/raid1/www/Hosts/bankrupt/TCR_Public/250107.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Tuesday, January 7, 2025, Vol. 29, No. 6
Headlines
100 PERCENT: Seeks to Hire Buechler Law Office as Counsel
11AM INDUSTRIES: Frederic Schwieg Named Subchapter V Trustee
3265 E VALLLEY: U.S. Trustee Unable to Appoint Committee
68 WAINSCOTT: Seeks Chapter 11 Bankruptcy Protection in New York
9 LAKE REGION: Seeks to Hire Robert S. Lewis as Bankruptcy Counsel
ADDICTION CENTER: Hires Dunham Hildebrand as Legal Counsel
ADVANCED CONSULTING: Ronald Friedman Named Subchapter V Trustee
ADVENT TECHNOLOGIES: 2 of 3 Proposals Approved at Annual Meeting
AGTJ13 LLC: Seeks to Extend Plan Exclusivity to March 31, 2025
AKOUSTIS TECHNOLOGIES: Hires Raymond James as Investment Banker
AKOUSTIS TECHNOLOGIES: Hires Stretto as Administrative Advisor
ALK ASPHALT: Gets OK to Hire Hudspeth Law Firm as Special Counsel
ALK ASPHALT: Seeks to Hire Johnson CPA Group as Accountant
ALK ASPHALT: U.S. Trustee Unable to Appoint Committee
ALUMAX INC: Seeks to Hire Vilarino & Associates as Legal Counsel
AMERICAN REFRACTORY: Hires Rolston as Real Estate Broker
ANGIE'S TRANSPORTATION: Hires Schmidt Basch LLC as Counsel
AVALON PIMA: U.S. Trustee Unable to Appoint Committee
BARCA HOLDINGS: Hires Moon Wright & Houston as Bankruptcy Counsel
BEAUCHAMP ENTERPRISES: Taps Darby Law Practice as Legal Counsel
BELLTOWN FARMS: U.S. Trustee Appoints Creditors' Committee
BILEN PROPERTIES: Aaron Eyob to Fund Plan Payments
BOBEL ELECTRIC: Files Subchapter V Bankruptcy
BRAZER INTERNATIONAL: Voluntary Chapter 11 Case Summary
BRIGHT MOUNTAIN: Amends Credit Agreement with Centre Lane, Lenders
BRPS TITLE: Melissa Haselden Named Subchapter V Trustee
BUCKEYE PARTNERS: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable
BUTLER TRUCKING: Hires Diller and Rice LLC as Counsel
BYLEGACY TEAM: Seeks to Hire Classic Realty as Real Estate Broker
CAPROCK MILLING: Seeks to Hire Ritchie Bros. as Auctioneers
CARROLLCLEAN LLC: Seeks to Extend Exclusivity to April 28, 2025
CENTURY MINING: Committee Taps Raines Feldman Littrell as Counsel
CENTURY MINING: Unsecureds Will Get 100% of Claims in Plan
CHERRY GARDEN: Updates REMLO Secured Claim Pay Details
CMB DATA: Seeks to Tap Steidl and Steinberg as Bankrutpcy Counsel
COASTAL GREEN: Gets Interim OK to Use Cash Collateral
COKING COAL: Hires Hamilton Law Offices as Special Counsel
COLMAN BUILDING: Receiver Sells Historic Building to J. Bhullar
CONTAINER STORE: Unsecureds Will Get 100% in Prepackaged Plan
CORNERSTONE HOME: Gets OK to Use Cash Collateral Until Jan. 16
CUCINA ANTICA: Seeks to Hire White Starling & Osterman as Counsel
CUSTOMIZED CLEANING: Unsecureds Will Get 10% via Quarterly Payments
DAVID VELASQUEZ: Seeks to Hire Joyce W. Lindauer PLLC as Counsel
DIAMOND K: Hires Raines Feldman Littrell as Bankruptcy Counsel
DICK'S AUTOMOTIVE: Hires Drake Business Services as Accountant
DIGITAL MEDIA: Seeks to Extend Plan Exclusivity to March 10, 2025
DIOCESE OF ROCKVILLE: Seeks to Tap Westerman Ball as Legal Counsel
DOOR COUNTY: Seeks to Hire Richman & Richman LLC as Legal Counsel
DREAM INC: Case Summary & Three Unsecured Creditors
EAST COAST INVESTORS: Leona Mogavero Named Subchapter V Trustee
EL DORADO SENIOR: Trustee Hires Pino & Associates as Counsel
ELITA 7 LLC: Seeks to Hire John O. Desmond as Bankruptcy Counsel
ELITA 7 LLC: U.S. Trustee Appoints Joseph Tomaino as PCO
FINGER LAKE: Case Summary & 20 Largest Unsecured Creditors
FORT WORDEN PDA: City Asks Court to Limit Receiver's Powers
FRANCHISE GROUP: Committee Taps Pachulski Stang Ziehl as Counsel
FRANCHISE GROUP: Committee Taps Province LLC as Financial Advisor
FRONTIER COMMUNICATIONS: S&P Affirms 'B' Rating on First-Lien Debt
FULCRUM BIOENERGY: Seeks to Hire Ordinary Course Professionals
GILL RANCH: Hires Sheppard Mullin Richter as Bankruptcy Counsel
GMS HOLDINGS: Unsecureds Will Get 0.073% of Claims in Sale Plan
GRADE A HOME: Hires Grade A Realty as Agent & Property Manager
GRADE A HOME: Seeks Approval to Hire Kenny Laguerre as Accountant
HARVEY CEMENT: Hires Crane Simon Clar & Goodman as Counsel
HEALTHCARE AT COLLEGE: Residents Relocated, 2nd PCO Report Says
HILLCREST CENTER: Hires Sapientia Law Group as Counsel
HOOVER DRILLING: Jody Corrales Named Subchapter V Trustee
HUMPER EQUIPMENT: Gets Interim OK to Use Cash Collateral
IBIO INC: Expands Cardiometabolic and Obesity Treatment Program
IDEANOMICS INC: Hires Alpesh Amin of Riveron Management as CRO
IDEANOMICS INC: Hires Epiq Corporate as Administrative Advisor
IDEANOMICS INC: Hires Foley & Lardner as Bankruptcy Counsel
IDEANOMICS INC: Seeks to Hire Ashby & Geddes as Delaware Counsel
IDEANOMICS INC: Seeks to Hire SSG Advisors as Investment Banker
IGLESIA ESCUELA: Seeks to Hire C. Conde & Assoc. as Legal Counsel
IGNITE OPTICS: Hires Kutner Brinen Dickey Riley PC as Attorney
IMERYS TALC: Talc Entities Plan Get Overwhelming Claimants Votes
INDEPENDENCE CONTRACT: Hires Piper Sandler as Investment Banker
INDEPENDENCE CONTRACT: Hires Riveron RTS as Financial Advisor
INDEPENDENCE CONTRACT: Hires Sidley Austin LLP as Attorney
ISLAND VIEW: Seeks to Hire Rounds & Sutter LLP as Counsel
J&K SAI HOSPITALITY: Taps McDonald & Barnhill as Litigation Counsel
JERVOIS GLOBAL: To File Chapter 11 Bankruptcy This Month
JLA HEALTHCARE: No Resident Care Concern, 1st PCO Report Says
JOHNSTON & RHODES: $1.9M Sale to Aden Mining to Fund Plan
JUNK SHUTTLE: Seeks to Hire Tavenner & Beran as Bankruptcy Counsel
KENNISON STRATEGIC: Plan Exclusivity Extended to April 25, 2025
KWENCH JUICE: Seeks to Hire Barry Levine as Bankruptcy Counsel
L & H PHARMA: Michael Markham Named Subchapter V Trustee
LA MONARCA: Seeks to Hire Acosta Law PC as Bankruptcy Counsel
LAVIE CARE: No Complaints at Pa. Facilities, PCO Report Says
LIFESTYLE BRANDS: Hires Steinberg Shapiro & Clark as Counsel
LIGADO NETWORKS: Case Summary & Five Unsecured Creditors
LIGADO NETWORKS: Enters Chapter 11 With Debt-for-Equity Plan
LIGADO NETWORKS: To Pursue U.S. Government for Losses, Bankruptcy
LINEAR COMPANIES: U.S. Trustee Unable to Appoint Committee
M3 ROOFING: Seeks to Hire Mendez Law Offices as Legal Counsel
M3 ROOFING: Seeks to Hire Mendez Law Offices as Legal Counsel
MASTER'S PLAN: Joseph Cotterman Named Subchapter V Trustee
MEDLINE HOLDINGS: Fitch Hikes IDR to 'BB-', On Watch Positive
MELT BAR: Court OKs Interim Use of Cash Collateral Until Jan. 31
MIDWEST MOBILE: Commences Subchapter V Bankruptcy Proceeding
MIRACARE NEURO: Gets Third Interim OK to Use Cash Collateral
MOBIQUITY TECHNOLOGIES: Converts $410,500 Notes Into Common Shares
MONTGOMERY TREE: Seeks to Extend Plan Exclusivity to Feb. 26, 2025
NATIONAL HISTORIC: Seeks to Extend Exclusivity to April 6, 2025
NEVADA COPPER: Mercuria Holdings Steps Down as Committee Member
NEWS DIRECT: Seeks Chapter 11 Bankruptcy Protection in Connecticut
NO2SAC TRANSPORTATION: Hires Universal Care Realty as Realtor
NORTHVOLT AB: Seeks to Hire Haynes and Boone LLP as Co-Counsel
NORTHVOLT AB: Seeks to Hire Houlihan Lokey as Financial Advisor
NORTHVOLT AB: Seeks to Hire Kirkland & Ellis as Bankruptcy Counsel
NORTHVOLT AB: Taps Mannheimer Swartling as Swedish Special Counsel
NORTHVOLT AB: Taps Rothschild & Co US as Investment Banker
NORTHVOLT AB: Taps Teneo Capital LLC as Restructuring Advisor
NORTHWEST GRADING: Court Extends Use of Cash Collateral to Feb. 5
NORTHWEST GRADING: Seeks to Hire Johnson May as Bankruptcy Counsel
NORWELL HOLDINGS: Hires Ellis Realty as Property Manager
NOSREDNA REAL ESTATE: Nathan Smith Named Subchapter V Trustee
NOTHIN' BUT WASTE: Seeks to Tap Steadman Law Firm as Legal Counsel
OAKLAND PHYSICIANS: Seeks to Hire Bodman PLC as Litigation Counsel
ONE DOT SIX: Seeks Chapter 11 Bankruptcy Protection in Delaware
ONLINE LEARNING: Seeks to Hire Ascendant Law Group LLC as Counsel
ORLANDO MEDICAL: Gets OK to Use Cash Collateral Until Jan. 16
OYA RENEWABLES: Comm. Taps Dundon Advisers as Financial Advisor
OYA RENEWABLES: Committee Taps Brinkman Law Group as Legal Counsel
OYA RENEWABLES: Committee Taps Fox Rothschild LLP as Co-Counsel
PERFECT VIEW: Gets Final OK to Use Cash Collateral
PORT LOUIS: Greta Brouphy Named Subchapter V Trustee
POTTSVILLE OPERATIONS: PCO Submits First Report
PRIMAL MATERIALS: Court Extends Use of Cash Collateral to March 31
PRIMAL MATERIALS: Hires Lyn Nottingham as Independent Contractor
PRIMAL MATERIALS: Seeks Approval to Tap Rosen Systems as Appraiser
PROFESSIONAL DIVERSITY: Reports Stockholder's of $5.1 Million
REDTAIL POWER: Gets OK to Hire Neeleman Law Group as Legal Counsel
RESTAURANT LIFE: Hires Citrin Cooperman as Accountant
RFC HOMES: Seeks Approval to Hire Patrick J. Gros as Accountant
RICHARDSON CREEK: Hires Michael D. O'Brien as Attorney
RIGHT SIZE: Gets Interim OK to Use Cash Collateral Until Jan. 31
RIVERA FAMILY: Seeks to Hire Pittman & Pittman as Legal Counsel
RIVERSIDE COURT: Hires Derbes Law Firm L.L.C. as Counsel
SCILEX HOLDING: Defers Payment, Grants Shares to Noteholders
SEAQUEST HOLDINGS: Seeks to Hire Corbett Auctions as Appraiser
SEVEN RIVERS: Hires Wesler & Associates as Accountant
SHANKARA LLC: Hires Wade N. Kelly LLC as Legal Counsel
SHERMAN/GRAYSON: PCO Reports No Change in Patient Care Quality
SILVER CREEK: Gets Interim OK to Use Cash Collateral Until Jan. 29
SILVERBILLS INC: Unsecureds Will Get 0.77% of Claims in Plan
SL BEVERAGE: Recovery for Unsecureds Still to Be Determined
SONOMA PHARMACEUTICALS: Completes Annual Equity Grants to Employees
SPECIAL EFFECTS: Case Summary & 20 Largest Unsecured Creditors
STAR PUMP: Seeks to Hire Barron & Newburger as Bankruptcy Counsel
STERLING CREDIT: Committee Gets Approval to Hire Financial Advisor
STOLI GROUP: Hires Whiskey Advisors as Valuation Expert
SUPERIOR CONTRACT: Unsecureds to be Paid in Full in Plan
T14-15 LLC: New Loan Proceeds to Fund Plan Payments
TRUE VALUE: U.S. Trustee Unable to Appoint Committee
TURNING POINTS: Hires Reed Smith as Insurance Coverage Counsel
UNITEDHEALTH GROUP: Minnetonka HQ Placed in Receivership
UPTOWN DENTAL: Hires Watson Brown Sales Inc. as Appraiser
VBI VACCINES: Acquired by K2 VBI Equity as Part of CCAA Proceedings
VERITONE INC: Prices $20.3 Million Registered Direct Offering
VETERANS HOLDINGS: Hires Derbes Law Firm as Legal Counsel
VILLAGE OAKS SENIOR: Trustee Hires Pino & Associates as Counsel
VIVAKOR INC: All Three Proposals Approved at Annual Meeting
WATER'S EDGE: Seeks to Hire Verdolino & Lowey as Financial Advisor
WFO LLC: Trustee Taps Dykema Gossett as Special Transaction Counsel
WILLAMETTE VALLEY: Hires Jamison Hanson LLC as Accountant
WILSON CREEK: Files Bankruptcy Protection in Pennsylvania
XEROX HOLDINGS: S&P Places 'B+' Unsec. Debt Rating on Watch Neg.
YOUSSEF CORPORATION: Walter Dahl Named Subchapter V Trustee
ZURVITA HOLDINGS: Hires Reliable Companies as Noticing Agent
[*] Over 7,000 Stores Shut Down in 2024, Some in Bankruptcy
[^] Large Companies with Insolvent Balance Sheet
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100 PERCENT: Seeks to Hire Buechler Law Office as Counsel
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100 Percent Chiropractic Cotto, LLC seeks approval from the U.S.
Bankruptcy Court for the District of Colorado to employ Buechler
Law Office, LLC as counsel.
The firm will render these services:
a. prepare all necessary reports, orders and other legal
papers required in this Chapter 11 proceeding;
b. perform all legal services for Debtor as
Debtor-in-Possession which may become necessary; and
c. represent the Debtor in any litigation which the Debtor
determines is in the best interest of the estate.
The professionals' hourly rates are as follows:
K. Jamie Buechler $495 per hour
David M. Rich $495 per hour
Jordan (Thomas) O'Connell $150 per hour
Paralegals $125 per hour
The firm received a retainer in the amount of $19,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
As disclosed in the court filings, Buechler Law Office does not
hold or represent any interest adverse to the Debtor and the
bankruptcy estate, except as stated herein and as described in the
affidavit, and is a "disinterested person" as that term is defined
in 11 U.S.C. Sec. 101(14).
The firm can be reached through:
K. Jamie Buechler, Esq.
Jordan (Thomas) O'Connell, Esq.
Buechler Law Office, LLC
999 18th Street, Suite 1230-S
Denver, CO 80202
Tel: (720) 381-0045
Fax: (720) 381-0382
Email: Jamie@KJBlawoffice.com
Jordan@KJBlawoffice.com
About 100 Percent Chiropractic Cotto, LLC
100 Percent Chiropractic Cotto, LLC is a family of full-service
wellness clinics that offer cutting edge chiropractic care, massage
therapy, and a full line of nutritional supplements.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Colo. Case No. 24-17465) with $915,089
in assets and $1,573,853 in liabilities. Yahdi Cotto-Jorge,
manager, signed the petition.
Judge Kimberley H. Tyson presides over the case.
K. Jamie Buechler, Esq., at Buechler Law Office, LLC represents the
Debtor as bankruptcy counsel.
11AM INDUSTRIES: Frederic Schwieg Named Subchapter V Trustee
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The U.S. Trustee for Regions 3 and 9 appointed Frederic Schwieg,
Esq., at Schwieg Law, as Subchapter V trustee for 11AM Industries,
LLC.
Mr. Schwieg will be paid an hourly fee of $350 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Schwieg declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Frederic P. Schwieg, Esq.
Schwieg Law
2705 Gibson Drive
Rocky River, OH 44116-1815
Phone: (440) 499-4506
Email: fschwieg@schwieglaw.com
About 11AM Industries LLC
11AM Industries LLC, operating under the trade names Zoogari Pets
and Shop11AM, is a pet supply retailer based in Norton, Ohio. The
company operates from its principal location at 4409
Cleveland-Massillon Road.
11AM Industries sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Ohio Case No. 24-52038) on December 29,
2024. In its petition, the Debtor reported estimated assets between
$50,000 and $100,000 and estimated liabilities between $500,000 and
$1 million.
Judge Alan M. Koschik handles the case.
The Debtor is represented by:
Steven Heimberger, Esq.
Roderick Linton Belfance, LLP
50 South Main Street, 10th Floor
Akron, OH 44308
Phone: 330-434-3000
Fax: 330-434-9220
3265 E VALLLEY: U.S. Trustee Unable to Appoint Committee
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The U.S. Trustee for Region 14 disclosed in a court filing that no
official committee of unsecured creditors has been appointed in the
Chapter 11 case of 3265 E. Vallley Vista, LLC.
About 3265 E. Vallley Vista
3265 E. Vallley Vista, LLC filed Chapter 11 petition (Bankr. D.
Ariz. Case No. 24-10529) on December 9, 2024, with $1 million to
$10 million in both assets and liabilities.
Judge Brenda K. Martin oversees the case.
Randy Nussbaum, Esq., at Sacks Tierney, P.A. is the Debtor's legal
counsel.
68 WAINSCOTT: Seeks Chapter 11 Bankruptcy Protection in New York
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On January 3, 2025, 68 Wainscott LLC filed Chapter 11 protection
in the U.S. Bankruptcy Court for the Eastern District of New
York.
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 68 Wainscott LLC
68 Wainscott LLC is a limited liability company.
68 Wainscott LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-70034) on January 3,
2025. In its petition, the Debtor reports estimated assets and
liabilities between $1 million and $10 million each.
Honorable Bankruptcy Judge Robert E. Grossman handles the case.
Btzalel Hirchhorn, Esq. of SHIRYAK, BOWMAN, ANDERSON, GILL &
KADOCHNIKOV, LLP represents the Debtor as counsel.
9 LAKE REGION: Seeks to Hire Robert S. Lewis as Bankruptcy Counsel
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9 Lake Region Blvd, LLC seeks approval from the U.S. Bankruptcy
Court for the Southern District of New York to employ the Law
Offices of Robert S. Lewis, PC as counsel.
The firm will render these services:
`
(a) advise the Debtor with respect to its rights, powers and
obligations in the continued management of its assets and affairs;
(b) advise and consult the Debtor on the conduct of the
Chapter 11 case;
(c) take all necessary actions to protect and preserve the
Debtor's estate;
(d) prepare on the Debtor's behalf any necessary legal papers
necessary to the administration of its Chapter 11 case;
(e) negotiate and prepare on the Debtor's behalf plan(s) of
reorganization, disclosure statement(s) and all related agreements
and/or documents and take any necessary action on its behalf to
obtain confirmation of such plan(s);
(f) advise the Debtor in connection with the sale of any
assets;
(g) attend meetings and negotiate with representatives of
creditors and other parties in interest;
(h) appear before this court, any appellate courts, and the
U.S. Trustee, and protect the interests of the Debtor's estate
before such courts and the U.S. Trustee; and
(i) perform all other necessary legal services and provide all
other necessary or appropriate legal advice to the Debtor in
connection with Chapter 11 case.
The firm will be paid at these hourly rates:
Robert Lewis, Member $450
Jasmine Rosa, Paralegal $150
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received a retainer in the amount of $8,500.
Mr. Lewis 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 S. Lewis, Esq.
Law Offices of Robert S. Lewis, PC
29 Main Street
Nyack, NY 10960
Telephone: (845) 358-7100
About 9 Lake Region Blvd
9 Lake Region Blvd, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-36192) on
December 9, 2024, listing under $1 million in both assets and
liabilities.
Judge Peter D. Russin presides over the case.
The Law Offices of Robert S. Lewis, PC serves the Debtor as
counsel.
ADDICTION CENTER: Hires Dunham Hildebrand as Legal Counsel
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Addiction Center of Nashville, LLC seeks approval from the U.S.
Bankruptcy Court for the Middle District of Tennessee to employ
Dunham Hildebrand Payne Waldron, PLLC as counsel.
The firm's services include:
a. rendering legal advice with respect to the rights, power,
and duties of the Debtor in the management of its assets;
b. investigating and, if necessary, instituting legal action
on behalf of the Debtor to collect and recover assets of the estate
of the Debtor;
c. preparing all necessary pleadings, orders and reports with
respect to this proceeding and to render all other necessary or
proper legal services;
d. assisting and counseling Debtor in the preparation,
presentation, and confirmation of a plan of reorganization;
e. representing Debtor as may be necessary to protect its
interests, including in connection with any non-dischargeability
actions; and
f. performing all other legal services that may be necessary
and appropriate in the general administration of Debtor's estate.
The firm will be paid at these rates:
Attorneys $450 to $550 per hour
Paralegals $175 per hour
The firm received a retainer in the amount $10,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Gray Waldron, Esq., a partner at Dunham Hildebrand Payne Waldron,
PLLC, disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Gray Waldron, Esq.
Dunham Hildebrand Payne Waldron, PLLC
9020 Overlook Boulevard, Suite 316,
Brentwood, TN 37027
Tel: (629) 777-6539
About Addiction Center of Nashville, LLC
Addiction Center of Nashville, LLC, filed a Chapter 11 bankruptcy
petition (Bankr. M.D. Tenn. Case No. 1:24-bk-04823) on Dec. 13,
2024. The Debtor hires Dunham Hildebrand Payne Waldron, PLLC as
counsel.
ADVANCED CONSULTING: Ronald Friedman Named Subchapter V Trustee
---------------------------------------------------------------
The U.S. Trustee for Region 2 appointed Ronald Friedman, Esq., at
Rimon, PC as Subchapter V trustee for Advanced Consulting, Inc.
Mr. Friedman will be paid an hourly fee of $800 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Friedman declared that he is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Ronald J. Friedman, Esq.
Rimon PC
100 Jericho Quadrangle, Ste. 300
Jericho, NY 11753
Email: ronald.friedman@rimonlaw.com
About Advanced Consulting
Advanced Consulting, Inc. sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. N.Y. Case No. 24-12456) on
December 8, 2024, with $100,001 to $500,000 in assets and $500,001
to $1 million in liabilities.
Judge Philip Bentley presides over the case.
ADVENT TECHNOLOGIES: 2 of 3 Proposals Approved at Annual Meeting
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Advent Technologies Holdings, Inc., disclosed in a Form 8-K filed
with the Securities and Exchange Commission that the Company held
its annual meeting of stockholders on Dec. 31, 2024, at which the
stockholders:
(1) elected Robert Schwartz as a Class I director of the Board
of Directors with a term expiring at the 2027 annual meeting of the
Company's stockholders or until his successor is duly elected and
qualified in accordance with the Company's second amended and
restated certificate of incorporation and amended and restated
bylaws, or his earlier death, resignation or removal;
(2) ratified the appointment of M&K CPAS, PLLC as the Company's
independent registered public accounting firm for the fiscal year
ending Dec. 31, 2024; and
(3) did not approve the consideration of and action with respect
to such other business and matters as may properly come before the
meeting or any adjournments.
About Advent Technologies
Headquartered in Livermore, CA, Advent Technologies Holdings, Inc.
is an advanced materials and technology development company
operating in the fuel cell and hydrogen technology space. Advent
develops, manufactures and assembles the critical components that
determine the performance of hydrogen fuel cells and other energy
systems. To date, Advent's principal operations have been to
develop and manufacture Membrane Electrode Assembly (MEA), and fuel
cell stacks and complete fuel cell systems for a range of customers
in the stationary power, portable power, automotive, aviation,
energy storage and sensor markets.
Athens, Greece-based Ernst & Young (Hellas) Certified Auditors
Accountants S.A., the Company's auditor since 2020, issued a "going
concern" qualification in its report dated Aug. 13, 2024, citing
that the Company has suffered recurring operating losses, has a
negative working capital position and has stated that substantial
doubt exists about the Company's ability to continue as a going
concern.
AGTJ13 LLC: Seeks to Extend Plan Exclusivity to March 31, 2025
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AGTJ13, LLC, ("Property Co") and AGTJ Manager, LLC ("Hold Co")
asked the U.S. Bankruptcy Court for the Central District of
California to extend its exclusivity periods to file a plan of
reorganization to March 31, 2025.
The Debtors claim that its case presents complexities and
contingencies warranting an extension of the exclusivity periods.
The Debtors resolved their disputes with CPIF and have complied
with all of their obligations in connection with the marketing and
sale process approved by the Court. The Debtors submit that these
case contingencies and developments warrant an extension of the
Debtors' plan exclusivity period to allow the Debtors to work with
CPIF and other constituencies in connection with developing a plan
in these cases and the terms of CPIF's stalking horse bid.
The Debtors explain that they are requesting an extension in good
faith for the purpose of designating an appropriate exit strategy
once an accurate purview of these cases as a whole is established
in light of these recent developments and the parties' desire to
negotiate a consensual plan in these cases.
The Debtors assert that they have undertaken to comply with a
variety of their administrative obligations, including, preparing
and providing to the United States Trustee the Debtors' compliance
materials, and supplements thereto, preparing and filing its
Schedules of Assets and Liabilities, attending an initial debtor
interview and a section 341(a) meeting of creditors, and preparing
and filing case status reports. The Debtors submit this factor
weighs in favor of extending the Debtors' plan exclusivity period.
The Debtors further assert that they conducted a marketing and sale
process and initially envisioned that upon the conclusion of the
sale process and the closing of a sale, the Debtors would be in a
position to propose a plan or otherwise administer this case and
exit chapter 11. However, the sale process did not yield an offer
acceptable to CPIF and CPIF requested that the Debtors refrain from
seeking Court approval of the Sale Motion or a sale that would not
pay all secured creditors in full, and instead, "pivot" toward
discussing the terms of a consensual plan in this case under which
CPIF would serve as a stalking horse bidder.
The Debtors state that the companies and the CRO, after
consultation with the Broker, have agreed to accommodate CPIF's
request and believe that confirming a plan in this case
consensually with Lone Oak and CPIF would be in the best interests
of the estate, would provide additional time to market the Property
and potentially generate higher and better offers for the Property,
and potentially provide tax savings for the benefit of creditors
and the estate if a sale occurs under a plan.
Counsel for the Debtors:
Ron Bender, Esq.
Beth Ann R. Young, Esq.
Krikor J. Meshefejian, Esq.
LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P.
2818 La Cienega Avenue
Los Angeles, CA 90034
Telephone: (310) 229-1234
Facsimile: (310) 229-1244
Email: rb@levene.COM
bry@levene.COM
kjm@levene.COM
About AGTJ13, LLC
AGTJ13, LLC, is a Single Asset Real Estate debtor (as defined in 11
U.S.C. Section 101(51B)).
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Cal. Case No. 24-11409) on Feb. 26,
2024. In the petition signed by Lafayette Jackson Sharp, IV,
manager, the Debtor disclosed up to $100 million in both assets and
liabilities.
Judge Sandra R Klein oversees the case.
LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P., led by Ron Bender,
is representing the Debtor.
AKOUSTIS TECHNOLOGIES: Hires Raymond James as Investment Banker
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Akoustis Technologies, Inc. and its affiliates seek approval from
the U.S. Bankruptcy Court for the District of Delaware to employ
Raymond James & Associates, Inc. as investment banker.
The firm will provide these services:
a) review and analyze the Debtors' business, operations,
properties, financial condition and any Interested Parties on a
stand-alone and consolidated basis;
b) evaluate the Debtors' debt capacity, including by advising
the Debtors generally as to available financing and assist in the
determination of an appropriate capital structure;
c) evaluate potential Transaction alternatives and strategies;
d) prepare documentation within Raymond James's area of
expertise that is required in connection with a Transaction;
e) identify Interested Parties regarding one or more particular
Transactions;
f) contact Interested Parties on behalf of the Debtors and with
prior written consent by the Debtors, which Raymond James, after
consultation with the Debtors' management, believes meet certain
industry, financial, and strategic criteria and assist the Debtors
in negotiating and structuring a Transaction;
g) advise the Debtors as to potential Business Combination
Transactions;
h) advise the Debtors on tactics and strategies for negotiating
with holders of the Debtors' debt or other claims of the Debtors
("Stakeholders");
i) advise the Debtors on the timing, nature and terms of any new
securities, other considerations or other inducements to be offered
to their Stakeholders in connection with any Restructuring
Transaction; and
j) participate in the Debtors' board of directors meetings as
determined by the Debtors to be appropriate, and, upon request,
provide periodic status reports and advice to the board with
respect to matters falling within the scope of Raymond James's
retention.
The firm's rates are:
a) Monthly Advisory Fee: The Debtors shall pay a non-refundable
cash retainer (the "Advisory Fee") of $75,000 every month during
the Term. The first $400,000 of aggregate Advisory Fee payments
received by Raymond James will be deducted from and credited once,
against the first of any Transaction Fee (as defined below) payable
under the Engagement Letter. Additionally, the Debtors will pay
Raymond James a flat, nonrecurring expense charge of $1,000 for
Raymond James's access to electronic financial databases pertinent
to this engagement.
b) Financing Transaction Fee: If, during the Term of the
engagement or during the twelve (12) months following any
termination of the Engagement Letter (the "Tail Period"), a
Financing Transaction closes, the Debtors will pay Raymond James
out of the proceeds thereof an amount equal to the greater of (i)
$1,400,000.00 and (ii) the sum of:
i. 2 percent of the Proceeds (as defined in the Engagement
Letter) of all first lien senior secured notes and bank debt
raised, and
ii. 4 percent of the Proceeds (as defined in the Engagement
Letter) of any second lien or junior debt capital raised, and
iii. 6 percent of equity or equity-linked securities raised.
c) Restructuring Transaction Fee: If, during the Term or during
the Tail Period, any Restructuring Transaction is agreed upon and
subsequently closes, or any amendment to or other changes in the
instruments or terms pursuant to which any Existing Obligations
were issued or entered into becomes effective (as applicable, a
"Restructuring Transaction Closing"), regardless of when such
Restructuring Transaction Closing occurs, the Debtors will pay
Raymond James, as a cost of such Transaction, a non-refundable cash
transaction fee of $1,400,000.
d) Business Combination Transaction Fee: If, during the Term or
during the Tail Period, any Business Combination Transaction is
agreed upon and subsequently closes (the "Business Combination
Closing" and together with any Financing Closing or Restructuring
Closing, each a "Closing")), the Debtors will pay Raymond James a
non-refundable cash transaction fee (the "Business Combination
Transaction Fee") based upon the Transaction Value.
e) If Raymond James is paid a Business Combination Transaction
Fee and a subsequent Business Combination Transaction closes within
sixty (60) days following the Closing of the initial Business
Combination Transaction, the subsequent Business Combination
Transaction Fee will be based on the tiers above (such that the
Minimum Business Combination Transaction Fee will only be applied
once). If such subsequent Business Combination Transaction closes
sixty (60) days or more following the initial Business Combination
Transaction, the Business Combination Transaction Fee for the
subsequent Business Combination Transaction will be five percent
(5.0%) of the Transaction Value.
f) Alternative Transaction: Notwithstanding the foregoing, if in
lieu of a Business Combination Transaction, during the Term or
during the Tail Period, any Alternative Transaction closes (the
"Alternative Transaction Closing") or is agreed upon and
subsequently closes (regardless of when such Alternative
Transaction Closing occurs), Raymond James will be paid a customary
advisory fee for transactions of similar size and nature (but in no
event less than the Minimum Business Combination Fee), as mutually
agreed upon by the Parties (the "Alternative Transaction Fee") and
any reference to a "Business Combination Transaction" in the
Engagement Letter (other than under Section 2(d)(i)) in the
Engagement Letter) will be deemed to refer to such Alternative
Transaction. Should one or more Alternative Transactions be agreed
upon or close within the Term or the Tail Period that, together
with the previously agreed-upon or closed Alternative Transaction,
constitutes in the aggregate a Business Combination Transaction, an
additional fee will be payable to the extent that the Business
Combination Transaction Fee is greater than the previously paid
Alternative Transaction Fee, provided, however, that in no event
will the total Alternative Transaction Fees be greater than the
Business Combination Transaction Fee.
g) Breakup Fee: If during the Term or Tail Period, the Debtors
or their securityholders enters into a Definitive Agreement
regarding a Business Combination Transaction that is later
terminated, and the Debtors or their securityholders receive a
"break-up," "termination," or similar fee or payment including,
without limitation, any judgment for damages or amount in
settlement of any dispute as a result of such termination, the
Debtors will pay Raymond James a cash fee (the "Break-up Amount")
equal to thirty-five percent (35.0%) of all such amounts.
h) Stalking Horse Arrangement Fee or Chapter 11 Preparation Fee:
The Debtors will pay Raymond James (i) a $350,000 non-refundable
cash fee (the "Stalking Horse Arrangement Fee") within five (5)
days after the execution of a Stalking Horse Agreement.
Michael Pokrassa, a Managing Director at Raymond James &
Associates, Inc., disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached at:
Michael Pokrassa
Raymond James & Associates, Inc.
320 Park Ave, 10th Floor
New York, NY 10022
Tel: (212) 885-1885
About Akoustis Technologies, Inc.
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.
AKOUSTIS TECHNOLOGIES: Hires Stretto as Administrative Advisor
--------------------------------------------------------------
Akoustis Technologies, Inc. and its affiliates seek approval from
the U.S. Bankruptcy Court for the District of Delaware to employ
Stretto, Inc. as administrative advisor.
The firm will render these services:
a) assist with, among other things, solicitation, balloting,
and tabulation of votes; prepare any related reports, as required
in support of confirmation of a chapter 11 plan;
b) prepare an official ballot certification and, if necessary,
testify in support of the ballot tabulation results;
c) assist with the preparation of the Debtors' schedules of
assets and liabilities and statements of financial affairs and
gather data in conjunction therewith;
d) assist with the preparation of the Debtors' monthly
operating reports and gather data in conjunction therewith;
e) provide a confidential data room;
f) manage and coordinate any distributions pursuant to a
chapter 11 plan if designated as distribution agent under such
plan; and
g) provide claims analysis and reconciliation, case research,
depository management, treasury services, confidential online
workspaces or data rooms, and any related services otherwise
required by applicable law, governmental regulations, or court
rules or orders in connection with these Chapter 11 Cases.
Prior to the Petition Date, the Debtors paid Stretto an advance
payment of $25,000
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Sheryl Betance, a partner at Stretto, Inc., disclosed in a court
filing that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Sheryl Betance
Stretto, Inc.
410 Exchange, Ste. 100
Irvine, CA 92602
Telephone: (714) 716-1872
Email: sheryl.betance@stretto.com
About Akoustis Technologies, Inc.
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.
ALK ASPHALT: Gets OK to Hire Hudspeth Law Firm as Special Counsel
-----------------------------------------------------------------
Alk Asphalt, LLC received approval from the U.S. Bankruptcy Court
for the District of Arizona to employ Hudspeth Law Firm as special
counsel.
The firm will advise the Debtor regarding business related
litigation matters.
The firm's counsel and staff will be paid at these hourly rates:
Donald Hudspeth, Attorney $535
Mark S. Hamilton $495
Associate Attorneys $360
Law Clerks $200
Contract attorneys $395 - $480
Legal Assistants $75 - $185
In addition, the firm will seek reimbursement for expenses
incurred.
The Debtor will pay an advance fee/retainer of $15,000.
Mr. Hudspeth 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:
Donald W. Hudspeth, Esq.
Hudspeth Law Firm
3200 North Central Avenue, Suite 2500
Phoenix, AZ 85012
Email: don@azbuslaw.com
About ALK Asphalt
ALK Asphalt, LLC is a company in Sun City, Ariz., engaged in
highway, street and bridge construction.
ALK Asphalt sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Ariz. Case No. 24-09608) on November 8,
2024, with $1 million to $10 million in both assets and
liabilities. The petition was signed by Adam Kautman as member.
Judge Daniel P. Collins oversees the case.
The Debtor tapped Allen, Jones & Giles, PLC as bankruptcy counsel
and Hudspeth Law Firm as special counsel.
ALK ASPHALT: Seeks to Hire Johnson CPA Group as Accountant
----------------------------------------------------------
ALK Asphalt, LLC seeks approval from the U.S. Bankruptcy Court for
the District of Arizona to hire Johnson CPA Group, PLLC as
accountant.
The firm's services include:
a. accounting and financial services and advice;
b. assisting with preparation of monthly reports and other
financial reporting required by the United States Trustee;
c. preparing yearly state and federal tax returns, including
any necessary amendments;
d. reviewing and reconciling the Debtor's financial records to
ensure completion and accuracy;
e. assisting the Debtor with ongoing tax issues; and
f. assisting with information needed by Debtor's counsel for
the plan of reorganization.
Johnson CPA will charge the Debtor its standard rate of $300 per
hour for services performed by its accountants.
The firm received a retainer in the amount of $2,000.
As disclosed in the court filings, Johnson CPA is disinterested
within the meaning of 11 U.S.C. Sec. 101(14) and represents no
interest adverse to the Debtor or the estate in the matters upon
which it is to be engaged for the Debtor.
The firm can be reached through:
Krehl Todd, CPA
Johnson CPA Group, PLLC
1760 E. Pecos Rd. Suite 326
Gilbert, AZ 85295
Phone: (480) 567-2354
Email: krehl@johnsoncpa.group
About ALK Asphalt
ALK Asphalt, LLC is a company in Sun City, Ariz., engaged in
highway, street and bridge construction.
ALK Asphalt sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Ariz. Case No. 24-09608) on November 8,
2024, with $1 million to $10 million in both assets and
liabilities. The petition was signed by Adam Kautman as member.
Judge Daniel P. Collins oversees the case.
Thomas H. Allen, Esq., at Allen, Jones & Giles, PLC, represents the
Debtor as legal counsel.
ALK ASPHALT: U.S. Trustee Unable to Appoint Committee
-----------------------------------------------------
The U.S. Trustee for Region 14 disclosed in a court filing that no
official committee of unsecured creditors has been appointed in the
Chapter 11 case of ALK Asphalt, LLC.
About ALK Asphalt
ALK Asphalt, LLC is a company in Sun City, Ariz., engaged in
highway, street and bridge construction.
ALK Asphalt sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Ariz. Case No. 24-09608) on November 8,
2024, with $1 million to $10 million in both assets and
liabilities. The petition was signed by Adam Kautman as member.
Judge Daniel P. Collins oversees the case.
Thomas H. Allen, Esq., at Allen, Jones & Giles, PLC, represents the
Debtor as legal counsel.
ALUMAX INC: Seeks to Hire Vilarino & Associates as Legal Counsel
----------------------------------------------------------------
Alumax Inc. seeks approval from the U.S. Bankruptcy Court for the
District of Puerto Rico to hire Vilarino & Associates, LLC as
attorneys.
The firm's services include:
(a) advise the Debtor concerning its duties, powers, and
responsibilities;
(b) advise the Debtor in connection with a determination
whether reorganization is feasible;
(c) assist the Debtor concerning negotiations with creditors
to propose and confirm a viable plan of reorganization;
(d) prepare, on behalf of the Debtor, the necessary legal
papers or documents;
(e) appear before the bankruptcy court, or any court in which
the Debtor asserts a claim interest or defense directly or
indirectly related to this bankruptcy case;
(f) perform such other legal services for the Debtor as may be
required in these proceedings or in connection with the operation
of/and involvement with its business; and
(g) employ other professional services, if necessary.
The firm will be paid at these hourly rates:
Javier Villarino, Attorney $225
Associates $175
Paralegals $100
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received a retainer in the amount of $7,000 from the
Debtor.
Mr. Villarino 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:
Javier Villarino, Esq.
Villarino & Associates LLC
P.O. Box 9022515
San Juan, PR 00902
Telephone: (787) 565-9894
Email: jvillarino@vilarinolaw.com
About Alumax Inc.
Alumax Inc. manufactures aluminum doors and windows with its
manufacturing infrastructure located in San Sebastian, Anasco,
Ponce and San Domingo.
Alumax Inc. sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D. P.R. Case No. 24-05312) on December 6, 2024. In the
petition filed by Frank J. Jimenez, Cruz as president, the Debtor
reports total assets of $416,851 and total liabilities of
$2,954,034.
The Debtor is represented by Javier Vilarino, Esq. at VILARINO AND
ASSOCIATES, LLC.
AMERICAN REFRACTORY: Hires Rolston as Real Estate Broker
--------------------------------------------------------
American Refractory Company, LLC seeks approval from the U.S.
Bankruptcy Court for the Southern District of West Virginia to
employ Rolston & Company as real estate broker.
The firm will market and sell the Debtor's real property located at
103 Martin Drive, Mt. Hope, West Virginia.
The firm has agreed to a broker fee of 5 percent of the gross sale
price, with 2.5 percent offered as compensation to any buyer's
agent or broker.
As disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Darrell Rolston
Rolston & Company
405 Pennsylvania Ave.
Charleston, WV 25302
Tel: (304) 345-0500
About American Refractory Company, LLC
American Refractory Company LLC owns an 8,256 sq ft commercial
building situated on 1 acre lot located at 257 William M Martin
Drive, Mount Hope, WV 25880 valued at $450,000.
American Refractory Company LLC sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-20262) on
November 26, 2024. In the petition filed by Benjamin S. Batton, as
member, the Debtor reports total assets of $867,400 and total
liabilities of $1,131,260.
The Debtor is represented by Joe M. Supple, Esq. at SUPPLE LAW
OFFICE, PLLC.
ANGIE'S TRANSPORTATION: Hires Schmidt Basch LLC as Counsel
----------------------------------------------------------
Angie's Transportation, LLC and its affiliates seek approval from
the U.S. Bankruptcy Court for the Eastern District of Missouri to
employ Schmidt Basch, LLC as counsel
The firm's services include:
a. advising the Debtors with respect to its rights, powers and
duties in this Chapter 11 case;
b. assisting and advising the Debtors in their consultations
with any appointed committee relative to the administration of this
Chapter 11 case;
c. assisting the Debtors in analyzing the claims of creditors
and negotiating with such creditors;
d. assisting the Debtors with investigation of the assets,
liabilities, and financial condition of the Debtor and reorganizing
the Debtors' businesses in order to maximize the value of Debtors'
assets for the benefit of all creditors;
e. advising the Debtors in connection with sale of assets or the
business;
f. assisting the Debtors in their analysis of and any
negotiation with any appointed committee or any third-party
concerning matters related to, among other things, the terms of a
plan of reorganization;
g. assisting and advising the Debtors with respect to any
communication with the general creditor body regarding significant
matters in the case;
h. commencing and prosecuting necessary and appropriate actions
and/or proceedings on behalf of the Debtors;
i. reviewing, analyzing, or preparing, on behalf of the Debtors,
all necessary applications, motions, answers, orders, reports,
schedules, pleadings, and other documents;
j. representing the Debtors at all hearings and other
proceedings;
k. conferring with other professional advisors retained by the
Debtors in providing advice to the Debtors;
l. performing all other necessary legal services in this case as
may by requested by the Debtors in this Chapter 11 case; and
m. assisting and advising the Debtors regarding pending
litigation matters in which the Debtors may be involved, including
continued prosecution or defense of actions and/or negotiations on
the Debtors' behalf.
The firm will be paid at these rates:
Andrew R. Magdy $340 per hour
Frank J. Schmidt III $340 per hour
Amanda M. Basch $340 per hour
Laura R. Eckelkamp $285 per hour
Paralegals $175 per hour
Law Clerks $145 per hour
The firm received a retainer of $30,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Andrew R. Magdy, Esq., a partner at Schmidt Basch, LLC, disclosed
in a court filing that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Andrew R. Magdy, Esq.
Schmidt Basch, LLC
1034 S. Brentwood Blvd., Ste. 1555
St. Louis, MO 63117
Tel: (314) 721-9200
Fax: (913) 224-1622
Email: amagdy@schmidtbasch.com
About Angie's Transportation, LLC
Angie's Transportation LLC is a trucking company in St. Louis,
Missouri.
Angie's Transportation LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D. Miss. Case No. 24-44594) on
December 16, 2024. In the petition filed by Angelina Twardawa, as
manager, the Debtor reports estimated assets between $1 million and
$10 million and estimated liabilities between $500,000 and $1
million.
Honorable Bankruptcy Judge Bonnie L. Clair handles the case.
The Debtor is represented by Andrew Magdy, Esq., at SCHMIDT BASCH,
LLC.
AVALON PIMA: U.S. Trustee Unable to Appoint Committee
-----------------------------------------------------
The U.S. Trustee for Region 14 disclosed in a court filing that no
official committee of unsecured creditors has been appointed in the
Chapter 11 case of Avalon Pima, LLC.
About Avalon Pima LLC
Avalon Pima, LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No.
24-09893) on Nov. 18, 2024, listing $1,000,001 to $10 million in
both assets and liabilities.
Judge Scott H Gan presides over the case.
Philip J. Giles, Esq. at Allen, Jones & Giles, PLC represents the
Debtor as counsel.
BARCA HOLDINGS: Hires Moon Wright & Houston as Bankruptcy Counsel
-----------------------------------------------------------------
Barca Holdings Corporation seeks approval from the U.S. Bankruptcy
Court for the Western District of North Carolina to employ Moon
Wright & Houston, PLLC as bankruptcy counsel.
The firm's services include:
a. providing legal advice with respect to its powers and
duties as debtor in possession in the continued operation of its
business affairs and management of its properties;
b. negotiating, preparing, and pursuing confirmation of a
Chapter 11 plan and approval of a disclosure statement (if
applicable), and all related reorganization agreements and/or
documents;
c. preparing necessary applications, motions, answers,
orders, reports, and other legal papers on behalf of the Debtor;
d. representing the Debtor in litigation arising from or
relating to the bankruptcy estate;
e. appearing in court to protect the interests of the Debtor;
and
f. performing all other legal services for the Debtor that
may be necessary and proper in the Chapter 11 proceeding.
The firm will be paid at these rates:
Richard S. Wright $575 per hour
Andrew T. Houston $550 per hour
Caleb Brown $375 per hour
Shannon L. Myers (Paralegal) $185 per hour
Jaime Schaedler (Assistant) $150 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Richard S. Wright, a partner at Moon Wright & Houston, PLLC,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Richard S. Wright
Moon Wright & Houston, PLLC
212 N. McDowell Street, Suite 200
Charlotte, NC 28204
Telephone: (704) 944-6560
Facsimile: (704) 944-0380
Email: rwright@mwhattorneys.com
About Barca Holdings Corporation
Barca Holdings Corporation in Kannapolis, NC, sought relief under
Chapter 11 of the Bankruptcy Code filed its voluntary petition for
Chapter 11 protection (Bankr. W.D.N.C. Case No. 24-31048) on Nov.
29, 2024, listing $1,260,700 in assets and $2,046,626 in
liabilities. Brian L. White as president, signed the petition.
Judge Ashley Austin Edwards oversees the case.
MOON WRIGHT & HOUSTON, PLLC serve as the Debtor's legal counsel.
BEAUCHAMP ENTERPRISES: Taps Darby Law Practice as Legal Counsel
---------------------------------------------------------------
Beauchamp Enterprises seeks approval from the U.S. Bankruptcy Court
for the District of Nevada to employ Darby Law Practice, Ltd. as
its bankruptcy counsel.
The firm will render these services:
(a) advise the Debtor of its rights, powers and duties in the
continued operation of business and management of its properties;
(b) take all necessary action to protect and preserve the
Debtor's estate;
(c) prepare on behalf of the Debtor all necessary legal papers
in connection with the administration of its estate;
(d) attend meetings and negotiations with the Subchapter 5
trustee, representatives of creditors, equity holders or
prospective investors or acquirers and other parties in interest;
(e) appear before the court, any appellate courts and the
Office of the United States Trustee to protect the interests of the
Debtor;
(f) pursue approval of confirmation of a plan of
reorganization and approval of the corresponding solicitation
procedures and disclosure statement; and
(g) perform all other necessary legal services in connection
with the Chapter 11 case.
The firm's hourly rate for professionals is $550 plus reimbursement
for expenses incurred.
The firm received a retainer fee of $11,738 from the brother of the
Debtor's principal.
Kevin Darby, Esq., an attorney at Darby Law Practice, 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:
Kevin A. Darby, Esq.
Darby Law Practice, Ltd.
499 W. Plumb Lane, Suite 202
Reno, NE 89509
Telephone: (775) 322-1237
Facsimile: (775) 996-7290
Email: kevin@darbylawpractice.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.
BELLTOWN FARMS: U.S. Trustee Appoints Creditors' Committee
----------------------------------------------------------
Jerry Jensen, Acting U.S. Trustee for Region 13, appointed an
official committee to represent unsecured creditors in the Chapter
11 case of Belltown Farms GF Opco, LLC.
The committee members are:
1. Green Cover Seed
Attention: David Nelsen
918 RD X
Bladen, NE 68928
Phone: 402-469-6784
Email: david@greencover.com
2. Holdrege Irrigation, Inc.
Attention: Timothy A. Schmidt
2011 4th Ave.
Holdrege, NE 68949
Phone: 308-995-4000
Email: tim@holdregeirrigation.com
3. Lueking Bros, LLC and Lueking Ltd
Attention: Clyde Lueking
2105 Spalding Drive
HOLDREGE, NE 68949
Phone: 308-991-0262
Email: cegie@holdregelaw.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 Belltown Farms GF Opco
Belltown Farms GF Opco, LLC is engaged in the business of oilseed
and grain farming.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Neb. Case No. 24-41171) on December 2,
2024. In the petition signed by Peter Tom Hill-Norton, authorized
signatory, the Debtor disclosed up to $50 million in both assets
and liabilities.
Patrick R. Turner, Esq., at Turner Legal Group, LLC, represents the
Debtor as legal counsel.
BILEN PROPERTIES: Aaron Eyob to Fund Plan Payments
--------------------------------------------------
Bilen Properties, LLC filed with the U.S. Bankruptcy Court for the
District of Maryland a Subchapter V Plan of Reorganization dated
December 23, 2024.
The Debtor is a Maryland limited liability company, ultimately
controlled and managed by Aaron Eyob, who has a 60% membership
interest.
The Debtor's primary assets consist of the 2325 Building and the
4228 Building. The 2325 Building is a residential townhouse located
in Baltimore City, and valued at $150,000.00. It has one tenant,
Tiffany Mariquita Strawder, whose lease has expired, and who is in
arrears. Ms. Strawder's lease called for the payment of $1,400 per
month to the Debtor.
The Debtor has a tentative agreement with Ms. Strawder to begin
paying rent in January 2025 and to seek rental assistance for her
arrearages from the City of Baltimore The 4228 Building is
incomplete. It is partially framed. In its current state, it is
valued at $400,000, but the Debtor believes that once it is
completed, it will be valued at $800,000.00.
The Debtor's projections show that the Debtor will have not have
any projected disposable income but will be able to make payments
using funds provided by Mr. Eyob.
Unsecured creditors have set forth approximately $1.51 million in
general unsecured claims. The Debtor disputes certain of the
claims.
Class 4 consists of all General Unsecured Claims. Provided that an
Allowed Class 4 Claim has not been paid prior to the Effective
Date, or pursuant to a cure payment to be paid to 4 an executory
contract, and except to the extent that a holder of a Class 4 Claim
agrees to a different and lesser treatment, each holder of an
Allowed Class 4 Claim shall receive from the Debtor, in full and
complete settlement, satisfaction and discharge of its Allowed
Class 4 Claim, a pro rata portion of the Avoidance Action proceeds
(such pro rata share to be paid after payment of the legal fees
incurred by the Trustee, if any), plus pro rata payments of $1,000
per quarter for three years following the Effective Date. Class 4
is impaired under this Plan.
Class 5 consists of the equity interests in the Debtor. The holders
of the equity interest in the Debtor shall retain their equity
interests in the Debtor. Holders of equity interests in the Debtor
are unimpaired and not entitled to vote on the Plan.
All property of the Estate shall revest in the Debtor on the
Effective Date, free and clear of all other liens, claims,
interests and encumbrances, except for the liens specifically
preserved or created by this Plan.
Aaron Eyob shall fund the such portion of the Plan as is necessary
to make the necessary payments to CLS, 1Sharpe, and unsecured
creditors, as well as payment of any administrative expenses. Mr.
Eyob is scheduled to begin receiving payments from assisted living
tenants in a building adjacent to the 4228 Property in three months
or less, which will be used to fund the plan. Mr. Eyob will also
use these funds to pay real estate taxes and insurance associated
with the 2325 Property and the 4228 Property.
A full-text copy of the Subchapter V Plan dated December 23, 2024
is available at https://urlcurt.com/u?l=VmcWpM from
PacerMonitor.com at no charge.
About Bilen Properties, LLC
Bilen Properties LLC sought relief under Subchapter V of Chapter 11
of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 24-18086) on
Sept. 26, 2024. In the petition signed by Aaron Eyob, as managing
member, the Debtor estimated assets and liabilities between
$500,000 and $1 million.
Stephen Metz has been appointed as Subchapter V Trustee.
The Debtor is represented by:
Justin Philip Fasano, Esq.
McNamee Hosea, P.A.
2227 Bel Pre Road
Silver Spring, MD 20906
BOBEL ELECTRIC: Files Subchapter V Bankruptcy
---------------------------------------------
On January 3, 2025, Bobel Electric Inc. sought Chapter 11
protection in the U.S. Bankruptcy Court for the Northern District
of Ohio.
According to court filing, the Debtor reports $2,327,862 in debt
owed to 1 and 49 creditors. The petition states funds will be
available to unsecured creditors.
About Bobel Electric Inc.
Bobel Electric Inc. is the fee simple owner of three properties
located in Lorain, OH, having a total current value of $1.23
million.
Bobel Electric Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ohio Case No. 25-10010) on January 3,
2025. In its petition, the Debtor reports total assets of
$1,249,270 and total liabilities of $2,327,862.
Honorable Bankruptcy Judge Jessica E. Price Smith handles the
case.
Glenn E. Forbes, Esq. of FORBES LAW LLC represents the Debtor as
counsel.
BRAZER INTERNATIONAL: Voluntary Chapter 11 Case Summary
-------------------------------------------------------
Debtor: Brazer International, Inc.
9830 Cedar Grove Road
Fairburn GA 30213-1872
Business Description: The Debtor offers support activities for
road transportation.
Chapter 11 Petition Date: January 5, 2025
Court: United States Bankruptcy Court
Northern District of Georgia
Case No.: 25-50099
Debtor's Counsel: Joseph Brannen, Esq.
THE BRANNEN FIRM, LLC
7147 Jonesboro Road, Suite G
Morrow GA 30260
Tel: 770-474-0847
E-mail: chad@brannenlawfirm.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $0 to $50,000
The petition was signed by Patrick L. Brazer in his capacity as
CEO.
The Debtor failed to include a list of its 20 largest unsecured
creditors in the petition.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/3FDX35A/Brazer_International_Inc__ganbke-25-50099__0001.0.pdf?mcid=tGE4TAMA
BRIGHT MOUNTAIN: Amends Credit Agreement with Centre Lane, Lenders
------------------------------------------------------------------
Bright Mountain Media, Inc. disclosed in a Form 8-K filed with the
Securities and Exchange Commission that effective as of Dec. 26,
2024, the Company and its subsidiaries, CL Media Holdings LLC,
Bright Mountain LLC, MediaHouse, Inc., Deep Focus Agency LLC, and
BV Insights LLC, Centre Lane Partners, and the Lenders entered into
the Twenty-First Amendment to Amended and Restated Senior Secured
Credit Agreement to amend certain terms of the Credit Agreement.
Bright Mountain and its subsidiaries are parties to an Amended and
Restated Senior Secured Credit Agreement between itself, the
lenders party thereto, and Centre Lane Partners Master Credit Fund
II, L.P., as Administrative Agent and Collateral Agent, dated June
5, 2020, as amended.
The Twenty-First Amendment was entered into in for the purpose of
securing a bond to stay execution of a judgment in the amount of
approximately $1.7 million that was entered into against the
Company as a result of certain previously disclosed litigation, as
the Company intends to appeal the Judgment.
On Dec. 26, 2024, pursuant to the Twenty-First Amendment, the
Company borrowed an additional approximately $1.9 million from the
Lenders, which funds were used to secure the Bond. Amounts drawn
pursuant to the Twenty-First Amendment, including all accrued but
unpaid principal and interest thereon, will mature and become
payable on the earlier of (i) the date upon which the Ladenburg
Litigation is resolved and results in the Company being obligated
to pay less than the Judgment and (ii) April 20, 2026.
Interest incurred on the Twenty-First Amendment Loan Amounts will
be payable in a combination of cash and payments in kind. Interest
to be paid in cash (the "Twenty-First Amendment Cash Pay Rate")
will accrue at (i) a rate of 0% per annum from the date the
Twenty-First Amendment Loan Amounts are funded until June 30, 2025
and (ii) a rate of 5% per annum thereafter; provided, however, if
prior to June 30, 2025, the Company informs Centre Lane Partners
that it will pay the PIK Fee to the Lenders, then the interest rate
will remain 0% per annum. Interest to be paid in kind (the
"Twenty-First Amendment PIK Pay Rate") will accrue at (x) a rate of
15% per annum from the date the Twenty-First Amendment Loan Amounts
are funded until June 30, 2025 and (y) a rate of 10% per annum
thereafter; provided, however, if prior to June 30, 2025, the
Company informs Centre Lane Partners that it will pay the PIK Fee
to the Lenders, then the interest rate will remain 15% per annum.
For purposes of the foregoing, the "PIK Fee" shall mean an amount
equal to 2% of the Twenty-First Amendment Loan Amounts outstanding
payable in kind.
If the Twenty-First Amendment Loan Amounts are prepaid prior to
April 20, 2026, then an amount equal to the minimum amount of all
additional interest that would have accrued from the date of such
prepayment through April 20, 2026, calculated at the Twenty-First
Amendment Cash Pay Rate or the Twenty-First Amendment PIK Pay Rate,
as applicable, will be paid in addition to the prepayment amount.
Further, any amounts released under the Bond or under a related
indemnity agreement entered into in connection with the Bond shall
be used to prepay the Twenty-First Amendment Loan Amounts. The
Twenty-First Amendment Loan Amounts are secured by a perfected,
first priority security interests in all assets and capital stock
held in or by the Company and all existing and future subsidiaries
of the Company.
In connection with the Twenty-First Amendment and as consideration
therefor, the Company agreed to issue a number of shares of the
common stock of the Company, par value $0.01 per share, equal to
2.5% of the fully-diluted pro forma ownership of the Company, or
5,001,991 shares of Common Stock, to an affiliate of the Lenders.
Following such issuance, Centre Lane Partners and its affiliates
collectively beneficially own approximately 23.6% of the Company's
common stock.
About Bright Mountain
Based in Boca Raton, Fla., Bright Mountain Media, Inc. --
http://www.brightmountainmedia.com/-- has an end-to-end digital
media and advertising services platform that efficiently connects
brands with targeted consumer demographics. The Company focuses on
digital publishing, advertising technology, consumer insights,
creative and media services.
East Brunswick, New Jersey-based WithumSmith+Brown, PC, the
Company's auditor since 2021, issued a "going concern"
qualification in its report dated April 1, 2024, citing that the
Company has suffered recurring losses from operations and has a net
capital deficiency that raise substantial doubt about its ability
to continue as a going concern.
BRPS TITLE: Melissa Haselden Named Subchapter V Trustee
-------------------------------------------------------
The U.S. Trustee for Region 7 appointed Melissa Haselden, Esq., at
Haselden Farrow, PLLC as Subchapter V trustee for BRPS Title of
Texas, LLC.
Ms. Haselden will be paid an hourly fee of $595 for her services as
Subchapter V trustee and will be reimbursed for work-related
incurred.
Ms. Haselden declared that she is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Melissa A. Haselden, Esq.
Haselden Farrow, PLLC
700 Milam, Suite 1300
Pennzoil Place
Houston, TX 77002
Telephone: (832) 819-1149
Facsimile: (866) 405-6038
Email: mhaselden@haseldenfarrow.com
About BRPS Title of Texas
BRPS Title of Texas, LLC filed Chapter 11 petition (Bankr. S.D.
Texas Case No. 24-36006) on December 23, 2024, with up to $50,000
in assets and up to $10 million in liabilities. Jason Klam, chief
operating officer of BRPS, signed the petition.
Judge Jeffrey P. Norman oversees the case.
Susan Tran Adams, Esq., at Tran Singh, LLP, represents the Debtor
as legal counsel.
BUCKEYE PARTNERS: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has removed the Rating Watch Negative and affirmed
Buckeye Partners, L.P.'s 'BB' Long-Term Issuer Default Rating
(IDR), as well as the company's instrument ratings. The Rating
Outlook is Stable.
Buckeye has received a large cash contribution from its parent,
Buckeye Energy Holdings (Holdings), related to certain asset sale
proceeds generated by Holdings' other subsidiaries, and reduced
debt. Consequently, Fitch expects Buckeye's EBITDA leverage to be
comfortably below the 6.0x negative leverage sensitivity threshold
in 2024 and remain below 6.0x over the forecast period.
The Stable Outlook reflects expectations for steady demand for the
company's services, set within the Fitch price deck for commodity
prices. Additionally, the Stable Outlook incorporates expectations
for modest growth capital spending, focused entirely on Buckeye's
midstream portfolio, with Buckeye operating as a standalone
business separate from Holdings' other subsidiaries.
Key Rating Drivers
Near-Term Leverage Improvement: Buckeye received a large cash
contribution from its parent, related certain asset sale proceeds
generated by Holdings' other subsidiaries, and reduced debt. With
financial results being largely as expected in 2024, Fitch expects
2024 EBITDA leverage to be around 5.5x, comfortably below the 6.0x
negative leverage sensitivity level set for the company. FLNG
Liquefaction 2, LLC (FLIQ2; BBB/Stable) has fully resumed normal
operations and, with those expected distributions to Buckeye, along
with a modest growth capital spending outlook, Fitch expects
Buckeye's leverage to remain appropriate for the rating over the
forecast period.
Steady Operating Metrics: Buckeye has benefited from a stable
operating environment, leading to modest growth in pipeline volumes
and terminal throughput through 2024. Average daily pipeline
throughput increased by about 2% yoy through the first nine months
of 2024. Additionally, terminal throughput volumes were up roughly
1% yoy YTD as of the end of September. Steady demand for Buckeye's
assets in this segment provides a reliable base of cash flows,
supporting Buckeye's credit quality.
Improving trends in the utilization of Buckeye's storage assets
have bolstered results for the company in 2024. Utilization
exceeded 70% in 3Q24, up from around 63% in the same period last
year. Due to the strength in this segment through the first nine
months of 2024, full-year results are likely to slightly exceed
Fitch's current expectations.
Removal of Credit Support: The majority of credit support
previously provided by Buckeye to Holdings' alternative energy
business has been released. The remaining credit support provided
to Holdings' alternative energy business as of 4Q24 is in the form
of roughly $21 million in letters of credit (LOCs) under Buckeye's
revolving credit facility (RCF). Fitch expects these LOCs to be
released in the very near-term, following the sale of the related
assets.
Rating Linkages: There is a parent-subsidiary relationship between
Holdings and Buckeye. Fitch believes Buckeye has a stronger
Standalone Credit Profile (SCP) than Holdings, and views Holdings'
SCP on a consolidated basis. Fitch sees Holdings' SCP as in line
with a low-'BB' category IDR, and therefore follows the stronger
subsidiary path.
Legal ring-fencing is assessed as 'Open' due to the ability to move
cash freely between the entities. Fitch views access and control as
'Porous' as Fitch expects a mixture of external and intercompany
funding. These linkage considerations lead Fitch to limit the
difference between Holdings and Buckeye to one notch.
Derivation Summary
The 'BB' rating reflects Buckeye's diverse asset base, size and
scale, and higher relative leverage, in addition to its secured
debt structure and private equity ownership. Buckeye has higher
leverage than investment-grade peers that operate in the crude oil
and refined-product pipelines, terminalling and storage subsectors,
such as Plains All American Pipeline L.P. (PAA; BBB/Stable).
Fitch expects Buckeye's leverage to decline to below 6.0x in 2024
and beyond, from elevated levels around 7x in 2023. Fitch forecasts
leverage at PAA to be approximately 3.2x in 2025, in line with the
company's net leverage target range of 3.25x to 3.75x. The
significantly lower leverage is the primary driver of the
three-notch difference in the respective IDRs.
Key Assumptions
- Pipeline and terminal throughput volumes grow at low single
digits in 2025 and storage utilization remains near levels seen in
2024;
- Full operations at FLIQ2 supporting continued dividend payments
to Buckeye over the forecast period;
- Growth capital to average around $150 million annually over the
forecast;
- Credit support from Buckeye to its affiliates in the form of LOCs
removed in the very near term;
- Base interest rates applicable to variable rate exposed debt
instruments reflect Fitch's Global Economic Outlook;
- Gross distributions from Buckeye to Holdings range between $250
million to $500 million annually over the forecast period. Fitch
assumes the level of dividends paid by Buckeye is driven by the
achievement of internally set financial policies related to
leverage.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- Expected EBITDA leverage at or above 6.0x for a sustained period
of time;
- Increases in capital spending and/or acquisitions which
significantly increase Buckeye's overall business risk. Fitch will
review large capital projects and acquisitions, including expected
financing, on a case by case basis;
- Due to the rating linkage with Holdings, should Fitch deem
Holdings' SCP weaker than a low-'BB' category IDR;
- Should Fitch expect a significant deviation from the sponsor's
currently supportive leverage and distributions policies, as well
as the sponsor's intention to maintain Buckeye as a distinctly
separate entity.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- EBITDA leverage expected to be sustained at or below 5.0x;
- Favorable changes in the business mix, including but not limited
to a meaningful increase in the percentage of EBITDA coming from
revenue assurance-type contracts and/or a significant increase in
the remaining weighted-average life of existing revenue
assurance-type contracts.
Liquidity and Debt Structure
Adequate Liquidity: Buckeye had approximately $1.1 billion of
available liquidity as of Sept. 30, 2024. There were approximately
$75 million of outstanding borrowings and about $30 million of LOCs
on the company's $1.2 billion senior secured RCF. Buckeye also had
just over $8 million of cash and cash equivalents on the balance
sheet as of Sep. 30, 2024.
Debt maturities are manageable with $400 million due in March 2025
and $600 million due in December 2026. Fitch notes Buckeye has
sufficient room on its RFC to repay maturing notes due over the
next six months.
Issuer Profile
Buckeye Partners, L.P. is a large liquid petroleum product pipeline
and terminals operator with assets located across the East Coast,
Midwest, Gulf Coast and Southeast region of the U.S. as well as in
the Caribbean. Buckeye is wholly owned by IFM Global Infrastructure
Fund.
Summary of Financial Adjustments
Cash distributions from equity investments such as FLIQ2 are added
to EBITDA and equity earnings from such investments are excluded.
MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS
Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.
ESG Considerations
Buckeye Partners, L.P. has an ESG Relevance Score of '4' for Group
Structure due to related-party transactions and credit support to
affiliate companies, which has a negative impact on the credit
profile, and is relevant to the rating[s] in conjunction with other
factors.
Buckeye Partners, L.P. has an ESG Relevance Score of '4' for
Financial Transparency due to its affiliate structure without
transparency into affiliates, which has a negative impact on the
credit profile, and is relevant to the rating[s] in conjunction
with other factors.
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
Buckeye Partners, L.P. LT IDR BB Affirmed BB
senior unsecured LT BB Affirmed RR4 BB
senior secured LT BBB- Affirmed RR1 BBB-
BUTLER TRUCKING: Hires Diller and Rice LLC as Counsel
-----------------------------------------------------
Butler Trucking LLC seeks approval from the U.S. Bankruptcy Court
for the Northern District of Ohio to employ Diller and Rice, LLC as
counsel.
The firm will provide these services:
(a) consult with and aid the Debtor in the preparation and
implementation of a plan of reorganization; and
(b) represent the Debtor in all matters relating to such
proceedings.
Eric Neuman, Esq., the primary attorney in this representation,
will be compensated at his hourly rate of $325 plus expenses.
Administrative assistant time is at $150 an hour.
Prior to the petition date, the firm received a retainer of $10,000
from the Debtor.
Mr. Neuman disclosed in a court filing that the firm is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.
The firm can be reached through:
Eric R. Neuman, Esq.
Diller and Rice LLC
124 E. Main Street
Van Wert, OH 45891
Tel: (419) 238-5025
Fax: (419) 238-4705
Email: Eric@drlawllc.com
About Butler Trucking LLC
Butler Trucking LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ohio Case No. 24-32443-jpg) on
December 17, 2024. In the petition signed by Justin Butler,
managing member, the Debtor disclosed up to $100,000 in assets and
up to $1 million in liabilities.
John P Gustafson oversees the case.
Eric Neuman, Esq., at Diller and Rice, LLC, represents the Debtor
as legal counsel.
BYLEGACY TEAM: Seeks to Hire Classic Realty as Real Estate Broker
-----------------------------------------------------------------
Bylegacy Team, Inc. seeks approval from the U.S. Bankruptcy Court
for the Northern District of Illinois to employ Alma R. Meza and
Classic Realty Group Prestige as real estate broker.
The broker will market and sell the Debtor's property located at
2345 N Mannheim Road., Melrose Park, IL 60164.
The broker will receive a commission of 4 per cent of the gross
sale price.
Alma R Meza, managing broker at Classic Realty Group Prestige,
assured the court that her firm is a "disinterested person" as the
term is defined in 11 U.S.C. 101(14).
The firm can be reached through:
Alma R. Meza
Classic Realty Group Prestige
3156 W. Columbus Ave.
Chicago, IL 60652
Tel: (773) 717-5364
Mobile: (773) 491-8106
Email: mezaalmar@yahoo.com
About Bylegacy Team, Inc.
Bylegacy Team, Inc., 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.
CAPROCK MILLING: Seeks to Hire Ritchie Bros. as Auctioneers
-----------------------------------------------------------
CapRock Milling & Crushing, LLC seeks approval from the U.S.
Bankruptcy Court for the Northern District of Texas to hire Ritchie
Bros. Auctioneers (America), Inc./IronPlanet, Inc. as auctioneer.
The firms will sell by online unreserved public auction certain
equipment previously used in the Debtor's now closed milling and
crushing operation.
RB Group will receive a 10 percent commission on all Property sold,
with a minimum fee of $195 for any lot realizing less than $3,000.
RB Group will also be entitled, upon court approval, to
reimbursement of its actual expenses from the proceeds of sale. In
addition, RB Group will be paid the following Buyer's Fees:
a) 15 percent on all Lots selling for $5,000 or less, with a
minimum fee of $100 per Lot;
b) 10 percent on all Lots selling for over $5,000 up to
$12,000, with a minimum fee of $750 per lot;
c) 4.85 percent on all Lots selling for over $12,000 up to
$75,000, with a minimum fee of $1,200 per Lot or;
d) $3,638 on all Lots selling for over $75,000.
As disclosed in the court filings, RB Group represents no interest
adverse to Debtor or its bankruptcy estate and meets the
requirements for employment under 11 U.S.C. Secs. 101(14) and
327(a).
The firm can be reached through:
Jeffrey Elliott
Ritchie Bros. Auctioneers (America), Inc.
6050 Azle Avenue,
Lake Worth, TX 76135-2603
Phone: (817) 237-6544
About Caprock Milling & Crushing, LLC
CapRock Milling & Crushing, LLC of Amarillo, Texas is engaged in
the business of grain and oilseed milling. Caprock Milling filed
its a voluntary petition for Chapter 11 protection (Bankr. N.D.
Tex. Case No. 23-20251) on November 3, 2023, listing $10 million to
$50 million in assets and $1 million to $10 million in liabilities.
Thomas Bunkley as member, signed the petition.
Mullin Hoard & Brown, L.L.P. serve as the Debtor's legal counsel.
CARROLLCLEAN LLC: Seeks to Extend Exclusivity to April 28, 2025
---------------------------------------------------------------
CarrollCLEAN, LLC asked the U.S. Bankruptcy Court for the Eastern
District of Texas to extend its exclusivity periods to file a plan
of reorganization and obtain acceptance thereof to April 28, 2025
and June 27, 2025, respectively.
The Debtor is a manufacturer of cleaning supplies for third-party
brands with operations in the DFW metroplex. Pursuant to Sections
1107 and 1108 of the Bankruptcy Code, the Debtor is continuing as
debtor-in-possession.
The Debtor submits that cause exists because it has stabilized its
business, efficiently and successfully managed its estate and
requires additional time to attempt a sale of its assets to a
strategic purchaser. The Debtor has filed its schedules of assets
and liabilities and statements of financial affairs, kept its lease
obligations current; and obtained the Court's approval for use of
cash collateral.
The Debtor claims that having made substantial progress to date,
additional, significant work is required before the company can
prepare a meaningful disclosure statement, propose a chapter 11
plan of reorganization and emerge from chapter 11.
The Debtor explains that an objective analysis of the relevant
factors demonstrates that the Debtor is doing everything that it
should be doing as a chapter 11 debtor to facilitate a successful
conclusion to this chapter 11 case. Thus, the Debtor respectfully
submits that sufficient cause exists to extend the exclusivity
periods as requested.
CarrollCLEAN, LLC is represented by:
Howard Marc Spector, Esq.
Sarah M. Cox, Esq.
SPECTOR & COX, PLLC
12770 Coit Road, Suite 850
Dallas, TX 75251
Telephone: (214) 365-5377
Facsimile: (214) 237-3380
Email: hspector@spectorcox.com
sarah@spectorcox.com
About CarrollCLEAN, LLC
CarrollCLEAN, LLC, sought protection for relief under Chapter 11 of
the Bankruptcy Code (Bankr. E.D. Tex. Case No. 24-42039) on August
29, 2024, listing up to $50,000 in both assets and liabilities.
Judge Brenda T Rhoades presides over the case.
Howard Marc Spector, Esq. at Spector & Cox, PLLC, is the Debtor's
counsel.
CENTURY MINING: Committee Taps Raines Feldman Littrell as Counsel
-----------------------------------------------------------------
The official committee of unsecured creditors of Century Mining
LLC, doing business as Allegheny Metallurgical, seeks approval from
the U.S. Bankruptcy Court for the Northern District of West
Virginia to employ Raines Feldman Littrell LLP as its counsel.
The firm will render these services:
(a) advise the Committee regarding its rights, powers and
duties as a committee pursuant to Bankruptcy Code Sections 1102 and
1103;
(b) advise and consult with the Committee on the conduct of
the case, including all legal and administrative requirements under
chapter 11;
(c) attend meetings and negotiate with representatives of the
Debtor, secured and unsecured creditors, lessors, governmental
agencies, equity holders, employees and other parties in interest;
(d) advise the Committee regarding any contemplated sale of
assets or business combinations including the negotiation of asset
sales, bidding procedures, evaluation of competing offers, drafting
of appropriate documents regarding proposed sales, and counseling
regarding sale-related issues;
(e) advise the Committee regarding legal issues relating to
prepetition and post-petition financing and cash collateral
arrangements and negotiate documents and orders relating thereto;
(f) advise the Committee on matters relating to Debtor's
assumption, assumption and assignment, and rejection of executory
contracts and unexpired leases;
(g) advise the Committee on legal matters relating to the
Debtor's ordinary course of business including employment matters,
environmental, financial arrangements, insurance, business
operations, contracts, real and personal property interests, and
regulatory matters;
(h) provide advice and counseling on actions to protect and
preserve the Debtor's estate, which may include, without
limitation, efforts to recover assets, defense of actions and
proceedings that seek to devalue or impair estate assets, and other
legal proceedings in furtherance of maximizing recoveries to the
holder of general unsecured claims;
(i) prepare and file necessary motions, applications, answers,
orders, reports and papers;
(j) review pleadings, financial and other reports
filed/prepared by the Debtor in this chapter 11 case and advise the
Committee about the implications;
(k) review the nature and validity of any liens asserted
against the Debtor's property and advise the Committee concerning
the enforceability of such liens;
(l) investigate the acts, conduct, assets, liabilities, and
financial condition of the Debtor, the operation of the Debtor's
businesses and the desirability of the continuance of such
business, and any other matter relevant to the case or to the
formulation of a plan;
(m) commence and conduct ligation necessary or appropriate to
assert rights held by the Committee and/or protect assets of the
chapter 11 estate;
(n) negotiate and participate in the preparation of the
Debtor's plan(s) of reorganization, related disclosure statement(s)
and other related documents and agreements and advise and
participate in the confirmation of such plan(s), including, without
limitation, the preparation of responses and objections thereto;
(o) attend meetings with third parties and participate in
negotiations with respect to matters germane to recoveries to
general unsecured creditors;
(p) appear before the Bankruptcy Court, other courts, and the
United States Trustee to protect and represent the interests of the
Committee and the Committee's constituents;
(q) meet and coordinate with other counsel and other
professionals representing the Debtor and other parties in
interest;
(r) perform all other necessary legal services and provide all
necessary legal advice to the Committee in connection with this
chapter 11 case; and
(s) handle such other matters as may be requested by the
Committee and to which Raines agrees.
The 2024 range of standard hourly rates are:
Partners $860 per hour
Associates $415 per hour
Paraprofessionals $375 to $415 per hour
Raines's standard rates are subject to adjustment on January 1 of
each calendar year.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
The following information is provided in response to the request
for additional information set forth in paragraph D.1. of the U.S.
Trustee Guidelines:
Question: Did you agree to any variations from, or otherwise to,
your standard or customary billing arrangements for this
engagement?
Response: No.
Question: Do any of the professionals included in this
engagement vary their rate based on the geographic location of the
bankruptcy case?
Response: No.
Question: If you represented the client in the past 12 months
prepetition, disclose your billing rates and material financial
terms for the prepetition engagement, including any adjustments
during the 12 months pre-petition. If your billing rates and
material financial terms have changed post-petition, explain the
difference and the reason for the difference.
Response: N/A
Question: Has your client approved your prospective budget and
staffing plan, and if so, for what budget period?
Response: The Client understands that the Committee
professionals are subject to the budget attached to the Interim
Order (I) Authorizing the Debtor to Obtain Postpetition Secured
Financing; (II) Authorizing the Debtor's Use of Cash Collateral;
(III) Granting Adequate Protection to the Prepetition Secured
Parties; (IV) Authorizing the Debtor to Issue Purchase Order to the
HBT Equipment; (V) Scheduling a Final Hearing; and (VI) Granting
Related Relief, which remains subject to negotiation by and between
the Committee, the Debtor and the DIP Lender and may be modified in
connection with any final order or throughout the Bankruptcy Case.
Michael Roeschenthaler, Esq., a partner at Raines Feldman Littrell
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 J. Roeschenthaler, Esq.
Mark A. Lindsay, Esq.
RAINES FELDMAN LITTRELL, LLP
11 Stanwix Street, Suite 1100
Pittsburgh, PA 15222
Telephone: (412) 899-6472
Email: mroeschenthaler@raineslaw.com
mlindsay@raineslaw.com
About Century Mining LLC
Century Mining LLC, doing as Allegheny Metallurgical, produces
metallurgical coal that is used by steel manufacturers around the
globe.
Century Mining LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. W. Va. Case No. 24-00598) on November
22, 2024. In the petition filed by Keith Hainer, president, the
Debtor disclosed between $50 million and $100 million in both
assets and liabilities.
Judge David L. Bissett oversees the case.
The Debtor tapped Campbell & Levine, LLC as bankruptcy counsel;
Supple Law Office, PLLC as local counsel; and MorrisAnderson &
Associates, Ltd. as restructuring advisor.
CENTURY MINING: Unsecureds Will Get 100% of Claims in Plan
----------------------------------------------------------
Century Mining, LLC d/b/a Allegheny Metallurgical, filed with the
U.S. Bankruptcy Court for the Northern District of West Virginia a
Disclosure Statement describing Plan of Reorganization dated
December 23, 2024.
Since its organization in 2018, the Debtor has developed and
operated the Mine, which utilizes continuous miners and a longwall
system to produce a projected 3.4 million tons of clean coal
annually.
The Plan is the culmination of the Debtor's Chapter 11 Case, which
was commenced following substantial declines in its operations,
primarily due to a fire which began on June 30, 2024 at the
Debtor's metallurgical coal mine in and across Barbour, Harrison,
and Upshur Counties, West Virginia known as the "Longview Mine" and
which commonly does business as and is referred to as the
"Allegheny Metallurgical Mine" (the "Mine").
The fire at the Mine required the sealing of one of the longwall
panels at the Mine known as Longwall Panel #1 and ultimately
reduced the Debtor's coal production by ninety-four percent.
Following the fire at the Mine, the members of the Debtor's parent,
North Central Resources, LLC ("NCR") were unable to agree on an
approach by which the restart of longwall mining operations at the
Mine would be funded, which in turn created significant delay and
liquidity restraints for the Debtor.
As a result of this deadlock, two members of NCR, AMCI NCR, LLC and
JAZ NCR LLC, sought and obtained the appointment of the Special
Receiver for purposes of exercising certain voting rights at NCR in
the face of this deadlock and to ultimately allow for the filing of
this Chapter 11 Case, and in turn allow the Debtor to obtain
critical funding needed to restart longwall mining operations at
the Mine.
The Plan represents a comprehensive financial restructuring of the
Debtor (the "Restructuring") and provides much needed funding with
which the Debtor can ultimately restart longwall operations, with
the goal of ensuring the Debtor's continued existence as a
successful and profitable metallurgical coal mining operation. The
Plan is also value-maximizing for the Debtor's stakeholders. Among
other things, the Plan:
* Proposes to pay all Holders of Claims in full or otherwise
reinstate their Claims;
* provides for a $150 million New Equity Investment through a
Rights Offering;
* provides for a new senior secured exit facility in an
aggregate amount not to exceed $150 million; and
* contemplates the Reorganized Debtor's entry into the New
Operating Agreement, with amended corporate governance and voting
rights to ensure that the Reorganized Debtor will not be
jeopardized in the future by further deadlocks among its members of
the nature that occurred following the fire at the Mine.
Class 4 consists of General Unsecured Claims. Each Holder of an
Allowed General Unsecured Claim shall receive payment in full, in
Cash, on the Effective Date, to the extent such Allowed General
Unsecured Claim is due and payable as of the Effective Date. All
Allowed General Unsecured Claims which are not yet due and payable
as of the Effective Date shall be reinstated and paid in full in
the ordinary course of business. This Class will receive a
distribution of 100% of their allowed claims.
The Existing Equity Interests shall be retained by the Existing
Equity Interest Holder, but shall be converted to non-voting, Class
B Equity Interests in connection with the New Operating Agreement.
The Class B Equity Interests, after giving effect to the Rights
Offering, shall constitute 10% of the pro forma equity in the
Reorganized Debtor.
On the Effective Date, in connection with the Rights Offering, the
Existing Equity Interest Holder, as the Eligible Offeree, shall
have the exclusive, nontransferable right to acquire 100% but not
less than 100% of the New Equity Interests in exchange for the New
Equity Investment.
Following the Bankruptcy Court's approval of the Rights Offering
Procedures, Reorganized Debtor will consummate the Rights Offering
by which it will obtain the $150 million New Equity Investment.
Following such approval, the Rights Offering will be conducted, and
the New Equity Interests will be made available to Eligible
Offerees and issued pursuant to the Rights Offering Procedures. The
Rights Offering is fully backstopped by the Backstop Parties
pursuant to the Equity Commitment Agreement, and the consummation
of the Rights Offering is conditioned on the consummation of the
Plan.
The Plan provides for the Debtor's entry into a new senior secured
credit facility in an aggregate amount of up to $150 million (the
"Exit Facility").
A full-text copy of the Disclosure Statement dated December 23,
2024 is available at https://urlcurt.com/u?l=6iQNCt from
PacerMonitor.com at no charge.
Counsel to the Debtor:
Campbell & Levine, LLC
Paul J. Cordaro, Esq.
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
Local Counsel to the Debtor:
Joe M. Supple, Esq.
Supple Law Office, PLLC
801 Viand Street
Point Pleasant, WV 25550
Telephone: (304) 675-6249
Facsimile: (304) 675-4372
About Century Mining LLC
Century Mining LLC, doing as Allegheny Metallurgical, produces
metallurgical coal that is used by steel manufacturers around the
globe.
Century Mining LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. W. Va. Case No. 24-00598) on Nov. 22,
2024. In the petition filed by Keith Hainer, president, the Debtor
disclosed between $50 million and $100 million in both assets and
liabilities.
Judge David L. Bissett oversees the case.
The Debtor tapped Campbell & Levine, LLC as bankruptcy counsel;
Supple Law Office, PLLC as local counsel; and MorrisAnderson &
Associates, Ltd. as restructuring advisor.
CHERRY GARDEN: Updates REMLO Secured Claim Pay Details
------------------------------------------------------
OWEMANCO Mortgage Holding Corporation by its servicer RELMO 14215
Holdings L.P. ("RELMO" and/or "Plan Proponent"), a creditor,
submitted an Amended Disclosure Statement for the Plan of
Liquidation for Cherry Garden LLC dated December 23, 2024.
The Plan is a liquidating plan as all assets of the Debtor will be
liquidated to pay Allowed Claims against the Estate. This will be
accomplished the sale of real property.
In addition, the Plan Proponent will appoint David Goldwasser as
plan administrator (the "Plan Administrator") to close on the sale
of the Debtor's Property and execute all required documents on
behalf of the Debtor and to investigate any and all causes of
actions against the Debtor's Principal or any other causes of
action that belong to the Debtor or its estate.
As emphasized throughout the Plan, the Plan Proponent's primary
goal is to sell the Debtor's real property commonly known as 142 11
and 142-15 Cherry Avenue, Flushing, NY 11355 (the "Property"). The
Property consists of a building with 20 residential units. As of
the Petition Date, the Property was vacant.
On or about September 27, 2024, the Court entered an Order (the
"Sale Order"), pursuant to a sale motion (the "Sale Motion"),
authorizing the Debtor to sell the Property in a private sale to
the proposed buyer, Cherry 88 LLC, a New York limited liability
company (the "Purchaser"). The proposed sale price was Nine Million
and Three Hundred Thousand dollars (the "Purchase Price").
The Plan shall be funded through the sale proceeds from the sale of
the Property.
Class 1 shall consist of the Allowed REMLO Secured Claim. REMLO
asserts that as of the initial proposed sale date, September 26,
2024, it is owed not less than $8,194,004.20 plus accrued interest,
costs, and fees. The Plan shall provide for payment of the Allowed
Secured Claim of REMLO in full from the proceeds of the Sale of the
Property. REMLO shall provide a carve out for Allowed
Administrative claims of up to $100,000.00.
Class 1 is impaired and is entitled to vote on the Plan. In the
event the Purchaser fails to close on the Property, under the Sale
Agreement and Sale Order, REMLO reserves its right, pursuant to
Bankruptcy Code Section 363(k), to credit bid at the auction.
The Amended Disclosure Statement does not alter the proposed
treatment for unsecured creditors and the equity holder:
* Class 3 consists of General Unsecured Claims. The Plan
Proponent anticipates that General Unsecured Claims, when and if to
the extent Allowed, shall receive a pro rata distribution of the
Net Sale Proceeds from the sale of the Property after payment of
all Allowed Administrative, Priority and Secured Claims. The
alleged Claim of Class 2 shall be held in escrow pending a Claim
Objection.
If the Plan Administrator is successful in the Claim Objection, the
funds held in escrow will be used to make a pro rata distribution
to be paid by the Plan Proponent within 60 days after the Final
Order resolving the claim objection.
Class 3 Claimants are impaired. The allowed unsecured claims total
$750,445.00.
* Class 4 consists of Equity Interest Holders. In the event
there are sufficient sale proceeds to pay all prior classes in
full, Class 4 Claimants shall retain all existing pre-petition
Equity Interests in the Debtor effective as of the Effective Date.
In the event that there are insufficient funds for same, Class 4
claimants shall not retain their interests and are deemed to reject
the Plan. If there are sufficient assets left after the payments of
the Sale Proceeds, Class 4 Claimants are unimpaired, are not
eligible to vote on the Plan and are deemed to have accepted the
Plan.
The Plan shall be funded through sale proceeds from the sale of the
Property and recovery from potential causes of action against the
Debtor's Principal for breach of his fiduciary duty or other claims
against third parties and damage to the Property.
Following the Confirmation Date, the Plan Administrator is
authorized to execute and deliver the Sale Agreement, pursuant to
the Sale Order, and consummate and close the sale of the Property
to the Purchaser for the Purchase Price. In the event the Purchaser
elects not to purchase the Property, pursuant to the Sale Agreement
and Sale Order, the Plan Administrator shall: (i) retain MYC &
Associates Inc., as real estate broker; (ii) market the Property
for not less than forty-five days; and (iii) conduct an auction
pursuant to the bidding procedures, which shall be approved by
Confirmation Order. The Plan Proponent reserves its right to credit
bid.
A full-text copy of the Amended Disclosure Statement dated December
23, 2024 is available at https://urlcurt.com/u?l=fg3Txc from
PacerMonitor.com at no charge.
Counsel to Creditor, OWEMANCO Mortgage Holding Corporation:
LAW OFFICES OF AVRUM J. ROSEN, PLLC
Avrum J. Rosen, Esq.
Nico G. Pizzo, Esq
38 New Street
Huntington, New York 11743
Telephone: (631) 423-8527
About Cherry Garden
Cherry Garden LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No.
24-41144) on Mar. 15, 2024. In the petition signed by Bao Gui Zhou,
manager, the Debtor disclosed $8,500,000 in total assets and
$5,098,230 in total liabilities.
Judge Nancy Hershey Lord oversees the case.
William X. Zou, at Bill Zou & Associates PLLC, serves as the
Debtor's counsel.
CMB DATA: Seeks to Tap Steidl and Steinberg as Bankrutpcy Counsel
-----------------------------------------------------------------
CMB Data Entry Services, LLC seeks approval from the U.S.
Bankruptcy Court for the Western District of Pennsylvania to employ
Steidl and Steinberg, PC to handle its Chapter 11 case.
Christopher Frye, Esq., the primary attorney in this
representation, will be paid at his hourly rate of $350 plus
expenses.
The firm received a retainer of $10,000 plus a filing fee of $1,738
from the Debtor.
Mr. Frye 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:
Christopher M. Frye, Esq.
Steidl & Steinberg, P.C.
Koppers Building, Suite 322
436 Seventh Avenue
Pittsburgh, PA 15219
Telephone: (412) 391-8000
Email: chris.frye@steidl-steinberg.com
About CMB Data Entry Services
CMB Data Entry Services LLC, doing business as Axion Data Services,
is a limited liability company.
CMB Data Entry Services LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 24-23131) on
December 27, 2024. In its petition, the Debtor reports estimated
assets up to $50,000 and estimated liabilities between $1 million
and $10 million.
Christopher M. Frye, Esq., at Steidl & Steinberg, PC serves as the
Debtor's counsel.
COASTAL GREEN: Gets Interim OK to Use Cash Collateral
-----------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida issued
an interim order allowing Coastal Green Energy Solutions to use
cash collateral.
The interim order signed by Judge Roberta Colton on Jan. 3 approved
the use of cash collateral for necessary business expenses within
the company's approved budget, with up to a 10% variance per line
item.
Coastal Green Energy Solutions is prohibited from using cash
collateral for insider compensation without court approval.
As adequate protection, secured creditors were granted
post-petition liens on cash collateral to the same extent and with
the same validity and priority as their pre-bankruptcy liens.
In addition, Coastal Green Energy Solutions was required to
maintain insurance coverage and grant the secured creditors access
to business records.
The next hearing is scheduled for Feb. 20.
About Coastal Green Energy Solutions
Coastal Green Energy Solutions, LLC is a privately held company
that specializes in replacing windows and doors.
Coastal Green Energy Solutions sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-07416) on
December 17, 2024, with $155,350 in assets and $2,107,420 in
liabilities. Saesha North, manager of Coastal Green Energy
Solutions, signed the petition.
Judge Roberta Colton presides over the case.
Buddy D. Ford, Esq., at Buddy D. Ford, P.A. represents the Debtor
as legal counsel.
COKING COAL: Hires Hamilton Law Offices as Special Counsel
----------------------------------------------------------
Coking Coal, LLC seeks approval from the U.S. Bankruptcy Court for
the Eastern District of Kentucky to employ Hamilton Law Offices,
PLLC as special counsel.
The firm will look after:
a. matters that the Debtor may encounter, which are not, or may
not be, appropriate for Debtor's lead counsel, Dinsmore & Shohl
LLP, to handle due to actual or potential conflicts of interest
with any creditors of the Debtor; and
b. other discreet tasks and matters as they arise and as
specifically requested or assigned by the Debtor which, in its
business judgment and in consultation with the lead counsel, would
best serve the needs of the Chapter 11 case.
The firm will be paid at these rates:
John T. Hamilton $300 per hour
Paraprofessionals $100 per hour
The received from the Debtor a retainer of $18,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
John T. Hamilton, Esq., a partner at Hamilton Law Offices, PLLC,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
John T. Hamilton, Esq.
Hamilton Law Offices, PLLC
P.O. Box 24C
Lexington, KY 40588
Tel: (859) 523-7010
Email: jhamilton@hamiltonlawky.com
About Coking Coal, LLC
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.
COLMAN BUILDING: Receiver Sells Historic Building to J. Bhullar
---------------------------------------------------------------
Marc Stiles of Puget Sound Business Journal reports that the Colman
Building, a Seattle landmark on the edge of Pioneer Square, has
been sold, Kidder Mathews confirmed on January 2, 2025.
Built after the Great Fire of 1889, the historic structure holds a
spot on the National Register of Historic Places and is recognized
as a city landmark, the report relates.
According to Puget Sound Business Journal, the building's new
owner, Jay Bhullar, plans to reinvigorate the ground-floor retail
spaces and lease out vacant office areas on the upper levels.
Bhullar, who acquired the property through a receivership process,
was not immediately available for comment, and the sales price was
not disclosed in the announcement.
Despite being considered a candidate for housing conversion, the
Colman will continue its commercial use, maintaining its legacy as
an office building. With a total area of nearly 144,000 square
feet, more than 56,300 square feet of office space was being
marketed for lease earlier this year. Leasing for the new ownership
is now being handled by Tracy Turnure of Newmark.
Among the building's tenants is the Owl 'N Thistle Irish Pub, whose
lease expires in March. Owner Declan Fury expressed hope for
renewal, emphasizing his commitment to the staff and his desire to
continue operating the pub, the report says. However, the
uncertainty has made it challenging to address maintenance needs.
Other tenants include Make-A-Wish Alaska & Washington and a
longstanding barbershop. The building's prominent location near the
new 20-acre Waterfront Park positions it for recovery to
pre-pandemic levels of activity when it housed several retail and
dining establishments, the report noted.
"Colman's prime location in downtown Seattle, combined with its
unique history, offered a rare acquisition opportunity," said Andy
Miller -- andy.miller@kidder.com -- of Kidder Mathews, who
facilitated the sale alongside colleagues Darren Tappen --
darren.tappen@kidder.com -- Pete Beauchamp --
peter.beauchamp@kidder.com -- and Nathan Thinnes --
nathan.thinnes@kidder.com
The building, constructed in multiple phases from 1889 to 1906,
continues to draw interest for its historical significance and
central location. Its future remains under close watch as tenants
and community members anticipate Bhullar's plans.
About Colman Building
Colman Building is a downtown Seattle historic business center that
occupies half of a block in proximity to Pioneer Square.
CONTAINER STORE: Unsecureds Will Get 100% in Prepackaged Plan
-------------------------------------------------------------
The Container Store Group, Inc. and affiliates, filed with the U.S.
Bankruptcy Court for the Southern District of Texas a Disclosure
Statement for Prepackaged Joint Plan of Reorganization dated
December 23, 2024.
The Container Store Group, Inc., the lead Debtor and a publicly
traded corporation incorporated in the state of Delaware, directly
or indirectly owns and controls each of the other Debtors (together
with their non-debtor affiliates, the "Company").
The Company provides merchandise and services covering a broad
selection of custom spaces, organizing solutions, and in-home
services. The Company conducts business in physical stores (with
product offerings tailored based on store location and size) and
online. Products are sourced both domestically and internationally
and shipped to stores or customers from domestic distribution
centers using contract carriers.
The Debtors are commencing this solicitation to implement a
prepackaged, comprehensive consensual restructuring (the
"Restructuring") that will reduce their funded debt liabilities
from approximately $243.1 million (inclusive of accrued and unpaid
interest, but excluding issued but undrawn letters of credit under
the Prepetition ABL Facility) to approximately $190 upon emergence,
while otherwise providing for claims and contracts to pass through
the Chapter 11 Cases unaffected. The Restructuring is supported by
the overwhelming majority of the Debtors' capital structure.
Specifically, the transaction support agreement dated as of
December 21, 2024 (the "Transaction Support Agreement") and the DIP
Term Loan Facility (which comprises approximately $40 million in
"new money" loans, which will ultimately convert to committed exit
financing on the Effective Date) have the support of holders of
over 90% of the outstanding principal amount of Prepetition Term
Loan Claims (the "Consenting Term Lenders"). Such Consenting Term
Lenders have already agreed to vote in favor of and otherwise
support confirmation of the Plan through execution of the
Transaction Support Agreement.
The Plan contemplates the following Restructuring and treatment of
Claims (the "Summary of Expected Recoveries"):
* reduction of the Debtors' total funded debt from approximately
$243.1 million to approximately $190 million upon emergence
pursuant to the terms of the Transaction Support Agreement and the
DIP & Exit ABL Commitment Letter, comprising (i) a new first-out
exit term loan facility in an aggregate principal amount of $40
million (plus payable in kind fees on account of the DIP Put Option
Premium and Commitment Premium) (the "First-Out Exit Term Loans")
and a new second-out exit term loan facility in the aggregate
principal amount of $75 million (the "Second-Out Exit Term Loans",
and together with the First-Out Exit Term Loans, the "Exit Term
Loans") and (ii) the exchange and rollup of the ABL DIP Claims into
exit revolving loans pursuant to the terms of the DIP & Exit ABL
Commitment Letter (the "Exit ABL Loans" and, together with the Exit
Term Loans, the "Exit Facilities"). The Exit ABL Loans will be
implemented under a new credit agreement, on the terms and
conditions set forth in the DIP & Exit ABL Commitment Letter (the
"Exit ABL Credit Agreement").
* the Chapter 11 Cases will be financed (i) by a backstopped
senior secured debtor-in-possession credit facility (the "DIP Term
Loan Facility") in an aggregate amount of up to $115 consisting of
(a) an aggregate amount of up to $40 million in "new money" loans
(the "First-Out DIP Term Loans") and (b) the roll up of $75 million
of loans under the Prepetition Term Loan Facility (the "Second-Out
DIP Term Loans," and together with the First-Out DIP Term Loans,
the ("DIP Term Loans")), (ii) a $140 million debtor in possession
asset based revolving credit facility (the "DIP ABL Loan Facility,"
and together with the DIP Term Loan Facility, the "DIP
Facilities"), and (iii) through the consensual use of Cash
Collateral. Upon emergence, the DIP Facilities will convert into
the Exit Facilities.
* the DIP Facility will be backstopped by certain of the
Consenting Term Lenders (the "DIP Backstop Parties") who, subject
to entry of the Interim DIP/Cash Collateral Order, will be entitled
to receive their pro rata share of a put option premium comprising
5% of the aggregate amount of the commitments to fund the First-Out
DIP Term Loans under the DIP Term Loan Facility, payable in kind
upon the initial funding of the First-Out DIP Term Loans in the
form of additional First-Out DIP Term Loans (the "DIP Put Option
Premium"). In addition, in consideration for providing commitments
to fund the First-Out DIP Term Loans under the DIP Term Loan
Facility, the DIP Term Lenders, subject to entry of the Interim
DIP/Cash Collateral Order, shall be entitled to a non refundable
payment equal to 2% of the aggregate principal amount of the
First-Out DIP Term Loans (the "Commitment Premium"), which shall be
fully earned upon entry of the Interim Order and due and payable in
kind at the initial funding of First-Out DIP Term Loans in the form
of additional First-Out DIP Term Loans.
* prior to the Petition Date, the vast majority of Holders of
Prepetition Term Loan Claims (including the over 90% thereof
comprising the Consenting Term Lenders) were offered the
opportunity to participate in the DIP Term Loan Facility and earn
the DIP Put Option Premium and Commitment Premium. Before entry of
the Final DIP/Cash Collateral Order, the DIP Term Loans will be
fully syndicated such that all Holders of Prepetition Term Loan
Claims will have had the opportunity to fund the DIP Term Loans
and, subject to entry of the Final DIP/Cash Collateral Order and
the occurrence of the Plan Effective Date, receive a participation
fee equal to a pro rata amount of 64% of the New Equity Interests,
subject to dilution only by the Management Incentive Plan (the
"Equity Premium").
* under the Plan, the Debtors' stakeholders will receive
treatment as follows:
-- upon the ABL Refinancing (as defined in the Interim
DIP/Cash Collateral Order), each Holder of an Allowed Prepetition
ABL Claim will receive, in full and final satisfaction, settlement,
release and discharge of, and in exchange for such Allowed
Prepetition ABL Claim, payment in full in Cash (including the
replacement or Cash collateralization of all issued and undrawn
letters of credit in accordance with and in the amounts specified
under the Prepetition ABL Credit Agreement). To the extent any
"Obligations" are outstanding on the Effective Date, the Claims on
account of such Obligations will receive treatment as necessary to
render such Claims Unimpaired, including, repayment in Cash of such
Claims required to be satisfied in Cash pursuant to the terms of
the Petition ABL Credit Agreement;
-- on the Effective Date, each Holder of an Allowed
Prepetition Term Loan Claim will receive, in full and final
satisfaction, settlement, release, and discharge and in exchange
for each Allowed Term Loan Claim, its Pro Rata Share of 100% of the
New Equity Interests, subject to dilution by the Management
Incentive Plan and the DIP Equity Premium;
-- on the Effective Date, Existing Equity Interests will be
canceled, released, discharged, and extinguished, and will be of no
further force or effect;
-- Other Secured Claims and General Unsecured Claims are
Unimpaired by the Plan. Intercompany Claims and Intercompany
Interests may be Reinstated or cancelled for no consideration, at
the option of the Debtors, with the consent of the Required
Consenting Lenders; and
-- Holders of Subordinated Claims will receive no recovery or
distribution on account of such Subordinated Claims.
Class 4 consists of General Unsecured Claims. Expected Amount (as
of December 21, 2024) shall be $46,891,000.00. Each Holder of an
Allowed General Unsecured Claim against a Debtor will receive
payment in full in Cash in accordance with applicable law and the
terms and conditions of the particular transaction giving rise to,
or the agreement that governs, such Allowed General Unsecured Claim
on the later of (i) the date due in the ordinary course of business
or (ii) the Effective Date; provided, however, that no Holder of an
Allowed General Unsecured Claim will receive any distribution for
any Claim that has previously been satisfied pursuant to a Final
Order of the Bankruptcy Court. This Class will receive a
distribution of 100% of their allowed claims.
The Debtors shall fund Cash distributions under this Plan with Cash
on hand, including Cash from operations, and the proceeds of the
DIP Facilities and Exit Facilities. The Debtors shall make non-Cash
distributions as required under the Plan in the form of Exit Term
Loans, Exit ABL Loans and New Equity Interests. Cash payments to be
made pursuant to this Plan shall be made by the Reorganized
Debtors.
A full-text copy of the Disclosure Statement dated December 23,
2024 is available at https://urlcurt.com/u?l=px0NJG from Verita
Global, claims agent.
Proposed Co-Counsel to the Debtors:
Timothy A. ("Tad") Davidson II, Esq.
Ashley L. Harper, Esq.
Philip M. Guffy, Esq.
HUNTON ANDREWS KURTH LLP
600 Travis Street, Suite 4200
Houston, TX 77002
Tel: (713) 220-4200
Email: taddavidson@HuntonAK.com
ashleyharper@HuntonAK.com
pguffy@HuntonAK.com
George A. Davis, Esq.
Hugh Murtagh, Esq.
Tianjiao (TJ) Li, Esq.
Jonathan J. Weichselbaum, Esq.
LATHAM & WATKINS LLP
1271 Avenue of the Americas
New York, NY 10020
Tel: (212) 906-1200
Email: george.davis@lw.com
hugh.murtagh@lw.com
tj.li@lw.com
jon.weichselbaum@lw.com
- and -
Ted A. Dillman, Esq.
355 South Grand Avenue, Suite 100
Los Angeles, CA 90071
Tel: (213) 485-1234
Email: ted.dillman@lw.com
About The Container Store Group
The Container Store Group, Inc., is a retailer with a solution
oriented business and provides customers with custom spaces,
organizing solutions, and in-home services. The Company conducts
business in physical stores (with product offerings tailored based
on store location and size) and online. Products are sourced both
domestically and internationally and shipped to stores or customers
from domestic distribution centers using contract carriers.
The Container Store Group, Inc., and its affiliated debtors sought
protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr.
S.D. Tex. Lead Case No. 24-90627) on Dec. 22, 2024, with
$969,204,000 in total assets and $836,372,000 in total debt as of
Sept. 28, 2024. Chad Coben, chief restructuring officer, signed the
petitions.
Judge Alfredo R. Perez presides over the cases.
The Debtors tapped HUNTON ANDREWS KURTH LLP and LATHAM & WATKINS
LLP as legal counsel; HOULIHAN LOKEY CAPITAL, INC. as investment
banker; and Verita Global (previously Kutzman Carson Consultants
LLC) as claims, noticing & solicitation agent.
CORNERSTONE HOME: Gets OK to Use Cash Collateral Until Jan. 16
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida issued
an interim order authorizing Cornerstone Home Care Services, LLC to
use cash collateral until Jan. 16.
The company was authorized to pay the amounts expressly authorized
by the court; weekly payments of $1,536 to Kapitus, LLC; and
expenses set forth in its budget, plus an amount not to exceed 10%
for each line item.
Each creditor with a security interest in the cash collateral was
granted a post-petition lien on cash collateral to the same extent
and with the same validity and priority as its pre-bankruptcy
lien.
The next hearing is scheduled for Jan. 16.
About Cornerstone Home Care Services
Cornerstone Home Care Services, LLC sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-06707)
with $50,001 to $100,000 in assets and $100,001 to $500,000 in
liabilities.
Judge Tiffany P. Geyer oversees the case.
The Debtor is represented by:
Melissa A Youngman
Winter Park Estate Plans & Reorgs
Tel: 407-374-1372
Email: my@melissayoungman.com
CUCINA ANTICA: Seeks to Hire White Starling & Osterman as Counsel
-----------------------------------------------------------------
Cucina Antica Foods Corp. seeks approval from the U.S. Bankruptcy
Court for the Northern District of Texas to hire White, Starling &
Osterman, PLLC as counsel.
The firm will render these services:
(a) represent the Debtor concerning the negotiation,
documentation, and consummation of a sale of the estate's assets;
and
(b) assist in the preparation of such documents as are
required for the orderly sale of such assets of the Debtor's
estates.
Lauren Osterman and Elizabeth Lane "Laney Howard" Howard will be
the attorneys primarily responsible for work performed in
connection with this representation. Initial hourly rates for
services rendered by Ms. Osterman and Ms. Howard are $425 and $275,
respectively.
Ms. Osterman assured the court that her firm is a "disinterested
person" within the meaning of Bankruptcy Code Sec. 101(14), as
required by Bankruptcy Code Sec. 327(a), and does not hold or
represent an interest adverse to the Debtor's estate
The firm can be reached through:
Lauren Osterman, Esq.
Elizabeth Lane Howard, Esq.
White, Starling & Osterman
700 N. Pearl Street, Suite 1610
Dallas, TX 75201
Tel: (214) 215-1119
Email: losterman@wso-law.com
lhoward@wso-law.com
About Cucina Antica Foods Corp.
Cucina Antica Foods Corp. is a manufacturer of pasta sauces and
ketchup.
Cucina Antica Foods Corp. sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-34058) on
December 13, 2024. In the petition filed by Suzanne Fusco, as
authorized representative, the Debtor reports estimated assets
between $100,000 and $500,000 and estimated liabilities between $1
million and $10 million.
The Debtor is represented by Frances A. Smith, Es., at Ross, Smith
& Binford, PC.
CUSTOMIZED CLEANING: Unsecureds Will Get 10% via Quarterly Payments
-------------------------------------------------------------------
Customized Cleaning Services, Inc., filed with the U.S. Bankruptcy
Court for the Western District of Michigan a Plan of Reorganization
dated December 24, 2024.
Customized was founded in June of 1990 by Daniel and Diane Waswick.
Customized is a complete building services contractor offering a
full range of custodial services, including hard floor care, carpet
cleaning, window washing and standard nightly janitorial services.
The Debtor services a diverse range of facilities such as banks,
business and government offices, colleges, schools, industrial
facilities, and medical facilities. Customized not only provides
cleaning services, it also provides additional services
("Additional Services") required to maintain its customers'
facilities in outstanding condition, including floor stripping and
waxing, pressure washing, construction cleaning, window washing,
carpet cleaning and maintenance, and waste receptacle sanitizing,
among others.
Since the Petition Date, the Debtor has been awarded a significant
contract by a local construction company. The revenue from that
contract will generate the additional cash flow needed to allow the
Debtor to meet its Plan obligations while working to generate new
business opportunities.
This Plan of Reorganization proposes to pay the Debtor's creditors
from the revenue generated by the Debtor's continued operations,
the collection of its prepetition accounts receivable and the
recovery of Employee Retention Tax Credits available to the Debtor.
The Plan proposes to pay the SBA, in full pursuant to the terms of
the SBA Loan Documents. The Plan proposes that the SBA payments
that were past due on the Petition Date will be allocated to the
end of the loan repayment period.
Based on the Debtor's limited collateral on the Petition Date, the
Debtor has determined that Idea and Kapitus are unsecured and will
be treated as general unsecured creditors under this Plan. The Plan
provides for a ten percent distribution to unsecured creditors from
the Debtor's disposable income over a period of five years.
Class IV shall consist of the allowed general Unsecured Claims of
Creditors of the Debtor. On the Petition Date, Debtor's unsecured
claims, including the unsecured claims of Idea and Kapitus and
excluding the loan to shareholder due to Daniel Waswick, totaled
approximately $480,132.10.
The Debtor shall pay the allowed general Unsecured Claims a ten
percent distribution in nineteen equal quarterly payments beginning
on the last business day of the second calendar quarter of 2025 and
continuing on the last business day of each successive calendar
quarter until paid in full.
Any Class IV general Unsecured Claim that was identified as
disputed, unliquidated or contingent in the Debtor's Schedules
shall be deemed disallowed unless such Creditor holding a claim
identified as disputed, unliquidated or contingent has timely filed
a Proof of Claim. The Class IV creditors shall not receive interest
in connection with their unpaid unsecured claims. The Class IV
Creditors shall be impaired.
Class V shall consist of the Debtor's shareholders, Daniel Waswick
and Diane Waswick and shall include their claims in connection with
their equity interests and Daniel Waswick's loan from shareholder
balance due from the Debtor. The Class V claimants shall retain
their equity interests in the Debtor.
The Class V interests will receive no distribution under this Plan,
either in connection with their equity interests or Mr. Waswick
unsecured claim. The Class V interests are impaired.
The Debtor shall continue to exist as a Michigan corporation as a
Reorganized Debtor.
Payments to be made pursuant to this Plan shall be from funds
derived from the operation of Debtor's business. There shall be no
prepayment penalty in the event the Debtor is able to prepay any or
all of the distributions required under this Plan.
A full-text copy of the Plan of Reorganization dated December 24,
2024 is available at https://urlcurt.com/u?l=9P7CwO from
PacerMonitor.com at no charge.
Attorneys for the Debtor:
Lynn Brimer, Esq.
Pamela S. Ritter, Esq.
Strobl, PLLC
33 Bloomfield Hills Pkway., Suite 125
Bloomfield Hills, MI 48304
Telephone: (248) 540-2300
Facsimile: (248) 205-2786
Email: lbrimer@strobllaw.com
About Customized Cleaning Services
Customized Cleaning Services, Inc. is a complete building services
contractor offering a full range of custodial services, including
hard floor care, carpet cleaning, window washing and standard
nightly janitorial services.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. W.D. Mich. Case No. 24-02511) on September
25, 2024, with $500,001 to $1 million in both assets and
liabilities.
Strobl, PLLC represents the Debtor as legal counsel.
DAVID VELASQUEZ: Seeks to Hire Joyce W. Lindauer PLLC as Counsel
----------------------------------------------------------------
David Velasquez Realty LLC seeks approval from the U.S. Bankruptcy
Court for the Northern District of Texas to hire Joyce W. Lindauer
Attorney, PLLC as counsel.
The firm will handle the Debtor's Chapter 11 proceedings.
The firm will be paid at these rates:
Joyce W. Lindauer $595 per hour
Laurance Boyd, Associate Attorney $295 per hour
Paralegal $125 to $250 per hour
The firm will be paid a retainer in the amount of 31,738. It will
also be reimbursed for reasonable out-of-pocket expenses incurred.
Joyce W. Lindauer, Esq., a partner at Joyce W. Lindauer, PLLC,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Joyce W. Lindauer, Esq.
Joyce W. Lindauer, PLLC
1412 Main Street, Suite 500
Dallas, TX 75202
Telephone: (972) 503-4033
Facsimile: (972) 503-4034
About David Velasquez Realty LLC
David Velasquez Realty LLC, doing business as Key Realty, is a
limited liability company.
David Velasquez Realty LLC sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No.
24-20329) on December 2, 2024. In the petition filed by David
Velasquez, as owner, the Debtor reports estimated assets and
liabilities between $1 million and $10 million each.
Honorable Bankruptcy Judge Robert L. Jones handles the case.
The Debtor is represented by Joyce W. Lindauer, Esq. at JOYCE W.
LINDAUER ATTORNEY, PLLC.
DIAMOND K: Hires Raines Feldman Littrell as Bankruptcy Counsel
--------------------------------------------------------------
Diamond K LLC, by its manager, Kamaljit Kaur Kalkat, seeks approval
from the U.S. Bankruptcy Court for the Eastern District of
California to hire Raines Feldman Littrell LLP as general
bankruptcy counsel.
The firm will render these services:
1. advise the Debtor with respect to the requirements and
provisions of the Bankruptcy Code, Federal Rules of Bankruptcy
Procedure, Local Bankruptcy Rules, U.S. Trustee Guidelines, and
other applicable requirements that may affect the Debtor;
2. assist the Debtor with respect to the preparation of
schedules and statement of financial affairs;
3. assist the Debtor in connection with negotiations with its
creditors;
4. assist the Debtor in complying with and fulfilling U.S.
Trustee requirements and preparing other documents as may be
required in the case;
5. assist the Debtor in the preparation and formulation of a
plan of reorganization;
6. advise the Debtor concerning the rights and remedies of the
estate and of the Debtor in regard to adversary proceedings that
may be removed to, or initiated in, the Bankruptcy Court; and
7. represent the Debtor in any proceeding or hearing in the
Bankruptcy Court in any action where the rights of the estate or
the Debtor may be litigated or affected.
The firm will undertake representation at an hourly rate of between
$415 and $850. The majority of the work will be performed by Robert
S. Marticello, Mark S. Melickian, and David M. Madden. Their
current hourly rates at the Firm are $850, $780, $575, and $535,
respectively.
The firm received a total pre-petition retainer in the amount of
$50,000, exclusive of the filing fee.
Robert S. Marticello, Esq., a partner at Raines Feldman Littrell
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:
Robert S. Marticello, Esq.
RAINES FELDMAN LITTRELL LLP
3200 Park Center Drive, Suite 250
Costa Mesa, CA 92626
Tel: (310) 440-4100
Fax: (310) 691-1943
Email: rmarticello@raineslaw.com
About Diamond K LLC
Diamond K LLC and Kamaljit Kaur Kalkat filed their voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
E.D. Cal. Lead Case No. 24-25180) on Nov. 11, 2024, listing
$10,000,001 to $50 million in both assets and liabilities.
Judge Ronald H Sargis presides over the case.
Robert S. Marticello, Esq. at RAINES FELDMAN LITTRELL LLP
represents the Debtor as counsel.
DICK'S AUTOMOTIVE: Hires Drake Business Services as Accountant
--------------------------------------------------------------
Dick's Automotive Transport, Inc. seeks approval from the U.S.
Bankruptcy Court for the Northern District of California to employ
Drake Business Services Inc. as general accountant.
The Debtor needs an accountant to reconcile accounts and books,
prepare financial statements required for tax returns, and consult
with its counsel as to those matters.
Barry Drake, the primary accountant in this representation, will be
paid at his hourly rate of $105.
Mr. Drake 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:
Barry Drake
Drake Business Services Inc.
16 Escuela Road
Watsonville, CA 95076
About Dick's Automotive Transport
Dick's Automotive Transport, Inc. sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 24-51752)
on Nov. 18, 2024, with $1 million to $10 million in both assets and
liabilities.
Judge M. Elaine Hammond oversees the case.
The Debtor tapped Robert G. Harris, Esq., at the Law Offices of
Binder and Malter as counsel and Barry Drake at Drake Business
Services Inc. as accountant.
DIGITAL MEDIA: Seeks to Extend Plan Exclusivity to March 10, 2025
-----------------------------------------------------------------
Digital Media Solutions, Inc. ("DMS Inc.") and its affiliates asked
the U.S. Bankruptcy Court for the Southern District of Texas to
extend their exclusivity periods to file a plan of reorganization
and obtain acceptance thereof to March 10, 2025 and May 9, 2025,
respectively.
The Debtors explain that there is no question that the Debtors'
cases are large and complex. As of the Petition Date, the Debtors
had funded debt obligations of approximately $358 million.
Additionally, there are 37 Debtor entities, and the Debtors have
already closed one sale transaction and are in the process of
closing one more. Accordingly, the Debtors submit that the size and
complexity of these chapter 11 cases weigh in favor of extending
the Exclusivity Periods.
The Debtors claim that they are working towards confirmation of a
plan that is supported by the Debtors' key constituents and
maximizes the value of the Debtors' estates for all stakeholders.
The Debtors request a brief extension of the Exclusivity Periods
not to pressure creditors, but to provide a sufficient, flexible
window in which the Debtors can obtain additional certainty
regarding their path to close the remaining sale transaction.
The Debtors assert that extending the Exclusivity Periods will
benefit all creditors by preventing the drain on time and resources
that inevitably occurs when multiple parties, with potentially
diverging interests, vie for the consideration of their own
respective plans. All stakeholders benefit from the continued
stability and predictability that a centralized process provides,
which can only occur while the Debtors remain the sole potential
plan proponents.
The Debtors further assert that than four months have elapsed since
the Petition Date, and this is the Debtors' first request for an
extension of the Exclusivity Periods. During the brief pendency of
these cases, the Debtors made significant efforts conducting an
extensive marketing and sale process, negotiating the chapter 11
plan, implementing the global settlement with creditors, and
preparing for the pending conditional disclosure statement
hearing.
Co-Counsel to the Debtors:
Joshua A. Sussberg, P.C.
Elizabeth H. Jones, Esq.
KIRKLAND & ELLIS LLP AND KIRKLAND & ELLIS
INTERNATIONAL
LLP
601 Lexington Avenue
New York, New York 10022
Telephone: (212) 446-4800
Facsimile: (212) 446-4900
E-mail: joshua.sussberg@kirkland.com
elizabeth.jones@kirkland.com
- and -
Alexandra F. Schwarzman, P.C.
333 West Wolf Point Plaza
Chicago, Illinois 60654
Tel: (312) 862-2000
Fax: (312) 862-2200
E-mail: alexandra.schwarzman@kirkland.com
Co-Counsel to the Debtors:
John F. Higgins, Esq.
M. Shane Johnson, Esq.
Megan Young-John, Esq.
James A. Keefe
PORTER HEDGES LLP
1000 Main St., 36th Floor
Houston, Texas 77002
Tel: (713) 226-6000
Fax: (713) 226-6248
E-mail: jhiggins@porterhedges.com
sjohnson@porterhedges.com
myoung-john@porterhedges.com
jkeefe@porterhedges.com
About Digital Media Solutions
Founded in 2012, Digital Media Solutions, Inc. is a
technology-enabled digital advertising company in Clearwater, Fla.,
that leverages its advanced technology and proprietary customer
data to efficiently and effectively connect its customers with
their target consumers. As of Sept. 11, 2024, DMS and its
affiliates operate in at least 15 countries and territories around
the world and employ 247 individuals in the United States and
Canada.
Digital Media Solutions and 36 affiliates commenced voluntary
Chapter 11 proceedings (Bankr. N.D. Tex. Lead Case No. 24-90468) on
Sept. 11, 2024. At the time of the filing, Digital Media Solutions
reported $100 million to $500 million in both assets and
liabilities.
Judge Alfredo R. Perez oversees the cases.
The Debtors tapped Kirkland & Ellis, LLP and Porter Hedges, LLP as
legal counsel; Portage Point Partners as restructuring advisor; and
Houlihan Lokey Capital, Inc. as investment banker. Omni Agent
Solutions is the claims agent.
DIOCESE OF ROCKVILLE: Seeks to Tap Westerman Ball as Legal Counsel
------------------------------------------------------------------
The Roman Catholic Diocese of Rockville Centre, New York, seeks
approval from the U.S. Bankruptcy Court for the Southern District
of New York to retain Westerman Ball Ederer Miller Zucker &
Sharfstein, LLP as bankruptcy counsel to the additional Debtors.
The legal services to be rendered by Westerman Ball:
a. The administration of the Additional Debtor Cases and the
Additional Debtors' affairs while in chapter 11, including all
issues arising from or impacting the Additional Debtors in the
Chapter 11 proceedings;
b. Advise the Additional Debtors with respect to its duties as
debtors under the Bankruptcy Code;
c. The preparation on behalf of the Additional Debtors of all
necessary applications, motions, orders, reports and other legal
papers;
d. Appearances in Bankruptcy Court to represent the interests
of the Additional Debtors;
e. Representing the interests of the Additional Debtors in all
aspects and phases of the Additional Debtor Cases;
f. Giving advice and guidance with respect to any transfer,
pledge, conveyance, sale or other liquidation of the Additional
Debtors' assets;
g. Such investigation, if any, as the Additional Debtors may
desire concerning, among other things, the assets, liabilities,
financial condition and operations of the Additional Debtors that
may be relevant to the Additional Debtor Cases, including the
validity, extent, priority, and amount of alleged secured and
unsecured claims and liens;
h. The commencement and prosecution of adversary proceedings
as may be necessary and appropriate; and
i. Such other matters as may be necessary and appropriate in
the context of the Additional Debtor Cases.
The firm will be paid at these rates:
Paraprofessionals $275 per hour
Associates $275 to $530 per hour
Partners and counsel $650 to $795 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Westerman Ball provides the following statements in response to the
request for additional information set forth in Part D.1. of the
Appendix B Guidelines:
Question: Did you agree to any variations from, or alternatives
to, your standard or customary billing arrangements for this
engagement?
Response: Yes, as is set out in paragraph 11 above. Westerman
Ball charged a flat-fee, reduced rate for the prepetition services
rendered to each Additional Debtor. In addition, Westerman Ball is
not seeking compensation for the period of time from the Petition
Date through the Effective Date.
Question: Do any of the professionals included in this
engagement vary their rate based on the geographic location of the
bankruptcy case?
Response: No.
Question: If you represented the client in the 12 months
prepetition, disclose your billing rates and material financial
terms for the prepetition engagement, including any adjustments
during the 12 months prepetition. If your billing rates and
material financial terms have changed post-petition, explain the
difference and the reasons for the difference.
Response: In connection with the Debtor's chapter 11 case,
Westerman Ball was retained by some but not all of the parishes
that comprise the Additional Debtors on a reduced, flat-fee basis
for representing their interests in the Debtor's chapter 11 case.
Those fees were paid and earned at or about the time when the
services were rendered.
William Heuer, a partner at Westerman Ball Ederer Miller Zucker &
Sharfstein 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:
William C. Heuer, Esq.
Westerman Ball Ederer Miller
Zucker & Sharfstein LLP
1201 RXR Plaza
Uniondale, NY 11556
Tel: (516) 622-9200
E-mail: wheuer@westermanllp.com
About The Roman Catholic Diocese
of Rockville Centre, New York
The Roman Catholic Diocese of Rockville Centre, New York, is the
seat of the Roman Catholic Church on Long Island. The Diocese has
been under the leadership of Bishop John O. Barres since February
2017. The State of New York established the Diocese as a religious
corporation in 1958. The Diocese is one of eight Catholic dioceses
in New York, including the Archdiocese of New York. The Diocese's
total Catholic population is approximately 1.4 million, roughly
half of Long Island's total population of 3.0 million. The Diocese
is the eighth largest diocese in the United States when measured by
the number of baptized Catholics.
To deal with sexual abuse claims, the Roman Catholic Diocese of
Rockville Centre, New York, filed a Chapter 11 petition (Bankr.
S.D.N.Y. Case No. 20-12345) on Sept. 30, 2020, listing as much as
$500 million in both assets and liabilities. Judge Martin Glenn
oversees the case.
The Diocese tapped Jones Day as legal counsel, Alvarez & Marsal
North America, LLC, as restructuring advisor, and Sitrick and
Company, Inc., as communications consultant. Epiq Corporate
Restructuring, LLC is the claims agent.
The U.S. Trustee for Region 2 appointed an official committee of
unsecured creditors in the Diocese's Chapter 11 case. The
coxmmittee tapped Pachulski Stang Ziehl & Jones, LLP and Ruskin
Moscou Faltischek, PC as its bankruptcy counsel and special real
estate counsel, respectively.
Robert E. Gerber, the legal representative for future claimants of
the Diocese, is represented by the law firm of Joseph Hage
Aaronson, LLC.
DOOR COUNTY: Seeks to Hire Richman & Richman LLC as Legal Counsel
-----------------------------------------------------------------
Door County Environmental Energy LLC seeks approval from the U.S.
Bankruptcy Court for the Eastern District of Wisconsin to hire
Richman & Richman LLC as counsel.
The firm's services include:
(a) advising the Debtors with respect to their powers and
duties as debtors in possession and the continued management and
operation of its businesses and properties;
(b) assisting the Debtors with the continuation of DIP
operations and monthly reporting requirements;
(c) advising the Debtors and taking all necessary action to
protect and preserve the Debtors' estates, including prosecuting
actions on behalf of the Debtors, defending any actions commenced
against the Debtors, and representing the Debtors' interests in
negotiations concerning litigation in which the Debtors are
involved;
(d) preparing amendments to bankruptcy schedules, statements
of financial affairs, and all related documents as necessary;
(e) working with the Sub V Trustee, as necessary, to
successfully reorganize the Debtors' estates;
(f) preparing pleadings in connection with the chapter 11
cases, including motions, applications, answers, orders, reports,
and papers necessary or otherwise beneficial to the administration
of the Debtors' estates;
(g) analyzing executory contracts and unexpired leases, and
the potential assumptions, assignments, or rejections of such
contracts and leases;
(h) advising the Debtors in connection with any potential
sales of assets;
(i) appearing at and being involved in various proceedings
before this Court or other courts to assert or protect the
interests of the Debtors and their estates;
(j) analyzing claims and prosecuting any meritorious claim
objections; and
(k) performing other legal services for the Debtors that may
be necessary and proper in connection with this Case.
The firm will be paid at these rates:
Michael P. Richman, Partner $795 per hour
Claire Ann Richman, Partner $625 per hour
Eliza M. Reyes, Associate $495 per hour
James E. Soo, Associate $325 per hour
David T. Fowle, Paralegal $250 per hour
Law Clerks $195 to $225 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
The firm received from the Debtor an advance retainer of
$75,469.50.
As disclosed in court filings, Richman & Richman is a
"disinterested person" within the meaning of Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Claire Ann Richman, Esq.
RICHMAN & RICHMAN LLC
122 W. Washington Avenue, Suite 850
Madison, WI 53703-2732
Tel: (608) 630-8990
Fax: (608) 630-8991
About Door County Environmental Energy LLC
Door County Environmental Energy LLC is a limited liability
company.
Door County Environmental Energy LLC sought relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. E.D. Wis. Case No. 24-26772) on
December 19, 2024. In the petition filed by Chris A. Lenzendorf, as
authorized signatory of Door County Environmental Energy LLC, the
Debtor reports estimated assets between $1 million and $10 million
and estimated liabilities between $10 million and $50 million.
The Debtor is represented by Claire Ann Richman, Esq. at RICHMAN &
RICHMAN LLC.
DREAM INC: Case Summary & Three Unsecured Creditors
---------------------------------------------------
Debtor: DREAM, Inc.
30750 US-11
Knoxville, AL 35469
Chapter 11 Petition Date: January 4, 2025
Court: United States Bankruptcy Court
Northern District of Alabama
Case No.: 25-70008
Debtor's Counsel: Harry P. Long, Esq.
THE LAW OFFICES OF HARRY P. LONG, LLC
914 Noble Street Suite 1A
Anniston AL 36201
Tel: (256) 237-3266
Email: hlonglegal8@gmail.com
Estimated Assets: $100,000 to $500,000
Estimated Liabilities: $10 million to $50 million
The petition was signed by J.P. Henderson in his capacity as
executive director.
A full-text copy of the petition, which includes a list of the
Debtor's three unsecured creditors, is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/5YDBY5A/DREAM_Inc__alnbke-25-70008__0001.0.pdf?mcid=tGE4TAMA
EAST COAST INVESTORS: Leona Mogavero Named Subchapter V Trustee
---------------------------------------------------------------
The U.S. Trustee for Regions 3 and 9 appointed Leona Mogavero,
Esq., at Zarwin Baum as Subchapter V trustee for East Coast
Investors, LLC.
Ms. Mogavero will be paid an hourly fee of $425 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Mogavero declared that she is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Leona Mogavero, Esq.
Zarwin Baum
One Commerce Square
2005 Market Street, 16th Floor
Philadelphia, PA 19103
Phone: (267) 765-9630
Email: lmogavero@zarwin.com
About East Coast Investors
East Coast Investors, LLC filed voluntary Chapter 7 petition
(Bankr. E.D. Pa. Case No. 24-12644) on July 31, 2024. On December
19, 2024, the case was converted into a Chapter 11 case.
Judge Ashely M. Chan presides over the case.
Roger V. Ashodian, Esq., at the Regional Bankruptcy Center of Se
PA, P.C. represents the Debtor as legal counsel.
EL DORADO SENIOR: Trustee Hires Pino & Associates as Counsel
------------------------------------------------------------
Lisa Holder, Chapter 11 Trustee of El Dorado Senior Care, LLC
received approval from the U.S. Bankruptcy Court for the Eastern
District of California to employ Pino & Associates as her general
bankruptcy counsel.
The firm will represent the Trustee in connection with the
bankruptcy case, to advise and assist her in carrying out her
duties.
As the principal attorney of Pino & Associates, Estela O. Pino,
will be the primary attorney rendering services in connection with
the Bankruptcy Case.
The firm will be paid at these hourly rates:
Estela O. Pino $500
Associate $350
Law Clerk $175
Ms. Pino assured the court that her firm is a disinterested person
as that term is defined in 11 U.S.C. Sec. 101(14), and said firm
has no interest materially adverse to the estate, the Debtor, or
any class of creditors.
The firm can be reached through:
Estela O. Pino, Esq.
Pino & Associates
1520 Eureka Rd., Suite 101
Roseville, CA 95661
Tel: (916) 641-2288
Email: epino@epinolaw.com
About El Dorado Senior Care
El Dorado Senior Care, LLC, owns and operates community care
facilities for the elderly, filed its voluntary petition for
Chapter 11 protection (Bankr. E.D. Cal. Case No. 24-22208) on May
21, 2024. In the petition signed by Benjamin L. Foulk,
owner/manager, the Debtor disclosed $3,420,371 in assets and
$3,127,562 in liabilities.
Judge Fredrick E. Clement oversees the case.
D. Edward Hays, Esq., at Marshack Hays Wood, LLP serves as the
Debtor's legal counsel.
ELITA 7 LLC: Seeks to Hire John O. Desmond as Bankruptcy Counsel
----------------------------------------------------------------
Elita 7, LLC, doing business as Dona Kay Rest Home, and Victoria
Light, LLC seek approval from the U.S. Bankruptcy Court for the
District of Massachusetts to employ John Desmond, Esq., an attorney
practicing in Framingham, Mass., as counsel.
The attorney will provide legal counsel and advice, to appear on
the Debtors' behalf and, in general, for the proper performance of
their duties under Section 1107 of the Code.
Mr. Desmond will be paid at his hourly rate of $400 plus expenses.
The attorney also received a pre-petition retainer of $15,000 from
the Debtors.
Ms. Desmond 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 attorney can be reached at:
John O. Desmond, Esq.
5 Edgell Road, Suite 30A
Framingham, MA 01701
Telephone: (508) 879-9638
Email: attorney@jdesmond.com
About Elita 7 LLC
Elita 7, LLC operates a 60-bed Rest Home located at 16 Marble
Street, Worcester, Mass.
Elita 7, LLC and Victoria Light, LLC, its affiliate, filed Chapter
11 petitions (Bankr. D. Mass. Lead Case No. 24-41303) on December
20, 2024. At the time of the filing, the Debtors reported $1
million to $10 million in both assets and liabilities.
Judge Elizabeth D. Katz oversees the cases.
John O. Desmond, Esq., represents the Debtors as legal counsel.
ELITA 7 LLC: U.S. Trustee Appoints Joseph Tomaino as PCO
--------------------------------------------------------
William Harrington, the U.S. Trustee for Region 1, appointed Joseph
Tomaino of Grassi Healthcare Advisors, LLC as patient care
ombudsman for Elita 7, LLC and Victoria Light, LLC.
A patient care ombudsman refers to an individual appointed in
healthcare bankruptcies to ensure the safety of patients. The PCO
monitors the quality of patient care and represents the interest of
patients of the healthcare debtor.
Mr. Tomaino declared in a court filing that he is "disinterested"
pursuant to Section 101(14) of the Bankruptcy Code.
The ombudsman may be reached at:
Joseph J. Tomaino
Grassi Healthcare Advisors, LLC
750 Third Avenue
New York, NY 10017
Phone: 212-223-5020
Email: jtomaino@grassihealthcareadvisors.com
About Elita 7 and Victoria Light
Elita 7, LLC operates a 60-bed Rest Home located at 16 Marble
Street, Worcester, Mass.
Elita 7and its affiliate, Victoria Light, LLC, filed Chapter 11
petitions (Bankr. D. Mass. Lead Case No. 24-41303) on December 20,
2024. At the time of the filing, the Debtors reported $1 million to
$10 million in both assets and liabilities.
Judge Elizabeth D. Katz oversees the cases.
John O. Desmond, Esq., represents the Debtors as legal counsel.
FINGER LAKE: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Finger Lake LLC
2671 Corning Road
Horseheads NY 14845
Business Description: The Debtor belongs to the traveler
accommodation industry.
Chapter 11 Petition Date: January 4, 2025
Court: United States Bankruptcy Court
Western District of New York
Case No.: 25-20007
Debtor's Counsel: Kevin Tung, Esq.
KEVIN KERVENG TUNG, P.C.
136-20 38th Avenue Suite 3D
Flushing NY 11354
Tel: 718-939-4633
E-mail: ktung@kktlawfirm.com
Estimated Assets: $10 million to $50 million
Estimated Liabilities: $10 million to $50 million
The petition was signed by Tom Shen a/k/a Li Shen as manager.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/QRDQJBQ/Finger_Lake_LLC__nywbke-25-20007__0001.0.pdf?mcid=tGE4TAMA
List of Debtor's 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. Richard Park $850,000
2 Hunting Lane
Old Westbury, NY, 11568
2. Guimei Qu $800,000
1613 200th Street
Bayside, NY, 11360
3. EHA of Buffalo, Inc. $560,406
a/b/a Eastern Hospitality Advisors
482 Delaware Avenue
Buffalo, NY, 14202
4. Hanbin Zheng $500,000
77 Hudson Street
Kearny, NJ, 07032
5. Alan Yao $500,000
680 Bryant Avenue
Roslyn, NY, 11576
6. Jessica Kong $300,000
2712 210th Street
Bayside, NY, 11360
7. Yumei Xu $290,000
4621 217th Street
Bayside, NY, 11361
8. Sinchung Chan $200,000
2712 210th Street
Bayside, NY, 11360
9. Liying Quan $200,000
3011 Parsons Blvd, 1B
Flushing, NY, 11354
10. Ossandeep Associates LLC $200,000
53 McMillan Way
Newark, DE, 19713
Osmar Lopez
Tel: 561-662-2351
11. Hardwood Solutions $199,000
15050 Navarre Rd SW
Wilmot, OH, 44689
Brian Kyle
Tel: 330-289-0959
12. Makscon LLC $185,000
279 Enterprise Rd
Churchville, VA, 24421
Sergey Makayev
Tel: 202-302-7547
13. Xuying Tan $100,000
10135 97th Street
Ozone Park, NY 11416
14. Jianjun Li $100,000
4235 Main Street, 3E
Flushing, NY, 11355
15. Jianwei Zhang $100,000
100 Royal Ct, Rm 1102
New Hyde Park, NY, 11040
16. Kaman Chong $80,000
49 Pickwick Road
Manhasset, NY, 11030
17. Jianming Xu $60,000
15 Hillcrest Avenue
Staten Island, NY, 10308
18. Irene Fan $50,000
6904 228th Street
Oakland Gardens, NY, 11364
19. Zhuowen Huang $20,000
23322 38th Drive
Little Neck, NY, 11363
20. Haihong Chen $20,000
4135 Morgan Street
Little Neck, NY, 11363
FORT WORDEN PDA: City Asks Court to Limit Receiver's Powers
-----------------------------------------------------------
Marc Stiles of Puget Sound Business Journal reports that amid over
$230,000 in unpaid utility bills and vendor invoices, the City of
Port Townsend has stepped into the ongoing legal dispute between
Kitsap Bank and the Fort Worden Public Development Authority
(PDA).
In recent court filings, the city has asked the court to ensure
that the receiver prioritizes paying for essential operational
expenses before covering its own professional fees, the report
relates.
According to Puget Sound Business Journal, City Council Member
Libby Wennstrom submitted a declaration that outlined the overdue
payments, which are critical for maintaining the Fort Worden
campus.
"The city's outstanding utility bill of $121,798 is significant,
with nearly half of that amount ($55,814) accumulated since the
receiver took control of the property," Wennstrom wrote in her
December 26 filing. Both documents were submitted by the city's
legal counsel, Kenyon Disend PLLC. Wennstrom also highlighted
unpaid vendor invoices totaling $109,233, some dating back to
September 2024. She accused Kitsap Bank of "dishonoring" these
payments, citing insufficient funds in the PDA account, despite
evidence to the contrary. Wennstrom argued that the receiver,
Elliott Bay Asset Solutions, should settle these obligations before
compensating itself.
While recognizing the receiver's right to compensation, Wennstrom
emphasized that basic operational expenses—such as utilities,
safety services, internet, and necessary repairs—should take
precedence. "The receiver's compensation should be balanced against
its obligation to responsibly manage the property and maintain the
campus's operations," the declaration stated.
A contractor, who wished to remain anonymous to avoid retaliation,
confirmed that the unpaid bills are endangering critical
communications and safety systems on the property, according to
report.
Wennstrom's filing follows a December 20 court hearing, during
which Judge Mack approved two motions to pay professional service
fees to Elliott Bay Asset Solutions. According to court records,
the receiver billed $218,704 for services rendered in October and
November. On December 23, the judge also vacated a previous order
extending the deadline for accepting or rejecting the master lease.
While the judge suggested he would issue an order that balances the
interests of all parties, none has been issued as of yet, the
report states.
In response, City Manager John Mauro addressed the situation in an
email. "The receivership process is a legitimate right for the bank
to exercise, given their investment in the PDA during uncertain
times. However, they were late to intervene, and this legal route
has cost us valuable time and momentum in pursuing more
collaborative solutions," Mauro wrote. While he acknowledged the
right to compensation, he pointed out that ongoing legal battles
are delaying progress for the community. Mauro also praised
Washington State Parks and Recreation Commission for its
collaborative approach and focus on the region's long-term
interests.
Attorneys for the state, representing Washington State Parks, have
raised concerns about the receiver's actions. In a filing ahead of
the December 20 hearing, Assistant Attorney General Andy Woo
criticized the receiver's "self-serving interpretations" of the
Receivership Act and its disregard for procedural rules, warning
that such actions are eroding trust among creditors and the wider
community.
During the hearing, David Neu, an attorney for Elliott Bay Asset
Solutions, argued that rejecting the lease did not equate to its
termination, which would ultimately be the state's decision.
With the lease now rejected and the deadline extension vacated, key
parties—including Centrum, Fort Worden Hospitality, the State
Parks and Recreation Commission, and the receivership—are
expected to enter discussions early in 2025 to determine the next
steps.
Centrum Executive Director Robert Birman commented, "The court's
ruling only addresses the receiver’s rejection of the master
lease. Now, the Parks Commission must decide whether to continue
negotiations or consider terminating the lease, as the rejection
places the receiver in breach. We're waiting for a meeting with the
Parks Commission on January 8, 2025 to clarify the way forward."
Birman noted that while the PDA still exists, the rejection of the
master lease means the Parks Commission has the legal right to
negotiate new leases with campus tenants. Centrum is ready to
support this process if the Parks Commission moves forward. Birman
also mentioned that Centrum plans to open registration for 2025
workshops by January 15, a delay from the typical January 2, 2025
start.
Fort Worden Hospitality (FWH) is also prepared to work with the
Parks Commission. CEO Matt Gurney stated, "Fort Worden Hospitality
is facing a challenging and uncertain situation. We are ready to
implement a sustainable operating model and collaborate with all
stakeholders to stabilize operations across the campus. Prior to
the receivership, we were working with state parks on a direct
contract, which we hope to finalize soon. We are optimistic that
legal matters will be resolved quickly, allowing us to move forward
with greater clarity."
About Fort Worden Public Development Authority (PDA)
Fort Worden Public Development Authority (PDA) is a Hospitality,
and Government company located in Port Townsend, Washington with 20
employees.
FRANCHISE GROUP: Committee Taps Pachulski Stang Ziehl as Counsel
----------------------------------------------------------------
The official committee of unsecured creditors of Franchise Group,
Inc. and its affiliates seeks approval from the U.S. Bankruptcy
Court for the District of Delaware 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 Debtors regarding the administration of the
Chapter 11 Cases;
b. assisting, advising, and representing the Committee with
respect to the Debtors’ retention of professionals and advisors
with respect to the Debtors’ business and the Chapter 11 Cases;
c. 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;
d. 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;
e. assisting, advising, and representing the Committee in
investigating 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 the Chapter 11 Cases
or to the formulation of a plan;
f. assisting, advising, and representing the Committee in
connection with any sale of the Debtors’ assets;
g. assisting, advising, and representing the Committee in its
participation in the negotiation, formulation, or objection to any
plan of liquidation or reorganization;
h. assisting, advising, and representing the Committee in
understanding its powers and 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;
i. assisting, advising, and representing the Committee in the
evaluation of claims and on any litigation matters, including
avoidance actions; and
j. Providing such other services to the Committee as may be
necessary in the Chapter 11 Cases.
The firm will be paid at these hourly rates:
Partners $995 to $2,175
Of Counsel $975 to $1,675
Associates $650 to $1,075
Paraprofessionals $545 to $595
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 Franchise Group Inc.
Franchise Group, Inc., through its subsidiaries, operates
franchised and franchisable businesses including The Vitamin
Shoppe, Pet Supplies Plus, LLC, Badcock Home Furniture & More,
American Freight, Buddy's Home Furnishings and Sylvan Learning
Systems, Inc.
Franchise Group, Inc. and its affiliates filed their voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
D. Del. Lead Case No. 24-12480) on Nov. 3, 2024, listing
$1,000,000,001 to $10 billion in both assets and liabilities. The
petitions were signed by David Orlofsky as chief restructuring
officer.
The Debtors tapped Willkie Farr & Gallagher LLP and Young Conaway
Stargatt & Taylor, LLP as legal counsel; AlixPartners as financial
advisor and chief restructuring officer; Ducera Partners as
investment banker; Ernst & Young LLP as tax, accounting and
valuation services provider; and Deloitte & Touche LLP as
independent auditor. Paul Hastings LLP and Lazard serve as legal
counsel and investment banker, respectively, to the first lien ad
hoc group.
FRANCHISE GROUP: Committee Taps Province LLC as Financial Advisor
-----------------------------------------------------------------
The official committee of unsecured creditors of Franchise Group,
Inc. and its affiliates seeks approval from the U.S. Bankruptcy
Court for the District of Delaware to employ Province, LLC as its
financial advisor.
The firm will provide these services:
a. becoming familiar with and analyzing the Debtors' DIP
budget, assets and liabilities, and overall financial condition;
b. reviewing financial and operational information furnished
by the Debtors;
c. monitoring the sale process, interfacing with the Debtors'
professionals, and advising the Committee regarding the process;
d. scrutinizing the economic terms of various agreements,
including, but not limited to, various professional retentions;
e. analyzing the Debtors' proposed business plans and
developing alternative scenarios, if necessary;
f. assessing the Debtors' various pleadings and proposed
treatment of unsecured creditor claims therefrom;
g. preparing, or reviewing as applicable, avoidance action and
claim analyses;
h. assisting the Committee in reviewing the Debtors' financial
reports, including, but not limited to, statements of financial
affairs, schedules of assets and liabilities, DIP budgets, and
monthly operating reports;
i. advising the Committee on the current state of these
chapter 11 cases;
j. advising the Committee in negotiations with the Debtors and
third parties as necessary;
k. if necessary, participating as a witness in hearings before
the Court with respect to matters upon which Province has provided
advice; and
l. providing other activities as are approved by the
Committee, the Committee's counsel, and as agreed to by Province.
The firm will be paid at these rates:
Managing Directors/Principals $870 to $1,450 per hour
Vice Presidents/Directors, and
Senior Directors $690 to $950 per hour
Analysts/Associates,
and Senior Associates $370 to $700 per hour
Other/Para-Professional $270 to $410 per hour
Effective as of Jan. 1, 2025, Province is raising its market rates
for its services to the following revised rates:
Managing Directors/Principals $900 to $1,450 per hour
Vice Presidents/Directors, and
Senior Directors $700 to $1,050 per hour
Analysts/Associates,
and Senior Associates $350 to $825 per hour
Other/Para-Professional $270 to $450 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Sanjuro Kietlinski, a partner at Province, LLC, disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Sanjuro Kietlinski
Province, LLC
2360 Corporate Circle, Suite 340
Henderson, NV 89074
Tel: (702) 685-5555
Email: pnavid@provincefirm.com
About Franchise Group Inc.
Franchise Group, Inc., through its subsidiaries, operates
franchised and franchisable businesses including The Vitamin
Shoppe, Pet Supplies Plus, LLC, Badcock Home Furniture & More,
American Freight, Buddy's Home Furnishings and Sylvan Learning
Systems, Inc.
Franchise Group, Inc. and its affiliates filed their voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
D. Del. Lead Case No. 24-12480) on Nov. 3, 2024, listing
$1,000,000,001 to $10 billion in both assets and liabilities. The
petitions were signed by David Orlofsky as chief restructuring
officer.
The Debtors tapped Willkie Farr & Gallagher LLP and Young Conaway
Stargatt & Taylor, LLP as legal counsel; AlixPartners as financial
advisor and chief restructuring officer; Ducera Partners as
investment banker; Ernst & Young LL as tax, accounting and
valuation services provider; and Deloitte & Touche LLP as
independent auditor. Paul Hastings LLP and Lazard serve as legal
counsel and investment banker, respectively, to the first lien ad
hoc group.
FRONTIER COMMUNICATIONS: S&P Affirms 'B' Rating on First-Lien Debt
------------------------------------------------------------------
S&P Global Ratings affirmed its 'B' issue-level rating on Frontier
Communications Holdings LLC's first-lien debt following the
company's announcement that its newly created bankruptcy remote
indirect subsidiary priced a $1.5 billion asset-backed delayed draw
term loan due 2029. At the same time, S&P affirmed its 'CCC+'
issue-level rating on Frontier's second-lien debt. S&P believes the
company will use the net proceeds from the term loan to support its
capital expenditure and the operating costs associated with its
fiber expansion plans.
S&P said, "The recovery prospects for Frontier's existing lenders
are unchanged in our hypothetical default scenario, despite the
loss of value from the asset-backed term loan, because we raised
our gross default valuation by $725 million. The higher valuation
reflects the expansion of the company’s fiber footprint to about
50% of its passings, from 35% a couple of years ago, and the
healthy penetration rates it has achieved. These factors have
contributed to a solid increase in Frontier's earnings, despite the
headwinds facing its legacy copper broadband services. As such, we
revised our enterprise valuation multiple to 5.5x from 5.0x. The
delayed draw term loan will be secured by a portion of Frontier's
fiber assets and associated customer contracts in Florida, which
account for about 11% of its total revenue, reducing the collateral
available to its existing lenders. However, we believe the
transaction will improve the company's liquidity position while
enhancing its lender collateral pool over the longer-term through
its growth-oriented network investments.
"Our 'B-' issuer credit rating on Frontier remains on CreditWatch,
where we placed it with positive implications on Sept. 5, 2024,
following the announcement it had entered into an agreement to be
acquired by Verizon Communications Inc. in a transaction valued at
$20 billion. While the company's S&P Global Ratings-adjusted debt
to EBITDA will rise to about 6.7x pro forma for the transaction,
from about 6.0x as of Sept. 30, 2024, we believe its leverage
remains supportive of the rating. Our forecast assumes Frontier
increases its revenue by 1%-2% in 2025 as it expands its consumer
fiber revenue, which is somewhat offset by the ongoing declines in
its legacy data and voice revenue. At the same time, we expect the
company will expand its EBITDA by 7%-9% in 2025 on lower
restructuring expenses and a shift in its customer mix toward
fiber. Still, we expect Frontier's leverage will remain elevated,
at more than 6x, over the next couple of years because of its
continued free operating cash flow deficits and funding
requirements."
As of Sept. 30, 2024, Frontier covered about 7.6 million homes with
fiber, representing about 50% of its footprint. The company has
longer-term plans to make fiber available to about two thirds of
its service area by 2026.
ISSUE RATINGS--RECOVERY ANALYSIS
Key analytical factors
-- S&P's simulated default scenario envisions a default in 2027
triggered by execution missteps in its fiber build, which result in
lower penetration levels and cost overruns and an acceleration of
broadband market share losses to cable and fixed-wireless access.
This could contribute to a significant decline in the company's
revenue, EBITDA, and cash flow. The decline in its operating
results would lead to a payment default when Frontier's liquidity
and cash flow become insufficient to cover its cash interest
expenses, mandatory debt amortization, and maintenance capital
expenditure requirements.
-- S&P values the company on a going-concern basis using a 5.5x
multiple of its estimated emergence EBITDA of $1.45 billion. The
5.5x multiple is consistent with the 4.5x-5.5x range S&P uses for
most rated incumbent wireline companies.
-- S&P revised its obligor/nonobligor valuation split to 69%/31%,
from 80%/20%, to reflect the reduction in collateral assets
following the recent asset-backed transaction. This reduces its
estimated net recovery value available to secured first-lien
lenders to $4.5 billion from about $4.7 billion.
Simulated default assumptions
-- Simulated year of default: 2027
-- EBITDA at emergence: $1.45 billion
-- Implied enterprise valuation (EV) multiple: 5.5x
Simplified waterfall
-- Net EV (after 5% administrative costs): $6.9 billion
-- Valuation split (obligors/nonobligors): 69%/31%
-- Estimated net EV available to secured first-lien debt: $4.5
billion
-- Estimated secured first-lien debt claims: $6.6 billion
--Recovery expectations: 70%-90% (rounded estimate: 70%)
-- Estimated unpledged value available to second-lien claims: $628
million
-- Estimated second-lien debt and first-lien deficiency claims: $5
billion
--Recovery expectations: 10%-30% (rounded estimate: 10%)
Note: All debt amounts include six months of prepetition interest.
Revolving credit facility assumed 85% drawn at default.
FULCRUM BIOENERGY: Seeks to Hire Ordinary Course Professionals
--------------------------------------------------------------
Fulcrum Bioenergy Inc. and its affiliates seek approval from the
U.S. Bankruptcy Court for the District of Delaware to retain
professionals utilized in the ordinary course of business.
These OCPs have provided legal, technical, accounting, consulting,
and/or other related services to the Debtors, upon which they rely
on to manage their day-to-day operations.
The Debtors seek to pay OCPs 100 percent of the fees and expenses
incurred.
The Debtors do not believe that any of the OCPs have an interest
materially adverse to them, their estates, creditors, or other
parties in interest in connection with the matter upon which they
are to be engaged.
The OCPs include:
Henderson & Morgan, LLC
-- Legal
-- Provide local representation related to
the closing of sales of real property in
Nevada.
Kieckhafer Schiffer LLP
-- Certified Public Accountants
-- Prepare and file tax returns.
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.
GILL RANCH: Hires Sheppard Mullin Richter as Bankruptcy Counsel
---------------------------------------------------------------
Gill Ranch, LLC seeks approval from the U.S. Bankruptcy Court for
the Northern District of California to employ Sheppard, Mullin,
Richter & Hampton LLP as general bankruptcy counsel.
The firm will provide these services:
a. advising and assisting the Debtor with respect to its
duties and obligations as a debtor in possession, including
compliance with the requirements of the Office of the United States
Trustee (the "OUST") and continuing to operate in Chapter 11;
b. advising the Debtor regarding matters of bankruptcy law,
including with respect to its powers and duties as a debtor in
possession, its rights and remedies with regard to its assets and
the claims of its creditors in the Bankruptcy Case;
c. attending meetings and negotiating with the
representatives of creditors and other parties in interest;
d. taking all necessary actions to protect and preserve the
Debtor's estate, including prosecuting actions on the Debtor's
behalf, defending any action commenced against the Debtor, and
representing the Debtor's interests in negotiations concerning
litigation in which the Debtor is involved;
e. preparing pleadings in connection with the Bankruptcy
Case, including motions, applications, answers, orders, reports,
and papers necessary or otherwise beneficial to the administration
of the Debtor's estate;
f. representing the Debtor in any proceedings or hearings
before this Court;
g. conducting examinations of witnesses, claimants, or
adverse parties and to preparing and assisting in the preparation
of reports, accounts, and pleadings related to the Bankruptcy
Case;
h. assisting the Debtor in the formulation, negotiation,
confirmation, and implementation of a Chapter 11 plan and any
auction, sale or other disposition of its assets; and
i. taking such other action and performing such other
services as the Debtor may require of Sheppard Mullin in connection
with the Bankruptcy Cases and any related proceedings.
The firm will be paid at these rates:
Ori Katz, Partner $1,465 per hour
Jeannie Kim, Associate $1,005 per hour
Eduardo Gutierrez Linares, Associate $695 per hour
Rachel Weir, Associate $695 per hour
The firm will be paid a retainer in the amount of $115,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Ori Katz, Esq., a partner at Sheppard, Mullin, Richter & Hampton
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:
Ori Katz, Esq.
Jeannie Kim, Esq.
Rachel Weir, Esq.
Sheppard, Mullin, Richter & Hampton LLP
Four Embarcadero Center, 17th Floor
San Francisco, CA 94111-4109
Telephone: (415) 434-9100
Facsimile: (415) 434-3947
Email: okatz@sheppardmullin.com
jekim@sheppardmullin.com
rweir@sheppardmullin.com
About Gill Ranch, LLC
Gill Ranch, LLC is a limited liability company in San Francisco,
Calif.
Gill Ranch sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. N.D. Calif. Case No. 24-30886) on November 25,
2024,with $10 million to $50 million in both assets and
liabilities. Andrew De Camara, chief restructuring officer of Gill
Ranch, signed the petition.
Judge Hannah L. Blumenstiel oversees the case.
The Debtor is represented by Ori Katz, Esq., at Sheppard Mulllin
Richter & Hampton, LLP.
GMS HOLDINGS: Unsecureds Will Get 0.073% of Claims in Sale Plan
---------------------------------------------------------------
GMS Holdings, LLC, filed with the U.S. Bankruptcy Court for the
Middle District of Tennessee a Disclosure Statement describing
Chapter 11 Plan dated December 23, 2024.
The Debtor is a Tennessee business whose main business at this
point involves the sale of this single asset of real property.
The Debtor managed its own affairs prior to the bankruptcy and will
continue to manage its affairs after the bankruptcy. The Debtor is
managed by Charles Larry Thorne, Chief Manager, who upon
information and belief holds a 100% interest in the company. Mr.
Thorne handles the day to day operation of the business to the
extent of effectuating the terms of the proposed Chapter 11 plan.
The Debtor was at risk of potentially losing this single asset real
estate at a foreclosure sale at a liquidated value and filed this
Chapter 11 proceeding in an effort to allow for more time to
attempt to sell the real estate through a private party transaction
at a higher fair market value than would likely otherwise be
obtained in a foreclosure sale.
The Debtor has employed a real estate agent and there is a purchase
and sale agreement that the Debtor intends on seeking 363 approval
on. However, the sale amount does not appear to satisfy all
lienholders and the Debtor is current in discussions with a junior
lienholder to obtain consent of sale without fully satisfying the
lien, and the Debtor anticipates that those discussions will be
successful.
Class 4 consists of General unsecured claims. This Class shall
receive a lump sum payment of $100.00 starting the first day of the
next month following Effective Date. The $100 payment will come
from a third party. Any plan payments returned to the Debtor by
unsecured creditors shall become property of the reorganized
Debtor. The allowed unsecured claims total $135,895.54. The $100
payment will come from a third party. This Class will receive a
distribution of 0.073% of their allowed claims. This Class is
impaired.
The Plan will be funded by the sale of the real estate of the
Debtor.
A full-text copy of the Disclosure Statement dated December 23,
2024 is available at https://urlcurt.com/u?l=tsPFfp from
PacerMonitor.com at no charge.
Attorney for the Debtor:
Jay R. Lefkovitz, Esq.
LEFKOVITZ & LEFKOVITZ, PLLC
908 Harpeth Valley Place
Nashville, TN 37221
Tel: (615) 256-8300
Fax: (615) 255-4516
Email: jlefkovitz@lefkovitz.com
About GMS Holdings
GMS Holdings LLC is a Single Asset Real Estate (as defined in 11
U.S.C. Sec. 101(51B)).
GMS Holdings LLC sought relief under Chapter 11 of the Bankruptcy
Code (Bankr. M.D. Tenn. Case No. 24-03719) on Sept. 27, 2024. In
the petition filed by Charles Larr Thorne, as chief manager, the
Debtor reports between $1 million and $10 million each.
Bankruptcy Judge Charles M. Walker handles the case.
The Debtor is represented by Jay Lefkovitz, Esq. at Lefkovitz &
Lefkovitz, PLLC.
GRADE A HOME: Hires Grade A Realty as Agent & Property Manager
--------------------------------------------------------------
Grade A Home, LLC seeks approval from the U.S. Bankruptcy Court for
the Southern District of Texas to employ Grade A Realty, LLC as
leasing agent and property manager.
The firm's services include listing for lease, renting, operating,
and managing the Debtor's properties located at:
(a) 4130 N Braeswood, Houston, Texas; and
(b) 4319 Woodvalley Dr, Houston, Texas.
The firm will receive 10 percent of the gross monthly rents
collected each month as management fees.
Muhammad Amir Sharif, a manager at Grade A Realty, 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:
Muhammad Amir Sharif
Grade A Realty, LLC
825 Town & Country Blvd., Fl. 12
Houston, TX 77024
Telephone: (832) 730-1905
About Grade A Home
Grade A Home, LLC, a Houston-based company, filed a petition under
Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Tex.
Case No. 24-35197) on November 4, 2024, with $1 million to $10
million in assets and $500,000 to $1 million in liabilities. Sharif
Muhammad, authorized representative of the Debtor, signed the
petition.
Judge Eduardo V. Rodriguez presides over the case.
Reese Baker, Esq., at Baker & Associates represents the Debtor as
legal counsel and Kenny Laguerre as accountant.
GRADE A HOME: Seeks Approval to Hire Kenny Laguerre as Accountant
-----------------------------------------------------------------
Grade A Home, LLC seeks approval from the U.S. Bankruptcy Court for
the Southern District of Texas to employ Kenny Laguerre, a
certified public accountant practicing in Houston, Tex.
Mr. Laguerre will provide accounting, financial, and tax
preparation services for the Debtor and for its Chapter 11 case, if
and as needed.
Mr. Laguerre will be paid on a flat fee basis of $1,250 per tax
return and up to $500 per month for accounting services.
In addition, the accountant will seek reimbursement for expenses
incurred.
Mr. Laguerre disclosed in a court filing that he is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The accountant can be reached at:
Kenny Laguerre, CPA
11200 Westheimer Rd., Suite 222
Houston, TX 77042
Telephone: (713) 446-0324
Email: kennyl@tax2u.org
About Grade A Home
Grade A Home, LLC, a Houston-based company, filed a petition under
Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Tex.
Case No. 24-35197) on November 4, 2024, with $1 million to $10
million in assets and $500,000 to $1 million in liabilities. Sharif
Muhammad, authorized representative of the Debtor, signed the
petition.
Judge Eduardo V. Rodriguez presides over the case.
Reese Baker, Esq., at Baker & Associates represents the Debtor as
legal counsel and Kenny Laguerre as accountant.
HARVEY CEMENT: Hires Crane Simon Clar & Goodman as Counsel
----------------------------------------------------------
Harvey Cement Products seeks approval from the U.S. Bankruptcy
Court for the Northern District of Illinois to employ Crane, Simon,
Clar & Goodman as counsel.
The firm will provide these services:
a. prepare necessary applications, motions, answers, orders,
adversary proceedings, reports and other legal papers;
b. provide the Debtor with legal advice with respect to its
rights and duties involving its property, as well as its
reorganization efforts herein;
c. appear in court and to litigate whenever necessary; and
d. perform any and all other legal services that may be
required from time to time in the ordinary course of the Debtor's
business during the administration of this bankruptcy case.
The firm will be paid based upon its normal and usual hourly
billing rates. The firm will also be reimbursed for reasonable
out-of-pocket expenses incurred.
The firm received from the Debtor a retainer in the amount of
$30,000.
Scott R. Clar, Esq., a partner at Crane, Simon, Clar & Goodman,
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:
Scott R. Clar, Esq.
Crane, Simon, Clar & Goodman
135 S. LaSalle, #3950
Chicago, IL 60603
Tel: (312) 641-6777
Email: sclar@cranesimon.com
About Harvey Cement Products
Harvey Cement Products Incorporated founded in 1947, has grown over
the years to be one of the leading manufacturers of over 200
varieties and sizes of masonry products and is able to deliver
customer orders to virtually any job site in the contiguous United
States.
Harvey Cement Products Incorporated sought relief under Subchapter
V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case
No. 24-18335) on December 5, 2024. In the petition filed by Gordon
Steck, as vice president, the Debtor reports total liabilities of
$1,174,348.
Honorable Bankruptcy Judge Jacqueline P. Cox handles the case.
The Debtor is represented by:
Scott R. Clar, Esq.
CRANE, SIMON, CLAR & GOODMAN
Suite 3950
135 South LaSalle Street
Chicago, IL 60603-4297
Tel: (312) 641-6777
Fax: (312) 641-7114
Email: sclar@cranesimon.com
HEALTHCARE AT COLLEGE: Residents Relocated, 2nd PCO Report Says
---------------------------------------------------------------
Melanie McNeil, Esq., the duly appointed patient care ombudsman,
filed with the U.S. Bankruptcy Court for the Middle District of
Georgia her second report regarding the quality of patient care
provided by Healthcare at College Park, LLC.
On October 4, 2024, the Ombudsman Representative that serves the
residents at Healthcare at College Park confirmed that all
residents of the facility had been relocated to other facilities
because the facility is closing.
A revisit survey was completed on October 9, 2024, with all
deficiencies found to be corrected. The survey report noted that
the census at the facility was zero.
The PCO waits direction from the court since the nursing home no
longer has any residents.
The ombudsman may be reached at:
Melanie S. McNeil, Esq.
State Long-Term Care Ombudsman
Office of the State Long-Term Care Ombudsman
Division of Aging Services, Department of Human Services
2 Peachtree Street, N.W., 33rd Floor
Atlanta, GA 30303
Email: msmcneil@dhr.state.ga.us
About Healthcare at College Park
Healthcare at College Park, LLC is a health care business (as
defined in 11 U.S.C. Sec. 101(27A)).
Healthcare at College Park sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. M.D. Ga. Case No. 24-51011) on July 9,
2024, with up to $50,000 in assets and up to $10 million in
liabilities. Michael E. Winget, Sr., managing member, signed the
petition.
The Debtor is represented by Wesley J. Boyer, Esq., at Boyer Terry,
LLC.
Melanie S. McNeil, Esq., is the patient care ombudsman appointed in
the Debtor's case.
HILLCREST CENTER: Hires Sapientia Law Group as Counsel
------------------------------------------------------
Hillcrest Center, LLC seeks approval from the U.S. Bankruptcy Court
for the District of Minnesota to employ Sapientia Law Group as
Sapientia Law Group as counsel.
The firm will represent the Debtor in all legal matters arising
during the control of Debtor's assets, the determination of claims,
negotiations with creditors and third parties, the preparation and
formation of a plan to be presented to the creditors, and such
other services as are necessary for the exercise of any and all
rights available to the Debtor.
The firm will be paid at the rate of $550.
The firm received from the Debtor a retainer in the amount of
$12,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Kenneth C. Edstrom, Esq., a partner at Sapientia Law Group,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Kenneth C. Edstrom, Esq.
Sapientia Law Group
120 South Sixth Street, Suite 100,
Minneapolis, MN 55402
Tel: (612) 756-7108
Email: kene@sapientialw.com
About Hillcrest Center, LLC
Hillcrest Center LLC is a Single Asset Real Estate debtor (as
defined in 11 U.S.C. Section 101(51B)).
Hillcrest Center LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Minn. Case No. 24-33279) on December 12,
2024. In the petition filed by Rosemary Kortgard, as managing
member, the Debtor reports total assets of $8,181,056 and total
liabilities of $6,256,577.
Honorable Bankruptcy Judge William J. Fisher handles the case.
The Debtor is represented by:
Kenneth Edstrom, Esq.
SAPIENTIA LAW GROUP
120 S 6th St Ste 100
Minneapolis MN 55402
Tel: (612) 756-7100
E-mail: kene@sapientialaw.com
HOOVER DRILLING: Jody Corrales Named Subchapter V Trustee
---------------------------------------------------------
The U.S. Trustee for Region 14 appointed Jody Corrales, Esq., at
Deconcini McDonald Yetwin & Lacy P.C. as Subchapter V trustee for
Hoover Drilling Co.
Ms. Corrales will be paid an hourly fee of $385 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Corrales declared that she is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Jody A. Corrales
Deconcini McDonald Yetwin & Lacy P.C.
252 E. Broadway Blvd., Suite 200
Tucson, AZ 85716
Telephone: 520-322-5000
Fax: 520-322-5585
Email: jcorrales@dmyl.com
About Hoover Drilling Co.
Hoover Drilling Co. is a Casa Grande, Arizona-based drilling
services provider.
Hoover Drilling Co. sought relief under Subchapter V of Chapter 11
of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 24-11104) on
December 30, 2024. In its petition, the Debtor reported $1 million
to $10 million in both assets and liabilities.
Judge Scott H. Gan handles the case.
The Debtor is represented by:
Thomas H. Allen, Esq.
Allen, Jones & Giles, PLC
1850 N. Central Avenue, Ste 1025
Phoenix, AZ 85004
Phone: 602-256-6000
Fax: 602-252-4712
Email: tallen@bkfirmaz.com
HUMPER EQUIPMENT: Gets Interim OK to Use Cash Collateral
--------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of Missouri
issued an interim order authorizing Humper Equipment, LLC and RBX,
Inc. to use cash collateral.
The companies were authorized to use cash collateral to cover
expenses according to the approved budget, with replacement liens
provided to Southern Bank and O'Bannon Bank for their
pre-bankruptcy and post-petition assets.
Humper is indebted to Southern Bank in the approximate amount of
$680,721 while RBX is indebted to the bank in the approximate
amount of $1,010,059.
In addition, RBX is also indebted to O'Bannon Bank in the amount of
$3.3 million.
As additional protection, the companies were ordered to continue
the monthly payments on their loans, maintain insurance, and keep
their tangible personal property in good condition.
The next hearing is scheduled for Jan. 16. Objections to the motion
must be filed by Jan. 10.
About Humper Equipment LLC
Humper Equipment LLC, a company in Strafford, Mo., filed Chapter 11
petition (Bankr. W.D. Miss. Case No. 24-60818) on December 12,
2024, with up to $50,000 in assets and $10 million to $50 million
in liabilities. James A. Keltner, sole member of Humper Equipment,
signed the petition.
Judge Brian T. Fenimore oversees the case.
The Debtor is represented by Sharon L. Stolte, Esq., at Sandberg
Phoenix & Von Gontard, PC.
IBIO INC: Expands Cardiometabolic and Obesity Treatment Program
---------------------------------------------------------------
iBio, Inc., announced Jan. 2, 2025, the expansion of its
cardiometabolic and obesity treatment development program by
in-licensing a potentially best-in-class long-acting anti-myostatin
antibody from AstralBio, Inc. The antibody, now named IBIO-600,
was identified by AstralBio using iBio's proprietary technology
stack and was designed for subcutaneous administration with the
potential for an extended half-life.
Pursuant to the agreement, AstralBio will receive an upfront
payment of $750,000, which iBio has paid by issuing its common
stock to AstralBio. In addition, AstralBio will be eligible for
development and commercialization milestone payments totaling up to
$28 million. If iBio sublicenses the licensed product, AstralBio
will receive low to mid-single-digit sublicense fees on the
proceeds of the sublicense fees. iBio is solely responsible for
the research and development, manufacturing and commercialization
activities of the licensed product.
In parallel, iBio initiated a bispecific antibody program targeting
myostatin/activin A to treat obesity and cardiometabolic disorders,
leveraging its proprietary Drug Discovery Platform as well as the
technology of IBIO-600. The myostatin licensing agreement and
planned myostatin/activin A bispecific antibody program follows a
drug discovery and development collaboration between iBio and
AstralBio initiated less than a year ago. iBio plans to enter into
clinical investigation in obesity and cardiometabolic disorders in
2026.
"The rapid advancement of a highly differentiated and developable
anti-myostatin antibody in just seven months from inception to
dosing in a non-human-primate study is a testament to the power and
speed of our Drug Discovery Platform and our collaboration with
AstralBio to deliver results quickly," said Martin Brenner, Ph.D.,
DVM, iBio's CEO and chief scientific officer. "Our goal is to
develop therapeutics that offer patients quality weight loss by
reducing obesity, preserving muscle mass, and promoting muscle
growth while avoiding weight regain. Adding a novel
myostatin/activin A bispecific antibody expands our pipeline of
obesity drug candidates and has potential as a treatment for
several additional cardiometabolic disorders."
In preclinical studies, IBIO-600 exhibits potent inhibition of
myostatin in human muscle cell precursors, effectively blocking its
inhibitory effects on muscle growth. Additionally, IBIO-600 has
been engineered to bind to the FcRn receptor with more than 10-fold
higher affinity than normal IgG, supporting the potential for
reduced dosing frequency. The molecule has been advanced
into non-cGMP in vivo studies in rodents and non-human primates
(NHP) with the first data read-outs expected in early 2025. iBio
plans to use the machine-learning and epitope-steering capabilities
of the Stable HU antibody optimizer with advanced mammalian
display, both components of its proprietary Drug Discovery
Platform, to rapidly design and produce additional multispecific
antibodies targeting, TGF-beta (TGFb) superfamily, including
Myostatin and Activin A, in in vitro studies.
About iBio, Inc.
Headquartered in San Diego, CA, iBio -- http://www.ibioinc.com--
is a preclinical stage biotechnology company leveraging the power
of Artificial Intelligence (AI) for the development of hard-to-drug
precision antibodies. The Company's proprietary technology stack
is designed to minimize downstream development risks by employing
AI-guided epitope-steering and monoclonal antibody (mAb)
optimization.
Jericho, New York-based Grassi & Co., CPAs, P.C., the Company's
auditor since 2024, issued a "going concern" qualification in its
report dated Sept. 19, 2024, citing that the Company has incurred
losses since inception, accumulated deficit and has negative cash
flows from operations, that raise substantial doubt about its
ability to continue as a going concern.
IDEANOMICS INC: Hires Alpesh Amin of Riveron Management as CRO
--------------------------------------------------------------
Ideanomics, Inc. and its affiliates seek approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Riveron
Management Services, LLC to provide a chief restructuring officer,
and other additional RMS personnel, and designate Alpesh Amin as
CRO.
The firm will render these services:
a) serve as CRO to the Debtors reporting to the board of
directors, responsible for managing the restructuring efforts in
the Company's planned Chapter 11 proceedings;
b) in consultation with the Debtors, provide oversight and
authority of liquidity, including disbursements in the planned
Chapter 11 proceedings;
c) oversee the Debtors' hiring of and termination of all of
Debtors' staff;
d) prepare all debtor-in-possession budgets and other cash
budgets and evaluations of related variances, as applicable
including short term cash flows and financing requirements of the
Debtors as it relates to the Debtors' Chapter 11 Cases;
e) assist the Debtors in obtaining court approval for use of
cash collateral or other financing including developing forecasts
and information;
f) assist the Debtors in their Chapter 11 proceedings,
including preparation and oversight of its financial statements and
schedules related to the bankruptcy process, monthly operating
reports, first day pleadings, and other information required in the
bankruptcy;
g) work with the Debtors, as appropriate, and its retained
investment banking professionals, to assess any offer(s) made
pursuant to bankruptcy court-approved sale procedures;
h) assist the Debtors with respect to its bankruptcy-related
claims management and reconciliation process;
i) assist the Debtors in development of a plan of
reorganization, including preparation of a liquidation analysis,
historical financial data and projections;
j) communicate and negotiate with other constituents critical
to the successful execution of the Debtors' bankruptcy
proceedings;
k) to the extent reasonably requested by the Debtors, offer
testimony before the Bankruptcy Court with respect to the Services
provided by the CRO and Temporary Staff, and participate in
depositions, including by providing deposition testimony related
thereto, as necessary in connection with services provided by the
CRO and Temporary Staff to the Debtors;
l) other professional services as requested by the Debtors or
its legal advisors and reasonably and mutually agreed to by the CRO
and Riveron.
The firm will be paid at these hourly rates:
Managing Director to Senior
Managing Director $865 to $1,160
Director to Senior Director $695 to $885
Manager to Associate Director $595 to $685
Associate to Senior Associate $465 to $585
Administrative to Analyst $275 to $390
RMS received a retainer of $225,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Alpesh Amin, a sebior managing director at Riveron RTS, LLC,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Alpesh Amin
Riveron RTS, LLC
461 Fifth Avenue 12th Floor
New York, NY 10017
Tel: (212) 974-7652
Email: alpesh.amin@riveron.com
About Ideanomics, Inc.
New York, N.Y.-based Ideanomics, Inc. is a global electric vehicle
company that is focused on driving the adoption of electric
commercial vehicles and associated sustainable energy consumption.
It is made up of 5 subsidiaries including: VIA Motors, Solectrac,
Treeletrik, Wave, and US Hybrid.
Ideanomics Inc. and seven of its affiliates sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No. 24-12728) on December 4, 2024. In its petition, the Debtor
reports assets between $50 million and $100 million and liabilities
ranging from $100 million to $500 million.
Foley & Lardner LLP serves as the Debtors' general bankruptcy
counsel and Ashby & Geddes, P.A. acts as the Debtors' Delaware
co-counsel. The Debtors tapped Epiq Corporate Restructuring as
noticing and claims agent. Riveron Management Services, LLC is the
Debtors' CRO and financial advisor, and SSG Advisors, LLC is the
Debtors' investment banker and financial adviser.
IDEANOMICS INC: Hires Epiq Corporate as Administrative Advisor
--------------------------------------------------------------
Ideanomics, Inc. and its affiliates seek approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Epiq
Corporate Restructuring, LLC as administrative advisor.
The firm will render these services:
(a) assist with solicitation, balloting and tabulation of
votes, and prepare any related reports;
(b) prepare an official ballot certification and, if
necessary, testify in support of the ballot tabulation results;
(c) assist with preparing and gathering information for the
Debtors' schedules of assets and liabilities and statements of
financial affairs;
(d) provide a confidential data room, if requested;
(e) manage and coordinate any distributions pursuant to a
Chapter 11 plan; and
(f) provide such other processing, solicitation, balloting and
other administrative services described in the Engagement
Agreement.
The hourly rates of the firm's professionals are as follows:
IT/Programming $55 - $85
Case Managers $85 - $170
Project Managers/Consultants/Directors $170 - $185
Solicitation Consultant $190
Executive Vice President, Solicitation $190
In addition, the firm will seek reimbursement for out-of-pocket
expenses incurred.
The firm also received a $10,000 retainer from the Debtor.
Kate Mailloux, a senior director at Epiq, disclosed in a court
filing that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Kate Mailloux
Epiq Corporate Restructuring LLC
777 3rd Ave., Fl. 12
New York, NY 10017
Telephone: (646) 282-2532
Email: kmailloux@epiqglobal.com
About Ideanomics, Inc.
New York, N.Y.-based Ideanomics, Inc. is a global electric vehicle
company that is focused on driving the adoption of electric
commercial vehicles and associated sustainable energy consumption.
It is made up of 5 subsidiaries including: VIA Motors, Solectrac,
Treeletrik, Wave, and US Hybrid.
Ideanomics Inc. and seven of its affiliates sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No. 24-12728) on December 4, 2024. In its petition, the Debtor
reports assets between $50 million and $100 million and liabilities
ranging from $100 million to $500 million.
Foley & Lardner LLP serves as the Debtors' general bankruptcy
counsel and Ashby & Geddes, P.A. acts as the Debtors' Delaware
co-counsel. The Debtors tapped Epiq Corporate Restructuring as
noticing and claims agent. Riveron Management Services, LLC is the
Debtors' CRO and financial advisor, and SSG Advisors, LLC is the
Debtors' investment banker and financial adviser.
IDEANOMICS INC: Hires Foley & Lardner as Bankruptcy Counsel
-----------------------------------------------------------
Ideanomics, Inc. and its affiliates seek approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Foley &
Lardner LLP as their lead bankruptcy counsel.
The firm's services include:
(a) preparing, on behalf of the Debtors, as debtors in
possession, all necessary or appropriate motions, applications,
objections, replies, answers, orders, reports, and other papers in
connection with the administration of the Debtors' estates;
(b) counseling the Debtors with regard to their rights and
obligations as debtors in possession and their powers and duties in
the continued management and operation of their businesses and
properties;
(c) providing advice, representation, and preparation of
necessary documentation and pleadings and taking all necessary or
appropriate actions in connection with asset sale transactions,
debt restructuring, statutory bankruptcy issues, post-petition
financing, strategic transactions, securities matters, and real
estate, environmental, labor, intellectual property, employee
benefits, business and commercial litigation, and corporate and tax
matters;
(d) taking all necessary or appropriate actions to protect and
preserve the Debtors' estates, including the prosecution of actions
on the Debtors' behalf, the defense of any actions commenced
against the Debtors, the negotiation of disputes in which the
Debtors are involved, and the preparation of objections to claims
filed against the Debtors' estates;
(e) taking all necessary or appropriate actions in connection
with any chapter 11 plan, any related disclosure statement, and all
related documents and such further actions as may be required in
connection with the administration of the Debtors' estates;
(f) taking all necessary and appropriate actions in connection
with any potential sale of all or substantially all of the Debtors'
assets, including continuing to assist the Debtors in connection
with their proposed sale process; and
(g) acting as general bankruptcy and restructuring counsel for
the Debtors and performing all other necessary or appropriate legal
services in connection with the Chapter 11 Cases.
The firm will be paid at these hourly rates:
Partners $775 to $1,725
Of Counsel $575 to $1,200
Senior Counsel $725 to $990
Associates $480 to $875
Paraprofessionals $165 to $500
Foley received Retainer payments of $663,000.
The following is provided in response to the request for additional
information set forth in Section D.1 of the UST Guidelines:
Question: Did you agree to any variations from, or alternatives
to, your standard or customary billing arrangements for this
engagement?
Answer: No. The rate structure provided by Foley is appropriate
and comparable to (a) the rates that Foley charges for
non-bankruptcy representations and (b) the rates of other
comparably skilled professionals.
Question: Do any of the professionals included in this
engagement vary their rate based on the geographic location of the
bankruptcy case?
Answer: No. The hourly rates used by Foley in representing the
Debtors are consistent with the rates Foley charges other
comparable chapter 11 clients, regardless of the location of the
chapter 11 case.
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 the reasons for the difference.
Answer: As of the Petition Date, the applicable rates for
timekeepers expected to work on this matter are as follows: $825 to
$1,050 per hour for Partners; $740 to $750 per hour for Of Counsel
and Senior Counsel; $475 to $720 per hour for Associates; and $300
per hour for paraprofessionals. Foley represented the Debtors
during the 12-month period prior to the Petition Date and, during
that time, the range of Foley's rates were as follows: $750 to
$1,350 per hour for Partners; $650 to $750 per hour for Of Counsel
and Senior Counsel; $475 to $715 per hour for Associates; and $240
to $430 per hour for paraprofessionals. Foley's billing rates and
material financial terms have not changed postpetition.
Question: Has your client approved your prospective budget and
staffing plan, and, if so, for what budget period?
Answer: The Debtors have developed a 13-week cash flow budget,
which includes a line item for professionals. Such budget sets
forth a specific line-item for Foley's good-faith estimated fees.
Recognizing that unforeseeable fees and expenses may arise in
complex chapter 11 cases, Foley and the Debtors may need to amend
the Foley budget as necessary to reflect changed circumstances or
unanticipated developments.
John Simon, Esq., a partner of Foley & Lardner, disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
John A. Simon, Esq.
Foley and Lardner LLP
500 Woodward Avenue, Suite 2700
Detroit, MI 48226
Tel: (313) 234-2800
Fax: (313) 234-7100
Email: jsimon@foley.com
About Ideanomics, Inc.
New York, N.Y.-based Ideanomics, Inc. is a global electric vehicle
company that is focused on driving the adoption of electric
commercial vehicles and associated sustainable energy consumption.
It is made up of 5 subsidiaries including: VIA Motors, Solectrac,
Treeletrik, Wave, and US Hybrid.
Ideanomics Inc. and seven of its affiliates sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No. 24-12728) on December 4, 2024. In its petition, the Debtor
reports assets between $50 million and $100 million and liabilities
ranging from $100 million to $500 million.
Foley & Lardner LLP serves as the Debtors' general bankruptcy
counsel and Ashby & Geddes, P.A. acts as the Debtors' Delaware
co-counsel. The Debtors tapped Epiq Corporate Restructuring as
noticing and claims agent. Riveron Management Services, LLC is the
Debtors' CRO and financial advisor, and SSG Advisors, LLC is the
Debtors' investment banker and financial adviser.
IDEANOMICS INC: Seeks to Hire Ashby & Geddes as Delaware Counsel
----------------------------------------------------------------
Ideanomics, Inc. and its affiliates seek approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Ashby &
Geddes, P.A. as their Delaware bankruptcy counsel.
The firm's services include:
(a) advising the Debtor with respect to its powers and duties as
a debtor and debtor-in-possession in the continued management and
operation of its business and property;
(b) performing all necessary services as the Debtor's Delaware
bankruptcy counsel;
(c) appearing at hearings before the Court on behalf of the
Debtor;
(d) taking all necessary actions to protect and preserve the
Debtor's estate during the pendency of this Chapter 11 Case;
(e) preparing and reviewing, on behalf of the Debtor, as a
debtor-in-possession, all necessary motions, applications, answers,
orders, reports and papers in connection with the administration of
this Chapter 11 Case for compliance with the rules and practices of
the Court;
(f) advising and assisting the Debtor in connection with any
potential sale of all or substantially all of its assets pursuant
to section 363 of the Bankruptcy Code;
(g) providing legal advice regarding the disclosure statement
and plan filed in this Chapter 11 Case and with respect to the
process for approving the disclosure statement and confirming the
plan; and
(h) performing such other legal services that are desirable and
necessary for the efficient and economic administration of this
Chapter 11 Case.
The firm will be paid at these rates:
Ricardo Palacio, Director $785 per hour
Gregory A. Taylor, Director $750 per hour
Destiny A. Kosloske, Associate $420 per hour
Anthony C. Dellose, Paralegal $335 per hour
Ashby & Geddes received a retainer from debtor Wireless Advanced
Vehicle Electrification, LLC in the amount of $100,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
The following information is provided by Ashby & Geddes pursuant to
paragraph D.1 of the U.S. Trustee Guidelines:
Question: Did you agree to any variations from, or alternatives
to, your standard or customary billing arrangements for this
engagement?
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 postpetition, explain the
difference and the reasons for the difference.
Answer: Ashby & Geddes only represented the clients in the one
month preceding the Petition Date. No changes to billing rates and
material financial terms have been made postpetition.
Question: Has your client approved your prospective budget and
staffing plan, and, if so, for what budget period?
Answer: The Debtors have developed a 13-week cash flow budget,
which includes a line item for professionals. Such budget sets
forth a specific line-item for Ashby & Geddes' good-faith estimated
fees. Recognizing that unforeseeable fees and expenses may arise in
complex chapter 11 cases, Ashby & Geddes and the Debtors may need
to amend the Ashby & Geddes budget as necessary to reflect changed
circumstances or unanticipated developments.
Ricardo Palacio, Esq., a director of Ashby & Geddes, disclosed in a
court filing that his firm is a "disinterested person," as defined
in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Ricardo Palacio, Esq.
Ashby & Geddes, P.A.
500 Delaware Ave.
Wilmington, DE 19899
Tel: (302) 654-1888
Fax: (302) 654-2067
Email: RPalacio@ashbygeddes.com
About Ideanomics, Inc.
New York, N.Y.-based Ideanomics, Inc. is a global electric vehicle
company that is focused on driving the adoption of electric
commercial vehicles and associated sustainable energy consumption.
It is made up of 5 subsidiaries including: VIA Motors, Solectrac,
Treeletrik, Wave, and US Hybrid.
Ideanomics Inc. and seven of its affiliates sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No. 24-12728) on December 4, 2024. In its petition, the Debtor
reports assets between $50 million and $100 million and liabilities
ranging from $100 million to $500 million.
Foley & Lardner LLP serves as the Debtors' general bankruptcy
counsel and Ashby & Geddes, P.A. acts as the Debtors' Delaware
co-counsel. The Debtors tapped Epiq Corporate Restructuring as
noticing and claims agent. Riveron Management Services, LLC is the
Debtors' CRO and financial advisor, and SSG Advisors, LLC is the
Debtors' investment banker and financial adviser.
IDEANOMICS INC: Seeks to Hire SSG Advisors as Investment Banker
---------------------------------------------------------------
Ideanomics, Inc. and its affiliates seek approval from the U.S.
Bankruptcy Court for the District of Delaware to employ SSG
Advisors, LLC as investment banker.
The professional services that SSG will render include:
a. advising the Debtors on, and assisting the Debtors in
preparing an information memorandum describing the Debtors, their
management, and financial status for use in discussions with
prospective purchasers and to assist in the due diligence process
for a potential sale transaction;
b. assisting the Debtors in developing a list of suitable
potential buyers who will be contacted on a discreet and
confidential basis after approval by the Debtors;
c. coordinating the execution of confidentiality agreements
for potential buyers wishing to review the information memorandum;
d. assisting the Debtors in coordinating management calls and
site visits for interested buyers and working with management to
develop presentations for such calls and visits;
e. soliciting competitive offers from potential buyers;
f. advising and assisting the Debtors in structuring a sale
transaction, negotiating a sale transaction agreement with
potential buyers and evaluating the proposals from potential
buyers, including, without limitation, advising and negotiating
with respect to licenses, milestone and royalty payments, or
assignments of intellectual property, as necessary;
g. providing testimony in support of a sale transaction, as
necessary; and
h. assisting the Debtors, their attorneys and accountants, as
necessary, through closing of a sale transaction on a best efforts
basis.
The firm's rates are:
a. Initial Fee. An initial fee of $75,000, which was paid
pre-petition signing the Amended Engagement Agreement.
b. Monthly Fees. Monthly fees of $50,000 per month payable
beginning December 2024 and on the first (1st) of each month
thereafter throughout the Engagement Term.
c. Sale Fee. Upon the consummation of a sale to any party, a
fee equal to the greater of (a) $500,000 or (b) three percent of
Total Consideration payable in cash, in federal funds via wire
transfer or certified check, at and as a condition of closing of
such a sale.
J. Scott Victor, managing director at SSG Advisors, 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:
J. Scott Victor
SSG ADVISORS, LLC
300 Barr Harbor Drive, Suite 420
West Conshohocken, PA 19428
Tel: (610) 940-5802
Email: jsvictor@ssgca.com
About Ideanomics, Inc.
New York, N.Y.-based Ideanomics, Inc. is a global electric vehicle
company that is focused on driving the adoption of electric
commercial vehicles and associated sustainable energy consumption.
It is made up of 5 subsidiaries including: VIA Motors, Solectrac,
Treeletrik, Wave, and US Hybrid.
Ideanomics Inc. and seven of its affiliates sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No. 24-12728) on December 4, 2024. In its petition, the Debtor
reports assets between $50 million and $100 million and liabilities
ranging from $100 million to $500 million.
Foley & Lardner LLP serves as the Debtors' general bankruptcy
counsel and Ashby & Geddes, P.A. acts as the Debtors' Delaware
co-counsel. The Debtors tapped Epiq Corporate Restructuring as
noticing and claims agent. Riveron Management Services, LLC is the
Debtors' CRO and financial advisor, and SSG Advisors, LLC is the
Debtors' investment banker and financial adviser.
IGLESIA ESCUELA: Seeks to Hire C. Conde & Assoc. as Legal Counsel
-----------------------------------------------------------------
Iglesia Escuela Castillo Fuerte, Inc. seeks approval from the U.S.
Bankruptcy Court for the District of Puerto Rico to employ the Law
Firm of C. Conde & Assoc. as its counsel.
The firm will render these services:
(a) advise the Debtor with respect to its duties, powers and
responsibilities;
(b) advise the Debtor in connection with a determination
whether a reorganization is feasible and, if not, help it in the
orderly liquidation of its assets;
(c) assist the Debtor with respect to negotiations with
creditors for the purpose of arranging the orderly liquidation of
assets and/or for proposing a viable plan of reorganization;
(d) prepare on behalf of the Debtor necessary legal papers or
documents;
(e) appear before the bankruptcy court, or any court in which
Debtor assert a claim interest or defense directly or indirectly
related to this bankruptcy case;
(f) perform such other legal services for the Debtor as may be
required in these proceeedings or in connection with the operation
of/and involvement with its business;
(g) provide, if necessary, any and all notary services allowed
under Notary Law, which will not constitute or represent any
conflict to this attorney or the client; and
(h) employ other professional services, if necessary.
The firm will be paid at these hourly rates:
Carmen Conde Torres, Senior Attorney $350
Associates $300
Junior Attorney $275
Clerical Analyst/Accounting Analyst $150
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received a retainer of $15,000 from the Debtor.
Ms. Conde Torres 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:
Carmen D. Conde Torres, Esq.
C. Conde & Assoc.
254 De San Jose Street, Suite 5
Old San Juan, PR 00901
Telephone: (787) 729-2900
Facsimile: (787) 729-2203
Email: condecarmen@condelaw.com
About Iglesia Escuela Castillo Fuerte
Iglesia Escuela Castillo Fuerte, Inc. sought relief under Chapter
11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 24-05680) on
December 30, 2024, listing under $1 million in both assets and
liabilities.
Carmen D. Conde Torres, Esq., at C. Conde & Assoc. serves as the
Debtor's counsel.
IGNITE OPTICS: Hires Kutner Brinen Dickey Riley PC as Attorney
--------------------------------------------------------------
Ignite Optics Communications, LLC seeks approval from the U.S.
Bankruptcy Court for the District of Colorado to hire Kutner Brinen
Dickey Riley, P.C. as attorneys.
The firm will render these services:
a. provide the Debtor with legal advice with respect to its
powers and duties;
b. aid the Debtor in the development of a plan of
reorganization under Chapter 11;
c. file the necessary petitions, pleadings, reports, and
actions which may be required in the continued administration of
the Debtor’s property under Chapter 11;
d. take necessary actions to enjoin and stay until final
decree continuation of pending proceedings and to enjoin and stay
until final decree herein commencement of lien foreclosure
proceedings and all matters as may be provided under 11 U.S.C. Sec.
362; and
e. perform all other legal services for the Debtor which may
be necessary.
The firm’s customary hourly rates are:
Jeffrey S. Brinen $515
Jonathan M. Dickey $375
Keri L. Riley $375
The firm received a pre- petition retainer of $16,738, of which
$13,575 remained on the Petition Date.
Ms. Riley 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:
Keri L. Riley, Esq.
Kutner Brinen Dickey Riley, PC
1660 Lincoln Street, Suite 1720
Denver, CO 80264
Telephone: (303) 832-2910
Email: klr@kutnerlaw.com
About Ignite Optics Communications
Ignite Optics Communications, LLC sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 24-17506)
on December 19, 2024, with $100,001 to $500,000 in assets and
$500,001 to $1 million in liabilities.
Judge Kimberley H. Tyson presides over the case.
Keri L. Riley, Esq., at Kutner Brinen Dickey Riley, P.C. represents
the Debtor as legal counsel.
IMERYS TALC: Talc Entities Plan Get Overwhelming Claimants Votes
----------------------------------------------------------------
TipRanks reports that Imerys' North American talc entities have
achieved a key milestone in their Chapter 11 proceedings, with more
than 90% of claimants approving the proposed Reorganization Plan,
exceeding the required legal threshold.
According to the report, the process now progresses toward a
confirmation hearing in the second quarter. To address the plan's
impact and resolve historical liabilities related to its U.S. talc
operations, Imerys has set aside financial provisions in its
accounts, the report notes.
About Imerys Talc America
Imerys Talc America, Inc. and its subsidiaries --
https://www.imerys-performance-additives.com/ -- are in the
business of mining, processing, selling and distributing talc. Its
talc operations include talc mines, plants and distribution
facilities located in Montana (Yellowstone, Sappington, and Three
Forks); Vermont (Argonaut and Ludlow); Texas (Houston); and
Ontario, Canada (Timmins, Penhorwood, and Foleyet). It also
utilizes offices located in San Jose, Calif., and Roswell, Ga.
Imerys Talc America and its subsidiaries, Imerys Talc Vermont,
Inc., and Imerys Talc Canada Inc., sought Chapter 11 protection
(Bankr. D. Del. Lead Case No. 19-10289) on Feb. 13, 2019. The
Debtors were estimated to have $100 million to $500 million in
assets and $50 million to $100 million in liabilities as of the
bankruptcy filing.
Judge Laurie Selber Silverstein oversees the cases.
The Debtors tapped Richards, Layton & Finger, P.A., and Latham &
Watkins LLP as their legal counsel, Alvarez & Marsal North America,
LLC as financial advisor, and CohnReznick LLP as restructuring
advisor. Prime Clerk, LLC, is the claims agent.
The U.S. Trustee for Region 3 appointed an official committee of
tort claimants in the Debtors' Chapter 11 cases. The tort
claimants' committee is represented by Robinson & Cole, LLP.
INDEPENDENCE CONTRACT: Hires Piper Sandler as Investment Banker
---------------------------------------------------------------
Independence Contract Drilling Inc. and its affiliates seek
approval from the U.S. Bankruptcy Court for the Southern District
of Texas to employ Piper Sandler & Co. as their financial advisor
and investment banker.
The firm will provide these services:
(a) review and analyze the Company's assets and liabilities and
the operating and financial strategies of the Company, as well as
the business plans and financial projections prepared by the
Company;
(b) evaluate the Company's debt capacity in light of its
projected cash flows and assist in the determination of an
appropriate capital structure for the Company;
(c) determine a range of values for the Company and any
securities that the Company offers or proposes to offer in
connection with a Restructuring;
(d) assist the Company in raising debt or equity financing,
including developing marketing materials, creating and maintaining
a data room and contact log, initiating contact with potential
capital providers and running the processfor a New Capital Raise;
(e) assist the Company in M&A Transaction related activities,
including developing marketing materials, creating and maintaining
a data room and contact log and initiating and managing contact
with interested buyers throughout the process;
(f) assist the Company in planning for dialogue and negotiations
with creditors for a potential Restructuring, including with
respect to the creditor due diligence process and negotiations with
the various creditor constituencies;
(g) assist the Company and its other professionals in reviewing
the terms of any proposed Restructuring, M&A Transaction and/or New
Capital Raise (whether proposed by the Company or by a third
party), in responding thereto and, if directed, in evaluating
alternative proposals for a Restructuring, M&A Transaction and/or
New Capital Raise, as applicable;
(h) assist or participate in negotiations with the parties in
interest, including, without limitation, any current or prospective
creditors of, holders of equity in, or claimants against the
Company and/or their respective representatives in connection with
a Restructuring;
(i) advise the Company with respect to, and attend, meetings of
the Company's Board of Directors, committees of the Board of
Directors (including the Strategic Alternatives Committee),
creditor groups and other interested parties, as reasonably
requested;
(j) in the event the Debtor becomes subject to a Bankruptcy
Proceeding commenced under any Applicable Statute (as defined under
the Engagement Agreement), and if requested by the Company,
participate in hearings before the court in which such Bankruptcy
Proceeding is commenced (the "Bankruptcy Court") and provide
relevant testimony with respect to the matters described herein and
issues arising in connection with any proposed Plan, including
expert valuation testimony (whether through live testimony or
through declaration) on valuation matters in connection with any
Bankruptcy Proceeding, as well as testimony in connection with (i)
any debtor-in-possession financing, (ii) any litigation regarding
the treatment of equity, formation of an equity committee, or
otherwise regarding equity, equity holders and/or an equity
committee (including whether such litigation is with an equity
committee, equity holders, the US Trustee, or otherwise) and (iii)
any valuation work product or opinions in connection with a Chapter
11 plan process, 363 sale process or Chapter 7 process; and
(k) render such other financial advisory and investment banking
services as may be agreed upon by Piper Sandler and the Company.
The firm's rates are:
(i) Monthly Fees: Whether or not a Restructuring is proposed or
consummated, an advisory fee of $137,500 ("Monthly Fee") per month.
The initial Monthly Fee shall be pro-rated based on the
commencement of services as of the date of the Engagement Agreement
through to the end of the calendar month. The initial Monthly Fee
shall be payable by the Company upon the execution of the
Engagement Agreement by the Company, and thereafter the Monthly Fee
shall be payable by the Company in advance on the first day of each
month.
(ii) Transaction Fee(s): In addition to the other fees provided
for herein, the Company shall pay Piper Sandler the transaction
fee(s):
a. Completion Fee. Upon the consummation of any Restructuring
a fee of $2,900,000. In connection with a Restructuring intended to
be consummated, in whole or in part, in connection with a
pre-packaged or pre-arranged Plan, (i) 100% of the Completion Fee
shall be deemed to have been earned prior to the commencement of
the Bankruptcy Proceeding, and (ii) the Company shall pay (a) (1)
33-1/3% of the Completion Fee (x) in the case of a prepackaged
Plan, upon receipt of votes sufficient for the class of holders of
secured claims to be a consenting class under the Bankruptcy Code
for such prepackaged Plan, or (y) in the case of a prearranged
Plan, upon obtaining signatures (or comparable indications of
support acceptable to the Company) from the Company's creditors
sufficient to support a determination by the Company to approve the
filing of such prearranged Plan and (b) the remaining 66-2/3% of
the Completion Fee when the Restructuring becomes effective. For
purposes of this agreement, a "pre-arranged" Plan means any Plan
with respect to which holders of at least one class of claims
representing at least 50% in dollar amount of the claims in such
class have provided written evidence (through a "lock-up agreement"
or otherwise) of their intent to vote in favor of such Plan and a
"pre-packaged" Plan means any plan which has secured acceptances
from holders of at least one class of claims representing at least
66.67% in dollar amount of the claims and more than 50% of all
claims in such class prior to commencement of the chapter 11
cases.
b. M&A Fee. Upon the closing of each M&A Transaction of (i) 2%
of Aggregate Consideration up to $202.5 million, plus (ii) 2.25% of
the amount by which Aggregate Consideration exceeds $202.5 million,
subject in any event to a minimum M&A Fee of $2,900,000.
c. New Capital Fee. A new capital fee (each, a "New Capital
Fee") equal to (i) 2 of the face amount of any senior secured
Financing raised, including, without limitation, any senior secured
debtor-in-possession financing raised; (ii) 3% of the face amount
of any junior secured or senior or subordinated unsecured Financing
raised and (iii) 4% of the amount raised in the case of any other
Financing, including, without limitation, equity or equity-linked
Financing, capital convertible into equity or hybrid capital
raised, including, without limitation, equity underlying any
warrants, purchase rights or similar contingent equity securities,
but excluding in the case of (i), (ii) and (iii) (A) any term
extension or modification of the Company's current revolving credit
facility with either the Company's existing revolving credit
provider or MSD Partners, L.P. and its affiliates and/or Glendon
Capital Management, L.P. and its affiliates or (B) any Financing
provided solely by MSD Partners, L.P. and its affiliates and/or
Glendon Capital Management, L.P. and its affiliates to the extent
such proceeds are solely used (1) as exit financing in a
Restructuring, or (2) in a Restructuring to repay, repurchase,
redeem or otherwise satisfy outstanding indebtedness to MSD
Partners, L.P. and its affiliates and or/ Glendon Capital
Management, L.P. and its affiliates (each, a "New Capital Raise").
The New Capital Fee shall be earned and payable upon the earlier of
execution of a commitment letter or execution of a definitive
agreement with respect to such Financing. In addition, Piper
Sandler agrees to reduce its New Capital Fee by fifty percent (50%)
for any New Capital Raise that is exclusively funded by MSD
Partners, L.P. and its affiliates and/or Glendon Capital Management
L.P. and its affiliates, and agrees that no New Capital Fee shall
apply to any refinancing of such New Capital Raise that is
exclusively funded by MSD Partners, L.P. and its affiliates and/or
Glendon Capital Management L.P. and its affiliate.
(iii) Expenses: In addition to all of the other fees and
expenses described in the Engagement Agreement, and regardless of
whether any transaction is consummated, the Company shall, upon
Piper Sandler's request, reimburse Piper Sandler for its reasonable
out of-pocket expenses incurred from time to time. Piper Sandler
bills its clients for its reasonable and reasonably documented
out-of-pocket expenses including, but not limited to travel-related
and certain other expenses, without regard to volume-based or
similar credits or rebates Piper Sandler may receive from, or
fixed-fee arrangements made with, travel agents, airlines or other
vendors.
Joseph Denham, a Managing Director at Piper Sandler & Co.,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Joseph Denham
Piper Sandler & Co.
800 Nicollet Mall, Suite 900
Minneapolis, MN 55402
Telephone: (212) 205-1455
Email: joseph.denham@psc.com
About Independence Contract Drilling Inc.
Independence Contract Drilling, Inc., and its affiliates provide
land-based contract drilling services for a broad array of oil and
natural gas producers in the United States. The Company utilizes
its specialized drilling rig fleet, including super-spec,
AC-powered rigs, to support exploration by targeting unconventional
oil and natural gas resources in geographic regions that can be
leveraged by the Debtors' primary Houston, Texas, Midland, Texas,
Odessa, Texas, and Coushatta, Louisiana facilities.
Independence Contract Drilling and its affiliates sought relief
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead
Case No. 24-90612) on December 2, 2024. In the petition signed by
J. Anthony Gallegos, Jr., as president and chief executive officer,
Independence reported total assets of $356,854,000 and total debt
of $216,785,000 as of Sept. 30, 2024.
The Honorable Bankruptcy Judge Alfredo R. Perez handles the cases.
Sidley Austin LLP is the Company's restructuring counsel, Riveron
is the restructuring advisor, and Piper Sandler is the investment
banker. Kroll is the claims agent.
Latham & Watkins LLP is legal counsel for the Noteholders.
INDEPENDENCE CONTRACT: Hires Riveron RTS as Financial Advisor
-------------------------------------------------------------
Independence Contract Drilling Inc. and its affiliates seek
approval from the U.S. Bankruptcy Court for the Southern District
of Texas to employ Riveron RTS, LLC as financial advisor.
The firm's services include:
a. Financial and cash management tasks:
i. monitoring all cash and liquidity management of the
Debtors, including but not limited to:
1. preparing 13-week cash flows that are integrated with
the Debtors' bottoms up business plan that identifies future
liquidity/financing alternatives;
2. assisting treasury functions including disbursements of
Debtors' monies, assets or other value; debt monitoring and
compliance; cash management and banking relationships;
3. assisting in financial management functions including
preparation of and review of budgets, monthly financial statements
and various financial reporting packages;
4. providing lenders with cash forecast updates with
variance analysis for previous week(s);
5. evaluating process and controls related to corporate
management of divisional/company disbursements;
6. evaluating other sub-processes related to cash
management to identify recommendations for improvements; and
7. providing ideas and recommendations for improvements to
short-term liquidity outlook;
b. Operational tasks:
i. overseeing aspects of the Debtors' restructuring efforts,
including but not limited to:
1. identifying and implementing future operational
improvements, fixed cost reductions, and future restructuring
requirements as needed;
2. evaluating the Debtors' fleet, capital expenditure
requirements, maintenance requirements, capacity and utility to
drive rationalization plans, if necessary;
3. monitoring operational improvement actions to be taken
by the Debtors;
4. developing strategies and making recommendations to
senior leadership for negotiations with major customers to address
issues related to certain projects;
5. assessing the performance of the Debtors' operations and
develop and implement operational performance improvement plans;
6. evaluating unprofitable divisions/lines of
business/ventures and implementing recommendations to address
such;
7. developing strategic alternatives to optimize the
Debtors' outcome; and
8. determining and analyzing solutions to minimize and
manage risk at the operational level;
c. Business plans and transactions:
i. evaluating the reasonableness of the Debtors' financial
projections and operating plan for the purpose of effectuating a
refinancing, recapitalization or transaction(s);
ii. evaluating various values of the Debtors' assets under
different scenarios;
iii. preparing a bottoms-up plan for specified time periods,
bridging this plan to actual results;
iv. identifying inefficiencies incurred and implement
improvements;
v. developing alternative strategies to assist the Debtors in
negotiations with its stakeholders that demonstrate the viability
of the Debtors;
d. Bankruptcy related services:
i. evaluating the short-term cash flows and financing
requirements of the Debtors as it relates to the Debtors' chapter
11 proceedings;
ii. assisting the Debtors in its chapter 11 proceedings,
including preparation and oversight of its financial statements and
schedules related to the bankruptcy process, monthly operating
reports, first day pleadings, and other information required in the
bankruptcy;
iii. as appropriate, assisting the Debtors in obtaining court
approval for use of cash collateral or other financing including
developing forecasts and information;
iv. as appropriate, assisting the Debtors with respect to its
bankruptcy-related claims management and reconciliation process;
v. as appropriate, assisting the Debtors in development of a
plan of reorganization, including preparation of a liquidation
analysis, historical financial data and projections;
vi. assisting management, where appropriate, in communications
and negotiations with other constituents critical to the successful
execution of the Debtors' bankruptcy proceedings; and
vii. working with the Debtors, as appropriate, and its
retained investment banking professionals, to assess any offer(s)
made pursuant to bankruptcy court-approved sale procedures;
e. General:
i. assisting the management and the Debtors in communications
with key constituents, including lenders, sureties, equity holders,
customers, and/or other stakeholders critical to the successful
execution of the Debtors' restructuring efforts; and
ii. other services as directed by the Debtors' board of
directors and as agreed to by Riveron.
The firm will be paid at these hourly rates:
Managing Director to Senior Managing Director $895 to $1,160
Director to Senior Director $695 to $885
Manager to Associate Director $595 to $685
Associate to Senior Associate $465 to $585
Administrative to Analyst $275 to $390
The firm received from the Debtor total retainer payments of
$175,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Hayley Hutchison, a partner at Riveron RTS, LLC, disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Hayley Hutchison
Riveron RTS, LLC
2515 McKinney
Dallas, TX 75201
Tel: (469) 457-4051
About Independence Contract Drilling Inc.
Independence Contract Drilling, Inc., and its affiliates provide
land-based contract drilling services for a broad array of oil and
natural gas producers in the United States. The Company utilizes
its specialized drilling rig fleet, including super-spec,
AC-powered rigs, to support exploration by targeting unconventional
oil and natural gas resources in geographic regions that can be
leveraged by the Debtors' primary Houston, Texas, Midland, Texas,
Odessa, Texas, and Coushatta, Louisiana facilities.
Independence Contract Drilling and its affiliates sought relief
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead
Case No. 24-90612) on December 2, 2024. In the petition signed by
J. Anthony Gallegos, Jr., as president and chief executive officer,
Independence reported total assets of $356,854,000 and total debt
of $216,785,000 as of Sept. 30, 2024.
The Honorable Bankruptcy Judge Alfredo R. Perez handles the cases.
Sidley Austin LLP is the Company's restructuring counsel, Riveron
is the restructuring advisor, and Piper Sandler is the investment
banker. Kroll is the claims agent.
Latham & Watkins LLP is legal counsel for the Noteholders.
INDEPENDENCE CONTRACT: Hires Sidley Austin LLP as Attorney
----------------------------------------------------------
Independence Contract Drilling Inc. and its affiliates seek
approval from the U.S. Bankruptcy Court for the Southern District
of Texas to employ Sidley Austin LLP as attorney.
The firm will provide these services:
(a) provide legal advice with respect to the Debtors' powers
and duties in the continued operation of their business;
(b) take all necessary action to protect and preserve the
Debtors' estates,
(c) prepare on behalf of the Debtors all necessary legal
papers in connection with the administration of their estates;
(d) advise the Debtors concerning, and prepare responses to,
legal papers that may be filed by other parties in these Chapter 11
cases;
(e) attend meetings and negotiate with representatives of
creditors and other parties in interest, attend court hearings, and
advise the Debtors on the conduct of their Chapter 11 cases;
(f) advise, negotiate, and assist with any sale or other
disposition of the Debtors' assets;
(g) prepare and refine on behalf of the Debtors a Chapter 11
plan, disclosure statement, and/or all related agreements and
documents necessary to facilitate an exit from these Chapter 11
cases, take appropriate action to obtain confirmation of such plan,
and take such further actions as may be required in connection with
the implementation of such plan;
(h) provide legal advice and perform legal services with
respect to matters relating to corporate governance, the
interpretation, application or amendment of the Debtors'
organizational documents, material contracts, and matters involving
them with their officers, directors, and managers;
(i) provide legal advice and legal services with respect to
litigation, tax, and other general legal issues for the Debtors to
the extent requested; and
(j) perform all other necessary legal services in connection
with the prosecution of these Chapter 11 cases.
The firm will be paid at these rates:
Attorneys $760 - $1,850 per hour
Paraprofessionals $590 to $545 per hour
In addition, the firm will seek reimbursement for expenses
incurred.
On October 22, 2024, the firm received a $450,000 advance payment
retainer from the Debtors.
Duston K. McFaul, a partner of Sidley, 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 following responses are provided in response to the questions
set forth in Paragraph D.1 of the U.S. Trustee Guidelines.
a. Question: Did Sidley agree to any variations from, or
alternatives to, Sidley's standard or customary billing
arrangements for this engagement?
Answer: Sidley did not agree to any variations from, or
alternatives to, its standard or customary billing arrangements for
this engagement.
b. Question: Do any of the Sidley professionals in this
engagement vary their rate based on the geographic location of the
bankruptcy case?
Answer: No. The hourly rates of the Sidley professionals
representing the Debtors are consistent with the rates that Sidley
charges other chapter 11 clients, regardless of the geographic
location of the chapter 11 case.
c. Question: If Sidley represented the Debtors in the 12 months
prepetition, disclose Sidley's billing rates and material financial
terms for the prepetition engagement, including any adjustments
during the 12 months prepetition. If Sidley's billing rates and
material financial terms have changed postpetition, explain the
difference and the reasons for the difference.
Answer: The billing rates and material financial terms of
Sidley's prepetition engagement by the Debtors are set forth in the
Application. Such billing rates are subject to periodic increases,
as set forth herein and in the Application, but other material
financial terms for services provided under the Engagement Letter
have not changed postpetition compared to the services provided to
the Debtors prepetition.
d. Question: Have the Debtors approved Sidley's prospective
budget and staffing plan, and, if so, for what budget period?
Answer: Sidley, in conjunction with the Debtors and Riveron,
developed a debtor in possession financing budget, which includes
estimates for staffing plans, and continues to develop budgets and
staffing plans for these chapter 11 cases for the period from the
Petition Date to and including January, 2025.
The firm can be reached at:
Duston McFaul, Esq.
SIDLEY AUSTIN LLP
1000 Louisiana Street, Suite 6000
Houston, TX 77002
Tel: (713) 495-4500
Fax: (713) 495-7799
Email: dmcfaul@sidley.com
About Independence Contract Drilling Inc.
Independence Contract Drilling, Inc., and its affiliates provide
land-based contract drilling services for a broad array of oil and
natural gas producers in the United States. The Company utilizes
its specialized drilling rig fleet, including super-spec,
AC-powered rigs, to support exploration by targeting unconventional
oil and natural gas resources in geographic regions that can be
leveraged by the Debtors' primary Houston, Texas, Midland, Texas,
Odessa, Texas, and Coushatta, Louisiana facilities.
Independence Contract Drilling and its affiliates sought relief
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead
Case No. 24-90612) on December 2, 2024. In the petition signed by
J. Anthony Gallegos, Jr., as president and chief executive officer,
Independence reported total assets of $356,854,000 and total debt
of $216,785,000 as of Sept. 30, 2024.
The Honorable Bankruptcy Judge Alfredo R. Perez handles the cases.
Sidley Austin LLP is the Company's restructuring counsel, Riveron
is the restructuring advisor, and Piper Sandler is the investment
banker. Kroll is the claims agent.
Latham & Watkins LLP is legal counsel for the Noteholders.
ISLAND VIEW: Seeks to Hire Rounds & Sutter LLP as Counsel
---------------------------------------------------------
Island View Ranch LLC seeks approval from the U.S. Bankruptcy Court
for the Central District of California to employ Rounds & Sutter,
LLP as counsel.
The firm will provide these services:
a. advise and assist the Debtor with respect to the
administration of the bankruptcy proceeding and compliance with the
requirements of the U.S. Trustee;
b. advise the Debtor regarding matters of bankruptcy law,
including the rights and remedies of a debtor-in-possession;
c. represent the Debtor with respect to applications, motions
and adversary proceedings and other hearings in the bankruptcy
court and in any action in any other court where the Debtor's
rights under the Bankruptcy Code may be litigated or affected;
d. review and analyze all applications, orders, and motions
filed by third parties in the proceeding and advise the Debtor
thereon;
e. attend all meetings conducted pursuant to the Bankruptcy Code
and represent the Debtor at all examinations;
f. communicate with creditors and all other parties in
interest;
g. assist the Debtor in preparing all necessary applications,
motions, orders, supporting positions taken by the Debtor, and
preparing witnesses and review documents in this regard;
h. confer with all other professionals, including any
accountants, brokers and consultants retained by the Debtor and by
any other party in interest;
i. assist the Debtor in the negotiations with creditors or third
parties concerning the terms of any proposed plan of
reorganization;
j. prepare, draft, and prosecute the plan of reorganization and
disclosure statement; and
k. take such other action and perform such other legal services
as may be in the interest of the Debtor and estate in connection
with the Chapter 11 case.
Rounds & Sutter will be paid at these hourly rates:
John K. Rounds $450 per hour
Randall V. Sutter $450 per hour
Charles K. Thornburg $375 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
The Debtor paid the firm an initial retainer of $25,000.
John Rounds, Esq., a partner at Rounds & Sutter, assured the court
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:
John K. Rounds, Esq.
Randall V. Sutter, Esq.
Rounds & Sutter, LLP
674 County Square Drive, Suite 108
Ventura, CA 93003
Tel: (805) 650-7100
Fax: (805) 832-6315
Email: admin2rslawllp.com
rsutter@rslawllp.com
About Island View Ranch LLC
Island View Ranch LLC is the owner of approximately 9.13 acres of
agricultural zoned land, including raised-bed enclosed greenhouse
grow space, flower drying outbuildings, agricultural storage
outbuildings, occupied by agricultural and commercial tenants that
are paying rent to the Debtor. The Property is located at 3376
Foothill Road, Carpinteria, CA and valued at $6.42 million.
Island View Ranch LLC sought relief under Chapter 11 of the U.S
Bankruptcy Code (Bankr. C.D. Cal. Case No. 24-11404) on December
11, 2024. In the petition filed by Robyn Whatley, as manager
member, the Debtor reports total assets of $6,434,132 and total
liabilities of $9,596,177.
The case is overseen by Honorable Bankruptcy Judge Ronald A.
Clifford III.
The Debtor is represented by:
John K. Rounds, Esq.
ROUNDS & SUTTER LLP
674 County Square Drive Suite 108
Ventura, CA 93003
Tel: (805) 650-7100
Fax: (805) 832-6315
E-mail: admin@rslawllp.com
J&K SAI HOSPITALITY: Taps McDonald & Barnhill as Litigation Counsel
-------------------------------------------------------------------
J&K SAI Hospitality, LLC seeks approval from the U.S. Bankruptcy
Court for the Northern District of Florida to employ McDonald &
Barnhill, PA as special litigation counsel.
The firm will represent the Debtor in an insurance lawsuit
currently pending in the District Court of the Northern District of
Florida, Case No.: 3:22-cv-04377-MCR-MJF.
The firm will be paid as follows:
(a) 40 percent of the gross recovery up to $1 million plus 30
percent of the gross recovery between $1 and $2 million plus 20
percent of the gross recovery in excess of $2 million or
court-awarded fees; or
(b) a fee based upon the number of hours expended on the
clients' behalf at the prevailing hourly rate; or
(c) in the event that the amount of a separately determined
court-awarded fee exceeds the amount the clients would be otherwise
obligated to pay as a contingency fee from the gross recovery, then
the lawyers and any co-counsel will receive the amount awarded by
the court.
David Barnhill, a member at McDonald & Barnhill, 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 Barnhill, Esq.
McDonald & Barnhill, P.A.
505 S. Magnolia Ave.
Tampa, FL 33606
Telephone: (813) 265-2020
About J&K SAI Hospitality
J&K SAI Hospitality LLC is a limited liability company.
J&K SAI Hospitality LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Fla. Case No. 24-31020) on December 5,
2024. In the petition filed by Ramesh Patel, as registered agent
and MGRM, the Debtor reports estimated assets and liabilities
between $10 million and $50 million each.
Honorable Bankruptcy Judge Karen K. Specie oversees the case.
The Debtor tapped Wynn & Associates PLLC as bankruptcy counsel and
McDonald & Barnhill, PA as litigation counsel.
JERVOIS GLOBAL: To File Chapter 11 Bankruptcy This Month
--------------------------------------------------------
Seeking Alpha reports that Jervois Global Limited announced on
January 2, 2025, a proposed recapitalization agreement with
Millstreet Capital Management.
According to the report, the plan is designed to strengthen the
company's balance sheet and secure $145 million in equity capital,
both before and after the recapitalization, to support operations
and growth initiatives, including the restart of the Sao Miguel
Paulista nickel cobalt refinery in Brazil.
To execute the recapitalization, Jervois and select subsidiaries
intend to initiate a prepackaged United States Chapter 11 process,
expected to commence in January 2025, the report relates. The
company anticipates maintaining normal operations throughout the
process, with no impact on vendors, suppliers, customers, or
employees, according to Seeking Alpha.
The recapitalization is expected to be completed by April 30, 2025,
the report states.
About Jervois Global Ltd.
Jervois Global Limited is a vertically integrated cobalt
development company. The Company focuses in nickel and copper
exposure, with development stage assets, growth opportunities, and
exploration projects.
JLA HEALTHCARE: No Resident Care Concern, 1st PCO Report Says
-------------------------------------------------------------
Blanca Castro, the patient care ombudsman, filed with the U.S.
Bankruptcy Court for the Northern District of California her first
report regarding the quality of patient care provided by JLA
Healthcare Services, LLC.
The local Long-Term Care Ombudsman (LTCO) visited the Chalet
Montara facility on November 11 and 21, 2024, and December 10 and
19, 2024, spending approximately 4.5 hours within the facility.
During these visits, they met with residents, family members and
staff, including the facility owner, activity director and
facility's chef.
The LTCOP observed that the facility appeared clean and uncluttered
during all visits. The laundry room was clean with no clothes lying
around. LTCOP noted observations from a resident about their room
being too warm. The facility owner acknowledged consistent
temperature regulation across the large facility can be a challenge
but is maintained within a safe, acceptable range.
The LTCO noted the presence of residents' family members who
appeared vigilant of the well-being of other residents. Residents
appeared well cared for and content.
The Ombudsman reported adequate staffing, including caregivers, two
Med Techs throughout the week and weekends and one nurse on
weekdays. The facility owner, Loi, and Activities Director, Ryan,
was present during visits.
A copy of the ombudsman report is available for free at
https://urlcurt.com/u?l=1nCWZK from PacerMonitor.com.
About JLA HealthCare Services
JLA HealthCare Services, LLC sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 24-41664) on
October 19, 2024, with up to $50,000 in assets and up to $1 million
in liabilities.
Judge William J. Lafferty presides over the case.
Arasto Farsad, Esq., at Farsad Law Office, P.C. represents the
Debtor as bankruptcy counsel.
JOHNSTON & RHODES: $1.9M Sale to Aden Mining to Fund Plan
---------------------------------------------------------
Johnston & Rhodes Bluestone Co. filed with the U.S. Bankruptcy
Court for the Southern District of New York a Disclosure Statement
describing Chapter 11 Plan dated December 23, 2024.
The Debtor's Plan of Liquidation is based on the debtor's belief
that the cash flow of the debtor cannot sustain a Chapter 11 plan
of reorganization. As such, the Debtor filed a Motion, pursuant to
Section 363 of the Bankruptcy Code, seeking to sell substantially
all of its assets, free and clear of liens, claims and
encumbrances.
The Motion was approved by the Court at the hearing on November 19,
2024. The highest and best offer, as determined by the Court, for
the purchase of the Debtor's assets was submitted by Aden Mining &
Materials Corp. ("Aden" or the "Buyer"), with a cash purchase price
of $1,900,000.00, as further evidenced by the Asset Sale and
Purchase Agreement between the Debtor and Aden.
The Liquidating Plan provides for the creation of 4 classes of
claims and interests.
Class 4 consists of Unsecured Claims. Allowed claims of all other
creditors of the debtor, including pre-petition unsecured
creditors, pre-petition secured creditors to the extent that the
Court finds the same unsecured in whole or in part in accordance
with Section 506 of the Bankruptcy Code and the general unsecured
claims of IRS and NYS, subject to an allowance of their claims by
the Court, will be paid pro rata, to the extent that there are
proceeds remaining from the sale of the debtor's Assets. The
disbursements shall be made by the Plan Disbursing Agent, after the
final closing on the sale of the debtor's Assets. The claims in
this class total approximately $438,960.00. Class 4 is impaired and
claimants' votes will be solicited.
In accordance with the Asset Purchase Agreement (approved by this
Court at the hearing held November 19, 2024) between the debtor and
Aden, the debtor assigns its rights and responsibilities under the
contracts and leases to Aden, with the express understanding of the
parties that the cure amounts due under the equipment leases are
not to be provided for under the debtor's Liquidating Plan and Aden
reserves its rights not to 'purchase' the equipment from the
lessors.
The source of funds to achieve Consummation and to carry out the
Plan shall be the Cash and Assets of the Debtor, to be sold in
accordance with the Asset Purchase Agreement between the Debtor and
Aden, approved at the hearing held by this Court on November 19,
2024. The anticipated cash purchase price is $1,900,000.00.
A full-text copy of the Disclosure Statement dated December 23,
2024 is available at https://urlcurt.com/u?l=UkXn3Y from
PacerMonitor.com at no charge.
Attorneys for the Debtor:
Michelle L. Trier, Esq.
Andrea B. Malin, Esq.
Genova, Malin & Trier LLP
1136 Route 9, Suite 1
Wappingers Falls, NY 12590
Tel: (845) 298-1600
Fax: (845) 298-1600
About Johnston & Rhodes Bluestone Co.
Johnston & Rhodes Bluestone Co. has been quarrying and distributing
bluestone since 1900.
Johnston & Rhodes Bluestone Co. filed its voluntary petition for
Chapter 11 protection (Bankr. S.D.N.Y. Case No. 24-35235) on March
7, 2024, listing $2,545,250 in assets and $1,384,921 in
liabilities. Peter Becker Johnston, president, signed the
petition.
Judge Cecelia G. Morris oversees the case.
The Debtor tapped Genova, Malin & Trier, LLP, as legal counsel.
JUNK SHUTTLE: Seeks to Hire Tavenner & Beran as Bankruptcy Counsel
------------------------------------------------------------------
Junk Shuttle, LLC seeks approval from the U.S. Bankruptcy Court for
the Eastern District of Virginia to employ Tavenner & Beran, PLC as
counsel.
The firm will provide these services:
(a) prepare and file schedules of assets and liabilities,
statement of financial affairs, and other pleadings necessary for
the filing of a Chapter 11 petition;
(b) represent and advise the Debtor in seeking court approval
for use of cash and/or other financing alternatives
(c) represent and advise the Debtor in opposing complaints
filed by creditors seeking relief from the automatic stay against
any act or proceeding to enforce a lien against estate property or
to continue any action against it;
(d) represent and advise the Debtor in connection with the
enforcement of any violation of the automatic stay by creditors in
possession of estate property;
(e) represent and advise the Debtor in all proceedings and
negotiations relating to the assumption, rejection, and assignment
of leases and other executory contracts;
(f) represent and advise the Debtor in proceedings and
negotiations relating to the sale and/or refinancing of assets;
(g) assist the Debtor in formulating, preparing, and filing
plan(s) of reorganization under Chapter 11 and in preparing related
documents and pleadings;
(h) represent and advise the Debtor in the prosecution and
recovery of any preferential payments and in other avoidance
actions; and
(i) represent and advise the Debtor in all matters not
specified above in connection with the case and related
proceedings.
The hourly rates of the firm's counsel are as follows:
Lynn Tavenner, Partner $695
Paula Beran, Partner $680
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received a total retainer of $5,000 plus a filing fee of
$1,738 from the Debtor.
Ms. Tavanner 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:
Lynn Tavanner, Esq.
Tavenner & Beran, PLC
20 North 8th Street
Richmond, VA 23219
Telephone: (804) 783-8300
Email: ltavanner@tb-lawfirm.com
About Junk Shuttle
Junk Shuttle, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Va. Case No. 24-34738) on December 16,
2024, with $50,001 to $100,000 in assets and $500,001 to $1 million
in liabilities.
Paula S. Beran, Esq. and Lynn L. Tavenner, Esq., at Tavenner &
Beran, PLC represent the Debtor as legal counsel.
KENNISON STRATEGIC: Plan Exclusivity Extended to April 25, 2025
---------------------------------------------------------------
Judge Gregory L. Taddonio of the U.S. Bankruptcy Court for the
Western District of Pennsylvania extended Kennison Strategic
Development Co. LLC's exclusive period to file its plan of
reorganization to April 25, 2025.
In a court filing, the Debtor initiated this Chapter 11 case to
restructure secured municipal liens and unsecured debts related to
claims arising from civil litigation. The Debtor's obligations
consist mostly of secured debts on real property, and unsecured
debts.
The Debtor explains that it has ongoing negotiations with parties
related to claims arising from civil litigation, which will impact
the construction of a feasible 11 plan of reorganization. The
parties continue to make progress in these negotiations but require
additional time to finalize a settlement.
Kennison Strategic Development Co. LLC is represented by:
Brian C. Thompson, Esq.
Thompson Law Group, PC
125 Warrendale Bayne Road, Suite 200
Warrendale, PA 15086
Tel: (724) 799-8404
Fax: (724) 799-8409
Email: bthompson@thompsonattorney.com
About Kennison Strategic Development
Kennison Strategic Development Co. LLC is engaged in activities
related to real estate.
Kennison Strategic Development Co. LLC sought relief under Chapter
11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 24-21944)
on August 8, 2024. In the petition filed by Mark Kennison, as
president, the Debtor reports estimated assets between $1 million
and $10 million and estimated liabilities up to $50,000.
The Debtor is represented by Brian C. Thompson, Esq. at Thompson
Law Group, P.C.
KWENCH JUICE: Seeks to Hire Barry Levine as Bankruptcy Counsel
--------------------------------------------------------------
Kwench Juice Franchising, Inc. seeks approval from the U.S.
Bankruptcy Court for the District of Massachusetts to employ Barry
Levine, Esq., an attorney practicing in Beverly, Mass., to handle
its Chapter 11 case.
The attorney will be paid at his hourly rate of $500. He also
received a retainer of $15,000 from the Debtor.
Mr. Levine disclosed in a court filing that he is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The attorney can be reached at:
Barry Levine, Esq.
100 Cummings Center, Suite 327G
Beverly, MA 01945
Telephone: (978) 922-8440
Email: barry@levineslaw.com
About Kwench Juice Franchising
Kwench Juice Franchising Inc. operates a cafe inBoston under the
trade name Kwench Juice Cafe, which features juices and fruit
smoothies.
Kwench Juice Franchising Inc. sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 24-12587) on
December 26, 2024. In its petition, the Debtor reports estimated
assets up to $50,000 and estimated liabilities between $500,000 and
$1 million.
Honorable Bankruptcy Judge Christopher J. Panos handles the case.
Barry Levine, Esq., represents the Debtor as legal counsel.
L & H PHARMA: Michael Markham Named Subchapter V Trustee
--------------------------------------------------------
The U.S. Trustee for Region 21 appointed Michael Markham, Esq., as
Subchapter V trustee for L & H Pharma Corp.
Mr. Markham, a partner at Johnson Pope Bokor Ruppel & Burns, LLP,
will be paid an hourly fee of $350 for his services as Subchapter V
trustee and will be reimbursed for work-related expenses incurred.
Mr. Markham declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Michael C. Markham, Esq.
Johnson Pope Bokor Ruppel & Burns, LLP
401 E. Jackson Street, Suite 3100
Tampa, FL 33602
Phone: (727) 480-5118
Email: Mikem@jpfirm.com
About L & H Pharma Corp.
L & H Pharma Corp. operates as a pharmaceutical and medicine
manufacturing company headquartered in Cape Coral, Fla.
L & H Pharma sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. M.D. Fla. Case No. 24-07692) on December 31, 2024. In
its petition, the Debtor reported $500,000 to $1 million in both
assets and liabilities.
Judge Roberta A. Colton handles the case.
Michael A. Stavros, Esq., at Jennis Morse represents the Debtor as
legal counsel.
LA MONARCA: Seeks to Hire Acosta Law PC as Bankruptcy Counsel
-------------------------------------------------------------
La Monarca Investment Plus Management Group LLC seeks approval from
the U.S. Bankruptcy Court for the Southern District of Texas to
hire Acosta Law, P.C. as counsel.
The firm will render these services:
a. provide analysis of the financial situation, and rendering
advice and assistance to the Debtor;
b. advise the Debtor with respect to its rights, duties, and
powers as a debtor in this case;
c. represent the Debtor at all hearings and other proceedings;
d. prepare and file of all appropriate petitions, schedules of
assets and liabilities, statements of affairs, answers, motions and
other legal papers as necessary to further the Debtor's interests
and objectives;
e. represent the Debtor at any meeting of creditors and such
other services as may be required during the course of the
bankruptcy proceedings;
f. represent the Debtor in all proceedings before the Court and
in any other judicial or administrative proceeding where the rights
of the Debtor may be litigated or otherwise affected;
g. prepare and file of a Disclosure Statement and Chapter 11
Plan of Reorganization;
h. assist the Debtor in analyzing the claims of the creditors
and in negotiating with such creditors; and
i. assist to the Debtor in any matters relating to or arising
out of the captioned case.
The firm will be paid at these rates:
Alex Olmedo Acosta $450 per hour
Martin Lee Pack $350 per hour
Paralegal $105 per hour
The firm will be paid a retainer in the amount of $51,738.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Alex O. Acosta, Esq., a partner at Acosta Law, P.C., disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Alex O. Acosta, Esq.
Acosta Law, P.C.
13831 Northwest Freeway, Suite 400
Houston TX 77040
Tel: (713) 980-9014
Fax: (713) 583-9554
Email: alex@theacostalawfirm.com
About La Monarca Investment Plus Management Group LLC
La Monarca Investment Plus Management Group LLC is engaged in
activities related to real estate. The Debtor is the owner of four
properties all located in Houston, Texas having a total current
value of $1.82 million (based on Debtor's opinion).
La Monarca Investment Plus Management Group LLC sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Case No.
24-35204) on November 4, 2024. In the petition filed by Perla
Gutierrez, as president and managing member, the Debtor reports
total assets of $1,821,393 and total liabilities of $382,000.
Honorable Bankruptcy Judge Eduardo V. Rodriguez handles the case.
The Debtor is represented by Alex Olmedo Acosta, Esq. at ACOSTA LAW
P.C.
LAVIE CARE: No Complaints at Pa. Facilities, PCO Report Says
------------------------------------------------------------
Margaret Barajas, the patient care ombudsman, filed her third
report regarding the quality of patient care provided at the
Pennsylvania nursing facilities operated by LaVie Care Centers,
LLC's affiliates.
Local ombudsmen have made regular visit at Pennknoll Village
facility. Local ombudsmen observed that call bells are generally
answered promptly. Snacks and beverages are available to residents.
The facility and resident rooms appear clean and odor free; the
temperature is comfortable. Local ombudsmen have initiated five
cases for residents during calendar year 2024. None indicate a
correlation to bankruptcy concerns.
In a facility visit of December 27 at Locust Grove Retirement
Village facility, it was noted by the local ombudsman that staff
was not very present. The residents did, however, seem in good
spirits. The local ombudsman visited with an average of five
residents per visit. There were no significant concerns reported,
and no cases have been opened on behalf of residents since 2022.
Local ombudsmen found that the Manor at St. Luke Village facility
and resident rooms are mostly clean although an odor was detected
in some rooms during the facility visit of November 21. A
designated smoking area is available outside, in front of the
building. The local ombudsman visited with an average of 10
residents and two staff per visit. There were no outstanding
concerns.
In a visit of December 26 at Luther Ridge at Seiders Hill facility,
the local ombudsman reported the home to be clean and free of odor,
except for an area on the second floor which has been an ongoing
problem. Staff were attentive. There was an uncovered linen cart on
the second floor. Evacuation plans are placed throughout the
building and in all hallways. The local ombudsman visited with 22
residents and five staff during their routine visit. There were no
significant concerns reported.
A copy of the ombudsman report is available for free at
https://urlcurt.com/u?l=61SMJK from Kurtzman Carson Consultants,
LLC, claims agent.
About Lavie Care Centers
LaVie Care Centers, LLC, is the parent company of skilled nursing
facility operators and providers, with facilities primarily located
in Mississippi, North Carolina, Pennsylvania and Virginia. The
company operates 43 licensed facilities, with 4,300 beds, providing
short-term rehabilitation, comprehensive post-acute care, and
long-term care to its residents.
On June 2 and 3, 2024, LaVie Care Centers and 281 affiliates filed
voluntary petitions for relief under Chapter 11 of the Bankruptcy
Code (Bankr. N.D. Ga. Lead Case No. 24-55507), before Judge Paul
Baisier in Atlanta.
The Debtors tapped McDermott Will & Emery, LLP as legal counsel;
Stout Capital, LLC as investment banker; and Ankura Consulting as
financial advisor. M. Benjamin Jones, senior managing director at
Ankura, serves as the Debtors' chief restructuring officer.
Kurtzman Carson Consultants, LLC is the claims agent, and maintains
the page http://www.kccllc.com/LaVie
The U.S. Trustee for Region 21 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases.
The U.S. Trustee also appointed Joani Latimer as patient care
ombudsman for patients at the Debtors' Virginia facilities; Victor
Orija for North Carolina facilities; Lisa Smith for the Mississippi
facilities; Margaret Barajas for the Pennsylvania facilities; and
Terri Cantrell for the Florida facility.
Margaret Barajas is the patient care ombudsman appointed in the
Debtors' cases.
LIFESTYLE BRANDS: Hires Steinberg Shapiro & Clark as Counsel
------------------------------------------------------------
Lifestyle Brands, Inc. seeks approval from the U.S. Bankruptcy
Court for the Eastern District of Michigan to hire Steinberg
Shapiro & Clark to handle its Chapter 11 case.
The firm will be paid at these rates:
Mark H. Shapiro $450 per hour
Tracy M. Clark $400 per hour
The retainer is $35,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Mark H. Shapiro, Esq., a partner at Steinberg Shapiro & Clark,
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:
Mark H. Shapiro, Esq.
STEINBERG SHAPIRO & CLARK
25925 Telegraph Road, Suite 203
Southfield, MI 48033
Tel: (248) 352-4700
Email: shapiro@steinbergshapiro.com
About Lifestyle Brands
Lifestyle Brands sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Mich. Case No. 24-51881) on December
18, 2024, with $89,657 in assets and $2,178,249 in liabilities.
Alexander Maritczak, president of Lifestyle Brands, signed the
petition.
Judge Mark A. Randon presides over the case.
Mark H. Shapiro, Esq., at Steinberg Shapiro & Clark represents the
Debtor as legal counsel.
LIGADO NETWORKS: Case Summary & Five Unsecured Creditors
--------------------------------------------------------
Lead Debtor: Ligado Networks LLC
10802 Parkridge Boulevard
Reston, VA 20191
Business Description: Ligado Networks is a satellite
communications company providing mobile
mobile satellite services. Its satellite
and terrestrial solutions, combined with
powerful, lower mid-band spectrum, serve to
supplement, and broaden mobile coverage
across the United States and Canada.
Chapter 11 Petition Date: June 5, 2025
Court: United States Bankruptcy Court
District of Delaware
Eleven affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
Ligado Networks LLC 25-10006
10802 Parkridge Boulevard
Reston VA 20191
Ligado Networks (Canada) Inc. 25-10007
1601 Telesat Court
Ottawa ON CA K1B 1B9
Ligado Networks Holdings (Canada) Inc. 25-10008
1601 Telesat Court
Ottawa ON CA K1B 1B9
Ligado Networks Corp. 25-10009
Ligado Networks Subsidiary LLC 25-10010
ATC Technologies, LLC 25-10011
Ligado Networks Build LLC 25-10012
Ligado Networks Finance LLC 25-10013
Ligado Networks Inc. of Virginia 25-10014
One Dot Six LLC 25-10015
One Dot Six TVCC LLC 25-10016
Debtors'
Local
Counsel: Mark D. Collins, Esq.
RICHARDS, LAYTON & FINGER, PA
920 N. King Street
Wilmington, DE 19801
Tel: (302) 651-7700
Email: collins@rlf.com
Debtors'
General
Bankruptcy
Counsel: MILBANK LLP
Debtors'
General
Canadian
Counsel: DENTONS CANADA LLP
Debtors'
Investment
Banker and
Financial
Advisor: PERELLA WEINBERG PARTNERS LP
Debtors'
Financial
Advisor: FTI CONSULTING, INC.
Debtors'
Claims &
Noticing
Agent: OMNI AGENT SOLUTIONS, INC.
Estimated Assets
(on a consolidated basis,
based on estimated
unaudited financial
statements as of 11/2024): $1 billion to $10 billion
Estimated Liabilities
(on a consolidated basis,
based on estimated
unaudited financial
statements as of 11/2024): $1 billion to $10 billion
The petitions were signed by Douglas Smith as president and chief
executive officer.
Full-text copies of three of the Debtors' petitions are available
for free on PacerMonitor at:
https://www.pacermonitor.com/view/BAVMJ3A/Ligado_Networks_LLC__debke-25-10006__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/BKJKGSY/Ligado_Networks_Canada_Inc__debke-25-10007__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/BTKUKUY/Ligado_Networks_Holdings_Canada__debke-25-10008__0001.0.pdf?mcid=tGE4TAMA
Consolidated List of Debtors' Five Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. Inmarsat Global Limited Cooperation Undetermined
Attn: General Counsel Agreement
Inmarsat Global Limited, C/O Viasat
6155 El Camino Real
Carlsbad, CA 92009
Phone: (202) 248 5150
Email: generalcounsel@viasat.com
2. Boeing Satellite Systems Inc. Trade Debt Undetermined
Attn: Cori H Johnson
PO Box 92919
Los Angeles, CA 90009-2919
Phone: (314) 563-6324
Email: cori.h.johnson@boeing.com
3. American Towers LLC Lease $20,116
Attn: David Flint
C/O American Tower Corporation 1
Presidential Way
Attn: Contracts Manager
Woburn, MA 01801
Email: David.Flint@AmericanTower.com
4. US Internal Revenue Service Tax $15,000
Attn: Mitchell Georgic
1320 Central Park Blvd, Ste 400
Fredericksburg, VA 22401
Email: Mitchell.georgic@irs.gov
5. Bell Mobility Inc Trade $295
Attn: Cesar Amaya
PO Box 11095
Station Centre Ville
Montreal, QC H3C 5E7
Canada
Phone: (613) 882-1773
Email: cesar.amaya@bell.ca
LIGADO NETWORKS: Enters Chapter 11 With Debt-for-Equity Plan
------------------------------------------------------------
Satellite communications company Ligado Networks sought Chapter 11
protection in Delaware after reaching a deal with creditors on a
debt-for-equity plan that would reduce $8.6 billion debt to
approximately $1.2 billion.
Ligado Networks announced Jan. 6, 2025, that it has entered into a
comprehensive Restructuring Support Agreement with a significant
portion of its existing creditors. The supporting creditors hold
88% of Ligado's funded indebtedness.
The RSA provides for a comprehensive balance sheet restructuring,
providing for the conversion of $7.8 billion of existing debt into
new preferred equity and the preservation of the existing interests
in the capital structure below the new preferred equity.
Ligado said it will file a recognition proceeding in Canada
pursuant to Part IV of the Companies' Creditors Arrangement Act
(Canada) in the Ontario Superior Court of Justice.
As part of the restructuring, the Supporting Creditors have agreed
to provide a fully backstopped financing commitment to provide $115
million of additional incremental financing to fund Ligado during
the restructuring process. Ligado anticipates that its
indebtedness will be reduced from $8.6 billion as of the filing
date to approximately $1.2 billion at emergence from Chapter 11.
A commercial agreement with AST SpaceMobile Inc. also comprises a
key element of the Restructuring, under which AST SpaceMobile has
agreed to provide Ligado, subject to certain conditions precedent,
with approximately $113 million of AST SpaceMobile warrants, and
usage rights payments to fund Ligado's payments under certain
spectrum agreements. Additionally, Ligado will receive economic
participation in AST SpaceMobile’s direct-to-device business in
the U.S. and Canada.
In exchange for these payments, AST SpaceMobile will receive usage
rights to Ligado's L-Band mobile satellite services (MSS) spectrum.
The hosting of Ligado's L-Band spectrum on AST SpaceMobile's
advanced low earth satellite network is a sea change with the
potential to materially accelerate and expand consumers' access to
space-based broadband.
Ligado will continue to operate through the Restructuring,
providing MSS to its existing customers and advancing its mobile
satellite plans to emerge from Chapter 11 on firm footing.
"This restructuring allows us to concentrate on our ongoing
value-maximizing daily work and other key initiatives for the
benefit of all of our stakeholders," said Doug Smith, President and
Chief Executive Officer of Ligado.
About Ligado Networks
Ligado Networks, formerly LightSquared, provides mobile satellite
services. The Company's satellite and terrestrial solutions,
combined with powerful, lower mid-band spectrum, serve to
supplement and broaden mobile coverage across the United States and
Canada. On the Web: http://www.ligado.com/
On January 5, 2025, Ligado Networks LLC and certain of its
affiliates each filed a voluntary petition for relief under Chapter
11 of the United States Bankruptcy Code (Bankr. D. Del. Lead Case
No. 25-10006).
Perella Weinberg Partners LP is serving as investment banker to
Ligado, FTI Consulting, Inc. is serving as financial advisor,
Milbank LLP is serving as legal counsel, and Richards, Layton &
Finger P.A. is serving as co-counsel. Omni Agent Solutions LLC is
the claims agent.
An ad hoc group of first lien creditors is being advised by
Guggenheim Securities, LLC as financial advisor, and by Sidley
Austin LLP as counsel. An ad hoc group of crossholding creditors is
being advised by Kirkland & Ellis LLP.
LIGADO NETWORKS: To Pursue U.S. Government for Losses, Bankruptcy
-----------------------------------------------------------------
Satellite communications company Ligado Networks blamed its Chapter
11 bankruptcy filing to losses after U.S. government agencies
blocked its planned expansion into land-based 5G wireless
services.
In a press release, Ligado said the bankruptcy filing was
precipitated by large operational losses Ligado suffered due to the
U.S. government's unlawful taking without just compensation of
Ligado's licensed spectrum and follows a year-long effort to secure
a comprehensive resolution with satellite communications company
Viasat to restructure Ligado's significant payment obligations to
Inmarsat, which Viasat acquired in 2023.
The Chapter 11 filing allows Ligado to take advantage of the
post-filing period to pursue its lawsuit against the U.S.
government and continue advancing its mobile satellite plans and
building the L-Band commercial ecosystem for its spectrum assets.
"Ligado will continue to vigorously prosecute its litigation
against the U.S. government to enforce its constitutional right to
just compensation for the government's unlawful taking of Ligado's
licensed L-Band spectrum," said Smith.
Ligado's Spectrum Access
For decades, Ligado has provided mobile satellite services to the
critical communications sector in the U.S. In addition to its
satellite services, Ligado's terrestrial spectrum assets are part
of the U.S. roadmap to expand 5G services and accelerate the
integration of mobile satellite and terrestrial networks.
In 2020, the Federal Communications Commission (FCC) granted Ligado
exclusive rights to operate terrestrial 5G services within its
licensed L-Band spectrum after a comprehensive, multiyear review
process. Following this, Ligado raised billions of dollars to
expand its network, hire employees, and invest in technology to
prepare its spectrum to support next-generation terrestrial 5G
services.
However, the Department of Defense (DOD) unilaterally seized
Ligado's licensed spectrum, depriving the company of its chance to
execute its ambitious 5G business plan. In 2023, Ligado filed a
lawsuit against the DOD, the Department of Commerce (DOC), and the
National Telecommunications and Information Administration (NTIA)1,
an agency within DOC, seeking just compensation for the spectrum
license it has been unable to use.
On November 18, 2024, the U.S. Court of Federal Claims denied in
part the government's Motion to Dismiss Ligado's claims against it,
ruling that Ligado had properly alleged that the U.S. government
engaged in physical, categorical, and regulatory takings of
Ligado's exclusively licensed spectrum without compensation in
violation of the Fifth Amendment and the Tucker Act. This was a
significant win for Ligado at this stage in the litigation, and
Ligado will continue to pursue its claims through the pendency of
its Chapter 11 proceedings.
"The DOD's actions constitute the largest uncompensated taking of
private property in the U.S. in modern times and have caused Ligado
catastrophic financial distress," said Smith.
About Ligado Networks
Ligado Networks, formerly LightSquared, provides mobile satellite
services. The Company's satellite and terrestrial solutions,
combined with powerful, lower mid-band spectrum, serve to
supplement and broaden mobile coverage across the United States and
Canada. On the Web: http://www.ligado.com/
On January 5, 2025, Ligado Networks LLC and certain of its
affiliates each filed a voluntary petition for relief under Chapter
11 of the United States Bankruptcy Code (Bankr. D. Del. Lead Case
No. 25-10006).
Perella Weinberg Partners LP is serving as investment banker to
Ligado, FTI Consulting, Inc. is serving as financial advisor,
Milbank LLP is serving as legal counsel, and Richards, Layton &
Finger P.A. is serving as co-counsel. Omni Agent Solutions LLC is
the claims agent.
An ad hoc group of first lien creditors is being advised by
Guggenheim Securities, LLC as financial advisor, and by Sidley
Austin LLP as counsel. An ad hoc group of crossholding creditors is
being advised by Kirkland & Ellis LLP.
LINEAR COMPANIES: U.S. Trustee Unable to Appoint Committee
----------------------------------------------------------
The U.S. Trustee for Region 14 disclosed in a court filing that no
official committee of unsecured creditors has been appointed in the
Chapter 11 case of Linear Companies, LLC.
About Linear Companies
Linear Companies LLC, doing business as Linear Investments LLC and
Linear Investments AZ LLC, is primarily engaged in renting and
leasing real estate properties.
Linear Companies LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Ariz. Case No. 24-10532) on December 9,
2024. In the petition filed by Sean Parsons, as member, the Debtor
reports estimated assets and liabilities between $1 million and $10
million each.
Honorable Bankruptcy Judge Eddward P. Ballinger Jr. handles the
case.
The Debtor is represented by:
Randy Nussbaum, Esq.
Sacks Tierney, P.A.
4250 N Drinkwater Blvd.
4th Floor
Scottsdale, AZ 85251-3693
Tel: 480-425-2600
Email: Randy.Nussbaum@SacksTierney.com
M3 ROOFING: Seeks to Hire Mendez Law Offices as Legal Counsel
-------------------------------------------------------------
M3 Roofing & Construction, LLC seeks approval from the U.S.
Bankruptcy Court for the Southern District of Florida to employ
Mendez Law Offices, PLLC as counsel.
The firm will provide these services:
a. give advice to the debtor with respect to its powers and
duties as a debtor-in-possession and the continued management of
its business operations;
b. advise the debtor with respect to its responsibilities in
complying with the U.S. Trustee's Operating Guidelines and
Reporting Requirements and with the rules of the court;
c. prepare motions, pleadings, orders, applications, adversary
proceedings, and other legal documents necessary in the
administration of the case;
d. protect the interest of the debtor in all matters pending
before the court; and
e. represent the debtor in negotiation with its creditors in
the preparation of a plan.
The firm will be paid at these rates:
Attorneys $450 to $500 per hour
Legal Assistant/Paralegal $150 per hour
The firm will be paid a retainer in the amount of $10,000, plus
$1,738 filing fee.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Diego G. Mendez, Esq. a partner at Mendez Law Offices, PLLC
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Diego G. Mendez, Esq.
Mendez Law Offices, PLLC
PO Box 228630
Miami, FL 33178
Telephone: (305) 264-9090
Facsimile: (305) 264-9080
Email: diego.mendez@mendezlawoffices.com
About M3 Roofing & Construction, LLC
M3 Roofing & Construction, LLC sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-23109) on
December 16, 2024, with up to $50,000 in assets and $100,001 to
$500,000 in liabilities.
Judge Corali Lopez-Castro presides over the case.
Diego Mendez, Esq. represents the Debtor as legal counsel.
M3 ROOFING: Seeks to Hire Mendez Law Offices as Legal Counsel
-------------------------------------------------------------
M3 Roofing & Construction, LLC seeks approval from the U.S.
Bankruptcy Court for the Southern District of Florida to hire
Mendez Law Offices, PLLC as attorneys.
The firm will render these services:
(a) give advice to the debtor with respect to its powers and
duties as a debtor-in-possession and the continued management of
its business operations;
(b) advise the debtor with respect to its responsibilities in
complying with the U.S. Trustee's Operating Guidelines and
Reporting Requirements and with the rules of the court;
(c) prepare motions, pleadings, orders, applications,
adversary proceedings, and other legal documents necessary in the
administration of the case;
(d) protect the interest of the debtor in all matters pending
before the court;
(e) represent the debtor in negotiation with its creditors in
the preparation of a plan.
The firm will be paid at these rates:
Attorneys $450 to $500 per hour
Legal Assistant/Paralegal $150 per hour
The firm will be paid a retainer in the amount of $10,000, plus
$1,738 filing fee.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Diego G. Mendez, Esq. a partner at Mendez Law Offices, PLLC
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Diego G. Mendez, Esq.
Mendez Law Offices, PLLC
PO Box 228630
Miami, FL 33178
Telephone: (305) 264-9090
Facsimile: (305) 264-9080
Email: diego.mendez@mendezlawoffices.com
About M3 Roofing & Construction
M3 Roofing & Construction, LLC sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-23109) on
December 16, 2024, with up to $50,000 in assets and $100,001 to
$500,000 in liabilities.
Judge Corali Lopez-Castro presides over the case.
Diego Mendez, Esq. represents the Debtor as legal counsel.
MASTER'S PLAN: Joseph Cotterman Named Subchapter V Trustee
----------------------------------------------------------
The U.S. Trustee for Region 14 appointed Joseph Cotterman as
Subchapter V trustee for Master's Plan Construction Co., LLC.
Mr. Cotterman 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. Cotterman declared that he is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Joseph E. Cotterman
5232 W. Oraibi Drive
Glendale, AZ 85308
Telephone: 480-353-0540
Email: cottermail@cox.net
About Master's Plan Construction Co.
Master's Plan Construction Co. LLC, doing business as Bar None
Plumbing, is a Prescott, Arizona-based construction and plumbing
services provider.
Master's Plan Construction Co. sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 24-11049) on
December 27, 2024. In its petition, the Debtor reported assets
between $100,000 and $500,000 and estimated liabilities between $1
million and $10 million.
Judge Daniel P. Collins handles the case.
The Debtor is represented by:
Thomas H. Allen, Esq.
Allen, Jones & Giles, PLC
1850 N. Central Avenue, Suite 1025
Phoenix, AZ 85004
Phone: 602-256-6000
Fax: 602-252-4712
Email: tallen@bkfirmaz.com
MEDLINE HOLDINGS: Fitch Hikes IDR to 'BB-', On Watch Positive
-------------------------------------------------------------
Fitch Ratings has upgraded the Long-Term Issuer Default Ratings of
Medline Holdings, LP and Medline Borrower, LP to 'BB-' from 'B+'
(collectively, Medline) and placed all of Medline's and Medline
Co-Issuer, Inc.'s ratings on Rating Watch Positive (RWP). Fitch
also upgraded Medline Borrower, LP's and Medline Co-Issuer's senior
secured debt ratings to 'BB+' with a Recovery Rating of 'RR1' from
'BB'/'RR2', and senior unsecured debt ratings to 'BB-'/'RR4' from
'B-'/'RR6'.
The upgrade primarily reflects Medline's effective execution of its
prime vendor strategy, which has increased revenue and EBITDA
through new prime vendor contracts and growth within existing
customer accounts. This strategy has driven solid revenue momentum,
expanded EBITDA margins and resulted in strong FCF. Fitch believes
that Medline will use the prime vendor strategy to achieve further
EBITDA growth over the near to medium term.
The RWP follows Medline's announcement of its planned IPO. Positive
rating momentum will depend on the use of these proceeds for debt
reduction and Medline's future EBITDA leverage and capital
deployment policies. If the IPO is postponed, further positive
momentum will be evaluated based on Medline's capital deployment
response. Should the IPO not be completed within six months of this
rating action, Fitch may continue the RWP depending on the reasons
for the delay.
Key Rating Drivers
Deleveraging Accelerating: The upgrade of the ratings reflects
Fitch's expectation that adjusted EBITDA leverage will sustain
below the previous positive rating sensitivity of 5.0x for FY 2024
and beyond, driven by significant growth in EBITDA. This growth was
driven by several factors, including incremental gross profit from
sourcing savings, increased manufacturing volumes, favorable
product mix shifts, and core business growth.
However, these gains were partially offset by higher labor costs,
continued investment in selling and operating functions, and
acquisition and integration-related expenses. Continued execution
of the prime vendor strategy is likely to counter the effects of
these higher costs, allowing for growth in EBITDA, albeit at
potentially at lower margins compared to FY 2024 as a result of
stubborn inflation and anticipated new tariffs on manufactured
products, particularly from China.
IPO Plans: Medline's submission of a draft registration statement
on Form S-1 to the SEC for a proposed IPO is a positive development
for its credit profile and supports the Positive Rating Watch.
Fitch expects a significant portion of the IPO proceeds will be
used to reduce debt. The magnitude of any potential future rating
actions, including investment grade ratings, will also consider
Medline's leverage targets, capital deployment priorities and the
debt capital structure's elements of seniority; Fitch views
Medline's business profile to be broadly consistent with investment
grade.
Leading Market Position: Medline's vertically integrated model is a
significant strength, allowing control of manufacturing and
distribution. This integration enhances operational efficiencies
and supply chain resilience, ensuring reliable service across the
continuum of care. By manufacturing many of its products, Medline
offers cost-effective solutions, improving its competitive
positioning. Managing both production and distribution internally
ensures faster response times to market demands, bolstering its
reputation. This model also supports Medline's strategy of
providing a seamless customer experience.
Acquisition Risks: Strategic acquisitions have been pivotal in
expanding Medline's market reach and diversifying its product
offerings. They enhance Medline's product portfolio, integrate new
expertise and expand customer bases, driving revenue growth.
Leveraging acquired assets allows Medline to realize synergies and
improve operational efficiencies, contributing to higher margins.
Fitch believes that a growth strategy involving acquisitions can
align with a higher rating profile, but will need to be balanced in
the context of the company's appetite for leverage.
Customer Concentration: Medline depends on certain healthcare
provider customers and group purchasing organizations (GPOs),
similar to its peers in the med-surg and pharmaceutical
distribution sectors. In 2023, Medline's top five U.S. customers
accounted for about 12% of its net sales, and around 73% of net
sales came from member hospitals under contract with its largest
GPOs. Losing a significant healthcare provider customer or a GPO
relationship could materially affect its business, but the
termination of a GPO relationship does not necessarily mean losing
member hospitals as customers.
Navigating Consolidation Trends: The healthcare industry's trend
towards consolidation, especially through integrated delivery
networks (IDNs), affects Medline's pricing strategies and market
opportunities. This may pressure Medline to offer more competitive
pricing, but it also provides opportunities to partner with larger
organizations. Medline's vertically integrated model positions it
well to serve the continuum of care, appealing to IDNs. Medline
must balance competitive pricing with maintaining margins to
capitalize on growth opportunities in this consolidating market.
Market and Regulatory Challenges: Medline faces significant risks
from global supply chain challenges, regulatory compliance, trade
relations and reliance on ethylene oxide sterilization. Demand and
capacity constraints increase import costs, requiring effective
supply chain management. Evolving regulations, like the EU's
Medical Device Regulation, necessitate continuous adaptation to
uphold quality standards. Additionally, new U.S. regulations on
ethylene oxide require operational adjustments to prevent
disruptions. All of the risks have the potential to dampen margins
unless the costs associated with them are passed on to customers.
US-China Trade Relations: The imposition of higher tariffs in 2025
by the Trump Administration on products that Medline manufactures
in China has the potential to drive up its cost of goods and,
therefore, the potential for higher prices on both its products and
Medline's competitors. Whether such tariffs can be minimized by
passing such costs to customers or by the diversification of its
supply chain will be an area that Fitch watches closely in
evaluating Medline's future ability to reach its positive rating
sensitivities.
Derivation Summary
The 'BB-'/RWP reflects Medline's credible deleveraging path and
strong position in the large and stable market for med-surg
products. The company has established a wide array of branded
products for sale to acute care, non-acute care, physician office
and surgery center markets. The RWP reflects the expectation that
Medline may complete an IPO in 2025 and use the net proceeds to
reduce debt.
Medline's adjusted EBITDA leverage has been higher than other firms
that manufacture and distribute med-surg products since its
acquisition in October 2021 by a group of private equity firms.
However, principally through EBITDA growth, adjusted EBITDA
leverage has declined steadily since the acquisition, which has
brought its leverage more in line with Owens & Minor, Inc.
(BB-/Rating Watch Negative).
Medline's vertical integration of manufacturing capabilities,
distribution network and global sourcing relationships
differentiates it from other key competitors, including Cardinal
Health, Inc. (BBB/Stable), McKesson Corp. (A-/Stable) and Owens &
Minor. Private label products account for most of Medline's gross
profits compared with significantly lower amounts for Cardinal
Health and Owens & Minor.
Medline's revenue from the distribution of med-surg products and
EBITDA margins are significantly higher than other distributors.
Fitch believes this is because of Medline's successful prime vendor
relationship strategy leading to the sale of its branded products.
Fitch believes that private-label products offer higher margins,
albeit at lower price points.
The Issuer Default Ratings of Medline Holdings, LP and Medline
Borrower, LP are rated on a consolidated basis under Fitch's Parent
and Subsidiary Linkage Rating Criteria using the weak parent/strong
subsidiary approach, and open access and control factors based on
the entities operating as a single enterprise with strong legal and
operational ties
Key Assumptions
Fitch's Key Assumptions Within the Rating Case for the Issuer:
- Organic revenue increases at a CAGR of 5%-6% over 2024-2027 (the
forecast period) with total revenue (inclusive of acquisitions) at
a CAGR of 7.5%;
- Adjusted EBITDA margin maintained between 12.5%-13.5% over the
forecast period, and the effects of higher inflation and potential
higher costs caused by tariffs to dampen margins somewhat beginning
in 2025;
- Working capital is assumed to be neutral to cash flow from
operations;
- Capex of $300 million-$375 million a year;
- FCF used principally to make tuck-in acquisitions; without any
material debt reduction, cash balances staying above $750 million;
- Common dividends of $500 million a year over the forecast
period;
- Interest expense for the next 12 months of SOFR between 4.0% and
4.3%;
- An IPO is not factored into the forecast.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- Expectation of EBITDA leverage sustained at 5.5x or above, and
cash flow-capex/debt remaining consistently below 5.0%;
- Expectation of EBITDA margins falling below 10%;
- Material loss of customer contracts or termination of a GPO
relationship or supplier relationship;
- Quality problems and product liability claims could lead to
recalls or safety alerts, reputational harm, adverse verdicts or
costly settlements.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- EBITDA leverage sustained below 4.5x, and cash flow-capex/debt
remaining consistently above 7.5% resulting from either continued
revenue, EBITDA and FCF momentum, the application of net proceeds
from an IPO for debt reduction or both;
- Operational strength demonstrated by customer retention and
continued market share growth;
- Publicly articulated objectives for use of FCF and capital
deployment;
- Completion of an IPO and application of net proceeds for debt
reduction.
Liquidity and Debt Structure
Fitch expects Medline's cash flow from operations, together with
its revolving credit facility, will be more than sufficient to fund
long- and short-term capex, working capital and debt service
requirements. The company's revolving credit facility has a
financial covenant that provides ample room to borrow in the event
of liquidity stress. Medline maintains large cash balances, which
are well in excess of its cash needs and are kept to pursue
acquisition opportunities. Medline is therefore in a position to
either reduce debt or acquire other businesses. Fitch expects
interest coverage (operating EBITDA/interest paid) to remain above
3.0x for FYs 2024-2027.
Medline will have minimal requirements for debt reduction until
2028 following its July 2024 refinancing of CMBS debt, other than
amortization of term loans, which Fitch expects to be modest
relative to FCF.
The successful completion of an IPO with the net proceeds used
primarily for debt reduction would significantly improve Medline'
financial structure by reducing EBITDA leverage.
Issuer Profile
Medline, headquartered in Northfield, Illinois, is the nation's
largest supplier of med-surg products to health care providers
across the continuum of care. It is vertically integrated,
combining manufacturing, sales and distribution capabilities at
scale to supply med-surg products daily to the health care
industry.
Summary of Financial Adjustments
Historical and forecast EBITDA has been adjusted to remove
non-recurring costs, inventory normalization adjustments and
non-operating income/expenses. In addition, for the historical
periods, Fitch's leverage metrics included CMBS debt, which was
repaid in July 2024.
MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS
Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.
ESG Considerations
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
Medline Co-Issuer,
Inc.
senior unsecured LT BB- Upgrade RR4 B-
senior secured LT BB+ Upgrade RR1 BB
Medline Holdings, LP LT IDR BB- Upgrade B+
Medline Borrower, LP LT IDR BB- Upgrade B+
senior unsecured LT BB- Upgrade RR4 B-
senior secured LT BB+ Upgrade RR1 BB
MELT BAR: Court OKs Interim Use of Cash Collateral Until Jan. 31
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Ohio issued
its fourth interim order authorizing Melt Bar and Grilled, Inc. to
use cash collateral to pay its operating expenses.
The company's authority to use the cash collateral of its secured
creditors expires on Jan. 31 or upon confirmation of a plan of
reorganization, whichever occurs first, unless extended by a
subsequent stipulation or an order of the court.
The Huntington National Bank, US Foods Holdings Corp. and the U.S.
Small Business Administration assert interest in the cash
collateral.
As adequate protection, secured creditors were granted a perfected
replacement security interest in and lien on all of the cash
collateral of Melt Bar and Grilled and its estate.
As additional protection to Huntington National Bank, Melt Bar and
Grilled was ordered to facilitate the sale of unused collateral of
the bank and pay the bank from the net proceeds.
The next hearing is scheduled for Jan. 21.
Huntington National Bank can be reached through its attorney:
Michael P. Shuster, Esq.
Porter Wright Morris & Arthur, LLP
950 Main Ave., Suite 500
Cleveland, OH 44113-7206
Telephone: 216-443-2510
Fax: 216-443-9011
mshuster@porterwright.com
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.
MIDWEST MOBILE: Commences Subchapter V Bankruptcy Proceeding
------------------------------------------------------------
On January 3, 2025, Midwest Mobile Imaging LLC filed Chapter 11
protection in the U.S. Bankruptcy Court for the Western District of
Missouri.
According to court filing, the Debtor reports $1,628,151 in debt
owed to 1 and 49 creditors. The petition states funds will not be
available to unsecured creditors.
About Midwest Mobile Imaging LLC
Midwest Mobile Imaging LLC is a full-service mobile diagnostic
x-ray services provider.
Midwest Mobile Imaging LLC sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Miss. Case No.:
25-60002) on January 3, 2025. In its petition, the Debtor reports
total assets of $100,201 and total liabilities of $1,628,151.
Honorable Bankruptcy Judge Brian T. Fenimore handles the case.
Colin Gotham, Esq. of EVANS & MULLINIX, P.A. represents the Debtor
as counsel.
MIRACARE NEURO: Gets Third Interim OK to Use Cash Collateral
------------------------------------------------------------
Miracare Neuro Behavioral Health, P.C. on Jan. 3 received third
interim approval from the U.S. Bankruptcy Court for the Northern
District of Illinois to use the cash collateral of First National
Bank of Ottawa to cover operating expenses.
Miracare can operate within 10% of its budget until it gets final
approval to use cash collateral from the bankruptcy court.
As adequate protection, First National Bank was granted replacement
liens on Miracare's post-petition assets. Additionally, Miracare
must maintain insurance coverage for its assets against various
risks, reinforcing the protections in place for the bank.
Authority to use the cash collateral terminates if the court issues
a cessation order, the case is converted to Chapter 7, or the case
is dismissed.
About Miracare Neuro Behavioral Health
Miracare Neuro Behavioral Health P.C. is a comprehensive behavioral
health services delivery system offering outpatient services at
various levels of care. It offers a comprehensive,
multi-interventional mental health treatment for children,
adolescents, adults and their families.
Miracare filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-13266) on September
9, 2024, with $100,000 to $500,000 in assets and $1 million to $10
million in liabilities. Neema Varghese of NV Consulting Services
serves as Subchapter V trustee
Judge Donald R. Cassling handles the case.
The Debtor is represented by David R. Herzog, Esq., at the Law
Office of David R Herzog.
MOBIQUITY TECHNOLOGIES: Converts $410,500 Notes Into Common Shares
------------------------------------------------------------------
Mobiquity Technologies, Inc., disclosed in a Form 8-K filed with
the Securities and Exchange Commission that on Dec. 30, 2024,
$410,500 of convertible promissory notes were converted into
restricted common shares, including $210,000 held by its Chairman
of the Board and $149,000 held by its legal counsel in accordance
with the terms as described in their Exchange Act filings.
Exemption from registration for the aforementioned transactions is
claimed under Section 3(a) (9) of the Securities Act of 1933, as
amended. There were no commissions paid in conjunction with the
aforementioned transactions.
About Mobiquity Technologies
Headquartered in Shoreham, N.Y., Mobiquity Technologies, Inc., is a
next-generation advertising technology, data compliance, and
intelligence company that operates through its various proprietary
software platforms. The Company's product solutions are comprised
of three proprietary software platforms: Advertising Technology
Operating System (ATOS Platform); Data Intelligence Platform; and
Publisher Platform for Monetization and Compliance.
Margate, Florida-based Assurance Dimensions, the Company's auditor
since 2023, issued a "going concern" qualification in its report
dated April 8, 2024, citing that the Company has incurred operating
losses, negative cash flows from operations, and has an accumulated
deficit. These and other factors raise substantial doubt about the
Company's ability to continue as a going concern.
MONTGOMERY TREE: Seeks to Extend Plan Exclusivity to Feb. 26, 2025
------------------------------------------------------------------
Montgomery Tree Farms Of Texas Ltd. asked the U.S. Bankruptcy Court
for the Eastern District of Texas to extend its exclusivity periods
to file a plan of reorganization and obtain acceptance thereof to
February 26, 2025 and April 27, 2025, respectively.
The Debtor owns and operates a tree farm on 122 acres of land in
Collin County located at SWQ West Bethany and Alma Drive in Allen,
Texas. The Debtor has filed a Motion for Authority to Sell Real
Property Free and Clear of All Liens, Claims and Encumbrances
Located at SWQ West Bethany and Alma Drive in Allen, Texas (the
"Sale Motion").
The Sale Motion discloses that the Debtor is entering into a Joint
Venture Agreement with the Buyer to retain twenty-five percent of
the net profits from the future sale of trees and development of
the Real Property to ensure satisfaction of all allowed claims of
the estate.
The Debtor explains that once the property is sold, the Debtor
believes that it will be able to confirm a feasible chapter 11 plan
of reorganization within the second extended Exclusivity Periods
sought by this Motion. Accordingly, the Debtor's efforts during the
short time since the Petition Date establish that "cause" exists
for the Court to grant the relief requested herein.
In addition to finding a buyer and filing the Sale Motion, the
Debtor obtained the removal of a fraudulent lien filed on the
Property in adversary proceeding 24-04055 against Global One
Business Advisor Inc. and Dayan Abraham by default judgment entered
on November 13, 2024.
The Debtor claims that its motives in this case are proper.
Granting the requested extension of the Exclusivity Periods in this
instance would not give the Debtor any unfair bargaining leverage
over its creditors, nor will it prejudice any creditors or parties
in interest.
On the contrary, the extensions requested herein will allow the
Debtor and parties in interest additional time to negotiate and
prosecute a chapter 11 plan to a successful conclusion. Therefore,
extending the Exclusivity Periods as requested herein would fulfill
the very purpose of Section 1121 of the Bankruptcy Code, to provide
the Debtor with a reasonable opportunity to negotiate with
creditors and other parties in interest and propose a confirmable
chapter 11 plan.
Montgomery Tree Farms of Texas Ltd. is represented by:
John Paul Stanford, Esq.
Quilling, Selander, Lownds, Winslett & Moser, P.C.
2001 Bryan Street, Suite 1800
Dallas, TX 75201
Tel: (214) 880-1851
Fax: (214) 871-2111 (Fax)
Email: jstanford@qslwm.com
About Montgomery Tree Farms Of Texas Ltd.
Montgomery Tree Farms of Texas Ltd. operates in the agriculture
industry.
Montgomery Tree Farms of Texas sought relief under Subchapter V of
Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tex. Case No.
24-41560) on July 1, 2024. In the petition filed by Philip
Williams, managing member of General Partner of Montgomery Tree
Farms, the Debtor estimated assets and liabilities between $1
million and $10 million.
The Debtor is represented by John Paul Stanford, Esq. at QUILLING,
SELANDER, LOWNDS, WINSLETT & MOSER, P.C.
NATIONAL HISTORIC: Seeks to Extend Exclusivity to April 6, 2025
---------------------------------------------------------------
National Historic Soul Jazz Blues Walker Foundation, Inc., asked
the U.S. Bankruptcy Court for the Western District of Missouri to
extend their exclusivity periods to file a plan of reorganization
and obtain acceptance thereof to April 6, 2025 and September 6,
2025, respectively.
The Debtor claims that it requires further additional time to file
its Plan and Disclosure Statement, as there is a pending claim
objection with AltCap. The Debtor has been working to obtain
funding to pay off the AltCap claim once the correct claim amount
is determined. The Debtor is also obtaining funding and other
resources to continue with the redevelopment of its building.
The Debtor explains that the Plan will need to address the alleged
secured claim of AltCap. The Debtor previously filed an Objection
to the Claim of AltCapt. The Debtor intends to obtain funding and
pay off the claim of AltCap within sixty days of the Court's
determination of the amount of the claim of AltCap.
The Debtor respectfully states that the complication of this case,
which includes the Debtor working to determine the amount of the
AltCap claim and determining how to create a Chapter 11 Plan to
fairly treat its creditors, necessitates that the Debtor be given
additional time.
The Debtor asserts that the extension of time for the filing of the
Plan and Disclosure Statement and the extension of time for the
exclusivity periods will not work a hardship on creditors and is in
the best interest of all parties to allow the Debtor time to
explore all funding options and reach an agreement with AltCap.
National Historic Soul Jazz Blues Walker Foundation, Inc. is
represented by:
Colin N. Gotham, Esq.
Evans & Mullinix P.A.
7225 Renner Road, Suite 200
Shawnee, KS 66217
Telephone: (813) 962-8700
Facsimile: (913) 962-8701
Email: cgotham@emlawkc.com
About National Historic Soul Jazz Blues
Walker Foundation
National Historic Soul Jazz Blues Walker Foundation, Inc. filed its
voluntary petition for relief under Chapter 11 of the Bankruptcy
Code (Bankr. W.D. Mo. Case No. 24-40934) on July 10, 2024, with up
to $500,000 in assets and up to $50,000 in liabilities.
Judge Brian T. Fenimore presides over the case.
The Debtor tapped Colin N. Gotham, Esq., at Evans & Mullinix, P.A.,
as legal counsel and Numbers Don't Lien Tax Prep & Financial
Services, Inc. as accountant.
NEVADA COPPER: Mercuria Holdings Steps Down as Committee Member
---------------------------------------------------------------
The U.S. Trustee for Region 17 disclosed in a court filing the
resignation of Mercuria Holdings (Singapore) PTE Ltd. from the
official committee of unsecured creditors in the Chapter 11 cases
of Nevada Copper, Inc. and Nevada Copper Corp.
The remaining members of the committee are:
1. Small Mine Development, LLC
2. Boart Longyear Company
3. NewFields Companies, LLC
About Nevada Copper
Nevada Copper, Inc. and affiliates have been in the business of
mining copper, and other minerals, and operating a processing plant
that refines copper ore into copper concentrate, with the bulk of
the Debtors' operations focused on their Pumpkin Hollow project,
which is located outside of Yerington, Nevada. The project, which
contains substantial mineral reserves and resources, including not
only copper, but gold, silver, and iron magnetite, consists of an
underground mine and processing facility, together with an open-pit
project that is in the pre-feasibility stage of development.
The Debtors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. Lead Case No. 24-50566) on June 10, 2024.
In the petition signed by Gregory J. Martin, executive vice
president and chief financial officer, Nevada Copper disclosed
$500,000,001 to $1 billion in assets and $100 million to $500
million in liabilities.
Judge Hilary L. Barnes oversees the cases.
The Debtors tapped Allen Overy Shearman Sterling US, LLP as general
bankruptcy counsel; McDonald Carano, LLP as Nevada bankruptcy
counsel; AlixPartners, LLP as financial and restructuring advisor;
Torys, LLP as special Canadian and corporate counsel; Moelis &
Company, LLC as financial advisor and investment banker; and Epiq
Corporate Restructuring, LLC as notice and claims agent and
administrative advisor.
The U.S. Trustee for Region 17 appointed an official committee to
represent unsecured creditors in the Chapter 11 cases of Nevada
Copper, Inc. and Nevada Copper Corp.
The committee tapped Lowenstein Sandler, LLP as general bankruptcy
counsel; Fox Rothschild, LLP as local counsel; Thornton Grout
Finnigan, LLP as Canadian counsel; and Province, LLC as financial
advisor.
NEWS DIRECT: Seeks Chapter 11 Bankruptcy Protection in Connecticut
------------------------------------------------------------------
On January 3, 2025, News Direct Corp. filed Chapter 11 protection
in the U.S. Bankruptcy Court for the District of Connecticut.
According to court filing, the Debtor reports between $1 million
and $10 million in debt owed to 1 and 49 creditors. The petition
states funds will not be available to unsecured creditors.
About News Direct Corp.
News Direct Corp. is a news & content distribution platform.
News Direct Corp. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Conn. Case No.: 25-50005) on January 3,
2025. In its petition, the Debtor reports estimated assets up to
$50,000 and estimated liabilities between $1 million and $10
million.
Honorable Bankruptcy Judge Julie A. Manning handles the case.
Scott M. Charmoy, Esq. of CHARMOY & CHARMOY, LLC represents the
Debtor as counsel.
NO2SAC TRANSPORTATION: Hires Universal Care Realty as Realtor
-------------------------------------------------------------
No2Sac Transportation, LLC seeks approval from the U.S. Bankruptcy
Court for the Eastern District of Louisiana to employ Universal
Care Realty, LLC as realtor.
The firm will advertise the Debtor's property located at 1983 Law
Street, New Orleans, Louisiana, show the property to interested
parties, represent the bankruptcy estate as seller in connection
with the sale of the property, and advise the Debtor with respect
to obtaining the highest and best offers available in the present
market for the said property.
The firm will receive a commission of 2.5 percent of the gross
amount of the property. If the buyer is not represented by a
realtor, then the realtor for the seller will receive a commission
in an amount equal to 5 percent of the gross purchase price.
Nicole Flot, a real estate broker at Universal Care Realty,
disclosed in a court filing that she is a "disinterested person" as
the term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Nicole Flot
Universal Care Realty, LLC
3436 Magazine St., Ste. 8011
New Orleans, LA 70115
About No2Sac Transportation
No2Sac Transportation, LLC filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. E.D. La. Case No.
24-12136) on Oct. 30, 2024, listing $500,001 to $1 million in both
assets and liabilities.
Judge Meredith S. Grabill presides over the case.
Eric J. Derbes, Esq., at The Derbes Law Firm, LLC represents the
Debtor as counsel.
NORTHVOLT AB: Seeks to Hire Haynes and Boone LLP as Co-Counsel
--------------------------------------------------------------
Northvolt AB and its affiliates seek approval from the U.S.
Bankruptcy Court for the Southern District of Texas to hire Haynes
and Boone, LLP as co-counsel.
The firm's services include:
a. performing legal services for and on behalf of the Debtors
that may be necessary or appropriate in the administration of these
Chapter 11 Cases and the Debtors' business, including, without
limitation, preparing agendas, hearing notices, witness and exhibit
lists, and hearing binders of documents and pleadings;
b. advising and consulting the Debtors on the legal and
administrative requirements of operating in chapter 11 and in the
Southern District of Texas;
c. reviewing and commenting on behalf of the Debtors on all
necessary and appropriate applications, motions, pleadings, draft
orders, notices, and other documents and reviewing all financial
and other reports to be filed in these Chapter 11 Cases;
d. reviewing and commenting on responses to applications,
motions, complaints, pleadings, notices, and other papers that may
be filed and served in these Chapter 11 Cases;
e. reviewing and commenting on any Chapter 11 plan, disclosure
statement, and related documents to the extent requested;
f. working with and coordinating efforts among other
professionals to attempt to preclude any duplication of effort
among those professionals and to guide their efforts in the overall
framework of Debtors' reorganization;
g. at the Debtors' request, appearing in Court and at any
meetings with the U.S. Trustee and at any meeting of creditors at
any given time on behalf of the Debtors as their local and
bankruptcy co-counsel;
h. assisting Kirkland in advising and consulting the Debtors
regarding potential sale(s) of assets, including the process and
procedures related thereto;
i. providing legal advice and services regarding local rules,
practices, and procedures, including Fifth Circuit case law; and
j. performing such additional legal services as may be
requested by the Debtors.
Haynes and Boone's current hourly rates are:
Partners $1,200 to $1,850
Counsel $1,100 to $1,250
Associates $790 to $1,050
Paraprofessionals $525 to $625
Haynes and Boone received $250,000 as a retainer.
The following is provided in response to the request for additional
information set forth in Paragraph D.1. of the U.S. Trustee
Guidelines:
Question: Did Haynes and Boone agree to any variations from, or
alternatives to, Haynes and Boone's standard billing arrangements
for this engagement?
Answer: No. Haynes and Boone and the Debtors have not agreed to
any variations from, or alternatives to, Haynes and Boone's
standard billing arrangements for this engagement. The rate
structure provided by Haynes and Boone is appropriate and is not
significantly different from (a) the rates that Haynes and Boone
charges for other non-bankruptcy representations or (b) the rates
of other comparably skilled professionals.
Question: Do any of the Haynes and Boone professionals in this
engagement vary their rate based on the geographic location of
these Chapter 11 Cases?
Answer: No. The hourly rates used by Haynes and Boone in
representing the Debtors are consistent with the rates that Haynes
and Boone charges other comparable chapter 11 clients, regardless
of the location of the chapter 11 case.
Question: If Haynes and Boone has represented the Debtors in the
12 months prepetition, disclose Haynes and Boone's billing rates
and material financial terms for the prepetition engagement,
including any adjustments during the 12 months prepetition. If
Haynes and Boone's billing rates and material financial terms have
changed postpetition, explain the difference and the reasons for
the difference.
Answer: The Firm was retained by the Debtors in the week prior
to the Petition Date, and the Firm's billing rates have not changed
post-petition.
Question: Have the Debtors approved Haynes and Boone's budget
and staffing plan, and, if so, for what budget period?
Answer: Haynes and Boone's expected fees and expenses are
included in the Debtors' Budget (as defined in the Debtors'
Emergency Motion for Entry of Interim and Final Orders (I)
Authorizing Use of the Debtors' Cash Collateral, (II) Granting
Adequate Protection, (III) Modifying the Automatic Stay, (IV)
Scheduling a Final Hearing, and (V) Granting Related Relief [Docket
No. 26]), and Haynes and Boone is developing a staffing plan for
these Chapter 11 Cases.
Charles A. Beckham, Jr., Esq., a partner at Haynes and Boone, 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:
Charles A. Beckham, Jr., Esq.
HAYNES AND BOONE, LLP
1221 McKinney Street, Suite 4000
Houston, TX 77010
Tel: (713) 547-2243
Fax: (713) 236-5638
Email: charles.beckham@haynesboone.com
About Northvolt AB
Northvolt AB was established in 2016 in Stockholm, Sweden.
Pioneering a sustainable model for battery manufacturing, the
company has received orders from several leading automotive
companies. The company is currently delivering batteries from its
first gigafactory, Northvolt Ett, in Skelleftea, Sweden and from
its R&D and industrialization campus, Northvolt Labs, in Vasteras,
Sweden.
On Nov. 21, 2024, Northvolt AB and eight affiliated debtors filed
voluntary petitions for relief under Chapter 11 of the United
States Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-90577).
The cases are before the Honorable Alfredo R. Perez.
Northvolt is being advised by Teneo as its restructuring and
communications advisor. Kirkland & Ellis LLP, A&O Shearman and
Mannheimer Swartling Advokatbyra AB are serving as legal counsel.
The company has also engaged Rothschild & Co to run its marketing
process. Stretto 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.
NORTHVOLT AB: Seeks to Hire Houlihan Lokey as Financial Advisor
---------------------------------------------------------------
Northvolt AB and its affiliates seek approval from the U.S.
Bankruptcy Court for the Southern District of Texas to hire
Houlihan Lokey Capital, Inc. as their financial advisor and
investment banker.
The firm's services include:
(a) assisting the Debtors in the development and distribution
of selected information, documents and other materials, including,
if appropriate, advising the Debtors in the preparation of an
offering memorandum (it being expressly understood that the Company
will remain solely responsible for such materials and all of the
information contained therein);
(b) assisting the Debtors in evaluating indications of
interest and proposals regarding any Transaction(s) from current
and/or potential lenders, equity investors, acquirers and/or
strategic partners;
(c) assisting the Debtors with the negotiation of any
Transaction(s), including participating in negotiations with
creditors and other parties involved in any Transaction(s);
(d) attending meetings of the Debtors' Board of Directors,
creditor groups, official constituencies and other interested
parties, as the Debtors and Houlihan Lokey mutually agree;
(e) providing expert advice and testimony regarding financial
matters related to any Transaction(s), if necessary; and
(f) providing such other financial advisory and investment
banking services as may be agreed upon by Houlihan Lokey and the
Debtors.
The firm's rates are:
(i) Initial Fee: In addition to the other fees provided for
herein, upon the execution of this Agreement, the Company shall pay
Houlihan Lokey a nonrefundable cash fee of $500,000 which shall be
earned upon Houlihan Lokey's receipt thereof in consideration of
Houlihan Lokey accepting this engagement ("Initial Fee"),
(ii) Monthly Fees: In addition to the other fees provided for
herein, upon the first monthly anniversary of the Effective Date,
and on every monthly anniversary of the Effective Date during the
term of this Agreement, the Company shall pay Houlihan Lokey in
advance, upon receipt of an invoice, a nonrefundable cash fee of
$250,000.00 ("Monthly Fee"); provided, however, that no additional
Monthly Fee shall accrue or be paid after any of the following: the
effective date of any plan of reorganization or liquidation under
Chapter 11 or Chapter 7 of the Bankruptcy Code (as defined below).
Each Monthly Fee shall be earned upon Houlihan Lokey's receipt
thereof in consideration of Houlihan Lokey accepting this
engagement and performing services, and (iii)Transaction Fee(s): In
addition to the other fees provided for herein, the Company shall
pay Houlihan Lokey the following transaction fee(s):
a. Restructuring Transaction Fee. Upon the earlier to occur
of, in the case of an in-court Restructuring Transaction, the
effective date of a confirmed plan of reorganization or liquidation
under Chapter 11 or Chapter 7 of the Bankruptcy Code (as defined
below), pursuant to an order of the applicable bankruptcy court,
Houlihan Lokey shall earn, and the Company shall promptly pay to
Houlihan Lokey, a cash fee ("Restructuring Transaction Fee") of
$15,000,000, Sale Transaction Fee. Upon the closing of each Sale
Transaction, Houlihan Lokey shall earn, and the Company shall
thereupon pay to Houlihan Lokey immediately and directly from the
gross proceeds of such Sale Transaction, as a cost of such Sale
Transaction, a cash fee ("Sale Transaction Fee") based upon
Aggregate Gross Consideration ("AGC"), calculated as follows:
For AGC at or below $100 million: 2.00% of AGC,
For AGC at or above $500 million: 1.50% of AGC,
For any sale transaction with AGC in between the amounts
noted above, the applicable percentages shall be interpolated
between those noted above,
If more than one Sale Transaction is consummated,
Houlihan Lokey shall be compensated based on the AGC from all Sale
Transactions, calculated in the manner set forth above,
The Sale Transaction Fee payable hereunder shall be
subject to a $2,000,000 minimum Sale Transaction Fee, and
b. Financing Transaction Fee. Upon the closing of each
Financing Transaction, Houlihan Lokey shall earn, and the Company
shall thereupon pay to Houlihan Lokey immediately and directly from
the gross proceeds of such Financing Transaction, as a cost of such
Financing Transaction, a cash fee ("Financing Transaction Fee")
equal to the sum of: (I) 2.00% of the gross proceeds of any
indebtedness raised or committed (including commitments to fund
post-closing the Company's business plan) that is senior to other
indebtedness of the Company, secured by a first priority lien and
unsubordinated, with respect to both lien priority and payment, to
any other obligations of the Company (including any debtor-in
possession financing that is raised, it being understood that any
debtor-in possession financing raised prior to the Effective Date
of this Agreement shall be excluded), secured by a lien (other than
a first lien), is unsecured and/or is subordinated, and (II) 5.00%
of the gross proceeds of all equity or equity-linked securities
(including, without limitation, convertible securities and
preferred stock) placed or committed (including commitments to fund
post-closing the Company's business plan). Any warrants issued in
connection with the raising of debt or equity capital shall, upon
the exercise thereof, be considered equity for the purpose of
calculating the Financing Transaction Fee, and such portion of the
Financing Transaction Fee shall be paid upon such exercise and from
the gross proceeds thereof, regardless of any prior termination or
expiration of this Agreement. It is understood and agreed that if
the proceeds of any such Financing Transaction are to be funded in
more than one stage, Houlihan Lokey shall be entitled to its
applicable compensation hereunder upon the closing date of each
stage. The Financing Transaction Fee(s) shall be payable in respect
of any sale of securities whether such sale has been arranged by
Houlihan Lokey, by another agent or directly by the Company or any
of its affiliates. Any non-cash consideration provided to or
received in connection with the Financing Transaction (including
but not limited to intellectual or intangible property) shall be
valued for purposes of calculating the Financing Transaction Fee as
equaling the number of Securities issued in exchange for such
consideration multiplied by (in the case of debt securities) the
face value of each such Security or (in the case of equity
securities) the price per Security paid in the then current round
of financing. The fees set forth herein shall be in addition to any
other fees that the Company may be required to pay to any investor
or other purchaser of Securities to secure its financing
commitment. The Financing Transaction Fee payable hereunder shall
be subject to a $2,500,000 minimum Financing Transaction Fee
payable upon the first closing of a Financing Transaction.
If (i) either (a) a Sale Transaction is consummated or (b)
more than one Sale Transaction is consummated and (ii) a
Restructuring Transaction is consummated, Houlihan Lokey will
credit 50% of the Sale Transaction Fee against the Restructuring
Transaction Fee, except that, in no event, shall such Restructuring
Transaction Fee be reduced below zero,
Any Restructuring Transaction Fee, Sale Transaction Fee and
Financing Transaction Fee is each referred to herein as a
"Transaction Fee" and are collectively referred to herein as
"Transaction Fees." All payments received by Houlihan Lokey
pursuant to this Agreement at any time shall become the property of
Houlihan Lokey without restriction. No payments received by
Houlihan Lokey pursuant to this Agreement will be put into a trust
or other segregated account. Notwithstanding the foregoing or any
other provision of this Agreement, in no event shall the fees
payable under this Agreement (including the Initial Fee, all
Monthly Fees, and all Transaction Fees) exceed $52,500,000 in the
aggregate.
David Hilty, a managing director at Houlihan Lokey Capital,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached through:
David R. Hilty
Houlihan Lokey Capital, Inc.
245 Park Avenue, 20th Fl.
New York, NY 10167
Telephone: (212) 497-4100
Facsimile: (212) 661-3070
About Northvolt AB
Northvolt AB was established in 2016 in Stockholm, Sweden.
Pioneering a sustainable model for battery manufacturing, the
company has received orders from several leading automotive
companies. The company is currently delivering batteries from its
first gigafactory, Northvolt Ett, in Skelleftea, Sweden and from
its R&D and industrialization campus, Northvolt Labs, in Vasteras,
Sweden.
On Nov. 21, 2024, Northvolt AB and eight affiliated debtors filed
voluntary petitions for relief under Chapter 11 of the United
States Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-90577).
The cases are before the Honorable Alfredo R. Perez.
Northvolt is being advised by Teneo as its restructuring and
communications advisor. Kirkland & Ellis LLP, A&O Shearman and
Mannheimer Swartling Advokatbyra AB are serving as legal counsel.
The company has also engaged Rothschild & Co to run its marketing
process. Stretto 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.
NORTHVOLT AB: Seeks to Hire Kirkland & Ellis as Bankruptcy Counsel
------------------------------------------------------------------
Northvolt AB and its affiliates seek approval from the U.S.
Bankruptcy Court for the Southern District of Texas to hire
Kirkland & Ellis LLP and Kirkland & Ellis International LLP as
their attorneys.
The firm's services include:
(a) advise the Debtors with respect to their powers and duties
in the continued management and operation of their businesses and
properties;
(b) advise and consult on the conduct of these Chapter 11
cases;
(c) attend meetings and negotiate with representatives of
creditors and other parties in interest;
(d) take all necessary actions to protect and preserve the
Debtors' estate;
(e) prepare pleadings in connection with these Chapter 11
cases;
(f) represent the Debtors in connection with obtaining
authority to continue using cash collateral and post petition
financing;
(g) advise the Debtors in connection with any potential sale
of assets;
(h) appear before the court and any appellate courts to
represent the interests of the Debtors' estates;
(i) advise the Debtors regarding tax matters;
(j) take any necessary action on behalf of the Debtors to
negotiate, prepare, and obtain approval of a disclosure statement
and confirmation of a Chapter 11 plan and all documents related
thereto; and
(k) perform all other necessary legal services for the Debtors
in connection with the prosecution of these Chapter 11 cases.
The firm's standard hourly rates are as follows:
Partners $1,195 - $2,465
Of Counsel $820 - $2,245
Associates $745 - $1,495
Paraprofessionals $325 - $625
In addition, the firm will seek reimbursement for expenses
incurred.
The Debtors paid the firm an advance payment retainer of $750,000.
The following is provided in response to the request for additional
information set forth in Paragraph D.1. of the Revised UST
Guidelines:
a. Question: Did Kirkland agree to any variations from, or
alternatives to, Kirkland's standard billing arrangements for this
engagement?
Answer: No. Kirkland and the Debtors have not agreed to any
variations from, or alternatives to, Kirkland's standard billing
arrangements for this engagement. The rate structure provided by
Kirkland is appropriate and is not significantly different from (a)
the rates that Kirkland charges for other non-bankruptcy
representations or (b) the rates of other comparably skilled
professionals.
b. Question: Do any of the Kirkland professionals in this
engagement vary their rate based on the geographic location of the
Debtors' chapter 11 cases?
Answer: No. The hourly rates used by Kirkland in representing
the Debtors are consistent with the rates that Kirkland charges
other comparable chapter 11 clients, regardless of the location of
the chapter 11 case.
c. Question: If Kirkland has represented the Debtors in the 12
months prepetition, disclose Kirkland's billing rates and material
financial terms for the prepetition engagement, including any
adjustments during the 12 months prepetition. If Kirkland's billing
rates and material financial terms have changed post-petition,
explain the difference and the reasons for the difference.
Answer: Kirkland's current hourly rates for services rendered
on behalf of the Debtors range as follows:
Partners $1,195 to $2,465
Of Counsel $820 to $2,245
Associates $745 to $1,495
Paraprofessionals $325 to $625
d. Question: Have the Debtors approved Kirkland's budget and
staffing plan, and, if so, for what budget period?
Answer: Yes. More specifically, pursuant to the Final DIP
Order, the Debtors must furnish weekly budget and variance reports,
which include detail regarding the fees and expenses incurred in
these chapter 11 cases by professionals proposed to be retained by
the Debtors.
As disclosed in court filings, the firms are "disinterested"
pursuant to Section 101(14) of the Bankruptcy Code.
The firms can be reached at:
Christopher T. Greco, Esq.
Christopher T. Greco, P.C.
Kirkland & Ellis, LLP
Kirkland & Ellis International, LLP
601 Lexington Avenue
New York, NY 10022
Tel: (212) 446-4800
Fax: (212) 446-4900
Email: christopher.greco@kirkland.com
About Northvolt AB
Northvolt AB was established in 2016 in Stockholm, Sweden.
Pioneering a sustainable model for battery manufacturing, the
company has received orders from several leading automotive
companies. The company is currently delivering batteries from its
first gigafactory, Northvolt Ett, in Skelleftea, Sweden and from
its R&D and industrialization campus, Northvolt Labs, in Vasteras,
Sweden.
On Nov. 21, 2024, Northvolt AB and eight affiliated debtors filed
voluntary petitions for relief under Chapter 11 of the United
States Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-90577).
The cases are before the Honorable Alfredo R. Perez.
Northvolt is being advised by Teneo as its restructuring and
communications advisor. Kirkland & Ellis LLP, A&O Shearman and
Mannheimer Swartling Advokatbyra AB are serving as legal counsel.
The company has also engaged Rothschild & Co to run its marketing
process. Stretto 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.
NORTHVOLT AB: Taps Mannheimer Swartling as Swedish Special Counsel
------------------------------------------------------------------
Northvolt AB and its affiliates seek approval from the U.S.
Bankruptcy Court for the Southern District of Texas to hire
Mannheimer Swartling Advokatbyra AB as Swedish special counsel.
The Debtors anticipate that the professional services that
Mannheimer will provide during these chapter 11 cases will include
the continued representation of the Debtors with respect to the
Special Counsel Matters as well as with respect to any other
specific Swedish law issues that may arise requiring Mannheimer's
expertise.
The firm will be paid at these hourly rates:
Partners SEK 5,796 (US$530)
Specialist Counsel SEK 3,735 - SEK 5,796 (US$341 - US$530)
Associates SEK 1,803 - SEK 3,220 (US$164 - US$294)
Other Professionals SEK 902 - SEK1,739 (US$82 - US159)
Zoran Stambolovski, a partner at Mannheimer, disclosed in a court
filing that his firm does not represent any interest adverse to the
Debtors or their estates.
The firm can be reached through:
Zoran Stambolovski
Mannheimer Swartling Advokatbyra AB
Norrlandsgatan 21
111 87 Stockholm, Sweden
Mobile: +46 709 777 557
Direct: +46 8 5950 6557
Email: andreas.zettergren@msa.se
About Northvolt AB
Northvolt AB was established in 2016 in Stockholm, Sweden.
Pioneering a sustainable model for battery manufacturing, the
company has received orders from several leading automotive
companies. The company is currently delivering batteries from its
first gigafactory, Northvolt Ett, in Skelleftea, Sweden and from
its R&D and industrialization campus, Northvolt Labs, in Vasteras,
Sweden.
On Nov. 21, 2024, Northvolt AB and eight affiliated debtors filed
voluntary petitions for relief under Chapter 11 of the United
States Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-90577).
The cases are before the Honorable Alfredo R. Perez.
Northvolt is being advised by Teneo as its restructuring and
communications advisor. Kirkland & Ellis LLP, A&O Shearman and
Mannheimer Swartling Advokatbyra AB are serving as legal counsel.
The company has also engaged Rothschild & Co to run its marketing
process. Stretto 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.
NORTHVOLT AB: Taps Rothschild & Co US as Investment Banker
----------------------------------------------------------
Northvolt AB seeks approval from the U.S. Bankruptcy Court for the
Southern District of Texas to hire Rothschild & Co US Inc. and N.M.
Rothschild & Sons Limited as investment banker.
The firm will render these services:
a. participate in hearings before the Bankruptcy Court and
provide relevant testimony with respect to a DIP financing,
including, without limitation, at the Final DIP Hearing;
b. provide such continued financial advisory services to the
Company as are necessary and appropriate in furtherance of a DIP
financing;
c. provide reasonable cooperation and assistance to any Other
Advisor in connection with the Chapter 11 Case; and
d. render such other financial advisory and investment banking
services as may be agreed upon by Rothschild & Co and the Debtors,
subject to further Court order.
The Debtor, and its successors, if any, shall pay to Rothschild &
Co a fee (the "New Capital Fee") equal to $4 million, which New
Capital Fee shall be payable upon the entry of a final order by the
Bankruptcy Court approving a DIP financing.
Andrew Yearley, managing director at Rothschild, disclosed in a
court filing that the firm is a "disinterested person" as that term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Andrew Yearley
Rothschild & Co. US Inc.
1251 Avenue of the Americas
New York, NY 10020
Tel: (212) 403-3500
About Northvolt AB
Northvolt AB was established in 2016 in Stockholm, Sweden.
Pioneering a sustainable model for battery manufacturing, the
company has received orders from several leading automotive
companies. The company is currently delivering batteries from its
first gigafactory, Northvolt Ett, in Skelleftea, Sweden and from
its R&D and industrialization campus, Northvolt Labs, in Vasteras,
Sweden.
On Nov. 21, 2024, Northvolt AB and eight affiliated debtors filed
voluntary petitions for relief under Chapter 11 of the United
States Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-90577).
The cases are before the Honorable Alfredo R. Perez.
Northvolt is being advised by Teneo as its restructuring and
communications advisor. Kirkland & Ellis LLP, A&O Shearman and
Mannheimer Swartling Advokatbyra AB are serving as legal counsel.
The company has also engaged Rothschild & Co to run its marketing
process. Stretto is the claims agent.
NORTHVOLT AB: Taps Teneo Capital LLC as Restructuring Advisor
-------------------------------------------------------------
Northvolt AB seeks approval from the U.S. Bankruptcy Court for the
Southern District of Texas to hire Teneo Capital LLC as
restructuring advisor and as communications and corporate strategy
advisor.
The firm's services include:
(a) assisting the Debtors and Counsel with the development and
preparation of contingency plans;
(b) assisting with the collection of diligence and preparation
of necessary bankruptcy filings, reports, and schedules;
(c) assisting with financing issues including coordination
with investment bankers, preparation of reports, and liaison with
creditors;
(d) attending meetings with the Debtors, Counsel, and other
stakeholders as required and participate in court hearings,
including the preparation of materials in connection therewith;
(e) assisting in negotiations with various stakeholders,
including creditors and other parties as necessary;
(f) assisting the Debtors in developing, evaluating,
structuring, negotiating, and implementing the terms and conditions
of a restructuring, plan of reorganization, or sale transaction;
(g) preparing financial analysis on recovery alternatives to
all stakeholders;
(h) providing expert testimony and litigation support as
mutually agreed between Teneo and the Debtors; and
(i) providing the Debtors with other general restructuring
advice as Teneo, the Debtors, and Counsel deem appropriate and fall
within Teneo's expertise.
(j) assisting the Debtors in Liquidity Management including:
(i) establishing an office focused on managing liquidity on
a daily / weekly basis;
(ii) producing a 13-week cash budget / DIP Budget;
(iii) assessing liquidity and funding requirements at both a
BU and legal entity level across agreed scenarios;
(iv) reviewing existing governance arrangements, processes,
and controls around liquidity management;
(v) monitoring group / entity actual short term cash flows
compared to forecast on a rolling basis;
(vi) working with finance team to identify opportunities to
improve the overall case forecasting, reporting, and governance
framework;
(vii) projecting managing the overall process and reporting
for systems and materials divestment / JV processes;
(k) establishing a Transformation Management Office to support
the Debtors through a restructuring;
(l) providing an independent assessment of the Debtor's
business plan and target organization to be shared with Lenders /
Shareholders (on a non-reliance basis);
(m) providing operational support to the Debtor's management,
focusing on implementing confirmed GAP analysis actions and ongoing
optimization programs such as the Measure-Based RampUp Curve;
(n) coordinating with the Debtor's management on structuring
i) Re-Design and Transition of the Process Organization /
Management System; ii) SWAT team leader support, and iii) customer
interface specialist;
(o) seeking to proactively engage with relevant Debtor
personnel, providing both advisory services as well as testing and
challenging against proposed strategy for internal staff and
external stakeholders;
(p) assisting the existing strategy and communication
workstream in composing relevant communications for internal
employees and relevant external union and governmental bodies;
(q) seeking to proactively engage with relevant Management to
support in the design and implementation of the Debtor's strategic
plan;
(r) working with management to test and support in the
formation and implementation of the proposed employee retention
plan;
(s) project managing the overall process and reporting for
systems and materials divestment / JV processes; and
(i) Specifically, for the planed divestment of the
Materials business, working together with the Debtor's other
advisers to:
(1) develop a timetable setting out the key carve-out
workstreams and any roadblocks through to completion;
(2) provide a view on the high-level carve-out costs;
(3) deep dive on how to solve key issues with respect
to the RV1 .1 land;
(4) assist with environmental, operating and
construction permits; and
(5) staff facilities and factory support at Ett.
(t) performing such other services as required or directed by
the Debtors, and agreed to by Teneo, that is not duplicative of
work others are performing for the Debtors.
The communications and strategic support services shall include,
but are not limited to:
(a) developing a cogent, consistent, and coordinated global
communications plan aligned to the legal strategy and with
messaging that appropriately positions the restructuring as a means
to an end;
(b) in support of that plan, creating core documents (key
messages, press release, Q&A) that serve as the basis for all
communications across stakeholder groups and
geographies;
(c) drafting and revise as needed all derivative documents
required for engagement with each stakeholder group, including:
(i) Employees: Materials to facilitate understanding of
the Debtor's filing as a means to an end, and to help manage
employees' concerns related to the restructuring;
(ii) Vendors and suppliers: Making clear to vendors and
suppliers that they can expect payment on usual terms post-filing,
taking care to explain the nature of the chapter 11 process and its
emphasis on allowing companies to continue operating as usual;
(iii) Customers: Supporting the Debtor's leadership with
information needed to manage concerns and make clear that the
Debtors will deliver on its commitments;
(iv) Governments and unions: Materials to support
engagements with government and municipal partners as well as labor
unions, creating understanding of the chapter 11 process and
protections provided; and
(v) Shareholders and debtholders: Setting realistic
expectations regarding the impact of the chapter 11 filing on
shareholders while working to avoid unnecessary and/or distracting
litigation related to the filing and explaining the impact of the
filing on other investors given their relative priority in the
capital structure.
(d) supporting media relations strategy and execution,
including proactive and reactive engagement with media to manage
leaks in the near-term and post-filing, to help ensure fair and
accurate coverage of the restructuring process and outlook;
(e) working closely with claims agent, to support content
creation for the case website, IVR script for the restructuring
hotline, and cover letters for any materials to be mailed to
potential claimants;
(f) following the filing, closely monitor the docket and
continue to work to prepare and update communications materials
pegged to relevant milestones in the case; and
(g) performing such other services as required or directed by
the Debtors, and agreed to by Teneo, that is not duplicative of
work others are performing for the Debtors.
The firm will be paid at these hourly rates:
Managing Directors and Senior Advisors $850 to $1,300
Directors, Vice Presidents, and Consultants $500 to $850
Associates and Analysts $350 to $500
Administrative Staff $200 to $350
Teneo received $650,000 as a retainer in connection with preparing
for and conducting the filing of these chapter 11 cases
Nathan Cook, a Senior Managing Director of Teneo Capital LLC,
assured the court that his firm is a "disinterested person" as
defined by section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Nathan Cook
Teneo Capital LLC
280 Park Ave, 4th Floor
New York, NY 10017
Phone: (212) 886 1600
Email: nathan.cook@teneo.com
About Northvolt AB
Northvolt AB was established in 2016 in Stockholm, Sweden.
Pioneering a sustainable model for battery manufacturing, the
company has received orders from several leading automotive
companies. The company is currently delivering batteries from its
first gigafactory, Northvolt Ett, in Skelleftea, Sweden and from
its R&D and industrialization campus, Northvolt Labs, in Vasteras,
Sweden.
NORTHWEST GRADING: Court Extends Use of Cash Collateral to Feb. 5
-----------------------------------------------------------------
Northwest Grading, Inc. received interim approval from the U.S.
Bankruptcy Court for the District of Idaho to use cash collateral
until Feb. 5, marking the second extension since the company's
Chapter 11 filing.
The court previously issued an interim order, allowing the company
to access cash collateral until Dec. 30 only.
The second interim order, signed by Judge Noah Hillen on Jan. 3,
approved the use of cash collateral for payment of expenses set
forth in the company's budget.
Secured creditors, including Merchants National Bonding and the
U.S. Small Business Administration, were granted liens on all
post-petition cash collateral to the same extent and with the same
priority as their pre-bankruptcy liens.
A final hearing is scheduled for Feb. 5, with any objections to be
filed by Jan. 29.
About Northwest Grading Inc.
Northwest Grading, Inc. is a heavy civil contractor in Hauser,
Idaho, specializing in infrastructure, water and sewer facilities.
Northwest Grading sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Idaho Case No. 24-20429) on December 20,
2024, with $1 million to $10 million in both assets and
liabilities. William J. Krick, president of Northwest Grading,
signed the petition.
Judge Noah G. Hillen oversees the case.
Matthew Christensen, Esq., at Johnson May, represents the Debtor as
legal counsel.
NORTHWEST GRADING: Seeks to Hire Johnson May as Bankruptcy Counsel
------------------------------------------------------------------
Northwest Grading, Inc. seeks approval from the U.S. Bankruptcy
Court for the District of Idaho to hire Johnson May as bankruptcy
counsel.
The firm will provide these services:
(a) prepare and file a petition, schedules, statement of
financial affairs, and other related pleadings;
(b) attend all meetings of creditors, hearings, pretrial
conferences, and trials in the case or any litigation arising in
connection with the case, whether in state or federal court;
(c) prepare, file, and present to the Bankruptcy Court of any
pleadings requesting relief;
(d) prepare, file and present to the court a disclosure
statement and plan or arrangement under Chapter 11 of the
Bankruptcy Code;
(e) review of claims made by creditors or interested parties,
preparation, and prosecution of any objections to claims as
appropriate;
(f) prepare, file and present to the court all applications to
employ and compensate professionals in the Chapter 11 proceeding;
and
(g) prepare and present final accounting and motion for final
decree closing the bankruptcy case.
The firm received a total retainer of $30,000 from the Debtor.
Matthew Christensen, Esq., an attorney at Johnson May, disclosed in
a court filing that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Matthew T. Christensen, Esq.
Johnson May
199 N. Capitol Blvd., Suite 200
Boise, ID 83702
Telephone: (208) 384-8588
Facsimile: (208) 629-2157
Email: mtc@johnsonmaylaw.com
About Northwest Grading Inc.
Northwest Grading, Inc. is a heavy civil contractor in Hauser,
Idaho, specializing in infrastructure, water and sewer facilities.
Northwest Grading sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Idaho Case No. 24-20429) on December 20,
2024, with $1 million to $10 million in both assets and
liabilities. William J. Krick, president of Northwest Grading,
signed the petition.
Judge Noah G. Hillen oversees the case.
Matthew Christensen, Esq., at Johnson May, represents the Debtor as
legal counsel.
NORWELL HOLDINGS: Hires Ellis Realty as Property Manager
--------------------------------------------------------
Norwell Holdings, LLC received approval from the U.S. Bankruptcy
Court for the District of Massachusetts to hire Ellis Realty
Management, LLC as property manager.
Ellis Realty, including its manager David J. Ellis, will manage the
Debtor's real estate asset known as 133-141 Washington Street,
Norwell, MA; collect rents; pay expenses for the premises; prepare
financial reports; and in general to act on the Debtor's behalf
with respect to management of the premises.
The firm will receive $2,000 per month for its services plus $385
set up fee.
Ellis Realty represents no interest adverse to the interest of the
estate, nor does the company represent any other entity connected
to or with this estate, and is a "disinterested person" as that
term is defined in 11 U.S.C. Section 101(14), according to court
filings.
The firm can be reached through:
David J. Ellis
Ellis Realty Management, LLC
80 Washington Street, Building K #45
Norwell, MA | 02061
Tel: (781) 919-0800
Email: dave@ellisrealtyadvisors.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.
NOSREDNA REAL ESTATE: Nathan Smith Named Subchapter V Trustee
-------------------------------------------------------------
The U.S. Trustee for Region 17 appointed Nathan Smith, Esq., as
Subchapter V trustee for Nosredna Real Estate Holdings
Corporation.
Mr. Smith, a partner at Malcolm & Cisneros, will be paid an hourly
fee of $550 for his services as Subchapter V trustee and will be
reimbursed for work-related expenses incurred.
Mr. Smith declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Nathan F. Smith, Esq.
Malcolm & Cisneros
2112 Business Center Drive
Irvine, CA 92612
Phone: (949) 252-9400
Email: nathan@mclaw.org
About Nosredna Real Estate Holdings
Nosredna Real Estate Holdings Corporation, doing business as
Nosredna Real Estate Holdings, filed Chapter 11 petition (Bankr. D.
Nev. Case No. 24-16799) on December 31, 2024, with $1 million to
$10 million in both assets and liabilities. Gail Anderson,
president of Nosredna, signed the petition.
Seth D Ballstaedt, Esq., at Fair Fee Legal Services represents the
Debtor as bankruptcy counsel.
NOTHIN' BUT WASTE: Seeks to Tap Steadman Law Firm as Legal Counsel
------------------------------------------------------------------
Nothin' But Waste, LLC asked the U.S. Bankruptcy Court for the
District of South Carolina to hire Steadman Law Firm, P.A. as legal
counsel.
The firm's services include:
a) assist and advise the Debtor relative to the administration
of its Chapter 11 case;
b) advise the Debtor with respect to its powers and duties in
the continued management and operation of its business and
property;
c) represent the Debtor before the bankruptcy court and advising
the Debtor on pending litigation, hearings, motions, and decisions
of the court;
d) advise the Debtor regarding applications, orders, and motions
filed by third parties;
e) attend meetings conducted pursuant to Section 341(a) of the
Bankruptcy Code and representing Debtor at all examinations;
f) communicate with creditors and other parties in interest;
g) assist the Debtor in preparing legal papers;
h) confer with other professionals retained by the Debtor and
other parties in interest;
i) negotiate and prepare the Debtor's Chapter 11 plan,
disclosure statement and all related documents, and taking any
necessary actions to obtain confirmation of the plan; and
j) perform other necessary legal services for the Debtor in
connection with its bankruptcy case.
The firm will be paid at these rates:
Attorneys $350 to $375 per hour
Associates $350 per hour
Paralegals $150 per hour
In addition, the firm will be reimbursed for out-of-pocket expenses
incurred.
Richard Steadman, Jr., a partner at Steadman Law Firm, disclosed in
a court filing that his firm is a "disinterested person" within the
meaning of Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Richard A. Steadman, Jr., Esq.
STEADMAN LAW FIRM, P.A.
6296 Rivers Avenue, Suite 102
Charleston, SC 29406
Tel: (843) 529-1100
Email: rsteadman@steadmanlawfirm.com
About Nothin' But Waste
Nothin' But Waste, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. S.C. Case No. 24-04521) on December
19, 2024, with $100,001 to $500,000 in both assets and liabilities.
Shontea Jones Taylor, sole member of Nothin' But Waste, signed the
petition.
Richard A Steadman, Jr., Esq., at Steadman Law Firm, P.A.,
represents the Debtor as bankruptcy counsel.
OAKLAND PHYSICIANS: Seeks to Hire Bodman PLC as Litigation Counsel
------------------------------------------------------------------
Oakland Physicians Medical Center, LLC seeks approval from the U.S.
Bankruptcy Court for the Eastern District of Michigan to employ
Bodman PLC as litigation counsel.
The firm will represent the Debtor in various litigation matters
including general business, employment and healthcare.
The firm's attorneys will be paid at these hourly rates:
Michelle Czapski, Esq. $690 - $730
Marc Bakst, Esq. $655 - $695
Brandon Dalziel, Esq. $515 - $555
Gary Fealk, Esq. $480 - $525
Erica Sarver, Esq. $385 - $420
Annalise Lekas Surnow, Esq. $385 - $410
Fawzeih Daher, Esq. $365 - $390
Amanda Empey, Esq. $335 - $365
Grace Connolly, Esq. $305 - $335
Brandon Dalziel, Esq., a member at Bodman, 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:
Brandon M. Dalziel, Esq.
Bodman PLC
1901 St. Antoine Street
6th Floor, Ford Field
Detroit, MI 48226
About Oakland Physicians Medical Center
Oakland Physicians Medical Center, L.L.C. sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No.
24-51134) on November 23, 2024.
Judge Maria L. Oxholm presides over the case.
The Debtor tapped Robert N. Bassel, Esq. at Robert Bassel, Attorney
At Law as bankruptcy counsel and Brandon M. Dalziel, Esq., at
Bodman PLC as special counsel.
ONE DOT SIX: Seeks Chapter 11 Bankruptcy Protection in Delaware
---------------------------------------------------------------
On January 5, 2025, One Dot Six TVCC LLC filed Chapter 11
protection in the U.S. Bankruptcy Court for the District of
Delaware.
According to court filing, the Debtor reports between $1 billion
and $10 billion in debt owed to 200 and 999 creditors. The petition
states funds will be available to unsecured creditors.
About One Dot Six TVCC LLC
One Dot Six TVCC LLC headquartered in Reston, Virginia, operates as
part of the Ligado Networks telecommunications group.
One Dot Six TVCC LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 25-10016) on January 5,
2025. In its petition, the Debtor reports estimated assets and
liabilities between $1 billion and $10 billion.
Richards, Layton & Finger, PA represents the Debtor as counsel.
ONLINE LEARNING: Seeks to Hire Ascendant Law Group LLC as Counsel
-----------------------------------------------------------------
Online Learning Consortium, Inc. seeks approval from the U.S.
Bankruptcy Court for the District of Massachusetts to hire
Ascendant Law Group LLC as counsel.
The firm's services include:
(a) advising the Debtor with respect to its powers and duties
as a debtor-in-possession in the continued management and operation
of its businesses and properties;
(b) representing the Debtor at all hearings and matters
pertaining to its affairs as a debtor and debtor-in-possession;
(c) attending meetings and negotiating with representatives of
the Debtor's creditors and other parties-in-interest;
(d) taking all necessary action to protect and preserve the
Debtor's estate;
(e) preparing on behalf of the Debtor all necessary and
appropriate motions, applications, answers, orders, reports and
papers necessary to the administration of the Debtor's estates;
(f) reviewing applications and motions filed in connection
with the Debtor's bankruptcy case;
(g) negotiating and preparing on the Debtor's behalf any plan
of reorganization, disclosure statement, and all related agreements
and/or documents, and taking any necessary action on behalf of the
Debtor to obtain confirmation of such plan;
(h) advising the Debtor in connection with any potential sale
or sales of assets or its business, or in connection with any other
strategic alternatives;
(i) reviewing and evaluating the Debtor's executory contracts
and unexpired leases, and representing the Debtor in connection
with the rejection, assumption or assignment of such leases and
contracts;
(j) representing the Debtor in connection with any adversary
proceedings or automatic stay litigation which may be commenced by
or against the Debtor;
(k) reviewing and analyzing various claims of the Debtor's
creditors and treatment of such claims, and preparing, filing or
prosecuting any objections thereto; and
(l) performing all other necessary legal services and
providing all other necessary legal advice to the Debtor in
connection with its bankruptcy case.
The firm will be paid at these hourly rates:
Jesse I. Redlener, Member $420
Lee Harrington, Member $420
Matthew Ginsburg, Member $420
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received a retainer of $50,000 from the Debtor.
Mr. Redlener 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:
Jesse I. Redlener, Esq.
Ascendant Law Group LLC
2 Dundee Park Dr., Ste. 102
Andover, MA 01810
Telephone: (978) 393-0850
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.
ORLANDO MEDICAL: Gets OK to Use Cash Collateral Until Jan. 16
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida
granted Orlando Medical Institute, Inc. interim authorization to
use cash collateral until Jan. 16.
Orlando Medical Institute was permitted to use cash collateral for
court-approved expenses, including trustee payments and operational
costs outlined in its budget, with a 10% variance. Authorization
may be extended through mutual agreement.
The budget shows total operational expenses of $49,143.92 for the
week of Jan. 13; $500 for the week of Jan. 20; and $21,500 for the
week of Jan. 27.
Secured creditors were granted a post-petition lien on cash
collateral to the same extent and with the same validity and
priority as their pre-bankruptcy lien.
The next hearing is scheduled for Jan. 16.
About Orlando Medical Institute
Orlando Medical Institute, Inc. sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-06628)
with up to $50,000 in assets and up to $1 million in liabilities.
Judge Tiffany P. Geyer oversees the case.
The Debtor is represented by Daniel A Velasquez, Esq., at Latham,
Luna, Eden & Beaudine, LLP.
OYA RENEWABLES: Comm. Taps Dundon Advisers as Financial Advisor
---------------------------------------------------------------
The official committee of unsecured creditors of OYA Renewables
development LLC and its affiliates seeks approval from the U.S.
Bankruptcy Court for the District of Delaware to hire Dundon
advisers LLC as its financial advisor.
The firm will render these services:
-- assist in the analysis, review, and monitoring of the
restructuring process, including, but not limited to, an assessment
of the unsecured claims pool and potential recoveries for unsecured
creditors;
-- assist in the sales process for the assets of the Debtors;
-- develop a complete understanding of the Debtors' businesses
and their valuations;
-- determine whether there are viable alternative paths for the
disposition of the Debtors' assets from those currently or in the
future proposed by any Debtor;
-- assist the Committee in identifying, valuing, and pursuing
estate causes of action, including, but not limited to, relating to
prepetition transactions, control person liability, and lender
liability;
-- advise the Committee in negotiations with the Debtors and
certain of the Debtors' lenders;
-- assist the Committee in reviewing the Debtors' financial
reports;
-- review and provide analysis of the present and any
subsequently proposed debtor-in-possession financing or use of cash
collateral;
-- assist the Committee in evaluating and analyzing avoidance
actions, including fraudulent conveyances and preferential
transfers;
-- assist the Committee in investigating whether any unencumbered
assets at Oya Renewables development LLC or any of its affiliated
Debtors exist;
-- attend meetings and assist in discussions with the Committee,
the Debtors, the secured lenders, the U.S. Trustee and other
parties in interest and professionals;
-- present at meetings of the Committee, as well as meetings with
other key stakeholders and parties;
-- perform such other advisory services for the Committee as may
be necessary or proper in these proceedings, subject to the
aforementioned scope.
Dundon Advisers' professionals will bill for services rendered
through and including July 1, 2025 at their current effective
respective standard hourly rates as set forth below:
Principal $960
Managing Director and Senior Adviser $850
Senior Director $755
Director $700
Associate Director $590
Senior Associate $485
Associate $350
In addition, the firm will seek reimbursement for expenses
incurred.
Peter Hurwitz, principal at Dundon Advisers, 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:
Peter Hurwitz
Dundon Advisers LLC
Ten Bank Street, Suite 1100
White Plains, New York 10606
Phone: (914) 341-1188
Email: ph@dundon.com
About OYA Renewables
OYA Renewables development LLC own a portfolio of operating solar
projects and projects in various stages of development in North
America. OYA also deliver distributed energy and smart long-term
renewable energy solutions to local communities.
OYA Renewables and seven its affiliates filed for bankruptcy
protection (Bankr. D. Del., Lead Case No. 24-12574) on November 6,
2024. In petition signed by John Shepherd as chief restructuring
officer, the Debtors reported $100 million to $500 million in
estimated assets and liabilities.
The Hon. Karen B. Owens presides over the cases.
Young Conway Stargatt & Taylor LLP serves the Debtors' local
bankruptcy counsel and Sisley Austin LLP serves as the general
bankruptcy counsel. Ankara Consulting Group, LLC acts as financial
advisor to the Debtors, while Agenis Capital Advisors and Senahill
Advisors LLC act as investment bankers to the Debtors. Kroll
Restructuring Administration LLC is the Debtors' notice and claims
agent.
OYA Renewables development LLC own a portfolio of operating solar
projects and projects in various stages of development in North
America. OYA also deliver distributed energy and smart long-term
renewable energy solutions to local communities.
OYA Renewables and seven its affiliates filed for bankruptcy
protection (Bankr. D. Del., Lead Case No. 24-12574) on November 6,
2024. In petition signed by John Shepherd as chief restructuring
officer, the Debtors reported $100 million to $500 million in
estimated assets and liabilities.
The Hon. Karen B. Owens presides over the cases.
Young Conway Stargatt & Taylor LLP serves the Debtors' local
bankruptcy counsel and Sisley Austin LLP serves as the general
bankruptcy counsel. Ankara Consulting Group, LLC acts as financial
advisor to the Debtors, while Agenis Capital Advisors and Senahill
Advisors LLC act as investment bankers to the Debtors. Kroll
Restructuring Administration LLC is the Debtors' notice and claims
agent.
OYA RENEWABLES: Committee Taps Brinkman Law Group as Legal Counsel
------------------------------------------------------------------
The official committee of unsecured creditors of OYA Renewables
development LLC and its affiliates seeks approval from the U.S.
Bankruptcy Court for the District of Delaware to hire Brinkman Law
Group, PC as its counsel.
The firm's services include:
a. providing legal advice regarding the rules and practices of
this Court applicable to the Committee's powers and duties as an
official committee appointed under section 1102 of the Bankruptcy
Code;
b. providing legal advice regarding any disclosure statement
and plan filed in these cases and with respect to the process for
approving or disapproving a disclosure statement and confirming or
denying confirmation of a plan;
c. preparing and reviewing applications, motions, complaints,
answers, orders, agreements, and other legal papers filed on behalf
of the Committee for compliance with the rules and practices of
this Court;
d. appearing in Court to present necessary motions,
applications, and pleadings and otherwise protecting the interests
of the Committee and unsecured creditors of the Debtors; and
e. performing such other legal services for the Committee as
the Committee believes may be necessary and proper in these Chapter
11 cases.
The firm will be paid at these rates:
Shareholders and Of Counsel $595 to $1,650 per hour
Associates $475 to $785 per hour
Law Clerks $500 to $600 per hour
Paralegals $230 to $425 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
The following is provided in response to the request for additional
information contained in paragraph D.1. of the U.S. Trustee
Guidelines:
Question: Did you agree to any variations from, or alternatives
to, your standard or customary billing arrangements for this
engagement?
Response: No, BLG has not agreed to any variation from its
customary billing arrangements.
Question: Do any of the professionals included in this
engagement vary their rate based on the geographic location of the
bankruptcy case?
Response: BLG professionals included in this engagement have not
varied their rate based on the geographic location of these Chapter
11 Cases.
Question: If you represented the client in the 12 months
prepetition, disclose your billing rates and material financial
terms for the prepetition engagement, including any adjustments
during the 12 months prepetition period. If your billing rates and
material financial terms have changed postpetition, explain the
difference and the reasons for the difference.
Response: BLG did not represent the Committee prior to the
Petition Date.
Question: Has your client approved your prospective budget and
staffing plan and, if so, for what budget period?
Response: BLG expects to develop a budget and staffing plan to
reasonably comply with the U.S. Trustee's request for information
and additional disclosures, as to which BLG reserves all rights.
The Committee has approved BLG's proposed hourly billing rates.
Daren Brinkman, Esq., a partner at Brinkman Law Group, PC,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Daren Brinkman, Esq.
Brinkman Law Group, PC
543 Country Club Drive, Suite B
Wood Ranch, CA 93065
Tel: (918) 931-4163
Email: firm@brinkmanlaw.com
About OYA Renewables
OYA Renewables development LLC own a portfolio of operating solar
projects and projects in various stages of development in North
America. OYA also deliver distributed energy and smart long-term
renewable energy solutions to local communities.
OYA Renewables and seven its affiliates filed for bankruptcy
protection (Bankr. D. Del., Lead Case No. 24-12574) on November 6,
2024. In petition signed by John Shepherd as chief restructuring
officer, the Debtors reported $100 million to $500 million in
estimated assets and liabilities.
The Hon. Karen B. Owens presides over the cases.
Young Conway Stargatt & Taylor LLP serves the Debtors' local
bankruptcy counsel and Sisley Austin LLP serves as the general
bankruptcy counsel. Ankara Consulting Group, LLC acts as financial
advisor to the Debtors, while Agenis Capital Advisors and Senahill
Advisors LLC act as investment bankers to the Debtors. Kroll
Restructuring Administration LLC is the Debtors' notice and claims
agent.
OYA Renewables development LLC own a portfolio of operating solar
projects and projects in various stages of development in North
America. OYA also deliver distributed energy and smart long-term
renewable energy solutions to local communities.
OYA Renewables and seven its affiliates filed for bankruptcy
protection (Bankr. D. Del., Lead Case No. 24-12574) on November 6,
2024. In petition signed by John Shepherd as chief restructuring
officer, the Debtors reported $100 million to $500 million in
estimated assets and liabilities.
The Hon. Karen B. Owens presides over the cases.
Young Conway Stargatt & Taylor LLP serves the Debtors' local
bankruptcy counsel and Sisley Austin LLP serves as the general
bankruptcy counsel. Ankara Consulting Group, LLC acts as financial
advisor to the Debtors, while Agenis Capital Advisors and Senahill
Advisors LLC act as investment bankers to the Debtors. Kroll
Restructuring Administration LLC is the Debtors' notice and claims
agent.
OYA RENEWABLES: Committee Taps Fox Rothschild LLP as Co-Counsel
---------------------------------------------------------------
The official committee of unsecured creditors of OYA Renewables
development LLC and its affiliates seeks approval from the U.S.
Bankruptcy Court for the District of Delaware to hire Fox
Rothschild LLP as its co-counsel.
The firm's services include:
(a) advising the Committee with respect to its rights, duties,
and powers in these Chapter 11 Cases;
(b) assisting and advising the Committee in its consultations
with the Debtors relative to the administration of these Chapter 11
Cases;
(c) assisting the Committee in analyzing the claims of the
Debtors' creditors and the Debtors' capital structure and in
negotiating with holders of claims and equity interests;
(d) assisting the Committee in its investigation of the acts,
conduct, assets, liabilities, and financial condition of the
Debtors and of the operation of the Debtors' business;
(e) assisting the Committee in analyzing (i) the Debtors
pre-petition financing, and (ii) proposed use of cash collateral,
the terms and conditions of the proposed use of cash collateral and
the adequacy of the budget;
(f) assisting the Committee in its investigation of the liens
and claims of the holders of the Debtors pre-petition debt and the
prosecution of any claims or causes of action revealed by such
investigation;
(g) assisting the Committee in its analysis of, and
negotiations with, the Debtors or any third-party concerning
matters related to, among other things, the assumption or rejection
of certain leases of nonresidential real property and executory
contracts, asset dispositions, sale of assets, financing of other
transactions and the terms of one or more plans of reorganization
or liquidation for the Debtors and accompanying disclosure
statements and related plan documents;
(h) assisting and advising the Committee as to its
communications to unsecured creditors regarding significant matters
these Chapter 11 Cases;
(i) representing the Committee at hearings and other
proceedings;
(j) reviewing and analyzing applications, orders, statements
of operations, and schedules filed with the Court and advising the
Committee as to their propriety;
(k) assisting the Committee in preparing pleadings and
applications as may be necessary in furtherance of the Committee's
interests and objectives in these Chapter 11 Cases, including
without limitation, the preparation of retention papers and fee
applications for the Committee's professionals, including Fox
Rothschild;
(l) preparing, on behalf of the Committee, any pleadings,
including without limitation, motions, memoranda, complaints,
adversary complaints, objections, or comments in connection with
any of the foregoing; and
(m) performing such other legal services as may be required or
are otherwise deemed to be in the interests of the Committee in
accordance with the Committee's powers and duties as set forth in
the Bankruptcy Code, Bankruptcy Rules, or other applicable law.
Fox Rothschild's current hourly rates are:
Joseph J. DiPasquale, Partner $1,170
Howard A. Cohen, Partner $845
Agostino A. Zammiello, Associate $615
Robin I. Solomon, Paralegal $555
Marcia Steen, Paralegal $505
The following is provided in response to the request for additional
information contained in paragraph D.1. of the U.S. Trustee
Guidelines:
Question: Did you agree to any variations from, or alternatives
to, your standard or customary billing arrangements for this
engagement?
Response: No, Fox Rothschild has not agreed to any variation
from its customary billing arrangements.
Question: Do any of the professionals included in this
engagement vary their rate based on the geographic location of the
bankruptcy case?
Response: Fox Rothschild professionals included in this
engagement have not varied their rate based on the geographic
location of these Chapter 11 Cases.
Question: If you represented the client in the 12 months
prepetition, disclose your billing rates and material financial
terms for the prepetition engagement, including any adjustments
during the 12 months prepetition period. If your billing rates and
material financial terms have changed postpetition, explain the
difference and the reasons for the difference.
Response: Fox Rothschild did not represent the Committee prior
to the Petition Date.
Question: Has your client approved your prospective budget and
staffing plan and, if so, for what budget period?
Response: Fox Rothschild expects to develop a budget and
staffing plan to reasonably comply with the U.S. Trustee's request
for information and additional disclosures, as to which Fox
Rothschild reserves all rights. The Committee has approved Fox
Rothschild's proposed hourly billing rates.
Howard A. Cohen, Esq., an associate of Fox Rothschild, disclosed in
a court filing that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Howard A. Cohen, Esq.
Stephanie J. Slater, Esq.
Fox Rothschild, LLP
919 North Market Street, Suite 300
Wilmington, DE 19899-2323
Tel: (302) 654-7444
Fax: (302) 656-8920
Email: hcohen@foxrothschild.com
sslater@foxrothschild.com
About OYA Renewables
OYA Renewables development LLC own a portfolio of operating solar
projects and projects in various stages of development in North
America. OYA also deliver distributed energy and smart long-term
renewable energy solutions to local communities.
OYA Renewables and seven its affiliates filed for bankruptcy
protection (Bankr. D. Del., Lead Case No. 24-12574) on November 6,
2024. In petition signed by John Shepherd as chief restructuring
officer, the Debtors reported $100 million to $500 million in
estimated assets and liabilities.
The Hon. Karen B. Owens presides over the cases.
Young Conway Stargatt & Taylor LLP serves the Debtors' local
bankruptcy counsel and Sisley Austin LLP serves as the general
bankruptcy counsel. Ankara Consulting Group, LLC acts as financial
advisor to the Debtors, while Agenis Capital Advisors and Senahill
Advisors LLC act as investment bankers to the Debtors. Kroll
Restructuring Administration LLC is the Debtors' notice and claims
agent.
OYA Renewables development LLC own a portfolio of operating solar
projects and projects in various stages of development in North
America. OYA also deliver distributed energy and smart long-term
renewable energy solutions to local communities.
OYA Renewables and seven its affiliates filed for bankruptcy
protection (Bankr. D. Del., Lead Case No. 24-12574) on November 6,
2024. In petition signed by John Shepherd as chief restructuring
officer, the Debtors reported $100 million to $500 million in
estimated assets and liabilities.
The Hon. Karen B. Owens presides over the cases.
Young Conway Stargatt & Taylor LLP serves the Debtors' local
bankruptcy counsel and Sisley Austin LLP serves as the general
bankruptcy counsel. Ankara Consulting Group, LLC acts as financial
advisor to the Debtors, while Agenis Capital Advisors and Senahill
Advisors LLC act as investment bankers to the Debtors. Kroll
Restructuring Administration LLC is the Debtors' notice and claims
agent.
PERFECT VIEW: Gets Final OK to Use Cash Collateral
--------------------------------------------------
Perfect View Aerial Media, LLC received final approval from the
U.S. Bankruptcy Court for the Southern District of Florida to use
cash collateral.
The final order signed by Judge Peter Russin approved the use of
cash collateral to pay the expenses set forth in the company's
four-month budget, which projects total operational expenses of
$424,412.90.
The budget terminates on March 31. At least 30 days prior to the
expiration, Perfect View Aerial Media must file successive 90-day
budgets, with any objections to be filed within 10 business days
after filing of the successive budget.
As adequate protection, creditors with security interests in the
cash collateral were granted replacement liens on the company's
post-petition property, excluding causes of action under U.S.
Bankruptcy Code Section 542, according to the final order.
The final order also authorized Perfect View Aerial Media to
continue using the secured credit cards, subject to the terms and
conditions of its agreement with BrightStar; provide BrightStar
adequate protection by paying down the balance of the credit cards
whenever the balance reaches or exceeds $5,000; and pay in full any
remaining balance each month.
About Perfect View Aerial Media
Perfect View Aerial Media, LLC sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-21980) on
November 15, 2024, listing up to $500,000 in assets and up to $10
million in liabilities. Tarek Kiem, Esq., at Kiem Law, PLLC serves
as Subchapter V trustee.
Judge Peter D. Russin oversees the case.
John Page, Esq., at Shraiberg Page, PA serves as the Debtor's legal
counsel.
PORT LOUIS: Greta Brouphy Named Subchapter V Trustee
----------------------------------------------------
The Acting U.S. Trustee for Region 5 appointed Greta Brouphy, Esq.,
at Heller Draper & Horn, LLC as Subchapter V trustee for Port Louis
Owners Association, Inc.
Ms. Brouphy will be paid an hourly fee of $400 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Brouphy declared that she is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Greta M. Brouphy
Heller Draper & Horn, LLC
650 Poydras St., Ste. 2500
New Orleans, LA 70130-6175
Telephone: 504-299-3300-; Fax 504-299-33
Email: gbrouphy@hellerdraper.com
About Port Louis Owners Association Inc.
Port Louis Owners Association Inc. is dedicated to fostering a
sense of belonging and unity among homeowners in this vibrant
community.
Port Louis Owners Association sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 24-12511) on
December 26, 2024. In its petition, the Debtor reported assets of
$100,000 to $500,000 and liabilities of up to $50,000.
Judge Meredith S. Grabill handles the case.
The Debtor is represented by:
Renee L. Achee, Esq.
Achee Law Firm, L.L.C.
200 Mariners Plaza Dr, Ste 201
Mandeville, LA 70448
P: 985-674-0033
Fax: 985-674-0299
Email: rlaw641@aol.com
POTTSVILLE OPERATIONS: PCO Submits First Report
-----------------------------------------------
Margaret Barajas, the patient care ombudsman, filed with the U.S.
Bankruptcy Court for the Western District of Pennsylvania her first
report regarding the quality of patient care provided by Pottsville
Operations, LLC.
The PCO noted that as of November 15, 2024, the director of nursing
reported that the Yeadon Rehabilitation and Nursing Center facility
is regularly utilizing agency staffing to cover shifts when they
are short of their own staff. They also reported the facility had
addressed an ongoing issue of cancellations of medical appointments
for residents. The facility had hired a clerical nurse to be
working specifically on that issue.
Ms. Barajas observed that an activities calendar is posted at
Hampton House Rehabilitation and Nursing Center facility, with
outside/community activities available. The facility was clean,
with many staff observed. It is a non-smoking facility although
staff may smoke outside. In the facility visit of December 16,
2024, it was observed that there is sometimes a long wait time for
call bells.
The PCO found that rooms at Kingston Rehabilitation and Nursing
Center facility appear clean and odor-free, and snacks and
beverages are available to residents. There is no longer a
designated smoking area. Wait times for call bells had been a
problem, but as of December 19, 2024, it was reported to be
improved.
On December 6, 2024, residents and/or their representatives at
Williamsport South Rehabilitation and Nursing Center facility were
sent a letter detailing the bankruptcy proceedings, with Pottsville
Chief Restructuring Officer Neil Luria reporting that residents
will receive the same care and services as they did prior to the
bankruptcies.
The local ombudsman reported on December 12, 2024 that Nursing Home
Administrator Bruce Kimbal at Pottsville Rehabilitation and Nursing
Center facility anticipated new ownership in January or February.
In the facility visit of December 23, 2024, it was noted that
several staff members were walking the halls with cell phones in
hand. No cases have been opened by the ombudsman during this 60-day
period.
A copy of the ombudsman report is available for free at
https://urlcurt.com/u?l=5WjTPF from Stretto, Inc., claims agent.
The ombudsman may be reached at:
Margaret Barajas
PA Long-Term Care Ombudsman | Ombudsman Office
Pennsylvania Department of Aging
555 Walnut St. 5th Floor
Harrisburg, PA 17101
Phone: (717) 783-7096 | Fax: (717) 772-3382
Email: mbarajas@pa.gov
About Pottsville Operations
Pottsville Operations LLC and its affiliates own and operates six
skilled nursing facilities in Pennsylvania. Collectively,
Pottsville has 925 beds across the six facilities, and 759
residents currently at the Facilities as of the Petition Date.
Pottsville acquired the facilities in May of 2021.
Pottsville Operations and its 10 affiliates sought relief under
sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr.
W.D. Pa. Lead Case No. 24-70418) on Oct. 15, 2024. In the petition
signed by Neil Luria, as chief restructuring officer, Pottsville
reports estimated assets between $1 million and $10 million and
estimated liabilities between $10 million and $50 million.
Bankruptcy Judge Jeffery A Deller handles the cases.
The Debtors tapped Baker & Hostetler, LLP as general bankruptcy
counsel; and RAaines Feldman Littrell, LLP as local counsel. SOLIC
Capital Advisors LLC is serving as financial advisor, and Solic's
Neil Luria has been tapped as CRO of the Debtors. Stretto, Inc. is
the claims agent.
Margaret Barajas is the patient care ombudsman appointed in the
Debtors' cases.
PRIMAL MATERIALS: Court Extends Use of Cash Collateral to March 31
------------------------------------------------------------------
Primal Materials, LLC received approval from the U.S. Bankruptcy
Court for the Northern District of Texas to use cash collateral
until March 31, marking the second extension since the company's
Chapter 11 filing.
The court previously issued an interim order, allowing the company
to access cash collateral until Jan. 2 only.
The Jan. 3 order signed by Judge Robert Jones approved the use of
cash collateral to pay the company's operating expenses in
accordance with its projected budget.
The budget shows total operational expenses of $406,203 for
January, $525,420.50 for February, and $523,770.50 for March.
Secured creditors, ALJR Ventures, LLC and FundThrough USA, Inc.,
will receive replacement liens on post-petition assets and proceeds
thereof as adequate protection.
In addition, ALJR Ventures and Fund Through USA will receive
monthly payments of $10,000 and $1,500, respectively.
About Primal Materials
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 and
manager, the Debtor disclosed up to $500,000 in assets and up to
$10 million in liabilities.
Judge Robert L. Jones oversees the case.
Joseph F. Postnikoff, Esq., at Rochelle McCullough, LLP --
jpostnikoff@romclaw.com -- serves as counsel to the Debtor.
PRIMAL MATERIALS: Hires Lyn Nottingham as Independent Contractor
----------------------------------------------------------------
Primal Materials, LLC and Primal Crushing, LLC seek approval from
the U.S. Bankruptcy Court for the Northern District of Texas to
employ Lyn Nottingham, a certified public accountant practicing in
Abilene, Tex., as independent contractor.
The accountant will render these services:
(a) keep time records that include basic task descriptions at
6-minute increments;
(b) submit invoices for services rendered on a monthly basis;
and
(c) receive compensation on a monthly basis for services
rendered during each calendar month.
The accountant will be paid $150 per hour for services rendered
plus expenses.
Ms. Nottingham disclosed in a court filing that she is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The accountant can be reached at:
Lyn Nottingham, CPA
64 Tamarisk Circle
Abilene, TX 79606
About Primal Materials
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.
Primal Materials 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.
PRIMAL MATERIALS: Seeks Approval to Tap Rosen Systems as Appraiser
------------------------------------------------------------------
Primal Materials, LLC and Primal Crushing, LLC seek approval from
the U.S. Bankruptcy Court for the Northern District of Texas to
employ Rosen Systems, Inc. as appraiser.
The firm will prepare an appraisal of the Debtors' assets which
will assist with determination of the relative rights of their
secured and unsecured creditors under a plan.
The firm will receive $5,900 as compensation for its services.
Michaael Rosen, president of Rosen Systems, disclosed in a court
filing that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Michael D. Rosen
Rosen Systems, Inc.
2323 Langford Street
Dallas, TX 75208
Telephone: (972) 248-2266
Facsimile: (972) 248-6887
About Primal Materials
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.
Primal Materials 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.
PROFESSIONAL DIVERSITY: Reports Stockholder's of $5.1 Million
-------------------------------------------------------------
Professional Diversity Network, Inc. disclosed in a Form 8-K filed
with the Securities and Exchange Commission that as of Jan. 2,
2025, the Company's unaudited stockholder's equity was
approximately $5.1 million. The Company clarified that although
the full year is now completed, the annual year-end audit is still
in process. Accordingly, as year-end closing and review processes
are completed, the actual stockholder's equity as of Dec. 31, 2024,
could differ from the estimated stockholder's equity as of the date
of this filing.
As previously disclosed, on June 27, 2024, Professional Diversity
received a written notification from the Nasdaq Stock Market
informing the Company that it was not in compliance with Nasdaq
Listing Rule 5550(a)(2) because for the previous 30 consecutive
business days, the closing bid price of the Company's common stock
was below the $1.00 per share minimum required for listing on
Nasdaq, and giving the Company an initial 180 day compliance period
to demonstrate compliance. In order to qualify for additional time
to regain compliance, at the end of the initial 180-day compliance
period, the Company is required, among other things, to meet the
continued listing requirement for the market value of publicly held
shares and all other initial listing standards for The Nasdaq
Capital Market, with the exception of the bid price requirement.
One of the initial listing standards of The Nasdaq Capital Market
is a minimum stockholder's equity of $5 million.
About Professional Diversity
Headquartered in Chicago, Illinois, Professional Diversity Network,
Inc. -- https://www.prodivnet.com -- is a global developer and
operator of online and in-person networks that provides access to
networking, training, educational, and employment opportunities for
diverse professionals. The Company operates several other business
units in the United States including the International Association
of Women (IAW), which is one of the largest, most recognized
networking organizations of professional women in the country,
spanning more than 200 industries and professions, and RemoteMore
USA, Inc., an online platform specialized in remote-hiring of
developers. Through an online employee recruitment platform that
leverages its affinity groups, the Company provides its employer
clients a means to identify and acquire diverse talent and assist
them with their efforts to comply with the Equal Employment
Opportunity Office of Federal Contract Compliance Program. The
Company's mission is to utilize the collective strength of its
affiliate companies, members, partners and unique proprietary
platform to be the standard in business diversity recruiting,
networking and professional development for women, minorities,
veterans, LGBTQ and disabled persons globally.
Oak Brook, Illinois-based Sassetti LLC, the Company's auditor since
2022, issued a "going concern" qualification in its report dated
March 29, 2024, citing that the Company has incurred recurring
operating losses, has a significant accumulated deficit, and will
need to raise additional funds to meet its obligations and the
costs of its operations. These conditions raise substantial doubt
about the Company's ability to continue as a going concern.
REDTAIL POWER: Gets OK to Hire Neeleman Law Group as Legal Counsel
------------------------------------------------------------------
Redtail Power Equipment, LLC received approval from the U.S.
Bankruptcy Court for the Western District of Washington to hire
Neeleman Law Group as legal counsel.
The firm's services include:
a. assisting the Debtor in the investigation of the financial
affairs of the estate;
b. providing legal advice and assistance to the Debtor with
respect to matters relating to this case and creditor
distribution;
c. preparing all pleadings necessary for proceedings arising
under this case; and
d. performing all necessary legal services for the estate in
relation to this case.
The firm will be paid at these rates:
Principal $550 per hour
Associate $475 per hour
Paralegal $225 per hour
Neeleman Law Group received a retainer in the amount of $16,738.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Jennifer L. Neeleman, Esq., a partner at Neeleman Law Group,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Jennifer L. Neeleman, Esq.
Neeleman Law Group
1403 8th Street
Marysville, WA 98270
Tel: (425) 212-4800
Fax: (425) 212-4802
Email: jennifer@neelemanlaw.com
About Redtail Power Equipment, LLC
Redtail Power Equipment, LLC sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 24-13004) on
November 22, 2024. In the petition signed by Derick Williams,
managing member, the Debtor disclosed up to $2,156,173 in total
assets and $2,392,419 in total liabilities.
Judge Timothy W Dore oversees the case.
Thomas D. Neeleman, Esq., at Neeleman Law Group, P.C., represents
the Debtor as bankruptcy counsel.
RESTAURANT LIFE: Hires Citrin Cooperman as Accountant
-----------------------------------------------------
Restaurant Life, LLC seeks approval from the U.S. Bankruptcy Court
for the Southern District of Florida to employ Citrin Cooperman &
Company, LLP as accountant.
The firm will prepare and file tax returns, advise on tax issues
and provide other matters that may arise during the course of the
case.
The firm will be paid at these rates:
Accountants $245 per hour
Paraprofessionals $570 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
As of October 8, 2024, the Debtor owed the firm the amount of
$6,322.50. The firm will waive that amount as to the Debtor.
David Tad Williams, a partner at Citrin Cooperman & Company, 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 Tad Williams
Citrin Cooperman & Company, LLP
6550 N. Federal Highway 4th Floor
Fort Lauderdale, FL 33308
Tel: (954) 771-0896
About Restaurant Life, LLC
Restaurant Life, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-20485) on Oct. 8,
2024. In the petition signed by Grant Galuppi, manager, the Debtor
disclosed under $1 million in both assets and liabilities.
Judge Peter D. Russin oversees the case.
The Law Offices of Robert Reynolds, P.A. serves as the Debtor's
counsel.
RFC HOMES: Seeks Approval to Hire Patrick J. Gros as Accountant
---------------------------------------------------------------
RFC Homes, LLC and 5F Properties, LLC seek approval from the U.S.
Bankruptcy Court for the Western District of Louisina to employ
Patrick Gros, an accountant practicing in Covington, Louisina.
Mr. Gros will prepare the Debtors' monthly operating reports and
amendment thereof and assist in developing projected income and
expenses for the reorganization plan.
The firm's hourly rates are as follows:
Partners $275
Managers $175
Seniors $140
Staff $105
Paraprofessionals $80
In addition, the firm will seek reimbursement for expenses
incurred.
The Debtor will also pay Mr. Gros a post-petition retainer of
$5,000.
Mr. Gros disclosed in a court filing that he is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached through:
Patrick J. Gros
651 River Highlands Blvd.
Covington, LA 70433
Telephone: (985) 898-3512
About RFC Homes
RFC Homes, LLC filed a petition for relief under Subchapter V of
Chapter 11 of the Bankruptcy Code (Bankr. W.D. La. Case No.
24-20406) on Sept. 3, 2024, listing $1 million to $10 million in
both assets and liabilities.
Judge John W. Kolwe oversees the case.
The Debtor tapped Wade N. Kelly, Esq., as legal counsel and Patrick
J. Gros as accountant.
RICHARDSON CREEK: Hires Michael D. O'Brien as Attorney
------------------------------------------------------
Richardson Creek, LLC seeks approval from the U.S. Bankruptcy Court
for the District of Oregon to employ Michael D. O'Brien &
Associates P.C. as attorney.
The firm's services include negotiating financing orders; obtaining
authorization for use of cash collateral; reviewing and evaluating
the status and validity of secured claims, litigation implementing
their avoidance powers; and formulating a plan of reorganization.
The firm will be paid at these rates:
Michael D. O'Brien, MDO, Partner $475 per hour
Theodore J. Piteo, TJP, Partner $400 per hour
Hugo Zollman, HZ, Senior Paralegal $185 per hour
Lauren Gary, LNG, Paralegal $125 per hour
On November 25, 2024, the firm was retained by the Debtor regarding
investigation into creditor collections and received $10,000 from
the Debtor's Member Connie Harrell. On December 13, 2024, the firm
received an additional $30,000 from the Debtor's Member.
In addition, the firm will seek reimbursement for its out-of-pocket
expenses.
Theodore J. Piteo, Esq., a partner at Michael D. O'Brien &
Associates, P.C., disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached at:
Theodore J. Piteo, Esq.
Michael D. O'Brien & Associates, P.C.
12909 SW 68th Pkwy, Suite 160
Portland, OR 97223
Tel: (503) 786-3800
About Richardson Creek, LLC
Richardson Creek LLC is the fee simple owner of a real property
located at 16000 SE Keller Road, Damascus, OR valued at $1.1
million.
Richardson Creek LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Or. Case No. 24-33417) on Dec. 18, 2024.
In the petition filed by Connie K. Harrell, as agent/member, the
Debtor reports total assets of $1,104,618 and total liabilities of
$421,250.
Bankruptcy Judge Teresa H. Pearson handles the case.
The Debtor is represented by Theodore J. Piteo, Esq., at MICHAEL D.
O'BRIEN & ASSOCIATES, P.C.
RIGHT SIZE: Gets Interim OK to Use Cash Collateral Until Jan. 31
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California
issued an interim order allowing Right Size Plumbing & Drain Co
Inc. to use cash collateral until Jan. 31.
The court order does not authorize the company to use cash
collateral to pay insiders unless and until it has satisfied all
requirements under the Bankruptcy Code and Local Bankruptcy Rule
2014-1.
The U.S. Small Business Administration, a secured creditor, will
receive a monthly payment of $1,135 starting this month as adequate
protection and will be granted a replacement lien on all
post-petition revenues of the company pursuant to the terms of the
Dec. 31 stipulation it reached with the company.
The stipulation was approved by the bankruptcy court on Jan. 3 in a
separate order.
The next hearing is set for Jan. 29. Responses are due by Jan. 15.
About Right Size Plumbing & Drain Co
Right Size Plumbing & Drain Co Inc. sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No.
24-11886) on November 11, 2024, with up to $500,000 in assets and
up to $10 million in liabilities. David E. Jones, president of
Right Size, signed the petition.
Judge Victoria S. Kaufman oversees the case.
Michael Jay Berger, Esq., at Law Offices of Michael Jay Berger,
represents the Debtor as bankruptcy counsel.
RIVERA FAMILY: Seeks to Hire Pittman & Pittman as Legal Counsel
---------------------------------------------------------------
Rivera Family Holdings LLC seeks approval from the U.S. Bankruptcy
Court for the Western District of Wisconsin to hire Pittman &
Pittman Law Offices, LLC to serve as legal counsel in its Chapter
11 case.
The firm's services include representation relating to actions by
creditors and preparation of Chapter 11 plan, valuation motions and
other legal documents.
The firm will be paid at these rates:
Galen W. Pittman, Esq. $400 per hour
Greg P. Pittman, Esq. $325 per hour
Wade M. Pittman, Esq. $335 per hour
Paralegal $100 per hour
In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.
The Debtor paid the firm a retainer of $1,738, of which all was
applied to the filing fee.
Galen Pittman, Esq., a partner at Pittman & Pittman Law Offices,
disclosed in a court filing that he is a "disinterested person" as
the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Galen W. Pittman, Esq.
Pittman & Pittman Law Offices, LLC
712 Main Street
La Crosse, WI 54601
Tel: (608) 784-0841
Email: Info@PittmanandPittman.com
About Rivera Family Holdings LLC
Rivera Family Holdings LLC is a limited liability company.
Rivera Family Holdings LLC sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wis. Case No.
24-12559) on December 20, 2024. In the petition filed by Lynnae
Rivera and Filiberto Rivera, as partners, the Debtors report
estimated assets and liabilities between $1 million and $10 million
each.
Honorable Bankruptcy Judge Catherine J. Furay handles the case.
The Debtor is represented by Galen W. Pittman, Esq. at PITTMAN &
PITTMAN LAW OFFICES, LLC.
RIVERSIDE COURT: Hires Derbes Law Firm L.L.C. as Counsel
--------------------------------------------------------
The Riverside Court Condominium Association Phase II, Inc. seeks
approval from the U.S. Bankruptcy Court for the Eastern District of
Louisiana to employ The Derbes Law Firm, L.L.C. as counsel.
The firm's services include:
(a) providing legal advice with respect to its powers and
duties as debtor-in-possession in the continued management of its
business and property;
(b) attending meetings with representatives of its creditors
and other parties in interest;
(c) taking all necessary action to protect and preserve the
Debtor's estate;
(d) preparing on behalf of the Debtor motions, applications,
answers, orders, reports, and papers necessary to the
administration of the estate;
(e) negotiating and preparing on the Debtor's behalf a plan of
reorganization, and all related agreements and/or documents, and
taking any necessary action on behalf of the Debtor to obtain
confirmation of such plan;
(f) appearing before this Court to protect the interests of
the Debtor before this Court;
(g) performing all other necessary legal services and provide
all necessary legal advice to the Debtor in connection with this
Chapter 11 case;
(h) advising the Debtor concerning executory contract and
unexpired lease assumptions, assignments and rejections and lease
restructuring and recharacterizations; and
(i) commencing and conducting litigation necessary and
appropriate to assert rights held by the Debtor, protect assets of
the Debtor's Chapter 11 estate or otherwise further the goal of
completing the Debtor's successful reorganization.
The firm will be paid at these rates:
Albert J. Derbes, IV, Esq. $495 per hour
Mark S. Goldstein, Esq. $495 per hour
Wilbur J. "Bill" Babin, Jr., Esq. $495 per hour
Patrick S. Garrity, Esq. $495 per hour
Beau P. Sagona, Esq. $475 per hour
Eric J. Derbes, Esq. $425 per hour
Frederick L. Bunol, Esq. $390 per hour
Hugh J. Posner, CPA $250 per hour
Bryan J. O'Neill, Esq. $280 per hour
Notary $100 per hour
Jared S. Scheinuk, Esq. $280 per hour
Paralegals $80 per hour
McKenna Dorais, Esq. $175 per hour
Legal Assistant $60 per hour
On September 10, 2024, the firm received a retainer from the Debtor
in the amount of $11,900.
The firm Firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Patrick S. Garrity, Esq., a partner at Derbes Law Firm, L.L.C.,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Patrick S. Garrity, Esq.
Derbes Law Firm, L.L.C.
3027 Ridgelake Drive
Metairie, LA 70002
Telephone: (504) 207-0913
Facsimile: (504) 832-0327
Email: pgarrity@derbeslaw.com
About The Riverside Court Condominium
Association Phase II, Inc.
The Riverside Court Condominium Association Phase II, Inc., filed a
Chapter 11 bankruptcy petition (Bankr. E.D. La. Case No. 24-12410)
on Dec. 9, 2024. The Debtor hires The Derbes Law Firm, L.L.C. as
counsel.
SCILEX HOLDING: Defers Payment, Grants Shares to Noteholders
------------------------------------------------------------
Scilex Holding Company disclosed in a Form 8-K filed with the
Securities and Exchange Commission that on Jan. 2, 2025, the
Company entered into a deferral and consent letter with each of (i)
Nomis Bay Ltd and BPY Limited, (ii) Oramed Pharmaceuticals Inc. and
(iii) 3i, LP, respectively (collectively, the "Tranche B
Noteholders"), pursuant to which the Tranche B Noteholders agreed
to defer the Company's obligation to make the First Amortization
Payment until Jan. 31, 2025. In consideration of such deferral,
and to limit the Tranche B Noteholders' right to exercise certain
secured creditor remedies (including recourse against the assets of
SCLX Stock Acquisition JV ("SCLX JV") as a grantor under the
Security Agreement (as defined in the Tranche B Consents)), SCLX JV
agreed to deliver to the Tranche B Noteholders (or their designee)
by deposit/withdrawal at custodian with the Depository Trust
Company an aggregate of 5,000,000 shares of common stock, par value
$0.0001 per share, of the Company, held by SCLX JV, of which
2,500,000 shares will be delivered to Oramed, 720,000 shares will
be delivered to BPY Limited, 1,280,000 shares will be delivered to
Nomis Bay Ltd, and 500,000 shares will be delivered to 3i, LP.
The Company previously issued a Tranche B Senior Secured
Convertible Note, dated as of Oct. 8, 2024, to each of Oramed
Pharmaceuticals Inc., Nomis Bay Ltd, BPY Limited and 3i, LP.
Pursuant to the Tranche B Notes, commencing on Jan. 2, 2025, the
Company is required to redeem in cash such portion of the principal
amount of the Tranche B Notes equal to each Tranche B Noteholder's
Holder Pro Rata Amount (as defined in the Tranche B Notes) of
$6,250,000 per fiscal quarter at a redemption price equal to 100%
of such Amortization Amount (as defined in the Tranche B Notes).
In addition, pursuant to the Tranche B Consents, effective as of
the latest of (i) the time of execution and delivery of the Tranche
B Consents, (ii) the time of the delivery of the Scilex Shares and
(iii) the time of grant of the Royalty and Exclusive Rights (each
as defined in, and contemplated pursuant to, the Term Sheet that is
an exhibit to the Tranche B Consents), the Tranche B Noteholders
agreed to further defer the Company's obligation to make the First
Amortization Payment until Oct. 8, 2026, provided that, as
contemplated in the Term Sheet, the Company paid an aggregate of
$1.11 million in respect of a portion of the First Amortization
Payment and related make-whole interest (which amount has been
paid).
The Term Sheet provides that the Company and the Tranche B
Noteholders would enter into an agreement pursuant to which the
Tranche B Noteholders shall collectively receive a 10 year,
assignable, freely transferable, 4% royalty on the worldwide Net
Sales (as defined therein) of Gloperba and Elyxyb, excluding sales
of Elyxyb in Canada.
Pursuant to the Term Sheet, among other things, the Tranche B
Noteholders shall have the right (but not the obligation) to
collectively fund up to 50% of the cash purchase price to acquire
an Ex-US Product Right. If a Tranche B Noteholder elects to fund
any portion of the cash purchase price in respect of an Ex-US
Product Right, such Tranche B Noteholder would be entitled to
receive revenues from the commercialization, licensing or any other
activities in respect of such Ex-US Product Rights in proportion to
the percentage of the cash purchase price that Tranche B Noteholder
has funded.
The transactions contemplated by the Term Sheet are subject to
certain closing conditions, including that the Company shall secure
an agreement to extend the maturity of its obligations under that
certain Senior Secured Promissory Note issued to Oramed on Sept.
21, 2023 to Dec. 31, 2025, which extension shall provide for, among
other things, additional covenants in respect of the conduct of the
Company's business. With such extension, the Company's final
installment payment of approximately $25 million, together with
accrued interest, (currently due on March 21, 2025) will not be due
until Dec. 31, 2025. Oramed has no obligation to provide such
extension and any such extension is dependent upon achievement of
definitive documents acceptable to Oramed in its discretion. The
representations and warranties contained in the Tranche B Consents
were made only for purposes of such Tranche B Consents and as of
specific dates, were solely for the benefit of the parties to the
Tranche B Consents, and may be subject to limitations agreed upon
by the contracting parties.
About Scilex Holding Company
Palo Alto, CA-based Scilex Holding Company -- www.scilexholding.com
-- is an innovative revenue-generating company focused on
acquiring, developing and commercializing non-opioid pain
management products for the treatment of acute and chronic pain
and, following the formation of its proposed joint venture with
IPMC Company, neurodegenerative and cardiometabolic disease.
Scilex targets indications with high unmet needs and large market
opportunities with non-opioid therapies for the treatment of
patients with acute and chronic pain and is dedicated to advancing
and improving patient outcomes. Scilex's commercial products
include: (i) ZTlido (lidocaine topical system) 1.8%, a prescription
lidocaine topical product approved by the U.S. Food and Drug
Administration for the relief of neuropathic pain associated with
postherpetic neuralgia, which is a form of post-shingles nerve
pain; (ii) ELYXYB, a potential first-line treatment and the only
FDA-approved, ready-to-use oral solution for the acute treatment of
migraine, with or without aura, in adults; and (iii) Gloperba, the
first and only liquid oral version of the anti-gout medicine
colchicine indicated for the prophylaxis of painful gout flares in
adults.
San Diego, California-based Ernst & Young LLP, the Company's
auditor since 2020, issued a "going concern" qualification in its
report dated March 11, 2024, citing that the Company has negative
working capital, has suffered losses from operations, has recurring
negative cash flows from operations, and has stated that
substantial doubt exists about the Company's ability to continue as
a going concern.
SEAQUEST HOLDINGS: Seeks to Hire Corbett Auctions as Appraiser
--------------------------------------------------------------
SeaQuest Holdings, LLC seeks approval from the U.S. Bankruptcy
Court for the District of Idaho to employ Corbett Auctions &
Appraisals as appraiser.
The firm will perform a valuation of the Debtor's expansive assets
in order to begin the restructuring process.
The firm will charge $400 per hour for its services.
Corbett Auctions & Appraisals is a "disinterested person" within
the meaning of 11 U.S.C. 101(14), according to court filings.
The firm can be reached through:
Kent Corbett
Corbett Auctions & Appraisals
PO Box 930
Kuna, ID 83634
Phone: (208) 888-9563
Email: kent@corbettauctions.com
About SeaQuest Holdings
SeaQuest Holdings, LLC better known as SeaQuest, is an interactive
marine, exotic mammal, and bird/reptile life attraction chain.
Guests are encouraged to connect with animals and learn about their
ecosystems through various hands-on activities which include
hand-feeding sharks, stingrays, birds, and tropical animals.
SeaQuest offers a private event venue ideal for school field trips,
birthday parties, and more.
SeaQuest Holdings, LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Idaho Case No. 24-00803) on December 2,
2024. In the petition filed by Aaron Neilsen, CEO, the Debtor
reports total assets of $659,473 and total liabilities of
$16,653,877.
Honorable Bankruptcy Judge Benjamin P. Hursh handles the case.
Matthew T. Christensen, Esq., at Johnson May serves as the Debtor's
counsel.
SEVEN RIVERS: Hires Wesler & Associates as Accountant
-----------------------------------------------------
Seven Rivers Leasing Corporation, Inc. seeks approval from the U.S.
Bankruptcy Court for the Western District of Arkansas to employ
Wesler & Associates as accountant.
The firm will provide accounting services; assist in the
preparation of annual tax returns, periodic tax filings, and
monthly operating reports; and serve as an expert witness at the
confirmation hearing, if necessary.
The firm will be paid at these rates:
Cheryl Wesler, CPA $325 per hour
Kristin Lytle, CPA $275 per hour
Kate Geissel, Staff Accountant $175 per hour
Ethan Wood, Staff Accountant $175 per hour
The firm will be paid a retainer in the amount of $2,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Ms. Wesler 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:
Cheryl Wesler, CPA
Wesler & Associates
P.O. Box 19016
Kalamazoo, MI 49019
Telephone: (269) 482-1015
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.
SHANKARA LLC: Hires Wade N. Kelly LLC as Legal Counsel
------------------------------------------------------
Shankara, LLC seeks approval from the U.S. Bankruptcy Court for the
Western District of Louisiana to employ Wade N. Kelly, LLC as
counsel to handle its Chapter 11 case.
The firm will be paid based upon its normal and usual hourly
billing rates. The firm will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Wade N. Kelly, Esq., a partner at Wade N. Kelly, LLC, disclosed in
a court filing that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Wade N. Kelly, Esq.
Packard LaPray, Esq.
Wade N. Kelly, LLC
2201 Oak Park Boulevard
Lake Charles, LA 70601
Tel: (337) 431-7170
wade@packardlaw.com
About Shankara, LLC
Shankara, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. La. Case No. 24-20562) on December 12,
2024. In the petition signed by Sanjay Desai, manager/member, the
Debtor disclosed up to $500,000 in assets and up to $10 million in
liabilities.
Judge John W. Kolwe oversees the case.
Wade N. Kelly, Esq., at Wade N. Kelly LLC, represents the Debtor as
legal counsel.
SHERMAN/GRAYSON: PCO Reports No Change in Patient Care Quality
--------------------------------------------------------------
Daniel McMurray, the court-appointed patient care ombudsman, filed
his seventh report regarding the quality of patient care provided
by Sherman/Grayson Hospital, LLC.
The report covers the period from October 27 to December 25, 2024.
The Ombudsman conducted a facility visit from November 12 to 14,
2024, and December 11 to 13, 2024, at Wilson N. Jones Regional
Medical Center to review the current operational status of the
Hospital and its programs. In connection with or in addition to the
site visit, the Ombudsman conducted interviews with staff and
reviewed various materials to maintain a current understanding of
the issues and challenges impacting the operations and potentially
the quality of care delivered, including matters and issues
presented in the bankruptcy process and/or noted in the public
domain.
The Ombudsman has continued to monitor operations and the quality
of care provided to those served by the Hospital. During this
reporting period, the Hospital's operations remained open and
functional, and the Hospital continues to provide services to
patients and the communities which the Hospital has served.
Mr. McMurray cited no evidence of deferred maintenance. The
facility continues to be well maintained and both neat and clean.
The Ombudsman identified no inappropriate storage or neglected
areas. The Ombudsman was informed that certain plant operations
issues have been identified within the cooling and heating systems.
The Hospital is working on appropriate solutions to address the
issues.
The Ombudsman found that after careful review, it appears that,
notwithstanding the continuing number of significant challenges
experienced during this reporting period, the care provided by the
Hospital has thus far been meeting or exceeding the standards for
quality, as reflected in the most recent quarterly HCAHPS scores,
volume improvements and patient and staff interviews.
The Ombudsman discovered no deterioration in quality as a result of
the bankruptcy or other circumstances. Minor suggestions made by
the Ombudsman during the review process were addressed and
resolved.
A copy of the ombudsman report is available for free at
https://urlcurt.com/u?l=x4zNQv from PacerMonitor.com.
About Sherman/Grayson Hospital
Sherman/Grayson Hospital, LLC is the operator of Wilson N. Jones
Regional Medical Center, a 207-bed acute care hospital in Sherman,
Texas.
Sherman/Grayson Hospital sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Del. Case No. 23-10810) on June 23,
2023, with $1 million to $10 million in assets and $50 million to
$100 million in liabilities. Judge J. Kate Stickles oversees the
case.
Leonard M. Shulman, Esq., at Shulman Bastian Friedman & Bui, LLP
and Rosner Law Group, LLC serve as the Debtor's bankruptcy counsel
and Delaware counsel, respectively.
The U.S. Trustee for Region 3 appointed an official committee to
represent unsecured creditors in the Debtor's Chapter 11 case. The
committee tapped Potter Anderson & Corroon, LLP and RK Consultants,
LLC as legal counsel and financial advisor.
Daniel T. McMurray is the patient care ombudsman appointed in the
Debtor's Chapter 11 case.
SILVER CREEK: Gets Interim OK to Use Cash Collateral Until Jan. 29
------------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas issued
a third interim order extending Silver Creek Investments, LLC's use
of cash collateral.
The interim order authorized the company to use cash collateral to
pay the expenses set forth in its budget, which shows monthly
operational expenses of $10,483.
Secured lender Resources Assistants Corporation was granted
replacement liens, co-extensive with its pre-bankruptcy liens, on
all assets currently owned or to be acquired by Silver Creek
Investments.
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.
SILVERBILLS INC: Unsecureds Will Get 0.77% of Claims in Plan
------------------------------------------------------------
Silverbills Inc. filed with the U.S. Bankruptcy Court for the
Southern District of New York a Disclosure Statement describing
Chapter 11 Plan dated December 23, 2024.
The Debtor provides concierge bill management services to its
customers. The Debtor's financial distress stems from its
relationship with creditor FIS Corp. ("FIS").
In November 2022, the Debtor entered into a contract with FIS
whereby FIS provided bill payment software, mail management and
customer service to the Debtor. Later, in June 2023, the Debtor
entered into an agreement with an FIS Subsidiary, RealNet Payments
LLC to purchase its direct-to-consumer bill pay service brand
"PayTrust".
In this chapter 11 case, including with respect to the instant
motion, the Debtor and FIS have been cooperating in an attempt to
avoid any unnecessary costs, while at the same time maintaining
their respective positions with respect to disputes involving
certain contracts involving both parties and/or the parties'
affiliates.
Class 2 consists of the holders of Allowed General Unsecured
Claims. The Debtor shall pay to holders of Class 2 General
Unsecured Claims, a distribution on a Pro Rata basis on their
Allowed Claim, on the Effective Date from the Plan Distribution
Fund, after distribution to all Unclassified Claims. The Debtor
estimates these Claims to total approximately $3,853,502.48 and the
Debtor estimates that such holders will receive approximately 0.77%
on account of their Allowed Claims.
This is an estimation which makes certain assumptions about the
resolution of the post-closing sale adjustment, claim objections
yet to be prosecuted and the amount of legal fees to be accrued to
resolve the Chapter 11 case. As such, this is not a guaranty of
recovery but only an estimation. Class 2 Claims are Impaired under
the Plan and are allowed to vote to accept or reject the Plan.
Class 3 consists of the Holder of Interests in the Debtor. Class 3
Holder of Interests shall retain his/her interests in the Debtor
and are not expected to receive any monetary distributions under
the Plan. Class 3 Interests are unimpaired and deemed to accept the
Plan.
The Plan shall be funded by the Distribution Fund. Such assets
shall constitute the Plan Distribution Fund, which shall be
distributed by the Debtor in accordance with the terms of the
Plan.
A full-text copy of the Disclosure Statement dated December 23,
2024 is available at https://urlcurt.com/u?l=76e9ej from
PacerMonitor.com at no charge.
Attorneys for the Debtor:
Dawn Kirby, Esq.
Kirby Aisner & Curley, LLP
700 White Plains Road, Suite 237
Scarsdale, NY 10583
Telephone: (914) 401-9500
Email: Dkirby@kacllp.com
About Silverbills Inc.
Silverbills Inc. is revolutionizing household bills using secure
proprietary software and personal support. SilverBills manages the
entire bill paying process: receiving, analyzing, storing, and
paying.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-11323) on July 30,
2024, with $3,343 in assets and $1,380,812 in liabilities.
Nathaniel Eberhart, CEO and director, signed the petition.
Judge Philip Bentley presides over the case.
Dawn Kirby, at KIRBY AISNER & CURLEY LLP, is the Debtor's legal
counsel.
SL BEVERAGE: Recovery for Unsecureds Still to Be Determined
-----------------------------------------------------------
SL Beverage Liquidation, LLC and its affiliates, and the Official
Committee of Unsecured Creditors filed with the U.S. Bankruptcy
Court for the District of Delaware a Combined Disclosure Statement
and Chapter 11 Plan of Liquidation dated December 23, 2024.
As of the Petition Date, the Debtors were vertically integrated,
international apparel companies that designed, manufactured,
sourced, and marketed a diverse portfolio of core activewear and
lifestyle apparel products under the primary brands of Salt
Life(R), Soffe(R), and Delta.
After its appointment, the Committee engaged in an investigation of
potential challenges against the Lenders. The Committee
investigated the extent, validity and priority of the Lenders'
liens as well as other potential claims against the Lenders. The
Committee reviewed the PrePetition Credit Agreement documents and
lien perfection documents and filings. While conducting its
investigation, the Committee simultaneously engaged in negotiations
with the DIP Agent regarding a potential resolution of issues
regarding financing and the sale of the Debtors' Assets.
On July 26, 2024, the Court entered the Bid Procedures Order. FCM
was the named stalking horse bidder for the Salt Life Assets.
Following the entry of the Bid Procedures Order, the Debtors
received Qualifying Bids for (a) the Salt Life Assets; (b) certain
of the non-Salt Life Assets related to the Soffe(R) brand (the
"Soffe Assets"); (c) certain units of "Fanatics neck pre-labeled
blanks" in the inventory of DTG2Go (the "DTG2Go Assets"), and (d)
leases for two Salt Life retail locations located in California
(the "SL California Leases").
On August 27, 2024, the Debtors conducted an auction (the
"Auction") pursuant to the Bid Procedures Order and, as a result of
the Auction, selected (a) Iconix International Inc. and Hilco
Merchant Resources, LLC as the successful bidder for the Salt Life
Assets, (b) Renfro, LLC as the successful bidder for the Soffe
Assets, (c) Fanatics, LLC as the successful bidder for the DTG2Go
Assets, and (d) L&L Wings as the successful bidder for the SL
California Leases. Subsequently, L&L Wings elected only to proceed
with the purchase of one of the SL California Leases. As part of
the Successful Bid for the Salt Life Assets, Hilco Merchant
Resources, LLC was to be retained as the Debtors' agent for
purposes of liquidating the inventory and furniture, fixtures, and
equipment relating to the operation of the Salt Life business.
Thereafter, the Court entered the Salt Life Sale Order, the Soffe
Sale Order, the DTG2GO Sale Order, the SL California Lease Sale
Order approving the foregoing sales, which are now closed and
consummated.
Additionally, because the Debtors' remaining personal property
assets, and in particular the remaining inventory and furniture,
fixtures, and equipment relating to the operation of the Delta
apparel business, were not sold pursuant to the sale process under
the Bidding Procedures Order, the Debtors sought and obtained final
approval from the Court to engage SB360 Capital Partners as a
liquidation consultant to conduct liquidation sales of such
remaining assets on behalf of the Debtors.
On August 20, 2024, the Committee filed the Committee DIP Objection
and on August 27, 2024, the Committee filed the Committee Sale
Objection. Among other things, the objections took issue with the
case timeline and the scope of benefits afforded to the Lenders.
The Debtors, the Committee, and the DIP Agent and Lenders (the
"Settlement Parties") engaged in thorough discussions and
negotiations with respect to these contested matters, and the
parties entered into the Settlement Agreement.
The Settlement Agreement has been incorporated into the Combined
Disclosure Statement and Plan. In the Plan Proponents' judgment,
the Settlement Agreement is reasonable and in the best interest of
the Debtors, their Estates, their creditors and all parties in
interest, including the Holders of Allowed General Unsecured
Claims. The Settlement was the product of good-faith and arm's
length negotiations between the parties. The Settlement Agreement
resolves the Committee Objections in an efficient, consensual, and
cost-effective manner that will avoid litigation and the
uncertainty it involves.
The Combined Disclosure Statement and Plan is a liquidating chapter
11 plan. The Combined Disclosure Statement and Plan is premised
upon maximizing the liquidation value of the Assets to benefit
creditors. The Combined Disclosure Statement and Plan provides for
the creation of a trust for the benefit of general unsecured
creditors (i.e., the GUC Trust).
Class 4 consists of all General Unsecured Claims. Each Holder of an
Allowed General Unsecured Claim shall receive, in full
satisfaction, release and discharge of and in exchange for such
Allowed General Unsecured Claim, a GUC Trust Interest, which shall
entitle each Holder thereof to its Pro Rata share of GUC Trust
Assets after payment of, or provision for, all GUC Trust Expenses.
Class 4 is Impaired. The allowed unsecured claims total
$46,036,32.97.
Holders of other general unsecured claims in Class 4 are impaired
and their projected recovery is still "to be determined", according
to the Combined Disclosure Statement and Plan.
Class 6 consists of all Interests. In full and final satisfaction
of each Allowed Interest, each Allowed Interest shall be canceled,
released, and extinguished, and will be of no further force or
effect, and no Holder of Allowed Interests shall be entitled to any
recovery or Distribution under the Combined Disclosure Statement
and Plan on account of such Interests.
Following the Sale Orders, the Debtors have focused principally on
efficiently winding down their businesses and monetizing their
remaining Assets. This Combined Disclosure Statement and Plan
provides for the Assets, to the extent not already liquidated, to
be liquidated over time and the proceeds thereof to be distributed
to Holders of Allowed Claims in accordance with the terms of the
Combined Disclosure Statement and Plan and the treatment of Allowed
Claims. The Plan Administrator will effect such liquidation and
distributions, except as to the GUC Trust Assets.
The Combined Disclosure Statement and Plan will be implemented by
(i) the appointment of the Plan Administrator; (ii) the creation of
the GUC Trust and appointment of the GUC Trustee; (iii) the making
of Distributions to Holders of Allowed Claims (other than General
Unsecured Claims) from the Plan Administration Assets; and (iv) the
making of Distributions to GUC Trust Beneficiaries from the GUC
Trust Assets, all in a manner consistent with the terms and
conditions set forth in this Combined Disclosure Statement and
Plan, the Confirmation Order, the Settlement Agreement, the Plan
Administration Agreement, and the GUC Trust Agreement.
A full-text copy of the Combined Disclosure Statement and Plan
dated December 23, 2024 is available at
https://urlcurt.com/u?l=b3ZveN from PacerMonitor.com at no charge.
Counsel to the Debtors:
POLSINELLI PC
Christopher A. Ward, Esq.
222 Delaware Avenue, Suite 1101
Wilmington, Delaware 19801
Telephone: (302) 252-0920
Email: cward@polsinelli.com
-and-
Jeremy R. Johnson, Esq.
600 3rd Avenue, 42nd Floor
New York, New York 10016
Telephone: (212) 684-0199
Email: jeremy.johnson@polsinelli.com
-and-
Jerry L. Switzer, Jr., Esq.
150 N. Riverside Plaza, Suite 3000
Chicago, Illinois 60606
Telephone: (312) 819-1900
Email: jswitzer@polsinelli.com
Counsel for the Official Committee of Unsecured Creditors:
POTTER ANDERSON & CORROON LLP
Christopher M. Samis, Esq.
1313 North Market Street, 6th Floor
Wilmington, Delaware 19801
Telephone: (302) 984-6000
Email: csasmis@potteranderson.com
-and-
SHUMAKER LOOP & KENDRICK, LLP
David H. Conaway, Esq.
Ronald D. P. Bruckmann, Esq.
101 S. Tryon Street, Suite 2200
Charlotte, NC 28280
Telephone: (704) 375-0057
Email: dconaway@shumaker.com
rbruckmann@shumaker.com
About Delta Apparel
Headquartered in Duluth, Georgia, Delta Apparel, Inc., is a
vertically integrated, international apparel company with 6,800
employees worldwide. The Company designs, manufactures, sources,
and markets a diverse portfolio of core activewear and lifestyle
apparel products under its primary brands of Salt Life, Soffe, and
Delta. The Company specializes in selling casual and athletic
products through a variety of distribution channels and tiers,
including outdoor and sporting goods retailers, independent and
specialty stores, better department stores and mid-tier retailers,
mass merchants, eRetailers, the U.S. military, and through its
business-to-business digital platform.
Delta Apparel Inc. and six affiliates filed for Chapter 11
protection in Wilmington, Del., on June 30, 2024, with a deal in
hand to sell its Salt Life brand. The lead case is In re Salt Life
Beverage, LLC (Bankr. D. Del. Lead Case No. 24-11468).
Delta Apparel's assets as of June 1, 2024, total $337,801,000 and
debt total $244,564,000. The petitions were signed by Mr. Pruban.
The Hon. Judge Laurie Selber Silverstein presides over the cases.
Lawyers at Polsinelli PC serve as counsel to the Debtors. Tim
Pruban at Focus Management Group is serving as the Debtors' chief
restructuring officer. MMG Advisors, Inc., serves as investment
banker. Epiq is the claims and noticing agent and administrative
advisor.
SONOMA PHARMACEUTICALS: Completes Annual Equity Grants to Employees
-------------------------------------------------------------------
Sonoma Pharmaceuticals, Inc., disclosed in a Form 8-K filed with
the Securities and Exchange Commission that on Jan. 2, 2025, the
Company completed its annual equity grant to employees, including
executive officers, of the Company. The annual grant is intended
to recognize employees who meet certain employment criteria and to
retain key employees. The Company's non-employee directors each
received 7,500 options. The exercise price of the options is based
on the closing price of our common stock of $2.68 per share on Jan.
2, 2025, and the options vest in three equal tranches on the first,
second and third anniversary of the grant date. Each executive
officer received Restricted Stock Units (RSUs) as follows:
* Amy Trombly, Chief Executive Officer: 10,000 RSUs;
* Jerry Dvonch, Chief Financial Officer: 10,000 RSUs; and
* Bruce Thornton, Executive Vice President and Chief Operating
Officer: 10,000 RSUs.
The RSUs vest in three equal tranches 6, 18 and 24 months from the
grant date with a valuation based on the five day weighted-average
stock price on the date of vesting. All options and RSUs vest upon
change of control and as otherwise provided in an executive
officer's employment agreement.
About Sonoma Pharmaceuticals
Sonoma Pharmaceuticals, Inc. (NASDAQ: SNOA) --
http://www.sonomapharma.com/-- is a global healthcare company
developing and producing stabilized hypochlorous acid, or HOCl,
products for a wide range of applications, including wound care,
eye care, oral care, dermatological conditions, podiatry, animal
health care, and non-toxic disinfectants. The Company's products
reduce infections, itch, pain, scarring, and harmful inflammatory
responses in a safe and effective manner. In-vitro and clinical
studies of HOCl show it to have impressive antipruritic,
antimicrobial, antiviral, and anti-inflammatory properties. The
Company's stabilized HOCl immediately relieves itch and pain, kills
pathogens and breaks down biofilm, does not sting or irritate the
skin, and oxygenates the cells in the area treated, assisting the
body in its natural healing process. The Company sells its
products either directly or via partners in 55 countries
worldwide.
Tampa, Florida-based Frazier & Deeter, LLC, the Company's auditor
since 2021, issued a "going concern" qualification in its report
dated June 17, 2024, citing that the Company has incurred
significant losses and negative operating cash flows and needs to
raise additional funds to meet its obligations and sustain its
operations. These conditions raise substantial doubt about its
ability to continue as a going concern.
SPECIAL EFFECTS: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Special Effects Unlimited, Inc.
8942 Lankershim Blvd.
Sun Valley CA 91352
Business Description: Special Effects is a large supplier of
specialized rental equipment and materials
for the film industry, as well as a special
effects service supplier to the commercial
and music industries. Special Effects
Unlimited has served clients in Hollywood,
Burbank, Culver City, Universal City, and
throughout Los Angeles with all sorts of
special effects.
Chapter 11 Petition Date: January 4, 2025
Court: United States Bankruptcy Court
Central District of California
Case No.: 25-10015
Judge: Hon. Victoria S Kaufman
Debtor's Counsel: Marc Aaron Goldbach, Esq.
GOLDBACH LAW GROUP
111 W. Ocean Blvd., Suite 400
Long Beach, CA 90802
Tel: 562-696-0582
Fax: 888-771-5425
E-mail: marc.goldbach@goldbachlaw.com
Total Assets: $2,526,998
Total Liabilities: $773,924
The petition was signed by Pamela Kay Elliott as president.
A full-text copy of the petition, which includes a list of the
Debtor's 20 largest unsecured creditors, is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/A26QOGI/Special_Effects_Unlimited_Inc__cacbke-25-10015__0001.0.pdf?mcid=tGE4TAMA
STAR PUMP: Seeks to Hire Barron & Newburger as Bankruptcy Counsel
-----------------------------------------------------------------
Star Pump Down Services, LLC seeks approval from the U.S.
Bankruptcy Court for the Western District of Texas to employ Barron
& Newburger, PC as counsel.
The firm will provide the following services:
(a) advise the Debtor of its rights, powers, and duties;
(b) review the nature and validity of claims asserted against
the property of the Debtor and advise it concerning the
enforceability of such claims;
(c) prepare on behalf of Debtor, all necessary and appropriate
legal documents and review all financial and other reports to be
filed in the Chapter 11 case;
(d) advise the Debtor concerning and prepare responses to,
legal papers which may be filed in the Chapter 11 case;
(e) counsel the Debtor in connection with the formulation,
negotiation, and promulgation of a plan of reorganization and
related documents;
(f) perform all other legal services for and on behalf of the
Debtor which may be necessary and appropriate in the administration
of the Chapter 11 case and its business; and
(g) work with professionals retained by other parties in
interest in this case to attempt to obtain approval of a consensual
plan of reorganization for the Debtor.
The firm will be paid at these hourly rates:
Stephen Sather, Attorney $600
Other Attorneys $250 - $450
Support Staff $40 - $100
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received a retainer in the amount of $15,000 from the
Debtor.
Mr. Sather disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Stephen Sather, Esq.
Barron & Newburger P.C.
7320 N. Mopac Expressway, Ste. 400
Austin, TX 78731
Telephone: (512) 476-9103
Email: ssather@bn-lawyers.com
About Star Pump Down Service
Star Pump Down Service LLC is dedicated to providing services in
the pump down industry.
Star Pump Down Service LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 24-11506) on
November 29, 2024. In the petition signed by Chad Elliott,
president, the Debtor reports total assets of $5,146,614 and total
liabilities of $7,061,694.
Honorable Bankruptcy Judge Shad Robinson handles the case.
Stephen Sather, Esq., at Barron & Newburger PC serves as the
Debtor's counsel.
STERLING CREDIT: Committee Gets Approval to Hire Financial Advisor
------------------------------------------------------------------
The official committee of unsecured creditors appointed in the
Chapter 11 case of Sterling Credit Corp. received approval from the
U.S. Bankruptcy Court for the Middle District of Florida to employ
Henderson Hutcherson & McCullough, PLLC as financial advisor.
The firm will provide these services:
(a) valuation of the Debtor's portfolio of auto loans;
(b) advise and assist with analyzing and negotiating
debtor-creditor matters;
(c) review and evaluate the Debtor's financial condition,
business plans and cash and financial forecasts, and report to
committee's counsel regarding the same; and
(d) assist with such other matters as may be requested that
fall within the financial advisor's expertise and that are mutually
agreeable.
The firm's professionals will be paid as follows:
Jon Paul Davis, CPA $565
Travis Flenniken, CPA $485
Mr. Davis 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:
Jon Paul Davis, CPA
Henderson Hutcherson & McCollough, PLLC
1755 Kirby Pkwy., Suite 200
Memphis, TN 38120
Telephone: (901) 683-4234
Facsimile: (423) 265-8125
Email: jpdavis@hhmcpas.com
About Sterling Credit Corp.
Sterling Credit Corp. provides capital and collection services to
customers. It is based in Altamonte Springs, Fla.
Sterling Credit sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-02830) on June 4,
2024, with $10 million to $50 million in both assets and
liabilities. William R. Ward, president, signed the petition.
Judge Tiffany P. Geyer oversees the case.
The Debtor is represented by Robert Drake Wilcox, Esq., at Wilcox
Law Firm.
On July 17, 2024, the U.S. Trustee for the Middle District of
Florida appointed an official committee of unsecured creditors in
this Chapter 11 case. The committee tapped Shuker & Dorris, PA as
counsel and Henderson Hutcherson & McCullough, PLLC as financial
advisor.
STOLI GROUP: Hires Whiskey Advisors as Valuation Expert
-------------------------------------------------------
Stoli Group (USA), LLC and Kentucky Owl, LLC seek approval from the
U.S. Bankruptcy Court for the Northern District of Texas to employ
Whiskey Advisors, LLC as valuation expert.
The firm's services include appraising and valuing the Debtor's raw
whiskey and bourbon inventory by, among other things, completing
walkthroughs and on-site inspections of Debtor Kentucky Owl's
existing inventory, reviewing and analyzing management reports and
systems, and analyzing and assessing the current market conditions
as it relates to Debtors' unique raw whiskey and bourbon
inventory.
The firm will be paid a flat fee of $25,000.
As disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Chuck Morton
Whiskey Advisors, LLC
610 W Main St Suite 001
Louisville, KY 40202
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.
SUPERIOR CONTRACT: Unsecureds to be Paid in Full in Plan
--------------------------------------------------------
Superior Contract Cleaning Inc. filed with the U.S. Bankruptcy
Court for the Western District of Louisiana a Small Business Plan
of Reorganization under Subchapter V dated December 23, 2024.
The Debtor is a Louisiana corporation formed in December of 2004
and is in good standing with the State of Louisiana. The Company
remediates immovable property after natural disasters such as
hurricanes.
Superior works is different states and its clientele is varied and
its income stream while "strong" overall is not always consistent.
Superior works when its services are needed which occurs in years
when there is an active hurricane season.
The Debtor will sell approximately 180 dehumidifiers which it
doesn't need in its current operations and the motion to accomplish
that will be filed shortly after this Plan is filed. The sale will
be to ZB Environmental, LLC, which is a company wholly owned by the
son of Rinea Blanchard, Zach Blanchard, and his wife. The proposed
sale will be for $500 per unit and is estimated to generate
approximately $90,000. These funds will be used to pay all
administrative claims, all priority claims, and to cure any
defaults in claims of Classes 1 and 2.
The Debtor will continue to operate as it has. Upon confirmation
the Reorganized Debtor (that is, Superior Contract Cleaning, Inc.
after the Effective Date) will continue to operate as it has in the
past. The Debtor plans to sell approximately 180 dehumidifiers
("units") to ZB Environmental LLC. This will generate approximately
$90,000 which will be used to pay all admin expenses, priority
claims, and any amounts needed to bring Classes 1 and 2 current.
Class 3 consists of Allowed Claims of General Unsecured Creditors.
Allowed claims in this class will be paid in full in quarterly
installments beginning with the 1st day of the quarter following
the effective date.
Class 4 consists of the allowed claims of insider Quality Cleaning
Equipment and Supply. This claim will not be paid. The debtor
objects to this claim.
Class 5 consists of the allowed claim of Rinea Blanchard, Superior
PR, LLC. This Claim was will not be paid anything until all class
1, 2 and 3 claims are paid.
The Debtor will continue to operate as it is now. The revenue or
income stream from which the Reorganized Debtor will fund
operations and to the extent there are sufficient funds, to pay
administrative costs not otherwise paid from funds derived from
asset liquidation. Additional funds may be contributed by Rinea
Blanchard or her designee as needed.
A full-text copy of the Plan of Reorganization dated December 23,
2024 is available at https://urlcurt.com/u?l=CrYXyM from
PacerMonitor.com at no charge.
Counsel to the Debtor:
H. Kent Aguillard, Esq.
Caleb K. Aguillard, Esq.
H. Kent Aguillard, Attorney at Law
P.O. Drawer 391
Eunice, LA 70535
Tel: (337) 457-9331
Email: kaguillard@yhalaw.com
About Superior Contract Cleaning
Superior Contract Cleaning, Inc., sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. W.D. La. Case No. 24-50807)
on September 20, 2024, listing under $1 million in both assets and
liabilities.
Judge John W. Kolwe oversees the case.
The Debtor tapped H. Kent Aguillard, Esq., and Caleb K. Aguillard,
Esq., as bankruptcy counsel and William Kellner, Esq., and Matthew
Voorhies Spizale, Esq., as special counsel.
T14-15 LLC: New Loan Proceeds to Fund Plan Payments
---------------------------------------------------
T14-15, LLC, filed with the U.S. Bankruptcy Court for the Middle
District of Florida a First Amended Disclosure Statement with
respect to Plan of Reorganization dated December 26, 2024.
The Debtor is a Florida limited liability company that owns vacant
commercial property in Ocoee, FL and located at or near 251 Maine
Street, Ocoee Florida, 34761 with parcel ID 20-22- 28-0000-00-015
and 20-22-28-0000-00-082 according to the Orange County Tax
Collector (the "Property").
In 2024, the Debtor faced foreclosure by its lender, BOF Holdings
I, LLC. BOF holds a first priority mortgage lien on the Debtor's
Property. BOF initiated foreclosure proceedings in Orange County,
Florida, case number 2024-CA-001604-O, and obtained a Final
Judgment of Foreclosure. The Debtor filed this Chapter 11 case to
preserve the value of its Property, to obtain new financing to
satisfy the secured claim of BOF, cure and decelerate any special
assessments owed to the CDD, and to restructure its debt
obligations to allow for a successful reorganization for the
benefit of all stakeholders.
As of the Petition Date, the Debtor's primary assets consist of the
real property valued at $11,250,000.00.
The Plan provides for the reorganization of the Debtor's Estate and
the orderly payment of Allowed Claims in full through the
restructuring of debt and the further improvement of the Property.
The Plan provides for the orderly payment of Allowed Claims,
including through obtaining new financing and paying certain claims
in full. The Debtor has obtained a commitment for new financing
from Capital Funding Financial, LLC, in the principal amount of
$5,626,000 (the "New Loan").
The proceeds of the New Loan will be used to fund the payments
required under the Plan, including payment in full of certain
secured claims. The Debtor will pay in full all Allowed
Administrative Claims on the Effective Date, unless otherwise
agreed to by the holder of any such claim. The Debtor shall
continue to exist after the Effective Date as a limited liability
company in accordance with the laws of the State of Florida.
Class 6 consists of any and all beneficial and ownership interests
in the Debtor. On the Effective Date, all Holders of beneficial and
ownership interests in the Debtor shall retain their interests.
Class 6 is Unimpaired.
The Debtor will pay Allowed Claims under this Plan with the
proceeds of the New Loan obtained from Capital Funding Financial,
LLC, in the principal amount of $5,626,000. The New Loan proceeds
will be used to fund the payments required under this Plan,
including payment in full of the Allowed Secured Claims of BOF
Holdings I, LLC (Class 1), the FRERC Community Development District
(Class 2), the Orange County Tax Collector (Class 5), and the Tax
Certificate Holders (Classes 3 and 4).
A full-text copy of the First Amended Disclosure Statement dated
December 26, 2024 is available at https://urlcurt.com/u?l=BASJ4y
from PacerMonitor.com at no charge.
Counsel for the Debtor:
Jonathan M. Sykes, Esq.
Nardella & Nardella, PLLC
135 W. Central Blvd., Suite 300
Orlando, FL 32801
Phone: (407) 966-2680
Facsimile (407) 966-2681
About T14-15 LLC
T14-15, LLC, a company in Windermere, Fla., filed a Chapter 11
petition (Bankr. M.D. Fla. Case No. 24-04490) on August 26, 2024,
with $10 million to $50 million in assets and $1 million to $10
million in liabilities.
Judge Grace E. Robson oversees the case.
Jonathan M. Sykes, Esq., at Nardella & Nardella, PLLC is the
Debtor's legal counsel.
TRUE VALUE: U.S. Trustee Unable to Appoint Committee
----------------------------------------------------
The U.S. Trustee for Regions 3 and 9 disclosed in a court filing
that no official committee of retirees has been appointed in the
Chapter 11 cases of True Value Company, LLC and its affiliates.
In a Jan. 2 filing with the U.S. Bankruptcy Court for the District
of Delaware, the bankruptcy watchdog said it has not received a
response from any retiree indicating interest to serve on the
committee.
Last month, the court ordered the U.S. Trustee to appoint an
official committee comprised of retirees or their beneficiaries who
receive benefits under the company's retiree plans.
True Value Company provides post-employment medical, dental and
vision benefits, and life insurance and death benefits to retirees.
As of Oct. 14, the company provides benefits to four retirees under
its retiree health plan, and 303 retirees under its retiree life
plan.
About True Value Company
True Value Company, LLC and its affiliates are hardlines
wholesalers, serving approximately 4,500 stores worldwide. A
globally recognized retail brand, the Debtors provide customers in
over 55 countries an expansive product set across key categories
such as Hardware Lumber and Building, Outdoor Living and Tools, and
Plumbing and Heating.
The Debtors filed voluntary Chapter 11 petitions (Bankr. D. Del.
Lead Case No. 24-12337) on October 14, 2024. True Value estimated
total assets of $100 million to $500 million and total liabilities
of $500 million to $1 billion as of the bankruptcy filing.
Judge Karen B. Owens oversees the cases.
The Debtors tapped Skadden, Arps, Slate, Meagher & Flom LLP, and
Young Conaway Stargatt & Taylor, LLP as bankruptcy counsel; Glenn
Agre Bergman & Fuentes, LLP as conflicts counsel; Houlihan Lokey
Capital, Inc. as financial advisor; and Omni Agent Solutions, Inc.
as claims and administrative agent. The Debtors also tapped M3
Advisory Partners, LP to provide chief transformation officer and
supporting personnel.
The U.S. Trustee for Regions 3 and 9 appointed an official
committee to represent unsecured creditors in the Debtors' Chapter
11 cases.
TURNING POINTS: Hires Reed Smith as Insurance Coverage Counsel
--------------------------------------------------------------
Turning Points for Children and its affiliates seek approval from
the U.S. Bankruptcy Court for the Eastern District of Pennsylvania
to employ Reed Smith LLP as their special insurance coverage
counsel.
The firm will be paid at these rates, reflective of discounts:
John N. Ellison, Esq. $1,280/hour
Luke E. Debevec, Esq. $944/hour
Kathleen Murphy, Esq. $659/hour
Li Simmonds, Paralegal $383/hour
Reed Smith will also seek to be reimbursed for reasonable
out-of-pocket expenses.
John Ellison, Esq., a partner at Reed Smith 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:
John N. Ellison, Esq.
Reed Smith LLP
355 South Grand Avenue, Suite 2900
Los Angeles, CA 90071
Tel: (310) 734-5465
Email: jellison@reedsmith.com
About Turning Points for Children
Turning Points for Children, a subsidiary of Public Health
Management Corporation, provides a range of social and health
services to support children, caregivers, and families. Its mission
is to nurture families with children who are struggling against
economic and environmental odds.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Pa. Case No. 24-11479) on May 1, 2024.
In the petition signed by David R. Fair, executive director, the
Debtor disclosed $34,373,426 in assets and $6,400,954 in
liabilities.
Judge Ashely M. Chan oversees the case.
Aris J. Karalis, Esq., at Karalis PC represents the Debtor as legal
counsel.
UNITEDHEALTH GROUP: Minnetonka HQ Placed in Receivership
--------------------------------------------------------
Caitlin Anderson of Minneapolis/St. Paul Business Journal reports
that the Minnetonka office building that currently houses
UnitedHealth Group Inc.'s headquarters has entered receivership,
and its owner faces a looming financial challenge.
According to the report, with UnitedHealth's lease set to expire, a
$47 million loan is nearing maturity. Hennepin County District
Court appointed John Boich of CBRE Inc. as the limited receiver for
the 10-story office building located at 9900 Bren Road E.,
according to court filings.
UnitedHealth has occupied the building since 1998 but has decided
not to renew its lease, which ends on December 31, 2024, the report
said. The company is the building's only tenant, as noted in court
and loan servicer reports.
Without a new tenant lined up, the building's owner—an entity
connected to New York-based LCN Capital Partners LP -- will be
unable to meet its financial obligations when the mortgage comes
due on January 6, 2024, court documents indicate.
LCN Capital Partners did not respond to requests for comment, nor
did Boich.
The LCN-linked entity purchased the building in 2014 from
UnitedHealth through a sale-leaseback transaction, partially
funding the purchase with a $51.675 million loan from German
American Capital Corp., according to court documents. A year later,
the loan was sold to a commercial mortgage-backed securities (CMBS)
trust, with Wilmington Trust N.A. acting as trustee. Wilmington
Trust is the plaintiff in the now-closed receivership case,
representing the trust's investors in the property's debt,
according to report.
Wilmington Trust declined to comment, as did Dorsey & Whitney, the
law firm representing LCN.
As of December 23, the outstanding loan balance was over $47
million, based on court documents and loan servicer reports. Both
Wilmington Trust and LCN sought the appointment of a receiver.
After learning that UnitedHealth would be vacating the property,
LCN listed the 344,000-square-foot building for sale or lease last
year, the report states.
UnitedHealth has already relocated much of its operations to a new
campus at 11000 Optum Circle in Eden Prairie, according to court
filings.
About UnitedHealt Group Inc.
UnitedHealth Group Incorporated is an American multinational health
insurance and services company based in Minnetonka, Minnesota.
UPTOWN DENTAL: Hires Watson Brown Sales Inc. as Appraiser
---------------------------------------------------------
Uptown Dental Solutions, PLLC d/b/a Lakeside Dental Solutions seeks
approval from the U.S. Bankruptcy Court for the Northern District
of Texas to employ Watson Brown Sales Inc. as appraiser.
The firm will prepare an appraisal of the market value of the
Debtor's assets, including all medical and dental equipment and all
furniture and office equipment located at 6705 Heritage Parkway,
Ste #100, Rockwall, Texas 75087.
The firm will be paid at a flat fee of $4,500.
Jeremy Brown, a partner at Watson Brown Sales Inc., disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Jeremy Brown
Watson Brown Sales Inc.
2605 FM 407, Suite #145 PMB 215
Bartonville, TX 76226
About (Uptown Dental Solutions
Uptown Dental Solutions, PLLC is a full-service practice offering
comprehensive range of dental services including, cosmetic,
general, and family dentistry in Rockwall, Texas.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Texas Case No. 24-33352) on October
25, 2024, with $1 million to $10 million in both assets and
liabilities. Rashid Beirute-Prada, sole member, signed the
petition.
Brandon Tittle, Esq., at Tittle Law Group, PLLC, represents the
Debtor as bankruptcy counsel.
VBI VACCINES: Acquired by K2 VBI Equity as Part of CCAA Proceedings
-------------------------------------------------------------------
VBI Vaccines Inc. announced Jan. 3, that, in connection with its
creditor protection proceedings under the Companies' Creditors
Arrangement Act (Canada) (the "CCAA") and its previously announced
sale and investment solicitation process, the Company completed the
transactions contemplated by that certain amended and restated
acquisition agreement made effective as of Oct. 24, 2024 (as
amended) with K2 VBI Equity Trust, LLC (the "Purchaser"), an
affiliate of K2 HealthVentures LLC, one of the secured creditors of
the Company and the lender under the debtor-in-possession financing
implemented in connection with the CCAA proceedings. The
Acquisition Agreement had been approved by the Ontario Superior
Court of Justice (Commercial List) on Oct. 31, 2024.
Following completion of the Transaction, in accordance with the
Acquisition Agreement and the Court order, all of the previously
issued and outstanding common shares of the Company have been
redeemed and cancelled without consideration, and VBI and certain
of its subsidiaries, namely VBI Vaccines (Delaware) Inc. and
Variation Biotechnologies Inc., became wholly-owned subsidiaries of
the Purchaser and emerged from the CCAA proceedings. Furthermore,
all of the directors and executive officers of VBI have resigned
effective upon closing of the Transaction and have been replaced by
nominees of K2. The Company wishes to thank each of them for their
stewardship in guiding the Company through this corporate
transition.
The Company is expected to apply for an order to cease to be a
reporting issuer under Canadian securities laws in all Canadian
jurisdictions in which it is currently a reporting issuer. Upon
ceasing to be a reporting issuer, the Company would no longer file
any further continuous disclosure. The Company is also expected to
deregister its common shares under the U.S. Securities Exchange Act
of 1934, as amended.
About VBI Vaccines
VBI Vaccines Inc. -- www.vbivaccines.com -- is a biopharmaceutical
company which, through its innovative approach to virus-like
particles ("VLPs"), including a proprietary enveloped VLP ("eVLP")
platform technology and a proprietary mRNA-launched eVLP ("MLE")
platform technology, VBI develops vaccine candidates that mimic the
natural presentation of viruses, designed to elicit the innate
power of the human immune system. VBI is headquartered in
Cambridge, Massachusetts.
Iselin, New Jersey-based EisnerAmper LLP, the Company's auditor
since 2016, issued a "going concern" qualification in its report
dated April 16, 2024, citing that the Company faces several risks,
including but not limited to, uncertainties regarding the success
of the development and commercialization of its products, demand
and market acceptance of the Company's products, and reliance on
major customers. The Company anticipates that it will continue to
incur significant operating costs and losses in connection with the
development and commercialization of its products. The Company has
an accumulated deficit as of December 31, 2023 and cash outflows
from operating activities for the year-ended December 31, 2023 and,
as such, will require significant additional funds to conduct
clinical and non-clinical trials, commercially launch its products,
and achieve regulatory approvals that raise substantial doubt about
its ability to continue as a going concern.
VERITONE INC: Prices $20.3 Million Registered Direct Offering
-------------------------------------------------------------
Veritone, Inc., announced Jan. 2, 2025, that it has entered into a
definitive agreement providing for the purchase and sale of an
aggregate of 8,023,716 shares of common stock (or pre-funded
warrants in lieu thereof) at a purchase price of $2.53 per share
(or $2.52 for each pre-funded warrant) in a registered direct
offering to Esousa Group Holdings, LLC, a New York based family
office. The pre-funded warrants have an exercise price of $0.01,
are immediately exercisable, subject to certain limitations, and
will have a term of five years from the original issue date. The
closing of the offering was expected to occur on or about Jan. 3,
2025, subject to the satisfaction of customary closing conditions.
The aggregate gross proceeds to the Company from the offering are
expected to be approximately $20.3 million, before deducting
offering expenses payable by the Company. The Company intends to
use the net proceeds from this offering, together with its existing
cash and cash equivalents, for working capital and general
corporate purposes including, but not limited to, capital
expenditures, debt service, repayment of indebtedness and other
business opportunities and to further develop and market its AI
platform and applications.
The securities described above are being offered and sold by the
Company in a registered direct offering pursuant to a "shelf"
registration statement on Form S-3 (File No. 333-280148) that was
originally filed with the Securities and Exchange Commission on
June 12, 2024, and that became effective on June 21, 2024. The
offering of the securities in the registered direct offering is
being made only by means of a base prospectus and prospectus
supplement that forms a part of the effective registration
statement. A final prospectus supplement and the accompanying base
prospectus relating to the registered direct offering will be filed
with the SEC and will be available on the SEC's website at
www.sec.gov. Electronic copies of the final prospectus supplement
and the accompanying base prospectus, when available, may also be
obtained, when available, from the Company at 1615 Platte Street,
2nd Floor, Denver, Colorado, by phone at (888) 507-1737 or e-mail
at investors@veritone.com.
About Veritone
Veritone (NASDAQ: VERI) builds human-centered enterprise AI
solutions. Serving customers in the media, entertainment, public
sector and talent acquisition industries, Veritone's software and
services empower individuals at the world's largest and most
recognizable brands to run more efficiently, accelerate decision
making and increase profitability. Veritone's leading enterprise
AI platform, aiWARE, orchestrates an ever-growing ecosystem of
machine learning models, transforming data sources into actionable
intelligence. By blending human expertise with AI technology,
Veritone advances human potential to help organizations solve
problems and achieve more than ever before, enhancing lives
everywhere. To learn more, visit Veritone.com.
"Based on the Company's liquidity position at September 30, 2024
after giving effect to the impact of the Divestiture and the
repayment of a portion of our term loan, and the Company's current
forecast of operating results and cash flows, absent any other
action, management determined that there is substantial doubt about
the Company's ability to continue as a going concern over the
twelve months following the filing of this Quarterly Report on Form
10-Q, principally driven by the Company's current debt service
obligations, historical negative cash flows and recurring losses.
The Company will require additional liquidity to continue its
operations over the next twelve months," Veritone stated in its
Quarterly Report for the period ended Sept. 30, 2024.
VETERANS HOLDINGS: Hires Derbes Law Firm as Legal Counsel
---------------------------------------------------------
Veterans Holdings, LLC seeks approval from the U.S. Bankruptcy
Court for the Eastern District of Louisiana to employ The Derbes
Law Firm, L.L.C. as counsel.
The firm's services include:
(a) providing legal advice with respect to its powers and
duties as debtor-in-possession in the continued management of its
business and property;
(b) attending meetings with representatives of its creditors
and other parties in interest;
(c) taking all necessary action to protect and preserve the
Debtor's estate;
(d) preparing on behalf of the Debtor motions, applications,
answers, orders, reports, and papers necessary to the
administration of the estate;
(e) negotiating and preparing on the Debtor's behalf a plan of
reorganization, and all related agreements and/or documents, and
taking any necessary action on behalf of the Debtor to obtain
confirmation of such plan;
(f) appearing before this Court to protect the interests of
the Debtor before this Court;
(g) performing all other necessary legal services and provide
all necessary legal advice to the Debtor in connection with this
Chapter 11 case;
(h) advising the Debtor concerning executory contract and
unexpired lease assumptions, assignments and rejections and lease
restructuring and recharacterizations; and
(i) commencing and conducting litigation necessary and
appropriate to assert rights held by the Debtor, protect assets of
the Debtor's Chapter 11 estate or otherwise further the goal of
completing the Debtor's successful reorganization.
The firm will be paid at these rates:
Albert J. Derbes, IV, Esq. $495 per hour
Mark S. Goldstein, Esq. $495 per hour
Wilbur J. "Bill" Babin, Jr., Esq. $495 per hour
Patrick S. Garrity, Esq. $495 per hour
Beau P. Sagona, Esq. $475 per hour
Eric J. Derbes, Esq. $425 per hour
Frederick L. Bunol, Esq. $390 per hour
Hugh J. Posner, CPA $250 per hour
Bryan J. O'Neill, Esq. $280 per hour
Notary $100 per hour
Jared S. Scheinuk, Esq. $280 per hour
Paralegals $80 per hour
McKenna Dorais, Esq. $175 per hour
Legal Assistant $60 per hour
On December 16, 2024, the firm received a retainer from the Debtor
in the amount of $20,000.
The firm Firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Patrick S. Garrity, Esq., a partner at Derbes Law Firm, L.L.C.,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Patrick S. Garrity, Esq.
Derbes Law Firm, L.L.C.
3027 Ridgelake Drive
Metairie, LA 70002
Telephone: (504) 207-0913
Facsimile: (504) 832-0327
Email: pgarrity@derbeslaw.com
About 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.
VILLAGE OAKS SENIOR: Trustee Hires Pino & Associates as Counsel
---------------------------------------------------------------
Lisa Holder, Chapter 11 Trustee of Village Oaks Senior Care, LLC
received approval from the U.S. Bankruptcy Court for the Eastern
District of California to employ Pino & Associates as her general
bankruptcy counsel.
The firm will represent the Trustee in connection with the
bankruptcy case, to advise and assist her in carrying out her
duties.
As the principal attorney of Pino & Associates, Estela O. Pino,
will be the primary attorney rendering services in connection with
the Bankruptcy Case.
The firm will be paid at these hourly rates:
Estela O. Pino $500
Associate $350
Law Clerk $175
Ms. Pino assured the court that her firm is a disinterested person
as that term is defined in 11 U.S.C. Sec. 101(14), and said firm
has no interest materially adverse to the estate, the Debtor, or
any class of creditors.
The firm can be reached through:
Estela O. Pino, Esq.
Pino & Associates
1520 Eureka Rd., Suite 101
Roseville, CA 95661
Tel: (916) 641-2288
Email: epino@epinolaw.com
About Village Oaks Senior Care
Village Oaks Senior Care, LLC owns and operates community care
facilities for the elderly.
Village Oaks Senior Care sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Cal. Case No. 24-22206) on May 21,
2024. In the petition filed by Benjamin L. Foulk, owner and
manager, the Debtor reported total assets of $1,440,832 and total
liabilities of $3,369,013 as of Dec. 31, 2023.
Judge Christopher D. Jaime oversees the case.
D. Edward Hays, Esq., at Marshack Hays Wood, LLP serves as the
Debtor's counsel.
VIVAKOR INC: All Three Proposals Approved at Annual Meeting
-----------------------------------------------------------
Vivakor, Inc., disclosed in a Form 8-K filed with the Securities
and Exchange Commission that on Dec. 27, 2024, it held its 2024
annual meeting of stockholders at which the stockholders:
(1) elected James Ballengee, Tyler Nelson, John Harris, Albert
Johnson, and Michael Thompson as members of the Company's board of
directors;
(2) ratified the selection of Urish Popeck & Co., LLC as the
Company's independent registered public accounting firm for the
fiscal year ending Dec. 31, 2024; and
(3) approved, on a non-binding advisory basis, the compensation
of the Company's named executive officers.
About Vivakor Inc.
Coralville, Iowa-based Vivakor, Inc. is a socially responsible
operator, acquirer, and developer of technologies and assets in the
oil and gas industry, as well as related environmental solutions.
Currently, the Company's efforts are primarily focused on operating
crude oil gathering, storage and transportation facilities, as well
as contaminated soil remediation services.
Houston, Texas-based Marcum LLP, the Company's auditor since 2022,
issued a "going concern" qualification in its report dated April
16, 2024, citing that the Company has a significant working capital
deficiency, has incurred significant losses, and needs to raise
additional funds to meet its obligations and sustain its
operations. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.
WATER'S EDGE: Seeks to Hire Verdolino & Lowey as Financial Advisor
------------------------------------------------------------------
Water's Edge Limited Partnership seeks approval from the U.S.
Bankruptcy Court for the District of Massachusetts to employ
Verdolino & Lowey, PC as financial advisor.
The firm will render these services:
(a) budgeting and related reporting requirements;
(b) assist the Debtor with respect to cash management issues;
(c) assist with the preparation of Schedules and the Statement
of Financial Affairs;
(d) analyze accounts payable, accounts receivable, inventory
and other areas for cash flow optimization;
(e) assist the Debtor with respect to accounts payable,
accounts receivable, and, if applicable, lease negotiations;
(f) assist the Debtor in negotiations with various
parties-in-interest;
(g) support the Debtor in such matters as the company
management shall request or require from time to time;
(h) assist with payroll processing and reporting; and
(i) other Chapter 11 services customarily provided by a
financial advisor.
The firm's services will be based upon the amount of time required
at standard billing rates plus out-of-pocket expenses.
Craig Jalbert, principal at Verdolino & Lowey, disclosed in a court
filing that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Craig R. Jalbert
Verdolino & Lowey PC
124 Washington St., Ste. 101
Foxboro, MA 02035
Telephone: (508) 543-1720
About Water's Edge Limited Partnership
Water's Edge Limited Partnership is primarily engaged in renting
and leasing real estate properties.
Water's Edge Limited Partnership sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 24-12445) on
December 5, 2024. In the petition filed by Evelyn M. Carabetta,
authorized representative, the Debtor reports estimated assets and
liabilities between $10 million and $50 million each.
Honorable Bankruptcy Judge Christopher J. Panos handles the case.
The Debtor tapped David Frye, Esq., at Russo, Frye & Associates,
LLP as counsel and Verdolino & Lowey, PC as financial advisor.
WFO LLC: Trustee Taps Dykema Gossett as Special Transaction Counsel
-------------------------------------------------------------------
Mark Andrews, the Trustee for WFO, LLC, seeks approval from the
U.S. Bankruptcy Court for the Western District of Texas to employ
Dykema Gossett, PLLC as special transaction counsel.
The firm will serve as counsel of record for the Trustee in the
sale of the assets and advise him with regard to any related
matter.
The firm will be paid at these hourly rates:
Andrew Sherwood $625
Partners $550 to $715
Senior Counsel Attorneys $365 to $425
Andrew George Sherwood, member of Dykema Gossett, assured the court
that his firm is a "disinterested person" as defined in 11 U.S.C.
101(14).
The firm can be reached through:
Andrew George Sherwood, Esq.
Dykema Gossett, PLLC
112 E. Pecan Street, Suite 1800
San Antonio, TX 78205
Phone: (210) 554-5466
Email: ASherwood@dykema.com
About WFO, LLC
WFO, LLC filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. W.D. Tex. Case No. 24-50824) on May 6,
2024. In the petition signed by Frank Shumate, president, the
Debtor disclosed up to $50,000 in assets and up to $10 million in
liabilities.
James S. Wilkins, PC serves as the Debtor's bankruptcy counsel.
WILLAMETTE VALLEY: Hires Jamison Hanson LLC as Accountant
---------------------------------------------------------
Willamette Valley Hops, Inc. seeks approval from the U.S.
Bankruptcy Court for the District of Oregon to employ Jamison
Hanson, LLC as accountant.
The firm will assist the Debtor in preparing various tax returns.
The firm will be paid at these rates:
Steven Jamison $395 per hour
Support staff $150 per hour
The firm will be paid a retainer in the amount of $11,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Steven Jamison, a partner at Jamison Hanson, LLC, disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Steven Jamison, CPA
Jamison Hanson, LLC
1564 Commercial St SE
Salem, OR 97302
Tel: (503) 391-1040
About Willamette Valley Hops, Inc.
Willamette Valley Hops, LLC, is a family owned and operated premium
hop product distributor established in 2008 and located in the
heart of the Willamette Valley.
Willamette Valley Hops filed a Chapter 11 petition (Bankr. D. Ore.
Case No. 24-60110) on Jan. 19, 2024, with $10 million to $50
million in both assets and liabilities. Paul Stevens, managing
member, signed the petition.
Judge Peter C. Mckittrick oversees the case.
Ted A. Troutman, Esq. at Troutman Law Firm, PC, is the Debtor's
legal counsel.
WILSON CREEK: Files Bankruptcy Protection in Pennsylvania
---------------------------------------------------------
On January 6, 2025, Wilson Creek Holdings Inc. filed Chapter 11
protection in the U.S. Bankruptcy Court for the Western District
of Pennsylvania.
According to court filing, the Debtor reports between $10 million
and $50 million in debt owed to 1 and 49 creditors. The petition
states funds will be available to unsecured creditors.
About Wilson Creek Holdings Inc.
Wilson Creek Holdings Inc. sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-70002) on
January 6, 2025. In its petition, the Debtor reports estimated
assets between $1 million and $10 million and estimated liabilities
between $10 million and $50 million.
Raines Feldman Littrell LLP represents the Debtor as counsel.
XEROX HOLDINGS: S&P Places 'B+' Unsec. Debt Rating on Watch Neg.
----------------------------------------------------------------
S&P Global Ratings placed its 'B+' issue-level rating on the senior
unsecured notes issued by Xerox Holdings Corp. and its wholly owned
subsidiary, Xerox Corp., on CreditWatch with negative implications.
This reflects the likelihood that its unsecured debt will be
further subordinated by more secured debt after the proposed
acquisition of Lexmark International Inc., which S&P expects to
close in the second half of 2025. All other issue-level ratings and
its 'B+' issuer credit rating on Xerox are unchanged.
Xerox has secured debt commitments of about $1.4 billion. It
intends to use the proceeds, its cash balance, and its revolving
asset-based lending facility to fund the acquisition and repay its
$388 million senior notes due in August 2025. These commitments are
a $356.7 million incremental senior secured term loan, a $550
million senior secured term loan, and $500 million of senior
unsecured debt.
S&P said, "Depending on the final details of the pro forma capital
structure and related security package, we believe a greater amount
of secured debt will likely lead to lower ratings on the company's
unsecured notes. The debt commitments imply that when the
transaction closes, we may lower the recovery and issue-level
ratings on the senior unsecured debt by one notch to '5' and 'B',
respectively. At the same time, if the secured debt issuance is
significantly larger than what has been committed or the pro forma
security package is smaller than we expect, it could pressure our
ratings on the secured term loan instead.
"We expect to resolve our CreditWatch placement and review our
issue-level ratings as we get more details of the final pro forma
capital structure and debt documentation."
YOUSSEF CORPORATION: Walter Dahl Named Subchapter V Trustee
-----------------------------------------------------------
The U.S. Trustee for Region 17 appointed Walter Dahl, Esq., a
partner at Dahl Law, as Subchapter V trustee for Youssef
Corporation.
Mr. Dahl will be compensated at $485 per hour for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
In court filings, Mr. Dahl declared that he is a disinterested
person according to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Walter R. Dahl
Dahl Law
2304 "N" Street
Sacramento, CA 95816-5716
Telephone: (916) 446-8800
Telecopier: (916) 741-3346
Email: wdahl@dahllaw.net
About Youssef Corporation
Youssef Corporation, doing business as Rick's Dessert Diner, is 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 reported assets between
$50,000 and $100,000 and liabilities between $1 million and $10
million.
Judge Christopher D. Jaime handles the case.
Linda D. Deos, Esq., at Deos Law, PC represents the Debtor as
bankruptcy counsel.
ZURVITA HOLDINGS: Hires Reliable Companies as Noticing Agent
------------------------------------------------------------
Zurvita Holdings Inc. seeks approval from the U.S. Bankruptcy Court
for the District of Delaware to hire Reliable Companies d/b/a
Reliable as the claims and noticing agent.
The firm will oversee the distribution of notices and will assist
in the maintenance, processing and docketing of proofs of claim
filed in the Debtors' Chapter 11 cases. The firm will also provide
expertise, consultation, and assistance in claim and ballot
processing.
The firm will be paid at these rates:
Analyst $35 to $50
Consultant/Senior Consultant $65 to $165
Technology Consultant $65 to $90
Director $175
Solicitation Consultant $190
Director of Solicitation $195
The fees and expenses incurred by Reliable in the performance of
its services will be treated as administrative expenses of the
Debtor's estate.
Justin Edelson, director of corporate restructuring at Reliable
Companies, 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:
Justin K. Edelson
Reliable Companies
Nemours Building
1007 Orange Street, Suite 110
Wilmington, DE 19801
Phone: (302) 654-8080
About Zurvita Holdings Inc.
Zurvita Holdings Inc. is a direct sales company which is focused on
health and wellness. Its signature product, Zeal, is an all-in-one
nutritional drink mix to enjoy the benefits of essential nutrients
and superfoods in one simple solution to help modern families
achieve their health goals deliciously and affordably.
Zurvita Holdings Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-12823) on December
20, 2024. In the petition filed by Shadron L. Stastney, as
director, the Debtor reports estimated assets between $1 million
and $10 million and estimated liabilities between $10 million and
$50 million.
Honorable Bankruptcy Judge Mary F. Walrath handles the case.
Aaron H. Stulman, Esq. at POTTER ANDERSON & CORROON LLP represents
the Debtor as counsel.
[*] Over 7,000 Stores Shut Down in 2024, Some in Bankruptcy
-----------------------------------------------------------
NonStopLocal reports that in 2024, store closures across the United
States surged, with over 7,300 locations shutting down, according
to CoreSite Research. This reflects a 57% increase from the
previous year, marking the highest number of closures since the
pandemic peak in 2020.
Major impacts included the closure of 718 Family Dollar stores,
over 1,000 Walgreens and CVS locations, and nearly 600 Big Lots
outlets. Party City shut down entirely, and The Container Store
filed for bankruptcy, according to report.
These closures are primarily driven by nearly 40-year-high
inflation, which has strained retailers, coupled with fierce
competition from larger, better-positioned companies like Amazon,
Walmart, and Costco, the report relays.
[^] Large Companies with Insolvent Balance Sheet
------------------------------------------------
Total
Share- Total
Total Holders' Working
Assets Equity Capital
Company Ticker ($MM) ($MM) ($MM)
------- ------ ------ -------- -------
ACADIAN ASSET MA AAMI US 555.2 (3.8) -
AIRSHIP AI HOLDI AISP US 9.1 (12.9) 0.0
ALTRIA GROUP INC MO US 34,167.0 (3,418.0) (4,497.0)
AMC ENTERTAINMEN AMC US 8,324.1 (1,685.3) (789.8)
AMERICAN AIRLINE AAL US 63,528.0 (4,854.0) (11,076.0)
AMNEAL PHARM INC AMRX US 3,461.0 (33.7) 418.1
APPIAN CORP-A APPN US 549.9 (49.8) 62.0
AQUESTIVE THERAP AQST US 110.0 (45.4) 81.4
AUTOZONE INC AZO US 17,465.8 (4,672.9) (1,468.0)
AVEANNA HEALTHCA AVAH US 1,644.2 (156.4) (24.7)
AVIS BUDGET GROU CAR US 32,749.0 (229.0) (1,007.0)
BATH & BODY WORK BBWI US 4,984.0 (1,748.0) 145.0
BAUSCH HEALTH CO BHC CN 26,540.0 (242.0) 845.0
BAUSCH HEALTH CO BHC US 26,540.0 (242.0) 845.0
BELLRING BRANDS BRBR US 837.0 (205.9) 389.0
BEYOND MEAT INC BYND US 692.9 (611.9) 210.8
BIGBEAR.AI HOLDI BBAI US 354.1 98.4 53.6
BIOAGE LABS INC BIOA US 337.4 313.7 317.4
BIOCRYST PHARM BCRX US 491.3 (468.6) 295.2
BIOTE CORP-A BTMD US 101.3 (126.8) 23.5
BLEICHROEDER ACQ BACQU US 0.3 (0.1) (0.3)
BLEICHROEDER ACQ BACQ US 0.3 (0.1) (0.3)
BOEING CO/THE BA US 137,695 (23,562.0) 12,136.0
BOLD EAGLE ACQ-A BEAG US 0.9 (0.1) (0.0)
BOLD EAGLE ACQUI BEAGU US 0.9 (0.1) (0.0)
BOMBARDIER INC-A BDRAF US 12,670.0 (1,996.0) 328.0
BOMBARDIER INC-A BBD/A CN 12,670.0 (1,996.0) 328.0
BOMBARDIER INC-B BDRBF US 12,670.0 (1,996.0) 328.0
BOMBARDIER INC-B BBD/B CN 12,670.0 (1,996.0) 328.0
BOOKING HOLDINGS BKNG US 27,978.0 (3,653.0) 3,851.0
BRIDGEBIO PHARMA BBIO US 665.0 (1,218.4) 305.4
BRIDGEMARQ REAL BRE CN 163.4 (68.9) (86.7)
BTQ TECHNOLOGIES BTQQF US 1.8 (1.3) (1.1)
BTQ TECHNOLOGIES BTQ CN 1.8 (1.3) (1.1)
CALUMET INC CLMT US 2,640.1 (426.6) (464.6)
CANTOR PA CEP US 101.5 100.9 (0.1)
CARDINAL HEALTH CAH US 43,059.0 (3,276.0) (1,773.0)
CHARLTON ARIA AC CHARU US 0.2 (0.1) (0.3)
CHARLTON ARIA-A CHAR US 0.2 (0.1) (0.3)
CHECKPOINT THERA CKPT US 5.2 (12.6) (12.6)
CHENIERE ENERGY CQP US 17,385.0 (626.0) (543.0)
CHILDREN'S PLACE PLCE US 888.8 (49.6) (46.3)
CHOICE HOTELS CHH US 2,544.0 (96.2) (140.2)
CINEPLEX INC CGX CN 2,209.3 (39.7) (310.5)
CINEPLEX INC CPXGF US 2,209.3 (39.7) (310.5)
CLIPPER REALTY I CLPR US 1,287.0 (9.5) -
COHEN CIRCLE ACQ CCIRU US 0.2 (0.5) (0.7)
COHEN CIRCLE ACQ CCIR US 0.2 (0.5) (0.7)
COMMSCOPE HOLDIN COMM US 8,810.7 (2,111.8) 973.2
COMMUNITY HEALTH CYH US 13,905.0 (1,270.0) 982.0
COMPOSECURE IN-A CMPO US 435.4 (285.0) 92.2
CONSENSUS CLOUD CCSI US 622.5 (93.2) 4.5
CONTANGO ORE INC CTGO US 158.3 (10.2) (43.0)
COOPER-STANDARD CPS US 1,797.5 (163.1) 223.8
CORE SCIENTIFIC CORZ US 921.9 (729.4) 201.3
CPI CARD GROUP I PMTS US 342.3 (42.8) 123.7
CROSSAMERICA PAR CAPL US 1,130.1 (30.7) (47.1)
CYTOKINETICS INC CYTK US 1,436.1 (13.9) 908.8
D-WAVE QUANTUM I QBTS US 49.6 (16.9) 9.3
DAVE INC DAVE US 272.2 (169.3) 217.3
DELEK LOGISTICS DKL US 1,960.7 (45.1) 16.4
DELL TECHN-C DELL US 81,951.0 (2,190.0) (11,465.0)
DENNY'S CORP DENN US 461.6 (54.5) (53.8)
DIGITALOCEAN HOL DOCN US 1,526.5 (211.7) 376.0
DINE BRANDS GLOB DIN US 1,699.5 (216.7) (55.4)
DOMINO'S PIZZA DPZ US 1,775.1 (3,976.6) 361.7
DOMO INC- CL B DOMO US 190.2 (171.2) (105.7)
DROPBOX INC-A DBX US 2,576.7 (546.1) (156.6)
ELUTIA INC ELUT US 48.4 (40.2) (2.4)
EMBECTA CORP EMBC US 1,285.3 (738.3) 387.0
EOS ENERGY ENTER EOSE US 216.8 (417.7) 74.1
ETSY INC ETSY US 2,442.2 (624.3) 767.7
EXCO RESOURCES EXCE US 1,032.7 (1,026.5) (421.2)
FAIR ISAAC CORP FICO US 1,717.9 (962.7) 237.1
FENNEC PHARMACEU FENC US 58.9 (5.2) 50.5
FENNEC PHARMACEU FRX CN 58.9 (5.2) 50.5
FERRELLGAS PAR-B FGPRB US 1,413.7 (457.2) (18.4)
FERRELLGAS-LP FGPR US 1,413.7 (457.2) (18.4)
FOGHORN THERAPEU FHTX US 308.4 (28.3) 214.4
FREIGHTCAR AMERI RAIL US 245.9 (72.4) 63.3
GCM GROSVENOR-A GCMG US 575.0 (113.0) 152.8
GOAL ACQUISITION PUCKU US 3.6 (12.2) (13.6)
GRINDR INC GRND US 456.3 (13.4) 29.3
GUARDANT HEALTH GH US 1,538.7 (60.1) 1,029.4
H&R BLOCK INC HRB US 2,550.0 (368.1) (184.3)
HERBALIFE LTD HLF US 2,653.5 (954.2) (40.4)
HILTON WORLDWIDE HLT US 16,689.0 (3,430.0) (918.0)
HP INC HPQ US 39,909.0 (1,323.0) (7,927.0)
HUMACYTE INC HUMA US 114.8 (63.7) 2.1
INHIBIKASE THERA IKT US 4.4 (0.5) (0.7)
INSEEGO CORP INSG US 113.4 (85.1) (103.8)
INSPIRED ENTERTA INSE US 388.6 (78.3) 56.1
INTUITIVE MACHIN LUNR US 224.8 (4.5) 73.0
INVIZYNE TECHNOL IZTC US 3.6 (3.6) (4.4)
IRON MOUNTAIN IRM US 18,469.6 (31.9) (587.2)
IRONWOOD PHARMAC IRWD US 389.5 (311.3) 129.2
JACK IN THE BOX JACK US 2,735.6 (851.8) (253.0)
JUPITER NEUROSCI JUNS US 0.1 (5.8) (5.7)
LAUNCH ONE ACQUI LPAAU US 234.0 (9.8) -
LAUNCH ONE ACQUI LPAA US 234.0 (9.8) -
LIFEMD INC LFMD US 72.6 (6.0) (10.3)
LINDBLAD EXPEDIT LIND US 889.8 (122.4) (98.3)
LIONS GATE ENT-B LGF/B US 7,146.8 (124.9) (2,637.3)
LIONS GATE-A LGF/A US 7,146.8 (124.9) (2,637.3)
LIONSGATE STUDIO LION US 5,261.4 (938.9) (2,312.9)
LOWE'S COS INC LOW US 44,743.0 (13,419.0) 2,530.0
LUCKY STRIKE ENT LUCK US 3,092.4 (40.4) (104.2)
LUMINAR TECHNOLO LAZR US 403.4 (258.0) 176.2
MADISON SQUARE G MSGS US 1,373.3 (277.5) (338.9)
MADISON SQUARE G MSGE US 1,610.3 (48.7) (260.8)
MANNKIND CORP MNKD US 464.2 (209.9) 255.6
MARBLEGATE ACQ-A GATE US 4.2 (19.4) (0.4)
MARBLEGATE ACQUI GATEU US 4.2 (19.4) (0.4)
MARRIOTT INTL-A MAR US 26,209.0 (2,421.0) (4,945.0)
MARTIN MIDSTREAM MMLP US 554.8 (61.3) 53.9
MATCH GROUP INC MTCH US 4,425.8 (88.5) 792.4
MBIA INC MBI US 2,230.0 (1,988.0) -
MCDONALDS CORP MCD US 56,172.0 (5,177.0) (1,396.0)
MCKESSON CORP MCK US 72,429.0 (2,642.0) (5,430.0)
MEDIAALPHA INC-A MAX US 236.1 (59.6) 29.4
METTLER-TOLEDO MTD US 3,319.8 (154.4) 13.3
MODIVCARE INC MODV US 1,651.7 (17.0) (118.1)
MSCI INC MSCI US 5,408.9 (751.0) (92.1)
NATHANS FAMOUS NATH US 57.7 (21.3) 32.6
NEW ENG RLTY-LP NEN US 387.4 (65.5) -
NEXT-CHEMX CORP CHMX US 3.9 (1.8) (3.8)
NOVAGOLD RES NG CN 114.7 (37.8) 103.5
NOVAGOLD RES NG US 114.7 (37.8) 103.5
NOVAVAX INC NVAX US 1,712.5 (526.4) (77.3)
NUTANIX INC - A NTNX US 2,181.4 (685.3) 302.9
O'REILLY AUTOMOT ORLY US 14,577.5 (1,439.1) (2,486.9)
OAKTREE ACQUIS-A OACC US 0.6 (0.0) -
OAKTREE ACQUISIT OACCU US 0.6 (0.0) -
OMEROS CORP OMER US 313.3 (154.2) 109.3
OTIS WORLDWI OTIS US 10,261.0 (4,780.0) (1,602.0)
PAPA JOHN'S INTL PZZA US 860.9 (414.7) (54.7)
PELOTON INTERA-A PTON US 2,157.1 (480.3) 644.9
PHATHOM PHARMACE PHAT US 387.0 (187.1) 308.5
PHILIP MORRIS IN PM US 66,892.0 (7,713.0) (2,570.0)
PITNEY BOWES INC PBI US 3,647.7 (518.9) (198.4)
PLANET FITNESS-A PLNT US 3,048.2 (267.1) 270.2
PORCH GROUP INC PRCH US 867.3 (77.0) (84.6)
PRIORITY TECHNOL PRTHU US 1,759.7 (58.9) 37.7
PRIORITY TECHNOL PRTH US 1,759.7 (58.9) 37.7
PROS HOLDINGS IN PRO US 384.2 (75.2) 44.2
PTC THERAPEUTICS PTCT US 1,842.2 (1,054.4) 670.8
QUANTUM CORP QMCO US 163.1 (153.4) (25.7)
RAPID7 INC RPD US 1,574.5 (6.3) 99.0
RE/MAX HOLDINGS RMAX US 578.6 (61.8) 54.2
REALREAL INC/THE REAL US 406.3 (345.4) (14.0)
RED ROBIN GOURME RRGB US 669.4 (53.3) (100.3)
REDFIN CORP RDFN US 1,151.1 (25.2) 167.3
REVANCE THERAPEU RVNC US 461.6 (163.0) 249.6
RH RH US 4,464.2 (183.0) 381.5
RIGEL PHARMACEUT RIGL US 139.4 (14.6) 52.2
RINGCENTRAL IN-A RNG US 1,818.4 (345.9) 94.2
RUBRIK INC-A RBRK US 1,268.7 (521.1) 127.1
SABRE CORP SABR US 4,693.2 (1,530.1) 22.9
SANUWAVE HEALTH SNWV US 21.8 (60.3) (71.6)
SBA COMM CORP SBAC US 10,201.7 (5,125.8) (217.6)
SCOTTS MIRACLE SMG US 2,871.9 (390.6) 230.1
SEAGATE TECHNOLO STX US 7,972.0 (1,300.0) 447.0
SEMTECH CORP SMTC US 1,379.0 (139.7) 322.3
SHOULDERUP TEC-A SUAC US 9.6 (3.8) (4.8)
SLEEP NUMBER COR SNBR US 864.7 (448.8) (723.8)
SPACKMAN EQUITIE SQG CN 0.1 (1.8) (0.4)
SPECTRAL CAPITAL FCCN US 0.3 (0.1) (0.2)
SPIRIT AEROSYS-A SPR US 7,049.2 (1,936.5) 501.5
STARBUCKS CORP SBUX US 31,339.3 (7,441.6) (2,222.6)
STARDUST POWER I SDST US 5.4 (13.3) (7.7)
TORRID HOLDINGS CURV US 493.0 (189.3) (28.4)
TOWNSQUARE MED-A TSQ US 565.4 (52.5) 25.3
TRANSDIGM GROUP TDG US 25,586.0 (6,283.0) 3,690.0
TRAVEL + LEISURE TNL US 6,698.0 (861.0) 658.0
TRAVEL + LEISURE TNL* MM 6,698.0 (861.0) 658.0
TRAVERE THERAPEU TVTX US 504.4 (30.5) 134.7
TRINSEO PLC TSE US 2,882.8 (480.0) 305.5
TRISALUS LIFE SC TLSI US 27.5 (20.4) 13.9
TRIUMPH GROUP TGI US 1,511.5 (95.2) 453.7
TUCOWS INC-A TC CN 799.0 (53.1) 22.7
TUCOWS INC-A TCX US 799.0 (53.1) 22.7
UNISYS CORP UIS US 1,861.6 (187.9) 361.8
UNITED PARKS & R PRKS US 2,579.6 (455.9) (142.3)
UNITI GROUP INC UNIT US 5,098.7 (2,476.3) -
VERISIGN INC VRSN US 1,462.0 (1,900.6) (808.8)
VERITONE INC VERI US 336.4 (25.2) (83.9)
VOYAGER ACQ CORP VACHU US 256.9 (11.3) 0.8
VOYAGER ACQUISIT VACH US 256.9 (11.3) 0.8
WAYFAIR INC- A W US 3,414.0 (2,733.0) (357.0)
WILLOW LANE ACQU WLACU US 0.1 (0.0) (0.1)
WINGSTOP INC WING US 484.8 (447.5) 47.3
WINMARK CORP WINA US 52.0 (33.7) 30.0
WORKIVA INC WK US 1,302.1 (50.8) 449.5
WYNN RESORTS LTD WYNN US 14,111.4 (1,065.5) 1,447.4
XERIS BIOPHARMA XERS US 321.1 (28.3) 71.8
XPONENTIAL FIT-A XPOF US 472.2 (123.3) 1.4
YUM! BRANDS INC YUM US 6,461.0 (7,674.0) 439.0
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts. The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
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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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*** End of Transmission ***