pet Supplies Plus, LLC, Badcock Home Furniture & More,
American Freight, Buddy's Home Furnishings and Sylvan Learning
Systems, Inc.
Franchise Group, Inc. and its affiliates filed their voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
D. Del. Lead Case No. 24-12480) on Nov. 3, 2024, listing
$1,000,000,001 to $10 billion in both assets and liabilities. The
petitions were signed by David Orlofsky as chief restructuring
officer.
Willkie Farr & Gallagher LLP and Young Conaway Stargatt & Taylor,
LLP are serving as legal counsel, AlixPartners is serving as
financial advisor and Chief Restructuring Officer, and Ducera
Partners is serving as investment banker to the Company. Paul
Hastings LLP is serving as legal counsel and Lazard is serving as
investment banker to the first lien ad hoc group.
FULCRUM BIOENERGY: Refuse Inc. Buys Nevada Site via Bankruptcy
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Jacob Wallace of WasteDive reports that a federal judge has
approved Refuse Inc.'s purchase of a feedstock processing facility
located next to one of the company's landfills, while Fulcrum
BioEnergy's biorefinery was acquired by another firm. The
bankruptcy filing by Fulcrum BioEnergy marks the end of a company
that once aimed to decarbonize the aviation sector with
waste-derived fuel, according to the report.
On November 14, 2024, Refuse Inc., a WM subsidiary, received
approval to acquire Fulcrum's feedstock processing facility near
the Lockwood Regional Landfill in Nevada. At the same time, Switch,
Ltd., a Las Vegas-based data center operator, purchased the
facility where Fulcrum had converted feedstock into synthetic
crude. Switch had initially placed a $15 million stalking horse bid
for Fulcrum’s assets, setting the minimum for the auction, which
took place later in the fall. The exact amount of WM’s bid was
not disclosed, according to WasteDive.
Fulcrum had initially projected that its Sierra Biofuels facility
in Sparks, Nevada, would produce nearly 11 million gallons of
sustainable aviation fuel (SAF) annually. The plant was designed to
process 175,000 tons of municipal solid waste each year from
partners like WM and Waste Connections, converting it into
synthetic crude, which would then be refined into SAF. Despite
support from major aviation and waste companies, as well as the
U.S. Department of Defense, the project struggled. The facility
reportedly shipped only a small amount of synthetic crude in late
2022 before shutting down for repairs. Although it resumed
operations, further issues with its gasification system caused
additional delays, according to Bloomberg.
In May 2024, Fulcrum fully shut down the Sierra Biofuels facility
and laid off its employees. CEO Eric Pryor also departed around the
same time, the report relays.
Fulcrum BioEnergy filed for Chapter 11 bankruptcy in September 2024
and has since been disclosing financial information in U.S.
Bankruptcy Court for the District of Delaware. As of October 31,
the company reported a net worth of -$420.3 million, with Fulcrum
Sierra BioFuels showing a net worth of -$346.7 million, and Fulcrum
Sierra Holdings reporting a net worth of about -$104 million. The
company also listed ongoing general and administrative expenses, as
well as interest costs, the report states.
About Fulcrum Bioenergy
Fulcrum Bioenergy Inc. operates as a clean energy company described
as a pioneer in sustainable aviation fuel (SAF) production.
Fulcrum Bioenergy Inc. and its affiliates sought relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No.
24-12008) on Sept. 9, 2024. In the petition filed by Mark J. Smith,
as chief restructuring officer, the Debtor reports estimated assets
up to $50,000 and estimated liabilities between $100 million and
$500 million.
The Honorable Bankruptcy Judge Thomas M. Horan handles the case.
The Debtors tapped MORRIS, NICHOLS, ARSHT & TUNNELL LLP as counsel;
and DEVELOPMENT SPECIALISTS, INC., as investment banker. KURTZMAN
CARSON CONSULTANTS, LLC, d/b/a VERITA GLOBAL, is the claims agent.
GRAND VIEW HOSPITAL: S&P Lowers 2021 Revenue Bonds Rating to 'B+'
-----------------------------------------------------------------
S&P Global Ratings lowered its long-term rating on Bucks County
Industrial Development Authority, Pa.'s series 2021 fixed-rate
hospital revenue bonds, issued for Grand View Hospital (GVH), to
'B+' from 'BB-'. The outlook is negative.
"The lower rating reflects GVH's continued large operating losses,
which were significantly beyond expectations, as well as the
continued decline of its key liquidity and financial flexibility
metrics over the last several years, while the debt burden and
leverage remain elevated," said S&P Global Ratings credit analyst
Anne Cosgrove.
The negative outlook reflects S&P's view that there is a
one-in-three chance we could lower the rating within the one-year
outlook period should GVH's turnaround efforts not sufficiently
stabilize operations or allow it to at least meet its fiscal 2025
operating budget and maximum annual debt service (MADS) covenant.
A downgrade is possible should GVH not meet its fiscal 2025
operating budget or if its key liquidity and financial flexibility
metrics weaken further. There could likely be negative rating
pressure if there is a breach of the MADS covenant of 1.1x in
fiscal 2025.
S&P does not view a higher rating as likely over the outlook
period, given significant operating losses. However, if there is a
definitive agreement and merger executed, there could be a positive
benefit under its Group Rating Methodology.
GRIT & GRAVEL: Case Summary & 20 Largest Unsecured Creditors
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Debtor: Grit & Gravel, Inc.
1360 S. Figueroa St Unit D #409
Los Angeles, CA 90015
Business Description: Founded in 2020, Grit & Gravel is a
certified Woman Business Enterprise that
crushes, recycles, stores, and sells
concrete, stone and gravel at its
facility in South Central Los Angeles.
These services complement the trucking,
earthwork, excavation shoring, and
demolition and disposal services provided by
its affiliate Miranda Logistics.
Chapter 11 Petition Date: December 17, 2024
Court: United States Bankruptcy Court
Central District of California
Case No.: 24-20278
Judge: Hon. Julia W Brand
Debtor's Counsel: Sean A. O'Keefe, Esq.
O'KEEFE & ASSOCIATES LAW CORPORATION, P.C.
26 Executive Park
Suite 250
Irvine, CA 92614
Tel: (949) 334-4135
Email: sokeefe@okeefelawcorporation.com
Estimated Assets: $0 to $50,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Stephanie Miranda as CEO, secretary, and
CFO.
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/IBV3DPI/Grit__Gravel_Inc__cacbke-24-20278__0001.0.pdf?mcid=tGE4TAMA
HIGHLAND PARK: Sec. 341(a) Meeting of Creditors on January 16
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On December 10, 2024, Highland Park Apts LLC filed Chapter 11
protection in the District of New Jersey. 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 16,
2025 at 11:00 AM, TELEPHONIC MEETING.
About Highland Park Apts LLC
Highland Park Apts LLC is a Single Asset Real Estate debtor (as
defined in 11 U.S.C. Section 101(51B)).
Highland Park Apts LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D.N.J. Case No. 24-22119) on December 10,
2024. In the petition filed by Elizabeth A. LaPuma, as independent
fiduciary, the Debtor reports estimated assets and liabilities
between $1 million and $10 million each.
Honorable Bankruptcy Judge Michael B. Kaplan handles the case.
The Debtor is represented by:
Kenneth A. Rosen, Esq.
KEN ROSEN ADVISORS PC
80 Central Park West
New York, NY 10023
Tel: (973) 493-4955
Email: Ken@kenrosenadvisors.com
ILUSTRATO PICTURES: Holds 16.6% of Fusion Fuel's Ordinary Shares
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Ilustrato Picture International Inc. disclosed in a Schedule 13G
filed with the U.S. Securities and Exchange Commission that as of
November 26, 2024, it beneficially owned shares of Fusion Fuel
Green plc's Class A Ordinary Shares. Ilustrato Picture beneficially
owns 7,254,217 shares, consisting of:
(i) 219,991 Series A Preferred Shares held directly by Mr.
Nicolas Link Link,
(ii) 3,215,258 Series A Preferred Shares held by ILUS, and
(iii) 3,818,969 Class A Ordinary Shares held by ILUS.
The ownership represents 16.6% of the total of 19,104,398 ordinary
shares outstanding as of November 18, 2024, disclosed in the Fusion
Fuel's Stock Purchase Agreement, dated as of November 18, 2024
filed on Form 6-K on November 20, 2024.
A full-text copy of Company's SEC Report is available at:
https://tinyurl.com/bdhkua4z
About ILUS
Ilustrato Pictures International Inc. is a corporation registered
in Nevada and operating out of New York and Dubai. The company has
acquired and integrated businesses in the global industries of
technology, engineering, and manufacturing, with a specific focus
on public safety. ILUS has a history of developing and
manufacturing Emergency Services products, including Emergency
Response vehicles, Special Vehicle conversions, Commercial EVs, and
IoT Technology. Additionally, the company intends to acquire
complementary companies that have disruptive technology and strong
management, with the potential for rapid growth that may benefit
from cross-pollination of territories, products, and skills offered
by ILUS's other group companies. ILUS operates as a holding
company, leveraging its subsidiaries to engage in public safety,
technology, engineering, and manufacturing.
As of December 31, 2023, the Company had $62,487,166 in total
assets, $32,579,545 in total liabilities, and $29,987,621 in total
stockholders' equity.
Ahmedabad, India-based Pipara & Co LLP, the Company's auditor since
2022, issued a "going concern" qualification in its report dated
May 1, 2024, citing that the Company suffered losses from
operations in CY 2023 and CY 2022 and has a net capital deficiency
in the periods ended December 31, 2023, and 2022, which raises
substantial doubt about its ability to continue as a going concern.
INSPIREMD INC: Nantahala Capital Partners Holds 5.22% Equity Stake
------------------------------------------------------------------
Nantahala Capital Partners Limited Partnership disclosed in a
Schedule 13G Report filed with the U.S. Securities and Exchange
Commission that as of November 27, 2024, it may be deemed to be the
beneficial owner of 1,411,636 Shares of InspireMD, Inc.'s common
stock, representing 5.22% of the shares outstanding.
The 1,411,636 Shares includes 949,912 Shares which may be acquired
by Nantahala within 60 days through the exercise of warrants.
A full-text copy of Nantahala Capital's SEC Report is available
at:
https://tinyurl.com/mv483ruv
About InspireMD
Headquartered in Tel Aviv, Israel, InspireMD, Inc. —
http://www.inspiremd.com— is a medical device company focusing
on the development and commercialization of its proprietary
MicroNet stent platform technology for the treatment of complex
vascular and coronary disease. A stent is an expandable
"scaffold-like" device, usually constructed of a metallic material,
that is inserted into an artery to expand the inside passage and
improve blood flow. Its MicroNet, a micron mesh sleeve, is wrapped
over a stent to provide embolic protection in stenting procedures.
InspireMD reported a net loss of $19.92 million in 2023, a net loss
of $18.49 million in 2022, a net loss of $14.92 million in 2021, a
net loss of $10.54 million in 2020, and a net loss of $10.04
million in 2019. As of September 30, 2024, InspireMD had $50.5
million in total assets, $9.1 million in total liabilities, and
$41.4 million in total equity.
InspireMD said in its Quarterly Report for the period ended June
30, 2024, that as of Aug. 5, 2024, the Company has the ability to
fund its planned operations for at least the next 12 months.
However, the Company expects to continue incurring losses and
negative cash flows from operations until its product, CGuard
Headquartered in Tel Aviv, Israel, InspireMD, Inc. — PS, reaches
commercial profitability. Therefore, in order to fund the Company's
operations until such time that the Company can generate
substantial revenues, the Company may need to raise additional
funds.
The Company said its plans include continued commercialization of
its products and raising capital through sale of additional equity
securities, debt or capital inflows from strategic partnerships.
There are no assurances, however, that the Company will be
successful in obtaining the level of financing needed for its
operations. If it is unsuccessful in commercializing its products
or raising capital, the Company may need to reduce activities,
curtail or cease operations.
INTERFREIGHT SYSTEMS: Case Summary & 20 Top Unsecured Creditors
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Debtor: Interfreight Systems, Inc.
2230 S Goebbert Rd, Apt. 340
Arlington Heights, IL 60005
Chapter 11 Petition Date: December 18, 2024
Court: United States Bankruptcy Court
Northern District of Illinois
Case No.: 24-18891
Debtor's Counsel: David Freydin, Esq.
LAW OFFICES OF DAVID FREYDIN
8707 Skokie Blvd
Suite 305
Skokie, IL 60077
Tel: 888-536-6607
Fax: 866-575-3765
E-mail: david.freydin@freydinlaw.com
Total Assets: $828,100
Total Liabilities: $1,549,076
The petition was signed by Viktor Kotsev 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/LGAQYRQ/Interfreight_Systems_Inc__ilnbke-24-18891__0001.0.pdf?mcid=tGE4TAMA
ISLAND VIEW: Seeks Bankruptcy Protection in California
------------------------------------------------------
On December 11, 2024, Island View Ranch LLC filed Chapter 11
protection in the Central District of California. According to
court filing, the Debtor reports $9,596,177 in debt owed to 1 and
49 creditors.
About Island View Ranch LLC
Island View Ranch LLC is the owner of approximately 9.13 acres of
agricultural zoned land, including raised-bed enclosed greenhouse
grow space, flower drying outbuildings, agricultural storage
outbuildings, occupied by agricultural and commercial tenants that
are paying rent to the Debtor. The Property is located at 3376
Foothill Road, Carpinteria, CA and valued at $6.42 million.
Island View Ranch LLC sought relief under Chapter 11 of the U.S
Bankruptcy Code (Bankr. C.D. Cal. Case No. 24-11404) on December
11, 2024. In the petition filed by Robyn Whatley, as manager
member, the Debtor reports total assets of $6,434,132 and total
liabilities of $9,596,177.
The case is overseen by Honorable Bankruptcy Judge Ronald A.
Clifford III.
The Debtor is represented by:
John K. Rounds, Esq.
ROUNDS & SUTTER LLP
674 County Square Drive Suite 108
Ventura, CA 93003
Tel: 805-650-7100
Fax: 805-832-6315
E-mail: admin@rslawllp.com
JOHNSTONE SUPPLY: S&P Rates New $1.125 Billion Term Loan 'B'
------------------------------------------------------------
S&P Global Ratings assigned its 'B' issue-level rating and '3'
recovery rating to Johnstone Supply Intermediate LLC's proposed
$1.125 billion first-lien term loan due 2031, which it plans to
enter into through its operating subsidiary Johnstone Supply LLC.
The '3' recovery rating indicates S&P's expectation for meaningful
(50%-70%; rounded estimate: 50%) recovery for lenders in the event
of a payment default. Johnstone Supply intends to use proceeds from
the new term loan to repay its existing $1 billion term loan,
prefund acquisitions of independently owned Johnstone Supply
stores, and pay transaction-related fees and expenses. The margin
on the proposed term loan is anticipated to be about 50 basis
points lower compared to the existing loan, though S&P does not
expect significant cash interest savings given the incremental debt
increases the total amount of interest-bearing debt outstanding.
S&P said, "The transaction does not affect our issuer-credit
ratings or stable outlook on the company. This is because our prior
analysis incorporated a moderate level of incremental debt issuance
over the next few years to support acquisition spending, and we
continue to forecast the company's S&P Global Ratings-adjusted
leverage will remain in the low- to mid-5x area through 2025,
providing sufficient cushion relative to our 6.5x downside
threshold.
"We continue to view the U.S. market for HVAC equipment and parts
favorably, given the large installed base of HVAC units and
relatively non-discretionary nature of HVAC repair and replacement.
We also believe secular tailwinds toward energy efficiency and
continually evolving regulations support demand over the more
intermediate to long term. Moreover, we expect Johnstone Supply to
experience outsized growth relative to industry averages due to its
acquisition strategy. In our view, the company currently has a
relatively good position in the HVACR distribution market (as the
No. 2 player behind Watsco) and good brand recognition."
Portland, Ore.-based Johnstone Supply distributes and sells HVACR
equipment and generated $1.6 billion of revenue for the 12 months
ended Sept. 30, 2024 ($3.3 billion when incorporating its gross
dropship revenue). The company made over 90% of its sales to
contractors in the U.S. for residential HVAC repair and replacement
projects. Johnstone's orders are generated by its customers at
company-owned retail stores, independent Johnstone Supply-branded
retail stores, or online. The company then fulfills its orders in
store or ships them from one of its six regional distribution
centers or directly from an original equipment manufacturer (OEM;
dropship). Johnstone is majority owned by Redwood Holdings, LLC.
ISSUE RATINGS—RECOVERY ANALYSIS
Key analytical factors
-- Johnstone Supply's capital structure comprises a $500 million
first-lien asset-based lending facility due 2029 and $1.125 billion
(pro forma for the proposed transaction) of first-lien term loans
due 2031.
-- S&P's simulated default scenario considers a payment default in
2027 amid an economic downturn and weak consumer demand for the
company's products and services.
-- At that point, Johnstone's liquidity and capital resources
would become constrained to the point that it could not continue to
operate without filing for bankruptcy. S&P believes the underlying
business would continue to have value and expect that Johnstone
would seek to emerge from bankruptcy rather than pursue a
liquidation.
-- S&P values the company on a going-concern basis using a 5x
multiple of our projected emergence EBITDA of $191 million. The 5x
multiple reflects the company's small scale and lack of supplier,
geographic, and end market diversity.
Simulated default assumptions
-- Simulated year of default: 2027
-- EBITDA at emergence: $191 million
-- EBITDA multiple: 5x
-- Jurisdiction: U.S.
-- Debt amounts include six months of accrued interest that S&P
assumes the company will owe at default.
-- Collateral value includes asset pledges from obligors (after
priority claims) plus equity pledges in nonobligors.
-- S&P assumed a usage of 60% for the ABL facility at default.
Simplified waterfall
-- Gross enterprise value (EV): $955 million
-- Net EV (after 5% administrative costs): $907 million
-- Valuation split (obligors/nonobligors): 100%/0%
-- Priority claims (ABL): $307 million
-- Value available to first-lien debt: $600 million
-- First-lien debt claims: $1.13 billion
--Recovery expectations: 50%-70% (rounded estimate: 50%)
JRL ACQUISITION: Case Summary & 20 Largest Unsecured Creditors
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Debtor: JRL Acquisition, LLC
966 State Hwy 990
Coalgood, KY 40818
Business Description: JRL Acquisition operates in the coal mining
industry.
Chapter 11 Petition Date: December 17, 2024
Court: United States Bankruptcy Court
Eastern District of Kentucky
Case No.: 24-61175
Debtor's Counsel: Laura Day DelCotto, Esq.
DELCOTTO LAW GROUP PLLC
200 North Upper St.
Lexington, KY 40507
Tel: (859) 231-5800
Fax: (859) 281-1179
Email: ldelcotto@dlgfirm.com
Estimated Assets: $0 to $50,000
Estimated Liabilities: $10 million to $50 million
The petition was signed by Tim B. Lusby as CEO.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/7NATVIY/JRL_Acquisition_LLC__kyebke-24-61175__0001.0.pdf?mcid=tGE4TAMA
JRL COAL: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------
Debtor: JRL Coal, Inc.
966 State Hwy 990
Coalgood, KY 40818
Business Description: The Debtor operates in the coal mining
industry.
Chapter 11 Petition Date: December 17, 2024
Court: United States Bankruptcy Court
Eastern District of Kentucky
Case No.: 24-61172
Debtor's Counsel: Laura Day DelCotto, Esq.
DELCOTTO LAW GROUP PLLC
200 North Upper St.
Lexington, KY 40507
Tel: (859) 231-5800
Fax: (859) 281-1179
E-mail: ldelcotto@dlgfirm.com
Estimated Assets: $50 million to $100 million
Estimated Liabilities: $50 million to $100 million
The petition was signed by Tim B. Lusby as CEO.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/5FVHA2A/JRL_Coal_Inc__kyebke-24-61172__0001.0.pdf?mcid=tGE4TAMA
List of Debtor's 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. Dominion Energy $23,101,597
South Carolina, Inc. prior to any
c/o John T. Lay, Jr. offset
Gallivan White & Boyd, P.A.
PO Box 7368
Columbia, SC
29202-7368
2. Thorberg Collectorate, Inc. $8,854,094
141 NW 13th Street,
Suite 100
Oklahoma City, OH 73104
3. Libertas $1,702,012
411 West Putnam
Avenue, Suite 220
Greenwich, CT 06830
4. Syzygy Asset $7,860,843
Management LLC
755 Mid Broadwell Road
Milton, GA 30004
5. JRL Factoring LLC $7,285,424
759 Mid Broadwell Road
Milton, GA 30004
6. KY Dept. of Revenue $914,246
Legal Branch -
Bankruptcy Section
P.O. Box 5222
Frankfort, KY 40602
7. Kentucky State Treasurer $884,041
Kentucky Department of Revenue
501 High Street
Frankfort, KY 40601
8. Kentucky River $467,458
Properties LLC
PO Box 633650
Cincinnati, OH
45263-3650
9. Harlan County Sheriff $376,000
P.O. Box 978
Harlan, KY 40831
10. Cumberland Surety, Inc. $358,325
200 N. Upper St.
Lexington, KY 40507
11. Doss Fuelco Incorporated $347,346
PO Box 729
Harlan, KY 40831
12. Industrial Supply Co $288,594
P.O. Box 1906
Knoxville, TN 37901
13. Harlan County Attorney $253,000
P.O. Box 1440
Coalgood, KY 40818
14. Anthem Blue Cross $216,784
and Blue Shield
P.O. Box 645438
Cincinnati, OH
45264-5438
15. Strata Products $216,446
Worldwide, LLC
8800 Roswell Road
Ste. 145
Sandy Springs, GA 30350
16. Kentucky Mine Supply Company $206,935
PO Box 779
Harlan, KY 40831
17. Mayo Energy Inc. $205,495
305 Hill Road
Southern Pines, NC 28387
18. United Industrial Services of VA $196,890
101 Spruce Street
Rich Creek, VA 24147
19. Internal Revenue Service $164,370
P.O. Box 7346
Philadelphia, PA
19101-7346
20. Kentucky Utilities Company $146,335
PO Box 9001954
Louisville, KY
40290-1954
JRL ENERGY: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: JRL Energy, Inc.
755 Mid Broadwell Road
Alpharetta, GA 30004
Business Description: The Debtor operates in the coal mining
industry.
Chapter 11 Petition Date: December 17, 2024
Court: United States Bankruptcy Court
Eastern District of Kentucky
Case No.: 24-61173
Debtor's Counsel: Laura Day DelCotto, Esq.
DELCOTTO LAW GROUP PLLC
200 North Upper St.
Lexington, KY 40507
Tel: (859) 231-5800
Fax: (859) 281-1179
E-mail: ldelcotto@dlgfirm.com
Estimated Assets: $0 to $50,000
Estimated Liabilities: $10 million to $50 million
The petition was signed by Tim B. Lusby as CEO.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/CLQ57XA/JRL_Energy_Inc__kyebke-24-61173__0001.0.pdf?mcid=tGE4TAMA
JRL UNDERGROUND: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: JRL Underground, Inc.
966 State Hwy 990
Coalgood, KY 40818
Business Description: The Debtor operates in the coal mining
industry.
Chapter 11 Petition Date: December 17, 2024
Court: United States Bankruptcy Court
Eastern District of Kentucky
Case No.: 24-61174
Debtor's Counsel: Laura Day DelCotto, Esq.
DELCOTTO LAW GROUP PLLC
200 North Upper St.
Lexington, KY 40507
Tel: (859) 231-5800
Fax: (859) 281-1179
E-mail: ldelcotto@dlgfirm.com
Estimated Assets: $0 to $50,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Tim B. Lusby as CEO.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/O5ZEZRI/JRL_Underground_Inc__kyebke-24-61174__0001.0.pdf?mcid=tGE4TAMA
JRT 340: Seeks Bankruptcy Protection in S.D.N.Y.
------------------------------------------------
On December 10, 2024, JRT 340 Associates LLC filed Chapter 11
protection in the Southern District of New York. According to court
filing, the Debtor reports $2,152,812 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 16,
2025 at 2:00 PM at Office of UST (TELECONFERENCE ONLY).
About JRT 340 Associates LLC
JRT 340 Associates LLC is engaged in activities related to real
estate. The Debtor owns a condominium unit located at 340 W 86th
Street, Unit 5A, New York, NY having an appraised value of $1.83
million.
JRT 340 Associates LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-12303) on December 10,
2024. In the petition filed by Michael Trencher, as sole member,
the Debtor reports total assets of $1,860,100 and total liabilities
of $2,152,812.
Honorable Bankruptcy Judge Michael E. Wiles handles the case.
The Debtor is represented by:
Andrew Gottesman, Esq.
ROSENBERG & ESTIS, P.C.
733 Third Avenue
New York, NY 10017
Tel: (212) 867-6000
Email: agottesman@rosenbergestis.com
JUS BROADCASTING: Seeks Chapter 11 Bankruptcy Protection
--------------------------------------------------------
On December 11, 2024, Jus Broadcasting Corporation filed Chapter 11
protection in the Eastern District of New Jersey. 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 17,
2025 at 10:45 AM, TELEPHONIC MEETING. CONFERENCE LINE:1 (877)
929-2553, PARTICIPANT CODE:1576337#.
About Jus Broadcasting Corporation
Jus Broadcasting Corporation owns and operates a television
broadcast network having two channels in programming generally
related to matters involving India. Jus Broadcasting is certified
as a "minority woman owned business" which entitles Jus
Broadcasting to certain governmental advertising budgets involving
the Federal Government and State and City Governments in New York
State. Jus Broadcasting renders the administrative and billing for
all customers and collect all advertising and subscription monies
for Jus Punjabi LLC and Jus One Corp.
Jus Broadcasting Corporation sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.J. Lead Case
No. 24-45180) on December 11, 2024. In the petition filed by Penny
K. Sandhu, as president and sole principal, the Debtor reports
estimated assets between $100,000 and $500,000 and estimated
liabilities between $1 million and $10 million.
Honorable Bankruptcy Judge Jil Mazer-Marino handles the case.
The Debtor is represented by:
Leo Fox, Esq.
LAW OFFICE OF LEO FOX, ESQ.
630 Third Avenue - 18th Floor
New York, NY 10017
Tel: 212-867-9595 Ext. 307
Email: leo@leofoxlaw.com
K&NN TRUCKING: Case Summary & Eight Unsecured Creditors
-------------------------------------------------------
Debtor: K&NN Trucking LLC
9508 Bottleneck Court
Las Vegas, NV 89178
Business Description: The Debtor is part of the general freight
trucking industry.
Chapter 11 Petition Date: December 16, 2024
Court: United States Bankruptcy Court
District of Nevada
Case No.: 24-16543
Judge: Hon. Mike K Nakagawa
Debtor's Counsel: Damon K. Dias, Esq.
DIAS LAW GROUP, LTD
725 S. 8th Street, Suite 100
Las Vegas, NV 89101-7093
Tel: 702-380-3011
Fax: 702-366-1592
Email: ddias@diaslawgroup.com
Total Assets as of November 30, 2024: $809,191
Total Liabilities as of November 30, 2024: $1,260,375
The petition was signed by Nathan Nuesca as managing member.
A full-text copy of the petition containing, among other items, a
list of the Debtor's eight unsecured creditors is available for
free at PacerMonitor.com at:
https://www.pacermonitor.com/view/KXWQ2AQ/KNN_TRUCKING_LLC__nvbke-24-16543__0001.0.pdf?mcid=tGE4TAMA
KERISMA LLC: Kicks Off Subchapter V Bankruptcy Process
------------------------------------------------------
On December 11, 2024, Kerisma LLC filed Chapter 11 protection in
the Eastern 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 9,
2025 at 9:00 AM via Telephonic Dial-In Information at
https://www.txeb.uscourts.gov/341info.
About Kerisma LLC
Kerisma LLC, doing business as Senacore Solutions, owns and
operates a used merchandise store.
Kerisma LLC sought relief under Subchapter V of Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 24-42987) on
December 11, 2024. In the petition filed by Rohan Gangar, as
manager, the Debtor reports estimated assets up to $50,000 and
estimated liabilities between $1 million and $10 million.
The Debtor is represented by:
Brandon Tittle, Esq.
TITTLE LAW GROUP, PLLC
1125 Legacy Dr., Ste. 230
Frisco TX 75034
Tel: 972-213-2316
Email: btittle@tittlelawgroup.com
KULR TECHNOLOGY: Allocates Up to 90% of Cash to Bitcoin
-------------------------------------------------------
KULR Technology Group, Inc. announced that its Board of Directors
has agreed to include bitcoin as a primary asset in its treasury
program. With over $12 million cash on the balance sheet and with
any future cash surplus, KULR is committed to allocating up to 90%
of its surplus cash to BTC.
KULR's acquisition of bitcoin will be guided by market dynamics and
anticipated cash flow requirements. The Company remains adaptable,
with the ability to modify its approach based on evolving
circumstances and strategic considerations.
KULR Chairman and CEO Michael Mo highlighted, "We believe the
growing global acceptance of bitcoin is still in its early stages.
Companies, financial institutions, governments, and the capital
markets are recognizing and incorporating block chain technology,
and specifically, BTC into their overall economic toolkits. Given
the unique characteristics of BTC, it provides long term
appreciation and a bulwark against geopolitical, inflationary, and
other macro-economic and political trends affecting all developed
economies. Given our improved balance sheet, including increased
cash balances, I am confident that a bitcoin treasury strategy will
strengthen KULR's financial position as we work to expand
operations and manage our financial capital responsibly by adding
an independent treasury reserve."
The acceptance of bitcoin as an asset has gained traction at the US
federal governmental level this year. Senator Cynthia Lummis
(R-Wyoming) introduced a proposal for a national strategic bitcoin
reserve, and President-Elect Trump recently highlighted the
possibility of establishing a national bitcoin stockpile.
About KULR Technology Group
KULR Technology Group Inc. — www.kulrtechnology.com — delivers
cutting edge energy storage solutions for space, aerospace, and
defense by leveraging a foundation of in-house battery design
expertise, comprehensive cell and battery testing suite, and
battery fabrication and production capabilities. The Company's
holistic offering allows delivery of commercial-off-the-shelf and
custom next generation energy storage systems in rapid timelines
for a fraction of the cost compared to traditional programs.
Los Angeles, Calif.-based Marcum LLP, the Company's auditor since
2018, issued a "going concern" qualification in its report dated
April 12, 2024, citing that the Company has a working capital
deficit, has incurred losses from operations, and needs to raise
additional funds to meet its obligations and sustain its
operations. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.
During the year ended December 31, 2023, KULR Technology Group
incurred a net loss of $23,693,556. As of September 30, 2024, KULR
Technology Group had $12,354,812 in total assets, $7,180,785 in
total liabilities, and $5,174,027 in total stockholders' equity.
KULR TECHNOLOGY: Increases Offering to $46MM Under Sales Agreement
------------------------------------------------------------------
KULR Technology Group, Inc. disclosed in a Form 8-K Report filed
with the U.S. Securities and Exchange Commission that on December
4, 2024, it increased the maximum aggregate offering amount of the
shares of the Company's common stock, par value $0.0001 per share
issuable under the At The Market Offering Agreement with
Craig-Hallum Capital Group LLC, dated July 3, 2024, from
$20,000,000 to $46,000,000 and filed a prospectus supplement under
the Sales Agreement for an aggregate of $46,000,000.
Prior to December 4, 2024, the Company sold shares of Common Stock
having an aggregate sales price of approximately $20,000,000 under
the Sales Agreement. A copy of the legal opinion as to the legality
of the $46,000,000 of shares of Common Stock issuable under the
Sales Agreement and covered by the Current Prospectus Supplement is
available at:
https://tinyurl.com/52emxjw6
About KULR Technology Group
KULR Technology Group Inc. — www.kulrtechnology.com — delivers
cutting edge energy storage solutions for space, aerospace, and
defense by leveraging a foundation of in-house battery design
expertise, comprehensive cell and battery testing suite, and
battery fabrication and production capabilities. The Company's
holistic offering allows delivery of commercial-off-the-shelf and
custom next generation energy storage systems in rapid timelines
for a fraction of the cost compared to traditional programs.
Los Angeles, Calif.-based Marcum LLP, the Company's auditor since
2018, issued a "going concern" qualification in its report dated
April 12, 2024, citing that the Company has a working capital
deficit, has incurred losses from operations, and needs to raise
additional funds to meet its obligations and sustain its
operations. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.
During the year ended December 31, 2023, KULR Technology Group
incurred a net loss of $23,693,556. As of September 30, 2024, KULR
Technology Group had $12,354,812 in total assets, $7,180,785 in
total liabilities, and $5,174,027 in total stockholders' equity.
LEVINTE INC: Neema Varghese Named Subchapter V Trustee
------------------------------------------------------
The U.S. Trustee for Region 11 appointed Neema Varghese of NV
Consulting Services as Subchapter V trustee for Levinte, Inc.
Ms. Varghese will be paid an hourly fee of $400 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Varghese declared that she is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Neema T. Varghese
NV Consulting Services
701 Potomac, Ste. 100
Naperville, IL 60565
Tel: (630) 697-4402
Email: nvarghese@nvconsultingservices.com
About Levinte Inc.
Levinte Inc., a carrier company in Illinois, sought relief under
Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.
Ill. Case No. 24-09868) on July 7, 2024, with total assets of
$1,330,900 and total liabilities of $2,949,040. Constantin Levinte,
president of Levinte, signed the petition.
Judge Jacqueline P. Cox oversees the case.
The Law Offices of David Freydin serves as the Debtor's bankruptcy
counsel.
LIFESTYLE BRANDS: Case Summary & 11 Unsecured Creditors
-------------------------------------------------------
Debtor: Lifestyle Brands, Inc.
American Pride Tattoos
3579 Connors Drive
Rochester Hills, MI 48307-5088
Business Description: Lifestyle Brands is a tattoo and piercing
studio proudly serving the Metro Detroit
area.
Chapter 11 Petition Date: December 18, 2024
Court: United States Bankruptcy Court
Eastern District of Michigan
Case No.: 24-51881
Judge: Hon. Mark A Randon
Debtor's Counsel: Mark H. Shapiro, Esq.
STEINBERG SHAPIRO & CLARK
25925 Telegraph Road Ste 203
Southfield MI 48033
Tel: (248) 352-4700
E-mail: shapiro@ssc-law.com
Total Assets: $89,657
Total Liabilities: $2,178,249
The petition was signed by Alexander Maritczak as president.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 11 unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/6CNOF7A/Lifestyle_Brands_Inc__miebke-24-51881__0001.0.pdf?mcid=tGE4TAMA
LSF12 BADGER: S&P Downgrades ICR to 'B-', Outlook Stable
--------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on LSF12 Badger
Bidco LLC (CentroMotion) to 'B-' from 'B'.
S&P said, "At the same time, we lowered our issue-level rating on
the company's $100 million revolving credit facility (RCF) due in
2028 and $475 million first-lien term loan due in 2030 to 'B-' from
'B'. Our '3' recovery rating is unchanged.
"The stable outlook reflects our expectation that continued
end-market weakness will result in leverage of 7x-8x over the next
12 months and that CentroMotion will maintain adequate liquidity."
CentroMotion, a global off-highway and commercial vehicle systems
and components manufacturer, faces a protracted downturn in its
agricultural end markets that will likely keep leverage above 7x at
least through 2025.
Lower purchases of heavy equipment in the agricultural markets are
likely to continue, weighing on CentroMotion's sales. Beginning in
2023, lower commodity prices and relatively flat production
expenses constrained farmer income and, in turn, their ability to
spend on agricultural equipment. This pressured the sales of
several large original equipment manufacturers including Deere &
Co., CNH Industrial N.V., and AGCO Corp. They have significantly
reduced production volumes of heavy equipment and therefore demand
for the critical components that CentroMotion provides.
The downturn in the agricultural end markets (approximately 25% of
CentroMotion's revenues), coupled with lower demand in the
heavy-duty trucking markets, especially in Europe, reduced revenue
17.4% year-over-year for the first nine months of 2024 (ended Sept.
30, 2024). While lower interest rates could help offset some of
this weakness, S&P anticipates still-low commodity prices and
farmer cash income will likely continue to pressure the agriculture
market through 2025, before rebounding in 2026.
S&P said, "We expect demand to be more resilient in the commercial
vehicle and nonresidential construction markets in 2025, spurred by
lower interest rates and destocking cycles ending. As a result, we
believe more normalized ordering patterns in addition to
CentroMotion's exposure to increasing infrastructure investments
and megaproject activity will improve demand in those end markets
for 2025. However, we expect this growth to partially offset the
slowdown in agriculture, reducing revenue in the 8%-10% area in
2025 before increasing mid-single-digits in 2026 as agricultural
heavy equipment sales rebound.
"We expect weaker revenues will cause prolonged elevated S&P Global
Ratings-adjusted leverage. For the last 12 months ended Sept. 30,
CentroMotion generated S&P Global Ratings-adjusted EBITDA margins
(excluding $20 million of purchase accounting inventory write-up
charges) of about 8.7%, representing a 410 basis points (bps)
decline over the same prior-year period primarily due to negative
operating leverage from lower volumes and expenses related to
cost-saving initiatives.
"We expect CentroMotion will begin to benefit from various cost
cuts including headcount reduction, procurement, and facility
consolidations in the back half of 2024, while realizing the full
benefit in 2025. The improvement in its cost profile in 2025 will
likely be partially offset by continued negative operating leverage
from persistent weakness in the agriculture market volumes. We
forecast EBITDA margins will decline to the 10% area in 2024 from
13% in 2023 (excluding the inventory write-up) and improve by about
150-200 bps in 2025 as one-time restructuring costs roll off and it
realizes cost savings for the full year. As a result, we anticipate
elevated leverage in the mid-7x area for 2024 and the low-7x area
in 2025 (about a turn higher than our previous 2025 forecast).
"We anticipate CentroMotion will maintain adequate liquidity and
covenant headroom, despite relatively negligible free operating
cash flow (FOCF) in 2024 and 2025. Through Sept. 30, CentroMotion
generated modest FOCF deficits primarily due to the weaker
operating performance and modest outflow of working capital. We
expect progress toward inventory reduction to result in near
break-even S&P Global Ratings-adjusted FOCF in 2024. For 2025, we
anticipate FOCF will be modestly positive as CentroMotion realizes
cost savings and continues its collection of receivables amid the
downturn.
"Despite relatively muted cash generation in the near term, we
expect the company's $63 million cash balance and full availability
on its $100 million RCF (as of Sept. 30) will provide sufficient
liquidity to cover its fixed charges, maintenance capital spending
requirements, and other operating needs over the next 12 months.
Still, we note that in the event of a more prolonged downturn,
CentroMotion's covenant cushion could erode.
"The stable outlook reflects our expectation that continued
end-market weakness will result in leverage of 7x-8x over the next
12 months and that CentroMotion will maintain adequate liquidity."
S&P could lower its ratings on CentroMotion if the downturn in its
end markets is even more prolonged, significantly contracting
EBITDA such that it deems its capital structure unsustainable.
Specifically, S&P could lower its ratings if:
-- S&P Global Ratings-adjusted EBITDA interest coverage declines
below 1x or debt to EBITDA approaches 10x with no clear prospects
for improvement; or
-- Liquidity weakens, for instance due to persistently significant
FOCF deficits or a deterioration of EBITDA headroom to below 15%
under its springing financial covenant.
S&P could raise its ratings on CentroMotion if it:
-- Improves and maintains leverage below 6x and EBITDA interest
coverage above 1.5x;
-- Generates sustained positive FOCF; and
-- Keeps liquidity and covenant headroom adequate.
MALLINCKRODT PLC: S&P Raises ICR to 'BB-' on Material Deleveraging
------------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on specialty
pharmaceutical company Mallinckrodt PLC to 'BB-' from 'B+' and
removed all ratings from CreditWatch with positive implications,
where they were placed on Aug. 23, 2024.
S&P also raised its rating on its senior secured term loan and
notes to 'BB' from 'B+' and revised the recovery rating to '2' from
'3'. The two-notch upgrade reflects both the higher issuer credit
rating as well as improved recovery prospects due to the repayment
of the structurally senior first-out first-lien term loan.
The stable outlook reflects our expectation that Mallinckrodt's
revenues will be relatively flat (a 3% increase in 2025 and 2%
decline in 2026), EBITDA margins will be relatively stable in 2025
and 2026, and that the company will generally sustain gross
leverage of 2.5x-3.5x.
S&P said, "Our upgrade to 'BB-' primarily reflects Mallinckrodt's
significant reduction in debt and improved credit metrics,
including S&P Global Ratings-adjusted (gross) debt to EBITDA below
2.5x and free operating cash flow (FOCF) to debt above 10%. The
company used proceeds from its divestiture of Therakos to reduce
its funded debt by about half relative to leverage levels upon its
emergence from bankruptcy in November 2023. The debt reduction
reduces annual interest expense by over $100 million as well. We
believe the deleveraging is credit positive and more than offsets
the modest reduction in the company's scale, diversity, and market
position relating to the divestiture of Therakos.
"The upgrade also reflects our view that Mallinckrodt's competitive
position has largely stabilized. Mallinckrodt's top product, Acthar
Gel (about 27% of pro forma year-to-date revenues) appears to have
reversed its declining revenue trajectory. Despite steady growth
from competitor ANI Pharmaceuticals' Purified Cortrophin Gel,
Mallinckrodt's Acthar revenues grew 8% through the first nine
months of 2024. We expect the long-awaited launch of the
single-dose, prefilled SelfJect in August 2024 will support
Acthar's revenue growth continuing into 2025.
Revenues in the INOmax business were down about 14% year to date
(and represent about 15% of year-to-date revenues, pro forma for
the divestiture). S&P expects the expanded rollout of its INOmax
EVOLVE delivery system will slow revenue declines over the next two
to three years and position INOmax to return to low growth by
2028.
Apart from its specialty branded segment (52% of 2023 revenues,
excluding Therakos), Mallinckrodt continues to benefit from
stronger and more persistent than expected demand in its specialty
generics business (48%), driven by reduced competition in opioids,
adapting effectively to dynamic changes in the Drug Enforcement
Agency's quota authorization system, and benefitting from supply
shortages affecting competitors. S&P said, "We expect this momentum
will continue into 2025, with modest revenue growth. While we
expect Mallinckrodt will remain a leader in opioids and ADHD, we
forecast competition will erode its market share in both product
lines beginning in 2026."
S&P said, "Our ratings are limited by uncertainty regarding
Mallinckrodt's long-term strategy and financial policy. While
Mallinckrodt's board and management continue to explore potential
divestitures, they have not yet communicated a clear long-term
growth strategy, including the potential targets for additional
divestitures (which could weaken diversification and the company's
competitive position) or the size, focus, and timing of potential
acquisitions. Although we believe the reduction in debt leverage is
a strategic priority, once the company refinances, it would have
greater discretion to increase leverage and may be tempted to do so
to accelerate growth, especially as the company's investments into
research and development are relatively light. Accordingly, we are
unlikely to raise our rating until we understand the company's
long-term strategy and have more clarity on its financial policy.
"The stable outlook reflects our expectation that Mallinckrodt's
revenues will be relatively flat (a 3% increase in 2025 and 2%
decrease in 2026), EBITDA margins will be relatively stable in 2025
and 2026, and that the company will generally sustain gross
leverage of 2.5x-3.5x.
"We could lower our rating if we expect Mallinckrodt's S&P Global
Ratings-adjusted debt leverage to rise and remain above 3.5x on a
sustained basis. Alternatively, we could lower the rating if the
company continues to contract either via further divestitures or
via continued erosion in key parts of the business such as through
larger-than-expected declines in its INOmax franchise, market-share
erosion for Acthar Gel, or faster-than-expected declines in the
company's generic opioid and ADHD market share.
"While unlikely over the next 12 months, we could raise our rating
on Mallinckrodt if management firmly and publicly commits to
sustain S&P Global Ratings-adjusted debt to EBITDA of below 2.5x.
We would also want to better understand how the company's long-term
growth strategy will support sustained growth."
MAWSON INFRASTRUCTURE: Denies Voluntary Chapter 11 Filing
---------------------------------------------------------
Mawson Infrastructure Group, Inc. notes that a media outlet on Dec.
4, 2024 falsely reported that the Company has filed a voluntary
Chapter 11 petition.
Rather, entities in Australia, including W Capital Advisors Pty Ltd
as trustee for the W Capital Advisors Fund and Marshall Investments
MIG Pty Ltd as trustee for the Marshall Investments MIG Trust, have
filed an involuntary Chapter 11 petition against the Company. The
Company has not yet been formally served with an involuntary
petition; however, if served, the Company's Board of Directors
intend to vigorously defend the Company against such a filing to
the full extent of the law. Mawson expects to continue to operate
as usual and execute its business plan accordingly.
The Company has previously corresponded with W Capital Advisors Pty
Ltd as trustee for the W Capital Advisors Fund and its
representatives, and the Company has expressed significant concerns
about W Capital Advisors Pty Ltd as trustee for the W Capital
Advisors Fund and James Manning, a former board director and
executive of the Company, being related parties. Neither W Capital
nor James Manning have responded to the Company's concerns in a
manner satisfactory to the Company.
James Manning is also the subject of an investigation by the
Company's Audit Committee related to his dealings with W Capital
Advisors Pty Ltd as trustee for the W Capital Advisors Fund –
among several other matters – including current litigation with
an entity related to Manning, Vertua Property Inc., regarding
alleged self-dealing, breach of contract, and tortious interference
with a business relationship.
Notably, Vertua is a company not only related to James Manning, but
also affiliated with Darron Wolter of W Capital Advisors Pty Ltd as
trustee for the W Capital Advisors Fund.
The Company filed a complaint in The Court of Common Pleas of
Mercer County, Pennsylvania (file number 2024-2332) on October 17,
2024 against Vertua as landlord for the Company's Sharon, PA
property for breach of the lease agreement and wrongful termination
of the lease, as well as for tortious interference with a business
relationship. The Company is seeking reinstatement of the lease,
compensatory damages, disgorgement of revenue, and exemplary and
punitive damages, as well as reimbursement for its costs and
litigation expenses.
As per the Company's most recent 10-Q filing on November 14, 2024,
W Capital Advisors Pty Ltd as trustee for the W Capital Advisors
Fund and Marshall Investments MIG Pty Ltd as trustee for the
Marshall Investments MIG Trust had filed proceedings in Australia,
and the Company believes that these entities are using such
proceedings in an improper attempt to gain leverage in ongoing
legal disputes between the parties. The Company believes that the
filing of the involuntary Chapter 11 petition is a continuation of
this pattern.
The Company has previously reported through an 8-K filing on March
29, 2024 that the Company may seek to exit certain or all of its
entities and holdings in Australia. The Company currently operates
facilities in the United States of America and does not have any
operating sites or assets in Australia.
About Mawson Infrastructure Group
Mawson Infrastructure Group specializes in data centers for Bitcoin
miners and AI firms.
Mawson Infrastructure Group's creditors filed a Chapter 11
involuntary petition against the company (Bankr. D. Del. Case No.
24-12726) on December 4, 2024. The petitioning creditors include W
Capital Advisors Pty Ltd, Marshall Investments MIG Pty Ltd, and
Rayra Pty Ltd.
The petitioners' counsel is Robert J. Dehney, Esq. of Morris,
Nichols, Arsht & Tunnell.
Honorable Bankruptcy Judge Mary F. Walrath handles the case.
MEJJM INC: Judy Wolf Weiker Named Subchapter V Trustee
------------------------------------------------------
The U.S. Trustee for Region 10 appointed Judy Wolf Weiker of
Manewitz Weiker Associates, LLC as Subchapter V trustee for MEJJM,
Inc.
Ms. Weiker will be paid an hourly fee of $375 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Weiker declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Judy Wolf Weiker
Manewitz Weiker Associates, LLC
P.O. Box 40185
Indianapolis, IN 46240
Phone: 973-768-2735
Email: JWWtrustee@manewitzweiker.com
About MEJJM Inc.
MEJJM, Inc. employs six people and subcontracts with two others to
run a business that designs, imports and sells stationery, greeting
cards and holiday cards into the retail space via its wholesale
business.
MEJJM sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. S.D. Ind. Case No. 23-03538) on Aug. 14, 2023, with
$1,502,094 in assets and $2,887,831 in liabilities. Michael Smith,
president of MEJJM, signed the petition.
Judge Jeffrey J. Graham oversees the case.
KC Cohen, Esq., at KC Cohen, Lawyer, PC, is the Debtor's bankruptcy
counsel.
MERRILL SERVICES: Files Subchapter V Bankruptcy Proceeding
----------------------------------------------------------
On December 11, 2024, Merrill Services Inc. filed Chapter 11
protection in the Central District of Illinois. 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 14,
2025 at 2:00 PM via Telephonically with Chapter 11 Trustee
(Conference Line: 1-877-988-4958, Participant Code: 7219234).
About Merrill Services Inc.
Merrill Services Inc., doing business as Merrill Landscape
Services, provides professional lawn care, landscaping,
fertilization, and snow removal to Champaign IL & surrounding
areas.
Merrill Services Inc. sought relief under Subchapter V of Chapter
11 of the U.S. Bankruptcy Code (Bankr. C.D. Ill. Case No. 24-90597)
on December 11, 2024. In the petition filed by Marcus R. Merrill,
as president/bankruptcy representative, the Debtor reports
estimated assets between $100,000 and $500,000 and estimated
liabilities between $ million and $10 million.
Honorable Bankruptcy Judge Mary P. Gorman oversees the case.
The Debtor is represented by:
Sumner A. Bourne, Esq.
RAFOOL & BOURNE, P.C.
401 Main Street, Suite 1130
Peoria, IL 61602
Tel: (309) 673-5535
Fax: (309) 673-5537
E-mail: notices@rafoolbourne.com
MIDLOTHIAN COFFEE: Peter Barrett Named Subchapter V Trustee
-----------------------------------------------------------
The Acting U.S. Trustee for Region 4 appointed Peter Barrett, Esq.,
at Kutak Rock, LLP as Subchapter V trustee for Midlothian Coffee
and More, LLC.
Mr. Barrett will charge $540 per hour for his services as
Subchapter V trustee and will seek reimbursement for work-related
expenses incurred.
Mr. Barrett declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Peter J. Barrett, Esq.
Kutak Rock, LLP
901 East Byrd St., Ste. 1000
Richmond, VA 23219
Phone: (804) 644-1700
Email: Peter.barrett@kutakrock.com
About Midlothian Coffee and More
Midlothian Coffee and More, LLC sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 24-34497) on
June 18, 2024, with as much as $50,000 in both assets and
liabilities.
MIRANDA LOGISTICS: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: Miranda Logistics Enterprise, Inc.
d/b/a Three-Way Hauling LLC
d/b/a Miranda Logistics Enterprise LLC
6510 Stanford
Los Angeles, CA 90001
Business Description: Miranda Logistics provides trucking,
earthwork, excavation shoring, and
demolition and disposal services.
Chapter 11 Petition Date: December 17, 2024
Court: United States Bankruptcy Court
Central District of California
Case No.: 24-20277
Judge: Hon.Vincent P Zurzolo
Debtor's Counsel: Sean A. O'Keefe, Esq.
O'KEEFE & ASSOCIATES LAW CORPORATION, P.C.
26 Executive Park
Suite 250
Irvine, CA 92614
Tel: (949) 334-4135
E-mail: sokeefe@okeefelawcorporation.com
Estimated Assets: $0 to $50,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Marco Miranda as CEO, secretary, and
CFO.
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/776EFHA/Miranda_Logistics_Enterprise_Inc__cacbke-24-20277__0001.0.pdf?mcid=tGE4TAMA
MISS AMERICA: Court Dismisses Chapter 11 Case Amid Ownership Fight
------------------------------------------------------------------
Ben Zigterman of Law360 reports that on December 17, 2024, a
Florida bankruptcy judge dismissed the Chapter 11 case of an entity
linked to the Miss America pageant.
According to Law360, the decision came after the debtor
acknowledged that it neither owns the operations nor holds any debt
tied to the competition, deferring questions about the ownership of
pageant-related assets to a state court.
About Miss America Competition LLC
Miss America Competition LLC is an annual competition open to women
from the United States between the ages of 18 and 28. The
competition's inception as a "bathing beauty review" was an act of
rebellion during a time when women weren't permitted to wear
swimsuits in public. In 1945, the organization started awarding
scholarships to the winner instead of prize money, making Miss
America one of the first organizations in the United States to
offer college scholarships to women.
Miss America Competition LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-22288) on
November 22, 2024. In the petition filed by Glenn Straub, as sole
member and manager, the Debtor reports estimated assets between
$500,000 and $1 million and estimated liabilities between $1
million and $10 million.
Honorable Bankruptcy Judge Erik P. Kimball handles the case.
The Debtor is represented by:
Craig I. Kelley, Esq.
KELLEY KAPLAN & ELLER, PLLC
1665 Palm Beach Lakes Blvd
The Forum - Suite 1000
West Palm Beach, FL 33401
Tel: 561-491-1200
E-mail: craig@kelleylawoffice.com
MONTEREY CAPITOLA: Voluntary Chapter 11 Case Summary
----------------------------------------------------
Debtor: Monterey Capitola, LLC
c/o Kendall & Potter Property
Management Inc.
522 Capitola Ave
Capitola, CA 95010-2750
Business Description: The Debtor is primarily engaged in renting
and leasing real estate properties.
Chapter 11 Petition Date: December 17, 2024
Court: United States Bankruptcy Court
Northern District of California
Case No.: 24-51916
Judge: Hon. M Elaine Hammond
Debtor's Counsel: Joan M Chipser, Esq.
JOAN M. CHIPSER, ATTORNEY-AT-LAW
1 Green Hills Court
Millbrae CA 94030
Tel: (650) 697-1564
E-mail: joanchipser@sbcglobal.net
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Steven M Davis as sole member.
The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/RODTL7A/Monterey_Capitola_LLC__canbke-24-51916__0001.0.pdf?mcid=tGE4TAMA
MOUNTAINSKY LANDSCAPING: Seeks Court OK to Sell Sedona Property
---------------------------------------------------------------
Mountainsky Landscaping LLC and its affiliates seek permission from
the U.S. Bankruptcy Court for the District of Colorado, to sell its
property located at 216 Calle Diamante, Sedona, Arizona 86336.
Peter Churchill and his sons, Shiloh and Luca Churchill, are the
principals of the company.
The Debtor seeks to close the sale of the Sedona Property on or
before December 31, 2024. From the gross sale price, will pay sale
costs (estimated at 6% of sale price) and reserve $150,000 for
unpaid administrative expenses and future litigation costs in
Peter's Chapter 11 Case. The amount remaining after deductions is
defined as the "Net Sedona Proceeds."
In the event the sale of the Property is not closed on or before
December 2024, on January 1, 2025, the Subchapter V Trustee shall
be directed to promptly sell the Sedona Property and make the
distributions required.
The holders of undisputed Class 5 Claims shall receive, in full
satisfaction of their Claims asserted in Peter's bankruptcy case ,
their Pro Rata Share of the Net Sedona Proceeds on or before
January 31, 2025, and after completion of all litigation regarding
Disputed Claims in Peter's bankruptcy case, their recalculated pro
rata share of any remaining Net Sedona Proceeds and any remaining
funds in the Sedona Reserve.
The Debtor's Subchapter V Plan provides that Krsangi Davis' secured
claim against the Property in the amount of $105,000 is waived and
released. As a result of the Plan treatment of Ms. Davis, other
than property taxes, there are no liens against the Property.
The Debtor and the buyers of the Property, Leslie Spear and Sookie
Park-Spear, have made a settlement state for the Property in the
gross purchase price of $1,350,000.
As part of the settlement, there will be $20,000 price credit to
resolve inspection objections, real estate commission was $47,250,
which equates to 3.5% of the gross purchase price, and $14,668.45
for property taxes, title insurance, HOA fees and expenses.
The Property has a net proceeds of f $1,268,768.51 in which
Wadsworth Garber Warner Conrardy, P.C. will be holding it in its
Coltaf account.
The Debtor asserts that the proposed sale is an appropriate
exercise of the business judgment.
The Debtor further seeks authorization to pay from the net proceeds
the following funds to address post-closing matters:
-- $4,500 to return tenant's security deposit;
-- $1,000 to return tenant's pet deposit;
-- $3,500 to replace a Sleep Number bed, frame and nightstand,
which was damaged by mold exposure and Buyer demanded that the
items be replaced;
-- $5,000 for estimated capital gains tax.
Upon approval of the Motion, the Debtor is prepared to make the
initial distribution of
the Net Sedona Proceeds to the holders of undisputed Class 5 Claim
pursuant to Section 7.05.03 of the Plan.
About Mountainsky Landscaping LLC
Mountainsky Landscaping, LLC, is a company based in Fort Lupton,
Colo., which offers complete outdoor living and gardening designs
for residential and commercial sectors.
MountainSky filed a voluntary petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. D. Colo. Case No. 22-12744) on July
26, 2022, with $100,000 to $500,000 in assets and $1 million to $10
million in liabilities. The Debtor has elected to proceed under
Subchapter V of Chapter 11. Joli A. Lofstedt is the Subchapter V
Trustee.
Judge Kimberley H. Tyson oversees the case.
Aaron J. Conrardy, Esq., and David Wadsworth, Esq., at Wadsworth
Garber Warner Conrardy, PC., represent the Debtor as legal counsel.
N.C. 17-19 ADAMS: Voluntary Chapter 11 Case Summary
---------------------------------------------------
Debtor: N.C. 17-19 Adams Street, LLC
11 Hilltop Drive
Bedford, NY 10506
Business Description: N.C. 17-19 Adams Street is the fee simple
owner of the real property located at
17-19 Adams Street, Bedford Hills, NY
10507 having an appraised value of $1.6
million.
Chapter 11 Petition Date: December 17, 2024
Court: United States Bankruptcy Court
Southern District of New York
Case No.: 24-23097
Judge: Hon. Sean H Lane
Debtor's Counsel: James J. Rufo, Esq.
THE LAW OFFICE OF JAMES J. RUFO
222 Bloomingdale Road, Suite 202
White Plains, NY 10605
Tel: (914) 600-7161
Email: jrufo@jamesrufolaw.com
Total Assets: $1,600,100
Total Liabilities: $2,664,197
The petition was signed by Nuo Camaj as sole owner and member.
The Debtor indicated it has no creditors holding unsecured claims.
https://www.pacermonitor.com/view/AILRR6I/NC_17-19_Adams_Street_LLC__nysbke-24-23097__0002.0.pdf?mcid=tGE4TAMA
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/AN5CBSA/NC_17-19_Adams_Street_LLC__nysbke-24-23097__0001.0.pdf?mcid=tGE4TAMA
NB 700 LOGAN: Files Chapter 11 Bankruptcy in California
-------------------------------------------------------
On December 11, 2024, NB 700 Logan LLC filed Chapter 11 protection
in the Central District of California. According to court
documents, the Debtor reports between $1 million and $10 million in
debt owed to 1 and 49 creditors. The petition states funds will be
available to unsecured creditors.
About NB 700 Logan LLC
NB 700 Logan LLC is a Single Asset Real Estate debtor (as defined
in 11 U.S.C. Section 101(51B)).
NB 700 Logan LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Cal. Case No. 24-13159) on December
11, 2024. In the petition filed by Patrick Nelson, as manager, the
Debtor reports estimated assets and liabilities between $1 million
and $10 million each.
The Debtor is represented by:
Masood Khan, Esq.
Haroon Manjlai, Esq.
KHAN LAW GROUP, LC
9431 Haven Ave., Suite 100
Rancho Cucamonga CA 91730
Tel: 951-268-4384
Email: mk@khanlegal.com
NEW WAVE PROPERTY: Judy Wolf Weiker Named Subchapter V Trustee
--------------------------------------------------------------
The U.S. Trustee for Region 10 appointed Judy Wolf Weiker of
Manewitz Weiker Associates, LLC as Subchapter V trustee for New
Wave Property Service, LLC.
Ms. Weiker will be paid an hourly fee of $375 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Weiker declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Judy Wolf Weiker
Manewitz Weiker Associates, LLC
P.O. Box 40185
Indianapolis, IN 46240
Phone: 973-768-2735
Email: JWWtrustee@manewitzweiker.com
About New Wave Property Service
New Wave Property Service, LLC is a family-owned-and-operated lawn
care company offering lawn care, tree, and irrigation services.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Ind. Case No. 23-05800) on December
29, 2023. In the petition signed by Jeremy Ryan, authorized
representative, the Debtor disclosed $1,277,607 in assets and
$3,781,668 in liabilities.
Judge James M. Carr oversees the case.
Jeffrey Hester, Esq., at Hester Baker Krebs, LLC, represents the
Debtor as legal counsel.
NEW YORK'S PREMIER: Paul Levine of Emery Named Subchapter V Trustee
-------------------------------------------------------------------
The U.S. Trustee for Region 2 appointed Paul Levine, Esq., at Emery
Greisler, LLC as Subchapter V trustee for New York's Premier Group,
LLC.
Mr. Levine will be paid an hourly fee of $400 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Levine declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Paul A. Levine, Esq.
Emery Greisler, LLC
677 Broadway, 8th Floor
Albany, New York 12207
Tel: (518) 433-8800 x313 |
Email: plevine@lemerygreisler.com
About New York's Premier Group
New York's Premier Group, LLC is a local contractor in Clifton
Park, offering roofing, siding, and window services.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. N.Y. Case No. 24-11304) on November
25, 2024, with $991,455 in assets and $1,986,430 in liabilities.
Johnathan Vincent, managing member, signed the petition.
Michael Boyle, Esq., at Boyle Legal, LLC, represents the Debtor as
bankruptcy counsel.
NORDICUS PARTNERS: Inks Consulting Deals With Harbor Access, ESG
----------------------------------------------------------------
Nordicus Partners Corporation disclosed in a Form 8-K Report filed
with the U.S. Securities and Exchange Commission that the Company
entered into a Consulting Agreement with Harbor Access LLC for the
provisions of investor relations and related services. The term of
the Agreement expires on November 30, 2025, subject to extension by
the mutual agreement of the parties. The Company is obligated to
pay Harbor Access LLC a fee for the services of $8,000 per month.
The Company also entered into a Professional Relations and
Consulting Agreement with ESG Advisor Group, L.L.C. for the
provisions of investor relations and related services. The term of
the Agreement expires on November 30, 2025 and will automatically
be renewed for one additional six-month period unless terminated by
the parties. The Agreement may be terminated by either party after
three months on 30 days' prior notice.
The Company is obligated to pay ESG a fee for the services in the
form of 61,500 restricted shares of its common stock, par value
$0.001 per share. Such Shares will vest as follows: 15,300 shares
shall vest 45 days after the effective date of the Agreement and up
to 11 additional monthly tranches of 4,200 shares shall vest for
each additional month of service during the term of the Agreement.
ESG is entitled to receive additional Shares as bonuses if the
Company's Shares achieve certain volume and trading price
milestones.
The Shares have not been registered under the Securities Act of
1933, as amended, or any state or other applicable jurisdiction's
securities laws, and may not be offered or sold in the United
States absent registration or an applicable exemption from the
registration requirements of the Securities Act and applicable
state or other jurisdiction's securities laws.
The Company claims an exemption from registration for the issuance
of the Shares pursuant to Section 4(a)(2) of the Securities Act
and/or Rule 506(b) and/or Rule 701 of Regulation D thereunder under
the Securities Act, since (A) the foregoing issuances did not
involve a public offering, the recipient was an (i) "accredited
investor"; and/or (ii) had access to similar documentation and
information as would be required in a registration statement under
the Securities Act, and the recipient represented that it acquired
the securities for investment only and not with a view towards, or
for resale in connection with, the public sale or distribution
thereof and/or (B) the recipient was a consultant to the Company.
The Shares were offered without any general solicitation by us or
our representatives. No underwriters or agents were involved in the
foregoing issuance, and we paid no underwriting discounts or
commissions. The Shares are subject to transfer restrictions, and
the certificates evidencing the Shares contain an appropriate
legend stating that such securities have not been registered under
the Securities Act and may not be offered or sold absent
registration or pursuant to an exemption therefrom.
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.
Nordicus Partners reported a net loss of $298,202 for the year
ended March 31, 2024, compared to a net loss of $8.47 million for
the year ended March 31, 2023. As of June 30, 2024, Nordicus
Partners had $20,800,789 in total assets, $65,155 in total
liabilities, and $20,735,634 in total stockholders' equity.
NORTHVOLT AB: Bankruptcy Court Postpones 2nd-Day Hearing to Dec. 20
-------------------------------------------------------------------
Charles Daly of Bloomberg News reports that Northvolt AB's
second-day hearing in a U.S. bankruptcy court has been rescheduled
from Tuesday, December 17, 2024, to Friday, December 20, 2024,
according to court filings.
According to Bloomberg, the company filed for Chapter 11 bankruptcy
protection on November 21, 2024 in a Texas court. It hires Houlihan
Lokey to assist in securing funding for its turnaround efforts.
About Northvolt AB
Northvolt AB was established in 2016 in Stockholm, Sweden.
Pioneering a sustainable model for battery manufacturing, the
company has received orders from several leading automotive
companies. The company is currently delivering batteries from its
first gigafactory, Northvolt Ett, in Skelleftea, Sweden and from
its R&D and industrialization campus, Northvolt Labs, in Vasteras,
Sweden.
On Nov. 21, 2024, Northvolt AB and eight affiliated debtors filed
voluntary petitions for relief under Chapter 11 of the United
States Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-90577).
The cases are before the Honorable Alfredo R. Perez.
Northvolt is being advised by Teneo as its restructuring and
communications advisor. Kirkland & Ellis LLP, A&O Shearman and
Mannheimer Swartling Advokatbyrå AB are serving as legal counsel.
The company has also engaged Rothschild & Co to run its marketing
process. Stretto is the claims agent.
NURSES FIRST: Seeks Bankruptcy Protection in Florida
----------------------------------------------------
On December 10, 2024, Nurses First Solutions LLC filed Chapter 11
protection in the Middle 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 not
be available to unsecured creditors.
A meeting of creditors under Sec. 341(a) to be held on January 13,
2025 at 11:00 AM, TELEPHONIC MEETING. CONFERENCE LINE:877-801-2055,
PARTICIPANT CODE:8940738#.
About Nurses First Solutions LLC
Nurses First Solutions LLC is a nurses staffing agency built by
nurses for nurses. As a trusted travel nursing and allied
healthcare agency, NFS offers opportunities, tools, technology, and
support to advance nurses' career.
Nurses First Solutions LLC sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No.
24-06700) on December 10, 2024. In the petition filed by Alvin D.
Cortez, as managing member, the Debtor reports estimated assets
between $500,000 and $1 million and estimated liabilities between
$1 million and $10 million.
Honorable Bankruptcy Judge Tiffany P. Geyer handles the case.
The Debtor is represented by:
Justin M. Luna, Esq.
LATHAM LUNA EDEN & BEAUDINE LLP
201 S. Orange Avenue
Suite 1400
Orlando, FL 32801
Tel: (407) 481-5800
Fax: (407) 481-5801
Email: jluna@lathamluna.com
OCEAN POWER: Increases Issuance Amount to $60.3M Under Sales Deal
-----------------------------------------------------------------
Ocean Power Technologies, Inc. disclosed in a Form 8-K Report filed
with the U.S. Securities and Exchange Commission that on December
3, 2024, the Company filed a prospectus supplement to its
registration statement on Form S-3, file no. 333-275843, to
increase the amount available for issuance to $60,339,886 under its
sales agreement dated March 21, 2024 with A.G.P./Alliance Global
Partners, acting as its sales agent.
About Ocean Power Technologies
Ocean Power Technologies, Inc. --
https://oceanpowertechnologies.com/ -- provides intelligent
maritime solutions and services that enable safer, cleaner, and
more productive ocean operations for the defense and security, oil
and gas, science and research, and offshore wind markets. The
Company's PowerBuoy platforms provide clean and reliable electric
power and real-time data communications for remote maritime and
subsea applications. The Company also offers WAM-V autonomous
surface vessels (ASVs) and marine robotics services. The Company's
headquarters is located in Monroe Township, New Jersey, with an
additional office in Richmond, California.
Iselin, New Jersey-based EisnerAmper LLP, the Company's auditor
since 2020, issued a "going concern" qualification in its report
dated July 25, 2024, citing that the Company has recurring net
losses and net cash flow used in operations that raise substantial
doubt about its ability to continue as going concern.
As of July 31, 2024, Ocean Power Technologies had $29.18 million in
total assets, $6.87 million in total liabilities, and $22.31
million in total shareholders' equity.
OCEAN POWER: Reports 40% Year-Over-Year Drop in Net Loss for Q2FY25
-------------------------------------------------------------------
Ocean Power Technologies, Inc. announced preliminary financial
results for the second quarter ended October 31, 2024. The
preliminary results included in this press release are subject to
change and have not been audited or reviewed by our independent
auditor. The Company expects to file its second quarter financial
results and update in mid-December.
Preliminary Q2FY25
Financial Highlights
(All figures are preliminary, unaudited, and subject to
finalization):
* Revenue: Estimated to be greater than $2 million, compared
to $0.9 million for the same period last year, representing a more
than 2x increase.
* Net Loss: Anticipated net loss of approximately $4 million,
compared to $7.2 million in the prior-year period and representing
a year-over-year decrease in net loss of more than 40%.
-- Operating expenses have been reduced by approximately 40%
including reduced external expenditures leading to a material
reduction in third party spend.
* Cash Used in Operating Activities: Estimated to be less than
$4.7 million, compared to $7.5 million in the prior-year period and
representing a year over year decrease of approximately 40%.
Business and Operational
Highlights
* During Q2FY25, the Company completed the second set of
exercises of the previously announced follow-on contract as a
subcontractor to EpiSci and successfully deployed several WAM-V
autonomous surface vehicles during the Mission Autonomy Proving
Grounds (MAPG) as part of Project Overmatch. Project Overmatch is a
United States Navy initiative aimed at achieving a seamless and
highly integrated warfighting capability by leveraging advanced
data networks, artificial intelligence (AI), and machine learning.
Under this contract, OPT continues to ruggedize and enhance the
operational capability of its autonomous maritime technologies to
support the U.S. military and its allies. The first set of
exercises was concluded over the summer and the completion of these
most recent exercises contributed to the revenue recognition noted
above.
* The company delivered several vehicles to customers in Latin
America for commercial survey services.
* The company signed its first service contract for multi-year
support services for vehicles.
* Since the end of the quarter, OPT has received the final
permits to install the previously announced PowerBuoy equipped with
AT&Ts 5G equipment in Monterey Bay.
* The Company reaffirms its previously issued guidance that it
believes it will reach profitability (excluding unanticipated
extraordinary expenses) during the fourth quarter of calendar 2025.
Performance to date reflects strong demand for products, effective
cost management, and progress in strategic initiatives. Recent
achievements, including recently announced partnerships and
operational milestones regarding successful exercises and continued
customer deliveries, further support the Company's trajectory
toward achieving this stated objective.
Philipp Stratmann, OPT's CEO and President, stated "We believe our
preliminary results underscore the success of our strategic
initiatives, such as focusing on national security and critical
infrastructure solutions, coupled with targeted international
expansion and our ability to execute for our customers. We have
seen a recent uptick in demand for our services domestically and
overseas, and will continue to convert our pipeline to bookings and
ultimately to revenue through future deliveries and additional
opportunities to deploy our assets, and we remain committed to
delivering long-term value for our shareholders. The success of our
most recent quarter leads us to reconfirm our pathway to
profitability in late calendar 2025. "
A conference call to discuss OPT's financial results will be held
on Tuesday December 17, 2024 at 9:00 AM EDT. Philipp Stratmann,
CEO, and Bob Powers, CFO will host the call.
* The dial-in numbers for the conference call are 877-407-8291
or 201-689-8345.
* Live webcast: Webcast | Ocean Power Technologies FY2025 Q1
Earnings Conference Call (choruscall.com)
* Call Replay: Call replay will be available by telephone
approximately two hours after the call's completion. You may access
the replay by dialing 877-660-6853 from the U.S. or 201-612-7415
for international callers and using the Conference ID 13748550.
* Webcast Replay: The archived webcast will be on the OPT
investor relations section of its website
About Ocean Power Technologies
Ocean Power Technologies, Inc. --
https://oceanpowertechnologies.com/ -- provides intelligent
maritime solutions and services that enable safer, cleaner, and
more productive ocean operations for the defense and security, oil
and gas, science and research, and offshore wind markets. The
Company's PowerBuoy platforms provide clean and reliable electric
power and real-time data communications for remote maritime and
subsea applications. The Company also offers WAM-V autonomous
surface vessels (ASVs) and marine robotics services. The Company's
headquarters is located in Monroe Township, New Jersey, with an
additional office in Richmond, California.
Iselin, New Jersey-based EisnerAmper LLP, the Company's auditor
since 2020, issued a "going concern" qualification in its report
dated July 25, 2024, citing that the Company has recurring net
losses and net cash flow used in operations that raise substantial
doubt about its ability to continue as going concern.
As of July 31, 2024, Ocean Power Technologies had $29.18 million in
total assets, $6.87 million in total liabilities, and $22.31
million in total shareholders' equity.
OKLAHOMA FORGE: U.S. Trustee Appoints Creditors' Committee
----------------------------------------------------------
The U.S. Trustee for Region 20 appointed an official committee to
represent unsecured creditors in the Chapter 11 case of Oklahoma
Forge, LLC.
The committee members are:
1. Elwood Quality Steels Company
700 Moravia Street
Newcastle, PA 16101
Representative: Richard R. Davis
rrdavis@elwd.com
330-503-1587
Counsel: Stephen J. Moriarty
Fellers, Snider, Blankship, Bailey
100 N. Broadway Ave., Suite 1700
Oklahoma City, OK 73102
(405) 232-0621
smoriarty@fellerssnider.com
2. Metro Machine Works, Inc.
5204 S. 49th W. Avenue
Tulsa, OK 74107
Representative: Charles Elliott, II
(918) 446-2705
metromachine@coxinet.net
Counsel: Kamran K. Momeni
Momeni Law
9175 S. Yale, Suite 300
Tulsa, OK 74137
(918) 935-3999
kamran@momenilaw.com
3. C4 Industrial
15864 W. Hardy Rd, #790
Houston, TX 77060
Representative: Laura Key
(713) 980-4343
laura@c4industrial.com
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent. They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.
About 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.
OMIMEX PETROLEUM: Commences Subchapter V Bankruptcy Process
-----------------------------------------------------------
On December 10, 2024, Omimex Petroleum 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 50 and 99 creditors. The petition states funds will be
available to unsecured creditors.
About Omimex Petroleum Inc.
Omimex Petroleum Inc. provides energy and fertilizer services. The
Company focuses in the exploration, development, acquisition, and
operation of oil and gas properties, and production of various
fertilizers. Omimex Petroleum serves oil and gas industry
internationally. [BN]
Omimex Petroleum Inc. sought relief under Subchapter V of Chapter
11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-34018)
on December 10, 2024. In the petition filed by Christopher
Chambers, as sole director, the Debtor reports estimated assets and
liabilities between $1 million and $10 million each.
The Debtor is represented by:
Jeff Caruth, Esq.
WEYCER, KAPLAN, PULASKI & ZUBER, P.C.
2608 HIbernia St. Ste 105
Dallas, TX 75204-2514
Tel: (713) 341-1158
Email: jcarruth@wkpz.com
ONDAS HOLDINGS: Increases Shares Under Incentive Plan by 3 Million
------------------------------------------------------------------
Ondas Holdings Inc. disclosed in a Form S-8 filed with the U.S.
Securities and Exchange Commission that on October 17, 2024, the
Board of Directors approved an amendment to the Ondas Holdings Inc.
2021 Stock Incentive Plan, subject to stockholder approval at the
Company's 2023 Annual Meeting of Stockholders to increase the
number of shares of common stock, par value $0.0001, authorized for
issuance under the Plan from 8,000,000 shares of Common Stock to
11,000,000 shares of Common Stock.
On November 18, 2024, the Plan Increase was approved by the
Company's stockholders at the 2024 Annual Meeting of Stockholders.
The Company previously filed Registration Statements on Form S-8 on
November 5, 2021 and February 2, 2024 (File Nos. 333-260845 and
333-276854) registering an aggregate of 8,000,000 shares of Common
Stock under the Plan (the "Earlier Registration Statements").
On December 3, 2024, the Company filed a Registration Statement on
Form S-8 to register an additional 3,000,000 shares of Common Stock
authorized for issuance under the Plan. The additional securities
to be registered by this Registration Statement are of the same
class as those securities covered by the Earlier Registration
Statements.
A full-text copy of the Registration Statement is available at:
https://tinyurl.com/yj5e492b
About Ondas Holdings
Marlborough, Mass.-based Ondas Holdings Inc. is a provider of
private wireless, drone, and automated data solutions through its
subsidiaries Ondas Networks Inc., Ondas Autonomous Holdings Inc.,
Airobotics, Ltd, and American Robotics, Inc. Ondas Networks,
American Robotics, and Airobotics together provide users in
defense, homeland security, public safety, and other critical
industrial and government security and infrastructure markets with
improved connectivity, situational awareness, and data collection
and information processing capabilities.
Somerset, N.J.-based Rosenberg Rich Baker Berman, P.A., the
Company's auditor since 2017, issued a "going concern"
qualification in its report dated April 1, 2024, citing that the
Company has experienced recurring losses from operations, negative
cash flows from operations, and a working capital deficit as of
Dec. 31, 2023.
As of September 30, 2024, Ondas Holdings had $80,158,656 in total
assets, $47,063,442 in total liabilities, $18,176,422 in redeemable
noncontrolling interest, and $14,918,792 in total shareholders'
equity.
OUTLOOK THERAPEUTICS: CEO Trenary Resigns, CFO Takes Interim Role
-----------------------------------------------------------------
Outlook Therapeutics, Inc. disclosed in a Form 8-K Report filed
with the U.S. Securities and Exchange Commission that on December
3, 2024, C. Russell Trenary III stepped down as the President and
Chief Executive Officer and as a member of the Company's Board of
Directors, effective immediately. The Board has resolved to reduce
its size to nine directors immediately upon Mr. Trenary's
resignation.
Mr. Trenary's departure constitutes a termination of employment
without "cause" for purposes of any employment, equity compensation
or benefit agreement, plan or arrangement of the Company and its
subsidiaries to which Mr. Trenary is a party or otherwise
participates, including that certain executive employment
agreement, dated as of July 6, 2021, by and between Mr. Trenary and
the Company. Accordingly, subject to Mr. Trenary's execution and
non-revocation of a separation agreement containing a release of
claims against the Company, Mr. Trenary will receive severance
benefits consistent with the Employment Agreement for a termination
of employment without "cause." A description of Mr. Trenary's
severance benefits is set forth in the Company's Definitive Proxy
Statement on Schedule 14A, filed with the Securities and Exchange
Commission on June 26, 2024.
Following Mr. Trenary's resignation, Lawrence A. Kenyon, 59, the
Company's Chief Financial Officer, was appointed Interim Chief
Executive Officer of the Company, effective as of the Effective
Date, to serve while the Board conducts a formal search process to
identify and appoint a permanent Chief Executive Officer. Mr.
Kenyon's biographical information is set forth in the Company's
Definitive Proxy Statement on Schedule 14A, filed with the
Securities and Exchange Commission on February 8, 2024, and is
incorporated by reference herein. There are no arrangements or
understandings between Mr. Kenyon and any other persons pursuant to
which he was appointed as Interim Chief Executive Officer. There
are no family relationships between Mr. Kenyon and any of the
Company's other directors or executive officers, and Mr. Kenyon is
not a party to any transaction, or any proposed transaction,
required to be disclosed pursuant to Item 404(a) of Regulation
S-K.
About Outlook Therapeutics
Outlook Therapeutics, Inc., formerly known as Oncobiologics, Inc.
— http://www.outlooktherapeutics.com— is a biopharmaceutical
company working to launch the first ophthalmic formulation of
bevacizumab approved by the U.S. Food and Drug Administration for
use in retinal indications. The Company's goal is to launch
directly in the United States as the first and only approved
ophthalmic bevacizumab for the treatment of wet age-related macular
degeneration, or wet AMD, diabetic macular edema, or DME, and
branch retinal vein occlusion, or BRVO. The Company's plans also
include seeking approval and launching the product in the United
Kingdom, Europe, Japan, and other markets, either directly or
through a strategic partner. If approved, the Company expects to
receive 12 years of regulatory exclusivity in the United States and
up to 10 years of market exclusivity in the European Union.
Philadelphia, Pennsylvania-based KPMG LLP, the Company's auditor
since 2015, issued a "going concern" qualification in its report
dated Dec. 22, 2023, citing that the Company has incurred recurring
losses and negative cash flows from operations and has an
accumulated deficit that raise substantial doubt about its ability
to continue as a going concern.
As of June 30, 2024, Outlook Therapeutics had $47.1 million in
total assets, $130.8 million in total liabilities, and $83.7
million in total stockholders' deficit.
PARK SQUARE: Court Selects Cushman & Wakefield as Receiver
----------------------------------------------------------
Keith Schubert of Minneapolis/St. Paul Business Journal reports
that a court-appointed receiver has been assigned to oversee St.
Paul's Park Square Court Building after its owner defaulted on $8
million in loans. In November 2024, a Ramsey County district judge
named Cushman & Wakefield as a limited receiver, citing concerns
over the property's unpaid utility bills and its abandonment by the
owner. The building's owner, an LLC connected to Grotto Group of
St. Paul LLC, Park Square Court Building LLC, filed for bankruptcy
in June 2024.
According to Minneapolis/St. Paul Business Journal, the LLC,
responsible for the $8 million loan, is a subsidiary of Madison
Equities, a firm that owns several high-profile properties in
downtown St. Paul, many of which are now on the market. Before the
bankruptcy, Merchants Bank of Hastings filed a lawsuit in October
against the LLC and Rosemary Kortgard, widow of Madison Equities'
founder James Crockarell, for multiple defaults on the loans.
Merchants Bank, represented by Garth Gavenda of Jellum Law,
declined to comment.
In addition to the Merchants Bank lawsuit, Baldwin, Wisconsin-based
Pillar Bank sued the building's owner in October 2023, alleging
Madison Equities failed to repay a $2.05 million commercial loan.
In June 2024, the court ruled in Pillar Bank's favor, requiring
Kortgard to repay the loan and accrued interest. Kortgard's
attorney, Kelly Hadac, was unavailable for comment, the report
states.
Madison Equities purchased the Park Square Court Building in 2005
for $6.8 million, according to Ramsey County property records. Its
estimated market value in 2024 was $7.5 million, down from $8
million in 2019. The five-story building, designed in 1889 by St.
Paul architect J. Walter Stevens as the headquarters for Noyes
Brothers & Cutler, a wholesale drug and medical supply company, was
renamed Park Square Court in the 1970s when it was converted for
office, retail, and restaurant use, the report relays.
Madison Equities faces additional lawsuits over its downtown St.
Paul properties, one of which was sold at a foreclosure auction in
September 2024, according to report.
About Park Square Court Building LLC
Park Square Court Building LLC a building owned by Madison
Equities.
Park Square Court Building LLC sought relief under Chapter 7 of the
U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 24-31618) on June
20, 2024. In its petition, the Debtor reports between $1 million
and $10 million in liabilities.
Honorable Bankruptcy Judge Katherine A. Constantine oversees the
case.
The Debtor is represented by:
John D. Lamey, III, Esq.
Lamey Law Firm, P.A.
3900 LABORE RD
ST PAUL, MN 55110
PAYNE'S ENVIRONMENTAL: Court OKs Interim Use of Cash Collateral
---------------------------------------------------------------
Payne's Environmental Services, LLC received eight interim approval
from the U.S. Bankruptcy Court for the Middle District of Florida
to use cash collateral.
The company was permitted to use cash collateral to pay (i) amounts
expressly authorized by the court; (ii) the current and necessary
expenses set forth in the budget, with a 10% variance; and (iii)
additional amounts as may be expressly approved in writing by the
secured creditors. However, the company is not allowed to pay any
compensation to insiders or professionals.
As adequate protection, secured creditors including Newtek Business
Solutions LLC, Caterpillar Financial Services Corporation; Assn
Company; CHTD Company; U.S. Small Business Administration; John
Deere Financial; Bank of the West; CT Corporation System;
Corporation Service Company; Arboretum Core Asset Fund; Advantage
Platform Services; and
Kalamata Capital Group will have perfected post-petition liens on
the cash collateral to the same extent and with the same validity
and priority as their pre-bankruptcy liens.
Payne's previously reached an agreement with Newtek whereby the
company would provide monthly payment of $57,956.00 to the secured
creditor beginning March 28 until confirmation of a Chapter 11
plan. The company failed to make the required payments, triggering
a foreclosure action from Newtek. Payne's consented to the entry of
a final judgment of foreclosure and based upon this consent, Newtek
agreed to the company's continued use of cash collateral pending
plan confirmation.
The next hearing on the use of cash collateral will be held
simultaneously with the hearing on plan confirmation.
About Payne's Environmental
Payne's Environmental Services, LLC offers a variety of tree
services to residential and commercial customers. It offers tree
trimming, tree removal, and stump grinding and removal services.
The company is based in Tampa, Fla.
Payne's filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code Bankr. M.D. Fla. Case No. 23-04522) on Oct. 11,
2023, with $4,294,839 in assets and $4,785,378 in liabilities.
Terry Payne, manager, signed the petition.
Judge Roberta A. Colton oversees the case.
Buddy D. Ford, Esq., at Buddy D. Ford, P.A. represents the Debtor
as legal counsel.
PICCARD PETS: Jacksonville Property Sale to Anthony Rademeyer OK'd
------------------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida,
Jacksonville Division, has granted Piccard Pets Supplies, Corp. to
sell its real property, free and clear of liens, claims,
encumbrances, and interests.
The Debtor's property is commonly identified as: 5521 Blanding
Blvd, Jacksonville, FL 32244 and will sell it to a private sale to
Anthony Rademeyer and Karen Rademeyer for $1,112,500.
The Court has authorized the Debtor to sell the Property free and
clear of all liens and encumbrances from Ameris Bank N.A, and the
U.S. Small Business Administration.
The reference liens shall be attached to the proceeds of the sale
to the same extent and in the same priority as they were attached
to the subject property prior to the sale.
The Debtor will also pay any past due U.S. Trustee Quarterly Fees
and provide a copy of the closing statement within three days of
closing.
About Piccard Pets Supplies
Piccard Pets Supplies Corp., a company in Jacksonville, Fla.,
offers pet supplies and medications.
Piccard Pets Supplies sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-02434) on Aug. 15,
2024, with total assets of $927,465 and total liabilities of
$5,323,839. Marlon Martinez, chief executive officer, signed the
petition.
Judge Jacob A Brown oversees the case.
The Debtor is represented by Thomas Adam, Esq., at Adam Law Group,
PA.
POET TECHNOLOGIES: Closes $25M Offering With Institutional Investor
-------------------------------------------------------------------
POET Technologies Inc. has completed its previously announced
registered direct offering with a single institutional investor
that qualifies as an "accredited investor" under National
Instrument 45-106 – Prospectus Exemptions of the Canadian
Securities Administrators. The Corporation issued 5,555,556 common
shares and a warrant exercisable to acquire up to 2,777,778 Common
Shares to the investor for aggregate gross proceeds of
US$25,000,002. The combined price of one Common Share and
accompanying Warrant in respect of one-half of one Common Share was
US$4.50 (or approximately C$6.29). The exercise price of the
Warrant is US$6.00 (or approximately C$8.39) per Common Share, and
the Warrant is exercisable for a period of five years from the date
of issuance.
The Corporation intends to use the net proceeds of the Offering for
working capital related to its recently announced intention to
expand assembly operations into Malaysia and for other corporate
purposes. No commission or finder's fee was paid by the
Corporation, and no underwriter or sales agent was engaged by the
Corporation in connection with the Offering.
The Offering is being made pursuant to a prospectus supplement
dated December 3, 2024 to the short form base shelf prospectus of
the Corporation dated September 6, 2024 filed with the securities
regulatory authorities in each of the provinces and territories of
Canada, as well as with the U.S. Securities and Exchange Commission
as part of the Corporation's U.S. registration statement on Form
F-10 (Registration No. 333-280553) under the U.S.-Canada
Multijurisdictional Disclosure System and General Instruction II.L,
which included the Prospectus Supplement with such additions
thereto and deletions therefrom as may be permitted or required by
Form F-10. Copies of the Prospectus Supplement, including the Base
Shelf Prospectus, are available on SEDAR+ at www.sedarplus.com and
on EDGAR at www.sec.gov.
The Offering remains subject to the final acceptance of the TSX
Venture Exchange.
About POET Technologies Inc.
POET Technologies Inc. — www.poet-technologies.com — is a
design and development company offering high-speed optical modules,
optical engines, and light source products to the artificial
intelligence systems market and hyperscale data centers. POET's
photonic integration solutions are based on the POET Optical
Interposer, a novel, patented platform that allows the seamless
integration of electronic and photonic devices into a single chip
using advanced wafer-level semiconductor manufacturing techniques.
POET's Optical Interposer-based products are lower cost, consume
less power than comparable products, are smaller in size, and are
readily scalable to high production volumes. In addition to
providing high-speed (800G, 1.6T, and above) optical engines and
optical modules for AI clusters and hyperscale data centers, POET
has designed and produced novel light source products for
chip-to-chip data communication within and between AI servers, the
next frontier for solving bandwidth and latency problems in AI
systems. POET's Optical Interposer platform also solves device
integration challenges in 5G networks, machine-to-machine
communication, self-contained "Edge" computing applications, and
sensing applications, such as LIDAR systems for autonomous
vehicles. POET is headquartered in Toronto, Canada, with operations
in Allentown, PA, Shenzhen, China, and Singapore.
Hartford, Conn.-based Marcum LLP, the Company's auditor since 2009,
issued a "going concern" qualification in its report dated March
15, 2024, citing that the Company has incurred significant losses
over the past few years and needs to raise additional funds to meet
its future obligations and sustain its operations. These conditions
raise substantial doubt about the Company's ability to continue as
a going concern.
POET Technologies reported a net loss of $20.27 million for the
year ended Dec. 31, 2023, compared to a net loss of $21.04 million
for the year ended Dec. 31, 2022.
PRESBYTERIAN HOMES: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Presbyterian Homes and Services of Kentucky, Inc.
f/d/b/a Westminster Terrace Healthcare Center
f/d/b/a Westminster Terrace Assisted Living
f/d/b/a Helmwood Village
f/d/b/a Helmwood Healthcare Center
f/d/b/a Good Shepherd Community Nursing
f/d/b/a Rose Anna Hughes Presbyterian Home
f/d/b/a Cedar Creek Assisted Living
f/d/b/a Westminster Health and Rehab Center
f/d/b/a Presbyterian Homes of Louisville
d/b/a Westminster Apartments
d/b/a Cedar Creek
d/b/a Rose Anna Hughes Senior Living Community
2116 Buechel Bank Road
Louisville, KY 40218
Business Description: Presbyterian Homes is a not-for-profit
organization that provides long and short-
term care services for seniors, including
skilled nursing care, rehabilitation,
assisted living, respite care, palliative
care, and personal care.
Chapter 11 Petition Date: December 15, 2024
Court: United States Bankruptcy Court
Western District of Kentucky
Case No.: 24-33060
Judge: Hon. Alan C Stout
Debtor's Counsel: Charity S. Bird, Esq.
KAPLAN JOHNSON ABATE & BIRD LLP
710 West Main Street
Fourth Floor
Louisville, KY 40202
Tel: (502) 540-8285
Fax: (502) 540-8282
Email: cbird@kaplanjohnsonlaw.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Hattie H. Wagner as president or CEO.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/QBPIWNQ/Presbyterian_Homes_and_Services__kywbke-24-33060__0001.0.pdf?mcid=tGE4TAMA
QBS PARENT: S&P Withdraws 'B-' Issuer Credit Rating
---------------------------------------------------
S&P Global Ratings withdrew its 'B-' issuer credit rating on QBS
Parent Inc., as well as its 'B' issue-level rating on the company's
revolving credit facility due 2024 and first-lien term loan due
2025 and 'CCC’ issue-level rating on the second-lien term loan
due 2026, at the issuer's request. At the time of the withdrawal,
our outlook on QBS was negative.
QUICKWAY ESTATES: Seeks to Sell Monroe Property for $2.8MM
----------------------------------------------------------
Quickway Estates LLC, through its counsel, Bronson Law Offices,
P.C., seeks permission from the U.S. Bankruptcy Court for the
Southern District of New York, to sell its Property located at 5
Quickway Road, Units 1 to 6, Monroe, Orange County, New York, for a
purchase price of $2,800,000, free and clear of liens, except for
the leases.
The Debtor proposes to amend the contract and authorize it to pay
outstanding real property taxes, if any, necessary costs of closing
including transfer taxes and title fees, legal fees, U.S. Trustee
fees estimated based on the Sale Price and contemplated
distributions; provided,
however, that Fannie Mae receive net funds of at least $2,800,000.
Objection to the relief sought in the sale shall conform to the
bankruptcy rules and shall be filed no later than 7 days prior to
the hearing.
Fannie Mae has consented to the sale provided that certain terms
and conditions are met.
The Debtor proposes a hearing date of its sale motion for January
3, 2025 at 2:00 p.m.
About Quickway Estates LLC
Quickway Estates LLC is engaged in activities related to real
estate. The Debtor owns land and building located at 5 Quickway
Road, Monroe, NY 10950 valued at $3 million.
Quickway Estates LLC in Monsey, NY, filed its voluntary petition
for Chapter 11 protection (Bankr. S.D.N.Y. Case No. 24-22114) on
February 13, 2024, listing $3,000,000 in assets and $2,575,965 in
liabilities. Mitchell Steiman as chief restructuring officer,
signed the petition.
Judge Sean H. Lane oversees the case.
Davidoff Hutcher & Citron LLP serve as the Debtor's legal counsel.
QURATE RETAIL: Transfers Equity Listing to Nasdaq Capital Market
----------------------------------------------------------------
Qurate Retail, Inc. announced that it received approval from the
Listing Qualifications Department of the Nasdaq Stock Market to
transfer the listing of the Company's Series A common stock, Series
B common stock, and 8.0% Series A Cumulative Redeemable Preferred
Stock from the Nasdaq Global Select Market to the Nasdaq Capital
Market. The listing of the Company's Securities was transferred to
the Nasdaq Capital Market at the opening of business on December 2,
2024. This follows the notice received from Nasdaq on June 10, 2024
that, based on the closing bid price for QRTEA for 30 consecutive
business days, Qurate Retail no longer complied with the minimum
bid price requirement for continued listing on the Nasdaq Global
Select Market.
Qurate Retail must be listed and traded on the Nasdaq Capital
Market from December 2, 2024 through December 9, 2024 (the initial
compliance date by which Qurate Retail was required to satisfy the
Minimum Bid Price Requirement), following which Nasdaq may grant
the company (subject to its compliance with the continued listing
requirements of the Nasdaq Capital Market, other than the Minimum
Bid Price Requirement) an additional 180-day extension to comply
with the Minimum Bid Price Requirement, during which time Qurate
would continue to trade on the Nasdaq Capital Market (the "New
Compliance Period").
Qurate Retail has also confirmed to Nasdaq that it will effect a
reverse stock split if necessary to regain compliance with the
Minimum Bid Price Requirement prior to the expiration of the New
Compliance Period. If at any time before the expiration of the New
Compliance Period, if granted by Nasdaq, the bid price of QRTEA is
at least $1.00 for a minimum of 10 consecutive business days,
Nasdaq will provide written confirmation of compliance for
continued listing on the Nasdaq Capital Market.
There can be no assurance that Qurate Retail will be able to regain
compliance with the Minimum Bid Price Requirement or will otherwise
be in compliance with other applicable Nasdaq listing criteria,
generally or for purposes of qualifying for an additional 180-day
compliance period, or that Qurate Retail will be able to
successfully implement a reverse stock split if it decides to
pursue one.
Qurate Retail does not anticipate a material impact on its equity
trading as a result of the transfer of listing. The Company does
not intend to reapply for listing on the Nasdaq Global Select
Market in the near term.
About Qurate Retail
Headquartered in Englewood, Colorado, Qurate Retail, Inc. owns
controlling and non-controlling interests in a broad range of video
and online commerce companies. Qurate has six leading retail
brands: QVC, HSN, Ballard Designs, Frontgate, Garnet Hill, and
Grandin Road. Qurate Retail Group is the largest player in video
commerce, which includes video-driven shopping across linear TV,
e-commerce sites, digital streaming, and social platforms. The
retailer reaches more than 200 million homes worldwide via 15
television channels, which are widely available on cable/satellite
TV, free over-the-air TV, and digital livestreaming TV. The
retailer also reaches millions of customers via its QVC+ and HSN+
streaming experiences, websites, mobile apps, social pages, print
catalogs, and in-store destinations. Qurate Retail, Inc. also holds
various minority interests.
Qurate Retail reported a net loss of $94 million for the year ended
Dec. 31, 2023, compared to a net loss of $2.53 billion for the year
ended Dec. 31, 2022. As of June 30, 2024, the Company had $10.9
billion in total assets, $10.5 billion in total liabilities, and
$421 million in total stockholders' equity.
* * *
As reported by TCR on April 22, 2024, S&P Global Ratings revised
its outlook to stable from negative and affirmed all its ratings on
U.S.-based video commerce and online retailer Qurate Retail Inc.,
including its 'CCC+' Company credit rating. The stable outlook
reflects S&P's expectation that Qurate will maintain sufficient
liquidity over the next 12 months despite its view that its capital
structure remains unsustainable, as further cost reductions offset
sales weakness and support profit recovery.
R&W CLARK: Matthew Brash Named Subchapter V Trustee
---------------------------------------------------
The U.S. Trustee for Region 11 appointed Matthew Brash of Newpoint
Advisors Corporation as Subchapter V trustee for R&W Clark
Construction, Inc.
Mr. Brash will be paid an hourly fee of $410 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Brash declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Matthew Brash
Newpoint Advisors Corporation
655 Deerfield Road, Suite 100-311
Deerfield, IL 60015
Tel: (847) 404-7845
About R&W Clark Construction
R&W Clark Construction, Inc., a company in Frankfort, Ill., filed
Chapter 11 petition (Bankr. N.D. Ill. Case No. 23-03279) on March
11, 2023, with up to $50,000 in assets and up to $10 million in
liabilities. Richard Clark, president and sole shareholder of R&W,
signed the petition.
Judge Timothy A. Barnes oversees the case.
The Debtor tapped Gregory K. Stern, PC as legal counsel and Ziegler
& Associates, Ltd. as accountant.
RE WEALTH ADVISORS: Seeks Chapter 11 Bankruptcy w/ $10MM Debt
-------------------------------------------------------------
NewsBreak reports that RE Wealth Advisors, a Fort Lauderdale-based
firm specializing in commercial real estate investments, has filed
for Chapter 11 bankruptcy, signaling severe financial trouble. The
filing, made on December 11, 2024, suggests the company is
struggling to stay afloat, the report says.
According to the bankruptcy petition, RE Wealth Advisors lists up
to $10 million in both debts and assets. However, details about the
firm's assets remain undisclosed, raising questions about its
financial health. The petition also identifies 13 creditors with
unspecified claims, including the U.S. Securities and Exchange
Commission, the Florida Attorney General, and the IRS.
The company is currently involved in two breach-of-contract
lawsuits in Broward County. One case concerns a judgment of less
than $90,000 stemming from a $30,000 unpaid credit card debt. The
second involves a $75,000 loan default, with the lender seeking to
overturn the judgment and dismiss the case, according to
NewsBreak.
While these lawsuits may appear minor compared to the $10 million
listed in the bankruptcy filing, they highlight the company's
difficulty meeting its financial obligations. So far, RE Wealth
Advisors has not filed a detailed case management summary, leaving
the reasons behind the bankruptcy unclear. The firm's attorney,
Bradley S. Shraiberg, has also declined to comment on the matter,
the report states.
About RE Wealth Advisors
RE Wealth Advisors is a a Fort Lauderdale-based firm specializing
in commercial real estate investments.
RE Wealth Advisors sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-22910) on December
11, 2024. In the petition filed by Patrick Dean, as manager, the
Debtor reports estimated assets and liabilities between $1 million
and $10 million each.
Honorable Bankruptcy Judge Scott M. Grossman handles the case.
The Debtor is represented by:
Bradley S. Shraiberg, Esq.
SHAIBGERG PAGE PA
2385 NW Executive Center Dr
Suite 300
Boca Raton, FL 33431
Tel: 561-443-0800
Email: bss@slp.law
RED RIVER TALC: Discovery Needs Delay Chapter 11 Bankruptcy Trial
-----------------------------------------------------------------
Vince Sullivan of Law360 Bankruptcy Authority reports that on
December 17, 2024, a Texas bankruptcy judge delayed the Chapter 11
plan confirmation hearing for Johnson & Johnson's talc unit, Red
River Talc LLC, until February, stating that more time was required
for parties to complete discovery on issues related to the plan's
provisions.
About J&J Talc Units
LLT Management, LLC (formerly known as LTL Management LLC) was a
subsidiary of Johnson & Johnson that was formed to manage and
defend thousands of talc-related claims and oversee the operations
of Royalty A&M. Royalty A&M owns a portfolio of royalty revenue
streams, including royalty revenue streams based on third-party
sales of LACTAID, MYLANTA/MYLICON and ROGAINE products.
LTL Management first filed a petition for Chapter 11 protection
(Bankr. W.D.N.C. Case No. 21-30589) on Oct. 14, 2021. The case was
transferred to New Jersey (Bankr. D.N.J. Case No. 21-30589) on Nov.
16, 2021. The Hon. Michael B. Kaplan is the case judge. At the time
of the filing, the Debtor was estimated to have $1 billion to $10
billion in both assets and liabilities.
In the 2021 case, LTL Management tapped Jones Day and Rayburn
Cooper & Durham, P.A., as bankruptcy counsel; King & Spalding, LLP
and Shook, Hardy & Bacon LLP as special counsel; McCarter &
English, LLP as litigation consultant; Bates White, LLC as
financial consultant; and AlixPartners, LLP as restructuring
advisor. Epiq Corporate Restructuring, LLC, served as the claims
agent.
On Dec. 24, 2021, the U.S. Trustee for Regions 3 and 9
reconstituted the talc claimants' committee and appointed two
separate committees: (i) the official committee of talc claimants
I, which represents ovarian cancer claimants, and (ii) the official
committee of talc claimants II, which represents mesothelioma
claimants.
The official committee of talc claimants I tapped Genova Burns LLC,
Brown Rudnick LLP, Otterbourg PC and Parkins Lee & Rubio LLP as its
legal counsel. Meanwhile, the official committee of talc claimants
II is represented by the law firms of Cooley LLP, Bailey Glasser
LLP, Waldrep Wall Babcock & Bailey PLLC, Massey & Gail LLP, and
Sherman Silverstein Kohl Rose & Podolsky P.A.
Re-Filing of Chapter 11 Petition
On Jan. 30, 2023, a panel of the Third Circuit issued an opinion
directing this Court to dismiss the 2021 Chapter 11 Case on the
basis that it was not filed in good faith. Although the Third
Circuit panel recognized that the Debtor "inherited massive
liabilities" and faced "thousands" of future claims, it concluded
that the Debtor was not in financial distress before the filing.
On March 22, 2023, the Third Circuit entered an order denying the
Debtor's petition for rehearing. The Third Circuit entered an order
denying LTL's stay motion on March 31, 2023, and, on the dame day,
issued its mandate directing the Bankruptcy Court to dismiss the
2021 Chapter 11 Case.
The Bankruptcy Court entered an order dismissing the 2021 Case on
April 4, 2023.
Johnson & Johnson on April 4, 2023, announced that its subsidiary
LTL Management LLC (LTL) has re-filed for voluntary Chapter 11
bankruptcy protection (Bankr. D.N.J. Case No. 23-12825) to obtain
approval of a reorganization plan that will equitably and
efficiently resolve all claims arising from cosmetic talc
litigation against the Company and its affiliates in North
America.
In the new filing, J&J said it has agreed to contribute up to a
present value of $8.9 billion, payable over 25 years, to resolve
all the current and future talc claims, which is an increase of
$6.9 billion over the $2 billion previously committed in connection
with LTL's initial bankruptcy filing in October 2021. LTL also has
secured commitments from over 60,000 current claimants to support
a
global resolution on these terms.
In August 2023, U.S. Bankruptcy Judge Michael Kaplan in Trenton,
New Jersey, ruled that the second bankruptcy case should be
dismissed.
3rd Try
In May 2024, J&J announced its subsidiary LLT Management LLC is
soliciting support for a consensual prepackaged bankruptcy plan to
resolve its talc-related liabilities. Under the terms of the plan,
a trust would be funded with over $5.4 billion in the first three
years and more than $8 billion over the course of 25 years, which
J&J calculates to have a net present value of $6.475 billion.
Claimants must cast their vote to accept or reject the Plan by 4:00
p.m. (Central Time) on July 26, 2024. A solicitation package may be
requested at www.OfficialTalcClaims.com or by calling
1-888-431-4056. If the Plan is accepted by at least 75% of voters,
a bankruptcy may be filed under the case name In re: Red River Talc
LLC in a bankruptcy court in Texas or in the bankruptcy court of
another jurisdiction. Epiq Corporate Restructuring, LLC is serving
as balloting and solicitation agent for LLT.
On Sept. 20, 2024, Red River Talc LLC filed a Chapter 11 bankruptcy
petition (Bankr. S.D. Tex. Case No. 24-90505).
Porter Hedges LLP and Jones Day serve as counsel in the new Chapter
11 case. Epiq is the claims agent.
Paul Hastings LLP is counsel to the Ad Hoc Committee of Supporting
Counsel. Randi S. Ellis is the proposed prepetition legal
representative of future claimants.
REVOLUTIONARY CLINICS: Enters Receivership With Affiliates
----------------------------------------------------------
Debra Borchardt of Green Market Report reports that
Massachusetts-based Revolutionary Clinics enters receivership with
debts approaching $10 million. Revolutionary Clinics, a
Massachusetts-based cannabis retailer and cultivator, along with
its affiliates Revolutionary Growers and C D Services of America,
owes $9.6 million to various lenders and landlords. According to
the report, the company's primary lender, OPCIV LLC, filed a
request for receivership, alleging that C D Services defaulted on
certain loan covenants in July 2024.
According to GMR, for the past two years, lenders have attempted to
support Revolutionary Clinics as it faced financial difficulties.
The debt originated from a secured convertible note and an amended
promissory note, both revised in 2023. Despite multiple loan
amendments, Revolutionary Clinics struggled financially, resulting
in layoffs and the winding down of operations, the report states.
OPCIV LLC claims C D Services has not disputed the debt but is
concerned that without a receiver, the company's assets could be
mismanaged, lost, or devalued. The lender is seeking to recover
$9,665,978 in losses, GMR reports.
According to its website, Revolutionary Clinics operates three
retail locations, and its producer, Rev Brands, is an exclusive
Massachusetts partner for brands like Kiva, El Blunto, and Mr.
Moxey's Mints.
The company's assets, including a mortgage deed for a Fitchburg
property, were pledged as collateral for the loans. Revolutionary
Clinics also faces lawsuits for unpaid rent at its Fitchburg
cultivation facility and a closed Cambridge location, as reported
by Law360.
In 2023, NewLake Capital Partners (OTC: NLCP) reached a lease
amendment and forbearance agreement with Revolutionary Clinics for
a 145,852-square-foot cultivation facility. The agreement allowed
NewLake to recover some unpaid rent, extend the lease term by five
years, lower monthly rent payments, and secure up to 9.95% equity
in Revolutionary Clinics through warrants, the report relays.
About Revolutionary Clinics
Revolutionary Clinics is a Massachusetts-based cannabis retailer
and cultivator.
RHODE ISLAND: Court Tosses Receivership Bid
-------------------------------------------
Killian Woods of Business Post reports that a Rhode Island Superior
Court judge has expanded oversight of the Rhode Island Recycled
Metals scrapyard in Providence but declined state regulators'
request to place the facility under full receivership. Judge Brian
Stern's December 13, 2024 ruling follows a fire at the Allens
Avenue scrapyard over five months ago, which prompted the Rhode
Island Attorney General's Office to seek the business's closure and
court-appointed management, the report relates.
According to Business Post, the scrapyard, operating for 15 years
along the Providence River, has a history of safety and
environmental violations. It has been under a court-appointed
special master's supervision since 2016 due to missing permits for
stormwater management and hazardous chemical remediation. After a
second fire in July 2023, Attorney General Peter Neronha argued
that the scrapyard's continued violations posed significant health
and safety risks to the surrounding low-income, minority
neighborhood, calling for stricter measures.
While Stern temporarily shut down the scrapyard following the fire,
operations resumed in August 2024 with new safety protocols,
including a fire suppression system. The ongoing debate over
permanent receivership led to months of legal back-and-forth
between state officials and the company, the report states.
In a 16-page decision, Stern rejected the receivership request,
citing ongoing progress, but expanded the special master’s
authority to oversee the scrapyard's environmental cleanup and
permitting process with the Rhode Island Department of
Environmental Management (DEM).
"The process now appears to be approaching the finish line, and the
delay does not justify the extraordinary remedy of a Receiver,"
Stern wrote, noting that while environmental concerns persist, the
special master remains capable of addressing them.
Rhode Island Recycled Metals (RIRM) hailed the decision as a major
victory.
"We applaud the Court's decision to reject the State's motion for
receivership and to allow the owners to manage and develop their
property," company spokesperson Patrick Sweeney said.
The current special master, Rick Land, had recommended expanding
his oversight to include the scrapyard's pending applications with
DEM for a comprehensive cleanup plan. The company supported the
proposal, Business Post reports.
Although Neronha's office did not secure receivership, the attorney
general framed the decision as a win for environmental and public
health protection, the report relays.
"This decision is a significant victory for the health and safety
of South Providence residents," Neronha said. "We will continue to
ensure compliance and are prepared to take further action if
needed."
Stern also ordered the scrapyard to implement immediate
environmental remediation within 10 days, including paving part of
the 12-acre site with asphalt to prevent hazardous material runoff.
A longer-term cleanup plan submitted to DEM earlier this year
includes a permanent cap on the site and a new stormwater
management system, the report cites.
While acknowledging the company's past noncompliance, Stern warned
that RIRM is operating on "a short leash" and stressed the
importance of swift progress toward compliance, Business Post
relays.
DEM continues to review the cleanup proposal, with a public comment
period open until December 23, 2024. The agency will issue its
final decision after considering public input, though no timeline
has been set, the report relays.
Meanwhile, a $25,000 fine issued by DEM in December 2023 remains
under appeal by the scrapyard, according to report.
"RIRM has caused harm to South Providence for over a decade while
avoiding full accountability," Neronha said. "That ends now. We
will remain vigilant and enforce compliance to protect the
community."
About Rhode Island Recycled Metals
Rhode Island Recycled Metals is a scrap yard that houses junk
cars, scrap metal, ferrous metals, non ferrous metals and marine
salvage.
RIDGELINE CAPITAL: Files Chapter 11 Bankruptcy in California
------------------------------------------------------------
On December 10, 2024, Ridgeline Capital Investments LLC filed
Chapter 11 protection in the Southern District of California.
According to court filing, the Debtor reports $3,424,907 in debt
owed to 1 and 49 creditors. The petition states funds will be
available to unsecured creditors.
About Ridgeline Capital Investments LLC
Ridgeline Capital Investments LLC is the 70% owner of a
single-family home located at 15955 Running Deer Trail, Poway, CA,
92064 valued at $3.1 million and another real property located at
45200 Oak Manor Ct., Temecula, CA 92590 having an appraised value
of $4.3 million.
Ridgeline Capital Investments LLC sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-04715) on
December 10, 2024. In the petition filed by Shaun Michael Reynolds,
as managing member, the Debtor reports total assets of $7,400,200
and total liabilities of $3,424,907.
The Debtor is represented by:
Michael R. Totaro, Esq.
TOTARO & SHANAHAN, LLP
P.O. Box 789
Pacific Palisades CA 90272
Tel: (310) 804-2157
Email: Ocbkatty@aol.com
SEARS HOLDING: Trustee Can Retain Mall of America Lease
-------------------------------------------------------
Jeff Montgomery of Law360 reports that the Second Circuit has
upheld a district court decision mandating the return of Sears
Holding Corp.'s lease at Minnesota's Mall of America to the
liquidating trustee, determining in part that the previous lease
agreement was not a "true" contract.
About Sears Holdings Corp.
Sears Holdings Corporation -- http://www.searsholdings.com/--
began as a mail ordering catalog company in 1887 and became the
world's largest retailer in the 1960s. At its peak, Sears was
present in almost every big mall across the U.S., and sold
everything from toys and auto parts to mail-order homes. Sears
claims to be a market leader in the appliance, tool, lawn and
garden, fitness equipment, and automotive repair and maintenance
retail sectors.
Sears and Kmart merged to form Sears Holdings in 2005 when they had
3,500 US stores between them. Kmart emerged in 2005 from its own
bankruptcy.
Unable to keep up with online stores and other brick-and-mortar
retailers, a long series of store closings left it with 687 retail
stores in 49 states, Guam, Puerto Rico, and the U.S. Virgin Islands
as of mid-October 2018. At that time, the Company employed 68,000
individuals.
As of Aug. 4, 2018, Sears Holdings had $6.93 billion in total
assets against $11.33 billion in total liabilities.
Unable to cover a $134 million debt payment due Oct. 15, 2018,
Sears Holdings Corporation and 49 subsidiaries sought Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 18-23538) on Oct. 15,
2018. The Hon. Robert D. Drain is the case judge.
The Debtors tapped Weil, Gotshal & Manges LLP as legal counsel;
M-III Partners as restructuring advisor; Lazard Freres & Co. LLC as
investment banker; DLA Piper LLP as real estate advisor; and Prime
Clerk as claims and noticing agent.
The U.S. Trustee for Region 2 appointed nine creditors, including
the Pension Benefit Guaranty Corp., and landlord Simon Property
Group, L.P., to serve on the official committee of unsecured
creditors. The committee tapped Akin Gump Strauss Hauer & Feld LLP
as legal counsel; FTI Consulting as financial advisor; and Houlihan
Lokey Capital, Inc. as investment banker.
The U.S. Trustee for Region 2 on July 9, 2019, appointed five
retirees to serve on the committee representing retirees with life
insurance benefits in the Chapter 11 cases.
In February 2019, Bankruptcy Judge Robert Drain authorized Sears
Holdings approval to sell the business to majority shareholder and
CEO Eddie Lampert for approximately $5.2 billion. Lampert's ESL
Investments, Inc., won an auction to acquire substantially all of
Sears' assets, including the "Go Forward Stores" on a going-concern
basis. The proposal allowed 425 stores to remain open and provided
ongoing employment to 45,000 employees.
The new parent is Transform SR Brands LLC, doing business as
Transformco, referred to as "New Sears". Transform is an American
privately held company formed on Feb. 11, 2019, to acquire some of
the assets of Sears Holdings Corporation. The new company is owned
by Eddie Lampert's ESL Investments.
SERIOUS FUN: Gerard Luckman Named Subchapter V Trustee
------------------------------------------------------
The U.S. Trustee for Region 2 appointed Gerard Luckman, Esq., at
Forchelli Deegan Terrana, LLP as Subchapter V trustee for Serious
Fun After School Inc.
Mr. Luckman will be paid an hourly fee of $695 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Luckman declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Gerard R. Luckman, Esq.
Forchelli Deegan Terrana, LLP
333 Earle Ovington Blvd., Suite 1010
Uniondale, NY 11553
Tel: (516) 812-6291
Email: gluckman@ForchelliLaw.com
About Serious Fun After School Inc.
Serious Fun After School Inc., doing business as Serious Fun @ P.S.
85Q and Serious Fun @ P.S. 150Q, is a nonprofit organization
committed to providing engaging arts enrichment programs with wrap
around childcare for grades PreK-5.
Serious Fun After School Inc. sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No.
24-44951) on November 25, 2024. In the petition filed by Sylvia
Sewell, as executive director, the Debtor reports estimated assets
up to $50,000 and estimated liabilities between $1 million and $10
million.
Honorable Bankruptcy Judge Elizabeth S. Stong handles the case.
The Debtor is represented by:
Avrum J. Rosen, Esq.
Law Offices of Avrum J. Rosen, PLLC
38 New St
Huntington, NY 11743-3327
Tel: 631-423-8527
Fax: 631-423-4536
Email: arosen@ajrlawny.com
SEVEN RIVERS: Case Summary & Six Unsecured Creditors
----------------------------------------------------
Debtor: Seven Rivers Leasing Corporation, Inc.
122 Flight Ln
Mena, AR 71953
Business Description: The Debtor is the fee owner (subject to
mortgage) of two hangars on land
leased to it by Mena Airport.
Chapter 11 Petition Date: December 15, 2024
Court: United States bankruptcy Court
Western District of Arkansas
Case No.: 24-72084
Judge: Hon. Bianca M Rucker
Debtor's Counsel: Stanley V. Bond, Esq.
BOND LAW OFFICE
525 S. School Ave.
Suite 100
Fayetteville, AR 72701
Tel: 479-444-0255
Fax: 479-235-2827
Email: attybond@me.com
Total Assets: $10,193,027
Total Liabilities: $796,716
The petition was signed by Brenda Rose Sloan as secretary and
treasurer.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/MRYMRHA/Seven_Rivers_Leasing_Corporation__arwbke-24-72084__0001.0.pdf?mcid=tGE4TAMA
List of Debtor's Six Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. Ally Financial $2,767
PO Box 380902
Minneapolis, MN 55438
2. Ark. Cmmr. of State Lands $20,272
500 Woodlane, Ste. 109
Little Rock, AR 72201
3. Ark. Div. of Workforce Svcs Unknown
PO Box 2981
Little Rock, AR 72203
4. Capital One NA $9,838
4515 N Santa Fe Ave.
Oklahoma City, OK
73118
5. Mena Intermtn. Reg. $46,861
A/P
520 Mena St.
Mena, AR 71953
6. Polk County Tax Assessor $22,336
507 Church Ave
Mena, AR 71953
SPIRIT AIRLINES: Court Schedules Chapter 11 Plan Hearing on Jan.
----------------------------------------------------------------
Rick Archer of Law360 Bankruptcy Authority reports that on December
17, 2024, a New York bankruptcy judge scheduled the hearing for
Spirit Airlines' Chapter 11 plan for the end of January 2025,
rejecting objections from the U.S. Trustee's Office that the case
does not require such expedited proceedings.
About Spirit Airlines
Spirit Airlines Inc. is a major United States ultra-low cost
airline headquartered in Miramar, Florida, in the Miami
metropolitan area.
Spirit Airlines Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-11989) on November 18,
2024. In its petition, the Debtor listed estimated assets and
liabilities between $1 billion and $10 billion each.
SPIRIT AIRLINES: Pushes Forward With Restructuring
--------------------------------------------------
Jonathan Randles of Bloomberg News reports that on December 17,
2024, Spirit Airlines Inc. said that shareholders are likely to
lose their investments as the company moves forward with a
restructuring plan that will transfer control to its bondholders.
Spirit attorney Marshall Huebner explained during a New York court
hearing that the airline filed for Chapter 11 bankruptcy as a last
resort after failing to complete a merger with Frontier Group
Holdings Inc. and exhausting all other restructuring efforts, the
report states.
About Spirit Airlines
Spirit Airlines Inc. is a major United States ultra-low cost
airline headquartered in Miramar, Florida, in the Miami
metropolitan area.
Spirit Airlines Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-11989) on November 18,
2024. In its petition, the Debtor listed estimated assets and
liabilities between $1 billion and $10 billion each.
SPORTS INTERIORS: Robert Handler Named Subchapter V Trustee
-----------------------------------------------------------
The U.S. Trustee for Region 11 appointed Robert Handler of
Commercial Recovery Associates, LLC as Subchapter V trustee for
Sports Interiors, Inc.
Mr. Handler will be paid an hourly fee of $450 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Handler declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Robert P. Handler
Commercial Recovery Associates, LLC
205 West Wacker Drive, Suite 918
Chicago, IL 60606
Tel: (312) 845-5001 x221
Email: rhandler@com-rec.com
About Sports Interiors Inc.
Sports Interiors, Inc. sells and installs its liner system and
metal halide lighting system for indoor tennis facilities.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-00297) on January 9,
2024. In the petition signed by Robert VanDixhorn, president, a
director and a shareholder, the Debtor disclosed up to $1 million
in assets and up to $10 million in liabilities.
Judge Deborah L Thorne oversees the case.
David K. Welch, Esq., at Burke, Warren, MacKay & Serritella, P.C.,
represents the Debtor as legal counsel.
ST. JAMES GROUP: Case Summary & Two Unsecured Creditors
-------------------------------------------------------
Debtor: St. James Group, Inc.
2116 Buechel Bank Road
Louisville, KY 40218
Chapter 11 Petition Date: December 15, 2024
Court: United States Bankruptcy Court
Western District of Kentucky
Case No.: 24-33061
Judge: Hon. Alan C Stout
Debtor's Counsel: Charity S. Bird, Esq.
KAPLAN JOHNSON ABATE & BIRD LLP
710 West Main Street
Fourth Floor
Louisville, KY 40202
Tel: (502) 540-8285
Fax: (502) 540-8282
E-mail: cbird@kaplanjohnsonlaw.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Hattie H. Wagner as president.
A full-text copy of the petition containing, among other items, a
list of the Debtor's two unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/RGKZDJY/St_James_Group_Inc__kywbke-24-33061__0001.0.pdf?mcid=tGE4TAMA
STARWOOD PROPERTY: S&P Assigns 'BB-' Rating on Unsecured Bonds
--------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue rating to Starwood
Property Trust Inc.'s offering of senior unsecured sustainability
bonds due 2030. The 'BB-' rating is in line with its ratings on the
company's other senior unsecured bonds.
S&P said, "The issuance will not affect our measure of Starwood's
leverage (debt to adjusted total equity), which was about 3x as of
Sept. 30, 2024. We expect the company to use the proceeds to repay
a separate $400 million issuance of sustainability bonds due this
month and to finance or refinance eligible green or social
projects.
"We rate the unsecured bonds one notch below our 'BB' issuer credit
rating on Starwood because of their structural subordination to the
secured debt, which exceeds 30% of its adjusted assets. But we view
favorably the use of unsecured debt because it demonstrates
Starwood's access to the capital markets and helps unencumber
assets. The company had $4.6 billion of unencumbered assets as of
Sept. 30.
"We view favorably Starwood's actions this year to push out
maturities and strengthen its funding, particularly during a time
of stress in commercial real estate (CRE) markets and some asset
quality deterioration on its loans." In addition to this unsecured
issuance, those actions include:
-- An issuance this month of a $900 million term loan facility due
2030, by subsidiary Starwood Property Mortgage LLC (SPM),
refinancing a term loan facility due 2026, upsizing it by $133
million and reducing its spread over SOFR by 35 bps to 2.25%;
-- A refinancing this month of a separate SPM term loan facility
due 2027, increasing the facility's size by $100 million to $689.5
million, and reducing its spread over SOFR by 50 basis points to
2.25%
-- The September issuance of $400 million of unsecured notes due
2030;
-- The September issuance of almost $400 million of common equity;
and
-- The March issuance of $600 million of unsecured notes due
2029.
Starwood's asset quality has deteriorated over the past year
because of stress in CRE markets, particularly on office loans.
Loans it rates 4 or 5, at the bottom of its internal rating scale,
were more than one-third of its adjusted total equity as of Sept.
30, up from less than 25% in the third quarter of 2023.
However, S&P expects the company's good diversification, expertise
in managing troubled assets, and sizable unencumbered assets to
help it navigate challenges without significantly weakening its
financial or business position. Office loans in the U.S. make up
10% of Starwood's assets, below the proportional exposures of many
rated peers.
S&P said, "The stable rating outlook on Starwood indicates we
expect the company to manage difficult conditions in CRE without a
sharp worsening in its asset quality, liquidity, or performance. We
also expect the company to maintain leverage at 3x-4x and meet its
debt maturities."
SWC INDUSTRIES: U.S. Trustee Appoints Creditors' Committee
----------------------------------------------------------
The U.S. Trustee for Region 17 appointed an official committee to
represent unsecured creditors in the Chapter 11 cases of SWC
Industries, LLC and its affiliates.
The committee members are:
1. Noel Harwood, Administrator for the
Estate of James Harwood
200 Laurel Lake Drive, Apt. W-100
Hudson, OH 44236
Phone: (216) 210-2472
2. Deborah Jans, as Special Administrator
of the Estate of Machael Jans
21446 Mays Lake Ct.
Crest Hill, IL 60403
Phone: (815) 666-5015
Email: djxstitch@att.net
3. George W. Snell, Jr., c/o Marlene Snell
749 East 29th Street, Apt. 233
Fremont, NE 68025
Phone: (402) 720-1091
Email: marlenesnell42@gmail.com
4. Mary C. Krawczak, Administrator
of the Estate of Patrick Cleary
55 Old Clairton Rd., Ste 204,
Pittsburgh, PA 15236
Phone: (412) 655-2919
5. Service Metal Frabricating, Inc.
10 Stickle Ave.,
Rockway, NJ 07866
Phone: (973) 625-8882
Email: jim@servicemetal.com
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent. They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.
About SWC Industries LLC
With principal operations in California and Massachusetts, SWC
Industries LLC manufactures a range of innovative sealing and
logistics equipment -- and offers related services -- that create
efficiencies and reduce costs across multiple industries. In
addition, the Company's San Diego-based business designs and
develops a full suite of software designed to improve warehouse
operations.
SWC Industries LLC and 12 affiliates sought Chapter 11 protection
(Bankr. N.D. Cal. Lead Case No. 24-51721) on Nov. 13, 2024.
SWC listed assets and debt of $50 million to $100 million as of the
bankruptcy filing.
The Debtors tapped Allen Overy Shearman Sterling US LLP as lead
restructuring counsel; Binder Malter Harris & Rome-Banks LLP as
restructuring co-counsel and local counsel; Getzler Henrich &
Associates LLC as financial advisor; and Gordian Group, LLC, as
investment banker. Stretto, Inc., is the claims agent.
TEMADA INC: Linda Leali Named Subchapter V Trustee
--------------------------------------------------
The U.S. Trustee for Region 21 appointed Linda Leali, Esq., as
Subchapter V trustee for Temada Inc.
Ms. Leali will be paid an hourly fee of $450 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Leali declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Linda M. Leali
Linda M. Leali, P.A.
2525 Ponce De Leon Blvd., Suite 300
Coral Gables, FL 33134
Telephone: (305) 341-0671, ext. 1
Facsimile: (786) 294-6671
Email: leali@lealilaw.com
About Temada Inc.
Temada Inc., doing business as Rembrant Auto Body, was founded in
2004. The company's line of business includes the retail sale of
computers, computer peripheral equipment, and software.
Temada Inc. sought relief under Subchapter V of Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-22472) on
November 26, 2024. In the petition filed by Damian Tejera, as
president, the Debtor reports estimated assets up to $50,000 and
estimated liabilities between $1 million and $10 million.
Honorable Bankruptcy Judge Corali Lopez-Castro handles the case.
The Debtor is represented by:
David W. Langley, Esq.
David W. Langley
8551 W. Sunrise Blvd., Suite 303
Plantation, FL 33322
Tel: 954-356-0450
Email: dave@flalawyer.com
THERATECHNOLOGIES INC: Expands Portfolio With Ionis Licensing Deal
------------------------------------------------------------------
Theratechnologies Inc. announced it has entered into an agreement
with Ionis Pharmaceuticals, Inc. to license two investigational
RNA-targeted medicines developed by Ionis. Under the agreement,
Theratechnologies receives exclusive rights in Canada for
olezarsen, which is being evaluated for familial chylomicronemia
syndrome and severe hypertriglyceridemia, and for donidalorsen,
which is being evaluated for the treatment of hereditary angioedema
(HAE). All figures are in U.S. dollars unless otherwise stated.
"Theratechnologies is proud to be the partner of choice for Ionis
to bring two innovative treatments for three potential indications
to patients with unmet medical needs across Canada, thus expanding
upon our foundational HIV portfolio and primary business in the
U.S.," said Paul Lévesque, President and Chief Executive Officer
of Theratechnologies. "The agreement with Ionis is a testament to
our team's capabilities to advance innovation across North America
and reaffirms our commitment to be a commercially focused company
that delivers sustained top- and bottom-line growth and value for
shareholders."
"We are pleased to partner with Theratechnologies, bringing
together their deep regional expertise in Canada and our shared
goal of delivering innovative new medicines to people living with
severe and debilitating diseases," said Brett Monia, Ph.D., Ionis
Chief Executive Officer. "Ionis is well-positioned to deliver these
medicines to the U.S. market as we rapidly approach our first
anticipated independent commercial launches, assuming regulatory
approvals of olezarsen in FCS and donidalorsen in HAE. Our new
partnership with Theratechnologies supports our commitment to
ensure access to our innovative medicines globally."
Olezarsen
Olezarsen is an investigational RNA-targeted medicine designed to
lower the body's production of apoC-III, a protein produced in the
liver that regulates triglyceride (TG) metabolism in the blood. It
is being evaluated for the treatment of both FCS and sHTG.
FCS is characterized by extremely elevated TG levels, chronic,
debilitating symptoms and recurrent, potentially life-threatening
acute pancreatitis. Generally, the prevalence of FCS in Canada is
similar to the broader global population. However, in specific
regions like Eastern Québec, the prevalence of FCS is believed to
be approximately 100-fold higher (1:10,000) than the global average
due to the founder effect.
sHTG is characterized by a severe elevation in TG levels and can
result in serious health complications, including potentially
life-threatening acute pancreatitis. The disease affects a much
larger patient population than FCS, with a total addressable market
for sHTG in the U.S. representing up to approximately 3 million
patients and a similar prevalence in Canada on a per capita basis.
The U.S. Food and Drug Administration has accepted for Priority
Review the olezarsen New Drug Application for the treatment of
adults with FCS. The FDA has designated olezarsen as an Orphan Drug
and has set a Prescription Drug User Fee Act action date of
December 19, 2024. Theratechnologies plans to submit olezarsen in
FCS to Health Canada for review in 2025. If the Company receives a
Notice of Compliance, it will be the first approved treatment for
FCS treatment in Canada.
Ionis has completed enrollment of the Phase 3 olezarsen clinical
program for patients with sHTG (CORE, CORE2 and ESSENCE), with
results from all three trials anticipated in the second half of
2025.
Donidalorsen
Donidalorsen is an investigational RNA-targeted medicine designed
to reduce the production of prekallikrein (PKK), a protein that
plays an important role in the activation of inflammatory mediators
associated with acute attacks of HAE.
HAE is a rare and potentially life-threatening genetic condition
that involves recurrent attacks of severe swelling (angioedema) in
various parts of the body. HAE (Type 1 and Type 2) has a combined
estimated prevalence of approximately one in 50,000 people.
The FDA has recently accepted the donidalorsen NDA for review for
the treatment of hereditary angioedema, with a PDUFA action date of
August 21, 2025. Regulatory submissions are also progressing in
Europe. Donidalorsen received Orphan Drug Designation from the FDA
in 2023 and from the European Commission in 2024. Theratechnologies
plans to submit donidalorsen for HAE to Health Canada for review in
2025.
Transaction Information
Ionis has granted Theratechnologies an exclusive license to
commercialize olezarsen and donidalorsen for use in Canada.
Ionis will receive a $10 million upfront payment upon execution of
the agreement as well as milestone payments up to $12.75 million
based on the achievement of regulatory milestones, public
reimbursement, and annual sales targets. Ionis will also be
entitled to receive tiered double-digit royalties on annual net
sales of each medicine.
Theratechnologies will be responsible for filing, obtaining and
maintaining regulatory approval for olezarsen and donidalorsen in
Canada. Ionis will be manufacturing and supplying both products to
Theratechnologies and has granted the Company a right to
manufacture both products in certain limited circumstances.
The term of the licensing agreement with Ionis will continue until
Theratechnologies permanently ceases commercializing all licensed
products in Canada, or unless earlier terminated in accordance with
customary termination provisions for transactions of this
like-nature.
About Theratechnologies
Theratechnologies (TSX: TH) (NASDAQ: THTX) —
http://www.theratech.com/— is a biopharmaceutical company
focused on the development and commercialization of innovative
therapies addressing unmet medical needs. The Company currently
commercializes two approved products for people living with HIV,
namely: EGRIFTA SV and Trogarzo. In addition to the sale of its
products, the Company is conducting research and development
activities and it has a pipeline of investigational medicines in
the areas of oncology and NASH.
Montreal, Canada-based KPMG LLP, the Company's auditor since 1993,
issued a "going concern" qualification in its report dated Feb. 20,
2024, citing that the Company has incurred net losses and negative
cash flows from operating activities. The Company's Loan Facility
contains various covenants, including minimum liquidity covenants.
There is material uncertainty related to events or conditions that
cast substantial doubt about its ability to continue as a going
concern.
TITAN MECHANICAL: Robert Handler Named Subchapter V Trustee
-----------------------------------------------------------
The U.S. Trustee for Region 11 appointed Robert Handler of
Commercial Recovery Associates, LLC as Subchapter V trustee for
Titan Mechanical Corp.
Mr. Handler will be paid an hourly fee of $450 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Handler declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Robert P. Handler
Commercial Recovery Associates, LLC
205 West Wacker Drive, Suite 918
Chicago, IL 60606
Tel: (312) 845-5001 x221
Email: rhandler@com-rec.com
About Titan Mechanical
Titan Mechanical Corp. is a wholesaler of hardware, plumbing,
heating equipment and supplies in Orland Park, Ill.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. N.D. Ill. Case No. 23-11529) on Aug. 30,
2023, with $100,000 to $500,000 in assets and $1 million to $10
million in liabilities. John Netzel, secretary, signed the
petition.
Judge A. Benjamin Goldgar oversees the case.
Paul M. Bach, Esq., at Bach Law Offices, is the Debtor's bankruptcy
counsel.
TONIX PHARMACEUTICALS: Expands Leadership Team With Two New Hires
-----------------------------------------------------------------
Tonix Pharmaceuticals Holding Corp. announced the expansion of its
leadership team to support the launch of TNX-102 SL for the
management of fibromyalgia. Bradley Raudabaugh, MBA, has been
appointed Vice President, Marketing, and Errol Gould, Ph.D., has
been appointed Vice President, Medical Affairs.
"We have further strengthened our leadership team with these two
strategic hires as we continue to develop our commercial strategies
and enhance the potential of our pipeline products. We look forward
to leveraging their leadership capabilities and commercial
experience as Tonix prepares for the launch of TNX-102 SL for the
management of fibromyalgia," said Seth Lederman, M.D., Chief
Executive Officer of Tonix Pharmaceuticals. "Bradley's experience
in spearheading successful product launches and his deep commercial
insights provide us a crucial asset as we prepare to receive a
decision from the U.S. Food and Drug Administration (FDA) for our
TNX-102 SL NDA in 2025. Similarly, we believe Errol's experience
from working with Tonix since March 2024 as a medical affairs
consultant and his vast and well-rounded experience in the
development of products in a variety of therapeutic areas will help
us continue to build our reputation within the medical community."
Mr. Raudabaugh offers significant leadership experience in building
and launching major brands. Most recently, he was the Vice
President of Product Strategy at Axsome Therapeutics, where he led
the strategic go-to-market planning across five
products/indications in psychiatry and neurology. Earlier at
Axsome, he led their first commercial launch with Auvelity for the
treatment of major depressive disorder, and the integration of
Sunosi upon acquisition for the treatment of excessive daytime
sleepiness in patients with narcolepsy and sleep apnea. Prior to
Axsome, Bradley has held roles of increasing responsibility across
marketing, sales, and market access at Insmed, Amgen, Teva, and
AstraZeneca. Mr. Raudabaugh holds a Master of Business
Administration from the Olin Business School at Washington
University in St. Louis and a Bachelor of Arts from Louisiana State
University.
"This is an exciting time to be joining Tonix as it prepares to
receive an FDA decision on its NDA for TNX-102 SL for the
management of fibromyalgia," said Mr. Raudabaugh. "I am ecstatic to
work with the Tonix team. We have an opportunity to bring to
patients and clinicians the first newly approved drug for
fibromyalgia in more than 15 years."
Dr. Gould has over 25 years of experience in research and
development and medical affairs across multiple therapeutic areas,
including neurology, pain, and sleep, and worked with Tonix as a
medical affairs consultant since March 2024. Since 2022, Dr. Gould
has served as Head of Medical Affairs in a consultant role at
Enalare Therapeutics, developing medical strategy, external
messaging and publication plans for its novel respiratory stimulant
candidate, ENA-001. Previously, he spent over eight years at Currax
Pharmaceuticals, where he ultimately served as Head of Medical and
Scientific Affairs. In this role, he led clinical and non-clinical
research, developed U.S. and global medical affairs strategies and
oversaw medical information for all marketed products. Earlier in
his career, Dr. Gould had various medical affairs roles at
Synchrony Healthcare Communications, Nuvo Research and Endo
Pharmaceuticals. Dr. Gould began his career at GlaxoSmithKline as
the Assistant Director in the Metabolism Therapeutic Area and later
served on secondment as an Associate Product Manager for the
Diabetes Franchise. Dr. Gould holds a Ph.D. in pharmacology from
West Virginia University and a Bachelor of Science in biochemistry
from the University of Massachusetts-Amherst. He also served as a
Research Associate at Hahnemann University and as a Post-Doctoral
Fellow/Research Associate at the University of Virginia.
"I look forward to partnering with the Tonix team and building upon
the Company's successes to support TNX-102 SL as well as provide
medical and strategic insight across the entire Tonix portfolio,"
said Dr. Gould.
About Tonix Pharmaceuticals
Chatham, N.J.-based Tonix Pharmaceuticals Holding Corp., through
its wholly owned subsidiary Tonix Pharmaceuticals, Inc., is a fully
integrated biopharmaceutical company focused on developing and
commercializing therapeutics to treat and prevent human disease and
alleviate suffering.
As of September 30, 2024, Tonix had $95 million in total assets,
$20.8 million in total liabilities, and $74.2 million in total
equity.
Going Concern
The Company cautioned in its Form 10-Q report for the quarter ended
March 31, 2024, that there is substantial doubt about its ability
to continue as a going concern. The Company has suffered recurring
losses from operations and negative cash flows from operating
activities. As of March 31, 2024, the Company had working capital
of approximately $9.6 million and an accumulated deficit of
approximately $615.6 million. The Company held cash and cash
equivalents of approximately $7 million as of March 31, 2024.
During the fourth quarter of 2023, the Company engaged CBRE, an
international real estate brokerage firm, to potentially find a
strategic partner for or buyer of its Advanced Development Center
in North Dartmouth, Massachusetts, to align with its current
business objectives and priorities. As of March 31, 2024, the
Company does not have a commitment in place to sell the building.
The Company believes that its cash resources at March 31, 2024, and
the gross proceeds of $4.4 million raised from an equity offering
in the second quarter of 2024, will not meet its operating and
capital expenditure requirements through the second quarter of
2025.
TRANSOCEAN LTD: Shifts Subsidiaries to Bermuda
----------------------------------------------
Transocean Ltd. disclosed in a Form 8-K Report filed with the U.S.
Securities and Exchange Commission that on December 2, 2024,
certain subsidiaries of Company, including Transocean Inc.,
migrated their respective jurisdictions of incorporation to
Bermuda, with each migrating subsidiary de-registering from its
respective jurisdiction of incorporation and re-registering in
Bermuda as a Bermuda exempted company.
Each migrating subsidiary continues to exist in Bermuda as the same
company that existed prior to its change of incorporation, without
a transfer of rights or obligations or a change in ownership. In
connection with the migration of Transocean Inc. to Bermuda, its
name was changed to Transocean International Limited, and its new
business address is Chevron House, 11 Church Street, First Floor
(North), Mailbox #18, Hamilton, HM11, Bermuda.
About Transocean
Transocean Ltd. is an international provider of offshore contract
drilling services for oil and gas wells. The Company specializes in
technically demanding sectors of the offshore drilling business
with a particular focus on ultra-deepwater and harsh environment
drilling services. As of Feb. 14, 2024, the Company owned or had
partial ownership interests in and operated 37 mobile offshore
drilling units, consisting of 28 ultra-deepwater floaters and nine
harsh environment floaters. Additionally, as of Feb. 14, 2024, the
Company was constructing one ultra-deepwater drillship.
Transocean reported a net loss of $954 million in 2023, a net loss
of $621 million in 2022, and a net loss of $591 million in 2021. As
of June 30, 2024, Transocean Ltd. had $20.33 billion in total
assets, $1.57 billion in total current liabilities, $8.04 billion
in total long-term liabilities, and $10.71 billion in total
equity.
* * *
As reported by the TCR on Sept. 28, 2023, S&P Global Ratings raised
its issuer credit rating on offshore drilling contractor Transocean
Ltd. to 'CCC+' from 'CCC'. S&P said, "The upgrade reflects improved
rig demand, higher day rates, and our view that there is reduced
near-term risk of a distressed debt exchange or balance sheet
restructuring."
TREE CONNECTION: Sec. 341(a) Meeting of Creditors on Jan. 16
------------------------------------------------------------
On December 11, 2024, The Tree Connection LLC filed Chapter 11
protection in the Eastern District of Pennsylvania. 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 16,
2025 at 10:00 AM, ALTERNATE TELEPHONIC MEETING.
About The Tree Connection LLC
The Tree Connection LLC offers tree services, landscaping, and
hardscaping services.
The Tree Connection LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Pa. Case No. 24-14410) on December 11,
2024. In the petition filed by Ryan Sipple, as sole member/managing
member, the Debtor reports estimated assets between $500,000 and $1
million and estimated liabilities between $1 million and $10
million.
Honorable Bankruptcy Judge Patricia M. Mayer handles the case.
The Debtor is represented by:
Thomas D. Bielli, Esq.
BIELLI & KLAUDER, LLC
1095 Spruce Street
Philadelphia, PA 19103
Tel: (215) 642-8271
E-mail: tbielli@bk-legal.com
TWIN FALLS OIL: Seeks Chapter 11 Bankruptcy
-------------------------------------------
On December 11, 2024, Twin Falls Oil Service LLC filed Chapter 11
protection in North Dakota. According to court filing, the Debtor
reports between $1 million and $10 million in debt owed to 50 and
99 creditors. The petition states funds will be available to
unsecured creditors.
A meeting of creditors under Sec. 341(a) to be held on January 16,
2025 at 1:30 PM via Telephone conference ONLY. Toll free:
866-821-5980, Participant code: 9065076.
About Twin Falls Oil Service LLC
Twin Falls Oil Service LLC offers crude oil hauling, water hauling,
aggregate hauling, hydrovac winch services and OTR hauling.
Twin Falls Oil Service LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D. Case No. 24-30525 on December 11,
2024. In the petition filed by Jeffery L. Jacobson, as president,
the Debtor reports estimated assets up to $50,000 and estimated
liabilities between $1 million and $10 million.
The Debtor is represented by:
Steven R. Kinsella, Esq.
FREDRIKSON & BYRON, P.A.
60 South 6th Street, Suite 1500
Minneapolis, MN 55402
Tel: 612-492-7000
E-mail: skinsella@fredlaw.com
VAI CONSTRUCTION: Files Bare-Bones Bankruptcy in S.D.N.Y.
---------------------------------------------------------
On December 11, 2024, Vai Construction Inc. filed Chapter 11
protection in the Eastern District of New York. According to court
documents, the Debtor reports $1,361,782 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 13,
2025 at 1:30 PM, TELEPHONIC MEETING at Telephonic Meeting: Phone 1
(877) 929-2553, Participant Code 1576337#.
About Vai Construction Inc.
Vai Construction Inc. is a licensed and insured general
contractor.
Vai Construction Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-45166) on December 11,
2024. In the petition filed by Taras Vaida, as president, the
Debtor reports total assets of $23,486 and
total liabilities of $1,361,782.
Honorable Bankruptcy Judge Nancy Hershey Lord handles the case.
The Debtor is represented by:
Alla Kachan, Esq.
LAW OFFICES OF ALLA KACHAN, P.C.
2799 Coney Island Avenue
Suite 202
Brooklyn, NY 11235
Tel: (718) 513-3145
Fax: (347) 342-3156
Email: alla@kachanlaw.com
VENUS CONCEPT: Amends Madryn Loan Deal, Defers Payment Through 2024
-------------------------------------------------------------------
Venus Concept Inc. disclosed in a Form 8-K Report filed with the
U.S. Securities and Exchange Commission that on November 26, 2024,
the Company, Venus Concept USA, Inc., a wholly-owned subsidiary of
the Company, Venus Concept Canada Corp., a wholly-owned Canadian
subsidiary of the Company, and Venus Concept Ltd., a wholly-owned
Israeli subsidiary of the Company, entered into a Loan Amendment
and Consent Agreement with Madryn Health Partners, LP and Madryn
Health Partners (Cayman Master), LP.
The Amendment and Consent Agreement granted relief under the Loan
and Security Agreement (Main Street Priority Loan), dated December
8, 2020, among the Lenders, as lenders, and Venus USA, as borrower,
such that:
(i) certain minimum liquidity requirements under the MSLP Loan
Agreement are waived through December 31, 2024,
(ii) permit Venus USA to apply the December 8, 2024 cash
interest payment due under each Note (as defined in the Amendment
and Consent Agreement) to the respective outstanding principal
balance of each Note, and
(iii) defer the previously scheduled December 2024 principal
payment to maturity.
About Venus Concept
Toronto, Ontario-based Venus Concept Inc. is an innovative global
medical technology company that develops, commercializes, and
delivers minimally invasive and non-invasive medical aesthetic and
hair restoration technologies and related services. The Company's
systems have been designed on cost-effective, proprietary, and
flexible platforms that enable the Company to expand beyond the
aesthetic industry's traditional markets of dermatology and plastic
surgery, and into non-traditional markets, including family
medicine and general practitioners and aesthetic medical spas.
Toronto, Canada-based MNP LLP, the Company's auditor since 2019,
issued a "going concern" qualification in its report dated April 1,
2024, citing that the Company has reported recurring net losses and
negative cash flows from operations that raise substantial doubt
about its ability to continue as a going concern.
Venus Concept reported a net loss of $37.1 million for the year
ended December 31, 2023, compared to a net loss of $43.6 million
for the year ended December 31, 2022. As of June 30, 2024, the
Company had $79.8 million in total assets, $75.4 million in total
liabilities, $662,000 in non-controlling interests, and $3.7
million in total stockholders' equity.
VENUS CONCEPT: Dr. Garheng Kong Steps Down as Director
------------------------------------------------------
Venus Concept Inc. disclosed in a Form 8-K Report filed with the
U.S. Securities and Exchange Commission that on December 2, 2024,
Garheng Kong, M.D. resigned from the Company's board of directors
and the Nominating and Corporate Governance Committee of the
Company's board of directors on which he served.
The resignation was not the result of any disagreements with the
Company relating to the Company's operations, policies or
practices.
About Venus Concept
Toronto, Ontario-based Venus Concept Inc. is an innovative global
medical technology company that develops, commercializes, and
delivers minimally invasive and non-invasive medical aesthetic and
hair restoration technologies and related services. The Company's
systems have been designed on cost-effective, proprietary, and
flexible platforms that enable the Company to expand beyond the
aesthetic industry's traditional markets of dermatology and plastic
surgery, and into non-traditional markets, including family
medicine and general practitioners and aesthetic medical spas.
Toronto, Canada-based MNP LLP, the Company's auditor since 2019,
issued a "going concern" qualification in its report dated April 1,
2024, citing that the Company has reported recurring net losses and
negative cash flows from operations that raise substantial doubt
about its ability to continue as a going concern.
Venus Concept reported a net loss of $37.1 million for the year
ended December 31, 2023, compared to a net loss of $43.6 million
for the year ended December 31, 2022. As of June 30, 2024, the
Company had $79.8 million in total assets, $75.4 million in total
liabilities, $662,000 in non-controlling interests, and $3.7
million in total stockholders' equity.
VENUS CONCEPT: Draws $1.2MM Bridge Loan From Madryn Partners
------------------------------------------------------------
As previously disclosed, on April 23, 2024, Venus Concept Inc.,
Venus Concept USA, Inc., a wholly-owned subsidiary of the Company
(the Borrower), Venus Concept Canada Corp., a wholly-owned Canadian
subsidiary of the Company, and Venus Concept Ltd., a wholly-owned
Israeli subsidiary of the Company entered into a Loan and Security
Agreement with lenders, Madryn Health Partners, LP and Madryn
Health Partners (Cayman Master), LP.
Pursuant to the Loan and Security Agreement, the Lenders have
agreed to provide the Borrower with bridge financing in the form of
a term loan in one or more draws in an aggregate principal amount
of up to $5,000,000, which amount was subsequently increased to
$5,237,906.85. Borrowings under the Bridge Financing will bear
interest at a rate per annum equal to 12%.
On the maturity date of the Bridge Financing, the Loan Parties are
obligated to make a payment equal to all unpaid principal and
accrued interest. The Loan and Security Agreement also provides
that all present and future indebtedness and the obligations of the
Borrower to Madryn shall be secured by a priority security interest
in all real and personal property collateral of the Loan Parties.
* The initial drawdown under the Loan and Security Agreement
occurred on April 23, 2024, when the Lenders agreed to provide the
Borrower with bridge financing in the form of a term loan in the
principal amount of $2,237,906.85.
* The second drawdown under the Loan and Security Agreement
occurred on July 26, 2024, when the Lenders agreed to provide the
Borrower with a subsequent drawdown under the Loan and Security
Agreement in the principal amount of $1,000,000.
* The third drawdown under the Loan and Security Agreement
occurred on September 11, 2024, when the Lenders agreed to provide
the Borrower with a subsequent drawdown under the Loan and Security
Agreement in the principal amount of $1,000,000.
* The fourth drawdown under the Loan and Security Agreement
occurred on November 1, 2024, when the Lenders agreed to provide
the Borrower with a subsequent drawdown under the Loan and Security
Agreement in the principal amount of $1,000,000.
On November 26, 2024, the Loan Parties entered into a Ninth Bridge
Loan Amendment Agreement with the Lenders. The Ninth Bridge Loan
Amendment amended the Loan and Security Agreement to (i) increase
the Delayed Draw Commitment, as defined in the Loan and Security
Agreement, from $3,000,000 to $6,000,000, and (ii) extend the
maturity date of the Bridge Financing from November 30, 2024 to
December 31, 2024.
On November 25, 2024, the Lenders agreed to provide the Borrower
with a subsequent drawdown under the Loan and Security Agreement in
the principal amount of $1,200,000. The Second November Drawdown
was fully funded on November 26, 2024 following the effectiveness
of the Ninth Bridge Loan Amendment. The Company expects to use the
proceeds of the November Drawdown, after payment of transaction
expenses, for general working capital purposes.
About Venus Concept
Toronto, Ontario-based Venus Concept Inc. is an innovative global
medical technology company that develops, commercializes, and
delivers minimally invasive and non-invasive medical aesthetic and
hair restoration technologies and related services. The Company's
systems have been designed on cost-effective, proprietary, and
flexible platforms that enable the Company to expand beyond the
aesthetic industry's traditional markets of dermatology and plastic
surgery, and into non-traditional markets, including family
medicine and general practitioners and aesthetic medical spas.
Toronto, Canada-based MNP LLP, the Company's auditor since 2019,
issued a "going concern" qualification in its report dated April 1,
2024, citing that the Company has reported recurring net losses and
negative cash flows from operations that raise substantial doubt
about its ability to continue as a going concern.
Venus Concept reported a net loss of $37.1 million for the year
ended December 31, 2023, compared to a net loss of $43.6 million
for the year ended December 31, 2022. As of June 30, 2024, the
Company had $79.8 million in total assets, $75.4 million in total
liabilities, $662,000 in non-controlling interests, and $3.7
million in total stockholders' equity.
VERTEX ENERGY: Cancels Auction, Opts for Restructuring
------------------------------------------------------
Dorothy Ma of Bloomberg Law reports that Houston-based refiner
Vertex Energy will move forward with a planned debt restructuring
after canceling an asset auction, according to a bankruptcy court
filing on Monday, December 16, 2024. The company revealed it
received no more than one qualified bid for any specific asset or
group of assets, the report relates.
According to Bloomberg, Vertex filed for Chapter 11 bankruptcy in
September and announced a restructuring support agreement (RSA)
with all of its term loan lenders. The RSA included options such as
pursuing a sale transaction.
About Vertex Energy
Vertex Energy, Inc., together with its subsidiaries, is an energy
transition company and marketer of refined products and renewable
fuels in Houston.
Vertex Energy filed its voluntary petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No.
24-90507) on September 24, 2024, listing $772,368,000 in assets and
$642,819,000 in liabilities. The petitions were signed by R. Seth
Bullock as chief restructuring officer.
Judge Christopher M. Lopez oversees the case.
Jason G. Cohen, Esq., at Bracewell, LLP represents the Debtors as
counsel.
VIVAKOR INC: Completes Omega Pipeline Expansion Project
-------------------------------------------------------
Vivakor, Inc., an integrated provider of energy transportation,
storage, reuse, and remediation services, has completed
construction of additional gathering lines connected to its Omega
Pipeline System in Blaine County, Oklahoma.
Subsequent to its acquisition of the Endeavor Entities, as
previously announced, in October 2024, the Company approved a
project to expand its Omega Pipeline System in Blaine County,
Oklahoma. The expansion is expected to result in immediate
incremental customer volumes from connected oil production. The
project consisted of two new gathering lines and was completed
ahead of schedule and under-budget. "I'm proud of the quick work
accomplished by our in-house construction management team," said
James Ballengee, Chairman, President, & CEO. "This is another
positive step forward in executing upon our midstream strategy to
organically grow volumes and retain important customers."
The Omega Pipeline System is an approximately 40-mile crude oil
gathering and shuttle pipeline system that serves the STACK play in
Oklahoma's Anadarko Basin. It is supported by acreage dedications
from key producer and marketing customers, and is connected to the
Cushing, Oklahoma storage and trading hub via the Plains STACK
Pipeline. The Omega Pipeline System's operations are complemented
by and integrated with a fleet of approximately two dozen trucks
supporting additional incremental volumes from customers.
About Vivakor Inc.
Coralville, Iowa-based Vivakor, Inc. is a socially responsible
operator, acquirer, and developer of technologies and assets in the
oil and gas industry, as well as related environmental solutions.
Currently, the Company's efforts are primarily focused on operating
crude oil gathering, storage and transportation facilities, as well
as contaminated soil remediation services.
Houston, Texas-based Marcum LLP, the Company's auditor since 2022,
issued a "going concern" qualification in its report dated April
16, 2024, citing that the Company has a significant working capital
deficiency, has incurred significant losses, and needs to raise
additional funds to meet its obligations and sustain its
operations. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.
As of Sept. 30, 2024, Vivakor had $72.54 million in total assets,
$55.80 million in total liabilities, and $16.74 million in total
stockholders' equity.
WFO LLC: To Sell Concrete Batch Plant to Martin Marietta Materials
------------------------------------------------------------------
Mark Andrews, Chapter 11 Trustee for WFO, LLC, seeks permission
from the U.S. Bankruptcy Court for the Western District of Texas,
San Antonio Division, at a hearing on December 23, 2024 at 10:00
a.m., to sell Property free and clear of liens and encumbrances.
The Debtor's Property is described as a concrete batch plant
located at 260 FM 148, Crandall, Kaufman County, Texas 75114.
The Trustee wants to sell the Property to Martin Marietta Materials
Real Estate Investments, Inc. (MMM).
The Property is subject to the liens by Simmons Bank in the
original principal amount of $2.9 million.
The Trustee employs Jones, Lang, Lasalle, Inc., to market the
property and will be entitled to receive a 3% commission at
closing.
The Trustee and Jones marketed the Property and received bids by
the deadline on December 10, 2024 at 5:00 p.m.
A total of 4 bids were received during the bidding and Simmons, as
the secured lender, was deemed a qualified bidder, and the other
bids received include:
-- MMM which submitted a Qualifying Bid;
-- Hocim-SOR, Inc. which submitted a Qualifying Bid;
-- Bell Concrete, LLC which submitted a bid and a bank letter, it's
5% deposit being submitted and received after the bid deadline but
prior to the auction.
-- Best Ready Mix, LLC which submitted a bid along with a deposit
of 1% of the stated cash component of its bid.
The Trustee and/or his counsel notified the qualified bidders and
others by e-email that an auction would be conducted on December
13, 2024.
On December 12, 2024, the Trustee and his counsel conferred by
video and/or telephone with representatives of each bidder,
notifying each that the MMM Qualifying Bid of $6.25 million for the
Property, exclusive of MMM's separate bid for certain rolling
stock, was the high bid and further notifying each bidder that
MMM's bid would be the opening bid or "floor" against which other
bidders would compete. The procedure was undertaken so that any
bidder wanting to overbid MMM would have ample time to make
whatever arrangements might be needed and, if not, if one or more
bidders wished to compete at auction as a back-up bid.
No back-up bid was sought or determined at the auction. In the
event the MMM's proposed asset purchse agreement does not close in
a timely manner, the Trustee will seek appropriate relief from the
Court.
About WFO, LLC
FO, LLC filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. W.D. Tex. Case No. 24-50824) on May 6,
2024. In the petition signed by Frank Shumate, president, the
Debtor disclosed up to $50,000 in assets and up to $10 million in
liabilities. The petition was signed by Frank Shumate as
president.
Judge Craig A Gargotta presides over the case.
James S. Wilkins, PC serves as the Debtor's bankruptcy counsel.
Mark Andrews, Chapter 11 Trustee for WFO, LLC.
WIMPY'S CALIFORNIA: Lisa Holder Named Subchapter V Trustee
----------------------------------------------------------
The U.S. Trustee for Region 17 appointed Lisa Holder, Esq., a
practicing attorney in Bakersfield, Calif., as Subchapter V trustee
for Wimpy's California Delta Resort, LLC.
Ms. Holder will be paid an hourly fee of $300 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Holder declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Lisa Holder, Esq.
3710 Earnhardt Drive
Bakersfield, CA 93306
Phone: (661) 205-2385
Email: lholder@lnhpc.com
About Wimpy's California Delta Resort
Wimpy's California Delta Resort, LLC is a Single Asset Real Estate
debtor (as defined in 11 U.S.C. Section 101(51B)).
Wimpy's California Delta Resort sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. E.D. Calif. Case No. 24-25338) on
November 23, 2024, with $1 million to $10 million in both assets
and liabilities. Nancy A. Goodie, president and shareholder, signed
the petition.
Judge Fredrick E. Clement handles the case.
The Debtor is represented by:
Peter G. Macaluso, Esq.
Law Office of Peter G. Macaluso
7230 South Land Park Drive #127
Sacramento, CA 95831
Tel: 916-392-6591
Fax: 916-392-6590
Email: info@pmbankruptcy.com
WINDTREE THERAPEUTICS: Hires NGA for Cardiovascular Asset Sale
--------------------------------------------------------------
Windtree Therapeutics, Inc. announced that it has engaged New
Growth Advisors, a leading life sciences consulting firm chosen by
companies seeking discreet, conflict-free, and knowledgeable advice
on complex M&A, asset sale, research, capital markets, and
licensing transactions, as its strategic advisor to lead a process
in respect of Windtree's cardiovascular portfolio, including a
potential out-licensing transaction or asset sale. NGA has advised
on transactions with an aggregate value approaching $400 million
from 2023 through 2024.
The Company seeks to leverage the positive early cardiogenic shock
and acute heart failure results (including the recent positive
Phase 2b in early cardiogenic shock) to better address the breadth
of opportunities and secure potentially non-dilutive funding via a
partnership for istaroxime as well as the next generation, oral
SERCA2a activators for all global territory ex-Greater China. NGA
has been engaged to manage the current inbound interest as well as
to run an expanded out-licensing process.
The Company currently has a licensing agreement for the Greater
China territory for istaroxime, dual mechanism SERCA2a activators
and rostafuroxin with Lee's Pharmaceuticals (HK) Limited for which
it may receive up to $138 million in potential milestones and low
double-digit royalties. Lee's pays for all development costs and is
working with Windtree on the planning, Lee's expects to start Phase
3 in acute heart failure in its licensed territory in the first
half of 2025.
"It seems that there has been a heightened focus on cardiovascular
assets and programs by the larger pharmaceutical companies and with
our four positive Phase 2 istaroxime studies, including the recent
positive Phase 2b SEISMiC study in early cardiogenic shock, we
believe it is a good time to run a rigorous outreach and process
with an experienced, well-connected business development advisor,"
said Jed Latkin, CEO of Windtree. "We look forward to discussions
with pharmaceutical companies to evaluate the opportunities with
our first-in-class cardiovascular assets. If a deal is consummated,
Windtree plans to leverage the partner to progress the
cardiovascular program and use some of the proceeds to support
advancement of its novel, preclinical oncology platform."
About New Growth Advisors
NGA is a strategic advisor to emerging companies in the life
sciences industry. Partners and team members are veteran bankers
and executives with deep industry experience, knowledge, and
networks. NGA is chosen by companies seeking discreet,
conflict-free, and knowledgeable advice on complex M&A, asset sale,
research, capital markets, and licensing transactions. The firm is
further differentiated from boutique life sciences advisory
practices by the breadth of global relations – clients and
strategic partners. Approximately 1/3 of transactions advised on
are cross-border. NGA has advised on transactions with an
aggregate value approaching $400 million from 2023 through 2024.
About Istaroxime
Istaroxime is a first-in-class dual-mechanism therapy designed to
improve both systolic and diastolic cardiac function. Istaroxime is
designed as a positive inotropic agent that increases myocardial
contractility through inhibition of Na+/K+- ATPase with a
complimentary mechanism that facilitates myocardial relaxation
through activation of the SERCA2a calcium pump on the sarcoplasmic
reticulum enhancing calcium reuptake from the cytoplasm. Data from
multiple Phase 2 studies in patients with early cardiogenic shock
or acute decompensated heart failure have demonstrated that
istaroxime infused intravenously significantly improves cardiac
function and blood pressure without increasing heart rate or the
incidence of cardiac rhythm disturbances.
About Windtree Therapeutics
Headquartered in Warrington, Pennsylvania, Windtree Therapeutics,
Inc. — windtreetx.com — is a biotechnology company focused on
advancing early and late-stage innovative therapies for critical
conditions and diseases. Windtree's portfolio of product candidates
includes istaroxime, a Phase 2 candidate with SERCA2a activating
properties for acute heart failure and associated cardiogenic
shock, preclinical SERCA2a activators for heart failure, and
preclinical precision aPKCi inhibitors that are being developed for
potential use in rare and broad oncology applications. Windtree
also has a licensing business model with partnership out-licenses
currently in place.
Philadelphia, Pennsylvania-based EisnerAmper LLP, the company's
auditor since 2022, issued a "going concern" qualification in its
report dated April 16, 2024, citing that the company has suffered
recurring losses from operations and expects to incur losses for
the foreseeable future, which raises substantial doubt about its
ability to continue as a going concern.
As of Sept. 30, 2024, Windtree Therapeutics had $30.45 million in
total assets, $23.90 million in total liabilities, $2.14 million in
total mezzanine equity, and $4.41 million in total stockholders'
equity.
WISA TECHNOLOGIES: Inks Third Amendment to Inducement Agreement
---------------------------------------------------------------
As previously disclosed, on September 10, 2024, WiSA Technologies,
Inc., a Delaware corporation, entered into an inducement agreement
with each of the holders of certain common stock purchase warrants
issued by the Company to the Holders pursuant to certain exchange
agreements, dated as of September 10, 2024, by and between the
Company and each Holder. Each such inducement agreement was amended
as of September 30, 2024 and for a second time as of October 31,
2024.
Pursuant to the Inducement Agreements, the Company agreed, as
consideration for exercising all or part of the Exchange Warrants
held by any Holder on or prior to November 30, 2024, to issue to
such Holder one or more common stock purchase warrants exercisable
for up to a number of shares of the Company's common stock, par
value $0.0001 per share, equal to 65% of the number of shares of
Common Stock issued upon exercise of the Exchange Warrants. On
November 30, 2024, the Company entered into a third amendment
agreement with each of the Holders to extend the expiration date of
the Inducement Period to December 31, 2024.
About WiSA Technologies
WiSA Technologies Inc. — www.wisatechnologies.com — develops
and markets spatial audio wireless technology for smart devices and
home entertainment systems. The Company's WiSA Association
collaborates with consumer electronics companies, technology
providers, retailers, and industry partners to promote high-quality
spatial audio experiences. WiSA E is the Company's proprietary
technology for seamless integration across platforms and devices.
San Jose, California-based BPM LLP, the Company's auditor since
2016, issued a "going concern" qualification in its report dated
April 1, 2024, citing that the Company's recurring losses from
operations, a net capital deficiency, available cash, and cash used
in operations as factors raising substantial doubt about its
ability to continue as a going concern.
For the year ended December 31, 2023, WISA Technologies reported a
net loss of $18.7 million, compared to a net loss of $16.2 million
for the same period in 2022. As of June 30, 2024, WiSA Technologies
had $10.6 million in total assets, $4.2 million in total
liabilities, and $6.4 million in total stockholders' equity.
WISA TECHNOLOGIES: Stanley Mbugua Holds 70,000 Common Shares
------------------------------------------------------------
Stanley Mbugua, Chief Accounting Officer and VP of Finance of WiSA
Technologies Inc., disclosed in a Form 3 filed with the U.S.
Securities and Exchange Commission that as of November 30, 2024, he
beneficially owns 70,000 shares of WISA Technologies, Inc. common
stock. These shares were granted as a material inducement for his
acceptance of employment and are scheduled to vest in 12 equal
installments from December 20, 2024, to September 20, 2027,
provided he remains employed with the company.
A full-text copy of Mr. Mbugua's SEC Report is available at:
https://tinyurl.com/yfcjjtr2
About WiSA Technologies
WiSA Technologies Inc. — www.wisatechnologies.com — develops
and markets spatial audio wireless technology for smart devices and
home entertainment systems. The Company's WiSA Association
collaborates with consumer electronics companies, technology
providers, retailers, and industry partners to promote high-quality
spatial audio experiences. WiSA E is the Company's proprietary
technology for seamless integration across platforms and devices.
San Jose, California-based BPM LLP, the Company's auditor since
2016, issued a "going concern" qualification in its report dated
April 1, 2024, citing that the Company's recurring losses from
operations, a net capital deficiency, available cash, and cash used
in operations as factors raising substantial doubt about its
ability to continue as a going concern.
For the year ended December 31, 2023, WISA Technologies reported a
net loss of $18.7 million, compared to a net loss of $16.2 million
for the same period in 2022. As of June 30, 2024, WiSA Technologies
had $10.6 million in total assets, $4.2 million in total
liabilities, and $6.4 million in total stockholders' equity.
WORLD OF BEER: Secures Bankruptcy Plan Deal With Junior Creditors
-----------------------------------------------------------------
Alex Wolf of Bloomberg Law reports World of Beer Bar & Kitchen has
settled objections from its unsecured creditors over its bankruptcy
reorganization plan, which was criticized for disproportionately
benefiting company insiders.
According to Bloomberg Law, the unsecured creditors' committee had
argued that the Chapter 11 plan offered little recovery for them
while allocating $19 million to lender Synovus Bank and resolving a
personal guaranty for CEO Paul Avery.
Steven M. Berman, Esq., of Shumaker Loop & Kendrick LLP confirmed
that the company has reached a resolution to address these issues,
the report states.
About Milford Craft
Milford Craft, LLC, runs a franchise bar and restaurant called
"World of Beer" in Milford, Connecticut.
Milford Craft sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. Conn. Case No. 17-30847) on June 6, 2017. James D.
Cecil, manager of New England WOB LLC, signed the petition.
On June 20, 2017, the Debtor filed an amended petition indicating
that it was a Small Business Debtor under 11 U.S.C. Sec. 101(51D)
as well as, inter alia, its Schedules and Statement of Financial
Affairs. The Debtor disclosed that it had assets totaling $408,506,
and total unsecured debts of $251,296.
Judge Ann M. Nevins presides over the case.
The Debtor hired Fleischer Law, LLC, as counsel, and the Law Office
of Randolph T. Lovallo, P.C., as special counsel.
YERUSHA LLC: Robert Handler Named Subchapter V Trustee
------------------------------------------------------
The U.S. Trustee for Region 11 appointed Robert Handler of
Commercial Recovery Associates, LLC as Subchapter V trustee for
Yerusha, LLC.
Mr. Handler will be paid an hourly fee of $450 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Handler declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Robert P. Handler
Commercial Recovery Associates, LLC
205 West Wacker Drive, Suite 918
Chicago, IL 60606
Tel: (312) 845-5001 x221
Email: rhandler@com-rec.com
About Yerusha LLC
Yerusha, LLC, is in the business of purchasing and selling of
parcels of real estate.
The Debtor filed Chapter 11 petition (Bankr. N.D. Ill. Case
No.24-01640) on February 6, 2024, with $500,001 to $1 million in
both assets and liabilities.
Judge Deborah L. Thorne oversees the case.
Paul M. Bach, Esq., at Bach Law Offices, represents the Debtor as
bankruptcy counsel.
YS GARMENTS: S&P Affirms 'CCC' ICR, Outlook Negative
----------------------------------------------------
S&P Global Ratings affirmed its issuer credit rating on YS Garments
LLC (d/b/a Next Level Apparel) at 'CCC'. At the same time, S&P also
affirmed its 'CCC' issue-level rating on the company's first-lien
debt. The '3' recovery rating is unchanged, indicating its
expectation for meaningful (50%-70%; rounded estimate: 60%)
recovery in the event of a default.
The negative outlook reflects the potential for a lower rating if a
default appears inevitable within the subsequent six months.
Next Level's liquidity position remains less than adequate, but
cash levels will be sufficient to fund debt service over the next
12 months. The company had $26 million of cash as of Sept. 30,
2024, prior to its receipt of an additional $8.5 million of cash
proceeds in November from its sponsor to cure a covenant violation.
Next Level's revolver is nearly fully drawn with $35 million
outstanding (under a $41 million commitment). In addition, any
further draws on its revolver would cause the company to breach its
maximum leverage ratio covenant in the next quarter, which limits
its liquidity sources to its cash on hand and ability to generate
cash flow from operations. S&P said, "We believe this level of
liquidity is sufficient to cover Next Level's quarterly debt
service requirements of approximately $2 million in amortization
and cash interest of $6 million over the next 12 months. We
forecast the company will generate $6 million of free operating
cash flow (FOCF) in 2024 and 2025, with our expectation that its
current inventory level of about $182 million as of Sept. 30, 2024,
is sufficient to support sales in the next year without needing to
make significant additional working capital investments beyond its
typical seasonal requirements of near $20 million."
Next Level will need to refinance its capital structure in the next
six months. The company's $41.3 million revolver ($35 million
outstanding as of Sept. 30, 2024) and $212.7 million first-lien
term loan become current in February and August 2025, respectively.
Management disclosed it has engaged Robert W. Baird as investment
banker to evaluate its refinancing options, which it plans to
complete in the first quarter of 2025. S&P said, "Given Next
Level's lower-than-anticipated EBITDA, which led to its need for an
equity cure in the third quarter, we forecast it will generate
negative S&P Global Ratings-adjusted EBITDA in 2024, reflecting the
impact of its significant inventory write-down. We forecast the
company's operating performance over the next quarter may not
sufficiently recover to support the successful refinancing of its
capital structure on satisfactory terms." Furthermore, Next Level's
debt is trading below par, a possible indicator of the risk for a
potential distressed exchange.
S&P said, "We forecast ongoing covenant compliance concerns despite
the company's receipt of an equity cure in the third quarter of
2024. On Nov. 29, 2024, Next Level received a $8.5 million cash
contribution from its sponsor, Blue Point Capital, to prevent it
from breaching its minimum EBITDA covenant for the third quarter.
We expect the contribution from its sponsor and the effects of its
inventory write-down will be added back to its covenant-compliance
calculations. However, we believe Next Level is still at risk of
breaching its net leverage ratio covenant when it returns to 4x in
the fourth quarter of 2024." The company can utilize two remaining
equity cures in the event of a potential covenant breach in the
next three quarters. If it utilizes both cures in 2025 absent a
successful refinancing, Next Level would need to obtain additional
support from its sponsor to maintain its covenant compliance and
prevent another technical default.
Inventory shortfalls and weak demand have impeded the company's
operating performance, which will make a near-term recovery
challenging. Next Level's revenues decreased by 19% in the quarter
ended Sept. 30, 2024, due to weak demand and lower sellable
inventory in the U.S. The company faced inventory shortfalls in its
key selling styles through the peak September selling season, which
materially reduced its sales volume across all of its channels,
particularly to its top three distributors. Additionally, Next
Level wrote off $38.8 million of inventory in the second quarter of
2024 due to fabric that was non-compliant with its standards and
wrote down $12.9 million of inventory from new vendors because it
did not conform to its quality standards. The company also took
steps to prevent the recurrence of these issues, including by
implementing AI tools to check documentation, improving its
vetting, and reducing the suppliers it works with to those with
which it has long-tenured relationships. Additionally, Next Level
continues to explore options to monetize its unusable inventory by
selling it in the European and Latin American markets. However, the
company's ability to return to a level of profitability that would
alleviate the concerns around its near-term covenant compliance and
ability to refinance remains uncertain, particularly amid the
challenging demand environment.
The negative outlook reflects the potential for a lower rating if a
default appears inevitable within the subsequent six months.
S&P could lower its ratings if the company's operating performance
does not improve, resulting in the inability to refinance its
capital structure on satisfactory terms ahead of it becoming
current, a potential balance sheet restructuring, or distressed
exchange.
S&P could take a positive rating action on Next Level if it
believes the likelihood of default has declined. This could occur
if the company:
-- Improves operating performance such that it maintains
compliance to its covenants with a minimum 15% headroom;
-- Manages working capital effectively and maintains sufficient
liquidity; and
-- Successfully addresses its upcoming debt maturities with
satisfactory terms ahead of them becoming current.
[^] Recent Small-Dollar & Individual Chapter 11 Filings
-------------------------------------------------------
In re CJS Enterprises LLC
Bankr. D. Ariz. Case No. 24-10547
Chapter 11 Petition filed December 10, 2024
In re Gerald William Brunskill
Bankr. C.D. Cal. Case No. 24-20040
Chapter 11 Petition filed December 10, 2024
In re Shanda Natasha Love
Bankr. N.D. Cal. Case No. 24-30920
Chapter 11 Petition filed December 10, 2024
In re LaFortune Real Estate Development LLC
Bankr. D.D.C. Case No. 24-00420
Chapter 11 Petition filed December 10, 2024
See
https://www.pacermonitor.com/view/QYHBULI/LaFortune_Real_Estate_Development__dcbke-24-00420__0001.0.pdf?mcid=tGE4TAMA
represented by: Esthus Amos, Esq.
LAW OFFICE OF E. CHRISTOPHER AMOS, P.C.
E-mail: echrisamos@gmail.com
In re Cornerstone Home Care Services, LLC
Bankr. M.D. Fla. Case No. 24-06707
Chapter 11 Petition filed December 10, 2024
See
https://www.pacermonitor.com/view/HHSO3NY/Cornerstone_Home_Care_Services__flmbke-24-06707__0001.0.pdf?mcid=tGE4TAMA
represented by: Melissa Youngman, Esq.
WINTER PARK ESTATE PLANS & REORGS
E-mail: my@melissayoungman.com
In re John C Holton, III
Bankr. M.D. Fla. Case No. 24-03748
Chapter 11 Petition filed December 10, 2024
represented by: Thomas Adam, Esq.
In re 68 Burns New Holdings, Inc.
Bankr. E.D.N.Y. Case No. 24-45157
Chapter 11 Petition filed December 10, 2024
See
https://www.pacermonitor.com/view/LRRCIRQ/68_Burns_New_Holdings_Inc__nyebke-24-45157__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Cedar Trucking Co., Inc.
Bankr. S.D. W.Va. Case No. 24-20275
Chapter 11 Petition filed December 10, 2024
See
https://www.pacermonitor.com/view/I44B5RI/Cedar_Trucking_Co_Inc__wvsbke-24-20275__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Knights Hourglass, LLC
Bankr. M.D. Fla. Case No. 24-06728
Chapter 11 Petition filed December 11, 2024
See
https://www.pacermonitor.com/view/6TC3AKA/Knights_Hourglass_LLC__flmbke-24-06728__0001.0.pdf?mcid=tGE4TAMA
represented by: Daniel A. Velasquez, Esq.
LATHAM LUNA EDEN & BEAUDINE LLP
E-mail: dvelasquez@lathamluna.com
In re Storm Master Construction, LLC
Bankr. N.D. Fla. Case No. 24-50184
Chapter 11 Petition filed December 11, 2024
See
https://www.pacermonitor.com/view/WXMIGTI/Storm_Master_Construction_LLC__flnbke-24-50184__0001.0.pdf?mcid=tGE4TAMA
represented by: Byron W. Wright III, Esq.
BRUNER WRIGHT, P.A.
E-mail: twright@brunerwright.com
In re Kevin L. Smith and Deborah E. Smith
Bankr. S.D. Fla. Case No. 24-22925
Chapter 11 Petition filed December 11, 2024
represented by: Robert Furr, Esq.
In re Ifeanyi N. S. Ezunu
Bankr. N.D. Ga. Case No. 24-63131
Chapter 11 Petition filed December 11, 2024
represented by: Adam Ekbom, Esq.
In re Barry B Brecheisen
Bankr. D. Kan. Case No. 24-11258
Chapter 11 Petition filed December 11, 2024
represented by: Mark Lazzo, Esq.
In re Thunder Road Realty LLC
Bankr. D. Mass. Case No. 24-12481
Chapter 11 Petition filed December 11, 2024
See
https://www.pacermonitor.com/view/TPCIWDI/Thunder_Road_Realty_LLC__mabke-24-12481__0001.0.pdf?mcid=tGE4TAMA
represented by: Michael B. Feinman, Esq.
FEINMAN LAW OFFICE
E-mail: mbf@feinmanlaw.com
In re Oyster LLC
Bankr. D.N.J. Case No. 24-22175
Chapter 11 Petition filed December 11, 2024
See
https://www.pacermonitor.com/view/MCH3BHY/Oyster_LLC__njbke-24-22175__0001.0.pdf?mcid=tGE4TAMA
represented by: Andre L. Kydala, Esq.
LAW FIRM OF ANDRE L. KYDALA
E-mail: kydalalaw@aim.com
In re The Milford House LLC
Bankr. D.N.J. Case No. 24-22174
Chapter 11 Petition filed December 11, 2024
See
https://www.pacermonitor.com/view/MFMMC5I/The_Milford_House_LLC__njbke-24-22174__0001.0.pdf?mcid=tGE4TAMA
represented by: Andre L. Kydala, Esq.
LAW FIRM OF ANDRE L. KYDALA
E-mail: kydalalaw@aim.com
In re Georgian Transportation Inc.
Bankr. E.D.N.Y. Case No. 24-45163
Chapter 11 Petition filed December 11, 2024
See
https://www.pacermonitor.com/view/O42UFVA/Georgian_Transportation_Inc__nyebke-24-45163__0001.0.pdf?mcid=tGE4TAMA
represented by: Alla Kachan, Esq.
LAW OFFICES OF ALLA KACHAN, P.C.
E-mail: alla@kachanlaw.com
In re Ruslan Agarunov
Bankr. E.D.N.Y. Case No. 24-45178
Chapter 11 Petition filed December 11, 2024
represented by: Alla Kachan, Esq.
In re Ucha Matcharashvili
Bankr. E.D.N.Y. Case No. 24-45164
Chapter 11 Petition filed December 11, 2024
represented by: Alla Kachan, Esq.
In re Smile Angels PLLC
Bankr. S.D. Tex. Case No. 24-35809
Chapter 11 Petition filed December 11, 2024
See
https://www.pacermonitor.com/view/RTWWSMI/Smile_Angels_PLLC__txsbke-24-35809__0001.0.pdf?mcid=tGE4TAMA
represented by: Ezenwanyi Abii, Esq.
ABII & ASSOCIATES, PLLC
E-mail: eabii@abiilegal.com
In re Tricia Ann Morris
Bankr. S.D. Fla. Case No. 24-22974
Chapter 11 Petition filed December 12, 2024
represented by: Bart Houston, Esq.
In re Tube Metal Installs LLC
Bankr. S.D. Fla. Case No. 24-22976
Chapter 11 Petition filed December 12, 2024
See
https://www.pacermonitor.com/view/KOF2TDA/Tube_Metal_Installs_LLC__flsbke-24-22976__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Urban Easements LLC
Bankr. N.D. Ill. Case No. 24-18572
Chapter 11 Petition filed December 12, 2024
See
https://www.pacermonitor.com/view/5SNU2YQ/Urban_Easements_LLC__ilnbke-24-18572__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re O.T.G. Limited Partnership
Bankr. D.N.J. Case No. 24-22203
Chapter 11 Petition filed December 12, 2024
See
https://www.pacermonitor.com/view/DQON7XQ/OTG_Limited_Partnership__njbke-24-22203__0001.0.pdf?mcid=tGE4TAMA
represented by: Ryan T. Jareck, Esq.
COLE SCHOTZ P.C.
E-mail: rjareck@coleschotz.com
In re 2159 57th Street Unit 2 LLC
Bankr. E.D.N.Y. Case No. 24-45187
Chapter 11 Petition filed December 12, 2024
See
https://www.pacermonitor.com/view/JZ4IKLI/2159_57TH_STREET_UNIT__2_LLC__nyebke-24-45187__0001.0.pdf?mcid=tGE4TAMA
represented by: Charles Wertman, Esq.
LAW OFFICES OF CHARLES WERTMAN P.C.
E-mail: charles@cwertmanlaw.com
In re Adar Foundation LLC
Bankr. E.D.N.Y. Case No. 24-45191
Chapter 11 Petition filed December 12, 2024
See
https://www.pacermonitor.com/view/MS6Z2MY/Adar_Foundation_LLC__nyebke-24-45191__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re 888 Pondview LLC
Bankr. E.D.N.Y. Case No. 24-74705
Chapter 11 Petition filed December 12, 2024
See
https://www.pacermonitor.com/view/ALRAJBY/888_Pondview_LLC__nyebke-24-74705__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Dmitry Novosyolov
Bankr. E.D.N.Y. Case No. 24-45205
Chapter 11 Petition filed December 12, 2024
represented by: Alla Kachan, Esq.
In re G & S Shipping, Inc.
Bankr. E.D.N.Y. Case No. 24-45203
Chapter 11 Petition filed December 12, 2024
See
https://www.pacermonitor.com/view/4ICEQ6A/G__S_Shipping_Inc__nyebke-24-45203__0001.0.pdf?mcid=tGE4TAMA
represented by: Jjais Forde, Esq.
LAW OFFICES OF JJAIS A. FORDE, PLLC
Email: bankruptcy@fordelawoffices.com
In re Primal Materials, LLC
Bankr. N.D. Tex. Case No. 24-10217
Chapter 11 Petition filed December 12, 2024
See
https://www.pacermonitor.com/view/XYU5Z5Q/Primal_Materials_LLC_a_Texas_limited__txnbke-24-10217__0001.0.pdf?mcid=tGE4TAMA
represented by: Joseph Fredrick Postnikoff, Esq.
ROCHELLE MCCULLOUGH, LLP
E-mail: JPostnikoff@romclaw.com
In re JJK Properties LLC
Bankr. S.D. Tex. Case No. 24-35845
Chapter 11 Petition filed December 12, 2024
See
https://www.pacermonitor.com/view/PW2RSIQ/JJK_PROPERTIES_LLC__txsbke-24-35845__0001.0.pdf?mcid=tGE4TAMA
represented by: Robert C Lane, Esq.
THE LANE LAW FIRM
E-mail: notifications@lanelaw.com
In re Thorng Investments LLC
Bankr. W.D. Wash. Case No. 24-13167
Chapter 11 Petition filed December 12, 2024
See
https://www.pacermonitor.com/view/5NJONRY/Thorng_Investments_LLC__wawbke-24-13167__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re James E. Potts
Bankr. W.D. Ark. Case No. 24-72080
Chapter 11 Petition filed December 13, 2024
represented by: David Nixon, Esq.
In re The Hasty Group, LLC
Bankr. D. Kan. Case No. 24-21592
Chapter 11 Petition filed December 13, 2024
See
https://www.pacermonitor.com/view/CTFNXWY/The_Hasty_Group_LLC__ksbke-24-21592__0001.0.pdf?mcid=tGE4TAMA
represented by: Erlene W. Krigel, Esq.
KRIGEL, NUGENT + MOORE, P.C.
In re 737 South Center Street, Orange, NJ Inc.
Bankr. D.N.J. Case No. 24-22231
Chapter 11 Petition filed December 13, 2024
See
https://www.pacermonitor.com/view/FQHGL4Y/737_South_Center_Street_Orange__njbke-24-22231__0001.0.pdf?mcid=tGE4TAMA
represented by: Steven D Pertuz, Esq.
THE LAW OFFICES OF STEVEN D PERTUZ LLC
Email: pertuzlaw@verizon.net
In re Leo G Farnan and Dominique A Farnan
Bankr. D.N.J. Case No. 24-22229
Chapter 11 Petition filed December 13, 2024
represented by: Melinda Middlebrooks, Esq.
In re The Voltarelli Organization
Bankr. D.N.J. Case No. 24-22249
Chapter 11 Petition filed December 13, 2024
See
https://www.pacermonitor.com/view/CAQ5DKI/The_Voltarelli_Organization__njbke-24-22249__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re 19 W 55 LLC
Bankr. E.D.N.Y. Case No. 24-45220
Chapter 11 Petition filed December 13, 2024
represented by: Ilevu Yakubov, Esq.
In re Shree Radha Krishna - LLC
Bankr. E.D.N.Y. Case No. 24-45207
Chapter 11 Petition filed December 13, 2024
See
https://www.pacermonitor.com/view/6TQIQ5Q/Shree_Radha_Krishna_-_LLC__nyebke-24-45207__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Independent Physician Services, LLC
Bankr. W.D. Pa. Case No. 24-23025
Chapter 11 Petition filed December 13, 2024
See
https://www.pacermonitor.com/view/HWF7HKI/Independent_Physician_Services__pawbke-24-23025__0001.0.pdf?mcid=tGE4TAMA
represented by: Brian C. Thompson, Esq.
THOMPSON LAW GROUP, P.C.
Email: bthompson@thompsonattorney.com
In re Addiction Center of Nashville, LLC
Bankr. M.D. Tenn. Case No. 24-04823
Chapter 11 Petition filed December 13, 2024
See
https://www.pacermonitor.com/view/5TV4OVI/Addiction_Center_of_Nashville__tnmbke-24-04823__0001.0.pdf?mcid=tGE4TAMA
represented by: Denis Graham "Gray" Waldron, Esq.
DUNHAM HILDEBRAND PAYNE WALDRON, PLLC
Email: gray@dhnashville.com
In re Casey A. Landry
Bankr. D. Ariz. Case No. 24-10724
Chapter 11 Petition filed December 15, 2024
represented by: Chris Barski, Esq.
In re Happy Belly Enterprise, Inc.
Bankr. C.D. Cal. Case No. 24-17498
Chapter 11 Petition filed December 15, 2024
See
https://www.pacermonitor.com/view/KO4WGVY/Happy_Belly__cacbke-24-17498__0001.0.pdf?mcid=tGE4TAMA
represented by: Marc Aaron Goldbach, Esq.
GOLDBACH LAW GROUP
Email: marc.goldbach@goldbachlaw.com
In re Duane Wilcoxon
Bankr. W.D. Wash. Case No. 24-13190
Chapter 11 Petition filed December 15, 2024
represented by: Thomas Neeleman, Esq.
In re Janet D Sawyer
Bankr. S.D. Ala. Case No. 24-13154
Chapter 11 Petition filed December 16, 2024
represented by: Barry Friedman, Esq.
In re Michelle L. Goldsborough
Bankr. M.D. Fla. Case No. 24-07382
Chapter 11 Petition filed December 16, 2024
In re M3 Roofing & Construction LLC
Bankr. S.D. Fla. Case No. 24-23109
Chapter 11 Petition filed December 16, 2024
See
https://www.pacermonitor.com/view/2GEMPQY/M3_Roofing__Construction_LLC__flsbke-24-23109__0001.0.pdf?mcid=tGE4TAMA
represented by: Diego G. Mendez, Esq.
MENDEZ LAW OFFICES
Email: INFO@MENDEZLAWOFFICES.COM
In re New Age Leasing, LLC
Bankr. N.D. Ill. Case No. 24-18710
Chapter 11 Petition filed December 16, 2024
See
https://www.pacermonitor.com/view/AEE7V7Y/New_Age_Leasing_LLC__ilnbke-24-18710__0001.0.pdf?mcid=tGE4TAMA
represented by: David Freydin, Esq.
LAW OFFICES OF DAVID FREYDIN
Email: david.freydin@freydinlaw.com
In re Bridgette Swarek
Bankr. S.D. Miss. Case No. 24-51780
Chapter 11 Petition filed December 16, 2024
represented by: Jarrett Little, Esq.
THE LITTLE LAW FIRM, PLLC
Email: jarrett@thelittlelaw.com
In re Kostas Paloumbas
Bankr. E.D.N.Y. Case No. 24-45238
Chapter 11 Petition filed December 16, 2024
represented by: Lawrence Morrison, Esq.
In re Bahram Benaresh
Bankr. S.D.N.Y. Case No. 24-12341
Chapter 11 Petition filed December 16, 2024
represented by: Scott Markowitz, Esq.
In re DNJ Blessed Enterprises, LLC
Bankr. W.D. Pa. Case No. 24-23040
Chapter 11 Petition filed December 16, 2024
See
https://www.pacermonitor.com/view/RQUAUPY/DNJ_Blessed_Enterprises_LLC__pawbke-24-23040__0001.0.pdf?mcid=tGE4TAMA
represented by: Donald R. Calaiaro, Esq.
CALAIARO VALENCIK
Email: dcalaiaro@c-vlaw.com
In re Jumpstar Enterprises LLC
Bankr. S.D. Tex. Case No. 24-35874
Chapter 11 Petition filed December 16, 2024
See
https://www.pacermonitor.com/view/EQVQM3I/Jumpstar_Enterprises_LLC__txsbke-24-35874__0001.0.pdf?mcid=tGE4TAMA
represented by: Lloyd A. Lim, Esq.
KEAN MILLER LLP
Email: Lloyd.Lim@KeanMiller.com
In re Concept Development Corporation, Inc.
Bankr. D. Utah Case No. 24-26476
Chapter 11 Petition filed December 16, 2024
See
https://www.pacermonitor.com/view/BB7DTGQ/Concept_Development_Corporation__utbke-24-26476__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Junk Shuttle LLC
Bankr. E.D. Va. Case No. 24-34738
Chapter 11 Petition filed December 16, 2024
See
https://www.pacermonitor.com/view/LR2QDSQ/Junk_Shuttle_LLC__vaebke-24-34738__0001.0.pdf?mcid=tGE4TAMA
represented by: Lynn L. Tavenner, Esq.
TAVENNER & BERAN, PLC
Email: ltavenner@tb-lawfirm.com
*********
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
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liabilities delivered to nation's bankruptcy courts. The list
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S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
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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.
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