/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/250109.mbx T R O U B L E D C O M P A N Y R E P O R T E R Thursday, January 9, 2025, Vol. 29, No. 8 Headlines 12027 OTSEGO: Taps Law Office of Marc Weitz as Bankruptcy Counsel 2626 PENN: Hires Marcus and Millichap as Real Estate Broker 301CRAINCOMMONS LLC: Creditor Santorini Files Competing Plan 301CRAINCOMMONS LLC: Unsecureds Will Get 100% in Sale Plan 3120 THE BANK: Case Summary & Six Unsecured Creditors 323 SOUTH: Sec. 341(a) Meeting of Creditors on February 12 367 PARKWAY: Seeks Bankruptcy Protection in New York 3839 N BRAESWOOD: Unsecureds Will Get 100% of Claims in Plan ADDISON OAKS: Unsecureds Will Get 100% of Claims over 5 Years ADERO SCOTTSDALE: Finds New Owner One Year After Receivership AFRIN TRANSPORT: Unsecureds Owed $975K to Get 3.08% in 60 Months AGRO RESEARCH: Gets Interim OK to Use Cash Collateral Until Jan. 29 ALL INCLUSIVE: Gets Interim OK to Use Cash Collateral Until Feb. 6 ALLEGHENY WOOD: Receiver Moves Forward with Sale of Sawmills ALLY CAR: Unsecureds Will Get 5.22% Dividend over 60 Months ALTA MESA: Settles SPAC Fraud Case for $126-Mil. AMERICAN MARICULTURE: Case Summary & 20 Top Unsecured Creditors AMERICAN NATIONAL: S&P Rates New Series D Preferred Stock 'BB+' AMERICAN PENAEID: Case Summary & 13 Unsecured Creditors AMERICAN REFRACTORY: U.S. Trustee Unable to Appoint Committee AMERICAN TIRE: Hires Hilco Real Estate as Consultant and Advisor ARCH THERAPEUTICS: Unable to Timely File 10-K for Year Ended 2023 ARENA GROUP: Simplify Inventions Holds 66.3% Equity Stake ASHFORD HOSPITALITY: Alan Tallis Resigns, Receives $110K Payout ATLANTIC NEUROSURGICAL: Updates Unsecured Claims Pay Details BERRY CORP: Completes Refinancing; Debt Maturities Extended BIG LOTS: Cancels Nexus Sale, Starts Going Out of Business Sales BIG LOTS: Inks Sale Transaction With Gordon Brothers BIOLINERX LTD: Registers 30MM More Shares Under 2003 Incentive Plan BIOSIG TECHNOLOGIES: Shareholders Vote to Up Incentive Plan Shares BLUESKY MARKETING: Bankr. Administrator Unable to Appoint Committee BOTAS SANTA CRUZ: Case Summary & 12 Unsecured Creditors BRAZER INTERNATIONAL: Files Chapter 11 Bankruptcy Protection BREWSTER PLASTICS: Hires Forchelli Deegan as Bankruptcy Counsel BRPS TITLE: Gets Interim OK to Use Cash Collateral Until Jan. 31 CALERA CORP: Fine-Tunes Plan Documents CALISCO SPIRITS: Unsecureds to Get Share of Plan Funding CAREPOINT HEALTH: Wants Additional $17-Mil. Chapter 11 Funding CAROLINA AUTO BODY: Taps D & H Tax And Accounting as Tax Preparer CASA ORONO: Case Summary & One Unsecured Creditor CENTENNIAL HOUSING: Gets Final OK to Use Cash Collateral CLARIOS GLOBAL: Fitch Alters Outlook on 'B' LongTerm IDR to Stable CLUE OPCO: Strategic Business Review No Impact on Moody's 'B2' CFR COASTAL GROWERS: Seeks to Hire Warren Averett LLC as Accountant COMARK GROUP: Initiates CCAA Proceedings, Plans Store Closures COMMUNITY HEALTH: Inks Consultancy Agreement with Dr. Simon COMMUNITY HEALTH: President Owns 75,000 Performance-Based Shares COSMED GROUP: Gets Final Approval to Access $7.5-Mil. DIP Funding CYTTA CORP: Unable to Timely File Annual Report for Year Ended 2024 DESTINATIONS TO RECOVERY: Court Extends Use of Cash Collateral DICK'S AUTOMOTIVE: Hires Milani Lee and Associates as CPA DOGS ARE PEOPLE: New Capital & Disposable Income to Fund Plan DOVETAIL DEVELOPMENT: To Sell Defiance Property to Tiffin River DREAM INC: Seeks Bankruptcy Protection in Alabama EMERGENCY HOSPITAL: Gets Interim OK to Use Cash Collateral ENDO INTL: Ex-Director, Officers Want Opioid Sales Suit Tossed EPIC! CREATIONS: Seeks to Sell Substantially All Assets FAMILY SOLUTIONS: Gets Interim OK to Use Cash Collateral FIG & FENNEL: Unsecureds Will Get 15% of Claims in Joint Plan FLYNN RESTAURANT: Moody's Affirms 'B2' CFR, Outlook Stable FLYNN RESTAURANT: S&P Affirms 'B' ICR on Borrowing Group Expansion FR FLOW CONTROL: S&P Withdraws 'B-' Issuer Credit Rating FRANCHISE GROUP: Taps Perella Weinberg as Investment Banker FREIRICH FOODS: Creditors to Get Proceeds From Liquidation FRG ENTERPRISES: Reaches Settlement with HB3; Files Amended Plan FTX TRADING: Backpack Exchange Acquires FTX EU GENERAL ENTERPRISE: Files Prelim Prospectus for Shares Offering GENERATIONS ON 1ST: Seeks Bankruptcy Protection in North Dakota HALO ESTATES: Case Summary & Two Unsecured Creditors HARE TAYLOR: U.S. Trustee Unable to Appoint Committee IDEANOMICS INC: Gets Court Okay to Proceed w/ Ch. 11 Sale Process INNERSCOPE HEARING: F.M. Kuriloff Owns 9.9% Equity Stake INTRUSION INC: Streeterville Capital Holds 9.8% Equity Stake J&J VENTURES: S&P Assigns 'B' Rating on New $977MM Term Loan B JACKSON GARDENS: Case Summary & 18 Unsecured Creditors JEWELRY DESIGNER: Case Summary & 20 Largest Unsecured Creditors JOANN INC: Experiences Cash Pressures, Taps Advisers for Help KALAMAZOO HERITAGE: Fitch Affirms 'BB' IDR, Outlook Stable KIMMERIDGE TEXAS: Fitch Assigns 'B-' LongTerm IDR, Outlook Stable LIGADO NETWORKS: Has Court Ok to Tap Portion of $939MM DIP Funding LIGADO NETWORKS: Owes $500-Mil. to Business Partner MAX CAPITAL: Case Summary & Three Unsecured Creditors MKS INSTRUMENTS: S&P Rates New Repriced Term Loans 'BB' MOORE HOLDINGS: Voluntary Chapter 11 Case Summary MR. TORTILLA: Seeks to Hire Orantes Law Firm as Bankruptcy Counsel MUNAWAR LAW: Case Summary & Three Unsecured Creditors MY SIZE: Present Year Over Year Growth, 2025 Targets $15M Revenue MY SIZE: S. Chaikin Named Independent Public Accountant MYA POS SERVICES: Case Summary & 20 Largest Unsecured Creditors NANCY GAINES: New Value & Future Earnings to Fund Plan Payments NATIONAL ASSISTANCE: Sells Bayberry Facility to SRJ Realty for $2MM NCL CORP: Moody's Rates New Senior Unsecured Notes 'B3' NCL CORP: S&P Alters Outlook to Positive, Affirms 'B+' ICR NEW YORK'S PREMIER: Gets Interim OK to Use Cash Collateral NORRIS TRAINING: Claims to be Paid From Available Cash & Operations NORTHSTARR BUILDERS: Gets OK to Use $15K in Cash Collateral NORTHVOLT AB: Asks Shareholders to Vote to Keep Business Operations ONCOCYTE CORP: Patrick Smith, Trust Hold 10.5% Stake as of Dec.26 P2 OAKLAND: Seeks to Hire Tang & Associates as Bankruptcy Counsel PARKSIDE PLACE: Sec. 341(a) Meeting of Creditors on February 6 PARTY CITY: U.S. Trustee Appoints Creditors' Committee PHARMACO INC: Enters Receivership Following Loan Defaults PHUNWARE INC: T. Resiner Steps Down as CFO PINE LAKE PROPERTY: Seeks Chapter 11 Bankruptcy Protection in Texas PLASTIC SUPPLIERS: U.S. Trustee Appoints Creditors' Committee POET TECHNOLOGIES: Completes Acquisition of Super Photonics Xiamen PRECISION SWISS: Nighthawk Technologies Out as Committee Member PRESTIGE PROPERTY: Seeks to Hire Rodriguez Espola as Accountant PRIMELAND REAL: Claims to be Paid From Property Sale Proceeds PROOFPOINT INC: Fitch Alters Outlook on 'B+' LongTerm IDR to Neg. PROOFPOINT INC: S&P Affirms 'B-' ICR, Outlook Stable RED RIVER: Talc Suppliers Ask Court to Set Aside $50MM from Deal RJ HAWK TRANSPORT: Unsecureds to Split $300K via Quarterly Payments SAFE & GREEN: Unit Inks Cash Advance Agreement With Cedar SILVERGATE CAPITAL: Taps Silvergate Capital as Conflicts Counsel SOLCIUM SOLAR: Court Extends Use of Cash Collateral to Jan. 14 STAFFING 360: Elects 3 New Directors, Reappoints RBSM as Auditor STEPHENS HEADS: Seeks to Hire Kent Juneau as Real Estate Agent STOLI GROUP: Taps Steven Wybo of Riveron Management as CRO SUN SHRIMP: Case Summary & Two Unsecured Creditors SUPERIOR ENERGY: C. Ackerman Named Principal Accounting Officer SURVWEST LLC: Court OKs Deal to Use Cash Collateral SYCAMORE GARDENS: Case Summary & 20 Largest Unsecured Creditors TAOPING INC: 2MM Restricted Shares Granted to Directors, Execs TEMADA INC: U.S. Trustee Unable to Appoint Committee TEXAS REIT: Files Amendment to Disclosure Statement TINY PIECES: Unsecureds to Get 100 Cents on Dollar in Plan TRC FARMS: Court OKs Hog Farm Sale to Johnathan Scott Kilpatrick TRUSTED HEATING: Gets OK to Use Cash Collateral Until Jan. 15 U S SKYLINE: Case Summary & 11 Unsecured Creditors UNLIMITED SOURCE: Starts Subchapter V Bankruptcy Process VISUAL TECHNOLOGY: Files Chapter 11 Bankruptcy in Nevada WATER'S EDGE: Seeks to Hire Murphy & King as Bankruptcy Counsel WATERFRONT RESORT: Files Chapter 11 Bankruptcy in New York WENDT COMMUNICATION: Unsecureds Will Get 22% of Claims in Plan WILSON CREEK: Corsa Coal Files for Chapter 11 to Pursue Sale WRENCH GROUP: S&P Alters Outlook to Negative, Affirms 'B-' ICR XINYUAN REAL: Exits Bankruptcy With $32.5M Avant Capital Loan YOUNG MEN'S CHRISTIAN: Court OKs Guntersville Property Sale [*] Guglielmo to Lead Louisiana TMA, Promote Bankruptcy Networking [*] New Florida Law Boosts Vehicle Exemption for Bankruptcy Filers [*] Pryor Cashman Elevates 7 Attorneys to Partner, 6 to Counsel [*] Stretto Launches AI Platform for Bankruptcy Case Management [^] Recent Small-Dollar & Individual Chapter 11 Filings ********* 12027 OTSEGO: Taps Law Office of Marc Weitz as Bankruptcy Counsel ----------------------------------------------------------------- 12027 Otsego LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire the Law Office of Marc Weitz to handle its bankruptcy proceedings. Robert Douglas Spiro Jr., the manager of the Debtor, supplied the $20,000 deposit to Marc Weitz and will pay Marc Weitz's fees and expenses. As disclosed in the court filings, Marc Weitz is "disinterested" and does not hold or represent an interest adverse to the estate. The firm can be reached through: Marc Weitz, Esq. LAW OFFICE OF MARC WEITZ 633 W 5th St, Ste 2800 Los Angeles, CA 90071 Tel: (213) 223-2350 Fax: (213) 784-5407 Email: marcweitz@weitzlegal.com About 12027 Otsego LLC 12027 Otsego LLC is primarily engaged in renting and leasing real estate properties. Otsego LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 24-11903) on November 15, 2024. In the petition filed by Robert Spiro, as manager, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Martin R. Barash oversees the case. The Debtor is represented by Hovig John Abassian, Esq. 2626 PENN: Hires Marcus and Millichap as Real Estate Broker ----------------------------------------------------------- 2626 Penn LLC seeks approval from the U.S. Bankruptcy Court for the District of Columbia to employ Marcus and Millichap Real Estate Investment Services of North Carolina, Inc. as real estate broker. The firm will market and sell the Debtor's real property located at 2626 Pennsylvania Avenue, NW, Washington DC 20037. Marcus & Millichap has agreed to accept a commission equal to 2.5 percent of the purchase price. Furthermore, the broker has agreed to a further reduced commission of 1.75 percent. As disclosed in the court filings, Marcus & Millichap is a "disinterested person" as that term is defined 11 U.S.C. Sec. 101(14). The broker can be reached through: John "Marty" Zupancic, III Millichap Real Estate Investment Services of North Carolina, Inc. 7200 Wisconsin Avenue, Suite 1101 Bethesda, MD 20814 Office: (202) 536-3700 Direct: (202) 536-3788 About 2626 Penn LLC 2626 Penn LLC is the owner of real property located at 2626 Pennsylvania Avenue, N.W., Washington DC 20037 having an appraised value of $17.5 million. 2626 Penn LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 24-00345) on October 16, 2024. In the petition filed by Phil Kang, as authorized representative, the Debtor reports total assets of $17,526,583 and total liabilities of $17,361,619. The Honorable Bankruptcy Judge Elizabeth L. Gunn handles the case. The Debtor is represented by Craig M. Palik, Esq. at MCNAMEE HOSEA, P.A. 301CRAINCOMMONS LLC: Creditor Santorini Files Competing Plan ------------------------------------------------------------ Santorini Capital, LLC, the Secured Creditor, filed with the U.S. Bankruptcy Court for the District of Maryland a Disclosure Statement with respect to Plan of Liquidation for 301Craincommons, LLC dated December 30, 2024. The Debtor is a single asset real estate limited liability company organized under the laws of the Maryland with a principal place of business located in Maryland. The sole significant asset of the Debtor is the "301Craincommons Property" which consists of undeveloped land owned by the Debtor located at SE Robert Crain Hwy., Upper Marlboro, Maryland 20772 and legally identified as Parcel 116 seen on Prince George's County Tax Map No. 102, Grid A-4, being all the property granted to the Debtor by Deed dated October 22, 2020, and recorded March 25, 2021 in the Land Records of Prince George's County at Book 45201, Page 575. The Debtor has scheduled the value of the 301Craincommons Property at $1.75 million, and has provided an appraisal providing for that value. The total amount due Santorini as of December 31, 2024 is $270,069.11, consisting of principal and interest of $255,696.59 and legal fees paid of $14,372.52. Legal fees continue to accrue. Interest accrues at $187.55 per diem. Prince George's County has filed a secured claim for real estate taxes in the amount of $19,544.82. The Plan proposes the appointment of a trustee to sell the 301Craincommons Property. The Trustee will pay all claims at the later of closing or the allowance of such claim. Class 3 consists of Unsecured Claims. On the Distribution Date (60 days after the sale of the 301Craincommons Property), the Trustee shall pay any proceeds remaining from the sale of the 301Craincommons Property after payment of all costs of sale, Post-Effective Date Expenses, the Trustee's Commission, U.S. Trustee fees and Administrative Expenses, Secured Claims, and Priority Claims, to holders of General Unsecured Claims, with interest at the federal judgment rate of interest in effect on the Confirmation Date, in full and complete satisfaction of any General Unsecured Claims. Holders of Allowed Class 3 Claims are impaired entitled to vote to accept or reject the Plan. Class 4 consists of Equity Interests. Holders of Class 4 Interests shall have their Interests canceled under the Plan, and instead shall receive all proceeds of the sale of the 301Craincommons Property after payment of all costs of sale, Post-Effective Date Expenses, the Trustee's Commission, U.S. Trustee fees and Administrative Expenses, Secured Claims, Priority Claims, and General Unsecured Claims. All rights of holders of Class 4 Interests to manage the Debtor shall be deemed canceled upon the Confirmation Date. On the Effective Date, all property of the Estate shall vest in the Trustee, subject to the Liens and other obligations expressly created or preserved by this Plan, but otherwise free and clear of all other liens, claims, interests and encumbrances. All rights to manage the Debtor shall be vested in the Trustee, including any right to appeal the Confirmation Order. On the Effective Date, Lawrence Katz (the "Trustee") shall be deemed appointed as the Trustee under the Plan. The Trustee shall have all of the rights, powers and responsibilities of a Chapter 11 Trustee appointed pursuant to Sections 1104 of the Bankruptcy Code, except as specifically limited or enhanced by this Plan. The Trustee shall be compensated upon completion of the sale of the 301Craincommons Property by being paid 3% of his distributions to Creditors and holders of Administrative Claims. A full-text copy of the Disclosure Statement dated December 30, 2024 is available at https://urlcurt.com/u?l=xwP73Q from PacerMonitor.com at no charge. Counsel for Santorini Capital, LLC: Justin P. Fasano, Esq. McNamee Hosea, P.A. 6404 Ivy Lane, Suite 820 Greenbelt, MD 20770 Tel: 301-441-2420 Fax: 301-982-9450 Email: jfasano@mhlawyers.com About 301Craincommons LLC 301Craincommons, LLC, is the fee simple owner of an undeveloped land located at SE Robert Crain Hwy., Upper Marlboro, Maryland 20772 having an appraised value of $1.75 million. 301Craincommons sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 24-17244) on Aug. 29, 2024, with $1,750,000 in total assets and $276,252 in total liabilities. Garcia Omar Staley, Sr., managing member, signed the petition. William C. Johnson, Jr., Esq., is the Debtor's legal counsel. 301CRAINCOMMONS LLC: Unsecureds Will Get 100% in Sale Plan ---------------------------------------------------------- 301Craincommons, LLC, filed with the U.S. Bankruptcy Court for the District of Maryland a Disclosure Statement describing Chapter 11 Plan dated December 29, 2024. The Debtor is a Limited Liability Company formed in the state of Maryland for the purpose of owning and developing real property. The address of the real property is SE Robert Crain Hwy., Upper Marlboro, Maryland 20772. The debtor operated as developer of the sole asset of the estate. The debtor has substantial equity in the subject property of the estate. More importantly, this property represents the focal point of the debtor's investments. The property has its value ranges from $1,200,000.00 to $1,750.000.00. This signifies potential for a realization of substantial equity in the subject property. At the commencement of the bankruptcy case the fair market value of the real property was established at $1,750,000.00. During the bankruptcy case the fair market value of the real property has been maintained. The collateral market valuations were performed by the realtor at the request of debtor's counsel. The debtor's Projected Plan payments shall be made upon the sale of the debtor's real property. The primary issue facing the debtor is the requirement to provide adequate protection payments to the debtor's secured creditor Santorini Capital, LLC. Debtor's managing-member, Garcia O. Staley is the developer of the property. Mr. Staley is willing to pay the lender an adequate protection payment until the property has been sold pursuant to the Chapter 11 Plan. The Debtor's proposed Plan of Reorganization is designed to pay all secured creditors 100 cents on the dollar while at the same time stabilizing the Debtor's finances. The Debtor shall commit a fixed amount of money to be shared among the unsecured Creditors, the Debtor's Plan guarantees that all Creditors will be made whole. The Prince George's County is a Priority Creditor, having a claim in the amount of $500.00. This non-priority debt represents the past due tax debt of the debtor. The debtor owes a priority claim to the District of Columbia in the amount of $19,544.82. Finally, the Secured Claim of Santorini Capital, LLC in the amount of $181,097.50 will receive cash payments in full. The unsecured creditors are guaranteed to receive 100 cents on the dollar. Class 3 consists of General Unsecured. The holders of Allowed Class 3 Claims shall be paid in full by the sale of the real property on the effective date. The allowed Class 3 Claims are going to be paid 100 percent. The Reorganized Debtor shall have the right to prepay all or any part of the amount due to Class 3 at any time. Pursuant to sections 1124 and 1126(f) of the Bankruptcy Code, Class 3 is an unimpaired class. The Plan contemplates the sale of the Real Property owned by the debtor located at SE Robert Crain Hwy., Upper Marlboro, Maryland 20772. The debtor believes that holders of Allowed Claims will obtain a better recovery under the Plan than they would receive if the Debtor's bankruptcy case in converted to a case under chapter 7. A full-text copy of the Disclosure Statement dated December 29, 2024 is available at https://urlcurt.com/u?l=4Y73j4 from PacerMonitor.com at no charge. The attorney can be reached at: William C. Johnson, Jr., Esq. The Johnson Law Group, LLC 6305 Ivy Lane, Suite 630 Greenbelt, MA 20770 Telephone: (301) 477-3450 Email: William@JohnsonLG.Law About 301Craincommons LLC 301Craincommons, LLC, is the fee simple owner of an undeveloped land located at SE Robert Crain Hwy., Upper Marlboro, Maryland 20772 having an appraised value of $1.75 million. 301Craincommons sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 24-17244) on Aug. 29, 2024, with $1,750,000 in total assets and $276,252 in total liabilities. Garcia Omar Staley, Sr., managing member, signed the petition. William C. Johnson, Jr., Esq., is the Debtor's legal counsel. 3120 THE BANK: Case Summary & Six Unsecured Creditors ----------------------------------------------------- Debtor: 3120 The Bank LLC 3120 Donald Lee Hollowell Pkwy Atlanta, GA 30318 Case No.: 25-50153 Business Description: The Debtor holds an equitable interest in the property located at 3120 Bankhead Highway, Atlanta, Georgia with the current value of the Debtor's interest being $7 million. Chapter 11 Petition Date: January 6, 2025 Court: United States Bankruptcy Court Northern District of Georgia Judge: Hon. Barbara Ellis-Monro Debtor's Counsel: Greg Bailey, Esq. ATTY. GREG T. BAILEY & ASSOC 5682 Palazzo Way Douglasville, GA 30134 Tel: 404-397-1975 Fax: 404-393-7528 Email: attygregtbailey@msn.com Total Assets: $7,825,000 Total Liabilities: $3,451,631 The petition was signed by William Platt Jr. as proprietor. 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/FJUXN6I/3120_THE_BANK_LLC__ganbke-25-50153__0001.0.pdf?mcid=tGE4TAMA 323 SOUTH: Sec. 341(a) Meeting of Creditors on February 12 ---------------------------------------------------------- On January 6, 2025, 323 South 7th LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of New Jersey. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Sec. 341(a) to be held on February 12, 2025 at 11:00 AM at Telephonic. About 323 South 7th LLC 323 South 7th LLC is a a Newark, New Jersey-based real estate company. 323 South 7th LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No.: 25-10140) on January 6, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Solomon Rosengarten, Esq. represents the Debtor as counsel. 367 PARKWAY: Seeks Bankruptcy Protection in New York ---------------------------------------------------- On January 6, 2025, 367 Parkway Dr. Atlanta 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 $3,649,135 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About 367 Parkway Dr. Atlanta LLC 367 Parkway Dr. Atlanta LLC is the fee simple owner of the property located at 367 Parkway Dr NE, Units 3, 4, 5, 6, 7, and 9, Atlanta, Georgia. 367 Parkway Dr. Atlanta LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y.Case No. 25-40046) on January 6, 2025. In its petition, the Debtor reports estimated liabilities amounting to $3,649,135. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. Joel M. Shafferman, Esq. of Shafferman & Feldman LLP represents the Debtor as counsel. 3839 N BRAESWOOD: Unsecureds Will Get 100% of Claims in Plan ------------------------------------------------------------ 3839 N Braeswood Development LLC filed with the U.S. Bankruptcy Court for the Southern District of Texas a Plan of Reorganization a Plan of Reorganization and Disclosure Statement dated December 30, 2024. The Debtor seeking to repay their debts over time pursuant to the terms of their Plan of Reorganization. The Plan states whether each class of claims or interests is impaired or unimpaired. The Plan provides the treatment each class will receive under the Plan. The Debtor filed a voluntary petition on October 1, 2024 that commenced this chapter 11 bankruptcy case. Upon the filing of the case, an automatic stay was imposed pursuant to Section 362(a) of the Bankruptcy Code. The automatic stay prohibits most collection activities against the Debtor and its property. When the Debtor filed this bankruptcy case, all of its property became property of its bankruptcy estate. The Debtor filed schedules of all of their assets and liabilities on October 29, 2024. Complete copies of the schedules are available from the Clerk of the Court. The primary assets of the bankruptcy estate, their estimated values and associated liens are: 3839 N Braeswood with an estimated fair market value of $2,500,000.00 and value available to estate of $904,920.31. In the last three years, the Debtor's primary sources of income have been the income from operation of business. The Debtor intends to reorganize its finances through a combination of selling the 3839 N Braeswood Blvd with a forecast net proceeds of $2,5000,000.00 by June 30, 2025. Holders of general unsecured claims are forecast to receive a dividend of 100% of their allowed claim. In a chapter 7 liquidation, the estimated liquidation value of $904,92000 would be applied to the chapter 7 Trustee's fees and expenses and then to priority claims. Because the plan forecasts to pay holders of unsecured claims 100% of the amount of their claims and a chapter 7 liquidation is forecast to pay only !Zero Divide, this plan satisfies the liquidation test as to holders of unsecured claims. A full-text copy of the Plan and Disclosure Statement dated December 30, 2024 is available at https://urlcurt.com/u?l=KI1ukS from PacerMonitor.com at no charge. The firm can be reached through: Thomas F. Jones III, Esq. Law Firm of Thomas F. Jones III 7500 San Felipe St., Ste. 780 Houston, TX 77063 Telephone: (832) 398-6182 Email: tfjonesiii@gmail.com About 3839 N Braeswood Development 3839 N Braeswood Development LLC is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). 3839 N Braeswood Development LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-34634) on Oct. 1, 2024. In the petition filed by Romy Solanji, managing member, the Debtor disclosed between $1 million and $10 million in both assets and liabilities. Judge Eduardo V. Rodriguez oversees the case. The Law Firm of Thomas F. Jones III serves as the Debtor's counsel. ADDISON OAKS: Unsecureds Will Get 100% of Claims over 5 Years ------------------------------------------------------------- Addison Oaks Holdings, LLC, filed with the U.S. Bankruptcy Court for the Southern District of Texas a Disclosure Statement for Plan of Reorganization dated December 31, 2024. The Debtor owns that certain real property known as the Savan Villas Apartments located at 8601 Emmett F Lowery Expressway, Texas City, Texas 77591-2276 (the "Apartment Project" or the "Property"). The Apartment Project has 108 units. The Debtor has estimated the value of the Apartment Project to be approximately $8,200,000. Upon completion of the reconstruction of units that had been burned, the Debtor estimates that the value of the Apartment Project with the completion of the rebuilding of the burned units to be approximately $14,400,000. As of the filing date, the Debtor scheduled secured claims of $6,468,547 and unsecured claims of $50,938. The Debtor was not aware of any priority claims. After the payoff of Aetna, the new loan with Capital Fund had an original principal balance of $7,350,000 at 11.45% with an initial monthly payment of $42,202.79. The Capital Fund loan had reserves as part of the loan. Generally speaking, the Plan provides for the payment to Claims against the Debtor. The Plan provides for a 100% payment to Allowed Claims. The bankruptcy filing was solely the result of litigation involving Aetna Life Insurance Company and the actions of Aetna to foreclose on the Property. The Debtor obtained a new loan and paid Aetna in full after the filing of the case. The Debtor anticipates payment in full of all Allowed Claims. The only reason to continue the bankruptcy case at this time is to continue in the appeal of the Challenge to the Fees charged by Aetna to the Debtor. The Debtor filed for bankruptcy protection under Chapter 11 in order to protect and preserve the Property and its ability to pay creditors by enabling it to reorganize and restructure its financial affairs to fund operations and payments to creditors. In order to satisfy the Lender's and other creditors' claims, the Debtor may market the Property for sale to a third party or seek refinancing of Lender's claim from other lenders. The Debtor will continue to manage and operate the Property until any potential refinancing or sale is closed. Class 5 consists of General Unsecured Claims. The Reorganized Debtor will pay a total of 100% of these creditors' Allowed Claims on or before five years from the Effective Date. The Debtor will pay the amounts set forth in the payments for the Class 5 creditors for the first five years. The estimated unsecured claims are approximately $50,000 or less. Class 5 Claims are impaired by the Plan. The Class 7 Allowed Interests of the Equity Interest Holders will continue. After confirmation, the current management of the Debtor will be the same. The current manager of the Debtor is Allyson Pritchett. The funds used for the repayment of Claims or other Distributions to be made under the Plan will come from the income generated from the Property, new equity that may be contributed, plus any other available funds or property that the Reorganized Debtor may otherwise possess on or after the Effective Date. A full-text copy of the Disclosure Statement dated December 31, 2024 is available at https://urlcurt.com/u?l=0OOwRJ from PacerMonitor.com at no charge. Counsel to the Debtor: Reese W. Baker, Esq. Baker & Associates 950 Echo Lane Ste. 300 Houston, TX 77024 Telephone: (713) 869-9200 Facsimile: (713) 869-9100 About Addison Oaks Holdings Addison Oaks Holdings, LLC, owns that certain real property known as the Savan Villas Apartments located at 8601 Emmett F Lowery Expressway, Texas City, Texas 77591-2276 (the "Apartment Project " or the "Property "). The Debtor filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-80128) on May 7, 2024, listing $1 million to $10 million in both assets and liabilities. The petition was signed by Allyson Pritchett as manager. Reese W Baker, Esq. at Baker & Associates represents the Debtor as counsel. ADERO SCOTTSDALE: Finds New Owner One Year After Receivership ------------------------------------------------------------- Brandon Brown of Phoenix Business Journal reports that after more than a year in receivership, the Adero Scottsdale Resort has been sold to a new owner. According to the report, the 177-room property, located in Scottsdale near Fountain Hills and formerly known as CopperWynd Resort, was sold in late December for $57.5 million. This follows a $100 million renovation and rebranding effort in the late 2010s. The property was acquired by Miami-based LionGrove, a hospitality investment firm with several high-end resorts in Puerto Rico. This marks LionGrove's first acquisition in Arizona, aligning with their strategy to expand into high-growth markets, the report said. Chris Sariego, LionGrove's senior managing director and COO, said, "The acquisition of Adero Scottsdale is an exciting milestone in our mission to build a portfolio of distinctive properties that offer memorable guest experiences. The resort's unique combination of modern luxury, thoughtful design, and connection to the desert landscape makes it an excellent addition to our growing portfolio." As part of the rebranding from CopperWynd to Adero, the resort entered into a partnership with Marriott's Autograph Collection. LionGrove, with existing ties to Fairmont and Wyndham, has been approved by Marriott to continue operating the resort under their brand. The company's business model includes managing both the property and hotel operations, the report states. Adero's Financial Struggles Previously owned by Palisades Resorts LLC, Adero had been under receivership since December 2023 due to loan defaults. Palisades Resorts failed to meet its monthly loan obligations in 2023, as outlined in a legal complaint filed by lender VMC Finance 2021 HT1 Ltd. In 2021, Palisades Resorts secured a $55 million refinancing loan from a subsidiary of Värde Partners, which was later sold to VMC Finance. At the time, the resort was valued at $92.4 million for tax purposes, according to report. Trigild IVL's Chris Neilson was appointed as the receiver and took control of the property in late 2023. A $66.5 million sale to GRMM Hotel Investment Fund was initially set for early 2024, but the deal fell through. In May 2024, Neilson and real estate agency Berkadia began marketing the property, receiving multiple offers before ultimately accepting LionGrove's bid. Most of the proceeds from the sale were used to pay off the property's outstanding loan. LionGrove financed the acquisition with a $52.8 million loan from Värde, according to real estate database Vizzda, . The former owners, Bill Hinz and Sarah Nolan, were also sued by Aqua-Aston Hospitality for over $4 million in damages related to a breach of contract after being let go as the resort's management company. In November 2024, the couple filed for Chapter 7 bankruptcy protection, citing $122 million in debt and $20.9 million in assets, including proceeds from the Adero sale, the report relays. About Adero Scottsdale Adero Scottsdale is the 177-room property, located in Scottsdale near Fountain Hills and formerly known as the CopperWynd Resort. It offers hiking, mountain biking, and stargazing, along with amenities such as two heated pools, a sundeck, a 5,000-square-foot wellness studio, a spa, a signature restaurant, and over 16,800 square feet of event space. AFRIN TRANSPORT: Unsecureds Owed $975K to Get 3.08% in 60 Months ---------------------------------------------------------------- Afrin Transport, Inc., filed with the U.S. Bankruptcy Court for the Central District of California a Chapter 11 Plan of Reorganization dated December 27, 2024. The Debtor is a California Corporation created on February 6, 2008, but it has been in existence since 2006. Mohammad S. Hussain is the 100% shareholder of the Debtor, as well as its Chief Executive Officer and Chief Financial Officer. The Debtor provides intermodal transportation/freight logistics services in the Southern California area. Due to the impact on the transportation industry/supply chain issues during COVID, the Debtor got to a point where it was only able to break even, leaving it with no financial cushion for unexpected or emergency expenses. Ultimately, the Debtor obtained funding, via merchant cash agreements, from various parties, including Moneywell Group LLC. When the Debtor fell behind on payments, Moneywell, its most aggressive creditor, contacted STG, the company from which the Debtor receives the bulk of its work (and then, ultimately, its pay for the work done) and prevented the Debtor from receiving payments. This financially handcuffed the Debtor and necessitated the Chapter 11 filing. Class 3 consists of General Unsecured Claims. In the present case, the Debtor estimates that general unsecured debts total approximately $974,819.66. The Debtor will pay general unsecured, on a pro rata basis, as follows: $1,500 per quarter for 60 months, beginning on the first day of the first month following the Effective Date. This is estimated to pay approximately $30,000 in total or 3.08% of each claim. This Class is impaired. As set forth in the Exhibit "C," this class includes: the unsecured portion of the SBA claim; and the claims of Celtic Bank Corporation, IOU Financial, Ace Funding Source LLC, Robin Funding Group, LLC, and Moneywell Group LLC, which are all rendered unsecured due to the value of the Debtor’s assets and the amounts owed to senior lienholders. Class 4 consists of Insider Unsecured Claims. In the present case, the Debtor estimates that insider unsecured debts total approximately $400,000. The only claimant in this class is Mohammad S. Hussain. Claimant will be paid 11.26% of the claim once all the claimants in Class 3 are paid in full, after month 60, following the Effective Date. This Class is impaired. The Debtor's owner will retain his ownership interest in the Debtor. The Debtor will fund the Plan from the operation of its business and the funds that it has/will have accumulated in its DIP bank accounts. A full-text copy of the Plan of Reorganization dated December 27, 2024 is available at https://urlcurt.com/u?l=VyKnpI from PacerMonitor.com at no charge. Counsel to the Debtor: Roksana D. Moradi-Brovia, Esq. RHM Law LLP 17609 Ventura Boulevard, Suite 314 Encino, CA 91316 Tel: (818) 285-0100 Fax: (818) 855-7013 Email: nina@rhmfirm.com About Afrin Transport Afrin Transport, Inc., is a trucking company in Anaheim, Calif., that offers same-day shipping services. It ships freight for a wide variety of businesses throughout Southern California, including warehouse delivery, to and from rail/intermodal delivery and department store delivery. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 24-12497) on October 1, 2024, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. John-Patrick Fritz serves as Subchapter V trustee. Matthew D. Resnik, Esq., at RHM Law, LLP, is the Debtor's bankruptcy counsel.i AGRO RESEARCH: Gets Interim OK to Use Cash Collateral Until Jan. 29 ------------------------------------------------------------------- Agro Research International, LLC received interim approval from the U.S. Bankruptcy Court for the Middle District of Florida, to use cash collateral until Jan. 29. The interim order signed by Judge Lori Vaughan on Jan. 6 approved the use of cash collateral to pay the company's operating expenses set forth in its budget. The budget shows total monthly expenses of $4,980 for January. The company's lenders were granted a replacement lien on all post-petition property of the company that is of the same nature and type as the lenders' pre-bankruptcy collateral. The interim order does not constitute an adjudication of the validity, priority, or extent of any lender's liens or the amount of its claim. The next hearing is scheduled for Jan. 29. About Agro Research International Agro Research International, LLC, a company in Sorrento, Fla., is committed to the constant development of unique and eco-friendly formulations that will help the world grow better quality food through research, innovation and unique alliances worldwide. Agro Research International filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-03122) on June 20, 2024, with $117,645 in assets and $3,546,069 in liabilities. Marc Lajeunesse, managing member, signed the petition. Judge Lori V. Vaughan presides over the case. Robert A. Stiberman, Esq., at Stiberman Law, P.A. represents the Debtor as bankruptcy counsel. ALL INCLUSIVE: Gets Interim OK to Use Cash Collateral Until Feb. 6 ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Southern District of Texas issued an interim order allowing All Inclusive 4DL, LLC to use cash collateral until Feb. 6. The interim order signed by Judge Eduardo Rodriguez authorized the company to use cash collateral to pay operating expenses in accordance with its budget. As adequate protection, secured creditors with liens on cash collateral will receive replacement liens on post-petition accounts receivable and deposit accounts, subject to a $20,000 carve-out for administrative fees and expenses. A final hearing is set for Feb. 6. About All Inclusive 4DL All Inclusive 4DL, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 24-36024) on December 24, 2024, with $50,000 to $100,000 in assets and $100,000 to $500,000 in liabilities. Judge Eduardo V. Rodriguez handles the case. The Debtor is represented by: Aaron W. McCardell, Sr. The Mccardell Law Firm, PLLC Tel: 713-236-8736 Email: amccardell@mccardelllaw.com ALLEGHENY WOOD: Receiver Moves Forward with Sale of Sawmills ------------------------------------------------------------ Forest Economic Advisor reports that Allegheny Wood Products (AWP) continues to sell its hardwood sawmills and kilns in West Virginia and Pennsylvania, according to Hardwood Floors Magazine (January 2, 2025). After being placed under court-appointed receivership on March 6, 2024, a receiver has been managing the liquidation of AWP's assets. At its peak, AWP operated 13 facilities across the Appalachian Hardwood Region, employing over 800 workers. The company boasted a sawmill capacity of approximately 160 MMBF and a dry kiln capacity of 86 MMBF, serving both domestic and international markets in more than 20 countries, the report states. The following assets remain available: Kingwood, WV Sawmill - Annual capacity: 24 MMBF Cowen, WV Sawmill - Annual capacity: 24 MMBF Jacksonburg, WV Sawmill - Annual capacity: 5 MMBF Beckley, WV Sawmill and Kilns - Annual capacity: 28 MMBF lumber, 14 MMBF kilns Princeton, WV Sawmill and Kilns - Annual capacity: 26 MMBF lumber, 19 MMBF kilns Marble, PA Kiln - 9 dry kilns with an annual capacity of 12 MMBF (currently inoperable) Additional assets for sale include vehicles, surplus equipment, oil and gas mineral rights, excess land, and stumpage rights. About Allegheny Wood Products ALLEGHENY WOOD PRODUCTS, INC. is a West Virginia-based and international hardwood producer. ALLY CAR: Unsecureds Will Get 5.22% Dividend over 60 Months ----------------------------------------------------------- Ally Car Service, LLC, filed with the U.S. Bankruptcy Court for the Eastern District of New York a Chapter 11 Plan of Reorganization dated December 27, 2024. All claims except Administrative Claims, Priority Tax Claims and Bankruptcy Fees placed in the Classes set forth. A claim is placed in a particular Class for the purpose of receiving distributions pursuant to the Plan only to the extent that such claim is allowed in that Class and the claim has not paid, released or otherwise settled prior to the effective date. Class I consists of the general unsecured claims, totaling $217,202.51. * T-Mobile USA Inc. with a claim amount of $148.64 shall receive 5.22% ($7.8) dividend to be payable by equal monthly installments in the amount of $0.13 within 60 months commencing on the effective date. * NYC Department of Finance with a claim amount of $182.79 shall receive 5.22% ($9.54) dividend to be payable by equal monthly installments in the amount of $0.16 within 60 months commencing on the effective date. * U.S. Small Business with a claim amount of $191,871.08 shall receive 5.22% ($10,015.67) dividend to be payable by equal monthly installments in the amount of $166.92 within 60 months commencing on the effective date. * TD Bank with a claim amount of $25,000.00 shall receive 5.22% ($1,305.00) dividend to be payable by equal monthly installments in the amount of $21.75 within 60 months commencing on the effective date. Class II consists of the unsecured claim of 2939 Avenue Y Tenants Corp (the "Landlord"). As of the date of this plan and disclosure statement, the Debtor and Leona Transportation Inc. shall pay the Landlord the sum of $46,429.85 to assume a lease and to satisfy the arrears under the lease, subject to the following payments terms: * A good faith deposit of $7,000.00 will be made upon entry of the order approving the Stipulation. * The remaining balance of $39,429.85 will be paid in equal monthly installments of $821.46 over 48 months. The Debtor will continue to pay the regular rent payments. * Monthly payments shall be made in addition to the regular rent of $1,631.01, for a total of $2,452.47 per month (for the duration of the current lease term). Class III consists of equity interest holders. Ellen Voskov, the president, and Igor Beznos, vice-president, the equity interest holders, shall retain their interest in the Debtor following confirmation, in consideration of a new value contribution, being made by them as the equity holders, toward the payment of general unsecured creditor claims. Igor Beznos and Eleen Voskov will contribute funds in installments over the life of the plan, on a as needed basis, representing the principal's new value contribution. The Plan will be financed from continuing operating income, reorganized business operations of the Debtor, as well as from funds accumulated in the Debtor's in Possession accounts. A full-text copy of the Plan of Reorganization dated December 27, 2024 is available at https://urlcurt.com/u?l=kS2YIA from PacerMonitor.com at no charge. Ally Car Service, LLC, is represented by: Alla Kachan, Esq. Law Offices of Alla Kachan, PC 2799 Coney Island Avenue, Suite 202 Brooklyn, NY 11235 Telephone: (718) 513-3145 Email: alla@kachanlaw.com About Ally Car Service Ally Car Service LLC, doing business as Active Express Car and Limo 2, filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-42044) on June 8, 2023, with as much as $1 million in both assets and liabilities. Judge Elizabeth S. Stong oversees the case. The Debtor tapped the Law Offices of Alla Kachan, PC, as bankruptcy counsel, and Wisdom Professional Services, Inc., as accountant. ALTA MESA: Settles SPAC Fraud Case for $126-Mil. ------------------------------------------------ Ben Miller of Bloomberg Law reports that Alta Mesa Resources Inc. and its investors have agreed to a $126.3 million settlement to resolve fraud allegations tied to the company's failed blank-check merger and subsequent collapse. According to the report, the lawsuits, brought by investors against Alta Mesa and entities involved in its public listing, are part of a wave of litigation following a surge in SPAC mergers during 2020 and 2021, which left many shareholders with significant losses. In November 2024, the investor group secured over $11 million through prior settlements with Bayou City Energy Management LLC and other parties, the report states. About Alta Mesa Resources Alta Mesa Resources, Inc., is an independent energy company focused on the development and acquisition of unconventional oil and natural gas reserves in the Anadarko Basin in Oklahoma, and through Kingfisher Midstream, LLC, provides best-in-class midstream energy services, including crude oil and gas gathering, processing and marketing and produced water disposal to producers in the STACK play. Alta Mesa reported $1.4 billion in assets and $864 million in liabilities as of Dec. 31, 2018. On Sept. 11, 2019, Alta Mesa Resources, Inc. and six affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas. On January 12 and 13, 2020, Kingfisher Midstream, LLC, Kingfisher STACK Oil Pipeline, LLC, Oklahoma Produced Water Solutions, LLC, and Cimarron Express Pipeline, LLC -- Kingfisher Debtors -- and SRII Opco, LP and SRII Opco GP, LLC -- SRII Debtors -- filed voluntary petitions for relief in the Court. All the cases are jointly administered under Case No. 4:19-bk-35133 (Bankr. S.D. Texas) before Judge Martin Isgur. The Debtors tapped Porter Hedges LLP and Latham & Watkins LLP as attorneys; and Perella Weinberg Partners LP and its affiliate Tudor Pickering Holt & Co Advisors LP as investment banker. Prime Clerk LLC, n/k/a Kroll, was the claims agent. On April 17, 2020, the Alta Mesa Debtors filed their Plan of Reorganization and the Disclosure Statement related thereto. On April 22, 2020, the Bankruptcy Court entered an order conditionally approving the Alta Mesa Disclosure Statement. The Bankruptcy Court held a hearing to consider final approval of the adequacy of the Alta Mesa Disclosure Statement and confirmation of the Plan on May 27, 2020. On June 8, 2020, the Effective Date of the Plan occurred, and the Plan was consummated. On April 22, 2020, the Kingfisher Debtors filed their Amended Joint Chapter Plan and the Disclosure Statement related thereto. The Bankruptcy Court held a combined hearing to consider approval of the Kingfisher Disclosure Statement and confirmation of the Plan on May 27, 2020. On June 8, 2020, the Effective Date of the Plan occurred, and the Plan was consummated. On September 26, 2021, the Court entered a Final Decree closing the Kingfisher Debtors' chapter 11 cases. AMERICAN MARICULTURE: Case Summary & 20 Top Unsecured Creditors --------------------------------------------------------------- Debtor: American Mariculture, Inc. 9703 Stringfellow Rd. Saint James City, FL 33956 Chapter 11 Petition Date: January 8, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-00022 Judge: Hon. Caryl E Delano Debtor's Counsel: Scott A. Stichter, Esq. STICHTER, RIEDEL, BLAIN & POSTLER, P.A. 110 E. Madison St. Suite 200 Tampa, FL 33602 Tel: (813) 229-0144 E-mail: sstichter@srbp.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $10 million to $50 million The petition was signed by Ross Horsley as president. A copy of the Debtor's list of 20 largest unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/Q2WRVNA/American_Mariculture_Inc__flmbke-25-00022__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/Q5ELC7Y/American_Mariculture_Inc__flmbke-25-00022__0001.0.pdf?mcid=tGE4TAMA AMERICAN NATIONAL: S&P Rates New Series D Preferred Stock 'BB+' --------------------------------------------------------------- S&P Global Ratings assigned its 'BB+' rating to American National Group Inc.'s proposed issuance of fixed-rate noncumulative preferred stock, Series D. S&P said, "This preferred stock rating is two notches below our 'BBB' long-term issuer credit rating on American National Group Inc. This represents the subordination of the issue and the optional dividend deferrability of the preferred shares. "We expect that the company will use the proceeds from the Series D preferred shares to repay a portion of its Series A preferred stock. "We will likely view the Series D preferred stock instrument as having intermediate equity content for the purpose of our capital-adequacy calculations. Unless there's a rating agency or regulatory capital event, American National Group will have the option to redeem these preferred shares on or after Jan. 15, 2030. "As of Sept. 30, 2024, American National Group's financial leverage (including hybrids) was about 28% (on a reported equity basis). Excluding accumulated other comprehensive income, its adjusted financial leverage was 32%. We expect American National Group to maintain financial leverage below 35% and fixed-charge coverage above 4x." AMERICAN PENAEID: Case Summary & 13 Unsecured Creditors ------------------------------------------------------- Debtor: American Penaeid, Inc. 9703 Stringfellow Rd. Saint James City, FL 33956 Chapter 11 Petition Date: January 8, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-00023 Judge: Hon. Caryl E Delano Debtor's Counsel: Scott A. Stichter, Esq. STICHTER, RIEDEL, BLAIN & POSTLER, P.A. 110 E. Madison St. Suite 200 Tampa, FL 33602 Tel: (813) 229-0144 E-mail: sstichter@srbp.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $10 million to $50 million The petition was signed by Ross Horsley as president. A copy of the Debtor's list of 13 unsecured creditors is available for free on PacerMonitor.com at: https://www.pacermonitor.com/view/6FYE3TI/American_Penaeid_Inc__flmbke-25-00023__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/Z2ALHMA/American_Penaeid_Inc__flmbke-25-00023__0001.0.pdf?mcid=tGE4TAMA AMERICAN REFRACTORY: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------------- The U.S. Trustee for Region 4 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of American Refractory Company, LLC. About American Refractory Company American Refractory Company, LLC owns an 8,256-square-foot commercial building located at 257 William M. Martin Drive, Mount Hope, W.Va. The property is valued at $450,000. American Refractory Company filed Chapter 11 petition (Bankr. S.D. W.Va. Case No. 24-20262) on November 26, 2024, with total assets of $867,400 and total liabilities of $1,131,260. Benjamin S. Batton, a member of American Refractory Company, signed the petition. Judge B. Mckay Mignault oversees the case. The Debtor is represented by Joe M. Supple, Esq., at Supple Law Office, PLLC. AMERICAN TIRE: Hires Hilco Real Estate as Consultant and Advisor ---------------------------------------------------------------- American Tire Distributors Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to hire Hilco Real Estate, LLC as real estate consultant and advisor. Hilco will render these services: a. meet with the Debtors to ascertain the Debtors' goals, objectives, and financial parameters; b. mutually agree with the Debtors with respect to a strategic plan for restructuring, shortening, extending, or terminating the Leases; c. on the Debtors' behalf, negotiate the terms of restructuring, term shortening, term extension, and termination agreements with the landlords under the Leases, in accordance with the Strategy; d. provide written reports periodically to the Debtors regarding the status of such negotiations; and e. assist the Debtors in closing the pertinent Lease restructuring, term shortening, term extension, and termination agreements. Hilco will receive compensation as follows: (i) Restructured Lease Savings Fee. For any Restructured Lease, an amount equal to the aggregate Restructured Lease Savings5 multiplied by four and three-quarters percent (4.75%); provided, that any Restructured Lease that is rejected during these chapter 11 cases, fees shall be due or payable with respect to such Restructured Lease solely to the extent that the Debtors realize the benefit of any Restructured Lease Savings prior to rejection, in which case Hilco's compensation shall be calculated solely based on the Restructured Lease Savings realized by the Debtors prior to rejection; provided, however, if such Lease is subsequently reinstated (whether by a new lease or otherwise following such rejection) Hilco shall be entitled to the Restructuring Lease Savings Fee as if such rejection never occurred. (ii) Term Extended Lease Fee. For any Term Extended Lease, an amount equal to one-half (0.5) of one month of gross rent under such Term Extended Lease. To the extent a Lease is both a Restructured Lease and a Term Extended Lease, any costs attributable to the extending of a Restructured Lease term shall not be offset from the calculation of the applicable Restructured Lease Savings Fee. (iii) Term Shortened Lease Fee. For any Term Shortened Lease, an amount equal to one-half (0.5) month of gross rent under such Term Shortened Lease. To the extent a Lease is both a Restructured Lease and a Term Shortened Lease, any lease savings attributable to the shortening of a Restructured Lease term shall be excluded from the calculation of the applicable Restructured Lease Savings Fee, and Hilco shall only be entitled to receive the applicable Term Shortened Lease Fee on account of such Restructured Lease term shortening. (iv) Restructuring. For each Lease that becomes a Restructured Lease, Hilco shall earn a fee equal to the Restructured Lease Savings Fee. The amounts payable on account of a Restructured Lease shall be paid in a lump sum upon closing of the transaction having the effect of restructuring the Lease, which may include a transaction subject to entry of an order by the Court approving an assignment to any acquiror of applicable Leases (or any portion thereof), including through a purchase of the Debtors' or a portion of the Debtors' assets to such acquiror (whether through a credit bid, plan of reorganization, 363 sale, or otherwise), directly or through designation rights (collectively, a "Bankruptcy Sale Process"). (v) Termination/Term Shortening. For each Lease that becomes a Term Shortened Lease, Hilco shall earn a fee equal to the Term Shortened Lease Fee. The amounts payable on account of a Term Shortened Lease shall be paid in a lump sum upon closing of the transaction that provides the Debtor with an early termination right or has the effect of terminating or otherwise shortening the term of such Lease, which may include a transaction subject to entry of an order by the Court approving an assignment to any acquiror of applicable Leases (or any portion thereof), including through a purchase of the Debtors' or a portion of the Debtors' assets to such acquiror, whether through a Bankruptcy Sale Process or otherwise. (vi) Term Extension. For each Lease that becomes a Term Extended Lease, Hilco shall earn a fee equal to the Term Extended Lease Fee. The amounts payable on account of a Term Extended Lease shall be paid in a lump sum upon closing of the transaction that has the effect of extending the term of such Lease, which may include a transaction subject to entry of an order by the Court approving an assignment to any acquiror of applicable Leases (or any portion thereof), including through a purchase of the Debtors' or a portion of the Debtors' assets to such acquiror, whether through a Bankruptcy Sale Process or otherwise. As disclosed in court filings, Hilco Real Estate does not have a material interest adverse to the Debtor regarding the specific matters for which it is to be retained. The firm can be reached through: Eric W. Kaup Hilco Real Estate, LLC 5 Revere Drive, Suite 206 Northbrook, IL 60062 Tel: (847) 504-2463 Email: ekaup@hilcoglobal.com About American Tire Distributors Headquartered in Huntersville, N.C., American Tire Distributors Inc. and its affiliates are the largest distributor of replacement tires in North America based on dollar amount of wholesale sales. With their network of over 115 distribution centers and 1,500 delivery vehicles, the Debtors service a geographic region covering more than 90 percent of the replacement tire market for passenger vehicles and light trucks in the United States. The Debtors carry many of the nation's leading tire brands including Michelin, Pirelli, and Continental. In addition, the Debtors' proprietary Hercules brand is a leading private tire brand in North America. American Tire Distributors and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-12391) on October 22, 2024. In its petition, American Tire Distributors reported $1 billion to $10 billion in both assets and liabilities. Judge Craig T. Goldblatt oversees the cases. The Debtors tapped Kirkland & Ellis as bankruptcy counsel; Pachulski Stang Ziehl & Jones, LLP as Delaware counsel; AP Services, LLC as restructuring advisor; and Moelis & Company, LLC as financial advisor. Donlin, Recano & Company, Inc. is the notice and claims agent and administrative advisor. ARCH THERAPEUTICS: Unable to Timely File 10-K for Year Ended 2023 ----------------------------------------------------------------- Arch Therapeutics, Inc., notified the U.S. Securities and Exchange Commission that it is unable to file its Annual Report on Form 10-K for the year ended September 30, 2024 by the prescribed due date without unreasonable effort or expense. The Company said it is unable to file, without unreasonable effort or expense, its Annual Report on Form 10-K for the year ended September 30, 2024 by the prescribed due date. Additional time is needed for the Company to compile and analyze supporting documentation in order to complete the Form 10-K and in order to permit the Company's independent registered public accounting firm to complete its review. In accordance with Rule 12b-25 of the Securities Exchange Act of 1934, the Company's Annual Report on Form 10-K for the year ended September 30, 2024 will be filed on or before the 15th calendar day following the prescribed due date. About Arch Therapeutics Inc. Framingham, Mass.-based Arch Therapeutics, Inc. is a biotechnology company focused on developing and marketing products based on its innovative AC5 self-assembling technology platform. Los Angeles, Calif.-based Weinberg & Company, P.A., the company's auditor since 2024, issued a "going concern" qualification in its report dated February 14, 2024. The report indicated that during the year ended September 30, 2023, the company incurred a net loss and utilized cash flows in operations, with recurring losses since inception. These conditions raise substantial doubt about the company's ability to continue as a going concern. For the year ended September 30, 2023, Arch Therapeutics recorded a net loss of $6,982,836. As of June 30, 2024, the company had $1,397,644 in total assets, $13,958,210 in total current liabilities, and $12,560,566 in total stockholders' deficit. ARENA GROUP: Simplify Inventions Holds 66.3% Equity Stake --------------------------------------------------------- Simplify Inventions, LLC, Manoj Bhargava, Michael Weintraub, and MBX Capital AREN LLC disclosed in a Schedule 13D/A Report filed with the U.S. Securities and Exchange Commission that as of December 20, 2024, they beneficially owned shares of The Arena Group Holdings, Inc.'s common stock. Simplify Inventions is reported to beneficially own 31,471,923 of shares, representing 66.3% of the of the 47,465,749 shares of Common Stock outstanding as of November 14, 2024, as reported in the Company's quarterly report on Form 10-Q filed with the SEC on November 14, 2024. Meanwhile, Manoj Bhargava, Michael Weintraub, and MBX Capital AREN LLC holds 33,865,608 shares of Arena Group's common stock, representing 71.3% of the shares outstanding. Simplify Inventions may be reached at: Manoj Bhargava Simplify Inventions, LLC 38955 Hills Tech Drive, Farmington Hills, MI, 48331 248-960-1700 A full-text copy of Simplify Inventions' SEC Report is available at: https://tinyurl.com/454u5n4h About The Arena Group Headquartered in New York, The Arena Group Holdings, Inc. -- www.thearenagroup.net -- is a media company that leverages technology to build deep content verticals powered by anchor brands and a best-in-class digital media platform empowering publishers who impact, inform, educate, and entertain. The Company's strategy is to focus on key subject matter verticals where audiences are passionate about a topic category (e.g., sports and finance), leveraging the strength of its core brands to grow its audience and increase monetization both within its core brands and for its media publisher partners. The Company's focus is on leveraging its Platform and brands in targeted verticals to maximize audience reach, enhance engagement, and optimize monetization of digital publishing assets for the benefit of its users, its advertiser clients, and its greater than 40 owned and operated properties, as well as properties it runs on behalf of independent Publisher Partners. The Company owns and operates TheStreet, The Spun, Parade, and Men's Journal, and powers more than 320 independent Publisher Partners, including the many sports team sites that comprise FanNation. Arena Group Holdings reported a net loss of $55.6 million for the year ended December 31, 2023, compared to a net loss of $70.9 million for the year ended December 31, 2022. As of September 30, 2024, Arena Group Holdings had $114.2 million in total assets, $251.5 million in total liabilities, $168,000 in mezzanine equity, and $137.5 million in total stockholders' deficiency. New York, NY-based Marcum LLP, the Company's auditor since 2019, issued a "going concern" qualification in its report dated April 1, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses, and may need to restructure its debt to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. ASHFORD HOSPITALITY: Alan Tallis Resigns, Receives $110K Payout --------------------------------------------------------------- Ashford Hospitality Trust, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that Alan Tallis tendered his resignation from the Board of Directors, effective December 31, 2024. The resignation was not the result of a disagreement with the Company on any matter related to the Company's operations, policies or practices. Mr. Tallis was elected to the Board at the Company's 2024 Annual Meeting of Stockholders but tendered his resignation from the Board to reduce the number of directors as part of the Company's commitment to reduce overhead and improve financial performance. Pursuant to the Company's director retirement program, Mr. Tallis is entitled to a $110,000 payout ($10,000 for each full year of service on the Board), which the Company will pay in cash. Additionally, Mr. Tallis will enter into a consulting agreement with the Company to be available to the Chairman and Lead Director of the Board for a period of two years, pursuant to which he will be paid a $40,000 retainer. About Ashford Hospitality Headquartered in Dallas, Texas, Ashford Hospitality Trust, Inc. operates as a self-advised real estate investment trust focusing on the lodging industry. Ashford Hospitality Trust reported a net loss of $180.73 million for the year ended Dec. 31, 2023, compared to a net loss of $141.06 million for the year ended Dec. 31, 2022. As of Dec. 31, 2023, the Company had $3.46 billion in total assets, $3.69 billion in total liabilities, $22.01 million in redeemable noncontrolling interests in operating partnership, $79.98 million in Series J Redeemable Preferred Stock, $0.01 par value (3,475,318 shares issued and outstanding at December 31, 2023), $4.78 million in Series K Redeemable Preferred Stock, $0.01 par value (194,193 shares issued and outstanding at December 31, 2023), and $331.04 million in total deficit. * * * Egan-Jones Ratings Company, on May 5, 2023, maintained its 'CCC+' foreign currency and local currency senior unsecured ratings on debt issued by Ashford Hospitality Trust, Inc. On March 1, 2024, the Company received notice that the hotel properties securing the KEYS Pool A and KEYS Pool B loans had been transferred to a court-appointed receiver. On March 6, 2024, the Company sold the Residence Inn Salt Lake City in Salt Lake City, Utah, for $19.2 million in cash. As reported by the TCR on April 22, the Company closed on the sale of the 390-room Hilton Boston Back Bay in Boston, Massachusetts, for $171 million. On April 29, it closed on the sale of the 85-room Hampton Inn in Lawrenceville, Georgia, for $8.1 million. On May 27, Ashford closed a $267 million refinancing of the mortgage loan for the 673-room Renaissance Hotel in Nashville, Tennessee, which had a final maturity date of March 2026. On June 14, the Company closed on the sale of the 90-room Courtyard located in Manchester, Connecticut, for $8 million. ATLANTIC NEUROSURGICAL: Updates Unsecured Claims Pay Details ------------------------------------------------------------ Atlantic Neurosurgical Specialists, P.A., and affiliates submitted an Amended Combined Disclosure Statement and Chapter 11 Plan of Liquidation dated December 30, 2024. This Combined Disclosure Statement and Plan contemplates (1) the continued liquidation of the Debtors, (2) a resolution of creditor treatment with KeyBank, the largest creditor of each of the Debtors, (3) a global settlement offer between and among the Committee, KeyBank, the Debtors, the Lorient Parties, and the Settling Shareholders, (3) the formation of a Liquidation Trust to be the recipient for the assignment of the specified litigation claims as referred to hereinafter and remaining assets of the Debtors. Class 3 consists of General Unsecured Claims, Excluding the KeyBank Claims, against the Debtor ANS. Each Holder of an Allowed General Unsecured Claim against Debtor ANS, exclusive of KeyBank, shall receive a distribution of up to 10% of its Allowed General Unsecured Claim, capped at an aggregate distribution in the amount of $250,000 between Classes 3, 5 and 8, plus a distribution of a pro rata share of 10% of any net recovery related to the D&O Liability Insurance Policy. The Class 3 Claims are impaired. Class 5 consists of General Unsecured Claims, excluding the KeyBank Claim, against Debtor Newco. Each Holder of an Allowed General Unsecured Claim against Debtor Newco, exclusive of KeyBank, shall receive a distribution of up to 10% of its Allowed General Unsecured Claim, capped at an aggregate distribution in the amount of $250,000 between Classes 3, 5 and 8, plus a distribution of a pro rata share of 10% of any net recovery related to the D&O Liability Insurance Policy. The Class 5 Claims are impaired. Class 8 consists of General Unsecured Claims, excluding KeyBank Claims, against Debtor Hanover Hills. Each Holder of an Allowed General Unsecured Claim in the Chapter 11 Case of the Debtor Hanover Hills shall receive a distribution of up to 10% of its Allowed General Unsecured Claim, capped at an aggregate distribution in the amount of $250,000 between Classes 3, 5 and 8, plus a distribution of a pro rata share of 10% of any net recovery related to the D&O Liability Insurance Policy. The Class 8 Claims are impaired. On or before the Effective Date, the Debtors and the Liquidation Trustee shall execute the Liquidation Trust Agreement and shall have established the Liquidation Trust pursuant to the Plan. The Liquidation Trust shall be established for the primary purpose of liquidation and distributing the assets transferred to it, in accordance with Treas. Reg. Section 301.7701-4(d), with no objective to continue or engage in the conduct of a trade or business, except to the extent reasonably necessary to, and consistent with, the liquidation purpose of the Liquidation Trust. A full-text copy of the Amended Combined Joint Disclosure Statement and Joint Liquidating Plan dated December 30, 2024 is available at https://urlcurt.com/u?l=tqXp7y from PacerMonitor.com at no charge. Counsel for the Debtors Atlantic Neurosurgical Specialists PA and ANS Newco LLC: GREENBAUM, ROWE, SMITH & DAVIS LLP David L. Bruck, Esq. P.O. Box 5600 Woodbridge, New Jersey 07095 Telephone: (732) 549-5600 Facsimile: (732) 476-2441 Email: dbruck@greenbaumlaw.com Counsel to the Debtor Hanover Hills Surgery Center LLC: FOX ROTHSCHILD LLP Joseph J. DiPasquale, Esq. Michael R. Herz, Esq. Agostino A. Zammiello, Esq. 49 Market Street Morristown, New Jersey 07960 Telephone: (973) 992-4800 Facsimile: (973) 992-9125 Email: jdipasquale@foxrothschild.com mherz@foxrothschild.com azammiello@foxrothschild.com About Atlantic Neurosurgical Specialists Atlantic Neurosurgical Specialists, P.A., is a neurosurgical practice in New Jersey that treats the full spectrum of brain tumors, neurovascular disorders and spine disorders. Atlantic Neurosurgical Specialists and its affiliates filed Chapter 11 petitions (Bankr. D.N.J. Lead Case No. 24-15726) on June 5, 2024. At the time of the filing, Atlantic Neurosurgical Specialists reported $1 million to $10 million in assets and $10 million to $50 million in liabilities. David L. Bruck, Esq., at Greenbaum, Rowe, Smith & Davis, LLP, is the Debtors' legal counsel. BERRY CORP: Completes Refinancing; Debt Maturities Extended ----------------------------------------------------------- Berry Corporation announced the closing of a comprehensive refinancing of its existing indebtedness on December 24, 2024, providing the Company with capital and liquidity to continue progressing Berry's corporate strategy: * Ensuring capital and liquidity to execute on the Company's development plans including unlocking the significant upside potential in Utah to drive long-term shareholder value * Extending the Company's debt maturities enables Berry to execute on strategic growth opportunities that provide scale and geographic diversification * Sustaining production at current levels while utilizing cash flow for capital expenditures, dividend payments and debt reduction "With our refinancing complete, Berry is well positioned with the financial resources to advance our strategic goals and achieve long-term growth. Looking to 2025, we are ready to execute on value enhancing opportunities in both California and the Uinta Basin, where we believe there is potential to drive substantial long-term shareholder value," said Fernando Araujo, Berry's Chief Executive Officer. Mike Helm, Berry's Chief Financial Officer, commented, "By successfully addressing our near-term debt maturities, we have the financial flexibility to focus on our core business and pursue our key priorities for 2025 and beyond. With liquidity of more than $100 million at closing, we remain committed to a disciplined capital allocation strategy and generating free cash flow that will balance delivering sustainable shareholder returns with pursuing our highest capital return opportunities." Valor Upstream Credit Partners, L.P., which is managed by Breakwall Capital LP in partnership with Vitol, is the lender on the Senior Secured Term Loan Credit Agreement, dated as of November 6, 2024 (as amended, supplemented or otherwise modified, the "Term Loan Credit Agreement") entered into by, among others, the Company, as borrower, certain subsidiaries of the Company party thereto, as guarantors and Breakwall Credit Management LLC, as administrative agent. TCBI Securities, Inc., doing business as Texas Capital Securities, served as capital structure advisor to Berry and sole arranger of the Senior Secured Revolving Credit Agreement, dated as of December 24, 2024 (as amended, supplemented or otherwise modified, the "Senior Secured Revolving Credit Agreement"), entered into by, among others, the Company, as borrower, certain subsidiaries of the Company party thereto, as guarantors, and Texas Capital Bank, as lender and administrative agent. As part of the Transactions, the Company borrowed $450 million under the Term Loan Credit Agreement. Proceeds therefrom will be used to fund the full redemption of the outstanding 7.000% Senior Notes due 2026 (the "2026 Notes") of Berry Petroleum Company, LLC, the Company's wholly-owned subsidiary and to pay fees and expenses relating thereto and with the remaining proceeds to be used to fund capital expenditures and for other general corporate purposes in accordance with the terms of our indebtedness. This press release does not constitute a notice of redemption of the 2026 Notes. The Company has also entered into a three-year reserve-based revolving loan under the Senior Secured Revolving Credit Agreement with Texas Capital Bank as administrative agent, and a syndicate of banks providing for borrowing availability equal to the lesser of: (i) the maximum commitments of $500 million, (ii) the then effective borrowing base and (iii) the elected commitment amount. On the closing date, the borrowing base is $95 million and the elected commitments are $63 million, which would result in a $63 million of borrowing availability under the Senior Secured Revolving Credit Agreement until the next scheduled redetermination of the borrowing base, which is scheduled to occur in the Spring of 2025. The Term Loan Credit Agreement will have a delayed draw term loan commitment that, when aggregated with the available commitments under the Senior Secured Revolving Credit Agreement, will provide up to $95 million of borrowing availability for working capital and other general corporate purposes. About Berry Corporation Berry Corporation is a company primarily engaged in hydrocarbon exploration in California, the Uintah Basin, and the Piceance Basin. As of December 31, 2021, the company had 97 million barrels of oil equivalent of estimated proved reserves, of which 87% was petroleum and 13% was natural gas. * * * In September 2024, S&P Global Ratings lowered its issuer credit rating to 'CCC+' from 'B-' on Dallas-based oil and gas exploration and production (E&P) company Berry Corp. S&P also lowered the issue-level rating on Berry's unsecured notes due February 2026 to 'B-' from 'B'. The recovery rating remains '2′, reflecting its expectation for substantial (70%-90%; rounded estimate: 85%) recovery in the event of a payment default. The negative outlook reflects S&P's view that Berry is dependent on favorable conditions to refinance its unsecured notes due February 2026 in a timely manner. However, its leverage remains modest, and S&P forecasts average funds from operations (FFO) to debt of about 40% and debt to EBITDA of about 2.25x. Refinancing risk is heightened for Berry's RBL facility due August 2025 and senior unsecured notes due February 2026. In December 2024, S&P Global Ratings revised its outlook on Dallas-based oil and gas exploration and production (E&P) company Berry Corp. to stable from negative on the improved debt maturity profile and affirmed the 'CCC+' issuer credit rating. S&P said, "We assigned a 'B' issue-level rating to the new first-lien term loan. The recovery rating is '1', reflecting our expectation for very high (90%-100%; rounded estimate: 95%) recovery in the event of a payment default. "The stable outlook reflects our view that Berry will maintain approximately flat production in 2025 as it shifts a portion of development spend away from California's more restrictive regulatory environment to its Utah acreage. We also expect discretionary cash flow after mandatory debt amortization to be slightly negative in 2025, which constrains liquidity in our view. However, leverage remains modest and we forecast average funds from operation (FFO) to debt of about 30% and debt to EBITDA of 2.25x-2.5x." BIG LOTS: Cancels Nexus Sale, Starts Going Out of Business Sales ---------------------------------------------------------------- Big Lots, Inc. announced that it does not anticipate completing its previously announced asset purchase agreement with Nexus Capital Management, though it continues to work toward completing an alternative going concern transaction with Nexus or another party. As previously disclosed, on September 8, 2024, the Company and its other subsidiaries entered into an Asset Purchase Agreement with Gateway BL Acquisition, LLC, a Delaware limited liability company and an affiliate of Nexus Capital Management LP, pursuant to which Nexus agreed to purchase substantially all of the assets of the Company. On December 21, 2024, Nexus (1) delivered notice of termination of the Nexus Purchase Agreement to the Company and (2) instructed the Company to deliver an expense reimbursement of $1,500,000 to Nexus. The Company's goal would be to complete a sale this month. In parallel with these efforts, the Company is preparing to commence going out of business sales at all remaining Big Lots store locations in the coming days to protect the value of its estate. The Company believes that the GOB sales will not preclude it from effectuating a going concern transaction. Bruce Thorn, Big Lots' President and Chief Executive Officer, said, "We all have worked extremely hard and have taken every step to complete a going concern sale. While we remain hopeful that we can close an alternative going concern transaction, in order to protect the value of the Big Lots estate, we have made the difficult decision to begin the GOB process." The Company is continuing to serve customers in-store and online and will provide updates as available. About Big Lots Big Lots (NYSE: BIG) -- http://www.biglots.com/-- is one of the nation's largest closeout retailers focused on extreme value, delivering bargains on everything for the home, including furniture, decor, pantry and more. On Sept. 9, 2024, Big Lots, Inc. and each of its subsidiaries initiated voluntary Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 24-11967). The case is being administered by the Honorable J. Kate Stickles. Davis Polk & Wardwell LLP is serving as legal counsel, Guggenheim Securities, LLC is serving as financial advisor, AlixPartners LLP is serving as restructuring advisor, and A&G Real Estate Partners is serving as real estate advisor to the Company. Kroll is the claims agent. Kirkland & Ellis is serving as legal counsel to Nexus Capital Management LP. PNC Bank, National Association, the DIP ABL Agent and Prepetition ABL Agent, is represented by Choate, Hall & Stewart, LLP; and Blank Rome, LLP. 1903P Loan Agent, LLC, the DIP Term Agent, and the Prepetition Term Loan Agent are represented by Otterbourg, P.C. and Richards, Layton & Finger, P.A. BIG LOTS: Inks Sale Transaction With Gordon Brothers ---------------------------------------------------- Big Lots, Inc. announced that it has agreed to a sale transaction with Gordon Brothers Retail Partners, LLC that enables the transfer of Big Lots assets, including stores, distribution centers, and intellectual property, to other retailers and companies, including Variety Wholesalers, Inc., which owns more than 400 retail stores in the Southeast and Mid-Atlantic United States under the Roses, Roses Express, Maxway, Bill's Dollar Stores, Super 10, Super Dollar, and Bargain Town banners. Variety Wholesalers intends to acquire between 200 and 400 Big Lots stores, which it plans to operate under the Big Lots brand moving forward, and up to two distribution centers. In addition, Variety Wholesalers may employ Big Lots associates at the acquired stores and distribution centers, as well as certain corporate associates needed to support the go-forward footprint. Bruce Thorn, Big Lots' President and Chief Executive Officer, said, "The strategic sale to Gordon Brothers and the transfer to Variety Wholesalers is a favorable and significant achievement for Big Lots that reflects the tireless work and collective effort of our team. This sale agreement and transfer present the strongest opportunity to preserve jobs, maximize value for the estate and ensure continuity of the Big Lots brand. We are grateful to our associates nationwide for their grit and resilience throughout this process." Rick Edwards, Gordon Brothers Retail Partners' Head of North America Retail, said, "We are pleased to reach this strategic agreement with Big Lots and partner with Variety Wholesalers to achieve a path forward that allows Big Lots to continue to serve customers with extreme bargains and an outstanding shopping experience." Lisa Seigies, Variety Wholesalers' President and CEO, said, "We are excited to partner with Gordon Brothers to provide a path forward for the Big Lots brand and hundreds of it stores. We look forward to working with members of the Big Lots team to realize the exciting opportunities ahead." The agreement is subject to approval by the Bankruptcy Court and other customary closing conditions. About Big Lots Big Lots (NYSE: BIG) -- http://www.biglots.com/-- is one of the nation's largest closeout retailers focused on extreme value, delivering bargains on everything for the home, including furniture, decor, pantry and more. On Sept. 9, 2024, Big Lots, Inc. and each of its subsidiaries initiated voluntary Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 24-11967). The case is being administered by the Honorable J. Kate Stickles. Davis Polk & Wardwell LLP is serving as legal counsel, Guggenheim Securities, LLC is serving as financial advisor, AlixPartners LLP is serving as restructuring advisor, and A&G Real Estate Partners is serving as real estate advisor to the Company. Kroll is the claims agent. Kirkland & Ellis is serving as legal counsel to Nexus Capital Management LP. PNC Bank, National Association, the DIP ABL Agent and Prepetition ABL Agent, is represented by Choate, Hall & Stewart, LLP; and Blank Rome, LLP. 1903P Loan Agent, LLC, the DIP Term Agent, and the Prepetition Term Loan Agent are represented by Otterbourg, P.C. and Richards, Layton & Finger, P.A. BIOLINERX LTD: Registers 30MM More Shares Under 2003 Incentive Plan ------------------------------------------------------------------- BioLineRx, Ltd. in accordance with General Instruction E to Form S-8, filed a registration statement on Form S-8 solely to register an additional 30,000,000 Ordinary Shares (equivalent to 2,000,000 ADSs, with each ADS representing 15 ordinary shares) which may be issued under the BioLineRx Ltd. Amended and Restated 2003 Share Incentive Plan over and above the number of Ordinary Shares issuable pursuant to the Plan that were registered under the Prior Registration Statements. Pursuant to General Instruction E to Form S-8. Initially, the Company filed a registration statement on Form S-8 (SEC File No. 333-176419) with the Securities and Exchange Commission in connection with the registration of an aggregate of 1,000,000 Ordinary Shares (equivalent to 66,666 ADSs, based on each ADS representing 15 ordinary shares) to be issued under the Plan. In September 2012, the Company filed another registration statement on Form S-8 (SEC File No. 333-183976) in connection with the registration of an additional 2,000,000 Ordinary Shares (equivalent to 133,333 ADSs, based on each ADS representing 15 ordinary shares) to be issued under the Plan. In December 2014, the Company filed another registration statement on Form S-8 (SEC File No. 333-201326) in connection with the registration of an additional 1,600,000 Ordinary Shares (equivalent to 106,666 ADSs, based on each ADS representing 15 ordinary shares) to be issued under the Plan. In January 2016, the Company filed another registration statement on Form S-8 (SEC File No. 333-208865) in connection with the registration of an additional 5,000,000 Ordinary Shares (equivalent to 333,333 ADSs, based on each ADS representing 15 ordinary shares) to be issued under the Plan, as amended by Post-Effective Amendment No. 1 on Form S-8 filed in March 2017. In January 2023, the Company filed another registration statement on Form S-8 (SEC File No. 333-269334) in connection with the registration of an additional 106,218,486 Ordinary Shares (equivalent to 7,081,232 ADSs, based on each ADS representing 15 ordinary shares) to be issued under the Plan. In December 2023, the Company filed another registration statement on Form S-8 (SEC File No. 333-276325) in connection with the registration of an additional 57,500,000 Ordinary Shares (equivalent to 3,833,333 ADSs, based on each ADS representing 15 ordinary shares) to be issued under the Plan. A full-text copy of the Registration Statement is available at: https://tinyurl.com/4x2fznuz About BioLineRx Ltd. Headquartered in Modi'in, Israel, BioLineRx is a commercial-stage biopharmaceutical company focused on developing life-changing therapies in oncology and rare diseases. Tel Aviv, Israel-based Kesselman & Kesselman, the Company's auditor since 2003, issued a "going concern" qualification in its report dated March 26, 2024, citing that the Company has suffered recurring losses from operations and has cash outflows from operating activities, indicating a material uncertainty that may cast significant doubt about its ability to continue as a going concern. BioLineRx recorded net losses of $27.1 million in 2021, $25 million in 2022, and $60.6 million in 2023. As of March 31, 2024, the Company had $51.6 million in total assets, $38.54 million in total liabilities, and a total equity of $13.06 million. BIOSIG TECHNOLOGIES: Shareholders Vote to Up Incentive Plan Shares ------------------------------------------------------------------ BioSig Technologies, Inc., held its 2024 annual meeting of stockholders on December 31, 2024, at which the Company's stockholders approved the Second Amendment to the Company's 2023 Long-Term Incentive Plan, as amended, to increase the total number of shares of common stock, par value $0.001 per share, authorized for issuance under the Incentive Plan by 3,500,000, to a total of 4,376,595 shares. At the Company's Annual Meeting, the following four proposals were submitted to the Company's stockholders: (1) A proposal to elect five directors to serve as directors on the Company's board of directors until the Company's 2025 annual meeting of stockholders or until their successors have been duly elected and qualified, for which Anthony Amato, Frederick D. Hrkac, Christopher A. Baer, Donald F. Browne and Steven E. Abelman are the nominees. (2) A proposal to approve an amendment to the Company's Amended and Restated Certificate of Incorporation to effect, at the discretion of the Board but prior to the one-year anniversary of the date on which the reverse stock split is approved by the Company's stockholders at the Annual Meeting, a reverse stock split of all of the outstanding shares of the Company's Common Stock, at a ratio in the range of 1-for-2 to 1-for-10, with the exact exchange ratio and timing to be determined by the Board in its discretion and included in a public announcement. (3) A proposal to approve the Incentive Plan Amendment to increase the total number of shares of Common Stock authorized for issuance under the Incentive Plan by 3,500,000, to a total of 4,376,595 shares. (4) A proposal to ratify the appointment of Marcum LLP as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2024. About BioSig Technologies Westport, Conn.-based BioSig Technologies, Inc. was initially incorporated on February 24, 2009, under the laws of the State of Nevada and subsequently re-incorporated in the state of Delaware in 2011. The Company is principally devoted to improving the standard of care in electrophysiology with its PURE EP System's enhanced signal acquisition, digital signal processing, and analysis during ablation of cardiac arrhythmias. As of September 30, 2024, the Company had $1.4 million in total assets, $1.7 million in total liabilities, $105,000 in Commitments and contingencies, and $388,000 in total deficit. As of September 30, 2024, the Company had cash of $0.6 million and working capital deficit of $0.9 million. During the nine months ended September 30, 2024, the Company used net cash in operating activities of $4.3 million. These balances create a liquidity concern, which in turn raises substantial doubt about the Company's ability to continue as a going concern. BLUESKY MARKETING: Bankr. Administrator Unable to Appoint Committee ------------------------------------------------------------------- The U.S. Bankruptcy Administrator for the Eastern District of North Carolina disclosed in a filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Bluesky Marketing Group, Inc. About Bluesky Marketing Group Bluesky Marketing Group, Inc. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.C. Case No. 24-03681) on October 22, 2024, listing $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Judge David M. Warren oversees the case. Danny Bradford, Esq., at Paul D. Bradford, PLLC represents the Debtor as legal counsel. BOTAS SANTA CRUZ: Case Summary & 12 Unsecured Creditors ------------------------------------------------------- Debtor: Botas Santa Cruz Corp. 1624 9th Street Greeley, CO 80631 Business Description: The Debtor retails clothing and clothing accessories. Chapter 11 Petition Date: January 6, 2025 Court: United States Bankruptcy Court District of Colorado Case No.: 25-10061 Judge: Hon. Thomas B. McNamara Debtor's Counsel: Keri L. Riley, Esq. KUTNER BRINEN DICKEY RILEY PC 1660 Lincoln Street, Suite 1720 Denver, CO 80264 Tel: 303-832-2400 E-mail: klr@kutnerlaw.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Jose Meza Aguirre as president. A copy of the Debtor's list of 12 unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/BULVKZQ/Botas_Santa_Cruz_Corp__cobke-25-10061__0003.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/BO7S2UQ/Botas_Santa_Cruz_Corp__cobke-25-10061__0001.0.pdf?mcid=tGE4TAMA BRAZER INTERNATIONAL: Files Chapter 11 Bankruptcy Protection ------------------------------------------------------------ On January 5, 2025, Brazer International Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Georgia. According to court filing, the Debtor reports up to $50,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Brazer International Inc. Brazer International Inc. offers support activities for road transportation. Brazer International Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No.: 25-50099) on January 5, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities up to $50,000. Joseph Brannen, Esq. of The Brannen Firm LLC represents the Debtor as counsel. BREWSTER PLASTICS: Hires Forchelli Deegan as Bankruptcy Counsel --------------------------------------------------------------- Brewster Plastics Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Forchelli Deegan Terrana LLP as its Chapter 11 counsel. The firm will render these services: a. give the Debtor legal advice with respect to the powers and duties as a debtor-in-possession; b. prepare applications, answers, orders, reports and other legal documents on behalf of the Debtor in connection with the Chapter 11 proceeding; and c. attend meetings and negotiate with representatives of creditors and other parties in interest, attend court hearings; and advise the Debtor on the conduct of its Chapter 11 case; d. perform all other legal services for the Debtor which may be necessary in this Chapter 11 case; and e. advise and assist the Debtor regarding aspects of the plan confirmation process, including, but not limited to, negotiating and drafting a plan of reorganization or liquidation and accompanying disclosure statement, securing the approval of a disclosure statement, soliciting votes in support of plan confirmation, and securing confirmation of the plan. Forchelli Deegan will be paid at these hourly rates: Attorneys $335 to $765 Paralegals $150 to $280 The firm has received a retainer from the Debtor in the amount of $37,500 plus the filing fee of $1,738. Forchelli Deegan is a "disinterested person" as that term is defined in Bankruptcy Code Sec. 101(14), according to court filings. The firm can be reached through: Gerard R. Luckman, Esq. FORCHELLI DEEGAN TERRANA LLP 333 Earle Ovington Blvd., Suite 1010 Uniondale, NY 11553 Tel: (516) 812-6291 E-mail: GLuckman@forchellilaw.com About Brewster Plastics Inc. Brewster Plastics Inc. is an injection molding manufacturer offering custom plastic injection molding for production volumes as low as 100 pieces to one million plus parts. Brewster Plastics Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-35576) on June 3, 2024. In the petition signed by Brett Wallace, as president, the Debtor reports total assets of $1,831,095 and total liabilities of $3,706,281. The Debtor is represented by Gerard R. Luckman, Esq. at FORCHEILL DEEGAN TERRANA LLP. BRPS TITLE: Gets Interim OK to Use Cash Collateral Until Jan. 31 ---------------------------------------------------------------- BRPS Title of Texas, LLC received interim approval from the U.S. Bankruptcy Court for the Southern District of Texas to use cash collateral until Jan. 31, marking the second extension since the company's Chapter 11 filing. The court previously issued an interim order, allowing the company to utilize cash collateral for the two weeks of Dec. 23 and Dec. 30, 2024. As adequate protection, secured creditors will receive replacement liens of the same type and priority as their pre-bankruptcy liens on the company's post-petition assets. BRPS must maintain a combined cash and deposit balance of at least $39,000 and must not spend cash collateral if the balance falls below this amount. The final hearing is scheduled for Feb. 3. 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. The Debtor is represented by: Susan Tran Adams, Esq. Tran Singh, LLP 2502 La Branch St Houston, TX 77004 Tel: 832-975-7300 Fax: (832) 975-7301 Email: stran@ts-llp.com CALERA CORP: Fine-Tunes Plan Documents -------------------------------------- Calera Corporation d/b/a Chemetry submitted a Second Amended Plan of Reorganization for Small Business dated December 30, 2024. The Debtor continues to manage its financial affairs, operate its business, and administer its bankruptcy estate as a debtor in possession pursuant to Sections 1182(2) and 1184 of the Bankruptcy Code. As of the December 30, 2024 filing of this Plan, approximately two and a half months after the Petition Date, and after notice and passage of the general claims bar date of December 18, 2024, the only Proofs of Claim that were filed were (1) Proof of Claim 1 ("POC 1") filed by the Internal Revenue Service (the "IRS") asserting a priority unsecured claim in the amount of $47,103.72 and a general unsecured claim in the amount of $42,216.88 for a total claim in the amount of $89,320.60, which is generally for estimated payroll related taxes allegedly owed by the Debtor, and (2) Proof of Claim 2 ("POC 2") filed by the California Franchise Tax Board (the "FTB") asserting a priority unsecured claim in the amount of $856.78 for estimated franchise taxes for 2024. The Debtor believes that POC 1 will ultimately be withdrawn because the Debtor believes that all payroll tax returns were timely filed and all related payroll taxes were timely paid by ADP, the Debtor's payroll processor at the time covered by POC 1. On November 5, 2024, the UST and Subchapter V Trustee conducted and concluded the Debtor's Section 341(a) Meeting of Creditors. The IRS was the only purported creditor to appear at the Debtor's Meeting of Creditors. At the Meeting of Creditors, the Debtor explained why it thought that the IRS's POC 1 claim could be in error (i.e., confusion in identifying the tax filings and payments made by the ADP on the Debtor's behalf). The IRS advised the Debtor as to the documents and forms it would have to obtain from ADP to resolve its POC 1. The Debtor is seeking such documents from ADP. Thereafter, the Debtor will seek to resolve POC 1. Since, in exchange for its treatment under the Plan, FSI will be (1) converting 100% of the amount owed under the DIP Financing and a portion of the Prepetition Loan for a total conversion amount of $2.5 million into, and in exchange for, 100% of the New Equity issued under this Plan and (2) paying all allowed administrative, priority, and general unsecured claims in full (and there being no expected allowed priority or general unsecured claims other than maybe the FTB's POC 2 in the relatively small amount of $856.78). The Debtor's financial projections show that the Debtor will have projected disposable income of $0. The financial projections show a cash balance of $25,000 at the end of each of years 1 through 5 covered by the financial projections. However, as also shown by the financial projections, such amount would be grossly insufficient to pay the balance of the Prepetition Loan remaining after the conversion of a portion thereof to New Equity pursuant to the Plan. Based on the foregoing, and because the entirety of the Prepetition Loan is currently due and payable, the Debtor has no projected disposable income for the period of 3 to 5 years. This Plan under chapter 11 of the Code proposes to pay creditors of the Debtor from cash on hand on the effective date, funds from the DIP Financing, and post-effective date income generated from the IP or otherwise. Like in the prior iteration of the Plan, the Debtor is not aware of any general unsecured claims. However, if there are any allowed general unsecured claims, they will be paid, in full, with interest at the applicable rate, on the later of (1) when due pursuant to contract and/or invoice terms, (2) the effective date of the Plan, and (3) such other later date when any filed claim is allowed by a final non-appealable order, with such payments to be made from cash on hand on the effective date, funds from the DIP Financing, and post-effective date income generated from the IP or otherwise. In treatment of its combined claim arising under the DIP Financing and the Prepetition Loan, (a) FSI will convert 100% of the amount owed under the DIP Financing and a portion of the Prepetition Loan for a total conversion amount of $2.5 million into, and in exchange for, 100% of the New Equity issued under this Plan, and (b) the Debtor will make payments on the balance of the Prepetition Loan from cash on hand on the effective date of the Plan and post-effective date income generated from the IP or otherwise, provided that the payments to FSI set forth in Exhibit B will be adjusted as necessary to (i) ensure that the Debtor can pay allowed administrative claims and any allowed priority and general unsecured claims as required by this Plan and (ii) maximize payments on the balance of the Prepetition Loan after conversion of a portion thereof to New Equity yet maintain sufficient operating capital. A full-text copy of the Second Amended Plan dated December 30, 2024 is available at https://urlcurt.com/u?l=VjbzD3 from PacerMonitor.com at no charge. About Calera Corporation Calera Corporation, doing business as Chemetry, develops a cementitious material that provides significant economic saving and reduces carbon dioxide emissions. Calera Corporation sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 24-51527) on Oct. 9, 2024, with $500,001 to $1 million in assets and $1 million to $10 million in liabilities. Judge Stephen L. Johnson handles the case. The Debtor is represented by Ron Bender, Esq., at Levene, Neale, Bender, Yoo & Golubchik L.L.P. CALISCO SPIRITS: Unsecureds to Get Share of Plan Funding -------------------------------------------------------- Calisco Spirits, LLC, filed with the U.S. Bankruptcy Court for the District of Arizona a Plan of Reorganization dated December 30, 2024. Calisco is a crafted, blended, unaged California-grown white grape brandy (alcoholic) spirit without additives. It is similar to the spirit known as Pisco, popular in South America. Calisco was formed with three members: Slade, Vigil, and Sanguinetti. To help with its legal matters and the direction of the Company, Calisco hired corporate lawyer Myer. Myer's practice areas include contracts, financing and investments, securities, and general business law. Myer is located in Washington State. Myer drafted and/or advised Calisco on its organizational documents and gave legal guidance and advice on Calisco's business matters. This Plan provides for the treatment of classes of: secured claims, non-priority unsecured claims, and equity interests. The Plan Proponent anticipates partial payment of non-priority unsecured creditors holding Allowed Claims. This Plan also provides for the payment of administrative and priority Claims. After Plan Confirmation, the Disbursing Agent will make the Plan payments and carry out the terms of the Plan, but the Calisco company, for all intents and purposes, will no longer be operational and will conduct no business on a go-forward basis. Except for the Excluded Assets, the Debtor's assets will vest in and be assigned to F&F. This is a New Value Contribution Plan. Pursuant to this Plan, Slade and Vigil will contribute, or cause, the New Value to be contributed to F&F. From the New Value, F&F will pay the Cure Claim(s) directly to those Claimant(s). F&F will contribute $200,000 of the New Value to fund Calisco's Plan payments. The balance of the New Value is necessary to provide capital for F&F's operation of the business. In consideration of the New Value contribution, all of Calisco's Assets, other than the Excluded Assets, will vest in and be assigned to F&F. From the Plan Funding Amount, $25,000 will be segregated in Calisco for the Independent Manager to pursue Affirmative Claims and to distribute payments to Unsecured Claims on a pro rata basis. Class 3 consists of Unsecured Claims. This Class consists of the holders of Revenue Notes, Unsecured Business Loan Agreement holders, all Phantom Equity Agreement holders, any rejected Executory Contracts and unexpired lease damages Claims, and all other Claims not otherwise classified or treated under the Plan. Allowed Class 3 Claims shall be paid their pro rata share of the Plan funding amount after payment of Administrative Expenses and Class 1 Claims have been paid in full. In addition, Class 3 shall receive any amounts, on a pro rata basis, from the recovery on the Affirmative Claims. An initial payment to Class 3 is anticipated within sixty days after the Effective Date. Class 7 consists of Equity Interests. On the Effective Date, all existing Equity Interests will be canceled, released, and extinguished and will be of no further force or effect. No holder of existing Equity Interests will receive a distribution under the Plan on account of such existing Equity Interest. The Reorganized Debtor shall be managed and administered by the Independent Manager. A full-text copy of the Plan of Reorganization dated December 30, 2024 is available at https://urlcurt.com/u?l=fDW7dl from PacerMonitor.com at no charge. Counsel to the Debtor: Dale C. Schian, Esq. Gallagher & Kennedy, P.A. 2575 East Camelback Road Phoenix, AZ 85016-9225 Telephone: (602) 530-8000 Facsimile: (602) 530-8500 Email: dale.schian@gknet.com About Calisco Spirits Calisco Spirits, LLC, is a crafted, blended, unaged California grown white grape brandy (alcoholic) spirit without additives. The Debtor filed a Chapter 11 bankruptcy petition (Bankr. D. Ariz. Case No. 2:24-bk-02567) on April 4, 2024. The Debtor hired Gallagher & Kennedy, P.A., as counsel. CAREPOINT HEALTH: Wants Additional $17-Mil. Chapter 11 Funding -------------------------------------------------------------- Ben Zigterman of Law360 Bankruptcy Authority reports that CarePoint Health, a New Jersey hospital operator, sought approval from a Delaware bankruptcy judge on January 7, 2025, to secure an additional $17 million in Chapter 11 financing while finalizing its restructuring plan. About Carepoint Health CarePoint Health is a New Jersey hospital chain. Carepoint Health sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-12538) on November 3, 2024. In its petition, the Debtor reports estimated assets and liabilities up to $50,000. The Debtor is represented by Peter C. Hughes of Dilworth Paxson LLP. CAROLINA AUTO BODY: Taps D & H Tax And Accounting as Tax Preparer ----------------------------------------------------------------- Carolina Auto Body & Hollywood's Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to hire D & H Tax And Accounting, LLC as tax preparer. The firm charge a flat rate of $350 for filing tax returns for 2023. D & H Tax And Accounting does not hold or represent any interest adverse to the Debtor or its estate, according to court filings. The firm can be reached through: Derek Hooker D & H Tax And Accounting, LLC 103 Indian Springs Dr Knightdale, NC 27545 Tel: (919) 266-9195 About Carolina Auto Body & Hollywood's Carolina Auto Body & Hollywood's Inc. filed its voluntary petition for Chapter 11 protection (Bankr. E.D.N.C. Case No. 24-03493) on Oct. 4, 2024, listing up to $1 million in both assets and liabilities. Sasser Law Firm serves as the Debtor's counsel. CASA ORONO: Case Summary & One Unsecured Creditor ------------------------------------------------- Debtor: Casa Orono Everhart LLC 19214 Round Prairie Ln. Cypress, TX 77433-3000 Business Description: Casa Orono is a single-asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). Chapter 11 Petition Date: January 7, 2025 Court: United States Bankruptcy Court Southern District of Texas Case No.: 25-30142 Debtor's Counsel: Jack N. Fuerst, Esq. JACK N. FUERST, ATTORNEY AT LAW 2500 Tanglewilde St, Suite 320 Houston, TX 77063 Tel: (713) 299-8221 Fax: (713) 789-2606 Email: jfuerst@sbcglobal.net Estimated Assets: $1 million to $10 million Estimated Liabilities: $500,000 to $1 million The petition was signed by Eric D. Everhart as the authorized representative of the Debtor. The Debtor listed FCI Loan Information located at 8180 East Kaiser BLvd., Anaheim, CA 92808, as its sole unsecured creditor. 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/34Z5NVY/Casa_Orono_Everhart_LLC__txsbke-25-30142__0001.0.pdf?mcid=tGE4TAMA CENTENNIAL HOUSING: Gets Final OK to Use Cash Collateral -------------------------------------------------------- Centennial Housing & Community Services Corporation received final approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Greenville Division, to use the cash collateral of its secured creditors. The company requires the use of cash collateral to maintain its business and pay operating expenses set forth in its projected budget. Any expenditure in excess of 10% of the total budget requires prior consent from the secured creditors before being paid. The budget projects total monthly operational expenses of $1,224,928.87. The company's secured creditors include McKesson Corporation, Task Force BPO, LLC, Change Capital Holdings I, LLC, Diamond Stone Funding, Inc., and Thomas Waldrep, the Chapter 11 trustee for CAH Acquisition Company #1, LLC. These creditors assert a security interest in certain proceeds generated from Centennial's business, which constitute their cash collateral. Centennial will provide its secured creditors with adequate protection in the form of a post-petition replacement lien, according to the final order. The order remains in effect until a Chapter 11 plan is confirmed; the final order is terminated by the court; or a notice of default is filed after Centennial's failure to file the plan or comply with the terms and conditions of the final order. About Centennial Housing & Community Services Centennial Housing & Community Services Corp. is a 25-bed critical access hospital offering a broad range of healthcare services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 24-03769) on October 29, 2024, with $6,970,517 in assets and $11,730,050 in liabilities. Todd Mobley, chairman of the board of directors, signed the petition. Judge Joseph N. Callaway oversees the case. The Debtor is represented by: Rebecca F. Redwine Hendren Redwine & Malone, PLLC Tel: 919-420-0941 Email: rredwine@hendrenmalone.com Jason L. Hendren Hendren Redwine & Malone, PLLC Tel: 919-573-1422 Email: jhendren@hendrenmalone.com CLARIOS GLOBAL: Fitch Alters Outlook on 'B' LongTerm IDR to Stable ------------------------------------------------------------------ Fitch Ratings has affirmed the Long-Term Issuer Default Ratings (IDRs) of Clarios International Inc. (Clarios) and its Clarios Global LP (Clarios Global) subsidiary at 'B'. In addition, Fitch has affirmed Clarios Global's secured asset-based lending (ABL) revolver at 'BB' with a Recovery Rating of 'RR1', first lien secured revolver, term loans and notes at 'B+'/'RR3' and senior unsecured notes at 'CCC+'/'RR6'. Fitch's ratings apply to an $800 million ABL revolver, an $800 million first lien revolver, $6.4 billion of first-lien secured debt and $1.6 billion of senior unsecured debt. The Rating Outlooks for Clarios and Clarios Global have been revised to Stable from Positive. The revision of Clarios' Rating Outlook to Stable from Positive reflects the expected increase in leverage resulting from the company's plans to issue debt to fund a distribution to its sponsors. Fitch expects the transaction to result in EBITDA gross leverage over the intermediate term remaining in line with Clarios' current IDR. Fitch had previously expected the leverage reduction the company had undertaken over the past several years to result in a near-term upgrade of the IDR. Key Rating Drivers Distribution Recapitalization: On Jan. 6, 2025, Clarios announced that it plans to issue new debt to fund a special distribution to its sponsors. This is a significant shift in Clarios' financial policy, which had previously been focused on leverage reduction. With the incremental debt to fund the transaction, Fitch expects leverage to rise toward levels consistent with its current 'B' IDR and remain there for the next several years. Leverage Expected to Rise Significantly: Between fiscal YE 2020 and YE 2024, Clarios' debt (including off-balance-sheet factoring) declined by about $2.1 billion. Over this time, EBITDA gross leverage (calculated according to Fitch's methodology) declined to 4.6x from 10.0x. The company reduced debt through term loan prepayments, open-market purchases of outstanding notes and the retirement of its 2025 senior secured notes with cash on-hand. Fitch's EBITDA calculation currently excludes Clarios' Inflation Reduction Act (IRA) Section 45 tax credits. Looking ahead, Fitch expects gross EBITDA leverage to return to above 6.0x due to the incremental debt to fund the special distribution. Fitch now expects leverage at fiscal YE 2025 to be near the mid-6x range, including off-balance-sheet factoring. Despite the increase in debt, Fitch expects Clarios to have opportunities to reduce debt over the long term. EBITDA leverage could decline toward 6.0x or lower over the next couple years if the company targets FCF toward debt reduction. Solid FCF Expected: Fitch expects Clarios to generate solid FCF over the next several years. However, near-term FCF margin will likely be held back by increased cash interest expense on the higher debt. Fitch expects Clarios to generate FCF margins (according to Fitch's methodology) around 4.5% in fiscal 2025, down from 5.8% in fiscal 2024. Over the long term, the shift toward advanced batteries and continued cost savings could increase the FCF margin above 5.0%. Fitch expects capex as a percentage of revenue to be in the 4.0%-4.5% range over the next few years. Sub-3.0x EBITDA Interest Coverage Expected: Fitch expects Clarios' EBITDA interest coverage to fall below 3.0x following the issuance of the new debt. Actual coverage will depend on the pricing of the new debt, but using market interest rates, Fitch expects EBITDA interest coverage to be in the upper-2x range for the next couple of years. Actual EBITDA interest coverage at fiscal YE 2024 was 3.4x. Clarios typically uses hedges to convert a portion of its floating-rate debt to fixed rates, mitigating the effect of fluctuating rates on the company's interest expense. Higher-Margin Advanced Battery Growth: Sales of higher-margin advanced batteries have accelerated over the past few years. Although many of these batteries are currently going into the original equipment (OE) channel, they are increasing as a proportion of Clarios' aftermarket sales as newer vehicles' batteries are replaced. Sales of advanced batteries in the aftermarket channel constituted 20% of Clarios' aftermarket sales in fiscal 2024, up from 17% in fiscal 2023. Fitch expects this mix shift to continue, which will be a meaningful driver of profitability growth. IPO Postponed: In 2021, Clarios planned an IPO for up to $1.9 billion in proceeds, along with up to $551 million in proceeds from a concurrent offering of mandatory convertible preferred stock and $250 million in proceeds from a private stock placement. Proceeds would have been used for about $2.2 billion of debt reduction. However, Clarios indefinitely postponed the IPO due to market conditions, and Fitch has not incorporated any effects of a potential future IPO in its forecasts. With the increase in leverage resulting from the distribution recapitalization, an IPO in the near term appears less likely. Derivation Summary Clarios has a very strong competitive position as the largest low-voltage vehicle battery manufacturer in the world, with the company responsible for about one-third of the industry's total global production. Although Clarios counts many global OE manufacturers as customers, roughly 80% of its sales are typically derived from the global vehicle aftermarket. Clarios' strong aftermarket presence provides it with a more stable revenue stream through the cycle than auto suppliers that are predominantly tied to new vehicle production, such as BorgWarner Inc. (BBB+/Stable) or Aptiv PLC (BBB/Stable). The company's heavy aftermarket weighting makes it more comparable to global tire manufacturers, such as Compagnie Generale des Etablissements Michelin (A-/Stable) and The Goodyear Tire & Rubber Company (BB-/Negative) or other suppliers with a significant aftermarket concentration, such as First Brands Group LLC (B+/Stable) or Tenneco Inc. (B/Positive). Clarios' margins are strong for an auto supplier, with forecasted EBITDA margins (according to Fitch's methodology) running in the high teens in percentage terms over the next several years, which is stronger than many investment-grade auto suppliers, such as BorgWarner or Aptiv. It's forecasted FCF margins in the low- to mid-single-digit range are also consistent with investment-grade auto suppliers. However, Clarios' leverage is relatively high and consistent with auto suppliers in the 'B+' rating category. Over the long term, Fitch expects Clarios' leverage to continue to decline as a result of higher EBITDA from sales growth tied to the rising global vehicle population and a richer mix of advanced batteries. Fitch also expects the company to continue to actively seek opportunities to reduce debt, which would further accelerate leverage reduction. Parent/Subsidiary Linkage: Fitch rates the IDRs of Clarios and its Clarios Global subsidiary on a consolidated basis, using the weak parent/strong subsidiary approach and open access and control factors, as discussed in Fitch's "Parent and Subsidiary Linkage Rating Criteria". This is 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: - Clarios Global issues new senior secured first lien debt, which is used to fund a distribution to the company's sponsors; - Global automotive battery demand rises in the low-single-digit range in fiscal 2025, due to ongoing increases in global vehicle production and replacement battery demand. Beyond 2025, global demand continues to rise in the low-single-digit range annually; - In addition to volume growth, revenue is supported over the next several years by the mix shifting to higher-priced advanced batteries, as well as modest price increases on traditional batteries; - Margins are roughly flat in fiscal 2025 (excluding section 45X credits) and then generally grow over the next several years as a result of operating leverage on higher production levels, positive pricing and mix, and savings associated with cost-reduction initiatives; - Capex as a percentage of revenue is in the 4.0%-4.5% range over the next few years; - The company uses a portion of its excess cash to reduce debt over the next several years; - Most debt maturities are refinanced at prevailing interest rates prior to maturity; - Fitch has not incorporated the effect of any potential IPO into its forecasts; - Fitch has incorporated the following interest rate assumptions into its forecasts: SOFR of 4.05%, 3.74%, 3.65% and 3.57% in fiscal 2025, 2026, 2027 and 2028. EURIBOR: 1.87%, 1.94%, 2.02% and 2.12% in fiscal 2025, 2026, 2027 and 2028 respectively. Recovery Analysis Fitch's recovery analysis assumes Clarios would be considered a going concern in bankruptcy and would be reorganized rather than liquidated. Fitch has assumed a 10% administrative claim in the recovery analysis. Clarios' recovery analysis reflects a potential severe downturn in vehicle battery demand and estimates the going concern (GC) EBITDA at $1.6 billion, which reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which the valuation of the company would be based following a hypothetical default. The GC EBITDA is about $200 million higher than the level used in Fitch's previous recovery analysis and incorporates changes to the company's business profile, including the shift toward advance batteries and cost-saving activities, which Fitch believes would increase the company's valuation. The sustainable, post-reorganization EBITDA is for analytical valuation purposes only and does not reflect a level of EBITDA at which Fitch believes the company would fall into distress. The going-concern EBITDA considers Clarios' stable operations, high operating margins, significant percentage of aftermarket revenue and the nondiscretionary nature of its products. The $1.6 billion ongoing EBITDA assumption is 23% lower than Fitch's calculated actual EBITDA of $2.1 billion for fiscal 2024. Fitch utilizes a 6.0x enterprise value (EV) multiple based on Clarios' strong global market position and the nondiscretionary nature of the company's batteries. In addition, Brookfield Asset Management Inc.'s acquisition of Clarios in 2019 valued the company at an EV over 8.0x (excluding expected post-acquisition cost savings). All of Clarios' rated debt is guaranteed by certain foreign and domestic subsidiaries. According to Fitch's "Automotive Bankruptcy Enterprise Values and Creditor Recoveries" report published in April 2024, 52% of auto-related defaulters had exit multiples above 5.0x, with 30% in the 5.0x to 7.0x range. However, the median multiple observed across 23 bankruptcies was only 5.1x. Within the report, Fitch observed that 87% of the bankruptcy cases analyzed were resolved as a going concern. Automotive defaulters were typically weighed down by capital structures that became untenable during a period of severe demand weakness, either due to economic cyclicality or the loss of a significant customer, or they were subject to significant operational issues. While Clarios has a highly leveraged capital structure, Fitch believes the company's business profile is stronger than most of the issuers included in the automotive bankruptcy observations. Consistent with Fitch's criteria, the recovery analysis assumes that $1.7 billion of off-balance-sheet factoring is replaced with a super-senior facility that has the highest priority in the distribution of value. Fitch also assumes a full draw on the $800 million ABL revolver, which was not constrained by the borrowing base limit as of Sep. 30, 2024. The ABL receives second priority in the distribution of value after the factoring. Due to the ABL's first lien claim on ring-fenced collateral, the facility receives a Recovery Rating of 'RR1' with a waterfall generated recovery computation (WGRC) in the 91%-100% range. The analysis also assumes a full draw on the $800 million cash flow revolver. Including this, the first lien secured debt totals $11.7 billion outstanding (including the estimated new debt) and receives a lower priority than the ABL in the distribution of value hierarchy, in part due to its second lien claim on the ABL's collateral. This results in a Recovery Rating of 'RR3' with a WGRC in the 50%-70% range. The $1.6 billion of outstanding senior unsecured notes has the lowest priority in the distribution of value. This results in a Recovery Rating of 'RR6' with a WGRC in the 0%-10% range, owing to the significant amount of secured debt positioned above it in the distribution waterfall. RATING SENSITIVITIES Factors that could, individually or collectively, lead to negative rating action/downgrade: - Gross EBITDA leverage above 7.0x without a clear path to de-levering on a sustained basis; - EBITDA interest coverage approaching 1.5x on a sustained basis; - A decline in the Fitch-calculated EBITDA margin below 10% and FCF margin near 1.0%, both on a sustained basis. Factors that could, individually or collectively, lead to positive rating action/upgrade: - Financial policy-driven debt reduction that leads to gross EBITDA leverage of 5.5x on a sustained basis; - EBITDA interest coverage of 2.5x on a sustained basis; - Fitch-calculated EBITDA margins in the low teens in percentage terms and FCF margin of 2.5%, both on a sustained basis. Liquidity and Debt Structure Solid Liquidity: Liquidity as of Sep. 30, 2024, included $344 million of cash and cash equivalents, augmented by significant revolver capacity. Revolver capacity includes both an $800 million ABL facility and an $800 million first lien secured cash flow revolver. As of Sep. 30, 2024, a total of about $1.6 billion was available on the two revolvers, with full availability on the cash flow revolver and $753 million available on the ABL, after accounting for $47 million of letters of credit backed by the facility. The ABL and revolver both mature in 2028. However, a springing maturity provision that applies to both facilities could accelerate the maturities to as early as February 2026 if the company's senior secured notes due 2026 are not refinanced or redeemed prior to that time. Debt obligations (excluding Fitch's factoring adjustments) are light in FY 2025, but the company has $1.7 billion of debt maturing in FY 2026 and $1.6 billion maturing in FY 2027. Fitch expects Clarios' FCF to generally be sufficient to cover its seasonal cash needs. As a result, based on its criteria, Fitch has treated all of Clarios' cash as readily available. Debt Structure: As of Sep. 30, 2024, Clarios had about $9.6 billion of debt outstanding, including off-balance-sheet factoring. This consisted of $6.4 billion of first lien secured debt, comprising U.S. dollar- and euro-denominated term loans and secured notes, as well as about $1.6 billion of senior unsecured notes. The remaining debt consisted of $1.7 billion of off-balance-sheet factoring. Fitch excludes finance leases from its debt calculations. Clarios' term loans provide it with prepayment flexibility. However, Clarios also has a significant amount of non-amortizing debt that could lead to refinancing risk over the long term. That said, the company's senior secured notes due 2026, as well as its senior unsecured notes, became callable in May 2022. Issuer Profile Clarios is the world's largest manufacturer and distributor of low-voltage, advanced automotive batteries. It provides one in every three automotive lead-acid batteries globally, servicing cars, heavy duty trucks, motorcycles, marine and power sports vehicles in the OE and aftermarket channels. 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 ----------- ------ -------- ----- Clarios International Inc. LT IDR B Affirmed B Clarios Global LP LT IDR B Affirmed B senior unsecured LT CCC+ Affirmed RR6 CCC+ senior secured LT BB Affirmed RR1 BB senior secured LT B+ Affirmed RR3 B+ CLUE OPCO: Strategic Business Review No Impact on Moody's 'B2' CFR ------------------------------------------------------------------ Moody's Ratings said that Clue Opco LLC's (dba Forward Air) B2 corporate family rating and negative outlook are not affected by the announcement that it has initiated a strategic review of its business to maximize shareholder value. The ultimate impact on Forward Air's financial profile will depend on the actions taken and any resulting changes in capital structure or financial policy. Moody's will monitor the progress of the review and its impact on Forward Air's leverage and credit metrics. Additionally, the company announced an amendment to its credit facility that provides covenant relief on its net leverage test. On January 6th, Forward Air announced that its board of directors has initiated a business review to maximize shareholder value, which could include a potential sale, merger, or other combinations of its operations. The company did not set a time period for the completion of the review. In conjunction with the strategic review announcement, Forward Air reaffirmed its 2024 earnings guidance of Consolidated EBITDA (as defined in the company's credit agreement) of $300 million to $310 million. The company also announced approximately an additional $20 million in cost savings from operational restructuring steps taken in the fourth quarter. At the same time, the company received an amendment to its credit agreement, increasing its maximum consolidated first lien net leverage ratio requirement. The new ratio is set at 6.75x (previously 5.50x) commencing in Q4 2024 and running through Q3 2025, then stepping down by 0.25x each quarter through Q4 2026. Further, the revolving credit facility will be reduced to $300 million from $340 million and could be further reduced to $250 million if the company is unable to maintain net leverage below 6.50x in fiscal 2025. Moody's view ample revolver availability as key to funding the working capital needs of the business Any constraint on liquidity is a potential impediment to future growth. As of September 31, 2024, Forward Air had no outstanding balance on the revolver, with the exception of $17.7 million in letters of credit, and about $138 million in cash. Forward Air is a leading asset-light provider of transportation services across the United States, Canada and Mexico. The company provides expedited less-than-truckload ("LTL") services, including local pick-up and delivery, shipment consolidation/deconsolidation, warehousing, and customs brokerage by utilizing a comprehensive national network of terminals. Revenue for the twelve months ended Sept. 31, 2024 was approximately $2.2 billion. COASTAL GROWERS: Seeks to Hire Warren Averett LLC as Accountant --------------------------------------------------------------- Coastal Growers LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Alabama to employ Hanny Akl, CPA and Warren Averett, LLC as accountant. The firm will assist the Debtor with its preparation and filing of tax returns. Warren Averett will bill its standard hourly rates for this engagement and will seek reimbursement for reasonable out-of-pocket expenses incurred. Hanny Akl, a CPA with Warren Averett CPA, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. The firm can be reached through: Hanny Akl, CPA Warren Averett, LLC 2500 Acton Road #200 Birmingham, AL 35243 Direct: (205) 769-3306 Fax: (205) 979-6313 Email: hanny.akl@warrenaverett.com About Coastal Growers LLC Coastal Growers LLC is a company that helps peanut farmers achieve higher returns by sharing in farming and shelling profits and operates a shelling facility in Atmore. Since its launch in 2021, the facility has served as a key center for peanut shelling, storage, and shipping, contributing to regional agricultural growth and economic development, the report relays. Coastal Growers LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ala. Case No. 24-13034) on November 27, 2024. In the petition filed by Holly Johnson, as chief financial officer, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $100 million and $500 million. The case is before Honorable Bankruptcy Judge Henry A. Callaway. Edward J. Peterson, Esq., at Johnson Pope Bokor Ruppel and Burns, LLP represents the Debtor. COMARK GROUP: Initiates CCAA Proceedings, Plans Store Closures -------------------------------------------------------------- Comark Holdings Inc., Bootlegger Clothing Inc., cleo fashions Inc., and Ricki's Fashions Inc. announced on Jan. 7, 2025, that they have commenced proceedings under the Companies' Creditors Arrangement Act pursuant to an initial order from the Ontario Superior Court of Justice. The Company is a specialty fashion retailer serving customers through its Ricki's, cleo and Bootlegger banners. Pursuant to the Initial Order, the Court has appointed Alvarez & Marsal Canada Inc. as the Monitor to oversee the CCAA proceedings. After careful consideration of all reasonably available options, the Company has determined that it is in the best interests of its stakeholders to wind down its Ricki's and cleo operations and to close all Ricki's and cleo retail store locations. The Company will continue to explore opportunities with respect to Bootlegger through the CCAA process, which will include reducing its retail footprint to better position the Company in today's retail environment. The Company intends to seek a further Court order approving the full liquidation of all Ricki's and cleo and certain Bootlegger stores. The stores will remain open during this process. The Company currently has 221 stores in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, New Brunswick, Nova Scotia, and Newfoundland and Labrador. Among other things, the Initial Order provides for a stay of proceedings in favour of the Company for an initial period of 10-days, subject to extension thereafter as the Court deems appropriate. Court filings as well as other information related to the Company's CCAA proceedings will be available on the Monitor's website at https://www.alvarezandmarsal.com/ComarkRetail. For more information regarding the CCAA proceedings: Enquiries for the Monitor may be directed to: Alvarez & Marsal Canada Inc. Telephone: (833) 591-1289 Email: ComarkRetail@alvarezandmarsal.com Web: https://www.alvarezandmarsal.com/ComarkRetail About Comark Holdings Comark Holdings is one of Canada's specialty apparel retailers. Established in 1976, the Company has over 200 stores operating under three banners: Ricki's, cleo and Bootlegger. Company stores are located in shopping malls, big box power centres and strategic suburban plazas across Canada. COMMUNITY HEALTH: Inks Consultancy Agreement with Dr. Simon ----------------------------------------------------------- On December 31, 2024, CHSPSC, LLC, a wholly-owned subsidiary of Community Health Systems, Inc., entered into a consultancy agreement with Lynn T. Simon, M.D., the Company's retiring President, Healthcare Innovation and Chief Medical Officer, according to a Form 8-K filing with the U.S. Securities and Exchange Commission. As previously disclosed, Dr. Simon is retiring as an executive officer effective December 31, 2024. Pursuant to the Consulting Agreement, Dr. Simon will advise the Company's management team on innovation in healthcare, including identifying strategies, business opportunities and new technologies for the Company, and other matters as requested by Tim L. Hingtgen, Chief Executive Officer and/or his designee. The term of the Consulting Agreement will be January 1, 2025 to December 31, 2027. During the term of the Consulting Agreement, Dr. Simon will be entitled to receive consulting fees of $25,000 per month and will be subject to certain restrictions on competing, solicitation and conflicts of interest with CHSPSC, LLC or its affiliates. She will continue to vest in previously granted stock options and restricted stock of the Company in accordance with the applicable time-vesting schedule. A full-text copy of the Consultancy Agreement is available at https://urlcurt.com/u?l=Edkxtm About Community Health Systems Inc. Community Health Systems, Inc. -- http://www.chs.net/-- is a publicly traded hospital company and an operator of general acute care hospitals in communities across the country. Its affiliates provide healthcare services, developing and operating healthcare delivery systems in 40 distinct markets across 15 states. For the year ended December 31, 2023, the net loss attributable to Community Health Systems, Inc. stockholders was $133 million, compared to net income of $46 million for the same period in 2022. As of June 30, 2024, the Company had $14.4 billion in total assets, $15.3 billion in total liabilities, $324 million in redeemable noncontrolling interests in equity of consolidated subsidiaries, and $1.2 billion in total stockholders' deficit. * * * In August 2024, S&P Global Ratings raised its rating on Community Health Systems Inc. to 'CCC+' from 'SD' (selective default). At the same time, S&P also raised its ratings on the senior unsecured notes to 'CCC-' from 'D'. The outlook is negative, reflecting the risk of further distressed exchanges in the intermediate future despite credit metrics potentially improving in 2024. Egan-Jones Ratings Company, on August 8, 2024, maintained its 'CCC+' foreign currency and local currency senior unsecured ratings on debt issued by Community Health Systems, Inc. EJR also withdrew the rating on commercial paper issued by the Company. COMMUNITY HEALTH: President Owns 75,000 Performance-Based Shares ---------------------------------------------------------------- Miguel Benet, Community Health Systems, Inc.'s President and CMO, disclosed in a Form 3 filing with the U.S. Securities and Exchange Commission that as of January 1, 2025, he beneficially owns 75,000 performance-based restricted shares of the Company's outstanding shares of common stock. The vesting of 15,000 performance-based restricted shares is subject to the attainment of certain performance objectives between January 1, 2022 and December 31, 2024. The vesting of another 30,000 performance-based restricted shares is subject to the attainment of certain performance objectives between 1/1/2023 and 12/31/2025, and the vesting of the remaining 30,000 performance-based restricted shares is subject to the attainment of certain performance objectives between 1/1/2024 and 12/31/2026. About Community Health Systems Inc. Community Health Systems, Inc. -- http://www.chs.net/-- is a publicly traded hospital company and an operator of general acute care hospitals in communities across the country. Its affiliates provide healthcare services, developing and operating healthcare delivery systems in 40 distinct markets across 15 states. For the year ended December 31, 2023, the net loss attributable to Community Health Systems, Inc. stockholders was $133 million, compared to net income of $46 million for the same period in 2022. As of June 30, 2024, the Company had $14.4 billion in total assets, $15.3 billion in total liabilities, $324 million in redeemable noncontrolling interests in equity of consolidated subsidiaries, and $1.2 billion in total stockholders' deficit. * * * In August 2024, S&P Global Ratings raised its rating on Community Health Systems Inc. to 'CCC+' from 'SD' (selective default). At the same time, S&P also raised its ratings on the senior unsecured notes to 'CCC-' from 'D'. The outlook is negative, reflecting the risk of further distressed exchanges in the intermediate future despite credit metrics potentially improving in 2024. Egan-Jones Ratings Company, on August 8, 2024, maintained its 'CCC+' foreign currency and local currency senior unsecured ratings on debt issued by Community Health Systems, Inc. EJR also withdrew the rating on commercial paper issued by the Company. COSMED GROUP: Gets Final Approval to Access $7.5-Mil. DIP Funding ----------------------------------------------------------------- Emily Lever of Law360 Bankruptcy Authority reports that on January 7, 2025, a Texas bankruptcy judge granted final approval for sterilization company Cosmed Group Inc. to access $7.5 million in debtor-in-possession financing and approved several second-day motions. About Cosmed Group Inc. Cosmed Group Inc. -- https://www.cosmedgroup.com/ -- is a sterilization company. It provides pasteurization and sterilization services and technologies to food producers and manufacturers through a network of contract processing facilities. Cosmed Group Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 24-90572) on November 14, 2024. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Christopher M. Lopez oversees the case. The Debtor is represented by David Robert Eastlake of Greenberg Traurig, LLP. CYTTA CORP: Unable to Timely File Annual Report for Year Ended 2024 ------------------------------------------------------------------- CYTTA Corp. notified the U.S. Securities and Exchange Commission that it is unable to file its Annual Report on Form 10-K for the fiscal year ended September 30, 2024, without unreasonable effort and expense. Additional time is needed to prepare its accounting records and schedules to enable its independent registered public accounting firm to complete its audit of the Company's financial statements to be contained in its Annual Report on Form 10-K for the fiscal year ended September 30, 2023. It is anticipated that the Form 10-K, along with the audited financial statements, will be filed within the fifteen-day extension period. About Cytta Corp. Headquartered in Las Vegas, Nevada, Cytta Corp. has focused on developing and marketing advanced streaming and integrated communication products, using technology based upon the SUPR (Superior Utilization of Processing Resources) video compression codec/algorithm and IGAN (Incident Global Area Network) incident command proprietary software solutions. Cytta currently develops, markets, and distributes proprietary video streaming products and services that improve how video is streamed, consumed, transferred, and stored in enterprise environments. Hackensack, New Jersey-based Prager Metis CPAs, LLC, the Company's auditor since 2020, issued a "going concern" qualification in its report dated January 12, 2024, citing that as of September 30, 2023, the Company had an accumulated deficit of $32,603,480 and has also generated losses since inception. These factors, among others, raise substantial doubt regarding the Company's ability to continue as a going concern. DESTINATIONS TO RECOVERY: Court Extends Use of Cash Collateral -------------------------------------------------------------- Destinations to Recovery, LLC received interim approval from the U.S. Bankruptcy Court for the Central District of California, San Fernando Valley Division, to use cash collateral until Jan. 15, marking the second extension since the company's Chapter 11 filing. The company may use cash collateral in excess of the budgeted expenses set forth in its budget by not more than 5% per line item. Secured creditors BMO Bank and Kapitus, LLC were granted replacement liens on the company's assets, excluding certain claims and causes of action. As additional protection, Destinations to Recovery was ordered to make monthly payments of $15,000, with the payments applied first to BMO Bank's secured claim until it is paid in full and then to Kapitus' secured claim. In the event of default, BMO Bank or Kapitus may issue a notice of default. The company's use of cash collateral terminates if the default is not cured within three days. The next hearing is set for Jan. 15. About Destinations to Recovery Destinations to Recovery, LLC operates an IPO and PHO rehabilitation center located at 20951 Burbank Blvd., Woodland Hills, Calif. Destinations to Recovery filed Chapter 11 petition (Bankr. C.D. Calif. Case No. 24-11877) on November 8, 2024, with up to $1 million in both assets and liabilities. Mark Sharf, Esq., a practicing attorney in Los Angeles, serves as Subchapter V trustee. Judge Martin R. Barash oversees the case. The Debtor is represented by Eric Bensamochan, Esq., at The Bensamochan Law Firm, Inc. Tamar Terzian is the patient care ombudsman appointed in the Debtor's case. DICK'S AUTOMOTIVE: Hires Milani Lee and Associates as CPA --------------------------------------------------------- Dick's Automotive Transport, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ Milani, Lee and Associates CPAs, Inc. as certified public accountant. The Debtor desires to retain the accountant to prepare federal and state income tax returns, to perform necessary bookkeeping required for preparing tax returns, and to consult with the Debtor's counsel as to those matters. The firm will charge $580 per hour for the services of Wing On Lee, the accountant responsible for this engagement. Mr. Lee assured the court 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: Wing On Lee, CPA Milani, Lee and Associates CPAs, Inc. 1570 The Alameda. Ste 315 San Jose, CA 95126 Tel: (408) 288-5358 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. DOGS ARE PEOPLE: New Capital & Disposable Income to Fund Plan ------------------------------------------------------------- Dogs Are People Too, LLC ("DAPT") and Copeford Holdings, LLC file with the U.S. Bankruptcy Court for the Northern District of Texas a Plan of Reorganization for Small Business dated December 30, 2024. DAPT was formed on Dec. 10, 2008, as a Limited Liability Company under the laws of Texas. Copeford Holdings, LLC was formed on August 19, 2017, as a Limited Liability Company under the laws of Texas. DAPT is in the business of dog boarding, grooming, and daycare. Copeford owns the real property, on which DAPT operates its business. This real property consists of the land as well as a 5,700 square foot, state of the art dog boarding and training facility (the "Property"). DAPT is a franchisee of Camp Bow Wow. The Debtors attempted to refinance Loan B but were unable to acquire a refinance or replacement loan before the loan matured. The Debtors entered into a Forbearance Agreement with Sunflower Bank on June 3, 2024. Under the Forbearance Agreement, Debtors agreed to provide certain financial information as well as to pay Loan B and Loan C in full on or before August 31, 2024. Debtors were unable to find a replacement loan during the forbearance period sufficient to pay Loans B and C in full, so Debtors filed for bankruptcy protection in order to prevent a scheduled foreclosure hearing from taking place on October 1, 2024. This Plan under chapter 11 of the Code proposes to pay creditors of Dogs Are People Too, LLC from cash flow generated from operations, from the sale of the Property, an infusions of capital, and working capital loan as needed. Class 4 consists of Non-Priority General Unsecured Claims. Each holder of a Class 4 non-priority general unsecured Allowed Claim shall receive its pro rata share of Debtor's Disposable Income, after payment in full of Administrative Claims. Each payment shall be paid in equal monthly disbursements on the 15th day of each month, after the Debtor's payment of Administrative Expenses in full, and thus approximately 37 months after the Effective Date ("Class 4 Dividend"). Any portion of a Class 4 nonpriority general unsecured claim in excess of the Class 4 Dividend shall be discharged in accordance with Article 9 of this Plan. Class 4 is impaired and thus is entitled to vote on the Plan. This Class is impaired. Class 5 consists of Equity Security Interests. Except to the extent that the Holders of Class 5 Equity Interests agree to less favorable treatment, they shall retain their Equity Interests, subject to the terms and conditions of this Plan. Class 5 is unimpaired and thus is deemed to accept the Plan. The Debtors shall use $250,000 of contributed new capital and shall use its Disposable Income during the Plan Term, cash on hand, and profits from the operation of its business to fund the Plan. Commencing on the Effective Date of this Plan, Debtors' Disposable Income shall be disbursed as set forth in Section 4.01 of the plan first to fund Debtors' required Plan payments to allowed administrative expense and priority claims and then Class 4 Non-priority general unsecured creditors in the order and manner set forth in Section 7.02 of this Plan. A full-text copy of the Plan of Reorganization dated December 30, 2024 is available at https://urlcurt.com/u?l=qCMycT from PacerMonitor.com at no charge. About Dogs Are People Too Dogs Are People Too, LLC, is a company that specializes in products or services related to pets, particularly dogs. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 24-33079), with up to $50,000 in assets and up to $500,000 in liabilities. Judge Scott W. Everett oversees the case. The Debtor is represented by: Trey Andrew Monsour, Esq. Fox Rothschild, LLP 2501 N. Harwood Street, Suite 1800 Dallas, TX 75201-1613 Telephone: (214) 231-5796 Email: tmonsour@foxrothschild.com DOVETAIL DEVELOPMENT: To Sell Defiance Property to Tiffin River --------------------------------------------------------------- Dovetail Development Ltd. asks approval from the U.S. Bankruptcy Court for the Northern District of Ohio, Western Division, to sell its property, free and clear of liens, encumbrances, and interests. The Debtor's Property are comprised of numerous parcels of real property, including real properties with the addresses of 1488, 1489, 1481, 1483, 1475, 1477, 1467, 1469, 1461, 1463, 1455, 1457 Jackson Avenue, Defiance, Ohio, with the aggregate value of $1,037,900.00, pursuant to the Defiance County Auditor. Civista Bank holds a first mortgage which includes the assignment of rents against the Property amounting to $500,000. The Debtor receives an offer to purchase the Property in the price of $815,000 from Tiffin River Properties LLC, members Ian and Kyle Weber. Other salient terms under the Purchase Agreement are: -- Buyer is required to place a deposit of $5,000.00, to be applied toward the Purchase Price; -- The Purchase Agreement is contingent upon the release of the interests held by Civista in the Properties as well as any other liens; and -- The Purchase Agreement is contingent upon the Buyer gaining conventional commercial financing; -- The Debtor shall pay a 3% commission ($24,450.00) to the broker employed by the Buyer -- Closing to be on or before February 14, 2025. The Debtor proposes to sell the Property free and clear of liens, encumbrances, and interests. About Dovetail Development Ltd. Dovetail Development Ltd. is a limited liability company formed in 1999. Dovetail Development sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No. 24-30828) on May 1, 2024, with up to $50,000 in assets and up to $500,000 in liabilities. Judge John P. Gustafson presides over the case. Steven L. Diller, Esq., at Diller and Rice, LLC, is the Debtor's legal counsel. DREAM INC: Seeks Bankruptcy Protection in Alabama ------------------------------------------------- On January 4, 2025, Dream Inc. sought Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Alabama. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 1 and 49 creditors. The petition states funds will not be available to unsecured creditors. About Dream Inc. Dream Inc. is a technological services business that specializes in software development, IT consulting, managed services, graphic design, UI/UX design, and digital marketing. Dream Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ala. Case No. 25-70008) on January 4, 2025. In the petition filed by J.P. Henderson in his capacity, as executive director, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $10 million and $50 million. Harry P. Long, Esq. of The Law Office of Harry P. Long LLC represents the Debtor as counsel. EMERGENCY HOSPITAL: Gets Interim OK to Use Cash Collateral ---------------------------------------------------------- Emergency Hospital Systems, LLC received sixth interim approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division to use the cash collateral of its pre-bankruptcy lenders. The court authorized the company to use cash collateral in accordance with its budget, which shows total projected expenses of $2,028,889 for the period from Jan. 6 to 20. Pre-bankruptcy lenders, including RDFCB Acquisition, LLC, were granted replacement liens on the company's property, with the same validity and priority as their pre-bankruptcy liens. As additional protection, the court approved the payment of $26,666.67 to RDFCB on Jan. 6, 13 and 20, and ordered Emergency Hospital Systems to maintain insurance on its property, including the pre-bankruptcy collateral of RDFCB. The next hearing is set for Jan. 14. RDFCB can be reached through its attorney: Kell Mercer, Esq. Kell C. Mercer, P.C. 901 S. Mopac Expy, Suite 300, Bldg. 1 Austin, Texas 78746 Telephone: 512-767-3214 About Emergency Hospital Systems Emergency Hospital Systems LLC, doing business as Cleveland Emergency Hospital, is a system of regional hospitals serving the communities of The Woodlands, Porter, and Deerbrook, Cleveland. These facilities support each other with respect to the services they provide and are united under a common objective to provide quality healthcare professionally and compassionately. Emergency Hospital Systems sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 24-34683) on October 3, 2024, with $10 million to $50 million in both assets and liabilities. Rafael Delaflor, operating officer, signed the petition. Judge Eduardo V. Rodriguez oversees the case. The Debtor is represented by: Kenna M Seiler Attorney At Law Tel: 281-419-7770 Email: kseiler@srg-law.com Megan Bibb Rapp Kean Miller LLP Tel: 832-494-1711 Email: megan.rapp@keanmiller.com ENDO INTL: Ex-Director, Officers Want Opioid Sales Suit Tossed -------------------------------------------------------------- Alex Wolf of Bloomberg Law reports that former officers and directors of Endo International Plc have sought to dismiss a bankruptcy trustee's lawsuit accusing them of mismanagement that led to the company's downfall. They described the lawsuit as "a thinly veiled attempt to recover funds from insurance policies," the report relates. According to Bloomberg Law, the allegations, centered on Endo's marketing and sales practices for prescription opioids like Opana ER, are unfounded and insufficiently substantiated, according to former CEO Rajiv De Silva and 14 former board members. Their filing was submitted Monday to the US Bankruptcy Court for the Southern District of New York. The lawsuit, filed in July 2024 by a trust established for Endo's general unsecured creditors, accuses the former executives of breaching fiduciary duties and engaging in misconduct, the report states. About Endo International PLC Endo International plc (OTC: ENDPQ) is a generics and branded pharmaceutical company. It develops, manufactures, and sells branded and generic products to customers in a wide range of medical fields, including endocrinology, orthopedics, urology, oncology, neurology, and other specialty areas. On the Web: http://www.endo.com/ Endo International and certain of its subsidiaries initiated voluntary prearranged Chapter 11 proceedings (Bankr. S.D.N.Y. Lead Case No. 22-22549) on Aug. 16, 2022. On May 25, 2023, Operand Pharmaceuticals Holdco II Limited and Operand Pharmaceuticals Holdco III Limited each filed a voluntary Chapter 11 petition also in the U.S. Bankruptcy Court for the Southern District of New York. On May 31, 2023, Operand Pharmaceuticals II Limited and Operand Pharmaceutical III Limited each filed a voluntary Chapter 11 petition also in the Southern District of New York. The Company's cases are jointly administered before the Honorable James L. Garrity, Jr. Endo initiated the financial restructuring process after reaching an agreement with a group of its senior debtholders on a transaction that would substantially reduce outstanding debt, address remaining opioid and other litigation-related claims, and best position Endo for the future. This would allow the Company to advance its ongoing business transformation from a strengthened financial position to create compelling value for its stakeholders over the long term. Endo's India-based entities are not part of the Chapter 11 proceedings. The Company has filed recognition proceedings in Canada and expects to file similar proceedings in the United Kingdom and Australia. The Debtors tapped Skadden, Arps, Slate, Meagher & Flom, LLP as legal counsel; PJT Partners, LP as investment banker; and Alvarez & Marsal North America, LLC as financial advisor. Kroll Restructuring Administration, LLC, is the claims agent and administrative advisor. A Website dedicated to the restructuring is at http://www.endotomorrow.com/ Roger Frankel, the legal representative for future claimants in the Chapter 11 cases, tapped Frankel Wyron LLP and Young Conaway Stargatt & Taylor, LLP, as legal counsels, and Ducera Partners, LLC, as investment banker. EPIC! CREATIONS: Seeks to Sell Substantially All Assets ------------------------------------------------------- Claudia Z. Springer, Chapter 11 trustee for the estates of Epic! Creations, Inc., Tangible Play, Inc., (Tangible) and Neuron Fuel, Inc., (Neuron) seeks permission from the U.S. Bankruptcy Court for the District of Delaware, at a hearing on January 30, 2025, to sell substantially all of its Assets in an auction. The Debtors are three formerly unaffiliated U.S.-based education technology companies that develop and distribute three separate lines of educational products. Between 2019 and 2021, the Debtors were acquired by T&L, an Indian corporation founded by Byju Raveendran with a stated purpose of providing accessible education technology. The Debtors' former affiliate, BYJU's Alpha, Inc., as borrower, and GLAS Trust Company LLC, as administrative and collateral agent, and certain lenders, closed on a $1.2 billion term loan facility under that certain Credit and Guaranty agreement. T&L was briefly lauded as India's most valuable start-up, however, by October 2022, it has defaulted on its respective obligations as a guarantor under the Credit Agreement and has been embroiled in protracted disputes with the Prepetition Lenders and other creditors around the world ever since. In July 2024, T&L was placed into involuntary insolvency proceedings in India and an interim resolution professional was appointed to manage T&L’s assets and businesses. GLAS Trust Company LLC, in its capacity as administrative and collateral agent, and certain lenders under the Credit Agreement filed an involuntary chapter 11 petition against each Debtor. The U.S. Trustee for Region 3 duly appointed Claudia Z. Springer as chapter 11 trustee of each Debtor. The Trustee determines that the sale of the Debtors' Assets is the best available method for maximizing the value of the Property for the benefit of the Estate and all stakeholders. The Trustee engages Moelis & Company LLC to act as the Trustee's investment banker in connection with the sale of the Epic Assets and appoints SC&H Group to act as the investment banker in connection with the Sale of the Tangible Play Assets and the Neuron Assets. The Trustee proposes the Bid Procedures of the Property, the auction, the sale hearing, and the sale notice. The Trustee seeks to select one or more bidders to act as a stalking horse bidders and enter into a purchase agreement with such Stalking Horse Bidder. The Stalking Horse Agreement will also provide a break-up fee and/or an expense incurred by the Stalking Horse Bidders in connection with the transactions contemplated by the agreement, which Bid Protections shall collectively not exceed a total 3 percent of the cash purchase price. The Trustee seeks to approve an overbid amount of $2,000,000 for the Epic assets, and 5% greater (initial bid) and 2% greater (subsequent bids) for the Tangible Play Assets, and 5% greater (initial bid) and 2% greater (subsequent bids) for Neuron Assets. The Trustee also proposes to approve the procedures for the assumption and assignment of certain executory contracts and unexpired leases in connection with the Sale. The Trustee further seeks that if an Auction is conducted, authorizing and approving the Sale of the Assets to the relevant Qualified Bidder free and clear of liens, claims, encumbrances, and other interests, other than the Permitted Liens and the Assumed Liabilities. The Trustee believes that a prompt sale of the Assets through a competitive sale process represents the best option available to maximize value for all stakeholders. The Trustee also requests to approve the timeline for the sale of the Assets: -- Preliminary Bid Deadline: On or before February 14, 2025, at 4:00 p.m. (prevailing Eastern Time); -- Stalking Horse Notification Deadline: No later than February 28, 2025. -- Assigned Contract Objection Deadline; -- Bid Deadline no later than March 21, 2025, at 4:00 p.m. (prevailing Eastern Time); -- Auction on March 25, 2025, at 10:00 a.m. (prevailing Eastern Time). -- Sale Hearing on April 1, 2025, at 10:00 a.m. (prevailing Eastern Time). The marketing and bidding process contemplated are supported by the Prepetition Lenders and the DIP Lenders and provide for flexibility with respect to the structure of any transaction. If a Stalking Horse Bidder is selected, the Trustee will file with the Court and cause to be published on the case website a notice that contains information about the Stalking Horse Bidder, including the identity of the Stalking Horse Bidder, key terms of the Stalking Horse Bidder’s bid and the proposed Stalking Horse Agreement. Having the flexibility to designate a Stalking Horse Bidder and provide Bid Protections will provide the Trustee with best opportunity available under the circumstances to encourage competition but, at the same time, secure a committed bid that sets a valuation floor. The Trustee asserts that the relief requested is in the best interests of the Estates, the Debtors’ creditors, other stakeholders, and all other parties in interest. About Epic! Creations, Inc. Epic! Creations Inc. -- https://www.getepic.com/ -- doing business as Byju's, retails books online. The Company offers digital library which includes kids books, ebooks, and videos. Epic! Creations serves customers in the State of California. Alleged creditors of Epic! Creations sought involuntary petition under Chapter 11 of the the U.S. Bankruptcy Code against Epic! Creations (Bankr. D. Del. Case No. 24-11161) on June 5, 2024. The creditors who signed the petition are: * HPS Investment Partners, LLC, * TBK Bank, SSB * Redwood Capital Management, LLC, * Veritas Capital Credit Opportunities Fund SPV, L.L.C. and Veritas Capital Credit Opportunities Fund II SPV, L.L.C. * HGV BL SPV, LLC, * Midtown Acquisitions GP LLC, * Silver Point Capital, L.P., * Shawnee 2022-1 LLC, * Sentinel Dome Partners, LLC, * Stonehill Capital Management LLC, * Diameter Capital Partners LP, * Ellington CLO III, Ltd. and Ellington Special Relative Value Fund L.L.C. * GLAS Trust Company LLC, in its capacity as administrative agent and collateral agent, * Continental Casualty Company, and * India Credit Solutions, L.P. Glas Trust Company is represented by: Laura Davis Jones Pachulski, Stang, Ziehl & Jones LLP Telephone: (302) 778-6401 E-mail: ljones@pszjlaw.com TBK Bank, et al., are represented by: G. David Dean Cole Schotz P.C. Telephone: (302) 652-3131 E-mail: ddean@coleschotz.com FAMILY SOLUTIONS: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- Family Solutions of Ohio, Inc. received fifth interim approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division, to use cash collateral. The fifth interim order authorized Family Solutions of Ohio to use cash collateral for operating expenses in accordance with its budget. Any expenditure exceeding 10% of the budget requires written consent from the merchant cash advance lenders. The lenders will receive a post-petition replacement lien and security interest on all of the collateral securing the indebtedness with the same validity, priority, and enforceability as they had against the collateral as of the petition date. The replacement lien is subject to and subordinate to a carve-out for the payment of professional fees and disbursements. The next hearing will be held on Feb. 5. About Family Solutions of Ohio, Inc. Family Solutions of Ohio, Inc. filed voluntary Chapter 11 petition (Bankr. E.D.N.C. Case No. 24-03043) on September 5, 2024, with $1 million to $10 million in both assets and liabilities. John Hopkins, Jr., vice president of Family Solutions of Ohio, signed the petition. Judge Pamela W. Mcafee oversees the case. The Debtor is represented by: Jason L. Hendren, Esq. Hendren Redwine & Malone, PLLC Tel: 919-573-1422 Email: jhendren@hendrenmalone.com -- and -- Rebecca F. Redwine, Esq. Hendren Redwine & Malone, PLLC Tel: 919-420-0941 Email: rredwine@hendrenmalone.com FIG & FENNEL: Unsecureds Will Get 15% of Claims in Joint Plan ------------------------------------------------------------- Fig & Fennel at MIA, LLC, and affiliates filed with the U.S. Bankruptcy Court for the Southern District of Florida a Disclosure Statement for Joint Chapter 11 Plan dated December 30, 2024. Prior to the Petition Date, the Debtors owned and operated various restaurants and commissaries engaged in the food service industry. The Debtors' operations began at their Cafe and Fig concession stands located in the Miami Airport. Prior to the Petition Date, the Debtors faced certain financial and other challenges, which led the Debtors to commence the Chapter 11 Cases. During the Chapter 11 Cases, the Debtors and their restructuring advisors, including Davidoff Hutcher & Citron LLP ("DHC"), CBIZ Forensic Consulting Group, LLC ("CBIZ"), and Shapiro Law ("Shapiro" and, collectively with DHC and CBIZ, the "Advisors"): (a) stabilized Debtors' operations; (b) obtained approval from the Debtors' secured creditor Newtek of the Debtors' use of cash collateral; (c) entered into factoring agreements with Versent to increase and stabilize cash flow; (d) rejected certain unprofitable agreements, including, among others, a vending contract, a restaurant lease in Miami Beach, and a requirements contract with NuCO2 LLC; (e) sold the Debtors' unused warehouse facility (the "Warehouse Sale"); (e) significantly improved the Debtors' financial performance such that the Debtors are now operating cash flow positive with promising growth prospects; and (f) engaged in a $3.35 million sale (the "Miami Sale") of the Debtors' leases and assets at the Miami International Airport (the "Miami Airport"). The Plan provides for the treatment of all Claims against the Debtors' estates, ensures the continuation of the Debtors' businesses as going concerns, and maximizes value for the benefit of the Debtors' creditors. The Plan provides, inter alia, for payment in full of all Administrative Expense Claims, Priority Tax Claims, and Priority Non-Tax Claims, the reinstatement of the Newtek Loans, SBA Loans, and Secured Vehicle Agreements, all with extensions of the applicable maturity dates. The Debtors will also be making Distributions to General Unsecured Creditors under the Plan. More specifically, under the Plan, among other things: * Pursuant to an agreement with Newtek, the Newtek Loans will be reinstated, in a reduced principal amount (owing to certain payments made by the Debtors from the Proceeds of the sale of the Miami Leases), the maturity dates on the Newtek Loans will be extended by two years, and monthly payments will be recalculated; * The SBA Loans will be reinstated and the maturity dates will be extended; * 15% payment on the Claims and Allowed General Unsecured Claims over a three-year period; * Payment in full of all Professional Fees, other Administrative Expenses, and United States Trustee fees; and * A comprehensive reorganization will be achieved that ensures the continuation of the Debtors' businesses as going concerns that maximize values for all Creditors and other parties in interest. Class 4 consists of the General Unsecured Claims. Except to the extent that a Holder of an Allowed General Unsecured Claim agrees to a less favorable treatment of such Claim, each such Holder shall receive, in full and final satisfaction, settlement, release, and discharge of such Claim, 15% of the pro rata amount of their Claim, with payment of $.05 per dollar of Allowed Claims after the Effective Date, and thereafter, annual distributions of $.05 per dollar of Allowed Claims for two years, beginning one year from the Effective Date, in full and final satisfaction of such Holder's General Unsecured Claim. Class 4 is Impaired Class 5 consists of the membership Interests in the Debtor. The Holders of the Debtors' membership Interests shall retain those Interests in the Reorganized Debtors on and after the Effective Date. A full-text copy of the Disclosure Statement dated December 30, 2024 is available at https://urlcurt.com/u?l=3VDVAZ from PacerMonitor.com at no charge. Co-Counsel for the Debtors: Peter E. Shapiro, Esq. SHAPIRO LAW 8551 West Sunrise Boulevard Plantation, FL 33322 Telephone: (954) 315-1157 Email: pshapiro@shapirolawpa.com - and - Robert L. Rattet, Esq. Max DuVal, Esq. John D. Molino, Esq. DAVIDOFF HUTCHER & CITRON LLP 605 Third Avenue New York, NY 10158 Telephone: (212) 557-7200 Email: rlr@dhclegal.com mdv@dhclegal.com jdm@dhclegal.com About Fig & Fennel at Mia Fig & Fennel at MIA, LLC and affiliates own and operate restaurants offering a broad selection of grab-and-go sandwiches, salads, bowls, snacks, desserts, and more. The Debtors filed Chapter 11 petitions (Bankr. S.D. Fla. Lead Case No. 23-18515) on October 18, 2023. Robert Siegmann, manager, signed the petitions. At the time of the filing, Fig & Fennel at MIA reported $2,956,271 in total assets and $523,057 in total liabilities. Judge Scott M. Grossman oversees the cases. Adam Leichtling, Esq., at Lapin & Leichtling, LLP, is the Debtors' legal counsel. FLYNN RESTAURANT: Moody's Affirms 'B2' CFR, Outlook Stable ---------------------------------------------------------- Moody's Ratings affirmed Flynn Restaurant Group LP's B2 corporate family rating, B2-PD probability of default rating and B2 rating on its existing credit facilities, consisting of a $140 million backed senior secured first lien revolving credit facility due 2028 and a $1.1 billion backed senior secured first lien term loan B due 2028. At the same time, Moody's assigned a B2 rating to Flynn's proposed senior secured credit facility comprising an incremental $1.025 billion non-fungible backed senior secured first lien term loan B and up to $400 million new backed senior secured first lien revolving credit facility. The outlook remains stable. Proceeds from the proposed incremental $1.025 billion term loan along with balance sheet cash will be used to repay the existing pro rata debt of Flynn's Wend American Group LLC ("Wendy's"), Hut American Group LLC ("Pizza Hut") and Flynn Fitness Group LLC ("Planet Fitness") subsidiaries, fund a distribution to the parent entity ("Flynn Group LP"), for general corporate purposes, and transaction fees & expenses. Flynn will also add the Wendy's, Pizza Hut and Planet Fitness subsidiaries to the existing guarantor group ("Credit Group"), which currently includes Bell American Group LLC ("Taco Bell"), Pan American Group LLC ("Panera") and RB American Group LLC ("Arby's"), and Apple American Group LLC ("Applebees"). The ratings are subject to review of final documentation and completion of the transaction as proposed. The rating on Flynn's existing $140 million guaranteed senior secured revolving credit facility will be withdrawn upon completion closing of the transaction. The affirmations reflect governance considerations including increased debt to fund a distribution to outside the Credit Group offset by the addition of three well-known brands which increase its scale and diversity. The distribution to the parent is expected to fund additional growth and acquisitions which have been historically added back to the Credit Group as their profitability and scale improve. Pro forma leverage will rise modestly, to around 5.5x from around 5.2x as of September 2024 with the addition of nearly $400 million of incremental debt as EBITA/interest remains weak at less than 1.2x, due to higher interest costs. Nonetheless, the Credit Group, will expand to approximately 2,567 restaurants across six brands in 44 states and 41 fitness club units in two states, making it one of the largest franchise operators globally, generating over $4.6 billion of LTM revenue as of September 2024. The stable outlook reflects Moody's expectation for credit metric improvement through revenue growth and margin expansion. Good liquidity with cash, operating cash flow and ample revolver availability is expected to support internal cash needs over the next twelve months, including material ongoing capex requirements typical of a large franchise operator. RATINGS RATIONALE Flynn's B2 CFR is constrained by governance considerations including its private ownership and financial strategies that have previously led to high financial leverage. Leverage, which has been moderate over the past few years, and will increase to approximately 5.5x on a proforma basis from 5.2x as the company adds Wendy's, Pizza Hut and Planet Fitness subsidiaries to the Credit Group and incurs additional debt to fund a distribution to the parent, proceeds from which are intended to be used for reinvestment both in and outside the Credit Group. Historically, certain acquisitions have been funded outside of the Credit Group and then recontributed as profitability and scale increase; as is the case with Wendy's, Pizza Hut and Planet Fitness. Like the broader restaurant industry, Flynn has faced a difficult operating environment, including a period of inflation and higher interest costs as well as pressure on consumer spending which Moody's expect to abate over the next twelve months. Flynn benefits from its material scale in terms of number of operated restaurant and fitness units, and its diversity across segments, geography and brands, with a high level of awareness in each of Taco Bell, Panera Bread, Arby's, Applebee's, Wendy's, Pizza Hut and Planet Fitness. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded with sustained improvement in operating performance, including consistent positive same store sales and maintenance of at least good liquidity, with positive free cash flow. An upgrade would also require financial policies that support Moody's debt to EBITDA sustained below 4.5x and EBITA to interest sustained over 2.0x. Ratings could be downgraded should revenue and earnings growth not be sustained or liquidity weakens, including if positive free cash flow is not maintained or if financial policies become more aggressive. Specific metrics include Moody's debt to EBITDA sustained near 6.0x or EBITA to interest sustained materially below 1.5x. Headquartered in San Francisco, California, Flynn Restaurant Group LP's pro forma Credit Group operated approximately 2,567 restaurants across 44 states as of September 22, 2024, including 300 Taco Bells, 146 Panera Breads, 360 Arby's, and 463 Applebee's, 982 Pizza Huts, and 316 Wendy's. The company also operated 41 Planet Fitness units. Pro forma Credit Group revenue was around $4.6 billion for the twelve month period ended Sept. 2024. Flynn is owned by Ontario Teachers' Pension Plan Board, Flynn management and Main Post Partners. The principal methodology used in these ratings was Restaurants published in August 2021. FLYNN RESTAURANT: S&P Affirms 'B' ICR on Borrowing Group Expansion ------------------------------------------------------------------ S&P Global Ratings affirmed its 'B' issuer credit rating on San Francisco-based restaurant operator Flynn Restaurant Group L.P. and 'B' issue-level ratings on its senior secured debt as well as assigned its 'B' rating to the company's proposed seven-year, $1.025 billion nonfungible first-lien term loan with a recovery rating of '3', reflecting average (50%-70%; rounded estimate: 55%) recovery in a hypothetical default scenario. The stable outlook reflects S&P's expectation for steady operating performance and S&P Global Ratings-adjusted debt to EBITDA sustained in the mid- to high-5x area over the next 12 months. The proposed transaction simplifies Flynn's capital structure and provides ample financial flexibility to fund its long-term growth initiatives. As part of the transaction, Flynn will add three subsidiaries (Wend American Group LLC, Hut American Group LLC, and Flynn Fitness Group LLC) to the borrowing group, allowing the company to repay and replace debt at those borrowers with a proposed seven-year, $1.025 billion nonfungible incremental term loan and upsize its revolving credit facility maturing in June 2028. S&P expects Flynn will continue to implement operating efficiencies, consolidate operations, and streamline processes to improve profitability, particularly as the firm continues to expand its restaurants and Planet Fitness facilities organically, mainly through new unit developments. Flynn has been highly acquisitive over the last two years, expanding by more than 300 locations, funded with a combination of debt, balance sheet cash, and over $75 million of equity contribution. While the fast pace has enabled it to increase scale, its acquisitive strategy also raises integration risk. As of September 2024, Flynn operated 2,904 global consolidated units, with 2,608 pertaining to the newly expanded borrowing group, with the remainder pertaining to its international subsidiary (Flynn Global ANZ). S&P said, "We anticipate Flynn will moderate its acquisitions to smaller and more selective opportunities over the next 12 months as it focuses on integrating and enhancing the operating performance of its diverse restaurant brands and Planet Fitness locations. Furthermore, we expect Flynn to incrementally expand its relatively small Planet Fitness footprint and continue expanding international Wendy's and Pizza Hut operations in Australia and New Zealand." S&P said, "We forecast Flynn's proposed transaction will raise S&P Global Ratings-adjusted leverage to roughly 5.9x in fiscal 2025 from 5.5x in fiscal 2024 mainly due to its sizable parent distribution. Flynn intends to use about $389 million of the proceeds to fund a distribution to Flynn Group, which will most likely utilize the distribution to eventually fund opportunistic acquisitions or reinvest in the business. In addition, we anticipate leverage will improve to 5.6x in fiscal 2026, primarily through modest EBITDA expansion and modest debt amortization payments. We expect S&P Global Ratings-adjusted EBITDA margins will improve modestly to about 13.1% for fiscal 2025 from 13% in fiscal 2024 as Flynn continues to implement cost-optimization initiatives across all its brands. Furthermore, we believe reduced input cost volatility around the company's commodity basket will improve margins and anticipate that it will leverage its purchasing power with suppliers due to its large scale and position as one of the largest operators in the restaurant industry. However, given Flynn's more than two-thirds financial-sponsor ownership (with the remaining 25%-30% held by management), we expect leverage will likely remain elevated until the sponsor exits, likely through a potential IPO. "We forecast positive sales growth of roughly 4%-6% annually while maintaining relatively steady profitability over the next 12 months despite a challenging operating environment. During the third quarter (ended September 2024), Flynn's consolidated sales increased 3.8% from acquisitions and new unit developments, while comparable same store sales declined 2.2% compared to the prior year due to soft customer demand trends. However, Flynn's diverse array of restaurants appeal to a broad customer base and typically have higher average unit volumes than peers. As such, our base-case forecast projects Flynn will generate revenue growth of roughly 5.6% while comparable same-store sales rise 1%-3% in 2025, supported by its increasing restaurant fleet, unit remodels, diverse menu offerings, new item innovations, and marketing efforts. Despite this, softer customer spending from persistently high inflation and elevated interest rates remain key risks to restaurant spending as consumers shift to preparing food at home, in our view. "The stable outlook reflects our expectation for steady operating performance and S&P Global Ratings-adjusted debt to EBITDA sustained in the mid- to high-5x area over the next 12 months." S&P could lower the rating on Flynn over the next year if: -- Its operating performance faces challenges due to slower same-store sales growth and a decline in profits amid heightened competition, sustaining S&P Global Ratings-adjusted leverage above 6.5x; or -- S&P expects the company to generate less than $50 million of free operating cash flow (FOCF) excluding store expansion or growth expenditure. S&P could raise the rating on Flynn over the next year if: -- S&P believes the company will maintain a less-aggressive financial policy such that it sustains S&P Global Ratings-adjusted leverage below 5x; and -- Operating performance is significantly stronger than S&P expects, leading to EBITDA margin improvement and meaningful FOCF. FR FLOW CONTROL: S&P Withdraws 'B-' Issuer Credit Rating -------------------------------------------------------- S&P Global Ratings withdrew its 'B-' issuer credit rating on flow control products manufacturer FR Flow Control Midco Ltd. at the issuer's request. At the same time, we discontinued our 'B-' issue-level rating and '3' recovery rating on the company's first-lien credit facility following the full repayment of its outstanding rated debt. The facility comprised a revolving credit facility, term loan, and two incremental term loans issued at FR Flow Control CB LLC. At the time of the withdrawal, our rating outlook on FR Flow was stable. FRANCHISE GROUP: Taps Perella Weinberg as Investment Banker ----------------------------------------------------------- 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 Perella Weinberg Partners LP as its investment banker. The firm will render these services: a. familiarize itself with the business, operations, liquidity situation, assets and liabilities, financial condition and prospects of the Debtors; b. review, analyze and report to the Committee and Pachulski Stang Ziehl & Jones LLP, the Committee's proposed counsel ("Committee Counsel"), with respect to the Debtors' financial condition and outlook; c. evaluate the Debtors' debt capacity in light of projected cash flows; d. review and provide an analysis of any valuation of the Debtors' total enterprise value, the Debtors on an entity by entity basis, the Debtors' various lines of business and/or any of the Debtors' assets; e. review and provide an analysis of any proposed capital structure for the Debtors on a reorganized going concern basis; f. advise and attend meetings with the Committee and Committee Counsel related to the Debtors as well as due diligence meetings with the Debtors or other third parties as appropriate; g. advise and assist Committee Counsel's evaluation of the Debtors' near-term liquidity including various financing alternatives; h. review, analyze and advise the Committee and Committee Counsel with respect to the existing debt structure of the Debtors, and refinancing alternatives to existing debt; i. explore alternative strategies for the Debtors as one or more stand-alone businesses; j. develop, evaluate and assess the financial issues and options concerning any proposed Transaction; k. analyze and explain any Transaction to the Committee and Committee Counsel; l. review potential M&A alternatives; m. evaluate potential bids from prospective purchasers of the Debtors' assets; n. assist the Committee and Committee Counsel and participate in negotiations with the Debtors on the Committee's behalf; o. participate in hearings before the Bankruptcy Court with respect to matters upon which PWP has provided advice and/or analysis, including, as relevant, coordinating with Committee Counsel with respect to any fact or expert testimony in connection therewith; and p. provide such other investment banking services in connection with this matter that the Committee and Committee Counsel may from time to time reasonably request and which are customarily provided by investment banks in similar situations. PWP will be compensated for its services as follows: (a) Monthly Advisory Fee: A monthly financial advisory fee of $175,000 for each month of the engagement (prorated for any partial month), due and payable on the first day of each month during the engagement; provided that 50 percent of each Monthly Fee after six Monthly Fees paid under the Engagement Letter shall (to the extent paid and without duplication) be credited against and subtracted from any Transaction Fee. (b) Transaction Fee: A Transaction Fee equal to $4,500,000, payable promptly upon consummation of a Transaction. As disclosed in the court filings, Perella Weinberg Partners is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Bruce Mendelsohn Perella Weinberg Partners LP 767 Fifth Avenue New York, NY 10153 Tel: (212) 287-3200 Fax: (212) 287-3201 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. FREIRICH FOODS: Creditors to Get Proceeds From Liquidation ---------------------------------------------------------- Freirich Foods, Inc., filed with the U.S. Bankruptcy Court for the Middle District of North Carolina a Disclosure Statement for Plan of Reorganization dated December 30, 2024. Freirich Foods has been supplying specialty meats to select grocers and delis since 1921. Although initially opened in New York, the business is headquartered in Salisbury, North Carolina and has been managed by four generations of the Freirich family. Its meat products are famous across the East, Midwest, and South, and its traditional corned beef is consumed more than any other brand on St. Patrick's Day. Freirich Foods produces corned beef primarily in January and February each year, and contracts with a temperature-controlled supply chain provider for storage of the Product pending delivery to certain customers. The existing credit line with First National Bank of Pennsylvania was fully drawn down with an outstanding balance of almost $10 million, the spring revenues which typically are used to reduce the credit line had been severely impaired, and the Debtor was unable to meet its financial obligations. On March 20, 2024, the Debtor commenced this Chapter 11 case by filing a voluntary petition seeking relief under the Bankruptcy Code. The Plan proposes the liquidation of all property of the Debtor's Estate and the distribution of proceeds to holders of Allowed Administrative Expense Claims, Allowed Unsecured Priority Claims, Allowed Secured Claims, and Allowed Unsecured General Claims according to the priorities established by the Bankruptcy Code, with certain modifications negotiated with the Bankruptcy Administrator and First National Bank of Pennsylvania. Class 5 consists of Allowed Unsecured General Claims are estimated in the aggregate amount of approximately $4,601,670, plus (i) any timely filed Rejection Claims arising from the rejection of executory contracts, and (ii) any timely filed deficiency claims filed by secured creditors. Holders of such claims will receive a pro rata distribution of (i) the Grobbel Installment Payments in the aggregate amount of $250,000, (ii) 10% of the Litigation Recoveries, net of the amount paid to FNB equal to the attorneys' fees and expenses incurred and paid by the Debtor with respect to the Litigation Recoveries, and (iii) any surplus funds remaining in the Plan Consummation Account after the FNB Secured Claim is paid in full. Class 6 consists of Equity Interests in the Debtor are held by Digna Freirich, Paul Bardinas, and the Residuary QTIP Trust UA Jeff Freirich. Equity Interests will be terminated and extinguished, and no distributions will be made to the holders of Equity Interests. On the Effective Date, all the Debtor's tangible and intangible assets not previously sold or transferred shall remain property of the Estate subject to the provisions of the Plan and the jurisdiction of the Court. The Debtor shall collect the outstanding accounts receivable in the ordinary course, and the Debtor shall sell the remaining furniture, fixtures, equipment and vehicles by public or private sale, subject to approval by the Court. The Debtor shall cause Freirich Holdings, LLC to market and sell the Production Facility, subject to approval by the Court after notice and hearing. If the Production Facility has not been sold within six months after the Effective Date (or such shorter date as the Debtor may determine in its reasonable discretion), the Debtor may elect to terminate any listing agreement and sell the Production Facility by public auction. A full-text copy of the Disclosure Statement dated December 30, 2024 is available at https://urlcurt.com/u?l=tfym9q from PacerMonitor.com at no charge. Freirich Foods, Inc. is represented by: John A. Northen, Esq. Northen Blue, LLP PO Box 2208 Chapel Hill, NC 27515 Tel: (919) 968-4441 E-mail: jan@nbfirm.com About Freirich Foods Freirich Foods, Inc., is a deli meat processor that produces dry open-oven roasted products. Freirich Foods has been supplying specialty meats to select grocers and delis since 1921. Although initially opened in New York, the business is headquartered in Salisbury, North Carolina today and has been managed by four generations of the Freirich family. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D.N.C. Case No. 24-50204) on March 20, 2024. In the petition signed by Paul Bardinas, president, the Debtor disclosed $13,015,005 in assets and $14,524,627 in liabilities. Judge Benjamin A. Kahn oversees the case. John A Northen, Esq., at NORTHEN BLUE LLP, is the Debtor's legal counsel. FRG ENTERPRISES: Reaches Settlement with HB3; Files Amended Plan ---------------------------------------------------------------- FRG Enterprises, LLC, submitted an Amended Plan of Reorganization dated December 30, 2024. On March 5, 2024, FRG removed the Removed Action to the Bankruptcy Court and it was assigned Adversary Proceeding No. 24-2007. The Debtor disputes liability for the claims set forth in the Removed Action. On May 24, 2024, HB3 filed its Complaint for Reclassification or Equitable Subordination of Claim of MNG Investments, LLC styled HB3, LLC v. MNG Investments, LLC, Adv. Pro No. 24-2038. On October 15, 2024, the Debtor, HB3, and the Non-Debtor Defendants participated in a mediation with Subchapter V Donald W. Mallory serving as a mediator. The Debtor, HB3, and the NonDebtor Defendants reached a global settlement of claims. On December 6, 2024, the Debtor filed an amended motion to settle its disputes with HB3. As outlined in the motion, the Debtor and HB3 desired to resolve claims and potential claims against one another as set forth in the settlement agreement (which was served on all parties-in-interest), including, but not limited to, finally settling, resolving, and releasing all claims, issues, and disputes with HB3. The Debtor is filing this Amended Plan in accordance with the settlement agreement, and this Amended Plan is contingent upon Court approval of the settlement agreement. Under the settlement agreement, the Allowed HB3 Claim will be treated as an allowed claim of $290,000, consisting of a priority claim in the amount of $9,791.87 for the Unpaid Goods and a general unsecured claim for the remaining balance. Once the HB3 distribution payments total $270,000, then the amount of any excess will be reallocated to other general unsecured claimants. The Plan provides for a reorganization and restructuring of Debtor's financial obligations. The Plan provides for a distribution to creditors in accordance with the terms of the Plan by the Distribution Agent over the course of the Term, which is a total of five years. The Plan provides for monthly payments on the MNG pre-petition secured debt amortized over ten years, accruing interest at 9.5% per annum. As to the other debt owed by the Debtor, the Plan provides for payment in full of all Allowed Claims over the life of the Plan with payments to be made twice quarterly per year (beginning on the 15th day following the third full month after the Effective Date). Class 4 consists of Allowed general unsecured claims consists of the Debtor's vendor and service providers, and does not include the Allowed HB3 Claim. This class of creditors is estimated to have claims amounting to $184,363.55. After Class 1 and Class 2 Claims are paid in full, distributions to Class 4 creditors shall commence on a pro rata basis and pro rata with the nonpriority portion of the allowed claim of Class 5. Class 5 consists of the Allowed HB3 Claim. The Allowed HB3 Claim shall be in the amount of $290,000, comprised of a Section 503(b)(9) claim in the amount of $9,791.87, with the remaining balance to be treated as a general unsecured claim. The maximum distribution to HB3 will be $270,000. HB3 is treated separately from Class 4 because the Allowed HB3 Claim is a compromised claim (contingent upon Court approval) arising from HB3’s filed claim (Claim No. 7) with the following components: * A priority claim in the amount of $9,791.87 for goods received by FRG just prior to the filing of the Bankruptcy Case; * Performance Bonus Payments in the amount of at least $175,000 under a disputed supply agreement; * License Fees of $175,000 under a disputed supply agreement; * Equipment (i.e., the Disputed Assets) claimed to be owned by HB3 that was transferred to FRG as part of the Fox's Food asset purchase but never paid for by Fox's Food. At that time, the equipment had an appraised value of $44,500 (installed). * Lost profits in the minimum amount of $827,538.50, with continued damages associated with the failure to adhere to the supply agreement. Pursuant to the compromise, HB3 has waived its interest in the Disputed Assets, and it has collapsed its claim to $290,000, having a priority component for the unpaid prepetition goods and a general unsecured claim for the remaining balance. Also, pursuant to the compromise, HB3 has agreed to cap its total distribution at $270,000, regardless of the Debtor's financial performance. The Section 503(b)(9) portion of the claim of $9,791.87 shall be paid as a priority claim, prior to any Class 4 distributions. The remaining balance of the Allowed HB3 Claim shall be treated as a general unsecured claim and shall be paid on a pro rata basis with the Class 4 claims. When HB3 distributions under the Plan have totaled $270,000, the Allowed HB3 Claim will be deemed satisfied and remaining distributions, if any, shall be allocated to Class 4 claimants. In no event shall the total distribution on the HB3 Allowed Claim exceed $270,000. The Debtor anticipates that the continued operations of the business will be adequate to fund the Plan over the Term. The Plan is based on the Debtor's in-house production and the utilization of Sammy's Bagels for its supply of bagels, as well as the purchase of new equipment. A full-text copy of the Amended Plan of Reorganization dated December 30, 2024 is available at https://urlcurt.com/u?l=xsl0Bs from PacerMonitor.com at no charge. Counsel to the Debtor: Matthew T. Schaeffer, Esq. Bailey Cavalieri LLC 10 West Broad Street, Suite 2100 Columbus, OH 43215 Tel: (614) 229-3289 Fax: (614) 221-0479 Email: mschaeffer@baileycav.com About FRG Enterprises FRG Enterprises, LLC, is an Ohio limited liability company created in July of 2022. The Debtor filed a Chapter 11 bankruptcy petition (Bankr. S.D. Ohio Case No. 23-54240) on Dec. 6, 2023, disclosing under $1 million in both assets and liabilities. The Debtor is represented by BAILEY CAVALIERI LLC. FTX TRADING: Backpack Exchange Acquires FTX EU ---------------------------------------------- Backpack Exchange, a fully regulated global cryptocurrency exchange, announced the successful acquisition of FTX EU, the MiFID II-licensed former European arm of FTX. Approved by the FTX bankruptcy court and the Cyprus Securities and Exchange Commission (CySEC), this acquisition marks a major milestone in Backpack's global expansion and commitment to delivering secure, regulated trading solutions across Europe. With the acquisition, Backpack's new EU arm will offer a full suite of crypto derivatives throughout the European Union including perpetual futures, a market where no regulated crypto derivatives currently exist, as unregulated offshore exchanges have been forced to wind down their unlicensed European operations. Armani Ferrante, CEO of Backpack Exchange, commented: "As many international exchanges exit the European Union, becoming a MiFID II-licensed entity demonstrates our dedication to meeting the highest regulatory standards and is a significant step to bringing transparent, secure, and regulated crypto trading to an underserved European market." As part of the acquisition, Backpack EU will undertake responsibility for distributing the previously court-approved FTX bankruptcy claims to FTX EU customers. Mr. Ferrante further noted, "Customer restitution is a crucial step to rebuild trust and confidence in the industry, and Backpack is committed to returning FTX EU customers' funds as fast and as safely as possible." In addition to compliant product offerings, Backpack EU will provide seamless integration with traditional payment rails including instant, low-cost Single Euro Payments Area (SEPA) payments and wire transfers in major currencies across the region. The re-activation of the license is underway, with plans for Backpack EU to go live in Q1 of 2025. Further information as to how new users may sign up for Backpack EU and how FTX EU customers will be able to access their assets will be announced as it becomes available. For more information, visit https://eu.backpack.exchange/claim. About Backpack Exchange Backpack Exchange is a fully regulated global cryptocurrency exchange building an innovative, easy-to-use and compliant trading platform for both experienced and new web3 users worldwide. Backpack currently serves users from over 150 countries and regions with more than $60 billion in trading volume. The Backpack ecosystem comprises several products and services, including the popular Backpack Wallet (noncustodial), Backpack Exchange, and Mad Lads, the top NFT community in the Solana ecosystem. About FTX Trading Ltd. FTX is the world's second-largest cryptocurrency firm. FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that FTX paused customer withdrawals after it was hit with roughly $5 billion worth of withdrawal requests. Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell itself to its giant rival Binance, but Binance walked away from the deal amid reports on FTX regarding mishandled customer funds and alleged US agency investigations. At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step aside, and restructuring vet John J. Ray III was quickly named new CEO. FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and certain affiliated companies then commenced Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022. Additional entities sought Chapter 11 protection on Nov. 14, 2022. FTX Trading and its affiliates each listed $10 billion to $50 million in assets and liabilities, making FTX the biggest bankruptcy filer in the US this year. According to Reuters, SBF shared a document with investors on Nov. 10 showing FTX had $13.86 billion in liabilities and $14.6 billion in assets. However, only $900 million of those assets were liquid, leading to the cash crunch that ended with the company filing for bankruptcy. The Hon. John T. Dorsey is the case judge. The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal North America, LLC as financial advisor. Kroll is the claims agent, maintaining the page https://cases.ra.kroll.com/FTX/Home-Index The official committee of unsecured creditors tapped Paul Hastings as bankruptcy counsel; Young Conaway Stargatt & Taylor, LLP as Delaware and conflicts counsel; FTI Consulting, Inc. as financial advisor; and Jefferies, LLC as investment banker. Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory T. Donilon, Edward L. Schnitzer, and David M. Banker, is representing Sam Bankman-Fried in the Chapter 11 cases. White collar crime specialist Mark S. Cohen has reportedly been hired to represent SBF in litigation. Lawyers at Paul Weiss previously represented SBF but later renounced representing the entrepreneur due to a conflict of interest. GENERAL ENTERPRISE: Files Prelim Prospectus for Shares Offering --------------------------------------------------------------- General Enterprise Ventures, Inc., filed a Form S-1/A with the U.S. Securities and Exchange Commission as preliminary prospectus for the issuance of 3,500,000 Shares of Common Stock. A full-text copy of the Form S-1/A is available at https://urlcurt.com/u?l=E0G9iD About General Enterprise Headquartered in Cheyenne, WY, General Enterprise Ventures, Inc. is an environmentally sustainable flame retardant and flame suppression company for the residential home industry throughout the United States and international markets. The Company acquired Mighty Fire Breaker, LLC on April 13, 2022, and formed Mighty Fire Breaker UK Ltd. on November 14, 2022. MFB owns 39 patents and patents pending for environmentally sustainable flame retardant and flame suppression technology. MFB's products are currently being sold to fire departments in the State of California. San Mateo, California-based WWC, P.C., the Company's auditor since 2018, issued a "going concern" qualification in its report dated April 15, 2024, citing that the Company incurred substantial losses during the year ended December 31, 2023. As of December 31, 2023, the Company had a working capital deficit. Accordingly, these factors give rise to substantial doubt that the Company will be able to continue as a going concern. Management closely monitors the Company's financial position and has prepared a plan that addresses this substantial doubt. GENERATIONS ON 1ST: Seeks Bankruptcy Protection in North Dakota --------------------------------------------------------------- On January 6, 2025, Generations on 1st LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of North Dakota. According to court filing, the Debtor reports $12,137,102 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Generations on 1st LLC Generations on 1st LLC is the fee simple owner of the real property with an address at 26 1st Avenue SW Watertown, South Dakota 57201, which has an appraised value of $13.18 million. Generations on 1st LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.D. Case No.: 25-30002) on January 6, 2025. In its petition, the Debtor reports total assets of $13,567,037 and total liabilities of $12,137,102. Honorable Bankruptcy Judge Shon Hastings handles the case. Maurice VerStandig, Esq. of The Dakota Bankruptcy Firm represents the Debtor as counsel. HALO ESTATES: Case Summary & Two Unsecured Creditors ---------------------------------------------------- Debtor: Halo Estates LLC 13039 Erwin Street Van Nuys CA 91401 Business Description: The Debtor is the fee simple owner of the the property with an address at 521 South Breed Street, Los Angeles, CA 90033. The property is a 7-unit apartment building with a comparable sale value of $1.3 million. Chapter 11 Petition Date: January 7, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-10025 Judge: Hon. Martin R. Barash Debtor's Counsel: Alla Tenina, Esq. TENINA LAW, APC 15250 Ventura Blvd, Suite 1200 Sherman Oaks CA 91403 Tel: (213) 596-0265 Fax: (818) 928-6880 Email: alla@teninalaw.com Total Assets: $1,300,000 Total Liabilities: $1,167,664 The petition was signed by Rosie Patterson as managing member. A full-text copy of the petition, which includes a list of the Debtor's two unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/Y5EBYSI/Halo_Estates_LLC__cacbke-25-10025__0001.0.pdf?mcid=tGE4TAMA HARE TAYLOR: U.S. Trustee Unable to Appoint Committee ----------------------------------------------------- The U.S. Trustee for Region 21, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of Hare Taylor, LLC, according to court dockets. About Hare Taylor Hare Taylor, LLC is a full-service accounting firm with offices in Panama City and Chipley, Fla. It offers a broad range of services for business owners, executives, and independent professionals. Hare Taylor filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Fla. Case No. 24-50181) on Dec. 6, 2024, with up to $10 million in both assets and liabilities. Gerald W. Taylor, manager of Hare Taylor, signed the petition. Judge: Karen K Specie oversees the case. Brian G. Rich, Esq., at Berger Singerman, LLP serves as the Debtor's legal counsel. IDEANOMICS INC: Gets Court Okay to Proceed w/ Ch. 11 Sale Process ----------------------------------------------------------------- Vince Sullivan of Law360 Bankruptcy Authority reports on January 7, 2025, bankrupt electric-vehicle technology company Ideanomics Inc. resolved objections to its Chapter 11 financing and sale process proposals. A Delaware bankruptcy judge approved both measures but raised concerns about the priority of bid protections for the stalking-horse bidder, the report states. 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. INNERSCOPE HEARING: F.M. Kuriloff Owns 9.9% Equity Stake -------------------------------------------------------- Floyd Mitchell Kuriloff disclosed in a Schedule 13G filing with the U.S. Securities and Exchange Commission that as of December 16, 2024, he beneficially owns 1,376,150 shares of Innerscope Hearing Technologies, Inc.'s common stock representing 9.9% of the Company's outstanding shares of stock. About InnerScope Headquartered in Roseville, Calif., Innerscope Hearing Technologies, Inc. -- http://www.innd.com/-- is a manufacturer and a distributor/retailer of Direct-to-Consumer ("DTC") FDA (Food and Drug Administration) registered hearing aids, personal sound amplifier products (PSAPs), hearing-related treatment therapies, and doctor-formulated dietary hearing supplements. Innerscope Hearing reported a net loss of $4.95 million for the year ended Dec. 31, 2020, compared to a net loss of $7.92 million for the year ended Dec. 31, 2019. As of Dec. 31, 2020, the Company had $1.68 million in total assets, $12.04 million in total liabilities, and a total stockholders' deficit of $10.35 million. New York-based Paris Kreit & Chiu CPA LLP, the Company's auditor since 2021, issued a "going concern" qualification in its report dated Sept. 12, 2022, 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. INTRUSION INC: Streeterville Capital Holds 9.8% Equity Stake ------------------------------------------------------------ Streeterville Capital LLC, Streeterville Management LLC, and John M. Fife disclosed in Schedule 13G filed with the U.S. Securities and Exchange Commission disclosing that as of December 27, 2024, it beneficially owned 850,000 shares of Intrusion, Inc.'s common stock, representing 9.8% of the 8,713,750 shares outstanding per Company's Form S-3/A dated December 17, 2024. Streeterville Capital LLC may be reached at: 303 East Wacker Drive, Suite 1040, Chicago, IL 60601 A full-text copy of Streeterville Capital's SEC Report is available at: https://tinyurl.com/48ajzztz About Intrusion Headquartered in Plano, Texas, Intrusion Inc. offers businesses of all sizes and industries products and services that leverage the Company's exclusive threat intelligence database of over 8.5 billion IP addresses and domain names. After many years of gathering intelligence and providing its INTRUSION TraceCop and Savant solutions exclusively to government entities, the Company released its first commercial product in 2021, the INTRUSION Shield. INTRUSION Shield was designed to allow businesses to incorporate a Zero Trust, reputation-based security solution into their existing infrastructure to observe traffic flow and instantly block known malicious or unknown connections from both entering or exiting a network, making it an ideal solution for protecting from Zero-Day and ransomware attacks. As of September 30, 2024, the Company had cash and cash equivalents of $1.1 million and a working capital deficit of $1 million. In addition, the Company has incurred net operating losses during the last four years. These conditions raise substantial doubt about the Company's ability to continue as a going concern within the next 12 months from September 30, 2024. As of September 30, 2024, Intrusion had $7.4 million in total assets, $4.8 million in total liabilities, and $2.6 million in total shareholders' equity. J&J VENTURES: S&P Assigns 'B' Rating on New $977MM Term Loan B -------------------------------------------------------------- S&P Global Ratings assigned its 'B' issue-level rating and '3' recovery rating to J&J Ventures Gaming LLC's proposed $977 million term loan B due in April 2030. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 50%) recovery for lenders in the event of a payment default. The video gaming terminal operator plans to use the proceeds to repay the remaining $629 million and $348 million balances on its two existing term loan Bs and pay fees and expenses. Additionally, J&J intends to upsize its revolving credit facility by $40 million to $140 million and extend the maturity to January 2030. The proposed refinancing is largely debt-for-debt and therefore credit neutral. As a result, it does not affect our 'B' issuer credit rating or positive outlook on J&J. It will lower the company's interest costs and extend its maturity profile. ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- S&P assigned its 'B' issue-level and '3' recovery ratings to the company's new $977 million senior secured term loan due in 2030. The '3' recovery rating reflects its expectation of meaningful (50%-70%; rounded estimate: 50%) recovery for lenders. -- S&P's issue-level and recovery ratings on J&J's existing credit facility due in 2030 and senior secured term loan due in 2028 remain 'B' and '3', respectively. The '3' recovery ratings reflect its expectation of meaningful (50%-70%; rounded estimate: 50%) recovery. J&J is the borrower of the senior secured credit facility. The company and each of its existing and subsequently acquired subsidiaries guarantee the debt, which is secured by a security interest in substantially all of their tangible and intangible assets. Simulated default assumptions -- S&P's simulated default scenario considers a default in 2028 due to a significant loss of cash flow as a result of an unfavorable change in regulation, substantial increase in competition from other terminal operators and casino operators that lowers contract renewals and market share, or the closure of significant terminal locations. -- S&P applies a 5.5x multiple to value the company post emergence, at the low end of the range it uses for leisure companies given J&J's significant concentration in a single state and its assumption that an unfavorable regulatory change could contribute to a default. -- S&P assumes the $140 million revolver is 85% drawn at the time of default. Simplified waterfall -- Emergence EBITDA: $124 million -- EBITDA multiple: 5.5x -- Gross enterprise value: $685 million -- Net enterprise value (after 5% administrative expenses): $651 million -- Obligor/nonobligor valuation split: 100%/0% -- Estimated senior secured claims: $1.28 billion -- Value available for secured claims: $651 million --Recovery expectations: 50%-70% (rounded estimate: 50%) All debt amounts include six months of prepetition interest. JACKSON GARDENS: Case Summary & 18 Unsecured Creditors ------------------------------------------------------ Debtor: Jackson Gardens, LLC 1010 Jackson Ave Pasadena, TX 77506 Business Description: The Debtor is the fee simple owner of the property located at 1010 Jackson Avenue, Apartment Unit, Pasadena, TX 77506-2657. The property consists of a 42-unit apartment building (currently condemned) with an estimated value of $500,000. Chapter 11 Petition Date: January 7, 2025 Court: United States Bankruptcy Court Eastern District of New York Case No.: 25-40053 Judge: Hon. Nancy Hershey Lord Debtor's Counsel: Avrum J. Rosen, Esq. LAW OFFICES OF AVRUM J. ROSEN, PLLC 38 New St Huntington, NY 11743-3327 Tel: 631-423-8527 Fax: 631-423-4536 Email: arosen@ajrlawny.com Total Assets: $500,000 Total Liabilities: $4,424,899 The petition was signed by David Goldwasser as chief restructuring officer. A full-text copy of the petition, which includes a list of the Debtor's 18 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/CU7HRNA/Jackson_Gardens_LLC__nyebke-25-40053__0001.0.pdf?mcid=tGE4TAMA JEWELRY DESIGNER: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: Jewelry Designer Showcase, Inc. d/b/a Dannunzio Designed 4366A Victory Boulevard Staten Island, NY 10314 Business Description: The Debtor is a jewelry designer specializing in curating an elegant collection of impeccably crafted, unique, iconic, and innovative jewelry pieces. The collection includes a wide selection of earrings, pendants, bracelets, and necklaces. Chapter 11 Petition Date: January 7, 2025 Court: United States Bankruptcy Court Eastern District of New York Case No.: 25-40076 Judge: Hon. Elizabeth S Stong Debtor's Counsel: Avrum J. Rosen, Esq. LAW OFFICES OF AVRUM J. ROSEN, PLLC 38 New St Huntington, NY 11743-3327 Tel: 631-423-8527 Fax: 631-423-4536 E-mail: arosen@ajrlawny.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by John W. Salvatore as sole director and 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/GVIIXKY/Jewelry_Designer_Showcase_Inc__nyebke-25-40076__0001.0.pdf?mcid=tGE4TAMA JOANN INC: Experiences Cash Pressures, Taps Advisers for Help ------------------------------------------------------------- Reshmi Basu of Bloomberg News reports that Joann Inc. is consulting advisers to stabilize its balance sheet and alleviate liquidity challenges, less than a year after the fabric and crafts retailer emerged from bankruptcy, according to sources familiar with the matter. The privately held retailer has enlisted Centerview Partners and Kirkland & Ellis for guidance, the sources said, speaking anonymously due to the sensitive nature of the discussions. Meanwhile, a group of the company's lenders is working with Gibson Dunn & Crutcher, according to other individuals with knowledge of the situation, the report relates. About Joann Inc. JOANN operates in the fabric and sewing industry with one of the largest assortments of arts and crafts products. JOANN has transformed itself into a fully-integrated, digitally-connected omni-channel retailer. JOANN reported a net loss of $200.6 million for the year ended Jan. 28, 2023. On March 18, 2024, JOANN Inc. and 9 affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-10418). JOANN listed $2,257,700,000 in assets against $2,440,700,000 in liabilities as of Oct. 28, 2023. Judge Craig T. Goldblatt oversees the case. The Debtors tapped Latham & Watkins, LLP as legal counsel; Houlihan Lokey Capital, Inc. as investment banker; and Alvarez & Marsal North America, LLC, as financial advisor. Kroll Restructuring Administration, LLC is the noticing agent. JOANN Inc., on April 30, 2024 successfully emerged from its court-supervised financial restructuring process. KALAMAZOO HERITAGE: Fitch Affirms 'BB' IDR, Outlook Stable ---------------------------------------------------------- Fitch Ratings has affirmed Heritage Community of Kalamazoo Obligated Group's (HCK) Issuer Default Rating (IDR) at 'BB'. Fitch has also affirmed at 'BB' approximately $49 million of limited obligation revenue bonds issued by the Economic Development Corporation (EDC) of the City of Kalamazoo, MI on behalf of HCK. The Rating Outlook is Stable. Entity/Debt Rating Prior ----------- ------ ----- Heritage Community of Kalamazoo Obligated Group (MI) LT IDR BB Affirmed BB Heritage Community of Kalamazoo Obligated Group (MI) /General Revenues/1 LT LT BB Affirmed BB The 'BB' rating and Stable Outlook reflect HCK's midrange revenue defensibility supported by historically stable occupancy across the continuum of care coupled with modest independent living unit (ILU) pricing and a midrange operating risk profile. HCK purchased a parcel of land in Kalamazoo and is considering developing an active adult community for residents over 55. Planning is preliminary and the scale and timing for the potential project have yet to be determined. HCK has some debt capacity at the 'BB' rating based on its improved balance sheet (cash to adjusted debt was over 50% at FYE24, compared to 33% at FYE22). Fitch expects HCK's operations to remain stable, generating additional balance sheet accretion. Positive rating action is constrained by uncertainty around the size, scale and likelihood of a potential project. SECURITY Debt payments are secured by a revenue pledge of the obligated group (OG) and a mortgage pledge. Bonds are supported by debt service reserve funds (DSRF). KEY RATING DRIVERS Revenue Defensibility - bbb Good Service Area Supports Adequate Demand HCK operates in a market with competing life plan communities (LPC), although the organization benefits from a generally good service area around Kalamazoo with adequate historical demand. Fitch expects overall ILU occupancy to improve incrementally from 87% as the Ridge Creek expansion continues to fill. To address weak occupancy among the smaller ILUs in the Artisan building, HCK is combining units to make them more marketable. While this will improve occupancy in the long term, it may take time to execute as management may need to leave units empty while waiting for an adjacent unit to open. Currently, HCK has a 40-member waitlist, which requires a $3,000 refundable deposit to join. As of Sept. 30, 2024, occupancy in the other areas of care was 100% in the ALUs, 98% in the memory care units (MCU), and 94% in skilled nursing (SNF). Home values in Kalamazoo County have increased steadily in recent years. According to Zillow.com, the Zillow home value index in the county measured approximately $225,000, a 4.1% one-year gain. This suggests prospective HCK residents should be able to sell their home in a timely fashion and at a price point commensurate with ILU entrance fees. Operating Risk - bbb Track Record of Sound Operating Metrics for a Non-investment Grade LPC HCK has a track record of adequate operating metrics at its rating level. Fitch expects that operating results will be sustained and ultimately benefit from the Ridge Creek expansion project. HCK's capital spending ratio has been elevated in recent years as the project has neared completion. HCK's operating ratio averaged 89.7% over the past five fiscal years. Through 1Q25, the operating ratio increased to 97.8%. Net operating margin (NOM) averaged nearly 9.3% for the five years through FY24, including 12.9% in FY24 (June 30 FYE). NOM-adjusted was 14.1% in FY24 and averaged 9.5 from FY2020-2024. Maximum annual debt service (MADS) is approximately $3.1 million, equating to MADS as a percent of revenue of 9.8% for FY24. Revenue-only MADS coverage at FY24 year end was 1.5x. Over the near to intermediate term, Fitch expects HCK's operating ratio to remain favorably in the 90%-95% range, with comparatively modest capital spending at around $2.5 million annually. Financial Profile - bb Good Forward-Looking Financial Profile At FYE24, HCK's cash-to-adjusted debt was approximately 58%, MADS coverage was 1.6x, and Fitch-calculated days cash on hand (DCOH) was 432 days. As of Sept. 30, 2024, these metrics improved further, to cash-to-adjusted debt of approximately 60% and DCOH of 458 days. Through Fitch's forward-looking scenario analysis, Fitch expects capital-related ratios and operating metrics to improve over time, particularly with the imminent stabilization of the Ridge Creek. Even in a stress case, cash-to-adjusted debt does not fall below 40% and should recover over time. Based on HCK's current revenue defensibility, operating trajectory and balance sheet strength, the organization has debt capacity at the current rating level. Asymmetric Additional Risk Considerations There are no asymmetric risks associated with the rating. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Sustained operating challenges such that the operating ratio rises to consistently above 100%, and covenant debt service coverage weakens to below 1.3x; - Significant weakening of liquidity ratios, particularly if cash-to-adjusted debt were expected to be sustained near 30% or lower. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Positive rating action is not likely without clarification around the timing and scope of the potential expansion project. PROFILE Founded in 1945 as a gift form Harold and Grace Upjohn, HCK is a Type B LPC located approximately 1.5 miles south of downtown Kalamazoo, MI. HCK currently includes 86 ILUs at its Wyndham apartment complex dba The Artisan, 60 ILUs at Ridge Creek, 29 ALUs at Wyndham West dba Meiland Square Assisted Living, 20 memory care units at Amber Way dba Meiland Square Memory Care, and 90 SNF beds at the Upjohn Community Care Center (dba The Upjohn). Outside of the OG, HCK has 61 ALUs and 28 memory care units at Director's Hall dba Hawthorn Landing. HCK's total operating revenue measured nearly $28 million in audited FY24. HCK offers 50% refundable, 80% refundable (which recently replaced a 70% option) and traditional non-refundable contract options. Management has offered a 90% refundable contract option with the Ridge Creek expansion project. Sources of Information In addition to the sources of information identified in Fitch's applicable criteria specified below, this action was informed by data from Lumesis. 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. KIMMERIDGE TEXAS: Fitch Assigns 'B-' LongTerm IDR, Outlook Stable ----------------------------------------------------------------- Fitch Ratings has assigned a first-time Long-Term Issuer Default Rating (IDR) of 'B-' to Kimmeridge Texas Gas, LLC. Fitch has also assigned a 'BB-' with a Recovery Rating of 'RR1' to the secured revolver and a 'B-'/'RR4' issue rating to the proposed $450 million unsecured notes. The Rating Outlook is Stable. Kimmeridge's rating and Stable Outlook reflects its strong access to growing liquified natural gas (LNG) export markets, its reasonable cost structure and moderate leverage. The rating is constrained by the small scale of the company and its short track record as well as management's growth plans which would generate consistent negative FCF under Fitch's base case price deck. Key Rating Drivers Limited Scale: Kimmeridge's size and one-basin focus constrain the rating. On a production basis, Kimmeridge's production of 388 million cubic feet of natural gas equivalent per day (mmcfe/d) makes it smaller than its rated gas-focused peers. The company has grown rapidly through acquisitions in its short history and has plans to continue a strong growth trend. These plans would require significant capital expenditures. Aggressive Growth Plans: The management team plans to expand from the current one-rig program to a 2.25-rig program in 2025, a three-rig program in 2026, and a four-rig program thereafter. This growth plan entails significant capital spending, ranging from $500 million to $800 million per year, and execution risk. While the growth plan could be funded from cash flows under strip pricing, under Fitch's base case price deck, additional funding beyond revolver availability would be required. FCF Positive Under Flat Production: The rating is supported by Kimmeridge's ability to remain consistently FCF positive under Fitch's base case price deck while maintaining flat production. This flat production scenario is Fitch's base case. The company can maintain flat production using a one-rig program, allowing it to spend significantly less capital, around $200 million per year, than under the growth plan. Kimmeridge can generate positive free cash flow and repay all its revolver borrowings under this scenario. Conservative Hedging Policy: Kimmeridge's hedging policy supports the company's credit strength. The company targets hedging 65% to 70% of total proved production volumes one year ahead and 50% out to 24 months. Kimmeridge is allowed under its revolver to hedge up to 85% of total proved production volumes. The hedging policy provides downside protection to cash flows and stabilizes the credit profile. Supportive Equity Sponsor: Kimmeridge Energy is a supportive equity sponsor with a strong record of investment in the energy sector. The company has around $5 billion invested in the energy sector in companies such as Civitas and Sitio Royalties. Its investment in Kimmeridge Texas Gas has grown to $1.1 billion of equity over several injections and represents Kimmeridge Energy's largest single investment to date. Kimmeridge Energy has exhibited patience in its investing approach, focusing more on building and exiting than on generating distributions to the sponsor. Fitch's rating does not rely on further equity infusions from Kimmeridge Energy. Derivation Summary Kimmeridge is a small Eagle Ford operator with 2Q24 production of 388 MMcfepd (17% liquids). The company is smaller than Aethon United BR LP (Aethon; B/Stable; 804mmcfepd) and Comstock Resources (Comstock; B+/Negative; 1,439mmcfepd). It's higher mix of liquids allowed it to generate higher netbacks, at $1.80/mcfe, than gassy peers Aethon ($0.85/mcfe) and Comstock ($0.83/mcfe) with a similar cost structure in 2Q24. With a focus on dry-gas, the liquids portion of production is projected to decline. Under Fitch's base forecast, Kimmeridge is projected to remain below 2x leverage throughout the forecast which is reasonably strong relative to peers. Key Assumptions - Revolver interest rate based on the SOFR forward curve; - WTI prices of $75 for 2024, $65 for 2025, $60 for 2026, $60 for 2027, and $57 thereafter; - Henry Hub prices of $2.25 for 2024, $2.50 for 2025, and $2.75 thereafter; - Production growth flat to single digit; - Capex of around $550 million in 2024 and then between around $200 million and $270 million a year thereafter; - FCF used for debt repayment. Recovery Analysis Key Recovery Rating Assumptions The recovery analysis assumes that Kimmeridge would be reorganized as a going-concern in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim. Going-Concern (GC) Approach Kimmeridge's GC EBITDA assumptions reflects Fitch's projections under a stressed case price deck, which assumes Henry Hub natural gas prices of $2.00 in 2024, and $2.25 thereafter. The GC EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which Fitch bases the enterprise valuation (EV). The GC EBITDA assumption is $180 million, which reflects the decline from current pricing levels to stressed levels and then a partial recovery coming out of a troughed pricing environment. The model was adjusted for reduced production and varying differentials given the material decline in the prices from the previous price deck. An EV multiple of 3.5x EBITDA is applied to the GC EBITDA to calculate a post-reorganization enterprise value. The choice of the multiple considered the following factors: The historical case study exit multiples for peer companies ranged from 2.8x-7.0x, with an average of 5.2x and median of 5.4x; Liquidation Approach The liquidation estimate reflects Fitch's view of the value of balance sheet assets that can be realized in sale or liquidation processes conducted during a bankruptcy or insolvency proceeding and distributed to creditors. Fitch considers valuations such as SEC PV-10 and M&A transactions for each basin including multiples for production per flowing barrel, proved reserves valuation, value per acre and value per drilling location. Recovery Waterfall The senior secured revolver is expected to be 80% drawn from the $450 million commitment. This reflects the expectation that in a stressed pricing environment, the borrowing base will be reduced. The allocation of value in the liability waterfall results in recovery corresponding to 'RR1' recovery for the $450 million senior secured revolver and a recovery corresponding to 'RR4' for the senior unsecured notes. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Failure to complete the proposed unsecured notes transaction and repay revolver borrowings in a timely manner; - Inability to generate positive FCF and/or excessive use of the RBL that reduces financial flexibility; - Deviation from stated financial policy including aggressive organic growth initiatives and/or overly debt-funded M&A activity; - Mid-cycle EBITDA leverage sustained above 3.5x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Growth and/or efficiency gains leading to mid-cycle EBITDA generation exceeding $500 million; - Sustained positive FCF; - Maintenance of conservative financial policy leading to mid-cycle leverage sustained below 2.5x. Liquidity and Debt Structure Sufficient Liquidity: With $1 million of cash and $393 million available under the revolver after the senior notes transaction liquidity is sufficient. Under the base case with flat production the company generates positive FCF and is able to repay the revolver over 2025 and 2026. Issuer Profile Kimmeridge Texas Gas, LLC (Kimmeridge) is an independent exploration & production company focused primarily on the development of natural gas properties in South Texas. The company maintains 162,000 net acres in the dry gas window of the Eagle Ford Trend. Proved reserves total 2.9 trillion cubic feet of natural gas equivalent (tcfe) as of Sept. 30, 2024 and production of 388 million cubic feet of natural gas equivalent per day (mmcfe/d) for 2Q24. Date of Relevant Committee 18 December 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 ----------- ------ -------- Kimmeridge Texas Gas, LLC LT IDR B- New Rating senior unsecured LT B- New Rating RR4 senior secured LT BB- New Rating RR1 LIGADO NETWORKS: Has Court Ok to Tap Portion of $939MM DIP Funding ------------------------------------------------------------------ Alex Wittenberg of Law360 reports that on January 7, 2025, Ligado Networks, a satellite and spectrum business, secured approval from a Delaware bankruptcy judge to access a portion of $939 million in Chapter 11 financing. The funds will be used to repay senior debt and support the company during its bankruptcy proceedings, the report says. 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: Owes $500-Mil. to Business Partner --------------------------------------------------- Steven Church of Bloomberg News reports that Ligado Networks owes approximately $500 million to its main business partner, Inmarsat Global Limited, and plans to address the contract dispute through a lawsuit, attorneys revealed during the company's initial bankruptcy hearing. According to Bloomberg News, attorney Andrew Leblanc stated that Ligado aims to gain court approval for a restructuring plan within five months. During this period, the company will continue negotiations on a proposed agreement with AST SpaceMobile Inc. and proceed with legal action against Inmarsat, a Viasat Inc. subsidiary, concerning a 99-year contractual arrangement. 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. MAX CAPITAL: Case Summary & Three Unsecured Creditors ----------------------------------------------------- Debtor: Max Capital LLCMax Capital LLC 19901 Southwest Freeway Suite 211 Sugar Land, TX 77479 Business Description: Max Capital LLC is the fee simple owner of four properties situated across various locations in Texas, with a combined estimated value of $2.13 million. Chapter 11 Petition Date: January 7, 2025 Court: United States Bankruptcy Court Southern District of Texas Case No.: 25-30151 Judge: Hon. Alfredo R Perez Debtor's Counsel: Ezenwanyi Abi, Esq. ABII & ASSOCIATES, PLLC 3129 Kingsley Dr. 110 Pearland, TX 77584 Tel: (832) 243-1763 E-mail: eabii@abiilegal.com Total Assets: $2,140,000 Total Liabilities: $6,877,670 The petition was signed by Sengele Eduardo Diangani as managing member. 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/SK73E7Q/Max_Capital_LLC__txsbke-25-30151__0001.0.pdf?mcid=tGE4TAMA MKS INSTRUMENTS: S&P Rates New Repriced Term Loans 'BB' ------------------------------------------------------- S&P Global Ratings assigned its 'BB' issue-level rating and '3' recovery rating to MKS Instruments Inc.'s proposed repriced term loans, which will comprise a $2.529 billion term loan B due 2029 and a EUR596 million term loan B due 2029. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 50%) recovery. S&P said, "Our 'BB' issuer credit rating on the company is unchanged. The stable outlook reflects our view that MKS is on track to deleverage toward 4x over the next 12 months, following its voluntary debt paydowns. We expect free cash flow generation of more than $400 million, further supported by a good liquidity position, including $632 million of cash on the balance sheet as of September 2024 and full availability under its $675 million revolving credit facility." ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- S&P's simulated default scenario assumes a payment default in 2028 due to a combination of significant weakness in the semiconductor industry, pricing pressure from competitors, the loss of major customers, and the failed integration of mergers and acquisitions. -- S&P values the company on a going-concern basis. In a default scenario, it believes MKS would be an attractive acquisition target, primarily due to its strong intellectual property portfolio. -- The 6.5x EBITDA multiple is in line with the multiples S&P uses for the company's similarly rated peers. Simulated default assumptions -- Simulated year of default: 2028 -- EBITDA at emergence: $337 million -- EBITDA multiple: 6.5x Simplified waterfall -- Net enterprise value (after 5% administrative costs): $2.08 billion -- Total collateral value available to secured claims: $1.61 billion -- Total first-lien debt: $3.68 billion --First-lien priority recovery expectations: 50%-70% (rounded estimate: 50%) MOORE HOLDINGS: Voluntary Chapter 11 Case Summary ------------------------------------------------- Debtor: Moore Holdings, LLC 2151 Professional Dr., 2nd Floor Roseville, CA 95661 Business Description: The Debtor is a single-asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). Chapter 11 Petition Date: January 7, 2025 Court: United States Bankruptcy Court Eastern District of California Case No.: 25-20053 Debtor's Counsel: Stephan M. Brown, Esq. THE BANKRUPTCY GROUP, P.C. 2408 Professional Drive Roseville, CA 95661 Tel: 800-920-5351 Fax: 916-242-8588 E-mail: ECF@thebklawoffice.com Total Assets: $3,512,837 Total Liabilities: $2,026,622 The petition was signed by Mark Moore as manager. The Debtor has declared in the petition that there are no unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/SXOMZOI/Moore_Holdings_LLC__caebke-25-20053__0001.0.pdf?mcid=tGE4TAMA MR. TORTILLA: Seeks to Hire Orantes Law Firm as Bankruptcy Counsel ------------------------------------------------------------------ Mr. Tortilla, Inc., seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ The Orantes Law Firm, P.C. as counsel. The firm's services include: a. bring forward a plan of reorganization expeditiously, provide the Debtor general services, and advise the Debtor with respect to compliance with the requirements of the U.S. Trustee; b. advise the Debtor regarding matters of bankruptcy law, including its rights and remedies in regard to its assets and claims of creditors; c. represent the Debtor in any proceedings or 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, subject to the firm's specific agreement; d. conduct examinations of witnesses, claimants, or adverse parties and to prepare and assist in the preparation of reports, accounts, and pleadings related to the Chapter 11 case including reviewing, not drafting, monthly operating reports; e. advise the Debtor concerning the requirements of the Bankruptcy Court and applicable rules as the same effect the Debtor in the bankruptcy proceedings; f. assist the Debtor in the negotiation, formulation, confirmation, and implementation of a Chapter 11 plan; and g. take such other action and perform such other services as the Debtor may require of the firm in connection with the Chapter 11 case. The firm will be paid at these rates: Partners $695 per hour Associates $250 to $695 per hour Paralegals $160 per hour The firm agreed to a $40,000 retainer with payment to be made by a third party, Rebecca Alcazar. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Giovanni Orantes, Esq., an attorney at the Orantes Law Firm, 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: Giovanni Orantes, Esq. The Orantes Law Firm, PC 3435 Wilshire Blvd., Suite 2920 Los Angeles, CA 90010 Tel: (213) 389-4362 Fax: (877) 789-5776 Email: go@gobklaw.com About Mr. Tortilla, Inc. Mr. Tortilla, Inc. operates bakeries and tortilla manufacturing business in San Fernando, Calif. The Debtor filed Chapter 11 petition (Bankr. C.D. Calif. Case No. 24-10228) on February 14, 2024, with $1 million to $10 million in assets and $10 million to $50 million in liabilities. Anthony Alcazar, president, signed the petition. Judge Victoria S. Kaufman oversees the case. Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger, is the Debtor's bankruptcy counsel. MUNAWAR LAW: Case Summary & Three Unsecured Creditors ----------------------------------------------------- Debtor: Munawar Law Group PLLC f/k/a Munawar & Hashmat LLP 420 Lexington Ave #1402 New York, NY 10170 Business Description: Munawar Law is a personal injury law firm serving the New York City Metro Area. The firm specializes in a wide range of legal matters, including vehicle accidents, construction accidents, workers' compensation, product liability, premises liability, wrongful death, and no-fault claims collection. Chapter 11 Petition Date: January 7, 2025 Court: United States Bankruptcy Court Southern District of New York Case No.: 25-10020 Debtor's Counsel: Ronald D. Weiss, Esq. RONALD D. WEISS, P.C. 445 Broadhollow Road Suite CL-10 Melville, NY 11747 Tel: (631) 271-3737 Fax: (631) 271-3784 E-mail: weiss@ny-bankruptcy.com Total Assets: $358,655 Total Liabilities: $8,691,423 The petition was signed by Adnan Munawar, Esq., in his capacity as the managing attorney. 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/GO7MYBA/Munawar_Law_Group_PLLC__nysbke-25-10020__0001.0.pdf?mcid=tGE4TAMA MY SIZE: Present Year Over Year Growth, 2025 Targets $15M Revenue ----------------------------------------------------------------- MySize, a global leader in AI-driven sizing solutions and omnichannel e-commerce platforms, shared its annual shareholder update. The update highlights robust revenue growth, strategic geographic expansion, transformative technological advancements, and plans to explore M&A opportunities within the Company's core industries. Delivering on Growth and Performance MySize anticipates closing 2024 with $8.5 million in revenue, reflecting a 23% year-over-year growth. MySize believes that this momentum, fueled by advancements in technology and market expansion of Orgad, potentially positions the Company to achieve a projected $15 million in revenue by 2025 based on current market conditions. Moreover, the Company believes that it will be able to achieve further significant operational cost savings that will enhance a flexibility in cash flow management and provide the foundation for continued strategic investment and growth. "Our preliminary financial results highlight Orgad's pivotal role in driving our revenue growth. By optimizing operational efficiency and capitalizing on strategic market expansions, Orgad demonstrates its capacity to deliver strong performance while providing the flexibility needed to pursue ambitious targets," said Ronen Luzon, Founder and CEO of MySize. "2024 has proven that our strategy is not just ambitious, but highly effective, and we believe that it lays the groundwork for sustainable growth." Expanding Geographic Reach MySize's e-commerce platform, Orgad, is undergoing a strategic shift from focusing primarily on North America to expanding operations across Europe. This move follows the receipt of certification to become a supplier for a major European retailer. This milestone represents significant growth potential and has the potential to unlock new opportunities in one of the world's largest retail markets. The Company believes this strategic expansion demonstrates Orgad's ability to adapt and capitalize on emerging opportunities. "We believe that Europe represents a significant opportunity for Orgad as we tap into new markets and strengthen relationships with global retail leaders," Luzon added. "The certification as a supplier to a leading European retailer underscores our commitment to delivering excellence." Pioneering Innovation with Naiz Fit The Company's AI-driven sizing solution, Naiz Fit, continues to set industry benchmarks: * Delivered over 42 million personalized size recommendations across 18+ countries, enabling customers to find their perfect fit. * Supported 1.5 million virtual try-ons, ensuring precision and enhancing consumer confidence. * Increased conversion rates by 5.7x, reducing friction in the purchasing journey. * Achieved a 14% reduction in return rates, driving cost savings and operational efficiency for retail partners. * Boosted average order value (AOV) by 27%, reinforcing the financial value of MySize's solutions. * Improved consumer engagement by 15%, creating stronger connections between brands and their customers. Interestingly, trousers emerged as the most frequently returned item, providing valuable insights that MySize leverages to refine its technology further and support its partners. "Naiz Fit continues to solidify our position as a technological leader in the fashion and retail space," Luzon remarked. "These results are a testament to the impact and effectiveness of our solutions." Looking Ahead "As we reflect on 2024, I am proud of how far MySize has come," Luzon concluded. Building on this momentum, MySize is gearing up for a strong presence at two key industry events in January 2025: CES in Las Vegas and NRF in New York. These events present unique opportunities to showcase our cutting-edge technologies and connect with global leaders in the retail and e-commerce industries. Additionally, MySize is actively exploring mergers and acquisitions (M&A) to enhance growth opportunities and scale operations. By targeting companies aligned with its expertise in AI-driven sizing solutions, e-commerce platforms, and operational technologies, MySize aims to: * Expand Product Offerings: Enhance the range of technologies and solutions, providing clients with more robust and innovative tools. * Accelerate Market Reach: Broaden geographic penetration, especially in untapped regions, and strengthen relationships in existing markets. * Optimize Operational Synergies: Drive cost efficiencies and maximize profitability through integration with complementary businesses. "Our approach to M&A is grounded in strategic alignment and long-term value creation," Luzon emphasized. "By leveraging these opportunities, we aim to scale our business and unlock innovative pathways that support sustainable growth and deliver meaningful results for our shareholders." "We believe that our strategic expansion, cutting-edge technology, and commitment to innovation position us for an exciting future. Together, with our partners and investors, we aim to shape the future of fashion and e-commerce." About MySize, Inc. Airport City, Israel-based My Size, Inc. (NASDAQ: MYSZ) -- http://www.mysizeid.com/-- is an omnichannel e-commerce platform and provider of AI-driven measurement solutions that drive revenue growth and reduce costs for online retailers while generating big data and machine learning analytics. As of March 31, 2024, the Company had $6,670,000 in total assets, $2,917,000 in total liabilities, and $3,753,000 in total stockholders' equity. The Company cautioned in a Form 10-Q Report for the quarterly period ended March 31, 2024, that substantial doubt exists about its ability to continue as a going concern. According to the Company, since inception, it incurred significant losses and negative cash flows from operations, reporting a net loss of $1,016,000 and $2,654,000 for three-months ended March 31, 2024 and 2023, respectively, resulting in an accumulated deficit of $60,897,000. The Company has financed its operations mainly through fundraising from various investors. MY SIZE: S. Chaikin Named Independent Public Accountant ------------------------------------------------------- On December 30, 2024, My Size, Inc., held the 2024 annual meeting of the Company's stockholders for the following purposes: (1) to elect a Class III director, and (2) to ratify the appointment of Somekh Chaikin as the Company's independent public accountant for the fiscal year ending December 31, 2024. A total of 626,812 shares of common stock, constituting a quorum, were represented in person or by valid proxies at the Annual Meeting. All matters submitted to a vote of the Company's stockholders at the Annual Meeting were approved and the director nominees were elected. Ronen Luzon was elected as a Class III director to serve on the Company's board of directors for a term of three years or until his successor is elected and qualified. About MySize, Inc. Airport City, Israel-based MySize, Inc. (NASDAQ: MYSZ) -- http://www.mysizeid.com/-- is an omnichannel e-commerce platform and provider of AI-driven measurement solutions that drive revenue growth and reduce costs for online retailers while generating big data and machine learning analytics. The Company cautioned in a Form 10-Q Report for the quarterly period ended March 31, 2024, that substantial doubt exists about its ability to continue as a going concern. According to the Company, since inception, it incurred significant losses and negative cash flows from operations, reporting a net loss of $1,016,000 and $2,654,000 for three-months ended March 31, 2024 and 2023, respectively, resulting in an accumulated deficit of $60,897,000. The Company has financed its operations mainly through fundraising from various investors. As of March 31, 2024, the Company had $6,670,000 in total assets, $2,917,000 in total liabilities, and $3,753,000 in total stockholders' equity. MYA POS SERVICES: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: MYA POS Services, LLC d/b/a Gusanoz Mexican Restaurant 410 Miracle Mile, Suite 6 Lebanon, NH 03766 Business Description: The Debtor owns a restaurant business specializing in Mexican cuisine. Chapter 11 Petition Date: January 7, 2025 Court: United States Bankruptcy Court District of New Hampshire Case No.: 25-10010 Judge: Hon. Kimberly Bacher Debtor's Counsel: Ryan M. Borden, Esq. FORD, MCDONALD & BORDEN, P.A. 10 Pleasant Street, Suite 400 Portsmouth, NH 03801 Tel: (603) 373-1613 E-mail: rborden@fordlaw.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Nicholas Yager as member. A copy of the Debtor's list of 20 largest unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/EHBVAFA/MYA_POS_Services_LLC__nhbke-25-10010__0001.1.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/H2HCRZQ/MYA_POS_Services_LLC__nhbke-25-10010__0001.0.pdf?mcid=tGE4TAMA NANCY GAINES: New Value & Future Earnings to Fund Plan Payments --------------------------------------------------------------- Nancy Gaines Cares LLC filed with the U.S. Bankruptcy Court for the District of Arizona a Disclosure Statement in support of Plan of Reorganization dated December 27, 2024. The Debtor is a holistic-centered health business which offers various medical and aesthetic services to patients. The Debtor's principal Dr. Nancy Gaines-Dillard will continue to manage the business and financial affairs of Debtor after confirmation. Due to a reduction in business, the Debtor fell behind on its monthly rental payments to its creditor landlord. The arrearages in rental payments became substantial and creditor landlord intended to retake Debtor's leased premises. The Debtor intends business to generate enough income to resume regular monthly rent payments to landlord as well as repay the secured portion of creditor landlord's statutory lien under A.R.S. § 33-362(A). Thus, Debtor elected to file a Chapter 11 to restructure and reorganize its financial affairs. This Plan allows the Estate to benefit from the continued income from the Debtors compared to the alternative of a liquidation, which the Debtor contends would only provide funds to pay the Secured Claims and would provide a minimal dividend to other creditors. Class 3 consists of the Allowed Unsecured Claims and all Claims not otherwise classified. Unsecured Creditors holding Allowed Class 3 Claims will receive the following: a pro-rata share of quarterly payments of the Debtor's liquidated value, which is estimated to be approximately $100.00 per quarter for Fifteen quarters. Payments will be made each quarter by the Debtor commencing on the first day of the first full quarter following the Confirmation Date. Class 3 is Impaired by the Plan. Class 4 consists of the Debtor's interest in their non-exempt property. On the Effective Date, the Debtor's principal Dr. Nancy Gaines-Dillard shall contribute $1,500.00 in cash as new value contribution to retain the Debtor's interests in non-exempt property. The Plan will be funded by the following: * Future earnings from business operations. * New value contribution. A full-text copy of the Disclosure Statement dated December 27, 2024 is available at https://urlcurt.com/u?l=38v4C5 from PacerMonitor.com at no charge. Counsel to the Debtor: Joseph G. Urtuzuastegui, Esq. Winsor Law Group, PLC 1237 S. Val Vista Dr. Mesa, AZ 85204 Telephone: 480-505-7044 Emai: Joe@winsorlaw.com About Nancy Gaines Cares LLC Nancy Gaines Cares LLC, is a holistic-centered health business which offers various medical and aesthetic services to patients. The Debtor filed a Chapter 11 bankruptcy petition (Bankr. D. Ariz. Case No. 2:24-bk-07245-EPB) on August 29, 2024. The Debtor hired Winsor Law Group, PLC as counsel. NATIONAL ASSISTANCE: Sells Bayberry Facility to SRJ Realty for $2MM ------------------------------------------------------------------- National Assistance Bureau, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, to sell assets free and clear of liens, claims, or interests. The Debtor's Property is located at 315 Arrowhead Boulevard, Jonesboro, GA 30236 known as Summers Landing Bayberry Trace assisted living facility, known as Bayberry. The Debtor has marketed the Property since 2018 during which time two prospective purchasers have backed out after extensive due diligence and effort on the part of the Debtor's professionals. The most recent bailing Purchaser endured the Debtor’s efforts to resolve zoning issues for over a year and when resolution became evident backed out after a physical inspection of the Property. The Debtor wants to consummate the purchase agreement with SRJ Realty, LLC in the purchase price of $2,000,000. The secured lender, BOKF, N.A., d/b/a Bank of Oklahoma, as successor indenture trustee under that certain Indenture of Trust for approximately $2,150,000.00 of outstanding bonds issued by the Development Authority of Bibb County, Georgia holds a first priority security interest in Bayberry and will receive all post-closing proceeds from the sale of Bayberry. The Debtor will pay 7 percent commission Senior Housing Services, LLC as its financial advisor and real estate agent. The Debtor proposes to sell the Property free and clear of all liens, claims, interest, and encumbrances. About National Assistance Bureau, Inc. National Assistance Bureau, Inc. filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 15-69786) on Oct. 13, 2015, with up to $10 million in assets and up to $50 million in liabilities. William R. Hill Sr., president of National Assistance Bureau, signed the petition. Judge Ellis Monro oversees the case. Theodore N. Stapleton, P.C. serves as the Debtor's bankruptcy counsel while Lowenstein Sandler, LLP is the special counsel. The Debtor's Chapter 11 plan of liquidation was filed on Dec. 2, 2019, and was confirmed by order of the court entered on April 9, 2020. NCL CORP: Moody's Rates New Senior Unsecured Notes 'B3' ------------------------------------------------------- Moody's Ratings assigned a B3 rating to the senior unsecured notes that NCL Corporation Ltd. (NCL) announced earlier. The company will use the net proceeds to redeem its $600 million of 8.375% senior secured notes due February 1, 2028 and retire $1.2 billion of its $1.425 billion of 5.875% senior unsecured notes due March 15, 2026. Moody's existing ratings assigned to NCL, including the B1 corporate family rating, Ba3 senior secured rating and B3 senior unsecured rating are unaffected by the debt issuance. The SGL-2 speculative grade liquidity rating and positive outlook are also unaffected. RATINGS RATIONALE The B1 CFR reflects the company's solid business profile balanced by still high financial leverage compared to before the coronavirus pandemic. The company's brands, Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises are well-known and will continue to support growth in the customer base as aggregate demand for cruise vacations increases in upcoming years. Moody's project debt/EBITDA near 5.7x at the end of 2024 and below 5.0x by the end of 2026, which compare to 3.7x at the end of 2019. Moody's expect operating margin and operating cash flow expansion as the company executes its three-year, Charting the Course strategic program through 2026. The company will introduce larger vessels with more amenities into the fleet, promoting higher returns on invested capital. NCL will seek to increase customers' spending on board and on shoreside amenities like its Great Stirrup Cay and Harvest Caye properties to promote expansion in yields while seeking to limit growth in costs to below that of inflation, mainly through efficiency programs. Risks include cost inflation, including for fuel, demand's exposure to economic cycles, customers' competing options for land-based vacations and the industry maintaining capacity discipline in key markets. Moody's expect NCL to maintain good liquidity. Cash will have a floor of $150 million and the $1.2 billion revolving credit facility will remain mostly undrawn, although NCL will modestly use it from time to time to bridge commitments and cash inflows. Moody's expect around $750 million of free cash flow in 2024, but negative free cash flow of around $400 million and $200 million in 2025 and 2026, respectively. Deliveries of new ships in these years will weigh on free cash flow generation. Nonetheless, Moody's project annual operating cash flow to reach $2.5 billion in 2025 and $2.8 billion in 2026, more than covering annual amortization of the company's various vessel financings. All new vessels will be funded with Export Credit Agency (ECA) guarantees, typically arranged at the time of placing an order, which mitigates financing risk. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Ratings could be upgraded if Moody's expect debt/EBITDA to be sustained below 5x and EBITA/interest expense to be sustained above 2.5x. Ratings could be downgraded if EBITDA materially declines, leading to debt/EBITDA being sustained above 6.5x. EBITA/interest approaching 1.5x could also lead to a ratings downgrade. The principal methodology used in this rating was Business and Consumer Services published in November 2021. NCL Corporation Ltd., headquartered in Miami, FL, is a wholly owned subsidiary of Norwegian Cruise Line Holdings Ltd. Norwegian operates 32 cruise ships with approximately 66,000 berths under three brand names; Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises. Gross revenue was around $9.4 billion and net revenue around $6.8 billion for the twelve months ended September 30, 2024. NCL CORP: S&P Alters Outlook to Positive, Affirms 'B+' ICR ---------------------------------------------------------- S&P Global Ratings revised its outlook on global cruise operator NCL Corp. Ltd. to positive from stable and affirmed the 'B+' issuer credit rating. Additionally, the company intends to issue $1.8 billion of senior unsecured notes due 2032 to fully repay its $600 million senior secured notes due 2028 and a portion of its $1.4 billion senior unsecured notes due 2026. NCL has drawn on its revolver to repay certain existing export credit agency (ECA) debt and intends to upsize the facility to $1.7 billion. S&P said, "We assigned our 'B+' issue-level rating and '4' recovery rating to NCL's proposed senior unsecured notes. At the same time, we raised our issue-level rating on the company's existing unsecured debt to 'B+' from 'B' and revised the recovery rating to '4' from '5'. "The positive outlook reflects our expectation that NCL's forward bookings will support an increase in its FFO to debt toward our 15% upgrade threshold, as well as a reduction in its leverage to about 5x, over the next 12 months. "We believe NCL's 2025 booked position and strong pricing will support continued improvement in its credit measures over the next year. The company reported on its third-quarter earnings call that it has reached the upper end of its optimal booked position for the subsequent 12 months. In addition, management stated its pricing and occupancy for all four quarters of 2025 either meet or exceed its 2024 levels. NCL also reported a continued improvement in its pre-booked onboard revenue, which is up by the mid-single digit percent area relative to the previous year and nearly double its 2019 levels. Based on the company's current booking trends, it preliminarily expects it will expand its full-year 2025 net yield by the low- to mid-single digit percent range, which is consistent with the targets it discussed at its May 2024 investor day. This follows the company's forecast that it would increase its yield by 9.4% for full year 2024, which was 400 basis points (bps) higher than its initial yield guidance in December 2023, largely due to the higher prices across all of its brands. However, despite the recent strength in its bookings, NCL's booked position for the second half of 2025 is likely lower than for the first half, which is typical for this point in the year. We expect the company's booked position for the second half of the year will improve during the typical winter wave season early in 2024, when it typically generates significant bookings. "We estimate NCL will increase its revenue by about 7% and its EBITDA by about 11% in 2025. Therefore, we forecast the company will improve its S&P Global Ratings-adjusted debt to EBITDA to approximately 5x by the end of 2025 from an estimated 5.6x in 2024. This level of leverage is below our 5.5x upgrade threshold for the 'B+' issuer credit rating. However, we forecast NCL will only expand its FFO to debt to about 14% in year 2025, which is just under our 15% upgrade threshold. The company's FFO to debt remains impaired by its elevated interest burden, though we expect this metric will improve as management addresses the higher-cost debt its issued during the pandemic through refinancings or repayment. Nevertheless, we believe our expectation that NCL will expand its FFO to debt close to 15% in 2025 and above 15% in 2026 supports the positive outlook. "The proposed transaction will modestly reduce the company's interest expense and extend its debt maturity profile. In addition, we expect management could undertake additional refinancings that further reduce its interest expense and increase its cash available for debt reduction. During its May 2024 investor day, NCL outlined a target to reduce its measure of net leverage to the mid-4x range by 2026. The company repaid its remaining $250 million of notes maturing in December 2024 following its partial refinancing in September. With the currently proposed transaction, NCL intends issue $1.8 billion of senior unsecured notes due 2032 to refinance its $600 million 8.375% senior secured notes due 2028 and repay a portion of its $1.4 billion 5.875% senior unsecured notes due 2026. The company is also upsizing its revolver to $1.7 billion and has drawn approximately $240 million from the facility to repay certain existing ECA debt. The proposed transaction will modestly reduce NCL's interest expense and improve its debt maturity profile while decreasing the amount of secured debt in its capital structure. This year, the company also plans to settle its $450 million of 2025 exchangeable notes in shares and we expect it will likely refinance or repay its remaining $225 million of unsecured notes due 2026. This combination of debt repayment and opportunistic refinancings will support declining interest expense and improving FFO despite our expectation NCL will take on additional ECA debt in 2025 and 2026 for its ship deliveries. "We believe NCL's ship delivery schedule is manageable and will allow it to continue reducing its leverage. The cruise industry is capital intensive because of the significant capital requirements needed to fund the purchase of new ships and the need to take delivery of ships regardless of the operating environment. Cruise operators generally must commit to new ship orders at least three to five years in advance, given the limited number of shipyards globally that are equipped to build cruise ships. While the operators typically obtain financing commitments for the ships before their delivery (often at the same time as they contract for the ship's delivery), which provides some liquidity support if their cash flow declines, the incremental debt can significantly weaken their credit measures during periods of operating weakness because it increases their debt balances while their EBITDA declines. "NCL will take delivery of two ships, a larger Norwegian ship and a smaller Oceania or Regent Seven Seas ship, in each of 2025 and 2026. This follows the company's zero ship deliveries in 2024. NCL resumed ordering ships in April 2024 and has between one to two ships scheduled for delivery in each of 2027, 2028, 2029, 2030, 2032, 2034, and 2036. This will expand the company's capacity by a compound annual growth rate of approximately 6% from 2023 to 2028 and 4% from 2023 to 2036. This compares with NCL's average capacity growth of 7% from 2015 to 2019. We anticipate the increase in the company's cash flow base, relative to before the pandemic, and our expectation it will target one to two ship deliveries per year will enable it to continue reducing its leverage over the next few years despite the expected debt to finance the new deliveries. "The demand for future cruise bookings could decline amid a slowing macroeconomic environment. Vacationers have remained more resilient than we previously expected, though a decline in the savings built up during the pandemic could lead to tighter personal travel budgets. However, consumers' desire to vacation would likely lead them to search for deals rather than cut travel spending altogether. Cruise operators have historically used reduced pricing as a lever to fill their ships amid weaker economic conditions. In our view, if the global economy unexpectedly slows relative to our current base-case forecast, the risk of cruise operato000000000rs discounting their tickets to fill ships would be lower than amid previous economic slowdowns. This is because even though the price gap between a cruise vacation and comparable land-based vacation has narrowed over the past year, it remains wider than usual. In addition, NCL's current booked position for 2025 and the modest expected increases in its capacity in 2025 and 2026 mitigate these risks and provide good revenue visibility. The company is currently at the upper end of its optimal booked position, including pricing and load figures for all four quarters of 2025 that either meet or exceed its levels in 2024. Furthermore, the industry rarely experiences significant spikes in cancellations during periods of modest economic weakness. "The positive outlook reflects our expectation that NCL's forward bookings will support increasing cash flow, FFO to debt improving closer to our 15% upgrade threshold, and a reduction in its leverage to about 5x over the next 12 months. This incorporates our expectation for good, but moderating, yield growth in 2025 and interest savings from management's planned refinancings and debt repayment. "We could revise our outlook on NCL to stable if we no longer believe it will be able to improve its FFO to debt above our 15% upgrade threshold, either because of an operating underperformance or a change in its financial policy. While we view this as less likely, given its recent performance and our forecast for its cash flow over the next year, we could lower our rating if the company sustains debt to EBITDA of more than 6.5x. "We could raise our rating on NCL if we expect its operating performance will improve such that it sustains S&P Global Ratings-adjusted leverage of below 5.5x and FFO to debt of more than 15%, even after incorporating its ship deliveries and operating volatility." NEW YORK'S PREMIER: Gets Interim OK to Use Cash Collateral ---------------------------------------------------------- New York's Premier Group, LLC received second interim approval from the U.S. Bankruptcy Court for the Northern District of New York to use its secured creditors' cash collateral. The interim order approved the use of cash collateral to pay employee wages and other expenses for the period from Dec. 20, 2024 to Jan. 17, 2025. The projected expenses for the period total $250,064. To protect secured creditors, the company will make a monthly payment of $1,000 to Torro, LLC, Bluevine, Inc., Channel Partners Capital, LLC, Insta Funding, LLC, Main Street Merchant Services, Inc., Capytal.com, and Quid Holdings. The creditors will also be granted replacement liens on the company's post-petition assets to the same extent and with the sane priority as their pre-bankruptcy liens. The next hearing is set for Jan. 15. About New York's Premier Group New York's Premier Group, LLC is a local contractor in Clifton Park, offering roofing, siding, and window services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. N.Y. Case No. 24-11304) on November 25, 2024, with $991,455 in assets and $1,986,430 in liabilities. Johnathan Vincent, managing member, signed the petition. Judge Robert E. Littlefield, Jr. oversees the case. The Debtor is represented by Michael Leo Boyle, Esq., at Boyle Legal, LLC. NORRIS TRAINING: Claims to be Paid From Available Cash & Operations ------------------------------------------------------------------- Norris Training Systems, LLC, and its affiliates filed with the U.S. Bankruptcy Court for the Western District of Texas a Combined Joint Plan of Reorganization and Disclosure Statement dated December 31, 2024. The Debtors offer conference and event venue space for a wide range of functions including meetings, seminars, exhibits, trade shows, and social events. The Debtors are a full-service events business with expertise in catering, audio-visual, marketing, sales, and operations. The Debtors currently own, operate and manage six event center facilities in Texas. Additionally, the Debtors currently own, operate, and manage Debtor Catering by Norris, LLC, with full catering kitchens in San Antonio and Houston. Catering By Norris, LLC provides all catering for the Norris event centers, as well as outside catering to third-party event venues in those markets. The Debtors' Schedule F which is based on the Debtors' books and records reflects undisputed unsecured claims of $2,278,389.48. The Debtors or Reorganized Debtors may file objections to certain Proofs of Claim. Should additional or amended Proofs of Claim be filed, the Debtors will review such claims and may file additional objections. The Debtors are unable to predict the outcome of any anticipated claim objections that may be filed. Prior to filing these bankruptcy cases, the Debtors engaged Vestian Global Workplace Services, LLC to assist with lease restructuring negotiations with the Debtors' Landlords. The Debtors were optimistic as negotiations with most of the Landlords were productive. Despite success with some of the Landlords, the Debtors received a threat of a "lock-out" from one Landlord just days before several large events. Class 2B consists of Other General Unsecured Claims. Unless otherwise agreed by the Holder of a Class 2 General Unsecured Claim, all Class 2 Other General Unsecured Claims shall be reinstated on the Effective Date, and the Debtors or Reorganized Debtors, as applicable, shall continue to pay or dispute Class 2B Other General Unsecured Claims as if the Chapter 11 Cases had never been commenced. Modern Bank's general unsecured claim (the "Allowed Modern Unsecured Claim") shall be satisfied by payment according to the following terms: * Commencing on the Effective Date and continuing thereafter until July 31, 2026, the Debtors shall make monthly payments to the Agent of interest only at the rate of eight percent per annum (on a 365-day basis) amortized over ten years. * Commencing on August 1, 2026, and continuing thereafter until the Modern Unsecured Claim is indefeasibly paid or otherwise satisfied in full by virtue of the exercise by the Lenders of their rights and remedies under the Loan Documents (including, without limitation, Lenders' right to foreclose on any collateral under the Loan Documents), the Debtors shall make monthly payments of principal and interest of the Allowed Modern Unsecured Claim at the rate of eight percent per annum (on a 365-day basis), amortized over ten years, with a balloon payment of the then remaining principal balance on the first calendar day of the sixty-first month. Pursuant to section 1123 of the Bankruptcy Code and Bankruptcy Rule 9019, and in consideration for the classification, distributions, releases, and other benefits provided under this Plan, upon the Effective Date, the provisions of this Plan shall constitute a good faith compromise and settlement of all Allowed Claims, Interests, Causes of Action, other than those reserved in Article XVI, and controversies released, settled, compromised, discharged, satisfied, or otherwise resolved pursuant to this Plan. Through the Effective Date, these Chapter 11 Cases shall be funded with the Debtors' cash on hand. The Debtors will continue using prepetition collateral and cash collateral pursuant to the terms of the Agreed Second Amended Final Order (I) Extending Debtors' Authorization to Use Cash Collateral, (II) Granting Adequate Protection to Lenders, (III) Modifying the Automatic Stay, and (IV) Granting Related Relief. Pursuant to the Plan, the Debtors propose to restructure their secured debt and lease obligations. The Plan provides for payment to unsecured creditors from cash flow from operations and cash on hand. In addition, as of the filing of the Plan, the Debtors have negotiated agreements with certain of their landlords which substantially improve the Debtors' liquidity. Therefore, the Plan is feasible. A full-text copy of the Combined Joint Plan and Disclosure Statement dated December 31, 2024 is available at https://urlcurt.com/u?l=JkxlNj from PacerMonitor.com at no charge. Counsel to the Debtors: Jennifer F. Wertz, Esq. Matthew D. Cavenaugh, Esq. Genevieve M. Graham, Esq. Victoria N. Argeroplos, Esq. Jackson Walker LLP 100 Congress Avenue, Suite 1100 Austin, TX 78701 Tel: (512) 236-2000 Fax: (512) 236-2002 Email: jwertz@jw.com Email: mcavenaugh@jw.com Email: ggraham@jw.com Email: vargeroplos@jw.com Email: bbutler@jw.com About Norris Training Systems Norris Training Systems, LLC and its affiliates own and operate general rental centers. Catering by Norris is a premium catering Company in Houston and San Antonio. The Debtors also host meetings, conferences, training programs, and/or trade shows. Norris Training Systems, LLC and its affiliates filed their voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Lead Case No. 24-10807) on July 10, 2024. The petitions were signed by David Norris as president. The Debtors estimated $10 million to $50 million in both assets and liabilities. Judge Shad Robinson presides over the case. Jennifer F. Wertz, Esq., at JACKSON WALKER LLP, is the Debtor's counsel. NORTHSTARR BUILDERS: Gets OK to Use $15K in Cash Collateral ----------------------------------------------------------- Northstarr Builders, LLC got the green light from the U.S. Bankruptcy Court for the Eastern District of Michigan to use cash collateral until Jan. 15. The interim order signed by Judge Joel Applebaum on Jan. 6 authorized the company to use $15,000 in cash collateral to pay its operating expenses. Northstarr Builders originally requested to use $35,200 in cash collateral through Feb. 6. Secured creditors Lendr and the U.S. Small Business Administration will be granted replacement liens on post-petition assets to the same extent and with the same priority as their pre-bankruptcy liens. The authority to use cash collateral terminates upon dismissal or conversion of the case into one under Chapter 7; the company's failure to abide by the terms and conditions of the order; or cessation of business operations. The next hearing is scheduled for Jan. 15. Objections must be filed by Jan. 14. About Northstarr Builders Northstarr Builders, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 24-32419) on December 23, 2024, with up to $100,000 in assets and up to $1 million in liabilities. Marty Johnson, company owner, signed the petition. Judge Joel D. Applebaum represents the Debtor as legal counsel. The Debtor is represented by: George E. Jacobs, Esq. Bankruptcy Law Office 2425 S. Linden Rd., Suite C Flint, MI 48532 Tel: 810-720-4333 Email: george@bklawoffice.com NORTHVOLT AB: Asks Shareholders to Vote to Keep Business Operations ------------------------------------------------------------------- Ben Zigterman of Law360 Bankruptcy Authority reports that on January 8, 2024, bankrupt electric vehicle battery maker Northvolt AB asked its shareholders to vote on continuing operations, a move the company spokesperson described as a "procedural step" in line with Swedish legal requirements. 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. ONCOCYTE CORP: Patrick Smith, Trust Hold 10.5% Stake as of Dec.26 ----------------------------------------------------------------- Patrick W Smith Ttee The Smith Irrevocable Trust U/A Dtd 05/01/2015 and Patrick W. Smith disclosed in a Scheduled 13G filing with the U.S. Securities and Exchange Commission that as of December 26, 2024, they beneficially own 1,773,903 shares of Oncocyte Corp.'s common stock, representing 10.5% of shares outstanding. The Smith Irrevocable Trust may be reached at: c/o Patrick Smith, TTEE 11445 E. Via Linda, Suite 2-411 Scottsdale, AZ 85259 A full-text copy of Patrick W Smith's SEC Report is available at: https://tinyurl.com/54vw8jze About Oncocyte Corp. Irvine, Calif.-based Oncocyte Corporation is a molecular diagnostics technology company. The Company's tests are designed to help provide clarity and confidence to physicians and their patients. VitaGraft is a clinical blood-based solid organ transplantation monitoring test. GraftAssure is a research use only (RUO) blood-based solid organ transplantation monitoring test. DetermaIO is a gene expression test that assesses the tumor microenvironment to predict response to immunotherapies. DetermaCNI is a blood-based monitoring tool for monitoring therapeutic efficacy in cancer patients. Going Concern Oncocyte Corporation, in its Quarterly Report on Form 10-Q for the three months ended September 30, 2024, disclosed that it has incurred operating losses and negative cash flows since inception and had an accumulated deficit of $317.0 million as of September 30, 2024. At September 30, 2024, the Company had $3.4 million of cash and cash equivalents. On October 4, 2024, the Company raised additional capital. The Company expects to continue to incur operating losses and negative cash flows for the near future. The Company's expectation to generate operating losses and negative operating cash flows in the future and the need for additional funding to support its planned operations raise substantial doubt regarding its ability to continue as a going concern for a period of one year after the date that the financial statements were issued. P2 OAKLAND: Seeks to Hire Tang & Associates as Bankruptcy Counsel ----------------------------------------------------------------- P2 Oakland CA, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of California to hire Tang & Associates as general bankruptcy counsel. The firm will render these services: (a) advise Debtor on matters relating to administration of the Estate, and on the applicant's rights and remedies about the Estate's assets and the claims of secured and unsecured creditors; (b) appear for, prosecute, defend, and represent the applicant's interest in suits arising in or related to this case, including any adversary proceedings against the Debtor; (c) assist in the preparation of such pleadings, applications, schedules, orders, and other documents as are required for the orderly administration of this Estate; and (d) represent Debtor in any adversary proceeding to recover assets of the bankruptcy estate. The hourly rates for Kevin Tang, Esq., an attorney at Tang & Associates, and paralegals/law clerk are $500 and $250, respectively. The firm received a retainer in the amount of $7,262. Mr. Tang 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 Tang, Esq. Tang & Associates 17011 Beach Blvd., Suite 900 Huntington Beach, CA 92647 Telephone: (714) 594-7022 Facsimile: (714) 421-4439 Email: kevin@tang-associates.com About P2 Oakland CA P2 Oakland CA, LLC, doing business as East SF, LLC, owns a single-family residence located at 1434 34th Ave, Oakland Calif., valued at $516,000, and a duplex property located at 1032-1034 Peralta St., Oakland, Calif., valued at $567,000. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No 24-41810) on November 14, 2024, with $1,083,002 in assets and $2,409,656 in liabilities. Bruce Edward Loughridge, principal of Debtor, signed the petition. Kevin Tang, Esq., at Tang & Associates represents the Debtor as legal counsel. PARKSIDE PLACE: Sec. 341(a) Meeting of Creditors on February 6 -------------------------------------------------------------- On January 6, 2025, Parkside Place LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of North Dakota. According to court filing, the Debtor reports $5,599,522 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Sec. 341(a) to be held on February 6, 2025 at 01:30 PM via Telephone conference ONLY. Toll free: 866-821-5980, Participant # 9065076. About Parkside Place LLC Parkside Place LLC is the fee simple owner of the property located at 8 2nd Street, NE, Watertown, South Dakota 57201, which has an appraised value of $6.98 million. Parkside Place LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.D. Case No. 25-30003) on January 6, 2025. In its petition, the Debtor reports estimated assets of $7,221,882 and estimated liabilities of $5,599,522. Honorable Bankruptcy Judge Shon Hastings handles the case. Maurice VerStandig, Esq. of The Dakota Bankruptcy Firm represents the Debtor as counsel. PARTY CITY: U.S. Trustee Appoints Creditors' Committee ------------------------------------------------------ The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Party City Holdco, Inc. and its affiliates. The committee members are: 1. American Gas Products Matthew D’Auir, CEO 500 Unicorn Park Drive, Suite 203 Woburn, MA 01801 (617) 381-1020 mattd@agpgas.co 2. Neal Mayes, Manager Credit-Collections McLane Company, Inc. 4747 McLane Parkway Temple, TX 76504 (254) 771-7490 Neal.mayes@mclaneco.com Counsel: Gregory G. Hesse Hunton Andrews Kurth LLP 1445 Ross Avenue, Suite 3700 Dallas, TX 75202 (214) 468-3335 ghesse@HuntonAK.com 3. Saadia Zakarin, VP Sales-Operations King Zak Industries, Inc. 3 Police Drive Goshen, NY 10924 (845) 291-1200 x156 szakarin@kingzak.com Counsel: Marianna Udem Brigette McGrath ASK LLP 60 East 42nd Street, 46th Floor New York, NY 10165 (347) 534-0836 mudem@askllp.com bmcgrath@askllp.com 4. Michael J. Cohen, President M&J Trimming Co./Papillon Accessories 1008 Sixth Avenue New York, NY 10018 (917) 579-3737 michael@mjtrim.com 5. Travis Stier, President Nassau Candy 530 West John Street Hicksville, NY 11801 (516) 433-7100 (x7612) travis.stier@nassaucandy.com 6. Raymond Edwards, EVP Kimco Realty Corporation 500 North Broadway, Suite 201 Jericho, NY 11753 (516) 869-2586 redwards@kimcorealty.com Counsel: Michelle Shriro Singer Levick 16200 Addison Road, Suite 140 Addison, TX 75001 (972) 380-5533 mshriro@singerlevick.com 7. Ronald M. Tucker Simon Property Group, Inc. 225 W. Washington Street Indianapolis, IN 46204 (317) 263-2346 rtucker@simon.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 Party City Holdco Party City Holdco Inc. (NYSE: PRTY) is the global leader in the celebrations' industry, with its offerings spanning more than 70 countries around the world. It is also the largest designer, manufacturer, distributor, and retailer of party goods in North America. Party City Holdco had 761 company-owned stores as of September 2022. It is headquartered in Woodcliff Lake, N.J. with additional locations throughout the Americas and Asia. Party City Holdco and its domestic subsidiaries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 23-90005). As of Sept. 30, 2022, Party City Holdco had total assets of $2,869,248,000 against total debt of $3,022,960,000. Judge David R. Jones oversees the cases. The Debtors tapped Paul, Weiss, Rifkind, Wharton & Garrison, LLP, as legal counsel; Moelis & Company, LLC as investment banker; AlixPartners, LLP as financial advisor; A&G Realty Partners as real estate advisor; and Kroll as the claims agent. PricewaterhouseCoopers LLP (PwC) provides accounting and valuation advisory services, tax-related services, and internal audit Sarbanes-Oxley Act support services. Davis Polk & Wardwell, LLP and Lazard serve as legal counsel and investment banker, respectively, to the ad hoc group of first lien holders. The U.S. Trustee for Region 6 appointed an official committee to represent unsecured creditors in the Chapter 11 cases. The committee is represented by Pachulski Stang Ziehl & Jones, LLP. PHARMACO INC: Enters Receivership Following Loan Defaults --------------------------------------------------------- TipRanks reports that Red White & Bloom Brands Inc. revealed that a Michigan Circuit Court has appointed a receiver for its subsidiary Pharmaco Inc. following defaults on a loan agreement. According to Tipranks, this decision is anticipated to reduce operating expenses and debt, better supporting RWB's core business objectives. The company's other operations remain unaffected, with ongoing expansion plans in Florida and efforts to optimize operations in Canada, the report relates. About Pharmaco Inc. Pharmaco Inc. is a subsidiary of cannabis operator Red White & Bloom Brands. It is licensed to fill all prescriptions from commercially available medications to custom compounds. PHUNWARE INC: T. Resiner Steps Down as CFO ------------------------------------------ On November 1, 2024, Troy Reisner notified Phunware, Inc. that he intends to step down as Chief Financial Officer of the Company, according to a Form 8-K filing with the U.S. Securities and Exchange Commission. On December 31, 2024 the Company acknowledged and accepted Mr. Reisner's resignation effective as of December 31, 2024. Mr. Reisner's departure from the Company was not due to any disagreement with respect to any matter relating to the Company's operations, policies or practices or any issues regarding accounting or other financial policies or practices. The Company has initiated a search for potential candidates to replace Mr. Reisner. Until the Company engages a replacement for Mr. Reisner, the Company's Interim Chief Executive Officer, Stephen Chen, will work with the Company's Vice President of Accounting and Financial Reporting, Brendhan Botkin, to assume the duties as principal financial officer and principal accounting officer of the Company. About Phunware Headquartered in Austin, Texas, Phunware, Inc. -- http://www.phunware.com-- offers a fully integrated software platform that equips companies with the products, solutions, and services necessary to engage, manage, and monetize their mobile application portfolios globally at scale. Phunware reported a net loss of $52.78 in 2023, a net loss of $50.89 million in 2022, a net loss of $53.52 million in 2021, a net loss of $22.20 million in 2020, a net loss of $12.87 million in 2019, a net loss attributable to common shares of $923,180 for the year ended Nov. 30, 2018, and a net loss attributable to common shares of $307,274 for the year ended Dec. 30, 2017. PINE LAKE PROPERTY: Seeks Chapter 11 Bankruptcy Protection in Texas ------------------------------------------------------------------- On January 7, 2025, Pine Lake Property LP seeks Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas. 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 Pine Lake Property LP Pine Lake Property LP operating as Pine Lake Village Apartments, is a single asset real estate entity that owns and operates an apartment complex located at 1325 Greens Parkway in Houston, Texas. Pine Lake Property LP sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90001) on January 7, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. Ryan Anthony O'Connor and Christopher Adams of Okin & Adams LLP represent the Debtor as counsel. PLASTIC SUPPLIERS: U.S. Trustee Appoints Creditors' Committee ------------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Plastic Suppliers, Inc. and its affiliates. The committee members are: 1. TotalEnergies Petrochemicals & Refining USA, Inc. 1201 Louisiana Street #1800 Houston, TX 77002 Tel: 602-880-4367 Attn: Pam Stone, Sr. Credit Analyst pam.stone@totalenergies.com 2. NatureWorks LLC 17400 Medina Road, Suite 800 Plymouth, MN 55447 Tel: (612) 496-6032 Attn: Roger Kempa, CFO Attn. Dustin Mitchell, Director of Finance & Treasury roger_kempa@natureworksllc.com dustin_mitchell@natureworksllc.com 3. Biome Bioplastics Inc. c/o Biome Technologies PLC North Rd, Southampton, Hampshire SO40 4BL, United Kingdom Attn: Melanie Hutchison, Financial Controller Tel: +44 7795 456082 melanie.hutchison@biometechnologiesplc.co.uk Attn. Sally Morley, Managing Director Tel: +44 7747 441150 sally.morley@biomebioplastics.co.uk 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 Plastic Suppliers Inc. Plastic Suppliers Inc., doing business as PSI, Earthfirst Films, and Earthfirst Films by PSI is a global manufacturer of innovative, environmentally friendly thin-gauged, bio-based material using distinctive biopolymers such as Polylactic Acid ("PLA") and Polyhydroxyalkanoates ("PHA"). They also produce petrochemical-based films. They develop highly engineered application-specific solutions for a wide range of companies in the "Consumer Packaged Goods" and industrial markets. The Debtors provide their sustainable film solutions to customers in the Americas, EMEA region, and Asia. The Debtors' primary markets include food and beverage packaging, architecture products, medical equipment, personal care, office, industrial and laminated films for SME digital printers. The Debtors' products are compostable and recyclable and are utilized for, among other things, single-purpose bags, mailers, shrink sleeves, window packaging, envelopes, flow wraps, filters, transparent sealants, barrier sealants, print webs, adhesive labels, thermoforming films and laminates. Plastic Suppliers and its affiliates, Speciality Films, Inc. and Sidaplax, Inc., sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 24-22549) on December 22, 2024. Michael DuFrayne, president and chief executive officer of Plastic Suppliers, signed the petitions. At the time of the filing, Plastic Suppliers reported $10 million to $50 million in both assets and liabilities. Judge Andrew B. Altenburg Jr. handles the cases. The Debtors are represented by Stephen M. Packman, Esq., and Douglas G. Leney, Esq., at Archer & Greiner, P.C. POET TECHNOLOGIES: Completes Acquisition of Super Photonics Xiamen ------------------------------------------------------------------ POET Technologies Inc. (TSX Venture: PTK; NASDAQ: POET), the designer and developer of the POET Optical Interposer(TM), Photonic Integrated Circuits (PICs) and light sources for the data center, tele-communication and artificial intelligence markets, is pleased to announce that it has completed its previously-announced acquisition of control of Super Photonics Integrated Circuit Xiamen Co., Ltd. ("SPX"), the company jointly held by, and previously operated as a joint venture between, the Company and Quanzhou San'an Optical Communication Technology Co., Ltd. ("SAIC" or "Sanan"). The Company has on December 31, 2024, acquired all of the outstanding minority equity interests of SPX not already owned by the Company from SAIC, thus securing the Company's 100% ownership of SPX (the "Acquisition"). The SPX operation complements the Company's recently announced agreements with Globetronics Manufacturing Sdn. Bhd ("GMSB"), to manufacture optical engines for POET in Penang, Malaysia. The combined production capacity of the two assembly and test operations will exceed one million optical engines per year, all dedicated to the 800G and higher speed transceivers required for AI clusters. POET intends to continue the assembly of optical engines at SPX within the cleanrooms leased from SAIC until such time as the Company decides on another location for the operation. POET also intends to change the company name to identify it as a subsidiary of POET and may eventually merge operations with its existing wholly owned foreign enterprise ("WOFE"), POET Optoelectronics Shenzhen Co. Ltd. "We are delighted to have concluded the acquisition of the equity held by Sanan and the equipment formerly leased to SPX by Sanan in a manner that has maintained our good relationship," commented Dr. Suresh Venkatesan, Chairman & Chief Executive Officer of POET. "We can now present one face to our customers in China, exercise full control over company operations, benefit from a consolidation of SPX financial results with POET, and fully implement our 'China Plus One' strategy." The Acquisition was completed pursuant to the terms of an equity transfer agreement dated December 31, 2024, between the Company and Sanan (the "Equity Transfer Agreement"), providing for the transfer of Sanan's 24.8% equity position in SPX to POET at closing for total consideration of US$6.5 million to be paid over a period of 5 years, with the first and smallest payment due on October 31, 2025. Annual payments increase year by year over the five-year term, with the last payment due on October 31, 2029. The Company also provided to Sanan the option over the term, subject to certain conditions and notice, to convert any portion of the purchase price into common shares of the Company (the "Common Shares") at a deemed issue price per Common Shares to be determined at the time of conversion, which shall be equal to the greater of (i) the prior 30-day volume weighted average trading price of the Common Shares on the NASDAQ for the period ending immediately prior to the conversion date, or (ii) the closing price of the Common Shares on the NASDAQ on the date immediately preceding the applicable conversion date. Any Common Shares of POET that may be issued pursuant to the conversion election under the Equity Transfer Agreement will be subject to a statutory hold period under applicable Canadian securities laws. Concurrently with the completion of the Acquisition, the Company has entered into an equipment purchase agreement with Sanan dated December 31, 2024 (the "Equipment Purchase Agreement"), pursuant to which the Company agreed to acquire all of the production equipment previously procured by Sanan and leased to SPX for a total of US$3.8 million in cash consideration, representing the original purchase price minus the lease payments made by SPX to Sanan. The purchase price will be satisfied in four equal installments of US$950,000, the first of which was paid today, December 31, 2024, with the remaining three installments due at the end of each of the next three quarters. The purchase price payable under the Equipment Purchase Agreement is not convertible into Common Shares. Copies of the Equity Transfer Agreement and the Equipment Purchase Agreement are available on SEDAR+ (www.sedarplus.ca) under the Company's issuer profile. The transactions contemplated by the Equity Transfer Agreement and Equipment Purchase Agreement remain subject to the final approval of the TSX Venture Exchange. Media Relations Contact: Adrian Brijbassi Adrian.brijbassi@poet.tech Company Contact: Thomas R. Mika, EVP & CFO tm@poet.tech About POET Technologies Inc. POET Technologies Inc. (TSX Venture: PTK; NASDAQ: POET) -- https://www.poet-technologies.com -- is a designer and developer of the POET Optical Interposer(TM), Photonic Integrated Circuits (PICs) and light sources for the data center, tele-communication and artificial intelligence markets. POET's Optical Interposer platform also solves device integration challenges in 5G networks, machine-to-machine communication, self-contained "Edge" computing applications, and sensing applications, such as LIDAR systems for autonomous vehicles. POET is headquartered in Toronto, Canada, with operations in Allentown, PA, Shenzhen, China, and Singapore. Hartford, Conn.-based Marcum LLP, the Company's auditor since 2009, issued a "going concern" qualification in its report dated March 15, 2024, citing that the Company has incurred significant losses over the past few years and needs to raise additional funds to meet its future obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. PRECISION SWISS: Nighthawk Technologies Out as Committee Member --------------------------------------------------------------- The U.S. Trustee for Region 17 disclosed in a notice filed with the U.S. Bankruptcy Court for the Northern District of California that as of Jan. 6, these creditors are the remaining members of the official committee of unsecured creditors in Precision Swiss Products, Inc.'s Chapter 11 case: 1. Visio Investment Group, LLC Theodore (Ted) Torres Pena 1951 Avenida Joaquin Encinitas, CA 92024 Phone: (760) 715-1818 Email: tedpena@thevisiogroup.com 2. David M. Bluhm Nighthawk Technologies was previously identified as member of the creditors committee. Its name no longer appears in the new notice. About Precision Swiss Products Precision Swiss Products, Inc., a company in Milpitas, Calif., filed Chapter 11 petition (Bankr. N.D. Calif. Case No. 24-51678) on November 4, 2024, with $10 million to $50 million in both assets and liabilities. Norbert Kozar, chief executive officer, signed the petition. Judge M. Elaine Hammond oversees the case. Chris Kuhner, Esq., at Kornfield, Nyberg, Bendes, Kuhner & Little P.C., represents the Debtor as legal counsel. PRESTIGE PROPERTY: Seeks to Hire Rodriguez Espola as Accountant --------------------------------------------------------------- Prestige Property Group Inc. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to hire Jerry Rodriguez Espola, managing partner of Rodriguez Espola, LLC, as the bankruptcy estate accountant. The firm will render these services: a. review of accounting records for preparation of month and year end accounting and financial reports; b. preparation of monthly reconciliations of all bank accounts; c. accumulation of payroll transactions to produce quarterly and annual payroll tax returns; and d. preparation of liquidation analysis, financial projections, claim reconciliation and related financial documents as support for a Plan of Reorganization. Jerry Rodriguez Espola, a certified public accountant at Rodriguez Espola, will be paid at his monthly rate of $500. Mr. Espola 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: Jerry Rodriguez Espola, CPA Rodriguez Espola, LLC P.O. Box 16036 San Juan, PR 00908 About Prestige Property Group Prestige Property Group Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 24-04852) on Nov. 8, 2024, listing $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Jose M Prieto Carballo, Esq. at JPC LAW OFFICES represents the Debtor as counsel. PRIMELAND REAL: Claims to be Paid From Property Sale Proceeds ------------------------------------------------------------- Primeland Real Estate Development, LLC, filed with the U.S. Bankruptcy Court for the Middle District of Florida a Disclosure Statement for Plan of Liquidation dated December 27, 2024. The Debtor owns and manages a commercial property in Kissimmee, Florida located at 2691 Livingston Road, Kissimmee, FL 34747 (the "Property"). Karen Costa is the President and owns 100% of the membership interest of the Debtor. The Debtor's project to develop the Property was conceived in 2018 as a condominium hotel, with purchasers of condominium units to be sold to investors from all over the world, but primarily from Central and South America. A part of the business plan was to seek investors that would use the investment as part of an application for an EB-5 visa for an application for United States Citizenship. Unfortunately, in March of 2020 the global Covid-19 pandemic brought unprecedented challenges, halting the initial plans to raise capital due to market insecurity and the nature of our development as a condo hotel. The Debtor was unable to secure further funding, and the project was delayed over three years from its first completion commitment. Numerous clients sought to cancel and recover their funds, but the financial situation left no available funds to accommodate these requests. As a result, Primeland filed its voluntary petition for Chapter 11 bankruptcy on August 29, 2024. The Debtor seeks in its case to sell the Property at Auction through the efforts of Fisher Auction and HREC Investment Advisors. Class 7 consists of the Allowed Unsecured Claims against Primeland. The holders of Class 7 Claims shall be issued beneficial interests in the Liquidation Trust equal to the amount of their Allowed General Unsecured Claim. The Litigation Trust will pursue all remaining Litigation Claims of the Debtor's estate and distribute any recoveries, minus expenses, pro rata to all holders of beneficial interests in the Litigation Trust. Class 7 is Impaired and entitled to vote to accept or reject the Plan. Class 8 consists of any and all membership interests and warrants currently issued or authorized in the Debtor. Class 8 shall be extinguished upon confirmation This Class is impaired. The Plan contemplates the sale of the Property by private sale or auction with Fisher Auction Company and HREC Capital using Bid Procedures approved by the Bankruptcy Court. The Debtor believes the proceeds from the sale of the property will be sufficient to fund the Plan. On the Effective Date, the Debtor and the Litigation Trustee shall execute the Litigation Trust Agreement and take all steps necessary to establish the Litigation Trust. The Litigation Trust is being established for the purpose of (i) holding and liquidating the balance of the Debtor's Assets (if any), (ii) resolving and paying all Unsecured Claims that are Disputed Claims, (iii) prosecuting any Causes of Action, and (iv) distributing cash and other property held by the Litigation Trust in accordance with this Plan and the Litigation Trust Agreement. A full-text copy of the Disclosure Statement dated December 27, 2024 is available at https://urlcurt.com/u?l=Eq6XCA from PacerMonitor.com at no charge. About Primeland Real Estate Development Primeland Real Estate Development LLC is the fee simple owner of an incomplete condominium project known as Sycamore Orlando Resort located at 2691 Livingston Rd, Kissimmee, FL 34747 having an appraised value of $40 million. Primeland Real Estate Development sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-04612) on August 29, 2024. In the petition filed by Karen M. Costa, as president, the Debtor reports total assets of $40,828,477 and total liabilities of $41,815,331. The Honorable Bankruptcy Judge Lori V. Vaughan oversees the case. The Debtor is represented by: Frank M. Wolff, Esq. NARDELLA & NARDELLA, PLLC 135 W. Central Blvd Suite 300 Orlando, FL 32801 Tel: 407-966-2680 Fax: 407-966-2681 E-mail: fwolff@nardellalaw.com PROOFPOINT INC: Fitch Alters Outlook on 'B+' LongTerm IDR to Neg. ----------------------------------------------------------------- Fitch Ratings has affirmed Proofpoint, Inc.'s Long-Term Issuer Default Rating (IDR) at 'B+'. Fitch has also affirmed the company's $300 million secured RCF and proposed upsized $4.3 billion first-lien secured term loan at 'BB-' with a Recovery Rating of 'RR3'. The Rating Outlook is revised to Negative from Stable. The Outlook revision follows Proofpoint's planned $1.0 billion upsizing of its first-lien facility. The proceeds will be used to fund a distribution to shareholders, resulting in elevated Fitch-adjusted EBITDA leverage within the next 12 to 18 months. Fitch expects gross leverage will then return to within the rating sensitivities, driven by EBITDA growth. Proofpoint's ratings are also supported by highly recurring revenues that are likely to translate into resilient cash flow generation. The ratings are limited by lack of diversification in end-market products and a moderate leverage profile. Key Rating Drivers Moderate Leverage Profile with Deleveraging Capacity: Fitch forecasts gross leverage to decline to below 5.5x in 2027 as the company benefits from continuing revenue growth and operating leverage. Despite further deleveraging capacity projected beyond 2026 supported by the company's FCF generation, Fitch expects limited deleveraging as Proofpoint's private equity ownership would likely prioritize ROE maximization over debt prepayment. These could include acquisitions to broaden the company's market position. Leader in Niche Cybersecurity Industry: In the highly fragmented enterprise cybersecurity industry, Proofpoint has been a leader in enterprise email security and compliance. Its products protect against threats across email, web, networks, cloud applications, data governance and data retention enforcement. The company has built a strong reputation for providing robust solutions that protect organizations from advanced email threats such as phishing, malware, and business email compromise. Email is the number one threat vector in cybersecurity, serving as the primary entry point for sophisticated attacks. Secular Tailwind Supporting Growth: Proofpoint benefits from the growing cybersecurity industry, which Fitch forecasts would have a CAGR in the low teens in a normal economic environment. The importance of cybersecurity has risen in recent years with increasingly complex IT networks and continued digitalization of information. High profile cybersecurity breaches have also heightened awareness of the need for more comprehensive cybersecurity solutions. Fitch believes this will benefit subsegment leaders such as Proofpoint that will be a part of the overall solution to these issues. Narrow Product Focus: Proofpoint focuses on the narrow segment Threat Protection Platform including email security. While this is growing segment, the narrow focus could expose the company to risks associated with the evolving cybersecurity industry including technology disruptions. Highly Recurring Revenue with High Retention: Over 95% of Proofpoint's revenue is recurring in nature, with high gross retention rates. The strong revenue retention implies sticky products supported by the company's platform of cybersecurity products, which solidify its market position. The high revenue retention and recurring revenue enhances the predictability of Proofpoint's financial performance and maximizes the lifetime value of customers. Diversified Customer Base: Proofpoint serves approximately 14,000 customers across diverse industry verticals including financial services, healthcare, TMT, industrial, and manufacturing. The broad exposure effectively reduces customer concentration risks and revenue volatility through economic cycles, which, in turn, reduces industry-specific risks. Operational Improvements and FCF Profile: Since the acquisition by Thoma Bravo in 2021, Proofpoint has undergone significant operational optimization to enhance its operational efficiency to levels comparable to industry peers. Through 2023 and continuing in 2024, the company has successfully executed on a significant portion of the plan and is tracking inline against expectations. Fitch expects minimal capex and working capital requirements, and improvements in operational performance should lead to FCF margin expansion to the low-teens in 2025 and approaching industry peers. Derivation Summary Proofpoint operates in the sub-segment of the fragmented cybersecurity industry. The broader enterprise security market has been growing, supported by greater awareness around security breaches and the increasing complexity of IT networks and applications. While the company had been growing at rates significantly higher than industry average, its profitability as measured by EBITDA and FCF margins had been below those of industry peers. As part of a plan to be acquired by Thoma Bravo in 2021, the company devised a strategy to execute on operational efficiency improvements to close the profitability gap with industry peers. Within the broader enterprise security market, peers of Proofpoint include Gen Digital Inc. (BB+/RWN), DCert Buyer, Inc. (B/Negative), Mitnick Parent, L.P. and Mitnick Corporate Purchaser, Inc. (dba Veracode. Inc.; both B/Stable), Imprivata Inc. (B/Stable), and RedStone Buyer, LLC (RSA; B-/Stable). Proofpoint operates at a smaller scale, with lower EBITDA margins and higher financial leverage compared to Gen Digital. However, when compared with other peers, Proofpoint has greater scale despite having lower EBITDA margins. In terms of leverage, Proofpoint maintains a lower leverage profile than all other peers except Gen Digital, aligning it with a strong 'B' category rating. Key Assumptions Fitch's Key Assumptions Within Its Rating Case for the Issuer - Organic revenue growth in the low- to mid-teen percent range; - EBITDA margins in the low 30% range; - Capex intensity of approximately 2.5% per year; - Aggregate acquisitions totaling $550 million through 2028; - Secured Overnight Financing Rate forecasted to be 5.2% in 2024, declining gradually to 3.8% by 2027. Recovery Analysis - The recovery analysis assumes that Proofpoint would be reorganized as a going-concern (GC) in bankruptcy rather than liquidated. - Fitch has assumed a 10% administrative claim with a GC approach. - The GC EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level that should be approaching industry norm while incorporating the risks associated with necessary operational improvements, upon which Fitch bases the enterprise valuation (EV). - Fitch applies an EV multiple of 7.0x EBITDA to the GC EBITDA to calculate a post-reorganization EV. The choice of this multiple considered the following factors: - The median reorganization enterprise value/EBITDA multiple for the 71 TMT bankruptcy cases that had sufficient information for an exit multiple estimate to be calculated was 5.9x. Of these companies, five were in the software sector: Allen Systems Group, Inc - 8.4x; Avaya, Inc. - 2023: 7.5x, 2017: 8.1x; Aspect Software Parent, Inc. - 5.5x, Sungard Availability Services Capital, Inc. - 4.6x, and Riverbed Technology Software - 8.3x; - The highly recurring nature of Proofpoint's revenue and mission critical nature of the product support the high-end of the range; - After applying the 10% administrative claim, adjusted EV of approximately $2.9 billion is available for claims by creditors resulting in a 'BB-'/'RR3'/64% for the secured first lien debt and RCF. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage sustaining above 5.5x; - CFO - capex/debt ratio sustaining below 7.5%; - Organic revenue growth sustaining near 0%. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - A revision of the Outlook to Stable could be driven by improving profitability which facilitates a sustained reduction in leverage toward 5.5x and an (CFO - capex)/debt ratio sustaining toward 7.5% over the Outlook horizon. - EBITDA leverage sustaining below 4.0x; - CFO - capex/debt ratio sustaining near 10%; - Organic revenue growth sustaining above the high single digits. Liquidity and Debt Structure Proofpoint's liquidity is adequately supported by approximately $275 million cash on the balance sheet at the end of 3Q24, a $300 million undrawn RCF, and projected FCF generation after 2025. The company has $3.3 billion of secured first lien debt due 2028. Proofpoint is seeking to raise a new $1.0 billion incremental first lien term loan to fund a distribution to shareholders. Issuer Profile Proofpoint is a leading cybersecurity and compliance company serving large and mid-sized organizations with a focus around protecting employees from IT security threats and compliance risks. The company's products include security and compliance programs that are primarily cloud-delivered. 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 ----------- ------ -------- ----- Proofpoint, Inc. LT IDR B+ Affirmed B+ senior secured LT BB- Affirmed RR3 BB- PROOFPOINT INC: S&P Affirms 'B-' ICR, Outlook Stable ---------------------------------------------------- S&P Global Ratings affirmed its 'B-' issuer credit rating on U.S.-based Proofpoint Inc., a provider of email security, information protection, and compliance platforms, as well as its 'B-' issue-level rating on the existing first-lien debt. At the same time, S&P assigned its 'B-' issue-level rating and '3' recovery rating to the company's proposed $1 billion incremental senior secured first-lien term loan. S&P said, "The stable outlook reflects our expectation that Proofpoint will increase its revenue and EBITDA by 10% - 15% annually driven by an increasing focus on security within enterprises. We expect the business will remain highly recurring and generate annual free cash flow of $100 million or higher over the next 12 months." The rating reflects Proofpoint's highly recurring business and subscription-based revenue model. Proofpoint has benefited from strong revenue growth and improving profitability since its acquisition by Thoma Bravo. The company benefits from a recurring revenue business model (about 98% recurring revenues), and strong net retention rates for its products (consistently above 105% over the past few years). S&P said, "Our view of the rating also stems from a strong balance sheet cash (close to $575 million of available liquidity post debt issuance including its revolving credit facility), and improving margins since the LBO (with S&P adjusted EBITDA margins improving by more than 10% over the past three years). Further, we expect the company will generate free operating cash flow (FOCF) of at least $100 million annually going forward." The company has paid out over $600 million in restricted stock unit (RSU) payments since the LBO, which has resulted in negative FOCF over the past few years. However, the company has less than $70 million of RSU payments outstanding as of 2025. Given the end of RSU payments in 2025, S&P expects free cash flow to improve to above $200 million in 2026. Proofpoint has room in its capital structure to absorb the incremental debt. Proofpoint has meaningfully de-levered since the LBO. S&P said, "We project that the proposed incremental debt represents less than 2x of leverage and will depress cash flow generation by less than $80 million. Pro forma for the debt issuance, we expect S&P Global Ratings-adjusted leverage of about 7x and FOCF to debt of about 3% in fiscal 2025, with financial metrics continuing to improve in 2026." Proofpoint has a strong mergers and acquisitions (M&A) track record. Proofpoint's acquisition of Tessian in December 2023 strengthened its outbound protection capabilities. It acquired Illusive Networks in December 2022, adding identity threat detection and response capabilities. The company has done a good job of integrating these acquisitions in its product portfolio. They have helped solidify Proofpoint's position as a leader in cybersecurity, particularly for enterprise customers focused on email, cloud, and compliance solutions. S&P expects the company to continue to use its liquidity for tuck-in acquisitions. S&P said, "The stable outlook reflects our expectation that Proofpoint will increase its revenue and EBITDA by 10% - 15% annually driven by an increasing focus on security within enterprises. We expect the business will remain highly recurring and will generate annual free cash flow of $100 million or higher over the next 12 months. "Although unlikely given our expectation for positive free cash flow generation, we could lower our rating on Proofpoint if it faces revenue and EBITDA declines that cause its free cash flow after debt service to approach break-even with no prospects for improvement. This would lead us to view its capital structure as unsustainable." Although unlikely within the next 12 months, S&P could upgrade Proofpoint over the longer term if it sustains its revenue growth while improving profitability such that the company meets the following metrics: -- S&P Global Ratings-adjusted leverage of about mid-7x; -- Free cash flow to debt of about 4% or better. S&P would also need to believe the company can sustain its capital structure with lower leverage while pursuing its acquisition and shareholder-return objectives. RED RIVER: Talc Suppliers Ask Court to Set Aside $50MM from Deal ---------------------------------------------------------------- Clara Geoghegan of Law360 reports that Johnson & Johnson's former talc suppliers have asked a Delaware bankruptcy judge to deny a request to set aside $50 million from a $505 million settlement while the deal is under appeal. They argued that staying involved in the settlement and related bankruptcy sale could delay their plan confirmation and Chapter 11 exit, according to the report. About J&J Talc Units LLT Management, LLC (formerly known as LTL Management LLC) was a subsidiary of Johnson & Johnson that was formed to manage and defend thousands of talc-related claims and oversee the operations of Royalty A&M. Royalty A&M owns a portfolio of royalty revenue streams, including royalty revenue streams based on third-party sales of LACTAID, MYLANTA/MYLICON and ROGAINE products. LTL Management first filed a petition for Chapter 11 protection (Bankr. W.D.N.C. Case No. 21-30589) on Oct. 14, 2021. The case was transferred to New Jersey (Bankr. D.N.J. Case No. 21-30589) on Nov. 16, 2021. The Hon. Michael B. Kaplan is the case judge. At the time of the filing, the Debtor was estimated to have $1 billion to $10 billion in both assets and liabilities. In the 2021 case, LTL Management tapped Jones Day and Rayburn Cooper & Durham, P.A., as bankruptcy counsel; King & Spalding, LLP and Shook, Hardy & Bacon LLP as special counsel; McCarter & English, LLP as litigation consultant; Bates White, LLC as financial consultant; and AlixPartners, LLP as restructuring advisor. Epiq Corporate Restructuring, LLC, served as the claims agent. On Dec. 24, 2021, the U.S. Trustee for Regions 3 and 9 reconstituted the talc claimants' committee and appointed two separate committees: (i) the official committee of talc claimants I, which represents ovarian cancer claimants, and (ii) the official committee of talc claimants II, which represents mesothelioma claimants. The official committee of talc claimants I tapped Genova Burns LLC, Brown Rudnick LLP, Otterbourg PC and Parkins Lee & Rubio LLP as its legal counsel. Meanwhile, the official committee of talc claimants II is represented by the law firms of Cooley LLP, Bailey Glasser LLP, Waldrep Wall Babcock & Bailey PLLC, Massey & Gail LLP, and Sherman Silverstein Kohl Rose & Podolsky P.A. Re-Filing of Chapter 11 Petition On Jan. 30, 2023, a panel of the Third Circuit issued an opinion directing this Court to dismiss the 2021 Chapter 11 Case on the basis that it was not filed in good faith. Although the Third Circuit panel recognized that the Debtor "inherited massive liabilities" and faced "thousands" of future claims, it concluded that the Debtor was not in financial distress before the filing. On March 22, 2023, the Third Circuit entered an order denying the Debtor's petition for rehearing. The Third Circuit entered an order denying LTL's stay motion on March 31, 2023, and, on the dame day, issued its mandate directing the Bankruptcy Court to dismiss the 2021 Chapter 11 Case. The Bankruptcy Court entered an order dismissing the 2021 Case on April 4, 2023. Johnson & Johnson on April 4, 2023, announced that its subsidiary LTL Management LLC (LTL) has re-filed for voluntary Chapter 11 bankruptcy protection (Bankr. D.N.J. Case No. 23-12825) to obtain approval of a reorganization plan that will equitably and efficiently resolve all claims arising from cosmetic talc litigation against the Company and its affiliates in North America. In the new filing, J&J said it has agreed to contribute up to a present value of $8.9 billion, payable over 25 years, to resolve all the current and future talc claims, which is an increase of $6.9 billion over the $2 billion previously committed in connection with LTL's initial bankruptcy filing in October 2021. LTL also has secured commitments from over 60,000 current claimants to support a global resolution on these terms. In August 2023, U.S. Bankruptcy Judge Michael Kaplan in Trenton, New Jersey, ruled that the second bankruptcy case should be dismissed. 3rd Try In May 2024, J&J announced its subsidiary LLT Management LLC is soliciting support for a consensual prepackaged bankruptcy plan to resolve its talc-related liabilities. Under the terms of the plan, a trust would be funded with over $5.4 billion in the first three years and more than $8 billion over the course of 25 years, which J&J calculates to have a net present value of $6.475 billion. Claimants must cast their vote to accept or reject the Plan by 4:00 p.m. (Central Time) on July 26, 2024. A solicitation package may be requested at www.OfficialTalcClaims.com or by calling 1-888-431-4056. If the Plan is accepted by at least 75% of voters, a bankruptcy may be filed under the case name In re: Red River Talc LLC in a bankruptcy court in Texas or in the bankruptcy court of another jurisdiction. Epiq Corporate Restructuring, LLC is serving as balloting and solicitation agent for LLT. On Sept. 20, 2024, Red River Talc LLC filed a Chapter 11 bankruptcy petition (Bankr. S.D. Tex. Case No. 24-90505). Porter Hedges LLP and Jones Day serve as counsel in the new Chapter 11 case. Epiq is the claims agent. Paul Hastings LLP is counsel to the Ad Hoc Committee of Supporting Counsel. Randi S. Ellis is the proposed prepetition legal representative of future claimants. RJ HAWK TRANSPORT: Unsecureds to Split $300K via Quarterly Payments ------------------------------------------------------------------- RJ Hawk Transport Inc. filed with the U.S. Bankruptcy Court for the Northern District of Texas a Plan of Reorganization dated December 30, 2024. The Debtor is a Texas corporation which currently operates from Decatur, Texas. The Debtor operates regional trucking business. Prior to the Petition Date, the Debtor was a party to two different loan and security agreements with Wintrust. Wintrust asserts the Debtor was in default on those obligations and repossessed the following trailers (collectively, the "Trailers") approximately twenty days before the Petition Date: 2021 Travis Dump Trailer, VIN: 48XlF3727Ml014943; and 2023 Ranco Anvil, VIN: 1UNSD3424PS188240. The Debtor asserts it was current on its obligations to Wintrust at the time the Trailers were repossessed. The Debtor's business operations were negatively impacted when Wintrust repossessed the Trailers. This bankruptcy case was filed in large part to resolve the issues respecting Wintrust and to recover the Trailers The Plan provides for a reorganization and restructuring of the Debtor's financial obligations. The Plan provides for a distribution to Creditors in accordance with the terms of the Plan from the Debtor over the course of five years from the Debtor's continued business operations. Class 3 consists of Non-priority unsecured Claims. Each holder of an Allowed Unsecured Claim in Class 3 shall be paid by Reorganized Debtor from an unsecured creditor pool, which pool shall be funded at the rate of $5,000.00 per month ($300,000.00 over the life of the plan). Payments from the unsecured creditor pool shall be paid quarterly, for a period not to exceed five years (20 quarterly payments) and the first quarterly payment will be due on the twentieth day of the first full calendar month following the last day of the first quarter. The Debtor estimates the aggregate of all Allowed Class 3 Claims is less than $900,000.00 based upon Debtor's review of the Court's claim register, Debtor's bankruptcy schedules, and anticipated Claim objections. This Class is impaired. Class 4 consists of the holders of Allowed Interests in the Debtor. The holder of an Allowed Class 4 Interest shall retain their interests in the Reorganized Debtor. The Debtor proposes to implement and consummate this Plan through the means contemplated by Sections 1123 and 1145(a) of the Bankruptcy Code. From and after the Effective Date, in accordance with the terms of this Plan and the Confirmation Order, the Reorganized Debtor shall perform all obligations under all executory contracts and unexpired leases assumed in accordance with Article 6 of this Plan. A full-text copy of the Plan of Reorganization dated December 30, 2024 is available at https://urlcurt.com/u?l=hDLrjU from PacerMonitor.com at no charge. About RJ Hawk Transport RJ Hawk Transportation, Inc., was founded in 1997. The Company's line of business includes operating vessels for the transportation of freight on the deep seas between the United States and foreign ports. [BN] RJ Hawk Transport Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-43507) on September 29, 2024. In the petition signed by Omar R. Jimenez, as vice president, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. The Honorable Bankruptcy Judge Edward L. Morris handles the case. The Debtor is represented by: Robert T. DeMarco, Esq. DeMarco Mitchell, PLLC 500 N. Central Expressway Suite 500 Plano, TX 75074 Tel: (972) 991-5591 Email: robert@demarcomitchell.com SAFE & GREEN: Unit Inks Cash Advance Agreement With Cedar --------------------------------------------------------- On December 24, 2024, SG Building Blocks, Inc., a wholly owned subsidiary of Safe & Green Holdings Corp., entered into a Cash Advance Agreement with Cedar Advance LLC pursuant to which SG Building Blocks sold to Merchant $203,000 of its future receivables for a purchase price of $140,000, less underwriting fees and expenses paid, for net funds of $126,000, the Company disclosed in a Form 8-K filing with the U.S. Securities and Exchange Commission. Pursuant to the Cash Advance Agreement, Merchant is expected to withdraw $5,000 per week directly from SG Building Blocks' bank account until the $203,000 due to Merchant under the Cash Advance Agreement is paid. In the event of a default, Merchant, among other remedies, can demand payment in full of all amounts remaining due under the Cash Advance Agreement. A full-text copy of the Cash Advance Agreement is available at https://urlcurt.com/u?l=jesbUA About Safe & Green Safe & Green Holdings Corp. is a modular solutions company headquartered in Miami, Florida. The company specializes in the development, design, and fabrication of modular structures, focusing on safe and green solutions across various industries. The Woodlands, Texas-based M&K CPAS, PLLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated May 7, 2024, citing that the Company experienced net losses since inception, negative working capital, and negative cash flows from operations, which raise substantial doubt about the Company's ability to continue as a going concern. Safe & Green Holdings reported net losses of $26,757,906 and $7,089,242 for the fiscal years ended December 31, 2023, and 2022, respectively. As of June 30, 2024, Safe & Green Holdings had $20,928,509 in total assets, $25,717,784 in total liabilities, and $4,789,275 in total stockholders' deficit. SILVERGATE CAPITAL: Taps Silvergate Capital as Conflicts Counsel ---------------------------------------------------------------- Silvergate Capital Corporation and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to hire Ross Aronstam & Moritz LLP as bankruptcy conflicts counsel. The firm will render these services: a. perform all necessary services as Conflicts Counsel including, without limitation, providing the Debtors with advice on the Conflict Matters, representing the Debtors with respect to the same, and preparing necessary documents on behalf of the Debtors in the areas of restructuring and bankruptcy as to the Conflict Matters; b. take all necessary actions to protect and preserve the Debtors' estates during these chapter 11 cases, including the prosecution of actions by the Debtors on the Conflict Matters, the defense of any actions commenced against the Debtors by the Conflict Entities, negotiations concerning litigation in which the Debtors are involved with the Conflict Entities, and objecting to claims filed against the estates by the Conflict Entities; c. prepare or coordinate preparation on behalf of the Debtors, as debtors in possession, any necessary motions, applications, answers, responses, objections, replies, orders, reports, and papers in connection with the Conflict Matters; and d. perform all other necessary legal services where Bankruptcy Counsel cannot do so. RAM's current hourly rate ranges for work of this nature: Partners $1,190 to $1,850 Associates $770 to $1,035 Paralegals $450 to $495 RAM 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: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Response: RAM did not represent the Debtors in any capacity in the 12 months prepetition. RAM began representing the Debtors postpetition. Question: Has your client approved your prospective budget and staffing plan, and, if so, for what budget period? Response: RAM intends to provide a prospective budget and staffing plan to the Debtors and will continue to work with the Debtors on the budget and staffing plan. Ross Aronstam & Moritz is a "disinterested person," as defined in section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Roger S. Stronach, Esq. Ross Aronstam & Moritz LLP 1313 North Market Street, Suite 1001 Wilmington, DE 19801 Phone: (302) 576-1611 Fax: (302) 576-1100 Email: rstronach@ramllp.com About Silvergate Capital Corporation Silvergate Capital Corporation is a Maryland corporation headquartered in La Jolla, California. Until July 1, 2024, it was a bank holding company subject to supervision by the Board of Governors of the Federal Reserve. Silvergate Capital Corporation filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-12158) on Sept. 17, 2024, listing $100 million to $500 million in assets and $10 million to $50 million in liabilities. The petitions were signed by Elaine Hetrick as chief administrative officer. Paul N. Heath, Esq. at RICHARDS, LAYTON & FINGER, P.A. represents the Debtor as counsel. SOLCIUM SOLAR: Court Extends Use of Cash Collateral to Jan. 14 -------------------------------------------------------------- Solcium Solar, LLC received third interim approval from the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, to use cash collateral until Jan. 14. The third interim order signed by Judge Grace Robson on Jan. 6 approved the use of cash collateral to pay expenses set forth in the company's projected budget. The company may deviate up to 10% from the line items in the budget. Secured creditor, Newtek Small Business Finance, LLC, was granted a post-petition lien on the cash collateral to the same extent and with the same validity and priority as its pre-bankruptcy lien. As additional protection, the interim order approved the payment of $6,000 to Newtek and directed Solcium Solar to maintain insurance coverage for its property. The next hearing is scheduled for Jan. 14. Newtek can be reached through its attorney: Stephanie C. Lieb, Esq. Trenam, Kemker, Scharf, Barkin, Frye, O'Neill & Mullis, P.A. 101 East Kennedy Boulevard, Suite 2700 Tampa, FL 33602 Tel: (813) 223-7474 Fax: (813) 229-6553 slieb@trenam.com About Solcium Solar Solcium Solar, LLC is a privately owned and operated solar energy company specializing in residential solar solutions, commercial solar solutions, EV solar solutions, and battery storage solutions. Solcium Solar sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-05611) on October 18, 2024, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Aaron R. Cohen serves as Subchapter V trustee. Judge Grace E. Robson oversees the case. The Debtor is represented by: Scott W Spradley Law Offices of Scott W. Spradley, P.A. Tel: 386-693-4935 Email: scott@flaglerbeachlaw.com STAFFING 360: Elects 3 New Directors, Reappoints RBSM as Auditor ---------------------------------------------------------------- Staffing 360 Solutions, Inc. held its 2024 Annual Meeting of Stockholders. As of the close of business on November 14, 2024, the record date for the Annual Meeting, there were (i) 1,530,738 shares of common stock issued and entitled to vote on the proposals described below and (ii) 9,000,000 shares of Series H Convertible Preferred Stock issued, which were entitled to vote on an "as converted" basis on the proposals, representing voting power equal to 35,002 shares of common stock. The matters described below were submitted to a vote of the holders of the Company's common stock at the Annual Meeting. During the Annual Meeting, Stockholders: 1. Elected Alicia Barker and Nicholas Florio as Class II directors to serve until the 2026 Annual Meeting of Stockholders and Brendan Flood as Non-Classified director to serve until the 2025 Annual Meeting of Stockholders, or in each case, until their respective successors have been duly elected and qualified. 2. Ratified the appointment of RBSM LLP as the Company's independent registered public accountant for the 2024 fiscal year. Each proposal is described in detail in the Definitive Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission on November 18, 2024. About Staffing 360 Headquartered in New York, Staffing 360 Solutions, Inc. is engaged in the execution of a buy-integrate-build strategy through the acquisition of domestic and international staffing organizations in the United States. The Company believes that the staffing industry offers opportunities for accretive acquisitions and, as part of its targeted consolidation model, is pursuing acquisition targets in the finance and accounting, administrative, engineering, IT, and light industrial staffing space. New York, NY-based RBSM LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated June 11, 2024, citing that the Company has incurred substantial operating losses and will require additional capital to continue as a going concern. This raises substantial doubt about the Company's ability to continue as a going concern. As of Sept. 28, 2024, Staffing 360 Solutions had $62.22 million in total assets, $76.86 million in total liabilities, and a total stockholders' deficit of $14.64 million. STEPHENS HEADS: Seeks to Hire Kent Juneau as Real Estate Agent -------------------------------------------------------------- Stephens Heads or Tails Crawfish, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Louisiana to hire Kent Juneau, a real estate agent in Cottonport, LA. Mr. Juneau will assist the Debtor with the sale of its real property and to maximize the value of the estate. Mr. Juneau's compensation will include a commission of 5 percent on the sale price of any property sold. Mr. Juneau assured the court that he is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code. Mr. Juneau can be reached at: Kent Juneau 906 Bryan Street Cottonport, LA, 71327 Tel: (318) 729-4920 Email: kentpjuneau@gmail.com About Stephens Heads or Tails Crawfish Stephens Heads or Tails Crawfish, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. La. Case No. 24-80280) on May 3, 2024, listing up to $50,000 in assets and $100,001 to $500,000 in liabilities. L. Laramie Henry, Esq. represents the Debtor as counsel. STOLI GROUP: Taps Steven Wybo of Riveron Management as CRO ---------------------------------------------------------- Stoli Group (USA), LLC and Kentucky Owl, LLC seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Riveron Management Services, LLC and designate as Steven R. Wybo as the chief restructuring officer. The firm's services include: a. providing Steven R. Wybo as CRO for the Debtors, with such role encompassing the responsibilities and authorities as set forth in the Engagement Agreement, and reporting to the Debtors' board of directors; b. overseeing the Debtors' cash and liquidity management, including by preparing 13-week cash flows integrated with the Debtors' business plan that identify future liquidity/financing alternatives, assisting with the Debtors' treasury functions, debt monitoring and compliance, cash management and banking relationships, and providing the Debtors' lender with weekly cash forecast updates with variance analysis for previous week(s); c. assisting with the Debtors' financial management and accounting functions, including payroll, taxes, preparation and review of Debtors' the annual budget, preparation and review of the Debtors' monthly financial statements and various financial reporting packages; d. identifying future operational improvements, fixed cost reductions, and future restructuring requirements with a target of a 20% reduction in overhead and developing the associated cost reduction plan for immediate implementation; e. evaluating near and long-term go to market sales plan and assistance with the forecasting and management of product throughput into the market; f. evaluating the reasonableness of the Debtors' financial projections and operating plan for the purpose of effectuating a recapitalization of the Debtors as appropriate; g. assisting the Debtors with refinancing, recapitalization, business plan implementation, and restructuring, as appropriate; h. overseeing and facilitating a process to identify, evaluate and implement one or more strategic alternatives to preserve and maximize stakeholder value, including but not limited to restructuring, recapitalization, and/or asset monetization alternatives; i. assisting the Debtors in communications and negotiations with key constituents, as requested, including lenders, equity holders, customers, and/or other stakeholders; and j. providing such other services by the Debtors and agreed to by RMS. 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 RMS received a retainer of $103,475. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Steven R. Wybo, a senior 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: Steven R. Wybo Riveron RTS, LLC 401 S. Old Woodward Avenue, Suite 340 Birmingham, MI 48009 Tel: (248) 952-8877 Email: steven.wybo@riveron.com 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. SUN SHRIMP: Case Summary & Two Unsecured Creditors -------------------------------------------------- Debtor: Sun Shrimp Gourmet, Inc. 9703 Stringfellow Rd. Saint James City, FL 33956 Chapter 11 Petition Date: January 8, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-00024 Judge: Hon. Caryl E Delano Debtor's Counsel: Scott A. Stichter, Esq. STICHTER, RIEDEL, BLAIN & POSTLER, P.A. 110 E. Madison St. Suite 200 Tampa, FL 33602 Tel: (813) 229-0144 E-mail: sstichter@srbp.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $10 million to $50 million The petition was signed by Ross Horsley as president. A copy of the Debtor's list of two unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/6SQKJVA/Sun_Shrimp_Gourmet_Inc__flmbke-25-00024__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/6UHOFOI/Sun_Shrimp_Gourmet_Inc__flmbke-25-00024__0001.0.pdf?mcid=tGE4TAMA SUPERIOR ENERGY: C. Ackerman Named Principal Accounting Officer --------------------------------------------------------------- As previously reported, Superior Energy Services, Inc., announced that James Spexarth, the Company's Executive Vice President, Chief Financial Officer and Treasurer, had resigned from all positions with the Company. Mr. Spexarth's resignation was effective December 31, 2024. In connection with Mr. Spexarth's resignation from the Company to pursue other opportunities, Carolina Ackerman was appointed to serve as the Company's Principal Accounting Officer, effective as of December 31, 2024, the Company disclosed in a Form 8-K filing with the U.S. Securities and Exchange Commission. Ms. Ackerman, 58, has served as the Company's Vice President Operations-Accounting since November 2016. Before joining the Company, Ms. Ackerman held various leadership roles in finance and accounting at Halliburton and holds a BS Accounting from the University of Buenos Aires and is a Certified Public Accountant in Argentina. Ms. Ackerman has no family relationships with any current director or executive officers of the Company, and there are no transactions or proposed transactions to which the Company is a party, or intended to be a party, in which Ms. Ackerman has, or will have, a material interest subject to disclosure under Item 404(a) of Regulation S-K. There are no arrangements or understandings with any other person pursuant to which Ms. Ackerman was appointed as the Company's Principal Accounting Officer. About Superior Energy Headquartered in Houston, Texas, Superior Energy Services -- http://www.superiorenergy.com/-- serves the drilling, completion and production-related needs of oil and gas companies worldwide through a diversified portfolio of specialized oilfield services and equipment. On Dec. 7, 2020, Superior Energy and its affiliates sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 20-35812) to seek approval of a prepackaged Chapter 11 plan of reorganization. Westervelt T. Ballard, Jr., signed the petitions. At the time of the bankruptcy filing, parent Superior Energy disclosed $884,723 in assets and $1,383,151,024 in liabilities. As of June 30, 2020, Superior Energy Services had $1.73 billion in total assets, $222.9 million in total current liabilities, $1.28 billion in long-term debt, $135.7 million in decommissioning liabilities, $54.09 million in operating lease liabilities, $2.53 million in deferred income taxes, $125.74 million in other long-term liabilities, and a total stockholders' deficit of $95.13 million. Judge David R. Jones oversees the cases. The Debtors tapped Latham & Watkins, LLP and Hunton Andrews Kurth, LLP as their legal counsel; Ducera Partners, LLC and Johnson Rice & Company, LLC as investment banker and financial advisor; Alvarez & Marsal North America, LLC as restructuring advisor; and Ernst & Young, LLP as tax advisor. Kurtzman Carson Consultants, LLC is the notice, claims and balloting agent. Davis Polk & Wardwell LLP and Porter Hedges LLP serve as legal counsel for an ad hoc group of noteholders. Evercore LLC is the noteholders' financial advisor. FTI Consulting, Inc., serves as financial advisor for the agent for the Debtors' secured asset-based revolving credit facility, with Simpson Thacher & Bartlett LLP acting as legal counsel. * * * Superior Energy Services announced Feb. 2, 2021, it has successfully completed its financial restructuring and emerged from Chapter 11, implementing the Plan of Reorganization that was confirmed by the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division on Jan. 19, 2021. The Company emerged with a strengthened capital structure that eliminated more than $1.30 billion of existing debt. SURVWEST LLC: Court OKs Deal to Use Cash Collateral --------------------------------------------------- The U.S. Bankruptcy Court for the District of Colorado granted SurvWest LLC's motion to use cash collateral in accordance with its agreement with TBK Bank and the U.S. Small Business Administration. Under the agreement, Survwest may use the lenders' cash collateral for the period from Jan. 1 to March 31 to pay its operating expenses. To protect the lenders' interests, SurvWest was ordered to make monthly payments to the lenders starting this month in accordance with its budget. The lenders were also granted security interests in SurvWest's deposit accounts in the same order of priority as the lenders' security interests as of the petition date; and replacement liens and security interests in all property which the company or its estate had as of, or may acquire after, the petition date. To the extent that the provision of adequate protection in the form of replacement liens, monthly payments and security interests is insufficient to compensate for any diminution in the value of their interests in the cash collateral, the lenders will be entitled to superpriority administrative expense claims. About SurvWest LLC SurvWest LLC, formerly known as SurvTech Solutions LLC, is a diversified engineering firm specializing in surveying and mapping; subsurface utility engineering (SUE); and utility coordination for clients across the United States. SurvWest filed Chapter 11 petition (Bankr. D. Colo. Case No. 24-15214) on September 6, 2024, with total assets of $7,301,456 and total liabilities of $9,447,402. Mathew Barr, president, signed the petition. Judge Thomas B. Mcnamara handles the case. The Debtor is represented by David Wadsworth, Esq., at Wadsworth Garber Warner Conrardy, P.C. SYCAMORE GARDENS: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: Sycamore Gardens, LLC d/b/a Sycamore Gardens Apartments 4802 Sycamore Ave Pasadena, TX 77503 Business Description: Sycamore Gardens is the fee simple owner of a 56-unit apartment building located at 4812 Sycamore Ave, Pasadena, TX 77503-3853, with an estimated value of $750,000. Chapter 11 Petition Date: January 7, 2025 Court: United States Bankruptcy Court Eastern District of New York Case No.: 25-40052 Judge: Hon. Elizabeth S Stong Debtor's Counsel: Avrum J. Rosen, Esq. LAW OFFICES OF AVRUM J. ROSEN, PLLC 38 New St Huntington, NY 11743-3327 Tel: 631-423-8527 Fax: 631-423-4536 Email: arosen@ajrlawny.com Total Assets: $1,103,851 Total Liabilities: $4,981,035 The petition was signed by David Goldwasser as chief restructuring officer. 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/CEWSGDY/Sycamore_Gardens_LLC__nyebke-25-40052__0001.0.pdf?mcid=tGE4TAMA TAOPING INC: 2MM Restricted Shares Granted to Directors, Execs -------------------------------------------------------------- On December 27, 2024, the board of directors of Taoping Inc. granted restricted shares in an aggregate amount of 2,000,000 ordinary shares, no par value, to certain of its directors, executive officers and employees as compensations for their services, the Company disclosed in a Form 8-K filing with the U.S. Securities and Exchange Commission. The following Restricted Shares were granted to the executive officers and directors of the Company: -- Jianghuai Lin, Chief Executive Officer and Chairman, was granted 1,000,000 shares; -- Zhiqiang Zhao, President and director, was granted 270,000 shares; -- Zhixiong Huang, Chief Operating Officer, was granted 270,000 shares; -- Iris Yan, Chief Financial Officer, was granted 270,000 shares; -- Huan Li, Chief Marketing Officer, was granted 80,000 shares; -- Guangzeng Chen, Chief Technology Officer, was granted 15,000 shares; -- Ping Cai, director, was granted 15,000 shares; -- Yong Jiang, director, was granted 15,000 shares; and -- Remington C.H. Hu, director, was granted 15,000 shares. All of the Restricted Shares vested immediately on the grant date. The Restricted Shares were granted under the Company's 2024 Equity Incentive Plan. About Taoping Taoping Inc. (f/k/a China Information Technology, Inc.), together with its subsidiaries, is a provider of cloud-app technologies for Smart City IoT platforms, digital advertising delivery, and other internet-based information distribution systems in China. Its Internet ecosystem enables all participants of the new media community to efficiently promote branding, disseminate information, and exchange resources. In addition, the Company provides a broad portfolio of software and hardware with fully integrated solutions, including Information Technology infrastructure, Internet-enabled display technologies, and IoT platforms to customers in government, education, residential community management, media, transportation, and other private sectors. London, United Kingdom-based PKF Littlejohn LLP, the Company's auditor since 2021, issued a "going concern" qualification in its report dated April 25, 2024, citing that the Company's short-term bank loans of $8.5 million which are repayable within one year and the uncertainty about the availability of future financing raise substantial doubt about the Company's ability to continue as a going concern. TEMADA INC: U.S. Trustee Unable to Appoint Committee ---------------------------------------------------- The U.S. Trustee for Region 21, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of Temada Inc., according to court dockets. About Temada Inc. Temada Inc., doing business as Rembrant Auto Body, was founded in 2004. The company's line of business includes the retail sale of computers, computer peripheral equipment, and software. Temada Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-22472) on November 26, 2024, with up to $50,000 in assets and up to $10 million in liabilities. Linda Leali, Esq., at Linda M. Leali, P.A., serves as Subchapter V trustee. Judge Corali Lopez-Castro handles the case. The Debtor is represented by David W. Langley, Esq. TEXAS REIT: Files Amendment to Disclosure Statement --------------------------------------------------- Texas REIT, LLC submitted an Amended Disclosure Statement for the Plan of Reorganization. Texas REIT, LLC acquired real property located at 8050 and 8098 Westheimer from Westheimer Old Farm I Limited Partnership on June 3, 2008. The property was appraised by MB Lane & Associates as of May 11, 2024 in the amount of $18,615,000 as is. This property consists of a strip center and a vacant outbuilding which was previously occupied by a CVS pharmacy. CVS vacated the property and stopped paying rent pre-petition. The strip center contains 29,000 sq. ft. The center has seven units. Presently, six units containing 27,000 sq. ft. are leased and one unit containing 2,000 sq. ft. is vacant. The strip center brings in monthly rentals of $79,328.50. The plan proposes to sell the Debtor's real property and distribute the funds to the parties determined to be entitled to receive such proceeds. Angelo DeCaro would administer the Plan as Plan Trustee. Because the Debtor already has sales pending before the Court, the liquidation of the real estate assets is expected to be concluded within a short period of time after Plan Confirmation. The Amended Disclosure Statement does not alter the proposed treatment for unsecured creditors and the equity holder: * Class 6 shall consist of Allowed Claims of Unsecured Creditors. Upon payment of the creditors in Classes 1 to 5, the Plan Trustee shall pay the remaining assets of the estate to the Class 6 creditors to the extent of their Allowed Claims. The Class 6 claims shall not be entitled to post-petition interest. Class 6 is impaired. * Class 7 shall consist of the Equity Interests of the Debtor. Ali Choudhri clams to hold 100% of the equity ownership of the Debtor. Ali Mokaram claims a 30% equity interest. However, in Case No. 2012-27197A, the District Court of Harris County awarded Mr. Mokaram $3,467,217.20 for the value of his equity interest. Mr. Choudhri contends that this award extinguished Mr. Mokaram's equity interest. Because it is unlikely that equity will receive any distribution in this case, the dispute over ownership is unlikely to have a practical impact upon the case. Feasibility of the Plan and Risk to Creditors measures the likelihood that creditors will receive the payments promised to them. The feasibility of the Plan depends on the ability of the Plan Trustee to sell the real property. The Debtor believes that the property is in a desirable area and should be able to sell for a fair price. Under the Bankruptcy Code, an "affiliate" is an entity which owns at least 20% of the Debtor's equity interests or an entity in which Debtor owns at least 20% of its equity interests, as well as a person whose business is operated by the Debtor under a lease or operating agreement or a person who operates the Debtor's business under a lease or operating agreement. An insider is defined as including an officer, director or person in control of the Debtor, a partnership in which the Debtor is the general partner, the general partner of the Debtor and a relative of a general partner, director, officer or person in control of the Debtor. Mr. Ali Chouhdri is both an affiliate and an insider of the Debtor by virtue of his ownership of at least 65% of the membership interest in the Debtor. Ali Mokaram claims a 30% equity interest in the Debtor. Dward Darjean and Drew Dennett may be insiders by virtue of acting as managers for the Debtor. Mr. Dennett is scheduled as an unsecured creditor in an unknown amount. Dalio Holdings I, LLC and Jetall Companies are all entities owned by Mr. Choudhri which assert claims against the Debtor. While they do not fit the statutory definition of an insider, they could be considered to be "non-statutory insiders." A full-text copy of the Amended Disclosure Statement dated December 30, 2024 is available at https://urlcurt.com/u?l=QxzMtM from PacerMonitor.com at no charge. Attorneys for the Debtor: Stephen W. Sather, Esq. BARRON & NEWBURGER PC 7320 N. MoPac Expy., Ste. 400 Austin, TX 78731 Telephone: (512) 476-9103 Facsimile: (512) 279-0310 Email: ssather@bn-lawyers.com About Texas REIT LLC Texas REIT, LLC owns a strip center in Houston, Texas located at 8050-8098 Westheimer. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 24-10120) on February 6, 2024. In the petition signed by Drew Dennett, authorized representative, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Shad Robinson oversees the case. Stephen W Sather, Esq., at Barron & Newburger, PC, represents the Debtor as legal counsel. TINY PIECES: Unsecureds to Get 100 Cents on Dollar in Plan ---------------------------------------------------------- Tiny Pieces, LLC, filed with the U.S. Bankruptcy Court for the Eastern District of Pennsylvania a Plan of Reorganization for Small Business dated December 30, 2024. The business operations of the Debtor started in September of 2007, and the Debtor has operated as a real estate investment company since then. The investments have consisted largely of buying and renting one to six-unit residential apartment buildings in Philadelphia, Pennsylvania. At times the business has purchased and renovated single family homes for resale as part of the business model. The additional revenues from the net proceeds of such resales have assisted the Debtor in filling any shortcomings due to needed capital repairs and/or delinquent rent payments associated with the apartment buildings. Asmaro Gist, Managing Member of the Debtor, will continue to serve in that capacity after confirmation of the Plan of Reorganization. Asmaro Gist will not receive any compensation for continuing to serve as Managing Member of the Debtor through completion of the Plan of Reorganization, although he will retain his equity interest in the Debtor post-confirmation and post-discharge. The Plan Proponent's financial projections show that the Debtor will have projected disposable income of $18,548.46 monthly (less post-petition mortgage payments) for 36 months. The final Plan payment is expected to be paid on or about April 1, 2028. This Plan of Reorganization proposes to pay creditors the Debtor from sale of assets, cash flow from operations, and/or future income. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately 100 cents on the dollar. This Plan also provides for full payment of administrative expenses/claims and priority claims. Class 3 consists of Non-priority unsecured creditors. To be paid in full after full payment to Class 1 and Class 2 creditors, if any such creditors file claims. This Class is impaired. Class 4 consists of Equity security holders of the Debtor. No payment to be made to equity security holder of the Debtor under this Plan of Reorganization; equity security holders will realize their claims by retaining their interest in the Debtor and the retained net worth of the reorganized Debtor. The primary means for the Debtor to fund implementation of this Plan, including both prepetition and post-petition obligations is the rental income received from tenants of the Debtor's properties. The Debtor will list four properties for sale promptly upon confirmation of this Plan: 5709 Cedar Avenue; 5826 Alter Street; 5022 Chestnut Street; and 5137 Chancellor Street. As each property is sold and the sale is approved by the Court, the proceeds will be applied first to pay the full allowed claim amounts attributable to such property of the City of Philadelphia Water Revenue Bureau and Philadelphia Gas Works, if any, and the balance of net proceeds after costs of sale will be applied to pay down the outstanding balance owed on the allowed secured claim of the first mortgage lender, Commercial Lender LLC, or as determined by the Court (the "Blanket Mortgage Holder"), and the mortgage lien on such property shall be satisfied by the Blanket Mortgage Holder with respect to the particular property sold. A full-text copy of the Plan of Reorganization dated December 30, 2024 is available at https://urlcurt.com/u?l=X9AbSC from PacerMonitor.com at no charge. Counsel to the Debtor: Roger V. Ashodian, Esq. Regional Bankruptcy Center of Southeastern PA, P.C. 101 West Chester Pike, Suite 1A Havertown, PA 19083 Tel: (610) 446-6800 Email: ecf@schollashodian.com About Tiny Pieces Tiny Pieces, LLC, is engaged in activities related to real estate. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 24-13515) on Sept. 30, 2024, with $1 million to $10 million in assets and liabilities. Asmaro Gist, managing member, signed the petition. Judge Ashely M. Chan presides over the case. Roger V. Ashodian, Esq. at REGIONAL BANKRUPTCY CENTER OF SOUTHEASTERN P.A., P.C., is the Debtor's legal counsel. TRC FARMS: Court OKs Hog Farm Sale to Johnathan Scott Kilpatrick ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of North Carolina, New Bern Division, has permitted TRC Farms, Inc., to sell hog farm property in a private sale. The Debtor is a North Carolina corporation with its principal place of business located in Cove City, Craven County, North Carolina. The Debtor has maintained a significant row crop operation as well as a finishing operation for market hogs. The Debtor has conducted a sale of all equipment, vehicles and trailers utilized in the row crop operation. Much of the Debtor’s real estate has also been sold in accordance with the provisions of Section 363 of the Bankruptcy Code and with the authorization of the Court. Among the assets retained by the Debtor following its decision to cease row crop farming were certain tracts of real estate and improvements utilized in the Debtor's hog farm operation. The Property includes the real estate parcels identified by Tax Parcel Numbers 3-031-046, 3-031-059 and 3-031-16000. Parcel 3-031-046 contains approximately 0.864 acres and is located off Barwick Road and had previously been cut out of Parcel 3-031-16000 and will be entirely conveyed in the sale of the hog farm operation. Parcel 3-031-059 contains approximately 12.671 acres and is located off Barwick Road, Craven County, North Carolina. The buildings of the Debtor’s hog farm operation are located on Parcel 3-031-059. Parcel 3-031-059 is enrolled in a Conservation Agreement for Voluntary Agriculture District Program of the County of Craven, North Carolina. Parcel 3-031-16000 contains approximately 89.427 acres and is also located off Barwick Road, Craven County, North Carolina. The Debtor is also a party to that certain Market Hog Finishing Agreement with Murphy-Brown, LLC d/b/a Smithfield Hog Production. The Court authorized the Debtor to sell the Property to Johnathan Scott Kilpatrick, or assigns, with the gross purchase price of $833,000. The Purchaser will escrow the sum of $10,000.00 of which the sum of $5,000 shall be non-refundable 30 days after date of execution of the Sale Agreement. The Property to be sold shall not include certain equipment and personal property, identified as: one Honda EB11000 generator, trailer mounted with a custom fabricated box; one New Holland 555E-699000701 loader backhoe, 4x4, ROPS with hybrid outriggers bearing serial number 031008038; and two forty-foot grain augers. These items collectively possess an estimated value of $13,000 and shall be retained by the Debtor and sold separately prior to December 31, 2024. The Property shall be conveyed free and clear of all claims, liens, and encumbrances that may be asserted against the Property including Truist Bank, Harvey’s Fertilizer and Gas Company, Craven County Tax Collector, North Carolina Department of Revenue, the Internal Revenue Service, and any and all other taxing and government authorities. The Court ordered that the property will be sold in an "AS IS" condition, and no warranties shall be made as to the condition, use or fitness of the Property for a particular purpose. About TRC Farms, Inc TRC Farms, Inc. is a privately held company, which operates in the livestock farming industry. TRC Farms filed Chapter 11 petition (Bankr. E.D.N.C. Case No. 20-00309) on Jan. 23, 2020, with $3,846,275 in assets and $5,412,282 in liabilities. Timmy R. Cox, president, signed the petition. Judge Joseph N. Callaway oversees the case. The Debtor tapped Ayers & Haidt, PA as its legal counsel and Carr Riggs & Ingram, LLC as its accountant. TRUSTED HEATING: Gets OK to Use Cash Collateral Until Jan. 15 ------------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Michigan issued an interim order allowing Trusted Heating & Cooling Solutions, Inc. to use cash collateral until Jan. 15. The interim order signed by Judge Joel Applebaum on Jan. 6 authorized the company to use $43,300 in cash collateral to pay its operating expenses. Old National Bank was granted replacement liens on all post-petition assets of the company, including accounts, accounts receivable, notes, and general intangibles. As additional protection, Trusted Heating & Cooling Solutions was ordered to maintain insurance covering the full value of all collateral securing its debt to ONB. The company's authority to use cash collateral terminates upon the company's failure to abide by the terms and conditions of the order; dismissal or conversion of the case to one under Chapter 7; and the cessation of the company's business operations. The next hearing is scheduled for Jan. 15, with objections due by Jan. 14. Old National Bank can be reached through its attorney: David A. Lerner, Esq. Plunkett Cooney 38505 Woodward Avenue, Suite 100 Bloomfield Hills, MI 48304 (248) 901-4010 dlerner@plunkettcooney.com About Trusted Heating & Cooling Trusted Heating & Cooling Solutions, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 24-32422) on December 23, 2024, with $100,001 to $500,000 in assets and liabilities. Judge Joel D. Applebaum presides over the case. The Debtor is represented by: George E. Jacobs Bankruptcy Law Offices Tel: 810-720-4333 Email: george@bklawoffice.com U S SKYLINE: Case Summary & 11 Unsecured Creditors -------------------------------------------------- Debtor: U S Skyline, Inc. 5717 Legacy Drive Plano TX 75024 Chapter 11 Petition Date: January 6, 2025 Court: United States Bankruptcy Court Eastern District of Texas Case No.: 25-40046 Debtor's Counsel: Gary G. Lyon, Esq. BAILEY JOHNSON & LYON, PLLC 6401 W. Eldorado Parkway McKinney TX 75070 Tel: (214) 620-2034 E-mail: glyon.attorney@gmail.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Eulako Almaguer III as managing member. A full-text copy of the petition, which includes a list of the Debtor's 11 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/3BUGL7Q/U_S_SKYLINE_INC__txebke-25-40046__0001.0.pdf?mcid=tGE4TAMA UNLIMITED SOURCE: Starts Subchapter V Bankruptcy Process -------------------------------------------------------- On January 6, 2025, Unlimited Source Consulting Agency LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Georgia. 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 Unlimited Source Consulting Agency LLC Unlimited Source Consulting Agency LLC is a limited liability company based in Atlanta, Georgia. Unlimited Source Consulting Agency LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No.: 25-50203) on January 6, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Paul Reece Marr, Esq. of Paul Reece Marr P.C. represents the Debtor as counsel. VISUAL TECHNOLOGY: Files Chapter 11 Bankruptcy in Nevada -------------------------------------------------------- On January 6, 2025, Visual Technology Innovations Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Nevada. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Visual Technology Innovations Inc. Visual Technology Innovations Inc. is committed to delivering impactful and immersive viewing experiences to a global audience through cutting-edge technologies. From smartphones and tablets to laptops and televisions, consumers continuously seek improvements that enhance their overall experience. VTI aims to develop and implement innovative solutions that provide enhanced viewing and user engagement, utilizing glasses-free and other advanced technologies. Visual Technology Innovations Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No.: 25-10024) on January 6, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge August B. Landis handles the case. Matthew C. Zirzow, Esq. and Zachariah Larson, Esq. of Larson & Zirzow LLC represent the Debtor as counsel. WATER'S EDGE: Seeks to Hire Murphy & King as Bankruptcy Counsel --------------------------------------------------------------- Water's Edge Limited Partnership seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to employ Murphy & King, Professional Corporation as lead counsel. The firm's services include: a. advising the Debtor with respect to any plan of reorganization and any other matters relevant to the formulation and negotiation of a plan or plans of reorganization in the case; b. representing the Debtor at all hearings and matters pertaining to its affairs, assets, and operations; c. preparing, on the Debtor's behalf, all necessary and appropriate applications, motions, answers, orders, reports, and other pleadings and other documents, and review all financial and other reports filed in this chapter 11 case; d. advising the Debtor with respect to, and assisting in the negotiation and documentation of, financing agreements, debt, and related transactions; e. advising the Debtor regarding its ability to initiate actions to collect and recover property for the benefit of its estate; f. advising and assisting the Debtor in connection with the potential sale of assets; g. advising the Debtor concerning executory contract and unexpired lease assumptions, lease assignments, rejections, restructurings and recharacterization of contracts and leases; h. reviewing and analyzing the claims of the Debtor's creditors, the treatment of such claims and the preparation, filing or prosecution of any objections to claims; i. commencing and conducting any and all litigation necessary or appropriate to assert rights held by the Debtor, protect assets of the Debtor's chapter 11 estate or otherwise further the goal of effectuating the successful completion of this chapter 11 case; and j. performing all other legal services and providing all other necessary legal advice to the Debtor as may be necessary in this bankruptcy case. The hourly rates of firm's attorneys range between $325 to $775 per hour. Paralegals are charged at $275 per hour. Kathleen Cruickshank, Esq., a partner at Murphy & King, Professional Corporation, 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: Kathleen R. Cruickshank, Esq. MURPHY & KING Professional Corporation 28 State Street, Suite 3101 Boston, MA 02109 Tel: (617) 423-0400 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. WATERFRONT RESORT: Files Chapter 11 Bankruptcy in New York ---------------------------------------------------------- On January 6, 2025, Waterfront Resort Holdings, 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 $70,500,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Waterfront Resort Holdings LLC Waterfront Resort Holdings LLC is the fee owner of 105 unsold units at the Allura Waterfront Condominium, as well as a parking unit, located at 109-09 15th Avenue, College Point, NY 11356. The current estimated value of the Debtor's interest in the property is approximately $80 million. Waterfront Resort Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No.: 25-40041) on January 6, 2025. In its petition, the Debtor reports total assets of $80,006,241 and total liabilities of $70,500,000. Honorable Bankruptcy Judge Nancy Hershey Lord handles the case. Heath S. Berger, Esq. of Berger, Fischott, Shumer, Wexler & Goodman LLP represents the Debtor as counsel. WENDT COMMUNICATION: Unsecureds Will Get 22% of Claims in Plan -------------------------------------------------------------- Wendt Communication Partners, LLC, filed with the U.S. Bankruptcy Court for the Middle District of Kentucky a Subchapter V Plan of Reorganization dated December 30, 2024. The Debtor is a privately held Limited Liability Company organized under the laws of the Commonwealth of Pennsylvania. The company's address is located at 5000 Ritter Road, Suite 202, Mechanicsburg, PA 17055. The company was founded by Mr. W. Douglas Wendt and Alice Wendt, his late spouse. The company began servicing customers on January 2, 2007. Over time, the company narrowed its focus to the configuration and implementation of an industry-leading marketing automation and customer relationship management suite, (the "CRM"). The Debtor proposes to sell all or substantially all of the company assets within nine months from the Effective Date, free and clear of any liens and encumbrances. Holders of general unsecured claims shall be entitled to distributions of: (a) the projected disposable income that is actually realized while Debtor continues to operate the business; and (b) proceeds from the sale of the assets after accounting for payments to: (i) holders of administrative claims; (ii) holders of allowed secured claims; and (iii) unclassified priority claims. Holders of allowed general unsecured claims are projected to receive $242,554.17 or 22% of the total general unsecured claims scheduled in Debtor's petition or filed as a proof of claim. Class 5 is comprised of nonpriority general unsecured claims: (a) that were scheduled in Debtor's petition, and/or filed as a proof of claim, and not scheduled as disputed, contingent, or unliquidated in Debtor's schedules; and (b) in an amount equal to the unsecured portion of any Class 2, 3, and 4 Claims (Collectively "Class 5 Claims"). Without waving any rights to object to any Class 5 Claim, and for the sole purpose of developing conservative projections, Debtor assumes that $1,092,869.23 in Class 5 Claims shall be allowable pursuant to Section 502(a) of the Code, if not objected to as set forth in Section 2.02. Holders of allowed Class 5 Claims shall be entitled to receive, quarterly distributions of their prorata share of Debtor's disposable income, and a prorata share of the proceeds from the sale of the business after accounting for the payment of allowed administrative claims, secured claims, priority unsecured claims, and the costs of sale. Class 5 is impaired. Douglas Wendt owns a 100% interest in WCP and is deemed an "insider" as that term is defined in Section 101(31) of the Code. Debtor has not scheduled a claim for Mr. Wendt. Nor has Mr. Wendt filed a proof of claim. Mr. Wendt shall not be entitled to any distributions under this Plan. Any vote cast by Mr. Wendt shall not be counted toward the acceptance of the Plan. To implement its Plan, Debtor intends to: (a) retain property of the estate; (b) operate the business for a period of not more than nine months; and (c) subject to all required court approvals, to sell all or substantially all of the company assets free and clear of any liens on or before nine months from the Effective Date of the Plan. The reorganized debtor intends to finance the cost of the reorganization with post-confirmation income and proceeds from the sale of the company assets. A full-text copy of the Subchapter V Plan dated December 30, 2024 is available at https://urlcurt.com/u?l=pKYGH8 from PacerMonitor.com at no charge. The Debtor's Counsel: J. Christian Dennery, Esq. DENNERY PLLC 7310 Turfway Rd, Suite 550 Florence, KY 41042 Tel: 859-445-5495 Fax: 859-286-6726 Email: jcdenery@dennerypllc.com About Wendt Communication Partners Wendt Communication Partners, LLC, a company in Mechanicsburg, Pa., offers tailored solutions for companies across the business-to-business marketplace. Wendt Communication Partners filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Pa. Case No. 24-02511) on October 1, 2024, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. William Douglas Wendt, chief executive officer and corporate representative, signed the petition. Judge Henry W. Van Eck handles the case. The Debtor is represented by J. Christian Dennery, Esq., at Dennery, PLLC. WILSON CREEK: Corsa Coal Files for Chapter 11 to Pursue Sale ------------------------------------------------------------ Corsa Coal Corp. (TSXV: CSO; OTCQX: CRSXF), a premium quality metallurgical coal producer, on Jan. 6, 2024, announced that it and each of its subsidiaries have filed for voluntary chapter 11 relief in the U.S. Bankruptcy Court for the Western District of Pennsylvania and intend to conduct a sale of assets pursuant to Section 363 of the U.S. Bankruptcy Code. The Corsa Group entered Chapter 11 with a commitment for US$15 million in debtor-in-possession financing, provided by KIA II, LLC, to support operations during the bankruptcy and sale process. Following court approval, this new financing, combined with cash generated from the Corsa Group's ongoing operations, is expected to support the business during the court-supervised Chapter 11 process. The Corsa Group has also filed various "first day" motions with the U.S. Bankruptcy Court, seeking customary relief that will enable them to continue operating without meaningfully disrupting their normal course of operations, and expect to file with the Ontario Superior Court (Commercial List) under the Companies' Creditors Arrangement Act (Canada) for recognition of the Chapter 11 proceedings. Due to, among other things, the Corsa Group's performance, cash position, forecasted revenue and expenses, as well as the resulting liquidity issues resulting from obligations owing to creditors, and after careful consideration of all available alternatives to seeking creditor protection, including extensive refinancing and sale efforts that commenced in the first quarter of 2024, Corsa's Board of Directors determined, after consultation with external financial and legal advisors, that it is in the best interests for the Corsa Group to pursue Chapter 11 proceedings at this time. Wilson Creek Holdings, Inc., Corsa's primary U.S. subsidiary, had made an application to the United States Department of Agriculture's Rural Development Business and Industry loan guarantee program, which, if approved, would have resulted in a US$25.0 million term loan subject to an 80% USDA guarantee. The proceeds of the new term loan would have been used to refinance the Company's existing term loan under its Main Street Facility, which had an outstanding principal balance at December 31, 2024, of US$16.3 million, however the application was not approved on a timely basis. Kevin M. Harrigan, President and Chief Executive Officer of the Company, commented, "This difficult decision to seek bankruptcy protection is one that has weighed heavy on Corsa's Board of Directors and its management, but we believe it is the best course of action to preserve and maximize value for stakeholders and to preserve the jobs of Corsa Group employees. Customary motions have been filed with the U.S. Bankruptcy Court to support the continuation of our daily operations for customers, employees and vendors and we expect to continue to deliver the metallurgical coal that our customers depend on." The Corsa Group is being advised in this matter by Raines Feldman Littrell LLP and Stikeman Elliott LLP as legal counsel and BDO USA as financial advisor. Shares Trading The Company expects its common shares to be transferred to the NEX Board of TSX Venture Exchange where trading will be suspended. The Company also expects to seek approval in the Chapter 11 proceedings to establish certain restrictions and procedures for trading, including in the U.S. on the OTCQX Best Markets platform, with a view to preserving certain net operating loss carryforwards for United States federal income tax purposes. The Company cautions that trading in the Company's common shares during the pendency of the Chapter 11 process is highly speculative and poses substantial risks. Trading prices for the Company's common shares may bear little or no relationship to the actual value realized, if any, by holders of the Company's common shares. Accordingly, the Company urges extreme caution with respect to existing and future investments in its common shares. In connection with the recognition of the Chapter 11 proceedings under the Companies' Creditors Arrangement Act (Canada), the Company in considering whether to apply to the court to incur no further expenses in relation to filing of continuous disclosure documents under applicable Canadian securities laws. About Corsa Coal Corsa Coal is a coal mining company focused on the production and sales of metallurgical coal, an essential ingredient in the production of steel. Its core business is producing and selling metallurgical coal to domestic and international steel and coke producers in the Atlantic and Pacific basin markets. Wilson Creek Energy, LLC. and certain of its affiliates, including Corsa Coal Corp., filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. W.D. Pa. Lead Case No. 25-70001) on January 6, 2025. The cases are pending before the Honorable Jeffrey A. Deller. The Debtors tapped RAINES FELDMAN LITTRELL LLP as general bankruptcy counsel; STIKEMAN ELLIOTT LLP as Canadian Insolvency counsel; and BDO USA as financial advisors. OMNI AGENT SOLUTIONS, INC., is the claims and noticing agent. PRICEWATERHOUSECOOPERS LLP is the Canadian information officer. WRENCH GROUP: S&P Alters Outlook to Negative, Affirms 'B-' ICR -------------------------------------------------------------- S&P Global Ratings revised its outlook on U.S.-based heating, ventilation, and air conditioning (HVAC) and plumbing service provider Wrench Group LLC to negative from stable and affirmed its 'B-' issuer credit rating. The '3' recovery rating on Wrench's first-lien debt is unchanged and indicates its expectation for meaningful (50%-70%; rounded estimate: 50%) recovery in the event of a default. The negative outlook reflects the possibility for a lower rating in the next few quarters if S&P believes Wrench's capital structure becomes unsustainable. S&P said, "The negative outlook reflects our expectation that Wrench's credit metrics will remain elevated over the next few quarters, despite forecasted improvement. Demand for Wrench's core residential HVAC and plumbing services in the second half of 2024 weakened more than anticipated, with flat revenue growth in the third quarter compared to the same prior-year period. Revenue increased approximately 13% in the second quarter and 10% in the first. However, a combination of unfavorable weather and fewer cooling days, pull-forward demand in the prior year, and lesser scope for plumbing project work have created challenging conditions across the industry. While Wrench's revenue growth continues to outpace the industry, higher labor and material costs have pressured S&P Global Ratings-adjusted EBITDA. As a result, S&P Global Ratings-adjusted leverage, pro forma for its acquisition of Lindstrom in February 2024, increased to approximately 11x as of the last 12 months ended Sept. 30, 2024, from 9x the same prior-year period. EBITDA interest coverage also declined to 0.9x, compared to our previous expectation of above 1.5x. "A return to more stabilized operating performance will depend on Wrench's ability to reduce its cost base after taking several initiatives in the second half of 2024, including reducing headcount, advertising, insurance, and health care costs. We believe these savings will begin materializing in the fourth quarter of 2024 and contribute up to $25 million in annualized savings through 2025, partially offset by a higher labor and material costs that will likely persist through at least the first half of 2025. This leads to our forecast for S&P Global Ratings-adjusted EBITDA margin to improve to about 9.5% this year, with leverage remaining elevated close to 9x and EBITDA interest coverage of 1.5x in 2025. If demand weakens further or Wrench cannot realize its forecast cost improvements, we could view the company's capital structure as unsustainable. "Wrench's highly leveraged capital structure has left little ratings cushion to absorb weaker earnings cycles. We view Wrench's financial policy as aggressive, reflecting its financial sponsor ownership and acquisitive growth strategy. It has a track record of debt-funded acquisitions, completing 26 since 2017. While these have tripled the company's revenue since our initial rating in 2019, they have also significantly increased the company's reported debt to over $1.2 billion from about $290 million over the same period. Additionally, Wrench's EBITDA base of under $200 million remains small relative to this overall debt burden, with even slight changes to EBITDA leading to outsized impacts on credit metrics. Industry challenges in recent years have also made it difficult to reduce the additional leverage taken on to fund acquisitions. For example, Wrench raised an incremental $150 million first-lien term loan in February 2023 to fund potential acquisitions but completed only two tuck-in acquisitions that year for a total of $16 million, as industrywide underperformance led to depressed company valuations and a lack of viable targets. In February 2024, Wrench drew a portion of its revolver to fund its acquisition of Lindstrom, a Southeast Florida HVAC and plumbing provider. This draw was subsequently paid down in November 2024 with proceeds from the company's $50 million fungible add-on to its $893 million first-lien term loan. "In contrast to our historical assumption of about $100 million in annual acquisition spending, we now expect Wrench will pause acquisitions through at least 2025 as it focuses on realizing cost containment, improving labor utilization, and generating organic revenue growth. That said, we continue to expect the company to remain acquisitive longer term. "We continue to assess Wrench's liquidity as adequate. Its cash balance of $54 million as of Sept. 30 and full availability under its $100 million revolving credit facility following its incremental term loan add-on and subsequent paydown in November support the company's liquidity position. We forecast Wrench to generate at least $20 million of free operating cash flow (FOCF) each of the next two years. Wrench has historically been a good cash flow generator, given its service-based business model that typically does not require significant capital expenditures (capex). Demand for its services is relatively nondiscretionary. Although some customers could opt for cheaper repairs rather than full replacements during a downturn, it is unlikely they could forgo repairs entirely. Additionally, Wrench's year-round maintenance service subscription is a source of recurring income typically not available to smaller competitors. "The negative outlook reflects the possibility that we could lower the rating in the next few quarters if we believe Wrench's capital structure becomes unsustainable." S&P could lower its ratings if Wrench sustains leverage above 10x and EBITDA interest coverage below 1.5x, in combination with an FOCF deficit. This could occur if: -- Operating performance does not improve due to an inability to realize expected cost savings or effectively manage costs in line with demand; and -- Consumers defer spending on HVAC repairs and maintenance given macroeconomic pressures; or -- The company demonstrates a more aggressive financial policy by undertaking debt-financed acquisitions or dividends. S&P could revise its outlook to stable in the next 12 months if Wrench reduces and sustains leverage in the 8x area with EBITDA interest coverage sustained above 1.5x. This could occur if the company: -- Maintains tighter cost control; and -- Realizes the incremental benefits of its cost initiatives while demand for its services improves modestly. XINYUAN REAL: Exits Bankruptcy With $32.5M Avant Capital Loan ------------------------------------------------------------- Avant Capital (Avant), a leading commercial real estate bridge lender, announced that it has originated a $32.5 million bridge loan, secured by four retail condominiums containing in aggregate 34,578 rentable square feet, located in New York City. The Property is anchored by Target Corporation and is part of a larger 7-story retail/residential luxury condominium building. Avant's loan allowed the sponsor, Xinyuan Real Estate Co., Ltd., to exit from bankruptcy. The original construction loan on the property went into default in November 2022, and the construction loan and mezzanine loan were sold to a note buyer who moved to foreclose. The sponsor filed for bankruptcy in January 2024 to stave off the foreclosure and have an opportunity to restructure the existing debt. As a part of the court-approved restructuring plan, the sponsor will retain ownership of the property, subject to repaying its portion of the allocated existing debt. Adam Luysterborghs, Managing Principal of Avant, said, "We have been recapitalizing distressed real estate projects nationwide since 2012, and this project was right in our wheelhouse. We have additional capital to deploy in similar situations, and the market is there for us right now." Bernard Wolff, Avant's portfolio manager and loan originator, said, "We were very pleased to provide the senior loan at attractive pricing and to close on the recapitalization financing for the sponsor, who was in bankruptcy. Avant is actively closing and quoting deals in the commercial real estate industry, providing the flexibility to provide loans that are backed by both high-performing and non-performing loans throughout the U.S." EXP Realty NYC's Steven Weiss acted as broker on behalf of the borrower. About Avant Capital Avant Capital (www.avant-capital.com) is a commercial real estate lender offering short-term financing for value-add/transitional projects, recapitalizations and acquisitions in urban, suburban and rural markets nationwide. Avant manages its portfolio of debt investments for the benefit of family offices, foundations, high net worth and institutional investors. About Xinyuan Real Estate Xinyuan Real Estate Co., Ltd. is a Chinese real estate company. Xinyuan has traditionally engaged principally in residential real estate development and the provision of property management services, focusing on Tier II cities in China. Singapore-based Assentsure PAC, the Company's auditor since 2022, issued a "going concern" qualification in its report dated May 15, 2024, citing that the Company's ability to generate funds to meet short term operating cash requirements and loan repayments is reliant on the Company's ability to sell the real estate properties it holds, or to obtain alternative financing. The timing of these sales is uncertain and as a result the Company is currently reliant on long term investor loans being renewed when they come up for repayment. These conditions raise substantial doubt about its ability to continue as a going concern. As of December 31, 2023, the Company had $5,333,393,231 in total assets, $5,225,980,849 in total liabilities, and $107,412,382 in total equity. YOUNG MEN'S CHRISTIAN: Court OKs Guntersville Property Sale ----------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Alabama, Northern Division, has granted The Young Men's Christian Association of Metropolitan Huntsville, Alabama, to sell real property to Shannon Provence, or his assigns, free and clear of liens, claims, interests, and encumbrances. The Court authorized the Debtor to sell the property that is comprised of 62 +/- acres of real property located at 4380 Cha La Kee Road, Guntersville, Alabama, along with certain personal property located thereon. The Court determined that the Debtor marketed the Property in good faith through the assistance of the real estate agent, SVN AVAT Realty LLC. The highest bid to purchase the Property was submitted by Shannon Provence in the amount of $2,350,000.00 and was selected by the Debtor as the Purchaser. The Court found that the process used by the Debtor to select the Purchaser based on the highest bid received for the Property at the auction are commercially reasonable and resulted in the Debtor obtaining a purchase price that is reasonably equivalent value for the Property. At Closing, Debtor shall execute and deliver to Provence a general warranty deed sufficient to transfer and convey the Property to Provence good and merchantable title free from any and all liens, except current ad valorem taxes, easements, restrictions, rights of way of record in the Probate Office of Marshall County, Alabama, applicable zoning ordinances, and any exceptions shown in a title commitment of the Property that may be obtained by the Purchaser. The Court ordered that at the closing of the sale, Joseph T. Conwell, III P.C. of Conwell Title & Escrow, Inc. its agents and representatives are authorized and directed to use the sale proceeds as follows: -- To pay the 2024 Ad Valorem Taxes on the Property and personal property taxes, if any; -- To pay the prorated portion of 2025 Ad Valorem Taxes on the Property and personal property taxes, if any; -- To distribute the net sale proceeds remaining after payment of the foregoing amounts, free and clear of all liens, claims, encumbrances, and interests to the Debtor c/o Heard, Ary & Dauro, LLC, to be deposited into its trust account subject to further Orders of the Bankruptcy Court determining how said funds shall be allocated and distributed. About The Young Men’s Christian Association of Metropolitan Huntsville, Alabama The Young Men's Christian Association of Metropolitan Huntsville, Alabama is a non-profit organization that offers programs to support the needs of a growing and diverse communities including child care, health & fitness, teen programs and community programs. Young Men's Christian Association of Metropolitan Huntsville, Alabama filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ala. Case No, 24-81638) on August 23, 2024, listing $10 million to $50 million in both assets and liabilities. The petition was signed by Jeff Collen as interim chief executive officer. Judge Clifton R Jessup Jr. presides over the case. Kevin D. Heard, Esq., at HEARD, ARY & DAURO, LLC, is the Debtor's counsel. [*] Guglielmo to Lead Louisiana TMA, Promote Bankruptcy Networking ------------------------------------------------------------------ Republic Business Credit is proud to announce that Leigh Guglielmo, SVP, has been elected President of the Turnaround Management Association's Louisiana chapter. Guglielmo will serve a one-year term during which she will advance the chapter's mission to provide networking and education opportunities to professionals in the restructuring, bankruptcy and finance industries. "I'm honored to be elected President and excited to lead the Louisiana TMA chapter," said Guglielmo. "Our members are highly knowledgeable and proactive in contributing to our community. My primary goal is to foster that environment while attracting new members through valuable networking events and professional development opportunities." Guglielmo's tenure comes at an exciting time with the 2025 TMA Annual Conference set to take place in New Orleans in October 2025. Turnaround management professionals from across the country will attend the event to network, learn and share insights with one another. Guglielmo sees this as a prime opportunity to showcase the Louisiana chapter. "Hosting the 2025 Annual Conference in New Orleans is a fantastic opportunity for our members to connect with colleagues from around the country," Guglielmo added. "We're thrilled to contribute to a successful conference and highlight all our city has to offer." Guglielmo brings a wealth of experience to her new role. She joined the Republic team in 2011 bringing over 20 years of professional sales experience. Active in the local community, Guglielmo is involved with the Secured Finance Network and the Association of Corporate Growth in addition to her work with TMA. Her expertise has been recognized industry-wide, with Guglielmo being celebrated as one of the Secured Finance Network's Top Women in Secured Finance in 2022 and the Asset Based Finance Journal's Top Women in Asset-Based Lending in 2024. "Leigh's unwavering integrity, passion and dedication to providing the best options to her clients have made her a leader in the field," stated Robert Meyers, President of Republic. "She's been an invaluable leader within our organization and community, and we are excited to see her recognized on a national level." About Republic Business Credit Republic Business Credit is a nationally recognized commercial finance company supporting the working capital requirements of companies nationwide, including private equity and entrepreneurial businesses. Republic provides asset-based lending, e-commerce, ledgered lines of credit, factoring and Fast AR Funding. Republic partners with its clients to provide up to $15 million in senior credit facilities to rapidly growing businesses, start-ups and companies experiencing recoverable distress. Republic is recognized by the Secured Finance Network as one of the largest finance companies in the United States of America. Republic is proud to be headquartered in New Orleans with additional offices in Chicago, Los Angeles, Houston and Atlanta. Republic is a wholly owned subsidiary of Renasant Bank. [*] New Florida Law Boosts Vehicle Exemption for Bankruptcy Filers ------------------------------------------------------------------ Florida bankruptcy attorney Juan Burgos announced that a new law signed by Governor Ron DeSantis significantly enhances the financial relief available to Florida residents seeking bankruptcy protection. This law increases the exemption limit on motor vehicles for individuals filing for bankruptcy, offering a critical lifeline to families attempting to retain their primary mode of transportation. The updated law allows individuals to protect up to $5,000 of equity in their vehicles when filing for Chapter 7 bankruptcy in Florida, up from the previous limit of $1,000. This increase offers more flexibility to those facing financial hardship, enabling them to keep essential assets while pursuing debt relief. Juan Burgos, a 12-year advocate for debt relief and bankruptcy solutions, believes this change is a vital step forward in modernizing Florida's bankruptcy exemptions. "For too long, outdated laws have forced hardworking Floridians to make impossible decisions between keeping their vehicle or finding financial freedom," says Mr. Burgos. "This new exemption means families have a better shot at rebuilding their lives without sacrificing reliable transportation, which is often essential for employment, education, and recovery. Thanks to Governor DeSantis' leadership, Florida residents can now access a fairer path to financial stability." Home of the $1499 Bankruptcy* -- Affordable, Compassionate Debt Relief *Most cases, filing fees not included To kick off 2025 and as part of his commitment to making debt relief accessible, Mr. Burgos is offering a special "$1499 Bankruptcy" rate for most cases, with filing fees not included. This affordable option is designed to help more Floridians access the financial relief they need without the burden of high legal fees. Virtual Q&A: Breaking Down the New Bankruptcy Benefits To help Florida residents understand the impact of this new law, Mr. Burgos is hosting FREE statewide virtual Q&A sessions on January 23 (English 7PM/ Spanish 8PM) and January 30, 2025 at 7:00 PM (Portuguese). The sessions will cover: -- The updated motor vehicle exemption and who qualifies. -- How the new law applies to Chapter 7 and Chapter 13 bankruptcy. -- Key steps to protect your vehicle while achieving financial relief. -- Other assets protected in bankruptcy, including: -- Retirement accounts and tax-exempt savings: Includes IRAs, 401(k)s, and savings accounts for education, medical expenses, and hurricanes. -- Disability, Social Security, and veterans' benefits: Covers disability income benefits, Social Security, unemployment benefits, and veterans' benefits. -- Wages and life insurance protection: Exempts wages (unless waived in writing) and the cash surrender value of life insurance policies and annuities. -- Health aids and medical expenses: Protects professionally prescribed health aids for the debtor and their dependents. "Understanding what you can protect during bankruptcy is crucial to regaining peace of mind," Juan says. "Our goal is to educate and empower Floridians to navigate this process effectively, knowing that their financial future can be restored." Floridians can register for the virtual Q&A session here: https://juanburgoslaw.com/bankruptcy-financial-recovery-webinars/ A Compassionate Approach to Debt Relief With years of experience helping clients across Florida, the Burgos law firm provides affordable, compassionate legal support for individuals burdened by debt. Bankruptcy lawyers assist you with navigating complex bankruptcy laws, offering tailored solutions that help clients secure financial relief and a fresh start. Additionally, Juan offers expert guidance in personal injury, corporate law, contract law, and small business advising. As a trilingual attorney, Juan is assists clients in English, Spanish, and Portuguese, ensuring accessibility to a broader community of clients in need of legal services. "The start of a new year is the perfect time for a fresh start," Juan adds. "This law arrives at an ideal moment, offering families the opportunity to hold onto what matters most while finding relief from overwhelming financial pressures." If you or someone you know is struggling with debt, Juan Burgos and his team are here to help you regain control of your finances! They offer payment plans and FREE private consultations to ensure that every client receives the legal support they need. For more information or to schedule a free consultation, call (407) 505-4190 or email burgos@yourtrialattorney.net About Juan Burgos, Attorney at Law Juan Burgos is a Florida-based bankruptcy attorney dedicated to helping individuals and families overcome financial hardship. Juan and his team provide expert guidance and compassionate legal services for Chapter 7 and Chapter 13 bankruptcies, ensuring clients regain control of their finances and their futures. The firm also focuses on personal injury, corporate law, contract law, and small business advising. Whether you're facing financial difficulties, restructuring your business, or seeking justice for personal injury, Juan Burgos Law is your trusted partner for clarity, support, and a path forward. Reach out now at burgos@yourtrialattorney.net [*] Pryor Cashman Elevates 7 Attorneys to Partner, 6 to Counsel --------------------------------------------------------------- Pryor Cashman is pleased to announce that the firm has elected seven new attorneys to its partnership: Erica Allegretta, Meghan Hill, Ryan Klarberg, Praveena Nallainathan, Michael Schimel, Matthew Silverman, and Dina Weinstein. The firm also promoted Joseph Jacobs, Lara Kasten Hoffman, Matthew Lamb, Daniel Pohlman, Andrew Richmond, and Lazar Sterling-Jackson to counsel. All promotions were effective on January 1, 2025. Pryor Cashman managing partner Ronald H. Shechtman said in a statement: "These deserving attorneys reflect the depth and diversity of Pryor Cashman's practices as well as its people. Our new partner and counsel classes share a dedication to our core value of client service." Pryor Cashman partner and Executive Committee member David Rose, who will succeed Shechtman as managing partner effective February 2025, added: "This is an outstanding group of new partners and counsel who represent the vitality and growth of our firm. I am excited for the substantial contributions I know they will continue to make." More about Pryor Cashman's newly elected partners: Erica Allegretta is a member of the Immigration Group, where she counsels clients on a wide range of U.S. immigrant and non-immigrant employment matters. Meghan Hill is a member of the Litigation and Real Estate Groups, where she represents clients from the real estate and hospitality sectors in general commercial and contractual disputes. Ryan Klarberg is a member of the Intellectual Property, Media + Entertainment, Digital Media, and Litigation Groups, where he litigates a wide range of intellectual property actions involving trademarks, counterfeits, copyrights (including under the Digital Millennium Copyright Act), trade dress, publicity and privacy rights, and licensing disputes. Praveena Nallainathan is a member of the Immigration Group, where her practice focuses on corporate immigration, nationality, and consular law matters. Michael Schimel is a member of the Trusts + Estates Group, where he advises on a variety of estate planning, administration, and litigation matters, including the preparation of wills and trusts, the administration and settlement of estates, and the representation of fiduciaries and beneficiaries in contested probate, accounting, and miscellaneous proceedings in the New York State Surrogate's Court. Matthew Silverman is a member of the Bankruptcy, Reorganization + Creditors' Rights and Corporate Trust Groups, where he represents clients, including creditors and investors, in a variety of proceedings before the U.S. Bankruptcy Courts and in many of the nation's largest Chapter 11 reorganizations, out-of-court restructurings, and other distressed situations. Dina Weinstein is a member of the Immigration Group, where she represents companies of all sizes -- ranging from large multinational conglomerates to emerging and start-up companies -- helping them obtain visas and permanent residency for highly skilled employees who are key to their operations. And Pryor Cashman's newly promoted counsel: Joseph Jacobs is a member of the Bankruptcy, Reorganization + Creditors' Rights Group, where he focuses on the representation of institutional lenders in state and federal litigation involving commercial disputes, commercial real estate foreclosures, and judgment enforcement litigation. Lara Kasten Hoffman is a member of the Litigation Group, where she represents businesses and individuals in complex commercial disputes before state and federal courts. Matthew Lamb is a member of the Litigation Group, where he routinely represents clients in complex civil litigations involving business torts, breach of contract, commercial fraud, and antitrust violations. Daniel Pohlman is a member of the Litigation Group, where he represents plaintiffs and defendants across multiple industries in complex commercial disputes before state and federal courts. Andrew Richmond is a member of the Bankruptcy, Reorganization + Creditors' Rights Group, where he advises creditors, trustees, and secured lenders on a wide variety of matters, including Chapter 11 reorganizations, due diligence, corporate restructurings, the purchase and sale of loans, bankruptcy claims, and insolvency-related litigation. Lazar Sterling-Jackson is a member of the Litigation Group, where he represents clients in complex commercial disputes in state and federal courts, bankruptcy courts, and private arbitration and mediation. About Pryor Cashman Pryor Cashman is a premier, midsized law firm headquartered at 7 Times Square in New York with offices in Los Angeles and Miami. With broad and sophisticated transactional and litigation practices, Pryor Cashman provides a full range of services to meet the complex legal needs of institutions, mid-market businesses, bold emerging entities, entrepreneurs, and individuals. [*] Stretto Launches AI Platform for Bankruptcy Case Management --------------------------------------------------------------- Stretto, a market-leading legal services and technology firm, has unveiled Stretto Conductor, a new AI-powered platform designed specifically for bankruptcy case management and communications. Stretto Conductor helps attorneys and stakeholders navigate corporate bankruptcy proceedings more efficiently. The platform processes thousands of concurrent inquiries in real-time, delivering unprecedented efficiency in creditor communications while dramatically reducing operational costs. "The corporate bankruptcy landscape demands precision, speed, and accessibility -- Stretto Conductor delivers on all fronts," states James M. Le, president at Stretto. "By leveraging sophisticated AI technology purpose-built for bankruptcy proceedings, we've created a solution that not only automates document analysis and streamlines information retrieval but also ensures that critical case information reaches stakeholders instantly. This breakthrough technology eliminates traditional friction points in Chapter 11 proceedings while delivering substantial cost savings to practitioners." At the heart of Stretto Conductor lies patent-pending retrieval augmented generation technology specifically engineered for the complexities of bankruptcy law. Unlike conventional AI systems, Stretto Conductor overcomes common challenges including naive retrieval, inapplicable authority, and reasoning errors. The platform's advanced capabilities include: * Real-time analysis and summarization of complex legal documents, incorporating deep understanding of the bankruptcy code and local rules; * Automated citation generation linking responses to court dockets and relevant bankruptcy rules, ensuring response verifiability; and * Secure document handling that processes only publicly filed documents, with no retention of information for training purposes. This advancement marks the debut offering from Stretto Intelligence, showcasing the company's commitment to pioneering AI-enabled solutions that empower legal professionals to achieve unprecedented levels of efficiency and success in bankruptcy practice. An enhanced enterprise version of Stretto Conductor is currently in development for integration with Chapter 11 Dockets, Stretto's newly acquired precedent research platform designed for corporate restructuring attorneys. About Stretto Stretto delivers a full spectrum of technology tools, case-management services, and depository solutions to legal and financial professionals. Offering a comprehensive suite of corporate-restructuring and consumer-bankruptcy capabilities along with multi-faceted deposit and disbursement services, Stretto provides an unparalleled portfolio of solutions under the executive leadership of industry veterans Eric Kurtzman and Jonathan Carson. Stretto leverages subject-matter expertise and market insights to facilitate every aspect of case and cash management for its clients. On the Web: http://www.stretto.com/ [^] Recent Small-Dollar & Individual Chapter 11 Filings ------------------------------------------------------- In re Michael E Henry and Tina Maria Henry Bankr. S.D. Ill. Case No. 24-30954 Chapter 11 Petition filed December 30, 2024 represented by: Spencer Desai, Esq. In re Micaela Johnston Bankr. C.D. Cal. Case No. 24-12169 Chapter 11 Petition filed December 31, 2024 In re L & H Pharma Corp Bankr. M.D. Fla. Case No. 24-07692 Chapter 11 Petition filed December 31, 2024 See https://www.pacermonitor.com/view/I45SBXA/L__H_Pharma_Corp__flmbke-24-07692__0001.0.pdf?mcid=tGE4TAMA represented by: Michael A. Stavros, Esq. DAVID JENNIS, PA D/B/A JENNIS MORSE E-mail: ecf@JennisLaw.com In re Osas Roland Ehigiator Bankr. N.D. Ga. Case No. 24-63675 Chapter 11 Petition filed December 31, 2024 represented by: Angelyn M. Wright, Esq. In re Sean M Brownlee and Genevieve M Brownlee Bankr. W.D. Wash. Case No. 24-13328 Chapter 11 Petition filed December 31, 2024 represented by: Thomas Neeleman, Esq. In re Seth L. Blum and Bessy G Blum Bankr. D. Md. Case No. 25-10005 Chapter 11 Petition filed January 1, 2025 represented by: Daniel Press, Esq. CHUNG & PRESS P.C. Email: dpress@chung-press.com In re Tiffany A. McIntyre Bankr. E.D. Cal. Case No. 25-20007 Chapter 11 Petition filed January 2, 2025 See https://www.pacermonitor.com/view/RJXVQGY/Tiffany_A_McIntyre__caebke-25-20007__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re RAA Restaurant Group, Inc. Bankr. N.D. Ga. Case No. 25-50031 Chapter 11 Petition filed January 2, 2025 See https://www.pacermonitor.com/view/KJ6U7LI/RAA_RESTAURANT_GROUP_INC__ganbke-25-50031__0001.0.pdf?mcid=tGE4TAMA represented by: Leonard R. Medley, III, Esq. LEONARD MEDLEY E-mail: closer@mkalaw.coms In re Premier Childcare, LLC Bankr. N.D. Ill. Case No. 25-00037 Chapter 11 Petition filed January 2, 2025 See https://www.pacermonitor.com/view/JESHX6I/Premier_Childcare_LLC__ilnbke-25-00037__0001.0.pdf?mcid=tGE4TAMA represented by: Ben Schneider, Esq. THE LAW OFFICES OF SCHNEIDER AND STONE E-mail: ben@windycitylawgroup.com In re Cali Nails 02, Inc. Bankr. N.D. Ind. Case No. 25-20001 Chapter 11 Petition filed January 2, 2025 See https://www.pacermonitor.com/view/34PTQMQ/Cali_Nails_02_Inc__innbke-25-20001__0001.0.pdf?mcid=tGE4TAMA represented by: Sheila A. Ramacci, Esq. DANIEL L. FREELAND & ASSOCIATES, P.C. E-mail: sar4198@aol.com In re Barbara Safdieh Bankr. E.D.N.Y. Case No. 25-40011 Chapter 11 Petition filed January 2, 2025 represented by: Robert Lewis, Esq. In re Barryville Management 1 Corp Bankr. S.D.N.Y. Case No. 25-10000 Chapter 11 Petition filed January 2, 2025 See https://www.pacermonitor.com/view/FHDQXUQ/Barryville_Management_1_Corp__nysbke-25-10000__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Paolo Daniele Nordini and Aimee Marie Nordini Bankr. D. Ariz. Case No. 25-00041 Chapter 11 Petition filed January 3, 2025 In re Joseph Casey Kinsey Bankr. W.D. Ark. Case No. 25-70007 Chapter 11 Petition filed January 3, 2025 represented by: Stanley Bond, Esq. In re Durran Lavan Felton Bankr. C.D. Cal. Case No. 25-10037 Chapter 11 Petition filed January 3, 2025 represented by: LeRoy Roberson, Esq. In re 1851 Warren Way LLC Bankr. N.D. Ga. Case No. 25-50062 Chapter 11 Petition filed January 3, 2025 See https://www.pacermonitor.com/view/LMZL3ZY/1851_Warren_Way_LLC__ganbke-25-50062__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re High Heels Dancing Co. Bankr. N.D. Ill. Case No. 25-00096 Chapter 11 Petition filed January 4, 2025 See https://www.pacermonitor.com/view/KWXZMUI/High_Heels_Dancing_Co__ilnbke-25-00096__0001.0.pdf?mcid=tGE4TAMA represented by: Joel Schechter, Esq. LAW OFFICES OF JOEL A. SCHECHTER E-mail: joelschechter1953@gmail.com In re Lonero Engineering Co., Inc. Bankr. E.D. Mich. Case No. 25-40041 Chapter 11 Petition filed January 3, 2025 See https://www.pacermonitor.com/view/EXUH5WY/Lonero_Engineering_Co_Inc__miebke-25-40041__0001.0.pdf?mcid=tGE4TAMA represented by: John J. Stockdale, Jr., Esq. SCHAFER AND WEINER, PLLC E-mail: jstockdale@schaferandweiner.com In re Robert Phillip Sabagh Bankr. E.D. Mich. Case No. 25-40065 Chapter 11 Petition filed January 4, 2025 represented by: James Warr, Esq. In re Nassau Pro Inc. Bankr. E.D.N.Y. Case No. 25-70032 Chapter 11 Petition filed January 3, 2025 See https://www.pacermonitor.com/view/72F4X4Y/Nassau_Pro_INC__nyebke-25-70032__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Mister Subs II Inc Bankr. E.D.N.Y. Case No. 25-40021 Chapter 11 Petition filed January 3, 2025 See https://www.pacermonitor.com/view/YFWOB3A/Mister_Subs_II_Inc__nyebke-25-40021__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re All Safe Fire Sprinkler Systems Inc. Bankr. S.D.N.Y. Case No. 25-22004 Chapter 11 Petition filed January 3, 2025 See https://www.pacermonitor.com/view/X7XQNMQ/All_Safe_Fire_Sprinkler_Systems__nysbke-25-22004__0001.0.pdf?mcid=tGE4TAMA represented by: Dawn Kirby, Esq. KIRBY AISNER & CURLEY LLP E-mail: dkirby@kacllp.com In re Gavin Spanierman, Ltd. Bankr. S.D.N.Y. Case No. 25-10005 Chapter 11 Petition filed January 3, 2025 See https://www.pacermonitor.com/view/2R2VWKQ/Gavin_Spanierman_Ltd__nysbke-25-10005__0001.0.pdf?mcid=tGE4TAMA represented by: Douglas Pick, Esq. PICK & ZABICKI LLP E-mail: dpick@picklaw.net In re Jesse Caleb Peralta Bankr. D. Ore. Case No. 25-30018 Chapter 11 Petition filed January 3, 2025 represented by: Theodore Piteo, Esq. In re Pollmann Adolph Reinard Bankr. D. Ore. Case No. 25-60008 Chapter 11 Petition filed January 3, 2025 In re White Wine & Butter Catering, LLC Bankr. D.S.C. Case No. 25-00014 Chapter 11 Petition filed January 3, 2025 See https://www.pacermonitor.com/view/QAZ24WY/White_Wine__Butter_Catering_LLC__scbke-25-00014__0001.0.pdf?mcid=tGE4TAMA represented by: Robert Pohl, Esq. POHL BANKRUPTCY, LLC E-mail: Robert@POHLPA.com In re D. Russell Thomas, P.C. Bankr. M.D. Tenn. Case No. 25-00027 Chapter 11 Petition filed January 3, 2025 See https://www.pacermonitor.com/view/5J276GA/D_Russell_Thomas_PC__tnmbke-25-00027__0001.0.pdf?mcid=tGE4TAMA represented by: Gray Waldron, Esq. DUNHAM HILDEBRAND PAYNE WALDRON, PLLC E-mail: gray@dhnashville.com In re Hai Jie Wong Bankr. C.D. Cal. Case No. 25-10069 Chapter 11 Petition filed January 6, 2025 Filed Pro Se In re Jose R Meza Aguirre, Jr. Bankr. D. Colo. Case No. 25-10059 Chapter 11 Petition filed January 6, 2025 represented by: Keri Riley, Esq. In re Del Valle Import LLC Bankr. S.D. Fla. Case No. 25-10078 Chapter 11 Petition filed January 6, 2025 See https://www.pacermonitor.com/view/ZXFZNNY/Del_Valle_Import_LLC__flsbke-25-10078__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Yasmin-Katerine Molina-Loor Bankr. S.D. Fla. Case No. 25-10080 Chapter 11 Petition filed January 6, 2025 represented by: Yamileth Valencia, Esq. In re Kaushal B. Desai and Kshamata K. Desai Bankr. N.D. Ga. Case No. 25-50170 Chapter 11 Petition filed January 6, 2025 represented by: Leslie Pineyro, Esq. In re Horizon International LLC Bankr. N.D. Ga. Case No. 25-50155 Chapter 11 Petition filed January 6, 2025 See https://www.pacermonitor.com/view/FXJBAEQ/Horizon_International_LLC__ganbke-25-50155__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Think Nation Original Brand LLC Bankr. N.D. Ga. Case No. 25-50158 Chapter 11 Petition filed January 6, 2025 See https://www.pacermonitor.com/view/477H3HI/Think_Nation_Original_Brand_LLC__ganbke-25-50158__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Paces West Properties, LLC Bankr. N.D. Ga. Case No. 25-50172 Chapter 11 Petition filed January 6, 2025 See https://www.pacermonitor.com/view/4C5KL3A/Paces_West_Properties_LLC__ganbke-25-50172__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re RMN LLC Bankr. N.D. Ga. Case No. 25-50176 Chapter 11 Petition filed January 6, 2025 See https://www.pacermonitor.com/view/NHKKUXY/RMN_LLC__ganbke-25-50176__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re SoldByShank & Co Bankr. N.D. Ga. Case No. 25-50152 Chapter 11 Petition filed January 6, 2025 See https://www.pacermonitor.com/view/FDNKXUY/SoldByShank__Co__ganbke-25-50152__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Marc Alan Bernstein Bankr. S.D.N.Y. Case No. 25-10014 Chapter 11 Petition filed January 6, 2025 In re Judith S. Dayani Bankr. S.D.N.Y. Case No. 25-22006 Chapter 11 Petition filed January 6, 2025 represented by: Julio Portilla, Esq. In re ASAP Leasing LLC Bankr. S.D. Tex. Case No. 25-30107 Chapter 11 Petition filed January 6, 2025 See https://www.pacermonitor.com/view/ENXUM2A/ASAP_Leasing_LLC__txsbke-25-30107__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Mary Barr Bankr. E.D. Va. Case No. 25-10028 Chapter 11 Petition filed January 6, 2025 represented by: Jonathan Vivona, Esq. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The single-user TCR subscription rate is $1,400 for six months or $2,350 for twelve months, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each per half-year or $50 annually. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***