/raid1/www/Hosts/bankrupt/TCR_Public/241230.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Monday, December 30, 2024, Vol. 28, No. 364
Headlines
100 PERCENT: Mark Dennis of SL Biggs Named Subchapter V Trustee
1847 HOLDINGS: Closed CMD Purchase Agreement
1847 HOLDINGS: Unit Inks Lease Agreement with Delancey
1847 HOLDINGS: Unit Inks Lease Agreement with Gowan LLC
28 W 36TH STREET: Case Summary & One Unsecured Creditor
28 W 36TH STREET: Files Chapter 11 Bankruptcy in New York
32 W 39TH STREET: Seeks Ch. 11 Bankruptcy w/ Up to $50-Mil. Debt
32 W. 39TH STREET: Case Summary & One Unsecured Creditor
3265 E. VALLEY: Hires Sacks Tierney P.A. as Legal Counsel
ALEC'S PIZZA: Hires Michael Jay Berger as Bankruptcy Counsel
ALL STAR: Seeks to Hire Darby Law Practice as Bankruptcy Counsel
AMATA LLC: Taps Goldstein & McClintock LLLP as Legal Counsel
AMC CONTRACTING: Unsecureds Will Get 20% of Claims over 5 Years
AMERICAN DREAM: Hires Kutner Brinen Dickey Riley as Attorney
AMERICAN REFRACTORY: Hires Robinson & McElwee PLLC as Co-Counsel
AMERICAN REFRACTORY: Hires Supple Law Office PLLC as Co-Counsel
AMSTERDAM HOUSE: Senior Residents in Danger of Eviction
ART HOME BUILDER: Taps Peter G. Macaluso as Bankruptcy Counsel
ASMC LLC: Gets Interim OK to Use Cash Collateral Until Jan. 24
ATI PHYSICAL: Joseph Jordan to Quit as CFO
BACKBEAT BREWING: Gets OK to Use Cash Collateral Until Feb. 24
BAUDAX BIO: Seeks to Extend Plan Exclusivity to Feb. 16, 2025
BEAUTY GODS: Carol Fox of GlassRatner Named Subchapter V Trustee
BERKSHIRE INVESTMENTS: Hires Gerald Bauman as Accountant
BERRY CORP: S&P Alters Outlook to Stable, Affirms 'CCC+' ICR
BIG LOTS: Announces Sale Transaction to Safeguard Brand, Stores
BIORA THERAPEUTICS: Case Summary & 30 Largest Unsecured Creditors
BIORA THERAPEUTICS: Files Chapter 11 Bankruptcy in Delaware
BLUE DUCK: Trustee Taps Lain Faulkner & Co as Financial Advisor
BLUE DUCK: Trustee Taps Munsch Hardt Kopf as General Counsel
BLUESUMMIT MEDICAL: Hires Hannah W. Hutman as Asset Manager
BRICKTON LP: Seeks to Extend Plan Exclusivity to April 18, 2025
BUCA TEXAS: Closed 18 Locations in Chapter 11
CADUCEUS PHYSICIANS: Court Approves Interim Use of Cash Collateral
CALIFORNIA PREMIER: Seeks to Extend Exclusivity to March 28, 2025
CALUMET PAINT: Gets OK to Use Cash Collateral Until Feb. 28
CBDMD INC: Incurs $3.7MM Net Loss for Fiscal Year Ended Sept. 2024
CCA CONSTRUCTION: Files Chapter 11 Bankruptcy in New Jersey
CELL-NIQUE CORP: Has Deal on Cash Collateral Access
CHAMPION HEALTHCARE: Gets OK to Use Cash Collateral Until Jan. 29
CHERRY GARDEN: Creditor OWEMANCO Files Liquidating Plan
CJS ENTERPRISES: Michael Carmel Named Subchapter V Trustee
CLOUD BERN: Seeks to Hire Toni Campbell Parker as Legal Counsel
CMB DATA ENTRY: Case Summary & Five Unsecured Creditors
CMB DATA: Seeks Chapter 11 Bankruptcy Protection in Pennsylvania
COASTAL GROWERS: Hires Balch & Bingham as Special Counsel
COASTAL GROWERS: Hires Johnson Pope Bokor as Counsel
COMTECH TELECOMMUNICATIONS: Delays Filing of Q1 Quarterly Report
COMTECH TELECOMMUNICATIONS: Receives Nasdaq Non-Compliance Notice
CONTAINER STORE: Remains Open Amid Chapter 11 Bankruptcy Filing
D&J POOL PREP: Court Extends Use of Cash Collateral to Feb. 6
DENALI CONSTRUCTION: Gets Final OK to Use Cash Collateral
DENTISTRY BY DESIGN: Seeks to Hire Maltz Auctions as Appraiser
DORAL CORPORATE: Might Lose Offices to Foreclosure
DR. POWER: Gets Interim OK to Use Cash Collateral
DRIP MORE: Lynda Bui Appointed as Chapter 11 Trustee
DT&T LOGISTICS: Court Extends Use of Cash Collateral Until Jan. 17
DVC3 LLC: Seeks Chapter 11 Bankruptcy Protection in Florida
EDGAR BENJAMIN HEALTHCARE: Court Extends Receivership to June 2025
ENTECCO FILTER: Court Extends Use of Cash Collateral to Jan. 24
EXTREME RESIDENTIAL: Hires Paul Reece Marr P.C. as Counsel
EYM PIZZA: Plan Exclusivity Period Extended to March 4, 2025
FINANCE OF AMERICA: Bloom Retirement Holds 9.49% Equity Stake
FIREFLY NEUROSCIENCE: Inks US$2.4M Securities Purchase Agreement
FIRST EMANUEL: Seeks to Hire James A. Graham LLC as Counsel
FLORES PEDIATRICS: Hires CompuSource Business as Accountant
FORZA PIPELINE: To Sell Bldg, Yard to English Investments for $1.4M
FREEDOM BAIL: Christine Brimm Named Subchapter V Trustee
FTX TRADING: Tokens Rise 15% After Announcing 2025 Payout Timeline
GILL RANCH: Seeks to Use Cash Collateral
GRAFTECH INTERNATIONAL: S&P Upgrades ICR to 'CCC+' on Refinancing
GREAT EASTERN: Unsecureds Owed $5+ to Get 2.5% in 36 Months
GRIFFIN RESOURCES: Hires Bennett Gelini as Special Counsel
HEALTHCARE HOLDINGS: Taps Harper Meyer LLP as Special Counsel
HERITAGE COLLEGIATE: Creditors to Get Proceeds From Liquidation
HUB CITY: Hires Maynard Nexsen PC as Special Counsel
HUB CITY: Seeks to Hire Jordan & Ortiz as Bankruptcy Counsel
HYPERSCALE DATA: Receives Noncompliance Notice From NYSE American
IDEAL HEALTH: UFC Gym Operator Files Chapter 11 Bankruptcy
IDEAL HEALTH: Walter Dahl of Dahl Law Named Subchapter V Trustee
ILEARNINGENGINES FZ-LLC: Voluntary Chapter 11 Case Summary
INCORA: Gets Court Nod to Exit Ch. 11 After Creditors Settle Fight
INNOVATIVE DESIGNS: Incurs $59K Net Loss in Third Quarter
INTRUM AB: Seeks to Hire Advokatrman Vinge as Special Counsel
INTRUM AB: Seeks to Hire AlixPartners LLP as Financial Advisor
INTRUM AB: Seeks to Hire Milbank LLP as Bankruptcy Counsel
IR4C INC: Gets Interim OK to Use Cash Collateral Until Jan. 27
J&K SAI HOSPITALITY: Hires Wynn & Associates PLLC as Counsel
J&K SAI HOSPITALITY: Seeks to Hire Pride Estimating as Appraiser
JOHN R. KEARNEY: Files Chapter 11 Bankruptcy Protection
JUHN AND STARK: Seeks to Hire Penn Stuart as Special Counsel
JUNK SHUTTLE: Jennifer McLemore Named Subchapter V Trustee
K & M AMUSEMENT: Gets OK to Use Cash Collateral Until Feb. 13
KALALOU RESTAURANT: Hires Dal Lago Law as Special Counsel
KALALOU RESTAURANT: Hires Vladimy PLouis CPA PLLC as Accountant
KBS REAL ESTATE: Maturity of Accenture Loan Moved to November 2026
KKC RESTAURANTS: Seeks to Hire Fox Law Corp. as Bankruptcy Counsel
KWENCH JUICE: Starts Subchapter V Bankruptcy Proceeding
LCM CORP: Asset Sale Proceeds to Fund Plan Payments
LIFESTYLE BRANDS: Deborah Fish Named Subchapter V Trustee
LIKEMIND BRANDS: Updates Amazon Capital Claims Pay Details
LOOK CINEMAS: Gets Interim OK to Use Cash Collateral Until Jan. 22
LOOK CINEMAS: Hires Law Offices of Frank J. Wright as Counsel
LOOK CINEMAS: Seeks to Sell Theater Business for $1.2-Mil.
LOUISIANA APPLE: Seeks to Sell SBG Entities Inventory
M & M BUCKLEY: Commences Subchapter V Bankruptcy Proceeding
MANZANITA LANE: Seeks Chapter 11 Bankruptcy Protection in Nevada
MASTER'S PLAN: Commences Subchapter V Bankruptcy Proceeding
MASTER'S PLAN: Voluntary Chapter 11 Case Summary
MCR HEALTH: Hires Shumaker Loop & Kendrick as Special Counsel
MFT RESOURCES: Seeks 30-Day Extension of Plan Filing Deadline
MILFORD HOUSE: Nicole Nigrelli Named Subchapter V Trustee
MILLENKAMP CATTLE: Taps Robert Marcus of Kander LLC as CRO
MOONEY HOUSE: Plan Exclusivity Period Extended to Feb. 14, 2025
MPGF INC: Has Deal on Cash Collateral Access
MS FREIGHT: Seeks to Hire Craig M. Geno PLLC as Counsel
MTL PARTNERS: Court OKs Use of Cash Collateral Until Jan. 14
NEIMAN MARCUS: Saks Completes $2.7-Bil. Purchase
NEVADA COPPER: Plan Exclusivity Period Extended to Jan. 8, 2025
NEW DIRECTION: Gets Green Light to Use Cash Collateral
NEW MOON LLC: Hires McNamee Hosea P.A. as Counsel
NICK'S PIZZA: Seeks to Hire Vestian Global as Investment Banker
NOEL RUIZ: Court Denies as Moot Bid to Sell Homestead Property
NORDSTROM INC: S&P Lowers ICR to 'BB' on Take Private Announcement
NORTHWEST GRADING: Gets Interim OK to Use Cash Collateral
NOTHIN' BUT WASTE: Christine Brimm Named Subchapter V Trustee
NOTHIN' BUT WASTE: Seeks to Use Cash Collateral
NURSES FIRST: Court Approves Interim Use of Cash Collateral
OAKLAND PHYSICIANS: Hires Robert Bassel Esq. as Counsel
OKLAHOMA FORGE: Hires D.R. Payne & Associates as Financial Advisor
ORANGE RIVER: Michael Markham Named Subchapter V Trustee
OUR TOWN REALESTATE: Hires Paul Reece Marr PC as Legal Counsel
OYSTER LLC: Nicole Nigrelli Named Subchapter V Trustee
PAREXEL MIDCO: S&P Upgrades ICR to 'B+' on Operating Strength
PARTY CITY: Set to Close All 64 Locations in Texas
PHVC4 HOMES: To Sell 19-Single Family Homes to JLE for $2.6-Mil.
PLANET GREEN: Ends VIE Agreements with Shareholders, Jilin
PORT LOUIS: Commences Subchapter V Bankruptcy Proceeding
POWER BRANDS: Asset Sale Proceeds to Fund Plan Payments
PREFERRED EMERGENCY: Hires Bach Law Offices Inc. as Counsel
Q'BOLE INC: Seeks to Hire Peter G. Macaluso as Bankruptcy Counsel
QSR STEEL: Taps Michelson Kane PC as Special Litigation Counsel
R.A.R.E. CORP: Court Extends Use of Cash Collateral Until Jan. 16
REDLINE METALS: Plan Exclusivity Period Extended to Feb. 28, 2025
REDTAIL POWER: Gets Final OK to Use Cash Collateral
RIDGELINE CAPITAL: Hires Rodeo Realty Inc. as Broker
RIVERSIDE COURT: Hires Derbes Law Firm L.L.C. as Counsel
ROCK MEDICAL: Court OKs to Tap Turner Legal as Bankruptcy Counsel
ROVER PROPERTIES: Gets OK to Use Cash Collateral Until Jan. 31
SBB SHIPPING: Wins Interim OK for $176,500 DIP Loan
SCHAFER FISHERIES: Gets OK to Use Cash Collateral Until Feb. 29
SEATON INVESTMENTS: Has Until Feb. 25 to Use Cash Collateral
SENA & SENA: Taps Professional Management Systems as Accountant
SHINECO INC: Incurs $2.56 Million Net Loss in First Quarter
SIGNATURE MECHANICAL: Has Deal on Cash Collateral Access
SINTX TECHNOLOGIES: All Five Proposals Approved at Annual Meeting
SKILLZ INC: Shareholders Vote for Directors to Fill Vacancies
SKYX PLATFORMS: Inks 3-Year Employment Contract With President
SLEEP COUNTRY: DBRS Finalizes BB(low) Rating, Trend Stable
SMYRNA READY: S&P Alters Outlook to Negative, Affirms 'BB-' ICR
SOBR SAFE: Shareholders Vote for Issuance of Up to 29MM Shares
SOLANO HOME: Hires Law Office of Peter G. Macaluso as Counsel
SPHERE 3D: Regains Compliance With Nasdaq's Minimum Bid Price Rule
SPICEY PARTNERS: Hires Riparian Partners as Investment Banker
STOLI GROUP: Trademark Conflict Reaches Bankruptcy Court
SYRACUSE OPERA: Seeks Chapter 7 Bankruptcy Protection in New York
TALPHERA INC: Not In Compliance with Nasdaq Minimum Bid Price
TEHUM CARE: Brown Rudnick Crafts Ch. 11 Plan With High Recovery
THOMASVILLE REGIONAL: Talks with Buyers Remain Confidential
TROY 3440: Seeks to Hire George J. Paukert Esq. as Counsel
TWIN FALLS: Hires Fredrikson & Byron P.A. as Counsel
UPSCALE DEVELOPMENT: Hires Paul Reece Marr PC as Legal Counsel
V MANAGEMENT GROUP: Hires Larson & Zirzow as Counsel
VETERANS HOLDINGS: Files Emergency Bid to Use Cash Collateral
VMR CONTRACTORS: Gets OK to Use Cash Collateral Until March 12
VOYAGER DIGITAL: Binance.US Seeks $10-Mil. Refund from Failed Deal
WANDERLY LLC: Case Summary & Seven Unsecured Creditors
WANDERLY LLC: Sec. 341(a) Meeting of Creditors on January 30
WEBSTERNT LLC: Mark Schlant Named Subchapter V Trustee
WELLPATH HOLDINGS: DOC Looking for Bridgewater Health Provider
WELLPATH HOLDINGS: Seeks to Hire KPMG LLP to Provide Tax Services
WESTPOINT CAPITAL: Voluntary Chapter 11 Case Summary
WHAIRHOUSE LIMITED: Exclusivity Period Extended to Feb. 21, 2025
WHITNEY OIL & GAS: Court OKs Interim Use of Cash Collateral
WIMPY'S CALIFORNIA: Hires Peter G. Macaluso as Counsel
WISA TECHNOLOGIES: Stockholders OK Purchase of Data Vault's Assets
WISCONSIN & MILWAUKEE: Seeks to Expand Scope of Sikich's Services
WOLF MIDSTREAM: DBRS Hikes Senior Notes Rating to BB(high)
WOLF MIDSTREAM: DBRS Places BB Senior Notes Rating Under Review
WORKHORSE GROUP: Board Appoints Berkowitz Pollack as New Auditor
XRC LLC: Gets Interim OK to Use Cash Collateral Until Feb. 6
YZ ENTERPRISES: Court OKs Continued Use of Cash Collateral
ZARA LLC: Seeks to Hire Morris Palerm LLC as Bankruptcy Counsel
[*] Colorado Bankruptcy Filings Increased 24% in November 2024
[*] Healthcare Companies Bankruptcy Filings Tracked by CEOs in 2024
[^] BOND PRICING: For the Week from December 23 to 27, 2024
*********
100 PERCENT: Mark Dennis of SL Biggs Named Subchapter V Trustee
---------------------------------------------------------------
The U.S. Trustee for Region 19 appointed Mark Dennis, a certified
public accountant at SL Biggs, as Subchapter V trustee for 100
Percent Chiropractic Cotto, LLC.
Mr. Dennis will be paid an hourly fee of $425 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Dennis declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Mark D. Dennis, CPA
SL Biggs, A Division of SingerLewak, LLP
2000 S. Colorado Blvd., Tower 2, Ste. 200
Denver, CO 80222
Phone: 303-226-5471
Email: mdennis@slbiggs.com
About 100 Percent Chiropractic
100 Percent Chiropractic Cotto, LLC is a family of full-service
wellness clinics that offer cutting edge chiropractic care, massage
therapy, and a full line of nutritional supplements.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Colo. Case No. 24-17465) with $915,089
in assets and $1,573,853 in liabilities. Yahdi Cotto-Jorge,
manager, signed the petition.
Judge Kimberley H. Tyson presides over the case.
K. Jamie Buechler, Esq., at Buechler Law Office, LLC represents the
Debtor as bankruptcy counsel.
1847 HOLDINGS: Closed CMD Purchase Agreement
--------------------------------------------
1847 Holdings LLC disclosed in a Form 8-K Report filed with the
U.S. Securities and Exchange Commission that the Company closed the
transaction contemplated in the purchase agreement with Christopher
M. Day.
On November 4, 2024, 1847 CMD Inc., a wholly owned subsidiary of
1847 Holdings LLC, entered into a stock and membership interest
purchase agreement with Christopher M. Day (the "Initial
Agreement"), which was amended and restated on December 5, 2024 and
further amended on December 13, 2024 and December 16, 2024.
Pursuant to the CMD Purchase Agreement, 1847 CMD agreed to acquire,
all of the issued and outstanding capital stock of CMD Inc., a
Nevada corporation, and all of the membership interests of CMD
Finish Carpentry LLC, a Nevada limited liability company, from The
CD Trust, dated October 18, 2021.
On December 16, 2024, closing of the transactions contemplated by
the CMD Purchase Agreement was completed. Pursuant to the CMD
Purchase Agreement, the Company acquired the CMD Companies for an
aggregate purchase price of $18,750,000, consisting of $17,750,000
in cash (subject to adjustments) and $1,000,000 of a promissory
note in the principal amount of $1,050,000 (collectively, the
"Purchase Price"), the remaining $50,000 of which is allocated for
Seller's expenses. The Company also paid $25,000 in cash at the
closing to be applied towards the Seller's legal fees. Upon the
execution of the Initial Purchase Agreement, the Company also paid
the Seller a deposit of $1,000,000, which was not applied to the
Purchase Price at closing since the closing did not occur prior to
December 3, 2024, as originally required by the CMD Purchase
Agreement.
The Purchase Price is subject to a post-closing working capital
adjustment provision. Under this provision, the Seller delivered to
1847 CMD at the closing an unaudited balance sheet of the CMD
Companies as of December 12, 2024 (the "Preliminary Balance
Sheet"). On or before the 75th day following the closing, 1847 CMD
must deliver to the Seller an audited balance sheet of the CMD
Companies as of December 12, 2024 (the "Final Balance Sheet"). If
the final net working capital reflected in the Final Balance Sheet
exceeds the estimated net working capital reflected in the
Preliminary Balance Sheet, 1847 CMD must issue to the Seller a
promissory note in the principal amount equal to such excess. If
the estimated net working capital reflected in the Preliminary
Balance Sheet exceeds the final net working capital reflected in
the Final Balance Sheet, the Seller must, within thirty (30) days,
pay to 1847 CMD an amount in cash equal to such excess.
A portion of the Purchase Price was paid by the issuance of a
promissory note in the principal amount of $1,050,000 by 1847 CMD
to the Seller (the "Note"). The Note is due and payable on February
16, 2025 and does not bear interest; provided that upon a default,
as described in the Note, interest shall accrue at a rate of
fifteen percent (15%) per annum until such default is cured.
Additionally, if any payment of principal or interest is past due
by five (5) days or more, a late fee will be due in an amount equal
to 7.5% of the payment due. Subject to the rights of the Senior
Lenders (as defined below), the Note is secured by all of the
assets of 1847 CMD and the CMD Companies, pursuant to a security
agreement, dated December 16, 2024, among 1847 CMD, the CMD
Companies and the Seller, a pledge agreement, dated December 16,
2024, between the Company and the Seller relating to the equity
interests of 1847 CMD (the "1847 CMD Pledge Agreement"), and a
pledge agreement, dated December 16, 2024, between 1847 CMD and the
Seller relating to the equity interests of the CMD Companies (the
"CMD Pledge Agreement"). The Note is also guaranteed by the Company
and the CMD Companies, pursuant to a Guaranty, dated December 16,
2024, by the Company and the CMD Companies in favor of the Seller.
A full-text copy of the Form 8-K is available at
https://tinyurl.com/2s3ppcbh
About 1847 Holdings
Based in New York, NY, 1847 Holdings LLC -- www.1847holdings.com
--
is an acquisition holding company focused on acquiring and
managing
a group of small businesses, which the Company characterizes as
those with an enterprise value of less than $50 million, in a
variety of different industries headquartered in North America.
Draper, Utah-based Sadler, Gibb & Associates, LLC, the Company's
auditor since 2017, issued a "going concern" qualification in its
report dated April 25, 2024, citing that the Company has suffered
recurring losses and negative cash flows from operations and has a
working capital deficit, which raises substantial doubt about its
ability to continue as a going concern.
1847 HOLDINGS: Unit Inks Lease Agreement with Delancey
------------------------------------------------------
1847 Holdings LLC disclosed in a Form 8-K Report filed with the
U.S. Securities and Exchange Commission that on December 16, 2024,
1847 CMD Inc. also entered into a lease agreement with Delancey LLC
relating to the properties leased by the CMD Companies prior to
1847 CMD's acquisition of all of the issued and outstanding capital
stock of CMD Inc., located at 4485 Delancey Drive, Las Vegas,
Nevada 89103 and 4495 Delancey Drive, Las Vegas, Nevada 89103.
The Delancey Lease provides for a base rent of $20,000 per month,
which shall increase annually by an amount equal to three percent
(3%) of the previous year's base rent.
In addition, 1847 CMD will be responsible for all taxes, insurance
and certain operating costs during the lease term.
Further, in the event that the mortgage lender on the Delancy
Property calls the mortgage loan due to the change in tenant and
Delancy LLC is required to refinance the Delancy Property, the
Company agreed to pay the costs associated with such refinancing,
and the increase in the monthly mortgage payments resulting from
such refinancing, if any, will be added to the base rent.
The Delancey Lease expires on December 31, 2029; provided that the
term may be extended for two (2) additional five (5) year periods.
About 1847 Holdings
Based in New York, NY, 1847 Holdings LLC -- www.1847holdings.com
--
is an acquisition holding company focused on acquiring and
managing
a group of small businesses, which the Company characterizes as
those with an enterprise value of less than $50 million, in a
variety of different industries headquartered in North America.
Draper, Utah-based Sadler, Gibb & Associates, LLC, the Company's
auditor since 2017, issued a "going concern" qualification in its
report dated April 25, 2024, citing that the Company has suffered
recurring losses and negative cash flows from operations and has a
working capital deficit, which raises substantial doubt about its
ability to continue as a going concern.
1847 HOLDINGS: Unit Inks Lease Agreement with Gowan LLC
-------------------------------------------------------
1847 Holdings LLC disclosed in a Form 8-K Report filed with the
U.S. Securities and Exchange Commission that on December 16, 2024,
1847 CMD Inc. entered into a lease agreement with CD Gowan LLC
relating to the property leased by the CMD Companies prior to 1847
CMD's acquisition of all of the issued and outstanding capital
stock of CMD Inc. located at 2421 East Gowan Road, North Las Vegas,
Nevada 89030.
The Gowan Lease provides for a base rent of $15,000 per month,
which shall increase annually by an amount equal to three percent
(3%) of the previous year's base rent. In addition, 1847 CMD will
be responsible for all taxes, insurance and certain operating costs
during the lease term. Further, in the event that the mortgage
lender on the Gowan Property calls the mortgage loan due to the
change in tenant and CD Gowan LLC is required to refinance the
Gowan Property, the Company agreed to pay the costs associated with
such refinancing, and the increase in the monthly mortgage payments
resulting from such refinancing, if any, will be added to the base
rent.
The Gowan Lease expires on December 31, 2029; provided that the
term may be extended for two (2) additional five (5) year periods.
About 1847 Holdings
Based in New York, NY, 1847 Holdings LLC -- www.1847holdings.com
--
is an acquisition holding company focused on acquiring and
managing
a group of small businesses, which the Company characterizes as
those with an enterprise value of less than $50 million, in a
variety of different industries headquartered in North America.
Draper, Utah-based Sadler, Gibb & Associates, LLC, the Company's
auditor since 2017, issued a "going concern" qualification in its
report dated April 25, 2024, citing that the Company has suffered
recurring losses and negative cash flows from operations and has a
working capital deficit, which raises substantial doubt about its
ability to continue as a going concern.
28 W 36TH STREET: Case Summary & One Unsecured Creditor
-------------------------------------------------------
Debtor: 28 W 36th Street Sole Member LLC
11 Sunrise Plaza
Valley Stream, NY 11580
Business Description: The Debtor is the fee simple owner of the
real property located at 28 West 36th
Street, New York, NY 10018 valued at $18.63
million.
Chapter 11 Petition Date: December 27, 2024
Court: United States Bankruptcy Court
Eastern District of New York
Case No.: 24-74848
Judge: Hon. Robert E Grossman
Debtor's Counsel: Charles Wertman, Esq.
LAW OFFICES OF CHARLES WERTMAN P.C.
100 Merrick Road Suite 304W
Rockville Centre, NY 11570-4807
Tel: (516) 284-0900
E-mail: charles@cwertmanlaw.com
Total Assets: $18,634,000
Total Liabilities: $52,000,000
The petition was signed by David Goldwasser as VP of
Restructuring.
The Debtor listed LSC West 36th & 39th St LLC c/o Cole Schotz P.C.
1325 Avenue of the Americas, New York, NY 10019 as its sole
unsecured creditor holding a claim of $33,366,000.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/VFDSHZI/28_W_36TH_STREET_SOLE_MEMBER_LLC__nyebke-24-74848__0001.0.pdf?mcid=tGE4TAMA
28 W 36TH STREET: Files Chapter 11 Bankruptcy in New York
---------------------------------------------------------
On December 27, 2024, 28 W 36Th Street Sole Member LLC filed
Chapter 11 protection in the Eastern District of New York.
According to court filing, the Debtor reports between $50 million
and $100 million in debt owed to 1 and 49 creditors. The petition
states funds will not be available to unsecured creditors.
About 28 W 36Th Street Sole Member LLC
28 W 36Th Street Sole Member LLC operates as a limited liability
company. The company is part of a larger group of affiliated real
estate entities.
28 W 36Th Street Sole Member LLC sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-74848) on
December 27, 2024. In its petition, the Debtor reports estimated
assets between $10 million and $50 million and estimated
liabilities between $50 million and $100 million.
Honorable Bankruptcy Judge Robert E. Grossman handles the case.
Charles Wertman, Esq. of Law Offices Of Charles Wertman P.C.
represents the Debtor as counsel.
32 W 39TH STREET: Seeks Ch. 11 Bankruptcy w/ Up to $50-Mil. Debt
----------------------------------------------------------------
On December 27, 2024, 32 W. 39th Street Sole Member LLC filed
Chapter 11 protection in the Eastern District of New York.
According to court filing, the Debtor reports between $10 million
and $50 million in debt owed to 1 and 49 creditors. The petition
states funds will not be available to unsecured creditors.
About 32 W. 39th Street Sole Member LLC
32 W. 39th Street Sole Member LLC a single asset real estate
company based in Valley Stream, NY.
32 W. 39th Street Sole Member LLC sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-74854) on
December 27, 2024. In its petition, the Debtor reports estimated
assets and liabilities between $10 million and $50 million each.
Honorable Bankruptcy Judge Robert E. Grossman handles the case.
Charles Wertman, Esq. of Law Offices Of Charles Wertman P.C.
handles the case.
32 W. 39TH STREET: Case Summary & One Unsecured Creditor
--------------------------------------------------------
Debtor: 32 W. 39th Street Sole Member LLC
11 Sunrise Plaza
Valley Stream, NY 11580
Business Description: The Debtor is the fee simple owner of the
real property located at 32 West 39th
Street, Block 840, Lot 66 valued at $28.68
million.
Chapter 11 Petition Date: December 27, 2024
Court: United States Bankruptcy Court
Eastern District of New York
Case No.: 24-74854
Judge: Hon. Robert E Grossman
Debtor's Counsel: Charles Wertman, Esq.
LAW OFFICES OF CHARLES WERTMAN P.C.
100 Merrick Road Suite 304W
Rockville Centre NY 11570-4807
Tel: (516) 284-0900
E-mail: charles@cwertmanlaw.com
Total Assets: $28,684,000
Total Liabilities: $50,000,000
The petition was signed by David Goldwasser as VP of
Restructuring.
The Debtor listed LSC West 36th & 39th St LLC c/o Cole Schotz P.C.,
1325 Avenue of the Americas, New York, NY 10019 as its sole
unsecured creditor holding a claim of $21,316,000.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/AFWZJWQ/32_W_39th_Street_Sole_Member_LLC__nyebke-24-74854__0001.0.pdf?mcid=tGE4TAMA
3265 E. VALLEY: Hires Sacks Tierney P.A. as Legal Counsel
---------------------------------------------------------
3265 E. Valley Vista, LLC seeks approval from the U.S. Bankruptcy
Court for the District of Arizona to employ law firm of Sacks
Tierney P.A. as counsel.
The firm will assist the Debtor in all matters associated with the
Debtor's Chapter 11 bankruptcy proceeding and represent the Debtor
in all hearings before the Bankruptcy Court and will negotiate and
resolve all issues related to the Debtor's Chapter 11 proceeding.
The firm will be paid at these rates:
Partners $395 to $600 per hour
Associates $300 to $400 per hour
Paralegals $125 to $245 per hour
In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.
As disclosed in a court filing that his firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Randy Nussbaum, Esq.
Philip R. Rudd, Esq.
Sacks Tierney P.A.
4250 N. Drinkwater Blvd., 4th Floor
Scottsdale, AZ 85251-3693
Tel: (480) 425-2600
Fax: (480) 970-4610
Email: Randy.Nussbaum@SacksTierney.com
Philip.Rudd@SacksTierney.com
About 3265 E. Valley Vista, LLC
3265 E. Vallley Vista, LLC is engaged in the vacation rental
market.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Ariz. Case No. 2:24-bk-10529-BKM) on
December 9, 2024. In the petition signed by Sean Parsons, member,
the Debtor disclosed up to $10 million in both assets and
liabilities.
Randy Nussbaum, Esq., at Sacks Tierney P.A., represents the Debtor
as legal counsel.
ALEC'S PIZZA: Hires Michael Jay Berger as Bankruptcy Counsel
------------------------------------------------------------
Alec's Pizza Inc. seeks approval from the U.S. Bankruptcy Court for
the Central District of California to hire the Law Offices of
Michael Jay Berger as bankruptcy counsel.
The firm will render these services:
(a) communicate with the Debtor's creditors;
(b) review the Debtor's Chapter 11 bankruptcy petition and all
supporting schedules;
(c) advise the Debtor of its legal rights and obligations in a
bankruptcy proceeding;
(d) work to bring the Debtor into full compliance with
reporting requirements of the Office of United States Trustee;
(e) prepare status reports as required by the court;
(f) respond to any motions filed in the Debtor's bankruptcy
proceeding.
(g) respond to creditor inquiries;
(h) review proofs of claim filed in the Debtor's bankruptcy;
(i) object to inappropriate claims;
(j) prepare notices of automatic stay in all state court
proceedings in which the Debtor is sued during the pending of its
bankruptcy proceeding; and
(k) prepare a Chapter 11 Plan of Reorganization for the
Debtor.
The firm will be paid at these hourly rates:
Michael Berger, Attorney $645
Sofya Davtyan, Partner $595
Robert Poteete, Associate $475
Senior Paralegals and Law Clerks $275
Paralegals $200
The firm received a retainer of $25,000 plus $1,738 filing fee from
the Debtor.
`
Mr. Berger disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Michael Jay Berger, Esq.
Law Offices of Michael Jay Berger
9454 Wilshire Blvd., 6th Floor
Beverly Hills, CA 90212
Telephone: (310) 271-6223
Facsimile: (310) 271-9805
Email: Michael.Berger@bankruptcypower.com
About Alec's Pizza Inc.
Alec's Pizza Inc. sought protection for relief under Chapter 11 of
the Bankruptcy Code (Bankr. C.D. Cal. Case No. 24-19685) on Nov.
26, 2024, listing up to $50,000 in assets and $100,001 to $500,000
in liabilities.
Judge Deborah J Saltzman presides over the case.
Michael Jay Berger, Esq. represents the Debtor as counsel.
ALL STAR: Seeks to Hire Darby Law Practice as Bankruptcy Counsel
----------------------------------------------------------------
All Star Transportation Group, LLC seeks approval from the U.S.
Bankruptcy Court for the District of Nevada to hire Darby Law
Practice, Ltd. as its counsel.
The firm will render these services:
a. advise Debtor of its rights, powers and duties as a debtor
and debtor in possession in the continued operation of business and
management of their properties;
b. take all necessary action to protect and preserve Debtor's
estate;
c. prepare on behalf of the Debtor all necessary motions,
applications, answers, orders, reports and papers in connection
with the administration of the Debtor's estate;
d. attend meetings and negotiations with representatives of
creditors, equity holders or prospective investors or acquirers and
other parties in interest;
e. appear before the Court, any appellate courts and the
Office of the United States Trustee to protect the interests of the
Debtor;
f. pursue approval of confirmation of a plan of reorganization
and approval of the corresponding solicitation procedures and
disclosure statement; and
g. perform all other necessary legal services in connection
with the Chapter 11 case.
The firm will be paid at the rate of $550 per hour.
The firm received a retainer in the amount of $9,300.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Kevin A. Darby, Esq., a partner at Darby Law Practice, Ltd.,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Kevin A. Darby, Esq.
Tricia M. Darby, Esq.
Darby Law Practice, Ltd.
499 W. Plumb Lane, Suite 202
Reno, NV 89509
Tel: (775) 322-1237
Fax: (775) 996-7290
E-mail: kevin@darbylawpractice.com
tricia@darbylawpractice.com
About All Star Transportation Group
All Star Transportation Group, LLC sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 24-51229)
on December 10, 2024, with $917,504 in assets and $1,303,069 in
liabilities. Tim Ledesma, manager of All Star, signed the
petition.
Judge Hilary L. Barnes oversees the case.
Kevin A Darby, Esq., at Darby Law Practice, represents the Debtor
as bankruptcy counsel.
AMATA LLC: Taps Goldstein & McClintock LLLP as Legal Counsel
------------------------------------------------------------
Amata, LLC, seeks approval from the U.S. Bankruptcy Court for the
Northern District of Illinois to hire Goldstein & McClintock LLLP
as its counsel.
The Debtor requires legal counsel to:
(a) give advice with respect to the powers and duties of the
Debtor in the continued management and operation of its business;
(b) attend meetings and negotiate with representatives of
creditors and other parties involved in the Debtor's Chapter 11
case;
(c) take all necessary action to protect and preserve the
Debtor's estate;
(d) prepare legal papers;
(e) take any necessary action on behalf of the Debtor to
obtain approval of a disclosure statement and confirmation of the
Debtor's plan of reorganization;
(f) represent the Debtor in connection with obtaining use of
cash collateral and post-petition financing (to the extent
necessary);
(g) advise the Debtor in connection with any potential sale of
assets;
(h) appear before the bankruptcy court, any appellate courts,
and the U.S. trustee; and
(i) perform all other necessary legal services to the Debtor
in connection with the Chapter 11 case.
The hourly rates of the firm's attorneys and staff are as follows:
Jeffrey Dan, Partner $575
Senior Partners $385 to $895
Legal Assistants $170 to $235
The firm received an advance payment retainer in the total amount
of $30,000.
In addition, the firm will seek reimbursement for expenses
incurred.
Jeffrey Dan, Esq., a partner at Goldstein & McClintock, disclosed
in a court filing that his firm is a "disinterested person" as that
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Jeffrey C. Dan, Esq.
GOLDSTEIN & MCCLINTOCK LLLP
111 W. Washington Street, Suite 1221
Chicago, IL 60602
Telephone: (312) 337-7700
Facsimile: (312) 277-2310
Email: jeffd@goldmclaw.com
About Amata, LLC
Amata, LLC is primarily engaged in renting and leasing real estate
properties.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-17012) on November
12, 2024. In the petition signed by Ronald Bockstahler as Manager
of Amata Holdings, LLC, Sole Member/Manager, the Debtor disclosed
up to $50,000 in assets and up to $10 million in liabilities.
Judge David D. Cleary oversees the case.
Jeffrey C. Dan, Esq., at GOLDSTEIN & McCLINTOCK LLLP, represents
the Debtor as legal counsel.
AMC CONTRACTING: Unsecureds Will Get 20% of Claims over 5 Years
---------------------------------------------------------------
AMC Contracting Group Limited filed with the U.S. Bankruptcy Court
for the Northern District of Ohio a Plan of Reorganization under
Subchapter V dated December 16, 2024.
The Debtor is a construction company located in Amherst, Ohio. The
Debtor performs construction work remodeling, landscaping and other
related work.
The Debtor's financial projections show that the Debtor will have
total projected disposable income of $762,611.00.
The Debtor's Projected Disposable Income assumes and that the
Debtor will rebound and generate significant business
post-confirmation. This Plan of Reorganization proposes to pay
creditors of the Debtor from continuing business receipts.
Class 3 consists of Unsecured Priority Claims. All wage and wage
related claims shall be paid in full. These claims shall be paid as
soon as practicable but in no event later than three years from the
petition date.
Class 4 consists of the Allowed Claims of Unsecured Creditors. The
Debtor estimates that there is approximately $1,000,000 in claims
in this class as of the petition date. The Debtor will pay
Unsecured Creditors, 20% of heir allowed claims in equal pro rata
payments over five years as set forth in the Debtor's projections.
This Class is impaired.
Class 5 consists of the outstanding membership interests in the
Debtor, all of which are owned by David and Ashley Abraham. Upon
the effective date, the Abrahams shall retain their membership
interests in the Debtor.
The Plan will be implemented and funded through the future business
operations of the Reorganized Debtor. Because Debtor's business is
seasonal, the Debtor intends to make secured creditor plan payments
from May through November and make no payments from December
through April.
A full-text copy of the Plan of Reorganization dated December 16,
2024 is available at https://urlcurt.com/u?l=QGY21O from
PacerMonitor.com at no charge.
About AMC Contracting Group Limited
AMC Contracting Group is a full-service general contracting firm
based in Ohio.
AMC Contracting Group Limited filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ohio
Case No. 24-31740) on September 16, 2024, listing $100,000 to
$500,000 in assets and $1 million to $10 million in liabilities.
The petition was signed by David Abraham as president.
Judge Mary Ann Whipple presides over the case.
Glenn E. Forbes, Esq., at FORBES LAW LLC, is the Debtor's counsel.
AMERICAN DREAM: Hires Kutner Brinen Dickey Riley as Attorney
------------------------------------------------------------
American Dream Land Development of Colorado LLC seeks approval from
the U.S. Bankruptcy Court for the District of Colorado to hire
Kutner Brinen Dickey Riley, P.C. as attorneys.
The firm will render these services:
(a) provide the Debtor with legal advice with respect to its
powers and duties;
(b) aid the Debtor in the development of a plan of
reorganization under Chapter 11;
(c) file the necessary petitions, pleadings, reports, and
actions which may be required in the continued administration of
the Debtor's property under Chapter 11;
(d) take necessary actions to enjoin and stay until final
decree herein continuation of pending proceedings and to enjoin and
stay until final decree herein commencement of lien foreclosure
proceedings and all matters; and
(e) perform all other legal services for the Debtor which may
be necessary.
The firm's hourly rates are as follows:
Jeffrey Brinen, Esq. $500
Jenny Fujii, Esq. $410
Jonathan Dickey, Esq. $350
Keri Riley, Esq. $350
Paralegal $100
In addition, the firm will seek reimbursement for expenses
incurred.
The firm also received a pre-petition retainer of $20,000 from the
Debtor.
Mr. Dickey disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Jonathan M. Dickey, Esq.
Kutner Brinen Dickey Riley, PC
1660 Lincoln Street, Suite 1720
Denver, CO 80264
Telephone: (303) 832-2910
Email: jmd@kutnerlaw.com
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. at KUTNER
BRINEN DICKEY RILEY PC.
AMERICAN REFRACTORY: Hires Robinson & McElwee PLLC as Co-Counsel
----------------------------------------------------------------
American Refractory Company LLC seeks approval from the U.S.
Bankruptcy Court for the Southern District of West Virginia to hire
Robinson & McElwee PLLC as co-counsel.
The firm's services include:
a. providing legal advice to the Debtor in the mattes arising
in the administration of the Chapter 11 proceeding;
b. appearing before the Court in all matters arising in the
bankruptcy case to present and protect the interests of the Debtor;
and advancing or responding to motions, applications, claims,
objections or the like as required to advance the asset sale and
administration of the bankruptcy estate.
c. assisting the Debtor in formulating a Plan of Liquidation,
if required, and to represent the Debtor in such other matters as
properly require the services of counsel in connection with this
case and in the best interest of the noted parties-in-interest.
The terms of employment of W. Bradley Sorrells, Esq. are that he
shall be compensated for his services at a rate of $400 per hour,
paralegals at $150 per hour, plus expenses incurred.
The firm received a $20,000 retainer.
As disclosed in the court filings, Sorrells is a "disinterested
person" within the meaning of Sec. 101(14) of the United States
Bankruptcy Code.
The firm can be reached through:
W. Bradley Sorrells, Esq.
Robinson & McElwee PLLC
PO Box 1791
Charleston, WV 26326
Phone: (304) 347-8343
Email: wbs@ramlaw.com
About American Refractory Company LLC
American Refractory Company LLC owns an 8,256 sq ft commerical
building situated on 1 acre lot located at 257 William M Martin
Drive, Mount Hope, WV 25880 valued at $450,000.
American Refractory Company LLC sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-20262) on
November 26, 2024. In the petition filed by Benjamin S. Batton, as
member, the Debtor reports total assets of $867,400 and total
liabilities of $1,131,260.
The Debtor is represented by Joe M. Supple, Esq. at SUPPLE LAW
OFFICE, PLLC.
AMERICAN REFRACTORY: Hires Supple Law Office PLLC as Co-Counsel
---------------------------------------------------------------
American Refractory Company LLC seeks approval from the U.S.
Bankruptcy Court for the Southern District of West Virginia to hire
Supple Law Office, PLLC as co-counsel.
The firm will render these services:
a. provide legal advice to the Debtor in the mattes arising in
the administration of the Chapter 11 proceeding;
b. appear before the Court in all matters arising in the
bankruptcy case to present and protect the interests of the Debtor;
and advancing or responding to motions, applications, claims,
objections or the like as required to advance the asset sale and
administration of the bankruptcy estate; and
c. assist the Debtor in formulating a Plan of Liquidation, if
required, and to represent the Debtor in such other matters as
properly require the services of counsel in connection with this
case and in the best interest of the noted parties-in-interest.
The firm will be paid at these rates:
Joe M. Supple $400 per hour
Paralegals $150 per hour
Supple received a retainer of $20,000.
As disclosed in the court filings, Supple is a "disinterested
person" within the meaning of Sec. 101(14) of the United States
Bankruptcy Code.
The firm can be reached through:
Joe M. Supple, Esq.
SUPPLE LAW OFFICE, PLLC
801 Viand Street
Point Pleasant, WV 25550
Tel: (304) 675-6249
Email: Joe.supple@supplelawoffice.com
About American Refractory Company LLC
American Refractory Company LLC owns an 8,256 sq ft commercial
building situated on 1 acre lot located at 257 William M Martin
Drive, Mount Hope, WV 25880 valued at $450,000.
American Refractory Company LLC sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-20262) on
November 26, 2024. In the petition filed by Benjamin S. Batton, as
member, the Debtor reports total assets of $867,400 and total
liabilities of $1,131,260.
The Debtor is represented by Joe M. Supple, Esq. at SUPPLE LAW
OFFICE, PLLC.
AMSTERDAM HOUSE: Senior Residents in Danger of Eviction
-------------------------------------------------------
Carolyn Gusoff of CBS News reports that the residents of a bankrupt
senior living community on Long Island have been granted a
temporary extension as legal battles over the facility's future
continue.
A judge has ordered The Harborside in Port Washington to resume
negotiations to address the millions owed to residents, many of
whom face eviction if the property is sold. The proposed sale would
convert the community into a rental property, forcing numerous
residents to relocate.
The Harborside's financial struggles began with its parent
company's bankruptcy filing in January 2023. A previous buyer was
rejected by the New York State Department of Health, citing
concerns over resident protection. Despite appeals to Governor
Kathy Hochul to overturn the decision, no action was taken.
The current prospective buyer, Focus Healthcare, plans to transform
The Harborside into a 151-unit rental facility but is not yet
licensed to provide assisted living, nursing care, or memory care.
As a result, around 60 residents requiring such services would need
to find alternative accommodations.
"This is a human tragedy," said Bob Curtis, a resident who will
stay at the facility while his wife, who has dementia, will be
forced to leave.
The financial fallout has also jeopardized $130 million in prepaid
entrance fees. Many residents, like 91-year-old Ellen Greene,
invested their life savings for long-term care and now face
significant losses. "We're trying to get our money back, what we
invested here," Greene said after recently moving out.
Families and lawmakers are calling for an investigation into the
situation. "This was supposed to be a guaranteed investment," said
Nassau County Legislator Delia DeRiggi-Whitton. "You can't just
say, 'Sorry, we don’t know where the money is.'"
Focus Healthcare has emphasized its intent to improve the facility,
with plans to grandfather in current residents at reduced rates,
cap future increases at 5%, and invest $20 million in upgrades.
However, co-founder Curt Schaller acknowledged the limits of their
role. "We deeply empathize with the residents, but we can't undo
the financial losses that led to this bankruptcy," he said.
The New York State Department of Health defended its decision to
reject the previous buyer, stating it was protecting residents by
ensuring compliance with state laws. It confirmed that The
Harborside must submit closure plans to minimize disruption and
secure alternative accommodations for residents.
The case is scheduled to return to court on February 12, 2025.
Meanwhile, families are racing to make new living arrangements as
their life savings remain entangled in the legal process.
About Amsterdam House Continuing Care
Amsterdam House Continuing Care Retirement Community, Inc., doing
business as The Amsterdam at Harborside, operates Nassau County's
first and only continuing care retirement community licensed under
Article 46 of the New York Public Health Law, which provides
residents with independent living units, enriched housing and
memory support services, comprehensive licensed skilled nursing
care, and related health, social, and quality of life programs and
services.
Amsterdam House Continuing Care Retirement Community filed a
voluntary petition for relief under Chapter 11 of the Bankruptcy
Code (Bankr. E.D.N.Y. Case No. 23-70989) on March 22, 2023. In the
petition signed by Brooke Navarre, president and chief executive
officer, the Debtor disclosed $100 million to $500 million in both
assets and liabilities.
Judge Alan S. Trust oversees the cases.
The Debtor tapped Gregory M. Juell, Esq., at DLA Piper LLP (US) as
bankruptcy counsel; and Ankura Consulting Group, LLC as
restructuring advisor. Michael W. Morton of Ankura Consulting Group
is the Debtor's chief restructuring officer.
The U.S. Trustee for Region 2 appointed an official committee to
represent unsecured creditors in the Debtor's Chapter 11 case.
Cooley LLP and GlassRatner Advisory & Capital Group, LLC, doing
business as B. Riley Advisory Services, serve as the committee's
legal counsel and financial advisor, respectively.
ART HOME BUILDER: Taps Peter G. Macaluso as Bankruptcy Counsel
--------------------------------------------------------------
Art Home Builder, Inc. seeks approval from the U.S. Bankruptcy
Court for the Eastern District of California to hire the Law Office
of Peter G. Macaluso as its bankruptcy counsel.
The firm's services include:
a. consulting with Debtor concerning its present financial
situation. Debtor's realistic achievable goals, and the efficacy of
various forms of bankruptcy as a means to achieve its goals;
b. preparing the documents necessary to commence the
bankruptcy case;
c. advising Debtor concerning its duties as
debtor-in-possession in a Chapter 11 Subchapter V case;
d. identifying, prosecuting, and defending claims and cause of
actions ascertainable by or against the estate;
e. preparing applications, motions, answers, briefs, records,
reports, notices, proposed orders, and other papers in connection
with administration of the estate, including the formulation of the
Chapter 11 Subchapter V plan, drafting the plan, and prosecuting
legal proceedings to seel confirmation of the plan;
f. if necessary, preparing and prosecuting such pleadings as
complaints to avoid preferential transfers or transfers deemed
fraudulent as to creditors, motions to authority to borrow money,
sell property, or compromise claims and objections to claims; and
g. taking all necessary action to protect and preserve the
estate, and all other legal services requested.
The counsel estimates that fees will probably be at least $10,000.
The firm will be reimbursed for out-of-pocket expenses incurred.
The Debtor paid the firm a retainer of $5,000, excluding the $1,738
for the court's filing fee.
Peter Macaluso, Esq., a partner at the Law Offices of Peter G.
Macaluso, disclosed in a court filing that his firm is a
"disinterested person" pursuant to Section 101(14) of the
Bankruptcy Code.
The firm can be reached at:
Peter G. Macaluso, Esq.
LAW OFFICES OF PETER G. MACALUSO
7230 South Land Park Drive, Suite 127
Sacramento, CA 95831
Tel: (916) 392-6591
Cell: (916) 705-8847
Fax: (916) 392-6590
Email: info@pmbankruptcy.com
About Art Luxury Home Builder
Art Home Builder, Inc. sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D. Calif. Case No. 24-24792) on
October 24, 2024, with $100,001 to $500,000 in assets and
liabilities.
Judge Christopher D. Jaime presides over the case.
Peter G. Macaluso, Esq. represents the Debtor as legal counsel.
ASMC LLC: Gets Interim OK to Use Cash Collateral Until Jan. 24
--------------------------------------------------------------
ASMC, LLC received fourth interim approval from the U.S. Bankruptcy
Court for the Northern District of Illinois, Eastern Division to
use cash collateral.
The interim order authorized the company to use cash collateral
from Dec. 20 to Jan. 24, 2025, in accordance with its budget.
Secured creditors were granted replacement liens, attaching to the
collateral, but only to the extent of their pre-bankruptcy liens,
with any valid liens attaching to the collateral and its proceeds
until further order of the court.
ASMC was ordered to maintain and pay premiums for insurance to
cover the secured creditors' collateral; properly maintain the
collateral in good repair and manage the collateral; and make
available to the secured creditors evidence of the collateral or
proceeds upon request.
The next hearing is scheduled for Jan. 22. Objections are due by
Jan. 17.
About ASMC LLC
ASMC, LLC is a fastener distributor headquartered in Libertyville,
Ill. It sells anchors, bolts and screws, nuts, washers, pins and
clips, and bearings.
ASMC sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. N.D. Ill. Case No. 24-14067) with $100,000 to $500,000 in
assets and $1 million to $10 million in liabilities. Anthony J.
King, managing member, signed the petition.
Judge David D. Cleary oversees the case.
The Debtor is represented by:
Scott R. Clar, Esq.
Crane, Simon, Clar & Goodman
135 South LaSalle Street, Suite 3950
Chicago, IL 60603-4297
Tel: 312-641-6777
Fax: 312-641-7114
Email: sclar@cranesimon.com
ATI PHYSICAL: Joseph Jordan to Quit as CFO
------------------------------------------
ATI Physical Therapy, Inc., reported in a Form 8-K filed with the
Securities and Exchange Commission that on Dec. 18, 2024, Joseph
Jordan provided notice to the Company that he will resign from his
position as chief financial officer of the Company effective as of
the end of business on Jan. 10, 2025. Mr. Jordan is resigning to
pursue other opportunities. Mr. Jordan's resignation is not the
result of a disagreement with the Company or the Company's Board of
Directors or of any matter relating to the Company's operations,
financial statements, policies or practices. The Company thanks
Mr. Jordan for his dedicated services and wishes him well in his
future endeavors. The Company has begun a search for Mr. Jordan's
successor.
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.
BACKBEAT BREWING: Gets OK to Use Cash Collateral Until Feb. 24
--------------------------------------------------------------
Backbeat Brewing Company, LLC received interim approval from the
U.S. Bankruptcy Court for the District of Massachusetts to use cash
collateral until Feb. 24 next year.
The interim order authorized the company to pay its expenses from
the cash collateral as set forth in its budget filed on Dec. 10,
subject to a variance of no more than 10% in the aggregate,
determined on a monthly basis.
Backbeat is allowed to use cash collateral on the same terms and
conditions set forth in the bankruptcy court's previous order dated
Jan. 4, except as modified by the latest order.
The next hearing will be held on Feb. 19 next year.
About Backbeat Brewing Co.
Backbeat Brewing Co., LLC was formed in March 2018, and does
business at 31 Park Street, Beverly, Ma.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Mass. Case No. 23-12113) on Dec. 18,
2023, with up to $50,000 in both assets and liabilities.
Judge Janet E. Bostwick oversees the case.
John F. Sommerstein, Esq., at the Law Offices of John F.
Sommerstein, is the Debtor's bankruptcy counsel.
BAUDAX BIO: Seeks to Extend Plan Exclusivity to Feb. 16, 2025
-------------------------------------------------------------
Baudax Bio, Inc., asked the U.S. Bankruptcy Court for the Eastern
District of Pennsylvania to extend its exclusivity periods to file
a plan of reorganization and obtain acceptance thereof to February
16, 2025 and April 17, 2025, respectively.
This is the Debtor's fourth request for an extension of its
exclusive periods and represents a proposed extension of 60 days
for each period. In the instant case, cause for a fourth extension
of exclusivity exists because the Debtor requires additional time
to analyze the claims of ordinary and alleged administrative
creditors, organize its creditors into appropriate classes, and
craft a plan of reorganization that can accommodate various and
previously unanticipated forms of monetizing the Debtor's
intellectual property.
The Debtor explains that it would be premature (at best), as well
as a waste of time, effort and resources, including judicial
resources, to require the Debtor to file a plan by December 18,
2024 to maintain its right to exclusivity.
The Debtor asserts that it should be afforded a full and fair
opportunity to negotiate, propose, and seek acceptances to a
confirmable plan of reorganization. The Debtor believes that the
extension of the exclusive periods is warranted and appropriate
under the circumstances and should be granted.
Moreover, it is submitted that, particularly in light of the
anticipated liquidation plan to be proposed by the Debtor, the
extension requested will not prejudice the legitimate interests of
any creditor and will likely afford parties in interest an
opportunity to pursue to fruition the beneficial objectives of a
consensual reorganization.
Baudax Bio, Inc., is represented by:
David B. Smith, Esq.
Nicholas M. Engel, Esq.
SMITH KANE HOLMAN, LLC
112 Moores Road, Suite 300
Malvern, PA 19355
Telephone: (610) 407-7215
Facsimile: (610) 407-7218
Email: dsmith@skhlaw.com
About Baudax Bio, Inc.
Baudax Bio, Inc. is a biotechnology company focused on developing T
cell receptor therapies utilizing human regulatory T cells, as well
as a portfolio of clinical stage neuromuscular blocking agents and
an associated reversal agent.
Baudax Bio, Inc., filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. E.D. Pa. Case No.
24-10583) on February 22, 2024, listing up to $50,000 in assets and
$10 million to $50 million in liabilities. The petition was signed
by Gerri Henwood as chief executive officer.
Judge Magdeline D. Coleman presides over the case.
David B. Smith, Esq., at SMITH KANE HOLMAN, LLC, is the Debtor's
counsel.
BEAUTY GODS: Carol Fox of GlassRatner Named Subchapter V Trustee
----------------------------------------------------------------
The U.S. Trustee for Region 21 appointed Carol Fox of GlassRatner
as Subchapter V trustee for Beauty Gods, LLC.
Ms. Fox 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. Fox declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Carol Fox
GlassRatner
200 East Broward Blvd., Suite 1010
Fort Lauderdale, FL 33301
Tel: 954.859.5075
Email: cfox@brileyfin.com
About Beauty Gods
Beauty Gods, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-23215) on December
18, 2024, with as much as $50,000 in assets.
Judge Peter D. Russin presides over the case.
Michael D. Seese, Esq. represents the Debtor as legal counsel.
BERKSHIRE INVESTMENTS: Hires Gerald Bauman as Accountant
--------------------------------------------------------
Berkshire Investments LLC seeks approval from the U.S. Bankruptcy
Court for the Northern District of Illinois to employ Gerald Bauman
& Company, P.C. as accountant.
The firm's services include:
a. preparing the Debtor's necessary state and federal income tax
returns (2023 IRS Form 1065 U.S. Return of Partnership Income and
2023 IL-1065 Partnership Replacement Tax Return); and
b. performing any other tax and accounting services on behalf of
the Debtor that is required to aid in the proper administration of
the estate.
The firm will be paid a flat fee of $3,000, plus payment of a
retainer of $3,000 to serve as an advance against future billing.
Gerald Bauman, a partner at Gerald Bauman & Company, P.C.,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Gerald Bauman
Gerald Bauman & Company, P.C.
307 Michigan Ave
Chicago, IL 60601
Tel: (312) 368-7000
About Berkshire Investments LLC
Berkshire Investments, LLC, a company in Cicero, Ill., filed
Chapter 11 petition (Bankr. N.D. Ill. Case No. 24-11552) on August
8, 2024, with $1 million to $10 million in both assets and
liabilities.
Judge David D. Cleary oversees the case.
Steven R. Jakubowski, Esq., at Robbins Dimonte, Ltd. is the
Debtor's legal counsel.
BERRY CORP: S&P Alters Outlook to Stable, Affirms 'CCC+' ICR
------------------------------------------------------------
S&P Global Ratings revised its outlook on Dallas-based oil and gas
exploration and production (E&P) company Berry Corp. to stable from
negative on the improved debt maturity profile and affirmed the
'CCC+' issuer credit rating.
S&P said, "We assigned a 'B' issue-level rating to the new
first-lien term loan. The recovery rating is '1', reflecting our
expectation for very high (90%-100%; rounded estimate: 95%)
recovery in the event of a payment default.
"The stable outlook reflects our view that Berry will maintain
approximately flat production in 2025 as it shifts a portion of
development spend away from California’s more restrictive
regulatory environment to its Utah acreage. We also expect
discretionary cash flow after mandatory debt amortization to be
slightly negative in 2025, which constrains liquidity in our view.
However, leverage remains modest and we forecast average funds from
operation (FFO) to debt of about 30% and debt to EBITDA of
2.25x-2.5x."
The outlook revision to stable reflects Berry's improved debt
maturity profile. Berry closed a new, three-year $482million
first-lien term loan facility along with a new super-priority RBL
facility due 2027 with $63 million in elected commitments. The
lender is private credit firm Vitol, through Valor Upstream Credit
Partners L.P. and Breakwall. S&P said, "The term loan includes an
initial $450 million draw and $32 million delayed draw availability
(we assume this is fully drawn in our forecast). We expect the
company will use the initial draw of $450 million primarily for the
redemption of its $400 million senior unsecured notes due February
2026, related interest, capex, and general corporate purposes. The
new facilities mature in 2027, resulting in an improved debt
maturity profile while the company maintains its focus on achieving
approximately flat production in 2025. Leverage remains modest, and
we forecast average funds from operations (FFO) to debt of about
35% and debt to EBITDA of about 2.25x-2.5x through 2026."
S&P said, "We assigned a 'B' issue-level rating to the term loan,
primarily reflecting the benefit of mandatory 10% debt
amortization. This reduces the amount of debt outstanding at the
time of our simulated default under our recovery analysis, along
with a downsized RBL facility ($63 million in elected commitments
compared with $95 million previously), allowing for more value
available to first-lien lenders. Our estimated enterprise value is
unchanged. The '1' recovery rating reflects our expectation for
very high (90%-100%; rounded estimate: 95%) recovery in the event
of a payment default.
"Our production forecast is unchanged. Through the first nine
months of 2024, Berry averaged 25.2 thousand barrels of oil
equivalent per day (mboe/d) of production (93% of oil that receives
Brent pricing), which is in line with our forecast. However, in
2025, we now expect about 40% of capital expenditures will be used
to expand development of its Utah acreage (compared to 20% earlier)
given the positive results from initial horizontal well testing in
2024. In California, we expect higher sidetrack/workover activity
will remain as the temporary suspension of the Kern County
Environmental Impact Review (EIR) continues the effective pause on
new well drilling in Kern County, Calif. (81% of production) over
the short term (12-18 months), unless operators can demonstrate
California Environmental Quality Act (CEQA) compliance in
alternative ways. As noted in our prior report, Berry expects
opportunistic approvals of new well permits in Kern County through
its own CEQA compliant environmental study (covering 86 PUD
locations). Despite the ongoing Kern County situation, about 60% of
Berry's 2025 production is hedged at about $75 per barrel (/bbl)
Brent, while 90% of natural gas purchases (required for the steam
injection Berry uses in its production) are effectively hedged
through swaps (72%) and Utah production (18%), with the remaining
10% exposed to in-basin benchmark SoCal Citygate. We assume
operating costs per barrel (including lease operating expense
(LOE), gathering, processing, and transportation (GP&T) and
production taxes) to remain approximately flat in 2025 at about
$43/boe, inclusive of purchased natural gas settlements.
"Liquidity remains constrained, in our view, given limited
discretionary cash flow after mandatory debt amortization and
challenged access to traditional credit markets. Berry eliminated
its variable dividend and reduced its fixed dividend to about $0.03
per share in the third quarter from $0.12 per share in the second
quarter of 2024. We now expect annual dividends will total about $9
million, compared with our prior expectation for about $45 million,
allowing the company to accommodate the 10% mandatory debt
amortization required by the term loan (S&P estimates at about $48
million annually, including a full draw of the delayed draw term
loan). Under our assumption for $75/bbl Brent, we forecast
discretionary cash flow of approximately negative $10 million in
2025 and 2026, after required amortization. Although we anticipate
the company will maintain full availability of $63 million on its
RBL facility (there is a minimum liquidity covenant of $25 million,
tested monthly) and the $32 million delayed draw on its term loan
facility, we believe the negative cash flow generation limits its
ability to absorb high-impact, low-probability events, such as
operational disruptions or commodity price volatility. Access to
traditional credit markets remains challenged, in our view, given
the current regulatory headwinds in California, specifically tied
to the ongoing Kern country EIR court case, which effectively
pauses new well drilling. While we anticipate a resolution of this
case in the next 12-18 months, interim credit market access remains
challenged.
"The stable outlook reflects our view that Berry will maintain
approximately flat production in 2025 as it shifts a portion of
development spend away from California’s more restrictive
regulatory environment to its Utah acreage. While 60% of total oil
production is hedged in 2025 at about $75 /bbl Brent, we expect
discretionary cash flow after mandatory debt amortization to be
slightly negative in 2025 which constrains liquidity in our view.
However, leverage remains modest, and we forecast average FFO to
debt of about 30% and debt to EBITDA of 2.25x-2.5x.
"We could lower our rating on Berry if liquidity deteriorates
materially. This would most likely occur if commodity prices
decline below our assumptions on a sustained basis and the company
is unable to reduce spending.
"We could raise the rating if the Berry generates material
discretionary cash flow after mandatory debt amortization on a
sustained basis while maintaining FFO to debt around 30%."
BIG LOTS: Announces Sale Transaction to Safeguard Brand, Stores
---------------------------------------------------------------
Dale Quinn of Bloomberg News reports that Big Lots has reached a
sales agreement with Gordon Brothers Retail Partners to transfer
key assets, including stores, distribution centers, and
intellectual property, to other companies such as Variety
Wholesalers.
According to the report, Variety Wholesalers intends to acquire 200
to 400 Big Lots stores, continuing to operate them under the Big
Lots brand. The acquisition may also include up to two distribution
centers. Additionally, Variety Wholesalers may employ Big Lots
associates from the acquired locations, along with select corporate
staff necessary to support future operations, the report cites.
This agreement is subject to bankruptcy court approval and other
closing conditions, according to Bloomberg.
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.
BIORA THERAPEUTICS: Case Summary & 30 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Biora Therapeutics, Inc.
Progenity, Inc.
10070 Carroll Canyon Road
Suite 100
San Diego, CA 92131
Business Description: Biora Therapeutics is engaged in the
research and development of specialized,
highly innovative therapies that utilize a
needle-free delivery of biotherapeutics.
Chapter 11 Petition Date: December 27, 2024
Court: United States Bankruptcy Court
District of Delaware
Case No.: 24-12849
Judge: Hon. Brendan Linehan Shannon
Debtor's Counsel: David R. Hurst, Esq.
MCDERMOTT WILL & EMERGY LLP
The Brandywine Building
1000 N. West Street, Suite 1400
Wilmington, DE 19801
Tel: (302) 485-3900
E-mail: dhurst@mwe.com
Debtor's
CTO Provider: EVORA PARTNERS, LLC
Debtor's
Investment
Banker: MTS PARTNERS, LP
Debtor's
Claims,
Noticing,
Solicitation &
Administrative
Agent: KROLL RESTRUCTURING ADMINISTRATION LLC
Total Assets: $17,980,000
Total Debts: $125,450,000
The petition was signed by Richard Miller as chief transition
officer.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/53VDLLY/Biora_Therapeutics_Inc__debke-24-12849__0001.0.pdf?mcid=tGE4TAMA
List of Debtor's 30 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. Wilmer Cutler Pickering Hale Professional $12,424,693
and Dorr LLP Services
PO Box 7247-8760
Philadelphia, PA 19170-8760
Michael J. Summersgill
Phone: (617) 526-6261
Email: michael.summersgill@wilmerhale.com
2. The Bank of New York 2025 $4,766,750
Mellon Trust Co. Convertible
Corporate Trust Development Notes
PO Box 392013
Pittsburgh, PA 15251-9013
Reginald Brewer
Phone: (213) 630-6175
Email: reginald.brewer@bny.com
3. Lin Shen, Lingjun Lin and Litigation $1,000,000
Fusheng Lin Settlement
c/o Glancy Prongay & Murray LLP
1925 Century Park East, Suite 2100
Los Angeles, CA 90067
Robert Prongay, Esq.
Phone: (310) 201-9150
Email: rprongay@glancylaw.com
4. Gibson Dunn & Crutcher LLP Professional $964,705
PO Box 840723 Services
Los Angeles, CA 90084-0723
Stewart McDowell
Phone: (949) 451-3800
Email: smcdowell@gibsondunn.com
5. Southern District of New York Litigation $895,863
Civil Frauds Unit Settlement
86 Chambers Street
New York, NY 10007
Jeffrey K. Powell
Phone: (212) 637-2706
Email: jeffrey.powell@usdoj.gov
6. U.S. Attorney's Office Litigation $783,880
Southern District of California Settlement
880 Front Street, Room 6293
San Diego, CA 92101
Joseph P. Price, Jr.
Phone: (619) 546-7642
Email: joseph.price@usdoj.gov
7. National Association of Litigation $624,491
Attorneys General Settlement
1850 M Street NW, 12th Floor
Washington, DC 20036
Lynne Kurtz-Citrin
Phone: (512) 936-1772
Email: lynne.kurtz-citrin@oag.texas.gov
8. Intricon Corporation Trade Vendor $285,705
1260 Red Fox Road
Arden Hills, MN 55112
Scott Drikakis
Phone: (651) 604-9579
Email: sdrikakis@intricon.com
9. Donnelly Financial LLC Professional $190,247
PO Box 830181 Services
Philadelphia, PA 19182-0181
Mason Matthies
Phone: (887) 769-5444
Email: mason.matthies@dfinsolutions.com
10. Koninklijke Philips N.V. Professional $150,000
High Tech Campus 5 Services
Eindhoven 5656AE
Netherlands
Erik Pastink
Email: iplicensing@philips.com
11. KPMG LLP Professional $139,232
PO Box 120922 Services
Dept 0922
Dallas, TX 75312
Gerry Schmidt
Phone: (858) 750-7164
Email: gschmidt@kpmg.com
12. Gilero LLC Trade Vendor $127,942
4319 S. Alston Avenue, Suite 100
Durham, NC 27713
Tom Cassou
Phone: (919) 595-8220
Email: ar@gilero.com
13. Care Research Trade Vendor $122,384
6200 E. Country Road 56
Fort Collins, CO 80524
Melanie Apple
Phone: (970) 493-0118
Email: accounting@carereseachllc.com
14. Pharmaron (San Diego) Trade Vendor $121,030
Lab Services LLC
436 Creamery Way, Suite 600
Exton, PA 19341
Dave Neul
Phone: (858) 337-3858
Email: david.neul@pharmaron.com
15. Murgitroyd & Company Ltd Professional $113,862
4721 Emperor Blvd., Suite 430 Services
Durham, NC 27703
Karen Winslade
Phone: (919) 474-8300
Email: karen.winslade@murgitroyd.com
16. Eurofins Advantar Trade Vendor $110,298
Laboratories Inc.
PO Box 11407
Dept. 2661
Birmingham, AL 35246-2661
Elham Amini
Phone: (858) 228-7780
Email: elham.amini@bpt.eurofinsus.com
17. Engent Inc. Trade Vendor $101,143
PO Box 538349
Atlanta, GA 30353-8349
Sam Hogg
Phone: (470) 902-9071
Email: sam.hogg@engentaat.com
18. LifeSci Advisors, LLC Professional $84,754
250 West 55th Street, 34th Floor Services
New York, NY 10019
Ryan Romaine
Phone: (212) 915-3817
Email: rromaine@lifescicapital.com
19. Perkins Coie LLP Professional $82,802
PO Box 24643 Services
Seattle, WA 98124-0643
Linc S. Finkenberg
Phone: (206) 359-8000
Email: clientacct@perkinscoie.com
20. Procopio Cory Hargreaves Professional $78,329
& Savitch LLP Services
PO Box 511480
Los Angeles, CA 90051-8035
Stephen Beuerle
Phone: (619) 525-3816
Email: stephen.beuerle@procopio.com
21. CG Life Trade Vendor $74,575
c/o The Chempetitive Group, LLC
657 W. Lake Street
Chicago, IL 60661
Shahmir Jiwani
Phone: (312) 997-2436
Email: gaap@cglife.com
22. Veryst Engineering LLC Professional $63,767
47A Kearney Road Services
Needham, MA 02494
Matthew Hancock
Phone: (718) 433-0433
Email: mhancock@veryst.com
23. Quadax Inc. Trade Vendor $63,000
25201 Chagrin Blvd., Suite 290
Beachwood, OH 44122
Christina Mulhall
Phone: (216) 765-1144
Email: christinamulhall@quadrax.com
24. UTC Properties LLC Real Property $59,997
PO Box 846963 Lease
Los Angeles, CA 90084-6963
Teriann Nguyen
Phone: (949) 720-2684
Email: officebilling6@irvinecompany.com
25. Deloitte & Touche LLP Professional $58,009
PO Box 844708 Services
Dallas, TX 75284-4708
Hiral Shah
Phone: (619) 232-6500
Email: hiralshah@deloitte.com
26. Oracle America Inc. Trade Vendor $53,851
Bank of America Lockbox Services
15612 Collections Center Drive
Chicago, IL 60693
Lea Miller
Phone: (877) 638-7848
Email: leah.miller@oracle.com
27. R & D Systems Inc. Trade Vendor $53,632
614 McKinley Place NE
Minneapolis, MN 55413
Claudia Harris
Phone: (612) 379-2956
Email: claudia.harris@bio-techne.com
28. Etogen Precision Trade Vendor $49,476
c/o MCU Designs, Inc.
7558 Trade Street
San Diego, CA 92121
Alex Okun
Phone: (858) 450-0990 ext. 111
Email: ar@etogen.com
29. Salesforce, Inc. Trade Vendor $45,000
PO Box 203141
Dallas TX 75320-3141
Matthew Brand
Phone: (415) 984-8567
Email: mbrand@clarkhill.com
30. Mewburn Ellis LLP Professional $40,697
City Tower, 40 Basinghall Street Services
London, EC2V 5DE
United Kingdom
Elaine Chung
Phone: +44(117) 945-1234
Email: elaine.chung@mewburn.com
BIORA THERAPEUTICS: Files Chapter 11 Bankruptcy in Delaware
-----------------------------------------------------------
On December 27, 2024, Biora Therapeutics Inc. filed Chapter 11
protection in the District of Delaware. According to court
filing, the Debtor reports between $100 million and $500 million
in debt owed to 1 and 49 creditors. The petition states funds will
be available to unsecured creditors.
About Biora Therapeutics Inc.
Biora Therapeutics Inc. creates innovative smart pills designed for
targeted drug delivery to the GI tract and systemic, needle-free
delivery of biotherapeutics. It develops therapies to improve
patients' lives.
Biora Therapeutics Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 24-12849) on December 27,
2024. In its petition, the Debtor reports estimated assets between
$10 million and $50 million and estimated liabilities between $100
million and $500 million.
Honorable Bankruptcy Judge Brendan Linehan Shannon handles the
case.
Lucas B. Barrett, Carmen Dingman, Bradley Thomas Giordano, David R.
Hurst, Jonathan I. Levine, and Andrew A. Mark of Will & Emery LLP
are the Debtor's counsels.
BLUE DUCK: Trustee Taps Lain Faulkner & Co as Financial Advisor
---------------------------------------------------------------
Jason A. Rae, Chapter 11 trustee of Blue Duck Energy, Ltd., seeks
approval from the U.S. Bankruptcy Court for the Northern District
of Texas to employ Lain, Faulkner & Co., P.C. as his financial
advisors.
The firm will render these services:
a. serve as accountants and financial advisors to the Trustee;
b. provide assistance to the Trustee and his counsel with
matters related to the Bankruptcy Case;
c. assist the Trustee with preparation of financial
information pertaining to Estate assets and liabilities, cash
flows, financial statements, and projections;
d. assist and/or prepare 13-week cash flow budget and variance
reports;
e. analyze financial data and other information exchanged
between the Debtor and its creditors, any regulatory agencies,
consultants, prospective investors/purchasers or other third
parties, as may be necessary or appropriate;
f. assist the Trustee with preparation of any bankruptcy
required reporting; and
g. perform all other financial and accounting services and
provide all other financial advice to the Trustee in connection
with this case as may be required or necessary.
LainFaulkner's standard hourly rates are:
Directors $440 to $560
Accounting Professionals $235 to $325
IT Professionals $300
Staff Accountants $195 to $275
Clerical and Bookkeepers $95 to $135
D. Brian Crisp, a director at Lain, Faulkner & Co., disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
D. Brian Crisp
Lain, Faulkner & Co. P.C.
400 N St. Paul, Ste. 600
Dallas, TX 75201
Telephone: (214) 720-1929
About Blue Duck Energy, Ltd.
Blue Duck Energy Ltd. sought relief under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-20224) on August 14,
2024. In the petition filed by James Kondziela, as manager of the
Debtor's general partner, it listed estimated assets and
liabilities between $10 million and $50 million each.
The Debtor is represented by Joshua N. Eppich, Esq. at BONDS ELLIS
EPPICH SCHAFER JONES LLP.
BLUE DUCK: Trustee Taps Munsch Hardt Kopf as General Counsel
------------------------------------------------------------
Jason A. Rae, Chapter 11 trustee of Blue Duck Energy, Ltd., seeks
approval from the U.S. Bankruptcy Court for the Northern District
of Texas to employ Munsch Hardt Kopf & Harr, P.C. as his general
counsel.
The firm will render these services:
a. serve as attorneys of record for the Trustee and to provide
representation and legal advice to the Trustee throughout this
Bankruptcy Case, including advising the Trustee with respect to his
powers and duties under the Bankruptcy Code;
b. assist the Trustee in carrying out his duties under the
Bankruptcy Code;
c. advise the Trustee of his responsibilities to the creditor
body and direct necessary communications with same, including
attendance at meetings and negotiations with representatives of
creditors, their counsel, and other parties-ininterest;
d. consult with the United States Trustee, any statutory
committee that may be formed, and all other creditors and
parties-in-interest concerning administration of the Bankruptcy
Case;
e. assist in potential sales of the Estate's assets;
f. prepare on behalf of the Trustee all motions, applications,
answers, orders, reports, and other legal papers and documents
necessary to further the Estate's interests and objectives;
g. investigate, evaluate, pursue, and liquidate assets of the
Debtor's Estate and assist in maximizing the value of the Estate's
assets;
h. investigate, and pursue potential causes of action,
including but not limited to avoidable transfers owned by the
Estate, if and to the extent warranted in the Trustee's
determination;
i. advise and assist the Trustee in connection with his
investigation of the Debtor's acts and conduct;
j. appear before this Court and any appellate or other court
having jurisdiction over any matter associated with the Bankruptcy
Case;
k. perform all other legal services and provide all other
legal advice to the Trustee as may be required or deemed to be in
the interest of the Estate in accordance with the Trustee's powers
and duties as set forth in the Bankruptcy Code; and
l. assist in completing and resolving all remaining aspects of
administration of the Bankruptcy Case.
The hourly rates for the attorneys and paraprofessionals who will
most likely be working on this Bankruptcy Case are:
Davor Rukavina, Shareholder $800
Thomas D. Berghman, Shareholder $550
Jonathan S. Petree, Associate $400
Heather Valentine, Paralegal $235
In addition, the firm will seek reimbursement for expenses
incurred.
Mr. Berghman disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Thomas D. Berghman, Esq.
Munsch Hardt Kopf & Harr P.C.
1717 West 6th Street, Suite 250
Austin, TX 78703
Telephone: (512) 391-6100
Facsimile: (512) 391-6149
Email: tberghman@munsch.com
About Blue Duck Energy, Ltd.
Blue Duck Energy Ltd. sought relief under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-20224) on August 14,
2024. In the petition filed by James Kondziela, as manager of the
Debtor's general partner, it listed estimated assets and
liabilities between $10 million and $50 million each.
The Debtor is represented by Joshua N. Eppich, Esq. at BONDS ELLIS
EPPICH SCHAFER JONES LLP.
BLUESUMMIT MEDICAL: Hires Hannah W. Hutman as Asset Manager
-----------------------------------------------------------
Bluesummit Medical Group LLC and its affiliates seek approval from
the U.S. Bankruptcy Court for the Western District of Virginia to
employ Hannah W. Hutman of Hoover Penrod, PLC as chief executive
for asset management and liquidation.
Mr. Hutman will provide these services:
a) manage the Debtors' businesses, including assisting in the
collection of accounts receivables;
b) review and maintain the Debtors' books and records and
conduct any investigations necessary to assert claims of the
Debtors under the Bankruptcy Code;
c) with the assistance of counsel, pursue any action of the
Debtors that the Debtors are authorized to pursue under the
Bankruptcy Code;
d) formulate and direct the filing of a plan of liquidation, and
assist in the preparation and filing of any required budgets and
monthly operating reports;
e) oversee and monitor the liquidation of the Debtors' assets
and the distribution of any proceeds of such liquidations;
f) represent the Debtors in negotiations and dealings with
creditors and other parties in interest, including, without
limitation, the Committee of Unsecured Creditors; and
g) do all of the above as the authorized representative of the
Debtors with full authority to act independently on behalf of the
Debtors without the necessity of seeking approval from the current
officers and members of the Debtors to obtain such authority.
Mr. Hutman will be paid at the rate of $400 per hour.
In addition, Mr. Hutman will seek reimbursement for its
out-of-pocket expenses.
As disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Hannah W. Hutman
Hoover Penrod, PLC
342 South Main Street
Harrisonburg, VA 22801
Tel: (540) 433-2444
Fax: (540) 433-3916
About Bluesummit Medical Group LLC
BlueSummit Medical Group, LLC is a regional home-based healthcare
company in Saint Joseph, Mo.
BlueSummit and its affiliates sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. W.D. Va. Lead Case No. 24-61191)
on October 25, 2024. At the time of the filing, BlueSummit reported
$1 million to $10 million in both assets and liabilities.
Judge Rebecca Connelly oversees the cases.
Brittany B. Falabella, Esq., at Hirschler Fleischer, P.C.,
represents the Debtor as legal counsel.
BRICKTON LP: Seeks to Extend Plan Exclusivity to April 18, 2025
---------------------------------------------------------------
Brickton LP asked the U.S. Bankruptcy Court for the Eastern
District of California to extend its exclusivity periods to file a
plan of reorganization and obtain acceptance thereof to April 18,
2025 and June 17, 2025, respectively.
The Debtor claims that there are several factors that require
special attention in this case. The Property was built specifically
to serve as an RCFE and has been continuously maintained as an
RCFE. Further, the decisions made in this bankruptcy case could
also have a significant impact on the elderly residents of the
Property. Each of these factors must be carefully weighed by Debtor
in formulating its Plan of Reorganization and, therefore, support
the requested extensions.
The Debtor explains that its case has been pending for less than
four months. Over this relatively short period of time, Debtor has
made significant progress in stabilizing the operations of the
Property. This, in turn, has had a significant positive impact on
both Debtor's ability to resume payments to Stearns Bank and its
prospects for a potential replacement loan. For these reasons, this
factor also supports the requested extensions.
The Debtor asserts that there is significant equity in the
Property, above and beyond the Loans owed to Stearns Bank. There
are also very few other creditors other than Stearns Bank. These
factors weigh heavily in favor of a reasonable prospect of a viable
plan. Debtor simply needs some additional time to weigh the options
and carefully draft its plan to capture that value.
The Debtor further asserts that it does not believe the requested
extensions pressure the creditors in any way. As noted, Stearns
Bank, is significantly oversecured. Further, the concerns raised by
Stearns Bank to date in this bankruptcy, namely, an alleged
conflict of interest of Debtor's president Mr. Matkovich in the
Debtor's relationship with its lessee Cameo RCFE, will be addressed
by the Court's decision in the pending Trustee Motion. Stearns Bank
has more than amply stood up for itself and applied its own
pressure during the short pendency of this Chapter 11 case.
Brickton LP, is represented by:
Stephen D. Finestone, Esq.
Kimberly S. Fineman, Esq.
Finestone Hayes LLP
456 Montgomery Street, Suite 1300
San Francisco, CA 94104
Tel: (415) 421-2624
Fax: (415) 398-2820
Email: sfinestone@fhlawllp.com
About Brickton LP
Brickton LP, filed a Chapter 11 bankruptcy petition (Bankr. E.D.
Cal. Case No. 24-23724) on August 21, 2024, disclosing under $1
million in both assets and liabilities. The Debtor is represented
by Finestone Hayes LLP.
BUCA TEXAS: Closed 18 Locations in Chapter 11
---------------------------------------------
Sandy Baker of Finance Buzz reports that Italian restaurant chain,
Buca di Beppo, known for its large, family-style portions that
offer great value, closed 18 locations across 14 states earlier
this year and filed for Chapter 11 bankruptcy in August.
Since 2020, the chain has shut down about 20% of its locations,
struggling to remain competitive amid rising operating costs and
staffing challenges.
In November, the court approved the sale of Buca di Beppo to its
lender, Main Street Capital Corporation, for $27 million.
So, which Buca di Beppo locations were closed during the bankruptcy
process, and which are still in operation?
Here's a full list of the closures by state, along with an update
on the future of this beloved Italian restaurant chain.
* Arizona
7111 West Ray Road, Chandler, AZ
The Chandler location closed its doors in July 2024 after nearly 25
years of serving as a popular spot for family gatherings. Guests
can still visit other locations in Mesa, Scottsdale, and Peoria.
* California
1249 Howe Avenue, Sacramento, CA
The Sacramento location, known as the Arden-Arcade restaurant,
permanently closed in July 2024 after operating since 1999.
Employees were reportedly unaware of the closure until the day it
happened.
* Colorado
615 Flatiron Marketplace Drive, Broomfield, CO
The Broomfield location closed in August 2024. As the only Buca di
Beppo in the state, fans of the chain will now need to travel
further to enjoy their favorite dishes like Eggplant Parmesan.
* Florida
1351 South Orlando Avenue, Maitland, FL
The Maitland location, which had been in operation for 25 years,
closed its doors in June 2024, becoming one of the first locations
to shut down.
* Hawaii
1030 Auahi Street, Honolulu, HI
After 20 years of operation, the Honolulu location, the only Buca
di Beppo in Hawaii, closed. Despite the island’s appeal, the
restaurant failed to draw in local customers, leading to its
closure.
* Indiana
6045 East 86th Street, Indianapolis, IN
The East 86th Street location closed in August 2024, but there's no
need to worry if you're in the area. Both the Downtown Indianapolis
and Greenwood locations are still open.
* Maryland
112 Kentlands Blvd, Gaithersburg, MD
Those craving Salmon Sorrento in Maryland will need to look
elsewhere, though there are plenty of nearby seafood restaurants.
This location closed in June after deciding not to renew its lease
in the Kimco-managed shopping center.
* Michigan
38888 Six Mile Road, Livonia, MI
12575 Hall Road, Utica, MI
Michigan took a hit with both the Livonia and Utica locations—its
only two in the state—shutting down. Both locations had been in
operation for about 25 years.
* New Jersey
44 Wolf Road, Atlantic City, NJ
The Atlantic City location, the chain's last in New Jersey, has
also closed its doors.
* New York
44 Wolf Road, Colonie, NY
After 24 years of serving dishes like fettuccine alfredo and pasta
Bolognese on Wolf Road, Buca di Beppo closed its New York location
in July. While other Italian restaurants are available in the
region, those craving Buca can head to the 9th Avenue location.
* North Carolina
10915 Carolina Place Parkway, Pineville, NC
Buca di Beppo's only North Carolina location in Pineville closed in
August 2024 after 21 years in business. To enjoy your favorite
dishes now, you'll need to travel over 420 miles to the Nashville
location.
* Ohio
60 East Wilson Bridge, Worthington, OH
While the Worthington Buca di Beppo location has not yet closed, it
is expected to be demolished in 2026 to make way for a new
Chick-fil-A. The restaurant plans to remain open until April 2026,
when its lease expires.
* Pennsylvania
3 East Station Square Drive, Pittsburgh, PA
6600 Robinson Centre Drive, Pittsburgh, PA
2745 Paper Mill Road, Wyomissing, PA
Three Buca di Beppo locations in Pennsylvania are closing,
including two in Pittsburgh and one in Wyomissing. The Station
Square location closed in June, shortly after the Robinson Centre
location shut down.
* Utah
202 West 200 South, Salt Lake City, UT
935 East Fort Union Blvd, Midvale, UT
Utah is losing both of its Buca di Beppo locations. The Salt Lake
City location, open for 21 years, and the Midvale location, open
for 23 years, will both be shutting down.
Remaining Open Locations:
Arizona -- Mesa, Peoria, Scottsdale
Florida -- Davie, Kissimmee, Orlando
Illinois -- Lombard, IL
Indiana -- Greenwood, Indianapolis
Kentucky -- Louisville
Minnesota -- Eden Prairie, Maple Grove, Minneapolis, St. Paul
Missouri -- Kansas City
New Mexico -- Albuquerque
Nevada -- Las Vegas (Excalibur, Paradise, Summerlin)
Ohio -- Cincinnati, Columbus, Strongsville
Tennessee -- Franklin
Texas -- Dallas, Shenandoah
Washington -- Seattle
California -- Anaheim, Brea, Campbell, Carlsbad, Claremont, Encino,
Huntington Beach, Palo Alto, Pasadena, Redondo Beach, Roseville,
San Diego, Santa Clarita, Thousand Oaks, Universal City
The Future of Buca di Beppo
With its rich tomato sauce and plate-sized chicken parmesan, Buca
di Beppo continues to be a beloved destination. If your location
remains open, it might be time to gather the family for a Sunday
dinner.
After receiving court approval on November 1, the chain will be
sold to lender Main Street Capital Corporation for $27 million. A
Texas judge finalized the deal in November after Buca di Beppo,
with its 44 units, failed to attract other bidders.
Main Street Capital will now own Buca di Beppo, which generated
over $172 million in sales last year. The purchase clears the
chain's loans and gives the lender control of nearly all its
assets. In addition, Main Street is providing $36.3 million in
financing to keep operations running during the bankruptcy.
About Buca di Beppo
Founded in Minneapolis in 1993, Buca di Beppo restaurants embody
the Italian traditions of food, friendship, fun, celebration, and
hospitality. Dishes enjoyed for generations in villages
throughout
Italy inspire the menu, which features both Northern and Southern
Italian favorites and delicious cocktails inspired by the region.
While the food has pleased millions of palates from
coast-to-coast,
Buca di Beppo is equally famous for its quirky decor and upbeat
atmosphere. For more information, visit bucadibeppo.com and follow
along on Facebook, Instagram, TikTok or Twitter @bucadibeppo.
Buca di Beppo sought relief under Chapter 11 of the U.S.
Bankruptcy
Code (Bankr. N.D. Tex. Case No. 24-80058) on August 5, 2024. In
the
petition filed by William Snyder, as chief restructuring officer,
the Debtor estimated assets up to $50,000 and estimated
liabilities
between $10 million and $50 million.
The Debtor is represented by:
Amber Michelle Carson, Esq.
Gray Reed & McGraw LLP
4700 Millenia Boulevard, Suite 400
Orlando, FL 32839
CADUCEUS PHYSICIANS: Court Approves Interim Use of Cash Collateral
------------------------------------------------------------------
Caduceus Physicians Medical Group and Caduceus Medical Services,
LLC received interim approval from the U.S. Bankruptcy Court for
the Central District of California, Santa Ana Division to use cash
collateral pending a final hearing.
The interim order signed by Judge Theodor Albert authorized the
healthcare providers to use cash collateral to fund business
operations pursuant to their budget, with a 10% variance.
Secured creditors BMO Harris Bank, Backd, LendSpark, and Despierta
were granted replacement liens to the same extent and with the same
validity and priority as their pre-bankruptcy liens and security
interests.
As additional protection, BMO Harris Bank will receive payment of
$16,700 for December and the months thereafter.
Backd and LendSpark have agreed that no payments need to be made to
them for a period of 16 weeks while Despierta has agreed that no
payments need to be made to it until January 2025.
The final hearing is set for March 5, 2025. Objections are due by
Feb. 19, 2025.
About Caduceus Physicians Medical Group,
a Professional
Caduceus Physicians Medical Group is a physician owned and managed
multi-specialty medical group with locations in Yorba Linda,
Anaheim, Orange, Irvine, and Laguna Beach. It specializes in
primary care, pediatrics, and urgent care.
Caduceus Physicians Medical Group and Caduceus Medical Services,
LLC filed Chapter 11 petitions (Bankr. C.D. Calif. Lead Case No.
24-11946) on August 1, 2024. The petitions were signed by Howard
Grobstein as chief restructuring officer.
At the time of the filing, Caduceus Physicians reported $1 million
to $10 million in both assets and liabilities while Caduceus
Medical reported up to $50,000 in both assets and liabilities.
Judge Theodor Albert presides over the cases.
David A. Wood, Esq., at Marshack Hays Wood, LLP, is the Debtors'
legal counsel.
CALIFORNIA PREMIER: Seeks to Extend Exclusivity to March 28, 2025
-----------------------------------------------------------------
California Premier Office Solutions, Inc., asked the U.S.
Bankruptcy Court for the Southern District of California to extend
its exclusivity periods to file a plan of reorganization and obtain
acceptance thereof to March 28, 2025.
Preceding the bankruptcy, the Debtor entered into a series of
Merchant Cash Agreements (the "MCA") where the Debtor purportedly
"sold" its future accounts receivables to the MCA lenders in
exchange for a cash infusion into its business.
Since the Debtor filed for bankruptcy, the Debtor has been involved
in disputes with United Capital West ("UCW"), Webfunder, LLC,
Mulligan Funding and LG Funding, LLC, (collectively the "MCA
lenders") pertaining to the characterization of the MCA lender's
claims.
The Debtor claims that it requires additional time to continue its
negotiations with MCA lender and ultimately decide whether filing
several adversary complaints is necessary. The Debtor requires
additional time to formulate and propose a plan in this case. The
outcome of the negotiations with MCA lenders will have significant
impact on the ultimate disposition of this case, including, without
limitation, the manner in, and timeframe within, which this case is
administered, and the terms of a plan and disclosure statement.
Moreover, the Debtor's focus and attention has been allocated
toward a resolution amongst the MCA lenders in order to propose a
successful reorganization of this case and continue to maintain the
operations of its business. Once these issues are resolved either
by stipulation between the Debtor and MCA lenders or resolved by
the Court, the Debtor will be able to turn its attention to
preparing a plan and disclosure statement, which the Debtor submits
will require significant time and effort.
Since the Petition Date, the Debtor has opened communication with
the MCA lenders. The Debtor submits that it would be premature to
propose a plan now absent further certainty and clarity regarding
the status of the MCA claims.
The Debtor asserts that its goals while in Chapter 11 are to
conduct an organized and efficient restructuring of its financial
affairs, maintain its business operations in order to continue to
operate with profitability, and emerge from bankruptcy with
successful reorganization. The Debtor seeks a short extension
solely for the purpose of obtaining clarity and certainty regarding
the contingencies of this case before making final decisions
regarding the ultimate administration of this case, including its
ongoing negotiations with the MCA lenders.
California Premier Office Solutions, Inc. is represented by:
Anthony O. Egbase, Esq.
A.O.E. Law & Associates, A.P.C.
800 W. 1st Street, Suite 400
Los Angeles, CA 90012
Telephone: (213) 620-7070
Facsimile: (213) 620-1200
Email: info@aoelaw.com
About California Premier Office Solutions
California Premier Office Solutions, Inc., is a business
specializing in providing office solutions, which may include
services such as office supplies, equipment leasing, and workspace
management. The company aims to deliver comprehensive solutions to
meet the diverse needs of its clients, ranging from small
businesses to larger enterprises.
California Premier Office Solutions filed a petition under Chapter
11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Cal. Case No.
24-03230) with $1,503,578 in assets and $2,081,389 in liabilities.
John K. Green, president signed the petition.
Judge J. Barrett Marum. presides over the case.
Shana Y. Stark, Esq., represents the Debtor as bankruptcy counsel.
CALUMET PAINT: Gets OK to Use Cash Collateral Until Feb. 28
-----------------------------------------------------------
Calumet Paint & Wallpaper, Inc. received fifteenth interim approval
from the U.S. Bankruptcy Court for the Northern District of
Illinois, Eastern Division to use cash collateral.
The interim order authorized the company to use cash collateral to
pay its expenses from Jan. 1 to Feb. 28, 2025, in accordance with
its projected budget. The budget shows total expenses of $90,840
for January and $94,640 for February.
Secured creditors Pratt & Lambert United, Inc. and PPG
Architectural Finishes, Inc. were granted valid, perfected,
enforceable security interests in and to the company's
post-petition assets, including all proceeds and products, to the
same extent and with the same priority of their alleged
pre-bankruptcy liens.
The next hearing is scheduled for Feb. 12.
About Calumet Paint & Wallpaper
Calumet Paint & Wallpaper, Inc. is an Illinois corporation
operating from leased premises at 12120 Western Avenue, Blue
Island, Ill. It has been in business since 1957 and is currently an
authorized Benjamin Moore retailer specializing in the sale of
interior and exterior paints, stains and related supplies.
Calumet Paint & Wallpaper sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 21-11709 on October
13, 2021, with up to $1 million in both assets and liabilities.
Mark R. Lavelle, president of Calumet Paint & Wallpaper, signed the
petition.
Judge Timothy A. Barnes oversees the case.
David K. Wench, Esq., at Burke, Warren, MacKay and Serritella, PC
is the Debtor's legal counsel.
CBDMD INC: Incurs $3.7MM Net Loss for Fiscal Year Ended Sept. 2024
------------------------------------------------------------------
cbdMD, Inc., reported $3,700,126 in net loss for the fiscal year
ended September 30, 2024, compared to a net loss of $22,938,209 for
the fiscal year ended September 30, 2023, according to the
Company's Form 10-K filing with the U.S. Securities and Exchange
Commission.
The Company also reported $10,581,457 in total assets, $8,618,040
in total liabilities, and $1,963,417 in total shareholders' equity
at September 30, 2024.
The Company had cash and cash equivalents on hand of $2.4 million
and working capital of negative $1.1 million at September 30, 2024.
Its working capital is reduced by approximately $4.7 million of
accrued Series A Preferred dividend payments. On September 30, 2023
the Company had cash and cash equivalents on hand of $1.8 million
and working capital of $3.4 million, which was reduced by
approximately $0.7 million for accrued Series A Preferred dividend
payments. Its current assets decreased approximately 20% at
September 30, 2024 from September 30, 2023, which is primarily
attributable to reduction of inventory. Its current liabilities
increase approximately 55% at September 30, 2024 from September 30,
2023. This increase is primarily attributable to a $4 million
increase in dividend payable, partially offset by a $1.1 reduction
in the current portion of rent as a result of the elimination the
lease liability associated with the HQ lease.
The Company entered into a securities Purchase Agreement dated
January 30, 2024 with five accredited Investors whereby the
Investors advanced the Company an aggregate of $1,250,000 gross
proceeds and the Company issued each Investor an 8% Senior Secured
Original Issue 20% Discount Convertible Promissory Note, in the
aggregate principal amount of $1,541,666. The Company has used the
proceeds from the issuance of the Notes for working capital and
general corporate purposes, including, but not limited to inventory
investment to assist with orders and administrative and corporate
governance costs. The principal balance of the Notes has been
reduced to approximately $364,000 and $5,000 of accrued interest.
During the three and twelve months ended September 30, 2024 the
Company used cash primarily to fund its operations.
The Company does not have any commitments for capital expenditures.
It has a commitment for cumulative dividends at an annual rate of
8% payable monthly in arrears for the prior month to its preferred
shareholders. As of September 2023, the Company has stopped paying
the dividends in cash monthly and are accruing this dividend
instead.
While the Company is taking strong action and believes that it can
execute its strategy and path to profitability within its balance
sheet, and in its ability to raise additional funds, there can be
no assurances to that effect. The Company's working capital
position may not be sufficient to support the Company's daily
operations for the twelve months subsequent to the issuance this
report. The Company's ability to continue as a going concern is
dependent upon its ability to improve profitability and cash flow
and the ability to acquire additional funding. These and other
factors raise substantial doubt about the Company's ability to
continue as a going concern within twelve months after the date
that its annual financial statements are issued. These financial
statements do not include any adjustments to reflect the possible
future effects on the recoverability and classification of assets
or the amounts and classification of liabilities that may result in
the Company not being able to continue as a going concern.
The Company's goal from a liquidity perspective is to use operating
cash flows to fund day to day operations and we have not met this
goal as cash flow from operations has been a net generation of $0.2
million and use of $1.0 for the three months ended September 30,
2024 and 2023, respectively and a use of $0.6 (net of $1.25
million of proceeds from the Notes) and $4.3 million for the twelve
months ended September 30, 2024 and 2023, respectively.
A full-text copy of the Form 10-K is available at
https://tinyurl.com/58dsewmt
About cbdMD, Inc.
Headquartered in Charlotte, NC, cbdMD, Inc. -- www.cbdmd.com --
owns and operates the nationally recognized CBD (cannabidiol)
brands cbdMD, Paw CBD, and cbdMD Botanicals. Its mission is to
enhance its customers' overall quality of life while bringing CBD
education, awareness, and accessibility of high-quality and
effective products to all. The Company sources cannabinoids,
including CBD, which are extracted from non-GMO hemp grown on
farms
in the United States.
Charlotte, North Carolina-based Cherry Bekaert LLP, the Company's
auditor since 2016, issued a "going concern" qualification in its
report dated Dec. 22, 2023, citing that the Company has
historically incurred losses resulting in an accumulated deficit
of
approximately $174 million as of Sept. 30, 2023. These conditions
raise substantial doubt about the Company's ability to continue as
a going concern.
While the Company is taking strong action, believes in the
viability of its strategy and path to profitability, and in its
ability to raise additional funds, there can be no assurances to
that effect. The Company's working capital position may not be
sufficient to support the Company's daily operations for the
twelve
months subsequent to the issuance of these annual financial
statements. The Company's ability to continue as a going concern
is
dependent upon its ability to improve profitability and acquire
additional funding. These and other factors raise substantial
doubt
about the Company's ability to continue as a going concern within
12 months after the date that the annual financial statements are
issued, the Company said in its Quarterly Report for the period
ended March 31, 2024.
cbdMD reported a net loss attributable to common shareholders of
$26.94 million for the year ended Sept. 30, 2023, compared to a
net
loss attributable to common shareholders of $74.08 million for the
year ended Sept. 30, 2022. As of June 30, 2024, cbdMD had
$13,843,554 in total assets, $10,815,433 in total liabilities, and
$3,028,121 in total shareholders' equity.
CCA CONSTRUCTION: Files Chapter 11 Bankruptcy in New Jersey
-----------------------------------------------------------
On December 22, 2024, CCA Construction Inc. filed Chapter 11
protection in the District of New Jersey. According to court
filing, the Debtor reports between $1 billion and $10 billion in
debt owed to 1 and 49 creditors. The petition states funds will be
available to unsecured creditors.
About CCA Construction Inc.
CCA Construction Inc., doing business as China Construction America
Inc., ProServ Shared Services, and Plaza Construction, was
established in 1993 as a Delaware corporation, and it is a direct
subsidiary of CSCEC Holding Company, Inc., also a Delaware
corporation. CSCEC Holding, CCA, and CCA's subsidiaries are
discrete pieces of CSCEC's broader business, which is operated by
more than 100 distinct entities located throughout the world, eight
of which are publicly traded. Together, the group of affiliated
entities makes up the largest construction company in the world,
operating in more than 100 countries and regions globally, covering
investment, development, construction engineering, survey and
design.
CCA Construction Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D.N.J. Case No. 24-22548) on December 22,
2024. In the petition filed by Yan Wei, as chairman and chief
executive
officer, the Debtor reports reports estimated assets between $100
million and $500 million and estimated liabilities between $1
billion and $10 billion.
Honorable Bankruptcy Judge Christine M. Gravelle handles the
case.
Debtor's General Bankruptcy Counsel are M. Natasha Labovitz, Esq.,
Sidney P. Levinson, Esq., Elie J. Worenklein, Esq., and Rory B.
Heller, Esq., at DEBEVOISE & PLIMPTON LLP, in New York.
Debtor's Bankruptcy Co-Counsel are Michael D. Sirota, Esq., Ryan T.
Jareck, Esq., Warren A. Usatine, Esq., and Felice R. Yudkin, Esq.,
at COLE SCHOTZ P.C., in Hackensack, New Jersey.
Debtor's Financial Advisor is BDO CONSULTING GROUP, LLC.
Debtor's Administrative Advisor us KURTZMAN CARSON CONSULTANTS,
LLC, dba VERITA GLOBAL.
CELL-NIQUE CORP: Has Deal on Cash Collateral Access
---------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of New York
approved a stipulation between Cell-Nique Corporation and TD Bank,
N.A., allowing the company to use the bank's cash collateral until
Dec. 31.
TD Bank's cash collateral include, without limitation, Cell-Nique's
accounts receivable and proceeds thereof.
As adequate protection, TD Bank was granted continuing valid,
binding, enforceable, and perfected lien and security interest in
and to the collateral.
Cell-Nique will continue to keep the collateral insured in
accordance with the guidelines of the U.S. Trustee's Office and TD
Bank's loan documents.
TD Bank asserts a pre-bankruptcy perfected security interest in and
lien on all of the collateral on account of the loan it provided to
the company. As of the petition date, the balance alleged to be due
on account of the loan was approximately $112,597.
A copy of the stipulation is available at
https://urlcurt.com/u?l=WmU5mb from PacerMonitor.com.
About Cell-Nique Corporation
Cell-Nique Corporation is a grocery and related product merchant
wholesaler in Castleton, N.Y.
Cell-Nique sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. N.Y. Case No. 24-10508) on May 9,
2024, with $10 million to $50 million in both assets and
liabilities. Daniel Ratner, president of Cell-Nique, signed the
petition.
Judge Robert E. Littlefield, Jr. oversees the case.
Peter A. Pastore, Esq., at O'Connell and Aronowitz, P.C.,
represents the Debtor as legal counsel.
CHAMPION HEALTHCARE: Gets OK to Use Cash Collateral Until Jan. 29
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Tennessee
granted Champion Healthcare, LLC interim authorization to use cash
collateral until Jan. 29, 2025.
The interim order approved the use of cash collateral to pay the
company's operating expenses in accordance with its budget, with a
10% variance.
The budget outlines weekly expenses ranging from $8,822 to $13,987
for a 26-week period from Dec. 20 to Jan. 29, 2025.
Secured creditors including Emerald Group Holdings, LLC, doing
business as VitalCap, were granted adequate protection to the
extent of any diminution in the value of their interests in the
cash collateral. These creditors will receive a replacement lien on
post-petition assets of the company.
A final hearing is scheduled for Jan. 29, 2025.
About Champion Healthcare
Champion Healthcare, LLC, a company in Lebanon, Tenn., specializes
in office-based mental health and addiction clinic dedicated to
offering comprehensive treatment services for individuals dealing
with mental health disorders and substance abuse challenges. Its
facility provides evidence-based therapies and interventions to
support clients on their path to recovery and improved mental
well-being.
Champion Healthcare filed a petition under Chapter 11, Subchapter V
of the Bankruptcy Code (Bankr. M.D. Tenn. Case No. 24-02956) on
August 5, 2024, with $189,231 in assets and $1,197,758 in
liabilities. Darryl Champion, president, signed the petition.
Judge Charles M. Walker presides over the case.
Jay R. Lefkovitz, Esq., at Lefkovitz & Lefkovitz represents the
Debtor as legal counsel.
CHERRY GARDEN: Creditor OWEMANCO Files Liquidating Plan
-------------------------------------------------------
OWEMANCO Mortgage Holding Corporation by its servicer RELMO 14215
Holdings L.P. ("RELMO" and/or "Plan Proponent"), a creditor,
submitted a Plan of Liquidation for Cherry Garden LLC dated
December 16, 2024.
The Debtor's exclusive period to file a plan has expired and the
Debtor failed to file a plan. Accordingly, the Plan Proponent
hereby proposes a Plan of liquidation of the Debtor.
The Plan Proponent proposes to appoint David Goldwasser as plan
administrator (the "Plan Administrator") to sell the Debtor's real
property, commonly known as 142-11 and 142-15 Cherry Avenue,
Flushing, New York 11355 (the "Property") and to investigate any
and all causes of actions against the Debtor's Principal. The Plan
provides for a distribution to general unsecured creditors, and if
paid in full, then with interest at the federal judgment rate in
effect on the date the Plan is confirmed.
Class 3 consists of General Unsecured Claims. The Plan Proponent
anticipates that General Unsecured Claims, when and if to the
extent Allowed, shall receive a pro rata distribution of the Net
Sale Proceeds from the sale of the Property after payment of all
Allowed Administrative, Priority and Secured Claims. The alleged
Claim of Class 2 shall be held in escrow pending a Claim Objection.
If the Plan Administrator is successful in the Claim Objection, the
funds held in escrow will be used to make a pro rata distribution
to be paid by the Plan Proponent within 60 days after the Final
Order resolving the claim objection.
Class 3 Claimants are impaired. The allowed unsecured claims total
$750,445.00.
Class 4 consists of Equity Interest Holders. In the event there are
sufficient sale proceeds to pay all prior classes in full, Class 4
Claimants shall retain all existing pre-petition Equity Interests
in the Debtor effective as of the Effective Date. In the event that
there are insufficient funds for same, Class 4 claimants shall not
retain their interests and are deemed to reject the Plan. If there
are sufficient assets left after the payments of the Sale Proceeds,
Class 4 Claimants are unimpaired, are not eligible to vote on the
Plan and are deemed to have accepted the Plan.
A full-text copy of the Liquiodating Plan dated December 16, 2024
is available at https://urlcurt.com/u?l=0gtOgd from
PacerMonitor.com at no charge.
Counsel to Creditor, OWEMANCO Mortgage Holding Corporation:
LAW OFFICES OF AVRUM J. ROSEN, PLLC
Avrum J. Rosen, Esq.
Nico G. Pizzo, Esq
38 New Street
Huntington, New York 11743
Telephone: (631) 423-8527
About Cherry Garden
Cherry Garden LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No.
24-41144) on Mar. 15, 2024. In the petition signed by Bao Gui Zhou,
manager, the Debtor disclosed $8,500,000 in total assets and
$5,098,230 in total liabilities.
Judge Nancy Hershey Lord oversees the case.
William X. Zou, Esq., at Bill Zou & Associates PLLC serves as the
Debtor's counsel.
CJS ENTERPRISES: Michael Carmel Named Subchapter V Trustee
----------------------------------------------------------
The U.S. Trustee for Region 14 appointed Michael Carmel of Michael
W. Carmel, Ltd. as Subchapter V trustee for CJS Enterprises, LLC.
Mr. Carmel will be paid an hourly fee of $550 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Carmel declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Michael W. Carmel
Michael W. Carmel, Ltd.
80 E. Columbus Ave
Phoenix, AZ 85012-4965
Phone: 602-264-4965
Fax: 602-277-0144
Email: michael@mcarmellaw.com
About CJS Enterprises
CJS Enterprises, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Ariz. Case No. 24-10547) on December 10,
2024.
Judge Eddward P. Ballinger Jr. presides over the case.
CLOUD BERN: Seeks to Hire Toni Campbell Parker as Legal Counsel
---------------------------------------------------------------
Cloud Bern LLC seeks approval from the U.S. Bankruptcy Court for
the Western District of Tennessee to hire the Law Offices of Toni
Campbell Parker to handle its Chapter 11 case.
Toni Campbell Parker, Esq., an attorney with Law Offices of Toni
Campbell Parker, will bill her hourly rate of $350 and paralegal
will bill $100 per hour, plus reimbursement for expenses incurred.
The attorney has received a retainer of $7,738.
Ms. Parker disclosed in a court filing that he is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.
The attorney can be reached at:
Toni Campbell Parker, Esq.
Law Offices of Toni Campbell Parker
45 North Third Ave., Ste. 201
Memphis, TN 38103
Telephone: (901) 483-1020
Email: Tparker002@att.net
About Cloud Bern
Cloud Bern LLC, doing business as Furniture Central, is a locally
owned furniture and bedding store in Memphis, Tenne.
Cloud Bern sought relief under Subchapter V of Chapter 11 of the
U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 24-25010) on Oct.
10, 2024, with $1 million to $10 million in both assets and
liabilities. Reed Herrmann, managing member, signed the petition.
The Debtor is represented by Toni Campbell Parker, Esq., at the Law
Firm of Toni Campbell Parker.
CMB DATA ENTRY: Case Summary & Five Unsecured Creditors
-------------------------------------------------------
Debtor: CMB Data Entry Services, LLC
d/b/a Axion Data Services
1009 Cork Drive
Bethel Park, PA 15102
Chapter 11 Petition Date: December 27, 2024
Court: United States Bankruptcy Court
Western District of Pennsylvania
Case No.: 24-23131
Debtor's Counsel: Christopher M. Frye, Esq.
STEIDL & STEINBERG, P.C.
436 Seventh Avenue, Suite 322
Pittsburgh, PA 15219
Tel: 412-391-8000
Fax: 412-391-0221
E-mail: chris.frye@steidl-steinberg.com
Total Assets: $18,200
Total Liabilities: $1,537,364
The petition was signed by Alan B. Bandell as managing member.
A full-text copy of the petition containing, among other items, a
list of the Debtor's five unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/FSUEKWQ/CMB_Data_Entry_Services_LLC__pawbke-24-23131__0001.0.pdf?mcid=tGE4TAMA
CMB DATA: Seeks Chapter 11 Bankruptcy Protection in Pennsylvania
----------------------------------------------------------------
On December 27, 2024, CMB Data Entry Services LLC filed Chapter 11
protection in the Western 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.
About CMB Data Entry Services
CMB Data Entry Services LLC, doing business as Axion Data Services,
is a limited liability company.
CMB Data Entry Services LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 24-23131) on
December 27, 2024. In its petition, the Debtor reports estimated
assets up to $50,000 and estimated liabilities between $1 million
and $10 million.
The Debtor is represented by:
Christopher M. Frye, Esq.
Steidl & Steinberg
Suite 2830 Gulf Tower
707 Grant Street
Pittsburgh, PA 15219
P: 412-391-8000
Fax: 412-391-0221
COASTAL GROWERS: Hires Balch & Bingham as Special Counsel
---------------------------------------------------------
Coastal Growers LLC seeks approval from the U.S. Bankruptcy Court
for the Southern District of Alabama to employ Balch & Bingham LLP
as special corporate counsel.
The Debtor needs the firm's legal assistance in connection with a
transaction or sale and corporate matters that may arise during the
bankruptcy case.
The firm will be paid at these rates:
Partners $475 to $905 per hour
Associates $320 to $520 per hour
Paralegals $235 to $315 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
In addition, the firm will seek reimbursement for its out-of-pocket
expenses.
David K. Bowsher, Esq., a partner at Balch & Bingham LLP, disclosed
in a court filing that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
David K. Bowsher, Esq.
Balch & Bingham LLP
1901 Sixth Avenue North, Suite 1500
P.O. Box 306
Birmingham, AL 35203-4642
Tel: (205) 226-8734
Fax: (205) 226-8799
Email: dbowsher@balch.com
About Coastal Growers LLC
Coastal Growers LLC is a company that helps peanut farmers achieve
higher returns by sharing in farming and shelling profits and
operates a shelling facility in Atmore. Since its launch in 2021,
the facility has served as a key center for peanut shelling,
storage, and shipping, contributing to regional agricultural growth
and economic development, the report relays.
Coastal Growers LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Ala. Case No. 24-13034) on November
27, 2024. In the petition filed by Holly Johnson, as chief
financial officer, the Debtor reports estimated assets between $10
million and $50 million and estimated liabilities between $100
million and $500 million.
The case is before Honorable Bankruptcy Judge Henry A. Callaway.
Edward J. Peterson, Esq., at Johnson Pope Bokor Ruppel and Burns,
LLP represents the Debtor.
COASTAL GROWERS: Hires Johnson Pope Bokor as Counsel
----------------------------------------------------
Coastal Growers LLC seeks approval from the U.S. Bankruptcy Court
for the Southern District of Alabama to employ Johnson Pope Bokor
Ruppel & Burns, LLP as counsel.
The firm will provide these services:
a. give the Debtors legal advice with respect to their duties
and obligations as Debtors in Possession;
b. take necessary steps to analyze and pursue any avoidance
actions, if in the best interest of the estate;
c. prepare on behalf of the Debtors the necessary motions,
notices, pleadings, petitions, answers, orders, reports and other
legal papers required in this Chapter 11 case;
d. assist the Debtors in taking all legally appropriate steps
to effectuate compliance with the Bankruptcy Code; and
e. perform all other legal services for the Debtors which may
be necessary herein including closings of sales of the Debtors'
assets.
The firm will be paid at these rates:
Edward J. Peterson, Partner $450 per hour
Alberto F. Gomez, Jr., Partner $450 per hour
Angelina Lim, Partner $450 per hour
James Eising, Associate $325 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
The firm will be paid a retainer of $150,000.
Edward J. Peterson, Esq., a partner at Johnson Pope Bokor Ruppel &
Burns, LLP, disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached at:
Edward J. Peterson, Esq.
Johnson Pope Bokor Ruppel & Burns, LLP
400 N Ashley Dr., Ste. 3100
Tampa, FL 33602
Tel: (813) 225-2500
Email: edwardp@jpfirm.com
About Coastal Growers LLC
Coastal Growers LLC is a company that helps peanut farmers achieve
higher returns by sharing in farming and shelling profits and
operates a shelling facility in Atmore. Since its launch in 2021,
the facility has served as a key center for peanut shelling,
storage, and shipping, contributing to regional agricultural growth
and economic development, the report relays.
Coastal Growers LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Ala. Case No. 24-13034) on November
27, 2024. In the petition filed by Holly Johnson, as chief
financial officer, the Debtor reports estimated assets between $10
million and $50 million and estimated liabilities between $100
million and $500 million.
The case is before Honorable Bankruptcy Judge Henry A. Callaway.
Edward J. Peterson, Esq., at Johnson Pope Bokor Ruppel and Burns,
LLP represents the Debtor.
COMTECH TELECOMMUNICATIONS: Delays Filing of Q1 Quarterly Report
----------------------------------------------------------------
Comtech Telecommunications Corp. filed a Form 12b-25 with the
Securities and Exchange Commission notifying the delay in the
filing of its Quarterly Report on Form 10-Q for the period ended
Oct. 31, 2024.
Comtech said, "Due to the Company's ongoing efforts to finalize its
condensed consolidated financial statements, which include: (i) its
recoverability assessments of (x) receivables and contract assets
related to a certain international reseller of our troposcatter
technologies, and (y) goodwill and certain long-lived assets due to
the Company's ongoing evaluation of its strategic transformation
plans; and (ii) the accounting for and presentation of certain debt
instruments and exchanges of convertible preferred shares, the
Company is unable to file its Quarterly Report on Form 10-Q for the
period ended October 31, 2024 (the "Report") within the prescribed
time period without unreasonable effort or expense. The Company
currently anticipates filing the Report within the time period
provided by Rule 12b-25 promulgated under the Securities Exchange
Act of 1934."
The Company anticipates a significant change in its first quarter
of fiscal 2025 GAAP results of operations, as compared to the first
quarter of fiscal 2024, primarily due to lower performance during
its first quarter of fiscal 2025 in its Satellite and Space
Communications segment, including non-cash charges related to the
impairment of: (i) receivables and contract assets related to a
certain international reseller of the Company's troposcatter
technologies; and (ii) inventory resulting from its decision to
discontinue or de-emphasize certain products within its satellite
ground infrastructure product line. The non-cash impairment charge
related to: (i) receivables and contract assets is estimated to
range between $18.0 million and $22.0 million; and (ii) inventory
is estimated to range between $10.0 million and $13.0 million. As
the Company's efforts to finalize its condensed consolidated
financial statements are ongoing, such anticipated results are
subject to change.
About Comtech Telecommunications Corp.
Headquartered in Chandler, Arizona, Comtech Telecommunications
Corp. -- www.comtech.com -- is a global provider of next-generation
911 emergency systems and secure wireless and satellite
communications technologies. This includes the critical
communications infrastructure that people, businesses, and
governments rely on when durable, trusted connectivity is required,
no matter where they are - on land, at sea, or in the air - and no
matter what the circumstances -- from armed conflict to a natural
disaster. The Company's solutions are designed to fulfill its
customers' needs for secure wireless communications in the most
demanding environments, including those where traditional
communications are unavailable or cost-prohibitive, and in
mission-critical and other scenarios where performance is crucial.
Jericho, New York-based Deloitte & Touche LLP, the Company's
auditor since 2015, issued a "going concern" qualification in its
report dated Oct. 30, 2024, citing that the Company has suffered
recurring losses and negative cash outflows from operations, and
may be unable to maintain compliance with financial covenants
required by its credit agreement that raise substantial doubt about
its ability to continue as a going concern.
COMTECH TELECOMMUNICATIONS: Receives Nasdaq Non-Compliance Notice
-----------------------------------------------------------------
Comtech Telecommunications Corp. announced Dec. 23 it received a
letter from the Nasdaq Listing Qualifications Department of the
Nasdaq Stock Market notifying the Company that it is not in
compliance with periodic requirements for continued listing set
forth in Nasdaq Listing Rule 5250(c)(1) because the Company's
Quarterly Report on Form 10-Q for the period ended Oct. 31, 2024
was not filed with the Securities and Exchange Commission by the
required extended due date of Dec. 16, 2024. This Letter received
from Nasdaq has no immediate effect on the listing or trading of
the Company's shares.
The Letter states that the Company has 60 calendar days, or by Feb.
17, 2025, to submit to Nasdaq its plan to regain compliance with
the Listing Rule. Pursuant to the Letter, if Nasdaq accepts the
plan, Nasdaq can grant an exception of up to 180 calendar days from
the Report's due date, or until June 16, 2025, to regain
compliance. If Nasdaq does not accept the plan, the Company will
have the opportunity to appeal that decision to a Nasdaq Hearings
Panel.
The Company said it is diligently working to complete its Report,
and the Company expects to complete and file its Report with the
SEC to regain compliance with the Listing Rule prior to the
expiration of the 60 day period.
About Comtech Telecommunications
Headquartered in Chandler, Arizona, Comtech Telecommunications
Corp. --
http://www.comtech.com/-- is a global provider of next-generation
911 emergency systems and secure wireless and satellite
communications technologies. This includes the critical
communications infrastructure that people, businesses, and
governments rely on when durable, trusted connectivity is required,
no matter where they are - on land, at sea, or in the air - and no
matter what the circumstances -- from armed conflict to a natural
disaster. The Company's solutions are designed to fulfill its
customers' needs for secure wireless communications in the most
demanding environments, including those where traditional
communications are unavailable or cost-prohibitive, and in
mission-critical and other scenarios where performance is crucial.
Jericho, New York-based Deloitte & Touche LLP, the Company's
auditor since 2015, issued a "going concern" qualification in its
report dated Oct. 30, 2024, citing that the Company has suffered
recurring losses and negative cash outflows from operations, and
may be unable to maintain compliance with financial covenants
required by its credit agreement that raise substantial doubt about
its ability to continue as a going concern.
CONTAINER STORE: Remains Open Amid Chapter 11 Bankruptcy Filing
---------------------------------------------------------------
Kimberly Redmond of NJBiz reports that the Container Store
continues operations despite its Chapter 11 filing.
The Container Store is seeking Chapter 11 bankruptcy protection due
to declining sales and rising debt. In a December 22, 2024 filing
with the U.S. Bankruptcy Court for the Southern District of Texas,
the retailer of home storage and organization products stated that
its 100+ stores across the country, along with its online
operations, will remain open throughout the bankruptcy proceedings,
according to NJBiz.
The company has five locations in New Jersey: Bridgewater, Cherry
Hill, Livingston, Paramus, and Princeton, the report states.
As part of a prepackaged deal with lenders, The Container Store
will secure $40 million in new financing. The company expects to
complete the reorganization in less than 35 days, after which it
will transition to private ownership under its term loan lenders,
NJBiz reports.
The Container Store confirmed that it will continue to pay vendors,
suppliers, and other creditors for goods and services received both
before and after the Chapter 11 filing, the report cites.
CEO and President Satish Malhotra commented, "We believe our
strategy is strong, and the actions we're taking will help us
advance our business, strengthen customer relationships, expand our
reach, and improve our capabilities."
He also expressed enthusiasm for the future of the company's custom
space offerings, which continue to perform well. "We deeply
appreciate our dedicated employees, customers, partners, and
vendors for their support, as well as our lenders who recognize the
potential of our business. We're committed to maintaining our
workforce and ensuring an exceptional customer experience as we
move forward with this recapitalization and for many years to
come."
About Container Store Group Inc.
Container Store Group Inc. is a company renowned for for selling
closet organizers and storage solutions.
Container Store Group Inc. sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Tex.) on December 22, 2024. In
its petition, the Debtor reports assets and liabilities between
$100 million and $500 million.
Judge: Hon. Alfredo R Perez
Debtors' Legal Counsel is Timothy A. ("Tad") Davidson II, Esq.,
Ashley L. Harper, Esq., and Philip M. Guffy, Esq., at HUNTON
ANDREWS KURTH LLP, in Houston, Texas.
Debtors' Legal Counsel is George A. Davis, Esq., Hugh Murtagh,
Esq., Tianjiao (TJ) Li, Esq., and Jonathan J. Weichselbaum, Esq.,
at LATHAM & WATKINS LLP, in New York, and Ted A. Dillman, Esq., in
LATHAM & WATKINS LLP, in Los Angeles, California.
Debtors' Investment Banker is HOULIHAN LOKEY CAPITAL, INC.
Debtors' Claims, Noticing & Solicitation Agent is VERITA GLOBAL
(Previously KURTZMAN CARSON CONSULTANTS LLC).
D&J POOL PREP: Court Extends Use of Cash Collateral to Feb. 6
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida issued
an agreed order extending D&J Pool Prep Corp.'s authority to use
cash collateral until Feb. 6 next year.
All other terms and conditions stated in the fourth interim order
authorizing the use of cash collateral as of June 11, 2024, remain
unchanged.
The hearing has been rescheduled to Feb. 6, 2025.
About D&J Pool Prep
D&J Pool Prep Corp. sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-02922), with $50,001
to $100,000 in assets and $500,001 to $1 million in liabilities.
Judge Tiffany P. Geyer presides over the case.
Chad Van Horn, Esq., at Van Horn Law Group P.A. serves as the
Debtor's bankruptcy counsel.
DENALI CONSTRUCTION: Gets Final OK to Use Cash Collateral
---------------------------------------------------------
Denali Construction Services, LLC received final approval from the
U.S. Bankruptcy Court for the Northern District of Texas, Dallas
Division to use cash collateral to pay its operating expenses.
The final order authorized the company to use cash collateral
pursuant to its projected budget, with allowed variance of 5% per
line item and a 10% overall variance allowance.
Instafunding, LLC, doing business as TVT SPVL, was granted
replacement liens on Denali's post-petition assets, subordinate to
a carve-out for fees.
As additional protection, the court approved weekly payments of
$2,500 to Instafunding beginning Dec. 9.
About Denali Construction Services
Denali Construction Services, LLC provides mechanical solutions for
commercial, government, and industrial projects ranging from
preventive maintenance, renovation, remodel, and retrofit to new
construction ventures. Its specialty areas are municipalities,
airports, schools, colleges, hospitals, secured-government
facilities, correctional facilities, and manufacturers.
Denali sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. N.D. Texas Case No. 24-33155) with $1 million to $10
million in both assets and liabilities. Michelle L. Thrailkill,
president and managing member, signed the petition.
Judge Michelle V. Larson oversees the case.
The Debtor is represented by Thomas Daniel Berghman, Esq., at
Munsch Hardt Kopf & Harr, PC.
DENTISTRY BY DESIGN: Seeks to Hire Maltz Auctions as Appraiser
--------------------------------------------------------------
Dentistry by Design P.C. seeks approval from the U.S. Bankruptcy
Court for the Eastern District of New York to hire Maltz Auctions,
Inc. as appraiser.
Maltz proposes to provide an appraisal report for certain personal
property, and will render this service for a flat fee of up to
$5,250, inclusive of costs and expenses.
Richard Maltz, president of Maltz Auctions, assured the court that
his firm has no adverse interest to the Debtor's estate, is
disinterested and will provide a valuable service to the Debtor by
assisting it in valuing its assets.
The firm can be reached through:
Richard Maltz
Maltz Auctions Inc
39 Windsor Place
Central Islip, NY 11722
Phone: (516) 349-7022
About Dentistry by Design
Dentistry by Design P.C., formerly known as Walt Whiman Family
Dental P.C., offers a comprehensive array of cosmetic, general, and
preventative dental procedures.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-74271) on November 8,
2024, with $45,036 in assets and $2,022,966 in liabilities. Dr.
Joseph Ayoub, owner and president, signed the petition.
Judge Louis A. Scarcella presides over the case.
Alex E. Tsionis, Esq., at the Law Offices of Avrum J. Rosen, PLLC
represents the Debtor as bankruptcy counsel.
DORAL CORPORATE: Might Lose Offices to Foreclosure
--------------------------------------------------
Brian Bandell of South Florida Business Journal reports that a year
after filing for bankruptcy, Doral Corporate Group faces the
potential loss of its offices to foreclosure.
Best Meridian Insurance Co., a Miami-based firm, has initiated a
$2.49 million foreclosure lawsuit against Doral Corporate Group,
targeting four units -- 202, 204, 308, and 501 -- in the Elite
Centre at Doral, a 34-unit office condominium complex located at
10450 N.W. 33rd St. The combined square footage of the units is
7,330.
The foreclosure suit, filed on December 23, 2024 also names loan
guarantors Rubi H. Ortega and Angel Prieto. According to the
complaint, Doral Corporate Group defaulted on its loan after
missing payments starting in July 2023, resulting in an outstanding
balance of $2.49 million in principal, along with accrued interest
and fees. Best Meridian Insurance originally issued the loan in
December 2022.
In December 2023, Doral Corporate Group filed for Chapter 7
liquidation in U.S. Bankruptcy Court in Miami. At that time, the
company owned five units in the Elite Centre. With court approval,
it sold Unit 106 for $425,000 in June 2024, though this unit was
financed by a separate lender. In October, bankruptcy trustee Ross
R. Hartog signaled his intention to abandon the remaining four
units, citing their lack of value and the unnecessary burden of
maintaining them on the estate.
Best Meridian Insurance has been actively involved in South
Florida's growing wave of commercial foreclosures, with two other
cases appearing on the Business Journal's 2024 list of major
commercial foreclosures.
Efforts to reach attorneys representing Best Meridian Insurance and
Doral Corporate Group for comment were unsuccessful.
About Doral Corporate Group
Doral Corporate Group is a leading global company in the field of
renewable energy founded in 2007.
Doral Corporate Group sought relief under Chapter 7 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 23-19919) on November
30, 2023.
Honorable Bankruptcy Judge Laurel M. Isicoff handles the case.
Timothy S. Kingcade, Esq. at Kingcade, Garcia & McMaken, P.A.
represents the Debtor as counsel.
DR. POWER: Gets Interim OK to Use Cash Collateral
-------------------------------------------------
Dr. Power Washers, Inc. received interim approval from the U.S.
Bankruptcy Court for the Eastern District of Texas, Tyler Division,
to use the cash collateral of Mulligan Funding, LLC and the U.S.
Small Business Administration.
The order signed by Judge Joshua Searcy authorized the company to
use cash collateral from Dec. 20 until the entry of a subsequent
interim order or a final order in accordance with its budget, with
a 10% variance allowed.
The budget outlines projected expenses of $93,430 for the period
ending January 2025.
The final hearing is scheduled for Jan. 15, 2025.
About Dr. Power Washers
Dr. Power Washers, Inc. sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D. Texas Case No. 24-60627) on
October 14, 2024, listing under $1 million in both assets and
liabilities.
Judge Joshua P. Searcy oversees the case.
Gordon Mosley, Esq. represents the Debtor as legal counsel.
DRIP MORE: Lynda Bui Appointed as Chapter 11 Trustee
----------------------------------------------------
Peter Anderson, the U.S. Trustee for Region 16, appointed Lynda T.
Bui as Chapter 11 trustee for Drip More, LLC.
The appointment was made pursuant to the order from the U.S.
Bankruptcy Court for the Central District of California on December
17.
Ms. Bui declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
About Drip More
Drip More, LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Calif. Case No. 24-11703) on July 5,
2024. In the petition filed by Brian Bereber, managing member, the
Debtor disclosed up to $500,000 in assets and up to $10 million in
liabilities.
Judge Scott C. Clarkson oversees the case.
The Debtor tapped Roksana D. Moradi-Brovia, Esq., at RHM Law LLP as
bankruptcy counsel; Steven J. Mirsky, Esq., at Mirsky Corporate
Advisors as special counsel; and Chris Yau, CPA, at Lighthouse
Consultants Inc. as bookkeeper.
DT&T LOGISTICS: Court Extends Use of Cash Collateral Until Jan. 17
------------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Illinois,
Eastern Division extended DT&T Logistics Inc.'s authority to use
cash collateral from Dec. 20 to Jan. 17, 2025.
The bankruptcy court approved the use of cash collateral to pay the
company's expenses in accordance with its budget and the terms of
the court's previous order entered on Aug. 6.
The budget shows total projected expenses of $262,000 for a 30-day
period.
A status hearing on DT&T's use of cash collateral is scheduled for
Jan. 15, 2025.
About DT&T Logistics
DT&T Logistics Inc. operates in the trucking industry.
DT&T Logistics filed a petition under Chapter 11, Subchapter V of
the Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-08667) on June
12, 2024, with $500,000 to $1 million in assets and $1 million to
$10 million in liabilities. Robert Handler of Commercial Recovery
Associates, LLC serves as Subchapter V trustee.
Judge Deborah L. Thorne handles the case.
The Debtor is represented by Saulius Modestas, Esq., at Modestas
Law Offices, P.C.
DVC3 LLC: Seeks Chapter 11 Bankruptcy Protection in Florida
-----------------------------------------------------------
On December 23, 2024, DVC3, LLC, filed Chapter 11 protection in
the Middle District of Florida. According to court filing, the
Debtor reports $1,548,302 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 29,
2025, at 11:00 a.m. telephonically via US Trustee - Jacksonville.
About DVC3 LLC
DVC3 LLC is a limited liability company.
DVC3 LLC sought relief under Subchapter V of Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Fla. Case No. 24-03897) on December 23,
2024. In the petition filed by Rebecca L. Vetter as manager, the
Debtor reports total assets of $414,171 and total liabilities of
$1,548,302.
Honorable Bankruptcy Judge Jacob A. Brown handles the case.
The Debtor is represented by:
Bryan K. Mickler, Esq.
LAW OFFICES OF MICKLER & MICKLER, LLP
5452 Arlington Expy.
Jacksonville FL 32211
Email: bkmickler@planlaw.com
EDGAR BENJAMIN HEALTHCARE: Court Extends Receivership to June 2025
------------------------------------------------------------------
Avery Bleichfeld of The Bay State Banner reports that the Edgar
Benjamin Healthcare Center's receivership has been extended until
June 2025, as ruled by Suffolk County Superior Court on December
19, 2024. The extension includes continued state funding paired
with stricter financial oversight requirements.
According to The Bay State Banner, Justice Anthony Campo approved
the six-month extension of the receivership -- a process that
replaced the facility's administrator with court-appointed receiver
Joseph Feaster. Feaster, a Roxbury attorney, is now required to
submit monthly financial reports and updates on facility
conditions, as requested by the attorney general and the Department
of Public Health. While Campo agreed to some state demands, he
denied others, including a proposal to fund receivership costs from
the center's resources. Instead, the state will cover these
expenses, which include accounting and legal fees to recover
outstanding debts. Campo expressed concerns that shifting these
costs could hinder the center's progress.
The facility entered receivership in April 2024 after efforts to
prevent its closure. Former administrator Tony Francis had
announced plans to shut it down, citing financial difficulties.
However, staff and community members accused Francis of financial
mismanagement, including risky cryptocurrency investments and
high-interest loans, which caused the center to miss payroll and
jeopardized operations, according to report.
Under Feaster's leadership, the center has made notable
improvements, such as hiring new staff, increasing the resident
census, enhancing operations, and pursuing unpaid debts. Despite
these strides, financial tensions with the state persist. The state
advanced $313,000 in MassHealth payments to the center, initially
planning to begin recoupment in January 2024 but delaying it until
April 2024. Feaster argued that this postponement provides little
relief and could disrupt progress. Feaster also criticized the
state's opposition to funding legal and accounting efforts needed
to address previous financial irregularities, such as unauthorized
expenses and overpayments. He emphasized that ongoing state support
is crucial for the center's recovery and expressed frustration over
the lack of cooperation, the report states.
Campo acknowledged the progress achieved but noted that significant
challenges remain. He instructed Feaster to outline all potential
paths for the facility, including continued operation, sale, or
closure, in a report due before an April 2024 status hearing, The
Bay State Banner reports.
The case unfolds alongside recent state legislation designed to
improve oversight of long-term care facilities. Signed into law by
Governor Maura Healey in September, the legislation mandates
stricter inspections, enhanced regulatory authority, and workforce
development initiatives. While Feaster supports the reforms, he
expressed doubts about their execution, citing his difficulties
with state agencies during the receivership. As the receivership
continues, Feaster remains committed to stabilizing the facility
and securing its future despite ongoing disputes over funding and
oversight, the report cites.
About Edgar Benjamin Healthcare
Edgar Benjamin Healthcare is a non-profit skilled Nursing and
Rehabilitation Center, which services the greater Boston community.
ENTECCO FILTER: Court Extends Use of Cash Collateral to Jan. 24
---------------------------------------------------------------
Entecco Filter Technology, Inc. received fourth interim approval
from the U.S. Bankruptcy Court for the Middle District of North
Carolina, Winston-Salem Division to use cash collateral until Jan.
24 next year.
The court authorized Entecco to use the cash collateral of PNC
Bank, National Association based on the company's five-week budget
projection. During this interim period, the company can use up to
110% of any line item in the budget.
PNC Bank has a lien on certain assets of the company based on a
$125,000 loan extended under a revolving line of credit issued in
July last year.
As adequate protection for PNC's interest in the cash collateral,
the court granted the bank a continuing security interest in the
company's post-petition assets. This security interest mirrors the
pre-bankruptcy collateral and ensures that PNC's position remains
protected throughout the bankruptcy process. In case of any default
or unauthorized use of funds, PNC can request immediate relief,
including termination of the company's ability to use cash
collateral.
The next hearing is scheduled for Jan. 23, 2025.
About Entecco Filter Technology
Entecco Filter Technology, Inc., is a Delaware-based environmental
technology company, specializing in air purification systems and
filter products used in various industries.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D.N.C. Case No. 24-50707) with $1 million
to $10 million in both assets and liabilities. James David
Edgerton, president and chief executive officer, signed the
petition.
James C. Lanik, Esq., at Waldrep Wall Babcock & Bailey, PLLC serves
as the Debtor's legal counsel.
EXTREME RESIDENTIAL: Hires Paul Reece Marr P.C. as Counsel
----------------------------------------------------------
Extreme Residential S.E., Inc. seeks approval from the U.S.
Bankruptcy Court for the Northern District of Georgia to employ the
law firm of Paul Reece Marr, P.C. as counsel.
The firm's services include:
(a) providing the Debtor with legal advice regarding its
powers and duties as a debtor in possession in the continued
operation and management of its affairs;
(b) preparing on behalf of the Debtor the necessary
applications, statements, schedules, lists, answers, orders and
other legal papers pursuant to the Bankruptcy Code; and
(c) performing all other legal services in the Chapter 11
bankruptcy proceeding for the Debtor which may be reasonably
necessary.
The firm will be paid at these rates:
Paul Reece Marr, Esq. $450 per hour
Paralegal $250 per hour
In addition, the firm will seek reimbursement for expenses
incurred.
Paul Reece Marr, Esq., an attorney at Paul Reece Marr, disclosed in
a court filing that his firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Paul Reece Marr, Esq.
Paul Reece Marr, PC
6075 Barfield Road; Suite 213
Sandy Springs, GA 30328
Tel: (770) 984-2255
Email: paul.marr@marrlegal.com
About Extreme Residential S.E., Inc.
Extreme Residential S.E. Inc., formerly known as Blue Horizon USA
Inc., provides premium quality and efficient energy management and
indoor air conditioning, providing not only a service but also 360
support.
Extreme Residential S.E. Inc. sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No.
24-62902) on December 5, 2024. In the petition filed by William R.
Hires, as CEO, the Debtor reports estimated assets and liabilities
between $1 million and $10 million each.
Honorable Bankruptcy Judge James R. Sacca handles the case.
The Debtor is represented by Paul Reece Marr, Esq., at PAUL REECE
MARR, P.C.
EYM PIZZA: Plan Exclusivity Period Extended to March 4, 2025
------------------------------------------------------------
Judge Brenda T. Rhoades of the U.S. Bankruptcy Court for the
Eastern District of Texas extended EYM Pizza L.P. and affiliated
companies' exclusive periods to file a plan of reorganization and
obtain acceptance thereof to March 4, 2025 and May 5, 2025,
respectively.
As shared by Troubled Company Reporter, the Debtors collectively
operate a series of Pizza Hut restaurants in multiple states. The
Debtors have engaged a business broker to sell substantially all of
their assets pursuant to Section 363 of the Bankruptcy Code. The
sale process is expected to take place between December 2024 and
January 2025.
The Debtors submit that cause exists because they have stabilized
their business, have efficiently and successfully managed their
estates and are well underway in marketing their assets. They have
filed schedules of assets and liabilities and statements of
financial affairs, as well as every monthly operating report; kept
their lease obligations largely current in their operating
entities; obtained the Court's approval for use of cash collateral;
and obtained an extension of their assumption/rejection deadline
for their outstanding leases.
Moreover, having made substantial progress to date, additional,
significant work is required before the Debtors can prepare a
meaningful disclosure statement, propose a chapter 11 plan of
reorganization and emerge from chapter 11. Importantly, the Debtors
must see some results of their efforts to market the Debtors'
assets in order for the Debtors to provide adequate information
regarding expected distributions to creditors in the disclosure
statement to be filed by the Debtors.
Counsel to the Debtors:
Howard Marc Spector, Esq.
Sarah M. Cox, Esq.
SPECTOR & COX, PLLC
12770 Coit Road, Suite 850
Dallas, TX 75251
Telephone: (214) 365-5377
Facsimile: (214) 237-3380
Email: hspector@spectorcox.com
sarah@spectorcox.com
About EYM Pizza LP
EYM Pizza LP is a Pizza Hut franchisee.
EYM Pizza LP and its affiliates sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 24-41669) on
president of EYM Group Inc., the Debtor reports estimated assets
under $2.25 million and estimated liabilities more than $21
million.
Howard Marc Spector, Esq. at Spector & Cox, PLLC, is the Debtors'
counsel. National Franchise Sales is the Debtors' financial advisor
for the sale of the assets or businesses of the Debtors.
FINANCE OF AMERICA: Bloom Retirement Holds 9.49% Equity Stake
-------------------------------------------------------------
Bloom Retirement Holdings Inc. and Reza Jahangiri disclosed in a
Schedule 13D filing with the U.S. Securities and Exchange
Commission that as of December 9, 2024, they beneficially own
3,025,614 shares of Finance of America Companies Inc., representing
9.49% of the Company's outstanding shares of stock.
About Finance of America
Plano, Texas-based Finance of America Companies Inc. is a
financial
services holding company. Through its operating subsidiaries, it
operates as a modern retirement solutions platform, providing
customers with access to an innovative range of retirement
offerings centered on the home. In addition, Finance of America
offers capital markets and portfolio management capabilities to
optimize distribution to investors.
For the full year 2023, Finance of America Companies reported a
net
loss of $218.16 million, compared to a net loss of $715.53 million
in 2022.
* * *
As reported by the Troubled Company Reporter in November 2024,
Fitch Ratings has downgraded the Long-Term Issuer Default Ratings
(IDRs) of Finance of America Companies Inc. and its subsidiaries,
Finance of America Equity Capital LLC and Finance of America
Funding LLC (together, FOA) to 'RD' (Restricted Default) from 'C'.
The action follows the completion of the company's debt
restructuring on Oct. 31, 2024, which Fitch views as a distressed
debt exchange (DDE).
Fitch has also upgraded FOAs IDRs to 'CCC' from 'RD' subsequent to
the DDE.
Fitch has assigned a rating of 'CCC-' with a Recovery Rating of
'RR5′ to Finance of America Funding, LLC's new $196 million
senior secured notes due in 2026 and $147 million convertible
senior secured notes due in 2029 issued as part of the exchange.
Concurrently, Fitch has also downgraded Finance of America Funding
LLC's unsecured debt rating to 'RD" from 'C'/'RR6′ and
withdrawn
the rating as 98% of the notes were exchanged into the new secured
notes.
FIREFLY NEUROSCIENCE: Inks US$2.4M Securities Purchase Agreement
----------------------------------------------------------------
Firefly Neuroscience, Inc., disclosed in a Form 8-K filed with the
Securities and Exchange Commission that on Dec. 20, 2024, it
entered into a definitive security purchase agreement with Helena
Special Opportunities LLC, an affiliate of Helena Partners Inc., a
Cayman-Islands based advisor and investor, providing for gross
proceeds up to US$2.4 million through a private placement for the
issuance of a convertible promissory note.
The Note has an initial aggregate principal amount of US$2.4
million, including an original issue discount ("OID") of the Note
of an aggregate US$360,000, which shall be convertible into such
number of shares of the common stock of the Company, par value
$0.0001 per share at the conversion price of $3.00, subject
adjustment as provided therein. In connection with the issuance of
the Note, the Company also issued to Helena common stock purchase
warrant to purchase 800,000 shares of the Common Stock, with an
initial exercise price of $4.00 per share, equal to the applicable
Warrant Share Amount. The purchase price of the Note and the
Warrant shall be computed by subtracting the portion of the OID
represented by the Note from the portion of the Principal Amount
represented by the Note. After deduction of various expenses of
the Financing of a Purchase Price, a total aggregate amount of
US$2.04 million will be funded to the Company.
In addition, the Company and its subsidiary entered into a security
agreement with Helena, dated as of Dec. 20, 2024, pursuant to which
the Company and the Subsidiaries granted Helena a security interest
in their assets to secure the Company's obligations under the
Note.
In connection with the Securities Purchase Agreement, the Company
and Helena also entered into a Registration Rights Agreement, dated
as of Dec. 20, 2024, providing for the registration of the
Conversion Shares and the Warrant Shares. The Company has agreed
to prepare and file a registration statement with the Securities
and Exchange Commission promptly, and in any event within 60
calendar days of the date of the RRA.
The Company has granted Helena customary indemnification rights in
connection with the RRA. Helena has also granted the Company
customary indemnification rights in connection with the
Registration Statement.
The securities to be issued pursuant to the SPA was made in
reliance on the exemption from registration provided by Section
3(a)(9) of the Securities Act of 1933, as amended, as promulgated
by the SEC under the Securities Act.
Equity Line of Credit
On Dec. 20, 2024, the Company entered into a purchase agreement
("ELOC Agreement") with Arena Business Solutions Global SPC II,
Ltd. Under the ELOC Agreement, the Company has the right, but not
the obligation, to direct Arena to purchase up to US$10 million in
shares of the Common Stock upon satisfaction of certain terms and
conditions contained in the ELOC Agreement, including, without
limitation, an effective registration statement filed with the SEC
registering the resale of Common Shares and any securities issued
or issuable to Arena from time to time under the ELOC Agreement.
The term of the ELOC Agreement began on the date of execution and
ends on the earlier of (i) the first day of the month following the
36-month anniversary of the execution date of the ELOC Agreement,
(ii) the date on which Arena shall have purchased the maximum
amount of ELOC Shares, or (iii) the effective date of any written
notice of termination delivered pursuant to the terms of the ELOC
Agreement.
During the Commitment Period, the Company may direct Arena to
purchase ELOC Shares by delivering a notice to Arena. The Company
shall, in its sole discretion, select the amount of ELOC Shares
requested by the Company in each Advance Notice. However, such
amount may not exceed the Maximum Advance Amount (as defined in the
ELOC Agreement). The purchase price to be paid by Arena for the
ELOC Shares will be 88% of the VWAP (as defined in the ELOC
Agreement) of the Common Stock during the trading day commencing on
the date of the Advance Notice, subject to adjustment pursuant to
the terms of the ELOC Agreement.
In consideration for Arena's execution and delivery of the ELOC
Agreement, the Company agreed to pay Arena $300,000 in cash which
shall be deemed fully earned on the date of the ELOC Agreement and
which shall be payable within five calendar days of the Purchase
Agreement.
Under the ELOC Agreement, the Company also agreed to, no later than
60 calendar days following the execution date of the Purchase
Agreement, file with the SEC a registration statement for the
resale by Arena of Registrable Securities and shall file one or
more additional registration statements for the resale by Arena of
Registrable Securities if necessary.
The ELOC Agreement contains customary representations, warranties,
agreements and conditions to completing future sale transactions,
indemnification rights and obligations of the parties.
Under the Company's engagement letter agreement with Joseph Gunnar
& Co., LLC, Joseph Gunnar is acting as the exclusive placement
agent in connection with the transaction contemplated by the ELOC
Agreement, for which the Company will pay to Joseph Gunnar a cash
fee a cash fee payable upon each closing of this transaction equal
to three percent of the gross proceeds received by the Company, and
in addition to the Placement Fee, the Company shall promptly, upon
request from time to time and at each Closing, reimburse Joseph
Gunnar for all applicable expenses (including, without limitation,
fees and disbursements of the Joseph Gunnar's counsel and all
travel and other out-of-pocket expenses) incurred by Joseph Gunnar
in connection with its engagement. All expenses (inclusive of
legal fees) in connection with this transaction shall not exceed
$20,000.
About Firefly
Firefly (NASDAQ: AIFF) (formerly WaveDancer, Inc.) is an Artificial
Intelligence company developing innovative solutions that improve
brain health outcomes for patients with neurological and mental
disorders. Firefly's FDA-510(k) cleared Brain Network Analytics
(BNA) technology revolutionizes diagnostic and treatment monitoring
methods for conditions such as depression, dementia, anxiety
disorders, concussions, and ADHD. Over the past 15 years, Firefly
has built a comprehensive database of brain wave tests, securing
patent protection, and achieving FDA clearance. The Company is now
launching BNA commercially, targeting pharmaceutical companies
engaged in drug research and clinical trials, as well as medical
practitioners for clinical use.
Tysons, Virginia-based CohnReznick LLP, the Company's auditor since
2012, issued a "going concern" qualification in its report dated
March 20, 2024, citing that the Company has suffered recurring
losses from operations that raise substantial doubt about its
ability to continue as a going concern.
FIRST EMANUEL: Seeks to Hire James A. Graham LLC as Counsel
-----------------------------------------------------------
First Emanuel Baptist Church seeks approval from the U.S.
Bankruptcy Court for the Eastern District of Louisiana to hire the
Law Office of James A. Graham, LLC as counsel.
The Debtor requires legal counsel to:
(a) take necessary action to protect and preserve the Debtor's
estate;
(b) prepare legal papers;
(c) negotiate and prepare a plan of reorganization, disclosure
statement and all related agreements or documents, and take any
necessary action on behalf of the Debtor to obtain confirmation of
such plan;
(d) attend meetings and negotiations with representatives of
creditors and other parties in interest and advise and consult on
the conduct of the Debtor's Chapter 11 case; and
(e) perform any other legal services for the Debtor in
connection with the case.
The hourly billing rate for James A. Graham, Esq. is $400 per hour
and $175 per hour for paralegal time.
The firm received a pre-petition retainer of $5,000 from the
Debtor.
James Graham, Esq., disclosed in a court filing that his firm is a
"disinterested person" as defined in Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
James A. Graham, Esq.
The Law Office of James A. Graham, LLC
701 Loyola Avenue #403
New Orleans, LA 70113
Email: jgraham@jamesgrahamlaw.com
About First Emanuel Baptist Church
First Emanuel Baptist Church filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. La.
Case No. 24-12026) on Oct. 16, 2024, listing $1,000,001 to $10
million in both assets and liabilities.
Judge Meredith S Grabill presides over the case.
James A. Graham, Esq. at The Law Office of James A. Graham, LLC
represents the Debtor as counsel.
FLORES PEDIATRICS: Hires CompuSource Business as Accountant
-----------------------------------------------------------
Flores Pediatrics, LLC seeks approval from the U.S. Bankruptcy
Court for the Western District of Oklahoma to employ CompuSource
Business Services as accountant.
The firm will assist the Debtor in performing all accounting and
accounting related tasks, including but not limited to, filing
Debtor's tax returns, preparing Monthly Operating Reports and other
required financial reporting requirements in this case and
otherwise providing general accounting and related support needed
to assist Debtor in preparing and maintaining all of Debtor's books
and records.
The firm will be paid at the rate $190 per hour.
In addition, the firm will seek reimbursement for its out-of-pocket
expenses.
Dennis Lowder, a partner at CompuSource Business Services,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Dennis Lowder
CompuSource Business Services
13204 N. MacArthur Blvd.
Oklahoma City, OK 73142
Tel: (405) 720-3115
Fax: (405) 720-8555
About Flores Pediatrics, LLC
Flores Pediatrics, LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Okla. Case No. 24-13144) on Nov. 1,
2024, listing under $1 million in both assets and liabilities.
Judge Sarah A. Hall oversees the case.
Amanda R. Blackwood, Esq., at Blackwood Law Firm, PLLC serves as
the Debtor's bankruptcy counsel.
FORZA PIPELINE: To Sell Bldg, Yard to English Investments for $1.4M
-------------------------------------------------------------------
Forza Pipeline Services Inc. seeks permission from the U.S.
Bankruptcy Court for the Western District of Texas, Midland
Division, to sell its Property free and clear of all liens, claims,
interests and encumbrances.
The Debtor seeks to sell its building and yard, including remaining
office furniture of nominal value.
The sale of the Property will be by private sale to English
Investments Group LLC for the sum of $1,400,000.
The Debtor is engaged in providing oilfield pipeline installation
and pipeline repair services, among other general oilfield services
to its customers in and around the Permian Basin. It was formed as
a Texas corporation in 2017 and was headquartered at a building and
yard it owns at 2217 East County Road 155, Midland, Texas.
The Debtor believes that the building and yard had significant
equity over and above the mortgage lien claims and other lien
claims against the real property to potentially provide a return
for the Debtor's unsecured creditors.
The lienholders of the Property include First Bank & Trust, a
division of HTLF, TXP Capital LLC, Midland County tax authorities,
and Texas Workforce Commission.
The Debtor proposes to close the sale of the building and yard,
after payment of the realtor's commission, closing costs, property
taxes as well as the fees and expenses of Debtor's counsel
associated with the sale.
The Debtor asserts that the sale of the Property is in the best
interests of the Debtor's estate and its respective creditors.
About Forza Pipeline Services Inc.
Forza Pipeline Services, Inc. sought protection for relief under
Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No.
24-70030) on Mar. 20, 2024. In the petition signed by Doug
Onstead,
vice president, the Debtor disclosed up to $10 million in both
estimated assets and liabilities.
Judge Shad Robinson oversees the case.
Todd J. Johnston, Esq., at McWhorter, Cobb & Johnson, LLP serves as
the Debtor's counsel.
FREEDOM BAIL: Christine Brimm Named Subchapter V Trustee
--------------------------------------------------------
Gerard Vetter, Acting U.S. Trustee for Region 4, appointed
Christine Brimm, Esq., as Subchapter V trustee for Freedom Bail
Bonds, LLC.
Ms. Brimm, a practicing attorney in Myrtle Beach, S.C., will be
paid an hourly fee of $350 for her services as Subchapter V trustee
and an hourly fee of $150 for paralegal services. In addition, the
Subchapter V trustee will receive reimbursement for work-related
expenses incurred.
Ms. Brimm declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Christine E. Brimm
P.O. Box 14805
Myrtle Beach, SC 29587
Telephone: 803-256-6582
Email: cbrimm@bartonbrimm.com
About Freedom Bail Bonds
Freedom Bail Bonds, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. S.C. Case No. 24-04517) on December
19, 2024, with $100,001 to $500,000 in both assets and
liabilities.
Judge L. Jefferson Davis, IV presides over the case.
William Joseph Virgil Barr, Esq., at Wv Barr Law, LLC represents
the Debtor as bankruptcy counsel.
FTX TRADING: Tokens Rise 15% After Announcing 2025 Payout Timeline
------------------------------------------------------------------
Dishita Malvania of The Crypto Times reports that FTX Token (FTT)
rose 15% within 24 hours after it was announced that FTX would
begin repaying creditors and customers in early 2025 as part of its
bankruptcy proceedings. This development is a significant milestone
in the company's Chapter 11 reorganization.
According to The Crypto Times, the bankruptcy plan, approved in
October 2024, will take effect on January 3, 2025, which will also
serve as the "record date" for the first round of payments to
select creditors. FTX confirmed that payments will start 60 days
after the plan becomes effective, beginning with claims classified
under the "Convenience Classes."
The news caused FTX Token's price to climb to $3.28, increasing its
market capitalization to $1.08 billion. Trading volume jumped 170%,
indicating growing investor optimism about a potential recovery for
those affected by the exchange's collapse in 2022. While these
payments represent progress, the FTX Chapter 11 process is far from
complete. The company continues to face significant legal and
financial challenges, and full recovery is expected to take years,
depending on asset liquidations and the resolution of remaining
legal issues, the report states.
About FTX Trading Ltd.
FTX is the world's second-largest cryptocurrency firm. FTX is a
cryptocurrency exchange built by traders, for traders. FTX offers
innovative products including industry-first derivatives, options,
volatility products and leveraged tokens.
Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that
FTX paused customer withdrawals after it was hit with roughly $5
billion worth of withdrawal requests.
Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell
itself to its giant rival Binance, but Binance walked away from the
deal amid reports on FTX regarding mishandled customer funds and
alleged US agency investigations.
At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step
aside, and restructuring vet John J. Ray III was quickly named new
CEO.
FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc.
(d/b/a FTX US), Alameda Research Ltd. and certain affiliated
companies then commenced Chapter 11 proceedings (Bankr. D. Del.
Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022.
Additional entities sought Chapter 11 protection on Nov. 14, 2022.
FTX Trading and its affiliates each listed $10 billion to $50
million in assets and liabilities, making FTX the biggest
bankruptcy filer in the US this year. According to Reuters, SBF
shared a document with investors on Nov. 10 showing FTX had $13.86
billion in liabilities and $14.6 billion in assets. However, only
$900 million of those assets were liquid, leading to the cash
crunch that ended with the company filing for bankruptcy.
The Hon. John T. Dorsey is the case judge.
The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel;
Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal
North America, LLC as financial advisor. Kroll is the claims
agent, maintaining the page
https://cases.ra.kroll.com/FTX/Home-Index
The official committee of unsecured creditors tapped Paul Hastings
as bankruptcy counsel; Young Conaway Stargatt & Taylor, LLP as
Delaware and conflicts counsel; FTI Consulting, Inc. as financial
advisor; and Jefferies, LLC as investment banker.
Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory
T. Donilon, Edward L. Schnitzer, and David M. Banker, is
representing Sam Bankman-Fried in the Chapter 11 cases.
White-collar crime specialist Mark S. Cohen has reportedly been
hired to represent SBF in litigation. Lawyers at Paul Weiss
previously represented SBF but later renounced representing the
entrepreneur due to a conflict of interest.
GILL RANCH: Seeks to Use Cash Collateral
----------------------------------------
Gill Ranch, LLC asked the U.S. Bankruptcy Court for the Northern
District of California, San Francisco Division, for authority to
use cash collateral and provide adequate protection, initially, for
a 13-week period.
The company requires the use of cash collateral for payment of
costs and expenses incurred in the ordinary course of business.
The following parties have an interest in the cash collateral:
(1) pre-bankruptcy secured lenders AgWest Farm Credit, PCA and
AgWest Farm Credit, FCLA;
(2) judgment creditor Environmental Stewardship Foundation and
(3) Bluefin Partners, LLC in its capacities as both a
pre-babkruptcy and post-petition lender.
Gill Ranch commenced the bankruptcy case following the issuance of
a judgment in favor of ESF and against the company and several of
its affiliates and its principal, including on causes of action
related to fraud and breach of fiduciary duty, and awarding
punitive damages.
The company is a borrower, and AgWest is the lender, under a Master
Loan Agreement dated July 10, 2019, under which AgWest advanced
loans, secured by a first-priority security interest in
substantially all the company's assets.
On Nov. 26, Gill Ranch filed a motion seeking court authority to
obtain, on an interim basis, post-petition financing from its
pre-bankruptcy bridge lender, Bluefin. Ultimately, the court
approved, on an interim basis, interim debtor-in-possession (DIP)
financing in the amount of $220,000 (all new borrowings), which
financing is subject to the pre-bankruptcy security interests of
AgWest and ESF.
AgWest will be adequately protected by an equity cushion nearly
twice as high as that customarily deemed to be sufficient in the
Ninth Circuit. In addition, Gill Ranch will remain current on taxes
and insurance and generally maintain its real property assets and
the Vineyard Business and operations in good condition, which are
all obligations the company must fulfill to close on the sale of
its assets. Further, by virtue of the marketing of the assets and
the sale process itself, Gill Ranch is pursuing a value maximizing
liquidation of the assets, which in turn adequately protects and
benefits each of AgWest, ESF and the DIP lender.
A hearing on the matter is set for Jan. 7, 2025.
About Gill Ranch
Gill Ranch, LLC is a limited liability company in San Francisco,
Calif.
Gill Ranch sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. N.D. Calif. Case No. 24-30886) on November 25, 2024,
with $10 million to $50 million in both assets and liabilities.
Andrew De Camara, chief restructuring officer of Gill Ranch, signed
the petition.
Judge Hannah L. Blumenstiel oversees the case.
The Debtor is represented by Ori Katz, Esq., at Sheppard Mulllin
Richter & Hampton, LLP.
GRAFTECH INTERNATIONAL: S&P Upgrades ICR to 'CCC+' on Refinancing
-----------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating to 'CCC+' from
'D' on Ohio-based graphite electrode producer GrafTech
International Ltd. The outlook is negative. At the same time, S&P
assigned a 'B' issue-level rating to the company's new first-lien
term loan. The recovery rating is '1'. S&P rated the new senior
notes 'CCC' with a '5' recovery rating.
The negative outlook reflects S&P's expectation of free operating
cash flow (FOCF) deficits and that GrafTech will sustain elevated
metrics because of weak graphite electrode prices over the next 12
months. While the new financing provides a sufficient liquidity
cushion over the next 12-24 months, the company will be required to
fund a cash burn in 2025 and possibly 2026 and working capital
investments for the subsequent recovery.
GrafTech has secured new first-lien funding and extended the
maturity of its senior secured notes.
New funding will provide a liquidity cushion as GrafTech navigates
the downturn in the graphite electrode market and prepares for a
recovery in 2026. GrafTech has secured a five-year, $175 million
senior secured, first-lien term loan and commitments for an
additional $100 million senior secured, first-lien, delayed-draw
term loan available to draw over the next 19 months following
closing. These facilities will provide cash to sustain potential
further cash burn, make working capital investments to increase
volumes and capacity utilization as demand recovers, and invest in
its asset footprint for growth. Additionally, GrafTech will extend
its revolving facility maturity by 18 months, with the effective
available borrowing amount remaining about $115 million based on it
exceeding the 4x leverage covenant threshold.
S&P said, "We see a risk that earnings will take longer to recover,
resulting in unsustainable leverage. Depressed graphite electrode
prices, soft steel market conditions, and graphite electrode import
competition could continue to drag on GrafTech's business through
2025 and possibly 2026. Without a meaningful recovery in earnings
in the next few years, we view the company's capital structure as
unsustainable. We forecast EBITDA of $30 million-$50 million in
2025, assuming volumes recover to 115,000-120,000 in 2025, an
average realized price of about $4,850 per and a slight decline in
cash costs per ton. Based on this forecast, we expect another year
of over $100 million of FOCF burn and double-digit leverage. Under
more normalized market conditions and assumptions of graphite
electrode prices of $5,500-$5,700 per ton, capacity utilization of
85%,and cash costs of about $4,100-$4,400 per ton, we believe
GrafTech could sustain EBITDA between $150 million and $200 million
with leverage of about 6x-7x. However, significant overcapacity in
the graphite electrode market could take a few years to alleviate
and will depend on the pace of China's switch to electric arc
furnace (EAF) steelmaking from blast furnace steel making.
"Given the potential for large earnings swings from graphite
electrode price fluctuations and steel market conditions, we view
GrafTech's debt balance as too high. While the new financing
provides liquidity for working capital investment as the market
eventually recovers, it is an increase of $275 million to an
already high debt burden, in our view. We assume the company will
draw the $100 million delayed-draw term loan during 2026. Despite
large swings in earnings, compared with previous downturns, the
company's debt burden is meaningfully higher, with outstanding debt
of about $1.2 billion (including the delayed-draw term loan),
compared to about $400 million-$450 million from 2015-2017.
GrafTech's negative EBITDA in 2016 recovered to $100 million in
2017 and reached over $1 billion in 2018 in the wake of graphite
electrode supply disruption that sent prices to record levels. The
company locked in these prices for several years by signing
long-term contracts at near peaks. When most of these contracts
rolled off, coinciding with a slowdown in the market and loss of
sales from an outage at a production facility, EBITDA declined to
$20 million in 2023 from about $540 million in 2022. Finally, while
the one-year maturity extension of its senior notes gives GrafTech
another year to deleverage, we continue to see a maturity and
refinance risk as its entire capital structure will come due at the
end of 2029.
"The negative outlook reflects our expectation of an FOCF deficit
and sustained elevated metrics from weak graphite electrode prices
over the next 12 months. While the new financing provides a
sufficient liquidity cushion over the next 12-24 months, GrafTech
must fund a cash burn in 2025 and possibly 2026 and provide working
capital investment for the subsequent recovery.
"We could lower the rating on GrafTech within the next 12 months if
we envision specific default scenarios due to deteriorating
liquidity and sustained FOCF deficits if market conditions remain
depressed. The specific default scenarios include missed interest
payments, near-term liquidity crisis and breach of financial
covenants. We could also lower our rating if we anticipate GrafTech
could undertake a debt restructuring transaction that we would view
as distressed.
"We could revise our outlook on GrafTech to stable or even upgrade
if market conditions and subsequently earnings recover faster than
anticipated, returning leverage returning to a more sustainable
6x-7x that could position the company for a potential refinance of
its 2029 maturities."
GREAT EASTERN: Unsecureds Owed $5+ to Get 2.5% in 36 Months
-----------------------------------------------------------
Great Eastern Group, Inc., filed with the U.S. Bankruptcy Court for
the Southern District of Florida an Amended Disclosure Statement in
support of Amended Plan of Reorganization dated December 16, 2024.
The Debtor is a women-owned small business incorporated in Florida
with its principal place of business at 6921 NW 13th St., Ft.
Lauderdale, Florida. Virginia J. Hoffman ("Hoffman" or "VJH") is
the 100% owner and President of the Debtor.
The Debtor offers governmental and commercial professional
engineering services. These services include marine engineering and
vessel services, environmental permitting and engineering, marine
telecommunications, and alternative energy.
The Debtor successfully operated its business since 2002 with Ms.
Hoffman as its President. Under Ms. Hoffman's leadership, the
Debtor completed over 105 successful projects globally in all four
core areas of its professional engineering services. However, due,
in part to Debtor's disputes with various subcontracts, vendors,
and other creditors, Debtor incurred multiple payment obligation
that require the implementation of bankruptcy protections to allow
the Debtor to continue its operations while restructurings its
debts.
The Debtor filed the instant case to resolve its disputes, pay
legitimate pre-petition claims, and reorganize its financial
affairs for the benefit of all constituencies.
The Plan contemplates the reorganization of Debtor's financial
affairs. Debtor believes the Plan provides the greatest possible
recovery for Creditors at the lowest possible cost and preservation
of value for Debtor's equity interests.
Class 4 consists of Holders of Allowed General Unsecured Claims
exceeding $5,000.00. Each Holder of an Allowed General Unsecured
Claim, shall, in full and complete settlement, satisfaction and
discharge of such Allowed General Unsecured Claim receive: i) a
pro-rata payment of Debtor's Net Disposable Income on a monthly
basis after payment of senior secured creditors in classes 1 to 3,
administrative and priority creditors, as described above (the "NDI
Payment"); ii) a pro rata distribution of any net recoveries on
account of the Wage Reimbursement Claims received within 36 months
of the Effective Date ("Wage Reimbursement Recoveries").
Distributions of Wage Reimbursement Recoveries shall be paid within
30 days of receipt by the Debtor; iii) a pro rata distribution of
any net recoveries on account of the Hercules Insurance Claims
received within 36 months of the Effective Date ("Insurance
Reimbursement Recoveries"). Distributions of Insurance
Reimbursement Recoveries shall be paid within 30 days of receipt by
the Debtor; and iv) a pro rata distribution of the net sale
proceeds of the M/V Ming Hai, 1969 Chinese style sail boat (the
"Ming Hai").
If the Ming Hai is sold prior to the Effective Date, the net sale
proceeds from the sale of the Ming Hai shall be paid on the
Effective Date. If the Ming Hai is sold after the Effective Date,
the net sale proceeds shall be paid within 30 days of the receipt
by the Debtor of the net sale proceeds. If the Ming Hai is not sold
within 120 days of the Effective Date, an auction sale for the Ming
Hai shall be set to occur not later than 180 days after the
Effective Date.
The first NDI payment shall be made on or before thirty days after
the Effective Date and the final payment shall be made on April 30,
2026. The Total NDI payments to holders of allowed Class 4
creditors shall be in the amount of $387,000. The Class 4 Payments
can be prepaid at any time without interests or penalty. his Class
will receive a distribution of 2.5% of their allowed claims.
Class 5 consists of Holders of Allowed General Unsecured Claims in
the amount of $5,000.00 or less pursuant to Section 1122(b) of the
Bankruptcy Code ("Convenience Claim"). Each Holder of an Allowed
General Unsecured Convenience Claim, shall, in full and complete
settlement, satisfaction and discharge of such Allowed General
Unsecured Claim receive on the Effective Date, payment of 2.5% of
their claims.
CLASS 6: Equity Interest Holder Virginia Hoffman. Ms. Hoffman shall
retain her 100% interest in the Debtor equity interest and shall
retain, unaltered, the legal, equitable, and contractual rights to
which such equity interest entitles such Holder.
The Debtor will fund payments to be made under the Plan through the
following: i) Cash on hand on and after the Effective Date; ii)
income from continued operations of the Debtor; and ii) the $50,000
new value contribution of Virginia Hoffman (the "NV Contribution"),
until all Allowed Claims are paid consistent with the Plan.
A full-text copy of the Amended Disclosure Statement dated December
16, 2024 is available at https://urlcurt.com/u?l=OnpPIG from
PacerMonitor.com at no charge.
Great Eastern Group is represented by:
Brett D. Lieberman, Esq.
Edelboim Lieberman PLLC
20200 W. Dixie Highway, Suite 905
Aventura, FL 33180
Telephone: (305) 768-9909
Facsimile: (305) 928-1114
Email: brett@elrolaw.com
About Great Eastern Group
Great Eastern Group Inc. provides engineering services. The Company
specializes in submarine telecommunications, marine, environmental,
and alternative energy engineering services. Great Eastern Group
serves government and commercial sectors in the States of Florida,
Rhode Island, Washington, and Virginia.
Great Eastern Group Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-15582) on June 4,
2024. In the petition signed by Virginia J. Hoffman, as president,
the Debtor reports total assets of $1,587,987 and total liabilities
of $13,552,66.
Bankruptcy Judge Scott M. Grossman oversees the case.
Brett Lieberman, at EDELBOIM LIEBERMAN PLLC, is the Debtor's
counsel.
GRIFFIN RESOURCES: Hires Bennett Gelini as Special Counsel
----------------------------------------------------------
Griffin Resources, LLC seeks approval from the U.S. Bankruptcy
Court for the Eastern District of California to employ Bennett,
Gelini & Gelini, APC as special counsel.
The Debtor needs the firm's legal assistance as insurance defense
counsel in connection with the pending litigation against the City
of Bakersfield.
The firm will be paid based upon its normal and usual hourly
billing rates. The firm will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Thomas S. Gelini, Esq., a partner at Bennett, Gelini & Gelini, APC,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Thomas S. Gelini, Esq.
Bennett, Gelini & Gelini, APC
1301 Marina Village Parkway, Ste. 300
Alameda, CA 94501
Tel: (510) 444-7688
About Griffin Resources, LLC
Griffin Resources is a manufacturer of animal foods.
Griffin Resources, LLC in Camarillo, CA, sought relief under
Chapter 11 of the Bankruptcy Code filed its voluntary petition for
Chapter 11 protection (Bankr. E.D. Cal. Case No. 24-12873) on Oct.
2, 2024, listing $50 million to $100 million in assets and $100,000
to $500,000 in liabilities. Stephen J. Griffin as managing member,
signed the petition.
Judge Jennifer E Niemann oversees the case.
WANGER JONES HELSLEY serve as the Debtor's legal counsel.
HEALTHCARE HOLDINGS: Taps Harper Meyer LLP as Special Counsel
-------------------------------------------------------------
Healthcare Holdings of Florida LLC and its affiliate seek approval
from the U.S. Bankruptcy Court for the Southern District of Florida
to employ Harper Meyer LLP as their special litigation counsel.
The firm will represent the Debtors in:
(a) the disputes and claims arising from or related to that
litigation styled, Brett Feldman and Bryan Solomon vs. CWGL
Holdings, LLC, et al., pending before the Circuit Court of the 17th
Judicial
Circuit, in and for Broward County, Florida (CACE-22-013915); and
(b) the continuation of certain matters related to the
disputed claims held by Amazing Glove (and/or its affiliates)
against the Debtors and the Debtors' affiliates.
The firm will be paid at these hourly rates:
Clarissa A. Rodriguez (Lead Attorney) $595
Shareholders $550 to $750
Associates $275 to $450
Paralegals, law clerks,
planners, investigators $42.50 to $300
The firm received a retainer in the amount of $25,000.
Clarissa A. Rodriguez, a shareholder of Harper Meyer LLP, assured
the court that her firm is a "disinterested person" within the
meaning of 11 U.S.C. 101(14).
The firm can be reached through:
Clarissa A. Rodriguez, Esq.
Harper Meyer LLP
201 S. Biscayne Blvd., Suite 800
Miami, FL 33131
Tel: (305) 577-3443
Fax: (305) 577-9921
Email: CRodriguez@harpermeyer.com
About Healthcare Holdings of Florida LLC
Healthcare Holdings of Florida LLC and affiliates constitute a
business enterprise that collectively provide a full suite of home
care services, including custodial care, skilled care, and senior
placement services, particularly for senior patients in the State
of Florida.
The Debtors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-21355-SMG) on October
30, 2024. In the petition signed by Gary R. Loffredo, chief
executive officer and manager, the Debtor disclosed up to $10
million in both assets and liabilities.
Judge Scott M. Grossman oversees the case.
Joseph A. Pack, Esq., at Pack Law, represents the Debtor as legal
counsel.
HERITAGE COLLEGIATE: Creditors to Get Proceeds From Liquidation
---------------------------------------------------------------
Heritage Collegiate Apparel, Inc. f/k/a M-Den, Inc., d/b/a The M
Den submitted a Combined Plan of Liquidation and Disclosure
Statement dated December 16, 2024.
The Debtor operated the largest retail operation of the University
of Michigan branded clothing and other merchandise for almost fifty
years.
For the prior thirty years, the Debtor was the official merchandise
retailer of the University of Michigan Athletics, including a link
to Debtor's website on the University of Michigan Athletics'
website, pursuant to a July 1, 2009 licensing agreement and
amendments (collectively the "Licensing Agreement".
The University purported to terminate the Debtor's right under the
Licensing Agreement (including its right to be the University's
official merchandise retailer, as well as the Debtor's right to use
the "M Den" name and URL) effective May 13, 2024. The Debtor and
the University subsequently entered into a Forbearance Agreement
(retroactively effective to May 13) pursuant to which the Debtor
was authorized to continue to use the "M Den" name and URL and
continued as the official merchandise retailer.
The Debtor is owned 25.03% by Scott Hirth, 25.03% by Julie Corrin,
25.03% by Steve Horning and 24.91% by SSJ Return Holdings, Inc. SSJ
Return Holdings, Inc., is owned by 33.33% by Hirth, 33.33% by
Corrin and 33.33% by Horning.
The Debtor is a Michigan limited liability company. The Debtor sold
its assets during this Chapter 11 proceeding and now seeks
confirmation of its liquidating Plan which provides for the
distribution of the Sale Proceeds. The Debtor is liquidating and is
not continuing in business.
Class X shall consist of the Allowed Claims of Unsecured Creditors.
The Debtor estimates that the total of all Allowed Unsecured Claims
will equal approximately $31,609,981.44 (the "Estimated Claim
Pool"). All Allowed Claims of Unsecured Creditors shall transfer to
the Liquidation Trust and shall be paid from the Liquidation Trust
in their order of priority and according to the terms of the
Liquidation Trust.
Upon payment in full of Bank of Ann Arbor's Allowed Secured Claim,
all of Bank of Ann Arbor's rights, title and interest in, to and
under the Bank of Ann Arbor Related Entity Loan Documents will
transfer to the Liquidation Trust, and all of the Debtor's claims,
rights an interest in equitable subrogation to Bank of Ann Arbor's
rights against the Related Entities and the Related Entity Real
Estate shall automatically be deemed to have been transferred and
assigned to the Liquidation Trust.
As a result of the transfer of the Related Entity Loan Documents to
the Liquidation Trust the Debtor estimates that the Liquidation
Trust will receive approximately $3,642,694 as a result of its
rights under the Related Entity Loan Documents.
Class XI shall consist of Allowed Interests. The Interests of the
Debtor are wholly owned by Scott Hirth, Julie Corrin and Steve
Horning. The Interests in the Debtor shall be cancelled as of the
Effective Date.
On or immediately after the Confirmation Date, the Liquidating
Trustee and the Debtor will execute the Liquidating Trust.
Upon payment in full of Bank of Ann Arbor's Allowed Secured Claim,
all of Bank of Ann Arbor's rights, title and interest in, to and
under the Bank of Ann Arbor Related Entity Loan Documents will
transfer to the Liquidation Trust, and all of the Debtor's claims,
rights an interest in equitable subrogation to Bank of Ann
Arbor’s rights against the Related Entities and the Related
Entity Real Estate shall automatically be deemed to have been
transferred and assigned to the Liquidation Trust.
The Debtor and Bank of Ann Arbor shall be required to execute such
documentation as is reasonably necessary to evidence the assignment
of the Bank of Ann Arbor Related Entity Loan Documents and all
equitable subrogation rights to the Liquidation Trust.
A full-text copy of the Combined Plan and Disclosure Statement
dated December 16, 2024 is available at
https://urlcurt.com/u?l=1UOtFx from PacerMonitor.com at no charge.
Counsel to the Debtor:
Kim K. Hillary, Esq.
Howard Borin, Esq.
Schafer and Weiner, PLLC
40950 Woodward Avenue, Suite 100
Bloomfield Hills, MI 48304
Tel: (248) 540-3340
Email: khillary@schaferandweiner.com
About Heritage Collegiate Apparel
Heritage Collegiate Apparel, Inc., serves as the official retailer
of the University of Michigan Athletic Department. For more than
20 years, the Debtor has provided a selection of clothing,
merchandise and gifts to the University of Michigan.
Heritage Collegiate Apparel filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mich. Case No.
24-47922) on Aug. 16, 2024, listing $1 million to $10 million in
assets and $10 million to $50 million in liabilities. The petition
was signed by Scott Hirth as president.
Judge Thomas J. Tucker presides over the case.
Kim K. Hillary, Esq., at Schafer and Weiner, PLLC represents the
Debtor as legal counsel.
On September 3, 2024, the United States Trustee appointed an
official committee of unsecured creditors in this Chapter 11 case.
The committee tapped Wolfson Bolton Kochis PLLC as counsel and
Capstone Partners as financial advisor.
HUB CITY: Hires Maynard Nexsen PC as Special Counsel
----------------------------------------------------
Hub City Home Health, Inc. seeks approval from the U.S. Bankruptcy
Court for the Southern District of Texas to employ Maynard Nexsen,
PC as special counsel.
The Debtor needs the firm's legal assistance in connection with a
case pending in the 150th Judicial District Court of Bexar County,
Texas, pending as Cause No. 20 CI 09053 styled Legacy Home Health
Agency, Inc., et al. vs. American Medical Home Health Services,
LLC, et. al. removed to the United States District Court, Western
District of Texas (San Antonio Division) Civil Action 5:24-cv-01297
and subject to a pending Motion to Transfer Venue to the United
States Bankruptcy Court, Southern District of Texas (Brownsville
Division).
The firm received from the Debtor an advance fee of $100,000.
The firm will be paid at these rates:
Partners $350 to $750 per hour
Paralegals $125 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
In addition, the firm will seek reimbursement for its out-of-pocket
expenses.
Carlos R. Soltero, a partner at Maynard Nexsen, PC, disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Carlos R. Soltero
Maynard Nexsen, PC
5949 Sherry Lane, Suite
Tel: (512) 422-1559
Email: CSoltero@maynardcooper.com
About Hub City Home Health, Inc.
Hub City Home Health, Inc. sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 24-10191) on
November 9, 2024, with $500,001 to $1 million in assets and
liabilities.
Shelby A. Jordan, Esq., at Jordan & Ortiz, PC represents the Debtor
as legal counsel.
HUB CITY: Seeks to Hire Jordan & Ortiz as Bankruptcy Counsel
------------------------------------------------------------
Hub City Home Health, Inc. and its affiliates seek approval from
the U.S. Bankruptcy Court for the Southern District of Texas to
hire Jordan & Ortiz, PC. as their bankruptcy counsel.
The firm's services include:
a. advising the Debtors with respect to their powers and
duties;
b. advising the Debtors with respect to the rights and
remedies of the Estate's creditors and other parties in interest;
c. conducting appropriate examinations of witnesses, claimants
and other parties in interest;
d. preparing all appropriate pleadings and other legal
instruments required to be filed in this case;
e. representing the Debtors in all proceedings before the
Court and in any other judicial or administrative proceeding in
which the rights of the Debtor or the Estate may be affected;
f. representing and advising the Debtors in the reorganization
of assets and liabilities through the bankruptcy court;
g. advising the Debtors in connection with the formulation,
solicitation, confirmation and consummation of any plan(s) of
reorganization which the Debtors may propose; and
h. performing any other legal services that may be appropriate
in connection with the continued operations of the Debtors
business.
The firm will be paid at these rates:
Attorneys:
Shelby A. Jordan $550 per hour
Antonio Ortiz $425 per hour
Legal Assistants:
Chrystal Madden $210 per hour
As disclosed in court filings, Jordan & Ortiz is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.
The firm can be reached through:
Shelby A. Jordan, Esq.
Jordan & Ortiz, PC
500 N. Shoreline Blvd. Suite 900
Corpus Christi, TX 78401
Phone: (361) 884-5678
Fax: (361) 888-5555
Email: sjordan@jhwclaw.com
About Hub City Home Health
Hub City Home Health, Inc. sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 24-10191) on
November 9, 2024, with $500,001 to $1 million in assets and
liabilities.
Shelby A. Jordan, Esq., at Jordan & Ortiz, PC represents the Debtor
as legal counsel.
HYPERSCALE DATA: Receives Noncompliance Notice From NYSE American
-----------------------------------------------------------------
Hyperscale Data, Inc., announced that it was notified on Dec. 23 by
the NYSE American that due to the Company's disclosure in its Form
10-Q filed for the fiscal period ended Sept. 30, 2024, which
reported stockholders' equity of approximately $2.2 million, it no
longer meets the requirement that it must have no less than $6
million or more in stockholders' equity pursuant to the listing
standard set forth under Section 1003(a)(ii) and (iii) of the NYSE
American Company Guide because the Company has reported losses from
continuing operations and/or net losses in five of its most recent
fiscal years ended Dec. 31, 2023.
Under the applicable NYSE American listing rules, the Company must
by Jan. 17, 2025 submit a compliance plan that demonstrates how it
intends to regain compliance with the Listing Standards within 18
months of the receipt of the notice, or June 18, 2026. The Company
intends to develop and submit to the NYSE American such a plan. If
the NYSE American does not accept the plan, or if the Company does
not make progress consistent with the plan during the plan period,
the NYSE American will initiate delisting procedures. If the NYSE
American accepts the plan the Company will be subject to periodic
reviews including quarterly monitoring for compliance with the
plan. During this period, the Company's common stock will continue
to be listed on the NYSE American and trade as usual subject to
compliance with other NYSE American listing requirements.
The Company is confident that it will be able to submit a plan
acceptable to the NYSE American within the requisite period and
further that it will promptly be able to demonstrate that it has
regained compliance with the Listing Standards.
About Hyperscale Data
Headquartered in Las Vegas, NV, Hyperscale Data, Inc., formerly
known as Ault Alliance, Inc., is transitioning from a diversified
holding company pursuing growth by acquiring undervalued businesses
and disruptive technologies with a global impact to becoming solely
an owner and operator of data centers to support high performance
computing services. Through its wholly and majority-owned
subsidiaries and strategic investments, Hyperscale Data owns and
operates a data center at which it mines digital assets and offers
colocation and hosting services for the emerging artificial
intelligence ecosystems and other industries. It also provides,
through its wholly owned subsidiary, Ault Capital Group, Inc.,
mission-critical products that support a diverse range of
industries, including an artificial intelligence software platform,
social gaming platform, equipment rental services,
defense/aerospace, industrial, automotive, medical/biopharma and
hotel operations. In addition, Hyperscale Data is actively engaged
in private credit and structured finance through a licensed lending
subsidiary
New York, New York-based Marcum LLP, the Company's auditor since
2016, issued a "going concern" qualification in its report dated
April 16, 2024, citing that the Company has a working capital
deficiency, has incurred net losses, and needs to raise additional
funds to meet its obligations and sustain its operations. These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.
IDEAL HEALTH: UFC Gym Operator Files Chapter 11 Bankruptcy
----------------------------------------------------------
Jake Abbott of Sacramento Business Journal reports that Ideal
Health and Fitness Corp., the operator of UFC Gyms in Folsom,
Placerville, and Alameda, has filed for Chapter 11 bankruptcy on
December 18, 2024, amid mounting debts totaling hundreds of
thousands of dollars.
Founded in 2009, the Newport Beach-based gym franchise was the
first major brand extension of UFC and has since grown to over 150
locations, with an additional 700 gyms under development worldwide.
UFC Gyms typically feature indoor turf areas, free weights, cardio
equipment, and specialized training programs for athletes,
according to Sacramento Business Journal.
In the bankruptcy filing, Ideal Health and Fitness reported
liabilities of $858,938 and assets of approximately $320,000. The
debts include costs for equipment, Small Business Administration
loans, merchant cash advances, credit card debt, and unpaid rent,
including about $11,500 in overdue rent for its Placerville
location. The company's largest creditor is Mark Polli, who is owed
$88,000 from an asset purchase agreement related to the Folsom
facility. The company's gross receipts for the year have declined,
with earnings of $1.003 million from January 1, 2024 through the
filing date, down from $1.097 million last year during the same
period, the report states.
It remains unclear what the future holds for the local gyms. Both
the Folsom and Placerville locations have leases extending until
June 2034, according to report.
Ideal Health and Fitness and their attorney did not respond to
requests for comment. UFC Gym also operates locations separately in
South Sacramento and Rocklin.
About Ideal Health and Fitness
Ideal Health and Fitness is the Newport Beach-based gym franchise.
Ideal Health and Fitness sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Cal. Case No. 24-25682) on December
18, 2024. In its petition, the Debtor reports liabilities of
$858,938 and assets of approximately $320,000.
Honorable Bankruptcy Judge Fredrick E. Clement handles the case.
The Debtor is represented by:
Michael Jay Berger, Esq.
9454 Wilshire Blvd 6th Fl
Beverly Hills, CA 90212-2929
(310) 271-6223
Email: michael.berger@bankruptcypower.com
IDEAL HEALTH: Walter Dahl of Dahl Law Named Subchapter V Trustee
----------------------------------------------------------------
The U.S. Trustee for Region 17 appointed Walter Dahl, Esq., a
partner at Dahl Law, as Subchapter V trustee for Ideal Health and
Fitness Corp.
Mr. Dahl will be compensated at $485 per hour for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
In court filings, Mr. Dahl declared that he is a disinterested
person according to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Walter R. Dahl
Dahl Law
2304 "N" Street
Sacramento, CA 95816-5716
Telephone: (916) 446-8800
Telecopier: (916) 741-3346
Email: wdahl@dahllaw.net
About Ideal Health and Fitness
Ideal Health and Fitness Corp. sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. E.D. Calif. Case No. 24-25682)
on December 18, 2024, with $100,001 to $500,000 in assets and
$500,001 to $1 million in liabilities.
Judge Fredrick E. Clement presides over the case.
Michael Jay Berger, Esq. represents the Debtor as legal counsel.
ILEARNINGENGINES FZ-LLC: Voluntary Chapter 11 Case Summary
----------------------------------------------------------
Debtor: ILearningEngines FZ-LLC
G04, Building @9
Dubai Internet City
Al Sufouh 2, Dubai, UAE
Business Description: ILearningEngines is an applied AI platform
for learning and work automation. iLE is
deployed globally into some of the most
demanding vertical markets including
Healthcare, Education, Insurance, Retail,
Energy, Manufacturing and Public Sector to
achieve mission critical outcomes.
Chapter 11 Petition Date: December 27, 2024
Court: United States Bankruptcy Court
District of Delaware
Case No.: 24-12850
Judge: Hon. Laurie Selber Silverstein
Debtor's Counsel: Ian J. Bambrick, Esq.
FAEGRE DRINKER BIDDLE & REATH LLP
222 Delaware Avenue
Suite 1410
Wilmington, DE 19801
Tel: 302-467-4200
Email: ian.bambrick@faegredrinker.com
Estimated Assets
(on a consolidated basis): $100 million to $500 million
Estimated Liabilities
(on a consolidated basis): $100 million to $500 million
The petition was signed by Bonnie-Jeanne Gerety as interim chief
financial officer.
On Dec. 20, 2024, iLearningEngines, Inc. and iLearningEngines
Holdings, Inc. each filed a voluntary petition in the United States
Bankruptcy Court for the District of Delaware for relief under
Chapter 11 of the Bankruptcy Code which are currently pending
before the Court at Case No. 24-12826 (LSS)
(for ILE) and 24-12827 (LSS) (for ILEH).
ILE, ILEH, and iLearningEngines FZ-LLC will move for joint
administration of their cases for procedural purposes only pursuant
to Rule 1015(b) of the Federal Rules of Bankruptcy Procedure under
the case number assigned to the Chapter 11 case of Debtor
iLearningEngines, Inc. (24-12826).
A full-text copy of iLearningEngines FZ-LLC's petition is available
for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/O5HB7RA/ILearningEngines_FZ-LLC__debke-24-12850__0001.0.pdf?mcid=tGE4TAMA
INCORA: Gets Court Nod to Exit Ch. 11 After Creditors Settle Fight
------------------------------------------------------------------
Jonathan Randles of Bloomberg News reports that Incora, an
aerospace supplier, secured court approval to exit bankruptcy after
reaching an agreement with its key creditors to support a
restructuring plan. This marks the resolution of years of disputes
over a contentious financing strategy that had divided lenders.
According to Bloomberg News, attorneys representing Silver Point
Capital, Pacific Investment Management Co., JPMorgan Chase & Co.,
BlackRock Inc., and other creditors announced their backing of
Incora’s Chapter 11 plan during a Texas court hearing on Friday.
Additional creditors have also agreed not to challenge the
restructuring, according to Incora’s lawyer, Andrew Leblanc.
The company is expected to finalize its emergence from bankruptcy
in the coming weeks, the report states.
About Incora
Incora -- http://www.incora.com/-- is the trade name for the group
of companies formed by Wesco Aircraft and Pattonair, a provider of
comprehensive supply chain management services to the global
aerospace and other industries. Beginning with a strong foundation
in aerospace and defense, Incora also utilizes its supply chain
expertise to serve industrial manufacturing, marine, pharmaceutical
and beyond. Incora incorporates itself into customers' businesses,
managing all aspects of supply chain from procurement and inventory
management to logistics and on-site customer services. The company
is headquartered in Fort Worth, Texas, with a global footprint that
includes 68 locations in 17 countries and more than 3,800
employees.
Wesco Aircraft Holdings, Inc., doing business as Incora, and 43
affiliates sought Chapter 11 protection (Bankr. S.D. Texas Lead
Case No. 23-90611) on June 1, 2023.
Wesco Aircraft estimated assets and debt of $1 billion to $10
billion as of the bankruptcy filing.
The Debtors tapped Milbank, LLP and Haynes and Boone, LLP as
bankruptcy counsels; PJT Partners, Inc. as investment banker;
Alvarez & Marsal North America, LLC as restructuring advisor; and
Quinn Emanuel Urquhart & Sullivan, LLP as special litigation and
conflicts counsel. Kurtzman Carson Consultants, LLC is the claims
agent.
The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
committee tapped McDermott Will & Emery, LLP and Morrison Foerster,
LLP as its counsel; Piper Sandler & Co. as investment banker; and
Province, LLC as financial advisor.
INNOVATIVE DESIGNS: Incurs $59K Net Loss in Third Quarter
---------------------------------------------------------
Innovative Designs, Inc., filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $59,083 on $278,279 of net revenues for the three months ended
July 31, 2024, compared to a net loss of $83,964 on $124,650 of net
revenues for the three months ended July 31, 2023.
For the nine months ended July 31, 2024, the Company reported a net
loss of $100,247 on $644,497 of net revenues compared to a net loss
of $255,649 on $223,546 of net revenues for the same period during
the prior year.
As of July 31, 2024, the Company had $1.53 million in total assets,
$283,315 in total liabilities, and $1.25 million in total
stockholders' equity.
The Company had a net loss and a negative cash flow from operation
activities for the nine-month period ending July 31, 2024. In
addition, the Company has an accumulated deficit of ($10,707,203).
Innovative Designs said, "Management's plans include cash receipts
through sales, sales of Company stock, and borrowings from private
parties. These factors raise substantial doubt regarding the
Company's ability to continue as a going concern for a period of
one year from the issuance of these condensed financial
statements."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1190370/000173112224002036/e6233_10q.htm
About Innovative Designs
Headquartered in Pittsburgh, Pennsylvania, Innovative Designs, Inc.
operates in two separate business segments: a house wrap for the
building construction industry and cold weather clothing. Both of
the Company's segment lines use products made from Insultex, which
is a low-density polyethylene semi-crystalline, closed cell foam in
which the cells are totally evacuated, with buoyancy, scent block,
and thermal resistant properties.
Kennett Square, Pa.-based RW Group, LLC, the Company's auditor
since 2021, issued a "going concern" qualification in its report
dated Feb. 22, 2024, citing that the Company had net losses and
negative cash flows from operations for the years ended Oct. 31,
2023, and 2022 and an accumulated deficit at Oct. 31, 2023, and
2022. These factors raise substantial doubt about the Company's
ability to continue as a going concern for one year from the
issuance date of these financial statements.
INTRUM AB: Seeks to Hire Advokatrman Vinge as Special Counsel
-------------------------------------------------------------
Intrum AB seeks approval from the U.S. Bankruptcy Court for the
Southern District of Texas to hire Advokatrman Vinge KB as special
counsel.
As of the Petition Date, Vinge had approximately 10 active matters
open for the Debtors. These matters, as well as matters in which
Vinge has provided advice to the Debtors in the past, generally
relate to (i) regulatory and trade advice, (ii) insurance coverage
matters and advice, (iii) matters related to corporate governance,
Swedish securities laws, and public company reporting obligations,
(iv) matters related to financing, (v) IP, trademark, and marketing
law advice, (vi) mergers and acquisitions, (vii) consumer law
advice, (viii) labor law matters, (ix) general corporate law
counseling,(x) various litigation matters, (xi) debt or equity
transactions in the Scandinavian capital markets, (xii) tax advice,
and (xiii) government enforcement and regulatory matters.
Vinge's current hourly rates are:
Partners SEK 6,500 to SEK 11,500 ($650 to $1,150)
Specialist Counsel
and Senior Associates SEK 4,500 to SEK 6,500 ($450 to $650)
Associates SEK 2,000 to SEK 4,500 ($200 to $450)
Intrum AB and Vinge has on June 17, 2002 entered into a framework
agreement pursuant to which Vinge agreed to grant Intrum AB a
discount of 10 percent on the hourly rates.
As of the Petition Date, Vinge holds a fee advance in the amount of
SEK 1,500,000 (approximately $150,000).
Vinge provided the following information addressed in Paragraph D.1
of the U.S. Trustee Guidelines for Reviewing Applications for
Compensation and Reimbursement of Expenses Filed Under 11 U.S.C.
Sec. 330 (Appendix A to 28 C.F.R. Sec. 58):
Question: Did you agree to any variations from, or alternatives
to, your standard or customary billing arrangements for this
engagement?
Response: No.
Question: Do any of the professionals included in this
engagement vary their rate based on the geographic location of the
bankruptcy case?
Response: No.
Question: If you represented the client in the twelve (12)
months prepetition, disclose your billing rates and material
financial terms for the prepetition engagement, including any
adjustments during the twelve (12) months prepetition. If your
billing rates and material financial terms have changed
postpetition, explain the difference and the reasons for the
difference.
Response: Vinge represented the Company in the 12 months prior
to the Petition Date during which Vinge charged the Debtors for
services rendered in accordance with the fee structure described in
the
Application.
Question: Has your client approved your prospective budget and
staffing plan, and, if so, for what budget period?
Response: Vinge has supplied the Debtors estimates for the work
to be conducted under inter alia the chapter 11 process. e Debtors
have not yet approved our proposed estimates, including scope of
work and staffing.
Mikael Stahl, Esq., a partner of Advokatfirman, disclosed in a
court filing that his firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Mikael Stahl
Advokatfirman Vinge KB
Smalandsgatan 20
Box 1703
111 87 Stockholm
Phone: +46 10 614 30 00
E-mail: mikael.stahl@vinge.se
About Intrum
Intrum AB is a provider of credit management services with a
presence in 20 markets in Europe. By helping companies to get paid
and supporting people with their late payments, Intrum leads the
way to a sound economy and plays a critical role in society at
large. Intrum has circa 10,000 dedicated professionals who serve
around 80,000 companies across Europe. In 2023, income amounted to
SEK 20.0 billion. Intrum is headquartered in Stockholm, Sweden and
publicly listed on the Nasdaq Stockholm exchange. On the Web:
http://www.intrum.com/
On November 15, 2024, Intrum AB and U.S. affiliate Intrum AB of
Texas LLC each filed a voluntary petition for the relief under
Chapter 11 of the United States Bankruptcy Code in the United
States Bankruptcy Court for the Southern District of Texas (Bankr.
S.D. Tex. Lead Case No. 24-90575) to seek confirmation of their
Prepackaged Reorganization Plan.
The cases are pending before the Honorable Christopher M. Lopez.
Milbank LLP and Porter Hedges LLP are serving as counsel in the
U.S. restructuring. Houlihan Lokey is the advisor to Intrum. Kroll
Issuer Services Limited is the information agent. Kroll
Restructuring Administration is the claims agent. Brunswick Group
is also serving as advisers to Intrum.
Latham & Watkins LLP and Latham & Watkins (London) LLP, and
Advokatfirmaet Schjodt AS, are advising a group of bondholders
holding widely across Intrum AB's notes issuances (the "Notes Ad
Hoc Group"). PJT Partners (UK) Limited is financial advisor to the
noteholder ad hoc group.
Weil Gotshal & Manges LLP is representing a group of short-dated
bondholders holding primarily 2024- and 2025-maturing notes
("Minority Ad Hoc Group").
Ropes & Gray LLP is representing another minority group of
bondholders.
Clifford Chance US LLP is counsel to the group that collectively
holds approximately 76% of the total commitments under the RCF (the
"RCF Steerco Group").
INTRUM AB: Seeks to Hire AlixPartners LLP as Financial Advisor
--------------------------------------------------------------
Intrum AB seeks approval from the U.S. Bankruptcy Court for the
Southern District of Texas to hire AlixPartners, LLP as financial
advisor.
The firm will render these services:
a. assist in preparing for and filing a bankruptcy petition,
coordinating and providing administrative support for the
proceeding and developing the Debtors' disclosure statement and
plan of reorganization, or other appropriate case resolution, if
necessary;
b. prepare a liquidation analysis to be included in the
disclosure statement;
c. as requested, assist with the preparation of documents such
the statement of financial affairs, schedules of assets and
liabilities, claims analysis, monthly operating reports and other
regular reports required by the court;
d. as needed, provide testimony and litigation support
services regarding any of the matters to which AlixPartners is
providing services;
e. provide post confirmation services, as may be necessary, to
support the chapter 11 plan and emergence; and
f. assist the Debtors with such other matters as may be
requested that fall within AlixPartners' expertise and that are
mutually agreeable.
AlixPartners' hourly rates are:
Current 2025
Partner/ Partner &
Managing Director $1,200 to $1,495 $1,225 to $1,540
Senior Vice President/
Director $825 to $1,125 $850 to $1,150
Vice President $640 to $810 $650 to $835
Analyst/ Consultant $230 to $625 $250 to $640
AlixPartners received a retainer in the amount of $1,050,000.
Carrianne Basler, a partner and managing director at AlixPartners,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached through:
Carrianne Basler
AlixPartners LLP
300 N. LaSalle Street, Suite 1800
Chicago, IL 60654
Tel: (312) 346-2500
Email: cbasler@alixpartners.com
About Intrum
Intrum AB is a provider of credit management services with a
presence in 20 markets in Europe. By helping companies to get paid
and supporting people with their late payments, Intrum leads the
way to a sound economy and plays a critical role in society at
large. Intrum has circa 10,000 dedicated professionals who serve
around 80,000 companies across Europe. In 2023, income amounted to
SEK 20.0 billion. Intrum is headquartered in Stockholm, Sweden and
publicly listed on the Nasdaq Stockholm exchange. On the Web:
http://www.intrum.com/
On November 15, 2024, Intrum AB and U.S. affiliate Intrum AB of
Texas LLC each filed a voluntary petition for the relief under
Chapter 11 of the United States Bankruptcy Code in the United
States Bankruptcy Court for the Southern District of Texas (Bankr.
S.D. Tex. Lead Case No. 24-90575) to seek confirmation of their
Prepackaged Reorganization Plan.
The cases are pending before the Honorable Christopher M. Lopez.
Milbank LLP and Porter Hedges LLP are serving as counsel in the
U.S. restructuring. Houlihan Lokey is the advisor to Intrum. Kroll
Issuer Services Limited is the information agent. Kroll
Restructuring Administration is the claims agent. Brunswick Group
is also serving as advisers to Intrum.
Latham & Watkins LLP and Latham & Watkins (London) LLP, and
Advokatfirmaet Schjodt AS, are advising a group of bondholders
holding widely across Intrum AB's notes issuances (the "Notes Ad
Hoc Group"). PJT Partners (UK) Limited is financial advisor to the
noteholder ad hoc group.
Weil Gotshal & Manges LLP is representing a group of short-dated
bondholders holding primarily 2024- and 2025-maturing notes
("Minority Ad Hoc Group").
Ropes & Gray LLP is representing another minority group of
bondholders.
Clifford Chance US LLP is counsel to the group that collectively
holds approximately 76% of the total commitments under the RCF (the
"RCF Steerco Group").
INTRUM AB: Seeks to Hire Milbank LLP as Bankruptcy Counsel
----------------------------------------------------------
Intrum AB seeks approval from the U.S. Bankruptcy Court for the
Southern District of Texas to hire Milbank LLP as counsel.
The firm's services include:
a. advising the Debtors in connection with a restructuring of
the Debtors' financial obligations, including negotiations with the
Debtors' creditors and other stakeholders, and other legal services
related to a restructuring of the Debtors' financial obligations;
b. advising the Debtors with respect to their rights, powers,
and duties as debtors-in-possession in the operation of their
business and the management of their properties;
c. advising and consulting on the conduct of these cases,
including the legal and administrative requirements of operating in
chapter 11;
d. advising the Debtors and taking all necessary or
appropriate actions at the Debtors' direction with respect to
protecting and preserving the Debtors' estates, including defense
of any actions commenced against the Debtors, resolution of
disputes in which the Debtors are involved, objecting to claims
asserted against the Debtors, attending meetings, and negotiating
with parties in interest, including governmental authorities, as
necessary;
e. providing advice, representation, and preparation of
necessary documentation and pleadings and taking all necessary or
appropriate actions in connection with statutory bankruptcy issues,
strategic transactions, asset sale transactions, real estate,
intellectual property, employee benefits, business and commercial
litigation, regulatory, corporate and tax matters, and prosecution
and settlement of claims both against and by the Debtors;
f. advising the Debtors in connection with a possible sale of
all or substantially all or a subset of the Debtors' assets in
chapter 11 and similar or related transactions;
g. drafting all necessary or appropriate pleadings necessary
or otherwise beneficial to the administration of the Debtors'
estates;
h. representing the Debtors in connection with obtaining
authority to continue using cash collateral;
i. advising the Debtors concerning assumptions, assignments,
and rejections of executory contracts and unexpired leases;
j. appearing before the Court and any appellate courts to
represent the interests of the Debtors' estates;
k. advising the Debtors regarding tax matters;
l. taking all necessary or appropriate actions as may be
required in connection with the administration of the Debtors'
estates, including with respect to a chapter 11 plan and related
disclosure statement; and
m. performing all other legal services in connection with
these Chapter 11 Cases as may be requested by the Debtors,
including, without limitation, any general corporate legal
services.
The firm will be paid at these hourly rates:
Partners $1,695 to $2,245
Counsel $1,575 to $1,795
Associates $595 to $1,475
Legal Assistants $330 to $530
Milbank is currently holding a retainer of approximately
$306,352.15.
The following information is provided in response to the request
for additional information set forth in Paragraph D.1. of the U.S.
Trustee Guidelines:
Question: Did you agree to any variations from, or
alternatives to, your standard or customary billing arrangements
for this agreement?
Response: Milbank agreed to a voluntary prepetition write off
of the first £500,000 in legal fees for this engagement. Other
than this accommodation Milbank did not agree to a variation of its
standard or customary billing arrangements for this engagement.
Question: Do any of the professionals included in this
engagement vary their rate based on the geographic location of the
bankruptcy case?
Response: None of Milbank's professionals included in this
engagement has varied their rate based on the geographic location
of these cases.
Question: If you represented the client in the 12 months
prepetition, disclose your billing rates and material financial
terms for the prepetition engagement, including any adjustments
during the 12 months prepetition. If your billing rates and
material financial terms have changed postpetition, explain the
difference and the reasons for the difference.
Response: Milbank represented the Debtors in the twelve months
prior to the Petition Date. The billing rates and material
financial terms in connection with such representation have not
changed postpetition, other than due to annual and customary
firm-wide adjustments to Milbank's hourly rates in the ordinary
course of Milbank's business; and
Question: Has your client approved your prospective budget and
staffing plan, and, if so for what budget period?
Response: The Debtors and Milbank intend to develop a
prospective budget and staffing plan in a reasonable effort to
comply with the U.S. Trustee's requests for information and
additional disclosures. Consistent with the U.S. Trustee
Guidelines, the budget may be amended as necessary to reflect
changed or unanticipated developments.
Jaimie Fedell, a Milbank partner, disclosed in court filings that
the firm is a "disinterested person" pursuant to Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Dennis F. Dunne. Esq.
Jaimie Fedell, Esq.
Milbank LLP
55 Hudson Yards
New York, NY 10001
Phone: (212) 530-5000
Fax: (212) 530-5219
Email: ddunne@milbank.com
About Intrum
Intrum AB is a provider of credit management services with a
presence in 20 markets in Europe. By helping companies to get paid
and supporting people with their late payments, Intrum leads the
way to a sound economy and plays a critical role in society at
large. Intrum has circa 10,000 dedicated professionals who serve
around 80,000 companies across Europe. In 2023, income amounted to
SEK 20.0 billion. Intrum is headquartered in Stockholm, Sweden and
publicly listed on the Nasdaq Stockholm exchange. On the Web:
http://www.intrum.com/
On November 15, 2024, Intrum AB and U.S. affiliate Intrum AB of
Texas LLC each filed a voluntary petition for the relief under
Chapter 11 of the United States Bankruptcy Code in the United
States Bankruptcy Court for the Southern District of Texas (Bankr.
S.D. Tex. Lead Case No. 24-90575) to seek confirmation of their
Prepackaged Reorganization Plan.
The cases are pending before the Honorable Christopher M. Lopez.
Milbank LLP and Porter Hedges LLP are serving as counsel in the
U.S. restructuring. Houlihan Lokey is the advisor to Intrum. Kroll
Issuer Services Limited is the information agent. Kroll
Restructuring Administration is the claims agent. Brunswick Group
is also serving as advisers to Intrum.
Latham & Watkins LLP and Latham & Watkins (London) LLP, and
Advokatfirmaet Schjodt AS, are advising a group of bondholders
holding widely across Intrum AB's notes issuances (the "Notes Ad
Hoc Group"). PJT Partners (UK) Limited is financial advisor to the
noteholder ad hoc group.
Weil Gotshal & Manges LLP is representing a group of short-dated
bondholders holding primarily 2024- and 2025-maturing notes
("Minority Ad Hoc Group").
Ropes & Gray LLP is representing another minority group of
bondholders.
Clifford Chance US LLP is counsel to the group that collectively
holds approximately 76% of the total commitments under the RCF (the
"RCF Steerco Group").
IR4C INC: Gets Interim OK to Use Cash Collateral Until Jan. 27
--------------------------------------------------------------
IR4C, Inc. received fourth interim approval from the U.S.
Bankruptcy Court for the Middle District of Florida to use cash
collateral.
The interim order approved the use of cash collateral for the
period from Dec. 5 to Jan. 27, 2025, to pay business expenses set
forth in the monthly budget.
IR4C was authorized to pay adequate protection payments to Lake
Michigan Credit Union in the amount of $5,000 per month for
December and $10,000 per month commencing in January 2025.
All secured creditors will have perfected post-petition liens
against cash collateral to the same extent and with the same
validity and priority as their respective pre-bankruptcy liens.
The order will continue in effect until the case is converted to
Chapter 7, a trustee is appointed, a bankruptcy plan is confirmed,
or the order is terminated.
The next hearing is set for Jan. 27, 2025.
About IR4C Inc.
IR4C, Inc., a company in Lakeland, Fla., is the owner and operator
of a mobile application fitness program using augmented reality to
create virtual "races." It conducts business under the name Yes.Fit
and Make Yes Happen.
IR4C filed Chapter 11 bankruptcy petition (Bankr. M.D. Fla. Case
No. 24-05458) on Sept. 13, 2024, before Judge Roberta A. Colton. In
its petition, IR4C listed total assets of $4,280,839 and total
liabilities of $7,922,422. IR4C President Kevin D. Transue signed
the petition.
Judge Roberta A. Colton oversees the case.
Samantha L. Dammer, Esq., at Bleakley Bavol Denman & Grace, serves
as the Debtor's legal counsel.
J&K SAI HOSPITALITY: Hires Wynn & Associates PLLC as Counsel
------------------------------------------------------------
J&K SAI Hospitality LLC seeks approval from the U.S. Bankruptcy
Court for the Northern District of Florida to employ Wynn &
Associates, PLLC as counsel.
The firm's services include:
a. rendering legal advice with respect to the Debtor's powers
and duties as debtor in possession, the continued operation of the
Debtor's business, and the management of its property;
b. preparing on behalf of the Debtor necessary motions,
applications, orders, reports, pleadings, and other legal papers;
c. appearing before this Court and the United States Trustee
to represent and protect the interests of the Debtor;
d. assisting with and participating in negotiations with
creditors and other parties in interest in formulating a plan of
reorganization, drafting such a plan, and taking necessary legal
steps to confirm such a plan;
e. representing the Debtor in all adversary proceedings,
contested matters, and matters involving administration of this
case;
f. representing the Debtor in negotiations with potential
financing sources, and preparing contracts, security instruments,
and other documents necessary to obtain financing; and
g. performing all other legal services that may be necessary
for the proper preservation and administration of this Chapter 11
case.
The firm will be paid at these rates:
Attorneys $275 to $425 per hour
Paralegals $135 per hour
The firm received a retainer in the amount of $40,000.
Michael A. Wynn, Esq., a partner at Wynn & Associates, PLLC,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached through:
Michael A. Wynn, Esq.
Wynn & Associates, PLLC
430 W. 5th St, Suite 400
Panama City, FL 32401
Tel: (850) 303-7800
Fax: (850) 526-5210
Email: Michael@WynnPLLC.com
About J&K SAI Hospitality LL
J&K SAI Hospitality LLC is a limited liability company.
J&K SAI Hospitality LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Fla. Case No. 24-31020) on December 5,
2024. In the petition filed by Ramesh Patel, as registered agent
and MGRM, the Debtor reports estimated assets and liabilities
between $10 million and $50 million each.
Honorable Bankruptcy Judge Karen K. Specie oversees the case.
The Debtor is represented by:
Michael A. Wynn, Esq.
WYNN & ASSOCIATES PLLC
430 W. 5th Street
Suite 400
Panama City, FL 32401
Tel: (850) 303-7800
Fax: (850) 526-5210
Email: michael@wynnpllc.com
J&K SAI HOSPITALITY: Seeks to Hire Pride Estimating as Appraiser
----------------------------------------------------------------
J&K SAI Hospitality LLC seeks approval from the U.S. Bankruptcy
Court for the Northern District of Florida to employ Pride
Estimating and Appraisal Services as a real estate appraiser.
The firm will perform appraisal services for Debtor in connection
with the bankruptcy case.
The firm will be paid $250 per hour for an appraisal of the real
estate property, not to exceed 7 percent of new money collected by
the customer, with the firm preparing a descriptive log sheet of
activity and time involved for the detailed entry in Tenths (.10)
of an hour.
As disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Pride Estimating and Appraisal Services
16545 Hanna Rd.
Lutz, FL 33549
Tel: (813) 920-7800
Email: Admin@prideestimating.com
About J&K SAI Hospitality LLC
J&K SAI Hospitality LLC is a limited liability company.
J&K SAI Hospitality LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Fla. Case No. 24-31020) on December 5,
2024. In the petition filed by Ramesh Patel, as registered agent
and MGRM, the Debtor reports estimated assets and liabilities
between $10 million and $50 million each.
Honorable Bankruptcy Judge Karen K. Specie oversees the case.
The Debtor is represented by:
Michael A. Wynn, Esq.
WYNN & ASSOCIATES PLLC
430 W. 5th Street
Suite 400
Panama City, FL 32401
Tel: (850) 303-7800
Fax: (850) 526-5210
Email: michael@wynnpllc.com
JOHN R. KEARNEY: Files Chapter 11 Bankruptcy Protection
-------------------------------------------------------
On December 26, 2024, John R. Kearney filed Chapter 11 protection
in the Northern District of New York. According to court filing,
the Debtor reports between $500,000 and $1 million in debt owed to
1 and 49 creditors. The petition states funds will be available to
unsecured creditors.
About John R. Kearney M.D. Eye Physician and
Surgeon P.C.
John R. Kearney M.D. Eye Physician and Surgeon P.C.
John R. Kearney M.D. Eye Physician and Surgeon P.C. sought relief
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case
No. 24-61035) on December 26, 2024. In its petition, the Debtor
reports estimated assets between $50,000 and $100,000 and estimated
liabilities between $500,000 and $1 million.
Honorable Bankruptcy Judge Patrick G. Radel handles the case.
The Debtor is represented by:
Maxsen D. Champion, Esq.
8578 East Genesee Street
Fayetteville, NY 13066
P: 315-664-2550
JUHN AND STARK: Seeks to Hire Penn Stuart as Special Counsel
------------------------------------------------------------
Juhn and Stark, PLLC seeks approval from the U.S. Bankrutpcy Court
for the Eastern District of Tennessee to hire Penn Stuart as
special counsel.
On or about Dec. 6, 2024, the Debtor received a letter from the
office of the Attorney General for the State of Tennessee notifying
the Debtor of a pending investigation. The State proposes to
investigate claims billed by the Debtor to the TennCare program.
Penn Stuart will advise and represent the Debtor in the pending
investigation.
The Debtor has agreed to pay a $10,000 retainer and to compensate
Penn Stuart based on its customary hourly rates and to reimburse
the counsel for expenses.
Daniel Murphy , Esq., of counsel at Penn Stuart, disclosed in a
court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached through:
Daniel J. Murphy, Esq.
Penn Stuart
Abingdon, VA 24210
Tel: (276) 628-5151
Email: dmurphy@pennstuart.com
About Juhn and Stark
Juhn and Stark, PLLC specializes in pediatric dentistry.
An involuntary Chapter 11 petition was filed against Juhn and Stark
(Bankr. E.D. Tenn. Case No. 24-50714) on July 15, 2024. Mark L.
Esposito, Esq., at Penn, Stuart & Eskridge, P.C. serves as legal
counsel for David Juhn, the petitioning creditor.
Judge Rachel Ralston Mancl oversees the case.
Gentry, Tipton & McLemore is the Debtor's legal counsel.
JUNK SHUTTLE: Jennifer McLemore Named Subchapter V Trustee
----------------------------------------------------------
The Acting U.S. Trustee for Region 4 appointed Jennifer McLemore,
Esq., at Williams Mullen as Subchapter V trustee for Junk Shuttle,
LLC.
Ms. McLemore will be paid an hourly fee of $530 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. McLemore declared that she is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Jennifer M. McLemore, Esq.
Williams Mullen
200 South 10th Street, Suite 1600
Richmond, VA 23219
(804) 420-6330
Email: jmclemore@williamsmullen.com
About Junk Shuttle
Junk Shuttle, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Va. Case No. 24-34738) on December 16,
2024, with $50,001 to $100,000 in assets and $500,001 to $1 million
in liabilities.
Paula S. Beran, Esq. and Lynn L. Tavenner, Esq., at Tavenner &
Beran, PLC represent the Debtor as legal counsel.
K & M AMUSEMENT: Gets OK to Use Cash Collateral Until Feb. 13
-------------------------------------------------------------
K & M Amusement Center, LLC got the green light from the U.S.
Bankruptcy Court for the District of Massachusetts to use cash
collateral.
The company's use of cash collateral is authorized under the same
terms and conditions through Feb. 13, 2025.
A hearing on the company's continued use of cash collateral is
scheduled for Feb. 13, 2025.
About K & M Amusement Center
K & M Amusement Center, LLC owns and operates an amusement park in
Tewksbury, Mass.
K & M Amusement Center sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 24-41064) on October
22, 2024, with $1 million to $10 million in both assets and
liabilities. Angelica Morales, manager, signed the petition.
Judge Elizabeth D. Katz oversees the case.
Douglas Beaton, Esq., at Beaton Law Firm, represents the Debtor as
bankruptcy counsel.
KALALOU RESTAURANT: Hires Dal Lago Law as Special Counsel
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Kalalou Restaurant Management LLC seeks approval from the U.S.
Bankruptcy Court for the Middle District of Florida to employ Dal
Lago Law as counsel.
The firm's services include:
a. advising as to the Debtor's rights and duties in the
bankruptcy case;
b. preparing pleadings related to the Case, including
developing a plan of reorganization; and
c. taking any and all other necessary action incident to the
proper preservation and administration of the estate.
The firm will be paid at these rates:
Mike Dal Lago, Esq. $450 per hour
Christian Haman, Esq. $375 per hour
Jennifer Duffy, Esq. $350 per hour
Kim Christian $220 per hour
Fatema Bravo $165 per hour
Frances Vazquez $165 per hour
Grace Burnes $125 per hour
The firm received from the Debtor a retainer in the amount of
$26,738.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Michael R. Dal Lago, Esq., a partner at Dal Lago Law, disclosed in
a court filing that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Michael R. Dal Lago, Esq.
Dal Lago Law
999 Vanderbilt Beach Road, Suite 200
Naples, FL 34108
Telephone: (201) 417-8229
Email: mike@dallagolaw.com
About Kalalou Restaurant Management LLC
Kalalou Restaurant Management LLC sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-06227)
on November 15, 2024, with $100,001 to $500,000 in both assets and
liabilities.
Judge Tiffany P. Geyer presides over the case.
Michael R. Dal Lago, Esq., represents the Debtor as legal counsel.
KALALOU RESTAURANT: Hires Vladimy PLouis CPA PLLC as Accountant
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Kalalou Restaurant Management LLC seeks approval from the U.S.
Bankruptcy Court for the Middle District of Florida to employ
Vladimy PLouis CPA, PLLC as accountant.
The firm's services include preparation of monthly operating
reports, post confirmation quarterly reports, and any other
services unique to the bankruptcy case.
The firm will be paid at these rates:
(1) $150 per hour for monthly operating reports;
(2) $150 per hour for bookkeeping & QBO file management; and
(3) plan projects and all other services at $250 per hour.
The firm was paid by the Debtor a retainer of $2,500.
In addition, the firm will seek reimbursement for its out-of-pocket
expenses.
Vladimy Pierre-Louis, C.P.A., a partner at Vladimy PLouis, CPA,
PLLC, disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Vladimy Pierre-Louis, C.P.A.
Vladimy PLouis, CPA, PLLC
409 Montgomery Road, Suite 135
Altamonte Springs, FL 32714-3193
Tel: (407) 790-4804
About Kalalou Restaurant Management LLC
Kalalou Restaurant Management LLC sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-06227)
on November 15, 2024, with $100,001 to $500,000 in both assets and
liabilities.
Judge Tiffany P. Geyer presides over the case.
Michael R. Dal Lago, Esq., represents the Debtor as legal counsel.
KBS REAL ESTATE: Maturity of Accenture Loan Moved to November 2026
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KBS Real Estate Investment Trust III, Inc. disclosed in a Form 8-K
filed with the Securities and Exchange Commission that on Dec. 20,
2024, KBS REIT III, through the Accenture Tower Borrower, entered
into a fourth modification agreement with the Accenture Tower
Lenders. Pursuant to the Fourth Modification Agreement, the
Accenture Tower Lenders agreed to extend the maturity date of the
Accenture Tower Loan to Nov. 2, 2026, with an additional 12-month
extension option available pursuant to the loan agreement, subject
to certain terms and conditions contained in the loan documents.
Prior to the Fourth Modification Agreement, the Accenture Tower
Loan bore interest at the one-month Secured Overnight Financing
Rate ("Term SOFR") plus 235 basis points. Pursuant to the Fourth
Modification Agreement, the Accenture Tower Loan bears interest at
one-month Term SOFR plus 300 basis points.
On Nov. 2, 2020, KBS REIT III, through an indirect wholly owned
subsidiary, entered into a loan facility with U.S. Bank, National
Association, as administrative agent, joint lead arranger and
co-book runner; Bank of America, N.A., as syndication agent, joint
lead arranger and co-book runner; and each of the financial
institutions signatory thereto as lenders ("Accenture Tower Loan").
The current lenders under the Accenture Tower Loan are U.S. Bank,
National Association, Bank of America, N.A., Deutsche
Pfandbriefbank AG and the National Bank of Kuwait S.A.K.P. Grand
Caymans Branch. The Accenture Tower Loan is secured by Accenture
Tower.
On Dec. 18, 2024, KBS REIT III, through the Accenture Tower
Borrower, entered into a third extension agreement with the
Accenture Tower Lenders to extend the maturity date of the
Accenture Tower Loan to Dec. 20, 2024. Under the Third Extension
Agreement, the Agent and the Accenture Tower Lenders waived the
requirement for KBS REIT Properties III, LLC, KBS REIT III's
indirect wholly owned subsidiary, as guarantor, to satisfy the net
worth covenant, the leverage ratio covenant and the EBITDA to fixed
charges ratio covenant through the extended maturity date of Dec.
20, 2024.
As of Dec. 20, 2024, the outstanding principal balance of the
Accenture Tower Loan was $306.0 million. The Fourth Modification
Agreement converted all of the outstanding indebtedness under the
Accenture Tower Loan into non-revolving, term debt and provides
that any future funding advanced under the loan will be
non-revolving, term debt. Pursuant to the Fourth Modification
Agreement, the aggregate commitment under the Accenture Tower Loan
was increased to $322.0 million, consisting of the outstanding
principal balance of $306.0 million and $16.0 million of new
funding that may be advanced in accordance with, and subject to the
terms and conditions of, the Fourth Modification Agreement. Subject
to the terms and conditions in the Fourth Modification Agreement,
proceeds from the New Availability may be used solely for approved
tenant improvements, leasing commissions and capital improvement
costs, certain approved monthly operating shortfall amounts at the
Property, taxes and insurance attributable to the Property, or
other capital expenditures related to the Property, and the New
Funding is only available to the extent there are not sufficient
funds available from the Cash Sweep Collateral Account.
The Fourth Modification Agreement provides that 100% of excess cash
flow from the Property be deposited monthly into a cash collateral
account maintained with the Agent in the name of the Accenture
Tower Borrower. Funds may not be withdrawn from the Cash Sweep
Collateral Account without the prior written consent of the Agent.
So long as no default exists under the Accenture Tower Loan and
subject to the terms and conditions in the Fourth Modification
Agreement, the Accenture Tower Borrower will be permitted to
withdraw funds from the Cash Sweep Collateral Account for the
payment or reimbursement of (i) approved tenant improvements,
leasing commissions and capital improvement costs, (ii) monthly
operating shortfall amounts at the Property, (iii) taxes and
insurance attributable to the Property and (iv) certain other cash
flow needs of the Accenture Tower Borrower. Upon the occurrence and
during the continuance of a default and on the maturity date, the
Agent has the right to withdraw funds from the Cash Sweep
Collateral Account and/or other required accounts and apply such
funds to any due and payable obligations of the Accenture Tower
Borrower. "Accenture Tower Excess Cash Flow" for any calendar
month means an amount equal to (i) gross revenues from the Property
less (ii) provided that a default does not exist (a) approved
operating expenses of the Property, (b) principal and interest paid
with respect to the Accenture Tower Loan, and (c) in certain cases,
a limited amount of REIT-level general and administrative expenses,
Permitted Asset Management Fees, approved tenant improvements,
leasing commissions and capital improvement costs and legal fees
related to the Accenture Tower Loan.
The Fourth Modification Agreement restricts the Accenture Tower
Borrower, REIT Properties III, KBS Limited Partnership III and KBS
REIT III from making Restricted Payments without the prior consent
of the required Accenture Tower Lenders. Notwithstanding the
foregoing, (i) KBS REIT III may pay KBS Capital Advisors LLC 90% of
the asset management fees associated with the Property (with the
remaining 10% of the asset management fees associated with the
Property being deferred until the Accenture Tower Borrower has paid
in full its obligations under the Accenture Tower Loan) and (ii)
the Accenture Tower Borrower may distribute to KBS REIT III certain
REIT-level general and administrative expenses allocated to the
Property, provided that in each case no such payments may be made
without the consent of the required Accenture Tower Lenders during
the occurrence and continuance of a noticed default that has not
been cured or waived, if the Agent has delivered to the Accenture
Tower Borrower a reservation of rights or similar letter relating
to a default that has not be waived or if the Agent determines a
monthly operating shortfall exists at the Property. Further,
provided no event of default exists, REIT Properties III, the
Operating Partnership and KBS REIT III may make Restricted Payments
as necessary for KBS REIT III to maintain its status as a real
estate investment trust for federal income tax purposes and to
avoid any liability for federal and state income or excise taxes.
"Restricted Payments" include (a) any distribution, dividend or
redemption with respect to any equity interests in the Accenture
Tower Borrower or the direct or indirect owners of the Accenture
Tower Borrower, (b) any payment on account of the purchase,
redemption, cancellation or termination of any equity interests in
the Accenture Tower Borrower or the direct or indirect owners of
the Accenture Tower Borrower or any option, warrant or other right
to acquire any equity interest in the Accenture Tower Borrower or
any direct or indirect owners of Accenture Tower Borrower, or (c)
any other payment by the Accenture Tower Borrower to its direct or
indirect owners or any person that controls the Accenture Tower
Borrower including, without limitation, the payment of any asset
management fees or general or administrative expenses.
The Fourth Modification Agreement requires the Accenture Tower
Borrower to maintain a debt service coverage ratio and REIT
Properties III, as guarantor, to satisfy the EBITDA to interest
charges ratio covenant, subject to certain terms and conditions in
the loan documents, commencing with the December 31, 2024 calendar
quarter reporting period. Additionally, pursuant to the Fourth
Modification Agreement, neither Accenture Tower Borrower nor REIT
Properties III may enter into any new swaps.
Additionally, the Fourth Modification Agreement provides that a
default will occur under the Accenture Tower Loan (i) if a written
demand for payment following a default is delivered to REIT
Properties III and not paid when due under (a) any loan facility
under which REIT Properties III is a guarantor or borrower or (b)
any other indebtedness of REIT Properties III where the demand made
is greater than $5.0 million and the required Accenture Tower
Lenders elect to call a default or (ii) if any pledge documents are
entered into with respect to the membership interests of the
Accenture Tower Borrower or its direct owner that are not in
compliance with the terms and conditions of the Fourth Modification
Agreement.
In connection with the Fourth Modification Agreement, the Accenture
Tower Borrower paid the Accenture Tower Lenders a loan modification
fee of $995,600, paid the Agent an administrative fee of $100,000
and paid certain legal and other costs of the Agent and the
Accenture Tower Lenders. The Accenture Tower Borrower also agreed
to pay the Accenture Tower Lenders an exit fee in the amount of
$650,000, which is due on the earliest to occur of the maturity
date and the repayment of the loan in full.
REIT Properties III is providing a guaranty of (i) payment of, and
agrees to protect, defend, indemnify and hold harmless the Agent
and the Accenture Tower Lenders for, from and against, any
liability, obligation, loss, damage, costs and expenses (including
reasonable attorney's fees), and any litigation which may at any
time be imposed upon, incurred or suffered by the Agent or
Accenture Tower Lenders because of (a) certain intentional acts
committed by the Accenture Tower Borrower, (b) fraud or intentional
misrepresentations by the Accenture Tower Borrower or REIT
Properties III in connection with the loan documents, and (c)
certain bankruptcy or insolvency proceedings under state or federal
law; (ii) payment for liability related to certain environmental
matters; and (iii) full payment of all obligations under the
Accenture Tower Loan in the event of (a) certain bankruptcy or
insolvency proceedings related to the Accenture Tower Borrower,
REIT Properties III, any of their direct or indirect members or the
Property, (b) the failure of the Accenture Tower Borrower, its
direct owner or REIT Properties III to comply with certain
requirements of the Accenture Tower Loan documents or (c) certain
bad faith interference or claims by the Accenture Tower Borrower,
REIT Properties III or any of their affiliates following a default
under the Accenture Tower Loan, the enforcement of rights or
remedies under the loan documents or litigation related thereto.
In addition, REIT Properties III is providing a principal guaranty
of 25% of the outstanding balance of the Accenture Tower Loan, a
guaranty of obligations under certain swaps and a guaranty of
payment of reasonable fees and expenses of legal counsel in
connection with the enforcement of the guaranty.
Amendment to Advisory Agreement
In connection with the Fourth Modification Agreement, on Dec. 20,
2024, KBS REIT III and KBS Capital Advisors LLC entered into an
amendment to the advisory agreement between the parties to defer a
portion of the asset management fee associated with the Property.
About KBS Real Estate
KBS Real Estate Investment Trust III, Inc., is a Maryland
corporation that has elected to be taxed as a real estate
investment trust ("REIT") and it intends to continue to operate in
such a manner. The Company conducts its business primarily through
its Operating Partnership, of which the Company is the sole general
partner. KBS has invested in a diverse portfolio of real estate
investments. As of Dec. 31, 2023, the Company owned 16 office
properties (of which one property was held for non-sale
disposition), one mixed-use office/retail property and an
investment in the equity securities of a Singapore real estate
investment trust (the "SREIT").
Irvine, California-based Ernst & Young LLP, the Company's auditor
since 2010, issued a "going concern" qualification in its report
dated March 18, 2024, citing that the Company has $1.2 billion of
loan principal maturing within one year from the date of issuance
of the consolidated financial statements, and has stated that
substantial doubt exists about the Company's ability to continue as
a going concern.
KKC RESTAURANTS: Seeks to Hire Fox Law Corp. as Bankruptcy Counsel
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KKC Restaurants, Inc. seeks approval from the U.S. Bankruptcy Court
for the Southern District of Florida to hire The Fox Law
Corporation, Inc., as general bankruptcy counsel.
The firm will render these services:
a. advise the Debtor with respect to their responsibilities in
complying with the U.S. Trustee's Guidelines and Reporting
Requirements and the rules of the Court;
b. prepare motions, pleadings, orders, applications, adversary
proceedings, and other legal documents necessary in the
administration of this case;
c. protect the Debtor's interests in matters pending before
the Court; and
d. represent the Debtor in negotiations with its creditors and
in the preparation and confirmation of a plan.
The firm will be paid at these rates:
Steven R. Fox $600 per hour
Principals $600 per hour
Associates $550 per hour
Law Clerks/Paralegals $150 per hour
The Debtor initially provided $2,500 to Fox Law as an initial
retainer in August, 2024. In September through November, 2024, the
Debtor provided additional retainer monies of $60,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Steven R. Fox, Esq., a partner at The FoxLaw Corporation, Inc.,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Steven R. Fox, Esq.
The FoxLaw Corporation, Inc.
17835 Ventura Boulevard, Suite 306
Encino, CA 91316
Tel: (818) 774-3545
Fax: (818) 774-3707
Email: Srfox@foxlaw.com
About KKC Restaurants, Inc.
KKC Restaurants, Inc. sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-22845-MAM) on
December 9, 2024. In the petition signed by Bobby Jo McKellar,
president, the Debtor disclosed up to $50,000 in assets and up to
$1 million in liabilities.
Bradley S. Shraiberg, Esq., at Shraiberg Page PA, represents the
Debtor as legal counsel.
KWENCH JUICE: Starts Subchapter V Bankruptcy Proceeding
-------------------------------------------------------
On December 26, 2024, Kwench Juice Franchising Inc. filed Chapter
11 protection in the District of Massachusetts. According to court
filing, the Debtor reports between $500,000 and $1 million in debt
owed to 1 and 49 creditors. The petition states funds will be
available to unsecured creditors.
About Kwench Juice Franchising Inc.
Kwench Juice Franchising Inc. operates a cafe inBoston under the
trade name Kwench Juice Cafe, which features juices and fruit
smoothies.
Kwench Juice Franchising Inc. sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 24-12587) on
December 26, 2024. In its petition, the Debtor reports estimated
assets up to $50,000 and estimated liabilities between $500,000 and
$1 million.
Honorable Bankruptcy Judge Christopher J. Panos handles the case.
The Debtor is represented by:
Barry R. Levine, Esq.
100 Cummings Center, Suite 327G
Beverly, MA 01915
P: 978-922-8440
Fax: 978-998-4636
LCM CORP: Asset Sale Proceeds to Fund Plan Payments
---------------------------------------------------
LCM Corporation filed with the U.S. Bankruptcy Court for the
Western District of Virginia a Plan of Liquidation dated December
16, 2024.
LCM Corporation began its business in 1983 in response to a
perceived need for asbestos remediation. Shortly after opening, in
addition to its asbestos remediation work, it expanded its services
to other environmental remediation services.
In the late 1980s and early 1990s, the Debtor began to work for the
Radford Army Arsenal in an environmental clean-up capacity. The
Debtor did continue to work at the Radford Army Arsenal, and worked
there until 2024. A company called BAE took over management of the
arsenal and gave the Debtor a contract in January 2022 to conduct
the type of environmental cleaning and remediation that the Debtor
had historically done for the arsenal. On April 7, 2022, however,
BAE gave the Debtor a "pause/stop work order".
The Debtor basically spent all of its cash waiting for the Radford
Army Arsenal job to restart. Ultimately, the Debtor ran out of
money and the ability to borrow more funds. It laid off its
employees, stopped operating, and on July 11, 2024, filed this
Chapter 11, Subchapter V case. Its plan after extensive pre
petition discussion with bankruptcy counsel and its real estate and
personal property auctioneers, was to sell its assets by well
advertised public auction within the framework of the Subchapter V
case.
The Debtor filed its motion to sell all of its assets free and
clear of liens pursuant to public auction. On August 26, 2024, the
Bankruptcy Court conducted an evidentiary hearing on the Debtor's
Motion; the Court approved the Motion and entered an Order
authorizing and directing the liquidation of the Debtor's assets
pursuant to public auctions to be conducted by Woltz and
Associates.
Pursuant to an online auction for the Debtor's personal property in
Hampton, Virginia, a public auction for the Debtor's real estate in
Hampton, Virginia, and a public auction for the Debtor's real
estate and personal property in Roanoke, Virginia, Woltz &
Associates has successfully liquidated essentially all of the
Debtor's assets.
As of the time of the filing of this Plan, closings have occurred
for most of the personal property; closings are being scheduled for
the near future for the real estate properties.
The Roanoke real estate sold for $1,391,250.00. The Hampton real
estate sold pursuant to a credit bid from its secured creditor in
the amount of $400,000.00. The Debtor's vehicles and equipment sold
for approximately $250,000.00.
As a result of these sales, the Debtor anticipates making a
distribution to unsecured creditors pursuant to this Plan.
Class 5 consists of General Unsecured Claims. From net sales
proceeds and any other cash or assets that the Debtor may have
after payment of Classes 1 through 23 pursuant to this Plan, the
Debtor will pay its allowed general unsecured claims, pro-rata. The
Debtor has not completed its claims analysis as of the time of
filing this Plan, and this Plan will give the Debtor a deadline of
sixty days to file objections to claims.
Accordingly, the Debtor is not in a position to identify a
distribution percentage to unsecured creditors at the time of the
filing of this Plan. As stated earlier, the Debtor does anticipate
making a distribution to this class.
Class 6 consists of Equity Interests. It is not anticipated that
funds will be available to pay any money to the Debtor's equity
toward their equity interest.
The Debtor will close on its real estate and personal property
auction and sales contracts, pay allowed secured claims,
commissions, and expenses pursuant to the Order approving the sale,
and escrow the net proceeds in its Debtor-In-Possession account
pending further order(s) from the Court authorizing disbursement of
those proceeds.
A full-text copy of the Plan of Liquidation dated December 16, 2024
is available at https://urlcurt.com/u?l=KO8m3R from
PacerMonitor.com at no charge.
About LCM Corporation
LCM Corporation offers remediation and other waste management
services.
LCM Corporation sought relief under Subchapter V of Chapter 11 of
the U.S. Bankruptcy Code (Bankr. W.D. Va. Case No. 24-70494) on
July 11, 2024. In the petition filed by Lawrence C. Musgrove, III,
as president, the Debtor reports estimated assets and liabilities
between $1 million and $10 million each.
The Debtor is represented by:
Andrew S. Goldstein, Esq.
MAGEE GOLDSTEIN LASKY & SAYERS, P.C.
Post Office Box 404
Roanoke, VA 24003-0404
Tel: (540) 343-9800
Fax: (540) 343-9898
Email: agoldstein@mglspc.com
LIFESTYLE BRANDS: Deborah Fish Named Subchapter V Trustee
---------------------------------------------------------
The U.S. Trustee for Regions 3 and 9 appointed Deborah Fish, Esq.,
managing partner at Allard & Fish, P.C., as Subchapter V trustee
for Lifestyle Brands, Inc.
Ms. Fish 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. Fish declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Deborah L. Fish, Esq.
Allard & Fish, P.C.
1001 Woodward Ave., Ste. 850
Detroit, MI 48226
Phone: (313) 961-6141
Email: dfish@allardfishpc.com
About Lifestyle Brands
Lifestyle Brands, Inc. is a tattoo and piercing studio proudly
serving the Metro Detroit area.
Lifestyle Brands sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Mich. Case No. 24-51881) on December
18, 2024, with $89,657 in assets and $2,178,249 in liabilities.
Alexander Maritczak, president of Lifestyle Brands, signed the
petition.
Judge Mark A. Randon presides over the case.
Mark H. Shapiro, Esq., at Steinberg Shapiro & Clark represents the
Debtor as legal counsel.
LIKEMIND BRANDS: Updates Amazon Capital Claims Pay Details
----------------------------------------------------------
Likemind Brands, Inc., submitted a Corrected First Amended Combined
Disclosure Statement and Plan of Reorganization dated December 16,
2024.
The Debtor's Corrected First Amended Plan is to fund distributions
to allow claimants from future profits of the Debtor's business
operations.
The Plan Proponent's financial projections show that the Debtor
will have projected income of at least $15,000 per month to fund
the Plan payments. The final Plan payment is expected to be paid on
December 15, 2029.
This Plan of Reorganization proposes to pay creditors of the Debtor
from cash flow from operations.
Class 2 consists of the allowed claim of Amazon Capital in the
amount of $521,398.33. The claim in this class shall be paid in
equal monthly installments in the amount of $11,000 commencing on
the 15th day of the month following confirmation of the Plan until
the entire allowed amount of the claim is paid in full. Amazon
Capital Services will retain its liens securing its claim until the
allowed secured claim is paid in full.
Interest shall be paid on this claim at the contract rate of 9.49%
Amazon Capital Services will terminate its security interest in its
collateral upon payment of the allowed amount of its claim,
including interest and all other amounts allowed under Section
506(a) of the Bankruptcy Code.
Like in the prior iteration of the Plan, all non-priority unsecured
claims in Class 5 shall be paid a pro rata share of monthly
installments of $3,400 commencing January 15, 2026 through December
15, 2029, for a total of $163,200 to be distributed to Class 5
claimants. Class 5 claimants are estimated to receive approximately
10% of the allowed amount of their claims.
The Debtor will implement the Plan by continuation of its business
operations and making the payments from its ongoing cash flow.
A full-text copy of the Corrected First Amended Combined Disclosure
Statement dated December 16, 2024 is available at
https://urlcurt.com/u?l=AwhOCX from PacerMonitor.com at no charge.
Counsel to the Debtor:
Perry G. Pastula, Esq.
Dunn, Schouten & Snoap
2745 De Hoop Avenue SW
Wyoming, MI 49509
Tel: (616) 538-6380
Fax: (616) 538-4414
Email: ppastula@dunnsslaw.com
About LikeMind Brands Inc.
LikeMind Brands Inc. is a privately held e-commerce retailer.
LikeMind Brands Inc. sought relief under Subchapter V of Chapter 11
of the U.S. Bankruptcy Code (Bankr. W.D. Mich. Case No. 24-02042)
on August 2, 2024. In the petition filed by Justin Trump, as
president, the Debtor reports total assets of $515,939 and total
liabilities of $2,051,905.
The Honorable Judge James W. Boyd presides over the case.
Perry G. Pastula, Esq., at Dunn Schouten & Snoap PC, serves as
counsel to the Debtor.
LOOK CINEMAS: Gets Interim OK to Use Cash Collateral Until Jan. 22
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LOOK Cinemas II, LLC received second interim approval from the U.S.
Bankruptcy Court for the Northern District of Texas, Dallas
Division to use cash collateral to pay its operating expenses.
The interim order approved the use of cash collateral for the
period from Dec. 20 to Jan. 22, 2025, in accordance with the
company's projected budget.
Secured lenders were granted adequate protection in the form of a
replacement lien on the company's post-petition assets.
LOOK Cinemas II was authorized, but not directed, to pay monthly
post-petition management fees owed to Blackbox Management Group,
LLC, only after satisfying its rent obligations for that same month
to Spirit Master Funding X, LLC.
A final hearing is scheduled for Jan. 14, 2025. Objections are due
by Jan. 10, 2025.
About LOOK Cinemas II
LOOK Cinemas II, LLC operates in the motion picture and video
industries.
LOOK Cinemas II sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Texas Case No. 24-33696) on November
14, 2024, with $1 million to $10 million in both assets and
liabilities. Brian E. Schultz, chief executive officer of LOOK
Cinemas II, signed the petition.
Judge Michelle V. Larson handles the case.
The Debtor is represented by:
Frank Wright, Esq.
Law Offices of Frank J. Wright, PLLC
1800 Valley View Lane 250
Farmers Branch TX 75234
Tel: 214-238-4153
Email: frank@fjwright.law
LOOK CINEMAS: Hires Law Offices of Frank J. Wright as Counsel
-------------------------------------------------------------
Look Cinemas II, LLC seeks approval from the U.S. Bankruptcy Court
for the Northern District of Texas to employ Law Offices of Frank
J. Wright, PLLC as counsel.
The firm will provide these services:
a. advise the Debtors of their rights, obligations, and powers
in these Bankruptcy Cases;
b. attend meetings and negotiate with representatives of
creditors and other parties in interest;
c. assist the Debtors in the preparation of all administrative
documents required to be filed or prepared herein, and to prepare,
on behalf of the Debtors, all necessary applications, motions,
answers, responses, orders, reports and other legal documents
required;
d. assist the Debtors in obtaining Court approval for use of
debtor-in-possession financing and other negotiations with secured
creditors;
e. take such action as is necessary to preserve and protect
the Debtors' assets and interests therein, including pursuing and
prosecution actions on the Debtors' behalf and defending any action
brought against the Debtors, and representing the Debtors' interest
in negotiations concerning all litigation in which the Debtors are
involved, including objections to claims filed against their
Estates;
f. advise the Debtors in connection with any potential sale of
assets or other disposition of their Estates' assets;
g. assist the Debtors in the formulation of a disclosure
statement and in the formulation, confirmation, and consummation of
a plan of reorganization; and
h. perform any and all other legal services that may be
necessary to protect the rights and interests of the Debtors and
their Estates in the Bankruptcy Cases and any actions hereafter
commenced in the Bankruptcy Cases.
The firm will be paid at these rates:
Frank J. Wright $900 per hour
Jeffery M. Veteto $550 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Frank J. Wright, Esq., a partner at Law Offices Of Frank J. Wright
PLLC, disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Frank J. Wright, Esq.
Law Offices of Frank J. Wright PLLC
1800 Valley View Lane 250
Farmers Branch TX 75234
Tel: (214) 238-4153
Email: frank@fjwright.law
About Look Cinemas II, LLC
LOOK Cinemas II LLC is part of the motion picture and video
industries.
LOOK Cinemas II LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-33696) on November
14, 2024. In the petition filed by Brian E. Schultz, as chief
executive officer, the Debtor reports estimated assets and
liabilities between $1 million and $10 million each.
Honorable Bankruptcy Judge Michelle V. Larson handles the case.
The Debtor is represented by:
Frank Wright, Esq.
LAW OFFICES OF FRANK J. WRIGHT, PLLC
1800 Valley View Lane 250
Farmers Branch TX 75234
Tel: (214) 238-4153
Email: frank@fjwright.law
LOOK CINEMAS: Seeks to Sell Theater Business for $1.2-Mil.
----------------------------------------------------------
Look Cinemas LLC seeks permission from the U.S. Bankruptcy Court
for the Northern District of Texas, Dallas Division, to sell its
Property, free and clear of all liens, claims, encumbrances, and
interests.
The Debtor is engaged in the dine-in movie theater business in
southern California. It operates as an affiliate of its sole member
Look Brands LLC.
The Debtor is the tenant under a certain Master Lease Agreement
with Spirit Master Funding X LLC as landlord.
The Debtor leases three properties in Los Angeles and San
Bernardino Counties in California, and each leased location
represents an operational movie theater.
The Debtor believes that it owns approximately $1,250,000 of
personal property across the three locations, consisting of:
-- Projection and Audio Equipment ($600,000.00)
-- Kitchen Equipment ($200,000.00)
-- IT Hardware and Other Miscellaneous Personal Property
($150,000.00)
-- Theater Seating ($300,000.00).
The Debtor's personal properties that are up for sale include Epson
printers, display PCs, Juniper Switches, Honeywell Scanners, cash
drawers, iPods w/ CC swipers, usherpoints, Nova Time clocks, UPS
Rack Mount, and Avaya Phones.
The Debtor replaced projection and audio equipment, none of which
is included within the definition of Landlord’s F&E. Such
personal property is owned by the Debtor subject to the liens of
the secured lenders represented by TNTF, LLC, as the administrative
agent to the secured lenders.
The Debtor contends that it has an interest in the seats, or
alternatively, owns removable covers. Such theater seating is not
identified in the Landlord F&E and is not subject to the terms
applicable thereto in Section 12.1 with respect to repairs. The
seats have required repairs to an extent that Debtor should have an
ownership interest therein. Alternatively, the Debtor has placed
covers on the seats, which are removable, and remain its personal
property pursuant to the Lease.
The Debtor seeks to sell the different categories of its personal
property, and any of its other personal property located in the
theaters.
About Look Cinemas LLC
LOOK Cinemas II LLC is part of the motion picture and video
industries.
LOOK Cinemas II LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-33696) on November
14, 2024. In the petition filed by Brian E. Schultz, as chief
executive officer, the Debtor reports estimated assets and
liabilities between $1 million and $10 million each.
Honorable Bankruptcy Judge Michelle V. Larson handles the case.
Frank Wright, Esq., at LAW OFFICES OF FRANK J. WRIGHT, PLLC,
represents the Debtor as legal counsel.
LOUISIANA APPLE: Seeks to Sell SBG Entities Inventory
-----------------------------------------------------
Louisiana Apple, LLC, and its affiliates, seek permission from the
U.S. Bankruptcy Court for the Western District of Louisiana,
Lafayette Division, to sell Property in a private sale, free and
clear of all claims, interests, and encumbrances.
The Debtor's Property for sale is comprised of certain inventory of
its affiliates known as the SBG Entities with the purchase price of
$17,000.
The Debtor owns and operates 14 Applebee's restaurants in the
states of Kentucky, Oklahoma, Indiana, and Arkansas, and as of July
11, 2024, the SBG Entities took over operating the Restaurants.
Contained in certain of the Restaurants, specifically the Oklahoma
restaurants, was certain beer, liquor, and wine inventory belonging
to the Debtors.
As of approximately July 11, 2024, the Oklahoma Beverage Inventory
consisted of $7,595.59 in beer; $16,641.92 in liquor, and $1,393 in
wine. The Debtors have been advised by the SBG Entities that they
may not be able to return to vendors any beer, liquor or wine
inventory without a license. The net balance at cost of the
Oklahoma Beverage Inventory that is potentially sellable totals
$22,484.86. As such, the SBG Entities have offered to purchase the
Oklahoma Beverage Inventory for an amount equal to $17,000.00.
The Debtors represent that the SBG Entities are the only potential
party who can potentially
capitalize on the value of the Oklahoma Beverage Inventory, and
because of its perishable nature, it cannot be sold to other
potential purchasers.
The Debtors assert in their business judgment that any further
marketing of the Oklahoma Beverage Inventory is unlikely to yield a
purchaser price higher than the $17,000.00 being offered by the SBG
Entities.
About Louisiana Apple, LLC
Louisiana Apple, LLC filed Chapter 11 petition (Bankr. S.D. Fla.
Case No. 24-20336) on October 4, 2024, with as much as $50,000 in
both assets and liabilities.
Judge Robert A. Mark oversees the case.
Eyal Berger, Esq., at Akerman, LLP and Yip Associates serve as the
Debtor's legal counsel and accountant, respectively.
M & M BUCKLEY: Commences Subchapter V Bankruptcy Proceeding
-----------------------------------------------------------
On December 23, 2024, M & M Buckley Management Inc. filed Chapter
11 protection in the Northern 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.
About M & M Buckley Management Inc.
M & M Buckley Management Inc. is a professional property management
company based in Richton Park, IL. It specializes in managing
residential and commercial properties.
M & M Buckley Management Inc. sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill.Case No.
24-19108) on December 23, 2024. In the petition filed by Melvin T.
Buckely, Jr., as president, the Debtor reports estimated assets and
liabilities between $1 million and $10 million each.
Honorable Bankruptcy Judge Janet S. Baer handles the case.
The Debtor is represented by:
Gregory K. Stern, Esq.
GREGORY K. STERN, P.C.
53 West Jackson Boulevard
Suite 1442
Chicago, IL 60604
Tel: (312) 427-1558
Fax: (312) 427-1289
Email: greg@gregstern.com
MANZANITA LANE: Seeks Chapter 11 Bankruptcy Protection in Nevada
----------------------------------------------------------------
On December 24, 2024, Manzanita Lane LLC filed Chapter 11
protection in the District of Nevada. 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 Manzanita Lane LLC
Manzanita Lane LLC is a limited liability company.
Manzanita Lane LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Nev. Case No. 24-51277) on December 24,
2024. In the petition filed by Peter Ghishan, as manager, the
Debtor reports estimated assets and liabilities between $1 million
and $10 million each.
Honorable Bankruptcy Judge Hilary L. Barnes handles the case.
The Debtor is represented by:
Stephen R. Harris, Esq.
HARRIS LAW PRACTICE LLC
850 E. Patriot Blvd., Suite F
Reno, NV 89511
Tel: 775-786-7600
Fax: 775-786-7764
Email: steve@harrislawreno.com
MASTER'S PLAN: Commences Subchapter V Bankruptcy Proceeding
-----------------------------------------------------------
On December 27, 2024, Master's Plan Construction Co. LLC Chapter
11 protection in the District of Arizona. According to court
filing, the Debtor reports between $1 million and $10 million in
debt owed to 1 and 49 creditors. The petition states funds will be
available to unsecured creditors.
About Master's Plan Construction Co. LLC
Master's Plan Construction Co. LLC, doing business as Bar None
Plumbing, is a Prescott, Arizona-based construction and plumbing
services provider.
Master's Plan Construction Co. LLC sought relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 24-11049) on
December 27, 2024. In its petition, the Debtor reports estimated
assets between $100,000 and $500,000 and estimated liabilities
between $1 million and $10 million.
Honorable Bankruptcy Judge Daniel P. Collins handles the case.
The Debtor is represented by:
Thomas H. Allen, Esq.
Allen, Jones & Giles, PLC
1850 N. Central Avenue, Suite 1025
Phoenix, AZ 85004
P: 602-256-6000
Fax: 602-252-4712
MASTER'S PLAN: Voluntary Chapter 11 Case Summary
------------------------------------------------
Debtor: Master's Plan Construction Co., LLC
d/b/a Bar None Plumbing
3118 Rawhide Drive
Prescott, AZ 86305
Chapter 11 Petition Date: December 27, 2024
Court: United States Bankruptcy Court
District of Arizona
Case No.: 24-11049
Judge: Hon. Daniel P Collins
Debtor's Counsel: Thomas H. Allen, Esq.
ALLEN, JONES & GILES, PLC
1850 N. Central Avenue, Suite 1025
Phoenix, AZ 85004
Tel: 602-256-6000
Fax: 602-252-4712
E-mail: tallen@bkfirmaz.com
Estimated Assets: $100,000 to $500,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by John Petkovich as manager.
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/LI3NALI/MASTERS_PLAN_CONSTRUCTION_CO_LLC__azbke-24-11049__0001.0.pdf?mcid=tGE4TAMA
MCR HEALTH: Hires Shumaker Loop & Kendrick as Special Counsel
-------------------------------------------------------------
MCR Health, Inc. and AllCare Options, LLC seek approval from the
U.S. Bankruptcy Court for the Middle District of Florida to employ
Shumaker, Loop & Kendrick, LLP as special counsel.
Shumaker will advise and represent the Debtors in certain contested
matters and adversary proceedings unrelated to ServisFirst
Bancshares, Inc., and to advise them on real estate, health care,
corporate, employment, ERISA/tax, and immigration matters.
The Debtors have agreed to compensate the firm on an hourly basis
in accord with the Shumaker's hourly rate.
As disclosed in the court filings, Shumaker, Loop & Kendrick is a
"disinterested person" as that term is defined in 11 U.S.C. Sec.
101(14).
The firm can be reached through:
Steven M. Berman, Esq.
SHUMAKER, LOOP & KENDRICK, LLP
101 E. Kennedy Blvd., Suite 2800
Tampa, FL 33602
Phone: (813) 229-7600
Email: sberman@shumaker.com
About MCR Health, Inc.
MCR Health, Inc. and AllCare Options, LLC sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Lead Case
No. 24-06604) on November 8, 2024, with $10 million to $50 million
in both assets and liabilities. Mary Ruiz, board chair, signed the
petitions.
Judge Roberta A. Colton oversees the cases.
Steven M. Berman, Esq., at Shumaker, Loop & Kendrick, LLP,
represents the Debtors as legal counsel.
MFT RESOURCES: Seeks 30-Day Extension of Plan Filing Deadline
-------------------------------------------------------------
Master Flow Technologies, LLC, f/k/a MFT Resources, LLC, and White
Properties & Development, LLC asked the U.S. Bankruptcy Court for
the Western District of Louisiana to extend their periods to file
the Plan of Reorganization and Disclosure Statement for additional
thirty days.
Master Flow Technologies filed a Petition for Relief under Chapter
11 of the United States Bankruptcy Code. White Properties &
Development, L.L.C. filed a Petition for Relief under Chapter 7 of
the United States Bankruptcy Code which it later converted to a
case under Chapter 11 of the United States Bankruptcy Code.
The consolidated Debtor remains in possession of its property as
Chapter 11 debtor-in-possession.
The Debtors claim that the General Order to the Debtor in
Possession issued by this Court and the provisions of Section 1121
of the Bankruptcy Code require that the Plan of Reorganization and
Disclosure Statement (unless excused by the Court) be filed within
one hundred twenty days after the entry of an order for relief.
The Debtors explain that applying the calculations under those
provisions results in the last day to file the Plan of
Reorganization and Disclosure Statement in this case as being
December 25, 2024. Counsel for Debtor does not believe that a
realistic Plan of Reorganization and Disclosure Statement can be
filed before that date.
The Debtor asserts that it seeks an extension of the exclusivity
period of thirty days from December 25, 2024, within which to file
the Plan of Reorganization and Disclosure Statement in this
matter.
About MFT Resources, LLC
f/k/a Master Flow Technologies, LLC
MFT Resources, LLC f/k/a Master Flow Technologies, LLC in
Natchitoches LA, sought relief under Chapter 11 of the Bankruptcy
Code (Bankr. W.D. La. Case No. 24-80523) on Aug. 27, 2024, listing
as much as $1 million to $10 million in both assets and
liabilities. Waylon R. White as managing member, signed the
petition.
Judge Stephen D Wheelis oversees the case.
THOMAS R. WILLSON serves as the Debtor's legal counsel.
MILFORD HOUSE: Nicole Nigrelli Named Subchapter V Trustee
---------------------------------------------------------
The U.S. Trustee for Regions 3 and 9 appointed Nicole Nigrelli,
Esq., at Ciardi, Ciardi & Astin as Subchapter V trustee for The
Milford House, LLC.
Ms. Nigrelli 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. Nigrelli declared that she is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Nicole M. Nigrelli, Esq.
Ciardi, Ciardi & Astin
1905 Spruce Street
Philadelphia, PA 19103
Phone: (215) 557-3550 ext. 115
Email: nnigrelli@ciardilaw.com
About The Milford House
The Milford House, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 24-22174) on December
11, 2024, with as much as $50,000 in both assets and liabilities.
Andre Kydala, Esq., represents the Debtor as legal counsel.
MILLENKAMP CATTLE: Taps Robert Marcus of Kander LLC as CRO
----------------------------------------------------------
Millenkamp Cattle, Inc. and its affiliates seek approval from the
U.S. Bankruptcy Court for the District of Idaho to employ Robert
Marcus of Kander, LLC, as their bankruptcy chief restructuring
officer.
The firm will render these services:
a. Mr. Marcus will act as CRO of Millenkamp Cattle, Inc. and
its affiliated entities. As CRO, he will be authorized and
empowered to:
i. perform typical CRO duties which include and are not
limited to oversight of the day-to-day operations of the Debtors
and management of the restructuring process;
ii. advise and assist the Debtors' management team in the
operation of their business;
iii. execute and file on behalf of the Debtors all motions,
applications, pleadings and other papers or documents as necessary
in connection with the Chapter 11 Cases, with a view to the
successful administration of such cases;
iv. in the name of, and on behalf of, the Debtors, to
negotiate, make, execute and deliver, either jointly or severally,
all debtors-in-possession documents related to the restructuring,
reorganization, or sale of the Debtors and/or their assets, and any
and all amendments, supplements, modifications, extensions,
replacements, agreements, documents, and instruments relating to
the foregoing, subject to the requisite Bankruptcy Court approval;
v. in the name of, and on behalf of, the Debtors to take or
cause to be taken any and all such further actions, to execute and
deliver any and all such agreements, certificates, instruments, and
other documents and to pay all expenses in each case as in the
CRO's business judgment, which shall be necessary or desirable to
fully carry out the intent and accomplish the purposes of the
foregoing services, subject to any requisite Bankruptcy Court
approval.
vi. advise and assist the Debtors in the operation of their
business, evaluate and monitor the values of the Debtors; assets
and liabilities outstanding, and help implement a restructuring and
asset monetization plan to maximize the financial recovery for
creditors and other parties with an economic interest in the
Debtors.
b. Advise and assist the Debtors with its Chapter 11 Cases,
including but not limited to:
i. Assist in conducting bankruptcy related claims management
and reconciliation processes.
ii. Participate in formulating, developing, negotiating and
implementing a reorganization and/or liquidation plan.
iii. Assist in communications and negotiations with parties
involved in any bankruptcy proceedings.
iv. Testify in and prepare for hearings.
Mr. Marcus has advised the Debtors that his hourly rate will be
$595 per hour. Nonworking travel time incurred by Marcus shall be
billed at 50 percent of the stated hourly rate.
Mr. Marcus, managing director of Kander, LLC, assured the court
that he is a "disinterested person" as that term is defined in
Bankruptcy Code section 101(14).
The firm can be reached through:
Robert Marcus, Esq.
Kander LLC
341 N. Lafayette St.
Macomb, IL 61455
Phone: (708) 359-9377
Email: rob@kanderllc.com
About Millenkamp Cattle
Millenkamp Cattle Inc., is part of a family-owned agriculture
business that can produce more than 1 million pounds of milk per
day.
Millenkamp Cattle Inc. and its affiliates sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Idaho Lead Case
No. 24-40158) on April 2, 2024. In the petitions filed by William
J. Millenkamp, manager, Millenkamp Cattle estimated assets between
$10 million and $50 million and estimated liabilities between $500
million and $1 billion.
Judge Noah G. Hillen oversees the cases.
The Debtors tapped Matthew T. Christensen, Esq., at Johnson May,
PLLC as bankruptcy counsel and Givens Pursley as special counsel.
MOONEY HOUSE: Plan Exclusivity Period Extended to Feb. 14, 2025
---------------------------------------------------------------
Judge David S. Jones of the U.S. Bankruptcy Court for the Southern
District of New York extended Mooney House, LLC and 144 Division
LLC's exclusive periods to file a plan of reorganization and obtain
acceptance thereof to February 14, 2025 and April 14, 2025,
respectively.
In a court filing, the Debtors explain that their primary unsecured
creditor is Fuczinsky. The Debtors and its counsel, are actively
engaging in discussions with the counsel for Fuczinsky, whose
lawsuit were a principal factor prompting the initiation of this
bankruptcy case. Resolving this claim through settlement is
anticipated to reduce litigation expenses and expedite the
administration of this Chapter 11 Case, thereby benefitting the
estate, however, the Debtor needs a reasonable additional amount of
time to accomplish this during its exclusive period to file a Plan.
The Debtors claim that due to deficiencies in the organization and
preparation of financial statements at the time of filing, Klinger
& Klinger, LLP has begun undertaking the comprehensive preparation,
review, and verification of the Debtors' financial records. Once
such necessary financial statements are finalized, the Debtors can
move forward with an appropriate plan. These calculations are also
important to reach the anticipated settlement talks with
Fuczinsky.
The Debtors assert that the estate benefits from extending the
Exclusive Periods until the settlement negotiations with Fuczinsky
is reached as opposed to spending precious resources proposing a
Chapter 11 plan which isn't ripe for confirmation or effectuation.
On the other hand, termination of the Debtors' Exclusive Periods
will materially affect the Debtors' ability to continue the
efforts. Any potential competing plan would delay, complicate and
obstruct the Debtors' good faith efforts to reorganize.
Proposed Attorneys for the Debtors:
Dawn Kirby, Esq.
Kirby Aisner & Curley, LLP
700 White Plains Road, Suite 237
Scarsdale, NY 10583
Telephone: (914) 401-9500
Email: Dkirby@kacllp.com
About Mooney House
Mooney House, LLC, sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 24-11294) on July
26, 2024, listing under $1 million in both assets and liabilities.
Judge David S. Jones oversees the case.
Dawn Kirby, Esq., at Kirby Aisner & Curley, LLP, serves as the
Debtor's legal counsel.
MPGF INC: Has Deal on Cash Collateral Access
--------------------------------------------
MPGF, Inc. asked the U.S. Bankruptcy Court for the District of
Minnesota to approve its stipulation with HPJ, LLC that would allow
the company to use the landlord's cash collateral until Feb. 14,
2025.
As of the petition date, HPJ asserts $99,200 in cash collateral,
which consists of cash, deposit, accounts receivable and
inventory.
Under the stipulation, HPJ consented to the company's use of its
cash collateral to pay the company's expenses for the period from
Dec.18 to Feb. 14 next year.
As adequate protection, HPJ will be granted replacement liens on
the company's post-petition assets with the same validity,
priority, dignity, and effect as its pre-bankruptcy liens.
Moreover, HPJ will have the right to request that it be granted a
superpriority administrative expense for any loss resulting from
any inadequacy in the value of the replacement liens. However, any
replacement lien or superpriority administrative expense of the
landlord will not attach to MPGF's bankruptcy causes of action
under Chapter 5 of the Bankruptcy Code.
A copy of the stipulation is available at
https://urlcurt.com/u?l=lTfdLW from PacerMonitor.com.
About MPGF
Inc.
MPGF, Inc. sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Minn. Case No. 24-42399) on September 5,
2024, with $50,001 to $100,000 in assets and $100,001 to $500,000
in liabilities.
Judge William J. Fisher oversees the case.
Ronald J. Walsh, Esq., at Walsh Law represents the Debtor as
bankruptcy counsel.
MS FREIGHT: Seeks to Hire Craig M. Geno PLLC as Counsel
-------------------------------------------------------
MS Freight Co. Inc. seeks approval from the U.S. Bankruptcy Court
for the Northern District of Mississippi to hire the Law Offices of
Craig M. Geno, PLLC as its counsel.
The firm will provide these services:
a. advise and consult with the Debtor-in-Possession regarding
questions arising from certain contract negotiations which will
occur during the operation of business by the
Debtor-in-Possession;
b. evaluate and attack claims of various creditors who may
assert security interests in the assets and who may seek to disturb
the continued operation of the business;
c. appear in, prosecute, or defend suits and proceedings, and
to take all necessary and proper steps and other matters and things
involved in or connected with the affairs of the estate of the
Debtor;
d. represent the Debtor in court hearings and to assist in the
preparation of contracts, reports, accounts, petitions,
applications, orders and other papers and documents as may be
necessary in this proceeding;
e. advise and consult with Debtor in connection with any
reorganization plan which may be proposed in this proceeding and
any matters concerning Debtor which arise out of or follow the
acceptance or consummation of such reorganization or its rejection;
and
f. perform such other legal services on behalf of Debtor as
they become necessary in this proceeding.
The firm will be paid at these rates:
Craig M. Geno $500 per hour
Associates $275 per hour
Paralegals $250 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
The firm received a retainer in the amount of $27,000.
Craig M. Geno, Esq., a partner at Law Offices of Craig M. Geno,
PLLC, disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Craig M. Geno, Esq.
Law Offices of Craig M. Geno, PLLC
587 Highland Colony Parkway
Ridgeland, MS 39157
Tel: (601) 427-0048
Fax: (601) 427-0050
Email: cmgeno@cmgenolaw.com
About MS Freight Co. Inc.
MS Freight Co. Inc., doing business as MS Sales & Service, is a
leading trucking company.
MS Freight Co. Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Miss. Case No. 24-13745) on November
25, 2024. In the petition filed by Will White, as president, the
Debtor reports estimated assets and liabilities between $1 million
and $10 million each.
The Debtor is represented by Craig M. Geno, Esq. at LAW OFFICES OF
CRAIG M. GENO, PLLC.
MTL PARTNERS: Court OKs Use of Cash Collateral Until Jan. 14
------------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida
granted MTL Partners, LLC interim authorization to use cash
collateral until Jan. 14, 2025.
The interim order authorized the company to use cash collateral for
essential business expenses as outlined in its budget, plus an
amount not to exceed 10% for each line item.
The budget shows total expenses of $194,361 for December, $238,736
for January 2025, and $238,936 for February 2025.
Secured creditors were granted a perfected post-petition lien on
cash collateral to the same extent and with the same validity and
priority as their pre-bankruptcy liens.
The next hearing is scheduled for Jan. 14, 2025.
About MTL Partners LLC
MTL Partners LLC, doing business as Collier's Furniture Expo, is a
furniture store in Sanford, Florida, offering stationary sofas,
reclining sofas, stationary sectionals, and reclining sectionals.
MTL Partners sought relief under Subchapter V of Chapter 11 of the
U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-06518) on
November 27, 2024. In the petition filed by Michael Collier, as
managing member, the Debtor reported total assets of $97,459 and
total liabilities of $2,244,020.
Judge Grace E. Robson 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
NEIMAN MARCUS: Saks Completes $2.7-Bil. Purchase
-------------------------------------------------
Tori Latham of Robb Report reports that two of the most iconic
names in luxury retail have officially joined forces.
Saks Global has finalized its $2.7 billion acquisition of Neiman
Marcus Group, as reported by Hypebeast. This landmark deal unites
Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman under one
umbrella, while maintaining each brand's unique identity.
"This transformative transaction represents a pivotal moment for
Saks Global and the luxury retail landscape," said Richard Baker,
Executive Chairman of Saks Global. "By bringing together Neiman
Marcus, Bergdorf Goodman, and Saks Fifth Avenue, we've established
an unparalleled multi-brand luxury portfolio with vast growth
opportunities. With innovation and data at the forefront, paired
with premium real estate assets, we're set to redefine the luxury
shopping experience."
The acquisition was backed by prominent investors, including
Amazon. The e-commerce giant aims to collaborate with Saks Global
to foster innovation for customers and brand partners alike.
Additional funding came from Authentic Brands Group, known for
brand ownership and licensing, and G-III Apparel Group. Salesforce
also joined as an investor, leveraging AI and first-party data to
create a more personalized shopping experience.
The deal comes as department stores face growing challenges, with
consumers gravitating toward smaller boutiques that offer
personalized service and exclusive access to coveted brands. Saks
Global's ability to replicate these qualities in its stores could
help rejuvenate its appeal.
For Neiman Marcus, this partnership marks a new chapter. After
filing for bankruptcy in May 2020—becoming the largest U.S.
retailer to do so during the pandemic—the company underwent
financial restructuring while continuing operations. Once fierce
rivals, Saks and Neiman Marcus are now aligned, merging their
efforts to navigate the evolving retail landscape.
About Neiman Marcus Group
Neiman Marcus Group LTD, LLC -- https://www.neimanmarcus.com/ -- is
a luxury omni-channel retailer conducting store and online
operations principally under the Neiman Marcus, Bergdorf Goodman,
and Last Call brand names. It also operates the Horchow e-commerce
website offering luxury home furnishings and accessories. Since
opening in 1907 with just one store in Dallas, Neiman Marcus and
its affiliates have strategically grown to 67 stores across the
United States.
Weeks after being forced to temporarily shutter stores due to the
coronavirus pandemic, Neiman Marcus Group and 23 affiliates sought
Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 20-32519) on
May 7, 2020, after reaching an agreement with a significant
majority of our creditors to undergo a financial restructuring that
will substantially reduce the Company's debt load, and provide
access to considerable financing to ensure business continuity.
Kirkland & Ellis LLP is serving as legal counsel to the Company,
Lazard Ltd. is serving as the Company's investment banker, and
Berkeley Research Group is serving as the Company's financial
advisor. Stretto is the claims agent, maintaining the page
https://cases.stretto.com/NMG
Judge David R. Jones oversees the cases.
The Extended Term Loan Lenders are represented by Wachtell, Lipton,
Rosen & Katz as legal counsel, and Ducera Partners LLC as
investment banker.
The Noteholders are represented by Paul, Weiss, Rifkind, Wharton &
Garrison LLP as legal counsel and Houlihan Lokey as investment
banker.
NEVADA COPPER: Plan Exclusivity Period Extended to Jan. 8, 2025
---------------------------------------------------------------
Judge Hilary L. Barnes of the U.S. Bankruptcy Court for the
District of Nevada extended Nevada Copper Inc. and its affiliates'
exclusive periods to file a plan of reorganization and obtain
acceptance thereof to January 8, 2025 and March 10, 2025,
respectively.
In a court filing, the Debtors claim that they have managed an
intense and accelerated Sale process, and then negotiated the Cash
Collateral Stipulation and obtained entry of the Cash Collateral
Stipulation over the past five months. Although the Debtors'
efforts are now focused on the development of a Plan, those efforts
are not yet complete. The extension of the Exclusive Periods,
therefore, will allow the Debtors sufficient time to develop and
negotiate a Plan rather than rushing to propose a plan before they
have had an adequate opportunity for sufficient diligence and
stakeholder engagement.
The Debtors explain that it is self-evident that they are not
seeking these extensions to delay the administration of these
Chapter 11 Cases or to hold creditors hostage to an unsatisfactory
plan proposal, as there has been no opportunity for the Debtors to
fully develop, propose, and file a Plan.
The Debtors assert that the extension of the Exclusive Periods as
requested will not prejudice any party in interest, but rather will
afford the Debtors a realistic opportunity to develop, negotiate,
and propose a feasible and hopefully consensual chapter 11 plan in
an efficient manner. Failure to extend the Exclusive Periods as
requested herein would defeat the very purpose of section 1121 of
the Bankruptcy Code, which is to provide the Debtors with a
meaningful and reasonable opportunity to negotiate with their
economic stakeholders and propose a confirmable chapter 11 plan.
Counsel to the Debtors:
Fredric Sosnick, Esq.
Sara Coelho, Esq.
ALLEN OVERY SHEARMAN STERLING US LLP
599 Lexington Avenue
New York, NY 10022
Telephone: (212) 848-4000
Email: fsosnick@aoshearman.com
Email: sara.coelho@aoshearman.com
Ryan J. Works, Esq.
Amanda M. Perach, Esq.
McDonald CARANO LLP
2300 West Sahara Avenue, Suite 1200
Las Vegas, NV 89102
Email: rworks@mcdonaldcarano.com
aperach@mcdonaldcarano.com
About Nevada Copper
Nevada Copper, Inc., and affiliates have been in the business of
mining copper and other minerals and operating a processing plant
that refines copper ore into copper concentrate, with the bulk of
the debtors' operations focused on their Pumpkin Hollow project,
which is located outside of Yerington, Nevada. The project, which
contains substantial mineral reserves and resources, including
copper, gold, silver, and iron magnetite, consists of an
underground mine and processing facility, together with an open pit
project that is in the pre-feasibility stage of development.
The debtors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. Lead Case No. 24-50566) on June 10, 2024.
In the petition signed by Gregory J. Martin, executive vice
president and chief financial officer, Nevada Copper disclosed
$500,000,001 to $1 billion in assets and $100 million to $500
million in liabilities. Judge Hilary L. Barnes oversees the cases.
The debtors tapped Allen Overy Shearman Sterling US, LLP, as
general bankruptcy counsel; McDonald Carano, LLP, as Nevada
bankruptcy counsel; AlixPartners, LLP, as financial and
restructuring advisor; Torys, LLP, as special Canadian and
corporate counsel; Moelis & Company, LLC, as financial advisor and
investment banker; and Epiq Corporate Restructuring, LLC, as notice
and claims agent and administrative advisor.
The U.S. Trustee for Region 17 appointed an official committee to
represent unsecured creditors in the Chapter 11 cases of Nevada
Copper, Inc. and Nevada Copper Corp.
NEW DIRECTION: Gets Green Light to Use Cash Collateral
------------------------------------------------------
New Direction Home Health Care of DFW, Inc. got the green light
from the U.S. Bankruptcy Court for the Northern District of Texas,
Fort Worth Division, to use cash collateral.
New Direction has an immediate need to use the cash collateral to
pay ongoing expenses.
Timberland Bank, US Foods, Inc., CFG Merchant Solutions LLC and the
Internal Revenue Service, are the secured creditors claiming liens
on New Direction's personal property.
New Direction can adequately protect the interests of the secured
lenders by providing them with post-petition liens, a priority
claim in the Chapter 11 bankruptcy case, and cash flow payments.
About New Direction Home Health Care of DFW
New Direction Home Health Care of DFW, Inc. provides personalized
and compassionate home health care services.
New Direction sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Texas Case No. 24-44654) on December
17, 2024, with $50,001 to $100,000 in assets and $500,001 to $1
million in liabilities. Chiketa Kelly Williams, administrator,
signed the petition.
Judge Mark X. Mullin oversees the case.
Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC
represents the Debtor as legal counsel.
NEW MOON LLC: Hires McNamee Hosea P.A. as Counsel
-------------------------------------------------
New Moon LLC seeks approval from the U.S. Bankruptcy Court for the
District of Maryland to employ McNamee Hosea, P.A. as counsel.
The firm will provide these services:
a. providing the Debtor legal advice with respect to its
powers and duties as a debtor in possession and in the operation
and management of the business;
b. preparing any necessary applications, answers, orders,
reports and other legal papers, and appearing on the Debtor's
behalf in proceedings instituted by or against the Debtor;
c. assisting the Debtor the confirmation of a plan;
d. assisting the Debtor with other legal matters related to
the Debtor's reorganization;
e. performing all of the legal services for the Debtor that
may be necessary or desirable.
The firm will be paid at these rates:
Partners $400 per hour
Associates $350 per hour
Paralegal $105 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
The firm received from the Debtor a retainer of $11,738.
Kevin R. Feig, Esq., a partner at McNamee Hosea, P.A., disclosed in
a court filing that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
McNamee Hosea, P.A.
Steven L. Goldberg, Esq.
6404 Ivy Lane, Suite 820
Greenbelt, Maryland 20770
Tel: (301) 441-2420
Fax: (301) 982-9450
Email: sgoldberg@mhlawyers.com
About New Moon LLC
New Moon LLC, filed a Chapter 11 bankruptcy petition (Bankr. D. Md.
Case No. 24-20014) on Nov. 26, 2024. The Debtor hires McNamee
Hosea, P.A. as counsel.
NICK'S PIZZA: Seeks to Hire Vestian Global as Investment Banker
---------------------------------------------------------------
Nick's Pizza & Pub, Ltd. seeks approval from the U.S. Bankruptcy
Court for the Northern District of Texas to hire Vestian Global
Workplace Services LLC as investment bankers.
The firm's services include:
a. familiarizing itself to the extent it deems appropriate
with the business, operations, financial condition, and prospects
of Nick's;
b. preparing an information memorandum and electronic data
room describing the business and Nick's historical performance and
prospects, including existing contracts, marketing and sales, labor
force, and management;
c. assisting Nick's in developing a list of suitable potential
buyers who will be contacted on a discreet and confidential basis
after approval by Nick's;
d. coordinating the execution of confidentiality agreements
for potential buyers wishing to review the information memorandum;
e. assisting Nick's in coordinating virtual or physical site
visits for interested buyers and work with the management team to
develop appropriate presentations for such visits;
f. soliciting competitive offers from potential buyers;
g. advising and assisting Nick's in structuring the sale and
negotiating the sale agreements, including, without limitation,
advising and negotiating with respect to transaction structure, to
the extent requested by Nick's;
h. assisting Nick's and its professionals with the structuring
of sale procedures and the conduct of any auction that may be
requested;
i. being available for meetings and court appearances in any
Chapter 11 case that might be filed to implement the transaction of
complete the sale, including, without limitation, providing
testimony in the Bankruptcy Court in furtherance and support of the
Sale process and Sale; and
j. otherwise assisting Nick's, attorneys and accountants, as
necessary, through closing on a best efforts basis.
The firm will receive a Success Fee: Upon the consummation of a
Sale Transaction to any party and as a direct carve out from the
proceeds of any sale, prior in right to any post or prepetition
secured debt and any other administrative claims, Vestian shall be
entitled to a fee (the "Success Fee"), payable in cash, in federal
funds vis wire transfer or certified check, at and as a condition
of closing of such Transaction, equal to $50,000. The Debtor, DNA
Enterprises, and Bowes & Randall LLC shall be responsible for that
percentage of the Success Fee obtained by dividing the purchase
price recovered for the purchased assets by the total auction
proceeds.
Vestian does not hold or represent any interest adverse to the
estate, according to court filings.
The firm can be reached through:
Marcus Cook
Vestian Global Workplace Services LLC
444 N. Orleans St., Suite 300
Chicago, IL 60654
Tel: (224) 522-1344
Email: cook@vestian.com
About Nick's Pizza & Pub, Ltd.
Nick's Pizza & Pub, Ltd. is a family-friendly restaurants in
Crystal Lake and Elgin, serving thin-crust Chicago pizza.
Nick's Pizza & Pub, Ltd. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-18037) on December 2,
2024. In the petition filed by Nicholas Sarillo, as president, the
Debtor reports estimated assets between $100,000 and $500,000 and
estimated liabilities between $1 million and $10 million.
Honorable Bankruptcy Judge Janet S. Baer handles the case.
The Debtor is represented by Matthew T. Gensburg, Esq. at GENSBURG
CALANDRIELLO & KANTER, P.C.
NOEL RUIZ: Court Denies as Moot Bid to Sell Homestead Property
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Florida,
Miami Division, has denied as moot Noel Ruiz Nursery Inc.'s motion
to sell its commercial property located at 26030 SW 177TH Avenue,
Homestead FL 33031.
The Debtor wanted to sell the property for $975,000 and believed
that the sale price should be sufficient to pay the first mortgage,
the fees, and costs of the Debtor's counsel, the Sub-five Trustee
and amounts remaining due to Miami-Dade County.
The Court has ordered the sale motion as denied as moot.
About Noel Ruiz Nursery Inc.
Noel Ruiz Nursery, Inc. filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No.
24-13317) on April 5, 2024, with $1 million to $10 million in both
assets and liabilities. Arelys Tarraza, vice-president, signed the
petition.
Judge Laurel M. Isicoff presides over the case.
Gary M. Murphree, Esq., at AM Law, LLC represents the Debtor as
bankruptcy counsel.
NORDSTROM INC: S&P Lowers ICR to 'BB' on Take Private Announcement
------------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on
Seattle-based department store Nordstrom Inc. to 'BB' from 'BB+,
with a stable outlook.
S&P said, "We also affirmed our 'BB+' issue-level rating on the
existing notes and revised the recovery rating to '2' from '3'.
This reflects the company's intent to secure the existing senior
notes and debentures with a second lien on current assets and
related collateral and a first lien on other assets (excluding real
estate).
"The stable outlook reflects our expectation that improved
operating performance will lead to earnings growth and solid
operating cash flow, supporting business investments and
incremental debt paydown.
"The take-private transaction increases Nordstrom's S&P-adjusted
debt figures by more than $1 billion at close, and we forecast S&P
Global Ratings-adjusted leverage will increase to the mid-3x from
2.7x in the quarter ended Nov. 2, 2024. In addition to the $450
million revolver draw, we include the $581 million loan from the
parent entity in our adjusted leverage and coverage calculations
due to certain provisions including its required cash or
paid-in-kind (PIK) interest component, 10-year maturity profile,
which is ahead of other senior debt, and ability to accelerate
repayment ahead of other senior debt. Following the close of the
transaction, Nordstrom will be owned 50.1% by the Nordstrom Family
and 49.9% by Liverpool. We expect the company will dedicate a
significant portion of excess cash flow to reducing
transaction-related debt, including the ABL debt and upcoming note
maturities in 2027 and 2028 as priority, and then the loan from the
parent entity. Therefore, we forecast leverage approaching the
low-3x area over the subsequent 12 months. As a result, we are
revising our financial risk profile one category to significant
from intermediate.
"Moreover, we forecast annual FOCF of $450 million-$600 million,
the majority of which we expect the company will dedicate to the
near-term repayment of transaction-related debt, an annual dividend
to strategic owners of at least $75 million, and the repayment of
upcoming notes maturities. Our FOCF forecast incorporates $420
million-$500 million of annual capital expenditures to support
maintenance spending, store investments, and supply chain
initiatives.
"We expect S&P Global Ratings-adjusted EBITDA margin improves 80
basis points over the next 24 months to the high-10% area amid
successful merchandising and the higher penetration of owned
brands. Third quarter net sales (ended Nov. 2, 2024) increased
4.6%, reflecting a 4% increase in comparable store sales. The
company reported a 1.3% and 4% increase in net sales and comparable
store sales, respectively at its Nordstrom banner and a 10.6% and
3.9% increase in net sales and comparable store sales,
respectively, at its Nordstrom Rack banner. We expect
low-single-digit comparable stores sales at both banners and net
unit growth at its Nordstrom Rack banner will drive 3%-4% annual
revenue growth, following our expectation for flat revenue growth
in fiscal 2024 (ending Feb. 2025). Moreover, we expect the company
will continue to focus on inventory discipline and increased
penetration of higher margin owned brands to drive margin expansion
over the next 12-24 months. This is partially offset by ongoing
labor cost pressures.
"We expect performance will remain vulnerable to economic
conditions such as the recent pressure on consumers amid waning but
persistent inflation. In addition, our longer-term view is that
changing consumer apparel buying habits will be difficult to
navigate, which increases the potential for operational missteps.
Declining physical store traffic, shifting category preferences,
and online price transparency are persistent longer-term risks for
Nordstrom and the wider department store space. While we continue
to view the company as having leading omni-channel capabilities in
its industry, we think a continued shift to online shopping and
competition from off-price players could continue to pressure
traffic at brick-and-mortar locations and margins.
"The stable outlook on Nordstrom reflects our expectation that its
improving operating performance will lead to increased earnings and
solid free cash flow generation, supporting business investments
and incremental debt paydown such that leverage improves to the
low-3x area within 12 months of the transaction close."
S&P could lower its rating on Nordstrom if S&P Global
Ratings-adjusted leverage is sustained above 4x. This could occur
if:
-- A worsening macroeconomic environment or operational missteps
lead to persistently weak sales across both its full-line and
off-price segments and deteriorating profitability; or
-- Its financial policy becomes more aggressive, including an
unwillingness to dedicate a significant portion of excess cash to
debt repayment.
S&P could raise its rating on Nordstrom if S&P Global
Ratings-adjusted leverage declines to below 3x. This could occur
if:
-- It demonstrates a track record of stable, organic growth across
its full-line and off-price segments, and it continues to execute
its Nordstrom Rack strategy successfully;
-- S&P revise its business risk assessment upward if the company
outperforms the industry and sustains improved margins; or
-- The company demonstrates its commitment to a conservative
financial policy, including through debt paydown while maintaining
sufficient cash on balance sheet to preserve its financial
flexibility while business conditions remain uncertain.
NORTHWEST GRADING: Gets Interim OK to Use Cash Collateral
---------------------------------------------------------
Northwest Grading, Inc. received interim approval from the U.S.
Bankruptcy Court for the District of Idaho to use cash collateral.
The company requires the use of cash collateral to pay the ongoing
operating expenses, including payroll, and will thus be unable to
continue ongoing business operations.
The U.S. Small Business Administration, Merchants National Bonding
Inc., and potentially three creditors who were not identified on
the UCC-1 statements filed in the State of Idaho by representatives
CT Corporation System and Corporation Services Company assert an
interest in the company's cash collateral.
The company's business operations were disrupted during the recent
litigation with the State of Idaho Department of Transportation.
Those disruptions, bank loans requiring repayment and bond loss,
all led to continued cash-flow issues. These cash flow issues have
resulted in the company being unable to pay its obligations as they
become due, and the company seeks to reorganize its business
through a Chapter 11 bankruptcy plan.
As of the petition date, the market value of Northwest Grading's
assets is approximately $3.4 million with total liabilities of
approximately $8.7 million (consisting of various equipment loans,
business loans, and service agreements). The company has
approximately $813,121 in total unsecured debt, including disputed,
unliquidated or contingent claims.
The final hearing is set for Feb. 5, 2024.
About Northwest Grading Inc.
Northwest Grading, Inc. is a heavy civil contractor in Hauser,
Idaho, specializing in infrastructure, water and sewer facilities.
Northwest Grading sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Idaho Case No. 24-20429) on December 20,
2024, with $1 million to $10 million in both assets and
liabilities. William J. Krick, president of Northwest Grading,
signed the petition.
Judge Noah G. Hillen oversees the case.
Matthew Christensen, Esq., at Johnson May, represents the Debtor as
legal counsel.
NOTHIN' BUT WASTE: Christine Brimm Named Subchapter V Trustee
-------------------------------------------------------------
Gerard Vetter, Acting U.S. Trustee for Region 4, appointed
Christine Brimm, Esq., as Subchapter V trustee for Nothin' But
Waste, LLC.
Ms. Brimm, a practicing attorney in Myrtle Beach, S.C., will be
paid an hourly fee of $350 for her services as Subchapter V trustee
and an hourly fee of $150 for paralegal services. In addition, the
Subchapter V trustee will receive reimbursement for work-related
expenses incurred.
Ms. Brimm declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Christine E. Brimm
P.O. Box 14805
Myrtle Beach, SC 29587
Telephone: 803-256-6582
Email: cbrimm@bartonbrimm.com
About Nothin' But Waste
Nothin' But Waste, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. S.C. Case No. 24-04521) on December
19, 2024, with $100,001 to $500,000 in both assets and
liabilities.
Richard A. Steadman, Jr., Esq., at Steadman Law Firm, PA represents
the Debtor as bankruptcy counsel.
NOTHIN' BUT WASTE: Seeks to Use Cash Collateral
-----------------------------------------------
Nothin' But Waste, LLC asked the U.S. Bankruptcy Court for the
District of South Carolina for authority to use cash collateral.
The company requires the use of cash collateral to continue its
operations.
Prior to filing the Chapter 11 case, the company obtained funds
from the following:
a. On May 27, 2022, United Bank in the amount of $52,800 and
pledged all assets including equipment, accounts receivable and
other intangibles as collateral for the loan.
b. On June 15, 2022, from United Bank in the amount of $58,500 and
pledged assets, accounts receivable and other intangibles as
collateral for the loan.
c. On August 9, 2022, United Bank in the amount of $45,000 and
pledged all assets, accounts receivable and other intangibles as
collateral for the loan.
Nothin' But Waste said that the accounts receivable and intangibles
being cash in bank accounts securing the obligation owed to United
Bank were $4,221 as of the date of the petition filing and that
those receivables and intangibles constitute cash collateral.
As adequate protection, United Bank will be granted a replacement
lien on its post-petition accounts receivable and intangibles in an
amount equal to its established secured claim.
About Nothin' But Waste
Nothin' But Waste, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. S.C. Case No. 24-04521) on December
19, 2024, with $100,001 to $500,000 in both assets and liabilities.
Shontea Jones Taylor, sole member of Nothin' But Waste, signed the
petition.
Richard A Steadman, Jr., Esq., at Steadman Law Firm, P.A.,
represents the Debtor as bankruptcy counsel.
NURSES FIRST: Court Approves Interim Use of Cash Collateral
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida
granted Nurses First Solutions, LLC interim authorization to use
cash collateral until Jan. 16, 2025.
The interim order authorized the company to use cash collateral to
pay expenses set forth in its budget, plus an amount not to exceed
10% for each line item.
Secured creditors were granted a perfected post-petition lien
against cash collateral to the same extent and with the same
validity and priority as their pre-bankruptcy lien.
In the event of a default, any secured creditor may serve the
company with a notice of default providing the company with 10 days
to cure the default.
If the company fails to timely cure a default, the secured creditor
is entitled to request an emergency hearing on a motion to prohibit
use of cash collateral.
Nurses First Solutions must maintain insurance and comply with
obligations under the Bankruptcy Code.
A continued hearing on the motion is scheduled for Jan. 16, 2025.
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
OAKLAND PHYSICIANS: Hires Robert Bassel Esq. as Counsel
-------------------------------------------------------
Oakland Physicians Medical Center, LLC seeks approval from the U.S.
Bankruptcy Court for the Eastern District of Michigan to employ
Robert Bassel, Esq. to handle its Chapter 11 case.
The firm will be paid at $350 per hour.
The firm received a retainer of $1,738 from the Debtor, and $21,738
from Sanjay Sharma, the father of Sanyam Sharma, the Debtor's
principal, from which the filing fee of $1,738 was applied, and
$5,250 was applied to prepetition legal fees, leaving a retainer of
$16,488.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Robert Bassel, disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached at:
Robert Bassel
P.O. Box T
Clinton, MI 49236
Tel: (248) 677-1234
Email: bbassel@gmail.com
About Oakland Physicians Medical Center, LLC
Oakland Physicians Medical Center, L.L.C. sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No.
24-51134) on November 23, 2024.
Judge Maria L. Oxholm presides over the case.
Robert N. Bassel, Esq. at Robert Bassel, Attorney At Law represents
the Debtor as bankruptcy counsel.
OKLAHOMA FORGE: Hires D.R. Payne & Associates as Financial Advisor
------------------------------------------------------------------
Oklahoma Forge, LLC seeks approval from the U.S. Bankruptcy Court
for the Northern District of Oklahoma to hire D.R. Payne &
Associates, Inc. to provide financial advisory services.
DRPA's hourly rates are:
Managing Director $525 per hour
Director $450 per hour
Manager $375 per hour
Senior Consultant $275 per hour
Consultant $225 per hour
Staff $195 per hour
DRPA holds a $20,229.25 retainer.
David R. Payne, of D.R. Payne & Associates, Inc., attests that DRPA
does not hold or represent any interest adverse to Debtor or its
estate, and that DRPA is a "disinterested person" as defined in 11
U.S.C. Sec. 101(14).
The advisor can be reached through:
David R. Payne
D.R. Payne & Associates, Inc.
119 North Robinson Avenue, Suite 400
Oklahoma City, OK 73102
Phone: (405) 272-0511
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.
ORANGE RIVER: Michael Markham Named Subchapter V Trustee
--------------------------------------------------------
The U.S. Trustee for Region 21 appointed Michael Markham, Esq., as
Subchapter V trustee for Orange River Outdoor Center, LLC.
Mr. Markham, a partner at Johnson Pope Bokor Ruppel & Burns, LLP,
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. Markham declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Michael C. Markham, Esq.
Johnson Pope Bokor Ruppel & Burns, LLP
401 E. Jackson Street, Suite 3100
Tampa, FL 33602
Phone: (727) 480-5118
Email: Mikem@jpfirm.com
About Orange River Outdoor Center
Orange River Outdoor Center, LLC sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-01923) on
December 18, 2024, with $500,001 to $1 million in assets and
$100,001 to $500,000 in liabilities.
Judge Caryl E. Delano presides over the case.
David Lampley, Esq., at F&l Law Group, P.A. represents the Debtor
as bankruptcy counsel.
OUR TOWN REALESTATE: Hires Paul Reece Marr PC as Legal Counsel
--------------------------------------------------------------
Our Town Realestate LLC seeks approval from the U.S. Bankruptcy
Court for the Northern District of Georgia to hire Paul Reece Marr,
P.C. as its bankruptcy attorneys.
The firm's services include:
(a) providing the Debtor with legal advice regarding its
powers and duties as a debtor in possession in the continued
operation and management of its affairs;
(b) preparing on behalf of the Debtor the necessary
applications, statements, schedules, lists, answers, orders and
other legal papers pursuant to the Bankruptcy Code; and
(c) performing all other legal services in the Chapter 11
bankruptcy proceeding for the Debtor which may be reasonably
necessary.
The firm will be paid at these rates:
Paul Reece Marr, Esq. $450 per hour
Paralegal $250 per hour
In addition, the firm will seek reimbursement for expenses
incurred.
Paul Reece Marr, Esq., an attorney at Paul Reece Marr, disclosed in
a court filing that his firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Paul Reece Marr, Esq.
Paul Reece Marr, PC
6075 Barfield Road; Suite 213
Sandy Springs, GA 30328
Tel: (770) 984-2255
Email: paul.marr@marrlegal.com
About Our Town RealEstate LLC
Our Town RealEstate, LLC sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No.
24-62744) on December 2, 2024. In the petition filed by Al
McKeithan, as manager, the Debtor reports estimated assets and
liabilities between $1 million and $10 million each.
Honorable Bankruptcy Judge Paul W. Bonapfel handles the case.
The Debtor is represented by Paul Reece Marr, Esq. at PAUL REECE
MARR, P.C.
OYSTER LLC: Nicole Nigrelli Named Subchapter V Trustee
------------------------------------------------------
The U.S. Trustee for Regions 3 and 9 appointed Nicole Nigrelli,
Esq., at Ciardi, Ciardi & Astin as Subchapter V trustee for Oyster,
LLC.
Ms. Nigrelli 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. Nigrelli declared that she is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Nicole M. Nigrelli, Esq.
Ciardi, Ciardi & Astin
1905 Spruce Street
Philadelphia, PA 19103
Phone: (215) 557-3550 ext. 115
Email: nnigrelli@ciardilaw.com
About Oyster LLC
Oyster, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D.N.J. Case No. 24-22175) on December 11,
2024, with as much as $50,000 in both assets and liabilities.
Andre Kydala, Esq., represents the Debtor as legal counsel.
PAREXEL MIDCO: S&P Upgrades ICR to 'B+' on Operating Strength
-------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on Parexel Midco
Inc. to 'B+' from 'B'. The outlook is stable.
The stable outlook reflects Parexel's position as a top-tier
clinical research organization (CRO) and positive business
momentum, but also its expectation that free cash flow to debt will
remain above 7%.
S&P said, "We expect revenue growth of about 5% in 2025, supported
by healthy biotechnology bookings and partial recovery of
enterprise bookings. Business awards are strong at $5.8 billion for
the 12-months ended Sept. 30, 2024, compared with $4.4 billion the
prior year. This has led to a record backlog of $8.7 billion, an
increase of $1.6 billion from the previous year. We expect the
growth in awards will drive stronger revenue growth over the coming
years to about 5% in 2025 and growing toward its high-single-digit
target thereafter.
"Parexel's free operating cash flow (FOCF) has improved in 2024
because of working capital improvements, higher profitability, and
lower interest expense and we expect it to remain strong in 2025.
Our expectation for stronger FOCF is the result of less use of
working capital and modest margin expansion. In previous year,
investment in working capital was required because its days sales
outstanding (DSO) normalized after falling to historically low
levels in 2020 and 2021 due to disruptions from COVID-19-related
trials and the high advanced payments received for those trials. We
expect DSO normalization to continue over the next few years and we
believe 2023 was the highest usage period. We expect the company's
2024 reported FOCF to be about $250 million-$300 million compared
with $20 million in 2023 and over $100 million higher than our
prior forecast in July 2024. We anticipate improvement in FOCF will
remain in the same range in 2025. While some of the FOCF
improvement came from capital structure changes in 2024, we did not
anticipate the pace of working capital improvement and the
resiliency of the company's earnings. The company has outperformed
our expectations and is now expected to maintain FOCF to debt of
greater than 7% in 2024 and 2025.
"We expect leverage of 4.5x-5x in 2024 and 2025. We projected
credit measures to show modest improvement in 2024 driven by
revenue growth and margin expansion. Our forecast does not include
any debt reduction beyond the $125 million voluntary debt repayment
in July 2024.. Despite our forecast for leverage to modestly
improve over the next few years, financial sponsors typically
follow an aggressive financial strategy to maximize shareholder
returns, which keeps leverage high.
"The stable outlook reflects Parexel's position as a top-tier CRO
and positive business momentum, as well as our expectation that
free cash flow to debt will remain above 7% and leverage below 6x.
"We could lower our rating if Parexel experienced a sudden reversal
in recent business momentum (e.g., large client losses) such that
its free cash flow to debt dipped below 3% and its leverage
remained above 6x on a sustained basis. Another possible path for a
downgrade is if its financial policy were more aggressive than we
currently envision.
"Although unlikely given its financial sponsor ownership, we could
consider a higher rating if Parexel's business momentum continued,
and we expected its free cash flow to debt to stay above 5% and
adjusted leverage to improve below 5x on a sustained basis despite
private equity ownership. We would also require a track record of
achieving these metrics and a commitment from the sponsor to
maintain these metrics."
PARTY CITY: Set to Close All 64 Locations in Texas
--------------------------------------------------
Mike Soileau of etsn.fm reports that it seems like yet another
retailer is closing its doors following this year's closures from
Red Lobster, Big Lots, Dickey’s Bar-B-Que, and others.
A popular event and party store has announced it will be shutting
down all 64 of its Texas locations after filing for bankruptcy
protection. Stores in cities including Abilene, Amarillo, Austin,
Baytown, Beaumont, Brownsville, Dallas, Houston, and more will soon
close permanently.
The franchise in question is Party City. According to CNN, the
company filed for bankruptcy in January 2023 after struggling with
$1.7 billion in debt. Through the bankruptcy process, Party City
managed to eliminate nearly $1 billion of its debt while keeping
the majority of its 800+ stores operational. However, more than 80
locations were closed between late 2022 and August 2024, as noted
in its financial filings.
The closure of all remaining stores will have a significant impact
on thousands of employees. CNN highlighted that Party City, the
largest party supply retailer in the U.S., employed around 6,400
full-time and 10,100 part-time workers as of 2021.
About Party City Holdco
Party City Holdco Inc. (NYSE: PRTY) is the global leader in the
celebrations' industry, with its offerings spanning more than 70
countries around the world. It is also the largest designer,
manufacturer, distributor, and retailer of party goods in North
America. Party City Holdco had 761 company-owned stores as of
September 2022. It is headquartered in Woodcliff Lake, N.J. with
additional locations throughout the Americas and Asia.
Party City Holdco and its domestic subsidiaries sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead
Case No. 23-90005). As of Sept. 30, 2022, Party City Holdco had
total assets of $2,869,248,000 against total debt of
$3,022,960,000.
Judge David R. Jones oversees the cases.
The Debtors tapped Paul, Weiss, Rifkind, Wharton & Garrison, LLP,
as legal counsel; Moelis & Company, LLC as investment banker;
AlixPartners, LLP as financial advisor; A&G Realty Partners as real
estate advisor; and Kroll as the claims agent.
PricewaterhouseCoopers LLP (PwC) provides accounting and valuation
advisory services, tax-related services, and internal audit
Sarbanes-Oxley Act support services.
Davis Polk & Wardwell, LLP and Lazard serve as legal counsel and
investment banker, respectively, to the ad hoc group of first lien
holders.
The U.S. Trustee for Region 6 appointed an official committee to
represent unsecured creditors in the Chapter 11 cases. The
committee is represented by Pachulski Stang Ziehl & Jones, LLC.
2nd Attempt
Party City Holdco sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-90621) on December on
December 21, 2024. In its petition, the Debtor reports estimated
assets and liabilities between $1 million and $10 million each.
Honorable Bankruptcy Judge Alfredo R. Perez handles the case.
John F Higgins, IV of Porter Hedges LLP is the Debtor's counsel.
PHVC4 HOMES: To Sell 19-Single Family Homes to JLE for $2.6-Mil.
----------------------------------------------------------------
PHCV4 Homes, LLC seeks permission from the U.S. Bankruptcy Court
for the Northern District of Alabama, Southern Division, to sell
its property 19-single family lots at a private sale free and clear
of liens, encumbrances and other interests.
The Debtor proposes to sell its interest in certain real estate
consisting of 19-single family
homes in the subdivision known as Amberley, in the municipality of
Robertsdale, Baldwin County, Alabama with the purchase price of
$2,600,000.00.
CoreVest American Finance Lender LLC's claim rights are
specifically and fully attached to all proceeds of the sale.
All liens, mortgages, or other interests shall attach to the
proceeds of the sale to the extent
properly allowed. However, no proceeds of the sale shall be paid to
Debtor or any person or party
related to Debtor, no other creditors or lienholders shall receive
the net proceeds of the Sale after all closing costs, tax pro
rations, and other routine and necessary Sale related disbursements
are paid by the closing attorney and shall be paid directly
CoreVest at closing free and clear of all liens, interest, and
encumbrances.
The Debtor signs a contract with JLE Investments LLC to purchase
the Property.
The Debtor sets forth the total sales price for the WIP Assets
represents the fair market
value of the Property. The Purchaser has already obtained or will
obtain financing, and the sales
are contemplated to be closed forthwith after approval from this
Court. The Property consisting of
the WIP Assets will be purchased at closing on or before the later
of February 20, 2025.
The Property is subject to the following liens, mortgages or other
interest held by CoreVest.
About PHCV4 Homes, LLC
PHCV4 Homes LLC is part of the residential building construction
industry.
PHCV4 Homes LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ala. Case No. 24-02751) on September
10, 2024. In the petition filed by Misty M. Glass, as manager, the
Debtor reports estimated assets and liabilities between $10 million
and $50 million each.
The Honorable Bankruptcy Judge Tamara O. Mitchell presides over
the
case.
The Debtor is represented by Frederick M. Garfield, Esq., at SPAIN
& GILLON, LLC.
PLANET GREEN: Ends VIE Agreements with Shareholders, Jilin
----------------------------------------------------------
Planet Green Holdings Corp. disclosed in a Form 8-K filing with the
U.S. Securities and Exchange Commission that Jiayi Technologies
(Xianning) Co., Ltd., a wholly owned subsidiary of Planet Green
Holdings Corp., entered into a Termination Agreement with Xiaodong
Cai , Yongshen Chen, and Jilin Chuangyuan Chemical Co., Ltd.,
pursuant to which, Jiayi, the Shareholders and Jilin Chuangyuan
agreed to terminate all of the rights and obligations under the
Amended and Restated Business Cooperation Agreement, the
Consultation and Service Agreement, the Equity Option Agreement,
the Equity Pledge Agreement, and the Proxy Agreement (collectively,
the "VIE Agreements") entered among and between Jiayi, the
Shareholders and Jilin Chuangyuan on November 30, 2021.
As a result of the completion of the transaction, the Company no
longer consolidates Jilin Chuangyuan's financial statements into
the financial statements of the Company for accounting purpose. The
transaction was completed on December 11, 2024.
About Planet Green Holdings
Planet Green Holdings Corp., headquartered in Flushing, N.Y., is
engaged in a number of diverse businesses, including consumer
products, chemical products, advertising and mobile game.
Irvine, Calif.-based YCM CPA, Inc., the Company's auditor since
2022, issued a "going concern" qualification in its report dated
April 1, 2024, citing that the Company has an accumulated deficit
as of December 31, 2023, and currently faces a working capital
deficit, continued net losses, and negative cash flows from
operations. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.
PORT LOUIS: Commences Subchapter V Bankruptcy Proceeding
--------------------------------------------------------
On December 26, 2024, Port Louis Owners Association Inc. filed
Chapter 11 protection in the Eastern District of Louisiana.
According to court filing, the Debtor reports up to $50,000 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 1/28/2025 at
10:00 AM by Telephone Conference Line: 866-790-6904. Participant
Passcode: 3156784.
About Port Louis Owners Association Inc.
Port Louis Owners Association Inc. is dedicated to fostering a
sense of belonging and unity among homeowners in this vibrant
community.
Port Louis Owners Association Inc. sought relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 24-12511) on
December 26, 2024. In its petition the Debtor reports estimated
assets between $100,000 and $500,000 and estimated liabilities up
to $50,000.
Honorable Bankruptcy Judge Meredith S. Grabill handles the case.
The Debtor is represented by:
Renee L. Achee, Esq.
Achee Law Firm, L.L.C.
200 Mariners Plaza Dr, Ste 201
Mandeville, LA 70448
P: 985-674-0033
Fax: 985-674-0299
POWER BRANDS: Asset Sale Proceeds to Fund Plan Payments
-------------------------------------------------------
Power Brands Consulting, LLC, filed with the U.S. Bankruptcy Court
for the Central District of California a First Amended Disclosure
Statement describing First Amended Chapter 11 Plan.
The Debtor is a California limited liability company in good
standing with the California Secretary of State that has over two
decades of beverage development, manufacturing, and marketing
experience.
The Debtor was established in 2006 and is an innovative and
marketing company that previously operated a beverage manufacturing
facility in Southern California. Prior to closing its factory, the
Debtor's principal business was developing, manufacturing and
market testing beverages, which it had done for thousands of
customers from across the country and around the world.
The Debtor is the plan proponent and, after extensive negotiation
with the Official Committee of Unsecured Creditors (the
"Committee"), has filed the Plan that is filed and served
concurrently served with Disclosure Statement. The Plan
contemplates that the Debtor will sell substantially all of its
assets, except for various litigation rights, to the present owner
of the Debtor, Darin Ezra, or an entity that is owned and is to be
designated by Darin Ezra, in return for a purchase price of
$275,000.
The Plan further provides for the creation of a liquidating trust
into which, on the effective date of the Plan, the proceeds of the
purchase price and various litigation rights of the Debtor will be
transferred, and which will be administered and liquidated for the
benefit of those holding Allowed Claims against and Interests in
the Debtor and its bankruptcy estate. Distributions from the
liquidating trust will be made in accordance with the Plan, the
agreement that will create the liquidating trust and the priorities
set forth in the Bankruptcy Code. On the effective date of the
Plan, the Debtor automatically dissolves and ceases to exist other
than with respect to any final tax returns required to be filed by
the buyer.
Class 1 consists of General Unsecured Claims. This Class contains
all the General Unsecured Claims against the Estate that the Debtor
does not dispute are all unsecured claims in the amount of
$8,804,756. General Unsecured Claims will receive pro rata
distributions from the Net Proceeds the assets of the Liquidating
Trust. This Class of Creditors is Impaired under the Plan.
Class 2 consists of Interest Holders. The Purchased Assets are
being sold through the Plan, and the Sale Proceeds will be paid
over to the Liquidating Trust on the Effective Date to fund Plan
distributions on account of anticipated Allowed Administrative
Claims. Interest Holders will not retain their interests in the
Debtor. If Allowed General Unsecured Claims are paid in full
through the Liquidating Trust, Interest Holders will thereafter
share pro rata in any proceeds that remain in the Liquidating
Trust. This Class is impaired under the Plan.
Funding for the Plan shall come from the Debtor's Assets. Pursuant
to the Plan, on the Effective Date (a) the Debtor will sell the
Purchased Assets to the Buyer for the $275,000 Sale Price, (b) the
Liquidating Trust will have been formed in accordance with the
terms of the Plan and the Liquidating Trust Agreement, and (c) the
Liquidating Trust Assets, which in addition to the Sale Proceeds,
will consist of all of the Debtor's right, title and interest in
and to the Jiaherb Litigation and the Causes of Action, will be
transferred to and will vest in the Liquidating Trust.
The Liquidation Funding Agreement will provide a source of funding
for the Liquidating Trusts prosecution of the Jiaherb Litigation
and any Causes of Action. Distributions following the Effective
Date will be made from the proceeds of the Liquidating Trust Assets
in accordance with the terms of the Plan and the Liquidating Trust
Agreement.
A full-text copy of the First Amended Disclosure Statement dated
December 16, 2024 is available at https://urlcurt.com/u?l=w6rvJj
from PacerMonitor.com at no charge.
Counsel to the Debtor:
Marc C. Forsythe, Esq.
Reem J. Bello, Esq.
Goe Forsythe & Hodges, LLP
17701 Cowan, Suite 210
Irvine, CA 92614
Telephone: (949) 798-2460
Facsimile: (949) 955-9437
Email: mforsythe@goeforlaw.com
rbello@goeforlaw.com
About Power Brands Consulting
Power Brands Consulting, LLC is a beverage startup specialist in
Van Nuys, Calif., which helps design and develop packaging, create
a recipe for new drink and manufacture and market test new
products.
Power Brands Consulting filed a Chapter 11 petition (Bankr. C.D.
Cal. Case No. 23-10993) on July 15, 2023. In the petition signed
by its chief executive officer Darin Ezra, the Debtor disclosed $1
million to $10 million in both assets and liabilities.
Judge Martin R. Barash presides over the case.
The Debtor tapped Goe, Forsythe & Hodges, LLP as bankruptcy counsel
and Munger, Tolles & Olson, LLP as insurance counsel.
The U.S. Trustee for Region 16 appointed an official committee of
unsecured creditors. The committee tapped Elkins Kalt Weintraub
Reuben Gartside, LLP as bankruptcy counsel and Grobstein Teeple,
LLP as accountant.
PREFERRED EMERGENCY: Hires Bach Law Offices Inc. as Counsel
-----------------------------------------------------------
Preferred Emergency Road Service LLC seeks approval from the U.S.
Bankruptcy Court for the Northern District of Illinois to employ
Bach Law Offices, Inc. as counsel.
The firm will render these services:
(a) negotiate with creditors;
(b) prepare a plan and disclosures statement;
(c) examine and resolve claims filed against the estate;
(d) prepare and prosecute adversary matters; and
(e) represent the Debtor in matters before this court.
The firm will be paid at these hourly rates:
Paul Bach, Attorney $425
Penelope Bach, Attorney $425
The firm received a retainer of $15,000 inclusive of filing fee of
$1,738 from the Debtor.
The firm received a retainer from the Debtor in the amount of
$9,500, including the filing fee of $1,738.
Mr. Bach disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Paul M. Bach, Esq.
Bach Law Offices, Inc.
P.O. Box 1285
Northbrook, IL 60062
Telephone: (847) 564-0808
Email: paul@bachoffices.com
About Preferred Emergency Road Service LLC
Preferred Emergency Road Service, LLC sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No.
24-17397) on November 19, 2024, with $1,000,001 to $10 million in
assets and liabilities.
Judge Deborah L. Thorne presides over the case.
Paul M. Bach, Esq., at Bach Law Offices represents the Debtor as
bankruptcy counsel.
Q'BOLE INC: Seeks to Hire Peter G. Macaluso as Bankruptcy Counsel
-----------------------------------------------------------------
Q'Bole, Inc. seeks approval from the U.S. Bankruptcy Court for the
Eastern District of California to hire the Law Office of Peter G.
Macaluso as its bankruptcy counsel.
The firm's services include:
a. consulting with Debtor concerning its present financial
situation. Debtor’s realistic achievable goals, and the efficacy
of various forms of bankruptcy as a means to achieve its goals;
b. preparing the documents necessary to commence the
bankruptcy case;
c. advising Debtor concerning its duties as
debtor-in-possession in a Chapter 11 Subchapter V case;
d. identifying, prosecuting, and defending claims and cause of
actions ascertainable by or against the estate;
e. preparing applications, motions, answers, briefs, records,
reports, notices, proposed orders, and other papers in connection
with administration of the estate, including the formulation of the
Chapter 11 Subchapter V plan, drafting the plan, and prosecuting
legal proceedings to seal confirmation of the plan;
f. if necessary, preparing and prosecuting such pleadings as
complaints to avoid preferential transfers or transfers deemed
fraudulent as to creditors, motions to authority to borrow money,
sell property, or compromise claims and objections to claims; and
g. taking all necessary action to protect and preserve the
estate, and all other legal services requested.
Counsel estimates that fees will probably be at least $10,000.
The firm will be reimbursed for out-of-pocket expenses incurred.
The Debtor paid the firm a retainer of $5,000.
Peter Macaluso, Esq., a partner at the Law Offices of Peter G.
Macaluso, disclosed in a court filing that his firm is a
"disinterested person" pursuant to Section 101(14) of the
Bankruptcy Code.
The firm can be reached at:
Peter G. Macaluso, Esq.
LAW OFFICES OF PETER G. MACALUSO
7230 South Land Park Drive, Suite 127
Sacramento, CA 95831
Tel: (916) 392-6591
Cell: (916) 705-8847
Fax: (916) 392-6590
Email: info@pmbankruptcy.com
About Q'Bole Inc.
Q'Bole, Inc. sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Calif. Case No. 24-24816) on October
26, 2024, with up to $50,000 in assets and up to $500,000 in
liabilities.
Judge Fredrick E. Clement presides over the case.
Peter G. Macaluso, Esq., represents the Debtor as legal counsel.
QSR STEEL: Taps Michelson Kane PC as Special Litigation Counsel
---------------------------------------------------------------
QSR Steel Corporation, LLC seeks approval from the U.S. Bankruptcy
Court for the District of Connecticut to employ Michelson, Kane,
P.C. as special litigation counsel.
The firm will handle two civil actions for the Debtor that had been
pending as of the Petition Date in the Supreme Court of the State
of New York, County of Westchester, involving King Steel Iron Work
Corp. as plaintiff and counterclaim defendant, the Debtor and
others as Defendants, and the Debtor as a counterclaim plaintiff.
The firm will be paid at these rates:
Attorneys $350 per hour
Assistants / Paralegals $150 per hour
Paul Fitzgerald $350 per hour
Paul Fitzgerald, Esq., a partner at Michelson, Kane, P.C.,
disclosed in a court filing that his firm is a "disinterested
person" as defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Paul Fitzgerald, Esq.
Michelson, Kane, P.C.
10 Columbus Blvd.
Hartford, CT 06106
Phone: (860) 522-1243
Fax: (860) 548-0194
About QSR Steel Corporation, LLC
QSR Steel Corporation, LLC is a one-stop, full service structural
steel company based in Hartford, Conn., offering everything from
steel buildings to stairs and railings.
The Debtor filed Chapter 11 petition (Bankr. D. Conn. Case No.
24-20562) on June 18, 2024, with $2,838,179 in assets as of March
31, 2024 and $2,124,057 in liabilities as of March 31, 2024. Glenn
Salamone, member, signed the petition.
Irve J. Goldman, Esq., at Pullman & Comley, LLC represents the
Debtor as legal counsel.
R.A.R.E. CORP: Court Extends Use of Cash Collateral Until Jan. 16
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Illinois,
Eastern Division extended R.A.R.E. Corporation's authority to use
cash collateral from Dec. 19 to Jan. 16, 2025.
The interim order authorized the company to use cash collateral in
accordance with its latest budget and the terms of the previous
order entered in February this year.
The next hearing is scheduled for Jan. 15, 2025. The deadline to
object to further use of cash collateral is on Jan. 11, 2025.
About R.A.R.E. Corporation
R.A.R.E. Corporation sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-02127) on February
15, 2024, with up to $500,000 in assets and up to $1 million in
liabilities. R.A.R.E. President Rocky Eastland signed the
petition.
Judge David D. Cleary oversees the case.
William J. Factor, Esq., at FactorLaw, represents the Debtor as
legal counsel.
REDLINE METALS: Plan Exclusivity Period Extended to Feb. 28, 2025
-----------------------------------------------------------------
Judge Jacqueline Cox of the U.S. Bankruptcy Court for the Northern
District of Illinois extended Redline Metals, Inc.'s exclusive
periods to file a plan of reorganization and obtain acceptance
thereof to February 28, 2025.
As shared by Troubled Company Reporter, the Debtor claims that it
is likely proceeding with a sale of all of its assets to a third
party. The Chief Restructuring Officer, Andrew Cameron ("CRO") has
been in process of vetting a stalking horse bidder and anticipates
a sale motion will be filed by the beginning of January.
The Debtor wishes to preserve exclusivity in the event that a sale
is not possible. Additionally, the Debtor is concerned with a Plan
of Reorganization being filed by a third party which would disrupt
the sale process.
The Debtor explains that the extension of time will not prejudice
any creditors or the United States Trustee.
Redline Metals, Inc., is represented by:
Paul M. Bach, Esq.
Bach Law Offices, Inc.
P.O. Box 1285
Northbrook, IL 60062
Telephone: (847) 564-0808
Email: paul@bachoffices.com
About Redline Metals
Redline Metals, Inc. is a recycling center in Lombard, Ill.
Redline Metals filed Chapter 11 petition (Bankr. N.D. Ill. Case No.
24-12590) on Aug. 27, 2024, with $10 million to $50 million in both
assets and liabilities.
Judge Jacqueline P. Cox oversees the case.
Paul M. Bach, Esq., at Bach Law Offices, is the Debtor's bankruptcy
counsel.
REDTAIL POWER: Gets Final OK to Use Cash Collateral
---------------------------------------------------
Redtail Power Equipment, LLC received final approval from the U.S.
Bankruptcy Court for the Western District of Washington, to use
cash collateral.
The final order signed by Judge Timothy Dore authorized the company
to use cash collateral for payment of post-petition operating
expenses in accordance with its budget.
The company's authority to use cash collateral ends on April 30,
2025, or earlier upon case conversion or dismissal, trustee
appointment, or other termination events.
Creditors with an interest in the cash collateral were granted
replacement liens on the company's post-petition cash, accounts
receivable, inventory, and their proceeds to the same extent and
with the same priority as their pre-bankruptcy liens.
Redtail was ordered to remit $500 per month to the trust account of
Geoffrey Groshong for payment of administrative fees pending
further order of the court.
About Redtail Power Equipment
Redtail Power Equipment, LLC sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 24-13004) on
November 22, 2024, with $2,156,173 in total assets and $2,392,419
in total liabilities. Derick Williams, managing member, signed the
petition.
Judge Timothy W. Dore oversees the case.
Thomas D. Neeleman, Esq., at Neeleman Law Group, P.C., represents
the Debtor as bankruptcy counsel.
RIDGELINE CAPITAL: Hires Rodeo Realty Inc. as Broker
----------------------------------------------------
Ridgeline Capital Investments, LLC seeks approval from the U.S.
Bankruptcy Court for the Southern District of California to employ
Rodeo Realty, Inc. as broker.
The firm will market and sell the Debtor's real property located at
15955 Running Deer Trail, Poway, CA 92064, and 45200 Oak Manor
Court, Temecula, CA 92590.
The firm will be paid a commission of 2.5 percent of the gross
sales price of the property.
As disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Shaun Michael
Rodeo Realty, Inc.
9171 Wilshire Blvd. Suite 321
Beverly Hills, CA 90210
Tel: (310) 633-1431
Email: susanlhackett@gmail.com
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
RIVERSIDE COURT: Hires Derbes Law Firm L.L.C. as Counsel
--------------------------------------------------------
The Riverside Court Condominium Association Phase II, Inc. seeks
approval from the U.S. Bankruptcy Court for the Eastern District of
Louisiana to employ The Derbes Law Firm, L.L.C. as counsel.
The firm's services include:
(a) providing legal advice with respect to its powers and
duties as debtor-in-possession in the continued management of its
business and property;
(b) attending meetings with representatives of its creditors
and other parties in interest;
(c) taking all necessary action to protect and preserve the
Debtor's estate;
(d) preparing on behalf of the Debtor motions, applications,
answers, orders, reports, and papers necessary to the
administration of the estate;
(e) negotiating and preparing on the Debtor's behalf a plan of
reorganization, and all related agreements and/or documents, and
taking any necessary action on behalf of the Debtor to obtain
confirmation of such plan;
(f) appearing before this Court to protect the interests of
the Debtor before this Court;
(g) performing all other necessary legal services and provide
all necessary legal advice to the Debtor in connection with this
Chapter 11 case;
(h) advising the Debtor concerning executory contract and
unexpired lease assumptions, assignments and rejections and lease
restructuring and recharacterizations; and
(i) commencing and conducting litigation necessary and
appropriate to assert rights held by the Debtor, protect assets of
the Debtor's Chapter 11 estate or otherwise further the goal of
completing the Debtor's successful reorganization.
The firm will be paid at these rates:
Albert J. Derbes, IV, Esq. $495 per hour
Mark S. Goldstein, Esq. $495 per hour
Wilbur J. "Bill" Babin, Jr., Esq. $495 per hour
Patrick S. Garrity, Esq. $495 per hour
Beau P. Sagona, Esq. $475 per hour
Eric J. Derbes, Esq. $425 per hour
Frederick L. Bunol, Esq. $390 per hour
Hugh J. Posner, CPA $250 per hour
Bryan J. O'Neill, Esq. $280 per hour
Notary $100 per hour
Jared S. Scheinuk, Esq. $280 per hour
Paralegals $80 per hour
McKenna Dorais, Esq. $175 per hour
Legal Assistant $60 per hour
The firm received an an initial advance deposit of $11,900.
The firm Firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Patrick S. Garrity, Esq., a partner at Derbes Law Firm, L.L.C.,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Patrick S. Garrity, Esq.
Derbes Law Firm, L.L.C.
3027 Ridgelake Drive
Metairie, LA 70002
Telephone: (504) 207-0913
Facsimile: (504) 832-0327
Email: pgarrity@derbeslaw.com
About The Riverside Court Condominium
Association Phase II, Inc.
The Riverside Court Condominium Association Phase II, Inc., filed a
Chapter 11 bankruptcy petition (Bankr. E.D. La. Case No. 24-12410)
on Dec. 9, 2024. The Debtor hires The Derbes Law Firm, L.L.C. as
counsel.
ROCK MEDICAL: Court OKs to Tap Turner Legal as Bankruptcy Counsel
-----------------------------------------------------------------
Rock Medical Group, LLC, received approval from the U.S. Bankruptcy
Court for the District of Nebraska to employ Turner Legal Group,
LLC as counsel.
The firm will provide these services:
(a) perform all necessary services as the Debtor's bankruptcy
counsel;
(b) advise the Debtor with respect to its powers and duties;
(c) attend meetings and negotiate with creditors and other
parties in interest;
(d) take all necessary action to protect and preserve the
Debtor's assets;
(e) prepare, or coordinate preparation of legal papers and
other pleadings necessary to administer the Debtor's estate;
(f) take any necessary action on behalf of the Debtor to
obtain approval of a disclosure statement and confirmation of a
plan of reorganization;
(g) represent the Debtor in connection with any potential
post-petition financing;
(h) appear before this court, appellate courts, and any other
courts to protect the interests of the Debtor and its estate; and
(i) perform any and all other necessary legal services in
connection with the Debtor's case and reorganization as requested.
The firm will be paid at its hourly rates from $175 to $310 plus
expenses.
The firm also requested a retainer of $16,238 from the Debtor.
Patrick Turner, Esq., an attorney at Turner Legal Group, disclosed
in a court filing that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Patrick R. Turner, Esq.
Turner Legal Group, LLC
14707 California Street #1
Omaha, NB 68154
Telephone: (402) 690-675
Email: pturner@turnerlegalomaha.com
About Rock Medical Group, LLC
Rock Medical Group, LLC is a solution-focused medical staffing
agency offering medical staffing solutions for hospitals, long-term
care facilities, specialty nursing units, hospice care, memory
care, rehabilitation facilities, surgical centers, and allied
services.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Neb. Case No. 24-81090) on November 27,
2024. In the petition signed by Loren Rock, managing member/owner,
the Debtor disclosed up to $1 million in assets and up to $10
million in liabilities.
Patrick R. Turner, Esq., at TURNER LEGAL GROUP, LLC, represents the
Debtor as legal counsel.
ROVER PROPERTIES: Gets OK to Use Cash Collateral Until Jan. 31
--------------------------------------------------------------
A U.S. bankruptcy judge signed a consent order allowing Rover
Properties, LLC to use the cash collateral of Fulton Bank, N.A.
The consent order, signed by Judge Michelle Harner of the U.S.
Bankruptcy Court for the District of Maryland, authorized the
company to use its secured creditor's cash collateral to pay
property expenses from Dec. 31 through Jan. 31, 2025.
The bank's consent to the use of cash collateral terminates at the
earlier of 5:00 p.m. on January 31, 2025, or the occurrence of an
event of default under the consent order.
Fulton Bank will receive payment of $6,954.01 by Jan. 1, 2025, as
protection for its interest in the cash collateral.
The bank claims it is owed more than $1 million under the loan
agreement. Payment of the loan is secured by a first priority lien
on the Hampstead property.
The next hearing is scheduled for Jan. 23, 2025.
About Rover Properties
Rover Properties, LLC owns a gas station, a convenience store, and
three apartments located at 201 Hanover Pike, Hampstead, Md.,
valued at $1.5 million.
Rover Properties sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Md. Case No. 24-18524) on October 9,
2024, with total assets of $1,593,000 and total liabilities of
$968,000. Nikunj M. Patel, company owner, signed the petition.
Judge Michelle M. Harner oversees the case.
The Debtor is represented by William Sherwood, Esq., at FNS Law
Group.
SBB SHIPPING: Wins Interim OK for $176,500 DIP Loan
---------------------------------------------------
SBB Shipping USA, Inc. received interim approval from the U.S.
Bankruptcy Court for the District of New Jersey to obtain $176,500
in debtor-in-possession financing to get through bankruptcy.
The interim order signed by Judge Vincent Papalia approved the
company's $107,500 loan from Ultima International Transportation
and Foreign Trade Co. and $69,000 loan from BZ International Trade,
LLC.
Both lenders are owned by the company's president and sole
shareholder, Batuhan Cakmak, and use the company's shipping
services.
SBB will use its loans to make payments according to its 13-week
cash-flow projection. Further operations of the company in
accordance with the 13-week cash-flow projection and the status and
terms of the advances are subject to final hearing.
The final hearing is set for Jan. 22, 2025.
About SBB Shipping USA Inc.
Headquartered in New Jersey, SBB Shipping USA, Inc. offers JIT and
tailor-made international logistics and fulfillment services.
SBB filed Chapter 11 petition (Bankr. D.N.J. Case No. 24-22278) on
December 14, 2024, with $1 million to $10 million in assets and $10
million to $50 million in liabilities. Batuhan Cakmak, president of
SBB, signed the petition.
Judge Vincent F. Papalia handles the case.
The Debtor is represented by David Stevens, Esq., at Scura,
Wigfield, Heyer, Stevens & Cammarota, LLP.
SCHAFER FISHERIES: Gets OK to Use Cash Collateral Until Feb. 29
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Illinois,
Western Division, granted Schafer Fisheries, Inc.'s motion for
continued use of cash collateral through Feb. 29, 2025.
The order was issued by Judge Thomas Lynch.
A status hearing is scheduled for Feb. 19, 2025.
About Schafer Fisheries
Schafer Fisheries Inc. is a seafood processor and distributor in
Fulton, Ill.
Schafer Fisheries filed a petition under Chapter 11, Subchapter V
of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-80824) on June
20, 2024, with $100,001 to $500,000 in assets and $1 million to $10
million in liabilities. Jennifer Schank of Fuhrman & Dodge, S.C.
serves as Subchapter V trustee.
Judge Thomas M. Lynch oversees the case.
Schafer Fisheries tapped The Golding Law Offices PC and Leibowitz,
Hiltz & Zanzig, LLC as bankruptcy counsel, and Philip Firrek as
consultant.
SEATON INVESTMENTS: Has Until Feb. 25 to Use Cash Collateral
------------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California
approved a stipulation entered into by Seaton Investments, LLC,
Alan Gomperts, and the secured creditor, Wells Fargo National Bank
West, authorizing the use of cash collateral on an interim basis.
The stipulation allows Seaton to continue using cash collateral
through the continued hearing on its cash collateral motion
scheduled for Feb. 25, 2025.
About Seaton Investments
Seaton Investments, LLC is a Single Asset Real Estate debtor (as
defined in 11 U.S.C. Section 101(51B)).
Seaton Investments filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. C.D. Calif. Case No.
24-12079) on March 19, 2024, listing $10 million to $50 million in
both assets and liabilities. The petition was signed by Alan D.
Gomperts as managing member.
Judge Vincent P. Zurzolo presides over the case.
Derrick Talerico, Esq., at Weintraub Zolkin Talerico & Selth, LLP
represents the Debtor as legal counsel.
SENA & SENA: Taps Professional Management Systems as Accountant
---------------------------------------------------------------
Sena & Sena, L.L.C seeks approval from the U.S. Bankruptcy Court
for the Northern District of Florida to hire Georgia Evans of
Professional Management Systems, Inc. as accountant.
Ms. Evans will provide tax advice and accounting/bookkeeping
services to the Debtor. Ms. Evans may also assist in the
preparation of monthly operating reports.
Ms. Evans' rate is $85 per hour for services provided. The Debtor
provided Ms. Evans a retainer fee of $500 for this case.
As disclosed in the court filings, Ms. Evans has no connections
with any creditors or parties in interest.
The firm can be reached through:
Georgia Evans
Professional Management Systems, Inc.
4590 Coach Ln
Chipley, FL 32428
Phone: (850) 441-2000
About Sena & Sena, L.L.C
Sena & Sena, L.L.C sought protection for relief under Chapter 11 of
the Bankruptcy Code (Bankr. N.D. Fla. Case No. 24-30936) on Nov. 6,
2024, listing up to $50,000 in assets and $100,001 to $500,000 in
liabilities.
Judge Karen K Specie presides over the case.
Robert C. Bruner, Esq. at Bruner Wright, P.A. represents the Debtor
as counsel.
SHINECO INC: Incurs $2.56 Million Net Loss in First Quarter
-----------------------------------------------------------
Shineco, Inc., filed with the Securities and Exchange Commission
its Quarterly Report on Form 10-Q disclosing a net loss of $2.56
million on $2.17 million of revenue for the three months ended
Sept. 30, 2024, compared to net income of $5.34 million on $1.65
million of revenue for the three months ended Sept. 30, 2023 .
As of Sept. 30, 2024, the Company had $93.81 million in total
assets, $50.48 million in total liabilities, and $43.33 million in
total equity.
The Company had recurring net losses from continuing operations of
US$2.6 million and US$3.5 million, and continuing cash outflow of
US$2.1 million and US$1.3 million from operating activities for the
three months ended Sept. 30, 2024 and 2023, respectively. As of
Sept. 30, 2024 and June 30, 2024, the Company had accumulated a
deficit of US$56.4 million and US$54.3 million, and as of Sept. 30,
2024, the Company had negative working capital of US$7.3 million.
Shineco said, "The Company's management believes these factors
raise substantial doubt about the Company's ability to continue as
a going concern for the next twelve months. In assessing the
Company's going concern, the Company's management monitors and
analyzes the Company's cash on-hand and its ability to generate
sufficient revenue sources in the future to support its operating
and capital expenditure commitments. The Company's liquidity needs
are to meet its working capital requirements, operating expenses
and capital expenditure obligations. Direct offering and debt
financing have been utilized to finance the working capital
requirements of the Company. The continuation of the Company as a
going concern through the next twelve months is dependent on the
continued financial support from its stockholders."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1300734/000149315224045825/form10-q.htm
About Shineco Inc.
Shineco, Inc. is a holding company incorporated in Delaware. As a
holding company with no material operations of its own, the Company
conducts its operations through its subsidiaries and in the two
years ended June 30, 2023 and 2024, through the VIEs and
subsidiaries. The Company's shares of common stock currently
listed on the Nasdaq Capital Markets are shares of its Delaware
holding company.
Singapore-based AssentSure PAC, the Company's auditor since 2021,
issued a "going concern" qualification in its report dated Sept.
30, 2024, citing that the Company had net losses of approximately
US$$24.3 million and US$14.0 million, and cash outflow of US$3.9
million and US$5.4 million from operating activities for the years
ended June 30, 2024 and 2023, respectively. As of June 30, 2024
and 2023, the Company had accumulated deficit of US$54.3 million
and US$ 31.7 million, respectively, and as of June 30, 2024 and
2023, the Company had negative working capital of US$6.7 million
and US28.9 million, respectively. These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.
SIGNATURE MECHANICAL: Has Deal on Cash Collateral Access
---------------------------------------------------------
Signature Mechanical, Inc. received approval from the U.S.
Bankruptcy Court for the District of Arizona to continue using cash
collateral and provide adequate protection, in accordance with its
agreement with the U.S. Small Business Administration.
The SBA, Ford Motor Credit, Ascentium Capital LLC, and First
Citizens Bank & Trust may assert an interest in the company's cash
collateral.
The company and the SBA agree that their previous cash collateral
agreement can continue on the same terms and conditions through
March 30, 2025.
About Signature Mechanical
Signature Mechanical Inc. is a construction company and general
contractor specializing in commercial HVAC, electrical and plumbing
installations.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. D. Ariz. Case No. 24-06640) on August 12,
2024, with $100,001 to $500,000 in assets and $500,001 to $1
million in liabilities.
Judge Daniel P. Collins presides over the case.
Ronald J. Ellett, at Ellett Law Offices, P.C., is the Debtor's
bankruptcy counsel.
SINTX TECHNOLOGIES: All Five Proposals Approved at Annual Meeting
-----------------------------------------------------------------
SINTX Technologies, Inc. disclosed in a Form 8-K filed with the
Securities and Exchange Commission that it held its 2024 annual
meeting of stockholders at which the stockholders:
(1) elected Mark Froimson, MD as Class I director for a
three-year term;
(2) ratified the Audit Committee's appointment of Tanner LLC as
the Company's independent registered public accounting firm for the
year ending Dec. 31, 2024;
(3) adopted, on an advisory basis, a non-binding resolution
approving the compensation of the Company's named executive
officers, as described in the Proxy Statement under "Executive
Compensation.";
(4) approved an amendment to the Company's 2020 Equity Incentive
Plan to increase the authorized number of shares of common stock of
the Company issuable under all awards granted under the plan by
333,650 shares; and
(5) approved one or more adjournments of the annual meeting, if
necessary or appropriate, to solicit additional proxies if there
are insufficient votes at the time of the meeting to adopt one or
more of the foregoing proposals.
About SINTX Technologies
Headquartered in Salt Lake City, Utah, SINTX Technologies, Inc. --
https://ir.sintx.com -- is an advanced ceramics company that
develops and commercializes materials, components, and technologies
for biomedical, technical, and antipathogenic applications. SINTX
is a global leader in the research, development, and manufacturing
of silicon nitride, and its products have been implanted in humans
since 2008.
Lehi, Utah-based Tanner LLC, the Company's auditor since 2017,
issued a "going concern" qualification in its report dated March
27, 2024, citing that the Company has recurring losses from
operations and negative operating cash flows and needs to obtain
additional financing to finance its operations. These issues raise
substantial doubt about the Company's ability to continue as a
going concern.
SKILLZ INC: Shareholders Vote for Directors to Fill Vacancies
-------------------------------------------------------------
On December 5, 2024, the stockholders of Skillz Inc., held the 2024
Annual Meeting of Stockholders. At the Annual Meeting, the
Company's stockholders approved the amendment and restatement of
the Company's Fourth Amended and Restated Certificate of
Incorporation to grant the Board of Directors discretionary
authority to fill vacancies on the Board without a waiting period,
the Company disclosed in a Form 8-K filing with the U.S. Securities
and Exchange Commission.
Prior to obtaining stockholder approval at the Annual Meeting,
Article VIII of the Charter provided that any newly created
directorship that resulted from an increase in the number of
directors or any vacancy on the Board that resulted from the death,
disability, resignation, disqualification or removal of any
director or from any other cause could be filled solely by the
stockholders of the Company with two-thirds of the voting power of
the shares of capital stock of the Company unless any such vacancy
or newly created directorships remained unfilled for at least sixty
(60) days, in which case such vacancy or newly created
directorships could also be filled by the affirmative vote of a
majority of the total number of directors then in office, even if
less than a quorum, or by a sole remaining director.
As adopted by the Company's stockholders, Article VIII of the Fifth
Amended and Restated Certificate of Incorporation provides the
Board with the power to fill any vacancies on the Board by a vote
of the majority of the remaining directors, although less than a
quorum, or by a sole remaining director. As a result, the Board has
greater flexibility to manage the Company. For example, should the
Board identify an exceptional person to fill a vacancy on the
Board, the Board may respond efficiently by filling the resulting
vacancy with such person immediately, without having to wait sixty
days or incurring the expense and delay of holding a meeting of
stockholders for the election of such person. In addition, because
the Board now has the sole power and authority to fill any
vacancies, to the Board may fill vacancies with directors who
support the agenda of the incumbent directors in the face of a
takeover threat.
The Fifth Amended and Restated Certificate of Incorporation was
filed with the Secretary on December 6, 2024, and became effective
immediately upon filing.
A full-text copy of the Fifth Amended and Restated Certificate of
Incorporation is available at https://tinyurl.com/22watxf8
About Skillz Inc.
Las Vegas-based Skillz Inc. -- https://www.skillz.com -- is a
mobile games platform dedicated to fostering competition and
excellence through its technology. The Skillz platform enables
developers to create multi-million dollar franchises by
incorporating social competition into their games. Leveraging its
patented technology, Skillz hosts billions of casual eSports
tournaments for millions of mobile players worldwide, with the goal
of becoming the home of competition for all.
Skillz reported a net loss of $101.36 million in 2023, a net loss
of $438.87 million in 2022, a net loss of $187.92 million in 2021,
and a net loss of $149.08 million in 2020.
* * *
As reported by the TCR in January 2024, S&P Global Ratings retained
its ratings on Skillz Inc., including its 'CCC+' issuer credit
rating, following the assignment of the new management and
governance (M&G) assessment. S&P said, "S&P Global Ratings
assigned a new M&G modifier assessment of negative to Skillz
following the revision to our criteria for evaluating the credit
risks. The terms management and governance encompass the broad
range of oversight and direction conducted by an entity's owners,
board representatives, and executive managers. These activities
and practices can impact an entity's creditworthiness and, as such,
the M&G modifier is an important component of our analysis."
SKYX PLATFORMS: Inks 3-Year Employment Contract With President
--------------------------------------------------------------
SKYX Platforms Corp. disclosed in a Form 8-K filed with the
Securities and Exchange Commission that on Dec. 20, 2024, it
entered into a three-year employment agreement with Steven Schmidt,
the president of the Company. Subject to other customary terms and
conditions of such agreements, Mr. Schmidt received the following
awards as compensation for his service as President: (i) a grant of
250,000 restricted stock units ("RSUs") and five-year options to
purchase up to 250,000 shares of common stock, each of which vests
as to 10,000 RSUs or options on Dec. 20, 2024, with the remaining
240,000 RSUs or options vesting in equal quarterly installments of
20,000 RSUs or options beginning on Dec. 31, 2024; and (ii) a grant
of 100,000 RSUs and five-year options to purchase up to 100,000
shares of common stock, each of which vests in two equal annual
installments on Jan. 1, 2025 and Jan. 1, 2026. Mr. Schmidt may
receive additional equity grants or other bonus or other incentive
compensation, as determined by the Company. Mr. Schmidt is also
entitled to up to four weeks of vacation per year and to receive
expense reimbursement for reasonable expenses, approved in advance
in writing by the Company, incurred in the performance of his
duties. The Employment Agreement includes customary
confidentiality and intellectual property provisions and
post-employment non-solicitation and non-competition covenants.
The Employment Agreement provides for a term ending Dec. 31, 2027
and may be terminated by either party at any time, for any reason,
upon 30 days' written notice.
About SKYX Platforms Corp.
SKYX Platforms Corp. offers a series of highly disruptive
advanced-safe-smart platform technologies, with over 97 U.S. and
global patents and patent pending applications. Additionally, the
Company owns over 60 lighting and home decor websites for both
retail and commercial segments. The Company's technologies place
an emphasis on high quality and ease of use, while significantly
enhancing both safety and lifestyle in homes and buildings.
The Woodlands, TX-based M&K CPAS, PLLC, the Company's auditor since
2018, issued a "going concern" qualification in its report dated
April 1, 2024, citing that the Company has an accumulated deficit,
negative cash flows from operations and recurring net losses, which
raise substantial doubt about its ability to continue as a going
concern.
SLEEP COUNTRY: DBRS Finalizes BB(low) Rating, Trend Stable
----------------------------------------------------------
DBRS Limited finalized its provisional rating of BB (low) with a
Stable trend and a Recovery Rating of RR5 on Sleep Country Canada
Holdings Inc.'s (Sleep Country or the Company, rated BB, Stable)
Senior Unsecured Notes (the Notes), which closed on November 28,
2024.
The $450 million 6.625% Notes, due November 28, 2032, are senior
unsecured obligations, and will rank pari passu in right of payment
with any existing and future senior unsecured indebtedness, and
senior in right of payment to all existing and future subordinated
indebtedness of the Issuer. The Notes are effectively subordinated
to all senior secured indebtedness, including indebtedness under
the Company's existing Senior Secured Credit Agreement. The Notes
will be fully and unconditionally guaranteed, jointly and
severally, on a senior unsecured basis by each of Sleep Country's
existing subsidiaries that are guarantors under the existing Senior
Secured Credit Agreement.
The net proceeds from the Notes are expected to be used for the
repayment of existing indebtedness under the Senior Secured Credit
Agreement and for fees and expenses related to the offering.
Notes: All figures are in Canadian dollars unless otherwise noted.
SMYRNA READY: S&P Alters Outlook to Negative, Affirms 'BB-' ICR
---------------------------------------------------------------
S&P Global Ratings revised its outlook to negative from stable and
affirmed its 'BB-' issuer credit rating on U.S.-based Smyrna Ready
Mix Concrete. At the same time, S&P affirmed the 'BB-' issue-level
ratings, and the recovery ratings remain '3'.
The negative outlook reflects S&P's expectation that S&P Global
Ratings-adjusted debt to EBITDA will remain above 5x in 2025 as
weakness in housing and commercial construction pressures the
company's operating results.
S&P said, "We expect SRM's S&P Global Ratings-adjusted leverage to
remain above 5x, exacerbated by a challenging macroeconomic
environment. SRM's lower-than-expected operating performance,
driven by underlying housing and commercial construction activity,
reduced its EBITDA and compressed its EBITDA margins in 2024. As of
Sept. 30, 2024, the company's S&P Global Ratings-adjusted rolling
twelve months(RTM) EBITDA margin declined to about 16% compared
with 19% during the same period in 2023 as the company experienced
poor weather and higher input costs amid the current macroeconomic
backdrop. As a result, the company's S&P Global Ratings-adjusted
RTM debt to EBITDA as of Sept. 30, 2024, elevated to 6.1x from 4.6x
for the same period in 2023. We do not expect the macroeconomic
backdrop to improve significantly in the first half 2025; however,
we expect SRM's management team to address higher input costs
through negotiations with its suppliers and to also implement
strategic pricing initiatives in early 2025, which should help to
partially offset volume pressures. That said, we forecast its S&P
Global Ratings-adjusted debt to EBITDA will remain above 5x over
the next 12 months.
"We forecast negative free operating cash flow (FOCF) in fiscal
2024 before improving to positive in the second half of 2025. As of
September 2024, the company's FOCF as a percentage of debt was
negative 1.1% on a RTM basis, compared with positive 3.6% during
the same period in September 2023 as the company continued to make
capital expenditure investments to support its acquisitions. We
expect negative free operating cash flow through fiscal 2024 and
into the first half of fiscal 2025 as the company invests in
working capital and continues to make strategic capital
investments. While we note the effect of the increased capital
expenditure and the effect on its FOCF, we believe the investments
should help to improve the company's operating performance along
with an improved macroeconomic environment later in 2025. That
said, we forecast SRM's FOCF as a percentage of debt to be negative
2.0%-3%.0 in 2024 followed by positive 3.0-4%.0 in 2025."
The negative outlook reflects S&P Global Ratings' expectation that
SRM's leverage will remain above 5x for the next 12 months amid a
challenging macroeconomic and operating environment.
S&P could lower the rating if it expects that SRM's leverage will
stay above 5x because of:
-- A longer-term slowdown in residential construction that
constrain sales, or
-- Rising input costs and weaker pricing power that further cuts
profit margins.
S&P could revise its outlook to stable if SRM's operating
performance improves so that adjusted leverage trended toward the
lower end of the 4x-5x range.
SOBR SAFE: Shareholders Vote for Issuance of Up to 29MM Shares
--------------------------------------------------------------
SOBR Safe, Inc., disclosed in a Form 8-K filing with the U.S.
Securities and Exchange Commission that it convened its 2024
Special Stockholder Meeting virtually on Monday, December 9, 2024
at 1:00 p.m. Mountain Time via webcast at
www.virtualshareholdermeeting.com/SOBR2024SM. A quorum was present
for the Special Meeting.
Three proposals were described in the Proxy Statement as filed with
the Securities and Exchange Commission on November 15, 2024. As of
the record date, October 18, 2024, a total of 921,949 shares of
common stock of the Company were issued and a total of 921,949
shares of common stock were outstanding and entitled to vote. The
holders of record of 327,528 shares of common stock were present or
represented by proxy at said meeting for a total of 327,528 votes
represented at the meeting. Such amount represented 35.52% of the
total shares outstanding and entitled to vote at the Special
Meeting.
At the Special Meeting, the stockholders approved Proposals 1 and
2, which were the only proposal submitted to a vote.
Proposal No. 1 -- Issuance of Shares upon exercise of warrants
pursuant to a Securities Purchase Agreement. The stockholders
approved, for purposes of complying with applicable Nasdaq rules
and upon exercise of warrants pursuant to that certain Securities
Purchase Agreement dated October 7, 2024, the issuance of up to
29,011,695 shares of common stock of the Company.
Proposal No. 2 -- Granting Board of Directors Discretion to Effect
Reverse Stock Split. The stockholders approved, for purposes of
complying with applicable Nasdaq rules, the granting of discretion
to the Board of Directors to amend the Company's certificate of
incorporation to implement a reverse stock split of the outstanding
shares of common stock in a range from one-for-two (1:2) up to
one-for-ten (1:10), or anywhere between, as may be determined by
the Board of Directors on or before December 31, 2025.
Proposal 3, the approval of the adjournment of the Special Meeting
for the purpose of soliciting additional proxies if there are not
sufficient votes at the Special Meeting to approve Proposals 1 and
2 or establish a quorum, was not presented to the stockholders at
the meeting, as a quorum had been established and preliminary
voting results indicated that Proposals 1 and 2 were approved.
A full-text copy of the Form 8-K is available at
https://tinyurl.com/yc4rshy3
About SOBR Safe, Inc.
SOBR Safe, Inc. provides non-invasive technology to quickly and
humanely identify the presence of alcohol in individuals. These
technologies are integrated within the Company's robust and
scalable data platform, which produces statistical and measurable
user and business data. The Company's mission is to save lives,
increase productivity, create significant economic benefits, and
positively impact behavior. To this end, SOBR Safe has developed
the scalable, patent-pending SOBRsafe software platform for
non-invasive alcohol detection and identity verification.
As of June 30, 2024, SOBR Safe had $5,122,244 in total assets,
$1,431,746 in total liabilities, and $3,690,498 in total
stockholders' equity.
Littleton, Colorado-based Haynie and Company, the Company's
auditor
since 2023, issued a "going concern" qualification in its report
dated March 29, 2024, citing that the Company has incurred
recurring losses from operations and has limited cash liquidity
and
capital resources to meet future capital requirements.
Management believes that cash balances of approximately $2,800,000
and positive working capital of approximately $1,900,000 as of
December 31, 2023, do not provide adequate capital for operating
activities for the next twelve months after the issuance of these
financial statements. However, management believes that actions
currently being taken to generate product and service revenues,
along with plans to access capital sources and implement expense
reduction tactics, provide the opportunity for the Company to
continue as a going concern. These plans are contingent upon the
successful execution of these actions. As such, substantial doubt
about the entity's ability to continue as a going concern has not
been alleviated as of December 31, 2023, according to the
Company's
Annual Report for the year ended December 31, 2023.
SOLANO HOME: Hires Law Office of Peter G. Macaluso as Counsel
-------------------------------------------------------------
Solano Home Solutions, LLC seeks approval from the U.S. Bankruptcy
Court for the Eastern District of California to employ Law Office
of Peter G. Macaluso as its bankruptcy counsel.
The firm's services include:
a. consulting with Debtor concerning its present financial
situation. Debtor's realistic achievable goals, and the efficacy of
various forms of bankruptcy as a means to achieve its goals;
b. preparing the documents necessary to commence the bankruptcy
case;
c. advising Debtor concerning its duties as debtor-in-possession
in a Chapter 11 Subchapter V case;
d. identifying, prosecuting, and defending claims and cause of
actions ascertainable by or against the estate;
e. preparing applications, motions, answers, briefs, records,
reports, notices, proposed orders, and other papers in connection
with administration of the estate, including the formulation of the
Chapter 11 Subchapter V plan, drafting the plan, and prosecuting
legal proceedings to seel confirmation of the plan;
f. if necessary, preparing and prosecuting such pleadings as
complaints to avoid preferential transfers or transfers deemed
fraudulent as to creditors, motions to authority to borrow money,
sell property, or compromise claims and objections to claims; and
g. taking all necessary action to protect and preserve the
estate, and all other legal services requested.
The firm received a retainer of $5,000.
Peter Macaluso, Esq., a partner at the Law Offices of Peter G.
Macaluso, disclosed in a court filing that his firm is a
"disinterested person" pursuant to Section 101(14) of the
Bankruptcy Code.
The firm can be reached at:
Peter G. Macaluso, Esq.
Law Offices Of Peter G. Macaluso
7230 South Land Park Drive, Suite 127
Sacramento, CA 95831
Tel: (916) 392-6591
Cell: (916) 705-8847
Fax: (916) 392-6590
Email: info@pmbankruptcy.com
About Solano Home Solutions, LLC
Solano Home Solutions LLC is a limited liability company.
Solano Home Solutions LLC sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No.
24-25470) on December 3, 2024. In the petition filed by Caroline
Marie Hegarty, as managing member, the Debtor reports total assets
of $1,011,090 and total liabilities of $1,207,009.
Honorable Bankruptcy Judge Christopher D. Jaime handles the case.
The Debtor is represented by Peter G. Macaluso, Esq., at LAW OFFICE
OF PETER G. MACALUSO.
SPHERE 3D: Regains Compliance With Nasdaq's Minimum Bid Price Rule
------------------------------------------------------------------
Sphere 3D Corp. disclosed in a Form 8-K filed with the Securities
and Exchange Commission that on Nov. 15, 2024, the Company received
written notice from The Nasdaq Stock Market LLC informing the
Company that it has regained compliance with Rule 5550(a)(2) and
this matter is now closed.
On Oct. 12, 2024, Sphere 3D received a notification letter from
Nasdaq indicating that the Company did not satisfy the requirement
for continued listing on The Nasdaq Capital Market under Nasdaq
Listing Rule 5550(a)(2) to maintain a minimum bid price of $1.00
per share over the previous 30 consecutive business days.
About Sphere 3D
Sphere 3D Corp. (NASDAQ: ANY) -- Sphere3D.com -- is a
cryptocurrency miner growing its industrial-scale Bitcoin mining
operation through the capital-efficient procurement of
next-generation mining equipment and partnering with best-in-class
data center operators. Sphere 3D is dedicated to growing
shareholder value while honoring its commitment to strict
environmental, social, and governance standards.
Houston, Texas-based MaloneBailey, LLP, the Company's auditor since
2022, issued a "going concern" qualification in its report dated
March 13, 2024, citing that the Company has suffered recurring
losses from operations and does not expect to have sufficient
working capital to fund its operations, which raises substantial
doubt about its ability to continue as a going concern.
SPICEY PARTNERS: Hires Riparian Partners as Investment Banker
-------------------------------------------------------------
Spicey Partners Real Estate Holdings, LLC seeks approval from the
U.S. Bankruptcy Court for the Southern District of Texas to hire
Riparian Partners LLC as investment banking advisor.
The firm's services include:
(a) advising and assisting in connection with defining
strategic and financial objectives;
(b) identifying or contacting potential Buyers to any
Transaction(s);
(c) disbursement of a confidential memorandum or related
materials describing the Debtors for distribution;
(d) reviewing financial information;
(e) assisting in negotiations of the financial terms and
structure of any Transaction(s); and
(f) providing such other investment banking services as may be
agreed upon by Riparian and the Debtor.
The firm will be compensated as follows:
(i) Monthly Fee. Pursuant to the Engagement Agreement, a
monthly advisory fee of $62,500 per month to be payable beginning
on December 10, 2024 and on the first day of each month up to the
successive two months, upon approval of Riparian's engagement by
the Court.
(ii) Transaction Fee. In the event of a Transaction, a fee
equal to 5 percent of the Transaction Value payable in cash. For
the purpose of calculating this fee, "Transaction Value" shall mean
the amount of cash in United States dollars actually paid or
received or to be paid or received, directly or indirectly, in
connection with a Transaction in respect to the sale of the assets
of the Debtors as of the closing date of the Transaction. Fees will
be paid upon the establishment of any escrow relating to the sale
of the assets. Fees relating to contingent payments other than
escrowed amounts will be paid to Riparian within one (1) business
day following receipt of such payments by the Debtors and Court
approval.
Brendan VanDeventer, managing partner of Riparian Partners,
disclosed in the court filings that his firm is a "disinterested
person" as that term is defined in section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Brendan P. VanDeventer
Riparian Partners LLC
2100 Financial Plaza
Providence, RI 02903
Tel: (401) 277-0150
Email: bpv@riparianpartners.com
About Spicey Partners Real Estate Holdings, LLC
Spicey Partners Real Estate Holdings, LLC filed its voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
S.D. Tex. Case No. Case No. 24-90572) on Nov. 15, 2024, listing $10
million to $50 million in assets and $100 million to $500 million
in liabilities. The petitions were signed by David G. Howe as chief
operating officer.
Judge Christopher M Lopez presides over the case.
David Robert Eastlake, Esq. at Greenberg Traurig, LLP represents
the Debtor as counsel.
STOLI GROUP: Trademark Conflict Reaches Bankruptcy Court
--------------------------------------------------------
Randi Love of Bloomberg Law reports that Stoli Group's U.S.
subsidiary is facing resistance to its bankruptcy financing
proposal from two Russian entities involved in a long-running
dispute over vodka trademarks.
The state-backed Federal Treasury Enterprise Sojuzplodoimport and
OAO Moscow Distillery Cristall filed an objection in the U.S.
Bankruptcy Court for the Northern District of Texas, alleging that
Stoli has been infringing on the Stolichnaya trademark since at
least 2014, when it began importing the vodka into the U.S.,
according to Bloomberg Law.
The Russian entities argued that Stoli Group (USA) LLC cannot
include liens on the Stolichnaya trademarks in its financing plan
because it does not own the rights to them. They also raised
concerns about the terms of the proposed financing, the report
states.
About Stoli Group (USA) LLC
Stoli Group (USA) LLC is a producer, manager, and distributor of a
global portfolio of spirits and wines.
Stoli Group (USA) LLC and its Kentucky Owl American sought relief
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case
No. 24-80146) on November 27, 2024. In the petition filed by Chris
Caldwell, as president and global chief executive officer, the
Debtor reports estimated assets between $100 million and $500
million and estimated liabilities between $10 million and $50
million.
Honorable Bankruptcy Judge Scott W. Everett handles the case.
FOLEY & LARDNER LLP represents the Debtor as legal counsel.
SYRACUSE OPERA: Seeks Chapter 7 Bankruptcy Protection in New York
-----------------------------------------------------------------
Stephi Wild of Broadway World reports that the Syracuse Opera
Company has officially filed for bankruptcy on December 13, 2024,
as revealed in records from the New York Northern Bankruptcy Court
and reported by Slipped Disc via PacerMonitor.
This development follows the company's 2023 announcement, which saw
the cancellation of its remaining 2023-2024 season and the furlough
of its staff due to significant financial difficulties, casting
doubt on its future, according to the report.
Since then, the company has shown no signs of activity. Its social
media accounts have not been updated since 2023, it is listed as
"Temporarily Closed" on Google, and its official website is no
longer operational.
Established in 1974, Syracuse Opera was once a cornerstone of
Central New York's cultural scene as the region's only year-round
professional opera company. The organization was celebrated for its
locally produced operas, featuring a blend of world-class
performers and local talent, with performances ranging from classic
productions to innovative contemporary works.
About Syracuse Opera Company
Syracuse Opera Company is an opera company in Syracuse, New York.
Syracuse Opera Company sought relief under Chapter 7 of the U.S.
Bankruptcy Code (Bankr. N.D.N.Y. Case No. 24-31063) on December 13,
2024.
Steven R. Dolson of The Law Offices Of Steven R. Dolson PLLC is the
Debtor's counsel.
TALPHERA INC: Not In Compliance with Nasdaq Minimum Bid Price
-------------------------------------------------------------
Talphera, Inc., disclosed in a Form 8-K filing with the U.S.
Securities and Exchange Commission that it received a written
notice from the Listing Qualifications Staff of the Nasdaq Stock
Market notifying the Company that it is not in compliance with the
minimum bid price requirement set forth in Nasdaq Listing Rule
5450(a)(1) for continued listing on The Nasdaq Global Market.
Nasdaq Listing Rule 5450(a)(1) requires listed securities to
maintain a minimum bid price of $1.00 per share, and Listing Rule
5810(c)(3)(A) provides that a failure to meet the minimum bid price
requirement exists if the deficiency continues for a period of 30
consecutive business days.
The Notice does not impact the listing of the Company's common
stock on The Nasdaq Global Market at this time. In accordance with
Nasdaq Listing Rule 5810(c)(3)(A), the Company has 180 calendar
days to regain compliance with the minimum bid price requirement.
To regain compliance, the closing bid price of the Company's common
stock must be at least $1.00 per share for a minimum of ten
consecutive business days before June 4, 2025. In the event that
the Company does not regain compliance within this 180-day period,
the Company may be eligible to seek an additional compliance period
of 180 calendar days if it meets the continued listing requirement
for market value of publicly held shares and all other initial
listing standards for The Nasdaq Capital Market, with the exception
of the minimum bid price requirement, and provides written notice
to Nasdaq of its intent to cure the deficiency during this second
compliance period by effecting a reverse stock split if necessary.
However, if it appears to the Nasdaq staff that the Company will
not be able to cure the deficiency, or if the Company is otherwise
not eligible, Nasdaq will provide notice to the Company that its
common stock will be subject to delisting.
The Company intends to actively monitor the closing bid price of
its common stock and will evaluate available options to regain
compliance with the minimum bid price requirement.
About Talphera
Headquartered in San Mateo, California, Talphera, Inc. --
www.talphera.com -- is a specialty pharmaceutical company focused
on the development and commercialization of innovative therapies
for use in medically supervised settings. Talphera's lead product
candidate, Niyad, is a lyophilized formulation of nafamostat and
is
currently being studied under an investigational device exemption
(IDE) as an anticoagulant for the extracorporeal circuit, and has
received Breakthrough Device Designation status from the U.S. Food
and Drug Administration (FDA).
Walnut Creek, Calif.-based BPM LLP, the Company's auditor since
2023, issued a "going concern" qualification in its report dated
March 6, 2024, citing that the Company has suffered recurring
operating losses and negative cash flows from operating activities
since inception, and expects to continue to incur operating losses
and negative cash flows in the future. These matters raise
substantial doubt about its ability to continue as a going
concern.
Talphera reported a net loss of $18.4 million for 2023 and a net
income of$47.8 million for 2022.
TEHUM CARE: Brown Rudnick Crafts Ch. 11 Plan With High Recovery
---------------------------------------------------------------
Brown Rudnick, in a press release, said it has crafted a Chapter 11
plan for Tehum Care Services (formerly Corizon Health), a provider
of healthcare services to prisons and jails nationwide.
Acting as counsel for the Official Committee of Torts Claimants,
Brown Rudnick successfully opposed a Rule 9019 settlement proposed
by the debtor and the Unsecured Creditors Committee. The firm then
developed a Chapter 11 plan that significantly increases recoveries
for tort victims. Under this structure, tort victims can either
continue litigation against non-debtor defendants in the civil
justice system or opt to participate in a settlement fund
established by the plan.
Announced on July 17, 2024, the agreement marks a key step in
resolving the bankruptcy. The settlement outlines the distribution
of over $50 million to Tehum's creditors, including tort claimants,
through a consensual Chapter 11 plan. Additionally, the plan
includes releases for YesCare, a Tehum affiliate, and other
settling parties. A claimant vote and bankruptcy court approval are
anticipated in the coming months, the report states.
Eric Goodman, partner and leader of the Brown Rudnick team, told
The Wall Street Journal and Bloomberg Law, "We commend the
collaborative efforts that led to this settlement, which secures
increased compensation for tort claimants, including incarcerated
and formerly incarcerated individuals."
Brown Rudnick's work on behalf of incarcerated and formerly
incarcerated individuals has earned praise from public interest
groups such as the American Civil Liberties Union, the Center for
Constitutional Rights, the Human Rights Defense Center, Public
Justice, Rights Behind Bars, the UC Berkeley Center for Consumer
Law & Economic Justice, and U.S. Senator Elizabeth Warren of
Massachusetts.
The Brown Rudnick team includes partners David Molton, Cameron
Moxley, and Gerard Cicero; counsel Susan Sieger-Grimm; and
associates Meghan McCafferty and Amir Shachmurove.
About Tehum Care Services
Tehum Care Services Inc., doing business as Corizon Health Services
Inc., is a privately held prison healthcare contractor in the
United States. It is based in Brentwood, Tenn.
Tehum Care Services filed a petition for relief under Chapter 11 of
the Bankruptcy Code (Bankr. S.D. Tex. Case No. 23-90086) on Feb.
13, 2023. In the petition filed by Russell A. Perry, as chief
restructuring officer, the Debtor reported assets between $1
million and $10 million and liabilities between $10 million and $50
million.
Judge Christopher M. Lopez oversees the case.
The Debtor tapped Gray Reed & McGraw, LLP as bankruptcy counsel;
Bradley Arant Boult Cummings, LLP, as special litigation counsel;
and Ankura Consulting Group, LLC, as financial advisor. Russell A.
Perry, senior managing director at Ankura, serves as the Debtor's
chief restructuring officer. Kurtzman Carson Consultants, LLC, is
the claims, noticing and solicitation agent.
The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Debtor's Chapter 11 case.
Stinson, LLP and Dundon Advisers, LLC, serve as the committee's
legal counsel and financial advisor, respectively.
THOMASVILLE REGIONAL: Talks with Buyers Remain Confidential
-----------------------------------------------------------
Euardo Magana of The Thomasville Times reports that Thomasville
Mayor Sheldon Allison Day provided an update on the search for a
new owner for Thomasville Regional Medical Center (TRMC), noting
that while progress is being made, the specifics of the
negotiations remain confidential.
"Discussions between potential buyers, the bank, the court, and the
receiver are confidential, so I am unable to share details at this
time," Mayor Day stated. "However, there has been considerable
activity, with several potential buyers visiting TRMC and engaging
in meaningful negotiations."
Mayor Day confirmed that all interested parties have signed or are
in the process of signing non-disclosure agreements (NDAs) with the
bank, signaling their serious interest in acquiring and reopening
the facility. Two offers have already been submitted, and due
diligence is underway, with more offers expected soon, the report
states.
"There is strong interest in revitalizing TRMC," Mayor Day said.
"The plans presented by potential buyers are encouraging." He also
mentioned ongoing communication between himself, the healthcare
authority chairman, and the interested parties, expressing optimism
about the hospital's future.
Addressing community concerns, Mayor Day dispelled rumors that the
Certificate of Need (CON) had expired, explaining that it remains
valid for up to a year, allowing ample time for reopening. While
the facility's state license expired after its closure, he assured
residents that obtaining a new license would take only a few weeks
once a new owner fulfills the required criteria, according to The
Thomasville Times.
"Our focus is on finding the right owner who can bring the
necessary resources and ensure TRMC's long-term success," Mayor Day
concluded. "Reopening TRMC is my top priority, and I remain
committed to securing its future."
About Thomasville Regional Medical Center
Thomasville Regional Medical Center is a 29-bed acute care hospital
and anchor facility in Thomasville, Alabama.
TROY 3440: Seeks to Hire George J. Paukert Esq. as Counsel
----------------------------------------------------------
Troy 3440 LLC seeks approval from the U.S. Bankruptcy Court for the
Central District of California to employ George J. Paukert, Esq. as
counsel.
The firm will provide these services:
a. render legal advice and assistance regarding compliance with
the requirements of the U.S. Trustee;
b. render advice regarding matters of bankruptcy law, including
the rights and remedies of the Debtor in regard to its assets and
with respect to the claims of creditors;
c. conduct examinations of witnesses, claimants or adverse
parties to prepare and assist in the preparation of reports,
accounts and pleadings;
d. render advice concerning the requirements of the bankruptcy
code and applicable rules;
e. assist with the negotiation, formulation, confirmation and
implementation of a Chapter 11 plan;
f. make any appearances in the bankruptcy court on behalf of the
Debtor; and
g. take such other action and perform such other services as the
Debtor may require.
The firm will be paid at the rate of $300 per hour.
The firm received from the Debtor a retainer of $5,000.
In addition, the firm will seek reimbursement for its out-of-pocket
expenses.
George J. Paukert, Esq. disclosed in a court filing that the firm
is a "disinterested person" as the term is defined in Section
101(14) of the Bankruptcy Code.
The firm can be reached at:
George J. Paukert, Esq.
8584 Alpine Vineyards Court
Las Vegas, NV 89139
Tel: (310) 850-0231
Email: paukburt@aol.com
About Troy 3440 LLC
Troy 3440 LLC is a Single Asset Real Estate debtor (as defined in
11 U.S.C. Section 101(51B)).
Troy 3440 LLC sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. C.D. Cal. Case No. 24-11896) on November 14, 2024. In
the petition filed by Avis Copelin, as CEO, the Debtor reports
estimated assets and liabilities between $1 million and $10 million
each.
Honorable Bankruptcy Judge Martin R. Barash handles the case.
The Debtor is represented by:
George J. Paukert, Esq.
8584 Alpine Vineyards Court
Las Vegas NV 89139
Tel: (310) 850-0231
E-mail: paukburt@aol.com
TWIN FALLS: Hires Fredrikson & Byron P.A. as Counsel
----------------------------------------------------
Twin Falls Oil Service, LLC seeks approval from the U.S. Bankruptcy
Court for the District of North Dakota to employ Fredrikson &
Byron, P.A. as counsel.
The firm's services include:
A. providing the Debtor with legal advice with respect to their
reorganization;
B. assisting the Debtor with the preparation of their Schedules
of Assets and Liabilities and Statements of Financial Affairs;
C. representing the Debtor in connection with negotiations
involving secured and unsecured creditors;
D. advising the Debtor in connection with any postpetition
financing and cash collateral arrangements and negotiating and
drafting documents related thereto, providing advice and counsel
with respect to prepetition financing arrangements, and negotiating
and drafting documents relating thereto;
E. advising the Debtor on matters relating to the evaluation of
the assumption, rejection, or assignment of unexpired leases and
executory contracts;
F. advising the Debtor with respect to legal issues arising in
or relating to the Debtor's ordinary course of business including
attendance at management meetings, meetings with the Debtor's
financial and turnaround advisors;
G. taking all necessary action to protect and preserve the
Debtor's estates, including the prosecution of actions on their
behalf, the defense of any actions commenced against them,
negotiations concerning all litigation in which the Debtor are
involved and objecting to claims filed against the Debtor's
estates;
H. representing the Debtor at hearings set by the Court in the
Debtor's bankruptcy cases;
I. preparing, on the Debtor's behalf, all motions, applications,
answers, orders, reports and papers necessary to the administration
of the estates;
J. negotiating and preparing, on the Debtor's behalf, a plan of
reorganization, disclosure statement and all related agreements
and/or documents and taking any necessary action on behalf of the
Debtor to obtain confirmation of such plan;
K. appearing before this Court, any appellate courts and the
United States Trustee to protect the interests of the Debtor's
estates before such courts and the United States Trustee;
L. attending meetings with third parties and participating in
negotiations with respect to the above matters; and
M. performing all other necessary legal services and providing
all other necessary legal advice to the Debtor in connection with
these cases.
The firm will be paid at these rates:
Steven Kinsella, Shareholder $575 per hour
Katherine Nixon, Associate $420 per hour
Shataia Stallings, Paralegal $210 per hour
In addition, the firm will seek reimbursement for its out-of-pocket
expenses.
The Debtor paid the firm $44,111.50 for services provided prior to
the Petition Date. Additionally, the firm continues to hold a
retainer of $30,477.
Steven R. Kinsella, Esq., a partner at Fredrikson & Byron, P.A.,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Steven R. Kinsella, Esq.
Katherine A. Nixon, Esq.
Fredrikson & Byron, P.A.
60 South 6th Street, Suite 1500
Minneapolis, MN 55402-4400
Tel: (612) 492-7000
Email: skinsella@fredlaw.com
knixon@fredlaw.com
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., at
FREDRIKSON & BYRON, P.A..
UPSCALE DEVELOPMENT: Hires Paul Reece Marr PC as Legal Counsel
--------------------------------------------------------------
Upscale Development, LLC seeks approval from the U.S. Bankruptcy
Court for the Northern District of Georgia to hire Paul Reece Marr,
P.C. as its bankruptcy attorneys.
The firm's services include:
(a) providing the Debtor with legal advice regarding its
powers and duties as a debtor in possession in the continued
operation and management of its affairs;
(b) preparing on behalf of the Debtor the necessary
applications, statements, schedules, lists, answers, orders and
other legal papers pursuant to the Bankruptcy Code; and
(c) performing all other legal services in the Chapter 11
bankruptcy proceeding for the Debtor which may be reasonably
necessary.
The firm will be paid at these rates:
Paul Reece Marr, Esq. $450 per hour
Paralegal $250 per hour
In addition, the firm will seek reimbursement for expenses
incurred.
Paul Reece Marr, Esq., an attorney at Paul Reece Marr, disclosed in
a court filing that his firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Paul Reece Marr, Esq.
Paul Reece Marr, PC
6075 Barfield Road; Suite 213
Sandy Springs, GA 30328
Tel: (770) 984-2255
Email: paul.marr@marrlegal.com
About Upscale Development LLC
Upscale Development, LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ga. Case No. 24-62687) on December 2,
2024, with $1 million to $10 million in both assets and
liabilities. Nelson H. Carey, manager, signed the petition.
Judge Sage M. Sigler handles the case.
The Debtor is represented by Paul Reece Marr, Esq. at Paul Reece
Marr, P.C.
V MANAGEMENT GROUP: Hires Larson & Zirzow as Counsel
----------------------------------------------------
V Management Group Nevada Corporation and its affiliate seek
approval from the U.S. Bankruptcy Court for the District of Nevada
to employ Larson & Zirzow, LLC as its bankruptcy counsel.
The firm's services include:
(a) prepare on behalf of the Debtor all necessary or
appropriate legal papers in connection with the administration of
its bankruptcy estate;
(b) take all necessary or appropriate actions in connection
with a plan of reorganization and all related documents, and such
further actions as may be required in connection with the
administration of the Debtor's estate;
(c) take all necessary actions to protect and preserve the
Debtor's estate; and
(d) perform all other necessary legal services in connection
with the prosecution of the Chapter 11 case.
The firm will be paid at these hourly rates:
Matthew Zirzow, Principal $650
Trish Huelsman, Paralegal $295
In addition, the firm will seek reimbursement for expenses
incurred.
The firm holds a balance of $8,639.17 for each Debtor, a total of
$17,278.34, in its trust account as of the Petition Date to secure
the payment of future legal fees and costs in the Chapter 11 Cases,
and subject to the normal fee application process.
Mr. Zirzow disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Matthew C. Zirzow, Esq.
Larson & Zirzow, LLC
850 E. Bonneville Ave.
Las Vegas, NV 89101
Tel: (702) 382-1170
Fax: (702) 382-1169
Email: mzirzow@lzlawnv.com
V Management Group Nevada Corporation
V Management Group Nevada Corporation manages various Teriyaki
Madness franchises in Las Vegas, and also serves as tenant under
the leases for the locations, among other functions.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Nev. Case No. 24-16159) on November 25,
2024. In the petition signed by Ohmar Villavicencio, managing
member, the Debtor disclosed up to $50,000 in assets and
liabilities.
Judge Natalie M. Cox oversees the case.
Matthew C. Zirzow, Esq., at Larson & Zirzow, LLC, represents the
Debtor as legal counsel.
VETERANS HOLDINGS: Files Emergency Bid to Use Cash Collateral
-------------------------------------------------------------
Veterans Holdings, LLC asked the U.S. Bankruptcy Court for the
Eastern District of Louisiana for authority to use cash
collateral.
It is believed that Richards Clearview City Center, LLC and the
U.S. Small Business Administration assert a security interest in
the company's cash collateral.
On September 7, 2012, Veterans Holdings executed the following
documents in favor of Gulf Coast Bank and Trust Company:
(a) Promissory Note in the amount of $2.245 million;
(b) Collateral mortgage note in the amount of $4.5 million;
(c) Collateral Mortgage; and,
(d) Assignment of Leases and Rents.
On June 17, 2013, Veterans Holdings executed a promissory note
payable to Gulf Coast Bank and Trust Company in the amount of
$122,045. Note 1 and Note 2 are secured by the Mortgage and
Assignment. On June 16, 2020, Veterans Holdings executed a
promissory with the SBA in the amount of $73,100. The SBA note was
secured by a loan agreement which granted a security interest in
all tangible and intangible personal property.
As adequate protection, the pre-bankruptcy lienholders will be
granted a security interest without the necessity of the execution
by Veterans Holdings of financing statements, mortgages, security
agreements, or otherwise, in accordance with Section 361(2) of the
Bankruptcy Code.
The adequate protection will be subject to a carveout of $75,000
for Veterans Holdings' professionals.
About Veterans Holdings LLC
Veterans Holdings, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 24-12453) on
December 17, 2024, with $1 million to $10 million in both assets
and liabilities. Cullan Maumus, manager of Veterans Holdings,
signed the petition.
Judge Meredith S. Grabill represents the Debtor as legal counsel.
Patrick Garrity, Esq., at the Derbes Law Firm, LLC, represents the
Debtor as bankruptcy counsel.
VMR CONTRACTORS: Gets OK to Use Cash Collateral Until March 12
--------------------------------------------------------------
VMR Contractors Inc. got the green light from the U.S. Bankruptcy
Court for the Northern District of Illinois, Eastern Division to
continue to use its cash collateral.
The order authorized the company to use cash collateral through
March 12, 2025, in accordance with its budget and the terms of the
order entered on March 1, 2023.
The budget shows total expenses of $478,972 for the period ending
Jan. 13, 2025. These expenses include payroll, payroll taxes, steel
purchases, office supplies, union benefits, and other expenses.
The next hearing is scheduled for March 5, 2025
About VMR Contractors
VMR Contractors, Inc. is in the business of supplying and
installing rebar for road construction projects.
VMR Contractors sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Ill. Case No. 22-14211) on Dec. 8,
2022, with $500,001 to $1 million in assets and $1 million to $10
million in liabilities. Vincent Roberson, president of VMR
Contractors, signed the petition.
Judge Benjamin Goldgar oversees the case.
William J. Factor, Esq., at Factor Law, is the Debtor's bankruptcy
counsel.
VOYAGER DIGITAL: Binance.US Seeks $10-Mil. Refund from Failed Deal
------------------------------------------------------------------
Randi Love of Bloomberg Law reports that Voyager Digital Holdings
Inc., a failed cryptocurrency exchange, allegedly owes millions to
Binance.US following the collapse of an asset purchase agreement,
according to a new complaint.
According to Bloomberg Law, BAM Trading Services Inc., doing
business as Binance.US, claims that Voyager breached the "explicit
and negotiated terms" of a December 2022 agreement by failing to
finalize a multimillion-dollar transaction. The deal included a $10
million deposit from Binance.US, held in an escrow account.
Attorneys for Michael Wise, Voyager's wind-down plan administrator,
have not yet provided a response to the allegations, the report
states.
About Voyager Digital Holdings
Based in Toronto, Canada, Voyager Digital Holdings Inc. --
https://www.investvoyager.com/ -- ran a cryptocurrency platform.
Voyager claimed to offer a secure way to trade over 100 different
crypto assets using its easy-to-use mobile application. Through its
subsidiary Coinify ApS, Voyager provided crypto payment solutions
for both consumers and merchants around the globe.
Voyager Digital Holdings Inc. and two affiliates sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead
Case No. 22-10943) on July 5, 2022. In the petition filed by
Stephen Ehrlich, chief executive officer, the Debtors estimated
assets and liabilities between $1 billion and $10 billion.
Judge Michael E. Wiles oversees the cases.
The Debtors tapped Kirkland & Ellis, LLP as general bankruptcy
counsel; Berkeley Research Group, LLC, as financial advisor; Moelis
& Company as investment banker; Consello Group as strategic
financial advisor; Deloitte Tax, LLP as tax services provider; and
Deloitte & Touche, LLP, as accounting advisor. Stretto, Inc., is
the claims agent.
On July 19, 2022, the U.S. Trustee for Region 2 appointed an
official committee of unsecured creditors in the Chapter 11 cases.
The committee tapped McDermott Will & Emery, LLP as bankruptcy
counsel; FTI Consulting, Inc., as financial advisor; Cassels Brock
& Blackwell, LLP as Canadian counsel; and Epiq Corporate
Restructuring, LLC, as noticing and information agent.
The committee also tapped the services of Harney Westwood &
Riegels, LP, in connection with Three Arrows Capital Ltd.'s
liquidation proceedings in British Virgin Islands.
On July 6, 2022, the Debtors filed a joint Chapter 11 plan of
reorganization.
* * *
Following an auction process, the Debtors in September 2022
selected the bid submitted by FTX US' West Realm Shires Inc. as the
winning bid for the assets. But after a series of events, FTX
collapsed in November 2022, before the sale could be completed.
After reopening bidding, Voyager Digital selected the offer from
U.S. exchange BAM Trading Services Inc. (doing business as
"Binance.US") as the highest and best bid for its assets. Binance's
bid is valued at $1.022 billion.
In April 2023, Binance.US called off its deal to buy assets of
bankrupt crypto lender Voyager Digital, citing a "hostile and
uncertain regulatory climate."
WANDERLY LLC: Case Summary & Seven Unsecured Creditors
------------------------------------------------------
Debtor: Wanderly, LLC
8073 Tumblestone Court
Unit 415
Delray Beach, FL 33446
Business Description: Wanderly is a technology marketplace
platform created for traveling healthcare
professionals and healthcare staffing
companies.
Chapter 11 Petition Date: December 26, 2024
Court: United States Bankruptcy Court
Southern District of Florida
Case No.: 24-23477
Judge: Hon. Erik P Kimball
Debtor's Counsel: 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
Email: craig@kelleylawoffice.com
Total Assets: $491,218
Total Liabilities: $3,907,735
The petition was signed by Ziaur Rahman as chief executive
officer.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 seven unsecured creditors is available for
free at PacerMonitor.com at:
https://www.pacermonitor.com/view/2KZOTLQ/Wanderly_LLC__flsbke-24-23477__0001.0.pdf?mcid=tGE4TAMA
WANDERLY LLC: Sec. 341(a) Meeting of Creditors on January 30
------------------------------------------------------------
On December 26, 2024, Wanderly LLC filed Chapter 11 protection in
the Southern District of Florida. According to court filing, the
Debtor reports between $1 million and $10 million in debt owed to
1 and 49 creditors. The petition states funds will be available to
unsecured creditors.
A meeting of creditors under Sec. 341(a) to be held on January 30,
2025 at 09:00 AM by TELEPHONE.
About Wanderly LLC
Wanderly LLC is a limited liability company.
Wanderly LLC sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. S.D. Fla. Case No. 24-23477) on December 26, 2024. In
its petition, the Debtor reports estimated assets between $100,000
and $500,000 and estimated liabilities between $1 million and $10
million.
Honorable Bankruptcy Judge Erik P. Kimball handles the case.
The Debtor is represented by:
Dana L Kaplan, Esq.
1665 Palm Beach Lakes Blvd., Ste 1000
West Palm Beach, FL 33401
P: 561-308-3298
Fax: 561-684-3773
WEBSTERNT LLC: Mark Schlant Named Subchapter V Trustee
------------------------------------------------------
The U.S. Trustee for Region 2 appointed Mark Schlant, Esq., at
Zdarsky, Sawicki & Agostinelli, LLP as Subchapter V trustee for
WebsterNT, LLC.
Mr. Schlant will be paid an hourly fee of $300 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Schlant declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Mark J. Schlant, Esq.
Zdarsky, Sawicki & Agostinelli, LLP
1600 Main Place Tower
350 Main St.
Buffalo, NY 14202
Phone: (716) 855-3200
Email: mschlant@zsalawfirm.com
About WebsterNT LLC
WebsterNT, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. N.Y. Case No. 24-11436) on December
19, 2024, with $1 million to $10 million in both assets and
liabilities.
Judge Carl L. Bucki oversees the case.
Scott J. Bogucki, Esq., at Gleichenhaus, Marchese & Weishaar, PC
represents the Debtor as legal counsel.
WELLPATH HOLDINGS: DOC Looking for Bridgewater Health Provider
---------------------------------------------------------------
Alison Kuznitz of State House News Service reports that Department
of Correction officials are actively seeking a new health care
provider to oversee operations at Bridgewater State Hospital, with
the contract set to commence on July 1, 2025.
The DOC, which manages the state-run psychiatric facility,
announced that its current partnership with Wellpath Recovery
Solutions will end in June. Wellpath's parent company recently
filed for Chapter 11 bankruptcy.
On Wednesday, December 25, 2024, the DOC issued a request for
responses, aiming to identify a provider capable of delivering a
"full spectrum of services." These include medical and behavioral
health care, substance use assessment and treatment, and
specialized care for the hospital's 230 residents. The DOC
emphasized a focus on trauma-informed care, staff recruitment and
retention, and leveraging technology to enhance service delivery.
"Providing compassionate, quality care to individuals in state
custody is central to our rehabilitative mission," said DOC
Commissioner Shawn Jenkins. "Bridgewater State Hospital serves a
population with unique needs, and this procurement represents an
important step in maintaining quality services while improving the
experience and clinical outcomes for our residents. We look forward
to partnering with providers whose expertise and innovation align
with our vision for service excellence."
The DOC described the upcoming contract as "comprehensive,"
encompassing health care as well as forensic, programmatic,
treatment, and operational services.
This procurement effort follows a February report by the Disability
Law Center (DLC), the state's protection and advocacy agency, which
highlighted troubling practices at Bridgewater under Wellpath. The
report cited staff using riot gear and excessive force to
administer medication to patients. The DLC also recommended
transferring oversight of Bridgewater from the DOC to the
Department of Mental Health and constructing a new psychiatric
facility to better protect patients’ health, safety, and rights.
In its announcement, the DOC expressed its intent to "build on
transformative momentum in clinical care and all services" at
Bridgewater, aligning with best practices for forensic psychiatric
inpatient care.
About Wellpath Holdings
Wellpath Holdings, Inc. f/k/a CCS-CMGC Holdings, Inc. is a provider
of medical and mental healthcare in jails, prisons, and inpatient
and residential treatment facilities.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 24-90533) on
November 11, 2024, with $1 billion to $10 billion in assets and
liabilities. Timothy Dragelin, chief restructuring officer and
chief financial officer, signed the petitions.
The Debtor tapped Marcus A. Helt, Esq. at McDERMOTT WILL & EMERY
LLP as bankruptcy counsel; FTI CONSULTING, INC. as financial
advisor; and LAZARD FRERES & CO. LLC and MTS PARTNERS, LP as
investment bankers.
WELLPATH HOLDINGS: Seeks to Hire KPMG LLP to Provide Tax Services
-----------------------------------------------------------------
Wellpath Holdings, Inc. and its affiliates seek approval from the
U.S. Bankruptcy Court for the Southern District of Texas to employ
KPMG LLP to provide advisory, tax provision, tax consulting and
other tax related services.
KPMG has and will continue to provide advisory (actuarial) services
(the "Advisory Services") and a range of tax provision, tax
consulting, and other tax related services (collectively, the "Tax
Services") on behalf of the Debtors.
In addition to the foregoing, KPMG will provide such other
consulting, advice, research, planning, and analysis regarding
Advisory Services and Tax Services as may be necessary, desirable
or requested from time to time by the Debtors.
The firm's rates are:
a. KPMG and the Debtors have agreed to a fixed fee of $133,500
for services relating to actuarial services (the "Advisory Fixed
Fee").
b. For services relating to tax provision, the Debtors have
agreed to compensate KPMG at such rate, as follows:
Partners $508 to $665
Managing Directors $495 to $592
Directors/Senior Managers $462 to $508
Managers $359 to $462
Senior Associates $261 to $350
Associates $194 to $214
The majority of fees to be charged for tax provision services
reflect a reduction of approximately 65 percent from KPMG's normal
and customary rates.
c. For services relating to tax consulting, the Debtors have
agreed to compensate KPMG at such rate, as follows:
Partners $870 to $1,615
Managing Directors $849 to $1,437
Directors/Senior Managers $792 to $1,233
Managers $615 to $1,122
Senior Associates $447 to $850
Associates $333 to $519
d. The majority of fees to be charged for general tax
consulting, VDA, and debt restructuring services reflect a
reduction of approximately 15 percent to 40 percent from KPMG's
normal and customary rates.
For general tax consulting, VDA, and debt restructuring services,
the Debtors have agreed to compensate KPMG at such rate, as
follows:
Fixed Asset Services
Partners $508 to $665
Managing Directors $495 to $592
Directors/Senior Managers $462 to $508
Managers $359 to $462
Senior Associates $261 to $350
Associates $194 to $214
Loaned Resource Tax Assistance Services
Senior Managers $195
Managers $195
Senior Associates $195
Associates $195
The majority of fees to be charged for related tax services reflect
a reduction of approximately 65 percent from KPMG's normal and
customary rates.
KPMG received an advance payment in the amount of $658,062.47.
As disclosed in court filings, KPMG is a "disinterested person"
within the meaning of Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
David Helenbrook
KPMG, LLP
345 Park Ave
New York City, NY 10154
Phone: (212) 758-9700
About Wellpath Holdings, Inc.
Wellpath Holdings, Inc., formerly known as CCS-CMGC Holdings, Inc.,
is a provider of medical and mental healthcare in jails, prisons,
and inpatient and residential treatment facilities.
Wellpath Holdings and its affiliates sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case
No. 24-90533) on November 11, 2024. Timothy Dragelin, chief
restructuring officer and chief financial officer, signed the
petitions.
At the time of the filing, the Debtors reported $1 billion to $10
billion in assets and liabilities.
Judge Alfredo R. Perez oversees the cases.
The Debtors tapped Marcus A. Helt, Esq. at McDermott Will & Emery,
LLP as bankruptcy counsel; FTI Consulting, Inc. as financial
advisor; and Lazard Freres & Co., LLC and MTS Partners, LP as
investment banker.
WESTPOINT CAPITAL: Voluntary Chapter 11 Case Summary
----------------------------------------------------
Debtor: Westpoint Capital Group I, LLC
9631 West Olympic Blvd.
Beverly Hills, CA 90212
Business Description: Westpoint Capital is a Single Asset Real
Estate debtor (as defined in 11 U.S.C.
Section 101(51B)).
Chapter 11 Petition Date: December 25, 2024
Court: United States Bankruptcy Court
Central District of California
Case No.: 24-20469
Judge: Hon. Deborah J Saltzman
Debtor's Counsel: Michael Jay Berger, Esq.
LAW OFFICES OF MICHAEL JAY BERGER
9454 Wilshire Boulevard, 6th Floor
Beverly Hills, CA 90212
Tel: (310) 271-6223
Fax: (310) 271-9805
E-mail: michael.berger@bankruptcypower.com
Estimated Assets: $10 million to $50 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Robert Neman as member.
The Debtor indicated in the petition it has no unsecured
creditors.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/K6EKP6Y/Westpoint_Capital_Group_I_LLC__cacbke-24-20469__0001.0.pdf?mcid=tGE4TAMA
WHAIRHOUSE LIMITED: Exclusivity Period Extended to Feb. 21, 2025
----------------------------------------------------------------
Judge Stacey L. Meisel of the U.S. Bankruptcy Court for the
District of New Jersey extended Mark Politan's, the Chapter 11
Trustee for Whairhouse Limited Liability Company and Taylor Court
Apartments LLC, exclusive period to file a chapter 11 plan to
February 21, 2025.
In a court filing, additional time is required in order to prepare
and finalize a plan of liquidation although the Chapter 11 Trustee
has made some progress in connection with liquidation efforts. The
Chapter 11 Trustee still has not yet obtained the necessary
information from the debtors to prepare and file schedules,
adequately notice all creditors and interested parties and evaluate
best avenues to preserve value of the estates for the benefit of
creditors.
The Chapter 11 Trustee explains that given the skeletal information
filed with the commencement of these cases and the efforts required
through formal subpoenas and informal requests to obtain the
necessary information from the debtors' principals and former
advisors, the administration of these cases towards a confirmable
plan has been slowed.
The Chapter 11 Trustee submits that there is sufficient cause to
extend the Exclusive Filing Period. Therefore, adequate cause
exists for the Court to grant this Motion. The Chapter 11 Trustee
seeks extension of the exclusivity period for solely legitimate
reasons.
Counsel for Mark Politan, Ch. 11 Trustee:
Anthony Sodono, III, Esq.
McMANIMON, SCOTLAND & BAUMANN, LLC
75 Livingston Avenue, Second Floor
Roseland, NJ 07068
Tel: (973) 622-1800
E-mail: asodono@msbnj.com
About Whairhouse LLC and Taylor
Court Apartments
Taylor Court Apartments, LLC filed a voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No.
23-16641) on August 2, 2023, with $1 million to $10 million in both
assets and liabilities.
On August 4, 2023, Whairhouse Real Estate Investments, LLC filed a
voluntary Chapter 11 petition (Bankr. D.N.J. Case No. 23-16723),
with $1 million to $10 million in both assets and liabilities.
On August 22, 2023, an involuntary petition was filed against
Whairhouse Limited Liability Company by RG3, LLC and eight other
creditors (Bankr. D.N.J. Case No. 23-17272). The creditors are
represented by Sean Mack, Esq., at Pashman Stein Walder Hayden,
PC.
Judge Rosemary Gambardella oversees the cases.
Mark Politan was appointed the Chapter 11 trustee on October 16,
2023. The trustee is represented by McManimon, Scotland & Baumann,
LLC.
On April 19, 2024, the court ordered the joint administration of
the cases of Whairhouse LLC and Taylor under Case No. 23-17272, and
on April 23, 2024, ordered the dismissal of Whairhouse RE's case.
Whairhouse LLC and Taylor are represented by the Law Firm of Brian
W. Hofmeister.
WHITNEY OIL & GAS: Court OKs Interim Use of Cash Collateral
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Louisiana
granted Whitney Oil & Gas, LLC interim authorization to use cash
collateral.
The interim order authorized the company to use cash collateral
through Jan. 16, 2025, in accordance with its budget.
As adequate protection, holders of oil and gas liens under the
Louisiana Oil Well Lien Act were granted replacement liens on the
company's post-petition assets.
Lienholders will also receive payments as set forth in the budget
and will be granted a superpriority administrative expense claim.
The next hearing is set for Jan. 16, 2025.
About Whitney Oil & Gas
Whitney Oil & Gas, LLC operates in the oil and gas extraction
industry. The company is based in Houston, Texas.
Whitney Oil & Gas filed Chapter 11 petition (Bankr. E.D. La. Case
No. 23-11873) on Oct. 26, 2023, with $1 million to $10 million in
both assets and liabilities.
Judge Meredith S. Grabill oversees the case.
Douglas S. Draper, Esq., at Heller, Draper & Horn, LLC is the
Debtor's legal counsel.
WIMPY'S CALIFORNIA: Hires Peter G. Macaluso as Counsel
------------------------------------------------------
Wimpy's California Delta Resort, LLC seeks approval from the U.S.
Bankruptcy Court for the Eastern District of California to employ
the Law Office of Peter G. Macaluso as its bankruptcy counsel.
The firm's services include:
a. consulting with Debtor concerning its present financial
situation. Debtor's realistic achievable goals, and the efficacy of
various forms of bankruptcy as a means to achieve its goals;
b. preparing the documents necessary to commence the bankruptcy
case;
c. advising Debtor concerning its duties as debtor-in-possession
in a Chapter 11 Subchapter V case;
d. identifying, prosecuting, and defending claims and cause of
actions ascertainable by or against the estate;
e. preparing applications, motions, answers, briefs, records,
reports, notices, proposed orders, and other papers in connection
with administration of the estate, including the formulation of the
Chapter 11 Subchapter V plan, drafting the plan, and prosecuting
legal proceedings to seel confirmation of the plan;
f. if necessary, preparing and prosecuting such pleadings as
complaints to avoid preferential transfers or transfers deemed
fraudulent as to creditors, motions to authority to borrow money,
sell property, or compromise claims and objections to claims; and
g. taking all necessary action to protect and preserve the
estate, and all other legal services requested.
The firm received a retainer of $5,000.
Peter Macaluso, Esq., a partner at the Law Offices of Peter G.
Macaluso, disclosed in a court filing that his firm is a
"disinterested person" pursuant to Section 101(14) of the
Bankruptcy Code.
The firm can be reached at:
Peter G. Macaluso, Esq.
Law Offices Of Peter G. Macaluso
7230 South Land Park Drive, Suite 127
Sacramento, CA 95831
Tel: (916) 392-6591
Cell: (916) 705-8847
Fax: (916) 392-6590
Email: info@pmbankruptcy.com
About Wimpy's California Delta Resort, LLC
Wimpy's California Delta Resort, LLC is a Single Asset Real Estate
debtor (as defined in 11 U.S.C. Section 101(51B)).
Wimpy's California Delta Resort 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
WISA TECHNOLOGIES: Stockholders OK Purchase of Data Vault's Assets
------------------------------------------------------------------
WiSA Technologies, Inc., announced Dec. 23 it has received
stockholder approval to purchase the Datavault intellectual
property and information technology assets of privately held Data
Vault Holdings Inc. for 40 million shares of restricted common
stock of WiSA Technologies to be issued at closing of the
transaction plus a $10 million 3-year Note. 94% of stockholders
present or represented by proxy at the meeting voted in favor of
the transaction. Closing remains subject to customary conditions
and is expected to be completed on or about Dec. 31, 2024.
Upon closing, WiSA Technologies will change its name to Datavault
Inc. and will become a data technology and licensing company that
enables clients and strategic partners to monetize their Blockchain
Data and AI Web 3.0 assets via tokenization, data ownership and
digital twins offering two primary solutions:
* Data Sciences will license High Performance Computing (HPC)
software applications and Web 3.0 data management serving the
biotech research, energy, education, fintech, real estate, and
healthcare industries, among others.
* Acoustic Sciences will license spatial and multichannel HD
sound transmission, including proprietary brands ADIO, WiSA and
Sumerian, to customers in sports & entertainment, events & venues,
restaurants, automotive, finance, and other industries.
"This resounding vote of approval from our stockholders marks a
turning point in the company's history, as this transaction will
transform the company into a dramatically larger entity with a
broad reach in multiple, rapidly growing markets," said Brett
Moyer, CEO of WiSA Technologies. "I look forward to working
closely with Nate as we move forward integrating these assets and
growing the business across multiple vertical markets."
Nathaniel T. Bradley, CEO and co-founder of Data Vault Holdings,
said, "This is an exciting time, as the transaction is expected to
enable increased access to capital and additional resources to
energize our commercial expansion for Data and Acoustic Sciences.
Since embarking on this technology integration with WiSA in early
September, we have a made a number of customer and partnering
announcements, and we expect to build on this momentum in 2025."
The Datavault Platform
Datavault's software and encryption enables a comprehensive
solution for managing and monetizing data in the Web 3.0
environment. It allows risk-free licensing of name, image, and
likeness (NIL) by securely attaching physical real-world objects to
immutable metadata or blockchain objects, fostering responsible AI
with integrity. Datavault's solutions ensure privacy and credential
protection. They are completely customizable and offer AI and ML
automation, third-party integration, detailed analytics and data,
marketing automation and advertising monitoring.
The platform creates value through scarcity, utility, and encrypted
data protection and generates revenue through licensing
partnerships that provide detailed analytics, sophisticated HPC
modeling, digital ownership, tokenization, and advertising, among
other means.
Summary of the Asset Purchase Agreement
* Consideration paid to Data Vault Holdings in exchange for
Datavault and ADIO intellectual property and information technology
assets by WiSA Technologies.
= 40 million shares of restricted common stock of WiSA
Technologies to be issued at closing of the transaction
= $10 million in an unsecured promissory note due 3 years from
closing, with 10% of the proceeds of any financings used to
pay down or pay off the promissory note in the interim
* 3% royalty on future revenues from Datavault and ADIO product
lines
Closing is subject to customary closing conditions.
Upon closing, Mr. Bradley will become CEO and Mr. Moyer, CFO, and
the company will change its name to Datavault Inc.
Nathaniel (Nate) Bradley
Nathaniel (Nate) Bradley, CEO and Co-founder of Data Vault Holdings
Inc., a highly accomplished inventor with over 70 international and
U.S. patents across diverse fields such as Internet broadcasting,
mobile advertising, behavioral healthcare, blockchain,
cybersecurity, AI, and data science. As CEO and co-founder of Data
Vault Holdings Inc., which operates Datavault Inc., Adio LLC, True
Luck Inc., and Data Donate Technologies, Mr. Bradley has developed
patented technologies that establish Datavault as a leader in Web
3.0 data monetization. He has also lobbied Congress for a Digital
Bill of Rights and founded the Intellectual Property Network Inc.,
offering IP and IT development services globally. Previously, Mr.
Bradley was the inventor and founder of AudioEye (NASDAQ: AEYE),
where he pioneered cloud-based assistive technologies, earning
recognition for his contributions to internet accessibility. His
extensive experience includes roles as chief technology officer for
Marathon Patent Group (currently named Marathon Digital Holdings,
NASDAQ: MARA) and involvement in significant acquisitions within
the Internet Radio industry.
Legal Advisors
Sullivan & Worcester LLP served as legal counsel for WiSA
Technologies, and Mitchell Silberberg & Knupp LLP served as legal
counsel for Data Vault Holdings Inc.
About WiSA Technologies
WiSA Technologies Inc. -- http://www.wisatechnologies.com/--
develops, markets, and sells spatial audio wireless technology for
smart devices and next-generation home entertainment systems. The
Company's consortium -- the WiSA Association -- works with leading
consumer electronics companies, technology providers, retailers,
and industry partners to make spatial audio an experience that
everyone can enjoy.
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, net capital deficiency, available cash and cash used in
operations raise substantial doubt about its ability to continue as
a going concern.
WISCONSIN & MILWAUKEE: Seeks to Expand Scope of Sikich's Services
-----------------------------------------------------------------
Wisconsin & Milwaukee Hotel LLC seeks approval from the U.S.
Bankruptcy Court for the Eastern District of Wisconsin to expand
the current scope of the employment of Sikich LLC as its
accountants.
The Debtor requests to expand Sikich's scope of employment to
include:
a. preparing and filing of the Debtor's federal and Wisconsin
tax returns for the year ended December 2024;
b. consulting with the Debtor regarding 2024 taxable income
(loss) projections and allocations; and
c. consulting regarding effects of this Chapter 11 case on the
Debtor's tax position and obligations.
For the Tax Compliance Services, compensation to Sikich will be a
fixed fee of $6,063.20 for the preparation, completion, and filing
of the Debtor's 2024 federal and Wisconsin state tax returns.
For the Additional Tax Services, Sikich intends to seek
compensation based on the work performed, billed at hourly rates,
plus reimbursement of the actual and necessary expenses Sikich
incurs.
As disclosed in the court filings, Sikich does not hold nor
represent any interest adverse to the Debtor or the estate with
respect to matters on which it is to be retained.
The firm can be reached through:
Gerald J. Schmit
Sikich LLC
17335 Golf Parkway, Suite 500
Brookfield, WI 53045
Telephone: (262) 754-9400
Facsimile: (262) 754-9401
About Wisconsin & Milwaukee Hotel LLC
Wisconsin & Milwaukee Hotel LLC sought protection under Chapter 11
of the Bankruptcy Code (Bankr. E.D. Wisc. Case No. 24-21743) on
April 9, 2024. In the petition signed by Mark Flaherty, as
manager,
the Debtor disclosed up to $50 million in both assets and
liabilities.
Judge G. Michael Halfenger oversees the case.
Michael P. Richman, Esq., at RICHMAN & RICHMAN LLC, is the Debtor's
legal counsel.
WOLF MIDSTREAM: DBRS Hikes Senior Notes Rating to BB(high)
----------------------------------------------------------
DBRS Limited upgraded the Senior Unsecured Notes (Senior Notes)
credit rating of Wolf Midstream Canada LP (Wolf) to BB (high) with
a Recovery Rating of RR4. The trend is Stable. Morningstar DBRS
also removed the credit rating from Under Review with Positive
Implications, where it was placed on December 2, 2024. The credit
rating action follows Wolf's issuance of additional Senior Notes of
$400 million and use of part of the proceeds ($340.0 million) to
repay outstanding balances under its secured term loan (Term Loan).
As a result of the reduction of secured debt, the recovery rating
for the Senior Notes has improved to RR4. Morningstar DBRS has also
assigned a credit rating of BB (high) with a Stable trend and
Recovery Rating of RR4 to Wolf's 5.95% Senior Notes due 2033.
The Senior Notes are unsecured, ranking equal in right of payment
to all existing and future unsecured indebtedness, junior to Wolf's
secured indebtedness and senior to any subordinated indebtedness of
Wolf.
Notes: All figures are in Canadian dollars unless otherwise noted.
WOLF MIDSTREAM: DBRS Places BB Senior Notes Rating Under Review
---------------------------------------------------------------
DBRS Limited placed the Senior Unsecured Notes (Senior Notes)
credit rating of BB on Wolf Midstream Canada LP (Wolf) Under Review
with Positive Implications. The Senior Notes currently have a
recovery rating of RR5. Wolf intends to issue an additional Senior
Note of up to $400 million and use the proceeds (up to $340.0
million) to repay outstanding balances under its secured term loan
(Term Loan). Morningstar DBRS estimates that because of reduction
of secured debt (at least $200 million), the recovery rating for
the Senior Notes will improve to RR4 at close of the issuance.
Subject to successful completion of the issuance and repayment of
the Term Loan, Morningstar DBRS expects to upgrade the credit
rating on the Senior Notes by one-notch to BB (high) when resolved.
Conversely, if the proposed issuance does not materialize the
credit rating on the Senior Notes will be confirmed at the current
level when resolved.
The Senior Notes are unsecured, ranking equal in right of payment
to all existing and future unsecured indebtedness, junior to Wolf's
secured indebtedness and senior to any subordinated indebtedness of
Wolf.
Notes: All figures are in Canadian dollars unless otherwise noted.
WORKHORSE GROUP: Board Appoints Berkowitz Pollack as New Auditor
----------------------------------------------------------------
Workhorse Group Inc. disclosed in a Form 8-K filed with the
Securities and Exchange Commission that on Dec. 18, 2024, the Audit
Committee of the Board of Directors of the Company appointed
Berkowitz Pollack Brant Advisors + CPAs, LLP to serve as the
Company's independent registered public accounting firm for the
fiscal year ended Dec. 31, 2024.
During the fiscal years ended Dec. 31, 2023, and 2022 and in the
subsequent interim periods through Dec. 23, 2024, neither the
Company nor anyone on its behalf has consulted with BPB with
respect to (i) the application of accounting principles to a
specified transaction, either completed or proposed, or the type of
audit opinion that might be rendered on financial statements, and
neither a written report nor oral advice was provided to the
Company that BPB concluded was an important factor considered by
the Company in reaching a decision as to any accounting, auditing,
or financial reporting issue; (ii) any matter that was the subject
of a "disagreement," as that term is defined in Item 304(a)(1)(iv)
and the related instructions of Regulation S-K; or (iii) any
"reportable event," as that term is defined in Item 304(a)(1)(v) of
Regulation S-K.
About Workhorse Group
Workhorse Group Inc. -- http://www.workhorse.com-- is an American
technology company with a vision to pioneer the transition to
zero-emission commercial vehicles. The Company designs, develops,
manufactures and sells fully electric ground and air-based electric
vehicles.
Cincinnati, Ohio-based Grant Thornton LLP, the Company's auditor
since 2018, issued a "going concern" qualification in its report
dated March 12, 2024, citing that the Company incurred a net loss
of $123.9 million and used $123.0 million of cash in operating
activities during the year ended December 31, 2023. As of that
date, the Company had total working capital of $40.5 million,
including $25.8 million of cash and cash equivalents, and an
accumulated deficit of $751.6 million. These conditions, along
with other matters, raise substantial doubt about the Company's
ability to continue as a going concern.
XRC LLC: Gets Interim OK to Use Cash Collateral Until Feb. 6
------------------------------------------------------------
XRC, LLC received interim approval from the U.S. Bankruptcy Court
for the Middle District of Florida to use cash collateral until
Feb. 6, 2025, marking the second extension since the company's
Chapter 11 filing in October.
The court previously issued an interim order, allowing the company
to access cash collateral until Dec. 12 only.
The authorization allows the company to pay essential expenses,
including payroll and trustee fees based on an approved budget,
plus an amount not to exceed 10% for each line item.
Secured creditors were granted a perfected post-petition lien
against cash collateral to the same extent and with the same
validity and priority as its pre-bankruptcy lien.
The next hearing is set for Feb. 6, 2025.
About XRC LLC
XRC, LLC offers residential and commercial roofing services.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-05911) on October 31,
2024. In the petition signed by Matthew P. Appell, managing member,
the Debtor disclosed up to $10 million in both assets and
liabilities.
Judge Grace E. Robson oversees the case.
Justin M. Luna, Esq., at Latham Luna Eden & Beaudine LLP,
represents the Debtor as legal counsel.
YZ ENTERPRISES: Court OKs Continued Use of Cash Collateral
----------------------------------------------------------
YZ Enterprises Inc. received fifth interim approval from the U.S.
Bankruptcy Court for the Northern District of Ohio to use cash
collateral for payment of post-petition expenses.
The interim order authorized the company to use the cash collateral
of the U.S. Small Business Administration, Northview Capital, LLC,
Franklin Capital Holdings, LLC and Unique Funding Solutions, LLC in
accordance with its budget.
The secured creditors were granted replacement liens on the
company's property to the same extent and with the same priority as
their pre-bankruptcy liens.
As additional protection for its interests in the cash collateral,
Northview Capital will receive a monthly payment of $4,000 from YZ
Enterprises. Meanwhile, YZ Enterprises is not required to make any
payments to SBA, Franklin Capital Holdings and Unique Funding
Solutions.
The next hearing is scheduled for Feb. 18, 2025.
About YZ Enterprises Inc.
YZ Enterprises Inc. manufactures specialty cookies from its base of
operations.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ohio Case No. 24-31033) on May 31,
2024, with $500,001 to $1 million in assets and $1 million to $10
million in liabilities. Tamar Markham, chief executive officer,
signed the petition.
Judge John P. Gustafson oversees the case.
Eric Neuman, Esq., at Diller and Rice, LLC, represents the Debtor
as legal counsel.
ZARA LLC: Seeks to Hire Morris Palerm LLC as Bankruptcy Counsel
---------------------------------------------------------------
Zara LLC seeks approval from the U.S. Bankruptcy Court for the
Northern District of West Virginia to hire Morris Palerm, LLC as
its counsel.
The firm's services include legal advice regarding the
administration of the Debtor's Chapter 11 case, negotiating a
consent plan for payment of the commercial lease arrears, and the
filing of a plan of reorganization.
Morris Palerm will bill $350 per hour for the services of Bobbie
Vardan, Esq., primary attorney, and $150 per hour for legal
assistants and paralegals.
The firm received an initial retainer payment of $3,000; which sum
is exclusive of the Chapter 11 filing fee ($1,738).
Mr. Vardan disclosed in a court filing that his firm is a
"disinterested person" pursuant to Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Bobbie Vardan, Esq.
Morris Palerm, LLC
751 Rockville Pike, Suite 2A
Rockville, MD 20852
Tel: (301) 424-6290
Fax: (301) 424-6294
Email: bvardan@morrispalerm.com
About Zara LLC
Zara LLC is the fee simple owner of seven properties located in
Maryland, West Virginia, and Virginia having a total current value
of $2.40 million (based on sales comparison and zillow.com
estimate).
Zara LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. N.D.W. Va. Case No. 24-00637) on December 10, 2024. In the
petition filed by Ruby Mir, as owner and sole member, the Debtor
reports total assets of $2,463,213 and total liabilities of
$1,620,000.
The Debtor is represented by Bobbie Vardan, Esq. at Morris Palerm,
LLC.
[*] Colorado Bankruptcy Filings Increased 24% in November 2024
--------------------------------------------------------------
Christopher Wood of BizWest reports that bankruptcy filings climb
24% in November 2024.
In November 2024, bankruptcy filings in Colorado grew by 24%
compared to the same month last year, with year-to-date filings up
29%. The state recorded 617 bankruptcy filings in November,
compared to 496 in November 2023, according to a BizWest analysis
of U.S. Bankruptcy Court data.
[*] Healthcare Companies Bankruptcy Filings Tracked by CEOs in 2024
-------------------------------------------------------------------
Jay Asser of healthleaders reports on the both healthcare providers
and retailersgrappled with restructuring efforts amid significant
industry challenges. Financial pressures impacted healthcare
organizations across all sectors in 2024, leading many to undergo
restructuring or declare bankruptcy.
Here are four prominent bankruptcy cases that drew the attention of
CEOs this 2024:
* Steward Health Care
One of the most high-profile bankruptcies in the healthcare
industry this 2024 was Steward Health Care, a Dallas-based health
system that filed for Chapter 11 and placed all 31 of its U.S.
hospitals on the market.
The company faced mounting debt from missed rent and vendor
payments, drawing attention to the risks associated with private
equity-backed organizations.
Although Steward successfully sold some of its facilities, it has
encountered challenges in offloading others, largely due to
disputes with its landlord, Medical Properties Trust.
* Cano Health
Cano Health, a Miami-based primary care chain, also faced
significant financial challenges. The company filed for bankruptcy
in February and entered into a restructuring support agreement,
emerging as a private entity by the summer. By exiting
underperforming regions and concentrating on its Florida market,
Cano aimed to achieve $290 million in annual cost reductions by the
end of the year.
* Rite Aid
Nearly a year after filing for bankruptcy, Rite Aid completed its
financial restructuring in September, with new leadership and a
significant reduction in debt. Matt Schroeder, who had served as
CFO since 2019, was appointed CEO. The company successfully cut $2
billion of its debt and secured $2.5 billion in exit financing,
though it had to close hundreds of stores as part of its
restructuring process.
* CareMax
CareMax, a Miami-based provider, entered restructuring partly due
to the impact of Steward Health Care's bankruptcy. Steward's
Chapter 11 filing led to a motion to reject its contract with
CareMax, which contributed to the company's financial strain.
CareMax also faced rising costs from leases, increasing interest
rates, changes in regulatory reimbursement, inflation, higher labor
and operational expenses, and a surge in medical utilization
following the pandemic.
[^] BOND PRICING: For the Week from December 23 to 27, 2024
-----------------------------------------------------------
Company Ticker Coupon Bid Price Maturity
------- ------ ------ --------- --------
2U LLC TWOU 2.250 40.281 5/1/2025
99 Cents Only Stores LLC NDN 7.500 6.280 1/15/2026
99 Cents Only Stores LLC NDN 7.500 12.011 1/15/2026
99 Cents Only Stores LLC NDN 7.500 12.011 1/15/2026
Allen Media LLC / Allen
Media Co-Issuer Inc ALNMED 10.500 44.929 2/15/2028
Allen Media LLC / Allen
Media Co-Issuer Inc ALNMED 10.500 44.972 2/15/2028
Allen Media LLC / Allen
Media Co-Issuer Inc ALNMED 10.500 44.693 2/15/2028
Amyris Inc AMRS 1.500 1.061 11/15/2026
Anagram Holdings
LLC/Anagram
International Inc AIIAHL 10.000 0.750 8/15/2026
Anagram Holdings
LLC/Anagram
International Inc AIIAHL 10.000 0.750 8/15/2026
Anagram Holdings
LLC/Anagram
International Inc AIIAHL 10.000 0.750 8/15/2026
At Home Group Inc HOME 7.125 31.312 7/15/2029
At Home Group Inc HOME 7.125 31.312 7/15/2029
Audacy Capital LLC CBSR 6.750 3.313 3/31/2029
Audacy Capital LLC CBSR 6.500 3.713 5/1/2027
Audacy Capital LLC CBSR 6.750 3.313 3/31/2029
Avidbank Holdings Inc AVBH 5.000 90.383 12/30/2029
Avidbank Holdings Inc AVBH 5.000 90.383 12/30/2029
Avon Products Inc AVP 8.450 5.000 3/15/2043
Azul Investments LLP AZUBBZ 7.250 61.500 6/15/2026
Azul Investments LLP AZUBBZ 7.250 60.564 6/15/2026
BPZ Resources Inc BPZR 6.500 3.017 3/1/2049
Beasley Mezzanine
Holdings LLC BBGI 8.625 59.000 2/1/2026
Beasley Mezzanine
Holdings LLC BBGI 8.625 59.977 2/1/2026
Biora Therapeutics Inc BIOR 7.250 56.500 12/1/2025
BuzzFeed Inc BZFD 8.500 92.155 12/3/2026
Castle US Holding Corp CISN 9.500 45.619 2/15/2028
Castle US Holding Corp CISN 9.500 45.749 2/15/2028
CorEnergy Infrastructure
Trust Inc CORR 5.875 70.250 8/15/2025
Cornerstone Chemical Co LLC CRNRCH 10.250 50.500 9/1/2027
Cumulus Media New
Holdings Inc CUMINT 8.000 36.580 7/1/2029
Cumulus Media New
Holdings Inc CUMINT 8.000 36.635 7/1/2029
Curo Oldco LLC CURO 7.500 10.100 8/1/2028
Curo Oldco LLC CURO 7.500 2.980 8/1/2028
Curo Oldco LLC CURO 7.500 2.980 8/1/2028
Cutera Inc CUTR 2.250 9.000 6/1/2028
Cutera Inc CUTR 2.250 15.679 3/15/2026
Cutera Inc CUTR 4.000 8.550 6/1/2029
DIRECTV Holdings
LLC / DIRECTV
Financing Co Inc DTV 3.950 97.563 1/15/2025
Danimer Scientific Inc DNMR 3.250 0.625 12/15/2026
Energy Conversion Devices ENER 3.000 0.762 6/15/2013
Enviva Partners LP /
Enviva Partners
Finance Corp EVA 6.500 25.000 1/15/2026
Enviva Partners LP /
Enviva Partners
Finance Corp EVA 6.500 25.142 1/15/2026
Exela Intermediate LLC /
Exela Finance Inc EXLINT 11.500 28.974 7/15/2026
Exela Intermediate LLC /
Exela Finance Inc EXLINT 11.500 28.974 7/15/2026
Federal Home Loan Banks FHLB 0.500 99.420 12/30/2024
Federal Home Loan Banks FHLB 1.250 99.164 1/28/2025
Federal Home Loan Banks FHLB 0.625 99.420 12/30/2024
Federal Home Loan Banks FHLB 0.600 99.420 12/30/2024
Federal Home Loan Banks FHLB 0.390 99.907 12/30/2024
Federal Home Loan Banks FHLB 1.150 99.380 12/30/2024
Federal Home Loan Banks FHLB 1.000 99.908 12/30/2024
Federal Home Loan Banks FHLB 1.000 99.614 1/30/2025
Federal Home Loan Banks FHLB 2.300 99.367 3/28/2025
Federal Home Loan Banks FHLB 0.500 99.420 12/30/2024
Federal Home Loan Banks FHLB 0.500 99.420 12/30/2024
Federal Home Loan Banks FHLB 0.600 99.420 12/30/2024
Federal Home Loan Banks FHLB 0.650 99.287 2/28/2025
Federal Home Loan Banks FHLB 1.150 99.380 12/30/2024
Federal Home Loan Banks FHLB 1.100 99.421 12/30/2024
Federal Home Loan Banks FHLB 0.950 99.421 12/30/2024
Federal Home Loan Banks FHLB 1.250 99.164 1/28/2025
Federal Home Loan Banks FHLB 1.100 99.380 12/30/2024
Federal Home Loan Banks FHLB 3.875 99.410 12/30/2024
Federal Home Loan Banks FHLB 1.360 99.687 1/28/2025
Federal Home Loan
Mortgage Corp FHLMC 4.000 99.418 12/30/2024
Federal Home Loan
Mortgage Corp FHLMC 2.050 98.834 3/24/2025
Federal Home Loan
Mortgage Corp FHLMC 3.350 99.410 12/30/2024
Federal Home Loan
Mortgage Corp FHLMC 3.250 99.409 12/30/2024
First Republic Bank/CA FRCB 4.375 0.100 8/1/2046
FirstEnergy Pennsylvania
Electric Co FE 4.150 99.998 4/15/2025
FirstEnergy Pennsylvania
Electric Co FE 4.150 100.001 4/15/2025
GoTo Group Inc LOGM 5.500 39.592 5/1/2028
GoTo Group Inc LOGM 5.500 39.576 5/1/2028
Goodman Networks Inc GOODNT 8.000 5.000 5/11/2022
Goodman Networks Inc GOODNT 8.000 1.000 5/31/2022
H-Food Holdings
LLC / Hearthside
Finance Co Inc HEFOSO 8.500 3.250 6/1/2026
H-Food Holdings
LLC / Hearthside
Finance Co Inc HEFOSO 8.500 2.987 6/1/2026
Hallmark Financial
Services Inc HALL 6.250 20.632 8/15/2029
Heartland Financial USA Inc HTLF 5.750 100.000 12/30/2024
Homer City Generation LP HOMCTY 8.734 38.750 10/1/2026
Inotiv Inc NOTV 3.250 34.500 10/15/2027
Invacare Corp IVC 5.000 0.667 11/15/2024
JPMorgan Chase Bank NA JPM 2.000 88.540 9/10/2031
Karyopharm Therapeutics Inc KPTI 3.000 77.249 10/15/2025
Ligado Networks LLC NEWLSQ 15.500 36.063 11/1/2023
Ligado Networks LLC NEWLSQ 15.500 37.500 11/1/2023
Ligado Networks LLC NEWLSQ 17.500 7.878 5/1/2024
Ligado Networks LLC NEWLSQ 17.500 7.878 5/1/2024
Lightning eMotors Inc ZEVY 7.500 1.000 5/15/2024
Luminar Technologies Inc LAZR 1.250 48.650 12/15/2026
MBIA Insurance Corp MBI 16.178 4.684 1/15/2033
MBIA Insurance Corp MBI 16.178 4.684 1/15/2033
Macy's Retail Holdings LLC M 6.700 91.223 7/15/2034
Macy's Retail Holdings LLC M 6.900 85.526 1/15/2032
Mashantucket Western
Pequot Tribe MASHTU 7.350 50.001 7/1/2026
Morgan Stanley MS 1.800 76.852 8/27/2036
PECF USS Intermediate
Holding III Corp UNSTSV 8.000 35.000 11/15/2029
PECF USS Intermediate
Holding III Corp UNSTSV 8.000 35.000 11/15/2029
Polar US Borrower
LLC / Schenectady
International Group Inc SIGRP 6.750 46.288 5/15/2026
Polar US Borrower
LLC / Schenectady
International Group Inc SIGRP 6.750 46.288 5/15/2026
Rackspace Technology
Global Inc RAX 5.375 28.558 12/1/2028
Rackspace Technology
Global Inc RAX 3.500 29.625 2/15/2028
Rackspace Technology
Global Inc RAX 3.500 29.625 2/15/2028
Rackspace Technology
Global Inc RAX 5.375 30.087 12/1/2028
Renco Metals Inc RENCO 11.500 24.875 7/1/2003
Rite Aid Corp RAD 7.700 1.700 2/15/2027
Rite Aid Corp RAD 6.875 3.222 12/15/2028
Rite Aid Corp RAD 6.875 3.222 12/15/2028
RumbleON Inc RMBL 6.750 99.505 1/1/2025
Shutterfly LLC SFLY 8.500 49.036 10/1/2026
Shutterfly LLC SFLY 8.500 88.500 10/1/2026
Spanish Broadcasting
System Inc SBSAA 9.750 66.250 3/1/2026
Spanish Broadcasting
System Inc SBSAA 9.750 66.000 3/1/2026
Spirit AeroSystems Inc SPR 5.500 98.011 1/15/2025
Spirit AeroSystems Inc SPR 5.500 98.011 1/15/2025
Spirit Airlines Inc SAVE 1.000 32.125 5/15/2026
Spirit Airlines Inc SAVE 4.750 28.000 5/15/2025
Stem Inc STEM 0.500 26.875 12/1/2028
Stem Inc STEM 4.250 23.625 4/1/2030
TPI Composites Inc TPIC 5.250 22.750 3/15/2028
TerraVia Holdings Inc TVIA 5.000 4.644 10/1/2019
Tricida Inc TCDA 3.500 9.000 5/15/2027
Veritone Inc VERI 1.750 41.875 11/15/2026
Virgin Galactic Holdings SPCE 2.500 44.938 2/1/2027
Vitamin Oldco Holdings Inc GNC 1.500 0.474 8/15/2020
Voyager Aviation Holdings VAHLLC 8.500 9.586 5/9/2026
Voyager Aviation Holdings VAHLLC 8.500 9.586 5/9/2026
Voyager Aviation Holdings VAHLLC 8.500 9.586 5/9/2026
Vroom Inc VRM 0.750 54.500 7/1/2026
WW International Inc WW 4.500 19.848 4/15/2029
WW International Inc WW 4.500 20.344 4/15/2029
Wesco Aircraft Holdings WAIR 8.500 8.000 11/15/2024
Wesco Aircraft Holdings WAIR 9.000 42.022 11/15/2026
Wesco Aircraft Holdings WAIR 13.125 1.101 11/15/2027
Wesco Aircraft Holdings WAIR 13.125 1.101 11/15/2027
Wesco Aircraft Holdings WAIR 9.000 42.022 11/15/2026
Wesco Aircraft Holdings WAIR 8.500 7.977 11/15/2024
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
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public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts. The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.
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Monthly Operating Reports are summarized in every Saturday edition
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then-ending.
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Point your Web browser to http://TCRresources.bankrupt.com/and use
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*********
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Troubled Company Reporter is a daily newsletter co-published
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