/raid1/www/Hosts/bankrupt/TCR_Public/250103.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Friday, January 3, 2025, Vol. 29, No. 2
Headlines
14 16 SHEEPS: Seeks to Hire Madoff & Khoury as Legal Counsel
1847 HOLDINGS: Declares Dividend on Series E Preferred Shares
ADMIRABLE HAVENS: Gets OK to Hire Dorsey Alston Realtors as Broker
AKOUSTIS TECHNOLOGIES: U.S. Trustee Appoints Creditors' Committee
ALAMO PREMIUM: Seeks to Hire Villa & White LLP as Legal Counsel
AMATA LLC: Gets Interim OK to Use Cash Collateral Until Jan. 31
AMERGENT HOSPITALITY: Seeks to Sell Little Burger Brand
ANER HOMES: Seeks to Hire Mark McBryde CPA as Accountant
ANTILLAS GROUP: Seeks Chapter 11 Bankruptcy Protection in Florida
APPTECH PAYMENTS: CEO Resigns; CFO Terminated 'Without Cause'
ASPIRA WOMEN'S: Fails to Regain Nasdaq Listing Compliance
AYRO INC: All Five Proposals Approved at Annual Meeting
BAMBY EXPRESS: Gets Interim OK to Use Cash Collateral Until Jan. 31
BARNES FARMING: Enters Receivership, G. Karlberg Named Receiver
BEAR BRICK OVEN: Gets Green Light to Use Cash Collateral
BEAUCHAMP ENTERPRISES: Commences Subchapter V Bankruptcy Process
BEAUCHAMP ENTERPRISES: Edward Burr Named Subchapter V Trustee
BIGRITANS INC: Files Subchapter V Bankruptcy Process in Florida
BIORA THERAPEUTICS: Reaches Deal w/ Creditors for Chapter 11 Sale
BLINK HOLDINGS: Updates Prepetition Loan Secured Claims Pay
BYLEGACY TEAM: Unsecureds to be Paid in Full over 12 Months
CARABOBO PROSPER: Unsecureds Will Get 32.33% over 5 Years
CARROTHERS INSPECTION: Unsecureds to Get Share of Income for 3 Yrs
CEL-SCI CORP: Closes $5 Million Offering of Common Shares
CHANTILLY ROAD: Hires Totaro & Shanahan as Insolvency Counsel
CLARITY DIAGNOSTICS: Seeks to Extend Exclusivity to March 7, 2025
CLARITY DIAGNOSTICS: To Sell Hard Assets to Jade Acquisitions
CLEM INVESTMENTS: Sec. 341(a) Meeting of Creditors on January 10
COKING COAL: A & A Supplies Appointed as New Committee Member
CRYSTAL PACKAGING: Unsecureds to Split $50K in Liquidating Plan
CTF CHICAGO: Gets OK to Use Cash Collateral Until Jan. 31
D DUNCAN FLORISTRY: Gets Interim OK to Use Cash Collateral
D DUNCAN FLORISTRY: Seeks to Hire Herren Dare & Streett as Counsel
DIAMOND SPORTS: Exits Chapter 11 Bankruptcy w/ Strong Balance Sheet
DIOCESE OF BURLINGTON: Committee Taps Pachulski Stang as Counsel
DRTMG LLC: Court Denies Bid to Use Cash Collateral
DVC3 LLC: Aaron Cohen Named Subchapter V Trustee
ENGINEERING RECRUITING: Taps William G. Haeberle as Accountant
ENGLOBAL CORP: All Two Proposals Approved at Annual Meeting
FINEST COACHBUILDING: Taps Force Ten Partners as Financial Advisor
FIREFLY STORE: Creditors to Get Proceeds From Liquidation
FIRSTBASE.IO INC: Seeks to Extend Plan Exclusivity to May 23, 2025
FREEDOM BAIL: Sec. 341(a) Meeting of Creditors on January 24
FTM INC: Commences Subchapter V Bankruptcy Proceeding
FULCRUM BIOENERGY: Seeks to Extend Exclusivity to April 7, 2025
G & T 5206: Updates Unsecureds & Secured Claims Pay
GA EXPRESSTRANS: Sec. 341(a) Meeting of Creditors on January 27
GABHALTAIS TEAGHLAIGH: Updates Administrative & Tax Claims Pay
GALAXY NEXT: To Sell Intellectual Property to B. Ehlert
GLUCOTRACK INC: Falls Short of Nasdaq's Bid Price Requirement
GOKADA INC: Unsecureds to Get Share of Plan Fund in Two-Option Plan
HACKENSACK BREWING: Unsecureds Will Get 3% of Claims over 60 Months
HARVEST NUTRITION: U.S. Trustee Unable to Appoint Committee
HEALTHCARE HOLDINGS: Gets Final Approval to Use Cash Collateral
ICEY-TEK USA: Seeks to Hire BMC Tax LLC as Accountant
IGNITE OPTICS: Sec. 341(a) Meeting of Creditors on January 22
INSTITUTE OF ISLAMIC: Voluntary Chapter 11 Case Summary
INTRUM AB: Seeks Approval to Hire Porter Hedges as Co-Counsel
INTRUM AB: Seeks to Hire Houlihan Lokey UK as Investment Banker
IRECERTIFY LLC: Seeks to Hire Rogers and Russell as Counsel
KIDDE-FENWAL INC: Unsecureds to Get Share of GUC Liquidating Trust
KINGFISH HOLDING: Seeks 15-Day Extension to File Annual Report
KSN EXPRESS: Case Summary & 20 Largest Unsecured Creditors
KULR TECHNOLOGY: Announces Collaboration With U.S. Army
LFTD PARTNERS: Board Appoints William Jacobs CPA as Director
LOOP MEDIA: Board Fires Marcum as Auditor, Replacement Named
LUXURY FLUSH: Unsecureds Will Get 15% of Claims in Plan
M & M BUCKLEY: Ira Bodenstein Named Subchapter V Trustee
MARINUS PHARMACEUTICALS: To be Acquired by Immedica
MELT BAR: Shuts Down Last Restaurant
MILLENKAMP CATTLE: Court Denies Rabo's Bid to Appoint Trustee
MIRAMAR TOWNHOMES: Seeks to Hire Haselden Farrow PLLC as Counsel
MLJ COMPANIES: Gets Final OK to Use Cash Collateral
MONTE JOHNSTON: Unsecureds Will Get 9.71% of Claims over 5 Years
MULLEN AUTOMOTIVE: Delays Annual Report for FY Ended Sept. 30
NEW DIRECTION: Gets Interim OK to Use Cash Collateral
NORTH MISSISSIPPI: Seeks 45-Day Extension of Plan Filing Deadline
NORTHSTARR BUILDERS: Kimberly Clayson Named Subchapter V Trustee
NORWELL HOLDINGS: Gets OK to Hire Nickless Phillips as Counsel
NW DEVELOPERS: Seeks to Hire Simranjit Singh as Real Estate Agent
ONDAS HOLDINGS: Secures Additional $1.7M From Notes Offering
ONLINE LEARNING: David Madoff Named Subchapter V Trustee
ORANGE TUMBLER: To Sell Auburn Property to Adolfo & Carlota Lucadji
PARKERVISION INC: Gets $5M Financing via Sale of Shares & Warrants
PETER PAN: Attorneys Object to $4.4MM Receivers' Fee Request
PHILADELPHIA ORTHODONTICS: Unsecureds Will Get 9% of Claims in Plan
PRIMAL MATERIALS: Hires Rochelle McCullough as Bankruptcy Counsel
PROTEC REC: Sec. 341(a) Meeting of Creditors on January 17
R.A.I. INC: Gets OK to Use Cash Collateral Through June 30
ROSEN FAMILY: Unsecured Creditors to Split $30K over 5 Years
ROSEN FAMILY: Unsecureds Will Get 3.3% of Claims over 60 Months
S & CD HOME: Andrew Layden Named Subchapter V Trustee
S & CD HOME: Seeks Bankruptcy Protection in Florida
SABER AUTOMOTIVE: Arturo Cisneros Named Subchapter V Trustee
SCHAFER FISHERIES: Unsecureds to Get Nothing in Sale Plan
SEVEN RIVERS: Hires Bond Law Office as Bankruptcy Counsel
SILVER CREEK: Court OKs Continued Use of Cash Collateral
SOLUTION ENGINEERING: Hires Phoenix Financial Group as Accountant
SOUL WELLNESS: Gets Interim OK to Use Cash Collateral
SPIRIT AIRLINES: Faced $350MM Losses Same Month It Filed Chap. 11
STOLI GROUP: Court Approves Interim Use of Cash Collateral
STORM MASTER: Seeks to Hire Bruner Wright as Bankruptcy Counsel
T & U INVESTMENTS: Gets Green Light to Use Cash Collateral
TEXAS SOLAR: Seeks to Hire William B. Kingman as Legal Counsel
TGI FRIDAY'S: Committee Taps Pachulski Stang Ziehl as Counsel
TOPICAL BIOMEDICS: Seeks to Hire BWA Law Group as Special Counsel
TWIN FALLS: Gets OK to Use $2.19M in Cash Collateral Until March 10
UNIMODE WOODWORKING: Gets OK to Use Cash Collateral Until Jan. 17
UXIN LIMITED: Appoints Chief Technology Officer
VETERANS HOLDINGS: Gets Interim OK to Use Cash Collateral
VISION CARE: Court Extends Use of Cash Collateral to March 31
WANDERLY LLC: Linda Leali Named Subchapter V Trustee
WELLPATH HOLDINGS: Asset Sale Proceeds to Fund Plan Payments
WN RESTAURANT: Brian Hofmeister Named Subchapter V Trustee
WOM SA: Unsecured Creditors Will Get 28% to 33% in Joint Plan
YOUSSEF CORP: Files Subchapter V Bankruptcy Proceeding
[*] FTI Consulting Announces Senior Managing Director Promotions
[] BOOK REVIEW: The Phoenix Effect
*********
14 16 SHEEPS: Seeks to Hire Madoff & Khoury as Legal Counsel
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14 16 Sheeps Pond LLC seeks approval from the U.S. Bankruptcy Court
for the District of Massachusetts to hire Madoff & Khoury LLP to
handle its Chapter 11 case.
The firm will be paid at these rates:
Partner Time $450 per hour
Associate Time $350 per hour
Paralegals $160 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
The firm received a retainer in the amount of $21,738.
David B. Madoff, a partner at Madoff & Khoury LLP, disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
David B. Madoff, Esq.
Steffani M. Pelton, Esq.
Madoff & Khoury LLP
124 Washington Street
Foxboro, MA 02035
Tel: (508) 543-0040
Email: madoff@mandkllp.com
About 14 16 Sheeps Pond LLC
14 16 Sheeps Pond is a Single Asset Real Estate debtor (as defined
in 11 U.S.C. Section 101(51B)). The Debtor is the owner of the real
property located at 14 16 Sheep Pond Road, Nantucket, MA having a
comparable sale value of $5.17 million.
14 16 Sheeps Pond LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Mass. Case No.
24-12513) on Dec. 15, 2024, listing $5,171,800 in assets and
$3,238,630 in liabilities. The petition was signed by Brett P.
Fodiman as manager.
Judge Janet E Bostwick presides over the case.
David B. Madoff, Esq. at MADOFF & KHOURY LLP represents the Debtor
as counsel.
1847 HOLDINGS: Declares Dividend on Series E Preferred Shares
-------------------------------------------------------------
1847 Holdings LLC disclosed in a Form 8-K filed with the Securities
and Exchange Commission that on Dec. 30, 2024, the board of
directors of the Company declared a dividend of one share of the
Company's newly designated series E preferred shares for each
outstanding common share of the Company to shareholders as of
Jan. 10, 2025. The rights, preferences, limitations, and other
matters relating to the series E preferred shares are set forth in
a share designation, dated Dec. 30, 2024. The following is a
summary of the principal terms of the series E preferred shares as
set forth in the Share Designation.
General; Transferability. The series E preferred shares will be
uncertificated and represented in book-entry form. No series E
preferred shares may be transferred by the holder thereof except in
connection with a transfer by such holder of any common shares held
by such holder, in which case a number of series E preferred shares
equal to the number of common shares to be transferred by such
holder will be automatically transferred to the transferee of such
common shares.
Dividend Rights. The Holders of series E preferred shares, as such,
shall not be entitled to receive dividends of any kind on the
series E preferred shares.
Liquidation Rights. Subject to the rights of creditors and the
holders of the Company's series A senior convertible preferred
shares, series C senior convertible preferred shares and series D
senior convertible preferred shares, upon any liquidation,
dissolution or winding up of the Company, whether voluntarily or
involuntarily, before any payment or distribution of the assets of
the Company (whether capital or surplus) shall be made to or set
apart for the holders of the Company's common shares or allocation
shares, each holder of outstanding series E preferred shares shall
be entitled to receive an amount of cash equal to 100% of the
stated value ($0.001 per share).
Voting Rights. Each outstanding series E preferred share shall have
1,000,000 votes per share. The outstanding series E preferred
shares shall vote together with the outstanding common shares as a
single class exclusively with respect to the Proposals (as defined
in the Share Designation) and shall not be entitled to vote on any
other matter except to the extent required under the Company's
operating agreement or the Delaware Limited Liability Company Act.
Notwithstanding the foregoing, and for the avoidance of doubt, each
series E preferred share redeemed pursuant to the Initial
Redemption (as defined below) shall have no voting power with
respect thereto, and the holder of each series E preferred share
redeemed pursuant to the Initial Redemption shall have no voting
power with respect to any such series E preferred share on the
Proposals. Unless otherwise provided on any applicable proxy or
ballot with respect to voting on the Proposals, the vote of each
series E preferred share entitled to vote on the Proposals shall be
cast in the same manner as the vote, if any, of the common shares
in respect of which such series E preferred share was issued as a
dividend is cast on the Proposals, as applicable, and the proxy or
ballot with respect to common shares held by any holder on whose
behalf such proxy or ballot is submitted will be deemed to include
all series E preferred shares held by such holder. Holders of
series E preferred shares will not receive a separate ballot or
proxy to cast votes with respect to the series E preferred shares
on the Proposals.
Redemption Rights. All series E preferred shares that are not duly
voted by proxy prior to the opening of any meeting of shareholders
held to vote on the Proposals shall automatically be redeemed by
the Company as of immediately prior to the opening of such meeting
without further action on the part of the Company or the holder
thereof (the "Initial Redemption"). Any outstanding series E
preferred shares that have not been redeemed pursuant to an Initial
Redemption shall be redeemed in whole automatically upon the
approval by the Company's shareholders of the Proposals at any
meeting of shareholders held for the purpose of voting on the
Proposals (any such redemption, the "Subsequent Redemption"). In
addition, the board of directors may, in its sole discretion and at
any time, order redemption of all (but not part) of the outstanding
series E preferred shares by delivering written notice of
redemption to each holder of record of outstanding series E
preferred shares not less than two (2) days prior to the redemption
date specified in such notice. Each series E preferred share
redeemed in any Redemption shall be redeemed in consideration for
the right to receive an amount equal to $0.01 in cash for each 10
series E preferred shares that are "beneficially owned" by the
"beneficial owner" (as such terms are defined in the Share
Designation) thereof as of immediately prior to the applicable
Redemption and redeemed pursuant to such Redemption; provided,
however, that for the avoidance of doubt, the redemption
consideration in respect of the series E preferred shares redeemed
in any Redemption: (x) shall entitle the former beneficial owners
of less than 10 series E preferred shares redeemed in any
Redemption to no cash payment in respect thereof and (y) shall, in
the case of a former beneficial owner of a number of series E
preferred shares redeemed pursuant to any Redemption that is not
equal to a whole number that is a multiple of 10, entitle such
beneficial owner to the same cash payment, if any, in respect of
such Redemption as would have been payable in such Redemption to
such beneficial owner if the number of series E preferred shares
beneficially owned by such beneficial owner and redeemed pursuant
to such Redemption were rounded down to the nearest whole number
that is a multiple of 10 (such that, for example, the former
beneficial owner of 25 series E preferred shares redeemed pursuant
to any Redemption shall be entitled to receive the same cash
payment in respect of such Redemption as would have been payable to
the former beneficial owner of 20 series E preferred shares
redeemed pursuant to such Redemption).
Other Rights. Holders of series E preferred shares will have no
conversion, preemptive or subscription rights for additional
securities of the Company.
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.
ADMIRABLE HAVENS: Gets OK to Hire Dorsey Alston Realtors as Broker
------------------------------------------------------------------
Admirable Havens, LLC received approval from the U.S. Bankruptcy
Court for the Northern District of Georgia to employ Dorsey Alston
Realtors as real estate broker.
The broker will list and market the commercial real property
located at 64 Montre Square, Atlanta, Georgia 30327 for sale,
identify potential buyers, assist with related negotiations, and
assist Debtor to close on any purchase and sale agreements.
The broker will receive a commission equal to 6 percent of the
gross sales price of the property.
As disclosed in the court filings, Dorsey Alston Realtors is a
"disinterested person" within the meaning of Sec. 101(14) of the
Bankruptcy Code as required by § 327(a) of the Bankruptcy Code.
The firm can be reached through:
Sue Richardson
Dorsey Alston Realtors
100 West Paces Ferry Rd NW
Atlanta, GA 30305
Phone: (404) 352-2010
About Admirable Havens, LLC
Admirable Havens, LLC filed a petition under Chapter 11, Subchapter
V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 24-10446) on
April 1, 2024, with $500,001 to $1 million in assets and $100,001
to $500,000 in liabilities.
Judge Paul Baisier oversees the case.
William A. Rountree at Rountree Leitman Klein & Geer, LLC
represents the Debtor as legal counsel.
AKOUSTIS TECHNOLOGIES: U.S. Trustee Appoints Creditors' Committee
-----------------------------------------------------------------
The U.S. Trustee for Region 3 appointed an official committee to
represent unsecured creditors in the Chapter 11 cases of Akoustis
Technologies Inc. and its affiliates.
The committee members are:
1. The Bank of New York Mellon Trust Company, N.A.
Attn: Alex T. Chang
240 Greenwich Street
New York, NY 10286
Phone: 212-815-2816
Email: alex.chang@bny.com
2. Tai-Saw Technology Co., Ltd.
Attn: Yu-Tung Huang
No. 3, Industrial 2nd Road
Ping Chen Industrial District, Taoyuan, 00324
Taiwan
Phone: +886-3-4690038
Email: ythuang@mail.taisaw.com
3. Nineteen77 Global Multi-Strategy Alpha Master Limited
Attn: Chris Brezski
UBS Asset Management (Americas) LLC
55 William Street
Wellesley, MA 02481
Phone: 917-734-4347
Email: christopher.brezski@ubs.com
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent. They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.
About Akoustis Technologies
Akoustis Technologies, Inc. -- http://www.akoustis.com/-- is a
high-tech BAW RF filter solutions company that is pioneering
next-generation materials science and MEMS wafer manufacturing to
address the market requirements for improved RF filters --
targeting higher bandwidth, higher operating frequencies and higher
output power compared to legacy polycrystalline BAW technology. The
Company utilizes its proprietary and patented XBAW(R) manufacturing
process to produce bulk acoustic wave RF filters for mobile and
other wireless markets, which facilitate signal acquisition and
accelerate band performance between the antenna and digital back
end. Superior performance is driven by the significant advances of
poly-crystal, single-crystal, and other high purity piezoelectric
materials and the resonator-filter process technology which enables
optimal trade-offs between critical power, frequency and bandwidth
performance specifications.
Akoustis owns and operates a 125,000-square-foot commercial
wafer-manufacturing facility located in Canandaigua, N.Y., which
includes a class 100 / class 1000 cleanroom facility -- tooled for
150-mm diameter wafers -- for the design, development, fabrication
and packaging of RF filters, MEMS and
other semiconductor devices. Akoustis is headquartered in the
Piedmont technology corridor near Charlotte, North Carolina.
Akoustis and three affiliates sought Chapter 11 protection (Bankr.
D. Del. Lead Case No. 24-12796) on Dec. 16, 2024. The Debtor
disclosed $53,371,000 in total assets against $122,586,000 in total
debt as of Sept. 30, 2024.
The Hon. Laurie Selber Silverstein is the case judge.
K&L Gates LLP is serving as legal counsel, Raymond James &
Associates, Inc. is serving as investment banker, Getzler Henrich &
Associates LLC is serving as financial advisor, and C Street
Advisory Group is serving as strategic communications advisor.
Landis Rath & Cobb LLP is the local counsel. Stretto is the claims
agent and has launched the page https://cases.stretto.com/Akoustis.
ALAMO PREMIUM: Seeks to Hire Villa & White LLP as Legal Counsel
---------------------------------------------------------------
Alamo Premium Distillery, Inc. seeks approval from the U.S.
Bankruptcy Court for the Western District of Texas to hire Villa &
White LLP as counsel.
The firm will provide these services:
a. assist and advise the Debtor relative to its operations as
a debtor-in-possession, and relative to the overall administration
of this Chapter 11 case;
b. represent the Debtor at hearings to be held before this
Court and communicate with its creditors regarding the matters
heard and the issues raised, as well as the decisions and
considerations of this Court;
c. prepare, review, and analyze pleadings, orders, operating
reports, schedules, statements of affairs, and other documents
filed and to be filed with this Court by the Debtor or other
interested parties in this Chapter 11 case; advise the Debtor as to
the necessity, propriety and impact of the foregoing upon this
Chapter 11 case; and consent or object to pleadings or orders on
behalf of the Debtor;
d. assist the Debtor in preparing such applications, motions,
memoranda, adversary proceedings, proposed orders and other
pleadings as may be required in support of positions taken by the
Debtor, as well as preparing witnesses and reviewing documents
relevant thereto;
e. coordinate the receipt and dissemination of information
prepared by and received from the Debtor and the Debtor's
accountants, and other retained professionals, as well as such
information as may be received from accountants or other
professionals engaged by any official committee;
f. confer with the professionals as may be selected and
employed by any official committee;
g. assist and counsel the Debtor in its negotiations with
creditors, or Court appointed representatives or interested third
parties concerning the terms, conditions, and import of a plan of
reorganization and disclosure statement to be proposed and filed by
the Debtor;
h. assist the Debtor with such services as may contribute or
are related to the confirmation of a plan of reorganization in this
Chapter 11 case;
i. assist and advise the Debtor in its discussions and
negotiations with others regarding the terms, conditions, and
security for credit, if any, during this Chapter 11 case;
j. conduct such examination of witnesses as may be necessary
in order to analyze and determine, among other things, the Debtor's
assets and financial condition, whether the Debtor has made any
avoidable transfers of its property, and whether causes of action
exist on behalf of the Debtor's estate; and
k. assist the Debtor generally in performing such other
services as may be desirable or required pursuant to Sec. 1107 of
the Bankruptcy Code.
The firm will be paid at an hourly rate of $400, and will be
reimbursed for reasonable out-of-pocket expenses incurred.
Morris E. "Trey" White III, Esq., a partner at Villa & White 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:
Morris E. "Trey" White III, Esq.
Villa & White LLP
100 NE Loop 410 #615
San Antonio, TX 78216
Tel: (210) 225-4500
Email: treywhite@villawhite.com
About Alamo Premium Distillery
Alamo Premium Distillery, Inc. sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. W.D. Texas Case No. 24-52285)
on November 12, 2024, with up to $50,000 in assets and up to $10
million in liabilities. Noel Burns, president of Alamo Premium
Distillery, signed the petition.
Judge Craig A. Gargotta presides over the case.
Morris E. White, III, Esq., at Villa & White, LLP represents the
Debtor as legal counsel.
AMATA LLC: Gets Interim OK to Use Cash Collateral Until Jan. 31
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Ilinois,
Eastern Division, issued a second interim order permitting Amata,
LLC and 161-17NC, LLC to use cash collateral through Jan. 31.
The companies were authorized to use cash collateral to pay
expenses in accordance with their projected budget, with a 15%
variance. Non-conforming uses require creditor consent.
American Commercial Bank and Trust, a secured creditor, will be
provided with adequate protection for the companies' use of cash
collateral in the form of a replacement lien and payments pursuant
to the budget.
The final hearing is set for Jan. 29. Objections must be filed by
Jan. 24.
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.
AMERGENT HOSPITALITY: Seeks to Sell Little Burger Brand
-------------------------------------------------------
Amergent Hospitality Group Inc. seeks permission from the U.S.
Bankruptcy Court for the Northern District of Texas, Fort Worth
Division, to sell Little Big Burger brand and associated
restaurants.
The Debtors own and operate restaurant brands and restaurants
including Boudreaux's Cajun Kitchen (BCK), Little Big Burger (LBB),
and Burgers Grilled Right (BGR).
The Debtor employs GCP, Inc., to market and seek purchasers for
their assets.
The GCP created a marketing pamphlet that highlighted company
revenue, cost of goods sold, labor expenses and an adjusted EBITDA
historical statement statistic to accurately represent the income
potential of a post-bankruptcy restaurant operation. It also
solicited the sale to prospects within the Business Broker's
extensive network commencing November 1, 2024 as well as listing
the businesses on a business brokerage platform (BizBuySell) on
November 14, 2024.
GCP received a total of 57 inquiries for the Little Big Burger
brand and restaurants. Although the
signed purchase agreement for the purchase of the brand and
restaurants establishes a "stalking horse" offer, GCP will continue
to market the sale of the assets in anticipation of an auction to
interested and qualified bidders.
The proposed purchaser is Randy L L Corporation, an Oregon
corporation with the purchase price $752,000 and the Asset Purchase
Agreement is for the sale of the Little Big Burger Brand and
related assets, assets located at each of the seven (7) LBB
Restaurants, and the assignment and assumption of the leases and
designated contracts associated with each of the LBB Restaurants.
The Stalking Horse Purchaser has deposited $100,000 as earnest
money pursuant to the agreement with the Business Broker. No
breakup fees are associated with the purchase agreement.
Although the Debtor seeks approval of the Proposed APA, the
Debtors, through the business broker, continue to market and
solicit higher and better bids for the Sold Assets.
The Debtor proposes procedures for the bidding, establishing
deadlines leading the sale hearing and closing date.
The proposed Bid Procedures are designed to maximize value for the
Debtors' estates in connection with the Sale and provide an
opportunity for all interested parties to submit offers for the
Assets.
The Bid Procedures afford the Debtors a sufficient opportunity to
pursue a robust sale process that will maximize the value of the
Assets for the benefit of their estates and all stakeholders.
The Debtors proposes the schedule of the Sale Hearing for a date
that is on or before January 31, 2025. The Debtors further request
the Court set a deadline for objections to the sale and the
assumption and assignment of unexpired leases and executory
contracts, at least 5 business days prior to the Sale Hearing.
About Amergent Hospitality Group Inc.
Amergent Hospitality Group Inc. operates a fast food restaurant
concept.
Amergent Hospitality Group Inc. sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-42483) on
July 18, 2024. In the petition filed by Mike Pruitt, as president,
the Debtor reports estimated assets and liabilities between $1
million and $10 million each.
The Debtor is represented by Richard Grant, Esq. at Culhane, PLLC.
ANER HOMES: Seeks to Hire Mark McBryde CPA as Accountant
--------------------------------------------------------
Aner Homes, LLC seeks approval from the U.S. Bankruptcy Court for
the Western District of Tennessee to employ Mark McBryde, a
licensed certified public accountant.
Mr. McBryde has expressed to the Debtor that he is willing and able
to complete the required tax returns on such short notice in
exchange for a flat fee of $2,000 per tax return to be paid by the
Debtor in advance of the services being rendered.
Mr. McBryde assured the court that he does not hold or represent
any interest adverse to the Debtor, and that he is a "disinterested
person" within the meaning of Sec.104 of the U.S. Bankruptcy Code.
Mr. McBryde can be reached at:
Mark W McBryde CPA
7520 Capital Drive, Suite 101
Germantown, TN 38138
Phone: (901) 756-3975
About Aner Homes LLC
Aner Homes LLC is a privately owned building and remodeling
company.
Aner Homes LLC sought relief under Subchapter V of the Chapter 11
of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No.: 24-22804)
on June 12, 2024. In the petition signed by Andres Zuluaga, as
managing member, the Debtor reports estimated assets and
liabilities between $1 million and $10 million each.
Honorable Bankruptcy Judge Denise E. Barnett oversees the case.
The Debtor is represented by Bo Luxman, Esq. at LUXMAN LAW FIRM.
ANTILLAS GROUP: Seeks Chapter 11 Bankruptcy Protection in Florida
-----------------------------------------------------------------
On December 20, 2024, Antillas Group Inc. sought Chapter 11
protection in the U.S. Bankruptcy Court for the Middle District of
Florida. According to court filing, the Debtor reports between
$100,000 and $500,000 in debt owed to 1 and 49 creditors. The
petition states funds will not be available to unsecured
creditors.
About Antillas Group Inc.
Antillas Group Inc. is a real estate company based in Brandon,
Florida.
Antillas Group Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-07493) on December
20, 2024. In its petition, the Debtor reports estimated assets and
liabilities between $100,000 and $500,000 each.
Honorable Bankruptcy Judge Roberta A. Colton handles the case.
The Debtor is represented by:
Jorge O. Acosta, Esq.
Post Office Box 4410
Tampa, FL 33677
P: 813-774-9895
Fax: 813-445-4745
APPTECH PAYMENTS: CEO Resigns; CFO Terminated 'Without Cause'
-------------------------------------------------------------
AppTech Payments Corp. announced Dec. 30, 2024, that it has
accepted the resignation of Luke D'Angelo as the Company's chief
executive officer and executive director effective Dec. 24, 2024.
Mr. D'Angelo will continue his employment as Chairman of the
Company's Board of Directors. The Company has appointed Thomas
DeRosa to serve as Interim CEO.
"As I step down from my CEO and Executive Director roles, I am
filled with immense pride for all we've accomplished together. It
has truly been an honor to lead this incredible Company, and I'm
grateful to have had the opportunity to work alongside such a
talented and dedicated team. While transitioning from the CEO and
Executive Director roles, I am excited to continue contributing to
the company's success in a new capacity. I remain fully committed
to supporting our leadership and working together toward a bright
future," said Luke D'Angelo.
Mr. DeRosa has served as executive director of Product & Project
Management since August 2023, bringing over 40 years of experience
in building and leading technology teams, with a distinguished
track record as a CEO driving successful launches, turnarounds, and
business transformations. At AppTech, he has played a key role in
acquisitions, restructuring core teams, and ensuring financial
alignment while consistently delivering strategic vision and
operational excellence through his expertise in technology and
leadership.
On Dec. 24, 2024, Meilin Yu's "Julia Yu" employment with and
service as chief financial officer and treasurer of AppTech was
terminated without cause. The termination of Ms. Yu was not due to
a disagreement with the Company on any matter relating to the
Company's operations, policies, or practices.
On Dec. 24, 2024, the Company's Board of Directors appointed Felipe
A. Corrado IV to serve as chief financial officer and treasurer of
the Company. Mr. Corrado will serve as the Company's principal
financial officer in this capacity.
Mr. Corrado has served the Company in various financial roles for
about three years. He brings over two decades of experience as
CFO, management consultant, practicing CPA, and auditor.
About AppTech Payments Corp.
Headquartered in Carlsbad, California, AppTech Payments Corp. --
www.apptechcorp.com -- provides digital financial services for
financial institutions, corporations, small and midsized
enterprises, and consumers through the Company's scalable
cloud-based platform architecture and infrastructure, coupled with
its Specialty Payments development and delivery model. AppTech
maintains exclusive licensing and partnership agreements in
addition to a full suite of patented technology capabilities.
San Diego, California-based DBBMcKennon, the Company's auditor
since 2014, issued a "going concern" qualification in its report
dated April 1, 2024, citing that the Company has limited revenues
and has suffered recurring losses from operations. These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.
ASPIRA WOMEN'S: Fails to Regain Nasdaq Listing Compliance
---------------------------------------------------------
Aspira Women's Health Inc. disclosed in a Form 8-K filed with the
Securities and Exchange Commission that on Dec. 31, 2024, the
Company received written notice from the Staff of Nasdaq Stock
Market, LLC notifying the Company that it failed to regain
compliance with the MVLS Requirement by the Compliance Date. As
such, unless the Company requests an appeal of Nasdaq's
determination to delist the Company's common stock from The Nasdaq
Capital Market by Jan. 7, 2025 and pays Nasdaq a hearing fee of
$20,000, the Company's common stock will be delisted from The
Nasdaq Capital Market at the opening of business on Jan. 10, 2025.
While the Company intends to appeal Nasdaq's decision, no guarantee
can be provided that it will be successful in doing so and that its
common stock will continue to be listed on The Nasdaq Capital
Market. A request for an appeal will stay the delisting of the
Company's common stock pending Nasdaq's decision.
As Aspira Women's Health previously disclosed in its Current Report
on Form 8-K filed with the SEC on July 5, 2024, on July 1, 2024,
the Company received written notice from the Listing Qualifications
Staff of Nasdaq notifying the Company that for the 30 consecutive
business days preceding the date of the Notice, the Company's
Market Value of Listed Securities was below the minimum of $35
million required for continued listing on The Nasdaq Capital Market
pursuant to Nasdaq Listing Rule 5550(b)(2). In accordance with
Nasdaq Listing Rule 5810(c)(3)(C), Nasdaq provided the Company with
180 calendar days, or until Dec. 30, 2024, to regain compliance
with the MVLS Requirement.
About Aspira Women's Health
Formerly known as Vermillion, Inc., Aspira Women's Health Inc. --
http://www.aspirawh.com-- is dedicated to the discovery,
development, and commercialization of noninvasive, AI-powered tests
to aid in the diagnosis of gynecologic diseases. The Company's
commercially available portfolio includes OvaWatch and the Ova1Plus
workflow, offered to clinicians as OvaSuite. Together, they
provide the only comprehensive portfolio of blood tests to aid in
the detection of ovarian cancer for the more than 1.2 million women
in the United States diagnosed with an adnexal mass each year.
OvaWatch is used to assess ovarian cancer risk for women with an
adnexal mass where their initial clinical assessment indicates the
mass is indeterminate or benign. With a negative predictive value
of 99%, OvaWatch can help physicians determine the appropriate care
pathway. The Ova1Plus workflow is designed to assess the risk of
ovarian malignancy in women planned for surgery and uses two
FDA-cleared tests, Ova1 as the primary test and Overa as a reflex
for Ova1 intermediate range results.
Boston, Massachusetts-based BDO USA, P.C., the Company's auditor
since 2012, issued a "going concern" qualification in its report
dated March 29, 2024, citing that the Company has suffered
recurring losses from operations and expects to continue to incur
substantial losses in the future, which raises substantial doubt
about its ability to continue as a going concern.
AYRO INC: All Five Proposals Approved at Annual Meeting
-------------------------------------------------------
Ayro, Inc. disclosed in a Form 8-K filed with the Securities and
Exchange Commission that on Dec. 30, 2024, the Company held its
Annual Meeting at which the stockholders:
(1) elected Joshua Silverman, Wayne R. Walker, George Devlin,
Sebastian Giordano, Zvi Joseph, and Greg Schiffman to serve on the
Company's board of directors for a term of one year or until their
successors are elected and qualified;
(2) approved a proposed amendment to the AYRO, Inc. Long-Term
Incentive Plan, to increase the aggregate number of shares
available for the grant of awards by 3,000,000 shares of Common
Stock, to a total of 4,229,956 shares of Common Stock;
(3) ratified the appointment of Marcum LLP as the Company's
independent registered public accounting firm for the fiscal year
ending Dec. 31, 2024;
(4) approved an amendment to the Company's Amended and Restated
Certificate of Incorporation to effect, at the discretion of the
Board but prior to the one-year anniversary of the date on which
the reverse stock split is approved by the Company's stockholders
at the Annual Meeting, a reverse stock split of all of the
outstanding shares of the Company's Common Stock at a ratio in the
range of 1-for-2 to 1-for-13, with such ratio to be determined by
the Board in its discretion and included in a public announcement;
and
(5) approved a proposal to adjourn the Annual Meeting to a later
date or dates, if necessary or appropriate, to permit further
solicitation and vote of proxies in the event that there are
insufficient votes for, or otherwise in connection with, the
approval of any one or more of the proposals presented at the
Annual Meeting.
About AYRO
Texas-based AYRO, Inc., formerly known as DropCar, Inc. --
http://www.ayro.com-- designs and manufactures compact,
sustainable electric vehicles for closed campus mobility, low speed
urban and community transport, local on-demand and last mile
delivery and government use. The Company's four-wheeled
purpose-built electric vehicles are geared toward commercial
customers, including universities, business and medical campuses,
last mile delivery services and food service providers. The
Company has commenced sales and delivery of its current model, the
AYRO Vanish in support of the aforementioned markets.
Ayro, Inc. reported net loss of $34.16 million in 2023, a net loss
of $22.94 million in 2022, a net loss of $33.08 million in 2021, a
net loss of $10.76 million in 2020, a net loss of $8.66 million in
2019, and a net loss of $18.75 million in 2018.
* * *
On July 18, 2024, AYRO received a letter from the Listing
Qualifications Department of the Nasdaq Stock Market indicating
that, based upon the closing bid price of the Company's common
stock for the 30 consecutive business days between June 3, 2024, to
July 17, 2024, the Company did not meet the minimum bid price of
$1.00 per share required for continued listing on The Nasdaq
Capital Market pursuant to Nasdaq Listing Rule 5550(a)(2). The
letter also indicated that the Company will be provided with a
compliance period of 180 calendar days, or until Jan. 14, 2025, in
which to regain compliance pursuant to Nasdaq Listing Rule
5810(c)(3)(A).
BAMBY EXPRESS: Gets Interim OK to Use Cash Collateral Until Jan. 31
-------------------------------------------------------------------
Bamby Express, Inc. received interim approval from the U.S.
Bankruptcy Court for the Northern District of Illinois, Eastern
Division to use cash collateral until Jan. 31, marking the fifth
extension since the company's Chapter 11 filing.
The fifth interim order issued on Dec. 31 last year authorized the
company to use the cash collateral of the U.S. Small Business
Administration and other lienholders to pay operating expenses in
accordance with its budget, which covers the period from Jan. 1 to
31.
The budget shows projected total monthly operating expenses of
$17,319.
In return for the use of their cash collateral, SBA and other
lienholders will receive an administrative expense claim and
replacement liens on substantially all of Bamby's assets.
SBA has valid liens totaling $427,100 against the company's
assets.
The next hearing is scheduled for Jan. 29.
Last month, the bankruptcy court allowed the company to utilize its
lienholders' cash collateral to pay up to $13,019 in operating
expenses for the period from Dec. 1 to 31, 2024.
About Bamby Express
Bamby Express, Inc. is a small transportation company that operates
a single semi-truck and trailer. It primarily offers freight and
logistics services.
Bamby Express sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-13689) on September
17, 2024, with up to $50,000 in assets and up to $500,000 in
liabilities. Dusan Cirkovic, president of Bamby Express, signed the
petition.
Judge Timothy A. Barnes oversees the case.
Richard G. Larsen, Esq., at Springer Larsen, LLC represents the
Debtor as legal counsel.
BARNES FARMING: Enters Receivership, G. Karlberg Named Receiver
---------------------------------------------------------------
Dave Cruz of Rocky Mount Telegram reports that Spring Hope-based
farm Barnes Farming Corp. entered receivership due to financial
hardships and a devastating fatal incident.
Johnny Barnes, President of Barnes Farming Corp., briefly explained
the circumstances that led to the company being placed into
receivership by North Carolina Superior Court Judge Timothy Wilson.
This step aims to help the family-owned business repay a $40
million loan from Rabobank, a Netherlands-based lender. The farm,
established by Barnes' father, Carson, in the early 1960s, has
faced financial difficulties.
Barnes stated, "Like many small family farms throughout North
Carolina and the Southeast, our business has faced significant
challenges. We have entered a voluntary limited receivership with
our banking partners to stabilize our financial position. In recent
years, we've dealt with two hurricanes, a flood, and a tragic loss
on the farm, leading to significant declines in crop yield and
affecting our financial results."
According to Business North Carolina, Judge Wilson appointed Glenn
Karlberg, a turnaround and restructuring expert from Ampleo, to
oversee the operations of the farm during the receivership.
Ampleo, based in Lehi, Utah, specializes in providing receiver
services to lenders. The court order also covers other
Barnes-related operations, including Farm Pak Products, a grower,
packer, and exporter of sweet potatoes. The company operates across
21,500 acres in five counties, cultivating crops such as sweet
potatoes, peanuts, soybeans, wheat, watermelons, and tobacco.
According to Rocky Mount Telegram, the court's order allows Ampleo
to manage, control, and sell assets in order to settle the debts
that Barnes Farming Corp. has accumulated over the past decade.
Johnny Barnes expressed his determination to improve the farm's
operations: "Farming is my life, and we are working hard to
strengthen our business. We look forward to continuing to serve our
customers across the country and internationally."
Lisa Stone Barnes, Johnny's wife and a North Carolina State
Senator, was also named in the court order. She made it clear that
the receivership would not interfere with her legislative work,
saying, "While this is a personal matter, it will not affect my
dedication to serving in the North Carolina Senate with the same
commitment that defines our family."
The court order reveals that as of August 8, 2024, the total debt
from six loans amounted to $40.8 million, including principal,
interest, and fees. The failure to repay debt on time and comply
with certain terms was highlighted in the order. Johnny and Lisa
Barnes had personally guaranteed the loans. Barnes consented to the
appointment of a receiver if the loans were not repaid by October
15, 2024, following Rabobank's request for the full repayment of
the loans, which were initially due in September 2023, the report
states.
About Barnes Farming Corp.
Barnes Farming Corp. is a vertically-integrated family farm located
in Spring Hope, North Carolina.
BEAR BRICK OVEN: Gets Green Light to Use Cash Collateral
--------------------------------------------------------
The U.S. Bankruptcy Court for the District of Maryland, Greenbelt
Division, granted Bear Brick Oven Co. authorization to use the cash
collateral of the U.S. Small Business Administration.
As adequate protection to the SBA, Bear Brick Oven was authorized
to make monthly payments of $250 to the lender using pre-bankruptcy
collateral, including cash collateral, through the confirmation of
the company's Chapter 11 plan.
In addition, the SBA will be granted a replacement lien on all
post-petition assets of the company to the same extent and with the
same priority as the lender's interest in the pre-bankruptcy
collateral.
The provisions of this order shall survive the entry of any order
confirming a plan of reorganization, converting the case to a
Chapter 7 case, or dismissing the case.
About Bear Brick Oven Co.
Bear Brick Oven Co. sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Md. Case No. 24-20292) on December 6,
2024, with $102,893 in assets and $1,136,040 in liabilities. George
Jarrell, president of Bear Brick Oven, signed the petition.
Judge Maria Ellena Chavez-Ruark oversees the case.
Matthew Abbott, Esq., at Wolff & Orenstein, LLC, represents the
Debtor as legal counsel.
BEAUCHAMP ENTERPRISES: Commences Subchapter V Bankruptcy Process
----------------------------------------------------------------
On December 23, 2024, Beauchamp Enterprises filed Chapter 11
protection in the U.S. Bankruptcy Court for the District of
Nevada. According to court filing, the Debtor reports between
$100,000 and $500,000 in debt owed to 1 and 49 creditors. The
petition states funds will be available to unsecured creditors.
About Beauchamp Enterprises
Beauchamp Enterprises is a a Reno, Nevada-based corporation.
Beauchamp Enterprises sought relief under Subchapter V of Chapter
11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 24-51268)
on December 23, 2024. In its petition, the Debtor reports estimated
assets and liabilities between $100,000 and $500,000 each.
Honorable Bankruptcy Judge Hilary L. Barnes handles the case.
The Debtor is represented by:
Kevin A. Darby, Esq.
Darby Law Practice, Ltd
499 W. Plumb Lane, Suite 202
Reno, NV 89509
P: 775-322-1237
BEAUCHAMP ENTERPRISES: Edward Burr Named Subchapter V Trustee
-------------------------------------------------------------
The U.S. Trustee for Region 17 appointed Edward Burr of Mac
Restructuring Advisors, LLC as Subchapter V trustee for Beauchamp
Enterprises.
Mr. Burr will be paid an hourly fee of $450 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Burr declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Edward Burr
Mac Restructuring Advisors, LLC
10191 E. Shangri La Road
Scottsdale, AZ 85260
Phone: (602) 418-2906
Email: Ted@macrestructuring.com
About Beauchamp Enterprises
Beauchamp Enterprises sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 24-51268) on December
23, 2024, with $100,001 to $500,000 in both assets and
liabilities.
Judge Hilary L. Barnes presides over the case.
Kevin A. Darby, Esq. at Darby Law Practice, Ltd. represents the
Debtor as bankruptcy counsel.
BIGRITANS INC: Files Subchapter V Bankruptcy Process in Florida
---------------------------------------------------------------
On December 20, 2024, Bigritans Inc. filed Chapter 11 protection
in the U.S. Bankruptcy Court for the Middle District of Florida.
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.
A meeting of creditors under Section 341(a) meeting to be held on
January 27, 2025 at 10:00 AM. U.S. Trustee (Orl) will hold the
meeting telephonically. Call in Number: 877-801-2055. Passcode:
8940738#
About Bigritans Inc.
Bigritans Inc. is an Orlando-based trucking company.
Bigritans Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-06936) on December
20, 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 Tiffany P. Geyer handles the case.
The Debtor is represented by:
Daniel A Velasquez, Esq.
Latham, Luna, Eden & Beaudine, LLP
201 S. Orange Ave., Ste. 1400
Orlando, FL 32801
P: 407-481-5800
Fax: 407-481-5801
BIORA THERAPEUTICS: Reaches Deal w/ Creditors for Chapter 11 Sale
-----------------------------------------------------------------
TipRanks reports that Biora Therapeutics (BIOR) has entered into an
agreement with key creditors to secure financing in support of its
Chapter 11 sale process, aimed at strengthening its financial
position and advancing product development initiatives.
The company has voluntarily filed for Chapter 11 bankruptcy in the
U.S. Bankruptcy Court for the District of Delaware to facilitate
this process. According to the report, Biora will continue
operating as usual during the proceedings. The agreement includes a
debtor-in-possession (DIP) financing facility of up to $10.25
million, subject to court approval. These funds will allow the
company to meet its obligations to vendors, suppliers, employees,
and other stakeholders while progressing through a court-supervised
sale process.
To maximize value, Biora plans to seek court approval for a
marketing and sales process on an accelerated timeline to minimize
operational disruptions. A competitive bidding process under
Section 363 of the Bankruptcy Code is expected, with the lenders
serving as the stalking horse bidder to establish an initial bid
for the company's assets, according to TipRanks.
Biora has filed motions to maintain operational continuity,
including the timely payment of employee wages, salaries, and
benefits. The company also intends to pay vendors and suppliers in
full under standard terms for services provided during the Chapter
11 proceedings. These motions are anticipated to receive court
approval shortly, the report states.
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.
BLINK HOLDINGS: Updates Prepetition Loan Secured Claims Pay
-----------------------------------------------------------
Blink Holdings, Inc. and its affiliates submitted an Amended
Combined Disclosure Statement and Joint Chapter 11 Plan dated
December 18, 2024.
This Plan constitutes a separate chapter 11 plan of liquidation for
each Debtor.
On November 4, 2024, the Debtors continued the Auction with respect
to the bids received by Lotemd and CFit. The Debtors, in
consultation with the Consultation Parties, identified the
qualified bid submitted by Lotemd, which offered approximately
$680,000 in value to the Estates, as the baseline bid for the Non
Core Assets. After one round of bidding, the Debtors identified
Lotemd's bid as the Successful Bid for the Non-Core Assets, with
$200,000 in cash consideration, plus assumption of more than
$470,000 in liabilities, for a total value of at least $670,000 to
the Estates.
The Bankruptcy Court held the Sale Hearing on November 6-7, 2024.
On November 7, 2024, the Bankruptcy Court entered the Sale Order
approving the Sale of the Non-Core Assets to Lotemd. On November
12, 2024, the Bankruptcy Court overruled the Committee Sale
Objection and approved the Debtors' sale to the Stalking Horse
Bidder. On November 13, 2024, the Bankruptcy Court entered the Sale
Order approving the Sale of the Core Assets to the Stalking Horse
Bidder. Pursuant to the Sale Order and Final DIP Order, the DIP
Obligations (other than those in respect of the Roll-Up) were
repaid at Closing, and approximately $88.3 million of the Sale
Proceeds will be held in escrow until released in accordance with
the Escrow Agreement (as defined in the Sale Order) or by further
order of the Bankruptcy Court.
The Sale Transactions closed on November 29, 2024 (the "Closing").
In connection with the Closing, a portion of the Sale Proceeds in
an amount necessary to repay the DIP Obligations (other than those
in respect of the Roll-Up) were paid to the DIP Secured Parties.
The Debtors, the DIP Agent, DIP Lenders, Prepetition Agent,
Prepetition Lenders, and the Committee agreed that, promptly upon
the filing of this Plan, the balance of the Sale Proceeds, after
the payment, or establishment of appropriate reserves for
previously unpaid amounts, in respect of the Carve-Out and the Wind
Down Reserve, would be released from escrow and paid in
satisfaction of (i) the remaining DIP Obligations (including in
respect of the Roll-Up and (ii) the Prepetition Loan Secured
Claims, which constitutes a portion of the Prepetition
Obligations.
Following the close of the Sale Transactions, the Debtors
anticipate focusing on efficiently winding down their businesses,
preserving Cash held in the Estates, and monetizing or transferring
their remaining Assets to the Post-Effective Date Debtors, and
pursuing confirmation and effectiveness of this Plan. This Combined
Plan and Disclosure Statement provides for the Assets, to the
extent not already liquidated or sold through the Sale, to vest in
the Estates of the Post-Effective Date Debtors and to be liquidated
over time and for the proceeds thereof to be distributed to Holders
of Allowed Claims in accordance with the terms of the Plan and the
treatment of Allowed Claims described more fully herein. The Plan
Administrator will effect such liquidation and distribution in
accordance with the Plan Administration Agreement.
Class 3 consists of Prepetition Loan Secured Claims. In full and
final satisfaction of and in exchange for such Claim, each Holder
of an Allowed Prepetition Loan Secured Claim shall receive on
account of such Holder's Allowed Prepetition Loan Secured Claim, to
the extent not indefeasibly paid and following repayment in full of
all DIP Claims in Cash and subject to the Carve Out, (i) its Pro
Rata share of 100% of the Sale Proceeds remaining after the
payment, or establishment of appropriate reserves for previously
unpaid amounts in respect of the Carve-Out and Wind Down Reserve
or, at the election of the Holders of Allowed Prepetition Loan
Secured Claims, (ii) any excess unused amount of the Wind Down
Reserve, if any, in accordance with Section 9.7 hereof, and (iii)
100% of all other Distributable Proceeds. The amount of claim in
this Class total $108.9 million. This Class will receive a
distribution of 30% to 35% of their allowed claims.
Class 4 consists of General Unsecured Claims. Holders of General
Unsecured Claims (including the Prepetition Loan Deficiency Claim,
if any) are not expected to receive or retain any property or
interest in property under the Plan on account of their General
Unsecured Claims. Notwithstanding the foregoing, in the event that
there are sufficient available Distributable Proceeds to make a
Distribution after Payment in Full in cash of the Prepetition Loan
Secured Claims, each Holder of an Allowed General Unsecured Claim
shall be entitled to receive its Pro Rata share of the
Distributable Proceeds. The allowed unsecured claims total $163.7
million, plus the Prepetition Loan Deficiency Claim. This Class
will receive a distribution of 0% of their allowed claims.
This Plan will be implemented by, among other things, the
appointment of the Plan Administrator as the sole officer or
manager of each of the Post-Effective Date Debtors as of the
Effective Date and the representative of the Estates, and the
making of Distributions to Holders of Allowed Claims from the Wind
Down Assets, Sale Proceeds, and Distributable Proceeds, as
applicable.
All consideration necessary to make all monetary payments in
accordance with this Plan shall be obtained from Sale Proceeds,
Cash on hand as of the Effective Date, and the Wind Down Assets.
A full-text copy of the Amended Combined Disclosure Statement and
Joint Plan dated December 18, 2024 is available at
https://urlcurt.com/u?l=gGJtRs from EPIQ Corporate Restructuring
LLC, claims agent.
Counsel to the Debtors:
Michael R. Nestor, Esq.
Sean T. Greecher, Esq.
Allison S. Mielke, Esq.
Timothy R. Powell, Esq.
Rebecca L. Lamb, Esq.
Benjamin C. Carver, Esq.
Young Conaway Stargatt & Taylor, LLP
Rodney Square
1000 North King Street
Wilmington, Delaware 19801
Telephone: (302) 571-6600
Facsimile: (302) 571-1253
Email: mnestor@ycst.com
sgreecher@ycst.com
amielke@ycst.com
tpowell@ycst.com
rlamb@ycst.com
bcarver@ycst.com
About Blink Holdings
Blink Holdings, Inc., is a provider of fitness services in the high
value, low price fitness category.
Blink Holdings and more than 100 of its affiliates sought relief
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead
Case No. 24-11686) on Aug. 12, 2024. At the time of the filing,
Blink Holdings disclosed $100 million to $500 million in both
assets and debt.
Judge J. Kate Stickles presides over the cases.
Young Conaway Stargatt & Taylor, LLP serves as the Debtors'
counsel. Moelis & Company is the Debtors' investment banker and
EPIQ Corporate Restructuring LLC is the Debtors' notice and claims
agent.
The U.S. Trustee for Region 3 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases.
BYLEGACY TEAM: Unsecureds to be Paid in Full over 12 Months
-----------------------------------------------------------
Bylegacy Team, Inc., filed with the U.S. Bankruptcy Court for the
Northern District of Illinois an Amended Disclosure Statement
describing Amended Plan dated December 20, 2024.
This Debtor was formed as an Illinois Corporation. On November 21,
2023, the Debtor acquired the property located at 2345 N Mannheim
Rd., Melrose Park, IL 60164 ("the Property"). The Property consists
of a one-story commercial building.
The Debtor was formed by Gabriela Santamaria. On November 15, 2017,
the Property was purchased by Gabriela and her friend and family to
open a beauty salon. The President of Bylegacy Gabriela Santamaria
purchased the property located at 2345 N Mannheim Road., Melrose
Park, IL 60164 to be used as a beauty salon. The purchase was
consummated through a land sale contract.
The Debtor's Plan is a "100%" Plan, which means that all unsecured
creditors will be paid 100% of their allowed claims within 12
months of the effective date and Secured Creditors will be paid the
allowed amount of their secured claims upon the sale of the
Property located at 2345 N Mannheim Rd., Melrose Park, IL 60164
("the Property"). A Chapter 11 Plan, which is a debtor's proposal
to its creditors as to how it will pay (including any compromises)
its debts, requires that a debtor divide most of its creditors
(those holding "Claims") against it) into "Classes."
Without utilizing legal jargon, exceptions, or nuances, as a
practical statement, this means that creditors holding similar
types of Claims (or interests if they are shareholders or other
types of ownership) should be grouped together in a Class for
purposes of voting on whether to accept or reject a Plan to help
ensure that each creditor gets a fair voice.
Class 4 consists of General Unsecured Claims of Bylegacy. Class 4
consists of the claims that are all of the other claims against the
Debtor that are neither secured nor entitled to priority and the
Debtor's Schedules the Class will be paid in full in equal monthly
payment over 12 months beginning on the Effective Date. This Class
is impaired and entitled to vote. The allowed unsecured claims
total $4,146.95.
Class 5 consists of Equity Security Equity Holders. The 100% of the
ownership Gabriela Santamaria shall be canceled on the Effective
Date of the Plan. The Equity Interest holder shall pay the
Reorganized Debtor the New Value Contribution to be determined by
an auction.
The Debtor shall conduct an auction for the sale of the equity in
the Reorganized Debtor at a Date and Time as Determined by the
Court after the Confirmation Hearing. The highest and best offer at
the auction shall constitute the New Value Contribution and the
offeror shall constitute the new Interest holder(s) in the
Reorganized Debtor. This Class is Impaired and entitled to vote.
The Debtor will proceed with the Equity Auction to be held after
the confirmation hearing. At the conclusion of the Bid Analysis,
the Debtor shall ask the Bankruptcy Court to enter an order
authorizing the Debtor to consummate the Sale of the Equity upon
the terms of the Winning Bid, to the Winning Bidder, and to execute
such additional documentation as is reasonably necessary to close
such Sale upon the terms of the Winning Bid. Notwithstanding
anything contained herein to the contrary, the Sale of the Equity
in the Reorganized Debtor to any Winning Bidder is contingent upon
the entry of an order by the Bankruptcy Court confirming this
Plan.
A full-text copy of the Amended Disclosure Statement dated December
20, 2024 is available at https://urlcurt.com/u?l=9xp70B from
PacerMonitor.com at no charge.
Attorney for the Debtor:
O. Allan Fridman, Esq.
555 Skokie Blvd., Suite 500
Northbrook, IL 60062
Tel: (847) 412-0788
Email: allan@fridlg.com
About Bylegacy Team, Inc.
Bylegacy Team, Inc., was formed by Gabriela Santamaria as an
Illinois Corporation.
The Debtor filed a Chapter 11 bankruptcy petition (Bankr. N.D. Ill.
Case No. 24-09747) on July 2, 2024. At the time of filing, the
Debtor estimated $100,001 to $500,000 on both assets and
liabilities.
Judge Jacqueline P Cox presides over the case.
The Debtor hires O. Allan Fridman as counsel.
CARABOBO PROSPER: Unsecureds Will Get 32.33% over 5 Years
---------------------------------------------------------
Carabobo Prosper Holdings LLC filed with the U.S. Bankruptcy Court
for the Northern District of Texas a Plan of Reorganization dated
December 18, 2024.
The Debtor started operations in December 2019. Carabobo manages
and operates a wholesale distribution company that supplies
mechanic shops with oil, lubricants, and other similar products.
Historically, the Debtor bore all of the risk with respect to the
purchase, sale, and distribution of its products. Carabobo Prosper
Holdings LLC elected to file a Chapter 11 reorganization as the
best means to resolve the current liabilities of the company and
determine the secured portions of those creditors as well as
minimize expenses moving forward.
The Debtor is currently owned 51.00% by Miguel Angel Chirinos
Gonzalez, 49.00% by Claudia Andre Amestica. Miguel Angel Chirinos
Gonzalez is the managing member. Mr. Gonzalez will remain managing
member and retain his 51.00% ownership interest going forward.
Throughout the course of the Chapter 11, the Debtor has been
working with its distributors and drivers to streamline its process
of acquiring and delivering product to its customers. The Debtor
anticipates having enough business and cash available to fund the
plan and pay the creditors pursuant to the proposed plan. It is
anticipated that after confirmation, the Debtor will continue in
business. Based upon the projections, the Debtor believes it can
service the debt to the creditors.
The Debtor will continue operating the businesses. The Debtor's
Plan will break the existing claims into six classes of Claimants.
These claimants will receive cash repayments over a period of time
beginning on or after the Effective Date.
Class 5 consists of Allowed Unsecured Claims. All allowed unsecured
creditors shall receive a pro rata distribution at zero percent per
annum over the next five years beginning not later than the 1st day
of the first full calendar month following 30 days after the
effective date of the plan and continuing every year thereafter on
a quarterly basis at 0.00% per annum.
The Debtor Debtor will distribute $424,100.00 to the general
allowed unsecured creditor pool over the 5-year term of the plan,
which includes the under-secured claim portions. The Debtor's
General Allowed Unsecured Claimants will receive 32.33% of their
allowed claims under this plan. The allowed unsecured claims total
$1,311,396.13. This Class is impaired.
Class 6 consists of Equity Interest Holders (Current Owners). The
current owners will receive no payments under the Plan; however,
they will be allowed to retain ownership in the Debtor. Class 6
Claimants are not impaired under the Plan.
The Debtor anticipates the continued operations of the business to
fund the Plan. The Debtor is changing its model for sales and
distribution of product to minimize expenses and increase projected
disposable income.
A full-text copy of the Plan of Reorganization dated December 18,
2024 is available at https://urlcurt.com/u?l=F7sczZ from
PacerMonitor.com at no charge.
Counsel to the Debtor:
Robert C. Lane, Esq.
Joshua D. Gordon, Esq.
The Lane Law Firm, PLLC
6200 Savoy, Suite 1150
Houston, TX 77036
Tel: (713) 595-8200
Fax: (713) 595-8201
Email: notifications@lanelaw.com
Joshua.gordon@lanelaw.com
About Carabobo Prosper
Carabobo Prosper Holdings, LLC, is a Texas-based distributor of oil
and lubricants serving mechanics throughout the state.
Carabobo Prosper Holdings sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D. Texas. Case No. 24-32882), with
$500,001 to $1 million in assets and $1 million to $10 million in
liabilities. Miguel Angel Chirinos Gonzalez, chief executive
officer, signed the petition.
Robert C. Lane Esq., at The Lane Law Firm, PLLC, is the Debtor's
bankruptcy counsel.
CARROTHERS INSPECTION: Unsecureds to Get Share of Income for 3 Yrs
------------------------------------------------------------------
Carrothers Inspection Services, LLC, filed with the U.S. Bankruptcy
Court for the Southern District of Indiana a Small Business Chapter
11 Plan of Reorganization dated December 19, 2024.
Carrothers has been in operation since 2017, incorporated by
Jonathon Carrothers and operating as a home inspection company
under the name of Pillar to Post Home Inspectors.
Carrothers provides home inspection services. Immediately prior to
the filing certain merchant cash advance creditors contacted
Carrothers' customers and claimed the right to contact Carrothers'
financial institutions to seize funds. To Protect its cash flow and
focus on the reorganization of Carrothers rather then being
distracted by any collection matters, Carrothers initiated this
Chapter 11 proceeding. Carrothers was proactive in the filing to
prevent interference with its ongoing operations.
Class 6 consists of General Unsecured Claims. General Unsecured
Claims shall include any Asserted Secured Creditors' deficiency
claims in the amount of their respective Allowed Claims as an
Allowed Unsecured Claims.
Kapitus Servicing Inc. filed its Claim No. 7 asserting a secured
interest in the Debtor's assets. It is noted that the UCC Financial
Statement filed on behalf of Kapitus lists C T Corporation System,
as representative as the secured party, and not Kapitus. The
entirety of Kapitus' claim is under-secured, and therefore, Kapitus
shall be treated as a fully unsecured claimant, entitled to
treatment under this Class 6.
The General Unsecured Claims shall receive an annual pro rata
distribution of the disposable income of the Debtor commencing on
or before February 15, 2026, for calendar year 2025 and continuing
of February 15, of 2027 and 2028 for the prior calendar year for a
three-year term.
The Debtor shall be entitled to retain an operating capital reserve
of $70,000.00, which amount is approximately the high one-month
cost of goods, operating expenses and plan payments contemplated by
the projections submitted herewith, before calculating the
disposable income to be distributed under this Plan.
Class 7 consists of Equity Holders. Austin Smith and Joi Smith
shall remain the sole shareholders.
The source of funds used in this Plan for payments to creditors
shall be the net annual income of the Debtor for three years
resulting from continued, normal business operations of the
Debtor's business. The Debtor shall contribute all net disposable
income toward Plan payments; however, Debtor shall reserve a
portion of the net income to fund a reserve.
A full-text copy of the Plan of Reorganization dated December 19,
2024 is available at https://urlcurt.com/u?l=YRetnN from
PacerMonitor.com at no charge.
Counsel for the Debtor:
David R. Krebs, Esq.
Hester Baker Krebs LLC
One Indiana Square, Suite 1330
Indianapolis, IN 46204
Tel: (317) 833-3030;
Fax: (317) 833-3031
Email: dkrebs@hbkfirm.com
About Carrothers Inspection Services
Carrothers Inspection Services, LLC is a company that specializes
in providing inspection services likely related to real estate,
construction or related fields.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Ind. Case No. 24-05110) on Sept. 20,
2024, with $100,001 to $500,000 in assets and $500,001 to $1
million in liabilities. Judy Wolf Weiker of Manewitz Weiker
Associates, LLC serves as Subchapter V trustee.
Judge James M. Carr oversees the case.
David R. Krebs, Esq., at Hester Baker Krebs, LLC serves as the
Debtor's legal counsel.
CEL-SCI CORP: Closes $5 Million Offering of Common Shares
---------------------------------------------------------
CEL-SCI Corporation announced Dec. 31 the closing of its
best-efforts offering of 16,130,000 shares of its common stock (or
pre-funded warrants in lieu thereof). Each share of common stock
(or Pre-Funded Warrant) was sold at an offering price of $0.31 per
share (inclusive of the Pre-Funded Warrant exercise price), for
gross proceeds of approximately $5,000,000, before deducting
placement agent fees and other offering expenses. All the shares
and Pre-Funded Warrants in the offering were offered by the
Company.
The Company intends to use the net proceeds from the offering to
fund the continued development of Multikine, general corporate
purposes, and working capital.
ThinkEquity acted as sole placement agent for the offering.
The securities were offered and sold pursuant to the Company's
currently effective shelf registration statement on Form S-3 (File
No. 333-265995), including a base prospectus, filed with the SEC on
July 1, 2022 and declared effective on July 15, 2022. The offering
was made by means of a prospectus supplement and prospectus which
have been filed with the SEC and available on the SEC's website at
www.sec.gov.
About CEL-SCI
CEL-SCI Corporation CEL-SCI Corporation is a clinical-stage
biotechnology company dedicated to research and development
directed at improving the treatment of cancer and other diseases by
using the immune system, the body's natural defense system.
CEL-SCI is currently focused on the development of the following
product candidates and technologies: 1) Multikine, an
investigational immunotherapy under development for the potential
treatment of certain head and neck cancers; and 2) L.E.A.P.S.
(Ligand Epitope Antigen Presentation System) technology, or LEAPS,
with several product candidates under development for the potential
treatment of rheumatoid arthritis.
Potomac, Maryland-based BDO USA, P.C., the Company's auditor since
2005, issued a "going concern" qualification in its report dated
Dec. 31, 2023, citing that the Company has suffered recurring
losses from operations and has future liquidity needs that raise
substantial doubt about its ability to continue as a going concern.
CHANTILLY ROAD: Hires Totaro & Shanahan as Insolvency Counsel
-------------------------------------------------------------
Chantilly Road LLC seeks approval from the U.S. Bankruptcy Court
for the Central District of California to hire Totaro & Shanahan,
LLP as general insolvency counsel.
The firm's services include:
a. counselling the Debtor through meetings and phone calls,
discussions concerning the requirements of the Bankruptcy Code, the
Federal Rules of Bankruptcy Procedure, the Local Bankruptcy Rules,
and the United States Trustee Guidelines;
b. documenting preparation or amendments concerning the
petition and schedules, status reports, review and consultation
concerning Monthly Operating Reports, and personal attendance at
all hearings;
c. consulting with Debtor's representative concerning
documents needed and reports to be prepared and consultation with
real estate counsel re title and other issues;
d. assisting debtor in preparation of documents for compliance
with the requirements of the Office of the United States Trustee;
e. negotiating with secured and unsecured creditors regarding
the payment of their claims;
f. discussing with Debtor's representative concerning the
Disclosure Statement and plan of reorganization;
g. preparing the Disclosure Statement and Chapter 11 Plan of
Reorganization and any amendment/ changes to the same unless filed
as a Sub-V case which does not require a disclosure statement;
h. submitting of ballots to creditors, tally of ballots and
submission to the Court;
i. responding to any objections to disclosure statement/ and
or plan;
j. negotiating with creditors as to values, etc and the plan
of reorganization; and
k. responding to any motions for relief from stay, motions to
dismiss or any other motions or contested matter.
The firm will be paid at these rates:
Attorneys $550 per hour
Paralegals $150 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Michael R. Totaro, a partner at Totaro & Shanahan, 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:
Michael R. Totaro, Esq.
Totaro & Shanahan, LLP
P.O. Box 789
Pacific Palisades, CA 90272
Telephone: (310) 804 2157
Email: Ocbatty@aol.com
About Chantilly Road LLC
Chantilly Road LLC owns a single-family home located at 1116 N.
Chantilly Rd., Los Angeles, CA 90077 having an appraised value of
$28.06 million.
Chantilly Road LLC sought relief under Chapter 11 of the U.S.
Bankruptcy (Bankr. C.D. Cal. Case No. 24-13197) on December
15,2024. In the petition filed by Adrian Rudomin, as managing
member, the Debtor reports total assets of $28,510,000 and total
liabilities of $21,573,732.
The Debtor is represented by Michael R. Totaro, Esq. at TOTARO &
SHANAHAN, LLP.
CLARITY DIAGNOSTICS: Seeks to Extend Exclusivity to March 7, 2025
-----------------------------------------------------------------
Clarity Diagnostics, LLC and Clarity Lab Solutions, LLC asked the
U.S. Bankruptcy Court for the Southern District of Florida to
extend their exclusivity periods to file a plan of reorganization
and obtain acceptance thereof to March 7, 2025 and May 6, 2025,
respectively.
The Debtors explain that both companies are involved in active
negotiations with their largest secured creditor, FCS Capital
Advisors LLC d/b/a Brevet Capital, LLC. The parties are negotiating
toward a global resolution of their disputes which, if successful,
will likely result in a path forward for a viable plan of
reorganization.
The Debtors claim that they have only been in bankruptcy since the
end of last summer, are not seeking the requested extensions as a
means to pressure creditors, and are negotiating towards a viable
plan of reorganization.
Accordingly, the Debtors submit that cause exists to extend their
Exclusive Filing and Solicitation Periods so that the Diagnostics
Exclusive Filing Period and the Lab Exclusive Filing Period are
each extended through March 7, 2025 and so that Diagnostics
Exclusive Solicitation Period and the Lab Exclusive Solicitation
Period are each extended through May 6, 2025.
Attorneys for the Debtors:
Bradley S. Shraiberg, Esq.
Eric Pendergraft, Esq.
Shraiberg Page P.A.
2385 N.W. Executive Center Drive, Suite 300
Boca Raton, FL 33431
Tel: (561) 443-0800
Fax: (561) 998-0047
Email: bss@slp.law
Email: ependergraft@slp.law
About Clarity Diagnostics
Clarity Diagnostics, a company in Boca Raton, Fla., manufactures
point of care rapid diagnostic tests, diagnostic equipment, and
over-the-counter diagnostic tests that are targeted toward the
Continuum of Care, Alternative Care, Acute Care, Laboratory, and
OTC markets.
Clarity Diagnostics filed a Chapter 11 petition (Bankr. S.D. Fla.
Case No. 24-18938) on August 30, 2024, with $1 million to $10
million in both assets and liabilities. Clarity Diagnostics
President Richard Simpson signed the petition.
Judge Erik P. Kimball presides over the case.
Bradley S. Shraiberg, Esq., at Shraiberg Page, PA, is the Debtor's
legal counsel.
CLARITY DIAGNOSTICS: To Sell Hard Assets to Jade Acquisitions
-------------------------------------------------------------
Clarity Diagnostics, LLC, and its affiliate and Clarity Lab
Solutions, LLC, seek approval from the U.S. Bankruptcy Court for
the Southern District of Florida, West Palm Beach Division, to sell
hard assets, free and clear of liens, claims, and encumbrances.
Clarity Diagnostics is a wholesale manufacturer located in Boca
Raton, Florida, that provides diagnostics test kits for detecting
diseases such as strep throat and the flu to distributors. Clarity
Labs is a clinical laboratory that conducts medical tests.
The Debtors tell the Court that they risk losing employees who have
not been paid for weeks, and indeed closing their businesses
entirely in the near term.
Prospective buyer, Jade Acquisitions LLC or its designee, has
offered to purchase certain personal property of the Debtors for he
aggregate purchase price of $200,000, with $100,000 being
apportioned to Clarity Diagnostics' Assets and the remaining
$100,000 being apportioned to Clarity Labs' Assets.
The Buyer has advised the Debtors that it will be escrowing with
Buyer's counsel, Akerman, LLP, the full amount of the purchase
price to further expedite closing in the event the proposed sale is
approved by the Court.
The Debtors believe that the purchase offer is fair and reasonable
and reflects market conditions. The Debtors emphasize in court
documents their lack the use of cash collateral and cannot operate
their businesses. Their estates are administratively insolvent.
Absent the sale, the businesses will be liquidated piecemeal rather
than as a going concern, to the detriment of creditors, including
the employees.
Both pre- and post-petition, the Debtors continuously marketed its
company to both purchasers and lenders as a going concern as well
as a piecemeal liquidation. As part of its effort to raise capital,
it contacted numerous parties known to management as well as
through referrals from Brevet Capital. The Debtor received
interests from Parker Lloyd USA and Clarity Acquisition Group,
Inc., however, such offers did not materialize.
With regard to a piecemeal liquidation, out of the assets being
sold, the company owns seven trucks that a liquidator has advised
will sell for $25,000 to $35,000 a piece. The remaining hard assets
consist primarily used office furniture and computers of little to
no value; unused freezers (stored outside); diagnostic equipment
that, assuming a purchaser could be found, would sell for
approximately $50,000 to $100,000, though it sits in the Debtors'
leasehold premises where it is delinquent in rent; the intellectual
property for the companies; and branded inventory that requires
ongoing consumables and support that would be unavailable in the
event of a liquidation.
This sale excludes all cash and accounts receivable. More
importantly, neither the Debtors nor the purchaser is represented
by a broker and these estates will net the full sale amount.
The Debtor requests that the Court approve sale of the Assets to
the Buyer, free and clear of all liens, claims and encumbrances,
with such liens, claims and encumbrances to attach with the same
validity, priority and extent to the proceeds of the sale.
About Clarity Diagnostics, LLC
Clarity Diagnostics, a company in Boca Raton, Fla., manufactures
point of care rapid diagnostic tests, diagnostic equipment, and
over-the-counter diagnostic tests that are targeted toward the
Continuum of Care, Alternative Care, Acute Care, Laboratory, and
OTC markets.
Clarity Diagnostics filed Chapter 11 petition (Bankr. S.D. Fla.
Case No. 24-18938) on August 30, 2024, with $1 million to $10
million in both assets and liabilities. Clarity Diagnostics
President Richard Simpson signed the petition.
Judge Erik P. Kimball presides over the case.
Bradley S. Shraiberg, Esq., at Shraiberg Page, PA represents the
Debtor as legal counsel.
CLEM INVESTMENTS: Sec. 341(a) Meeting of Creditors on January 10
----------------------------------------------------------------
On December 20, 2024, Clem Investments I LLC filed Chapter 11
protection in the U.S. Bankruptcy Court for the Middle District of
Florida. 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.
A meeting of creditors under Section 341(a) meeting to be held on
January 10,2025 at 03:30 PM. U.S. Trustee (T/FM) will hold the
meeting telephonically. Call in Number: 866-910-0293. Passcode:
7560574.
About Clem Investments I LLC
Clem Investments I LLC is a limited liability company.
Clem Investments I LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-07492) on December
20, 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 Roberta A. Colton handles the case.
The Debtor is represented by:
Buddy D. Ford, Esq.
Buddy D. Ford, P.A.
9301 West Hillsborough Avenue
Tampa, FL 33615-3008
P: 813-877-4669
Fax: 813-877-5543
COKING COAL: A & A Supplies Appointed as New Committee Member
-------------------------------------------------------------
Paul Randolph, Acting U.S. Trustee for Region 8, appointed A & A
Supplies, Inc. as additional member of the official committee of
unsecured creditors in the Chapter 11 case of Coking Coal, LLC.
Meanwhile, Combs Equipment Group, LLC has been removed from the
committee.
As of Dec. 31, 2024, the members of the committee are:
1. Blackjewel Liquidation Trust, LLC
David J. Beckman, Liquidation Trustee
999 17th Street, Suite 700
Denver, CO 80202
(303)689-8800
Dave.beckman@fticonsulting.com
2. Alpha Metallurgical Coal Sales, LLC
Troy Nichols, SVP and Deputy General Counsel
340 Martin Luther King Jr., Blvd.
Bristol, TN 37620
(423)573-0748
TNichols@alphametresources.com
3. Bocook Engineering, Inc.
Dewey L. Bocook, III, Vice President
312 10th Street
Paintsville, KY 41240
(606)789-5961
bo@bocook.com
4. A & A Supplies, Inc.
Avery Miles
63 Duce Lane
Whitesburg, KY 41858
(606) 791-4730
Avery.supplies@gmail.com
5. Mine Service Company, Inc.
Stephen Patrick
P.O. Box 858
Hazard, KY 41702
(606)434-2743
scpatrick@windstream.net
About Coking Coal
Coking Coal, LLC is a company in Appalachia, Va., which operates in
the coal mining industry.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Ky. Case No. 24-70529) on December 16,
2024. In the petition signed by Lloyd Hill, president and chief
executive officer, the Debtor disclosed up to $100 million in
assets and up to $500 million in liabilities.
Judge Gregory R. Schaaf oversees the case.
Ellen Arvin Kennedy, Esq., at Dinsmore & Shohl, LLP, represents the
Debtor as legal counsel.
CRYSTAL PACKAGING: Unsecureds to Split $50K in Liquidating Plan
---------------------------------------------------------------
Crystal Packaging Inc. submitted a First Amended Subchapter V Plan
of Liquidation dated December 19, 2024.
During the Chapter 11 Case, the Debtor continued operations, but
its performance did not meet its projections. The Debtor negotiated
a sale of its assets to one of its creditors, Elliott Auto Supply
Co., Inc.
The Debtor has sought authorization to sell substantially all of
its assets to Elliott. What will remain after the sale for
distribution to creditors under this Plan will be (a) cash, (b)
accounts receivable factored prior to closing of the sale; and (c)
proceeds from the asset sale remaining after payment of Allowed
Secured Claims, Tax Claims, Administrative Claims and lease
assumption obligations.
On December 18, 2024, the Debtor filed a Motion for Entry of Order
(I) Approving Asset Purchase Agreement and Authorizing the Sale of
Substantially All of the Debtor's Assets Free and Clear of Lien,
Claims and Other Interests Under Sections 363(b), 363(f) and 363(m)
of the Bankruptcy Code; (II) Waiving the 14 Day Stay of Fed. R.
Bankr. P. 6004(h); and (III) Granting Related Relief (the "Sale
Motion") and a Motion to Approve Lease Assumption and Assignment
Agreement Pursuant to Section 365 of the Bankruptcy Code (the
"Lease Motion").
The essential terms of the APA are as follows: (a) assets included
in the sale are generally described as Debtor's inventory,
equipment, supplies, vehicles, non-factored accounts receivable,
fixed assets, machinery, equipment, furniture, warehouse racking,
forklifts, leasehold improvements, intellectual property, telephone
numbers, books and records, permits, contracts and unfulfilled
purchase orders (the "Assets"); (b) the Purchase Price for the
Assets is $1,330,000 in cash, payable at Closing; (c) the sale does
not include cash and factored accounts receivable; (d) the sale
includes the assignment of liabilities of Debtor under contracts
assigned to Elliott, but no other liabilities; (e) Elliott is
entering a consulting agreement with Debtor's former president
Scott Vincent upon terms to be agreed upon; (f) Debtor, Elliott and
Boston Henderson, LLC, the owner of the premises used by Debtor
shall have entered into a binding agreement for the assumption and
assignment of the leasehold obligations with respect to the
premises; and, (g) the sale is subject to Bankruptcy Court
approval.
Under the lease Assumption and Assignment Agreement that is the
subject of the Lease Motion, (a) the Debtor shall assume its
sublease for the premises located at 9155 Boston Street, Henderson,
Colorado 80640; (b) the sublease will be merger with PAC's lease
with Boston Henderson; and and (c) the merged leasehold interest
shall be assigned to Elliot.
As set forth in the Sale Motion, Debtor asserts the proposed sale
meets the requirements for approval and is in the best interests of
creditors and the estate. Debtor and Elliott negotiated the terms
of the APA for more than three months and the negotiations occurred
at arm's length. The Purchase Price will be sufficient to pay RMP's
undisputed secured claim, payments needed to cure lease defaults in
the approximate amount of $600,000, and administrative expenses,
including administrative tax claims.
Boston Henderson has advised Debtor that it will not support a plan
that provides for the assumption of the leasehold interests and
Debtor's continued operations. Again, because the lessee PAC is not
in bankruptcy, Debtor does not believe there is any basis for
assuming the lease obligations absent Boston Henderson's consent.
In other words, the proposed APA and sale to Elliott is the only
viable strategy for Debtor paying its significant tax obligations,
undisputed secured creditor claims and administrative expense
claims. Moreover, the sale will ensure the continued employment of
Debtor's employees.
Class 9 consists of all Allowed Unsecured Claims. Class 9 shall
receive the Net Proceeds, if any. Debtor estimates it will
distribute approximately $50,000 to Class 9. This Class is
impaired.
A full-text copy of the First Amended Liquidating Plan dated
December 19, 2024 is available at https://urlcurt.com/u?l=EcOeQ8
from PacerMonitor.com at no charge.
About Crystal Packaging Inc.
Crystal Packaging Inc. is a family owned liquid blending company
offering a variety of contract and toll services for organizations
across the country.
Crystal Packaging Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Col. Case No. 24-13093) on June 4, 2024.
In the petition signed by C. Scott Vincent, as president, the
Debtor reports estimated assets up to $50,000 and estimated
liabilities between $1 million and $10 million.
Honorable Bankruptcy Judge Thomas B. Mcnamara oversees the case.
The Debtor is represented by:
David V. Wadsworth, Esq.
WADSWORTH GARBER WARNER CONRARDY, P.C.
2580 West Main Street
Suite 200
Littleton, CO 80120
Tel: 303-296-1999
Email: dwadsworth@wgwc-law.com
CTF CHICAGO: Gets OK to Use Cash Collateral Until Jan. 31
---------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Illinois,
Eastern Division granted CTF Chicago, Inc. authorization to use
cash collateral.
CTF Chicago was authorized to use the cash collateral of Wintrust
Bank, a pre-bankruptcy secured lender, through Jan. 31 in
accordance with its budget.
The budget shows projected expenses of $132,900 for the period
commencing on Jan. 1 and ending at the close of business on Jan.
31.
Wintrust Bank holds a senior lien on the company's assets, valued
at $781,571.93, with a subordinate lien by the U.S. Small Business
Administration.
As adequate protection, Wintrust Bank was granted a replacement
lien on substantially all of the company's assets, including cash
collateral equivalents, cash and accounts receivable, to the same
extent and with the same validity as its pre-bankruptcy lien.
In addition, Wintrust Bank was granted an administrative expense
claim under Section 507(b) of the Bankruptcy Code, subordinate only
to the administrative claim of the Subchapter V trustee.
The next hearing is scheduled for Jan. 29.
About CTF Chicago
CTF Chicago, Inc. operates within a framework that requires
substantial capital and resources. The company is structured to
provide specific services or products, likely in a competitive
market, given its presence in Chicago.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-15580) with up to
$50,000 in assets and up to $10 million in liabilities. Charles
Graff, managing member, signed the petition.
Judge Janet S. Baer oversees the case.
The Debtor is represented by Richard G. Larsen, Esq., at Springer
Larsen, LLC.
D DUNCAN FLORISTRY: Gets Interim OK to Use Cash Collateral
----------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Missouri,
Southeastern Division granted D Duncan Floristry and Boutique, LLC
interim authorization to use cash collateral.
The interim order, signed by Judge Brian Walsh on Dec. 30, approved
the company's use of cash collateral to pay operating expenses set
forth in its projected budget.
As adequate protection for the use of its cash collateral, First
State Community Bank was granted first-priority replacement liens
on any post-petition assets of D Duncan's estate to the same extent
and with the same validity as their interests in the estate's
assets.
The replacement liens do not affect or impair the collateral of
other creditors, and any causes of action under Chapter 5 of the
Bankruptcy Code are excluded from the replacement liens, according
to the interim order.
First State Community Bank will receive payments on all loans to
which D Duncan is indebted to the bank in the same amount and on
the same terms as set out in the loan documents between the company
and the bank.
The next hearing is set for Jan. 6.
About D Duncan Floristry
D Duncan Floristry and Boutique, LLC creates floral designs for
weddings, anniversaries, funerals and birthdays.
D Duncan sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. E.D. Mo. Case No. 24-10677) on December 12, 2024, with
$1,098,900 in assets and $1,461,129 in liabilities. Dustin Duncan,
company owner, signed the petition.
Judge Brian C. Walsh oversees the case.
David M. Dare, Esq., at Herren, Dare & Streett represents the
Debtor as legal counsel.
D DUNCAN FLORISTRY: Seeks to Hire Herren Dare & Streett as Counsel
------------------------------------------------------------------
D Duncan Floristry and Boutique, LLC seeks approval from the U.S.
Bankruptcy Court for the Eastern District of Missouri to hire
Herren, Dare & Streett as counsel.
The firm's services include:
a. providing debtor with advice with respect to its powers and
duties as the Debtor in this proceeding;
b. preparing on behalf of Debtor necessary applications,
motions, notices, orders, adversary proceedings and other legal
papers;
c. assisting debtor in effectuating a plan of reorganization
and Disclosure Statement;
d. assisting debtor in overseeing Debtor's continued operation
of its business and management of his property;
e. assisting Debtor with potential sale of its interests in
its property;
f. advising debtors with respect to the possible subordination
of claims; and
g. providing other necessary legal services.
The firm will be paid at the rates of $400 per hour. The firm
received an advance deposit in the amount of $35,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
David M. Dare, Esq., a partner at Law Firm of Herren, Dare &
Streett, 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:
David M. Dare, Esq.
Law Firm of Herren, Dare & Streett
439 S. Kirkwood Road, Suite 204
St. Louis, MO 63122
Tel: (314) 965-3373
Fax: (314) 965-2225
Email: hdsstl@hdsstl.com
About D Duncan Floristry and Boutique
D Duncan Floristry and Boutique, LLC creates floral designs for
weddings, anniversaries, funerals and birthdays.
D Duncan sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. E.D. Mo. Case No. 24-10677) on December 12, 2024, with
$1,098,900 in assets and $1,461,129 in liabilities. Dustin Duncan,
company owner, signed the petition.
David M. Dare, Esq., at Herren, Dare & Streett, represents the
Debtor as legal counsel.
DIAMOND SPORTS: Exits Chapter 11 Bankruptcy w/ Strong Balance Sheet
-------------------------------------------------------------------
Chakradhar Adusumilli of Bloomberg News reports that Diamond Sports
has finalized its financial restructuring, emerging from Chapter 11
as Main Street Sports Group.
With a strengthened balance sheet, the company has reduced its
pre-petition debt from $9 billion to $200 million. Rebranded as
Main Street Sports, it will continue engaging fans under the
FanDuel Sports Network name through its naming rights agreement for
16 regional sports networks.
About Diamond Sports Group
Diamond Sports Group, LLC, and its affiliates own and/or operate
the Bally Sports Regional Sports Networks, making them the nation's
leading provider of local sports programming. DSG's 19 Bally Sports
RSNs serve as the home for 42 MLB, NHL, and NBA teams. DSG also
holds joint venture interests in Marquee, the home of the Chicago
Cubs, and the YES Network, the local destination for the New York
Yankees and Brooklyn Nets. The RSNs produce about 4,500 live local
professional telecasts each year in addition to a wide variety of
locally produced sports events and programs. DSG is an
unconsolidated and independently run subsidiary of Sinclair
Broadcast Group.
Diamond Sports Group and 29 of its affiliates sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case
No. 23-90116) on March 14, 2023. In the petition signed by David F.
DeVoe, Jr., as chief financial officer and chief operating officer,
Diamond Sports Group listed $1 billion to $10 billion in both
assets and liabilities.
Judge Christopher M. Lopez oversees the cases.
The Debtors tapped Paul, Weiss, Rifkind, Wharton & Garrison, LLP
and Porter Hedges, LLP as bankruptcy counsel; Wilmer Cutler
Pickering Hale, Dorr, LLP and Quinn Emanuel Urquhart & Sullivan,
LLP as special counsel; AlixPartners, LLP as financial advisor;
Moelis & Company, LLC and LionTree Advisors, LLC as investment
bankers; Deloitte Tax, LLP, as tax advisor; Deloitte Financial
Advisory Services, LLP, as accountant; and Deloitte Consulting, LLP
as consultant. Kroll Restructuring Administration, 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 Akin Gump Strauss Hauer & Feld LLP as counsel; FTI
Consulting, Inc., as financial advisor; and Houlihan Lokey Capital,
Inc., as investment banker.
DIOCESE OF BURLINGTON: Committee Taps Pachulski Stang as Counsel
----------------------------------------------------------------
The official committee of unsecured creditors of Roman Catholic
Diocese of Burlington Vermont seeks approval from the U.S.
Bankruptcy Court for the District of Vermont to employ Pachulski
Stang Ziehl & Jones LLP as its counsel.
The firm's services include:
a. assisting, advising, and representing the Committee in its
consultations with the Debtor regarding the administration of this
Case;
b. assisting, advising, and representing the Committee in
analyzing the Debtor's assets and liabilities; investigating the
extent and validity of liens or other interests in the Debtor's
property; and participating in and reviewing any proposed asset
sales, any asset dispositions, any financing arrangements, and all
cash collateral stipulations or proceedings;
c. reviewing and analyzing all applications, motions, orders,
statements of operations, and schedules filed with the Court by the
Debtor or third parties; advising the Committee as to their
propriety; and, after consultation with the Committee, taking
appropriate action;
d. preparing necessary applications, motions, answers, orders,
reports, and other legal papers on behalf of the Committee;
e. representing the Committee at hearings and communicating
with the Committee regarding the issues raised, as well as
decisions of the Court;
f. performing all other legal services for the Committee that
may be necessary and proper in this Case and any related
proceeding(s);
g. representing the Committee in connection with any
litigation, disputes, or other matters that may arise in connection
with this Case or any related proceeding(s);
h. assisting, advising, and representing the Committee in any
manner relevant to reviewing and determining the Debtor's rights
and obligations under leases and other executory contracts;
i. assisting, advising, and representing the Committee in
investigating the acts, conduct, assets, liabilities, and financial
condition of the Debtor; the Debtor's operations; and the
desirability of the continuance of any portion of those
operations;
j. assisting, advising, and representing the Committee in its
participation in the negotiation, formulation, and drafting of a
plan of liquidation or reorganization;
k. assisting, advising, and representing the Committee on
issues concerning the appointment of a trustee or examiner under
section 1104 of the Bankruptcy Code;
l. assisting, advising, and representing the Committee in
understanding its powers and its duties under the Bankruptcy Code
and the Bankruptcy Rules, and in performing other services as are
in the interests of those represented by the Committee;
m. assisting, advising, and representing the Committee in the
evaluation of claims and on any litigation matters, including, but
not limited to, avoidance actions; and
n. providing such other services to the Committee as may be
necessary in this Case or any related proceeding(s).
The firm's current standard hourly rates for attorneys and
paraprofessionals are as follows:
Partners $995 to $2,175
Of Counsel $975 to $1,675
Associates $650 to $1,075
Paraprofessionals $475 to $645
The firm proposes to cap its rate for attorneys working on the case
at $950 per hour.
James Stang, Esq., a partner at Pachulski Stang Ziehl & Jones,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached through:
James I. Stang, Esq.
Pachulski Stang Ziehl & Jones LLP
10100 Santa Monica Blvd. 13th Floor
Los Angeles, CA 90067-4003
Tel: (310) 277-6910
Email: jstang@pszjlaw.com
About Roman Catholic Diocese Of Burlington Vermont
Roman Catholic Diocese of Burlington sought relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. D. Vt. Case No. 24-10205) on
Sept. 30, 2024. In the petition signed by Reverend John Joseph
McDermott, bishop, the Debtor disclosed up to $50 million in assets
and up to $10 million in liabilities.
Judge Heather Z. Cooper oversees the case.
The Debtor tapped James Baillie, Esq., at Fredrikson & Byron, P.A.
as bankruptcy counsel and Obuchowski Law Office as local counsel.
DRTMG LLC: Court Denies Bid to Use Cash Collateral
--------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Ohio,
Eastern Division, denied DRTMG LLC's motion to use its cash
collateral.
The motion was denied, without prejudice, over the company's
failure to amend the motion as directed by the court's prior order.
The motion reportedly failed to include the mandatory notice of the
right to object or respond and the time within which to do so
pursuant to LBR 9013-1(a).
About DRTMG LLC
DRTMG, LLC is primarily engaged in renting and leasing real estate
properties. The Debtor owns four single family dwellings and one
multi-family home, all are located in Westerville and Columbus,
Ohio having a total current value of $1,789,400.
DRTMG sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. S.D. Ohio Case No. 24-51398) on April 12, 2024, with
$1,789,400 in assets and $1,395,374 in liabilities. =Nathanael
Thompson, president and sole member of DRTMG, signed the petition.
Judge Mina Nami Khorrami oversees the case.
Kenneth L. Sheppard, Jr., Esq., at Sheppard Law Offices Co., LPA,
serves as the Debtor's bankruptcy counsel.
DVC3 LLC: Aaron Cohen Named Subchapter V Trustee
------------------------------------------------
The U.S. Trustee for Region 21 appointed Aaron Cohen, Esq., a
practicing attorney in Jacksonville, Fla., as Subchapter V trustee
for DVC3, LLC.
Mr. Cohen will be paid an hourly fee of $315 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Cohen declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Aaron R. Cohen, Esq.
P.O. Box 4218
Jacksonville, FL 32201
Tel: (904) 389-7277
Email: aaron@arcohenlaw.com
About DVC3 LLC
DVC3, LLC sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. M.D. Fla. Case No. 24-03897) on December 23, 2024. In
the petition signed by Rebecca L. Vetter, manager, the Debtor
disclosed up to $500,000 in assets and up to $10 million in
liabilities.
Judge Jacob A. Brown oversees the case.
Bryan K. Mickler, Esq., at Law Offices of Mickler & Mickler, LLP,
represents the Debtor as bankruptcy counsel.
ENGINEERING RECRUITING: Taps William G. Haeberle as Accountant
--------------------------------------------------------------
Engineering Recruiting Experts, LLC seeks approval from the U.S.
Bankruptcy Court for the Middle District of Florida to hire William
G. Haeberle, CPA, LLC.
The Debtor requires an accountant to prepare its monthly operating
reports and provide other services.
The firm will be paid $200 per month for the monthly operating
reports and a retainer fee of $1,500.
As disclosed in court filings, William G. Haeberle, CPA is a
"disinterested person" within the meaning of Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
William G. Haeberle, CPA
William G. Haeberle, CPA, LLC
4446-1A Hendricks Ave. #245
Jacksonville, FL 32207
Tel: (904) 53-69810
About Engineering Recruiting Experts
Engineering Recruiting Experts, LLC filed its voluntary petition
for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D.
Fla. Case No. 24-03292) on Oct. 29, 2024, listing $100,001 to
$500,000 in assets and $1,000,001 to $10 million in liabilities.
Judge Jason A Burgess presides over the case.
Bryan K. Mickler, Esq. at Mickler & Mickler represents the Debtor
as counsel.
ENGLOBAL CORP: All Two Proposals Approved at Annual Meeting
-----------------------------------------------------------
ENGlobal Corporation disclosed in a Form 8-K filed with the
Securities and Exchange Commission that it held its 2024 Annual
Meeting of Shareholders on Dec. 30, 2024, at which the
shareholders:
(1) elected William A. Coskey, P.E., Christopher D. Sorrells,
Lloyd G. Kirchner, Kevin M. Palma, and Margaret K. Lassarat
as directors; and
(2) ratified the appointment of M&K CPAS, PLLC as the
independent auditors of the Company for fiscal year 2024.
About ENGlobal
ENGlobal Corporation (NASDAQ: ENG) -- www.englobal.com -- is a
provider of innovative, delivered project solutions primarily to
the energy industry. The Company delivers these solutions to its
clients by combining its vertically-integrated engineering and
professional project execution services with its automation and
systems integration expertise and fabrication capabilities. The
Company has a long history of delivering project solutions and can
provide complete project execution and has focused its business
development teams on communicating these offerings to its clients
which include (i) Engineering, (ii) Automation, and (iii)
Government Services.
Houston, Texas-based Moss Adams LLP, the Company's auditor since
2017, issued a "going concern" qualification in its report dated
March 29, 2024, citing that the Company has suffered recurring
losses from operations and has utilized significant cash in
operations that raise substantial doubt about its ability to
continue as a going concern.
FINEST COACHBUILDING: Taps Force Ten Partners as Financial Advisor
------------------------------------------------------------------
Finest Coachbuilding Group LLC seeks approval from the U.S.
Bankruptcy Court for the District of Delaware to hire Force Ten
Partners, LLC as financial advisor.
The firm will render these services:
(a) assist the officers and duly appointed representatives of
the Debtor in fulfilling the Debtor's duties in preparation to
become debtors-in-possession and then fulfilling their duties as
debtors-in-possession;
(b) assist legal counsel and the Debtor in executing the
Debtor's restructuring efforts, including, potentially, a chapter
11 case;
(c) seek to assist the Debtor in maximizing the value of its
assets and operations, including through assisting the Debtor in
seeking approval of debtor-in-possession financing, seeking exit
financing, seeking the refinance of existing debt, seeking a
recapitalization, seeking a restructuring or reorganizing of the
Debtor's business;
(d) assist in connection with motions, responses, or other
court activity as directed by the Debtor's legal counsel;
(e) prepare periodic reporting as needed or required to
stakeholders, the Debtor's Board of Directors, the Bankruptcy
Court, and the Office of the United States Trustee;
(f) assist the Debtor evaluating and developing a
restructuring plan;
(g) assist in the formulation and preparation of the Debtor's
plan of reorganization, including working with the Debtor's
professionals and advisors in the creation of financial projections
and supporting methodology, key assumptions and rationale,
appropriate financial analysis and evaluation of the Debtor's
operations, and supporting financial statements and pro forma
budgets and projections;
(h) assist in negotiations with the Debtor's creditors and
other stakeholders, and in developing the response to any
objections from parties in interest to the bankruptcy plan or other
courses of action undertaken by the Debtor; and
(i) assist in preparing representatives of the Debtor with
respect to declarations, reports, depositions and testimony.
Force 10's current standard hourly rates are:
Partners $850 to $950
Managing Directors $495 to $795
Directors $495 to $595
Analysts/Senior Analysts $295 to $395
The firm received a retainer in the amount of $40,000.
Force 10 Partners will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Nicholas Rubin, a partner of Force 10 Partners LLC, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtors and their estates.
Force 10 Partners can be reached at:
Adam Meislik
FORCE 10 PARTNERS
5271 California Suite 270
Irvine, CA 92617
Tel: (949) 357-2364
Email: nrubin@force10partners.com
About Finest Coachbuilding Group
Finest Coachbuilding Group LLC, doing business as Radford Motors,
specializes in the creation of bespoke, luxury vehicles.
Finest Coachbuilding Group sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-12327) on October
10, 2024, with $1 million to $10 million in both assets and
liabilities. Daniel Bednarski, chief financial officer and chief
operating officer, signed the petition.
Judge John T. Dorsey handles the case.
The Debtor is represented by Thomas J. Francella, Jr., Esq. at
Raines Feldman Littrell, LLP.
FIREFLY STORE: Creditors to Get Proceeds From Liquidation
---------------------------------------------------------
Firefly Store Solutions, Inc. filed with the U.S. Bankruptcy Court
for the Middle District of North Carolina a Plan of Reorganization
for Small Business under Subchapter V dated December 18, 2024.
Firefly sells store fixtures, packaging solutions and supplies for
retail businesses as a cataloger, print and digital, and ecommerce.
Due to downturn in sales, caused by COVID, post COVID supply chain
issues and inflation the company has experienced loss of sales.
The Plan shall be funded by sale of the Debtor's assets. No
additional cash flows are provided as the Plan requires to have
either liquidate its assets or agree to a conversion prior to the
end of the year 2025. The Debtor's necessary expenses including,
but not limited, to utilities and insurance are being paid by Nancy
Ham, the Debtor's principal.
The Plan Proponent's financial projections show that the Debtor
will have projected disposable income of $1,594,936 The final Plan
payment is expected to be paid on or before July 1, 2025.
Non-priority unsecured creditors holding allowed claims will
receive distributions, which the proponent of this Plan has valued
at no less than approximately one cent on the dollar. This Plan
also provides for the payment of administrative and priority
claims.
Class 8 consists of General Unsecured Claims. The Debtor
anticipates that the Allowed Claims of Class 8 General Unsecured
Claims will total approximately $583,000, excluding insider claims.
Based on the liquidation value of the estate, the Debtor proposes
to pay $1.00 to the Class 8 General Unsecured Claims.
The Debtor is required to pay to general unsecured claimants its
Disposable Income, as defined by the Code, for no less than 3 years
from the date that the first distribution is due under the Plan.
The Debtor expects to liquidate its property within 6-9 months of
the effective date of the plan, with all funds after payment of
administrative expenses, allowed secured claims and priority tax
claims being paid to the general unsecured creditors up to 100% of
allowed general unsecured claims. In the event this is a
non-consensual plan, Debtor shall pay all remaining funds to the
Trustee on or before September 30, 2025, for distribution, pursuant
to this provision of the Plan.
The Debtor will fund payments under the Plan from liquidation of
business assets.
A full-text copy of the Plan of Reorganization dated December 18,
2024 is available at https://urlcurt.com/u?l=Ggxm44 from
PacerMonitor.com at no charge.
Counsel to the Debtor:
Dirk W. Siegmund, Esq.
McClellan, Siegmund, Brumbaugh
& McDonough, LLP
PO Box 3324
Greensboro, NC 27402
Tel: (336) 274-4658
Email: skb@iveymcclellan.com
About Firefly Store Solutions
Firefly Store Solutions, Inc., a company in Greensboro, N.C., has
been providing American retailers with store solutions, retail
store fixtures, and store displays since 1954.
Firefly Store Solutions filed its voluntary Chapter 11 petition
(Bankr. M.D.N.C. Case No. 24-10591) on September 20, 2024, listing
$1 million to $10 million in both assets and liabilities. The
petition was signed by Adria Arias as chief executive officer.
Judge Benjamin A. Kahn presides over the case.
Dirk W. Siegmund, Esq., at Ivey, Mcclellan, Siegmund, Brumbaugh &
Mcdonough, LLP represents the Debtor as legal counsel.
FIRSTBASE.IO INC: Seeks to Extend Plan Exclusivity to May 23, 2025
------------------------------------------------------------------
Firstbase.io, Inc., asked the U.S. Bankruptcy Court for the
Southern District of New York to extend its exclusivity periods to
file a plan of reorganization and obtain acceptance thereof to May
23, 2025 and July 22, 2025, respectively.
The Debtor explains that while the size of the case is not large in
terms of numbers of creditors, the amount of debt and the potential
swing in claim amounts and the secured status of those claims is
significant. Harbor is the largest creditor in this proceeding,
with a claim currently in an amount of approximately $28,000,000.00
based upon the Foreign Judgment. Debtor disputes such amount as the
Final Judgment is not final and is subject to Post-Trial Motions
and appeal.
The Debtor claims that its motive for seeking this extension is not
to exert pressure on the creditors or for some other improper
purpose. To the contrary, the Debtor is simply trying to move
forward in the most efficient manner and spend estate resources on
a Plan when it has all of the facts necessary to move forward.
The Debtor asserts that the estate benefits from extending the
Exclusive Periods until resolution of the amount and status of
Harbor's claim is determined 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 Debtor's Exclusive Periods
will materially affect the Debtor's ability to continue the
efforts. Any potential competing plan would delay, complicate and
obstruct the Debtor's good faith efforts to reorganize.
Firstbase.io, Inc. is represented by:
KIRBY AISNER & CURLEY LLP
Dana P. Brescia, Esq.
700 Post Road, Suite 237
Scarsdale, New York 10583
Tel: (914) 401-9500
About Firstbase.io Inc.
Firstbase.io, Inc., is a technology company that provides business
formation services.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-11647) with $1 million
to $10 million in assets and $10 million to $50 million in
liabilities.
Judge Lisa G. Beckerman oversees the case.
The Debtor is represented by Dawn Kirby, Esq., at Kirby Aisner &
Curley, LLP.
FREEDOM BAIL: Sec. 341(a) Meeting of Creditors on January 24
------------------------------------------------------------
On December 19, 2024, Freedom Bail Bonds LLC filed Chapter 11
protection in the District of South Carolina. According to court
filing, the Debtor reports between $100,000 and $500,000 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 24,
2025 at 10:30 AM at Telephone.
About Freedom Bail Bonds LLC
Freedom Bail Bonds LLC is a bail bonds service provider based in
Kingstree, South Carolina.
Freedom Bail Bonds LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D.S.C. Case No. 24-04517) on December 19,
2024. In its petition, the Debtor reports estimated assets and
liabilities between $100,000 and $500,000.
Honorable Bankruptcy Judge L Jefferson Davis IV handles the
case.
The Debtor is represented by:
William Joseph Virgil Barr, Esq.
WV Barr Law LLC
106 North Academy Street
Kingstree, SC 29556
P: 843-530-4224
Fax: 843-355-5194
FTM INC: Commences Subchapter V Bankruptcy Proceeding
-----------------------------------------------------
On December 27, 2024, FTM Inc. filed Chapter 11 protection in
the U.S. Bankruptcy Court for the District of Maryland. According
to court filing, the Debtor reports between $100,000 and $500,000
in debt owed to 1 and 49 creditors. The petition states funds will
be available to unsecured creditors.
About FTM Inc.
FTM Inc. is operating as Levi's Restaurant in Clinton, Maryland, is
a soul food restaurant established in 1996. The company operates
from its location at 6410 Coventry Way in Clinton, Prince Georges
County. The restaurant has been recognized in the community and was
previously nominated for the Steve Harvey Hoodie Awards in 2007.
FTM Inc. sought relief under Subchapter V of Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Md. Case No. 24-20835) on December 27,
2024. In its petition, the Debtor reports estimated assets and
liabilities between $100,000 and $500,000 each.
The Debtor is represented by:
Weon G. Kim, Esq.
Weon G. Kim Law Office
8200 Greensboro Dr. #900
McLean, VA 22102
P: 571-278-3728
Fax: 703-288-4003
FULCRUM BIOENERGY: Seeks to Extend Exclusivity to April 7, 2025
---------------------------------------------------------------
Fulcrum Bioenergy Inc. and affiliates asked the U.S. Bankruptcy
Court for the District of Delaware to extend their exclusivity
periods to file a plan of reorganization and obtain acceptance
thereof to April 7, 2025 and June 6, 2025, respectively.
Prior to the Petition Date, the Debtors and Switch negotiated a
"stalking horse" asset purchase agreement (the "Switch APA"),
contemplating a total purchase price of $15 million. At the time,
the Switch APA represented the best and highest offer for the
purchase of certain of the Debtors' assets.
On November 14, 2024, the Court entered orders approving the sales
of substantially all of the Debtors assets. The sales contemplated
by the sale orders closed on November 19, 2024. Since the closing
of the sales, the Debtors have been focused on negotiating with
their primary constituencies on the terms of the disclosure
statement and plan.
The Debtors explain that they should now be given sufficient time
to craft a chapter 11 plan, that will be best for the Debtors'
estates and creditors after spending the initial months of these
chapter 11 cases focused on their primary goal of maximizing the
value of their assets. The extension request is reasonable and
consistent with the efficient prosecution of these chapter 11 cases
because it will provide the Debtors with additional time to
consider important issues, negotiate, draft and finalize a plan,
and solicit acceptances.
The Debtors assert that The extension request is reasonable and
consistent with the efficient prosecution of these chapter 11 cases
because it will provide the Debtors with additional time to
consider important issues, negotiate, draft and finalize a plan,
and solicit acceptances.
The Debtors further assert that they intend to use the extended
Exclusive Periods to, among other things and to the extent
necessary and advisable, analyze claims, determine the best exit
strategy for these cases, and negotiate with the Committee and
other parties in interest. As such, the Debtors submit that
creditors will not be prejudiced by an extension of the Exclusive
Periods.
Counsel to the Debtors:
MORRIS, NICHOLS, ARSHT & TUNNELL LLP
Robert J. Dehney, Sr., Esq.
Curtis S. Miller, Esq.
Clint M. Carlisle, Esq.
Avery Jue Meng, Esq.
1201 N. Market Street, 16th Floor
Wilmington, Delaware 19801
Telephone: (302) 658-9200
Email: rdehney@morrisnichols.com
cmiller@morrisnichols.com
ccarlisle@morrisnichols.com
ameng@morrisnichols.com
About Fulcrum Bioenergy
Fulcrum Bioenergy Inc. operates as a clean energy company described
as a pioneer in sustainable aviation fuel (SAF) production.
Fulcrum Bioenergy Inc. and its affiliates sought relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No.
24-12008) on Sept. 9, 2024. In the petition filed by Mark J. Smith,
as chief restructuring officer, the Debtor reports estimated assets
up to $50,000 and estimated liabilities between $100 million and
$500 million.
The Honorable Bankruptcy Judge Thomas M. Horan handles the case.
The Debtors tapped MORRIS, NICHOLS, ARSHT & TUNNELL LLP as counsel;
and DEVELOPMENT SPECIALISTS, INC., as investment banker. KURTZMAN
CARSON CONSULTANTS, LLC, d/b/a VERITA GLOBAL, is the claims agent.
G & T 5206: Updates Unsecureds & Secured Claims Pay
---------------------------------------------------
G & T 5206 Investments, LLC, submitted a First Amended Plan of
Reorganization for Small Business under Subchapter V.
The Debtor's Monthly Disposable Income allows for the payment of
all secured, priority, administrative and undisputed secured claims
to be paid in full.
This Plan of Reorganization proposes to pay creditors of the Debtor
from cash flow operations.
North Mill Equipment Financing and U.S. Bank Trust Company are
secured creditors. The City of Philadelphia Water Department has a
priority claim that will be paid in full.
The priority claim of the Philadelphia Water Department will be
paid in full. All Administrative claimants will be paid in full.
Non-priority unsecured creditors holding allowed claims will
receive distributions, which the proponent of this Plan has valued
at approximately 10%.
Class 1 Priority and Administrative Claims will be paid in full, in
cash, upon the later of the effective date of this Plan, or the
date on which such claim is allowed by a final non-appealable.
Priority Claims: Philadelphia Water Department (Claim #6-1) to be
paid in full.
$20,000.00 to be paid to the Debtor's Counsel
$5,000.00 to be paid to the Subchapter V trustee
$20,000.00 to be paid to the Debtor's accountant
Class 2 Secured Claims to be paid in full:
* Mill Equipment Financing: (Claims 2-1; 3-1) all arrears to
be paid in full and regular monthly payments to be timely paid.
* U.S. Bank Trust Company: Arrears to be paid in full and
regular monthly payments to be timely paid.
Class 3 Unsecured Claims be paid at .10 on the dollar. (Headway
Capital: Claim 1-1; Expansion Capital Claim 4-1 and Pilot J Flying
Claim 8-1) Claim 7-1 BMW is not a creditor to the Debtor.
The Debtor will fund the Plan from the income from its regular
business operations.
A full-text copy of the First Amended Plan of Reorganization dated
December 18, 2024 is available at https://urlcurt.com/u?l=z4SkW6
from PacerMonitor.com at no charge.
About G & T 5206 Investments
G & T 5206 Investments, LLC filed its voluntary petition for relief
under Chapter 11 of the Bankrutpcy Code (Bankr. E.D. Pa. Case No.
24-13262) on Sept. 13, 2024, listing up to $1 million in both
assets and liabilities.
Judge Patricia M. Mayer oversees the case.
The Debtor tapped Center City Law Offices, LLC as counsel and J.
Gleason Associates, LLC as accountant.
GA EXPRESSTRANS: Sec. 341(a) Meeting of Creditors on January 27
---------------------------------------------------------------
On December 20, 2024, GA Expresstrans LLC filed Chapter 11
protection in the U.S. Bankruptcy Court for the Middle District of
Florida . According to court filing, the Debtor reports between
$100,001 and $500,000 in debt owed to 1 and 49 creditors. The
petition states funds will be available to unsecured creditors.
A meeting of creditors under Section 341(a) to be held on January
27, 2025 at 11:00 AM. U.S. Trustee (Orl) will hold the meeting
telephonically. Call in Number: 877-801-2055. Passcode: 8940738#.
About GA Expresstrans LLC
GA Expresstrans LLC is a limited liability company.
GA Expresstrans. LLC sought protection under Chapter 11 of the
U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-06938) on December
20, 2024, with $0 to $50,000 in assets and $100,001 to $500,000 in
liabilities.
Honorable Bankruptcy Judge Lori V. Vaughan handles the case.
The Debtor is represented by:
Daniel A Velasquez, Esq.
Latham, Luna, Eden & Beaudine, LLP
201 S. Orange Ave., Ste. 1400
Orlando, FL 32801
P: 407-481-5800
Fax: 407-481-5801
GABHALTAIS TEAGHLAIGH: Updates Administrative & Tax Claims Pay
--------------------------------------------------------------
Gabhaltais Teaghlaigh LLC submitted a Second Amended Disclosure
Statement describing Second Amended Chapter 11 Plan dated December
19, 2024.
The Debtor intends to pay all creditors in accordance with the
requirements of the Bankruptcy Code, and chapter 11 in particular.
Said payments will be made by the liquidation of some of the
properties the Debtor currently owns in addition to cash on hand.
The Torrington, CT, property has already been sold, and the surplus
proceeds are being held in a separate Debtor-in-Possession bank
account. The surplus proceeds will be used to pay any deficiencies
on secured claims first, then to unsecured general claimants.
In addition, Enterprise and Gabteag have agreed on a path forward
which includes the sale of the Lowell property which will pay
Enterprise in full. A sale has been approved by the bankruptcy
court and closing is anticipated in early 2025 after the purchaser
has conducted due diligence regarding its plans for the property.
The sale terms require the closing of the sale be no later than Nov
2025 and could close as early as March of 2025. This timeline meets
the timeline of this plan and is within 12 months.
The Implementation of the Plan does not rely solely on the outcome
of GabTeag's adversary proceeding against Synergy and/or OHP, LLC.
GabTeag has been successful in its legal claims against Synergy and
OHP, LLC, thus far. Should GabTeag not prevail in the pending
appeal, this plan will be further amended.
The Debtor depends on recurring monthly revenue from its business,
specifically the rents from the Lowell property at present. Those
projections show that the Debtor is capable of operating well into
the future and generating sufficient funds to perform its
obligations under the Plan and continuing without the need for
further financial reorganization.
Because the debtor has sold the Torrington property and intends to
sell the "Synergy" properties if successful in the Adversary
Proceeding, the only remaining property producing income as of the
likely date of confirmation is the Lowell property.
Payment of Administrative Claims
Unless otherwise agreed, provided in the Plan, or ordered by the
court, allowed Administrative Claims will be paid in cash, in full,
in the amount allowed by an Order of the Bankruptcy Court or as may
be negotiated between the debtor and the claimant(s), no more than
thirty days after the confirmation order becomes final and
non-appealable. The payments contemplated by the Plan will be
deemed conclusively to constitute full satisfaction of Allowed
Administrative Claims. Such Claims will be paid by the
approximately $456,000+/- from the sale of the Synergy properties.
Any claimant that refuses to accept payments authorized by the
court will be deemed to have forfeited its right to receive any
future payments. Administrative Claims include any post-petition
fees and expenses allowed to Professionals employed upon Court
authority to render services to the Debtor during the course of the
chapter 11 case.
Payment of Tax Claims
Unless otherwise agreed, provided in the Plan, or ordered by the
court (such as by disallowance), claims made by governmental taxing
authorities, if any, will be paid in cash, in full, in accordance
an Order of the Bankruptcy Court, within thirty days of
confirmation. Such Claims will be paid by the approximately
$456,000+/- from the sale of the Synergy properties. It is expected
that any monies owed to the tax claimants will be well below
existing Claims, if any. However, the cash from the sale of the
Torrington, CT, property is expected to provide enough cash to pay
the claims, but if not, the claim(s) will be paid over time from
the rents from the Lowell property, but only after the expenses
related to the Lowell property are paid and until the Lowell
property is sole.
The sum total of general unsecured claims (other than Synergy) is
$64,211.91. Any scheduled secured creditors relating to the
"Synergy properties" were paid through foreclosure or upon
information and belief, assigned their claim to another entity
(e.g., Rockland Trust Bank assigned to OHP (a/k/a Raman Singh)).
Any creditor scheduled in the amount of $0.00 is not an allowed
claim.
Gabteag has come to an agreement with the general unsecured
claimants for a 50% reduction of monies owed which will be
disbursed along with a release of claim 30 days after approval of
the Plan of Reorganization by the Court. These monies will be taken
from the Torrington Bank Account which currently has a balance of
over $100,000. The sum total of the settlement amount to the
general unsecured claimants is $30,893.
* Eversource's unsecured claim amount of $4,669 shall be
reduced to $2,335 with a release of any claim upon payment.
* Amguard Insurance Company's unsecured claim amount of
$11,328 shall be reduced to $5,664 with a release of any claim upon
payment. Amguard shall also dismiss its civil case against the
Debtor, with prejudice, upon payment.
* Stedronsky & Meter's unsecured claim amount of $8,272 and
$3,658 shall be reduced to $4,136 and $1,829 with a release of any
claim upon payment.
* National Grid's unsecured claim amounts of $31,255 and
$2,337 and shall be reduced to $15,627 and $1,168 with a release of
any claim upon payment.
* Narragansett Electric's unsecured claim amount of $2,690
shall be reduced to $1,345 with a release of any claim upon
payment.
Payment of all funds owed to unsecured general claimants will be
used from the Torrington escrow account. Payment to Enterprise in
accordance with the agreement will come from the sale of the Lowell
property. If necessary, funds from rents collected from the Lowell
property will also be used, but only after expenses relating to the
Lowell property are paid.
A full-text copy of the Second Amended Disclosure Statement dated
December 19, 2024 is available at https://urlcurt.com/u?l=HRnz0z
from PacerMonitor.com at no charge.
Attorney for the Debtor:
David G. Baker, Esq.
236 Huntington Avenue Room 317
Boston, MA 02115
Email: david@bostonbankruptcy.org
Telephone: (617) 367-4260
About Gabhaltais Teaghlaigh
Gabhaltais Teaghlaigh, LLC, is a real estate rental company that
immediately prior to the petition date, owned 6 residential or
commercial properties.
Gabhaltais Teaghlaigh sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 22-10839) on June
15, 2022. In the petition filed by Virginia Hung, as member,
Gabaltais Teaghlaigh LLC listed under $50,000 in both assets and
liabilities.
The case is assigned to Judge Christopher J. Panos.
David G. Baker, at Baker Law Offices, is the Debtor's counsel.
GALAXY NEXT: To Sell Intellectual Property to B. Ehlert
-------------------------------------------------------
Galaxy Next Generation, Inc., seeks approval from the U.S.
Bankruptcy Curt for the Northern District of Georgia, Gainesville
Division, to sell Intellectual Property (IP) in an escrow
arrangement to creditor Bradley Ehlert.
On or about November 22, 2024, the Debtor filed its First Amended
Plan of Reorganization, which incorporates the proposed Ehlert
Settlement with inter alia, on the Effective Date of the Plan the
Debtor and/or Reorganized Debtor would transfer and assign to
Ehlert certain intellectual property of the Debtor.
The deadline to provide Ehlert an opportunity to inspect the
Subject IP was December 17, 2024, however, prior to date, issues
arose between the parties about the scope of the inspection to be
permitted and the procedures for conducting the inspection. As a
result, Ehlert has not yet inspected the Subject IP and is not in
position to confirm that it complies with the requirements of the
Ehlert Settlement.
To resolve the issues which have arisen concerning the inspection
of the Subject IP, the parties have negotiated the terms of a
proposed Consent Order.
The Subject IP would be delivered to counsel for Ehlert, pursuant
to an agreed upon schedule, to be held in escrow pursuant to the
terms of the Consent Order.
Counsel for Ehlert would be permitted to grant immediate access to
the Subject IP in order to inspect it and determine if he will
accept the Subject IP and consummate the Ehlert Settlement in
accordance with the Plan.
On or before the earlier to occur of a 5 business days prior to the
continued Confirmation Hearing, or (b) January 29, 2024, Ehlert
would notify the Debtor in writing of his decision and
contemporaneously therewith file his ballot accepting or rejecting
the Plan.
If Ehlert notifies the Debtor that the Subject IP is acceptable,
and votes in favor of the Plan, then upon the Plan being confirmed
and becoming Effective counsel for Ehlert shall be authorized
immediately to transfer all the Subject IP to Ehlert out of escrow
pursuant to the Plan.
If Ehlert notifies the Debtor that the Subject IP is not
acceptable, votes against the Plan, fails to provide notice on or
before the above Notice Deadline, or if the Plan is not confirmed,
then counsel for Ehlert shall immediately return to the Debtor all
the Subject IP, shall not retain any copies of the Subject IP, and
thereafter Ehlert shall have no rights to utilize all or any
portion of the Subject IP.
About Galaxy Next Generation, Inc.
Galaxy Next manufactures and distributes interactive learning
technologies and enhanced audio solutions within commercial and
educational markets.
Galaxy Next Generation, Inc., in Toccoa, GA, filed its voluntary
petition for Chapter 11 protection (Bankr. N.D. Ga. Case No.
24-20552) on May 9, 2024, listing as much as $10 million to $50
million in both assets and liabilities. Magen McGahee as CFO,
signed the petition.
SCROGGINS & WILLIAMSON, P.C., serves as the Debtor's legal counsel
GLUCOTRACK INC: Falls Short of Nasdaq's Bid Price Requirement
-------------------------------------------------------------
Glucotrack, Inc. disclosed in a Form 8-K filed with the Securities
and Exchange Commission that on Dec. 31, 2024, Nasdaq Stock Market
LLC notified the Company that for at least the last 30 consecutive
business days, the bid price for the Company's common stock had
closed below the minimum $1.00 per share requirement for continued
inclusion on the Nasdaq Capital Market pursuant to Nasdaq Listing
Rule 5550(a)(2).
In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company
has a compliance period of 180 calendar days, or until June 30,
2025, to regain compliance with the Bid Price Rule. If at any time
before June 30, 2025, the bid price of the Company's common stock
closes at $1.00 per share or more for a minimum of ten consecutive
business days, Nasdaq will provide the Company with a written
confirmation of compliance with the Bid Price Rule and the matter
deemed closed.
If the Company does not regain compliance with the Bid Price Rule
by June 30, 2025, the Company may be eligible for an additional
180-day compliance period. To qualify, the Company would be
required to meet 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 Bid Price
Rule, and would need to provide written notice of its intention to
cure the bid price deficiency during the second compliance period,
by effecting a reverse stock split, if necessary.
If the Company does not regain compliance with the Bid Price Rule
when required, Nasdaq will provide written notification to the
Company that its common stock is subject to delisting. At that
time, the Company may appeal the delisting determination to a
Nasdaq hearings panel.
The notice from Nasdaq has no immediate effect on the listing of
the Company's common stock, and its common stock will continue to
be listed on the Nasdaq Capital Market under the symbol "GCTK".
The Company is currently evaluating its options for regaining
compliance. While there can be no assurance that the Company will
regain compliance with the Bid Price Rule, the Company expects to
cure this deficiency within the 180 day period.
About GlucoTrack Inc.
Rutherford, N.J.-based GlucoTrack, Inc. is focused on the design,
development, and commercialization of novel technologies for people
with diabetes. The Company is currently developing an Implantable
CBGM for those with Type 1 diabetes and insulin-dependent Type 2
diabetes.
Tel-Aviv, Israel-based Fahn Kanne & Co., Grant Thornton Israel, the
Company's auditor since 2010, issued a "going concern"
qualification in its report dated March 28, 2024, citing that the
Company has incurred net losses and negative cash flows from its
operations and comprehensive loss since its inception and as of
December 31, 2023, there is an accumulated deficit of
[$109,853,000]. These conditions, along with other matters, raise
substantial doubt about the Company's ability to continue as a
going concern.
GOKADA INC: Unsecureds to Get Share of Plan Fund in Two-Option Plan
-------------------------------------------------------------------
Gokada Inc. filed with the U.S. Bankruptcy Court for the District
of Delaware an Amended Plan of Reorganization under Subchapter V
dated December 18, 2024.
The Debtor is a Delaware corporation whose primary asset is the
100% ownership interest Rides. Rides currently operates exclusively
in Lagos State, Nigeria.
The Plan is structured in the alternative and will be implemented
by either the Equity Contribution Plan or the Sale wherein a Plan
Fund will be established by either:
* Contributions made by (1) existing Equity Interest Holders
in the Debtor; and/or (2) Convertible Note Holders, each in
exchange for new shares of stock in the Reorganized Debtor ("Equity
Contribution Plan"). The Equity Contribution Plan requires a
minimum threshold of at least $200,000 be raised by participating
Equity Interest Holders and/or Convertible Note Holders; if
$200,000 is not contributed then the Equity Contribution Plan will
not be exercised and the Sale Plan will be implemented; or
* Sale proceeds from the sale of the Debtor's interests in
Rides ("Sale Plan").
In the first instance, the Equity Contribution Plan will only be
operative to the extent that the sum of not less than $200,000 is
contributed by participating Equity Interest Holders and
Convertible Note Holders. If there is insufficient commitment by
existing Equity Interest Holders and Convertible Note Holders to
the funding of not less than $200,000 (i.e., minimum contribution
threshold), the Debtor, in the second instance, will toggle and
convert to the Sale Plan, and sell all of its right, title, and
interests to and in Rides to the party with the highest and best
offer.
Under either alternative of the Plan, the Plan Fund and, if
applicable, the Debtor's Disposable Income, if any, will be
utilized to fund creditor payments to holders of Allowed Claim in
accordance with Bankruptcy Code Priorities as set out in and
subject to the Plan.
The Plan provides for full payment of Administrative Expenses
(including Professional Fees) and Priority Claims and projects a
pro-rata distribution of the remaining Plan Fund to holders of
Allowed General Unsecured Claims.
Under the Equity Contribution Plan, on the Effective Date, the
Debtor will be deemed the Reorganized Debtor and new shares of
stock in the Reorganized Debtor will be issued to those Equity
Interest Holders and/or Convertible Note Holders that agreed to
contribute funds, and actually contributed funds, within the
timeframes set forth herein, to the Reorganized Debtor.
Under the Sale Plan, the Debtor will sell all of its right, title,
and interests in and to Rides and utilize the sale proceeds to
establish the Plan Fund, which then will be distributed in
accordance with this Plan and in the order of applicable Bankruptcy
Code Priorities.
Under either alternative of the Plan, all shares in the Debtor and
all convertible promissory notes and convertible promissory note
purchase agreements will be canceled upon the Effective Date.
Class 3 consists of General Unsecured Claims. Scheduled general
trade debt of approximately $130,509.27. Under either the Equity
Contribution Plan or the Sale Plan, and except to the extent that a
Holder of a General Unsecured Claim agrees to a different
treatment, each Holder of an Allowed General Unsecured Claim shall
receive, in full and final settlement, discharge and release of,
and in exchange for such Allowed General Unsecured Claim, its pro
rata share of the balance remaining in the Plan Fund after payments
have been made in Cash in full to Administrative Claims,
Professional Fees (including to the Subchapter V Trustee), and
Priority Claims up to the full amount of such Allowed General
Unsecured Claim.
In addition, to the extent the Debtor implements the Equity
Contribution Plan and seeks to confirm the Plan pursuant to Section
1191(b) of the Bankruptcy Code, the Debtor will commit all of its
projected disposable income for a period of 3 years commencing on
the Effective Date, to be distributed on a pro rata basis in
quarterly installments to Holders of Allowed General Unsecured
Claims up to the full amount of such Allowed General Unsecured
Claim.
Class 4 consists of Equity Interests in the Debtor. All issued
shares in Gokada, Inc., whether common or preferred shares, shall
be canceled on the Effective Date.
Option 1 Equity Contribution Plan
All Convertible Note Holders in Classes 3a and 3b and Equity
Interest Holders in Class 4 shall have the option to contribute
Cash in exchange for the issuance of new shares in the Reorganized
Debtor, which Cash contributions must aggregate not less than
$200,000. If the minimum threshold of $200,000 is met, then new
shares will be issued in a pro rata matter in relation to the
amount contributed by a Convertible Note Holder and/or an existing
Equity Interest Holder (numerator) over the total amount
contributed (denominator) by all participating Convertible Note
Holders or existing Equity Interest Holders.
Equity Interest Holders who elect to contribute Cash to the
Reorganized Debtor in exchange for shares in the Reorganized Debtor
must notify the Debtor of: (1) their intention to make a Cash
contribution, (2) the total amount of their Cash contribution, and
(3) provide proof of financial wherewithal to make the Cash
contribution on or before January 17, 2025. The Cash contribution
must be fully funded to Debtor's counsel's escrow account on or
before January 24, 2025.
To the extent the aggregate Cash contribution is less than
$200,000, participating Equity Interest Holders who have funded
their Cash contribution shall have their Cash contribution returned
to them.
Option 2 Sale Plan
If the minimum threshold is not contributed by the existing Equity
Interest Holders and Convertible Note Holders, then Option 1 will
not be exercised and the Sale Plan will be implemented. Under the
Sale Plan, the minimum bid will be $200,0006 plus any additional
amounts needed to pay all Administrative Claims, including
Professional Fees, in full, (or on such other terms as agreed to
with the Administrative Claimants or court order) under the terms
and conditions of the Plan. Equity Interest Holders will not be
entitled to any distribution from the Plan Fund.
Under either alternative of the Plan, the Plan Fund and, if
applicable, the Debtor's Disposable Income, if any, will be
utilized to fund creditor payments to holders of Allowed Claims in
accordance with Bankruptcy Code Priorities as set out in and
subject to the Plan.
A full-text copy of the Amended Plan of Reorganization dated
December 18, 2024 is available at https://urlcurt.com/u?l=PXyW3F
from PacerMonitor.com at no charge.
Counsel for the Debtor:
Lori A. Schwartz, Esq.
Clement Yee, Esq.
LEECH TISHMAN
ROBINSON BROG, PLLC
One Dag Hammarskjold Plaza
885 Second Avenue, 3rd Floor
New York, NY 10022
Telephone: (212) 603-6300
Email: lschwartz@leechtishman.com
Email: cyee@leechtishman.com
-and-
Gregory W. Hauswirth, Esq.
CAROTHERS & HAUSWIRTH LLP
1007 N. Orange Street, 4th Floor
Wilmington, DE 19801
Telephone: (302) 990-4850
Email: ghauswirth@ch-legal.com
About Gokada Inc.
Gokada Inc. is a mile delivery service in Nigeria.
Gokada Inc. sought relief under Subchapter V of Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-12377) on October
18, 2024, with total assets of $564,132 and total liabilities of
$5,436,522. Olutosin Oni, chief executive officer, signed the
petition.
Gregory W. Hauswirth, at Carothers & Hauswirth, LLP, is
representing the Debtor.
HACKENSACK BREWING: Unsecureds Will Get 3% of Claims over 60 Months
-------------------------------------------------------------------
Hackensack Brewing, LLC and Michael R. Jones filed with the U.S.
Bankruptcy Court for the District of New Jersey a Joint Plan of
Reorganization for Small Business dated December 19, 2024.
Hackensack Brewing is a New Jersey limited liability company formed
in 2017. It operates a beer brewery and taproom at its location at
78 Johnson Avenue, Hackensack NJ. It sells beer for on-site
consumption and in take-home packages to customers at its taproom
location.
The Individual Debtor Michael R. Jones resides at is the managing
member of Hackensack Brewing and holds a 61.4% membership interest
in the company. The other members are Alexander Ferenczi (24.1%)
and Herbert Barr (14.5%). In November, 2023 the company redeemed
the 14.5% membership interest of a fourth member, Irfan Qureshi.
The Debtors propose to pay the holders of all allowed
administrative claims, including the administrative claims of the
Debtors' professionals and the Subchapter V Trustee, and the
administrative claim asserted by the New Jersey Department of Labor
(the "NJDOL") against Hackensack Brewing in the amount of
$2,220.67, in full, on the later of (i) the Effective Date of the
Plan; (ii) allowance of the claim(s) or (iii) in accordance with
any agreement between the Debtors and the holder(s) of the
claim(s).
The Individual Debtor proposes to pay the allowed priority domestic
support obligation claim of Allison Jones in full, on the effective
date of the plan.
The Debtors propose to pay the allowed priority tax claim of the
Internal Revenue Service (the "IRS") against Hackensack Brewing in
the amount of $44,608.05, over five years at 8% interest, in
monthly installments of $904.49.
The Debtors propose to pay the priority portion of the tax claim
asserted by the United States Alcohol & Tobacco Tax & Trade Bureau
against Hackensack Brewing in the amount of $18,041.49, over five
years at 6% interest, in monthly installments of $348.79. The
Debtors propose to pay the allowed priority tax claim of the State
of New Jersey, Division of Taxation, which is asserted against both
Hackensack Brewing and the Individual Debtor in the amount of
$30,545.94, over five years at 11.5% interest, in monthly
installments of $672.00.
Hackensack Brewing's personal property (except vehicles) is covered
by security interests covering its personal property (except
vehicles) held by Trenton Business Assistance Corporation (the
"TBAC"), which is listed on the Hackensack Brewing's schedules as
holding a secured claim in the amount of $130,853.17, and the US
Small Business Association (the "SBA"), which asserts a claim in
the amount of $537,063.31. The value of the personal property
securing the claims is $239,984.95. The Debtors propose to pay the
allowed claim of the TBAC in full with annual interest, over a
sixty-month term, in monthly installments. The Debtors propose to
pay the $109,131,78 secured portion of the SBA's claim with 3.75%
annual interest, over a sixty-month term, in monthly installments
of $1,997.54. The Debtors propose to treat the balance of the SBA's
claim as a general unsecured claim.
The Debtors propose to treat all other allowed claims against
Hackensack Brewing, including any deficiency claim of the SBA, as
general unsecured claims. The Debtors will distribute the amount of
$18,000.00 over a sixty-month period toward the holders of general
unsecured claims; the holders of such claims will share in the fund
pro rata.
The Debtors propose to treat all other allowed claims against the
Individual Debtor, including any claims against Hackensack Brewing
that are guaranteed by the Individual Debtor, as general unsecured
claims against the Individual Debtor. The Individual Debtors will
distribute the amount of $18,000.00 over a sixty-month period
toward the holders of such unsecured claims; the holders of such
claims will share in the fund pro rata.
Class 4 consists of allowed general unsecured claims against
Hackensack Brewing. Claimants to share pro rata in a total fund of
$18,000.00. Commencing 90 days after the Effective Date, for a
period of 60 months, the Debtors will make the monthly payments in
the amount of $300.00 toward the fund for payment of Class 4
Claims. The Debtors propose to distribute the fund to the holders
of allowed Class 4 claims monthly. However, if the monthly payment
due any holder of an allowed Class 4 Claim from the fund is less
than $10.00, the Debtors may elect to distribute the full amount of
the claimant's share of the fund in a single payment. This Class
will receive a distribution of 3% of their allowed claims.
Class 5 consists of allowed general unsecured claims against
Individual Debtor. Claimants to share pro rata in a total fund of
$18,000.00. Commencing 90 days after the Effective Date, for a
period of 60 months, the Debtors will make the monthly payments in
the amount of $300.00 toward the fund for payment of Class 5
Claims. The Debtors propose to distribute the fund to the holders
of allowed Class 5 claims monthly. However, if the monthly payment
due any holder of an allowed Class 5 Claim from the fund is less
than $10.00, the Debtors may elect to distribute the full amount of
the claimant's share of the fund in a single payment. This Class
will receive a distribution of 3% of their allowed claims.
Hackensack Brewing will fund the payments to the priority tax
claims and Classes 1, 2 and 4 by contributing post-confirmation
income realized through its operations.
The Individual Debtors will fund the payments to Class 5 by
contributing post-confirmation income realized through their
employment.
A full-text copy of the Joint Plan dated December 19, 2024 is
available at https://urlcurt.com/u?l=kgnHNN from PacerMonitor.com
at no charge.
Counsel to Hackensack Brewing, LLC:
Norgaard O'Boyle & Hannon
Brian G. Hannon, Esq.
184 Grand Avenue
Englewood, NJ 07631
(201) 871-1333
Counsel to Michael R. Jones:
McDonnell Crowley, LLC
John M. McDonnell, Esq.
115 Maple Avenue
Red Bank, NJ 07701
(732) 383-7233
About Hackensack Brewing
Hackensack Brewing, LLC operates a beer brewery and taproom at its
location at 78 Johnson Avenue, Hackensack NJ.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. N.J. Case No. 24-19325) on Sept. 20,
2024, with $100,001 to $500,000 in assets and $500,001 to $1
million in liabilities.
Judge Stacey L. Meisel oversees the case.
Brian Gregory Hannon, at the Law Office of Norgaard O'Boyle, is
serving as the Debtor's bankruptcy counsel.
HARVEST NUTRITION: U.S. Trustee Unable to Appoint Committee
-----------------------------------------------------------
The U.S. Trustee for Region 20 disclosed in a court filing that no
official committee of unsecured creditors has been appointed in the
Chapter 11 case of Harvest Nutrition, LLC.
About Harvest Nutrition
Harvest Nutrition, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 24-11224) on November
27, 2024, with as much as $50,000 in both assets and liabilities.
Judge Mitchell L. Herren presides over the case.
Shaun Colglazier Huff, Esq., at Hagerman & Colglazier, LLC
represents the Debtor as legal counsel.
HEALTHCARE HOLDINGS: Gets Final Approval to Use Cash Collateral
---------------------------------------------------------------
Healthcare Holdings of Florida, LLC and its affiliates received
final approval from the U.S. Bankruptcy Court for the Southern
District of Florida, Fort Lauderdale Division to obtain
debtor-in-possession financing from and use the cash collateral of
INB, National Association.
"The [companies] do not have sufficient unencumbered cash or other
assets to continue to operate their business during the Chapter 11
cases or to effectuate a reorganization absent approval of the
proposed DIP financing and use of the cash collateral," Judge Scott
Grossman wrote in his order.
INB was granted first-priority liens and security interests in all
assets of the companies used as collateral for the DIP loan. These
assets do not include claims or causes of action pursuant to
Chapter 5 of the Bankruptcy Code.
In the event such protection provided to INB is not enough to
preserve the value of its collateral, then the secured lender will
be granted a superpriority claim, with priority over all claims
allowed under Section 507(a) of the Bankruptcy Code.
About Healthcare Holdings of Florida
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.
ICEY-TEK USA: Seeks to Hire BMC Tax LLC as Accountant
-----------------------------------------------------
Icey-Tek USA LLC seeks approval from the U.S. Bankruptcy Court for
the Western District of Tennessee to employ Brandyn Cox and BMC
Tax, LLC to assist in its bookkeeping and related services.
BMC will receive a monthly flat fee not to exceed $375. Other
services, including consultation, tax return preparation and other
services will be billed at an hourly rate of $150.
Brandyn Cox, president of BMC Tax, LLC assured the court that the
firm does not hold or represent any interest adverse to the Debtor,
and that he is a "disinterested person" within the meaning of Sec.
104 and Sec. 1195 of the U.S. Bankruptcy Code.
The firm can be reached through:
Brandyn Cox
BMC Tax, LLC
111 Peachtree Lane
Swanton, OH 43558
Tel: (419) 705-8893
About Icey-Tek USA LLC
Icey-Tek USA, LLC, a company in Dresden, Tenn., sought relief under
Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D.
Tenn. Case No. 24-11470) on November 2, 2024, with $500,000 to $1
million in assets and $1 million to $10 million in liabilities.
Patrick Mudge, president of Icey-Tek USA, signed the petition.
Judge Jimmy L. Croom handles the case.
The Debtor is represented by Steven N. Douglass, Esq., at Harris
Shelton, PLLC.
IGNITE OPTICS: Sec. 341(a) Meeting of Creditors on January 22
-------------------------------------------------------------
On December 19, 2024, Ignite Optics Communications, LLC filed
Chapter 11 protection in the U.S. Bankruptcy Court for the District
of Colorado. 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.
A meeting of creditors under Section 341(a) meeting to be held on
January 22, 2025 at 01:00 PM at Telephonic Chapter 11: Phone
888-497-4718, Passcode 6026644#.
About Ignite Optics Communications LLC
Ignite Optics Communications LLC is a telecommunications
engineering firm based in Dumont, Colorado, provides fiber splicing
and telecommunications services to major telecom companies across
the western United States.
Ignite Optics Communications LLC sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 24-1750) on
December 19, 2024. In its petition, the Debtor reports estimated
assets between $100,000 and $500,000 and estimated liabilities
between $500,000 and $1 million.
Honorable Bankruptcy Judge Kimberley H. Tyson handles the case.
The Debtor is represented by:
Keri L. Riley, Esq.
Kutner Brinen Dickey Riley, P.C.
1660 Lincoln Street, Suite 1720
Denver, CO 80264
P: 303-832-2400
INSTITUTE OF ISLAMIC: Voluntary Chapter 11 Case Summary
-------------------------------------------------------
Debtor: Institute of Islamic Studies, Incorporated, a California
Nonprofit Corporation
3420 West Jefferson Boulevard
Los Angeles, CA 90018
Business Description: Institute of Islamic Studies, Incorporated
is a California-based organization that
offers educational programs and resources
related to Islamic studies.
Chapter 11 Petition Date: January 2, 2024
Court: United States Bankruptcy Court
Central District of California
Case No.: 25-10003
Judge: Hon. Julia W Brand
Debtor's Counsel: Robert P. Goe, Esq.
GOE FORSYTHE & HODGES LLP
17701 Cowan
Lobby D, Suite 210
Irvine, CA 92614
Tel: (949) 798-2460
Fax: (949) 955-9437
E-mail: rgoe@goeforlaw.com
Estimated Assets: $10 million to $50 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Saad Aldin Alazzawi as director.
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/5SXNFHI/Institute_of_Islamic_Studies_Incorporated__cacbke-25-10003__0001.0.pdf?mcid=tGE4TAMA
INTRUM AB: Seeks Approval to Hire Porter Hedges as Co-Counsel
-------------------------------------------------------------
Intrum AB seeks approval from the U.S. Bankruptcy Court for the
Southern District of Texas to hire Porter Hedges LLP as Co-Counsel.
The firm will render these services:
a. provide legal advice and services regarding local rules,
practices, and procedures;
b. provide certain services in connection with administration
of these chapter 11 cases, including, without limitation, preparing
agendas, hearing notices, and hearing binders of documents and
pleadings;
c. prepare, review, and comment on proposed drafts of
pleadings to be filed with the Court as bankruptcy co-counsel to
the Debtors;
d. provide legal advice with respect to the Debtors' rights
and duties as debtors in possession and continued business
operations;
e. assist, advise, and represent the Debtors in analyzing the
Debtors' capital structure, investigating the extent and validity
of liens, cash collateral stipulations, or contested matters;
f. assist, advise, and represent the Debtors in any cash
collateral and/or post-petition financing transactions;
g. assist, advise, and represent the Debtors in the
preparation of sale and bid procedures to auction the Debtors'
assets;
h. assist, advise, and represent the Debtors in any manner
relevant to preserving and protecting the Debtors' estates;
i. prepare on behalf of the Debtors all necessary
applications, motions, answers, orders, reports, and other legal
papers;
j. appear in Court and to protect the Debtors' interests
before the Court;
k. perform all other necessary or requested litigation
services;
l. at the request of the Debtors, appear in Court and at any
meeting with the U.S. Trustee and any meeting of creditors at any
given time on behalf of the Debtors as their bankruptcy co-counsel;
and
m. provide other legal advice and services, as requested by
the Debtors, from time to time.
The firm will be paid at these rates:
Partners $520 to $1,100 per hour
Of Counsel $400 to $1,100 per hour
Associates $420 to $805 per hour
Paralegals $310 to $470 per hour
The firm has agreed to a 12 percent discount of its hourly rates in
this case.
The firm received a retainer in the amount of $49,991.
The following is provided in response to the request for additional
information set forth in Paragraph D.1 of the Fee Guidelines:
Question: Did you agree to any variations from, or alternatives
to, your standard or customary billing arrangements for this
engagement?
Response: PH was retained in September 2024 and agreed to a 10%
discount of its standard hourly rates for attorneys and legal
assistants for work performed between the effective date of the
Engagement Letter through the date of filing the initial petition
with the bankruptcy court. The terms of the engagement provided
that upon the filing of a voluntary petition with the bankruptcy
court, the 10% discount expired and PH began billing at its
standard hourly rates for attorneys and legal assistants. PH has
not agreed to any variations from, or alternatives to, its standard
billing arrangements for the post-petition services.
Question: Do any of the professionals included in this
engagement vary their rate based on the geographic location of the
bankruptcy case?
Response: No.
Question: If you represented the client in the 12 months
prepetition, disclose your billing rates and material financial
terms for the prepetition engagement, including any adjustments or
discounts offered during the 12 months prepetition. If your billing
rates and material financial terms have changed post-petition,
explain the difference and the reasons for the difference.
Response: PH was retained in September 2024 and agreed to a 10%
discount of its standard hourly rates for attorneys and legal
assistants for work performed between the effective date of the
Engagement Letter through the date of filing the initial petition
with the bankruptcy court. The terms of the engagement provided
that upon the filing of a voluntary petition with the bankruptcy
court, the 10% discount expired and PH began billing at its
standard hourly rates for attorneys and legal assistants. PH has
not agreed to any variations from, or alternatives to, its standard
billing arrangements for the post-petition services.
John Higgins, Esq., a partner at Porter Hedges, disclosed in a
court filing that the firm is a "disinterested person" as defined
in section 101(14) of the Bankruptcy Code.
The firm can be reached through:
John F. Higgins, Esq.
PORTER HEDGES LLP
1000 Main Street, 36th Floor
Houston TX 77002
Tel: (713) 226-6648
Email: jhiggins@porterhedges.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 Houlihan Lokey UK as Investment Banker
---------------------------------------------------------------
Intrum AB seeks approval from the U.S. Bankruptcy Court for the
Southern District of Texas to hire Houlihan Lokey UK Limited as
financial advisor and investment banker.
The firm's services include:
a. assisting the Client Group with the development,
structuring, negotiation and implementation of any Transaction(s);
b. assisting the Client Group in negotiations with creditors,
prospective lenders or other investors and other persons involved
in any Transaction(s);
c. assisting the Client Group in the development, preparation
and distribution of selected information, documents and other
materials (together, the "Marketing Materials") in an effort to
create interest in and to consummate any Transaction;
d. soliciting and assisting the Client Group in evaluating
indications of interest and proposals regarding any Transaction(s)
from current and/or potential lenders, and/or strategic partners,
provided that this Agreement shall not require Houlihan Lokey to
solicit any formal placing of securities;
e. attending meetings of the Company's Board of Directors and
participating as advisor in negotiations with the Company's
creditors, shareholders and other interested third parties (such as
prospective investors); and
f. undertaking any other analysis and advisory work as may be
requested from time to time by Counsel on behalf of the Client
Group and agreed in writing between ourselves.
The firm will be compensated as follows:
a. Monthly Retainer: a fee of EUR150,000 per month (or any
part thereof) for the term hereof as from (and including) March 8,
2024, the first payment of which shall be payable within the 20
days following the date on which this Agreement is executed and
receipt of correct invoice ("Monthly Retainers"). Payments
thereafter shall be payable one month in arrears 20 days following
receipt of a correct invoice (it being understood that invoices may
be rendered 20 days prior to the end of each monthly period such
that such retainers are due and payable on the date which falls one
month in arrears); plus
B. New Money Fee: upon completion of a Financing, a fee (the
"Financing Fee") equal to 0.75 percent. of the aggregate amount of
'new money' financing legally committed to be provided by
participants therein (irrespective of whether such financing is
fully drawn down at such point in time, whether further drawdown is
subject to satisfaction of further conditions precedent or whether
Houlihan Lokey introduced the source of such financing). For these
purposes 'new money' financing shall include financing to the Group
from any source (such as new or existing lenders to the Group) and
including but not limited to where such financing serves to
refinance any of the existing Financial Indebtedness but excluding,
for the avoidance of doubt, where existing lenders to the Group
effectively 'rollover' their existing exposures whether further to
an exchange offer or otherwise. Such financing may be in any form,
whether debt, equity or hybrid financing; plus
C. Fixed Transaction Fee: upon the completion of a Transaction
other than solely a Financing, a transaction fee (the "Fixed
Transaction Fee") of EUR6,000,000. Such fee shall be payable once
only hereunder; plus
D. Variable Transaction Fee: upon completion of any
Transaction, a further transaction fee (the "Variable Transaction
Fee") equal to 1 percent of the principal amount (including any
accrued interest and fees) of Financial Indebtedness written-off or
otherwise discounted further thereto, whether further to
equitisation thereof (in which case 100 percent of such debt so
equitized shall be deemed written-off), repurchase or exchange
offer (in which latter case Houlihan Lokey and the Company shall,
acting reasonably, calculate and agree any discount effectively
realised further to such offer by means of exchange of Financial
Indebtedness for a financial instrument of lower value (and in the
case of any dispute the parties shall ask that an agreed reputable
third party evaluate such amount at the Company's expense). For the
avoidance of doubt, such exchange offer may be by way of
debt-for-debt, debt-for-asset or other instrument exchange; and
E. Discretionary Fee: upon the completion of a Transaction and
in addition to other fees payable hereunder, a discretionary fee of
up to EUR3,000,000 (the "Discretionary Fee"), payment of which
shall be determined at the entire discretion of the Company.
As disclosed in the court filings, Houlihan Lokey is a
"disinterested person" within the meaning of Bankruptcy Code
section 101(14) and does not hold or represent any interest
materially adverse to the Debtors or their estates.
The firm can be reached through:
Manuel Martínez-Fidalgo
Houlihan Lokey UK Limited
One Curzon Street
London, W1J 5HD
United Kingdom
Tel: +44 (0) 20 7747 2763
Fax: +44 (0) 20 7839 5566
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 plas 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 percent of the total commitments under the
RCF (the "RCF Steerco Group").
IRECERTIFY LLC: Seeks to Hire Rogers and Russell as Counsel
-----------------------------------------------------------
iRecertify, LLC seeks approval from the U.S. Bankruptcy Court for
the District of Utah to employ Rogers and Russell, PLLC and Alta
Legal LLC as counsel.
The firm's services include:
a. advising the Debtor regarding its powers and duties;
b. taking all necessary actions to protect and preserve the
estate of the Debtor;
c. assisting in preparing legal papers;
d. representing the Debtor in all appearances;
e. assisting in presenting the Debtor's proposed plan of
reorganization and all related transactions;
f. representing the Debtor at the hearing on plan confirmation
and all related matters; and
g. providing other legal services, which may be necessary.
The firm will be paid at these rates:
Partners $400 per hour
Associates $300 per hour
Paraprofessionals $175 per hour
In addition, the firm will be reimbursed for out-of-pocket expenses
incurred.
The retainer is $20,000.
Steven Rogers, Esq., a partner at Rogers and Russell, 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:
Steven M. Rogers, Esq.
Nicholas R. Russell, Esq.
Rogers and Russell, PLLC
170 S. Main Street
Pleasant Grove, Utah 84062
Tel: (801) 899-6064
Fax: (801) 210-5388
Email: paralegal@roruss.com
About iRecertify, LLC
IRecertify, doing business as Warehouse B, is a merchant wholesaler
of professional and commercial equipment and supplies.
IRecertify sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D. Utah Case No. 24-25156) on Oct. 7, 2024. In the
petition filed by Brett Kitson, as managing member, the Debtor
estimated assets between $100,000 and $500,000 and estimated
liabilities between $1 million and $10 million.
The Debtor is represented by Russell S. Walker, Esq. at PEARSON
BUTLER PLLC.
KIDDE-FENWAL INC: Unsecureds to Get Share of GUC Liquidating Trust
------------------------------------------------------------------
KFI Wind-Down Corp. f/k/a Kidde-Fenwal, Inc., filed with the U.S.
Bankruptcy Court for the District of Delaware a Disclosure
Statement for Second Amended Plan of Liquidation dated December 20,
2024.
Prior to the closing of the sale of substantially all its assets,
the Debtor was a U.S.-based manufacturing company located in
Ashland, Massachusetts.
Since being formed as a Delaware corporation in 1987, the Debtor
continuously owned and operated numerous lines of business related
to industrial fire detection and suppression, as well as
temperature control products and products to light and control gas
burners. The Debtor's business was primarily comprised of two
lines: Kidde Fire Systems ("KFS") and Fenwal Controls.
The Plan and this Disclosure Statement are being filed in
accordance with the Plan Support Agreement, which was entered into
on October 18, 2024 by and among the Debtor, Carrier, the Committee
and the MDL PEC Co-Leads (together, such parties, the "Settling
Parties"). The Plan Support Agreement and the settlements and
comprises contained therein were reached following 10 months of
good faith, arm's-length mediation.
As contemplated by the Plan Support Agreement, pursuant to, and
subject to the terms and conditions of, the Estate Claims
Settlement Agreement, which is described further in Article III.N,
Carrier shall pay a $540 million guaranteed cash payment (the
"Guaranteed Cash Payment"), split across five payments over five
years, into the Primary AFFF Settlement Trust established pursuant
to the Plan in exchange for: (i) the resolution, mutual waiver and
full and final release of any and all Released Claims capable of
being asserted against Carrier and certain other Released Parties
by or on behalf of the Debtor or its Estate (the "Estate Claims
Settlement") and (ii) a share of the proceeds from the sale of the
Debtor's assets and its settlement or recovery under the Insurance
Policies.
Pursuant to the Plan and the Settlement Trust Documents, AFFF
Claims against the Debtor or its Estate will be channeled to the
Primary AFFF Settlement Trust and administered by the Primary AFFF
Settlement Trust or the Sovereign State AFFF Settlement Trust, as
applicable. The Primary AFFF Settlement Trust will be funded with
the Guaranteed Cash Payment and certain rights to recoveries under
the Insurance Policies. The Plan Support Agreement also provides
for a separate settlement of certain direct claims against Carrier
in the AFFF MDL, which settlement will be subject to approval in
the AFFF MDL. Approval of such settlement is not a condition to
confirmation of the Plan in this Chapter 11 Case.
The Debtor and its advisors developed bidding and auction
procedures in order to market and sell the Debtor's operating
business, including the KFS business line and the Fenwal Controls
business line (collectively, the "Businesses") in this Chapter 11
Case in an orderly and value-maximizing manner (the "Bidding
Procedures").
The Debtor's marketing process ultimately yielded a bid (the "Bid")
from Buyer, which the Debtor, in consultation with the Consulting
Professionals (as defined in the Bidding Procedures Order), deemed
to be a Qualified Bid in accordance with the Bidding Procedures. On
March 20, 2024, the Debtor, having received no more than one
Qualified Bid on or prior to the Bid Deadline, cancelled the
auction and declared Buyer as the successful bidder.
As set forth in the Stock and Asset Purchase Agreement, dated as of
April 4, 2024, by and between the Debtor and Buyer (as may be
amended from time to time and together with any schedules and
exhibits thereto, the "Purchase Agreement"), for the Bid, the
consideration for the Businesses (including the Related Assets)
consisted of a base cash purchase price of $140 million plus an
earn-out of up to $60 million in cash, subject to certain
adjustments.
On April 2, 2024, the Bankruptcy Court approved the sale of the
Businesses to Buyer and the Debtor's entry into, and performance
under, the Purchase Agreement and the Contribution Agreement. The
Sale closed on July 1, 2024.
Pursuant to Section 6.13 of the Purchase Agreement, promptly
following the closing of the Sale, the Debtor was required to
change its legal, registered, assumed, trade and "doing business
as" name, as applicable, to a name or names that do not include
names included within the Transferred Intellectual Property (as
defined in the Purchase Agreement), names containing "Kidde,"
"Fenwal," or any confusingly similar names to any of the foregoing.
Accordingly, on June 17, 2024, the Debtor filed the Debtor's Motion
For Entry of an Order Authorizing Modification of Debtor's Name and
Case Caption, requesting authority to change its name from
"Kidde-Fenwal, Inc." to "KFI Wind-Down Corp." and to modify the
caption of the Chapter 11 Case accordingly.
Class 4 consists of all General Unsecured Claims. In full and final
satisfaction, settlement, release and discharge of an Allowed
General Unsecured Claim, each Holder of a General Unsecured Claim
shall be entitled to receive its Pro Rata share of the GUC
Liquidating Trust Allocation with all other Allowed Class 4 Claims.
The sole recourse of any Holder of a General Unsecured Claim on
account of its General Unsecured Claim shall be to the GUC
Liquidating Trust. Claims in Class 4 are Impaired.
Class 6 consists of all Interests. No Holder of an Interest shall
receive any Distributions on account of its Interest. On and after
the Effective Date, all Interests in the Debtor shall be canceled
and shall be of no further force and effect, whether surrendered
for cancelation or otherwise.
During the period from the Confirmation Date through and until the
Effective Date, the Debtor may continue to operate as a
debtor-in-possession, subject to all applicable orders of the
Bankruptcy Court.
On the Effective Date, the Primary AFFF Settlement Trust shall be
funded with the Settlement Trust Assets. From and after the
Effective Date, the Primary AFFF Settlement Trust shall make one or
more Distributions or payments to the GUC Liquidating Trust and the
Sovereign State AFFF Trust, as applicable, pursuant to the
Settlement Trust Documents and in accordance with the Trust
Allocation.
The purpose of the Liquidating Estate is to establish and
distribute the Wind-Down Reserve to administer the wind-down and
dissolution of the Liquidating Estate, with no objective to
continue or engage in the conduct of a trade or business. From and
after the Effective Date, the Liquidating Administrators shall be
vested with all powers and authorities set forth in the Plan and
the Liquidating Administrator Agreement, shall be deemed to have
been appointed as the Estate's representatives pursuant to section
1123(b)(3)(B) of the Bankruptcy Code, and shall have the duties of
a trustee set forth in sections 704(a)(1), 704(a)(2) and 704(a)5)
of the Bankruptcy Code.
The Wind-Down Reserve shall be funded in accordance with the Wind
Down Budget from the following sources: (a) all Remaining Estate
Funds; (b) if the Remaining Estate Funds are exhausted, the Net
Sale Proceeds in an amount necessary to fund the Wind-Down Budget,
provided that, to the extent the Debtor or the Liquidating Estate
withdraws any amounts from the Net Sale Proceeds pursuant to the
foregoing, Carrier shall receive a dollar-for-dollar credit against
the next due installment of the Guaranteed Cash Payment as and to
the extent provided in the Estate Claims Settlement Agreement.
A full-text copy of the Disclosure Statement dated December 20,
2024 is available at https://urlcurt.com/u?l=Vis3RQ from Stretto,
Inc., claims agent.
Counsel to the Debtor:
Andrew G. Dietderich, Esq.
Brian D. Glueckstein, Esq.
Justin J. DeCamp, Esq.
Benjamin S. Beller, Esq.
Julie G. Kapoor, Esq.
Sullivan & Cromwell, LLP
125 Broad Street
New York, NY 10004
Tel: (212) 558-4000
Fax: (212) 558-3588
E-mail: dietdericha@sullcrom.com
gluecksteinb@sullcrom.com
decampj@sullcrom.com
bellerb@sullcrom.com
kapoorj@sullcrom.com
- and -
Derek C. Abbott, Esq.
Andrew R. Remming, Esq.
Daniel B. Butz, Esq.
Tamara K. Mann, Esq.
Scott D. Jones, Esq.
Morris, Nichols, Arsht & Tunnell, LLP
1201 Market Street, 16th Floor
Wilmington, DE 19801
Telephone: (302) 658-9200
Facsimile: (302) 658-3989
Email: dabbott@morrisnichols.com
aremming@morrisnichols.com
dbutz@morrisnichols.com
tmann@morrisnichols.com
sjones@morrisnichols.com
About Kidde-Fenwal Inc.
Kidde-Fenwal Inc. -- https://www.kidde-fenwal.com/ -- manufactures
fire protection systems. It offers products such as fire control
systems, explosion aircraft protection, laser-based smoke detection
devices, electronic gas ignitions, and fire suppressions.
Kidde-Fenwal markets its products to mining, manufacturing,
education, and commercial sectors.
Kidde-Fenwal sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D. Del. Case No. 23-10638) on May 14, 2023. In the
petition filed by its chief transformation officer, James
Mesterharm, the Debtor reported assets between $100 million and
$500 million and estimated liabilities between$1 billion and $10
billion.
The Debtor tapped Sullivan & Cromwell, LLP and Morris Nichols Arsht
& Tunnell, LLP as legal counsels; and Guggenheim Securities, LLC as
investment banker. Stretto, Inc. is the claims and noticing agent
and administrative advisor.
KINGFISH HOLDING: Seeks 15-Day Extension to File Annual Report
--------------------------------------------------------------
Kingfish Holding Corporation filed with the Securities and Exchange
Commission a Form 12b-25 for a 15-day extension for filing its
Annual Report on Form 10-K for the fiscal year ended Sept. 30,
2024.
On April 19, 2024, the Company completed a merger with Renovo
Resource Solutions, Inc. whereby Renovo merged with and into the
Company with the Company as the surviving entity. The Company was
unable to file its Form 10-K within the prescribed time period due
to the auditors inability to timely complete the audit of the
financial statements of the Company and Renovo, including the notes
thereto, for the fiscal year ended Sept. 30, 2024. Such delay
could not be eliminated by the Company without unreasonable effort
and expense. The Company intends to file its Form 10-K on or
before the extended deadline of Jan. 13, 2025.
The Company's financial statements for the fiscal year ended Sept.
30, 2024 will include the financial statements and results of
operations of Renovo.
About Kingfish Holding Corporation
Kingfish Holding Corporation's primary business is to seek a
suitable private company acquisition. The Company has not been
engaged in any other business activity.
"As reflected in the Company's consolidated financial statements,
the Company has an accumulated deficit of $159,364 as of June 30,
2024. The Company has a working capital deficiency of $642,587 at
June 30, 2024 that is insufficient in management's view to sustain
current levels of operations for a reasonable period without
additional financing. These trends and conditions continue to
raise substantial doubt surrounding the Company's ability to
continue as a going concern for a reasonable period. Ultimately,
the Company's ability to continue as a going concern is dependent
upon management's ability to continue to curtail current operating
expense and obtain additional financing to augment working capital
requirements and support acquisition plans. There can be no
assurance that management will be successful in achieving these
objectives or obtain financing under terms and conditions that are
suitable. The accompanying consolidated financial statements do
not include any adjustments associated with these uncertainties,"
said the Company in its Quarterly Report for the period ended June
30, 2024.
Tampa, Florida-based Accell Audit & Compliance, P.A., the Company's
auditor since 2020, issued a "going concern" qualification in its
report dated Dec. 18, 2023, citing that the Company has suffered
recurring losses from operations and negative operating cash flows
since inception. These conditions raise substantial doubt about
its ability to continue as a going concern.
KSN EXPRESS: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: KSN Express Inc.
401 IL 60
Volo, IL 60073
Chapter 11 Petition Date: January 2, 2025
Court: United States Bankruptcy Court
District of Illinois
Case No.: 25-00011
Judge: Hon. Michael B Slade
Debtor's Counsel: Richard N. Golding, Esq.
THE GOLDING LAW OFFICES, P.C.
161 N. Clark Street
Suite 1700
Chicago, IL 60601
Tel: (312) 832-7885
Fax: (312) 755-5720
Email: rgolding@goldinglaw.net
Total Assets: $21,000
Total Liabilities: $3,185,000
The petition was signed by Nataliya Zatkhey as president.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/HNQ7LUA/KSN_Express_Inc__ilnbke-25-00011__0001.0.pdf?mcid=tGE4TAMA
KULR TECHNOLOGY: Announces Collaboration With U.S. Army
-------------------------------------------------------
KULR Technology Group, Inc., announced Dec. 30, 2024, its active
collaboration with the U.S. Army to plan an in-depth evaluation of
the KULR VIBE system for vibration reduction and optimal balance on
AH-64E Apache and UH-60 Black Hawk helicopters. The evaluation is
slated to begin in 2025 and will explore the potential of KULR VIBE
to enhance operational efficiency and safety across these critical
platforms.
The planned 12-month study will be conducted in partnership with
the South Carolina National Guard at McEntire Joint National Guard
Base. It aims to assess how KULR VIBE can contribute to stricter
vibration standards, streamlining track and balance operations,
reducing long-term maintenance costs, and improving aircraft
longevity and reliability. Ultimately, the study seeks to bolster
Army Aviation's operational availability while reducing overall
expenditures.
"KULR is proud to collaborate with the U.S. Army on this
forward-thinking initiative," said Ted Krupp, Vice President of
Sales and Marketing at KULR Technology. "It is an honor to be
entrusted to explore innovative ways to improve operational
availability and cost-efficiency. We are excited by the potential
of KULR VIBE to be a force multiplier for military aviation,
enhancing both reliability and safety while reducing maintenance
overhead."
This collaboration underscores the Army's ongoing commitment to
leveraging advanced technologies to optimize performance and safety
across its aviation fleet. Upon completion of the study, findings
will be published for review, potentially paving the way for
widespread adoption of KULR VIBE across Army Aviation platforms.
About KULR Technology Group
KULR Technology Group Inc. -- www.kulrtechnology.com -- delivers
cutting edge energy storage solutions for space, aerospace, and
defense by leveraging a foundation of in-house battery design
expertise, comprehensive cell and battery testing suite, and
battery fabrication and production capabilities. The Company's
holistic offering allows delivery of commercial-off-the-shelf and
custom next generation energy storage systems in rapid timelines
for a fraction of the cost compared to traditional programs.
Los Angeles, Calif.-based Marcum LLP, the Company's auditor since
2018, issued a "going concern" qualification in its report dated
April 12, 2024, citing that the Company has a working capital
deficit, has incurred losses from operations, and needs to raise
additional funds to meet its obligations and sustain its
operations. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.
LFTD PARTNERS: Board Appoints William Jacobs CPA as Director
------------------------------------------------------------
LFTD Partners Inc. disclosed in a Form 8-K filed with the
Securities and Exchange Commission that on Dec. 19, 2024, the Board
of Directors of the Company appointed William C. "Jake" Jacobs, CPA
to fill a vacancy to serve as the ninth member of LFTD Partners
Inc.'s nine-member Board of Directors. The vacancy was created by
the untimely passing of Robert T. Warrender II earlier this month.
Mr. Jacobs formally accepted the appointment on Dec. 20, 2024.
William C. "Jake" Jacobs, CPA, age 36, has been the president,
chief financial officer and treasurer of LFTD Partners Inc. since
Feb. 27, 2019. Previously, Mr. Jacobs worked in the Assurance
Division of Ernst & Young (doing business as EY), auditing both
publicly traded and privately held companies. Mr. Jacobs graduated
from the University of Southern California, with a double major in
Accounting and Business Administration with a concentration in
Finance. In both 2024 and 2015, Mr. Jacobs won the Gold Medal at
the United States of America Snowboard and Freeski Association
(USASA) National Championships in the Boardercross Snowboard Men's
event, in the Master (30-39) and Senior (23-29) divisions,
respectively. He is also an avid kiteboarder and wakeboarder. Mr.
Jacobs is the son of Chairman and CEO Gerard M. Jacobs and nephew
of director James S. Jacobs.
About LFTD Partners Inc.
Publicly traded LFTD Partners Inc. (OTCQB: LIFD), headquartered in
Jacksonville, Fla., is currently directly or indirectly involved in
the development, manufacture and/or sale or re-sale of a wide
variety of branded, hemp-derived, psychoactive and alternative
lifestyle products, and of products involving, nicotine, tobacco
and marijuana.
Spokane, Wash.-based Fruci & Associates II, the Company's auditor
since 2018, issued a "going concern" qualification in its report
dated March 29, 2024, citing that the Company has an accumulated
deficit, net losses, and is subject to unique regulatory risks and
uncertainties. These factors, among others, raise substantial doubt
about the Company's ability to continue as a going concern.
LOOP MEDIA: Board Fires Marcum as Auditor, Replacement Named
------------------------------------------------------------
Loop Media, Inc., disclosed in a Form 8-K filed with the Securities
and Exchange Commission that on Dec. 30, 2024, Marcum LLP was
dismissed by the Company's Board of Directors as the Company's
independent registered public accounting firm, effective as of that
date. Marcum's report on the Company's consolidated financial
statements as of Sept. 30, 2024, and Sept. 30, 2023, did not
contain an adverse opinion or a disclaimer of opinion, nor was it
qualified or modified as to uncertainty, audit scope or accounting
principles, other than in the year ended Sept. 30, 2024, it
included an explanatory paragraph regarding substantial doubt as to
the Company's ability to continue as a going concern.
The Company said that during the years ended Sept. 30, 2024, and
Sept. 30, 2023, and the subsequent interim period through Dec. 30,
2024, there were no "disagreements" (as such term is defined in
Item 304(a)(1)(iv) of Regulation S-K and the related instructions
to Item 304) with Marcum on any matter of accounting principles or
practices, financial statement disclosure, or auditing scope or
procedure, which disagreements if not resolved to the satisfaction
of Marcum would have caused Marcum to make reference to the subject
matter of the disagreements or reportable events in connection with
its reports on the financial statements for such years and interim
periods.
On Dec. 30, 2024, the Company's Board of Directors approved the
engagement of Grassi & Co., CPAs, P.C. as the Company's new
independent registered public accounting firm for the fiscal year
ending Sept. 30, 2025, effective immediately. During the years
ended Sept. 30, 2024, and 2023, and through the subsequent interim
period through and as of Dec. 30, 2024, neither the Company, nor
any party on behalf of the Company, consulted with Grassi regarding
either (a) the application of accounting principles to a specified
transaction, either completed or proposed, or the audit opinion
that might be rendered regarding the Company's consolidated
financial statements, and no written report or oral advice was
provided to the Company that Grassi concluded was an important
factor considered by the Company in deciding on any accounting,
auditing or financial reporting issue, or (b) any matter subject of
any "disagreement" (as such term is defined in Item 304(a)(1)(iv)
of Regulation S-K and the related instructions) or a "reportable
event" (as such term is defined in Item 304(a)(1)(v) of Regulation
S-K).
About Loop Media
Headquartered in Burbank, CA, Loop Media, Inc., a Nevada
corporation, is a multichannel digital video platform media company
that uses marketing technology, or "MarTech," to generate its
revenue and offer its services. The Company's technology and vast
library of videos and licensed content enable it to curate and
distribute short-form videos to connected televisions ("CTV") in
out-of-home ("OOH") dining, hospitality and retail establishments,
convenience stores and other locations and venues to enable the
operators of those locations to inform, entertain and engage their
customers. The Company's technology also provides businesses the
ability to promote and advertise their products via digital signage
and provides third-party advertisers with a targeted marketing and
promotional tool for their products and services
Costa Mesa, California-based Marcum LLP, the Company's auditor
since 2020, issued a "going concern" qualification in its report
dated Dec. 12, 2024, citing that the Company has incurred recurring
losses resulting in an accumulated deficit, had negative cash flows
used in operations, and needs to raise additional funds to meet its
obligations and sustain its operations. These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.
LUXURY FLUSH: Unsecureds Will Get 15% of Claims in Plan
-------------------------------------------------------
Luxury Flush, LLC, submitted a Second Amended Disclosure Statement
describing Second Amended Chapter 11 Plan dated December 20, 2024.
Luxury began operating its business in 2015. It provides luxury
porta potty restroom rentals, for weddings, corporate events, home
remodels, production and film, construction, and more.
Luxury also does residential, commercial, and municipal septic
work. During the chapter 11 case, a large portion of its work has
been septic work. When the case began, Luxury operated its business
from Sylmar California and Las Vegas, Nevada.
During the case, Luxury shut down its Nevada location and bought
its assets in Nevada back to California. Luxury also owns 5 acres
in Lancaster where it leases 2 acres for a truck commissary. On the
other acres, Luxury stores many of its assets.
Class 6 consists of General unsecured noninsider claims. Total
amount of claims scheduled shall be $324,451. Total amount of
unsecured claims per proofs of claim filed shall be $3,639,201.
Total amount of claims reconciled (scheduled amounts adjusted by
POCs) shall be $2,731,731.81. This Class shall receive a total
payout of $409,760. This Class will receive a distribution of 15%
of claims as reconciled.
Any failure to pay the stated payout % because of a larger than
expected amount of unsecured claims being asserted, shall not
constitute a default under the plan. The Debtor is paying a stated
amount of money, not a percentage. Common reasons for a variance
include amended claims with higher claim amounts and secured claims
determined to be partially or fully unsecured.
Class 7 consists of General unsecured insider claims. Two insiders
are Natalie and Louis Downey. Ms. Downey's insider claims are
scheduled in Schedule F and total $162,000. Both Mr. and Mrs.
Downey are co-debtors or guarantors on various debts of the Debtor.
Members of this class shall receive $1 in total in month 60 of the
Plan.
Interest Holders Natalie and Louis Downey shall retain interests.
The Plan will be funded by the Debtor's business operation. Luxury
anticipates having $325,000 on hand from ongoing operations. The
Debtor does not intend to sell any assets in order to fund the
Plan.
Mr. and Mrs. Downey will be the Debtor's officers and will jointly
be in charge of the Debtor's business operation. They shall be paid
$8,800 every two weeks during year 1 of the Plan. Thereafter their
salaries may increase.
A full-text copy of the Second Amended Disclosure Statement dated
December 20, 2024 is available at https://urlcurt.com/u?l=ce9Dug
from PacerMonitor.com at no charge.
Counsel to the Debtor:
Steven R. Fox, Exq.
THE FOX LAW CORPORATION, INC.
17835 Ventura Blvd., Suite 306
Encino, CA 91316
Telephone: (818) 774-3545
Facsimile: (818) 774-3707
Email: srfox@foxlaw.com
About Luxury Flush LLC
Luxury Flush, LLC provides a variety of luxury porta potty restroom
rentals, perfect for weddings, corporate events, home remodels,
production and film, construction, and more.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Cal. Case No. 24-10426) on March 18,
2024. In the petition signed by Natalie Downey, managing member,
the Debtor disclosed $5,939,856 in assets and $3,097,630 in
liabilities.
Judge Martin R Barash oversees the case.
Steven R. Fox, Esq., at THE FOX LAW CORPORATION INC., represents
the Debtor as legal counsel.
M & M BUCKLEY: Ira Bodenstein Named Subchapter V Trustee
--------------------------------------------------------
The U.S. Trustee for Region 11 appointed Ira Bodenstein as
Subchapter V trustee for M & M Buckley Management, Inc.
Mr. Bodenstein will be paid an hourly fee of $500 for his services
as Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Bodenstein declared that he is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
About M & M Buckley Management Inc.
M & M Buckley Management Inc. is a professional property management
company based in Richton Park, Ill. It specializes in managing
residential and commercial properties.
M & M Buckley Management 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, with $1 million to $10 million in
both assets and liabilities. Melvin T. Buckely, Jr., president of M
& M Buckley Management, signed the petition.
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
MARINUS PHARMACEUTICALS: To be Acquired by Immedica
---------------------------------------------------
Immedica Pharma AB and Marinus Pharmaceuticals, Inc. announced Dec.
30 that they have entered into an agreement and plan of merger
under which Immedica has agreed to acquire Marinus, by means of a
tender offer and subsequent merger.
The acquisition complements and further strengthens Immedica's
global rare disease business by adding ZTALMY (ganaxalone) oral
suspension, CV, a neuroactive steroid gamma-aminobutyric acid
(GABA)-A receptor positive modulator, approved by the U.S. Food and
Drug Administration (FDA) in March 2022 for the treatment of
seizures associated with cyclin-dependent kinase-like 5 (CDKL5)
deficiency disorder (CDD) in patients two years of age and older.
Transaction rationale and details in brief:
* Adds global rights to ZTALMY, a commercial-stage rare
neurology medicine approved by FDA, the European Commission (EC),
the UK Medicines and Healthcare products Regulatory Agency (MHRA)
and the National Medicines Product Administration (NMPA) in China
with potential for further approvals worldwide.
* Accelerates Immedica's growth into the North American market,
providing an immediate revenue-generating rare disease product and
an experienced commercial team upon closing of the transaction.
* Acquisition is expected to accelerate Immedica's revenue
growth, adding a commercial-stage asset in the United States, with
the potential for further expansion globally.
* Immedica to commence a cash tender offer to acquire all issued
and outstanding shares of Marinus for USD 0.55 per share,
corresponding to an implied enterprise value of approximately USD
151 Million.
* Transaction is expected to close in Q1 2025.
"The acquisition of Marinus represents a transformative step in
Immedica's journey to further strengthen our position as a leading
rare disease company. By adding ZTALMY to our portfolio, we
significantly strengthen our capabilities and expand our presence
in the United States, marking a new chapter in our mission to
deliver impactful therapies for underserved patient populations,"
said Anders Edvell, M.D. Ph.D. and chief executive officer of
Immedica.
"Immedica is dedicated to addressing significant unmet medical
needs in rare diseases, ensuring patients receive the innovative
treatments they deserve. Within CDD, patients with refractory
seizures face particularly challenging circumstances due to
insufficiently effective existing therapies. The addition of
ZTALMY allows us to offer a differentiated solution, with the
potential to improve care and outcomes for these patients," he
concluded.
"I am proud of the dedication and passion of our team at Marinus,
which allowed us to deliver the first and only FDA-approved
treatment for seizures associated with CDKL5 deficiency disorder in
patients two years of age and older," said Scott Braunstein, M.D.,
Chairman and chief executive officer of Marinus. "With a shared
commitment to improving the lives of rare disease patients, this
acquisition is expected to enable ZTALMY to make an even greater
impact on patients, while providing meaningful value for Marinus'
stockholders."
Transaction details
Under the terms of the merger agreement, Immedica, through a wholly
owned, direct subsidiary, will initiate a tender offer to acquire
all the outstanding shares of Marinus common stock for a cash
purchase price of USD 0.55 per share, representing a premium of 48%
based on Marinus' closing share price as of December 27th and a
premium of 97%, based on the 30-day volume-weighted average price
of USD 0.28 per share preceding the announcement of the
transaction. The Board of Directors of Marinus has unanimously
approved the transaction and recommended that the stockholders of
Marinus tender their shares in the tender offer. Immedica has
received an undertaking from each director and named executive
officer of Marinus to tender their respective shares in favor of
the transaction.
The transaction represents the culmination of Marinus' review of
strategic alternatives, which it announced on Oct. 24, 2024, with
the goal of maximizing value for its stockholders.
The closing of the tender offer will be subject to customary
conditions, including the tender of shares which represent at least
a majority of the total number of Marinus' outstanding shares of
common stock. Upon the successful completion of the tender offer,
Immedica would acquire any shares of Marinus' common stock not
tendered through a second-step merger effected for the same per
share consideration. The transaction is expected to close in Q1
2025.
Advisors
MTS Health Partners LP is acting as Immedica's exclusive financial
advisor in connection with the transaction. Gibson, Dunn &
Crutcher LLP is acting as legal counsel to Immedica and Fuchs
Patentanwalte Partnerschaft mbB is acting as intellectual property
counsel on this transaction, Barclays Capital Inc. is acting as
Marinus' exclusive financial advisor in connection with the
transaction. Hogan Lovells LLP is acting as legal counsel to
Marinus on this transaction.
About Marinus Pharmaceuticals
Marinus Pharmaceuticals, Inc. -- www.marinuspharma.com -- is a
commercial-stage pharmaceutical company dedicated to the
development of innovative therapeutics for seizure disorders. The
Company's product, ZTALMY (ganaxolone) oral suspension CV, is an
FDA-approved prescription medication introduced in the U.S. in
2022.
Philadelphia, Pennsylvania-based Ernst & Young LLP, the Company's
auditor since 2020, issued a "going concern" qualification in its
report dated March 5, 2024, citing that the Company has suffered
recurring losses from operations and has stated that substantial
doubt exists about the Company's ability to continue as a going
concern.
MELT BAR: Shuts Down Last Restaurant
------------------------------------
Drew Scofield of News 5 Cleveland reports thatMatt Fish, the owner
of Melt Bar and Grilled, announced on Instagram that he has made
the "heartbreaking decision" to permanently close the restaurant
chain.
"This decision was not made lightly or without years of
extraordinary effort and stress," Fish wrote in his New Year's Day
post. "The process to save Melt Bar and Grilled began in 2020."
He explained how the COVID-19 pandemic drastically reshaped the
restaurant and service industry. "Despite countless efforts and
difficult decisions to position the company for survival and
growth, those efforts ultimately fell short," he said.
The closure marks the end of a years-long struggle, during which
several locations across Ohio shut their doors. In June 2024, Melt
Bar and Grilled filed for bankruptcy in an attempt to restructure
its debt. Fish worked to cut costs and reduce staff, hoping to give
the business "a fighting chance." However, he noted that the
financial strain of bankruptcy, coupled with weak sales, became
insurmountable, the report states.
Founded nearly 20 years ago, Melt grew from a single location to a
thriving chain with more than a dozen restaurants at its peak.
Despite the eventual downturn, Fish expressed pride in what he
accomplished. "I achieved everything I set out to do and so much
more with Melt Bar and Grilled," he wrote.
Lakewood resident David Mcelhattan shared fond memories of the
restaurant's early days. "It was always busy and one of the first
places we'd suggest for dining out," he said, calling Melt a
beloved local institution. He described its locations as
consistently packed, a testament to its widespread popularity.
About Melt Bar and Grilled
Melt Bar and Grilled, Inc., owns and operates four restaurants in
Ohio.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. N.D. Ohio Case No. 24-50879) on June 14,
2024, with up to $1 million in assets and up to $10 million in
liabilities. Matthew K. Fish, president, signed the petition.
Judge Alan M. Koschik oversees the case.
Frederic P. Schwieg, Esq., at Frederic P. Schwieg Attorney at Law,
is the Debtor's bankruptcy counsel.
MILLENKAMP CATTLE: Court Denies Rabo's Bid to Appoint Trustee
-------------------------------------------------------------
Rabo AgriFinance, LLC failed to obtain a court order authorizing
the appointment of an independent trustee to take over the Chapter
11 cases of Millenkamp Cattle, Inc. and its affiliates.
Judge Noah Hillen of the U.S. Bankruptcy Court for the District of
Idaho denied, without prejudice, the secured creditor's motion
seeking to give control of the companies' estates to a Chapter 11
trustee.
Rabo AgriFinance asserts a secured claim of $96,469,917.04 as of
Oct. 31, 2024.
In its motion filed on Nov. 29 last year, the secured creditor
cited the companies' negative levered cash flow and gross
mismanagement as enough basis to appoint a Chapter 11 trustee.
"It has become abundantly clear, through two failed refinancing
processes, that the [companies'] levered cash flow is a material
risk to the future viability of the [companies'] estates," Rabo
AgriFinance said in the court filing.
According to Rabo AgriFinance, after eight months of incurring
expenses pursuing
a refinancing process, even the debtor-in-possession and exit
lender Sandton Capital is unwilling to take the risk given that the
proposed exit facility is limited to $45 million and not even close
to the amount needed by the companies to repay Rabo AgriFinance's
claim in full and fund a confirmable plan.
Rabo AgriFinance also criticized the companies' management over its
inability to manage the estates in a manner consistent with its
fiduciary duties to creditors.
Rabo AgriFinance cited the latest plan proposed by the companies,
which the secured creditor said, is "incapable of being confirmed
and does not fulfill the [companies'] obligations under the
Bankruptcy Code."
"The insider plan mirrors the defects of the original plan and
layers on additional fatal flaws in an attempt to maximize the
value of their estates for one stakeholder, Mr. Millenkamp," Rabo
AgriFinance said, referring to Millenkamp Cattles President William
Millenkamp.
"The insider plan continues to be consistent with the [companies']
history of failing to adequately protect Rabo AgriFinance's secured
creditor rights and interests," the secured creditor further said.
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.
MIRAMAR TOWNHOMES: Seeks to Hire Haselden Farrow PLLC as Counsel
----------------------------------------------------------------
Miramar Townhomes SWNG 2 LLC and its affiliates seek approval from
the U.S. Bankruptcy Court for the Southern District of Texas to
hire Haselden Farrow PLLC as counsel.
The firm will render these services:
a. assist, advise and represent Debtors relative to the
administration of these Chapter 11 cases;
b. assist, advise and represent Debtors in analyzing its
assets and liabilities, investigating the extent and validity of
liens, and participating in and reviewing any proposed asset sales
or dispositions;
c. attend meetings and negotiate with the representatives of
creditors;
d. assist Debtors in the preparation, analysis, and
negotiation of any Chapter 11 plan;
e. take all necessary action to protect and preserve the
interests of the Debtors;
f. appear, as appropriate, before this Court, the Appellate
Courts, Harris County District Courts, and other Courts in which
matters may be heard and to protect the interests of the Debtors
before said Courts and the United States Trustee;
g. handle litigation that arises regarding claims asserted
against Debtors or each of its respective assets, and
h. perform all other necessary legal services in these cases.
The firm's current hourly billing rates are:
Melissa A. Haselden $550
Elyse M. Farrow $425
Associates/Contract Attorneys $400 to $500
Legal Assistants/Paralegals/Law Clerks $135 to $210
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Melissa A. Haselden, Esq., a partner at Haselden Farrow, 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:
Melissa A. Haselden, Esq.
HASELDEN FARROW PLLC
700 Milan, Site 1300
Houston, TX 77002
Tel: (832) 819-1149
About Miramar Townhomes SWNG 2 LLC
Miramar Townhomes SWNG 2 LLC is owned by Miramar Townhomes SWNG GP
LLC and Miramar Townhomes LP SWNG LLC. Miramar Townhomes SWNG owns
Miramar Townhomes located at 2380 Bering Drive, Houston, TX 77057.
Avenue SWNG TIC 1 and Avenue SWNG TIC 2 are both owned by The
Avenue SWNG LLC. AST1 Debtor and AST2 Debtor own The Avenue
Apartments located at 5050 Yale Street, Houston, TX 77018. Toro
Debtor is owned by Toro Place Holdings, LLC. Toro Debtor owns Toro
Place Apartments located at 12101 Fondren Road, Houston, TX 77035.
Miramar Townhomes SWNG 2 LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 24-90608) on
November 27, 2024. In the petition filed by Baruch Teitelbaum, as
manager, the Debtor reports estimated assets and liabilities
between $10 million and $50 million each.
Honorable Bankruptcy Judge Christopher M. Lopez handles the case.
The Debtor is represented by Melissa A. Haselden, Esq. at HASELDEN
FARROW PLLC.
MLJ COMPANIES: Gets Final OK to Use Cash Collateral
---------------------------------------------------
The MLJ Companies, LLC received final approval from the U.S.
Bankruptcy Court for the Western District of Virginia, Lynchburg
Division to use cash collateral.
The company was authorized to use cash collateral for payment of
post-petition operating expenses set forth in its budget, with a
variance of up to 20%.
Citibank, N.A., a secured creditor, was granted security interests
in all proceeds, profits, and rents of the property after the
commencement of the Chapter 11 case, to the extent of cash
collateral actually expended.
MLJ was ordered to make interest-only payments monthly, with the
exception of those payments that will have come due prior to the
entry of the final order.
Citibank holds a lien on the property located at 227 Boulder
Springs Lane, Louisa, Virginia, as security for repayment of an
indebtedness in the aggregate amount of approximately $336,283.04.
About The MLJ Companies
The MLJ Companies, LLC filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. W.D. Va. Case No.
24-61250) on Nov. 7, 2024, listing $100,001 to $500,000 in both
assets and liabilities.
Judge Rebecca B. Connelly oversees the case.
The Debtor tapped Kimberly Kalisz, Esq., at Conway Law Group, PC as
counsel and Aced Accounting as accountant.
MONTE JOHNSTON: Unsecureds Will Get 9.71% of Claims over 5 Years
----------------------------------------------------------------
Monte Johnston Building Contractor, LLC, filed with the U.S.
Bankruptcy Court for the Northern District of Texas a Subchapter V
Plan of Reorganization dated December 18, 2024.
The Debtor started operations in August 2009. Monte Johnston
Building Contractor, LLC operates a build and remodel residential
and commercial business.
Monte Johnston Building Contractor, LLC elected to file a chapter
11 reorganization as the best means to resolve the current
liabilities of the company and determine the secured portions of
those creditors.
The Debtor is currently owned 100% by Monty Johnston. Mr. Johnston
will remain managing member and retain his 100% ownership interest
going forward.
The Debtor proposes to pay allowed unsecured based on the
liquidation analysis and cash available. Debtor anticipates having
enough business and cash available to fund the plan and pay the
creditors pursuant to the proposed plan. It is anticipated that
after confirmation, the Debtor will continue in business. Based
upon the projections, the Debtor believes it can service the debt
to the creditors.
The Debtor will continue operating the business. The Debtor's Plan
will break the existing claims into six classes of Claimants. These
claimants will receive cash repayments over a period of time
beginning on or after the Effective Date.
Class 5 consists of Allowed Unsecured Claims. All allowed unsecured
creditors shall receive a pro rata distribution at zero percent per
annum over the next five years beginning not later than the 1st day
of the first full calendar month following 30 days after the
effective date of the plan and continuing every year thereafter on
a monthly basis at 0.00% per annum. Debtor will distribute
$52,700.00 to the general allowed unsecured creditor pool over the
5-year term of the plan, which includes the under-secured claim
portions. The Debtor's General Allowed Unsecured Claimants will
receive 9.71% of their allowed claims under this plan. The allowed
unsecured claims total $542,303.78. This Class is impaired.
Class 6 consists of Equity Interest Holders (Current Owners). The
current owners will receive no payments under the Plan; however,
they will be allowed to retain ownership in the Debtor. Class 6
Claimants are not impaired under the Plan.
The Debtor anticipates the continued operations of the business to
fund the Plan.
A full-text copy of the Plan of Reorganization dated December 18,
2024 is available at https://urlcurt.com/u?l=PVZJHe from
PacerMonitor.com at no charge.
Counsel to the Debtor:
Robert C. Lane, Esq.
Joshua D. Gordon, Esq.
The Lane Law Firm
6200 Savoy, Suite 1150
Houston, TX 77036
Tel: (713) 595-8200
Fax: (713) 595-8201
Email: notifications@lanelaw.com
Joshua.gordon@lanelaw.com
About Monte Johnston Building
Monte Johnston Building Contractor, LLC, is a full-service
residential and commercial construction company in Graham, Texas.
Monte Johnston Building Contractor filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Texas
Case No. 24-70274) with $429,251 in assets and $1,176,029 in
liabilities. Brad Odell, Esq., at Mullin Hoard & Brown, LLP, serves
as Subchapter V trustee.
Judge Scott W. Everett presides over the case.
Robert C. Lane, Esq., at The Lane Law Firm represents the Debtor as
bankruptcy counsel.
MULLEN AUTOMOTIVE: Delays Annual Report for FY Ended Sept. 30
-------------------------------------------------------------
Mullen Automotive Inc. filed a Form 12b-25 with the Securities and
Exchange Commission notifying the delay in the filing of its Annual
Report on Form 10-K for the year ended Sept. 30, 2024.
The Company said it is continuing to perform US GAAP fair value
analysis on assets and revenue recognition with respect to the
Company's business and operations. Thus, the Company requires
additional time to finalize the financial statements and other
disclosures in the Annual Report. Mullen intends to file its
Annual Report within the fifteen-day extension (by Jan. 14, 2025)
period provided under Rule 12b-25 of the Securities Exchange Act of
1934, as amended.
About Mullen
Mullen Automotive Inc. (f/k/a Net Element Inc.) is a Southern
California-based automotive company building the next generation of
commercial electric vehicles ("EVs") with two United States-based
vehicle plants located in Tunica, Mississippi, (120,000 square
feet) and Mishawaka, Indiana (650,000 square feet). In August
2023, Mullen began commercial vehicle production in Tunica. In
September 2023, Mullen received IRS approval for federal EV tax
credits on its commercial vehicles with a Qualified Manufacturer
designation that offers eligible customers up to $7,500 per
vehicle. As of January 2024, both the Mullen ONE, a Class 1 EV
cargo van, and Mullen THREE, a Class 3 EV cab chassis truck, are
California Air Resource Board (CARB) and EPA certified and
available for sale in the U.S. Recently CARB issued HVIP approval
on the Mullen THREE, Class 3 EV truck, providing up to $45,000 cash
voucher at time of vehicle purchase. The Company has also recently
expanded its commercial dealer network to seven dealers, which
includes Pape Kenworth, Pritchard EV, National Auto Fleet Group,
Ziegler Truck Group, Range Truck Group, Eco Auto, and Randy Marion
Auto Group, providing sales and service coverage in key West Coast,
Midwest, Pacific Northwest, New England and Mid-Atlantic markets.
Larkspur, California-based RBSM LLP, the Company's auditor since
2023, issued a "going concern" qualification in its report dated
Jan. 16, 2024, citing that the Company has an accumulated deficit,
recurring losses, and expects continuing future losses. These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.
NEW DIRECTION: Gets Interim OK to Use Cash Collateral
-----------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas, Fort
Worth Division, granted New Direction Home Health Care of DFW Inc.
interim authorization to use its secured lenders' cash collateral.
The company was authorized to use cash collateral to pay the
expenses set forth on its one-month budget, plus 15% per line item
and 15% overall.
The budget outlines the company's projected expenses of $146,007.30
for one month and $63,675 for two weeks.
Timberland Bank, US Foods, Inc., CFG Merchant Solutions LLC and the
Internal Revenue Service, are the secured lenders claiming liens on
New Direction's personal property. These lenders will be provided
with adequate protection in the form of post-petition liens, a
priority claim in the Chapter 11 bankruptcy case, and cash flow
payments.
A final hearing is scheduled for Jan. 23.
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 bankruptcy counsel.
NORTH MISSISSIPPI: Seeks 45-Day Extension of Plan Filing Deadline
-----------------------------------------------------------------
North Mississippi Media Group, LLC asked the U.S. Bankruptcy Court
for the Northern District of Mississippi to extend its exclusivity
period to file its plan for additional forty-five days.
The Debtor explains that it is required to file its plan of
reorganization on or before December 19, 2024. The Debtor and its
counsel have diligently attempted to gather the information
necessary to complete this document and file it in a timely manner.
However, because of the extent of the information involved, and the
intervening holidays, they have not been able to do so.
In addition, the Debtor had contracted with an entity known as
Paychex to prepare its payroll, furnish its workman's compensation
insurance and to, generally speaking, "handle" its employee
relations.
Paychex did not notify the Debtor that there was any problem with
the relationship, it did not attempt to notify the Debtor that
there were defaults that needed to be cured; instead, out of the
blue, it sent a purported termination letter to the Debtor. This
clearly violates the automatic stay and Debtor will pursue remedies
and sanctions at some point.
And, in addition to the chaos that resulted from the wrongful
actions of Paychex, the Debtor was contacted by the Internal
Revenue Service and notified that Paychex had failed to pay certain
federal tax withholdings from the Debtor's employees for periods
ranging back as far as 2020 and parts of 2023 and 2024.
As a result, the Debtor should not be punished by its inability to
file a meaningful plan of reorganization while it is in the middle
of cleaning up the chaos and mess caused by Paychex.
North Mississippi Media Group, LLC is represented by:
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 North Mississippi Media
North Mississippi Media Group, LLC filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Miss.
Case No. 24-12920) on September 20, 2024, listing $1,000,001 to $10
million in both assets and liabilities.
The Debtor tapped Craig M. Geno, Esq., at Law Offices Of Craig M.
Geno, PLLC as bankruptcy counsel and Anne Goodwin Crump, Esq., at
Fletcher, Heald & Hildreth, PLC as special counsel.
NORTHSTARR BUILDERS: Kimberly Clayson Named Subchapter V Trustee
----------------------------------------------------------------
The U.S. Trustee for Regions 3 and 9 appointed Kimberly Ross
Clayson, Esq., as Subchapter V trustee for Northstarr Builders,
LLC.
Ms. Clayson, an attorney at Taft Stettinius & Hollister, LLP, will
be paid an hourly fee of $350 for her services as Subchapter V
trustee and will be reimbursed for work-related expenses incurred.
Ms. Clayson declared that she is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Kimberly Ross Clayson, Esq.
Taft Stettinius & Hollister, LLP
27777 Franklin Rd., Ste. 2500
Southfield, MI 48034
Phone: (248) 727.1635
Email: kclayson@taftlaw.com
About Northstarr Builders
Northstarr Builders, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D. MI. Case No. 24-32419) on
December 23, 2024, with up to $100,000 in assets and up to $1
million in liabilities. Marty Johnson, company owner, signed the
petition.
Judge Joel D. Applebaum represents the Debtor as legal counsel.
George E. Jacobs, Esq., at Bankruptcy Law Offices, represents the
Debtor as bankruptcy counsel.
NORWELL HOLDINGS: Gets OK to Hire Nickless Phillips as Counsel
--------------------------------------------------------------
Norwell Holdings, LLC received approval from the U.S. Bankruptcy
Court for the District of Massachusetts to hire Nickless, Phillips
and O'Connor as counsel.
The firm will represent the Debtor in all matters related to the
proceeding, assist the Debtor in the preparation and filing of
pleadings in this Court, pursue civil litigation, dispose of and
recover assets, and in general to act on the Trustee's behalf in
the proceeding.
The firm will be paid $410 per hour for counsel, and $165 for
paralegals.
Nickless, Phillips and O'Connor received from the Debtor a retainer
of $16,262, plus filing fee.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
James L. O'Connor, Jr., Esq., a partner at Nickless, Phillips and
O'Connor, disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached at:
James L. O'Connor, Jr., Esq.
Nickless, Phillips and O'Connor
PO Box, 2101
780 Main Street, Suite 401
Fitchburg, MA 01420
Tel: (978) 342-4590
Email: joconnor@npolegal.com
About Norwell Holdings, LLC
Norwell Holdings, LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Mass. Case No.
24-41257) on Dec. 5, 2024, listing up to $50,000 in both assets and
liabilities. James L. O'Connor, Jr., Esq, at Nickless, Phillips and
O'Connor represents the Debtor as counsel.
NW DEVELOPERS: Seeks to Hire Simranjit Singh as Real Estate Agent
-----------------------------------------------------------------
NW Developers, LLC seeks approval from the U.S. Bankruptcy Court
for the Western District of Washington to employ Simranjit Singh as
real estate agent.
The agent's services include:
a. preparing the property owned by Debtor for sale;
b. marketing the property to potential buyers, meeting with
buyers to do walkthroughs of the property, and locating a buyer;
c. reviewing letters of intent to purchase the property by
potential buyers;
d. reviewing purchase and sale agreements; and
e. negotiating the sale price of the property.
Mr. Singh will charge 3 percent of the final purchase price of the
property as commission.
Mr. Singh believes that he does not hold or represent any interest
adverse to the interest of Debtor's estate, and is a disinterested
person within the meaning of 11 U.S.C. Sec. 101(14).
Mr. Singh can be reached at:
Simranjit Singh
Skyline Properties Inc.
20415 72nd Ave S, Suite 180
Kent, WA 98032
Tel: (206) 702-8000
Email: simrand@skylineproperties.com
About NW Developers
NW Developers, LLC is the fee simple owner of 14 properties located
in Kent, Washington having a total current value of $2.1 million.
NW Developers filed its voluntary petition for Chapter 11
protection (Bankr. W.D. Wash. Case No. 24-12355) on Sept. 19, 2024.
In the petition signed by Manmohan Dhaliwal, member, the Debtor
disclosed $2,100,833 in total assets and $2,965,547 in total
liabilities.
Steven M. Palmer, Esq., at Karr Tuttle Campbell serves as the
Debtor's counsel.
ONDAS HOLDINGS: Secures Additional $1.7M From Notes Offering
------------------------------------------------------------
Ondas Holdings Inc. disclosed in a Form 8-K filed with the
Securities and Exchange Commission that on Dec. 30, 2024, Ondas
Autonomous Systems Inc., a subsidiary of the Company, entered into
a Securities Purchase Agreement for an aggregate additional
investment of $1.7 million in OAS. The Agreement was entered into
by and among OAS and an additional private investor group,
including Charles & Potomac Capital, LLC, for the sale of
convertible promissory notes in the aggregate amount of $1.7
million. The December Notes (i) bear an interest rate of 5% per
annum, (ii) have a maturity date of Sept. 30, 2025, and (iii) be
convertible into securities of OAS under certain conditions. The
December Offering was consummated on Dec. 30, 2024 ($100,000 of the
December Offering is expected to be received by Jan. 3, 2025).
On Oct. 10, 2024, OAS entered into that certain Securities Purchase
Agreement for an aggregate investment of $3.5 million in OAS. The
Agreement was entered into by and among OAS and a private investor
group, including (i) Privet Ventures LLC, an entity affiliated with
Eric Brock, Chairman and chief executive officer of the Company and
OAS, and (ii) Charles & Potomac Capital, LLC, an entity affiliated
with Joseph Popolo, a Board Member of the Company ("C&P"), for the
sale of convertible promissory notes in the aggregate amount of
$3.5 million. Privet Ventures acquired $1.0 million of October
Notes. The October Notes (i) bear an interest rate of 5% per annum,
(ii) have a maturity date of Sept. 30, 2025, and (iii) be
convertible into securities of OAS under certain conditions.
C&P acquired an aggregate of $2.0 million of October Notes and
December Notes.
About Ondas Holdings
Marlborough, Mass.-based Ondas Holdings Inc. is a provider of
private wireless, drone, and automated data solutions through its
subsidiaries Ondas Networks Inc., Ondas Autonomous Holdings Inc.,
Airobotics, Ltd, and American Robotics, Inc. Airobotics is an
Israeli-based developer of autonomous drone systems. American
Robotics is a leading developer of highly automated commercial
drone systems. Airobotics and American Robotics operate together
under OAH as a separate business unit called Ondas Autonomous
Systems. Ondas Networks and Ondas Autonomous Systems together
provide users in rail, energy, mining, public safety and critical
infrastructure and government markets with improved connectivity,
data collection capabilities, and data collection and information
processing capabilities.
Somerset, N.J.-based Rosenberg Rich Baker Berman, P.A., the
Company's auditor since 2017, issued a "going concern"
qualification in its report dated April 1, 2024, citing that the
Company has experienced recurring losses from operations, negative
cash flows from operations, and a working capital deficit as of
Dec. 31, 2023.
ONLINE LEARNING: David Madoff Named Subchapter V Trustee
--------------------------------------------------------
The U.S. Trustee for Region 1 appointed David Madoff, Esq., a
partner at Madoff & Khoury, LLP, as Subchapter V trustee for Online
Learning Consortium, Inc.
Mr. Madoff will be compensated at $450 per hour for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
In court filings, Mr. Madoff declared that he is a disinterested
person according to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
David B. Madoff
Madoff & Khoury, LLP
124 Washington Street, Suite 202
Foxborough, MA 02035
Phone: (508) 543-0040
Email: madoff@mandkllp.com
About Online Learning Consortium
Online Learning Consortium, Inc. sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 24-12569) on
December 20, 2024, with $500,001 to $1 million in both assets and
liabilities.
Jesse I. Redlener, Esq., at Ascendant Law Group, LLC represents the
Debtor as bankruptcy counsel.
ORANGE TUMBLER: To Sell Auburn Property to Adolfo & Carlota Lucadji
-------------------------------------------------------------------
Orange Tumbler, LLC, seeks permission from the U.S. Bankruptcy
court for the District of Maine, to sell its property located at 82
Whitney Street, in Auburn, Maine, in a private sale to Adolfo and
Carlota Lucadji.
The Debtor intends to pay 4.5% as a real estate brokers commission
to Kelly Sahabo of Keller Williams Realty.
The purchase price is $415,000, which is the full market value of
the property.
The buyers have paid a $2,000 deposit, to the Real Estate agent, in
relation to the Purchase and Sales agreement and the sale will
completely pay off all creditors.
The Debtor including Bangor Savings Bank with a mortgage of
approximately $113,522.68 of principal and $1,439.79 of interest
due, Selene Finance or Tryon Street Acquisition Trust I has a
mortgage for with approximately $236,000.00 due, and DnL Maine with
$7,973 for mechanical contracting work, will be completely paid
off.
The Buyers have also agreed to accept the leases for tenants at the
property.
The purchase and sales agreement has a contingency that one
apartment be vacant as of the
date of sale. Tenants Frank and Martha Demers has given notice that
they will vacate their
apartment on or before February 1, 2025.
The closing date of the sale will be on or before February 14,
2025, extendable to February 28, 2025.
The Debtor believes that the sale is in the best interest of
creditors and the estate as it will promptly and fully pay all
creditors on the closing day, and allow the debtor to efficiently
move its case forward.
About Orange Tumbler, LLC
Orange Tumbler, LLC filed a Chapter 11 petition of the U.S.
Bankruptcy Code (Bankr. D. Tex. Case No. 24-20254).
Judge Michael A. Fagone presides over the case.
Michael P. Boyd, Esq., represents the Debtor as legal counsel.
PARKERVISION INC: Gets $5M Financing via Sale of Shares & Warrants
------------------------------------------------------------------
ParkerVision, Inc., disclosed in a Form 8-K filed with the
Securities and Exchange Commission that on Dec. 24, 2024, it
entered into securities purchase agreements with accredited
investors which provides for the sale of an aggregate of 5,958,402
unregistered shares of ParkerVision common stock, $0.01 par value
and 1,000,000 warrants, at a price of $0.50 per share. On Dec. 30,
2024, the Company entered into a Purchase Agreement with an
accredited investor which provides for the sale of 4,041,598 Shares
and 1,000,000 Warrants, also at a price of $0.50 per share. The
Warrants are exercisable for a period of five years at an exercise
price of $0.50 per share. The Purchase Agreement contains
customary representations and warranties of the Investors. The
aggregate proceeds from the sale of Shares of $5,000,000 will be
used to fund the Company's operations, including litigation-related
expenses.
The Company also entered into registration rights agreements with
the Investors pursuant to which the Company will register the
shares of Common Stock and the shares underlying the Warrants. The
Company has committed to file the registration statement no later
than April 15, 2025, and to cause the registration statement to
become effective by May 20, 2025, or, in the event of a full review
by the Securities and Exchange Commission, no later than July 14,
2025. The Registration Rights Agreement provides for liquidated
damages upon the occurrence of certain events including failure by
the Company to file the registration statement or cause it to
become effective by the deadlines set forth above. The amount of
the liquidated damages is 1.0% of the aggregate subscription amount
paid by the Investors upon the occurrence of the event, and monthly
thereafter, up to a maximum of 6%, or $300,000.
The Shares and Warrants were offered and sold solely to accredited
investors on a private placement basis under Section 4(a)(2) of the
Securities Act of 1933, as amended, and Rule 506 promulgated
thereunder.
About ParkerVision
Jacksonville, Fla.-based ParkerVision, Inc., and its wholly-owned
German subsidiary, ParkerVision GmbH is in the business of
innovating fundamental wireless hardware technologies and products.
The Company has designed and developed proprietary RF technologies
and integrated circuits based on those technologies, and the
Company licenses its technologies to others for use in wireless
communication products.
Fort Lauderdale, Fla.-based MSL, P.A., the Company's auditor since
2019, issued a "going concern" qualification in its report dated
March 21, 2024, citing that the Company's current resources are not
sufficient to meet their liquidity needs for the next 12 months,
the Company has historically suffered recurring losses from
operations, and has a net capital deficiency that raise substantial
doubt about its ability to continue as a going concern.
PETER PAN: Attorneys Object to $4.4MM Receivers' Fee Request
-------------------------------------------------------------
Jacob Resneck of undercurrentnews reports that as the aftermath of
the collapse of US producer Peter Pan Seafood Company continues to
unfold, lawyers from opposing sides of the contentious asset
auction are challenging the receivership firm's request for
millions in compensation.
A series of court filings earlier in December 2024 urged a judge in
King County Superior Court, Seattle, Washington, to block the $4.45
million in fees accrued over two months by the receiver, its legal
team, and the sales agent responsible for handling the liquidation
of the long-established seafood company.
About Peter Pan Seafoods
Peter Pan Seafood Co., LLC was engaged in processing, marketing and
distribution of assorted fresh, frozen, canned, and cured seafood
products. It was placed into court-ordered receivership in April
2024 at the request of Wells Fargo, which cited over $60 million in
debt.
PHILADELPHIA ORTHODONTICS: Unsecureds Will Get 9% of Claims in Plan
-------------------------------------------------------------------
Philadelphia Orthodontics, P.C., and Joshua Davis filed with the
U.S. Bankruptcy Court for the Eastern District of Pennsylvania a
Subchapter V Plan of Reorganization dated December 18, 2024.
Philadelphia Orthodontics was formed for the purpose of providing
orthodontics care to patients in Philadelphia, Pennsylvania and the
surrounding area. Philadelphia Orthodontics maintains an
orthodontics practice at a clinic location in the Center City
Philadelphia neighborhood, at 1420 Walnut Street, Suite 518,
Philadelphia, Pennsylvania 19102.
Davis is a Doctor of Dental Medicine, and Philadelphia
Orthodontics' sole professional providing orthodontic treatment,
with the assistance of staff, including orthodontics assistants,
patient and treatment coordinators, and administrative staff. Davis
is also the principal and sole owner of Philadelphia Orthodontics.
Philadelphia Orthodontics continues to operate and manage its
business as a debtor-in-possession pursuant to Section 1184 of the
Bankruptcy Code. Davis continues to serve as the equity owner and
operator of Philadelphia Orthodontics and is a debtor-in-possession
in his individual bankruptcy case.
The Plan contemplates a reorganization and continuation of
Philadelphia Orthodontics' business, with Davis as the equity owner
and principal professional. In accordance with the Plan, the
Debtors will satisfy certain claims from income earned through the
continued operations of Philadelphia Orthodontics and Davis' salary
therefrom, respectively. The Plan is based on the Debtors' belief
that the interests of their creditors will be best served if they
are allowed to reorganize their debts.
This Plan provides that all of Philadelphia Orthodontics'
disposable income will be used to pay Claims held by creditors of
Philadelphia Orthodontics in accordance with the priorities of the
Bankruptcy Code and the Orders of this Court. It further provides
that all of Davis's disposable income will be used to pay Claims
held by creditors of Davis in accordance with the priorities of the
Bankruptcy Code and Orders of this Court.
Class 7 consists of General Unsecured Claims. After the payment of
the Claims related to Philadelphia Orthodontics in Classes 1
through 4 from Philadelphia Orthodontics' disposable income, any
remaining disposable income will be paid to General Unsecured
Creditors of Philadelphia Orthodontics on a Pro Rata basis.
Philadelphia Orthodontics estimates that after payment of the
Allowed Claims in Classes 1 through 4, the Allowed General
Unsecured Claims of Philadelphia Orthodontics will receive
approximately 9% distribution under this Plan.
After the payment of Claims related to Davis in Classes 1, 5, 6,
and 7 from Davis's disposable income, there will be no
distributions to General Unsecured Creditors. As such, the Allowed
Unsecured Claims of Davis will receive 0% distribution under this
Plan.
Class 8 consists of Philadelphia Orthodontics Equity Holder. Davis
shall retain his Interests in the Reorganized Philadelphia
Orthodontics.
The funds to be used for the payment of Claims or other
Distributions to be made under the Plan will come from current cash
on hand of the Debtors, future revenues of the Debtors, and the
Davis Loan. Specifically, Claims of Philadelphia Orthodontics will
be paid from the disposable income from revenues of Philadelphia
Orthodontics and the Davis Loan. The Claims of Davis will be paid
from the disposable income from income derived from his employment
at Philadelphia Orthodontics.
A full-text copy of the Subchapter V Plan dated December 18, 2024
is available at https://urlcurt.com/u?l=u1SOpH from
PacerMonitor.com at no charge.
Counsel to the Debtor:
Campbell & Levine, LLC
Paul J. Cordaro, Esq.
Campbell & Levine, LLC
Kathryn L. Harrison, Esq.
310 Grant St., Suite 1700
Pittsburgh, PA 15219
Tel: (412) 261-0310
Fax: (412) 261-5066
Email: pcordaro@camlev.com
kharrison@camlev.com
About Philadelphia Orthodontics
Philadelphia Orthodontics P.C. is primarily engaged in the
independent practice of general or specialized dentistry or dental
surgery.
Philadelphia Orthodontics P.C. in Philadelphia, PA, filed its
voluntary petition for Chapter 11 protection (Bankr. E.D. Pa. Case
No. 24-11728) on May 21, 2024, listing $500,000 to $1 million in
assets and $1 million to $10 million in liabilities. Joshua Davis
as president, signed the petition.
Judge Patricia M. Mayer oversees the case.
CAMPBELL & LEVINE, LLC serves as the Debtor's legal counsel.
PRIMAL MATERIALS: Hires Rochelle McCullough as Bankruptcy Counsel
-----------------------------------------------------------------
Primal Materials, LLC, and Primal Crushing, LLC seek approval from
the U.S. Bankruptcy Court for the Northern District of Texas to
hire Rochelle McCullough, LLP as bankruptcy counsel.
The firm's services include:
a. advising the Debtors with respect to rights, powers and
duties as Debtors continue to operate and manage the business of
the Debtors;
b. advising the Debtors concerning, and assisting in the
negotiation and documentation of, agreements, debt restructuring,
and related transactions;
c. monitoring transactions proposed by the parties in interest
during the course of this case and advising the Debtors regarding
the same;
d. reviewing the nature and validity of liens asserted against
the property of the Debtors and advising the Debtors concerning the
enforceability of such liens;
e. advising the Debtors concerning the actions that might be
taken to collect and to recover property for the benefit of the
Debtors' estate;
f. reviewing and monitoring the Debtors' ongoing business;
g. preparing on behalf of the Debtors all necessary and
appropriate applications, motions, pleadings, draft orders, notices
and other documents, and reviewing all financial and other reports
to be filed in this chapter 11 case;
h. advising the Debtors concerning, and preparing responses
to, applications, motions, pleadings, notices and other papers that
may be filed and served in this chapter 11 case;
i. advising the Debtors in connection with any suggested or
proposed plan(s) of reorganization;
j. counseling the Debtors in connection with the formulation,
negotiation and promulgation of a plan of reorganization; and
k. performing all other legal services for and on behalf of
the Debtors that may be necessary or appropriate in the
administration of this chapter 11 case.
The firm will be paid at these rates:
Partners $650 to 900
Associates $350 to 400
Paraprofessionals $225
The firm received a retainer in the amount of $50,000.
Joseph Postnikoff, Esq., a partner at Rochelle McCullough,
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:
Joseph F. Postnikoff, Esq.
Rochelle McCullough, LLP
300 Throckmorton, Suite 520
Fort Worth, TX 76102
Telephone: (817) 347-5260
Email: jpostnikoff@romclaw.com
About Primal Materials, LLC
Primal Materials, LLC is a locally owned and operated company,
providing dirt moving and excavation services for ranchers and new
construction sites in the Big Country surrounding Abilene, Texas.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Tex. Case No. 23-10081) on June 12,
2023. In the petition signed by Victor John Hirsch, III,
member/manager, the Debtor disclosed up to $500,000 in assets and
up to $10 million in liabilities.
Joseph F. Postnikoff, Esq., at Rochelle McCullough, LLP serves as
counsel to the Debtor.
PROTEC REC: Sec. 341(a) Meeting of Creditors on January 17
----------------------------------------------------------
On December 20, 2024, Protec RE Holding Inc. filed Chapter 11
protection in the U.S. Bankruptcy Court for the District of
Massachusetts. According to court filing, the Debtor
reports between $50,000 and $100,000 in debt owed to 1 and 49
creditors. The petition states funds will be available to unsecured
creditors.
A meeting of creditors under Sec. 341(a) to be held on January 17,
2025 at 11:00 AM as Telephonic Meeting. Dial-in Number:
1-877-369-9123 Participant Code: 8635039#.
About Protec RE Holding Inc.
Protec RE Holding Inc. owns a property located at 38-40 Edge Hill
Road, Waltham, Massachusetts having an appraised value of $2.17
million.
Protec RE Holding Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Mass. Case No. 24-12560) on December
20, 2024. In its petition, the Debtor reports estimated assets up
to $50,000 and estimated liabilities between $50,000 and $100,000.
Honorable Bankruptcy Judge Janet E. Bostwick handles the case.
The Debtor is represented by:
Peter M. Daigle, Esq.
The Law Office of Peter M. Daigle, P. C.
1550 Falmouth Road, Suite 10
Centerville, MA 02632
P: 508-771-7444
Fax: 508-771-8286
R.A.I. INC: Gets OK to Use Cash Collateral Through June 30
----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Colorado granted
R.A.I., Inc. authorization to continue using cash collateral.
The company was authorized to use cash collateral through June 30
in accordance with its budget, with a variance of not more than 10%
per month on each line item.
R.A.I. was ordered to make a monthly payment of $4,000 to Mountain
Valley Bank as adequate protection and grant the secured creditor a
perfected, first priority lien and security interest in cash
collateral, including all accounts, contract rights, and accounts
receivable generated by the company post-Chapter 11 filing.
In addition, Mountain Valley Bank will have a superpriority
administrative claim to the extent the use of its cash collateral
results in a decrease in the value of its interest in the
collateral.
If a default occurs, R.A.I. has five business days to cure the
default after written notice from Mountain Valley Bank. If the
default is not cured, Mountain Valley Bank's consent to the use of
cash collateral automatically terminates.
About RAI Inc.
RAI Inc. sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D. Colo. Case No. 23-16014) on December 28, 2023. In
the petition signed by Scott Owens, general manager, the Debtor
disclosed up to $1 million in both assets and liabilities.
Judge Joseph G. Rosania, Jr. oversees the case.
Aaron A. Garber, Esq., at Wadsworth Garber Warner Conrardy, P.C.,
represents the Debtor as legal counsel.
ROSEN FAMILY: Unsecured Creditors to Split $30K over 5 Years
------------------------------------------------------------
Rosen Family Law Group, LLC, filed with the U.S. Bankruptcy Court
for the Western District of Pennsylvania a Chapter 11 Small
Business Plan dated December 18, 2024.
A Claim is classified in a particular Class for the purpose of
receiving distributions under the Plan only to the extent that such
Claim is an Allowed Claim in that Class and has not been paid,
released, or otherwise satisfied prior to the Effective Date.
Class 4 shall consist of all General Unsecured Creditors who had an
allowed claim against the Debtor as of the Petition Date. This
Class shall include the unsecured portion of any undersecured
Claim. Some of the creditors' claims in this class are disputed.
The ultimate amount of allowed claims in Class 5 will be dependent
on the rulings of the Bankruptcy Court as to the allowed claims and
the participation of undersecured creditors.
The General Unsecured Creditors will be paid a fixed dividend of
$30,000.00 over five years following the Plan Effective Date.
Holders of Allowed Claims in this Class will receive a pro rata
distribution of their Claim upon the distribution of payments to
this Class. This class shall not be entitled to interest on their
claims. There will be sixty monthly payments totaling $30,000.00.
The ultimate dividend to this Class will depend on the total amount
of allowed claims. Any disputed claims are subject to the Claims
Objections procedures set forth in the Plan, including the right of
the Debtor to escrow any potential distribution to the creditor
until such time that the Claims Allowance is determined.
Distributions to Class 5 claims will be distributed on a quarterly
basis on or before the last day of the month succeeding the end of
the quarter.
All creditors in this Class affected by the Plan must give notice
of any default to the Debtor and his counsel by written notice
specifying the alleged default and the action needed to cure the
default. The Debtor shall have thirty days to cure any default
after receipt of that notice. No creditor or party affected by the
Plan may enforce any right or enforce any lien until this notice
and opportunity to cure has been given. This Class is impaired.
Class 5 shall consist of the Equity Interests in the Debtor as of
the Petition Date. The only member in this Class is Avram Rosen,
who holds 100% of the equity interests. He is the Managing Member
and President of the Debtor. The Equity Member has full voting and
management rights over the Debtor and shall retain ownership of the
equity interest under this Plan.
The management of the day-to-day business affairs of the Debtor
shall be conducted by Avram Rosen, who shall be employed as the
Chief Executive Officer of the Debtor. This position is entitled to
reasonable compensation in the amount of $86,668.92 per annum plus
reimbursement of reasonable expenses.
The Equity Member has agreed to postpone any distributions on
account of loans, capital advances or unpaid payroll and to waive
any right to further corporate benefits or emoluments that they may
entitled to as members of the Debtor, as defined, until all
payments due to General Unsecured Creditors, Class 4, have been
paid in accordance with the Plan with the exception of the payment
of reasonable compensation in his salary and reimbursement of
expenses, not to exceed $86,668.92 salary and reimbursement of
expenses not to exceed $30,000.00 per annum.
The Plan is to be implemented by the reorganized Debtor through
continued business operations and payments made using the
Reorganized Debtor's income.
A full-text copy of the Small Business Plan dated December 18, 2024
is available at https://urlcurt.com/u?l=2M3f7Q from
PacerMonitor.com at no charge.
Counsel for the Debtor:
Donald R. Calaiaro, Esq.
Calaiaro Valencik
938 Penn Avenue, Suite 501
Pittsburgh, PA 15222-3708
Telephone: (412) 232-0930
Facsimile: (412) 232-3858
Email: dcalaiaro@c-vlaw.com
About Rosen Family Law Group
Rosen Family Law Group, LLC sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 24-21292) on May
24, 2024, listing under $1 million in both assets and liabilities.
Donald R. Calaiaro, at Calaiaro Valencik, is the Debtor's legal
counsel.
ROSEN FAMILY: Unsecureds Will Get 3.3% of Claims over 60 Months
---------------------------------------------------------------
Rosen Family Law Group, LLC, filed with the U.S. Bankruptcy Court
for the Western District of Pennsylvania a Disclosure Statement to
accompany Chapter 11 Small Business Plan dated December 18, 2024.
The Debtor is a family law practice. The Principal of the Debtor
and sole member is Avram Rosen.
The Debtor borrowed funds from the United States available during
the Covid Pandemic under an economic Injury loan. After the
pandemic, the Debtor's business contracted, and the debtor's staff
was reduced. This reduced its income.
The Government demanded repayment of this loan, and the Debtor
could not repay this debt. The Debtor filed a chapter 11bankruptcy
to allow it to reorganize.
The Debtor is Continuing to operate. The Monthly Operating reports
indicate a positive cash flow sufficient to support the Plan
payments.
Class 4 consists of General Unsecured Creditors. Unsecured
creditors will be paid overtime in payments made by the Debtors to
the Disbursing Agent on a monthly basis, then distributed to
creditors on a quarterly basis. The Debtors propose to pay this
class $500.00 per month for sixty months. The ultimate dividend
will be based on allowed claims.
Payments to unsecured creditors shall be made by the Debtor on a
monthly basis and distributed to creditors on a quarterly basis.
Once the payment is made by the Debtor, those funds shall be
determined to be the property of the creditors. The projected
monthly payment to the Disbursing Agent is projected to be $500.00.
The projected quarterly distribution is $1,500.00. The overall
dividend is projected to be 3.3%.
It is anticipated that the first payment to unsecured creditors
will occur on or before the Plan Effective Date. The projected Plan
Effective Date will be in March 2025, assuming the Plan is
confirmed in or before January 2025. It is anticipated that the
last payment will occur within 60 months after the first payment.
The projected last payment will be in March 2030.
Class 5 consists of Equity Interests in the Debtor. Shareholders
Equity Interests. The shareholder's interests and ownership of the
Debtor will be retained under this plan. The Salary of the
Principal will be set by the plan and dividends and emoluments and
bonuses will be restricted under the Plan.
The Plan is being funded by the Debtor's continued operations.
A full-text copy of the Disclosure Statement dated December 18,
2024 is available at https://urlcurt.com/u?l=rxUkHa from
PacerMonitor.com at no charge.
Counsel for the Debtor:
Donald R. Calaiaro, Esq.
Calaiaro Valencik
938 Penn Avenue, Suite 501
Pittsburgh, PA 15222-3708
Telephone: (412) 232-0930
Facsimile: (412) 232-3858
Email: dcalaiaro@c-vlaw.com
About Rosen Family Law Group
Rosen Family Law Group, LLC is a family law practice. The Debtor
sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. W.D. Pa. Case No. 24-21292) on May 24, 2024, listing under
$1 million in both assets and liabilities. Donald R. Calaiaro,
Esq., at Calaiaro Valencik, is the Debtor's legal counsel.
S & CD HOME: Andrew Layden Named Subchapter V Trustee
-----------------------------------------------------
The U.S. Trustee for Region 21 appointed Andrew Layden as
Subchapter V trustee for S & CD Home Care Flipping, LLC.
Mr. Layden will be paid an hourly fee of $400 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Layden declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Andrew Layden
200 S. Orange Avenue, Suite 2300
Orlando, Florida 32801
Telephone: 407-649-4000
Email: alayden@bakerlaw.com
About S & CD Home Care Flipping
S & CD Home Care Flipping, LLC sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-06975) on
December 23, 2024, with $500,001 to $1 million in assets and
$100,001 to $500,000 in liabilities.
Judge Tiffany P. Geyer presides over the case.
S & CD HOME: Seeks Bankruptcy Protection in Florida
---------------------------------------------------
On December 23, 2024, S & CD Home Care Flipping LLC filed Chapter
11 protection in the U.S. Bankruptcy Court for the Middle District
of Florida. According to court filing, the Debtor reports between
$100,000 and $500,000 in debt owed to 1 and 49 creditors. The
petition states funds will be available to unsecured creditors.
A meeting of creditors under Section 341(a) meeting to be held on
January 27, 2025 at 12:00 PM. U.S. Trustee (Orl) will hold the
meeting telephonically. Call in Number: 877-801-2055. Passcode:
8940738#
About S & CD Home Care Flipping LLC
S & CD Home Care Flipping LLC is a real estate company based in
Kissimmee, Florida.
S & CD Home Care Flipping LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-06975) on
December 23, 2024. In its petition, the Debtor reports estimated
assets between $500,000 and $1 million.
Honorable Bankruptcy Judge Tiffany P. Geyer handles the case.
SABER AUTOMOTIVE: Arturo Cisneros Named Subchapter V Trustee
------------------------------------------------------------
The U.S. Trustee for Region 16 appointed Arturo Cisneros as
Subchapter V trustee for Saber Automotive, LLC (MT).
Mr. Cisneros will be paid an hourly fee of $600 for his services as
Subchapter V trustee while the trustee administrator will be
compensated at $200 per hour. In addition, the Subchapter V trustee
will receive reimbursement for work-related expenses incurred.
Mr. Cisneros declared that he is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Arturo Cisneros
3403 Tenth Street, Suite 714
Riverside, CA 92501
Phone: (951) 682-9705/(951) 682-9707
Email: Arturo@mclaw.org
About Saber Automotive
Saber Automotive, LLC (MT) sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 24-13144) on
December 10, 2024, with up to $50,000 in assets and up to $10
million in liabilities.
Judge Scott C. Clarkson presides over the case.
Michael R. Totaro, Esq., at Totaro & Shanahan, LLP represents the
Debtor as legal counsel.
SCHAFER FISHERIES: Unsecureds to Get Nothing in Sale Plan
---------------------------------------------------------
Schafer Fisheries, Inc., filed with the U.S. Bankruptcy Court for
the Northern District of Illinois a Plan of Reorganization dated
December 18, 2024.
The Debtor is a corporation that was organized in the State of
Illinois on October 11, 1985. The Debtor has continuously operated
its business since that date.
The Debtor's business consists of three separate segments. The
primary business operation consists of the wholesale processing and
sale of fresh fish taken from the Mississippi River and the
Illinois River. The second segment is the manufacture and
distribution of fish fertilizer. The third segment is a retail
store.
The instant case is related to a companion case filed by the
principal of Schafer Fisheries and his spouse. The various real
estate parcels upon which the businesses of Schafer Fisheries
operate (the "Real Estate") are owned by the individual Debtors in
the companion case, filed in this Court as case number 24-80825.
The real estate and the business assets are all subject to
perfected first liens held by Newtek Small Business Finance, LLC.
The Debtor, as plan proponent, along with the individual debtors in
the companion case, are intending to offer all of their assets for
sale, other than the individual debtors' residence. This Debtor has
assets scheduled at approximately $358,000, upon which Newtek has a
first priority lien of $3,363,736.72. Clearly, unsecured creditors
would receive nothing in liquidation under chapter 7.
The Debtors will file a motion to sell property pursuant to Section
363(f) of the Bankruptcy Code free and clear of liens, seeking to
sell the assets and to authorize them to choose a stalking horse
bidder, if they receive a satisfactory letter of intent, or else to
sell in a public auction, reserving to Newtek the right to credit
bid. Debtor believes that offering its assets for sale to the
public will result in obtaining the highest and best price.
This Plan of reorganization under Chapter 11of the Bankruptcy Code
proposes to pay creditors of Schafer Fisheries the proceeds of the
asset sales only.
Non-priority unsecured creditors holding allowed claims will not
likely receive distributions, as it is extremely unlikely that the
sale proceeds will be sufficient to satisfy secured claims and
priority tax claims in full. Accordingly, the proponent of this
Plan has valued any such distributions to non-priority unsecured
creditors at $0.00 cents on the dollar.
This Plan provides for the payment of priority claims, if any, and
administrative expense claims, to the extent agreed upon by the
senior secured creditor and approved by the Court.
Class 5 consists of Non-priority unsecured claims. The Class 5
claims will be paid in cash from the proceeds of sale of Debtor's
assets, but only to the extent of any proceeds of sale remaining
after payment of the Class 4 claim in full. Class 5 is impaired by
this Plan.
No distribution will be made to the equity interests in the
Debtor.
This case was filed contemporaneously with the companion case of
Michael and Linda Schafer, joint debtors in case number 24-80825.
To fund this Plan and the plan filed in the companion case, Debtor
will file a motion to sell its property, namely, the three business
operations of the corporation, and in the companion case, the real
estate used to house those operations and other real estate owned
by the individual debtors (except for their residence), pursuant to
Section 363(f) of the Bankruptcy Code free and clear of liens,
seeking to sell the assets and to authorize Debtors to choose a
stalking horse bidder, if they receive a satisfactory letter of
intent, or else to sell in a public auction, reserving to Newtek
the right to credit bid.
A full-text copy of the Plan of Reorganization dated December 18,
2024 is available at https://urlcurt.com/u?l=PtDIVt from
PacerMonitor.com at no charge.
Counsel to the Debtor:
David P. Leibowitz, Esq.
Leibowitz, Hiltz & Zanzig, LLC - Lakelaw
53 W. Jackson Blvd. Suite 1301
Chicago, IL 60604
Phone: (312) 662-5750
Email: dleibowitz@lakelaw.com
-- and --
Richard N. Golding, Esq.
The Golding Law Offices, PC
161 N. Clark Street, Suite 1700
Chicago, IL 60601
Phone: (312) 832-7885
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.
SEVEN RIVERS: Hires Bond Law Office as Bankruptcy Counsel
---------------------------------------------------------
Seven Rivers Leasing Corporation, Inc. and its affiliates seek
approval from the U.S. Bankruptcy Court for the Western District of
Arkansas to hire the Bond Law Office to handle its Chapter 11
case.
The firm will be paid at its hourly rates:
Stanley Bond, Lead Counsel $375
Paraprofessional $125
The firm received a retainer of $2,262 plus filing fee of $1,738
from the Debtor.
Mr. Bond disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Stanley V. Bond, Esq.
Bond Law Office
P.O. Box 1893
Fayetteville, AR 72702
Telephone: (479) 444-0255
Facsimile: (479) 235-2827
Email: attybond@me.com
About Seven Rivers Leasing Corporation Inc.
Seven Rivers Leasing Corporation is primarily engaged in renting
and leasing real estate properties.
Seven Rivers Leasing Corporation, Inc. filed its voluntary petition
for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D.
Ark. Case No. 24-70617) on April 16, 2024, listing $2,964,760 in
assets and $999,863 in liabilities. The petition was signed by
Brenda Sloan as secretary/treasurer.
Judge Bianca M. Rucker presides over the case.
Donald A. Brady, Jr., Esq. at BRADY LAW FIRM represents the Debtor
as counsel.
SILVER CREEK: Court OKs Continued Use of Cash Collateral
--------------------------------------------------------
Silver Creek Investments, LLC received interim approval from the
U.S. Bankruptcy Court for the Northern District of Texas, Dallas
Division, to use cash collateral until Jan. 29, marking the third
extension since the company's Chapter 11 filing.
At the hearing held on Dec. 30, the court granted for the third
time the company's request to pay its operating expenses from the
cash collateral; set the final hearing for Jan. 29; and set the
deadline to file objections for Jan. 27.
The bankruptcy court's first interim order issued on Aug. 23 last
year extended the company's authority to utilize cash collateral
until Oct. 1.
Last month, Silver Creek received second interim approval from the
court to use cash collateral until Dec. 30; pay its operational
expenses in the amount of $10,483 from the cash collateral; and
grant its secured lender, Resources Assistants Corporation,
replacement liens as adequate protection.
The final hearing is set for Jan. 29.
About Silver Creek Investments
Silver Creek Investments, LLC, doing business as Glendale Shopping
Center and Glendale Shopping Mall, is primarily engaged in renting
and leasing real estate properties.
Silver Creek Investments sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Texas Case No. 24-32328) on August 5,
2024, with $1 million to $10 million in both assets and
liabilities. Alfred Herron, company owner, signed the petition.
Judge Michelle V. Larson handles the case.
The Debtor is represented by Joyce Lindauer, Esq., at Joyce W.
Lindauer Attorney, PLLC.
SOLUTION ENGINEERING: Hires Phoenix Financial Group as Accountant
-----------------------------------------------------------------
Solution Engineering for Reliable and Viable Enterprises Advisory
Group, LLC seeks approval from the U.S. Bankruptcy Court for the
District of Columbia to hire Phoenix Financial Group, LLC as
accountants.
The Debtor requires the assistance of accountant to continue to
work to determine the Debtor's tax liability and negotiate a
Partial Payment Installment Agreement.
Compensation of Phoenix shall be based on the flat monthly rate of
$8,290.17.
Phoenix Financial Group is a "disinterested person" within the
meaning of 11 U.S.C. 101(14), according to court filings.
The firm can be reached through:
Duncan Wright, EA
Phoenix Financial Group, LLC
10900 Dover Street
Westminster, CO 80021
Tel: (303) 325-3640
About Solution Engineering for
Reliable and Viable Enter
Solution Engineering for Reliable and Viable Enter filed its
voluntary petition for relief under Chapter 11 of the Bankruptcy
Code (Bankr. D. Col. Case No. 24-00390) on Nov. 18, 2024, listing
$100,001 to $500,000 in assets and $1,000,001 to $10 million in
liabilities.
Judge Elizabeth L Gunn presides over the case.
Jeffery T. Martin, Esq. at Martin Law Group, P.C. represents the
Debtor as counsel.
SOUL WELLNESS: Gets Interim OK to Use Cash Collateral
-----------------------------------------------------
Soul Wellness, LLC received interim approval from the U.S.
Bankruptcy Court for the Southern District of Florida, Miami
Division, to use the cash collateral of The U.S. Small Business
Administration.
The company requires the use of cash collateral to continue its
business operations and to pay its regular daily expenses pursuant
to its projected budget, plus an amount not to exceed 10% for any
line item per month and cumulatively per month of up to 10%.
The budget shows total expenses of $155,938.55 for the period from
Dec. 20, 2024 to Jan. 15, 2025.
As adequate protection, the SBA will have a replacement lien on all
property acquired or generated post-petition by the company to the
same extent and with the same priority as its pre-bankruptcy lien
on the cash collateral, according to the interim order signed by
Judge Laurel Isicoff on Dec. 30.
A final hearing is scheduled for Jan. 16.
About Soul Wellness LLC
Soul Wellness LLC operates a wellness and fitness gym, with a
concentration on CrossFit, Olympic weightlifting and power lifting.
The Debtor also offers classes in yoga, Pilates, run fitness, and
jujitsu gym. In addition to the general gym offerings, the Debtor
operates a youth specific fitness program for high school students;
offers discounted programs for public school teachers, and
personalized training for disabled children.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-23368-LMI) on
December 20, 2024. In the petition signed by Daniel Lopez-Calleja,
manager, the Debtor disclosed up to $50,000 in assets and up to $1
million in liabilities.
Judge Laurel M. Isicoff oversees the case.
Jacqueline Calderin, Esq., at Agentis PLLC, represents the Debtor
as legal counsel.
SPIRIT AIRLINES: Faced $350MM Losses Same Month It Filed Chap. 11
-----------------------------------------------------------------
Eman Elshahawy of South Florida Business Journal reports that
Spirit Airlines posted a $316.4 million loss in November 2024 as
the budget carrier, based in Dania Beach, continues navigating its
Chapter 11 bankruptcy process.
According to the report, while the the company generated over $351
million in sales during the month, rising operational costs and
mounting debt consumed much of its revenue, according to its latest
bankruptcy report. To put this in perspective, the November loss
accounts for more than 70% of the $447.5 million Spirit lost
throughout 2023.
As of November 30, 2024, Spirit's total liabilities had risen to
nearly $9.5 billion, up from $8.9 billion when it filed for
bankruptcy on November 18. Approximately $6.2 billion, or over 65%,
is tied to unsecured debt. The company's assets remain steady at
$9.5 billion, the report states.
Wilmington Trust Corp., a Delaware-based financial services firm
for M&T Bank, is Spirit's largest unsecured creditor, holding $500
million in 1% convertible unsecured notes due in 2026. The U.S.
Department of the Treasury is the second-largest creditor, owed
$136 million for an unsecured term loan.
On December 30, Spirit submitted a filing to the U.S. Securities
and Exchange Commission to launch a $350 million equity rights
offering as part of its reorganization plan. Creditors and
shareholders eligible for the offering have until January 30, 2025,
to purchase equity in the reorganized company. The initiative
follows a November agreement between Spirit, its subsidiaries, and
other stakeholders. Spirit has assured vendors, aircraft lessors,
and secured debt holders that payments will remain timely and in
full. These developments come amid Spirit's broader restructuring
efforts, which include reducing flights and routes, particularly at
major South Florida airports, according to report.
The airline, which employs over 7,400 staff, reported $3.7 billion
in revenue during the first nine months of 2024 but incurred a
cumulative loss of $644 million as of September 30, 2024, the
report relays.
About Spirit Airlines
Spirit Airlines Inc. is a major United States ultra-low cost
airline headquartered in Miramar, Florida, in the Miami
metropolitan area.
Spirit Airlines Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-11989) on November 18,
2024. In its petition, the Debtor listed estimated assets and
liabilities between $1 billion and $10 billion each.
STOLI GROUP: Court Approves Interim Use of Cash Collateral
----------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas,
Dallas Division issued a second interim order authorizing Stoli
Group (USA), LLC and Kentucky Owl, LLC to use the cash collateral
of Fifth Third Bank, National Association.
The companies were authorized to use cash collateral to pay amounts
approved by the court, including payments of U.S. Trustee quarterly
fees, and current and necessary expenses outlined in the budget.
Fifth Third Bank will be provided with adequate protection in the
form of replacement liens on all of the companies' assets,
including accounts and inventory acquired after the petition date;
and superpriority administrative expense claims, with priority over
other administrative claims.
A final hearing is set for Jan. 10.
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) 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, president and global chief executive officer, Stoli Group
(USA) reported assets between $100 million and $500 million and
liabilities between $10 million and $50 million.
Judge Scott W. Everett handles the cases.
Foley & Lardner, LLP represents the Debtors as legal counsel.
STORM MASTER: Seeks to Hire Bruner Wright as Bankruptcy Counsel
---------------------------------------------------------------
Storm Master Construction, LLC seeks approval from the U.S.
Bankruptcy Court for the Northern District of Florida to hire
Bruner Wright, P.A. to handle its Chapter 11 case.
The firm's hourly rates are:
Robert Bruner, Attorney $450
Byron Wright, III, Attorney $400
Samantha Kelly, Attorney $375
Paralegal $175
The firm received a retainer of $10,000 from the Debtor.
Mr. Bruner disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Robert C. Bruner, Esq.
Bruner Wright, P.A.
2868 Remington Green Circle, Suite B
Tallahassee, FL 32308
Telephone: (850) 385-0342
Facsimile: (850) 270-2441
Email: rbruner@brunerwright.com
About Storm Master Construction, LLC
Storm Master Construction, LLC filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Fla.
Case No. 24-50184) on Dec. 11, 2024, listing $500,001 to $1 million
in both assets and liabilities.
Byron Wright, III, Esq. at Bruner Wright, P.A. represents the
Debtor as counsel.
T & U INVESTMENTS: Gets Green Light to Use Cash Collateral
----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Arizona granted T&U
Investments, LLC's motion to use cash collateral to pay property
taxes and insurance expenses for properties securing SMS Financial,
LLC's and First Bank Yuma's interests.
T&U was authorized to use its rental income from the properties and
other assets that may be
considered cash collateral to make payments in accordance with the
budget for each secured creditor.
The company may exceed the budgeted amount by 10% without prior
approval but expenditures that exceed the budgeted amount by more
than 10% require prior approval of the respective secured creditor
or the court.
The order dated Dec. 30, 2024, is effective for 90 days but can be
extended if the parties agree on a new budget.
About T & U Investments
T & U Investments, LLC is a Limited Liability Company registered in
1995 in the State of Arizona. Over the years, Debtor acquired many
properties in Yuma, Tacna and Dateland.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. D. Ariz. Case No. 24-06816) on August 16,
2024, with as much as $50,000 in both assets and liabilities.
Judge Scott H. Gan oversees the case.
Scott M. Baker, Esq., at Scott Macmillan Baker, PC represents the
Debtor as legal counsel.
TEXAS SOLAR: Seeks to Hire William B. Kingman as Legal Counsel
--------------------------------------------------------------
Texas Solar Integrated, LLC seeks approval from the U.S. Bankruptcy
Court for the Western District of Texas to employ The Law Offices
of William B. Kingman, P.C. as its counsel.
The firm's services include:
a. advising the Debtor in matters relating to the
administration of its bankruptcy estate;
b. representing the Debtor in negotiations with creditors and
making appearances before the court and the Office of the U.S.
Trustee;
c. assisting in the preparation of the Debtor's Chapter 11
plan of reorganization, disclosure statement, schedules and
pleadings; and
d. litigating claims which may be brought in the forms of
objections or as adversary proceedings and representing the Debtor
in other matters relating to the administration of its Chapter 11
case.
The firm will be paid at these rates:
William Kingman, Esq. $450 per hour
Paralegals and legal assistants $120 per hour
In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.
The firm received a pre-bankruptcy retainer in the amount of
$29,550.
William Kingman, Esq., a partner at the Law Offices of William B.
Kingman, 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:
William B. Kingman, Esq.
LAW OFFICES OF WILLIAM B. KINGMAN, P.C.
3511 Broadway
San Antonio, TX 78209
Tel: (210) 829-1199
Email: bkingman@kingmanlaw.com
About Texas Solar Integrated
Texas Solar Integrated, LLC is a solar panel installation company
in San Antonio, Texas.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Texas Case No. 24-52297) on November
14, 2024, with $50 million to $100 million in assets and $10
million to $50 million in liabilities. Mike Sardo, manager, signed
the petition.
Judge Michael M. Parker oversees the case.
Ray Battaglia, Esq., at the Law Offices of Ray Battaglia, PLLC,
represents the Debtor as bankruptcy counsel.
TGI FRIDAY'S: Committee Taps Pachulski Stang Ziehl as Counsel
-------------------------------------------------------------
The official committee of unsecured creditors of TGI Friday's Inc.
and its affiliates seeks approval from the U.S. Bankruptcy Court
for the Northern District of Texas to hire Pachulski Stang Ziehl &
Jones LLP as its counsel.
The firm's services include:
a. assisting, advising, and representing the Committee in its
consultations with the Debtors regarding the administration of
these Chapter 11 Cases;
b. assisting, advising, and representing the Committee in
analyzing the Debtors' assets and liabilities, investigating the
extent and validity of liens, and participating in and reviewing
any proposed asset sales, asset dispositions, financing
arrangements, and cash collateral stipulations or proceedings;
c. assisting, advising, and representing the Committee in any
manner relevant to reviewing and determining the Debtors' rights
and obligations under leases and other executory contracts;
d. assisting, advising, and representing the Committee in
assessing the acts, conduct, assets, liabilities, and financial
condition of the Debtors, the Debtors' operations and the
desirability of the continuance of any portion of those operations,
and any other matters relevant to these cases or to the formulation
of any plan;
e. assisting, advising, and representing the Committee in its
participation in the negotiation, formulation, and drafting of a
plan of liquidation or reorganization;
f. assisting and advising the Committee in communicating with
unsecured creditors regarding significant matters in these Chapter
11 Cases;
g. representing the Committee at hearings and other
proceedings;
h. reviewing and analyzing applications, orders, statements of
operations, and schedules filed with the Court and advising the
Committee regarding same;
i. assisting the Committee in preparing pleadings and
applications as may be necessary in furtherance of the Committee's
interests and objectives;
j. assisting, advising, and representing the Committee in the
evaluation of claims and on any litigation matters;
k. preparing, on behalf of the Committee, any pleadings,
including, without limitation, motions, memoranda, complaints,
adversary complaints, objections, or comments in connection with
any of the foregoing; and
l. providing such other services as may be required or
requested or as may otherwise be deemed in the interests of the
Committee in accordance with the Committee's powers and duties as
set forth in the Bankruptcy Code, Bankruptcy Rules, or other
applicable law.
The normal hourly rates of the attorneys of the firm are:
Partners $995 to $2,175
Of Counsel $975 to $1,675
Associates $650 to $1,075
Paraprofessionals $545 to $959
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
The Firm provides the following responses to the questions set
forth in Part D of the Appendix B Guidelines for Reviewing
Applications for Compensation and Reimbursement of Expenses Filed
under United States Code by Attorneys in Larger Chapter 11 Cases
(the "Revised UST Guidelines"):
Question: Did you agree to any variations from, or alternatives
to, your standard or customary billing arrangements for this
engagement?
Answer: No.
Question: Do any of the professionals included in this
engagement vary their rate based on the geographic location of the
bankruptcy case?
Answer: No.
Question: If you represented the client in the 12 months
prepetition, disclose your billing rates and material financial
terms for the prepetition engagement, including any adjustments
during the 12 months prepetition. If your billing rates and
material financial terms have changed post petition, explain the
difference and reasons for the difference?
Answer: N/A
Question: Has your client approved your respective budget and
staffing plan, and, if so, for what budget period?
Answer: N/A
Bradford Sandler, Esq., a partner at Pachulski Stang Ziehl & Jones
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 through:
Bradford J. Sandler, Esq.
Pachulski Stang Zichl & Jones LLP
919 North Market Street, 17th Floor
Wilmington, DE 19899
Telephone: (302) 652-4100
Facsimile: (302) 652-4400
Email: bsandler@pszjlaw.com
About TGI Friday's Inc.
TGI Friday's Inc., doing business as Wow Bao, operates a chain of
restaurants. The Company provides appetizers, sizzlings, seafood,
salads, sandwiches, entres, desserts, and non-alcoholic and
alcoholic beverages. Wow Bao serves customers in the United
States.
TGI Friday's Inc. filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No.
24-80069) on Nov. 2, 2024, listing $100,000,001 to $500 million in
both assets and liabilities.
Judge Stacey G Jernigan presides over the case.
Holland N. O'Neil, Esq. at Foley & Lardner LLP represents the
Debtor as counsel.
TOPICAL BIOMEDICS: Seeks to Hire BWA Law Group as Special Counsel
-----------------------------------------------------------------
Topical BioMedics, Inc. seeks approval from the U.S. Bankruptcy
Court for the Southern District of New York to hire BWA Law Group
APC as special counsel.
The firm will represent the Debtor in the litigation commenced
against the debtor in the Orange County Superior Court, State of
California, by Kimberly Gonzales, bearing Case No.
30-2023-01357952-CU-BT-CJC.
The firm will bill a rate ranging from $80 to $400 per hour for
services performed, plus disbursements as incurred.
BWA Law Group does not hold nor represent any interest adverse to
the Debtor or its estate, according to court filings.
The firm can be reached through:
Jeremy J. Alberts, Esq.
BWA Law Group APC
1901 E. 4th Street, Suite 150
Santa Ana, CA 92705
Phone: (888) 929-2529
Email: info@bwalaw.com
About Topical BioMedics, Inc.
Topical BioMedics offers natural pain relief products.
Topical BioMedics, Inc. filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No.
24-36109) on Nov. 11, 2024, listing $437,628 in assets and
$2,412,922 in liabilities. The petition was signed by Dennis
Barnett Dennis as chairman of the Board.
Michelle L. Trier, Esq. at GENOVA, MALIN & TRIER, LLP represents
the Debtor as counsel.
TWIN FALLS: Gets OK to Use $2.19M in Cash Collateral Until March 10
-------------------------------------------------------------------
The U.S. Bankruptcy Court for the District of North Dakota granted
Twin Falls Oil Service, LLC authorization to use cash collateral
from the petition date until March 10.
The company was authorized to use cash of up to $2,194,380.48 that
may be subject to the liens of its pre-bankruptcy lenders.
As adequate protection, Twin Falls was authorized to grant its
pre-bankruptcy lenders replacement liens on its post-petition
assets, with the same priority and effect as their pre-bankruptcy
liens.
Chapter 5 causes of action are excluded from the replacement liens
authorized by the bankruptcy court's order.
About Twin Falls Oil Service
Twin Falls Oil Service, LLC, a company in Killdeer, N.D., offers
crude oil hauling, water hauling, aggregate hauling, hydrovac winch
services and OTR hauling.
Twin Falls sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. N.D. Case No. 24-30525 on December 11, 2024, with up
to $50,000 in assets and up to $10 million in liabilities. Jeffery
L. Jacobson, president of Twin Falls, signed the petition.
The Debtor is represented by Steven R. Kinsella, Esq., at
Fredrikson & Byron, P.A.
UNIMODE WOODWORKING: Gets OK to Use Cash Collateral Until Jan. 17
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Illinois,
Eastern Division, issued an interim order authorizing Unimode
Woodworking, Inc., to use cash collateral through Jan. 17.
Unimode was authorized to use the cash collateral of the U.S. Small
Business Administration to fund operating expenses set forth in its
approved budget.
The monthly budget shows projected total operating expenses of
$38,654.
The SBA was granted valid, binding, and perfected liens and
security interests in the company's collateral, including
post-petition collateral, as adequate protection.
A status hearing is scheduled for Jan. 15.
About Unimode Woodworking
Unimode Woodworking, Inc. sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-15017) on
October 9, 2024, with $100,001 to $500,000 in assets and $500,001
to $1 million in liabilities.
Judge Timothy A. Barnes presides over the case.
David Freydin, Esq., at the Law Offices of David Freydin Ltd.
represents the Debtor as legal counsel.
UXIN LIMITED: Appoints Chief Technology Officer
-----------------------------------------------
Uxin Limited announced the appointment of Mr. Chengbin Li as the
Company's chief technology officer, effective Jan. 1, 2025.
"I am pleased to announce Mr. Li as our Chief Technology Officer.
Since joining Uxin in 2014, Mr. Li has been instrumental in
developing key products and driving automation and efficiency as
head of the product and technology center. I am confident that
under his leadership, we will continue to innovate, grow, and
enhance user experiences," said Mr. Kun Dai, Founder, Chairman and
chief executive officer of Uxin.
Mr. Li is a seasoned technology leader with extensive experience in
leading technology teams and driving product and technology
development. Mr. Li currently leads the Company's product and
technology center, overseeing software and hardware design and the
technical backend. Since joining the Group in 2014, Mr. Li has
held various key roles leading product planning and R&D, including
general manager and vice president. Before joining the Group, Mr.
Li held several product and technology related roles at Anbang
Insurance Group and iQIYI Sports. Mr. Li holds a master's degree
in electronics and communication engineering from Peking
University.
About Uxin
Uxin is a China-based used car retailer, pioneering industry
transformation with advanced production, new retail experiences,
and digital empowerment. The Company offers vehicles through a
reliable, one-stop, and hassle-free transaction experience. Under
its omni-channel strategy, the Company is able to leverage its
pioneering online platform to serve customers nationwide and
establish market leadership in selected regions through offline
inspection and reconditioning centers.
Shanghai, the People's Republic of China-based
PricewaterhouseCoopers Zhong Tian LLP, the Company's auditor since
2017, issued a "going concern" qualification in its report dated
July 31, 2024, citing that the Company has incurred net losses
since inception and, as of March 31, 2024, had an accumulated
deficit and net current liability and the Company incurred
operating cash outflow during the fiscal year ended March 31, 2024.
These events and conditions raise substantial doubt about its
ability to continue as a going concern.
VETERANS HOLDINGS: Gets Interim OK to Use Cash Collateral
---------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Louisiana,
granted Veterans Holdings, LLC, authorization to use cash
collateral.
The company was authorized to use the cash collateral of Richards
Clearview City Center, LLC and the U.S. Small Business
Administration in accordance with its budget, with a 10% variance
allowance.
The company is not allowed to make any payments or distributions
other than the itemized projected disbursements set forth in the
budget without prior written consent of the pre-bankruptcy
lienholders.
The pre-bankruptcy lienholders were granted replacement security
interests in and liens upon all post-petition personal property of
the company and its estate, and all proceeds and products of that
personal property, as adequate protection.
A final hearing is set for Jan. 17.
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.
VISION CARE: Court Extends Use of Cash Collateral to March 31
-------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Maine granted the
motion filed by Vision Care of Maine, LLC, extending its use of
cash collateral until March 31.
The court previously issued a final order in Vision Care's
bankruptcy case, allowing the company to use cash collateral until
Dec. 31, 2024 only.
The order, signed by Judge Peter Cary, approved the company's
continued use of cash collateral in accordance with its budget,
which shows total projected expenses of $313,614 for the period.
Pre-bankruptcy lienors, including Besse, McKesson, and Camden
National Bank, have consented to the use of cash collateral while
the Office of the U.S. Trustee has indicated no objection.
Vision Care established an escrow account at Camden National Bank
and deposited $109,437.30 into the account as adequate protection
for the bank's post-petition right of setoff.
About Vision Care of Maine
Vision Care of Maine Limited Liability Company is a medical group
practice located in Bangor, ME that specializes in Ophthalmology
and Optometry offering vision care services including glasses,
contacts, surgeries for cataracts, retina disease and cornea
disease and glaucoma.
Vision Care of Maine sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Me. Case No. 24-10166) on August 5,
2024. In the petition signed by Curt Young, manager, the Debtor
disclosed up to $10 million in both assets and liabilities.
Judge Michael A. Fagone oversees the case.
The Debtor tapped George J. Marcus, Esq., at Marcus, Clegg, Bals &
Rosenthal, PA as counsel and Opus Consulting Partners, LLC as
financial consultant.
WANDERLY LLC: Linda Leali Named Subchapter V Trustee
----------------------------------------------------
The U.S. Trustee for Region 21 appointed Linda Leali, Esq., as
Subchapter V trustee for Wanderly, LLC.
Ms. Leali will be paid an hourly fee of $450 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Leali declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Linda M. Leali
Linda M. Leali, P.A.
2525 Ponce De Leon Blvd., Suite 300
Coral Gables, FL 33134
Telephone: (305) 341-0671, ext. 1
Facsimile: (786) 294-6671
Email: leali@lealilaw.com
About Wanderly LLC
Wanderly, LLC is a technology marketplace platform created for
traveling healthcare professionals and healthcare staffing
companies.
Wanderly 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 reported assets between $100,000 and $500,000
and liabilities between $1 million and $10 million.
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
WELLPATH HOLDINGS: Asset Sale Proceeds to Fund Plan Payments
------------------------------------------------------------
Wellpath Holdings, Inc., and certain of its Debtor Affiliates filed
with the U.S. Bankruptcy Court for the Southern District of Texas a
Disclosure Statement for Joint Chapter 11 Plan dated December 20,
2024.
Wellpath is the premier provider of localized, high quality,
compassionate care to vulnerable patients in challenging clinical
environments. Wellpath is the leading medical and mental health
services provider in correctional facilities, inpatient and
residential treatment facilities, forensic treatment facilities,
and civil commitment centers.
Headquartered in Nashville, Tennessee with operations in
approximately 420 facilities across 39 states, Wellpath provides
outsourced solutions to the correctional healthcare and behavioral
healthcare industries. Wellpath offers an array of healthcare
services to its federal, state, and local government partners,
including on-site medical services, telehealth and mental health
programs, and pharmacy management.
Starting in January 2024, to address the Debtors' significant
maturity wall, Lazard Frères & Co. LLC, as the Debtors'
restructuring investment banker, worked closely with the Debtors'
legal counsel, McDermott Will & Emery LLP, to pursue an
out-of-court recapitalization transaction involving a sale of the
Debtors' behavioral health division, Recovery Solutions. The
Debtors sought to use proceeds from a potential sale of the
Recovery Solutions Business to pay down a significant portion of
the Prepetition First Lien Credit Facility to facilitate an
extension of the remaining debt amounts. As such, between January
and March of 2024, Lazard prepared for the marketing process of the
Recovery Solutions Business.
The Debtors and Lazard began engaging with an ad hoc group of
lenders (the "Ad Hoc Group") represented by Akin Gump Strauss Hauer
& Feld LLP, as counsel, Houlihan Lokey Capital, Inc., as investment
banker, and Ankura Consulting Group LLC, as financial advisor, to
begin discussions about potential out-of-court balance sheet
solutions. On August 30, 2024 (as later amended on September 30,
2024 and October 31, 2024), the Debtors and the Ad Hoc Group
executed the Forbearance Agreements to forbear from taking
enforcement actions relating to the events of default in connection
with the cash interest and amortization payments on the prepetition
credit facilities as well as maturity of the Prepetition Revolving
Credit Facility, with the goal to preserve liquidity and extend the
runway to continue working toward an amicable solution.
However, despite the Debtors' robust marketing process, after
several weeks of further diligence and management presentations,
the Debtors only received one formal second-round check-in bid,
which was at a reduced valuation from the preliminary indication of
interest. While Wellpath and its advisors tried to keep the bidder
engaged, the Debtors also attempted to reengage with other bidders
between August and September of 2024. The Debtors did not receive
any acceptable bids at the conclusion of the Debtors' bidding
process. Consequently, the Debtors temporarily put the marketing
process on hold and pivoted to negotiating the terms of an in-court
restructuring with the Ad Hoc Group. These negotiations ultimately
led to the execution of the Restructuring Support Agreement, dated
November 11, 2024 (the "Restructuring Support Agreement"), which
forms the basis for the Plan.
The Restructuring Support Agreement provides a flexible structure
that will enable the parties to explore the most value-maximizing
restructuring alternative available. Under the Restructuring
Support Agreement, the Debtors' proposed restructuring has several
components.
* First, to fund these chapter 11 cases and the processes and
transactions contemplated by the Restructuring Support Agreement,
the Debtors secured access to a debtor-in-possession financing
facility in the aggregate principal amount of $522,375,000
consisting of up to (a) $105,000,000 in new money term loans and
(b) $417,375,000 in "rolled up" prepetition secured loans (the "DIP
Facility"). All Prepetition Lenders had the opportunity to
participate in the $105,000,000 new money term loan financing,
which was syndicated following the "first day" hearing in these
chapter 11 cases. The Prepetition Lenders party to the
Restructuring Support Agreement as of the Petition Date agreed to
backstop the new money term loan financing. All Prepetition Lenders
that participated in the new money financing had certain of their
prepetition debt holdings rolled up into the DIP Facility. The
Bankruptcy Court entered the DIP Orders approving the DIP
Facility.
* Second, the Restructuring Support Agreement contemplates an
active, open marketing process for a value maximizing sale for
substantially all or one or more subsets of the Debtors' assets. To
that end, the Bankruptcy Court entered the Bidding Procedures Order
approving the Bidding Procedures for such a sale and certain
related dates and deadlines. The Bidding Procedures provide for a
dual track process that will allow the Debtors flexibility to
market assets associated with the Recovery Solutions Business and
the Corrections Business. Although the Bidding Procedures and the
Restructuring Support Agreement provide for a longer runway for the
sale of the Corrections Business assets, the Bankruptcy Court
approved a faster timeline to market and consummate the sale of the
Recovery Solutions Business assets.
* Third, the DIP Lenders and the Prepetition Lenders party to
the Restructuring Support Agreement agreed to cap any credit bid of
the loans outstanding under the DIP Facility for the Recovery
Solutions Business assets. Although the credit bid cap does not
prevent the DIP Lenders from including cash as part of any overbid,
this structure assures interested bidders that they are not
competing against "credit bid currency" up to the full amount of
the Debtors' prepetition or post-petition debt. The Debtors believe
that the credit bid cap will increase the likelihood of a robust
auction process for the Debtors' assets. Indeed, the Debtors and
their Prepetition Lenders are eager to (a) ensure a true market
test on the value for the Debtors and their assets and (b) maximize
the value of the Debtors' estates for the benefit of all
stakeholders.
* Fourth, with respect to the Debtors' Corrections Business,
under the Restructuring Support Agreement and pursuant to the Plan,
the DIP Lenders have committed to purchase in a direct private
placement new equity interests in Reorganized Wellpath, subject to
a post-petition marketing process for sale(s) of these assets under
section 363 of the Bankruptcy Code. The DIP Lenders party to the
Restructuring Support Agreement as of the Petition Date agreed to
backstop the Debtors' proposed equity financing in respect of
Reorganized Wellpath.
* Finally, the Debtors propose an expeditious chapter 11
process that appropriately balances the Debtors' restructuring
goals, the health and safety of their patients, and notice and due
process considerations. It is critical that the Debtors emerge from
these chapter 11 cases as soon as reasonably practicable due to the
nature of their businesses and their vulnerable patient population.
The Debtors believe that consummation of the transactions
contemplated in the Restructuring Support Agreement will ensure
continued operations of their healthcare services, employment of
their physicians, and safety of their patients.
Class 7 consists of General Unsecured Claims. If the Corrections
Restructuring occurs, each Holder of an Allowed General Unsecured
Claim shall receive its Pro Rata share of (A) [·]% of the
beneficial interests in the Liquidating Trust and (B) the proceeds
from any sale of the Recovery Solutions Business, to the extent any
Cash proceeds remain after (1) satisfaction in full of all Allowed
Administrative Claims, Priority Tax Claims, Other Priority Claims,
DIP Claims, First Lien Claims, and Second Lien Claims and (2) the
funding of the Professional Fee Escrow Account.
If the Corrections Asset Sale occurs, each Holder of an Allowed
General Unsecured Claim shall receive its Pro Rata share of: (A)
[·]% of the beneficial interests in the Liquidating Trust and (B)
the proceeds from the Corrections Asset Sale, to the extent any
Cash proceeds remain after (1) satisfaction in full of all Allowed
Administrative Claims, Priority Tax Claims, Other Priority Claims,
DIP Claims, First Lien Claims, and Second Lien Claims, and (2) the
funding of the Professional Fee Escrow Account and any wind-down
reserves set forth in the Wind-Down Budget.
If a WholeCo Sale occurs, each Holder of an Allowed General
Unsecured Claim shall receive its Pro Rata share of (A) [·]% of
beneficial interests in the Liquidating Trust and (B) the proceeds
from any WholeCo Sale, to the extent that any Cash proceeds remain
after (1) satisfaction in full of all Allowed Administrative
Claims, Priority Tax Claims, Other Priority Claims, DIP Claims,
First Lien Claims, and Second Lien Claims and (2) the funding of
the Professional Fee Escrow Account and any winddown reserves as
set forth in the Wind-Down Budget.
The Disclosure Statement still has blanks as to the estimated
allowed amount and percentage recovery for holders of unsecured
claims.
The Debtors shall fund distributions under the Plan pursuant to the
Corrections Restructuring, as applicable, with the following: (1)
the issuance of the New Common Equity, including through the Equity
Financing; (2) the issuance of or borrowings under the Takeback
Debt Facility; (3) the interests in the Liquidating Trust; and (4)
Cash on hand.
The Debtors shall fund distributions under the Plan pursuant to the
Corrections Asset Sale, as applicable with the following: (1) Cash
on hand; (2) Cash or non-Cash consideration received by the Debtors
in any Corrections Asset Sale; and (3) the interests in the
Liquidating Trust.
The Debtors shall fund distributions under the Plan pursuant to a
WholeCo Sale, as applicable with the following: (1) Cash on hand;
(2) Cash or non-Cash consideration received by the Debtors if a
WholeCo Sale is consummated; and (3) the interests in the
Liquidating Trust.
A full-text copy of the Disclosure Statement dated December 20,
2024 is available at https://urlcurt.com/u?l=ZMK72i from
PacerMonitor.com at no charge.
Counsel to the Debtors:
MCDERMOTT WILL & EMERY LLP
Felicia Gerber Perlman, Esq.
Bradley Thomas Giordano, Esq.
Jake Jumbeck, Esq.
Carole Wurzelbacher, Esq.
Carmen Dingman, Esq.
444 West Lake Street, Suite 4000
Chicago, Illinois 60606-0029
Telephone: (312) 372-2000
Facsimile: (312) 984-7700
Email: fperlman@mwe.com
bgiordano@mwe.com
jjumbeck@mwe.com
cwurzelbacher@mwe.com
cdingman@mwe.com
- and –
MCDERMOTT WILL & EMERY LLP
Steven Z. Szanzer, Esq.
One Vanderbilt Avenue
New York, New York 10017
Telephone: (212) 547-5400
Facsimile: (212) 547-5444
Email: sszanzer@mwe.com
MCDERMOTT WILL & EMERY LLP
Marcus A. Helt, Esq.
2501 N. Harwood Street, Suite 1900
Dallas, Texas 75201-1664
Telephone: (214) 295-8000
Facsimile: (972) 232-3098
Email: mhelt@mwe.com
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.
WN RESTAURANT: Brian Hofmeister Named Subchapter V Trustee
----------------------------------------------------------
The U.S. Trustee for Regions 3 and 9 appointed Brian Hofmeister,
Esq., as Subchapter V trustee for WN Restaurant Group, LLC.
Mr. Hofmeister will be paid an hourly fee of $400 for his services
as Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Hofmeister declared that he is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Brian W. Hofmeister, Esq.
3131 Princeton Pike
Building 5, Suite 110
Lawrenceville, NJ 08648
Phone: (609) 890-1500
Email: bwh@hofmeisterfirm.com
About WN Restaurant Group
WN Restaurant Group, LLC, doing business as Nana's Kitchen, filed
Chapter 11 petition (Bankr. D.N.J. Case No. 24-22477) on December
20, 2024, with up to $50,000 in assets and up to $500,000 in
liabilities.
Lawrence W. Luttrell, Esq., at the Law Offices of Lawrence W.
Luttrell represents the Debtor as bankruptcy counsel.
WOM SA: Unsecured Creditors Will Get 28% to 33% in Joint Plan
-------------------------------------------------------------
WOM SA and its affiliates filed with the U.S. Bankruptcy Court for
the District of Delaware a Disclosure Statement for the Joint
Chapter 11 Plan of Reorganization dated December 19, 2024.
WOM was founded in 2015, through the acquisition of Nextel Chile
S.A. by Novator Partners LLP’s investment vehicle, NC Telecom AS
("NCT"). WOM quickly established itself as Chile's fastest-growing
mobile services provider in terms of total subscribers and
revenues.
The Plan is a result of extensive good faith negotiations, overseen
by the Board or, to the extent permitted by applicable law, the
Special Committee, among the Debtors and certain stakeholders. The
Plan is supported by the Debtors' key funded debt creditors, the Ad
Hoc Group of WOM Noteholders (the "Ad Hoc Group" or "AHG"), as set
forth in the Plan Sponsor Agreement.
The members of the Ad Hoc Group hold approximately 60% of the
Unsecured Notes Claims. The transactions contemplated in the Plan
will strengthen the Company by providing new capital to fund
distributions to creditors and working capital, deleveraging the
Debtors' balance sheet, and allowing the Company to operate post
emergence, all to the benefit of its stakeholders.
The Plan is premised on an implied total enterprise value of the
Debtors of approximately $1.6 billion. The Debtors believe that the
investment-backed value implied by the Plan following a robust
marketing process is the best available indicator of value of the
Debtors.
The Plan contemplates a recapitalization of the Debtors through a
combination of the issuance of debt and treatment of existing
Claims against and Interests in the Debtors pursuant to the Plan.
Under the Plan, the Debtors will conduct a Rights Offering as
detailed in the Rights Offering Procedures:
* Following entry of the Rights Offering Procedures Order,
the Debtors shall conduct the Rights Offering in accordance with
the Rights Offering Procedures and Backstop Agreement. Eligible
Holders of Allowed Unsecured Notes Claims and Eligible Holders of
Allowed General Unsecured Claims that elect the New Secured Notes/
Equity Treatment will be issued their pro rata allocations (based
on the proportions set forth in the Plan) of Subscription Rights to
purchase, pursuant to the terms of the Rights Offering Procedures,
the New Money New Secured Notes and New Money New Convertible
Notes. Any transfer of an Allowed Unsecured Notes Claim prior to
the earlier of (i) the transferee making a Binding Rights Election
(as defined in the Rights Offering Procedures) or (ii) the Rights
Offering Expiration shall include the applicable Subscription
Rights.
* Pursuant to and subject to the terms and conditions of the
Backstop Agreement, each of the Backstop Parties agreed, on a
several and not joint basis, to (a) exercise all Subscription
Rights issued to such Backstop Party in connection with the Rights
Offering, and (b) acquire such Backstop Party's Backstop Percentage
of the Unsubscribed Rights Offering Securities. In exchange for the
Backstop Parties' commitments under the Backstop Agreement, the
Backstop Parties will receive the Backstop Put Premium and the
Expense Reimbursement (as defined in the Backstop Agreement)
pursuant to and subject to the terms and conditions of the Backstop
Agreement.
Class 4 consists of all General Unsecured Claims against each
Debtor. The allowed unsecured claims total $215 to $253 million.
This Class will receive a distribution of 28% to 33% of their
allowed claims. Except to the extent that a Holder of an Allowed
General Unsecured Claim and the applicable Debtor agree to less
favorable treatment, on the Effective Date, each Eligible Holder of
an Allowed General Unsecured Claim shall receive, in full and final
satisfaction, compromise, settlement, release, and discharge of,
and in exchange for such Allowed General Unsecured Claim:
* its pro rata share of the Litigation Trust Interests (based
on the proportion that its Allowed General Unsecured Claim bears to
the aggregate amount of (a) all Allowed Unsecured Notes Claims plus
(b) all Allowed General Unsecured Claims); and
* its pro rata share of the GUC Cash Pool Treatment; provided
that, to the extent the election can be offered and solicited in
accordance with applicable securities laws, each Holder of an
Allowed General Unsecured Claim that is an Eligible Holder shall
have the option to elect to receive, in lieu of the GUC Cash Pool
Treatment, its pro rata share of the New Secured Notes/Equity
Treatment (based on the proportion that its Allowed General
Unsecured Claim bears to the aggregate amount of (a) all Allowed
Unsecured Notes Claims plus (b) all Allowed General Unsecured
Claims, the Holders of which have elected the New Secured
Notes/Equity Treatment).
Class 4 is Impaired under the Plan. Holders of Allowed General
Unsecured Claims are entitled to vote to accept or reject the
Plan.
The Plan is being proposed as a joint plan of reorganization of the
Debtors for administrative purposes only and constitutes a separate
chapter 11 plan of reorganization for each Debtor. The Plan is not
premised upon the substantive consolidation of the Debtors with
respect to the Classes of Claims or Interests set forth in the
Plan.
Except as otherwise provided in the Plan or the Confirmation Order,
the Reorganized Debtors shall fund distributions under the Plan
with (i) Cash on hand and (ii) Cash proceeds from the Rights
Offering.
A full-text copy of the Disclosure Statement dated December 19,
2024 is available at https://urlcurt.com/u?l=LSlGCr from
PacerMonitor.com at no charge.
Co-Counsel to the Debtors:
John K. Cunningham, Esq.
Richard S. Kebrdle, Esq.
WHITE & CASE LLP
Southeast Financial Center
200 South Biscayne Boulevard, Suite 4900
Miami, Florida 33131
Tel: (305) 371-2700
E-mail: jcunningham@whitecase.com
rkebrdle@whitecase.com
- and -
Philip M. Abelson, Esq.
Andrew Zatz, Esq.
Samuel P. Hershey, Esq.
Andrea Amulic, Esq.
Lilian Marques, Esq.
Claire Tuffey, Esq.
1221 Avenue of the Americas
New York, NY 10020
Phone: (212) 819-8200
E-mail: philip.abelson@whitecase.com
azatz@whitecase.com
sam.hershey@whitecase.com
andrea.amulic@whitecase.com
lilian.marques@whitecase.com
claire.tuffey@whitecase.com
Co-Counsel to the Debtors:
John H. Knight, Esq.
Amanda R. Steele, Esq.
Brendan J. Schlauch, Esq.
RICHARDS, LAYTON & FINGER, P.A.
One Rodney Square
920 North King Street
Wilmington, Delaware 19801
Tel: (302) 651-7700
E-mail: knight@rlf.com
steele@rlf.com
schlauch@rlf.com
About WOM SA
WOM is a Chilean telecommunications provider, focused on offering
mobile voice, data, and broadband services, along with a rapidly
expanding "Fiber to the Home" broadband offering, to consumers and
businesses in Chile. Since the acquisition of Nextel Chile in 2015
through Novator Partners LLP's investment vehicle NC Telecom AS,
WOM has expanded from having virtually no market share to
establishing itself as the second-largest mobile network operator
in Chile.
WOM sought relief under Chapter 11 of the Bankruptcy Code (Bankr.
D. Del. Lead Case No. 24-10628) on April 1, 2024. In the petition
filed by Timothy O'Connoer, as independent director, the Debtor
estimated assets and liabilities between $1 billion and $10 billion
each.
The Honorable Bankruptcy Judge Karen B. Owens oversees the case.
The Debtors tapped White & Case, LLP as general bankruptcy counsel;
Richards, Layton & Finger, P.A. as local bankruptcy counsel;
Riveron Consulting, LLC, as financial advisor; and Rothschild & Co
US Inc. as investment banker. Kroll Restructuring Administration,
LLC, is the claims agent.
YOUSSEF CORP: Files Subchapter V Bankruptcy Proceeding
------------------------------------------------------
On December 31, 2024, Youssef Corporation filed Chapter 11
protection in the U.S. Bankruptcy Court for the Eastern District
of California. According to court filing, the Debtor reports
between $1 million and $10 million in debt owed to 1 and 49
creditors. The petition states funds will be available to unsecured
creditors.
About Youssef Corporation
Youssef Corporation, doing business as Rick's Dessert Diner, a
Sacramento-based dessert shop operating since 1986.
Youssef Corporation sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Calif. Case No. 24-25864) on December
31, 2024. In its petition, the Debtor reports estimated assets
between $50,000 and $100,000 and estimated liabilities between $1
million and $10 million.
Honorable Bankruptcy Judge Christopher D. Jaime handles the case.
Linda D. Deos, Esq. of Deos Law PC represents the Debtor as
counsel.
[*] FTI Consulting Announces Senior Managing Director Promotions
----------------------------------------------------------------
FTI Consulting, Inc. on Jan. 2 announced the promotion of 22
professionals within the firm's Corporate Finance & Restructuring
segment to Senior Managing Director, effective January 1, 2025.
"Our ability to attract and develop top talent is driving growth in
the Corporate Finance & Restructuring segment, making FTI
Consulting the firm to call in any stage of the business
lifecycle," said Michael Eisenband, Global Segment Leader of
Corporate Finance & Restructuring at FTI Consulting. "I
congratulate these leaders and look forward to working side-by-side
as we support our clients, helping them anticipate and navigate
opportunities and challenges, and maximize value."
The Senior Managing Director promotions in the Corporate Finance &
Restructuring segment include:
* Craig Ballard, London
* Matt Bartlett, Chicago
* Kevin Chen, New York
* Mark Davies, London
* Christopher DelGrosso, Wayne
* Joe DeSantis, Atlanta
* Julian Drellmann, Frankfurt
* Rob Fisher, McLean
* Diego Gamboa, Chicago
* Cecily Gooch, Dallas
* Kamran Hamidi, Toronto
* Lewin Higgins-Green, London
* Saskia Hinkenkemper, Amsterdam
* Martijn Hulshof, Amsterdam
* Gil Jones, New York
* Jordan Krasne, New York
* Peter Lammers, Düsseldorf
* Liam Nolan, London
* Eun Oh, New York
* Martin Schneider, Berlin
* Pierre-Jean "PJ" Sebert, London
* Carlos Vidal, Barcelona
About FTI Consulting
FTI Consulting, Inc. -- https://www.fticonsulting.com -- is a
global business advisory firm dedicated to helping organizations
manage change, mitigate risk and resolve disputes: financial,
legal, operational, political & regulatory, reputational and
transactional. With more than 8,300 employees located in 34
countries and territories, FTI Consulting professionals work
closely with clients to anticipate, illuminate and overcome complex
business challenges and make the most of opportunities. The Company
generated $3.49 billion in revenues during fiscal year 2023. In
certain jurisdictions, FTI Consulting's services are provided
through distinct legal entities that are separately capitalized and
independently managed.
[] BOOK REVIEW: The Phoenix Effect
----------------------------------
Nine Revitalizing Strategies No Business Can Do Without
Authors: Carter Pate and Harlann Platt
Publisher: John Wiley & Sons, Inc.
Softcover: 244 Pages
List Price: $27.95
Review by Gail Owens Hoelscher
Buy a copy for yourself and one for a colleague on-line at
http://amazon.com/exec/obidos/ASIN/0471062626/internetbankrupt
Think of all the managers of faltering companies who dream of
watching those companies rise from the ashes all around them! With
a record number of companies failing in 2001, and another
record-setting year expected for 2002, there are a lot of ashes
from which to rise these days.
Carter Pate and Harlan Platt highly value strong leadership able to
sharpen a company's focus and show the way to the future. They
believe that all too often, appropriate actions required to improve
organizations are overlooked because upper management either isn't
aware of the seriousness of the issues they face or they don't know
where to turn for accurate information to best address their
concerns. In the Phoenix Effect, the authors present their ideas to
"confront, comprehend, and conquer a company's ills, big and
small."
These ideas are grouped into nine steps: (i) Find out whether the
company needs a tune-up, a turnaround, or crisis management. Locate
the source of "the pain." (ii) Analyze the true scope of the
company's operations. Decide whether to stay in the same
businesses, withdraw from existing businesses, or enter new ones.
(iii) Hold the company to its mission statement. If it strives to
be "the most environmentally friendly." Figure out how. (iv) Manage
scale. Should the company grow, stay the same size, or shrink? (v)
Determine debt obligations and work toward debt relief. (vi) Get
the most from the company's assets. Eliminate superfluous assets
and evaluate underused assets. (vii) Get the most from the
company's employees. Increase output and lower workforce costs.
(viii) Get the most from the company's products. Turn out products
that are developed and marketed to fill actual, current customer
needs. (ix) Produce the product. Search for alternate ways to
create the product: owning or leasing facilities, outsourcing,
etc.
The authors believe that "how you're doing is where you're going."
They assert that the "one fundamental source of life in companies,
as in people, is the capacity for self-renewal, the ability to
excite your team for game after game. to go for broke season after
season." This ability can come from "(g)enetics, charisma, sheer
luck, stock options -- all crucial, yes, but the best renewal
insurance is a leader who always knows exactly how his or her
company is doing."
There are a lot of books written on this topic. Pate and Platt
successfully bridge the gap between overgeneralization and too
detail. They are equally adept at advising on how to go about
determining a business's scope and arguing for Monday rather than
Friday for implementing layoffs. They don't dwell on sappy
motivational techniques. They don't condescend to the reader or
depend too much on folksy vernacular and cliche. Their message is
clear: your company's phoenix, too, can rise from its ashes.
Carter Pate has served on the Board of multiple public companies.
During his two decades as a Partner at PricewaterhouseCoopers, he
held several global leadership positions, including being the
Global Managing Partner of the Advisory Services Practice,
Healthcare Practice and the Government practice. He subsequently
served as the CEO of Providence Service Corporation (revenue $1.5B)
and as the CEO of MV Transportation, one of the largest privately
held transportation companies.
Dr. Harlan D. Platt is a professor of Finance and Insurance at
Northeastern University. He is president of 911RISK, Inc., which
specializes in developing analytical models to predict corporate
distress. He received a Ph.D. from the University of Michigan, and
holds a B.A. degree from Northwestern University.
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts. The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
The Sunday TCR delivers securitization rating news from the week
then-ending.
TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
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Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante,
Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon,
Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and
Peter A. Chapman, Editors.
Copyright 2025. All rights reserved. ISSN: 1520-9474.
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*** End of Transmission ***