/raid1/www/Hosts/bankrupt/TCR_Public/250114.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Tuesday, January 14, 2025, Vol. 29, No. 13
Headlines
138 GREENE: Secured Party Sets Jan. 28, 2025 Auction
150 LEFFERTS: Files Amendment to Disclosure Statement
2508 CRAWFORD: Seeks to Hire Robert W. Buchholz PC as Counsel
301 W NORTH: BDS III Wins Bid to Dismiss Bankruptcy Case
942 PENN RR: Court Rules on Motions in Ofer v. Roher Case
ACPRODUCTS INC: Calamos CHI Marks $950,135 Loan at 16% Off
ACPRODUCTS INC: Calamos CHY Marks $1.03MM Loan at 16% Off
ACPRODUCTS INC: Calamos CSQ Marks $1.1MM Loan at 16% Off
ACPRODUCTS INC: Eaton Vance Marks $2.7MM Loan at 16% off
AEGIS ASSET: Bankruptcy Court Orders on Settlement, Sale Affirmed
AKOUSTIS TECHNOLOGIES: Tai-Saw Technology Out as Committee Member
ALGORHYTHM HOLDINGS: Faces Nasdaq Delisting Due to Low Stock Price
ALL CRAFT: Seeks Bankruptcy Protection in Florida
ALLEGHENY CREW: Seeks Chapter 11 Bankruptcy Protection
AMERICA-CV STATION: Jurisdiction Order in Mediaset Case Upheld
AMERICAN GREETINGS: Moody's Affirms B2 CFR on Elliott Transaction
AMERICAN PENAEID: Seeks Bankruptcy Protection in Florida
AMERICAN RESOURCES: Subsidiary AIC to Merge With CGrowth Capital
ANASTASIA PARENT: $650MM Bank Debt Trades at 23% Discount
ANUVU HOLDINGS: Eaton Vance Marks $398,000 Loan at 20% off
ANUVU HOLDINGS: Eaton Vance Marks $987,000 Loan at 60% off
APS HOLDINGS: Files Chapter 11 Bankruptcy in Florida
ASTRA ACQUISITION: $500MM Bank Debt Trades at 96% Discount
ASTRA ACQUISITION: 92% Markdown for Eaton Vance $735,000 Loan
ASTRA ACQUISITION: Eaton Vance Marks $1.08MM Loan at 82% off
ASTRA ACQUISITION: Eaton Vance Marks $527,000 Loan at 18% off
AUTO BUFFY: Commences Subchapter V Bankruptcy Proceeding
AY PHASE II: DBD to Sell 100% Class A Interests on Jan. 27, 2025
BEAUX EQUITIES: Seeks Chapter 11 Bankruptcy Protection in New York
BIOTACTICS INC: Asks Court to OK Deal on Cash Collateral Access
BK RACING: Payne, et al.'s Motion to Withdraw Reference Denied
BL SANTA FE: Realty Financial Case Can't Proceed to Mediation
BRIGHT BIDCO: $300MM Bank Debt Trades at 53% Discount
C M HEAVY: Seeks to Hire Whitten Burrage as Special Counsel
CALPINE CORP: S&P Places 'BB-' CCR on CreditWatch Positive
CATALENT INC: S&P Withdraws 'B+' ICR Following Acquisition by Novo
CATHOLIC MEDICAL: S&P Affirms 'BB+' Rating on Revenue Bonds
CCRR PARENT: Eaton Vance Marks $2.2MM Loan at 23% off
CEMTREX INC: Appoints Paul Wyckoff as Chief Financial Officer
CEMTREX INC: Regains Compliance With Nasdaq's Minimum Equity Rule
CITY BREWING: Eaton Vance Marks $1.07MM Loan at 53% off
CITY BREWING: Eaton Vance Marks $184,000 Loan at 16% off
CITY BREWING: Eaton Vance Marks $569,000 Loan at 22% off
CITY WIDE COMMUNITY: Court Narrows Claims in Lawsuit vs Dallas
COASTAL CREW: Seeks Chapter 11 Bankruptcy Protection in Delaware
CONSTANT CONTACT: $300MM Bank Debt Trades at 19% Discount
COORDINATED REGIONAL: Seeks Chapter 11 Bankruptcy Protection
COST LESS: Unsecured Creditors to Split $312K over 5 Years
CRUCIBLE INDUSTRIES: Hires Calibre Group as Asset Sale Advisor
CRUCIBLE INDUSTRIES: Seeks to Tap Bond Schoeneck & King as Counsel
CRYSTAL BASIN: Hires Peter G. Macaluso as Bankruptcy Counsel
DEL MONTE FOODS: Eaton Vance Marks $884,000 Loan at 43% off
DIOCESE OF SYRACUSE: AZRA in Contempt for Survivor Data Disclosure
DITECH HOLDING: $38,000 Smith Claim Disallowed
EDGAR AUGUSTO ITURBE: Dismissal of Adversary Proceeding Affirmed
ELECTRONICS FOR IMAGING: $895MM Bank Debt Trades at 18% Discount
ELEMENTS UES: Voluntary Chapter 11 Case Summary
EMPLOYBRIDGE HOLDING: Eaton Vance Marks $1.9MM Loan at 28% off
ENTERCOM MEDIA: Calamos CHI Marks $1.5MM Loan at 55% Off
ENTERCOM MEDIA: Calamos CHY Marks $1.5MM Loan at 55% Off
ENTERCOM MEDIA: Calamos CPZ Marks $284,000 Loan at 55% Off
ENTERCOM MEDIA: Calamos CSQ Marks $1.7MM Loan at 55% Off
EOS FINCO: EUR475MM Bank Debt Trades at 33% Discount
EPIPHANY ENVIRONMENTAL: Files Chapter 7 Bankruptcy in Pennsylvania
ESCAMBIA OPERATING: Moncla Loses Bid to Transfer McManigle Case
FCA CONSTRUCTION: Southstar's Motion for Summary Judgment Denied
FCA CONSTRUCTION: Summary Judgment Bid on Turnover Claims Denied
FINTHRIVE SOFTWARE: $1.44BB Bank Debt Trades at 39% Discount
FLUID MARKET: SSG Served as Investment Banker in Kingbee Asset Sale
FOUNDEVER WORLDWIDE: Eaton Vance Marks $2.2MM Loan at 36% off
FOUR SEAS: Unsecureds Will Get 1.7% of Claims over 3 Years
FREEDOM BAIL: U.S. Trustee Unable to Appoint Committee
GFL ENVIRONMENTAL: Moody's Puts 'B1' CFR on Review for Upgrade
GOTO GROUP: Eaton Vance Marks $615,000 Loan at 65% off
GOTO GROUP: Eaton Vance Marks $971,000 Loan at 15% off
GREATER LIGHT: Amends Plan to Include County Tax Collector Claim
HILLTOP SPV: Can Reject Gas Gathering Agreement, Court Says
HUBBARD RADIO: Eaton Vance Marks $460,000 Loan at 23% off
HURSTVIEW DRIVE: Seeks to Hire Robert W. Buchholz PC as Counsel
IAP WORLDWIDE: Eaton Vance Marks $391,000 Loan at 21% off
IHEART: Davis Polk Advised Noteholders on Restructuring
IN2VATE LLC: Seeks Chapter 11 Bankruptcy Protection in Delaware
INGENOVIS HEALTH: $85MM Bank Debt Trades at 44% Discount
IRON IQ: Starts Subchapter V Bankruptcy Process
IVANHOE MINES: Fitch Assigns 'B' LongTerm IDR, Outlook Stable
IVF ORLANDO: Unsecured Creditors to Split $10K over 3 Years
JASMINE R. ELMORE DDS: Case Summary & Seven Unsecured Creditors
JENRAN HOLDINGS: Hires Anyama Law Firm as Bankruptcy Counsel
JUNK IT PLUS: Unsecured Creditors to Split $101K over 3 Years
KCT INC: Secured Party Sets Jan. 16 Auction for Equity Interests
LACAYO REAL: Case Summary & One Unsecured Creditor
LATIGO HOMES: Seeks to Hire DeMarco-Mitchell as Bankruptcy Counsel
LITTLE MINT: Taps Hendren, Redwine & Malone as Bankruptcy Counsel
LITTLE MINT: Taps Omni Agent Solutions as Claims and Noticing Agent
LJB LLC: Seeks to Hire George F. Matta as Special Counsel
LPG 405 ALBERTO: Claims to be Paid From NewCo Loan
MEDICAL SOLUTIONS: Eaton Vance Marks $2,448,000 Loan at 25% off
MONROE & KING: Seeks to Hire Creed & Gowdy as Special Counsel
MR. TORTILLA: Unsecured Creditors Will Get 100% over 180 Months
MYA POS: Gets Interim OK to Use Cash Collateral
NAKED JUICE: $1.82BB Bank Debt Trades at 31% Discount
NEW PHILADELPHIA: Files Chapter 11 Bankruptcy in Florida
NORTH LIBERTY: Files Chapter 11 Bankruptcy Protection in Iowa
NORTHLAND MANAGEMENT: Seeks Bankruptcy Protection in Texas
OREGON TOOL: $850MM Bank Debt Trades at 38% Discount
PAYROLL MANAGEMENT: IRS Entitled to Summary Judgment in Sunz Suit
PHILLIPS FEED: Eaton Vance Marks $100,000 Loan at 39% off
PREFERRED READY-MIX: 5th Cir. Reverses Dismissal of Adversary Case
PRETIUM PKG: Eaton Vance Marks $184,000 Loan at 16% off
PROFESSIONAL DIVERSITY: Koala Malta Ltd Holds 12.71% Equity Stake
PROSPECT MEDICAL: Case Summary & 30 Largest Unsecured Creditors
RACKSPACE FINANCE: $1.69BB Bank Debt Trades at 44% Discount
RACKSPACE FINANCE: Eaton Vance Marks $3.6MM Loan at 40% off
RECYCLE & RESOURCE: $375MM Bank Debt Trades at 23% Discount
REDSTONE HOLDCO: Eaton Vance Marks $1.3MM Loan at 25% off
RESTAURANT LIFE: Claims to be Paid From Available Cash and Income
RKSR INVESTMENTS: Seeks to Hire Barron & Newburger as Counsel
ROCK 51 LLC: Voluntary Chapter 11 Case Summary
ROSA LINDA GHAFFARI: Must Disclose Social Security Income in MORs
SERTA SIMMONS: Eaton Vance Marks $1.4MM Loan at 15% off
SINGH BROS: U.S. Trustee Unable to Appoint Committee
SKILLSOFT CORP: Eaton Vance Marks $1.4MM Loan at 18% off
SOUTHERN PINESTRAW: Files Emergency Bid to Use Cash Collateral
SPIRIT AIRLINES: Jan. 29 Plan & Disclosures Hearing Set
STREAM TV: Court Upholds Approval of SeeCubic Sale Order
TELESAT CANADA: Calamos CHI Marks $970,000 Loan at 49% Off
TELESAT CANADA: Calamos CHY Marks $1.05MM Loan at 54% Off
TELESAT CANADA: Calamos CPZ Marks $180,000 Loan at 54% Off
TELESAT CANADA: Calamos CSQ Marks $1.2MM Loan at 54% Off
THERMOGENESIS HOLDINGS: Closes Indian Unit TotipotentRx Cell
THREE SEAS: Unsecureds Will Get 4.9% of Claims over 3 Years
TIMELINE CONSTRUCTION: Seeks Chapter 11 Bankruptcy Protection
TOS WHEELS: Continued Operations to Fund Plan Payments
TRI-MAXX INDUSTRIES: Taps Crokern Crews Guillet as Special Counsel
TRI-MAXX INDUSTRIES: Taps Joshua C Manuel CPA LLC as Accountant
ULTRA SAFE: Governmental Bar Date Set for April 28, 2025
V1 TECH: Seeks to Hire DeMarco-Mitchell as Bankruptcy Counsel
VALENCIA HOSPITALITY: Disposable Income to Fund Plan Payments
WANDERLY LLC: Hires Kelley Kaplan & Eller as General Counsel
WELLPATH HOLDINGS: Pending Motions in Simpson Suit Denied as Moot
WHITE WINE: U.S. Trustee Unable to Appoint Committee
WYNNE TRANSPORTATION: Seeks Bankruptcy Protection in Delaware
WYTEC INTERNATIONAL: Extends Note Maturity, Modifies Warrants
YOGI INTERNATIONAL: Case Summary & Three Unsecured Creditors
ZACHRY HOLDINGS: FLNG's Claim for Consequential Damages Tossed
ZURVITA HOLDINGS: Seeks to Hire SC&H Group as Investment Banker
ZURVITA HOLDINGS: Taps Potter Anderson & Corroon LLP as Counsel
[*] 5 U.S. Steakhouses at Risk of Closing Due to Declining Sales
[^] Large Companies with Insolvent Balance Sheet
*********
138 GREENE: Secured Party Sets Jan. 28, 2025 Auction
----------------------------------------------------
For default in payment of a debt and performance of obligations
owned by 138 Greene Retail LLC to SIG CRE 2023 Venture LLC
("secured party"), pursuant to Section 9-610 of the Uniform
Commercial Code, at 4:00 p.m. (prevailing Eastern Time), on Jan.
28, 2025, at the law offices of Polsinelli PC, 600 Third Avenue,
42nd Floor, New York, New York 10016, Secured Party will sell at
public auction to the highest qualified bidder for cash the
Debtor's right, title and interest in and to all of the:
i) The Cooperative interests of the State of New York or of any
other state the laws of which are required by Section 9-103 of the
UCC of New York to be applied in connection with the issue of
perfection of security interests as allocated to 20 cooperative
shares of capital stock ("shares") of Green Street Holding Corp.
("lessor"), and
ii) an assignment of 2 proprietary leases by and between the
lessor as landlord and the borrower as tenant covering the units
known as the 1st Floor (North Bldg.) and the Basement (North Bldg.)
units, at the building located at 132-140 Greene Street, New York,
New York 10012 ("premises).
For further information you may contact
Amy E. Hatch
Polsinelli PC
900 W. 48th Place, Suite 900
Kansas City, MO 64112
Tel: (816) 753-1000
Fax: (816) 753-1536
E-mail: ahatch@polsinelli.com
150 LEFFERTS: Files Amendment to Disclosure Statement
-----------------------------------------------------
150 Lefferts Avenue Company LLC and 55 East 21st Co., LLC,
submitted a First Modified Disclosure Statement for Joint Chapter
11 Plan of Liquidation dated January 7, 2025.
Each of the Debtors are owned (i) 75% by Jonathan Bombart, and (ii)
25% by the estate of Louis Bombart (Louis Bombart is deceased). The
Lefferts Debtor's EIN is 13-3236928 and the 55 East Debtor's EIN is
13-3236926.
The Lefferts Debtor is the owner of a certain real property located
at 150 Lefferts Avenue, Brooklyn, New York 11225 (the "Lefferts
Property"). The Lefferts Property consists of 53 residential units,
of which 41 are occupied. The monthly rent roll is $49,000 for the
Lefferts Property. For the month of November 2024, the Lefferts
Debtor collected approximately $35,000 in rent.
The 55 East Debtor is the owner of a certain real property located
at 55 East 21st Street, Brooklyn, New York 11226 (the "55 East
Property" and together with the Lefferts Property, the
"Properties"). The 55 East Property consists of 60 residential
units, of which 57 are occupied. Rent roll is $82,000 and the
Debtor collected $56,000 for the month of November, 2024.
On October 28, 2024, the Bankruptcy Court entered an order setting
forth the following dates by which claimants have to file proofs of
claim with regard to the Lefferts Debtor: (i) December 12, 2024
with regard to general claimants; and (ii) June 11, 2025 with
regard to governmental entities.
On October 28, 2024, the Bankruptcy Court entered an order setting
forth the following dates by which claimants have to file proofs of
claim with regard to the 55 East Debtor: (i) December 12, 2024 with
regard to general claimants; and (ii) June 11, 2025 with regard to
governmental entities. By so ordered Stipulation entered on January
3, 2025, the 55 East Debtor agreed to extend the claims bar date
with regard to the tenants located at the 55 East Property to
January 17, 2025. The tenants are being represented by Sullivan &
Cromwell LLP.
The Debtors will use these Chapter 11 Cases to market and sell the
Lefferts Property and the 55 East Property to the highest and best
bidder(s), while at the same time working towards a refinancing of
the Debtors' debt obligations. On November 14, 2024, each of the
Debtors filed motions to establish bidding procedures and approve
the sale of their respective Properties to the highest and best
bidders. Order approving bidding procedures were entered on January
3, 2025 (the "Bidding Procedures Orders").
Like in the prior iteration of the Plan, of General Unsecured
Claims in Class 3 will receive their pro rata share of any proceeds
available after full payment of Administrative Claims, Fee Claims,
Priority Tax Claims, Class 1 and Class 2.
The Plan will be funded by the net proceeds from the sale of the
Debtor's real estate Properties or a refinancing of the Debtors'
debt obligations.
A full-text copy of the First Modified Disclosure Statement dated
January 7, 2025 is available at https://urlcurt.com/u?l=3S4GgV from
PacerMonitor.com at no charge.
Counsel to the Debtors:
Eric H. Horn, Esq.
Maria A.G. Harper, Esq.
A.Y. STRAUSS LLC
290 West Mount Pleasant Avenue, Suite 3260
Livingston, NJ 07039
Tel (973) 287-5006
Fax: (973) 533-0127
About 150 Lefferts Avenue Company
150 Lefferts Avenue Company, LLC, a company in Brooklyn, N.Y.,
filed Chapter 11 petition (Bankr. E.D.N.Y. Case No. 24-43509) on
Aug. 22, 2024, listing $10 million to $50 million in both assets
and liabilities. Jonathan Bombart, managing member, signed the
petition.
Judge Jil Mazer-Marino oversees the case.
A.Y. STRAUSS LLC serves as the Debtor's legal counsel.
2508 CRAWFORD: Seeks to Hire Robert W. Buchholz PC as Counsel
-------------------------------------------------------------
2508 Crawford LLC seeks approval from the U.S. Bankruptcy Court for
the Northern District of Texas to hire The Law Office of Robert W.
Buchholz, P.C. to handle its Chapter 11 case.
The firm will be paid at these rates:
Robert Buchholz, Attorney $350 per hour
Paralegal $125 per hour
In addition, the firm will seek reimbursement for expenses
incurred.
The firm has been paid a retainer of $8,262 and has been paid the
filing fee of $1,738.
Mr. Buchholz disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Robert W. Buchholz, Esq.
The Law Office of Robert W. Buchholz, P.C.
5220 Spring Valley Road, Suite 618
Dallas, TX 75254
Telephone: (214) 754-5500
Facsimile: (214) 754-9100
Email: bob@attorneybob.com
About 2508 Crawford LLC
2508 Crawford LLC is engaged in activities related to real estate.
2508 Crawford LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-33931) on December 2,
2024. In the petition filed by Daniel C. Blackburn; as chief
executive officer and president, the Debtor reports estimated
assets and liabilities between $1 million and $10 million each.
The Debtor is represented by Robert Buchholz, Esq. at THE LAW
OFFICE OF ROBERT W. BUCHHOLZ, P.C.
301 W NORTH: BDS III Wins Bid to Dismiss Bankruptcy Case
--------------------------------------------------------
Judge David D. Cleary of the United States Bankruptcy Court for the
Northern District of Illinois will grant the motion filed by BDS
III Mortgage Capital G, LLC to dismiss 301 W North Avenue, LLC's
bankruptcy case without a bar to refiling.
301 W North Avenue, LLC is a Delaware limited liability company.
Its primary asset is a mixed-use real estate development known as
the North Park Pointe Apartments, located at 301 West North Avenue
in Chicago, Illinois. The 301 West North Property consists of a
7-story high-rise building with a partial 8th level. It contains 69
residential units and 4,268 square feet of retail space.
On September 23, 2020, BDS III's predecessor-in-interest, BDS III
Mortgage Capital J LLC made a loan to Debtor in the original
principal amount of $26,000,000, secured by the 301 West North
Property. The Loan is evidenced by a promissory note.
The Loan matured on October 1, 2023. Debtor did not pay all amounts
due under the Loan on that date, which constituted an event of
default under the Loan Agreement.
On December 15, 2023, Lender commenced a mortgage foreclosure
action against Debtor. The day before a hearing in that action, on
February 27, 2024, Debtor filed for relief under chapter 11 of the
Bankruptcy Code. F. Martin Paris, Jr. signed Debtor's petition as
president of Debtor's Manager. In signing the Petition, Paris
declared under penalty of perjury that he was "authorized to file
this petition on behalf of the debtor."
Debtor filed its plan of reorganization on May 25, 2024. The Plan
values the 301 West North Property at $19.4 million.
BDS III filed a secured claim in the amount of $30,399,708.64.
Debtor proposes to treat BDS III's secured claim as follows:
(1) pay BDS III $17.8 million within 110 days of the Plan's
effective date; or
(2) pay BDS III $101,066.44 each month for thirty years, if BDS
III makes an election under 11 U.S.C. Sec. 1111(b)(2). These
payments are calculated using a 5.5% discount rate.
The Motion to Dismiss brings two issues before the court:
(1) was the Debtor authorized to file the Petition; and
(2) if not, did Debtor's corporate documents impermissibly
restrict its right to file?
The Court finds that Debtor was not authorized to file for relief
under the Bankruptcy Code.
Judge Cleary concludes," The LLC Agreement required the consent of
the Independent Manager prior to filing a bankruptcy case, which
Debtor did not obtain. The evidence does not support a finding that
the Independent Manager resigned prior to the bankruptcy filing,
that her resignation constitutes acquiescence to it, or that the
bankruptcy filing was ratified. Debtor's corporate documents did
not impermissibly restrict its right to file, and therefore the
Independent Manager provisions are enforceable. Since those
provisions are enforceable and the Independent Manager's consent
was not obtained, BDS III has satisfied its burden of proof. Cause
exists to dismiss this bankruptcy
case."
"Debtor asserts that dismissal in not in the best interests of the
creditors and its estate. This assertion is irrelevant. If a debtor
files a petition for relief under the Bankruptcy Code without the
required corporate authority, the court has no alternative but to
dismiss the case."
A copy of the Court's decision dated Jan. 6, 2025, is available at
https://urlcurt.com/u?l=KD53X9 from PacerMonitor.com.
About 301 W North Avenue
301 W North Avenue, LLC, is engaged in activities related to real
estate.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-02741) on
Feb. 27, 2024. In the petition signed by F. Martin Paris, Jr.,
president of MK Manager Corp. as manager of Debtor, the Debtor
disclosed up to $50 million in both assets and liabilities.
Judge Donald R. Cassling oversees the case.
Robert Glantz Much Shelist, P.C., at MUCH SHELIST PC, is the
Debtor's legal counsel.
942 PENN RR: Court Rules on Motions in Ofer v. Roher Case
---------------------------------------------------------
Judge Beth Bloom of the United States District Court for the
Southern District of Florida ruled on several motions filed by the
parties in the case captioned as RAZIEL OFER, individually,
Plaintiff, v. MARK S. ROHER, ESQ., individually Defendant, Case No.
24-cv-22349 (S.D. Fla.).
This cause is before the Court upon four Motions:
(1) Defendant's Motion for Summary Judgment as to Count II of
Amended Complaint,
(2) Plaintiff Raziel Ofer's Motion for Partial Summary Judgment
as to Counts II and III,
(3) Plaintiff's Motion for Reconsideration of the Court's
Omnibus Order of October 28, 2024, and
(4) Defendant's Motion to Deem Raziel Ofer a Vexatious Litigant
and for the Imposition of Sanctions.
In his Amended Complaint, Plaintiff asserts three claims against
Defendant:
(1) Legal Malpractice that occurred during Defendant's
representation of DRO and Penn 942 (Count I);
(2) Conversion for the unauthorized purchases on the credit card
(Count II); and
(3) Breach of Fiduciary Duty (Count III).
The Court dismissed Counts I and III pursuant to Defendant's Motion
to Dismiss, leaving only Count II before the Court. Both Plaintiff
and Defendant seek summary judgment on Count II.
Plaintiff asserts the following facts:
Plaintiff owns two entities, 942 Penn RR, LLC and DRO 15R, LLC.
Each entity was subject to claims in state court, that included
foreclosures. Plaintiff was referred to Defendant, a lawyer, and
consulted with him on available options to defend the entities.
Plaintiff was advised by Defendant that Chapter 11 reorganization
was the best option for his companies to resolve their financial
commitments. Defendant represented 942 Penn and DRO as counsel for
the debtors in bankruptcy. During litigation, Plaintiff entrusted
Defendant with a credit card to pay expenses associated with the
bankruptcies, which included compensation and filing fees.
Defendant made unauthorized purchases which were in excess of
$200,000. Such purchases were perfumes, clothes, dining, and other
luxuries which were not authorized by Plaintiff and not in
conjunction with expenses associated with the entities. Plaintiff
also purchased a luxury watch for Defendant, valued at
approximately $10,000, for which Defendant was to repay him.
Defendant failed to do so, claiming it was a gift after Plaintiff
demanded the return of the watch.
Ultimately, Defendant failed to adequately advise Plaintiff in a
competent and direct manner, failing to foresee the mistake of
filing the bankruptcies in the first instance. It placed Plaintiff
in a position to sign various documents, such as a First
Stipulation for Settlement which Plaintiff signed under duress just
before a hearing which Plaintiff refused to sign. Defendant
forwarded the Stipulation for Settlement to Plaintiff's phone and
electronically signed it without consent by Plaintiff.
DRO, by being placed into Chapter 11 bankruptcy, ended up losing
its real property. 942 Penn was liquidated at below market value
and was liquidated. Defendant billed the entities for a combined
$249,000 in legal fees. Defendant obtained charging liens to
collect the fees from 942 Penn knowing he converted $200,000 of
extravagant purchases from Plaintiff's credit card and failed to
return the watch when demanded.
Release: First Affirmative Defense
Defendant argues that summary judgment is warranted on his first
affirmative defense of release because the Second Stipulation for
Settlement demonstrates that Plaintiff released him from all
claims, as was also found by the Bankruptcy Court.
The Court finds Defendant is not entitled to summary judgment on
his first affirmative defense. Because Defendant has failed to
point to credible evidence of release, the Court does not reach
Plaintiff's argument that he signed the agreements under duress or
that Defendant breached the terms of the Stipulations for
Settlement.
Lack of Standing: Fifth Affirmative Defense
Defendant argues that he is entitled to summary judgment on his
fifth affirmative defense of lack of standing because the credit
card did not belong to Plaintiff, and the credit card statements
are in the name of Joseph Beniftah. According to the Court,
Defendant fails to meet his burden to establish that he "is
entitled to judgment as a matter of law" as to his fifth
affirmative defense.
Collateral Estoppel: Seventh Affirmative Defense
Defendant argues that Plaintiff's claim for Conversion is barred by
the doctrine of collateral estoppel, and this issue was fully
litigated and determined by the United States Bankruptcy Court in
the Southern District of Florida.
The Court finds there is a genuine dispute of material fact as to
whether Plaintiff is collaterally estopped from prevailing on his
Conversion count, as it is unclear if the Bankruptcy Court's Order
covers identical issues and applies to the same facts. Accordingly,
Defendant is not entitled to summary judgment on his seventh
affirmative defense.
Plaintiff's Motion for Partial Summary Judgment
Plaintiff argues that he is entitled to summary judgment on Count
II pursuant to the use of an AAdvantage card and a luxury watch
that Plaintiff purchased for Defendant under promise of repayment
for which Defendant never repaid. Plaintiff argues that neither a
demand for return of the property nor refusal, as well as knowledge
or intent, are essential to bring a claim of conversion
The Court emphasizes that while this may be a case where Defendant
was mistaken about his right to possession and still committed
conversion, a genuine dispute of material fact exists as to whether
Plaintiff willingly relinquished the credit card and paid for the
watch to compensate Defendant for his legal services.
The Court finds Plaintiff is not entitled to summary judgment on
Count II for Conversion.
Judge Bloom concludes the Plaintiff is entitled to summary judgment
as to Defendant's first affirmative defense on the issue of whether
the Second Stipulation for Settlement releases the conversion claim
as to the AAdvantage card payments. Plaintiff is not entitled to
summary judgment on the issue of whether the Second Stipulation for
Settlement releases the conversion claim as to the purchase of the
Panerai watch. Plaintiff is not entitled to summary judgment on the
issue of whether the First Stipulation for Settlement releases the
Conversion claim at issue, as there remains a genuine dispute of
material fact on this issue.
The Court entered an Order as follows:
1. Defendant's Motion for Summary Judgment is denied;
2. Plaintiff's Motion for Partial Summary Judgment as to Counts
II and III is granted in part and denied in part, in ways
consistent with this Order;
3. Plaintiff's Motion for Reconsideration of the Court's Omnibus
Order of October 28,
2024 is denied;
4. Defendant's Motion to Deem Raziel Ofer a Vexatious Litigant
and for the Imposition of Sanctions, is denied.
A copy of the Court's decision is available at
https://urlcurt.com/u?l=l3ABHQ from PacerMonitor.com.
About 942 Penn RR
942 Penn RR, LLC, owns a short-term luxury apartment building
located at 942 Pennsylvania Ave., Miami Beach, Fla.
942 Penn RR filed its voluntary petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 22-14038) in
Miami on May 23, 2022, with $1,617,630 in total assets and
$27,179,541 in total liabilities. Raziel Ofer, the manager, signed
the petition.
Judge Robert A. Mark oversees the case.
The Law Office of Mark S. Roher, PA is the Debtor's legal counsel.
On June 29, 2022, the court appointed Barry E. Mukamal as the
Debtor's Chapter 11 trustee. On March 28, 2023, the court confirmed
the Debtor's Chapter 11 plan of liquidation and appointed Mr.
Mukamal as the plan administrator. Mr. Mukamal is represented by
Bast Amron, LLP.
ACPRODUCTS INC: Calamos CHI Marks $950,135 Loan at 16% Off
----------------------------------------------------------
Calamos Convertible Opportunities and Income Fund ("CHI") has
marked its $950,135 loan extended to ACProducts, Inc to market at
$795,738 or 84% of the outstanding amount, according to a
disclosure contained in Calamos CHI's Amended Form N-CSR for the
six-month period ended October 31, 2024, filed with the Securities
and Exchange Commission.
Calamos CHI is a participant in a Bank Loan to ACProducts, Inc. The
Loan accrues interest at a rate of 9.115% (3 mo. SOFR + 4.25%) per
annum. The loan matures on May 17, 2028.
Calamos provides closed-end funds that use a diversified blend of
convertible securities, equities, fixed income, and alternative
investments across innovative investment strategies to support
competitive distributions throughout a market cycle.
Calamos CHI is led by John P. Calamos, Sr., Founder, Chairman and
Global Chief Investment Officer; and Thomas E. Herman, Principal
Financial Officer. The Fund can be reach through:
John P. Calamos, Sr.
Calamos Advisors LLC
2020 Calamos Court
Naperville, IL 60563-2787
Tel. No.: (630) 245-7200
ACProducts, Inc., headquartered in The Colony, Texas, is a national
manufacturer and distributor of kitchen and bathroom cabinetry.
American Industrial Partners, through its affiliates, is the
primary owner of ACProducts, having acquired it in 2012.
ACPRODUCTS INC: Calamos CHY Marks $1.03MM Loan at 16% Off
---------------------------------------------------------
Calamos Convertible and High Income Fund ("CHY") has marked its
$1,033,389 loan extended to ACProducts, Inc to market at $865,464
or 84% of the outstanding amount, according to a disclosure
contained in Calamos CHY's Amended Form N-CSR for the six-month
period ended April 30, 2024, filed with the Securities and Exchange
Commission.
Calamos CHY is a participant in a Bank Loan to ACProducts, Inc.
The Loan accrues interest at a rate of 9.115% (3 mo. SOFR + 4.25%)
per annum. The loan matures on May 17, 2028.
Calamos provides closed-end funds that use a diversified blend of
convertible securities, equities, fixed income, and alternative
investments across innovative investment strategies to support
competitive distributions throughout a market cycle.
The fiscal year ends October 31.
Calamos CHY is led by John P. Calamos, Sr., Founder, Chairman and
Global Chief Investment Officer; and Thomas E. Herman, Principal
Financial Officer. The Fund can be reach through:
John P. Calamos, Sr.
Calamos Advisors LLC
2020 Calamos Court
Naperville, IL 60563-2787
Tel. No.: (630) 245-7200
ACProducts, Inc., headquartered in The Colony, Texas, is a national
manufacturer and distributor of kitchen and bathroom cabinetry.
American Industrial Partners, through its affiliates, is the
primary owner of ACProducts, having acquired it in 2012.
ACPRODUCTS INC: Calamos CSQ Marks $1.1MM Loan at 16% Off
--------------------------------------------------------
Calamos Strategic Total Return Fund ("CSQ") has marked its
$1,191,464 loan extended to ACProducts, Inc. to market at $997,851
or 84% of the outstanding amount, according to a disclosure
contained in Calamos CSQ's Amended Form N-CSR for the six-month
period ended October 31, 2024, filed with the Securities and
Exchange Commission.
Calamos CSQ is a participant in a Bank Loan to Trinseo Materials
Operating SCA. The Loan accrues interest at a rate of 9.115% (3 mo.
SOFR + 4.25%) per annum. The loan matures on May 17, 2028.
Calamos provides closed-end funds that use a diversified blend of
convertible securities, equities, fixed income, and alternative
investments across innovative investment strategies to support
competitive distributions throughout a market cycle.
Calamos CSQ is led by John P. Calamos, Sr., Founder, Chairman and
Global Chief Investment Officer; and Thomas E. Herman, Principal
Financial Officer. The Fund can be reach through:
John P. Calamos, Sr.
Calamos Advisors LLC
2020 Calamos Court
Naperville, IL 60563-2787
Tel. No.: (630) 245-7200
ACProducts, Inc., headquartered in The Colony, Texas, is a national
manufacturer and distributor of kitchen and bathroom
cabinetry.merican Industrial Partners, through its affiliates, is
the
primary owner of ACProducts, having acquired it in 2012.
ACPRODUCTS INC: Eaton Vance Marks $2.7MM Loan at 16% off
--------------------------------------------------------
Eaton Vance Senior Floating-Rate Trust has marked its $2,707,000
loan extended to ACProducts, Inc to market at $2,268,278 or 84% of
the outstanding amount, according to the Eaton Vance's Form N-CSRS
for the semi-annual period ended October 31, 2024, filed with the
Securities and Exchange Commission.
Eaton Vance is a participant in Term Loan to ACProducts, Inc. The
loan accrues interest at a rate of 9.115%, (SOFR + 4.25%) per
annum. The loan matures on May 17, 2028.
Eaton Vance is a Massachusetts business trust registered under the
Investment Company Act of 1940, as amended (the 1940 Act), as a
diversified, closed-end management investment company.
Eaton Vance is led by Kenneth A. Topping, Principal Executive
Officer; and James F. Kirchner, Principal Financial Officer. The
Fund can be reached through:
Kenneth A. Topping
Eaton Vance Senior Floating-Rate Trust
One Post Office Square
Boston, MA 02109
Tel.: (617) 482-8260
- and -
Deidre E. Walsh
Eaton Vance Senior Floating-Rate Trust
One Post Office Square,
Boston, MA 02109
Tel.: (617) 482-8260
ACProducts, Inc., headquartered in The Colony, Texas, is a national
manufacturer and distributor of kitchen and bathroom cabinetry.
American Industrial Partners, through its affiliates, is the
primary owner of ACProducts, having acquired it in 2012.
AEGIS ASSET: Bankruptcy Court Orders on Settlement, Sale Affirmed
-----------------------------------------------------------------
In the case captioned as AEGIS ASSET TRUST, et al., Appellants, v.
RICHARD M. DAUVAL, et al., Appellees, Case No: 8:23-cv-2473-KKM
(M.D. Fla.), Judge Kathryn Kimball Mizelle of the United States
District Court for the Middle District of Florida affirmed the
order of the United States Bankruptcy Court for the Middle District
of Florida approving the stipulation and settlement agreement
between the trustee and the appellants in a
fraudulent-transfer-adversary proceeding and authorizing the sale
of sixty-eight properties declared part of the bankruptcy estate to
the appellees.
This consolidated appeal arises from the Chapter 7 bankruptcy of
Aegis Asset Management, LLC, a real-estate investment firm. The
appellants are various entities affiliated with Monier Rahall that
obtained real property allegedly transferred from the debtor around
the filing of the petition. Appellees are the Chapter 7 trustee and
various entities associated with Jamie Rand that purchased those
real properties from the estate after the trustee avoided the
transfers.
After the Aegis bankruptcy was converted from Chapter 11 to Chapter
7 in mid-October 2019, the Chapter 7 trustee initiated an adversary
proceeding seeking to avoid and recover transfers of the debtor's
property under 11 U.S.C. Secs. 548–50. The parties call this the
"fraudulent-transfer adversary".
On February 25, 2021, the trustee's attorney docketed a
"Stipulation for Final Judgment Determining Properties as Property
of the Bankruptcy Estate" in the fraudulent-transfer adversary.
That document stipulated to the entry of final judgment determining
that the bankruptcy estate owned the sixty-eight properties claimed
by the appellants. That same day, the trustee moved in the
bankruptcy case for an order approving that stipulation and
permitting the trustee to sell to Jamie Rand the sixty-eight
properties declared part of the bankruptcy estate by the
stipulation.
On March 5, 2021, the bankruptcy court entered an order approving
the stipulation. On March 24, the bankruptcy court entered a final
judgment declaring that the sixty-eight properties at issue in the
fraudulent-transfer adversary were the bankruptcy estate's property
and might be sold by the trustee under 11 U.S.C. Sec. 363. Five
days later, the bankruptcy court entered an order in the bankruptcy
case approving the compromise between the trustee and the
appellants and authorizing the sale of the sixty-eight properties
to the appellees.
On November 9, 2022, Monier Rahall filed motions seeking to set
aside the bankruptcy court's orders entering judgment in the
fraudulent-transfer adversary and approving the sale of the
sixty-eight properties. Since then, Rahall and the appellants have
filed numerous papers in both the bankruptcy case and the
fraudulent-transfer adversary advancing essentially the same
theory.
The appellants also initiated a new adversary proceeding—what the
parties call the "independent-action adversary"—seeking" in part
essentially the same relief as they had on motion in the bankruptcy
case and the fraudulent-transfer adversary. Namely, Count I of the
appellants' Second Amended Adversary Complaint asked the bankruptcy
court to set aside the orders approving the stipulation and sale
based on Federal Rule of Civil Procedure 60(b)(4), (b)(6), (d)(1),
and (d)(3). The appellants' final operative motions in the
bankruptcy case and the fraudulent-transfer adversary likewise
asked the bankruptcy court to vacate those orders, for the same
reasons.
The bankruptcy court declined to do so. After holding three
hearings addressing the appellants' contentions, that court
concluded that the appellants had not satisfied the conditions for
relief under any provision of Rule 60. It entered "mirror image"
orders styled as judgments on the pleadings disposing of
appellants' claims in the bankruptcy case, the fraudulent-transfer
adversary, and the independent-action adversary.
The appellants challenge all three orders. They also challenge
three orders by the bankruptcy court addressing the content of the
record on appeal.
The appellants challenge the bankruptcy court's orders under
Federal Rules of Civil Procedure 60(b)(4), 60(b)(6), 60(d)(1), and
60(d)(3).
Judge Mizelle holds that none of their arguments that the
bankruptcy court erred are persuasive. She thus affirms the
bankruptcy court's orders.
Rule 60(b)(4)
Judge Mizelle says neither the bankruptcy court's order approving
the parties' stipulation nor its order approving the sixty-eight
properties' sale is void. The essence of the appellants' argument
is that, because the stipulation resolving the fraudulent-transfer
adversary was allegedly fraudulent, all actions that the bankruptcy
court took premised on that document, including approving the
stipulation and the motion to sell the sixty-eight properties --
are void. Yet the appellants do not explain why any infirmity in
the stipulation renders the judgment void.
A judgment erroneously enforcing a void agreement (or purported
agreement) is not itself void unless there was some defect in the
court's jurisdiction or a violation of due process. And nothing
suggests that any of the bankruptcy court's acts were without
authority or violated due process, the District Court finds. Hence,
the bankruptcy court did not err in denying relief under Rule
60(b)(4).
Rule 60(b)(6)
According to the District Court, the appellants fail to make out
any arguments not cognizable under the rest of Rule 60(b). Broadly,
they say that the bankruptcy court's orders are wrong, void, and
premised on fraud.
The bankruptcy court thus did not err in denying relief under Rule
60(b)(6).
Rule 60(d)(1)
The appellants had notice of the bankruptcy court's purportedly
erroneous acts and failed to challenge them. They thus cannot
satisfy the fourth element—absence of fault or negligence—and
may not avail themselves of relief under Rule 60(d)(1), the
District Court concludes.
Rule 60(d)(3)
The District Court finds the appellants have not plausibly alleged
a fraud upon the court. They are not entitled to relief under Rule
60(d)(3).
A copy of the Court's decision is available at
https://urlcurt.com/u?l=olHZ6s from PacerMonitor.com.
About Aegis Asset Management
Aegis Asset Management LLC was a real-estate investment firm.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No.19-08036) on August 26,
2019, with $5,000,000 in assets and $3,100,000 in liabilities.
Caruso Bruno Ivan, president, signed the petition.
Judge Catherine Peek McEwen presided over the case.
Gabriel Strine, Esq. at Strine Legal Services, PLLC represented the
Debtor as legal counsel.
The case was converted to Chapter 7 in October 2019.
AKOUSTIS TECHNOLOGIES: Tai-Saw Technology Out as Committee Member
-----------------------------------------------------------------
The U.S. Trustee for Region 3 disclosed in a court filing the
removal of Tai-Saw Technology Co., Ltd. from the official committee
of unsecured creditors in the Chapter 11 cases of Akoustis
Technologies Inc. and its affiliates.
The remaining members of the committee are:
1. The Bank of New York Mellon Trust Company, N.A.
Attn: Alex T. Chang
240 Greenwich Street
New York, NY 10286
Phone: 212-815-2816
Email: alex.chang@bny.com
2. Nineteen77 Global Multi-Strategy Alpha Master Limited
Attn: Chris Brezski
UBS Asset Management (Americas) LLC
55 William Street
Wellesley, MA 02481
Phone: 917-734-4347
Email: christopher.brezski@ubs.com
About Akoustis Technologies
Akoustis Technologies, Inc. -- http://www.akoustis.com/-- is a
high-tech BAW RF filter solutions company that is pioneering
next-generation materials science and MEMS wafer manufacturing to
address the market requirements for improved RF filters --
targeting higher bandwidth, higher operating frequencies and higher
output power compared to legacy polycrystalline BAW technology. The
Company utilizes its proprietary and patented XBAW(R) manufacturing
process to produce bulk acoustic wave RF filters for mobile and
other wireless markets, which facilitate signal acquisition and
accelerate band performance between the antenna and digital back
end. Superior performance is driven by the significant advances of
poly-crystal, single-crystal, and other high purity piezoelectric
materials and the resonator-filter process technology which enables
optimal trade-offs between critical power, frequency and bandwidth
performance specifications.
Akoustis owns and operates a 125,000-square-foot commercial
wafer-manufacturing facility located in Canandaigua, N.Y., which
includes a class 100 / class 1000 cleanroom facility -- tooled for
150-mm diameter wafers -- for the design, development, fabrication
and packaging of RF filters, MEMS and other semiconductor devices.
Akoustis is headquartered in the Piedmont technology corridor near
Charlotte, North Carolina.
Akoustis and three affiliates sought Chapter 11 protection (Bankr.
D. Del. Lead Case No. 24-12796) on Dec. 16, 2024. The Debtor
disclosed $53,371,000 in total assets against $122,586,000 in total
debt as of Sept. 30, 2024.
The Hon. Laurie Selber Silverstein is the case judge.
K&L Gates LLP is serving as legal counsel, Raymond James &
Associates, Inc. is serving as investment banker, Getzler Henrich &
Associates LLC is serving as financial advisor, and C Street
Advisory Group is serving as strategic communications advisor.
Landis Rath & Cobb LLP is the local counsel. Stretto is the claims
agent and has launched the page
https://cases.stretto.com/Akoustis.
The U.S. Trustee for Region 3 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases.
ALGORHYTHM HOLDINGS: Faces Nasdaq Delisting Due to Low Stock Price
------------------------------------------------------------------
Algorhythm Holdings, Inc. disclosed in a Form 8-K Report filed with
the U.S. Securities and Exchange Commission that the Company
received notice from the Nasdaq Listing Qualification Staff
indicating that the bid price for the Company's common stock had
closed below $0.10 per share for the 13-consecutive trading day
period ended December 27, 2024 and, accordingly, the Company is
subject to the provisions contemplated under Nasdaq Listing Rule
5810(c)(3)(A)(iii) and its securities are subject to delisting from
the Nasdaq Stock Market unless the Company timely requests a
hearing before the Nasdaq Hearings Panel.
As previously disclosed, on August 26, 2024, the Company received a
letter from the Staff of the Nasdaq indicating that the Company was
not in compliance with Nasdaq Listing Rule 5550(a)(2) because the
closing bid price per share for the Company's common stock had
closed below $1.00 for more than 30 consecutive business days. The
Company was given until February 24, 2025, to regain compliance
with the Bid Price Rule.
The Company plans to timely request a hearing before the Panel,
which request will stay any further action by Nasdaq at least until
the hearing is held and the expiration of any extension period that
may be granted by the Panel. The Company's common stock will
continue to trade on Nasdaq under the symbol "RIME" pending
completion of the hearing process. There can be no assurance that
the Panel will grant the Company's request for continued listing or
that the Company will be able meet the continued listing
requirements during any compliance period that may be granted by
the Panel.
About Algorhythm Holdings
Algorhythm Holdings, Inc., fka The Singing Machine Company, Inc. --
http://www.singingmachine.com/-- is a holding company for an AI
enabled software logistics business operated through its SemiCab
Holding subsidiary and a home karaoke consumer products company
that designs and distributes karaoke products globally to retailers
and ecommerce partners through the Singing Machine subsidiary.
Headquartered in Fort Lauderdale, Fla., the Company had $12,367,000
in total assets, $13,239,000 in total liabilities, and $872,000 in
total stockholders' deficit as of June 30, 2024.
The Company had cash on hand of approximately $1,245,000 as of June
30, 2024, which is not sufficient to fund the Company's planned
operations through one year after the date the consolidated
financial statements are issued. The Company has a recent history
of recurring operating losses and decreases in working capital. The
Company said these factors create substantial doubt about the
Company's ability to continue as a going concern for at least one
year after the date that the Company's audited consolidated
financial statements are issued.
ALL CRAFT: Seeks Bankruptcy Protection in Florida
-------------------------------------------------
On January 10, All Craft Marine Holdings LLC filed Chapter 11
protection in the U.S. Bankruptcy Court for the Middle District of
Florida.
According to court filing, the Debtor reports between $1 million
and $10 million in debt owed to 1 and 49 creditors. The petition
states funds will be available to unsecured creditors.
About All Craft Marine Holdings LLC
All Craft Marine Holdings LLC is a limited liability company.
All Craft Marine Holdings LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No.: 25-00129) on
January 10, 2025. In its petition, the Debtor reports estimated
assets and liabilities between $1 million and $10 million each.
Honorable Bankruptcy Judge Roberta A. Colton handles the case.
Daniel R. Fogarty, Esq. of Stichter, Riedel Blain & Postler, P.A.
represents the Debtor as counsel.
ALLEGHENY CREW: Seeks Chapter 11 Bankruptcy Protection
------------------------------------------------------
On January 11, 2025, Allegheny Crew Change Co. LLC filed Chapter
11 protection in the U.S. Bankruptcy Court for the District of
Delaware.
According to court filing, the Debtor reports between $10 million
and $50 million in debt owed to 1,000 and 5,0009 creditors. The
petition states funds will be available to unsecured creditors.
About Allegheny Crew Change Co. LLC
Allegheny Crew Change Co. LLC operates as a specialized
transportation services provider headquartered in Butler, PA, with
management operations in Dallas, TX. The company provides
industrial employee transportation, scheduled services, and
emergency transportation solutions for clients in the LNG,
petrochemical, mining, oil and gas, and construction industries.
Allegheny Crew Change Co. LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10033) on January
11, 2025. In its petition, the Debtor reports estimated assets and
liabilities between $10 million and $50 million each.
Matthew B. McGuire of Landis Rath & Cobb LLP represents the Debtor
as counsel.
AMERICA-CV STATION: Jurisdiction Order in Mediaset Case Upheld
--------------------------------------------------------------
In the case captioned as OMAR ROMAY, Liquidating Trustee, for the
Liquidating Trust of America-CV Station Group Inc., Plaintiff, v.
MEDIASET ESPAÑA COMMUNICACION S.A., Defendant, Adv. Pro. No.
21-ap-01059-LMI (S.D. Fla.), Judge Laurel M. Isicoff of the United
States Bankruptcy Court for the Southern District of Florida denied
the motion filed by Mediaset seeking reconsideration of an order on
motions for summary judgment relating to personal jurisdiction
pursuant to Rule 60(b)(1) of the Federal Rules of Civil Procedure.
Reconsideration is appropriate where there is:
(1) an intervening change in controlling law,
(2) the availability of new evidence, or
(3) the need to correct clear error or manifest injustice
Mediaset argues that the Court:
(a) relied on facts that are wrong,
(b) unfairly relied on facts that, according to Mediaset, were
not included in the Plaintiff's submissions with respect to the SJ
Motions, and
(c) incorrectly found connections with the United States with
respect to the Broadcast Businesses at
the time of the Transfer.
In support of these arguments, Mediaset has submitted a Declaration
of Ángel Santamaria Barrio which declaration addresses some of the
facts included in the Jurisdiction Order. The Plaintiff argues that
it is inappropriate for Mediaset to submit the New Declaration in
support of its Motion for Reconsideration because the New
Declaration offers new theories that could have been presented
earlier.
However, the Court finds that the New Declaration does not offer
new theories and does not contradict anything Mediaset has
previously filed and that the New Declaration merely clarifies
certain facts that Mediaset argues the Court improperly found in
the Jurisdiction Order. Moreover, the Court has the discretion to
consider affidavits filed in support of a motion to reconsider and
it exercises that discretion to do so in this case.
The two facts upon which Mediaset focuses its primary attention are
this Court's finding that Santamaria served in various financial
capacities for the Broadcast Businesses and that Santamaria lived
in Miami until Mediaset sold its interests in Pegaso. Mediaset
argues that because Santamaria moved from Miami in 2010 and that
the Broadcast Businesses were not formed until after 2010, that
Santamaria was excluded by first Romay, and then Vasallo, that
Santamaria could not possibly be involved in the Broadcast
Businesses.
The foundation of the Court's finding of specific jurisdiction and
the fairness of being brought into the jurisdiction of the United
States with respect to that business, is not based on who else
owned the business; the issue is whether Mediaset, through
Santamaria, was involved to such an extent that specific
jurisdiction is constitutionally appropriate.
The Court finds that Mediaset has not demonstrated that the
circumstances surrounding entry of the Jurisdiction Order
constitute clear error.
A copy of the Court's decision is available at
https://urlcurt.com/u?l=pCthHB from PacerMonitor.com.
About America-CV Station Group
America-CV Station Group, Inc. is a privately held company
primarily in the television station ownership and program
production business. It provides broadcasting services.
America-CV and affiliate Caribevision Holdings, Inc. sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.
Fla. Case Nos. 19-16355 and 19-16359) on May 14, 2019. On May 28,
2019, America-CV Network, LLC and Caribevision TV Network, LLC also
filed Chapter 11 petitions (Bankr. S.D. Fla. Case Nos. 19-16976 and
19-16977). The cases are jointly administered under Case No.
19-16355). At the time of the filing, each of the Debtors disclosed
assets of $10 million to $50 million and liabilities of $1 million
to $10 million.
Judge Jay A. Cristol oversees the cases.
The Debtors tapped Genovese Joblove & Battista, P.A., as their
bankruptcy counsel, and Fletcher, Heald & Hildreth, P.L.C., as
Genovese's co-counsel.
AMERICAN GREETINGS: Moody's Affirms B2 CFR on Elliott Transaction
-----------------------------------------------------------------
Moody's Ratings affirmed all existing ratings of the greeting cards
maker American Greetings Corporation, including its B2 Corporate
Family Rating, the B2-PD Probability of Default Rating, and the B2
ratings of the company's senior secured credit facilities. The
credit facilities consist of a $250 million senior secured
revolving credit facility that expires in April 2029 and a $800
million original principal first lien term loan due in October
2029. The ratings affirmation follows the company's announcement
that Elliott Management will acquire a 60% ownership stake in the
company via a $282 million preferred equity investment. Clayton,
Dubilier & Rice (CD&R) and the Weiss Family will hold the remaining
40% ownership with common equity. The rating outlook remains
stable.
Moody's view the transaction as credit negative as the preferred
equity contains a 15% pay-in-kind (PIK) dividend that can be paid
in cash at the company's option. Any dividend payments are subject
to having available capacity on the April 2024 credit facility
restricted payment covenant. If the company meets the covenant and
decides to make cash dividend, the annual free cash flow will be
reduced by approximately $42 million. Nevertheless, the transaction
removes some of the uncertainty surrounding CD&R's exit plan. The
preferred dividend will be eliminated if the company's adjusted
EBITDA exceeds certain threshold for three consecutive quarters.
Revolver borrowings to fund transaction fees will reduce
availability and weaken liquidity though overall Moody's view the
company's liquidity as good. Elliott is currently seeking a waiver
for the change of control in the credit agreement explicitly for
this transaction.
Moody's affirmed the company's B2 CFR because American Greetings'
credit metrics will remain within Moody's expectation for the
rating following the transaction and free cash flow remains
meaningful. Debt-to-EBITDA of 4.9x for the 12-month ending August
31, 2024 is below the 5.0x downgrade factor. In the next 12-18
months, Moody's expect the company to generate low-single-digit
revenue growth, maintain a mid-teens EBITDA margin, and reduce
debt-to-EBITDA to a low 4x range. Recent customer wins focused on
the company's celebrations strategy across the broader product
assortment, ongoing cost reduction efforts, and price increases
will support earnings growth.
RATINGS RATIONALE
American Greetings' B2 CFR broadly reflects its narrow product
focus, exposure to the risks inherent in a mature and highly
competitive greeting card industry, characterized by declining
volume, low growth, high customer concentration and low customer
loyalty. The company is expanding its revenue stream to include
gift wrapping, party goods, balloons, as well as digital offerings
such as e-cards. Physical greeting cards still represent about 65%
of the company's total revenue. Exposure to declining greeting card
volumes requires good reinvestment and execution of growth
initiatives to avoid earnings erosion, and also creates event risk
because the company could pursue acquisitions or other leveraging
actions to bolster the product base. American Greetings' ratings
reflect its solid position in the US, Canada and UK greeting card
markets, and the relatively stable demand for the company's
products driven by everyday life events and holidays. Long-standing
relationships with many of its retail customers are supported by
the highly profitable nature of greeting cards for retailers and
its long operating history of over 100 years. Financial policies
are aggressive under private equity control and Moody's believe
there is event risk related to debt-funded acquisitions and
shareholder distributions.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The stable outlook reflects Moody's expectation that the company
will maintain relatively stable revenue and EBITDA over the next 12
to 18 months. Moody's also anticipate the company will maintain
good liquidity and generate free cash flow of about $50 million in
the fiscal year ended February 2026 assuming no cash dividends and
more than $60 million in fiscal 2027.
The ratings could be upgraded if the company demonstrates
consistent organic revenue growth with a stable or expanding EBITDA
margin, sustains free cash flow-to-debt above 10%, maintains a more
balanced financial policy with debt-to-EBITDA sustained below 3.5x,
and maintains good liquidity.
The ratings could be downgraded if the company's operating
performance weakens due to factors such as the loss of a major
customer or volume, an inability to offset the earnings pressure
from declining greeting card volumes, or costs increase. Aggressive
strategic or financial policies such as debt-funded acquisitions or
shareholder distributions, debt-to-EBITDA sustained above 5.0x,
free cash flow-to-debt sustained below 5% or a deterioration in
liquidity for any reason could also lead to a downgrade.
The principal methodology used in these ratings was Consumer
Packaged Goods published in June 2022.
American Greetings Corporation, headquartered in Cleveland, OH, is
a leading designer, manufacturer and distributor of both everyday
and seasonal greeting cards and other social expression products,
including gift packaging, party goods, balloons and stationery
products. In December 2024, Elliott Management agreed to acquire a
60% majority stake in the company via a $282 million preferred
equity investment, with CD&R and the Weiss family (descendants of
the founders) maintaining a 40% stake in the business. The company
is private and does not publicly disclose financial information.
American Greetings generated revenue of approximately $1.2 billion
for the 12-month period ended August 31, 2024.
AMERICAN PENAEID: Seeks Bankruptcy Protection in Florida
--------------------------------------------------------
On January 11, 2025, American Penaeid Inc. filed Chapter 11
protection in the U.S. Bankruptcy Court for the Middle District of
Florida.
According to court filing, the Debtor reports between $10 million
and $50 million in debt owed to 1 and 49 creditors. The petition
states funds will be available to unsecured creditors.
About American Penaeid Inc.
American Penaeid Inc. is a Biotechnology firm in St. James City,
Florida.
American Penaeid Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No.: 25-00023) on January
11, 2025. In its petition, the Debtor reports estimated assets up
to $50,000 and estimated liabilities between $10 million and $50
million.
Honorable Bankruptcy Judge Caryl E. Delano handles the case.
Scott A. Stichter, Esq. of Stichter, Riedel, Blain & Postler P.A.
represents the Debtor as counsel.
AMERICAN RESOURCES: Subsidiary AIC to Merge With CGrowth Capital
----------------------------------------------------------------
American Resources Corporation disclosed in a Form 8-K Report filed
with the U.S. Securities and Exchange Commission that its majority
owned subsidiary, American Infrastructure Corporation entered into
a binding term sheet defining the primary terms of a series of a
binding merger with CGrowth Capital, Inc., and American Resources
Corporation, the controlling shareholder of AIC.
As set forth in the Term Sheet, CGRA will purchase 100% of the
issued and outstanding shares of common stock of AIC and its
shareholders on a fully diluted basis. Concurrently CRGA will issue
to the same shareholders of AIC, proportional to their respective
ownership of the common stock of AIC, Ten Million shares of newly
created Series A Preferred Stock (the "Series A"). As a result, AIC
will be a wholly-owned subsidiary of CGRA, all AIC shareholders
would sell all their common stock in AIC, proportional to their
ownership in AIC, for the Ten Million Series A shares.
The Series A will provide its holders with non-dilution rights such
that, until converted to common stock as provided below, the Series
A will convert (as a group) into 92.0% of the fully diluted
outstanding shares of common stock of CGRA.
The Series A will convert to common at the earlier of:
(i) at the discretion of the holder,
(ii) automatically upon uplisting of CGRA to a senior stock
exchange (such as NASDAQ, NYSE, CBOE) in the United States, or
(iii) automatically 12 months after issuance.
Subject to the terms and provisions of the Term Sheet, the parties
agree to progress to the execution of a definitive merger agreement
setting forth the terms and conditions of the transactions
contemplated by this Term Sheet. In addition to the terms set forth
in this Term Sheet, the Merger Agreement will contain such
additional representations, warranties, covenants, conditions, and
terms as are customary of transactions of the type contemplated by
this Term Sheet and are consistent with the terms of this Term
Sheet.
About American Resources Corp
American Resources Corporation operates through subsidiaries that
were formed or acquired in 2020, 2019, 2018, 2016, and 2015 for the
purpose of acquiring, rehabilitating, and operating various natural
resource assets, including coal used in the steel-making and
industrial markets, critical and rare earth elements used in the
electrification economy, and aggregated metal and steel products
used in the recycling industries.
As of June 30, 2024, American Resources had $195,519,282 in total
assets, $241,135,129 in total liabilities, and $45,615,847 in total
stockholders' deficit.
Lakewood, Colo.-based BF Borgers CPA PC, the Company's auditor
since 2020, issued a "going concern" qualification in its report
dated April 15, 2024, citing that the Company has suffered
recurring losses from operations, has a significant accumulated
deficit, and has continued to experience negative cash flows from
operations. These factors raise substantial doubt about the
Company's ability to continue as a going concern.
On May 3, 2024, the Audit Committee of the Company's Board of
Directors approved the dismissal of BF Borgers as its independent
registered public accounting firm. This decision followed charges
by the Securities and Exchange Commission against the firm and its
owner, Benjamin F. Borgers, for deliberate and systemic failures to
comply with Public Company Accounting Oversight Board (PCAOB)
standards. The charges included falsifying audit documentation,
misrepresenting compliance with PCAOB standards, and fabricating
audit reports. Borgers agreed to a $14 million civil penalty and
permanent suspension from practicing before the Commission.
On May 10, 2024, the Audit Committee approved the appointment of
GBQ Partners LLC as the Company's new independent public accounting
firm, effective immediately.
ANASTASIA PARENT: $650MM Bank Debt Trades at 23% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Anastasia Parent
LLC is a borrower were trading in the secondary market around 77.5
cents-on-the-dollar during the week ended Friday, January 10, 2025,
according to Bloomberg's Evaluated Pricing service data.
The $650 million Term loan facility is scheduled to mature on
August 11, 2025. The amount is fully drawn and outstanding.
Anastasia Parent, LLC is the parent company of Anastasia Beverly
Hills, Inc., a prestige cosmetics brand that focuses on eyebrow
shaping products.
ANUVU HOLDINGS: Eaton Vance Marks $398,000 Loan at 20% off
----------------------------------------------------------
Eaton Vance Senior Floating-Rate Trust has marked its $398,000 loan
extended to Anuvu Holdings 2 LLC to market at $318, 666 or 80% of
the outstanding amount, according to the Eaton Vance's Form N-CSRS
for the semi-annual period ended October 31, 2024, filed with the
Securities and Exchange Commission.
Eaton Vance is a participant in Term Loan to Anuvu Holdings 2 LLC.
The loan accrues interest at a rate of 8.963%, (SOFR + 4%) per
annum. The loan matures on September 27, 2027.
Eaton Vance is a Massachusetts business trust registered under the
Investment Company Act of 1940, as amended (the 1940 Act), as a
diversified, closed-end management investment company.
Eaton Vance is led by Kenneth A. Topping, Principal Executive
Officer; and James F. Kirchner, Principal Financial Officer. The
Fund can be reached through:
Kenneth A. Topping
Eaton Vance Senior Floating-Rate Trust
One Post Office Square
Boston, MA 02109
Tel.: (617) 482-8260
- and -
Deidre E. Walsh
Eaton Vance Senior Floating-Rate Trust
One Post Office Square,
Boston, MA 02109
Tel.: (617) 482-8260
Headquartered in Santa Ana, California, Anuvu is a provider of
connectivity and content to the worldwide travel industry.
ANUVU HOLDINGS: Eaton Vance Marks $987,000 Loan at 60% off
----------------------------------------------------------
Eaton Vance Senior Floating-Rate Trust has marked its $987,000 loan
extended to Anuvu Holdings 2 LLC to market at $394,097 or 40% of
the outstanding amount, according to the Eaton Vance's Form N-CSRS
for the semi-annual period ended October 31, 2024, filed with the
Securities and Exchange Commission.
Eaton Vance is a participant in Term Loan to Anuvu Holdings 2 LLC.
The loan accrues interest at a rate of 13.213%, (SOFR + 8.25%) per
annum. The loan matures on March 23, 2026.
Eaton Vance is a Massachusetts business trust registered under the
Investment Company Act of 1940, as amended (the 1940 Act), as a
diversified, closed-end management investment company.
Eaton Vance is led by Kenneth A. Topping, Principal Executive
Officer; and James F. Kirchner, Principal Financial Officer. The
Fund can be reached through:
Kenneth A. Topping
Eaton Vance Senior Floating-Rate Trust
One Post Office Square
Boston, MA 02109
Tel.: (617) 482-8260
- and -
Deidre E. Walsh
Eaton Vance Senior Floating-Rate Trust
One Post Office Square,
Boston, MA 02109
Tel.: (617) 482-8260
Headquartered in Santa Ana, California, Anuvu is a provider of
connectivity and content to the worldwide travel industry.
APS HOLDINGS: Files Chapter 11 Bankruptcy in Florida
----------------------------------------------------
On January 10, 2025, APS Holdings of FL Inc. filed Chapter 11
protection in the U.S. Bankruptcy Court for the Middle District of
Florida.
According to court filing, the Debtor reports between $1 million
and $10 million in debt owed to 1 and 49 creditors. The petition
states funds will be available to unsecured creditors.
About APS Holdings of FL Inc.
APS Holdings of FL Inc. operating as APS Windows & Doors and
formerly known as Architectural Product Sales, Inc., is a
Tampa-based corporation.
APS Holdings of FL Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-00145) on January
10, 2025. In its petition, the Debtor reports estimated assets and
liabilities between $1 million and $10 million each.
Honorable Bankruptcy Judge Roberta A. Colton handles the case.
Edward J. Peterson at Johnson, Pope, Bokor, Ruppel & Burns, LLP,
represents the Debtor as counsel.
ASTRA ACQUISITION: $500MM Bank Debt Trades at 96% Discount
----------------------------------------------------------
Participations in a syndicated loan under which Astra Acquisition
Corp is a borrower were trading in the secondary market around 4.1
cents-on-the-dollar during the week ended Friday, January 10, 2025,
according to Bloomberg's Evaluated Pricing service data.
The $500 million Term loan facility is scheduled to mature on
October 25, 2029. The amount is fully drawn and outstanding.
Astra Acquisition Corp. is a provider of cloud-based software
solutions for higher educational institutions.
ASTRA ACQUISITION: 92% Markdown for Eaton Vance $735,000 Loan
-------------------------------------------------------------
Eaton Vance Senior Floating-Rate T9rust has marked its $735,000
loan extended to Astra Acquisition Corp to market at $589,785 or 8%
of the outstanding amount, according to the Eaton Vance's Form
N-CSRS for the semi-annual period ended October 31, 2024, filed
with the Securities and Exchange Commission.
Eaton Vance is a participant in Term Loan to Astra Acquisition
Corp. The loan accrues interest at a rate of 9.854%, (SOFR + 5.25%)
per annum. The loan matures on October 25, 2028.
Eaton Vance is a Massachusetts business trust registered under the
Investment Company Act of 1940, as amended (the 1940 Act), as a
diversified, closed-end management investment company.
Eaton Vance is led by Kenneth A. Topping, Principal Executive
Officer; and James F. Kirchner, Principal Financial Officer. The
Fund can be reached through:
Kenneth A. Topping
Eaton Vance Senior Floating-Rate Trust
One Post Office Square
Boston, MA 02109
Tel.: (617) 482-8260
- and -
Deidre E. Walsh
Eaton Vance Senior Floating-Rate Trust
One Post Office Square,
Boston, MA 02109
Tel.: (617) 482-8260
Astra Acquisition Corp. is a provider of cloud-based software
solutions for higher educational institutions.
ASTRA ACQUISITION: Eaton Vance Marks $1.08MM Loan at 82% off
------------------------------------------------------------
Eaton Vance Senior Floating-Rate Trust has marked its $1,081,259
loan extended to Astra Acquisition Corp to market at $189,259 or
18% of the outstanding amount, according to the Eaton Vance's Form
N-CSRS for the semi-annual period ended October 31, 2024, filed
with the Securities and Exchange Commission.
Eaton Vance is a participant in Term Loan to Astra Acquisition
Corp. The loan accrues interest at a rate of 17.998%, (SOFR +
13.33%) per annum. The loan matures on October 25, 2029.
Eaton Vance is a Massachusetts business trust registered under the
Investment Company Act of 1940, as amended (the 1940 Act), as a
diversified, closed-end management investment company.
Eaton Vance is led by Kenneth A. Topping, Principal Executive
Officer; and James F. Kirchner, Principal Financial Officer. The
Fund can be reached through:
Kenneth A. Topping
Eaton Vance Senior Floating-Rate Trust
One Post Office Square
Boston, MA 02109
Tel.: (617) 482-8260
- and -
Deidre E. Walsh
Eaton Vance Senior Floating-Rate Trust
One Post Office Square,
Boston, MA 02109
Tel.: (617) 482-8260
Astra Acquisition Corp. is a provider of cloud-based software
solutions for higher educational institutions.
ASTRA ACQUISITION: Eaton Vance Marks $527,000 Loan at 18% off
-------------------------------------------------------------
Eaton Vance Senior Floating-Rate Trust has marked its $527,000 loan
extended to Astra Acquisition Corp to market at $432,188 or 82% of
the outstanding amount, according to the Eaton Vance's Form N-CSRS
for the semi-annual period ended October 31, 2024, filed with the
Securities and Exchange Commission.
Eaton Vance is a participant in Term Loan to Astra Acquisition
Corp. The loan accrues interest at a rate of 11.418%, (SOFR +
6.75%) per annum. The loan matures on February 25, 2028.
Eaton Vance is a Massachusetts business trust registered under the
Investment Company Act of 1940, as amended (the 1940 Act), as a
diversified, closed-end management investment company.
Eaton Vance is led by Kenneth A. Topping, Principal Executive
Officer; and James F. Kirchner, Principal Financial Officer. The
Fund can be reached through:
Kenneth A. Topping
Eaton Vance Senior Floating-Rate Trust
One Post Office Square
Boston, MA 02109
Tel.: (617) 482-8260
- and -
Deidre E. Walsh
Eaton Vance Senior Floating-Rate Trust
One Post Office Square,
Boston, MA 02109
Tel.: (617) 482-8260
Astra Acquisition Corp. is a provider of cloud-based software
solutions for higher educational institutions.
AUTO BUFFY: Commences Subchapter V Bankruptcy Proceeding
--------------------------------------------------------
On January 10, 2025, Auto Buffy Inc. filed Chapter 11 protection
in the U.S. Bankruptcy Court for the District of Maryland.
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 Auto Buffy Inc.
Auto Buffy Inc. is an auto parts retailer specializing in brake
rotors, headlights, quick struts, CV axles, mirrors, wipers, motor
oil, brake pads, wheel hubs, coil springs, motor mounts, ignition
coils, and tail lights.
Auto Buffy Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Md. Case No. 25-10208) on January 10,
2025. In its petition, the Debtor reports estimated assets up to
$50,000 and estimated liabilities between $1 million and $10
million.
Honorable Bankruptcy Judge Michelle M. Harner handles the case.
Stephen A. Metz, Esq., at Offit Kurman, P.A., represents the Debtor
as counsel.
AY PHASE II: DBD to Sell 100% Class A Interests on Jan. 27, 2025
----------------------------------------------------------------
In accordance with applicable provisions of the Uniform Commercial
Code as enacted in New York, DBD AYB Funding LLC, as administrative
agent for DBD AYB Funding LLC and AYB Funding 100 LLC ("secured
party") will sell 100% of the Class A limited liability membership
interests in AY Phase II Development Company LLC, as more
particularly described in that certain amended and restated pledged
and security agreement, dated June 17, 2015, by and among secured
party and AY Phase II Mezzanine LLC ("collateral") to the highest
qualified bidder at public sale
The public sale will take place on Jan. 27, 2025, at 4:30 p.m.,
both in person and remotely from the offices of Rosenberg & Estis
PC, 733 Third Avenue, New York 10017, with access afforded in
person and remotely via zoom or other web-based video conferencing
and telephonic conferencing program selected by secured party.
Secured party's understanding is that the principal assets of the
Class A limited liability membership interests in AY Phase II
Development Company LLC is the parcel of real property on the
entire block bound by Six Avenue, Atlantic Avenue, Pacific Street
and Carlton Street, and the western blockfront of Carlton Street
between Atlantic and Pacific Street in the Prospect Heights section
of Brooklyn, New York, identified as B5, B6, B7 and B8 located in
Brooklyn, New York, and more particularly known as the air rights
parcels above Block 1120 and Block 1211 and the terra firm known as
Block 1120, Lots 19, 28, and 35 in Kings County, New York, as such
collateral is described in that certain Schedule II to the omnibus
first amendment and reaffirmation of loan documents dated as of
June 17, 2015, by and among secured party, AY Phase II Mezzanine
LLC, Forest City Enterprises Inc., Greenland US Holding Inc., and
Greenland US Commercial Holding Inc.
The sale will be conducted by Mannion Auctions LLC, by Matthew
Mannion.
Interested parties who would like additional information regarding
the sale must contact the agent for secured party, Nick Scribani of
Newmark at (212) 372-2113 or Nick.Scribani@nmrk.com.
Attorney for the secured party can be reached at:
Rosenberg & Estis PC
Attn: Eric S. Orenstein, Esq.
733 Third Avenue
New York, New York 10017
Tel: (212) 551-8438
Email: eorenstein@rosenbergestis.com
BEAUX EQUITIES: Seeks Chapter 11 Bankruptcy Protection in New York
------------------------------------------------------------------
On January 9, 2025, Beaux Equities LLC filed Chapter 11 protection
in the U.S. Bankruptcy Court for the Eastern District of New
York.
According to court filing, the Debtor reports between $1 million
and $10 million in debt owed to 1 and 49 creditors. The petition
states funds will be available to unsecured creditors.
About Beaux Equities LLC
Beaux Equities LLC is a lessor of residential buildings and
dwellings.
Beaux Equities LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-40119) on January 9,
2025. In its petition, the Debtor reports estimated assets up to
$50,000 and estimated liabilities between $1 million and $10
million.
Honorable Bankruptcy Judge Jil Mazer-Marino handles the case.
Avrum J. Rosen, Esq., at the Law Offices ofF Avrum J. Rosen PLLC
represents the Debtor as counsel.
BIOTACTICS INC: Asks Court to OK Deal on Cash Collateral Access
---------------------------------------------------------------
Biotactics, Inc. signed a stipulation with the CDC Small Business
Finance allowing the company to use its secured creditor's cash
collateral.
The stipulation, which is subject to court approval, allows the
company to use cash collateral until April 30 for payment of
post-petition expenses.
As protection, CDC will receive replacement lien on all
post-petition assets and revenues of Biotactics to the same extent
and with the same priority and validity as its pre-bankruptcy lien.
Moreover, Biotactics will pay CDC $1,422 per month as additional
protection.
The U.S. Bankruptcy Court for the Central District of California
will hold a hearing on Jan. 15 to consider approval of the
stipulation.
A copy of the stipulation is available at
https://urlcurt.com/u?l=mtWzY6 from PacerMonitor.com.
About Biotactics Inc.
Biotactics, Inc. sought relief under Subchapter V of Chapter 11 of
the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 24-12038) on
Dec. 6, 2024, with up to $500,000 in assets and up to $1 million in
liabilities. Howard Andrew Maltby, president of Biotactics, signed
the petition.
Judge Victoria S. Kaufman oversees the case.
The Law Offices of Michael Jay Berger serves as the Debtor's
bankruptcy counsel.
BK RACING: Payne, et al.'s Motion to Withdraw Reference Denied
--------------------------------------------------------------
In the case captioned as Matthew W. Smith, Plaintiff, v. Darrin L.
Payne et al., Defendants, Case No. 3:23-cv-00770-RJC (W.D.N.C.),
Judge Robert J. Conrad, Jr. of the United States District Court for
the Western District of North Carolina denied the motion filed by
Defendants Darrin L. Payne, Felicia Payne, BRBRC Irrevocable Trust,
DLP Tax & Accounting Services, Patricia Gambino, John Pitrelli, Old
Dominion Settlements, Inc., and Old Dominion Law PLLC, seeking to
have the reference to the adversary proceeding brought by Matthew
W. Smith, as the sole manager for BK Racing, LLC, withdrawn
pursuant to 28 U.S.C. Sec. 157.
On February 15, 2018, debtor BK Racing, LLC commenced a voluntary
chapter 11 bankruptcy case in the bankruptcy court for this
district. BK Racing, LLC confirmed a chapter 11 plan of liquidation
in February 2020. Plaintiff Matthew W. Smith, as the sole manager
for the reorganized debtor, then commenced several adversary
proceedings. During the approximately six years that the bankruptcy
court has spent administering the debtor's base bankruptcy case and
related adversary proceedings, it has conducted four separate
trials and several related hearings.
On August 30, 2023, Plaintiff filed a complaint against Defendants
and FVCbank in this action (Adversary Proceeding No. 23-03030). The
causes of action raised include:
(1) unfair and deceptive trade practices pursuant to N.C. Gen.
Stat. Sec. 75-1.1;
(2) avoidance of actual fraudulent transfers pursuant to N.C.
Gen. Stat. Sec. 39-23.1 and/or Va. Code Ann. Sec. 55.1-400;
(3) avoidance of constructive fraudulent transfers pursuant to
N.C. Gen. Stat. Sec. 39-23.1 and/or Va. Code Ann. Sec. 55.1-401;
(4) claim for monetary sanctions and attorneys' fees pursuant to
Va. Code Ann. Sec. 55.1-403;
(5) civil conspiracy;
(6) aiding and abetting fraud/fraudulent transfers;
(7) conversion;
(8) stay violation pursuant to 11 U.S.C. Sec. 362(k); and
(9) turnover of property to the estate pursuant to 11 U.S.C.
Sec. 542.
On October 30, 2023, Defendants filed their respective answers and
motions to dismiss asserting in part that the United States
Bankruptcy Court for the Western District of North Carolina lacks
jurisdiction to enter a final order, demanding a jury trial on all
triable claims, and stating their lack of consent to a jury trial
before the bankruptcy court.
Defendants argue that the District Court should exercise its
discretion to withdraw the reference to Adversary Proceeding No.
23-03030.
Having evaluated the parties' arguments and independently examined
the relevant factors, the District Court finds insufficient cause
to withdraw the reference.
The factors considered include:
(1) whether the proceeding is core or non-core;
(2) the uniform administration of bankruptcy proceedings;
(3) expediting the bankruptcy process and promoting judicial
economy;
(4) the efficient use of debtors' and creditors' resources;
(5) the reduction of forum shopping; and
(6) the preservation of the right to a jury trial.
Because Plaintiff's claims consist primarily of non-bankruptcy,
state law causes of action, the District Court finds that the first
factor weighs in favor of withdrawal.
Application of the remaining factors, however, counsels against
withdrawing the reference.
The uniform administration of bankruptcy cases weighs in favor of
retention. The District Court finds that Plaintiff's claims should
be referred to the bankruptcy court for all pre-trial proceedings
until cause is shown for withdrawal or until they are ready for
trial before a district court.
Judicial economy and efficiency further favor retention in this
case. The record demonstrates that the base bankruptcy proceeding
has been pending for several years, and at this stage, the District
Court finds that the bankruptcy court is more familiar with the
parties and factual makeup of this case.
Because nothing in the record suggests that withdrawing the
reference would increase the likelihood of forum shopping in this
case, the District Court finds the fifth factor inapplicable.
Despite Defendants' demand for a jury trial, there is no
requirement that this Court withdraw the reference at this stage,
and considerations of judicial economy and efficiency counsel
against doing so. The District Court, therefore, finds that their
jury demand arguments in favor of withdrawal do not outweigh the
efficiency that would be lost if the case were withdrawn at this
stage.
Judge Conrad says the bankruptcy court will oversee all discovery
matters and, if necessary, issue findings of fact and conclusions
of law on any dispositive motions. The reference will be withdrawn
once the case is ready for trial.
A copy of the Court's decision dated Jan. 6, 2025, is available at
https://urlcurt.com/u?l=ufq4X8 from PacerMonitor.com.
About BK Racing
BK Racing, LLC, was a Monster Energy NASCAR Cup Series Toyota
Racing team headquartered in Charlotte, North Carolina. The team
was founded in 2012 after owners Ron Devine and Wayne Press
acquired Red Bull Racing.
BK Racing sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. W.D.N.C. Case No. 18-30241) on Feb. 15, 2018. In its
petition signed by Kathy Burch, power of attorney for managing
member Brenda Devine, the Debtor estimated assets and liabilities
of $10 million to $50 million.
Judge Craig J. Whitley oversees the case.
The Debtor hired The Henderson Law Firm PLLC as its legal counsel.
Matthew W. Smith was appointed to serve as Chapter 11 trustee for
the Debtor. The trustee hired Grier Furr & Crisp, PA as his legal
counsel, and The Finley Group, Inc. as his financial advisor.
Smith operated BK Racing for most of the race season and until the
team assets could be sold. A sale occurred on August 24, 2018.
Under the first plan of liquidation confirmed on February 11, 2020,
Smith was appointed sole manager of the reorganized Debtor. He was
then tasked with investigating and pursuing litigation claims for
the benefit of the Debtor's creditors.
BL SANTA FE: Realty Financial Case Can't Proceed to Mediation
-------------------------------------------------------------
The Honorable Jennifer L. Hall of the United States District Court
for the District of Delaware accepted the recommendation from
Magistrate Judge Christopher J. Burke that the case captioned as
REORGANIZED DEBTOR BL SANTA FE, LLC, Appellant, v. REALTY
FINANCIAL RESOURCES, INC., Appellee, Civil Action No. 24-1077-JLH
(D. Del.), be withdrawn from the mandatory referral for mediation
and proceed through the appellate process of this court.
Briefing on this bankruptcy appeal shall proceed in accordance with
the following schedule:
1. Appellant's brief in support of the appeal is due on or
before February 3, 2025.
2. Appellee's brief in opposition to the appeal is due on or
before March 5, 2025.
3. Appellant's reply brief is due on or before March 19, 2025.
A copy of the Court's decision is available at
https://urlcurt.com/u?l=yPQLI0 from PacerMonitor.com.
About BL Santa Fe
BL Santa Fe, LLC and BL Santa Fe (MEZZ), LLC own and operate
Bishop's Lodge, a luxury resort located at 1297 Bishops Lodge Road,
Santa Fe, N.M.
The Debtors filed petitions for Chapter 11 protection (Bankr. D.
Del. Lead Case No. 21-11190) on Aug. 30, 2021, listing $50 million
to $100 million in both assets and liabilities. Judge Craig T.
Goldblatt oversees the cases.
The Debtors tapped the Law Offices of Frank J. Wright, PLLC and
Young Conaway Stargatt & Taylor, LLP as legal counsel, and
ValueScope, Inc. as restructuring advisor. Stretto serves as the
Debtors' claims and noticing agent and administrative advisor.
BRIGHT BIDCO: $300MM Bank Debt Trades at 53% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Bright Bidco BV is
a borrower were trading in the secondary market around 46.6
cents-on-the-dollar during the week ended Friday, January 10, 2025,
according to Bloomberg's Evaluated Pricing service data.
The $300 million Payment in kind Term loan facility is scheduled to
mature on October 29, 2027. About $297 million of the loan has been
drawn and outstanding.
Amsterdam, The Netherlands-based Bright Bidco B.V. designs and
manufactures discrete semiconductor devices and circuits for light
emitting diodes.
C M HEAVY: Seeks to Hire Whitten Burrage as Special Counsel
-----------------------------------------------------------
C M Heavy Machinery, LLC seeks approval from the U.S. Bankruptcy
Court for the Eastern District of Oklahoma to employ Whitten
Burrage as special counsel.
The firm will render these services:
a. Provide legal advice and services with respect to
prosecution of a breach of contract and bad faith civil litigation
case against Debtor's insurer, AXIS Insurance Company, and Debtor's
insurance agent, Caden Bolles and Bolles & Associates, LLC d/b/a
Multi County Insurance, and preparation of any associated pleadings
pertaining thereto, relating to an insurance claim submitted by
Debtor in September 2023 pertaining to a fire loss that occurred in
August 2023.
b. Provide legal advice and services with respect to
adjudication and the recovery of damages, costs, and attorney's
fees and the judgments obtained by Debtor against its insurer Axis
Insurance and its insurance agency Caden Bolles and Bolles &
Associates, LLC d/b/a Multi County Insurance, including damages for
breach of contract, bad faith, recovery of costs and attorney's
fees, pre-judgment interest, and punitive damages and preparation
of any associated pleadings, hiring of expert witnesses, and/or
related work.
Whitten Burrage has agreed to provide legal services on a
contingency fee basis. Such contingency fee percentage is 50
percent, which is the customary contingency fee arrangement in bad
faith litigation.
Whitten Burrage and its attorneys are disinterested parties within
the meaning of 11 U.S.C. Sec. 101(14), according to court filings.
The firm can be reached through:
Reggie Whitten, Esq.
Michael Burrage, Esq.
Blake Sonne, Esq.
Hannah Whitten, Esq.
WHITTEN BURRAGE
512 N. Broadway Ave., Suite 300
Oklahoma City, OK 73102
Telephone: (405) 516-7800
Facsimile: (405) 516-7859
Emails: mburrage@whittenburragelaw.com
rwhitten@whittenburragelaw.com
bsonne@whittenburragelaw.com
hwhitten@whittenburragelaw.com
About C M Heavy Machinery, LLC
C M Heavy sells and rents a full range of heavy machinery and
equipment, including Hardwood Mats, Skids, Ag Tractors, Dozers,
Pole Trailers, Crawler Carrier (Morooka), Rubber Tire Back Hoes,
Pipelayers, Padding Machines, Padding Buckets, Welding Tractors,
Pipe Carriers, Air Compressors and Excavators.
C M Heavy Machinery, LLC in Okemah, OK, filed its voluntary
petition for Chapter 11 protection (Bankr. E.D. Okla. Case No.
24-80617) on Aug. 7, 2024, listing $19,152,335 in assets and
$5,491,300 in liabilities. Clint Meadors as president, signed the
petition.
Judge Paul R Thomas oversees the case.
THE VERSTANDIG LAW FIRM, LLC serve as the Debtor's legal counsel.
CALPINE CORP: S&P Places 'BB-' CCR on CreditWatch Positive
----------------------------------------------------------
S&P Global Ratings placed its 'BB-' corporate credit ratings on
Calpine Corp. (Calpine) on CreditWatch with positive implications.
When the acquisition is successfully completed, S&P will consider
Calpine as core to Constellation and will equalize its corporate
credit ratings on Calpine with those of Constellation's.
S&P sees the generation fleets as complementary.
Constellation Energy Corp. (CEG) announced it will acquire Calpine
Corp. (Calpine) in a stock-for-stock exchange of about $26.6
billion, in effective enterprise value. The transaction includes
the assumption of about $12.7 billion of Calpine's debt.
Transaction terms include total equity consideration of $16.4
billion that will be financed with $11.9 billion of CEG's wholly
owned subsidiary Constellation Energy Generation LLC's
(Constellation) stock and $4.5 billion cash on the balance sheet,
including about $1.8 billion of Calpine's 2025 cash flow
generation. No incremental acquisition debt is contemplated.
Calpine's leverage is higher than Constellation's as of September
2024 and as a result, the company's pro forma leverage will
increase once the acquisition closes. We expect Constellation will
deleverage within two years of the acquisition close.
S&P said, "Our assessment of Constellation's standalone business
risk profile reflects its strong position as one of the largest
wholesale electricity producers in the U.S. On a stand-alone basis,
the company has a large footprint, with approximately 33 gigawatts
(GW) of generating capacity and adequate geographic diversity,
although its assets are concentrated (approximately 67%) in the
Midwest and Mid-Atlantic regions. It mostly derives its output from
nuclear generation (at about 87% of aggregate); the balance is a
mix of natural gas, oil, and renewable assets.
"We view Calpine's portfolio as complementary to that of
Constellation's not only from its technology and fuel diversity,
but also its geographic footprint across power markets. From a
competitive advantage perspective, the combination allows the pro
forma company to generate cash flows by hedging the combined
portfolio through channels that include capacity auctions, retail
and wholesale load sales, nuclear production tax credits, and
bilateral and exchange sales. We also believe existing hedging
strategies at both companies provide visibility to ratable hedged
margins for the pro forma combination through 2028."
Still, Calpine's retail power business is smaller relative to its
generation megawatts, so the pro forma company's exposure to
merchant generation increases to about 320 terawatt hours. However,
new generation supply on the grid primarily comprises intermittent
renewables, increasing the value of reliable baseload nuclear,
geothermal, and gas-fired generation. S&P said, "With the
anticipated load growth through 2030, we believe the increase in
merchant length from Calpine's fleet--along the intermediate and
peaking portions of the supply dispatch stack--offers a competitive
advantage to Constellation's baseload generation to best serve
retail customers as well as large loads."
S&P views owning generation as credit favorable in the short to
medium term.
Calpine's fleet still dispatches at relatively low capacity
factors. Its fleetwide capacity factors increased to about 56% in
2024 from about 50% in 2020. This supports our belief that demand
is growing. S&P said, "We estimate capacity factors are highest in
Texas, with the west being close behind and the east in the mid- to
high-40% area over the past two years. We believe the majority of
the additional margin that Calpine captures comes from higher price
volatility and not from additional run time."
The still-low capacity factors show the influence of renewables and
demonstrates energy markets are well supplied during off-shoulder
months and typical daylight hours. While renewables proliferation
is a risk, their inability to provide power as a firm product
continues to be tested. These fleetwide capacity factors for gas
generation also present the opportunity to lock in large loads as
they commence operations.
S&P said, "While we continue to see outer-year risks to natural gas
generation, the dramatic increase in the digital economy has
extended the asset lives of Calpine's gas generation fleet well
into the 2040s, in our opinion.
"We will continue to assess Calpine on a stand-alone basis until a
successful close.
"We have historically viewed Calpine's lack of fuel diversity as a
weakness in its business risk profile assessment. With surging
demand, we see the business risk profile as improving, as reflected
in the higher fleet capacity factors.
"We estimate Calpine's economic generation is currently hedged
about 95% in 2025, declining to about 43% in 2028. We note since
its take-private transaction in 2018, Calpine has met–-and
exceeded-–our cash flow (and financial ratio) estimates. The
company has also returned over $8 billion in distributions to its
sponsors over the past eight years.
"We will view Calpine as core to Constellation.
"While we have yet to review details of the organization structure
post close, we expect Calpine to become a wholly owned subsidiary
of Constellation. Given Calpine will contribute about 35% of
aggregate EBITDA, we would consider it as a core subsidiary of the
CEG group." Aspects that S&P sees as relevant to the core
designation include:
-- Calpine is a material proportion of the consolidated group (27
GW of 61 GW of generation for the combined entity).
-- While some individual assets could be sold, we believe Calpine
will be an integral part of the group. The consolidated company
improves the diversity of the asset makeup, with Calpine's assets
addressing some of the limitations in the Constellation portfolio
(i.e., dispatchable and load-following generation).
-- Both companies are in the same line of business (independent
power producer; IPP) and have been operating for more than five
years.
-- While there will be no cross-default clauses or guarantees from
Constellation on the debt assumed from Calpine, S&P expects the
capital structure to be collapsed and simplified over the next two
to three years, with all new debt issuance (except for project
debt) issued at the Constellation level.
S&P said, "The CreditWatch positive placement on Calpine and its
debt issues reflects the prospects of a ratings upgrade following a
successful acquisition. Based on our group assessment, we expect to
view Calpine as a core entity to the pro forma company and would
likely upgrade the issuer credit rating and secured issue-level
ratings to 'BBB+'. We do not expect Calpine's debt to benefit from
cross guarantees from Constellation, and Calpine has a significant
amount of secured debt that ranks ahead of its unsecured debt.
Therefore, we would rate the unsecured debt at Calpine a notch
below its secured ratings following the close of the acquisition."
CATALENT INC: S&P Withdraws 'B+' ICR Following Acquisition by Novo
------------------------------------------------------------------
S&P Global Ratings withdrew all ratings on Catalent Inc. and its
subsidiary Catalent Pharma Solutions Inc., including its 'B+'
issuer credit rating. This follows its acquisition by Novo Holdings
A/S (unrated). All of Catalent's rated loans and bonds have been
repaid or redeemed.
CATHOLIC MEDICAL: S&P Affirms 'BB+' Rating on Revenue Bonds
-----------------------------------------------------------
S&P Global Ratings revised the outlook to developing from stable
and affirmed its 'BB+' rating on the New Hampshire Health &
Education Facilities Authority's tax-exempt revenue bonds, issued
for Catholic Medical Center (CMC).
"The outlook revision reflects CMC's planned acquisition by
for-profit Healthcare Corp. of America (HCA, BBB-/Stable), which
received regulatory approval from the state on Jan. 6, 2025," said
S&P Global Ratings credit analyst Marc Arcas. Given that HCA is a
for-profit entity, CMC will be required to defease all of its
tax-exempt debt outstanding as part of the transaction. This
includes the series 2012 and 2017 bonds. Therefore, we will
withdraw our rating on CMC's debt within 30 days of the debt
obligations being defeased. Although unlikely, there could be
rating pressure should the transaction not close in a timely
manner."
The rated bonds are secured by a gross revenue pledge and a
mortgage on some facilities of the obligated group, which consists
of the hospital only and excludes the physician practice.
S&P said, "We base our rating on CMC Healthcare System, which
includes the hospital, physician practice, and some smaller
affiliates. In previous reviews, we had based our rating on
GraniteOne, a now dissolved organization that consisted of CMC and
two smaller hospitals in the state that were outside the obligated
group." Management at the three entities decided to dissolve
GraniteOne after its proposed merger with Dartmouth Health was not
approved by regulators. GraniteOne's dissolution was effective May
30, 2024.
"The rating reflects our view of CMC's multiyear trend of sizable
operating losses, which accelerated in fiscal years 2023 and 2024,
coupled with a deterioration in balance-sheet metrics such as DCOH
due to weak operations and the dissolution of GraniteOne, which was
accretive in certain ways to the combined organization's financial
profile," Mr. Arcas added. In line with our expectations from our
last review in August 2024, CMC had an operating loss of more than
$40 million in fiscal 2024, which S&P sees as sizable, especially
against a breakeven budget. Persistently elevated labor costs are
the main generator of the losses, although the hospital also
experienced some one-time disruptions in fiscal 2024 that resulted
in softer patient volumes.
The rating also reflects CMC's deteriorating debt profile, with
elevated leverage resulting from a decline in capitalization and
negative maximum annual debt service (MADS) coverage. Our
calculation of MADS coverage is for the consolidated CMC Healthcare
System, and therefore differs from the covenant calculation under
the master trust indenture (MTI), which applies to the hospital
only. As per the MTI's calculation, CMC was in compliance with its
1.2x debt service covenant requirement in both fiscal years 2023
and 2024.
S&P said, "The developing outlook reflects our expectation that,
once the asset purchase agreement with HCA closes, funds in an
amount sufficient to pay or redeem any existing principal and
interest on the series 2012 and 2017 bonds will be deposited in
trust with the master trustee. We will withdraw our rating on CMC's
debt within 30 days of the debt obligations being satisfied.
Although unlikely, there could be rating pressure should the
transaction not close in a timely manner."
CCRR PARENT: Eaton Vance Marks $2.2MM Loan at 23% off
-----------------------------------------------------
Eaton Vance Senior Floating-Rate Trust has marked its $2,525,000
loan extended to CCRR Parent, Inc to market at $1,942,394 or 77% of
the outstanding amount, according to the Eaton Vance's Form N-CSRS
for the semi-annual period ended October 31, 2024, filed with the
Securities and Exchange Commission.
Eaton Vance is a participant in Term Loan to CCRR Parent, Inc. The
loan accrues interest at a rate of 9.05%, (SOFR + 4.25%) per annum.
The loan matures on March 6, 2028.
Eaton Vance is a Massachusetts business trust registered under the
Investment Company Act of 1940, as amended (the 1940 Act), as a
diversified, closed-end management investment company.
Eaton Vance is led by Kenneth A. Topping, Principal Executive
Officer; and James F. Kirchner, Principal Financial Officer. The
Fund can be reached through:
Kenneth A. Topping
Eaton Vance Senior Floating-Rate Trust
One Post Office Square
Boston, MA 02109
Tel.: (617) 482-8260
- and -
Deidre E. Walsh
Eaton Vance Senior Floating-Rate Trust
One Post Office Square,
Boston, MA 02109
Tel.: (617) 482-8260
CCRR, with operating head offices in Ohio, is a temporary
healthcare staffing agency providing nurses on assignments to
hospitals and medical centers, including both traditional and fast
response staffing, across the US. The company also supplies nurses
during strikes and provides interventional cardiologists for rural
and remote hospitals. CCRR is majority owned by Cornell and
Trilantic Capital Partners.
CEMTREX INC: Appoints Paul Wyckoff as Chief Financial Officer
-------------------------------------------------------------
Cemtrex, Inc. disclosed in a Form 8-K Report filed with the U.S.
Securities and Exchange Commission that on January 6, 2025, Paul J.
Wyckoff was appointed as Chief Financial Officer where he is
responsible for the Company's financial planning, accounting, tax,
and business process functions. Mr. Wyckoff has been with Cemtrex
since March of 2014 when he joined as the Manager of Financial
Reporting and since January of 2022 has served as the Interim Chief
Financial Officer. Prior to joining Cemtrex, Mr. Wyckoff was the
Controller at Vaso Corporation (formerly Vasomedical, Inc.) a
medical device distribution company based in Plainview, NY. Mr.
Wyckoff has over 20 years of private accounting experience and
holds a B.S. in Accounting from SUNY College at Old Westbury.
Mr. Wyckoff does not hold and has not held over the past five years
any other directorships in any company with a class of securities
registered pursuant to Section 12 of the Exchange Act or subject to
the requirements of Section 15(d) of the Exchange Act or any
company registered as an investment company under the Investment
Company Act of 1940.
There are no family relationships between Mr. Wyckoff and any of
the Company's directors or executive officers.
About Cemtrex
Cemtrex, Inc. was incorporated in 1998 in the state of Delaware and
has evolved through strategic acquisitions and internal growth into
a multi-industry company. During the first quarter of fiscal year
2023, the Company reorganized its reporting segments to be in line
with its current structure consisting of (i) Security, (ii)
Industrial Services, and (iii) Cemtrex Corporate.
Jericho, New York-based Grassi & Co, CPAs, P.C., the Company's
auditor since 2021, issued a "going concern" qualification in its
report dated Dec. 30, 2024, citing that the Company has sustained
net losses and has significant short-term debt obligations, which
raise substantial doubt about its ability to continue as a going
concern.
As of Sept. 30, 2024, Cemtrex had $44,115,458 in total assets,
$39,154,616 in total liabilities, $250,165 in non-controlling
interest and $4,710,677 in total Cemtrex stockholders' equity.
CEMTREX INC: Regains Compliance With Nasdaq's Minimum Equity Rule
-----------------------------------------------------------------
Cemtrex, Inc. disclosed in a Form 8-K Report filed with the U.S.
Securities and Exchange Commission that it received a letter from
The Nasdaq Stock Market LLC notifying the Company that based on the
Company's Form 10-K filed on December 30, 2024, evidencing
stockholders' equity of $4,710,677, Nasdaq has determined that the
Company complies with the Minimum Stockholder's Equity
Requirement.
As reported on Form 8-K filed with the SEC on August 23, 2024, on
August 21, 2024, the Company received a notification letter from
the Listing Qualifications Department of Nasdaq notifying the
Company that, because the stockholder's equity for the Company was
below $2,500,000 as reported on our Form 10-Q for the period ended
June 30, 2024, the Company no longer meets the minimum
shareholder's equity requirement for continued listing on The
Nasdaq Capital Market under Nasdaq Marketplace Rule 5550(b)(1),
requiring a minimum stockholder's equity of $2,500,000.
Additionally, as reported on Form 8-K filed on October 25, 2024,
with the SEC, on October 23, 2024, the Company received a letter
from Nasdaq that it had been granted an extension to February 17,
2025, to regain compliance with the Minimum Stockholder's Equity
Requirement.
The matter is now closed.
About Cemtrex
Cemtrex, Inc. was incorporated in 1998 in the state of Delaware and
has evolved through strategic acquisitions and internal growth into
a multi-industry company. During the first quarter of fiscal year
2023, the Company reorganized its reporting segments to be in line
with its current structure consisting of (i) Security, (ii)
Industrial Services, and (iii) Cemtrex Corporate.
Jericho, New York-based Grassi & Co, CPAs, P.C., the Company's
auditor since 2021, issued a "going concern" qualification in its
report dated Dec. 30, 2024, citing that the Company has sustained
net losses and has significant short-term debt obligations, which
raise substantial doubt about its ability to continue as a going
concern.
As of Sept. 30, 2024, Cemtrex had $44,115,458 in total assets,
$39,154,616 in total liabilities, $250,165 in non-controlling
interest and $4,710,677 in total Cemtrex stockholders' equity.
CITY BREWING: Eaton Vance Marks $1.07MM Loan at 53% off
-------------------------------------------------------
Eaton Vance Senior Floating-Rate Trust has marked its $1,075,000
loan extended to City Brewing Co. LLC to market at $510,443 or 47%
of the outstanding amount, according to the Eaton Vance's Form
N-CSRS for the semi-annual period ended October 31, 2024, filed
with the Securities and Exchange Commission.
Eaton Vance is a participant in Second Lien Term Loan to City
Brewing Co. LLC. The loan accrues interest at a rate of 9.918%,
(SOFR + 5.262%), 8.409% cash, 1.509% Payment In Kind)) per annum.
The loan matures on April 5, 2028.
Eaton Vance is a Massachusetts business trust registered under the
Investment Company Act of 1940, as amended (the 1940 Act), as a
diversified, closed-end management investment company.
Eaton Vance is led by Kenneth A. Topping, Principal Executive
Officer; and James F. Kirchner, Principal Financial Officer. The
Fund can be reached through:
Kenneth A. Topping
Eaton Vance Senior Floating-Rate Trust
One Post Office Square
Boston, MA 02109
Tel.: (617) 482-8260
- and -
Deidre E. Walsh
Eaton Vance Senior Floating-Rate Trust
One Post Office Square,
Boston, MA 02109
Tel.: (617) 482-8260
City Brewing Company, LLC operates as a brewery company. The
Company produces beverages by contract, including beer, malts,
teas, and energy drinks.
CITY BREWING: Eaton Vance Marks $184,000 Loan at 16% off
--------------------------------------------------------
Eaton Vance Senior Floating-Rate Trust has marked its $184,000 loan
extended to City Brewing Co. LLC to market at $154, 958 or 84% of
the outstanding amount, according to the Eaton Vance's Form N-CSRS
for the semi-annual period ended October 31, 2024, filed with the
Securities and Exchange Commission.
Eaton Vance is a participant in Term Loan to City Brewing Co. LLC.
The loan accrues interest at a rate of 10. 906% (SOFR + 6.25%) per
annum. The loan matures on April 5, 2028.
Eaton Vance is a Massachusetts business trust registered under the
Investment Company Act of 1940, as amended (the 1940 Act), as a
diversified, closed-end management investment company.
Eaton Vance is led by Kenneth A. Topping, Principal Executive
Officer; and James F. Kirchner, Principal Financial Officer. The
Fund can be reached through:
Kenneth A. Topping
Eaton Vance Senior Floating-Rate Trust
One Post Office Square
Boston, MA 02109
Tel.: (617) 482-8260
- and -
Deidre E. Walsh
Eaton Vance Senior Floating-Rate Trust
One Post Office Square,
Boston, MA 02109
Tel.: (617) 482-8260
City Brewing Company, LLC operates as a brewery company. The
Company produces beverages by contract, including beer, malts,
teas, and energy drinks.
CITY BREWING: Eaton Vance Marks $569,000 Loan at 22% off
--------------------------------------------------------
Eaton Vance Senior Floating-Rate Trust has marked its $569,000 loan
extended to City Brewing Co. LLC to market at $443,866 or 78% of
the outstanding amount, according to the Eaton Vance's Form N-CSRS
for the semi-annual period ended October 31, 2024, filed with the
Securities and Exchange Commission.
Eaton Vance is a participant in Term Loan to City Brewing Co. LLC.
The loan accrues interest at a rate of 8.418%, (SOFR + 3.50%) per
annum. The loan matures on April 5, 2028.
Eaton Vance is a Massachusetts business trust registered under the
Investment Company Act of 1940, as amended (the 1940 Act), as a
diversified, closed-end management investment company.
Eaton Vance is led by Kenneth A. Topping, Principal Executive
Officer; and James F. Kirchner, Principal Financial Officer. The
Fund can be reached through:
Kenneth A. Topping
Eaton Vance Senior Floating-Rate Trust
One Post Office Square
Boston, MA 02109
Tel.: (617) 482-8260
- and -
Deidre E. Walsh
Eaton Vance Senior Floating-Rate Trust
One Post Office Square,
Boston, MA 02109
Tel.: (617) 482-8260
City Brewing Company, LLC operates as a brewery company. The
Company produces beverages by contract, including beer, malts,
teas, and energy drinks.
CITY WIDE COMMUNITY: Court Narrows Claims in Lawsuit vs Dallas
--------------------------------------------------------------
In the case captioned as CITY WIDE COMMUNITY DEVELOPMENT
CORPORATION, Plaintiff/Appellant, v. CITY OF DALLAS,
Defendant/Appellee, CIVIL ACTION NO. 3:23-CV-2410-B (N.D. Tex.),
Judge Jane J. Boyle of the United States District Court for the
Northern District of Texas affirmed in part and reversed in part
the order of the United States Bankruptcy Court for the Northern
District of Texas granting the motion of the City of Dallas to
dismiss four claims in City Wide's adversary proceeding with
prejudice.
This is an appeal arising out of an adversary proceeding in a
bankruptcy case. City Wide contracted with Dallas to complete a
project in which City Wide would acquire and redevelop nine
different properties on Dallas's behalf. Dallas loaned City Wide a
total of $1.33 million to complete the Opal Project. Additionally,
the parties' contract provided that if City Wide failed to complete
the Opal Project, Dallas would take possession of the nine
properties.
City Wide filed for Chapter 11 bankruptcy in the United States
Bankruptcy Court for the Northern District of Texas. In those
proceedings, Dallas filed a proof of claim, Claim 16-1, seeking to
recover the $1.33 million that it loaned City Wide.
City Wide separately initiated this adversary proceeding asserting
claims against Dallas that arose from the Opal Project. In the
operative Complaint, it asserts four claims, some of which seek to
prevent Dallas from recovering the $1.33 million it loaned City
Wide.
First, City Wide brings a cause of action seeking injunctive
relief. Second, City Wide seeks declaratory relief that City Wide
did not default on the parties' contract and to remove the cloud of
title. Third, City Wide brings a cause of action for equitable
estoppel alleging that Dallas promised it would not enforce the
contractual deadline to complete the Opal Project. Fourth, City
Wide seeks a declaratory judgment that Dallas may not foreclose on
the Opal Project under a promissory estoppel theory.
Dallas moved to dismiss City Wide's claims under Federal Rules of
Civil Procedure 12(b)(1) and 12(b)(6). It argued that the
bankruptcy court did not have subject-matter jurisdiction over the
case because the suit was barred by governmental immunity. It also
argued that City Wide failed to state a claim upon which relief can
be granted.
The bankruptcy court concluded that Dallas waived its governmental
immunity by filing a proof of claim in City Wide's bankruptcy
proceedings. Thus, it denied Dallas's motion to dismiss for lack of
subject-matter jurisdiction.
However, the bankruptcy court then concluded that City Wide's
claims were barred by Dallas's governmental immunity and granted
the motion to dismiss under Rule 12(b)(6) for failure to state a
claim. It separately concluded that Count III of City Wide's
Complaint failed to state a claim because equitable estoppel is not
an independent cause of action. The bankruptcy court dismissed City
Wide's four claims with prejudice. City Wide subsequently appealed.
The District Court affirms the bankruptcy court's finding that
Dallas waived its governmental immunity by filing a proof of claim
in City Wide's bankruptcy proceedings. Thus, the bankruptcy court
correctly concluded that it had subject-matter jurisdiction over
the case.
The District Court reverses the bankruptcy court's decision that
City Wide failed to state a claim because Counts I, II, and IV of
City Wide's Complaint were barred by governmental immunity. It
finds the bankruptcy court erred by requiring City Wide to
demonstrate that Dallas not only waived its governmental immunity
under the Bankruptcy Code, but that Dallas also waived its immunity
under Texas law. The bankruptcy court also erred by dismissing the
case with prejudice for failing to state a claim after concluding
the case was barred by governmental immunity.
Judge Boyle says, if City Wide's claims were barred by governmental
immunity, the bankruptcy court should have dismissed the case
without prejudice for lack of subject-matter jurisdiction, as
opposed to dismissing it with prejudice for failure to state a
claim. In sum, Dallas waived its governmental immunity under Sec.
106(b) of the Bankruptcy Code by filing a proof of claim in City
Wide's bankruptcy proceedings. And because Sec. 106 overrides state
law on governmental immunity, Dallas's governmental immunity does
not prevent City Wide from stating a claim.
The District Court affirms the bankruptcy court's dismissal of
Count III of City Wide's Complaint because equitable estoppel is
not an independent cause of action under Texas law.
The case is remanded to the bankruptcy court for further
proceedings.
A copy of the Court's decision dated Jan. 7, 2025, is available at
https://urlcurt.com/u?l=T1bTFh from PacerMonitor.com.
About City-Wide Community Development
City-Wide Community Development Corp. and affiliates are primarily
engaged in renting and leasing real estate properties.
City-Wide Community Development Corp. and affiliates Lancaster
Urban Village Residential, LLC, and Lancaster Urban Village
Commercial, LLC, sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 21-30847) on April
30, 2021. In the petitions signed by Sherman Roberts, president
and chief executive officer, the Debtors disclosed $12,026,657 in
assets and $10,332,946 in liabilities. Judge Michelle V. Larson
oversees the cases. Kevin S. Wiley, Sr., Esq. and Kevin S. Wiley,
Jr., Esq. at the Wiley Law Group, PLLC, are the Debtors' legal
counsel.
COASTAL CREW: Seeks Chapter 11 Bankruptcy Protection in Delaware
----------------------------------------------------------------
On January 11, 2025, Coastal Crew Change Co. LLC filed Chapter 11
protection in the U.S. Bankruptcy Court for the District of
Delaware.
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 Coastal Crew Change Co. LLC
Coastal Crew Change Co. LLC operates as a specialized
transportation provider based in Lake Charles, Louisiana, with
corporate offices in Dallas, Texas.
Coastal Crew Change Co. LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10029) on January
11, 2025. In its petition, the Debtor reports estimated assets and
liabilities between $10 million and $50 million each.
Matthew B. McGuire of Landis Rath & Cobb LLP represents the Debtor
as counsel.
CONSTANT CONTACT: $300MM Bank Debt Trades at 19% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Constant Contact
Inc is a borrower were trading in the secondary market around 80.9
cents-on-the-dollar during the week ended Friday, January 10, 2025,
according to Bloomberg's Evaluated Pricing service data.
The $300 million Term loan facility is scheduled to mature on
February 12, 2029. About $250 million of the loan has been drawn
and outstanding.
Constant Contact, Inc. operates as a marketing company. The Company
provides e-mail marketing services as well as conducts social media
campaigns, managing digital storefronts, and creating online
surveys for businesses, associations, and organizations to help
them to connect with their customers and members.
COORDINATED REGIONAL: Seeks Chapter 11 Bankruptcy Protection
------------------------------------------------------------
On January 12, 2025, Coordinated Regional Care Group LLC filed
Chapter 11 protection in the U.S. Bankruptcy Court for
the Northern District of Texas.
According to court filing, the Debtor reports between $1 billion
and $10 billion in debt owed to more than 10,000 creditors. The
petition states funds will be available to unsecured creditors.
About Coordinated Regional Care Group LLC
Coordinated Regional Care Group LLC operates as a healthcare
services provider based in Culver City, California. The company
functions as a subsidiary of Prospect Medical Holdings, Inc., which
provides coordinated healthcare services across California,
Connecticut, Pennsylvania, Texas, and Rhode Island.
Coordinated Regional Care Group LLC sought relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-80003)
on January 12, 2025. In its petition, the Debtor reports estimated
assets and liabilities between $1 billion and $10 billion each.
Honorable Bankruptcy Judge Jud Stacey G. Jernigan handles the
case.
Thomas Robert Califano, Esq., at Sidley Austin LLP, represents the
Debtor as counsel.
COST LESS: Unsecured Creditors to Split $312K over 5 Years
----------------------------------------------------------
Cost Less Distributing, Inc., filed with the U.S. Bankruptcy Court
for the Eastern District of Michigan a Plan of Reorganization under
Subchapter V dated January 6, 2025.
Cost Less is a Michigan corporation whose shareholders are Timothy
Green and Matthew Ovadek. The company sells pet treats and related
products to independent pet stores. Cost Less was incorporated in
July, 2020 by Timothy Green.
This case was filed due largely to pre-bankruptcy state court
litigation pending in the Genesee Count Circuit Court. Cost Less
received defective, bug-infested product from a company called FN
USA Inc. The lack saleable inventory led to delays in shipping and
damaged customer relationships.
A dispute over what amount was due to FN resulted in litigation
before the Genesee County Circuit Court, in which FN USA was
ultimately awarded a judgment in the amount of $346,355.33. That
judgment resulted in the issuance of an order to seize property and
the company's warehouse be padlocked and inventory seized. After
being unable to resolve this matter, Debtor file this case on
October 7, 2024.
Cost Less Distributing, Inc.'s financial projections show that the
Debtor will have projected disposable income of $25,000.00. The
final Plan payment is expected to be paid on or about May 31, 2029.
These projections are based on Debtor's principals' experience with
operating the business both prior to and during the pendency of the
filing.
This Plan proposes to pay Creditors of Cost Less Distributing, Inc.
from the Debtor's cash flow from operations and future income.
Class IV shall consist of partially or wholly unsecured claims.
Each Holder of Class IV Claims shall receive a Pro Rata
distribution attributable to its Allowed General Unsecured Claim
based on monthly payments each year by the Debtor from the Debtor's
Projected Disposable Income for a period of 5 years. The first
payment shall be the first day of the month not less than 60 days
after the Effective Date. Such payments shall continue to be made
monthly on the first day of each calendar quarter thereafter for a
period of 5 years from the first payment.
For the initial 24 months of payments each monthly plan payment
shall total $3,000.00. For the next 24 months, the monthly payments
shall increase to $5,000.00. Finally, during last 12 months of the
plan, the monthly payments shall be $10,000.00 per month. This will
result in a total, gross payment to unsecured creditors of
$312,000.00. This Class is Impaired.
Class V consists of the equity claims of interest in Cost Less
Distributing, Inc. Timothy Green and Matthew Ovadek shall retain
their ownership interests in Cost Less Distributing. This Class is
Unimpaired.
Cost Less Distributing, Inc. shall be responsible for satisfying
the Allowed Claims in accordance with the terms and provisions of
this Plan. The Reorganized Debtor Cost Less Distributing, Inc. will
retain control of and be responsible for all of Debtor's activities
pursuant to this Plan after the Effective Date. Funding for the
administration of the bankruptcy estates and of this Plan and for
the actions necessary shall come from funds on hand.
A full-text copy of the Plan of Reorganization dated January 6,
2025 is available at https://urlcurt.com/u?l=XXBuah from
PacerMonitor.com at no charge.
The Debtor's Counsel:
Peter T. Mooney, Esq.
SIMEN, FIGURA & PARKER, PLC
5206 Gateway Centre #200
Flint, MI 48507
Tel: (810) 235-9000
E-mail: pmooney@sfplaw.com
About Cost Less Distributing
Cost Less Distributing Inc. is a family-owned company in the pet
treat and pet food industry. In addition to its pet treat program,
the company now offers cell phone charger cable, Cooper Street
cookies for humans, and will soon introduce its own small batch,
gourmet popcorn.
Cost Less Distributing sought relief under Subchapter V of Chapter
11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No.
24-31912) on October 7, 2024, with up to $50,000 in assets and up
to $10 million in liabilities. Matthew Ovadek, vice president,
signed the petition.
Judge Joel D. Applebaum oversees the case.
The Debtor is represented by Peter T. Mooney, Esq., at Simen,
Figura & Parker, PLC.
CRUCIBLE INDUSTRIES: Hires Calibre Group as Asset Sale Advisor
--------------------------------------------------------------
Crucible Industries LLC seeks approval from the U.S. Bankruptcy
Court for the Northern District of New York to hire Calibre Group,
LLC as asset sale advisor.
The firm's services include:
a. assisting the Debtor with providing notice to parties as
well as promoting and soliciting competing bids for the acquisition
of Crucible’s assets as contemplated in, and required by the
Bidding Procedures Order;
b. assisting the Debtor, in identifying and screening suitable
prospective purchasers, partners, investors or capital providers;
c. assisting the Debtor in producing, editing and coordinating
the materials and information to be made available to Prospective
Acquirors, including but not limited to a teaser, information
memorandum, and a management presentation; and
d. providing such other services as are consistent with its
role as an asset sale advisor as may be mutually agreed upon by
Calibre and the Debtor.
Calibre and the Debtor agreed to terms for monthly payments:
i. Upon approval of the Engagement Agreement by the Bankruptcy
Court, a non-refundable retainer fee of $15,000; and
ii. Beginning on Jan. 20, 2025, and continuing on the same day
of each month thereafter during the term of this Agreement, a
monthly non-refundable retainer fee of $15,000.
In addition to the monthly payments, Calibre and the Debtor have
agreed to a cash fee (the Sale Bonus) for the consummation of a
transaction involving the Debtor’s assets and business. the Sale
Bonus will be paid as follows:
a. If the cumulative Transaction value (for the avoidance of
doubt the Transaction value will be equal to the sum of total cash
consideration to be paid plus all liabilities assumed by the
Prospective Acquiror) is less than or equal to $15 million, then
the Company will pay Calibre (a) $500,000, minus (b) the amount of
the amount of (1) the Monthly Payments paid to Calibre, plus (2)
the Prepetition Retainer Payment; and
b. If, and when, the cumulative Transaction Value becomes
greater than $15 million then the Company will pay Calibre (a)
$750,000, minus (b) the amount paid to Calibre under paragraph
12(a) above.
As disclosed in the court filings, Calibre is a "disinterested
person" as that term is defined in section 101(14) of the
Bankruptcy Code, as modified by section 1107(b); and does not hold
or represent an interest adverse to the Debtor's estate.
The firm can be reached through:
Jeremy Breazzano
Calibre Group LLC
44 Abele Road, Beacon 1 Suite 200
Bridgeville, PA 15017
Tel: (412) 756-0066
About Crucible Industries LLC
Crucible Industries LLC provides steel products. The Company
exports and produces steel. Crucible Industries operates in New
York.
Crucible Industries LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D.N.Y. Case No. 24-31059) on December 12,
2024. In its petition, the Debtor reports estimated assets and
liabilities between $10 million and $50 million each.
Charles J. Sullivan of Bond, Schoeneck & King, PLLC is the Debtor's
counsel.
CRUCIBLE INDUSTRIES: Seeks to Tap Bond Schoeneck & King as Counsel
------------------------------------------------------------------
Crucible Industries, LLC seeks approval from the U.S. Bankruptcy
Court for the Northern District of New York to hire Bond, Schoeneck
& King, PLLC as counsel.
The firm's services include:
a. advising the Debtor regarding its function and duties as a
debtor in possession;
b. advising the Debtor regarding matters of bankruptcy law;
c. representing the Debtor in proceedings and hearings in the
United States District and Bankruptcy Courts for the Northern
District of New York;
d. assisting in the preparation of the Debtor's schedules of
assets and liabilities and statement of financial affairs;
e. negotiating with all creditors, including secured lenders;
f. examining liens against property of the estate;
g. negotiating with taxing authorities, if necessary;
h. preparing and filing on behalf of the Debtor all necessary
applications, motions, orders, reports, complaints, answers and
other pleadings and documents in the administration of the estate;
i. taking all necessary action to protect and preserve the
Debtor's estate, including the prosecution of actions on the
Debtor's behalf, the defense of any actions commenced against the
Debtor, negotiations in connection with any litigation in which the
Debtor is involved, and objections to claims filed against the
Debtor's estate;
j. providing assistance, advice and representation with
respect to any sale or proposed sale of all or any assets of the
Debtor's bankruptcy estate, including, without limitation,
negotiating definitive documentation, evaluating competing offers,
conducting an auction (if necessary), and facilitating the
consummation of any sale transaction;
k. providing assistance, advice and representation concerning
the confirmation of any proposed plan(s) and solicitation of any
acceptances or responding to rejections of such plan(s);
l. providing assistance, advice and representation concerning
any investigation of the assets, liabilities and financial
condition of the Debtor that may be required under local, state or
federal law;
m. providing counsel and representation with respect to
assumption or rejection of executory contracts and leases, sales of
assets and other bankruptcy-related matters arising from this
Chapter 11 Case;
n. advising the Debtor regarding all legal matters arising
during the Chapter 11 Case, including, but not limited to, labor,
corporate, finance, intellectual property, tax and commercial
matters; and
o. providing all other pertinent and required representation
in connection with the provisions of the Bankruptcy Code.
Bond's hourly rates range from $150 to $550 per hour.
Bond received a retainer in the amount of $154,554.95,
Charles Sullivan, Esq., a partner at Bond Schoeneck & King,
disclosed in a court filing that his firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Charles J. Sullivan, Esq.
Bond Schoeneck & King, PLLC
One Lincoln Center
110 West Fayette St
Syracuse, NY 13202-1355
Tel: (315) 218-8336
Fax: (315) 218-8436
Email: csullivan@bsk.com
About Crucible Industries
Crucible Industries, LLC is a New York-based company that
manufactures and exports steel products.
Crucible Industries filed Chapter 11 petition (Bankr. N.D.N.Y. Case
No. 24-31059) on December 12, 2024. In its petition, the Debtor
reported $10 million to $50 million in both assets and
Liabilities.
Judge Wendy A. Kinsella oversees the case.
Charles J. Sullivan, Esq., at of Bond, Schoeneck & King, PLLC is
the Debtor's legal counsel.
CRYSTAL BASIN: Hires Peter G. Macaluso as Bankruptcy Counsel
------------------------------------------------------------
Crystal Basin Cellars, Inc. seeks approval from the U.S. Bankruptcy
Court for the Eastern District of California to hire the Law Office
of Peter G. Macaluso as its general insolvency counsel.
The firm's services include:
a. consulting with Debtor concerning its present financial
situation. Debtor’s realistic achievable goals, and the efficacy
of various forms of bankruptcy as a means to achieve its goals;
b. preparing the documents necessary to commence the
bankruptcy case;
c. advising Debtor concerning its duties as
debtor-in-possession in a Chapter 11 Subchapter V case;
d. identifying, prosecuting, and defending claims and cause of
actions ascertainable by or against the estate;
e. preparing applications, motions, answers, briefs, records,
reports, notices, proposed orders, and other papers in connection
with administration of the estate, including the formulation of the
Chapter 11 Subchapter V plan, drafting the plan, and prosecuting
legal proceedings to seal confirmation of the plan;
f. if necessary, preparing and prosecuting such pleadings as
complaints to avoid preferential transfers or transfers deemed
fraudulent as to creditors, motions to authority to borrow money,
sell property, or compromise claims and objections to claims; and
g. taking all necessary action to protect and preserve the
estate, and all other legal services requested.
The counsel estimates that fees will probably be at least $5,000.
The firm will be reimbursed for out-of-pocket expenses incurred.
Peter Macaluso, Esq., a partner at the Law Offices of Peter G.
Macaluso, disclosed in a court filing that his firm is a
"disinterested person" pursuant to Section 101(14) of the
Bankruptcy Code.
The firm can be reached at:
Peter G. Macaluso, Esq.
LAW OFFICES OF PETER G. MACALUSO
7230 South Land Park Drive, Suite 127
Sacramento, CA 95831
Tel: (916) 392-6591
Cell: (916) 705-8847
Fax: (916) 392-6590
Email: info@pmbankruptcy.com
About Crystal Basin Cellars
Crystal Basin Cellars, Inc. sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. E.D. Calif. Case No. 24-25612) on
December 13, 2024, with $1 million to $10 million in both assets
and liabilities. Michael Owen, president of Crystal Basin Cellars,
signed the petition.
Judge Christopher D. Jaime presides over the case.
Peter G. Macaluso, Esq., at the Law Office of Peter G. Macaluso
represents the Debtor as bankruptcy counsel.
DEL MONTE FOODS: Eaton Vance Marks $884,000 Loan at 43% off
-----------------------------------------------------------
Eaton Vance Senior Floating-Rate Trust has marked its $884,000 loan
extended to Del Monte Foods, Inc to market at $505,249 or 57% of
the outstanding amount, according to the Eaton Vance's Form N-CSRS
for the semi-annual period ended October 31, 2024, filed with the
Securities and Exchange Commission.
Eaton Vance is a participant in Second Lien Term Loan to Del Monte
Foods, Inc. The loan accrues interest at a rate of 9.427%, (SOFR +
4.40%) per annum. The loan matures on August 2, 2028.
Eaton Vance is a Massachusetts business trust registered under the
Investment Company Act of 1940, as amended (the 1940 Act), as a
diversified, closed-end management investment company.
Eaton Vance is led by Kenneth A. Topping, Principal Executive
Officer; and James F. Kirchner, Principal Financial Officer. The
Fund can be reached through:
Kenneth A. Topping
Eaton Vance Senior Floating-Rate Trust
One Post Office Square
Boston, MA 02109
Tel.: (617) 482-8260
- and -
Deidre E. Walsh
Eaton Vance Senior Floating-Rate Trust
One Post Office Square,
Boston, MA 02109
Tel.: (617) 482-8260
Del Monte Foods, Inc manufactures and distributes packaged food
products. The Company provides canned fruits and vegetables, as
well as a wide range of snacks. Del Monte Foods serves customers
worldwide.
DIOCESE OF SYRACUSE: AZRA in Contempt for Survivor Data Disclosure
------------------------------------------------------------------
Judge Wendy A. Kinsella of the United States Bankruptcy Court for
the Northern District of New York held that AZRA's disclosure of
confidential survivor information to Insurance Services Office,
Inc. in the bankruptcy case of The Roman Catholic Diocese of
Syracuse, New York warrants a finding of contempt.
The Official Committee of Unsecured Creditors seeks an order from
the Court:
(i) finding that AZRA was in contempt for each instance in which
AZRA provided confidential survivor information to ISO in violation
of the Bar Date Order; and
(ii) directing that survivors impacted by the improper
disclosure be notified.
At the evidentiary hearing on October 17, 2024, the parties agreed
the survivors should be notified and they would work together to
facilitate that process. As a result, the remaining dispute before
the Court is whether AZRA's disclosures under the Bar Date Order
and delay in notifying the Debtor and the Committee of such
disclosures warrant a finding of contempt.
The Bar Date Order contained a Confidentiality Protocol which
limited access to survivors' proofs of claim to Authorized Parties
only after the respective Authorized Party executed an Authorized
Party Confidentiality Agreement Regarding Sexual Abuse Proofs of
Claim. Authorized Parties are prohibited from using or disclosing
information in the Survivors' Claims to parties who are not
Authorized Parties. AZRA executed the Confidentiality Agreement and
became an Authorized Party on June 29, 2021. In spite of the
prohibitions on disclosure, on or around May 2,
2023, AZRA discovered that it had been disclosing certain
Survivors' Claims information to ISO.
The Committee filed the Contempt Motion seeking an order holding
AZRA in contempt for each violation of the Bar Date Order and an
award of sanctions. The undisputed facts confirmed disclosure to a
non-Authorized Party occurred when AZRA's claim specialists input
information from the Survivors' Claims into AZRA's databases, which
automatically transferred that information to ISO's ClaimSearch
Platform, a fraud detection and prevention system.
The Committee argued ISO was not an Authorized Party authorized to
use the confidential information, so AZRA's disclosure to ISO
through the ClaimSearch Platform was not permitted. By making such
unauthorized disclosure, AZRA violated the Bar Date Order, which
was exacerbated by a nearly 5-month delay from when AZRA became
aware of the violation and when it filed the Disclosure Letter. The
Committee asserted that such delay was a further breach that
warranted sanctions.
The Court concludes the Committee has met its burden and satisfied
the requirements for a contempt finding.
Judge Kinsella says the Bar Date Order is clear and unambiguous,
and the proof of noncompliance is clear and convincing. There is no
fair ground of doubt to conclude the disclosure to ISO prior to ISO
executing the Confidentiality Agreement might be lawful. Moreover,
AZRA's argument that it diligently attempted to comply in a
reasonable manner is unconvincing. Protections against disclosure
should have been in place upon signing the Confidentiality
Agreement, and the breach should have been promptly reported to the
Debtor and the Committee in accordance with its terms.
The Court has broad discretion to shape appropriate sanctions,
including in the form of legal fees and costs incurred by a party
seeking to enforce the terms of an order. However, the Court
recognizes any sanction must only be compensatory or coercive and
may not be punitive. In this case, the Committee is not pursuing
sanctions at this time.
A copy of the Court's decision dated Jan. 7, 2025, is available at
https://urlcurt.com/u?l=oQgZtW from PacerMonitor.com.
About The Roman Catholic Diocese of Syracuse
The Roman Catholic Diocese of Syracuse, New York --
http://www.syracusediocese.org/-- through its administrative
offices (a) provides operational support to the Catholic parishes,
schools and certain other Catholic entities that operate within the
territory of the Diocese in support of their shared charitable,
humanitarian and religious missions; (b) conducts school operations
by managing tuition and scholarship payments, employee payroll, and
other school-related operating expenses for separately incorporated
Diocesan schools, as well as providing parish schools with
financial, operational and educational support; and (c) provides
comprehensive risk management services to the OCEs through the
Diocese's insurance program.
The Roman Catholic Diocese of Syracuse, New York filed its
voluntary petition for relief under Chapter 11 of the Bankruptcy
Code (Bank. N.D.N.Y. Case No. 20-30663) on June 19, 2020. Stephen
A. Breen, chief financial officer, signed the petition. At the time
of filing, the Debtor estimated $10 million to $50 million in
assets and $50 million to $100 million in liabilities.
Judge Margaret M. Cangilos-Ruiz oversees the case.
Bond, Schoeneck and King, PLLC, serves as the Debtor's bankruptcy
counsel. The Debtor also tapped Mullen Coughlin LLC as special
counsel, Arete Advisors LLC as cybersecurity consultant, and
Moxfive LLC as technical advisor. Stretto is the claims agent and
administrative advisor.
The U.S. Trustee for Region 2 appointed a committee to represent
unsecured creditors in the Debtor's bankruptcy case. The committee
tapped Stinson, LLP, Saunders Kahler, LLP and Berkeley Research
Group, LLC, as its bankruptcy counsel, local counsel and financial
advisor, respectively.
DITECH HOLDING: $38,000 Smith Claim Disallowed
----------------------------------------------
The Honorable James L. Garrity, Jr. of the United States Bankruptcy
Court for the Southern District of New York entered a Memorandum
Decision and Order sustaining the objection of the Plan
Administrator and the Consumer Claims Trustee in the bankruptcy
case of Ditech Holding Corporation with respect to the proofs claim
filed by Gail Smith. The Court disallows and expunges the claims.
Gail Smith is acting pro se herein. On April 25, 2019, She timely
filed Proof of Claim No. 21385as a secured claim in an undetermined
amount against Ditech Holding Corporation (f/k/a Walter Investment
Management Corp.). On November 11, 2019, She filed Proof of Claim
No. 60202 as an Administrative Expense Claim in an undetermined
amount against Ditech.
The Plan Administrator and the Consumer Claims Trustee jointly
filed the Seventeenth Omnibus Objection and the Twenty-Sixth
Omnibus Objection seeking to disallow proofs of claim, including
the First Claim and Second Claim, respectively, that lack
sufficient information or documentation to support the validity of
the claim on the part of Ditech. In substance, they contend that
the Court should disallow the Claims because neither states a claim
for relief against Ditech. Alternatively, they request that if the
Claims are not disallowed and expunged entirely, that the Court
re-classify the Claims as unsecured Consumer Creditor Claims.
First Claim
Claimant timely filed the First Claim as a secured claim against
Ditech on the basis of "Customer Claims." She contends the First
Claim is secured by a "Manufactured home." She lists the amount of
the claim as "undetermined" but states that the amount of the claim
that is secured is "$38,000." She does not state the amount of the
claim that is unsecured, but asserts the value of the Property as
$38,000. The First Claim does not otherwise provide any additional
explanation or documentation with respect to the nature or amount
of the claim.
The Second Claim
Claimant filed the Second Claim as an administrative expense claim
against Ditech in an undetermined amount. She states the amount of
the Second Claim includes interest or other charges, but does not
attach a statement itemizing such charges as required by Bankruptcy
Rule 3001(c)(2)(A). She states the basis of the claim is "Other
Basis" and "Fake escrow account." The Second Claim does not
otherwise provide any additional explanation or documentation with
respect to the nature or amount of the claim.
The Court held the Sufficiency Hearing.
The Court finds Claimant's conclusory and vague allegations and
attached documentation fail to state a claim for relief against
Ditech. It sustains the Objections and disallows the Claims on the
grounds that they do not state legally cognizable claims against
Ditech. The Court need not, and does not, consider the Plan
Administrator's and Consumer Claims Trustee's alternative requests
for relief.
A copy of the Court's decision is available at
https://urlcurt.com/u?l=N3toqZ from PacerMonitor.com.
About Ditech Holding Corporation
Fort Washington, Pennsylvania-based Ditech Holding Corporation and
its subsidiaries -- http://www.ditechholding.com/-- are
independent servicer and originator of mortgage loans.
Ditech Holding and certain of its subsidiaries, including Ditech
Financial LLC and Reverse Mortgage Solutions, Inc., filed voluntary
Chapter 11 petitions (Bankr. S.D.N.Y. Lead Case No. 19 10412) on
Feb. 11, 2019, after reaching terms with lenders of a Chapter 11
plan that will reduce debt by $800 million.
The Debtors tapped Weil, Gotshal & Manges LLP as legal counsel,
Houlihan Lokey as investment banker and AlixPartners LLP as
financial advisor. Epiq Bankruptcy Solutions LLC served as claims
and noticing agent.
Kirkland & Ellis LLP and FTI Consulting Inc. served as the
consenting term lenders' legal counsel and financial advisor,
respectively.
The U.S. Trustee for Region 2 appointed an official committee of
unsecured creditors in the Debtors' cases on Feb. 27, 2019. The
creditors' committee tapped Pachulski Stang Ziehl & Jones LLP as
its legal counsel and Goldin Associates, LLC, as its financial
advisor.
On May 2, 2019, the U.S. trustee appointed an official committee of
consumer creditors. The consumers committee tapped Quinn Emanuel
Urquhart & Sullivan, LLP, as counsel and TRS Advisors LLC, as
financial advisor.
On Sept. 26, 2019, the Bankruptcy Court confirmed Ditech's Chapter
11 bankruptcy plan, which became effective four days later. A
Consumer Claims Trustee has been appointed in the case and is
represented by Richard Levin, Esq., at Jenner & Block, LLP.
EDGAR AUGUSTO ITURBE: Dismissal of Adversary Proceeding Affirmed
----------------------------------------------------------------
Judge Kenly Kiya Kato of the United States District Court for the
Central District of California affirmed the
November 9, 2023 Order of the United States Bankruptcy Court for
the Central District of California dismissing the adversary
proceeding captioned as Meinhardt, et al. v. Sunny Acre LLC, et
al., Case No. 9:23-ap-1013-RC and remanding it to state court.
On November 20, 2023, pro se debtor and Edgar Augusto Meinhardt
Iturbe appealed the Order.
The Adversary Proceeding arises from the April 11, 2023 removal of
claims from Appellant's 2020 action in Los Angeles Superior Court
to the Bankruptcy Court.
Appellant and Reinaldo Gonzalez Suarez created Corp. Realty USA,
LLC to hold a single-family residential property located in Malibu,
California.
On June 3, 2020 -- the morning of the lender's scheduled
foreclosure sale -- Appellant filed a voluntary petition for relief
pursuant to Chapter 11 of Title 11 of the United States Code, which
immediately stayed the lender's foreclosure sale.
The lender subsequently filed a motion for relief from the
automatic stay to proceed with the nonjudicial foreclosure of the
Property. After briefing by both parties and an evidentiary
hearing, the Bankruptcy Court determined the lender was entitled to
relief from the automatic stay pursuant to 11 U.S.C. Sec. 362(d)(1)
and (4) because (a) the bankruptcy petition was filed in bad faith,
(b) the Property was not necessary for reorganization, and (c) the
bankruptcy petition was part of Appellant's scheme to hinder,
delay, or defraud creditors. Thus, on August 12, 2020, the
Bankruptcy Court entered an Order dismissing the 2020 Bankruptcy
Case.
Following the grant of the lender's motion for relief, the lender
sold the Property at a nonjudicial foreclosure sale to appellee
Sunny Acre, and a trustee's deed upon sale was recorded on August
24, 2020. Despite the sale, however, Appellant refused to vacate
the Property. Consequently, on October 8, 2020, appellee Sunny Acre
served Appellant with a 3-day notice to quit the premises.
On October 30, 2020, Appellant filed the 2020 Superior Court Action
-- specifically, a First Amended Complaint in Los Angeles Superior
Court arising out of the nonjudicial foreclosure sale of the
Property and subsequent Unlawful Detainer Action commenced against
Appellant after he failed to vacate the Property. The FAC raised
several causes of action including, including:
(1) Wrongful Foreclosure;
(2) Violation of the Real Estate Settlement Procedures Act,
(3) Rescission and Damages Under the Truth in Lending Act,
(4) Violation of the Home Ownership and Equity Protection Act,
(5) Fraud and Deceit;
(6) Negligent Misrepresentation;
(7) Breach of Contract, and
(8) Declaratory Relief.
Appellant argues the Bankruptcy Court erred by:
(1) entering the Order to Remand and Dismiss the Adversary
Proceeding while the Motion to
Withdraw the Reference was pending in the 2023 District Court
Action;
(2) abstaining from the Adversary Proceeding;
(3) declining to exercise ancillary jurisdiction over the
Adversary Proceeding;
and
(4) issuing the Order remanding and dismissing before
Appellant's time to file objections
expired.
The District Court finds the Bankruptcy Court did not abuse its
discretion in denying a stay or further continuance pending
resolution of the Motion to Withdraw. The Bankruptcy Court noted
Appellant failed to provide any analysis or reasons justifying a
stay, and thus, failed to meet his burden to establish a stay. The
Appellant provided no evidence that Appellant would suffer
irreparable harm absent a stay. The Bankruptcy Court did note,
however, that granting a stay would delay the state court
proceedings -- thereby harming all parties involved in the state
court action. It also determined the public interest weighed in
favor of resolving matters expeditiously.
The District Court finds the Bankruptcy Court did not abuse it
discretion in declining to continue to exercise jurisdiction over
the Adversary Proceeding after the 2023 Bankruptcy action was
dismissed. In exercising its discretion, the Bankruptcy Court
considered all four factors -- economy, convenience, fairness, and
comity. The Bankruptcy Court reasonably concluded that requiring
the parties to litigate only some of the claims in a new federal
proceeding made little judicial economic sense, nor would it be
fair to the parties.
The District Court also finds the Bankruptcy Court did not abuse
its discretion in remanding the case on equitable grounds because
several of the recognized factors support remand. The Bankruptcy
Court did not also abuse its discretion or violate Appellant's
procedural due process rights when it issued the Order remanding
and dismissing before the two days permitted for objections under
Rule 9021-1(b)(3). Under Local Bankruptcy Rule 1001-1(d), the
Bankruptcy Court acted within its discretion to issue the Order
before the two days allotted for notice of objections expired. The
District Court concludes even assuming the Bankruptcy Court
procedurally erred, this error does not amount to a procedural due
process violation.
A copy of the Court's decision dated Jan. 7, 2025, is available at
https://urlcurt.com/u?l=msQvP8 from PacerMonitor.com.
Edgar Augusto Meinhardt Iturbe filed for Chapter 11 bankruptcy
protection (Bankr. C.D. Cal. Case No. 20-10699) on June 3, 2020,
listing under $1 million in both assets and liabilities. The Debtor
is represented by Brad Handy, Esq. The bankruptcy case was
dismissed on August 12, 2020.
ELECTRONICS FOR IMAGING: $895MM Bank Debt Trades at 18% Discount
----------------------------------------------------------------
Participations in a syndicated loan under which Electronics For
Imaging Inc is a borrower were trading in the secondary market
around 82.4 cents-on-the-dollar during the week ended Friday,
January 10, 2025, according to Bloomberg's Evaluated Pricing
service data.
The $895 million Term loan facility is scheduled to mature on July
23, 2026. About $848.9 million of the loan has been drawn and
outstanding.
Electronics for Imaging is a worldwide provider of products,
technology and services leading the transformation of analog to
digital imaging.
ELEMENTS UES: Voluntary Chapter 11 Case Summary
-----------------------------------------------
Debtor: Elements UES, LLC
1164 Third Avenue
2nd floor
New York, NY 10035
Chapter 11 Petition Date: January 12, 2025
Court: United States Bankruptcy Court
Southern District of New York
Case No.: 25-10033
Judge: Hon. Michael E. Wiles
Debtor's Counsel: Ralph E. Preite, Esq.
CULLEN AND DYKMAN LLP
The Omni Building
333 Earle Ovington Boulevard, 2nd Floor
Uniondale, NY 11553
Tel: 516-357-3700
E-mail: rpreite@cullenllp.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Andrea Fornarola Hunsberger as president
and CEO.
The Debtor failed to include a list of its 20 largest unsecured
creditors in the petition.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/37BBSBI/Elements_UES_LLC__nysbke-25-10033__0001.0.pdf?mcid=tGE4TAMA
EMPLOYBRIDGE HOLDING: Eaton Vance Marks $1.9MM Loan at 28% off
--------------------------------------------------------------
Eaton Vance Senior Floating-Rate Trust has marked its $1,945,000
loan extended to Employbridge Holding Co to market at $1,396,072 or
72% of the outstanding amount, according to the Eaton Vance's Form
N-CSRS for the semi-annual period ended October 31, 2024, filed
with the Securities and Exchange Commission.
Eaton Vance is a participant in Term Loan to Employbridge Holding
Co. The loan accrues interest at a rate of 9.623%, (SOFR + 4.75%)
per annum. The loan matures on July 19, 2027.
Eaton Vance is a Massachusetts business trust registered under the
Investment Company Act of 1940, as amended (the 1940 Act), as a
diversified, closed-end management investment company.
Eaton Vance is led by Kenneth A. Topping, Principal Executive
Officer; and James F. Kirchner, Principal Financial Officer. The
Fund can be reached through:
Kenneth A. Topping
Eaton Vance Senior Floating-Rate Trust
One Post Office Square
Boston, MA 02109
Tel.: (617) 482-8260
- and -
Deidre E. Walsh
Eaton Vance Senior Floating-Rate Trust
One Post Office Square,
Boston, MA 02109
Tel.: (617) 482-8260
Employbridge, LLC operates as an industrial staffing company. The
Company offers temporary associates in manufacturing, logistics,
warehousing, and contact centers.
ENTERCOM MEDIA: Calamos CHI Marks $1.5MM Loan at 55% Off
--------------------------------------------------------
Calamos Convertible Opportunities and Income Fund ("CHI") has
marked its $1,505,000 loan extended to Entercom Media Corp to
market at $679, 936 or 45% of the outstanding amount, according to
a disclosure contained in Calamos CHI's Amended Form N-CSR for the
six-month period ended October 31, 2024, filed with the Securities
and Exchange Commission.
Calamos CHI is a participant in a Bank Loan to Entercom Media Corp.
The loan was scheduled to mature on November 18, 2024.
Calamos provides closed-end funds that use a diversified blend of
convertible securities, equities, fixed income, and alternative
investments across innovative investment strategies to support
competitive distributions throughout a market cycle.
Calamos CHI is led by John P. Calamos, Sr., Founder, Chairman and
Global Chief Investment Officer; and Thomas E. Herman, Principal
Financial Officer. The Fund can be reach through:
John P. Calamos, Sr.
Calamos Advisors LLC
2020 Calamos Court
Naperville, IL 60563-2787
Tel. No.: (630) 245-7200
Entercom Media Corp is in the Communication Services industry.
ENTERCOM MEDIA: Calamos CHY Marks $1.5MM Loan at 55% Off
--------------------------------------------------------
Calamos Convertible and High Income Fund ("CHY") has marked its
$1,527,000 loan extended to Entercom Media Corp to market at
$689,876 or 45% of the outstanding amount, according to a
disclosure contained in Calamos CHY's Amended Form N-CSR for the
six-month period ended April 30, 2024, filed with the Securities
and Exchange Commission.
Calamos CHY is a participant in a Bank Loan to Entercom Media Corp.
The Loan accrues interest at a rate of 8.145% (3 mo. SOFR + 0.00%)
per annum. The loan was scheduled to mature on November 18, 2024.
Calamos provides closed-end funds that use a diversified blend of
convertible securities, equities, fixed income, and alternative
investments across innovative investment strategies to support
competitive distributions throughout a market cycle.
The fiscal year ends October 31.
Calamos CHY is led by John P. Calamos, Sr., Founder, Chairman and
Global Chief Investment Officer; and Thomas E. Herman, Principal
Financial Officer. The Fund can be reach through:
John P. Calamos, Sr.
Calamos Advisors LLC
2020 Calamos Court
Naperville, IL 60563-2787
Tel. No.: (630) 245-7200
Entercom Media Corp is in the Communication Services industry.
ENTERCOM MEDIA: Calamos CPZ Marks $284,000 Loan at 55% Off
----------------------------------------------------------
Calamos Long/Short Equity & Dynamic Income Trust ("CPZ") has marked
its $284,000 loan extended to Entercom Media Corp to market at
$128,307 or 45% of the outstanding amount, according to a
disclosure contained in Calamos CPZ's Amended Form N-CSR for the
six-month period ended October 31, 2024, filed with the Securities
and Exchange Commission.
Calamos CPZ is a participant in a Bank Loan to Entercom Media Corp.
The Loan accrues interest at a rate of 0.00% (3 mo. SOFR + 0.00%)
per annum. The loan was scheduled to mature on November 18, 2024.
Calamos provides closed-end funds that use a diversified blend of
convertible securities, equities, fixed income, and alternative
investments across innovative investment strategies to support
competitive distributions throughout a market cycle.
Calamos CPZ is led by John P. Calamos, Sr., Founder, Chairman and
Global Chief Investment Officer; and Thomas E. Herman, Principal
Financial Officer. The Fund can be reach through:
John P. Calamos, Sr.
Calamos Advisors LLC
2020 Calamos Court
Naperville, IL 60563-2787
Tel. No.: (630) 245-7200
Entercom Media Corp is in the Communication Services industry.
ENTERCOM MEDIA: Calamos CSQ Marks $1.7MM Loan at 55% Off
--------------------------------------------------------
Calamos Strategic Total Return Fund ("CSQ")has marked its
$1,755,000 loan extended to Entercom Media Corp to market at
$792,883 or 45% of the outstanding amount, according to a
disclosure contained in Calamos CSQ's Amended Form N-CSR for the
six-month period ended October 31, 2024, filed with the Securities
and Exchange Commission.
Calamos CSQ is a participant in a Bank Loan to Entercom Media Corp.
The loan was scheduled to mature on November 18, 2024.
Calamos provides closed-end funds that use a diversified blend of
convertible securities, equities, fixed income, and alternative
investments across innovative investment strategies to support
competitive distributions throughout a market cycle.
Calamos CSQ is led by John P. Calamos, Sr., Founder, Chairman and
Global Chief Investment Officer; and Thomas E. Herman, Principal
Financial Officer. The Fund can be reach through:
John P. Calamos, Sr.
Calamos Advisors LLC
2020 Calamos Court
Naperville, IL 60563-2787
Tel. No.: (630) 245-7200
Entercom Media Corp is in the Communication Services industry.
EOS FINCO: EUR475MM Bank Debt Trades at 33% Discount
----------------------------------------------------
Participations in a syndicated loan under which EOS Finco Sarl is a
borrower were trading in the secondary market around 67.2
cents-on-the-dollar during the week ended Friday, January 10, 2025,
according to Bloomberg's Evaluated Pricing service data.
The EUR475 million Term loan facility is scheduled to mature on
October 8, 2029. The amount is fully drawn and outstanding.
EOS US Finco LLC is a hardware technology company based in the
United States. The Company's country of domicile is Luxembourg.
EPIPHANY ENVIRONMENTAL: Files Chapter 7 Bankruptcy in Pennsylvania
------------------------------------------------------------------
Patty Tascarella of Pittsburgh Business Times reports that Epiphany
Environmental LLC, operating as Epiphany Water Solutions, has filed
for Chapter 7 bankruptcy protection in the U.S. Bankruptcy Court
for the Western District of Pennsylvania, signaling a liquidation
process.
It reported liabilities of over $1,000,001 and assets ranging from
$100,000 to $500,000, the report said, citing court documents. A
creditors' meeting is scheduled for February 3, 2025, based on a
filing made on January 8.
Mark Lindsay, Esq., at Raines Feldman Littrell, representing
Epiphany, did not respond to requests for comment, and attempts to
reach interim CEO and chairman James Dietz were unsuccessful, the
report states.
According to Pittsburgh Business Times, Epiphany, known for its
innovations in water treatment and wastewater disposal, developed a
process to purify fracking water. The company aimed to build a
facility on the Allegheny River in Potter County, with JKLM Energy
as a customer. JKLM, owned by billionaire Terry Pegula, who also
owns the Buffalo Sabres and Buffalo Bills, later withdrew from the
project following opposition from environmental groups and the
Seneca Nation. As a result, plans for the facility were shelved in
early 2018.
In July 2023, the Pennsylvania Infrastructure Investment Authority
(PennVEST) announced a $6.1 million loan to Epiphany to purchase
and upgrade an existing metals separation pre-treatment plant in
Clarion County. The upgrades were meant to allow the plant to
process up to 60,000 gallons of oil and gas wastewater per day,
reducing the reliance on well disposal and discharges into state
waters, the report states.
About Epiphany Environmental LLC
Epiphany Environmental LLC, doing business as Epiphany Water
Solutions, is a Pittsburgh company that planned to build a frack
waste treatment plant in at least one western Pennsylvania county.
Epiphany Environmental LLC sought relief under Chapter 7 of the
U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 24-23097) December
20, 2024. In its petition, the Debtor reports estimated liabilities
of over $1,000,001 and assets ranging from $100,000 to $500,000.
Honorable Bankruptcy Judge John C. Melaragno handles the case.
Mark A. Lindsay, Esq., at Raines Feldman Littrell LLP, represents
the Debtor as counsel.
ESCAMBIA OPERATING: Moncla Loses Bid to Transfer McManigle Case
---------------------------------------------------------------
Judge Kristi K. DuBose of the United States District Court for the
Southern District of Alabama denied Moncla Workover & Drilling
Operations, LLC's motion to transfer venue of the case captioned as
DREW McMANIGLE, as Chapter 11 Trustee of ESCAMBIA OPERATING
COMPANY, LLC and ESCAMBIA ASSET COMPANY, LLC, Plaintiff, v. MONCLA
WORKOVER & DRILLING OPERATIONS, LLC, Defendant,CIVIL ACTION NO.
1:24-00295-KD-N (S.D. Ala.) to the United States Bankruptcy Court
for the Southern District of Mississippi.
Moncla was hired to perform workover services on Escambia's GB
Booth 36-14 Well in Atmore, Alabama. On January 1, 2024, over 1,000
feet of pipe was dropped into the Booth Well during workover
operations, rendering the Booth Well inoperable.
On August 21, 2024, the Trustee filed Escambia's complaint for
damages arising from the Incident in the Southern District of
Alabama. The Complaint asserts claims for negligence and negligent
supervision -- alleging that Escambia hired Moncla to provide
services on the Booth Well and that Moncla's employees negligently
damaged it.
On November 4, 2024, Moncla filed a motion to transfer venue to the
Southern District of Mississippi in order to refer the case to the
Bankruptcy Court for the Southern District of Mississippi where the
Bankruptcy Case is currently pending.
Although the Bankruptcy Case is pending in the Southern Division of
the Southern District of Mississippi (located in Gulfport,
Mississippi), the presiding bankruptcy judge is located in Jackson,
Mississippi. As a result, proceedings in the Bankruptcy Case are
conducted in Jackson. Mobile, Alabama is more proximate than either
Gulfport or Jackson to the location of the Incident and to the
location of Escambia's operations and documents.
Moncla has filed a third-party claim asserting that Eastern Energy
Services, Inc. is responsible for the Incident.
To the Trustee's knowledge, the bankruptcy court in Mississippi has
not spent time addressing the facts and legal issues of this case
aside from approving the retention of counsel. The Trustee is
charged with protecting the interests of the Escambia bankruptcy
estate, and the Trustee does not believe that transfer of this case
to the bankruptcy court is necessary to promote the economic and
efficient administration of the bankruptcy estate. The Trustee
believes that litigating in the Southern District of Alabama is in
the best interests of the bankruptcy estate, particularly given
that the Incident occurred in Alabama.
Moncla moves for a transfer of venue pursuant to section 1412.
Moncla argues that this litigation falls under title 11 and that
transfer is warranted in the interests of justice and for the
convenience of the parties. The Trustee counters with several
arguments. First, that section 1404(a) governs venue transfer and,
under that provision, transfer is not warranted. Second, that
transfer is not warranted under section 1412 because neither the
interest of justice nor the convenience of the parties supports
transfer.
According to Judge DuBose, Moncla has not carried its burden of
showing that the following factors warrant transfer:
(1) economics of estate administration;
(2) presumption in favor of the home court;
(3) judicial efficiency;
(4) ability to receive a fair trial;
(5) the state's interest in having local controversies decided
within its borders, by those familiar with its laws;
(6) enforceability of any judgment rendered; and
(7) plaintiff's original choice of forum.
If the movant has not proved by a preponderance of the evidence
that the preceding factors weigh in favor of the transfer, then
plaintiff's choice of forum remains the proper venue. In this case,
Moncla has failed to prove by a preponderance of the evidence that
the other factors warrant transfer. Thus, the Trustee's choice of
forum remains the proper venue, Judge DuBose finds. She also finds
Moncla has failed to prove by a preponderance of the evidence that
a transfer is warranted for convenience of the parties.
Judge DuBose concludes that this litigation is 'related to' the
Bankruptcy Case. Section 1412 governs whether transfer of venue is
proper. Under section 1412, Moncla has failed to meet its burden of
showing that a transfer is warranted. The motion is denied.
A copy of the Court's decision is available at
https://urlcurt.com/u?l=gJskdi from PacerMonitor.com.
About Escambia Operating Company
Escambia Operating Company, LLC and its affiliates, Escambia Asset
Company, LLC and Blue Diamond Energy, Inc., filed
Chapter 11 petitions (Bankr. S.D. Miss. Lead Case No.23-50491) on
April 2, 2023, with $10 million to $50 million in both assets and
liabilities.
Judge Jamie A. Wilson oversees the cases.
The Debtors tapped Patrick A. Sheehan, Esq., and Steve Wright
Mullins, Esq., as bankruptcy attorneys.
Drew McManigle, the Chapter 11 trustee appointed in the Debtors'
cases, tapped Jones Walker, LLP as bankruptcy counsel; MACCO
Restructuring Group, LLC as financial advisor; M P Boots Petroleum
Engineering Services, LLC as valuation advisor; and Matthews,
Cutrer and Lindsay, PA as accountant.
FCA CONSTRUCTION: Southstar's Motion for Summary Judgment Denied
----------------------------------------------------------------
Judge Meredith S. Grabill of the United States Bankruptcy Court for
the Eastern District of Louisiana denied the motion filed by
Southstar Financial, LLC seeking summary judgment on Counts 1
through 5 in the amended complaint in adversary proceeding
captioned as FCA CONSTRUCTION LLC, PLAINTIFF, V. SOUTHSTAR
FINANCIAL, LLC, DEFENDANT, ADV. NO. 24-1007 (Bankr. E.D. La.).
On December 12, 2022, FCA and certain of its affiliates executed
three agreements with Southstar, including a Non-Recourse Factoring
and Security Agreement.
The Factoring Agreement granted Southstar a standing option to
purchase certain of FCA's and FCA Affiliates' accounts receivables
at a discount.
Southstar first held back funds in the reserve escrow account on or
about December 28, 2022.
Southstar paid a minimum of $600,000.00 to FCA's suppliers,
subcontractors, and other dealers under the Factoring Agreement.
Although the parties dispute whether and to what extent FCA
breached the Factoring Agreement, Southstar sent three notices of
default to FCA between April 20, 2023, and August 31, 2023.
On August 27, 2023, FCA and the FCA Affiliates filed suit against
Southstar in the U.S. District Court for the Eastern District of
Louisiana. The suit was eventually transferred to the U.S. District
Court for the District of South Carolina.
On February 6, 2024, Southstar deducted $50,466.75 from the reserve
escrow account for attorneys' fees for Southstar's outside counsel
involved in the litigation with FCA.
On April 23, 2024, FCA filed this adversary proceeding against
Southstar.
The first two counts in the Amended Complaint filed by FCA
Construction, LLC, in the adversary proceeding seek:
(i) a declaratory judgment that $226,717.39 held by Southstar in
escrow is property of FCA's bankruptcy estate (Count 1) and
(ii) turnover of those escrowed funds to FCA as a
debtor-in-possession pursuant to 11 U.S.C. Sec. 542 (Count 2).
The Amended Complaint includes four additional causes of action
against Southstar:
(i) avoidance of fraudulent transfers under 11 U.S.C. Sec. 548
(Count 3);
(ii) avoidance of preference payments under 11 U.S.C. Sec. 547
(Count 4);
(iii) recovery of avoided transfers under 11 U.S.C. Sec. 550
(Count 5); and
(iv) disallowance of all Southstar's claims under 11 U.S.C. Sec.
502 (Count 6).
The Motion seeks summary judgment on Counts 1 through 5 alleged in
the Amended Complaint as well as the Counterclaim. FCA filed an
opposition to the Motion and a statement of uncontested facts in
support of its opposition.
Southstar contends that:
(1) the funds held in the reserve escrow account are Southstar's
property, and, thus, seeks summary judgment against FCA on the
Turnover Claims;
(2) there is no genuine dispute that FCA received reasonably
equivalent value for the alleged fraudulent transfers, so FCA's
claim under 11 U.S.C. Sec. 548 fails as a matter of law;
(3) there is no genuine dispute that either the escrowed funds
are property of Southstar or that the Attorney Fee Charge was made
in the ordinary course of business, so FCA's claim under 11 U.S.C.
Sec. 547 fails as a matter of law; and
(4) FCA cannot recover under 11 U.S.C. Sec. 550 because
Counts 3 and 4 fail as a matter of law.
The Court finds that:
(1) Southstar has failed to meet its burden to obtain a grant of
summary judgment as there are genuine issues of material fact
regarding ownership of the funds held in the reserve escrow
account;
(2) Southstar has failed to meet its burden of demonstrating
that no genuine issue of material fact exists regarding whether FCA
received reasonably equivalent value for the alleged fraudulent
transfers;
(3) Southstar has failed to meet its burden of demonstrating
that a genuine issue of material fact exists regarding whether the
Attorney Fee Charge was made in the ordinary course of business;
and
(4) genuine issues of material fact exist regarding whether the
Attorney Fee Charge or the Overpayments are avoidable under either
Secs. 547
Judge Grabill concludes that because genuine issues of material
fact exists, the resolution of the Amended Complaint and the
Counterclaim is better suited for resolution at a trial on the
merits. Accordingly, the Motion is denied.
A copy of the Court's decision dated Jan. 6, 2025, is available at
https://urlcurt.com/u?l=hLRley from PacerMonitor.com.
About FCA Construction LLC
FCA Construction LLC is a general contractor specializing in
residential construction and roofing, commercial construction and
roofing, disaster recovery, disaster roof replacement, and
electrical and mechanical services.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. La. Case No. 24-10702) on
April 11, 2024. In the petition signed by Albert Courcelle, III,
member, the Debtor disclosed $3,417,686 in assets and $7,768,774 in
liabilities.
Judge Meredith S. Grabill oversees the case.
Tristan Manthey, Esq., at FISHMAN HAYGOOD, L.L.P., is the Debtor's
legal counsel.
FCA CONSTRUCTION: Summary Judgment Bid on Turnover Claims Denied
----------------------------------------------------------------
Judge Meredith S. Grabill of the United States Bankruptcy Court for
the Eastern District of Louisiana denied FCA Construction LLC's
motion for partial summary judgment on the turnover claims in the
adversary proceeding captioned as FCA CONSTRUCTION LLC, PLAINTIFF,
V. SOUTHSTAR FINANCIAL, LLC, DEFENDANT, ADV. NO. 24-1007 (Bankr.
E.D. La.).
On December 12, 2022, FCA and certain of its affiliates executed
three agreements with Southstar, including a Non-Recourse Factoring
and Security Agreement.
The Factoring Agreement granted Southstar a standing option to
purchase certain of FCA's and FCA Affiliates' accounts receivables
at a discount.
On April 23, 2024, FCA filed this adversary proceeding against
Southstar.
The first two counts in the Amended Complaint filed by FCA
Construction, LLC, in the adversary proceeding seek:
(i) a declaratory judgment that $226,717.39 held by Southstar in
escrow is property of FCA's bankruptcy estate (Count 1), and
(ii) turnover of those escrowed funds to FCA as a
debtor-in-possession pursuant to 11 U.S.C. Sec. 542 (Count 2).
The Amended Complaint includes four additional causes of action
against Southstar:
(i) avoidance of fraudulent transfers under 11 U.S.C. Sec. 548
(Count 3);
(ii) avoidance of preference payments under 11 U.S.C. Sec. 547
(Count 4);
(iii) recovery of avoided transfers under 11 U.S.C. Sec. 550
(Count 5); and
(iv) disallowance of all Southstar's claims under 11 U.S.C. Sec.
502 (Count 6).
Southstar filed an opposition to the Motion and a statement of
uncontested facts in support of its opposition.
FCA alleges that the Escrowed Funds are property of the estate
under 11 U.S.C. Sec. 541 based on two separate theories under state
law. It contends that the Factoring Agreement was either terminated
pursuant to the Termination Notice that Southstar sent to FCA on
August 31, 2023, or Southstar's liens on FCA's accounts receivable
were extinguished since FCA's "factor due" balance in the Portal is
$0. Under either scenario, Southstar can no longer assert any
security interest in the Escrowed Funds. Alternatively, assuming
that the Factoring Agreement was not terminated or extinguished,
FCA contends that the Escrowed Funds consist of payments on
unfactored accounts receivable. It retained ownership rights to the
unfactored accounts receivable, and to the degree Southstar could
collect on them, it could only do so as a junior lienholder. Thus,
FCA requests turnover of the Escrowed Funds as a
debtor-in-possession pursuant to 11 U.S.C. Sec. 542.
The Court finds that:
(1) FCA has failed to meet its burden of demonstrating that a
genuine issue of material fact
exists regarding when the Factoring Agreement was terminated;
(2) FCA has failed to meet its burden of demonstrating that a
genuine issue of material fact
exists regarding whether the "factor due" balance listed in the
Portal is the full balance FCA owes
under the Factoring Agreement; and
(3) FCA has failed to meet its burden of demonstrating that a
genuine issue of material fact exists regarding whether and to what
extent Southstar collected from unfactored accounts receivable.
Judge Grabill concludes that because genuine issues of material
fact exists, the resolution of the Turnover Claims is better suited
for resolution at a trial on the merits. Accordingly, the Motion is
denied."
A copy of the Court's decision dated Jan. 6, 2025, is available at
https://urlcurt.com/u?l=OVeKnQ from PacerMonitor.com.
About FCA Construction LLC
FCA Construction LLC is a general contractor specializing in
residential construction and roofing, commercial construction and
roofing, disaster recovery, disaster roof replacement, and
electrical and mechanical services.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. La. Case No. 24-10702) on
April 11, 2024. In the petition signed by Albert Courcelle, III,
member, the Debtor disclosed $3,417,686 in assets and $7,768,774 in
liabilities.
Judge Meredith S. Grabill oversees the case.
Tristan Manthey, Esq., at FISHMAN HAYGOOD, L.L.P., is the Debtor's
legal counsel.
FINTHRIVE SOFTWARE: $1.44BB Bank Debt Trades at 39% Discount
------------------------------------------------------------
Participations in a syndicated loan under which FinThrive Software
Intermediate Holdings Inc is a borrower were trading in the
secondary market around 60.8 cents-on-the-dollar during the week
ended Friday, January 10, 2025, according to Bloomberg's Evaluated
Pricing service data.
The $1.44 billion Term loan facility is scheduled to mature on
December 18, 2028. About $1.40 billion of the loan has been drawn
and outstanding.
FinThrive is a provider of revenue cycle management software
solutions to the healthcare sector.
FLUID MARKET: SSG Served as Investment Banker in Kingbee Asset Sale
-------------------------------------------------------------------
SSG Capital Advisors, LLC served as the investment banker to Fluid
Market, Inc., and its affiliates d/b/a Fluid Truck Inc.
(collectively Fluid or the Company) in the sale of substantially
all assets to Kingbee Rentals, LLC. The sale was effectuated
through a Chapter 11 Section 363 process in the U.S. Bankruptcy
Court for the District of Delaware and closed in December 2024.
Fluid is an on-demand commercial vehicle sharing platform that
allows businesses and individuals to rent cargo vans, box trucks,
and pick-up trucks. The Truck-as-a-Service platform eliminates the
need for users to purchase equipment, thereby reducing operational
costs and simplifying operations. The Fluid app offers keyless
access to the Company's fleet, enabling users to rent vehicles for
both short-term and long-term needs without the hassle of
traditional rental processes. Fluid's fleet comprises Company-owned
vehicles as well as third-party vehicles that are placed on the
Fluid platform to generate rental income for their owners. Rentals
are available 24/7 and the platform offers visibility and insight
tools that enable businesses to improve their delivery experience
without having to purchase additional technology. Founded to
provide flexibility in fleet management, Fluid has gained
popularity with small and large businesses that need scalable
transportation solutions.
Since Fluid's inception over 5 years ago, the Company has built a
national footprint operating in over 50 markets across the U.S. and
raised more than $80 million across two rounds of venture capital
funding. The Company has grown its customer base from individual
users to key enterprise clients, offering them an asset-light
solution to reduce risk and financial burden. Although Fluid scaled
rapidly, disruption in the commercial vehicle market along with the
pursuit of aggressive growth strategies constrained liquidity. In
need of funding, the Company secured debtor-in-possession financing
from Kingbee and its investment partners to effectuate a
transaction via a Section 363 process and filed for Chapter 11
protection in the U.S. Bankruptcy Court for the District of
Delaware in October 2024. Fluid ultimately entered into a stalking
horse asset purchase agreement with Kingbee and its investors
credit bidding their debt and assuming certain liabilities.
SSG was retained to conduct a marketing process during the
bankruptcy and solicit competing offers to the stalking horse bid.
After extensive outreach to a broad universe of potential strategic
and financial acquirers, the stalking horse credit bid was
determined to be the highest and best offer for substantially all
the Company's assets. SSG's extensive Chapter 11 transaction
experience and ability to reach a large universe of likely buyers
in an expedited timeframe ensured that the sale to Kingbee
maximized value for Fluid's stakeholders.
Kingbee is an operator of a work-ready van rental company intended
to upfit, wrap, and deliver fleet vans across the U.S.
Other professionals who worked on the transaction include:
* T. Scott Avila, Chief Restructuring Officer and Interim CEO
of Fluid, Allen Soong, Wyatt Branson, and Paula Sosamon of Paladin
Management Group, financial advisor to Fluid Truck Inc.;
* Laura Davis Jones, Richard J. Gruber, Timothy P. Cairns,
Maxim B. Litvak, David M. Bertenthal, and Mary F. Caloway of
Pachulski Stang Ziehl & Jones LLP, counsel to Fluid Truck Inc.;
* Stephen S. Gray of Gray & Company LLC, independent director
to Fluid Truck Inc.;
* Stephen M. Tumblin and Alexander C. Alton of Bennett Tueller
Johnson & Deere, LLC, counsel to Kingbee Rentals, LLC;
* R. Stephen McNeill and Gregory J. Flasser of Potter Anderson
& Corroon LLP, local counsel to Kingbee Rentals, LLC;
* Ira L. Herman, Joseph M. Welch, Josef W. Mintz, Matthew E.
Kaslow, Lawrence R. Thomas, and Jordan L. Williams of Blank Rome
LLP, counsel to the Unsecured Creditors Committee; and
* Peter Hurwitz, Alex Mazier, Jennifer Ganzi, Christopher
Podesfinski, and Sean Bradley of Dundon Advisers LLC, financial
advisor to the Unsecured Creditors Committee.
About Fluid Market
Fluid Market, Inc., et al., operate and manage a technology-based,
peer-to-peer truck-sharing platform across the United States with a
fleet of nearly 5,500 vehicles owned by their non-Debtor affiliates
or third-party owners who have elected to put their vehicles on the
Debtors' platform, https://www.fluidtruck.com. Customers have quick
and easy access to the right vehicle whenever they need it via the
Debtors' mobile app and website.
Fluid Market Inc. and Fluid Fleet Services, LLC sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No.
24-12363) on Oct. 16, 2024. In the bankruptcy petition, Fluid
Market reported $50 million to $100 million in assets and
liabilities.
The petition was signed by T. Scott Avila as chief executive
officer.
Pachulski Stang Ziehl & Jones LLP serves as the Debtors' counsel.
Paladin Management Group, LLC acts as the Debtors' restructuring
advisor; SSG Capital Advisors, LLC acts as investment banker to the
Debtors; and Epiq Corporate Restructuring LLC is claims and
noticing agent to the Debtors.
FOUNDEVER WORLDWIDE: Eaton Vance Marks $2.2MM Loan at 36% off
-------------------------------------------------------------
Eaton Vance Senior Floating-Rate Trust has marked its $2,255,000
loan extended to Foundever Worldwide Corp to market at $1,447, 789
or 64% of the outstanding amount, according to the Eaton Vance's
Form N-CSRS for the semi-annual period ended October 31, 2024,
filed with the Securities and Exchange Commission.
Eaton Vance is a participant in Term Loan to Foundever Worldwide
Corp. The loan accrues interest at a rate of 8.55%, (SOFR + 3.75%)
per annum. The loan matures on August 28, 2028.
Eaton Vance is a Massachusetts business trust registered under the
Investment Company Act of 1940, as amended (the 1940 Act), as a
diversified, closed-end management investment company.
Eaton Vance is led by Kenneth A. Topping, Principal Executive
Officer; and James F. Kirchner, Principal Financial Officer. The
Fund can be reached through:
Kenneth A. Topping
Eaton Vance Senior Floating-Rate Trust
One Post Office Square
Boston, MA 02109
Tel.: (617) 482-8260
- and -
Deidre E. Walsh
Eaton Vance Senior Floating-Rate Trust
One Post Office Square,
Boston, MA 02109
Tel.: (617) 482-8260
Foundever Worldwide Corp provides business process outsourcing
services. The Company offers digital, technology, training,
analytics, technical support, and consulting services. Foundever
Worldwide serves telecoms, utilities, and healthcare industries
worldwide.
FOUR SEAS: Unsecureds Will Get 1.7% of Claims over 3 Years
----------------------------------------------------------
Four Seas Mobile Catering, LLC filed with the U.S. Bankruptcy Court
for the Western District of North Carolina a Plan of Reorganization
dated January 6, 2025.
The Debtor, formed on December 7, 2017, is a North Carolina limited
liability company that operates out of North Carolina and Alabama
as a food truck operation for Cousins Maine Lobster. The Debtor has
one member Chris Papp.
Prior to the bankruptcy, the Debtor incurred employee theft which
resulted in the Debtor having a smaller cash position leading the
Debtor to incur liabilities with merchant cash advance lenders. The
Debtor asserts that prior to the employee theft that occurred in
2023, the Debtor was profitable.
The Plan of Reorganization proposes to pay creditors of the Debtor
from the ongoing operations of the Debtor's business for a
three-year period.
Class 3 consists of all Allowed General Unsecured Claims. The
Debtor estimate that the amount of the Class 3 Claims is
$1,354,083.31. After the satisfaction of or provision for payment
in full of Allowed Administrative Expense Claims and the Claims
Deadline, the holders of the Allowed Class 3 Claims will receive
distributions in an amount equal to their pro rata share estimated
to be 1.7% in the unsecured creditor pool amount of $1,354,083.31.
The projected monthly payment once Allowed Administrative Expense
Claims are satisfied is $1,958.31, provided, however, should the
Debtor have no liability associated with the IRS claim, the
projected monthly payment in the amount of $1,369.79 shall go to
all Allowed Class 3 claims. Moreover, should the Debtor receive any
funds from the pursuit of litigation with any merchant cash advance
lender, after administrative expense claims, said recovery will
first accelerate payment to Allowed Class 1 Claims and then to
Allowed Class 3 Claims.
Class 3 is impaired by the Plan. The holders of Class 3 Claims are
entitled to vote on the Plan.
The Equity Interests in the Debtor shall remain with the Debtor's
insider. Equity Interest Holder Chris Papp shall continue to be the
licensed qualifier for the Debtor for a period of three years from
the petition date. No equity distribution shall be made to the
holder of Equity Interests, unless and until all Allowed Claims
have been paid in full.
Distributions to holders of Allowed Claims will be made from
available cash, funded by the revenue generated through the
Substantively Consolidated Debtor's operations.
A full-text copy of the Plan of Reorganization dated January 6,
2025 is available at https://urlcurt.com/u?l=BKknt2 from
PacerMonitor.com at no charge.
Counsel for the Debtor:
John C. Woodman, Esq.
ESSEX RICHARDS PA
1701 South Boulevard
Charlotte, NC 28203
Tel: (704) 377-4300
Fax: (704) 372-1357
Email: jwoodman@essexrichards.com
About Four Seas Mobile Catering
Four Seas Mobile Catering, LLC filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D.N.C.
Case No. 24-30880) on October 8, 2024, listing up to $50,000 in
assets and $500,001 to $1 million in liabilities.
Judge Ashley Austin Edwards oversees the case.
John C. Woodman, Esq., at Essex Richards, is the Debtor's counsel.
FREEDOM BAIL: 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 Freedom Bail Bonds, LLC.
About Freedom Bail Bonds
Freedom Bail Bonds, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. S.C. Case No. 24-04517) on December
19, 2024, with $100,001 to $500,000 in both assets and
liabilities.
Judge L. Jefferson Davis, IV presides over the case.
William Joseph Virgil Barr, Esq., at Wv Barr Law, LLC represents
the Debtor as bankruptcy counsel.
GFL ENVIRONMENTAL: Moody's Puts 'B1' CFR on Review for Upgrade
--------------------------------------------------------------
Moody's Ratings has placed GFL Environmental Inc.'s (GFL) ratings
under review for upgrade, including the B1 corporate family rating,
B1-PD probability of default rating, Ba2 senior secured notes and
bank credit facility ratings, and B3 senior unsecured notes
ratings, as well as GFL Solid Waste Southeast LLC's B3 senior
unsecured funding obligation and backed senior unsecured revenue
bonds (issued by Florida Development Finance Corporation), and
Wrangler Holdco Corp.'s B3 backed senior unsecured notes rating.
GFL's SGL-3 Speculative Grade Liquidity Rating (SGL) remains
unchanged. Previously, the outlook for GFL, Wrangler Holdco Corp.,
and GFL Solid Waste Southeast LLC was positive.
The review follows the announcement by GFL on January 07, that it
had entered into an agreement to sell a 56% stake in its
Environmental Services (ES) business for net cash proceeds of
approximately C$6.2 billion to Apollo and BC Partners, each holding
28%. GFL has indicated that up to C$3.75 billion will be used to
repay debt and up to C$2.25 billion used for opportunistic share
buybacks. The closing of the transaction is subject to customary
regulatory approvals and expected to close in Q1 2025, upon which
Moody's will conclude Moody's rating review.
"The rating under review reflects Moody's expectation that
financial leverage and interest coverage will improve, with the
sizable debt repayments more than offsetting the loss of
Environmental Services' EBITDA" said Dion Bate, Vice President –
Senior Analyst at Moody's Ratings.
RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR
DOWNGRADE OF THE RATINGS
The review for upgrade reflects Moody's expectation that, upon
completion of the transaction, debt will reduce by C$3.75 billion
with proforma debt/EBITDA of around 4x on a Moody's adjusted basis
from 5x as of last twelve months to September 2024. In addition,
while Moody's estimate proforma EBITDA will reduce by around C$460
million, GFL's interest coverage metrics will benefit from a lower
interest expense. The debt repayment would also resolve the near
term refinancing risk as the company will look to repay the 3.75%
$750 million and the 5.125% $500 million secured notes due in 2025
and 2026, respectively, together with repayment of the $725 million
term loan (C$979 million equivalent outstanding) due 2031 and the
C$681 million drawn under the revolver as of September 30, 2024.
The 56% disposal in ES does not materially weaken GFL's business
profile as the company will retain a 44% equity stake. Moreover,
GFL has a well-established and geographically diverse solid waste
business across North America, which generates higher EBITDA
margins compared to ES and tends to be more stable through economic
cycles given the essential nature of its services, sticky customer
base and high recurring contractual revenue. Moody's understand
that ES will have higher financial leverage than GFL but will be
equity accounted resulting in its revenue, EBITDA and debt being
excluded from GFL consolidated financials and Moody's credit
metrics.
The rating review process will focus on GFL's post transaction
business profile which will include (1) the company's revenue trend
and cash flow generation capacity; (2) its acquisition strategy and
future financial policy; (3) final capital structure; and (4)
financial position of ES and GFL's optionality to buyback the 56%
ES stake in the future.
Excluding the ratings review, the ratings could be upgraded if GFL
continues to deliver solid operating performance and demonstrates a
commitment to maintain a more conservative and predictable
financial policy, such that adjusted Debt/EBITDA is sustained below
4.5x and FFO plus interest expense /interest expense increases to
around 4x. Moody's would also expect GFL to maintain a strong free
cash flow position and a good liquidity profile.
Excluding the ratings review, the ratings could be downgraded if
liquidity weakens, possibly caused by negative free cash flow, if
there is a material and sustained decline in operating margin due
to challenges integrating acquisitions or if adjusted debt/EBITDA
is sustained above 5.5x.
The principal methodology used in these ratings was Environmental
Services and Waste Management published in August 2024.
GFL Environmental Inc., headquartered in Toronto, provides solid
waste and liquid waste collection, treatment and disposal solutions
and soil remediation services to municipal, industrial and
commercial customers in Canada and the US.
GOTO GROUP: Eaton Vance Marks $615,000 Loan at 65% off
------------------------------------------------------
Eaton Vance Senior Floating-Rate Trust has marked its $615,000 loan
extended to GoTo Group, Inc to market at $215,371 or 35% of the
outstanding amount, according to the Eaton Vance's Form N-CSRS for
the semi-annual period ended October 31, 2024, filed with the
Securities and Exchange Commission.
Eaton Vance is a participant in Second Lien Term Loan to GoTo
Group, Inc. The loan accrues interest at a rate of 9.668%, (SOFR +
4.75%) per annum. The loan matures on April 28, 2028.
Eaton Vance is a Massachusetts business trust registered under the
Investment Company Act of 1940, as amended (the 1940 Act), as a
diversified, closed-end management investment company.
Eaton Vance is led by Kenneth A. Topping, Principal Executive
Officer; and James F. Kirchner, Principal Financial Officer. The
Fund can be reached through:
Kenneth A. Topping
Eaton Vance Senior Floating-Rate Trust
One Post Office Square
Boston, MA 02109
Tel.: (617) 482-8260
- and -
Deidre E. Walsh
Eaton Vance Senior Floating-Rate Trust
One Post Office Square,
Boston, MA 02109
Tel.: (617) 482-8260
GoTo, formerly LogMeIn Inc., is a flexible-work provider of
software as a service and cloud-based remote work tools for
collaboration and IT management.
GOTO GROUP: Eaton Vance Marks $971,000 Loan at 15% off
------------------------------------------------------
Eaton Vance Senior Floating-Rate Trust has marked its $971,000 loan
extended to GoTo Group, Inc to market at $825,356 or 85% of the
outstanding amount, according to the Eaton Vance's Form N-CSRS for
the semi-annual period ended October 31, 2024, filed with the
Securities and Exchange Commission.
Eaton Vance is a participant in Term Loan to GoTo Group, Inc. The
loan accrues interest at a rate of 9.668%, (SOFR + 4.75%) per
annum. The loan matures on April 28, 2028.
Eaton Vance is a Massachusetts business trust registered under the
Investment Company Act of 1940, as amended (the 1940 Act), as a
diversified, closed-end management investment company.
Eaton Vance is led by Kenneth A. Topping, Principal Executive
Officer; and James F. Kirchner, Principal Financial Officer. The
Fund can be reached through:
Kenneth A. Topping
Eaton Vance Senior Floating-Rate Trust
One Post Office Square
Boston, MA 02109
Tel.: (617) 482-8260
- and -
Deidre E. Walsh
Eaton Vance Senior Floating-Rate Trust
One Post Office Square,
Boston, MA 02109
Tel.: (617) 482-8260
GoTo, formerly LogMeIn Inc., is a flexible-work provider of
software as a service and cloud-based remote work tools for
collaboration and IT management.
GREATER LIGHT: Amends Plan to Include County Tax Collector Claim
----------------------------------------------------------------
Greater Light Baptist Church of Sacramento submitted an Amended
Disclosure Statement describing First Amended Plan of
Reorganization dated January 7, 2025.
On the Effective Date of the Plan, Debtor shall become the
Reorganized Debtor and shall continue to operate its business.
On the Effective Date of the Plan, Debtor will make the following
distributions to claim holders under this Plan. These classes
include:
* Monthly payments to secured claims of Mr. Cooper, servicer
for U.S. Bank National as Trustee for Velocity Commercial Capital
Loan Trust 2019-1
* Monthly payment to three secured claims of FCI Lender
Services, Inc. servicer for Union Home Loan, Inc.
* Monthly payment to secured claim of EBF Holdings, LLC d/b/a
Everest Business Funding; and
* Monthly payments to the general unsecured class
* Monthly payments to priority tax claims
The Debtor anticipates selling 7240 E. Southgate Drive, Sacramento,
CA 95823 within the next 120 days for $1,750,000.00. After 8% cost
of sale and payments to Union Home Loan, net proceeds are estimated
at $338,000.00. Proceeds will be used to pay down Class 1 claimant,
US Banks claim.
Within twelve months, Debtor anticipates selling 7245 E. Southgate
Drive, Sacramento, CA 95823 for $1,950,000.00. After 8% cost of
sale and payments to Union Home Loan, net proceeds are estimated at
$454,000.00. Proceeds will be used to pay down Class 1 claimant, US
Banks claim.
Within thirty-six months from the Effective Date, Debtor will
refinance 7257 E. Southgate Drive, Sacramento, CA 95823. Debtor
projects net proceeds from the sale of 7240 and 7245 E. Southgate
properties will reduce US Bank's secured claim to approximately
$1.4M. In connection with the refinance, Debtor's president and
pastor, OJ Swanigan, has agreed to cross-collaterize his primary
residence and contributions from its members will secure an
additional $700,000 in security interest which Debtor will require
$700,000 through the refinance to payoff US Bank loan in full.
Class 6 consists of Sacramento County Tax Collector. The Debtor is
a religious organization and is exempt from real property taxes
under Revenue and Taxation Code section 207. The Debtor is
currently working to correct this issue and apply for its Religious
Exemption with Secretary of State and therefore the Class 6
Claimant should be owed $0.00.
Class 7 consists of General unsecured claims (noninsiders). The
Debtor shall pay 100% to this class to be distributed to claim
holders in this class on a pro rata basis over 36 months. This
Class shall receive a monthly payment of $650.00. First payment
will commence after all administrative claims have been paid in
full. Debtor estimates payments will begin 120 days after the
Effective Date. Payments will be made in equal monthly payments by
the 15th of each month.
Class 8 consists of General unsecured claims (insiders). Claimant
in this class will receive no distributions under the Plan.
During the pendency of this case, Debtor's gross operating income
averaged approximately $81,882.78 per month with expenses averaging
$81,371.67 with an average cash balance of $127,544.67 per month.
The post-confirmation budget provides that Debtor will have
sufficient cash flow from business operations to pay the proposed
Plan payments and will have a surplus after providing for all
payments each month.
During this case, Debtor has been making adequate protection
payments as broken down in the table below for $31,104.17 per
month. The proposed Plan provides for an increase totaling
$7,157.06, of which Debtor will off-set this amount with cash
reserves and the sale of two commercial properties. Debtor will
streamline and reduce their costs as well and request its members
to increase their donations to secure sufficient funds as
necessary.
A full-text copy of the Amended Disclosure Statement dated January
7, 2025 is available at https://urlcurt.com/u?l=4jsfji from
PacerMonitor.com at no charge.
Attorney for the Debtor:
Gabriel E. Liberman, Esq.
LAW OFFICES OF GABRIEL LIBERMAN, APC
1545 River Park Drive, Suite 530
Sacramento, CA 95815
Tel: (916) 485-1111
Fax: (916) 485-1111
Email: Gabe@4851111.com
About Greater Light Baptist Church
Greater Light Baptist Church of Sacramento is a tax-exempt
religious organization in Sacramento, Calif.
Greater Light Baptist Church filed its voluntary petition for
Chapter 11 protection (Bankr. E.D. Cal. Case No. 23-24467) on Dec.
13, 2023, listing $10 million to $50 million in assets and $1
million to $10 million in liabilities. Pastor O.J. Swanigan,
president of Greater Light Baptist Church, signed the petition.
Judge Fredrick E. Clement oversees the case.
The Law Offices of Gabriel Liberman, APC serves as the Debtor's
legal counsel.
HILLTOP SPV: Can Reject Gas Gathering Agreement, Court Says
-----------------------------------------------------------
Judge Michael M. Parker of the United States Bankruptcy Court for
the Western District of Texas granted Hilltop SPV LLC's motion to
reject the gas gathering agreement at issue in a dispute with
Monarch Midstream, LLC.
The GGA was first entered into between Hilltop Resort GS, LLC --
Monarch's predecessor-in-interest -- and Gastar Exploration Texas,
LP -- Hilltop's predecessor-ininterest.
Under the GGA, Hilltop is tasked with tendering natural gas to
Monarch at certain Receipt Points which Monarch will deliver back
to Hilltop at certain Delivery Points.
The GGA states the sole remedy for any party's liability are actual
damages.
The GGA explicitly creates two property interests which the parties
agree are covenants running with the land. Hilltop granted Monarch
a right-of-way and easement across Hilltop's leases to access
Monarch's equipment Hilltop also dedicated to Monarch all gas
reserves in, under, and produced from Hilltop's leases in a
specified area in the Hilltop Lakes, subject to Hilltop's
reservations. These interests exist for the life of the GGA, which
lasts for another ten years until November 1, 2034.
The day after Hilltop filed for bankruptcy relief, it filed a
complaint against Monarch seeking a declaratory judgment that the
GGA is an executory contract which can be rejected. Hilltop timely
amended its complaint. In both the Amended Complaint and Rejection
Motion, Hilltop asserted that it could reject the GGA in whole, but
any real property covenants would remain post-rejection.
Monarch asked the Court to not only decide whether the GGA was
executory, but also what portions of the GGA created covenants
running with the land. Hilltop, on the other hand, wanted the
Rejection Motion to only decide whether the GGA could be rejected,
procedurally reserving for the adversary proceeding the
determination of what portions of the GGA survive rejection because
they create covenants running with the land. Without Hilltop's
consent otherwise, the Court believes it procedurally appropriate
to only address whether the GGA is executory and can be rejected in
the Rejection Motion, and reserve for the adversary proceeding the
question of what covenants run with the land post-rejection.
Monarch believes the GGA is not executory and that because the GGA
contains covenants that run with the land, the entire agreement is
immune from rejection.
The Court agrees with Hilltop and concludes the GGA is executory
and not immune from rejection just because it contains covenants
running with the land.
Judge Parker says Sec. 365 allows Hilltop to sidestep its
contractual obligations under the GGA owed to Monarch. Because the
GGA is an executory contract, Hilltop may reject the entire GGA.
Covenants which convey a real property interest do not limit
Hilltop's authority or power to reject the GGA. Covenants which
convey a real property interest do not make an executory contract
rejection proof. Instead, if the GGA is executory, it may be
rejected, and Hilltop must deal with the consequences of such
rejection. Such consequences exist as a matter of bankruptcy law,
not as a choice the debtor may make.
Once an executory contract is rejected and therefore breached,
those rights and interests conferred to Monarch within the GGA
remain and Monarch may seek any relief or remedy for damages caused
by such breach. Thus, Monarch retains any covenants running with
the land post-rejection and may have an unsecured claim for any
other damages caused by Hilltop's rejection and deemed breach.
A copy of the Court's decision dated Jan. 6, 2025, is available at
https://urlcurt.com/u?l=Ng6iP0 from PacerMonitor.com.
About Hilltop SPV LLC
Hilltop SPV LLC sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No.
24-60308) on June 3, 2024. In the petition signed by Erik White, as
chief restructuring officer, the Debtor reports estimated assets
and liabilities between $1 million and $10 million each.
The Honorable Bankruptcy Judge Michael M Parker oversees the case.
The Debtor is represented by Jameson Joseph Watts, Esq. at Husch
Blackwell LLP.
HUBBARD RADIO: Eaton Vance Marks $460,000 Loan at 23% off
---------------------------------------------------------
Eaton Vance Senior Floating-Rate Trust has marked its $460,000 loan
extended to Hubbard Radio LLC to market at $352,221 or 77% of the
outstanding amount, according to the Eaton Vance's Form N-CSRS for
the semi-annual period ended October 31, 2024, filed with the
Securities and Exchange Commission.
Eaton Vance is a participant in Term Loan to Hubbard Radio LLC. The
loan accrues interest at a rate of 9.185%, (SOFR + 4.50%) per
annum. The loan matures on September 30, 2027.
Eaton Vance is a Massachusetts business trust registered under the
Investment Company Act of 1940, as amended (the 1940 Act), as a
diversified, closed-end management investment company.
Eaton Vance is led by Kenneth A. Topping, Principal Executive
Officer; and James F. Kirchner, Principal Financial Officer. The
Fund can be reached through:
Kenneth A. Topping
Eaton Vance Senior Floating-Rate Trust
One Post Office Square
Boston, MA 02109
Tel.: (617) 482-8260
- and -
Deidre E. Walsh
Eaton Vance Senior Floating-Rate Trust
One Post Office Square,
Boston, MA 02109
Tel.: (617) 482-8260
Formed in 2011, Hubbard Radio, LLC is a family controlled and
privately held media company that owns and operates radio stations
in seven of top 30 markets, including Chicago, Washington, D.C.,
Minneapolis/St. Paul, St. Louis, Cincinnati, Seattle, and Phoenix.
Hubbard also operates 2060 Digital, LLC, a national digital
marketing agency based in Cincinnati, OH. Headquartered in St.
Paul, MN, the company is affiliated with Hubbard Broadcasting Inc.,
a television and radio broadcasting company that was started in
1923.
HURSTVIEW DRIVE: Seeks to Hire Robert W. Buchholz PC as Counsel
---------------------------------------------------------------
Hurstview Drive LLC seeks approval from the U.S. Bankruptcy Court
for the Northern District of Texas to hire The Law Office of Robert
W. Buchholz, PC to handle its Chapter 11 case.
The firm will be paid at these rates:
Robert Buchholz, Attorney $350 per hour
Paralegal $125 per hour
In addition, the firm will seek reimbursement for expenses
incurred.
The firm has been paid a retainer of $8,262 and has been paid the
filing fee of $1,738.
Mr. Buchholz disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Robert W. Buchholz, Esq.
The Law Office of Robert W. Buchholz, P.C.
5220 Spring Valley Road, Suite 618
Dallas, TX 75254
Telephone: (214) 754-5500
Facsimile: (214) 754-9100
Email: bob@attorneybob.com
About Hurstview Drive LLC
Hurstview Drive LLC is engaged in activities related to real
estate.
Hurstview Drive LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-33933) on December 2,
2024. In the petition filed by Daniel C. Blackburn, as president,
the Debtor estimated assets and liabilities between $1 million and
$10 million each.
The Debtor is represented by Robert Buchholz, Esq. at THE LAW
OFFICE OF ROBERT W. BUCHHOLZ, P.C.
IAP WORLDWIDE: Eaton Vance Marks $391,000 Loan at 21% off
---------------------------------------------------------
Eaton Vance Senior Floating-Rate Trust has marked its $391,000 loan
extended to IAP Worldwide Services, Inc to market at $310,000 or
79% of the outstanding amount, according to the Eaton Vance's Form
N-CSRS for the semi-annual period ended October 31, 2024, filed
with the Securities and Exchange Commission.
Eaton Vance is a participant in Second Lien Term Loan to Flint
Group GmbH. The loan was scheduled to mature on July 18, 2023.
Eaton Vance is a Massachusetts business trust registered under the
Investment Company Act of 1940, as amended (the 1940 Act), as a
diversified, closed-end management investment company.
Eaton Vance is led by Kenneth A. Topping, Principal Executive
Officer; and James F. Kirchner, Principal Financial Officer. The
Fund can be reached through:
Kenneth A. Topping
Eaton Vance Senior Floating-Rate Trust
One Post Office Square
Boston, MA 02109
Tel.: (617) 482-8260
- and -
Deidre E. Walsh
Eaton Vance Senior Floating-Rate Trust
One Post Office Square,
Boston, MA 02109
Tel.: (617) 482-8260
IAP is a provider of global-scale logistics, facilities management,
and advanced professional and technical services.
IHEART: Davis Polk Advised Noteholders on Restructuring
-------------------------------------------------------
Davis Polk advised an ad hoc group of noteholders and term loan
lenders to iHeartCommunications, Inc. (together with its
affiliates, "iHeart") on a comprehensive out-of-court restructuring
of approximately $4.8 billion of existing indebtedness. The
transaction entailed, among other things, the exchange by
participating holders of (a) iHeartCommunications, Inc.'s existing
senior secured first-lien term loans due 2026 into new senior
secured first-lien term loans due 2029 and (b)
iHeartCommunications, Inc.'s existing 6.375% senior secured notes
due 2026, existing 5.250% senior secured notes due 2027, existing
4.750% senior secured notes due 2028 and existing 8.375% senior
unsecured notes due 2027 for new 9.125% senior secured first-lien
notes due 2029, 7.750% senior secured first-lien notes due 2030,
7.000% senior secured first-lien notes due 2031 and 10.875% senior
secured second-lien notes due 2030, respectively, in each case
issued by iHeartCommunications, Inc. Approximately $4.8 billion of
the aggregate principal amount of the approximately $5.2 billion of
existing debt outstanding participated in the exchange offers,
which expired at 9:00 a.m., New York City time, on December 18,
2024.
iHeart is a mass media corporation headquartered in San Antonio,
Texas. The company owns more than 850 live broadcast radio stations
and operates the iHeartRadio digital service across more than 250
platforms and 2,000 devices including smart speakers, smartphones,
TVs and gaming consoles. iHeart is also a leading podcast publisher
and stages branded live music events including the iHeartRadio
Music Festival and iHeartRadio Music Awards.
The Davis Polk restructuring team included partners Damian S.
Schaible and Eli J. Vonnegut, counsel Christopher Robertson and
associates Lara Luo and Kyle Kreider. The finance team included
counsel Jon Finelli and Timothy H. Oyen and associate Luke F.
Porcari. The capital markets team included partner Hillary A.
Coleman and associate Robert MacKenzie. All members of the Davis
Polk team are based in the New York office.
Davis Polk refers to Davis Polk & Wardwell LLP, a New York limited
liability partnership, and its associated entities.
About iHeartMedia
iHeartmedia Inc. develops, owns, and operates the iHeart.com
Website, which includes a broad selection of video content posted
along with their stories.
* * *
As reported by the Troubled Company Reporter on March 5, 2024, S&P
Global Ratings lowered its issuer credit rating on iHeartMedia Inc.
to 'CCC+' from 'B' because it believes the company is dependent on
favorable business, financial, and economic conditions to meet its
financial obligations.
IN2VATE LLC: Seeks Chapter 11 Bankruptcy Protection in Delaware
---------------------------------------------------------------
On January 9, 2025, In2vate LLC filed Chapter 11 protection in the
U.S. Bankruptcy Court for the District of Delaware.
According to court filing, the Debtor reports between $100 million
and $500 million in debt owed to 1 and 49 creditors. The petition
states funds will be available to unsecured creditors.
About In2vate LLC
In2vate LLC is a wholly owned subsidiary of iLearningEngines
Holdings, Inc. iLearningEngines is an Applied AI platform for
learning and work automation. iLE is deployed globally into some of
the most demanding vertical markets including Healthcare,
Education, Insurance, Retail, Energy, Manufacturing and Public
Sector.
In2vate LLC sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D. Del. Case No. 25-10020) on January 9, 2025. In its
petition, the Debtor reports estimated assets and liabilities
between $100 million and $500 million.
Honorable Bankruptcy Judge Laurie Selber Silverstein handles the
case.
Ian J. Bambrick, Esq. of Faegre Drinker Biddle & Reath LLP
represents the Debtor as counsel.
Debtor's Notice, Claims, Solicitation, Balloting & Administrative
Agent is STRETTO, INC.
INGENOVIS HEALTH: $85MM Bank Debt Trades at 44% Discount
--------------------------------------------------------
Participations in a syndicated loan under which Ingenovis Health
Inc is a borrower were trading in the secondary market around 55.7
cents-on-the-dollar during the week ended Friday, January 10, 2025,
according to Bloomberg's Evaluated Pricing service data.
The $85 million Term loan facility is scheduled to mature on March
6, 2028. The amount is fully drawn and outstanding.
Ingenovis Health is an Ohio based temporary healthcare staffing
agency providing nurses on assignments to hospitals and medical
centers, including both traditional and fast response staffing,
across the US. The company also supplies nurses during strikes and
provides interventional cardiologists for rural and remote
hospitals. Ingenovis is majority owned by Cornell and Trilantic
Capital Partners (the Investor Group).
IRON IQ: Starts Subchapter V Bankruptcy Process
-----------------------------------------------
On January 10, 2025, Iron IQ Inc. filed Chapter 11 protection in
the U.S. Bankruptcy Court for the District of Colorado.
According to court filing, the Debtor reports $4,722,063 in debt
owed to 1 and 49 creditors. The petition states funds will be
available to unsecured creditors.
About Iron IQ Inc.
Iron IQ Inc. offers cloud-native SCADA solutions for the oil and
gas industry, enabling remote monitoring, control, and optimization
of equipment and processes. The company provides integration,
production optimization, and technical support to ensure efficient
and cost-effective operations. With over 1000 installations and a
team of specialists, Iron IQ ensures smooth implementation and
ongoing operational excellence.
Iron IQ Inc.sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D. Col. Case No. 25-10152) on January 10, 2025. In its
petition, the Debtor reports total assets of $366,590 and total
liabilities of $4,722,063.
Honorable Bankruptcy Judge Michael E. Romero handles the case.
Keri L. Riley, Esq., at Kutner Brinen Dickey Riley PC, represents
the Debtor as counsel.
IVANHOE MINES: Fitch Assigns 'B' LongTerm IDR, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has assigned Ivanhoe Mines Ltd. a Long-Term Issuer
Default Rating (IDR) of 'B' with a Stable Outlook. The agency has
also assigned Ivanhoe's proposed notes an expected senior unsecured
rating of 'B(EXP)' with a Recovery Rating of 'RR4'.
The assignment of the final rating is contingent on the receipt of
final documentation substantially in line with the information
already provided.
Ivanhoe's ratings incorporate successful production ramp-up at the
Kamoa-Kakula copper and Kipushi zinc mines leading to a
transformative rise in operating cash flow and deleveraging by
2027. The assets are amongst the largest mines, featuring high
grades and favorable cost positions. The ratings are constrained by
the weak operating environment in the Democratic Republic of Congo
(DRC), where key assets are located. The IDR considers offshore
structural enhancements, with a minimum liquidity reserve at the
holding company of over USD100 million and the ability to maintain
40% of export proceeds in offshore bank accounts.
Key Rating Drivers
Diversifying Funding Options: Ivanhoe's investments in the DRC have
so far been funded through equity issuance or share-settled
convertibles and project level debt facilities. Kamoa-Kakula opco
(40% ownership) has 0.5x-0.6x EBITDA net leverage. Kipushi opco
(62% ownership) has around 1.25x-1.50x pro forma EBITDA net
leverage post ramp-up. After most of the capital investment for
those assets is complete, the holding company now seeks to issue a
bond to provide additional liquidity and funding for expansion.
Large Asset Scale: With 550kt -600kt of copper production over the
medium-term at Kamoa-Kakula and 240kt -250kt of payable zinc at
Kipushi, both assets will be among the Top 10 mines for the
respective metal globally. As the mines are still in ramp-up, there
will be scope to optimize performance over the longer-term through
efficiency initiatives and process improvements.
Platreef under Construction: In South Africa Ivanhoe is developing
a mine to produce platinum group metals (PGMs), copper and nickel
from a polymetallic ore body at competitive cost and scale. An
updated feasibility study for phase 2 is anticipated in the coming
months. Large majority of the forecast capex over 2025-2028 is
designated for Platreef phase 2, with positive free cash flow (FCF)
expected to enhance financial flexibility from 2029. The phasing
and overall capital budget may change though.
Cash Flow Dynamics: The holding is expected to have around USD130
million expenditure per annum in terms of corporate costs and
exploration spent (part of which is discretionary). Consolidated
earnings from Kipushi and Platreef may be insufficient to pay for
this expenditure plus group cash interest and working capital over
the next three years, but receipts from Kamoa-Kakula will boost
operating cash flow to a range of USD300 million-450 million from
2027 (based on Fitch price assumptions).
Repatriation of Funds in Focus: Both Kamoa-Kakula and Kipushi will
initially amortise some opco debt. Thereafter, the shareholder
agreement seeks to i) retain minimum liquidity buffer at both
opcos, and then use residual cash flow to ii) distribute 20% net
income of the previous reporting period (payable in September) and
iii) pay accrued interest and principal on shareholder loans
quarterly (Ivanhoe has around USD2 billion of shareholder loans
outstanding to Kamoa-Kakula and USD1 billion to Kipushi).
Growth Project Impacts Leverage: Fitch forecasts EBITDA gross
leverage (which uses consolidated EBITDA plus repatriation proceeds
from Kamoa-Kakula) will drop to 3.8x in 2027 and further 2.6x in
2028 as operating cash flow strengthens amid production ramp-ups.
Alternative Perspective: Applying proportionate consolidation for
Kamoa-Kakula, although not a rating case, would provide for
adjusted EBITDA of USD850 million-900 million and net leverage of
2.2x in 2026 and 2027 (Fitch adjusted debt includes USD300 million
of streaming transactions for Platreef), reducing towards 1x
thereafter as Platreef starts contributing material earnings. This
indicates that the debt load remains manageable.
Cost Position Supports Profitability: Ivanhoe's mines feature
unusually high grades compared to major copper, zinc and PGM
deposits. Nonetheless, Fitch estimates all-in sustaining costs for
assets in the DRC as mid-ranking medium-term. Cost of operations in
the DRC are higher than in many emerging markets, including a
variety of taxes and royalties as well as logistics costs. In
comparison, the Platreef project in South Africa is expected to be
more profitable than other African PGM producers.
Offshore Treasury Enhancements: The DRC mining code allows for 40%
of export proceeds to be maintained in offshore bank accounts until
the inbound investment has been amortised. Those cash balances can
be used to pay for goods and services procured internationally, pay
dividends and service intercompany loans from shareholders. Fitch
expects that the company will maintain hard-currency debt service
cover at the holding company in excess of 1x, with much stronger
coverage in some years, which supports its IDR.
Derivation Summary
First Quantum Minerals Ltd. (B/Rating Watch Negative) is a major
copper producer and derives following curtailment of its Cobre
Panama mine substantially all its earnings from Zambia, also a
country with a weak operating environment and where mining
royalties were increased in October 2018, not dissimilar to DRC.
Zambia does not have repatriation requirements for export proceeds,
while in DRC 60% of proceeds need to be repatriated.
Once the S3 extension comes online, First Quantum will have similar
production volumes in Zambia (across Kansanshi and Sentinel mines)
compared to Ivanhoe's Kamoa-Kakula mine in DRC, but at higher
all-in sustaining costs as the mines in Zambia have significantly
lower copper grades. Both companies own and operate their own
smelters.
First Quantum will continue to feature high EBITDA gross leverage
above 5x going into 2025, given there are no prospects for Cobre
Panama restarting this year.
Key Assumptions
- Copper price (LME spot) of USD8,500/t for 2025, USD7,500/t for
2026 and subsequent years;
- Zinc price (LME spot) of USD2,700/t for 2025, USD2,600/t for
2026, USD2,500/t for 2027 and subsequent years;
- Nickel, platinum, palladium and gold prices in line with Fitch's
price deck, becoming relevant as and when phase 2 investment is
concluded at Platreef;
- Volumes in line with management guidance;
- Capex of USD318 million in 2025, USD295 million in 2026, USD443
million in 2027 and USD300 million in 2028, which by and large is
related to expansion at Platreef in South Africa; following
conclusion of the updated feasibility study for phase 2 at Platreef
the capital investment schedule will likely change;
- Repatriation of funds from Kamoa-Kakula of USD394 million in 2027
and USD478 million in 2028, strongly contributing to funds flow
from operations and cash flow from operations;
- De-minimis dividends in the single digit million range.
Recovery Analysis
KEY RECOVERY ANALYSIS ASSUMPTIONS
Its recovery analysis assumes that Ivanhoe would be liquidated
rather than restructured as a going-concern in a default,
monetizing its holding in Kamoa-Kakula, mineral properties and
other assets.
Fitch applied an advance rate of 50% for PP&E and mineral property
rights, based on new nature of most of those assets and high-grade
mineralization in some of the license areas.
The Kamoa-Kakula holding (40%) is valued at USD1.8 billion, based
on going concern EBITDA in a distressed scenario of USD1.8 billion
(for the whole operation; 100%) with a 4x multiple applied and
outstanding debt repaid. A multiple of 4x reflects a lack of
history of distressed sales in the DRC and potential for the
government to intervene in any sale process.
The distributable value is applied first to secured creditors,
second to bank creditors of the operating companies and third to
financial creditors at the holding company, the latter are USD600
million of notes and USD120 million revolving credit facilities.
After deducting 10% for administrative claims and taking into
account Fitch's Country-Specific Treatment of Recovery Ratings
Criteria, its waterfall analysis generated a waterfall-generated
recovery computation (WGRC) in the 'RR4' band, indicating an
expected 'B(EXP)' senior unsecured rating. The WGRC output
percentage on current metrics and assumptions was 50%. The Recovery
Rating for corporate issuers in the DRC and South Africa is capped
at 'RR4'.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- Inability to maintain hard-currency debt service coverage ratio
comfortably above 1x at the holding company;
- Fitch EBITDA gross leverage above 4.0x once repatriation of funds
from Kamoa-Kakula has commenced;
- Operational disruptions or regulatory developments in the DRC
that lead to operating cash flow remaining well below USD300
million in 2027.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- Material cash flow contributions from countries with stronger
operating environment, including South Africa;
- Improvement in credit profile of the sovereign DRC together with
Fitch EBITDA gross leverage sustained below 3.0x and funds flow
from operations above USD500 million;
- Improvement of the operating environment in DRC.
Liquidity and Debt Structure
Adequate Liquidity: At end-September 2024 Ivanhoe held USD179.9
million of cash in the consolidated group and has entered into a
USD120 million revolving credit facility that remains undrawn
(maturity in December 2027 with a one-year extension option at
lender discretion). Fitch expects Ivanhoe to maintain minimum
liquidity of USD200 million in the consolidated group over time, of
which in excess of USD100 million at the holding company.
Under the Fitch rating case Ivanhoe will be funded until at least
mid-2026 following the bond issuance. Once the phase 2 feasibility
study for Platreef is updated in the coming months, management will
arrange for additional (project) funding, if required, before
entering into capital commitments with suppliers. The Fitch rating
case assumes around USD500 million to be raised over 2026 and 2027,
but this funding requirement may be less depending on commodity
prices or changes to the business plan.
Issuer Profile
Ivanhoe is a diversified mining group operating the Kamoa-Kakula
copper mine (40% ownership) and Kipushi zinc mine (62% ownership)
in the DRC and developing a scalable PGM mine in South Africa.
Summary of Financial Adjustments
For December 2023
- USD31.4 million was qualified as restricted cash;
- USD300 million streaming transaction for Ivanplats (Pty) Ltd. was
treated as debt;
- USD575 million of convertible bond was reflected at notional
value within debt (this instrument was share-settled in September
2024);
- Depreciation of right-of-use assets of USD277,000 and
lease-related interest expense of USD143,000 were reclassified as
cash operating costs. Lease liabilities of USD11.4 million were
removed from financial debt;
- Share of profit from joint venture net of tax of USD274.8 million
was excluded from Fitch Operating EBITDA; cash flow receipts are
factored in the minority dividend line on the cash flow statement,
if any.
Date of Relevant Committee
09 January 2025
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
----------- ------ --------
Ivanhoe Mines Ltd. LT IDR B New Rating
senior unsecured LT B(EXP)Expected Rating RR4
IVF ORLANDO: Unsecured Creditors to Split $10K over 3 Years
-----------------------------------------------------------
IVF Orlando, Inc., filed with the U.S. Bankruptcy Court for the
Middle District of Florida a Subchapter V Plan of Reorganization
dated January 6, 2025.
IVF was originally formed in 2009 by Dr. Milton McNichol, the
Debtor's sole-shareholder and Medical Director who is also a board-
certified and licensed physician in the areas of Obstetrics,
Gynecology and Reproductive Endocrinology.
IVF positions itself in the medical industry as a one-stop
comprehensive diagnostic fertility testing facility with advanced
reproductive services and state-of-the-art IVF laboratory. Debtor
conducts its operations from leased medical office space located
at: 1912 Boothe Circle, Suite 200, Longwood, Florida 32750.
IVF entered Chapter 11 seeking to preserve its business,
restructure certain loan obligations, dispute claims, and
ultimately emerge from the reorganization process with restructured
obligations enabling cash flow positive operations.
Class 8 consists of all Allowed General Unsecured Claims against
the Debtor. The Debtor's projected disposable income is less than
$10,000.00. In full satisfaction of the Allowed Class 8 General
Unsecured Claims, Holders of Class 8 Claims shall receive a pro
rata share of Distributions totaling $10,000.00 paid pursuant to
the following payment schedule, which payments shall commence on
the Effective Date:
Quarters 1 through 4 (Plan Year 1): $833.33 per quarter.
Quarters 5 through 8 (Plan Year 2): $833.33 per quarter.
Quarters 9 through 12 (Plan Year 3): $833.33 per quarter.
In addition to the annual Distributions outlined herein, Class 8
Claimholders shall also receive a pro rata share of the net
proceeds recovered from all Causes of Action after payment of
professional fees and costs associated with such collection
efforts, and after Administrative Claims and Priority Claims are
paid in full. The maximum Distribution to Class 8 Claimholders
shall be equal to the total amount of all Allowed Class 8 General
Unsecured Claims. Class 8 is Impaired.
Class 9 consists of all equity interests in IVF Orlando, Inc. Class
9 Interest Holders shall retain their respective Interests in IVF
Orlando, Inc. in the same proportions such Interest were held as of
the Petition Date (i.e., 100.00% Interest to Dr. Milton McNichol).
Class 9 is Unimpaired.
The Plan contemplates the Debtor will continue to manage and
operate its business in the ordinary course, but with restructured
debt obligations and reduced overhead by virtue of its potential
partnership and affiliation with a gynecology practice. It is
anticipated the Debtor's postconfirmation business will mainly
involve continued operation of its medical practices, the income
from which will be committed to make the Plan Payments.
A full-text copy of the Subchapter V Plan dated January 6, 2025 is
available at https://urlcurt.com/u?l=RTbJC3 from PacerMonitor.com
at no charge.
About IVF Orlando Inc.
IVF Orlando Inc. -- https://theivfcenter.com/ -- is one of the
longest established IVF programs in the Winter Park â€"
Orlando, Florida area.
IVF Orlando Inc. sought relief under Subchapter V of Chapter 11 of
the Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-05475) on October
8, 2024. In the petition filed by Dr. Milton McNichol, as
president, the Debtor reports estimated assets between $100,000 and
$500,000 and estimated liabilities between $1 million and $10
million.
Honorable Bankruptcy Judge Tiffany P. Geyer handles the case.
The Debtor is represented by:
Daniel A. Velasquez, Esq.
Latham Luna Eden & Beaudine LLP
201 S. Orange Avenue
Suite 1400
Orlando, FL 32801
Tel: (407) 481-5800
Fax: (407) 481-5801
Email: dvelasquez@lathamluna.com
JASMINE R. ELMORE DDS: Case Summary & Seven Unsecured Creditors
---------------------------------------------------------------
Debtor: Jasmine R. Elmore, DDS, PLLC
2401 Wooten Boulevard SW
Suite F
Wilson, NC 27893
Business Description: The Debtor owns and operates Wilson
Pediatric Dentistry, a pediatric dental
practice located near Greenville, NC. The
practice offers a wide range of services
focused on promoting the healthy growth and
development of children's teeth. With an
emphasis on preventative care, the Debtor
provides treatments that support optimal
dental health for young patients.
Chapter 11 Petition Date: January 13, 2025
Court: United States Bankruptcy Court
Eastern District of North Carolina
Case No.: 25-00123
Judge: Hon. Joseph N. Callaway
Debtor's Counsel: Danny Bradford, Esq.
PAUL D. BRADFORD, PLLC
455 Swiftside Drive
Suite 106
Cary, NC 27518-7198
Tel: (919) 758-8879
Fax: (919) 803-0683
Email: dbradford@bradford-law.com
Total Assets: $68,777
Total Liabilities: $1,493,926
The petition was signed by Jasmine R. Elmore as member.
A full-text copy of the petition, which includes a list of the
Debtor's seven unsecured creditors, is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/BJTLRBY/Jasmine_R_Elmore_DDS_PLLC__ncebke-25-00123__0001.0.pdf?mcid=tGE4TAMA
JENRAN HOLDINGS: Hires Anyama Law Firm as Bankruptcy Counsel
------------------------------------------------------------
JenRan Holdings, LLC seeks approval from the U.S. Bankruptcy Court
for the Central District of California to hire Anyama Law Firm as
counsel.
The firm will render these services:
(a) examine claims of creditors in order to determine their
validity;
(b) advise the Debtor in connection with legal issues;
(c) negotiate with creditors holding secured and unsecured
claim;
(d) prepare and present a plan of reorganization and
disclosure statement;
(e) possible prosecution of claims of the estate, object to
claims as may be appropriate; and
(f) act as counsel on behalf of the Debtor in any and all
bankruptcy law and related matters which may arise in the course of
this case.
The firm's hourly rates are as follows:
Onyinye Anyama, Attorney $400
Paralegal $150
The firm received a pre-petition retainer of $15,000 from Randy
Harden, the Debtor's manager.
Mr. Anyama 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:
Onyinye N. Anyama, Esq.
Anyama Law Firm, A Professional Corporation
18000 Studebaker Road, Suite 325
Cerritos, CA 90703
Telephone: (562) 645-4500
Facsimile: (562) 645-4494
Email: info@anyamalaw.com
About JenRan Holdings, LLC
JenRan Holdings, LLC sought protection for relief under Chapter 11
of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 24-19983) on Dec.
6, 2024, listing $100,001 to $500,000 in both assets and
liabilities.
Judge Barry Russell presides over the case.
Onyinye N Anyama, Esq. at Anyama Law Firm, A Professional Corp
represents the Debtor as counsel.
JUNK IT PLUS: Unsecured Creditors to Split $101K over 3 Years
-------------------------------------------------------------
Junk It Plus, LLC filed with the U.S. Bankruptcy Court for the
Middle District of Florida a Plan of Reorganization dated January
6, 2025.
The Debtor is a Florida Limited Liability Company created by
Articles of Organization filed with the Florida Secretary of State
on or around January 5, 2016, with an effective date of January 1,
2016. The Debtor is an established dumpster rental service
operating in Central Florida.
As shown on its website, www.junkitplus.com, the Debtor serves both
commercial and residential clients, with a primary focus on
construction and roofing industries. The Debtor's principal place
of business is located at 2247 Northumbria Drive, Sanford, FL
32771-6485 ("Premises"), which is owned by the principal of the
Debtor.
The Debtor's projected Disposable Income over the life of the Plan
is $100,070.07.
This Plan provides for: 21 classes of secured claims; 1 class of
unsecured claims; and 1 class of equity security holders.
Class 22 consists of the Allowed Unsecured Claims against the
Debtor. This Class is Impaired.
* Consensual Plan Treatment: The liquidation value or amount
that unsecured creditors would receive in a hypothetical chapter 7
case is approximately $0.00. Accordingly, the Debtor proposes to
pay unsecured creditors a pro rata portion of $101,000.00. Payments
will be made in equal quarterly payments of $8,416.67. Payments
shall commence on the fifteenth day of the month, on the first
month that begins more than ninety days after the Effective Date
and shall continue quarterly for eleven additional quarters.
Pursuant to Section 1191 of the Bankruptcy Code, the value to be
distributed to unsecured creditors is greater than the Debtor's
projected disposable income to be received in the 3-year period
beginning on the date that the first payment is due under the plan.
Holders of Class 22 claims shall be paid directly by the Debtor.
* Nonconsensual Plan Treatment: The liquidation value or
amount that unsecured creditors would receive in a hypothetical
chapter 7 case is approximately $0.00. Accordingly, the Debtor
proposes to pay unsecured creditors a pro rata portion of its
projected Disposable Income, $100,070.07. If the Debtor remains in
possession, plan payments shall include the Subchapter V Trustee's
administrative fee which will be billed hourly at the Subchapter V
Trustee's then current allowable blended rate. Plan Payments shall
commence on the fifteenth day of the month, on the first month that
is one year after the Effective Date and shall continue annually
for two additional years. The initial estimated annual payment
shall be $58,154.84. Holders of Class 22 claims shall be paid
directly by the Debtor.
Class 23 consists of any and all equity interests and warrants
currently issued or authorized in the Debtor. This Class is
Unimpaired. Holders of a Class 23 interests shall retain their full
equity interest in the same amounts, percentages, manner and
structure as existed on the Petition Date.
The Plan contemplates that the Reorganized Debtor will continue to
operate the Debtor's business.
Except as explicitly set forth in this Plan, all cash in excess of
operating expenses generated from operation until the Effective
Date will be used for Plan Payments or Plan implementation, cash on
hand as of Confirmation shall be available for Administrative
Expenses.
A full-text copy of the Plan of Reorganization dated January 6,
2025 is available at https://urlcurt.com/u?l=Pl2um8 from
PacerMonitor.com at no charge.
Counsel to the Debtor:
Jeffrey S. Ainsworth, Esq.
Cole Bailey Davidson Branson, Esq.
BransonLaw, PLLC
1501 East Concord Street
Orlando, Florida 32803
Telephone: (407) 894-6834
Facsimile: (407) 894-8559
E-mail: jeff@bransonlaw.com
E-mail: cole@bransonlaw.com
About Junk It Plus
Junk It Plus, LLC is an established dumpster rental service
operating in Central Florida.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-05466) on October 8,
2024, with $100,001 to $500,000 in assets and $1 million to $10
million in liabilities. Jerrett McConnell, Esq., at McConnell Law
Group, P.A. serves as Subchapter V trustee.
Judge Grace E. Robson presides over the case.
Jeffrey Ainsworth, Esq., at Bransonlaw, PLLC, is the Debtor's
bankruptcy counsel.
KCT INC: Secured Party Sets Jan. 16 Auction for Equity Interests
----------------------------------------------------------------
In accordance with applicable provisions of the Uniform Commercial
Code as enacted in the State of New York, Parkview Financial REIT
LP, as administrative agent ("secured party"), under that certain
pledge and security agreement dated April 6, 2022, will sell at
public auction all membership and other equity interests owned by
KCT Inc. in and to 1060 Nepperhan Ave. LLC ("collateral"), which
entity owns the real property located at 1060 Nepperhan Avenue,
Yonkers, New York 10703.
The public auction will be held on Jan. 16, 2025, at 3:30 p.m.
(EST) by Matthew D. Mannion of Mannion Auctions LLC via zoom remote
meeting, as well as in person at the offices of Sheppard Mullin
Richter & Hampton LLP at 30 Rockefeller Plaza, 39th Floor, New
York, New York 10112. Remote log-in credentials will be provided
to qualified bidders upon requests.
For questions and inquiries, contact Brock Cannon of Newmark Group
Inc. at brock.cannon@nmrk.com, 212-372-2066, or Michael Driscoll,
Esq., of Sheppard Mullin Richter & Hampton LLP at
mdriscoll@sheppardmullin.com, 212-634-3055.
LACAYO REAL: Case Summary & One Unsecured Creditor
--------------------------------------------------
Debtor: Lacayo Real Estate Group LLC
10890 N.W. 17 Street
Doral FL 33172
Business Description: The Debtor is the owner of four retail
spaces, all located in Doral, Florida, with
an estimated total current value of $3.25
million.
Chapter 11 Petition Date: January 13, 2025
Court: United States Bankruptcy Court
Southern District of Florida
Case No.: 25-10285
Judge: Hon. Corali Lopez-Castro
Debtor's Counsel: Jose M. Sanchez, Esq.
JMS LAW, P.A.
8355 W. Flagler Street, #322
Miami, FL 33134
Tel: 786-351-1935
Email: jms_law@yahoo.com
Total Assets: $3,245,000
Total Liabilities: $2,332,561
The petition was signed by Sophia G. Lacayo Siero as manager.
The Debtor has listed Keystone Consulting Group, located at 445
Broad Hollow Rd, Suite #25, Melville, NY 11747, as its sole
unsecured creditor, holding a claim of $25,000 for broker
services.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/AGJTPJQ/Lacayo_Real_Estate_Group_LLC__flsbke-25-10285__0001.0.pdf?mcid=tGE4TAMA
LATIGO HOMES: Seeks to Hire DeMarco-Mitchell as Bankruptcy Counsel
------------------------------------------------------------------
Latigo Homes LLC seeks approval from the U.S. Bankruptcy Court for
the Northern District of Texas to hire DeMarco-Mitchell, PLLC as
counsel.
The firm will provide these services:
(a) take all necessary action to protect and preserve the
estate;
(b) prepare on behalf of the Debtor all necessary legal papers
in connection with the administration of the estate;
(c) formulate, negotiate, and propose a plan of
reorganization; and
(d) perform all other necessary legal services in connection
with these proceedings.
The firm will be paid at these hourly rates:
Robert DeMarco, Esq. $400
Michael Mitchell, Esq. $300
Barbara Drake, Paralegal $125
`
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received a retainer in the amount of $7,500.
Mr. DeMarco disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Robert T. DeMarco, Esq.
DeMarco-Mitchell, PLLC
12770 Coit Road, Suite 850
Dallas, TX 75251
Telephone: (972) 991-5591
Facsimile: (972) 346-6791
Email: mike@demarcomitchell.com
About Latigo Homes LLC
Latigo Homes LLC is a Single Asset Real Estate debtor (as defined
in 11 U.S.C. Section 101(51B)).
Latigo Homes LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-44482) on December 2,
2024. In the petition filed by Steven Davis as managing member, the
Debtor reports estimated assets and liabilities between $1 million
and $10 million each.
Honorable Bankruptcy Judge Mark X. Mullin handles the case.
The Debtor is represented by Robert T DeMarco, Esq. at DEMARCO
MITCHELL, PLLC.
LITTLE MINT: Taps Hendren, Redwine & Malone as Bankruptcy Counsel
-----------------------------------------------------------------
The Little Mint Inc. seeks approval from the U.S. Bankruptcy Court
for the Eastern District of North Carolina to hire Hendren, Redwine
& Malone, PLLC to handle its Chapter 11 case.
The firm received a total retainer of $100,000 from the Debtor's
president.
`
Jason Hendren, Esq., an attorney at Hendre, Redinw & Malone,
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:
Rebecca F. Redwine, Esq.
Hendren, Redwine & Malone PLLC
4600 Marriott Drive Suite 150
Raleigh, NC 27612
Telephone: (919) 420-7867
Facsimile: (919) 420-0475
Email: rredwine@hendrenmalone.com
About The Little Mint Inc.
The Little Mint Inc., doing business as Hwy 55 Burgers Shakes &
Fries, owns multiple Hwy 55 Burgers, Shakes & Fries restaurants.
The Little Mint Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.C. Case No. 24-04510) on December 31,
2024. In its petition, the Debtor reports estimated assets between
$1 million and $10 million and estimated liabilities between $10
million and $50 million.
Judge Joseph N. Callaway presides over the case.
Rebecca F. Redwine, Esq. of HENDREN, REDWINE & MALONE, PLLC
represents the Debtor as counsel.
LITTLE MINT: Taps Omni Agent Solutions as Claims and Noticing Agent
-------------------------------------------------------------------
The Little Mint Inc. seeks approval from the U.S. Bankruptcy Court
for the Eastern District of North Carolina to hire Omni Agent
Solutions as claims, noticing, and balloting agent.
Omni Agent will oversee the distribution of notices and will assist
in the maintenance, processing and docketing of proofs of claim
filed in the Chapter 11 case of Dorchester Resources. The firm will
also provide bankruptcy administrative services.
Omni will be billed at hourly rates ranging from $40 to $250. The
Debtor agrees to reimburse the firm's out-of-pocket expenses. The
firm will serve monthly invoices to the Debtor.
Paul Deutch, the executive vice president of Omni, disclosed in
court filings that the firm is a "disinterested person" as that
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Paul H. Deutch
Omni Agent Solutions
1120 Avenue of the Americas, 4th Floor
New York, NY 10036
Telephone: (212) 302-3580
Facsimile: (212) 302-3820
Email: paul.web@OmniAgnt.com
About The Little Mint Inc.
The Little Mint Inc., doing business as Hwy 55 Burgers Shakes &
Fries, owns multiple Hwy 55 Burgers, Shakes & Fries restaurants.
The Little Mint Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.C. Case No. 24-04510) on December 31,
2024. In its petition, the Debtor reports estimated assets between
$1 million and $10 million and estimated liabilities between $10
million and $50 million.
Judge Joseph N. Callaway presides over the case.
Rebecca F. Redwine, Esq. of HENDREN, REDWINE & MALONE, PLLC
represents the Debtor as counsel.
LJB LLC: Seeks to Hire George F. Matta as Special Counsel
---------------------------------------------------------
LJB, LLC seeks approval from the U.S. Bankruptcy Court for the
Eastern District of Massachusetts to employ George F. Matta, Esq.
as special counsel.
Mr. Matta represents the estate to address all necessary legal
services relative to the sale of the real estate.
Mr. Matta seeks to be compensated at an hourly rate of $375 plus
out of pocket reasonable expenses.
Mr. Matta assured the court that he represents no interest adverse
to the estate in the matters upon which he is to be engaged.
The firm can be reached through:
George F. Matta, Esq.
648 Washington Street
Norwood, MA
Tel: (617) 489-0292
Fax: (617) 489-0293
Email: gmatta@ez-closing.com
About LJB LLC
LJB LLC sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D. Mass. Case No. 24-12236) on November 7, 2024, with
$1 million to $10 million in both assets and liabilities. Kenneth
L. Brown, manager, signed the petition.
Judge: Janet E Bostwick oversees the case.
Gary W. Cruickshank, Esq., represents the Debtor as legal counsel.
LPG 405 ALBERTO: Claims to be Paid From NewCo Loan
--------------------------------------------------
LPG 405 Alberto Way Residential LLC filed with the U.S. Bankruptcy
Court for the Northern District of California a Disclosure
Statement to accompany Plan of Reorganization dated January 6,
2025.
The Debtor is a single asset real estate debtor, owning the Real
Property located at 401-409 Alberto Way, Los Gatos, Santa Clara
County, California 95032. The Property is 2.14 acres of land
proposed for the development of 78 condominium units.
The Plan contemplates paying all Allowed Claims (other than the
Lamb Claim) in full. The Plan will be funded through exit
financing, defined as the "NewCo Loan" in the Plan. On December 12,
2024, Debtor received a letter of intent from Commercial Private
Equity ("CPE") for $35 million in exit financing. Since December
12, 2024, Debtor and CPE have been working together to finalize
CPE's due diligence, including an updated appraisal being performed
by Integra Realty Resources.
Integra Realty Resources previously provided an appraisal of
Debtor's principal asset, the Real Property located at 401 – 409
Alberto Way, Los Gatos, CA 95030, bearing Assessor Parcel Number
529-23-018, providing a "market value as is" of $28.1 million as of
April 24, 2024. To ensure Debtor's ability to consummate its Plan,
Debtor has additionally received a second letter of intent in the
amount of $19 million, which potential lender is also completing
its due diligence. Debtor also has a potential third lender that is
also underway in its due diligence.
The Plan provides for the Allowed Claim portion of all Secured
Claims to be paid at the Closing of the NewCo Loan through the
Title Company, with any Disputed Claim portion, plus twelve months
of interest funded into the Disputed Claims Reserve with the Liens
of such Secured Claims attaching to the Disputed Claim Reserve in
the same priority as exists on the Effective Date.
Class 5 is comprised of the Allowed General Unsecured Claims. As of
the filing of this Disclosure Statement, no creditors have filed
Proofs of Claim asserting General Unsecured Claims, but the
following creditors have been scheduled as holding Class 5 General
Unsecured Claims against Debtor: (1) Brodie CM ($40,050); (2)
Bucilla Architecture ($157,444); (3) Kier & Wright ($3,275); (4)
Lsquared, LLC ($74,000); (5) Montgonery Pacific Corporation
($1,750); (6) PG&E ($2,465.64); (7) State Water Board (disputed)
($20,598); (8) Stuart Moore Staub ($15,577.50); and (9) Town of Los
Gatos ($1,000).
If the NewCo Loan is less than $25 million, and except to the
extent that a Holder of an Allowed General Unsecured Claim agrees
to less favorable treatment, each Holder of a General Unsecured
Claim shall, in full and final satisfaction of such Allowed General
Unsecured Claim, be paid as follows.
* On the later of: (i) the Effective Date; (ii) such date as
may be fixed by the Bankruptcy Court; (iii) the fourteenth day
after the General Unsecured Claim is Allowed by entry of a Final
Order; and (iv) such other date as the Holder of such Claim and
Debtor shall agree, each Holder of an Allowed General Unsecured
Claim shall receive a Distribution from Debtor equal to fifteen
percent of its Allowed Claim;
* On the later of: (i) the first anniversary of the Effective
Date; (ii) one year after the General Unsecured Claim is Allowed by
entry of a Final Order; and (iii) such other date as the Holder of
such Claim and Debtor shall agree, each Holder of an Allowed
General Unsecured Claim shall receive a second Distribution equal
to twenty-five percent of its Allowed Claim, which Distribution
shall be paid by NewCo;
* On the later of: (i) the second anniversary of the Effective
Date; (ii) two years after the General Unsecured Claim is Allowed
by entry of a Final Order; and (iii) such other date as the Holder
of such Claim and Debtor shall agree, each Holder of an Allowed
General Unsecured Claim shall receive a third Distribution equal to
the thirty percent of its Allowed Claim, which Distribution shall
be paid by NewCo; and
* On the later of: (i) the third anniversary of the Effective
Date; (ii) three years after the General Unsecured Claim is Allowed
by entry of a Final Order; and (iii) such other date as the Holder
of such Claim and Debtor shall agree, each Holder of an Allowed
General Unsecured Claim shall receive a final Distribution equal to
the thirty percent of its Allowed Claim, plus accrued
post-Effective Date interest, which Distribution shall be paid by
NewCo.
If the NewCo Loan is more than $25 million, then except to the
extent that a Holder of an Allowed General Unsecured Claim agrees
to less favorable treatment, each Holder of a General Unsecured
Claim shall, in full and final satisfaction of such Allowed General
Unsecured Claim, be paid as follows. Each Allowed General Unsecured
Claim, shall, in full and final satisfaction of such Claim, be paid
in full in Cash by Debtor upon the latest of: (i) the Effective
Date, or as soon as practicable thereafter; (ii) such date as may
be fixed by the Bankruptcy Court; (iii) the 1st Business Day
following the 14th day after such Claim is Allowed; and (iv) such
date as agreed upon by the Holder of such Claim and Debtor.
Class 5 is Impaired under the Plan. The Holders of the Class 5
Allowed General Unsecured Claims are entitled to vote on the Plan.
Class 8 is comprised of the Allowed Equity Securities in Debtor,
which include RS Lending and Lamb Partners, LLC. The Allowed Equity
Securities in Class 8 shall be treated as follows. All Class 8
Equity Securities in Debtor shall be cancelled in accordance with
Section 5.1.1 of the Plan. Holders of Class 8 Equity Securities
shall not receive or retain any property on account of their Equity
Securities under the Plan.
The Plan will be funded through exit financing, defined as the
"NewCo Loan" in the Plan. On December 12, 2024, Debtor received a
Letter of Intent from CPE for $35 million in exit financing. Since
December 12, 2024, has been finalizing its due diligence, including
an updated appraisal being performed by Integra Realty Resources.
A full-text copy of the Disclosure Statement dated January 6, 2025
is available at https://urlcurt.com/u?l=zCHIWF from
PacerMonitor.com at no charge.
Attorneys for the Debtor:
Talitha Gray Kozlowski, Esq.
William M. Noall, Esq.
Garman Turner Gordon LLP
7251 Amigo Street, Suite 210
Las Vegas, NV 89119
Tel: (725) 777-3000
Email: tgray@gtg.legal
Email: wnoall@gtg.legal
About LPG 405 Alberto Way Residential
LPG 405 Alberto Way Residential LLC is engaged in activities
related to real estate.
LPG 405 Alberto Way Residential LLC sought relief under Chapter 11
of the Bankruptcy Code (Bankr. N.D. Cal. Case No. 24-51531) on Oct.
9, 2024. In the petition filed by Randolph F. Lamb, Managing
Member of Lamb Partners, LLC, Managing Member of the Debtor, the
Debtor estimated assets and liabilities between $10 million and $50
million each.
The Debtor is represented by William M. Noall, Esq. at GARMAN
TURNER GORDON LLP.
MEDICAL SOLUTIONS: Eaton Vance Marks $2,448,000 Loan at 25% off
---------------------------------------------------------------
Eaton Vance Senior Floating-Rate Trust has marked its $2,448,000
loan extended to Medical Solutions Holdings, Inc to market at
$1,838,958 or 75% of the outstanding amount, according to the Eaton
Vance's Form N-CSRS for the semi-annual period ended October 31,
2024, filed with the Securities and Exchange Commission.
Eaton Vance is a participant in Term Loan to Medical Solutions
Holdings, Inc. The loan accrues interest at a rate of 8.185%, (SOFR
+ 3.50%) per annum. The loan matures on November 1, 2028.
Eaton Vance is a Massachusetts business trust registered under the
Investment Company Act of 1940, as amended (the 1940 Act), as a
diversified, closed-end management investment company.
Eaton Vance is led by Kenneth A. Topping, Principal Executive
Officer; and James F. Kirchner, Principal Financial Officer. The
Fund can be reached through:
Kenneth A. Topping
Eaton Vance Senior Floating-Rate Trust
One Post Office Square
Boston, MA 02109
Tel.: (617) 482-8260
- and -
Deidre E. Walsh
Eaton Vance Senior Floating-Rate Trust
One Post Office Square,
Boston, MA 02109
Tel.: (617) 482-8260
Medical Solutions L.L.C. operates as a travel nursing company. The
Company provides benefits such as personalized pay package, medical
and dental insurance, paid private housing, and loyalty programs,
as well as pet care, education and training, and friendly housing
services for travel nurses. Medical Solutions serves customers in
the United States.
MONROE & KING: Seeks to Hire Creed & Gowdy as Special Counsel
-------------------------------------------------------------
Monroe & King, P.A. seeks approval from the U.S. Bankruptcy Court
for the Middle District of Florida to hire Creed & Gowdy, P.A. as
special counsel.
On August 22, 2024, the Debtor filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code.
On December 12, the Court entered an order dismissing the case. The
Debtor filed a Notice of Appeal on December 21, 2024, and the
United States District Court has opened a case for that appeal.
The Debtor desires to employ Creed & Gowdy as its attorneys to
handle the Appeal.
The firm will be paid at these rates:
Bryan S. Gowdy, Esq. $495 per hour
Other Attorneys $345 to $495 per hour.
Creed & Gowdy received an initial retainer in the amount of
$10,000.
Creed & Gowdy is a "disinterested person" as that term is defined
in 11 U.S.C. 101(14), according to court filings.
The firm can be reached through:
Bryan S. Gowdy, Esq.
Creed & Gowdy, P.A.
865 May Street
Jacksonville, FL 32204
Tel: (904) 350-0075
Email: lawclerk@appellate-firm.com
About Monroe & King
Monroe & King, P.A., doing business as First Coast Criminal
Defense, is a law firm specializing in criminal law. The firm is
well-versed in a variety of criminal matters, including driving
under the influence of alcohol/drugs (DUI), drug crimes, federal
offenses, and domestic violence, among many others.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-02526) on August 22,
2024, with $1 million to $10 million in both assets and
liabilities. D. Scott Monroe, director, signed the petition.
Judge Jason A. Burgess presides over the case.
Amy M. Leitch, Esq., at Akerman, LLP, is the Debtor's legal
counsel.
MR. TORTILLA: Unsecured Creditors Will Get 100% over 180 Months
---------------------------------------------------------------
Mr. Tortilla, Inc. filed with the U.S. Bankruptcy Court for the
Central District of California a Disclosure Statement describing
Chapter 11 Plan of Reorganization dated January 6, 2025.
Mr. Tortilla commenced its bankruptcy case on February 14, 2024.
The Debtor is wholly owned by brothers Anthony and Ronald Alcazar:
Anthony owns 81% of the shares and is the President and Chief
Executive Officer; Ronald owns 19% of the shares and is the Chief
Financial Officer.
Throughout their lives, Anthony and Ronald watched their father
work tirelessly, leading food companies to success. Despite his
significant contributions, he never owned a part of any of these
businesses; he was always an employee. Witnessing this, in 2012,
Anthony and Ronald became determined to create a company of their
own.
All the algorithms Anthony and Ronald worked on during 2023 were
paying dividends. In January and February 2024, the debtor had
$1,044,118.50 in sales. The Debtor started to grow and everything
was looking like it would work out. Benchmark was getting ready to
put them on the market all over the world, but unfortunately an MCA
froze their E-commerce revenue, the lifeblood of their business,
and brought their operation to a halt.
After pleading with them and telling them that they were engaging
BenchMark and that their freezing their E-commerce revenue would
put them into a bankruptcy, they froze the account anyway. Thus,
the Debtor had to file for Chapter 11 for the automatic stay in
order to be able to continue to operate.
The Plan is a reorganizing plan. In other words, the Proponent
seeks to accomplish payments under the Plan by its earnings from
the operation of the Debtor as tortilla manufacturer and seller
including e-commerce.
The Debtor has prepared Financial Projections which demonstrate
that the Debtor can afford to propose a feasible Chapter 11 plan of
reorganization, which pays secured creditors 100% of the value of
their assets over 84 months with interest and 100% of their
unsecured claims, including the portion of the claims of the
secured creditors that exceeds the value of their collateral, over
15 years.
Class 30 consists of All General Unsecured Claims Other than Claims
in Convenience class. Allowed general unsecured claims shall
receive a total of 100% of the amount of their claims over 180
months from the Effective Date in full satisfaction of their
claims, commencing at the end of the first calendar quarter after
the Effective. Payments will increase over time as administrative,
secured and priority claims are paid off or where the Debtor
projects higher net income as specifically set forth in the chart
attached at the end of the Chapter 11 plan.
Class 31 consists of All Allowed General Unsecured Claims in the
amount of $1,000 or less OR as to which its holder elects to
receive $500 in full satisfaction thereof ("Convenience Class").
The Debtor will pay 100% of such claims on the Effective Date.
It is projected that on the Effective Date, the Debtor will have
approximately no less than $110,000 on the Effective Date. The
amount available as of the Effective Date may be less than $110,000
by an amount equal to allowed administrative amounts paid before
the Effective Date order, which will reduce the amounts due on the
Effective Date by a corresponding amount.
A full-text copy of the Disclosure Statement dated January 6, 2025
is available at https://urlcurt.com/u?l=aEjyM2 from
PacerMonitor.com at no charge.
Counsel to the Debtor:
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.
MYA POS: Gets Interim OK to Use Cash Collateral
-----------------------------------------------
MYA POS Services, LLC received interim approval from the U.S.
Bankruptcy Court for the District of New Hampshire to use cash
collateral.
The company requires the use of cash collateral to pay wages due
today; pay vendors as food is delivered; and pay credit card fees,
utilities and other post-petition expenses critical to its ongoing
operation.
The company's budget shows total cash disbursements of $622,063 for
the 13-week period from Jan. 11 to April 5.
As adequate protection of their interest in cash collateral, the
U.S. Small Business Administration and other secured creditors were
granted a replacement lien on the estate's post-petition property
with the same validity and priority as their pre-bankruptcy lien.
MYA POS has granted a first position security interest in it
inventory and accounts receivable and their proceeds, and thus in
cash collateral to the United States Small Business Administration
and Northeast Bank to secure the repayment of the sum of
approximately $76,472.
The cash collateral has a maximum going concern book value of
approximately $20,000. The cash collateral consists of food and
liquor inventory and credit card receipts. Credit card receipts
arise when customers purchase food and pay by credit card. The
charged amount arrives in MYA POS' bank account approximately 2
days later. The cash collateral has a maximum liquidation value in
Chapter 7 of approximately $6,000.
MYA POS believes that the only creditor with an interest in cash
collateral is the SBA because its lien substantially exceeds any
value of cash collateral. However, other creditors may claim
interests in cash collateral, which are Independence Bank assigned
to Northeast Bank, First Corp Solutions, SBA, CT Corp., TD Bank,
and DLP Funding, LLC.
The next hearing is scheduled for Jan. 22.
About MYA POS Services
MYA POS Services, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. N.H. Case No. 25-10010) on January
7, 2025, with up to $50,000 in assets and up to $10 million in
liabilities. Nicholas Yager, a member of MYA POS, signed the
petition.
Judge Kimberly Bacher oversees the case.
Ryan M. Borden, Esq., at Ford, McDonald & Borden, P.A., represents
the Debtor as legal counsel.
NAKED JUICE: $1.82BB Bank Debt Trades at 31% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Naked Juice LLC is
a borrower were trading in the secondary market around 69.1
cents-on-the-dollar during the week ended Friday, January 10, 2025,
according to Bloomberg's Evaluated Pricing service data.
The $1.82 billion Term loan facility is scheduled to mature on
January 24, 2029. The amount is fully drawn and outstanding.
Naked Juice LLC is the entity resulting from a spin-off from
PepsiCo, with PAI Partners owning 61% and Pepsi retaining a 39%
stake. Naked Juice, LLC owns the Tropicana, Naked Juice, KeVita and
other select juice brands.
NEW PHILADELPHIA: Files Chapter 11 Bankruptcy in Florida
--------------------------------------------------------
On January 9, 2025, New Philadelphia Baptist Church Inc. filed
Chapter 11 protection in the U.S. Bankruptcy Court for the
Southern District of Florida.
According to court filing, the Debtor reports between $1 million
and $10 million in debt owed to 1 and 49 creditors. The petition
states funds will be available to unsecured creditors.
About New Philadelphia Baptist Church Inc.
New Philadelphia Baptist Church Inc. sought relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No.: 25-10192)
on January 9, 2025. In its petition, the Debtor reports estimated
assets and liabilities between $1 million and $10 million each.
Chad Van Horn, Esq., at VAN HORN LAW GROUP, P.A., represents the
Debtor as counsel.
NORTH LIBERTY: Files Chapter 11 Bankruptcy Protection in Iowa
-------------------------------------------------------------
On January 9, 2025, North Liberty Transportation LLC filed Chapter
11 protection in the U.S. Bankruptcy Court for the Northern
District of Iowa.
According to court filing, the Debtor reports $4,716,117 in debt
owed to 1 and 49 creditors. The petition states funds will be
available to unsecured creditors.
About North Liberty Transportation LLC
North Liberty Transportation LLC operates within the General
Freight Trucking sector, providing transportation and logistics
services for a variety of goods across various regions.
North Liberty Transportation, LLC sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. N.D. Iowa Case No.: 25-00025) on
January 9, 2025. In its petition, the Debtor reports total assets
of $3,422,463 and total liabilities of $4,716,117.
Siobhan Briley, Esq., at PUGH HAGAN PRAHM PLC represents the Debtor
as counsel.
NORTHLAND MANAGEMENT: Seeks Bankruptcy Protection in Texas
----------------------------------------------------------
On January 11, 2025, Northland Management Corp. filed Chapter 11
protection in the U.S. Bankruptcy Court for the Southern District
of Texas.
According to court filing, the Debtor reports between $1 million
and $10 million in debt owed to 1 and 49 creditors. The petition
states funds will be available to unsecured creditors.
About Northland Management Corp.
Northland Management Corp. is a single-asset real estate management
company headquartered in Kary, Texas.
Northland Management Corp. sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-30226) on
January 11, 2025. In its petition, the Debtor reports estimated
assets and liabilities between $1 million and $10 million each.
Honorable Bankruptcy Judge Eduardo V. Rodriguez handles the case.
Larry A. Vick, Esq., at Law Office Of Larry Vick represents the
Debtor as counsel.
OREGON TOOL: $850MM Bank Debt Trades at 38% Discount
----------------------------------------------------
Participations in a syndicated loan under which Oregon Tool
Holdings Inc is a borrower were trading in the secondary market
around 61.9 cents-on-the-dollar during the week ended Friday,
January 10, 2025, according to Bloomberg's Evaluated Pricing
service data.
The $850 million Term loan facility is scheduled to mature on
October 16, 2028. The amount is fully drawn and outstanding.
Oregon Tool Holdings, Inc., headquartered in Portland, Oregon, is a
global manufacturer and distributor of professional-grade,
consumable parts and attachments for use in forestry, lawn and
garden, agriculture and concrete cutting applications.
PAYROLL MANAGEMENT: IRS Entitled to Summary Judgment in Sunz Suit
-----------------------------------------------------------------
In the case captioned as SUNZ INSURANCE COMPANY,
Plaintiff-Appellant, versus UNITED STATES OF AMERICA INTERNAL
REVENUE SERVICE, PAYROLL MANAGEMENT, INC., FLORIDA DEPARTMENT OF
REVENUE, OKALOOSA COUNTY TAX COLLECTOR, US CAPITAL PARTNERS INC.,
et al., Defendants-Appellees, No. 22-12336 (11th Cir.), the United
States Court of Appeals for the Eleventh Circuit upheld the order
of the United States District Court for the Northern District of
Florida that affirmed the decision of the United States Bankruptcy
Court for the Northern District of Florida bankruptcy court
granting summary judgment for the Internal Revenue Service.
After Payroll Management, Inc. filed a chapter 11 bankruptcy
petition, it received $1,070,330.23 from British Petroleum, Inc. to
compensate for economic loss caused by the Deepwater Horizon Oil
Spill. Sunz Insurance Company filed an adversary complaint in
Payroll's bankruptcy case, claiming a first-priority security
interest in the BP money because Sunz's security interest attached
and perfected before any other creditor. The Internal Revenue
Service disagreed, arguing that its federal tax lien had first
priority because it attached and perfected first. Sunz and the
Service filed dueling cross motions for summary judgment.
The bankruptcy court granted summary judgment for the Service. It
explained that a commercial tort claim does not convert into a
contract until the tort claim has settled and there is a
contractual obligation to pay. It agreed with the Service that
Payroll's BP claim was a commercial tort claim when the federal tax
lien notice was filed because, at that time, BP did not have a
contractual obligation to pay. Because the Service's tax lien
attached to Payroll's BP claim and perfected in March 2017, the
bankruptcy court concluded that the Service's tax lien took
priority over Sunz's security interest, and the Service was
entitled to judgment as a matter of law.
The district court affirmed the bankruptcy court's judgment,
explaining that the settlement agreement created an out-of-court
process to administer Payroll's BP claim more quickly but did not
automatically create a contractual obligation to pay Payroll's BP
claim. It agreed with the bankruptcy court that Payroll's BP claim
was a commercial tort claim, rather than a contract, in March 2017
when the Service filed its tax lien notice. Because Sunz did not
have a security interest in Payroll's commercial tort claims, the
district court also agreed with the bankruptcy court that the
Service's tax lien perfected first and, therefore, held first
priority over the payment.
Sunz appeals the district court's order affirming the summary
judgment for the Service.
The Eleventh Circuit concludes that the Service's federal tax lien
attached to all of Payroll's assets, including commercial tort
claims, when Payroll's federal employment taxes were assessed and
perfected when the Service filed a federal tax lien notice in March
2017. At that time, Payroll's BP claim was still a commercial tort
claim. Because Sunz and Payroll's security agreement did not
describe commercial tort claims as collateral, Sunz's security
interest had not attached to Payroll's BP claim when the Service's
tax lien perfected. So, as both the bankruptcy court and district
court concluded, the Service's tax lien takes priority in the
$1,070,330.23 payment because the Service's tax lien perfected
first."
A copy of the Court's decision dated Jan. 8, 2025, is available at
https://urlcurt.com/u?l=rNwUDu
About Payroll Management
Payroll Management, Inc., provides human resource solutions to
businesses that choose to outsource those functions. It offers
human resource support, payroll, administration, workers'
compensation, recruiting and training, safety training, and
miscellaneous services. Payroll Management was founded in 1986 and
is based in Fort Walton Beach, Fla.
Payroll Management filed a Chapter 11 petition (Bankr. N.D. Fla.
Case No. 18-30298) on March 27, 2018, listing up to $500,000 in
assets and up to $50 million in liabilities. D.C. Mickle-Bee, chief
executive officer, signed the petition.
Judge Jerry C. Oldshue Jr. presides over the case.
Natasha Revell, Esq., at Zalkin Revell, PLLC, serves as the
Debtor's bankruptcy counsel.
PHILLIPS FEED: Eaton Vance Marks $100,000 Loan at 39% off
---------------------------------------------------------
Eaton Vance Senior Floating-Rate Trust has marked its $100,000 loan
extended to Phillips Feed Service, Incto market at $60, 905 or 61%
of the outstanding amount, according to the Eaton Vance's Form
N-CSRS for the semi-annual period ended October 31, 2024, filed
with the Securities and Exchange Commission.
Eaton Vance is a participant in Term Loan to Phillips Feed Service,
Inc. The loan accrues interest at a rate of 11.785%, (SOFR + 7.00%)
per annum. The loan was scheduled to mature on November 13, 2024.
Eaton Vance is a Massachusetts business trust registered under the
Investment Company Act of 1940, as amended (the 1940 Act), as a
diversified, closed-end management investment company.
Eaton Vance is led by Kenneth A. Topping, Principal Executive
Officer; and James F. Kirchner, Principal Financial Officer. The
Fund can be reached through:
Kenneth A. Topping
Eaton Vance Senior Floating-Rate Trust
One Post Office Square
Boston, MA 02109
Tel.: (617) 482-8260
- and -
Deidre E. Walsh
Eaton Vance Senior Floating-Rate Trust
One Post Office Square,
Boston, MA 02109
Tel.: (617) 482-8260
Phillips Feed Service, Inc., doing business as Phillips Pet Food &
Supplies, distributes pet food and supplies. The Company provides
frozen-dried dog food, pet crates and toys, flea and tick
repellents, feed and farm stores, veterinarians, and organizations.
Phillips Pet Food & Supplies operates in the United States.
PREFERRED READY-MIX: 5th Cir. Reverses Dismissal of Adversary Case
------------------------------------------------------------------
In the case captioned as Robert Berleth, Appellee, versus Preferred
Ready-Mix, L.L.C., Appellant, No. 24-20158 (5th Cir.), Judges James
L. Dennis, Catharina Haynes and Irma Carrillo Ramirez of the
United States Court of Appeals for the Fifth Circuit reversed the
judgment of the United States District Court for the Southern
District of Texas dismissing an adversary proceeding brought in
bankruptcy court for lack of jurisdiction and remanded for further
proceedings.
In 2019, the owners of Preferred Ready-Mix were sued by a plaintiff
for breach of contract in the 400th Judicial District Court of Fort
Bend County, Texas. Because the owners failed to participate in the
suit, the state court entered a default judgment against them in
the amount of $173,120.68. Following the entry of a default
judgment, the state court appointed Robert Berleth as a receiver
and ordered him to seize and maintain various assets of Preferred
Ready-Mix to satisfy the judgment. Berleth followed that
instruction.
In short order, Preferred Ready-Mix filed for Chapter 11 bankruptcy
in federal bankruptcy court and demanded its property be released.
Berleth agreed to do so, but only in exchange for an administrative
fee. Preferred Ready-Mix paid the fee and Berleth released the
property ten days later. Preferred Ready-Mix then brought the
instant adversary action in the bankruptcy court asserting four
claims against Berleth:
(1) turnover;
(2) stay violation;
(3) conversion; and
(4) disallowance of claim.
The bankruptcy court found in favor of Preferred Ready-Mix on every
claim except the conversion claim and, concluding that Berleth had
effectively held the major assets of the debtor hostage, ordered
Berleth to pay $45,000 to Preferred Ready-Mix. Berleth appealed to
the district court, which directed the bankruptcy court to dismiss
the adversary proceeding for lack of jurisdiction under the Barton
doctrine. This appeal followed.
The Barton doctrine generally requires that a party seeking to sue
a receiver must obtain leave from the court that appointed the
receiver.
It is undisputed that Preferred Ready-Mix did not obtain leave from
Berleth's appointing court before filing its adversary action. On
this basis, the district court found the bankruptcy court lacked
subject-matter jurisdiction to hear the suit, vacated the
bankruptcy court's order, and remanded to the bankruptcy court to
dismiss Preferred Ready-Mix's adversary proceeding without
prejudice.
Put in terms closer to this case, there is an exception to the
Barton doctrine for lawsuits aimed at actions taken by a receiver
without appointing court authority. If the exception applies,
Preferred Ready-Mix did not need leave from the appointing court to
sue Berleth.
The Circuit Judges find that the ultra vires exception to the
Barton doctrine applies because Berleth only had appointing court
authority to seize and maintain Preferred Ready-Mix's property, not
property of the bankruptcy estate. They conclude Berleth was
without authority -- and acted ultra vires -- when he continued to
seize and maintain possession of property of the bankruptcy estate
despite receiving notice of the bankruptcy petition and a demand
for turnover. Preferred Ready-Mix therefore did not need leave from
the appointing court to sue Berleth in bankruptcy court for his
belated return of property of the bankruptcy estate post-demand for
turnover.
A copy of the Court's decision is available at
https://urlcurt.com/u?l=pD7zcX from PacerMonitor.com.
About Preferred Ready-Mix
Preferred Ready-Mix, LLC, filed a petition for Chapter 11
protection (Bankr. S.D. Tex. Case No. 21-33369) on Oct. 14, 2021,
listing as much as $1 million in both assets and liabilities.
Lincoln M. Catchings, III, vice president, signed the petition.
Judge Jeffrey P. Norman oversees the case.
The Debtor tapped Joyce W. Lindauer Attorney, PLLC, as legal
counsel.
PRETIUM PKG: Eaton Vance Marks $184,000 Loan at 16% off
-------------------------------------------------------
Eaton Vance Senior Floating-Rate Trust has marked its $184,000 loan
extended Pretium PKG Holdings, Incto market at $154, 958 or 84% of
the outstanding amount, according to the Eaton Vance's Form N-CSRS
for the semi-annual period ended October 31, 2024, filed with the
Securities and Exchange Commission.
Eaton Vance is a participant in Second Lien Term Loan to Pretium
PKG Holdings, Inc. The loan accrues interest at a rate of 12.068%,
(SOFR + 6.75%) per annum. The loan matures on October 1, 2029.
Eaton Vance is a Massachusetts business trust registered under the
Investment Company Act of 1940, as amended (the 1940 Act), as a
diversified, closed-end management investment company.
Eaton Vance is led by Kenneth A. Topping, Principal Executive
Officer; and James F. Kirchner, Principal Financial Officer. The
Fund can be reached through:
Kenneth A. Topping
Eaton Vance Senior Floating-Rate Trust
One Post Office Square
Boston, MA 02109
Tel.: (617) 482-8260
- and -
Deidre E. Walsh
Eaton Vance Senior Floating-Rate Trust
One Post Office Square,
Boston, MA 02109
Tel.: (617) 482-8260
Pretium PKG Holdings, Inc. is a manufacturer of rigid plastic
containers for variety of end markets, including food and beverage,
chemicals, healthcare, wellness and personal care. Pretium PKG
Holdings, Inc. is a portfolio company of Clearlake since January
2020.
PROFESSIONAL DIVERSITY: Koala Malta Ltd Holds 12.71% Equity Stake
-----------------------------------------------------------------
Koala Malta Ltd disclosed in a Schedule 13D/A filed with the U.S.
Securities and Exchange Commission that it beneficially owns, in
the aggregate, 1,999,755 Shares, representing approximately 12.71%
of the Professional Diversity Network, Inc.'s total outstanding
Shares immediately after the Share Issuance calculated based on
15,732,748 shares of Common Stock outstanding as of November 14,
2024 as set forth in the Form 10-Q for the quarter ended September
30, 2024 and the current report Form 8-K on November 20, 2024, as
filed with the SEC.
Koala Malta Limited may be reached at:
Daria Liashenko
Dragonara Business Centre, 5th Floor, Dragonara Road
Saint Julian's, O1, STJ 3141
Tel: 356 9994 2022
A full-text copy of Koala Malta's SEC Report is available at:
https://tinyurl.com/5hva6b6v
About Professional Diversity
Headquartered in Chicago, Illinois, Professional Diversity Network,
Inc. -- https://www.prodivnet.com/ -- is a global developer and
operator of online and in-person networks that provides access to
networking, training, educational, and employment opportunities for
diverse professionals. The Company operates subsidiaries in the
United States, including National Association of Professional Women
(NAPW) and its brand, International Association of Women (IAW),
which is one of the largest, most recognized networking
organizations of professional women in the country, spanning more
than 200 industries and professions. Through an online platform and
its relationship recruitment affinity groups, the Company provides
its employer clients a means to identify and acquire diverse talent
and assist them with their efforts to comply with the Equal
Employment Opportunity Office of Federal Contract Compliance
Program. The Company's mission is to utilize the collective
strength of its affiliate companies, members, partners, and unique
proprietary platform to be the standard in business diversity
recruiting, networking, and professional development for women,
minorities, veterans, LGBTQ+, and disabled persons globally.
Oak Brook, Illinois-based Sassetti LLC, the Company's auditor since
2022, issued a "going concern" qualification in its report dated
March 29, 2024, citing that the Company has incurred recurring
operating losses, has a significant accumulated deficit, and will
need to raise additional funds to meet its obligations and the
costs of its operations. These conditions raise substantial doubt
about the Company's ability to continue as a going concern.
As of September 30, 2024, Professional Diversity Network had
$5,302,121 in total assets, $3,659,961 in total liabilities, and
$1,642,160 in total stockholders' equity.
PROSPECT MEDICAL: Case Summary & 30 Largest Unsecured Creditors
---------------------------------------------------------------
Sixty-seven affiliates that concurrently filed voluntary petitions
for relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
Prospect Medical Holdings, Inc. (Lead Case) 25-80002
3824 Hughes Avenue
Culver City CA 90232
Prospect Medical Holdings, Inc. 25-80002
Coordinated Regional Care Group, LLC 25-80003
Prospect East Hospital Advisory Services, LLC 25-80004
Prospect Hospital Holdings, LLC 25-80001
Prospect East Holdings, Inc. 25-80005
Hospital Advisory Services, Inc. 25-80006
Alta Hospitals System, LLC 25-80007
Prospect NJ, Inc. 25-80008
Prospect CT, Inc. 25-80009
Prospect Penn, LLC 25-80010
Prospect Home Health and Hospice, LLC 25-80011
Prospect Health Ventures Holdings, LLC 25-80012
Prospect Provider Groups, LLC 25-80013
Prospect Ambulatory Holding, LLC 25-80014
PHS Holdings, LLC 25-80015
Prospect Integrated Behavioral Health, Inc. 25-80016
Prospect ACO Holdings, LLC 25-80017
Nix Hospitals System, LLC 25-80018
Nix Community General Hospital, LLC 25-80019
Nix SPE, LLC 25-80020
Nix Physicans, Inc. 25-80021
Nix Services, LLC 25-80022
Prospect Nix Home Health and Hospice, LLC 25-80023
Prospect CharterCARE, LLC 25-80024
Alta Los Angeles Hospitals, Inc. 25-80025
Southern California Healthcare System, Inc. 25-80026
Prospect Oldco NJ, Inc. 25-80027
Prospect Crozer, LLC 25-80028
Prospect ECHN Home Health, Inc. 25-80029
Prospect Waterbury Home Health, Inc. 25-80030
Prospect Crozer Home Health and Hospice, LLC 25-80031
Prospect Management Services, LLC 25-80032
Prospect Ambulatory Surgery Centers, LLC 25-80033
Prospect Health Services CT, Inc. 25-80034
Prospect Health Services RI, Inc. 25-80035
Prospect Health Services PA, Inc. 25-80036
Prospect ACO Northeast, LLC 25-80037
Prospect Waterbury, Inc. 25-80038
Healthcare Staffing on Demand, LLC 25-80039
Prospect CT Management Services, Inc. 25-80040
Prospect ECHN, Inc. 25-80041
Prospect Caring Hand, Inc. 25-80042
Prospect Provider Group RI, LLC 25-80043
Prospect Provider Group NJ, LLC 25-80044
Prospect Provider Group CT, LLC 25-80045
Prospect Provider Group PA, LLC 25-80046
Prospect Crozer Ambulatory Surgery, LLC 25-80047
Prospect Waterbury Ambulatory Surgery, LLC 25-80048
Cardiology Associates of Greater Waterbury, P.C. 25-80049
Prospect CharterCARE RWMC, LLC 25-80050
Prospect CharterCARE SJHSRI, LLC 25-80051
Prospect CharterCARE Physicians, LLC 25-80052
Prospect Blackstone Valley Surgicare, LLC 25-80053
Prospect CCMC, LLC 25-80054
Prospect DCMH, LLC 25-80055
Prospect Crozer Urgent Care, LLC 25-80056
Prospect Health Access Network, Inc. 25-80057
Prospect Penn Health Club, LLC 25-80058
Prospect RI Home Health and Hospice, LLC 25-80059
New University Medical Group, LLC 25-80060
Prospect CharterCARE Home Health and Hospice, LLC 25-80061
Associates in Primary Care Medicine, Inc. 25-80062
Prospect ECHN Eldercare Services, Inc. 25-80063
Prospect Rockville Hospital, Inc. 25-80064
Prospect Manchester Hospital, Inc. 25-80065
Prospect CharterCARE Ancillary Services, LLC 25-80066
Prospect CT Medical Foundation, Inc. 25-80067
Business Description: The Debtors and their non-Debtor affiliates
are significant providers of coordinated
regional healthcare services in California,
Connecticut, Pennsylvania, and Rhode Island.
The Debtors' business can be broadly divided
into two segments: (1) hospital operations,
which consist of, among other things, the
ownership and operation of 16 acute care and
behavioral hospitals, providing a wide range
of inpatient and outpatient services
spanning multiple states, and (2) physician-
related services, including (a) certain
owned and managed medical groups,
independent physician associations, managed
services organizations, and risk taking
entities, (b) Prospect Health Plan Inc., a
Knox-Keene licensed entity, and (c) one
licensed acute hospital operating as
Foothill Regional Medical Center.
Chapter 11 Petition Date: January 11, 2025
Court: United States Bankruptcy Court
Northern District of Texas
Judge: Hon. Stacey G Jernigan
Debtors'
General
Bankruptcy
Counsel: Thomas R. Califano, Esq.
Rakhee V. Patel, Esq.
SIDLEY AUSTIN LLP
2021 McKinney Avenue, Suite 2000
Dallas, Texas 75201
Tel: (214) 981-3300
Fax: (214) 981-3400
Email: tom.califano@sidley.com
rpatel@sidley.com
- and -
William E. Curtin, Esq.
Patrick Venter, Esq.
Anne G. Wallice, Esq.
787 Seventh Avenue
New York, New York 10019
Tel: (212) 839-5300
Fax: (212) 839-5599
Email: wcurtin@sidley.com
pventer@sidley.com
anne.wallice@sidley.com
Debtors'
Financial
Advisor: ALVAREZ & MARSAL NORTH AMERICA, LLC
Debtors'
Investment
Banker: HOULIHAN LIKEY, INC.
Debtors'
Claims,
Noticing &
Solicitation
Agent: OMNI AGENT SOLUTIONS, INC.
Estimated Assets: $1 billion to $10 billion
Estimated Liabilities: $1 billion to $10 billion
The petitions were signed by Paul Rundell as chief restructuring
officer.
A full-text copy of the Lead Debtor's petition is available for
free on PacerMonitor at:
https://www.pacermonitor.com/view/DS3KK4Y/Prospect_Medical_Holdings_Inc__txnbke-25-80002__0001.0.pdf?mcid=tGE4TAMA
Consolidated List of Debtors' 30 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. Cerner Corporation Trade Payable/ $129,073,715
2800 Rock Creek Pkwy Promissory Note/
Kansas City, MO 64117 Litigation
Attn: David Feinberg
Title: Chief Executive Officer
Email: david.feinberg@oracle.com
2. MPT Operating Partnership LP Trade Payable/ $60,803,495
1000 Urban Center Drive Lease
Suite 501 Obligations
Birmingham, AL 35242
Attn: Edward K. Aldag, Jr.
Title: President & Chief Executive Officer
Email: ealdag@medicalpropertiestrust.com
3. California Dept. of Hospital $43,915,976
Health Care Services Quality
1700 K Street Assurance Fee
Unit 4 Program
Sacramento, CA 95811
Attn: John Birkmeyer, MD
Title: President
Email: john.birkmeyer@soundphysicians.com
Phone: (916) 636-1980
4. Center for Medicare & MAAPP Loans $41,990,154
Medicaid Services
7500 Security Blvd.
Baltimore, MD 21244
Attn: Chiquita Brooks-LaSure
Title: Administrator
Email: chiquita.brooks-lasure@hhs.gov
Phone: (410) 786-3000
5. Medline Industries Inc Trade Payable/ $28,600,705
Three Lakes Drive Promissory Note
Northfield, IL 60093
Attn: Alex Liberman
Title: Chief Legal Officer
Email: aliberman@medline.com
Phone: (847) 615-8083
6. Compass Group Trade Payable $12,849,596
2400 Yorkmont Road
Charlotte, NC 28217
Attn: Bobby Kutteh
Title: Chief Executive Officer
Email: bobby.kutteh@compass-usa.com
7. Stryker Trade Payable $12,131,718
1941 Stryker Way
Portage, MI 49002
Attn: Kevin Lobo
Title: Chief Executive Officer
Email: kevin.lobo@stryker.com
Phone: (269) 385-2600
8. R4 Solutions Trade Payable $11,175,706
10080 N. Wolfe Rd.
SW3 200
Cupertino, CA 95014
Attn: Amit Bhardwaj
Title: Chief Executive Officer
Email: amit.b@r4solutionsinc.com
Phone: (415) 869-5779
9. Expedient VMS LLC Trade Payable $9,907,710
26500 Agoura Road
#102-365
Calabasas, CA 91302
Attn: Jack Madha
Title: Chief Executive Officer
Email: jmadha@ernservices.com
Phone: (213) 855-3939
10. Aya Healthcare Inc Trade Payable $5,934,066
5930 Cornerstone Court West
Suite 300
San Diego, CA 92121
Attn: Alan Braynin
Title: Chief Executive Officer
Email: abraynin@ayahealthcare.com
Phone: (858) 369-0576
11. Allscripts Healthcare LLC Trade Payable $5,389,632
222 W. Merchandise Mart Plaza
Chicago, IL 60654
Attn: Tejal Vakharia
Title: General Counsel
Email: tejal.vakharia@allscripts.com
12. Microsoft Corporation Trade Payable $4,801,985
1 Microsoft Way
Redmond, WA 98052
Attn: Hossein Nowbar
Title: Chief Legal Officer
Email: hosseinn@microsoft.com
13. State of California Trade Payable $4,538,868
Emergency Medical Services Authority
11120 International Drive
2nd Floor
Rancho Cordova, CA 95670
Attn: Elizabeth Basnett
Title: Director
Email: director@emsa.ca.gov
Phone: (916) 322-4336
14. General Healthcare Trade Payable $3,190,955
Resources, LLC
1 Valley Square
Suite 200
Blue Bell, PA 19422
Attn: John Quirk
Title: Chief Executive Officer
Email: jquirk@ghresources.com
Phone: (214) 888-2430
15. Sheppard Mullin Trade Payable $3,155,885
Richter & Hampton LLP
350 South Grand Ave.
40th Floor
Los Angeles, CA 90071
Attn: Polly Towill
Title: Partner
Email: ptowill@sheppardmullin.com
Phone: (213) 617-5480
16. Optum, Inc. Trade Payable $3,114,307
11000 Optum Circle
Eden Prairie, MN 55344
Attn: Heather Cianfrocco
Title: Chief Executive Officer
Email: heather.cianfrocco@optum
17. McKesson Trade Payable $3,008,700
6555 State Hwy 161
Irving, TX 75039
Attn: Michele Lau
Title: Chief Legal Officer
Email: michele.lau@mckesson.com
Phone: (972) 446-4800
18. ArganoNorthPoint Trade Payable $2,899,255
6100 W. Plano Parkway
Suite 1800
Plano, TX 75093
Attn: Chip Register
Title: Chief Executive Officer
Email: chip.register@argano.com
Phone: (925) 944-5066
19. Johnson & Johnson Trade Payable $2,856,994
1 Johnson & Johnson Plaza
New Brunswick, NJ 08933
Attn: Elizabeth Forminard
Title: General Counsel
Email: eforminard@jnj.com
20. Legacy ECHN, Inc. Medicare $2,777,627
71 Haynes Street Related Costs
Manchester, CT 06040
Attn: Kevin Smith
Title: Partner
Email: ksmith@wiggin.com
Phone: (203) 498-4579
21. Wizpro Inc Trade Payable $2,672,626
5900 South Lake Forest Drive
Suite 300
McKinney, TX 75070
Attn: Ekta Sharma
Title: Vice President
Phone: (210) 212-1141
22. FinThrive Inc Trade Payable $2,657,018
7950 Legacy Drive
Suite 900
Plano, TX 75024
Attn: Hemant Goel
Title: President & Chief Executive Officer
Email: ceohemantgoel@finthrive.com
23. Sound Physicians Trade Payable $2,429,959
1498 Pacific Avenue
Suite 500
Tacoma, WA 98402
Attn: Jeff Alter
Title: Chief Executive Officer
Email: jeff.alter@soundphysicians.com
Phone: (855) 768-6363
24. EPM Trade Payable $2,361,642
30900 Rancho Viejo Road
Suite 150
San Juan Capistrano, CA 92675
Attn: Gavin O'Reilly
Title: Chief Solutions Officer
Email: gavin.oreilly@goepm.com
25. Bella Vista Medical Group, Inc. Capitation $2,330,609
15301 Ventura Blvd. Agreement
Building D #200 Fees
Sherman Oaks, CA 91403
Attn: Vijay Dhawan
Title: President
Phone: (217) 700-0390
26. Pension Benefit Union Undetermined
Guaranty Corporation Obligations
445 12th Street SW
Washington, DC 20024-2101
Attn: Karen Morris
Title: General Counsel
Email: karen.morris@pbgc.gov
Phone: (202) 326-4000
27. Internal Revenue Service CARES Act Undetermined
300 N. Los Angeles St. Deferred FICA
Los Angeles, CA 90012 Tax Liabilities
Attn: Centeralized Insolvency Operation
Phone: (213) 576-3140
28. State of Connecticut, Provider Taxes Undetermined
Department of Revenue Services
450 Columbus Blvd.
Suite 1
Hartford, CT 06103
Attn: Mark D. Boughton
Title: Commissioner
Email: mark.boughton@ct.gov
Phone: (860) 297-5962
29. Change Healthcare, Inc. Receivable Undetermined
2771 Momentum Place Advances/
Chicago, IL 60689-5327 Trade Payable
Attn: Neil de Crescenzo
Title: President & Chief Executive Officer
Email: ndecrescenzo@changehealthcare.com
30. L.A. Care Health Plan Hospital Undetermined
1200 W. 7th Street Quality
Los Angeles, CA 90017 Assurance
Attn: Augustavia Haydel Fee Program
Title: General Counsel Advance
Email: ahaydel@lacare.org
RACKSPACE FINANCE: $1.69BB Bank Debt Trades at 44% Discount
-----------------------------------------------------------
Participations in a syndicated loan under which Rackspace Finance
LLC is a borrower were trading in the secondary market around 56.3
cents-on-the-dollar during the week ended Friday, January 10, 2025,
according to Bloomberg's Evaluated Pricing service data.
The $1.69 billion Term loan facility is scheduled to mature on May
15, 2028. About $1.63 billion of the loan has been drawn and
outstanding.
The Company's country of domicile is the United States.
RACKSPACE FINANCE: Eaton Vance Marks $3.6MM Loan at 40% off
-----------------------------------------------------------
Eaton Vance Senior Floating-Rate Trust has marked its $3,691,000
loan extended to Rackspace Finance LLC to market at $2,217,814 or
60% of the outstanding amount, according to the Eaton Vance's Form
N-CSRS for the semi-annual period ended October 31, 2024, filed
with the Securities and Exchange Commission.
Eaton Vance is a participant in Second Lien Term Loan to Rackspace
Finance LLC. The loan accrues interest at a rate of 7.683%, (SOFR +
2.75%) per annum. The loan matures on May 15, 2028.
Eaton Vance is a Massachusetts business trust registered under the
Investment Company Act of 1940, as amended (the 1940 Act), as a
diversified, closed-end management investment company.
Eaton Vance is led by Kenneth A. Topping, Principal Executive
Officer; and James F. Kirchner, Principal Financial Officer. The
Fund can be reached through:
Kenneth A. Topping
Eaton Vance Senior Floating-Rate Trust
One Post Office Square
Boston, MA 02109
Tel.: (617) 482-8260
- and -
Deidre E. Walsh
Eaton Vance Senior Floating-Rate Trust
One Post Office Square,
Boston, MA 02109
Tel.: (617) 482-8260
Rackspace Technology Global, Inc., supports and manages cloud
platforms, as well as offers managed hosting, colocation, security,
data processing, and enterprise application development.
RECYCLE & RESOURCE: $375MM Bank Debt Trades at 23% Discount
-----------------------------------------------------------
Participations in a syndicated loan under which Recycle & Resource
Operations Pty Ltd is a borrower were trading in the secondary
market around 77.4 cents-on-the-dollar during the week ended
Friday, January 10, 2025, according to Bloomberg's Evaluated
Pricing service data.
The $375 million Term loan facility is scheduled to mature on
August 9, 2028. The amount is fully drawn and outstanding.
Recycle and Resource Operations Pty Limited ("Bingo") is an
Australian recycling and waste management company that provides
end-to-end solutions across the resource management supply chain
including collection, processing and recovery, disposal and waste
equipment manufacturing. Bingo primarily operates in the New South
Wales (NSW) building & demolition (B&D) waste market, which
accounts for the majority of its earnings. The company also
operates in the states of Victoria and Queensland and in commercial
& industrial (C&I) waste. In 2021, Bingo was acquired by Macquarie
Infrastructure and Real Assets and its managed funds for an
enterprise value of AUD2.6 billion. The Company's country of
domicile is Australia.
REDSTONE HOLDCO: Eaton Vance Marks $1.3MM Loan at 25% off
---------------------------------------------------------
Eaton Vance Senior Floating-Rate Trust has marked its $1,376,000
loan extended to Redstone Holdco 2 LP to market at $1,031 961 or
75% of the outstanding amount, according to the Eaton Vance's Form
N-CSRS for the semi-annual period ended October 31, 2024, filed
with the Securities and Exchange Commission.
Eaton Vance is a participant in Second Lien Term Loan to Redstone
Holdco 2 LP. The loan accrues interest at a rate of 9.597%, (SOFR +
4.75%) per annum. The loan matures on April 27, 2028.
Eaton Vance is a Massachusetts business trust registered under the
Investment Company Act of 1940, as amended (the 1940 Act), as a
diversified, closed-end management investment company.
Eaton Vance is led by Kenneth A. Topping, Principal Executive
Officer; and James F. Kirchner, Principal Financial Officer. The
Fund can be reached through:
Kenneth A. Topping
Eaton Vance Senior Floating-Rate Trust
One Post Office Square
Boston, MA 02109
Tel.: (617) 482-8260
- and -
Deidre E. Walsh
Eaton Vance Senior Floating-Rate Trust
One Post Office Square,
Boston, MA 02109
Tel.: (617) 482-8260
Redstone Holdco 2 LP and Redstone Buyer LLC were formed as part of
the buyout of the RSA Security business from Dell Inc.
RESTAURANT LIFE: Claims to be Paid From Available Cash and Income
-----------------------------------------------------------------
Restaurant Life, LLC filed with the U.S. Bankruptcy Court for the
Southern District of Florida a Plan of Reorganization for Small
Business dated January 6, 2025.
Restaurant Life is a limited liability company that was initially
created in the State of Florida in 2021. Restaurant Life's business
is located at 1103 North Federal Highway, Pompano Beach, Florida,
which is located in Broward County.
Restaurant Life's principal business is the operation of a
restaurant that is adjacent to the Pompano Beach Municipal Golf
Course known as Galuppi's on the Green. Restaurant Life also
provides food and beverage service to golfers on the two courses
that the City of Pompano Beach operates. Restaurant Life's revenue
is thus generated mostly from sales of food and drinks, with
additional revenue from hosting events.
The Debtor's financial projections, based largely on information in
the Statement of Financial Affairs and monthly operating reports,
show that the Debtor will be able to make the plan payments to
administrative, secured, and priority claimants and distribute
projected disposable income to unsecured creditors.
The Debtor anticipates that the Plan will be confirmed in March of
2025, the Plan will be effective on or about May 1, 2025, the first
monthly distribution to unsecured creditors will be made on May 1,
2025 and the final monthly distribution to unsecured creditors will
be made on April 1, 2030. The distributions under the Plan will be
derived from (i) existing cash on hand on the Effective Date, and
(ii) revenues generated by continued business operations.
This Plan of Reorganization proposes to pay creditors of the Debtor
from its net disposable income.
Class 4 consists of the Unsecured Claims of Maryellen Surgento and
USA Employment Lawyers – Jordan Richards PLLC ("JRPLLC").
Surgento filed two claims (Claims 3 and 5) each in the amount of
$215,000.00 that appear to be duplicates. JRPLLC filed Claim 4 in
the amount of $71,659.50. All of the claims relate to a case styled
Maryellen Surgento, on behalf of herself and all others similarly
situated v. Restaurant Life, LLC d/b/a Galuppi's, Case No
24-cv-60306-PAB filed on February 23, 2024 in the United States
District Court for the Southern District of Florida (the "Class
Action"). The Debtor intends to object to said claims and believes
they should be stricken and disallowed in their entirety, but to
the extent any amounts are allowed the Debtor shall pay $1,000.00 a
month until the claims are paid in full or for 60 months, at which
time the Debtor shall make a balloon payment of any remaining
balance. Class 4 is impaired.
Class 5 consists of the Unsecured Claim of Lucksindre Remy. Remy
filed Claim 9 in the amount of $185,323.71. The claim is related to
a lawsuit styled Lucksindre Remy v. Restaurant Life, LLC d/b/a
Galuppi's on the Green and Grant Galuppi, Case No.
2024-cv-60842-AHS pending in the United States District Court for
the Southern District of Florida (the "Remy Lawsuit"). The Debtor
intends to object to Claim 9 and believes it should be stricken and
disallowed in its entirety, but to the extent any portion of the
claim is allowed and is not a priority claim the Debtor shall pay
$1,000.00 a month until the claims are paid in full or for 60
months, at which time the Debtor shall make a balloon payment of
any remaining balance. Class 5 is impaired.
Class 6 consists of the Unsecured Claim of the IRS. Claim 2 that
the IRS filed contains both a priority portion and a nonpriority
portion. The nonpriority portion is in the amount of $260,522.93.
The Debtor believes this Claim may be reduced or disallowed and
intends to object to same if the Debtor cannot reach a resolution
with the IRS. To the extent there is any portion that remains the
Debtor shall pay said claim in full in equal installments over 60
months. Class 6 is impaired.
Class 7 consists of the Unsecured Claims of Pat Galuppi and Laura
Galuppi. Laura Galuppi and Par Galuppi filed Claims 6 and 7,
respectively, each in the amount of $515,391.83. The claims are
based on the prior sale of the business. The claims are identical
as the same amounts are claimed in each so the actual amount due is
$515,291.83 and not double said amount. The Debtor will begin
making payments according to the agreed to schedule on the
Effective Date and shall continue until the payments are completed.
The creditors have agreed to said treatment notwithstanding that
there remain more than five years remaining on the payment
schedule. Class 7 is impaired.
Class 9 consists of Equity interests in the Debtor. Holders of
equity interests shall retain their interests.
Payments required under the Plan will be funded from (i) existing
cash on hand on the Effective Date, and (ii) revenues generated by
continued operations.
A full-text copy of the Plan of Reorganization dated January 6,
2025 is available at https://urlcurt.com/u?l=Ar1Tbg from
PacerMonitor.com at no charge.
Counsel to the Debtor:
Robert F. Reynolds, Esq.
Law Offices of Robert Reynolds, P.A.
515 East Las Olas Blvd., Suite 850
Fort Lauderdale, FL 33301
Telephone: (954) 766-9928
Email: rreynolds@robertreynoldspa.com
About Restaurant Life
Restaurant Life, LLC, is a limited liability company that was
initially created in the State of Florida in 2021.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-20485) on Oct. 8,
2024. In the petition signed by Grant Galuppi, manager, the Debtor
disclosed under $1 million in both assets and liabilities.
Judge Peter D. Russin oversees the case.
The Law Offices of Robert Reynolds, P.A., serves as the Debtor's
counsel.
RKSR INVESTMENTS: Seeks to Hire Barron & Newburger as Counsel
-------------------------------------------------------------
RKSR Investments seeks approval from the U.S. Bankruptcy Court for
the Western District of Texas to hire Barron & Newburger, PC as
counsel.
The firm will provide the following services:
(a) advise the Debtor of its rights, powers, and duties;
(b) review the nature and validity of claims asserted against
the property of the Debtor and advise it concerning the
enforceability of such claims;
(c) prepare on behalf of Debtor, all necessary and appropriate
legal documents and review all financial and other reports to be
filed in the Chapter 11 case;
(d) advise the Debtor concerning and prepare responses to,
legal papers which may be filed in the Chapter 11 case;
(e) counsel the Debtor in connection with the formulation,
negotiation, and promulgation of a plan of reorganization and
related documents;
(f) perform all other legal services for and on behalf of the
Debtor which may be necessary and appropriate in the administration
of the Chapter 11 case and its business; and
(g) work with professionals retained by other parties in
interest in this case to attempt to obtain approval of a consensual
plan of reorganization for the Debtor.
The firm will be paid at these hourly rates:
Stephen Sather, Attorney $600
Other Attorneys $250 - $450
Support Staff $40 - $100
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received a retainer in the amount of $20,000 from the
Debtor.
Mr. Sather disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Stephen Sather, Esq.
Barron & Newburger P.C.
7320 N. Mopac Expressway, Ste. 400
Austin, TX 78731
Telephone: (512) 476-9103
Email: ssather@bn-lawyers.com
About RKSR Investments LLC
RKSR Investments LLC is a Single Asset Real Estate debtor (as
defined in 11 U.S.C. Section 101(51B)).
RKSR Investments LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Tex. Case No. 24-11528) on December 2,
2024. In the petition filed by Dr. Narendra Punjabi, as manager,
the Debtor reports estimated assets and liabilities between $1
million and $10 million each.
Honorable Bankruptcy Judge Shad Robinson oversees the case.
The Debtor is represented by Stephen W. Sather, Esq. at BARRON &
NEWBURGER, P.C.
ROCK 51 LLC: Voluntary Chapter 11 Case Summary
----------------------------------------------
Debtor: Rock 51 LLC
7 West 51st Street, Ground Floor
New York, NY 10019
Business Description: Rock 51 LLC was founded in 2022 with the
goal of constructing and operating a premier
Italian restaurant at 7 West 51st Street,
New York, NY 10019. The restaurant,
currently about 80% complete, will feature
multi-level dining areas with a total
seating capacity of approximately 275
guests, as well as several bar areas.
Cooking and food preparation will take place
in the basement and cellar levels.
Unfortunately, the opening of the restaurant
has been delayed due to several factors,
including construction delays, delays in
obtaining European-crafted fixtures and
furniture, and, most critically, groundwater
infiltration and flooding in the basement.
Chapter 11 Petition Date: January 12, 2025
Court: United States Bankruptcy Court
Southern District of New York
Case No.: 25-10034
Judge: Hon. Michael E. Wiles
Debtor's Counsel: Kevin J. Nash, Esq.
GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP
125 Park Ave
New York, NY 10017-5690
E-mail: knash@gwfglaw.com
Estimated Assets: $10 million to $50 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Lee E. Buchwald as chief restructuring
officer.
The Debtor failed to include a list of its 20 largest unsecured
creditors in the petition.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/YMG6VVQ/Rock_51_LLC__nysbke-25-10034__0001.0.pdf?mcid=tGE4TAMA
ROSA LINDA GHAFFARI: Must Disclose Social Security Income in MORs
-----------------------------------------------------------------
Judge Robert H. Jacobvitz of the United States Bankruptcy Court for
the District of New Mexico concludes that Sec. 308 requires Rosa
Linda Guzman Ghaffari to report social security income in her
subchapter V monthly operating reports notwithstanding its exempt
nature.
Debtor elected to proceed under subchapter V of chapter 11 of the
Bankruptcy Code on August 23, 2024. Debtor's business operations
consist of managing several Debtor-owned rental properties. In
addition to rental income, Debtor reported monthly social security
income of $1,359 on Schedule I. She has not included her social
security income in her subchapter V monthly operating reports.
Debtor contends that she is not required to report her social
security income because social security income is an exempt asset.
In individual subchapter V debtor cases, like exempt post-petition
social security income, earnings from the debtor's services
performed post-petition do not become property of the bankruptcy
estate. Nor is an individual debtor required to contribute social
security income to fund a subchapter V plan, although an individual
debtor may choose to make plan payments with social security
income. Debtor's subchapter V plan discloses Debtor's social
security income. Even so, an individual subchapter V debtor must
include in the monthly operating reports exempt post-petition
social security income, as well as earnings from the debtor's
services performed post-petition, even though neither is property
of the estate, the Court says. This is made clear by the plain
meaning of Sec. 308.
To comply with the Sec. 308(b) reporting requirement, a debtor must
report all actual earnings and cash receipts in the monthly
operating reports. Section 308(b) does not differentiate earnings
and cash receipts that are not property of the estate from those
that are estate property. Thus, Sec. 308 requires an individual
subchapter V debtor with social security income to report such
income in the monthly operating reports and attach copies
of supporting bank account statements to document both receipts and
disbursements of such income.
Requiring a subchapter V debtor to report social security income in
monthly operating reports serves an important bankruptcy purpose.
Monthly operating reports enable the Court, creditors, the United
States trustee, and the subchapter V trustee to track the debtor's
post-petition operations and cash flow, including the debtor's
total income and expenses, and provide the primary means for the
UST and creditors to determine when a debtor is incurring
additional losses, is rendered administratively insolvent, or is
transferring assets without authorization.
Judge Jacobvitz says because monthly operating reports are intended
to give a complete and accurate picture of a debtor's ongoing
post-petition financial situation, Sec. 308(b) requires all sources
of income that constitute earnings or result in projected or actual
cash receipts, to be disclosed in the debtor's monthly operating
reports.
It is ordered that starting with the January 2025 monthly operating
report, Debtor must disclose her social security income and attach
a copy of the monthly bank account statement in which her social
security income is deposited.
A copy of the Court's decision is available at
https://urlcurt.com/u?l=kwZfZX from PacerMonitor.com.
Rosa Linda Guzman Ghaffari filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code
(Bankr. D.N.M. Case No. 24-10453-j11) on Aug. 23, 2024.
Judge Robert H. Jacobvitz oversees the case.
SERTA SIMMONS: Eaton Vance Marks $1.4MM Loan at 15% off
-------------------------------------------------------
Eaton Vance Senior Floating-Rate Trust has marked its $1,432,000
loan extended to Serta Simmons Bedding LLC to market at $1,210,403
or 85% of the outstanding amount, according to the Eaton Vance's
Form N-CSRS for the semi-annual period ended October 31, 2024,
filed with the Securities and Exchange Commission.
Eaton Vance is a participant in Term Loan to Serta Simmons Bedding
LLC. The loan accrues interest at a rate of 12.218%, (SOFR + 7.50%)
per annum. The loan matures on June 29, 2028.
Eaton Vance is a Massachusetts business trust registered under the
Investment Company Act of 1940, as amended (the 1940 Act), as a
diversified, closed-end management investment company.
Eaton Vance is led by Kenneth A. Topping, Principal Executive
Officer; and James F. Kirchner, Principal Financial Officer. The
Fund can be reached through:
Kenneth A. Topping
Eaton Vance Senior Floating-Rate Trust
One Post Office Square
Boston, MA 02109
Tel.: (617) 482-8260
- and -
Deidre E. Walsh
Eaton Vance Senior Floating-Rate Trust
One Post Office Square,
Boston, MA 02109
Tel.: (617) 482-8260
Serta Simmons Bedding, the nation's largest mattress company,
combined all of their company's locations into a new headquarters
in Atlanta, Georgia.
SINGH BROS: U.S. Trustee Unable to Appoint Committee
----------------------------------------------------
The U.S. Trustee for Region 18 disclosed in a court filing that no
official committee of unsecured creditors has been appointed in the
Chapter 11 cases of Singh Bros Express, LLC and its affiliates,
Singh Bros Transport, LLC and Singh Bros Trucking, LLC.
About Singh Bros Express
Singh Bros Express, LLC operates in the general freight trucking
industry.
Singh Bros Express and its affiliates, Singh Bros Transport, LLC
and Singh Bros Trucking, LLC, filed Chapter 11 petitions (Bankr.
W.D. Wash. Lead Case No. 24-42600) on November 15, 2024. At the
time of the filing, Singh Bros Express reported $1 million to $10
million in both assets and liabilities.
Judge Mary Jo Heston handles the cases.
The Debtors are represented by Jane E. Pearson, Esq., at
Polsinelli, PC.
SKILLSOFT CORP: Eaton Vance Marks $1.4MM Loan at 18% off
--------------------------------------------------------
Eaton Vance Senior Floating-Rate Trust has marked its $1,476,000
loan extended to Skillsoft Corp to market at $1,203,369 or 82% of
the outstanding amount, according to the Eaton Vance's Form N-CSRS
for the semi-annual period ended October 31, 2024, filed with the
Securities and Exchange Commission.
Eaton Vance is a participant in Second Lien Term Loan to Skillsoft
Corp. The loan accrues interest at a rate of 10.082%, (SOFR +
5.25%) per annum. The loan matures on July 14, 2028.
Eaton Vance is a Massachusetts business trust registered under the
Investment Company Act of 1940, as amended (the 1940 Act), as a
diversified, closed-end management investment company.
Eaton Vance is led by Kenneth A. Topping, Principal Executive
Officer; and James F. Kirchner, Principal Financial Officer. The
Fund can be reached through:
Kenneth A. Topping
Eaton Vance Senior Floating-Rate Trust
One Post Office Square
Boston, MA 02109
Tel.: (617) 482-8260
- and -
Deidre E. Walsh
Eaton Vance Senior Floating-Rate Trust
One Post Office Square,
Boston, MA 02109
Tel.: (617) 482-8260
Skillsoft Corp. (NYSE: SKIL) delivers online learning, training,
and talent solutions to help organizations unleash their edge.
Leveraging immersive, engaging content, Skillsoft enables
organizations to unlock the potential in their best assets their
people and build teams with the skills they need for success.
SOUTHERN PINESTRAW: Files Emergency Bid to Use Cash Collateral
--------------------------------------------------------------
Southern Pinestraw, Inc. asked the U.S. Bankruptcy Court for the
Northern District of Florida, Gainesville Division, for authority
to use cash collateral until Jan. 31.
The company requires the use of all cash collateral necessary to
cover its estimated operating costs of $46,186 as shown on the
budget. It projects an estimated profit of $20,813 for January
before payment of debt service.
At the time of the filing of the petition, Southern Pinestraw had
$33,732 in cash collateral, which consists of cash in bank accounts
($11,356) and accounts receivable ($22,376).
Southern Pinestraw owns heavy machinery, office equipment and
titled vehicles. The vast majority of the machinery is subject to
liens. Secured debt totals approximately $684,522.
Litefund Solutions, LLC, EBF Holdings, LLC, doing business as
Everest Business Funding, and Novus Capital Funding II, LLC assert
an interest in the cash collateral.
Southern Pinestraw believes that Litefund holds a first priority
position as to all of its cash collateral to the extent of its
total claim amount or the total value of the cash collateral,
$33,732, whichever is less.
As adequate protection, Southern Pinestraw proposed that Litefund
receive a first priority post-petition lien in cash collateral
equal to the validity, priority, and extent of its pre-bankruptcy
lien.
Southern Pinestraw further proposed that Everest and Novus be
granted a lien on cash collateral acquired by the company
post-petition to the same validity, priority, and extent of any
pre-bankruptcy lien.
A copy of the motion is available at https://urlcurt.com/u?l=wrcp21
from PacerMonitor.com.
About Southern Pinestraw, Inc.
Southern Pinestraw, Inc. sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-10003) on
January 7, 2025, with up to $1 million in both assets and
liabilities. Willis Clinton Keen, Jr., president of Southern
Pinestraw, signed the petition.
Lisa Caryl Cohen, Esq., at Ruff & Cohen PA, represents the Debtor
as legal counsel.
SPIRIT AIRLINES: Jan. 29 Plan & Disclosures Hearing Set
-------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
conditionally approved the adequacy of the disclosure statement
explaining a joint Chapter 11 plan of reorganization filed by
Spirit Airlines, Inc. and its Debtor Affiliates.
The Debtors said they are soliciting votes on the Plan from holders
of claims classified in Classes 4, and 5 of their Plan. The
deadline to accept or reject the Plan is Jan. 21, 2025, at 5:00
p.m.
A combined hearing for the Bankruptcy Court to consider final
approval of the Disclosure Statement and confirmation of the Plan
will commence on January 29, 2025, at 11:00 a.m., before the Hon.
Sean H. Lane, United States Bankruptcy Judge, at the U.S.
Bankruptcy Court, 300 Quarropas Street, White Plains, New York
10601. Objections to the final approval of the disclosure
statement and plan, if any, is Jan. 21, 2025.
Spirit Airlines, Inc. and its Debtor Affiliates filed with the U.S.
Bankruptcy Court for the Southern District of New York a Disclosure
Statement for the Joint Chapter 11 Plan of Reorganization dated
December 17, 2024.
The Company was founded in 1964 as Clippert Trucking Company, a
Michigan corporation. In 1990 the Company began chartering air
operations and adopted the name Spirit Airlines, Inc. in 1992.
Over the last several years, Spirit, like many airlines, has been
forced to contend with significant macroeconomic and industry
specific headwinds that have strained its businesses and resources,
and ultimately led to entry into the Restructuring Support
Agreement.
On November 18, 2024, the Debtors executed the Restructuring
Support Agreement with the initial Consenting Stakeholders, who
collectively held approximately 80% of the debt to be restructured
under the Plan, and over two thirds in amount of each of the Voting
Classes.
On the same date, Debtor Spirit Airlines, Inc. commenced the
Chapter 11 Cases under chapter 11 of title 11 of the United States
Code in the United States Bankruptcy Court for the Southern
District of New York. As of the date hereof, the Debtors understand
that the Consenting Stakeholders collectively hold approximately
99.8% of Class 4 (Senior Secured Notes Claims) and approximately
94.4% of the Class 5 (Convertible Notes Claims), or approximately
98.1% of all Impaired Claims (i.e., the only Claims entitled to
vote on the Plan).
The Plan is the outcome of extensive negotiations among the Debtors
and certain of their key stakeholders, including, as of the
Petition Date, Holders of over 78.6% of Class 4 (Senior Secured
Notes Claims) and over 84.1% of the Class 5 (Convertible Notes
Claims) (who are expected to ACCEPT the Plan along with the other
Holders of Class 4 (Senior Secured Notes Claims) and Class 5
(Convertible Notes Claims) who have entered into the Restructuring
Support Agreement), and provides a framework for, among other
things, a significant reduction of the Company's prepetition
indebtedness, to further advance the Company's efforts in
positioning itself for long-term success.
The Restructuring Support Agreement provides the framework for a
comprehensive series of restructuring transactions (the
"Restructuring Transactions"), some to be implemented through the
Plan, designed to deleverage the Company's capital structure and
preserve the going concern value of the Debtors' businesses,
maximize recoveries available to all constituents, and provide for
an equitable distribution to the Debtors' stakeholders. Upon Plan
consummation, the proposed Restructuring Transactions would
restructure approximately $1.635 billion of outstanding funded debt
and reduce the Debtors' total funded debt by approximately $795
million.
More specifically, and among other things, the Restructuring
Transactions include:
* A $300 million senior secured superpriority debtor-in
possession facility to be provided by certain of the Consenting
Stakeholders. The cash provided under the DIP Facility and the
Company's available cash should allow the Company to operate in the
ordinary course and serve its guests "business as usual" during the
pendency of the Chapter 11 Cases.
* Exchanging $700 million of Senior Secured Notes and $140
million of Convertible Notes for the Exit Secured Notes Financing.
* Equitizing the remaining Senior Secured Notes and
Convertible Notes (approximately $795 million in aggregate) in the
form of New Common Equity in the Reorganized Company.
* A fully-backstopped equity rights offering (the "Equity
Rights Offering") through which the Reorganized Debtors will raise
$350 million of New Common Equity to further support the
reorganized balance sheet.
* A Management Incentive Plan to be adopted by the New Board,
which will provide for the grants of equity and equity-based awards
(in the form of MIP Interest, which may equal up to 10% of New
Equity Interests) to employees, directors, consultants, and other
service providers of the Reorganized Debtor(s), as determined at
the discretion of the New Board.
* Entry into a new Exit Revolving Credit Facility.
Class 6 consists of General Unsecured Claims. Each Holder of a
General Unsecured Claim shall receive Reinstatement or such other
treatment rendering its General Unsecured Claim Unimpaired in
accordance with section 1124 of the Bankruptcy Code. On and after
the Effective Date, the Reorganized Debtors shall continue to pay
each Holder of a General Unsecured Claim in the ordinary course of
business, subject to the Reorganized Debtors' right to dispute such
Claim in the ordinary course of business. This Class is
unimpaired.
All Existing Interests shall be cancelled, released, extinguished,
or otherwise eliminated and Holders of such Existing Interests
shall not receive any Plan Distributions or retain any interest in
property on account of such Existing Interests.
Plan Distributions will be funded, as applicable, with (1) Cash on
hand, including any proceeds from the Equity Rights Offering and
the Exit Financing Facilities, and (2) the other Assets of the
Reorganized Debtors.
A full-text copy of the Disclosure Statement dated December 17,
2024 is available at https://urlcurt.com/u?l=c6hluR from
PacerMonitor.com at no charge.
Counsel to the Debtors:
Marshall Huebner, Esq.
Darren S. Klein, Esq.
Christopher S. Robertson, Esq.
Moshe Melcer, Esq.
Kayleigh Yerdon, Esq.
Davis Polk & Wardwell, LLP
450 Lexington Avenue
New York, NY 10017
Phone: (212) 450-4213
Email: marshall.huebner@davispolk.com
About Spirit Airlines
Spirit Airlines, Inc. (NYSE: SAVE) is a low-fare carrier committed
to delivering the best value in the sky by offering an enhanced
travel experience with flexible, affordable options. Spirit serves
destinations throughout the United States, Latin America and the
Caribbean with its Fit Fleet, one of the youngest and most
fuel-efficient fleets in the U.S. On the Web:
http://wwww.spirit.com/
Spirit Airlines filed Chapter 11 petition (Bankr. S.D.N.Y. Case No.
24-11988) on Nov. 18, 2024, after reaching terms of a pre-arranged
plan with bondholders. At the time of the filing, Spirit Airlines
reported $1 billion to $10 billion in both assets and liabilities.
Judge Sean H. Lane oversees the case.
The Debtor tapped Davis Polk & Wardwell, LLP as legal counsel;
Alvarez & Marsal North America, LLC as financial advisor; and Epiq
Corporate Restructuring, LLC as claims agent.
Paul Hastings, LLP and Ducera Partners, LLC serve as legal counsel
for the Ad Hoc Group of Convertible Noteholders.
Akin Gump Strauss Hauer & Feld, LLP and Evercore Group LLC
represent the Ad Hoc Group of Senior Secured Noteholders.
STREAM TV: Court Upholds Approval of SeeCubic Sale Order
--------------------------------------------------------
Chief Judge Ashley M. Chan of the United States Bankruptcy Court
for the Eastern District of Pennsylvania dismissed Visual
Semiconductor, Inc. and Rembrandt 3d Holding Ltd.'s appeal of the
order approving the sale of substantially all assets of Stream TV
Networks, Inc. and Technovative Media Inc. to SeeCubic, Inc.
On December 9, 2024, after notice and a hearing, the Court entered
the Sale Order, as requested by the motion of William Homony, in
his capacity as the chapter 11 trustee of the Debtors' bankruptcy
estates. Two parties, VSI and Rembrandt filed objections to the
Sale Motion. The Sale Order overruled those Sale Objections.
On December 10, 2024, VSI and Rembrandt filed a joint notice of
appeal of the Sale Order.
Upon his appointment the Trustee retained general bankruptcy
counsel, as well as special litigation counsel, for two pieces of
litigation to which the Debtors were parties: one that had been
pending in the Delaware Court of Chancery at the time the Debtors
filed their bankruptcy petitions, and one that the Debtors had
initiated post-petition in this Court and together with the 225
Action.
On May 6, 2024, the Trustee filed a motion seeking approval of a
settlement between the Trustee, on the one hand, and Hawk
Investment Holdings, Ltd., as collateral agent for the secured
noteholders of SeeCubic, on the other, resolving the Litigation.
In general, the Settlement provided for:
(a) an allowed secured claim for Hawk in the amount of $180
million, subject to dollar-for-dollar increase for any amounts
funded to SeeCubic, Technovative's Dutch research and development
subsidiary, between appointment of the Trustee and closing on a
sale of the Debtors' assets;
(b) SeeCubic's ability to credit bid $150 million of the Allowed
Secured Claim in the Sale of the Debtors' Assets, with no bid
protections;
(c) the asserted secured claims of SLS Holdings VI, LLC and
SeeCubic were to be withdrawn upon the entry of an order approving
the Settlement Motion;
(d) the Trustee would seek approval of certain bid procedures in
connection with the Sale; and
(e) the Debtors' estates would receive a carve-out from the Sale
proceeds in the amount of $7.5 million in cash, plus 10% of each
dollar in excess of the Stalking Horse Bid, as well as the rights
to a $1 million bond the Debtors posted in the 225 Action.
On May 20, 2024, VSI and Rembrandt each filed objections to the
Settlement Motion. VSI and Rembrandt argued, inter alia, that the
Trustee had not established what assets were being sold and whether
they had been secured by the Trustee, that the technology proposed
to be sold was embedded with non-transferable intellectual property
owned by Rembrandt and Koninklijke Philips Electronics N.V., and
that credit bidding was inappropriate where Hawk and SeeCubic did
not have a bona fide secured claim and Rembrandt had objected to
their claims.
On June 6, 2024, the Court entered an order granting the Settlement
Motion, approving the Settlement, and overruling the Settlement
Objections. In so doing, the Court found that the Settlement
represented a valid exercise of the Trustee's business judgment,
was informed by extensive research, investigation, and negotiation
by the Trustee, and was in the best interests of the Debtors'
estates and all stakeholders.
The Court finds that the Sale of the Assets to SeeCubic pursuant to
the Stalking Horse Asset Purchase Agreement and the APA Supplement
represents a sound exercise of the Trustee's business judgment.
According to the Court, the evidence at the Sale Hearing
established that, given the posture and circumstances of the
Debtors and these cases, the Trustee satisfied his fiduciary duties
in reaching the Settlement, marketing the Assets for sale, and
declaring the Stalking Horse Bid the winning bid after no other
bids were received. The Trustee has sound business justification
for the Sale, and he is faced with non-operational Debtors,
enormous liabilities, and little funding. The sale price,
consisting of the $150 million credit bid approved by the
Settlement Order as well as a Carve-Out of nearly $10 million for
administrative and unsecured claims, is fair under the
circumstances.
Additionally, the Court finds that adequate and reasonable notice
of the Bid Procedures and the Sale were provided, and does not
credit VSI's and Rembrandt's arguments that SSG failed to market
the Assets adequately. The Court had no evidence that SeeCubic did
not act in good faith in connection with the Sale. Rather, SeeCubic
exercised the credit bid right it was granted under the Settlement,
and no further participation or action was required because no
Auction was had.
Finally, the Court finds that the Assets may be sold free and clear
of any interests of third parties pursuant to Sec. 363(f).
Rembrandt asserts it has intellectual property that may not be
transferred to SeeCubic. To the extent those rights exist, they are
excluded under the APA. To the extent Rembrandt is arguing that
Technovative's equity interests in non-debtor subsidiaries may not
be sold because those subsidiaries are in possession of the
intellectual property, the Court finds that this argument lacks
merit. Even if it did not, however, it fails to prevent the Sale
because whether the assets containing Rembrandt's intellectual
property are property of the Debtors' bankruptcy estate, and
therefore subject to the Sale, is the subject of bona fide dispute
because property of the estate only includes all legal or equitable
interests of the debtor in property.
A copy of the Court's decision dated Jan. 8, 2025, is available at
https://urlcurt.com/u?l=EvD2ZQ from PacerMonitor.com.
About Stream TV Networks
Stream TV Networks Inc. develops technology intended to display
three-dimensional content without the use of 3D glasses.
Stream TV Networks sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Penn. Case No. 23-10763) on March 15,
2023. In the petition filed by Mathu Rajan, as director, the Debtor
reported assets between $500 million and $1 billion and estimated
liabilities between $10 million and $50 million.
The case is overseen by Honorable Bankruptcy Judge Magdeline
D.Coleman.
The Debtor is represented by Rafael X. Zahralddin-Aravena, Esq., at
Lewis Brisbois Bisgaard & Smith.
TELESAT CANADA: Calamos CHI Marks $970,000 Loan at 49% Off
----------------------------------------------------------
Calamos Convertible Opportunities and Income Fund ("CHI") has
marked its $970,000 loan extended to Telesat Canada to market at
$447,005 or 51% of the outstanding amount, according to a
disclosure contained in Calamos CHI's Amended Form N-CSR for the
six-month period ended October 31, 2024, filed with the Securities
and Exchange Commission.
Calamos CHI is a participant in a Bank Loan to Telesat Canada. The
Loan accrues interest at a rate of 8.074% (3 mo. SOFR + 2.75%) per
annum. The loan matures on December 7, 2026.
Calamos provides closed-end funds that use a diversified blend of
convertible securities, equities, fixed income, and alternative
investments across innovative investment strategies to support
competitive distributions throughout a market cycle.
Calamos CHI is led by John P. Calamos, Sr., Founder, Chairman and
Global Chief Investment Officer; and Thomas E. Herman, Principal
Financial Officer. The Fund can be reach through:
John P. Calamos, Sr.
Calamos Advisors LLC
2020 Calamos Court
Naperville, IL 60563-2787
Tel. No.: (630) 245-7200
Headquartered in Ottawa, Ontario, Canada, Telesat Canada is the
world's fourth largest provider of fixed satellite services and one
of three companies operating on a global basis.
TELESAT CANADA: Calamos CHY Marks $1.05MM Loan at 54% Off
---------------------------------------------------------
Calamos Convertible and High Income Fund ("CHY") has marked its
$1,050,000 loan extended to Telesat Canada to market at $438,871 or
46% of the outstanding amount, according to a disclosure contained
in Calamos CHY's Amended Form N-CSR for the six-month period ended
April 30, 2024, filed with the Securities and Exchange Commission.
Calamos CHY is a participant in a Bank Loan to Telesat Canada. The
Loan accrues interest at a rate of 8.074% (3 mo. SOFR + 2.75%) per
annum. The loan matures on December 7, 2026.
Calamos provides closed-end funds that use a diversified blend of
convertible securities, equities, fixed income, and alternative
investments across innovative investment strategies to support
competitive distributions throughout a market cycle.
The fiscal year ends October 31.
Calamos CHY is led by John P. Calamos, Sr., Founder, Chairman and
Global Chief Investment Officer; and Thomas E. Herman, Principal
Financial Officer. The Fund can be reach through:
John P. Calamos, Sr.
Calamos Advisors LLC
2020 Calamos Court
Naperville, IL 60563-2787
Tel. No.: (630) 245-7200
Headquartered in Ottawa, Ontario, Canada, Telesat Canada is the
world’s fourth largest provider of fixed satellite services and
one of three companies operating on a global basis.
TELESAT CANADA: Calamos CPZ Marks $180,000 Loan at 54% Off
----------------------------------------------------------
Calamos Long/Short Equity & Dynamic Income Trust ("CPZ") has marked
its $180,000 loan extended to Telesat Canada to market at $82,949
or 46% of the outstanding amount, according to a disclosure
contained in Calamos CPZ's Amended Form N-CSR for the six-month
period ended October 31, 2024, filed with the Securities and
Exchange Commission.
Calamos CPZ is a participant in a Bank Loan to Telesat Canada. The
Loan accrues interest at a rate of 8.074% (3 mo. SOFR + 2.75%) per
annum. The loan matures on December 7, 2026.
Calamos provides closed-end funds that use a diversified blend of
convertible securities, equities, fixed income, and alternative
investments across innovative investment strategies to support
competitive distributions throughout a market cycle.
Calamos CPZ is led by John P. Calamos, Sr., Founder, Chairman and
Global Chief Investment Officer; and Thomas E. Herman, Principal
Financial Officer. The Fund can be reach through:
John P. Calamos, Sr.
Calamos Advisors LLC
2020 Calamos Court
Naperville, IL 60563-2787
Tel. No.: (630) 245-7200
Headquartered in Ottawa, Ontario, Canada, Telesat Canada is the
world’s fourth largest provider of fixed satellite services and
one of three companies operating on a global basis.
TELESAT CANADA: Calamos CSQ Marks $1.2MM Loan at 54% Off
--------------------------------------------------------
Calamos Strategic Total Return Fund ("CSQ") has marked its
$1,200,000 loan extended to Telesat Canada to market at $552, 996
or 46% of the outstanding amount, according to a disclosure
contained in Calamos CSQ's Amended Form N-CSR for the six-month
period ended October 31, 2024, filed with the Securities and
Exchange Commission.
Calamos CSQ is a participant in a Bank Loan to Telesat Canada. The
Loan accrues interest at a rate of 8.074% (3 mo. SOFR + 2.75%) per
annum. The loan matures on December 7, 2026.
Calamos provides closed-end funds that use a diversified blend of
convertible securities, equities, fixed income, and alternative
investments across innovative investment strategies to support
competitive distributions throughout a market cycle.
Calamos CSQ is led by John P. Calamos, Sr., Founder, Chairman and
Global Chief Investment Officer; and Thomas E. Herman, Principal
Financial Officer. The Fund can be reach through:
John P. Calamos, Sr.
Calamos Advisors LLC
2020 Calamos Court
Naperville, IL 60563-2787
Tel. No.: (630) 245-7200
Headquartered in Ottawa, Ontario, Canada, Telesat Canada is the
world's fourth largest provider of fixed satellite services and one
of three companies operating on a global basis.
THERMOGENESIS HOLDINGS: Closes Indian Unit TotipotentRx Cell
------------------------------------------------------------
ThermoGenesis Holdings, Inc. disclosed in a Form 8-K Report filed
with the U.S. Securities and Exchange Commission that the Board of
Directors reached consensus to close the Company's Indian
subsidiary, TotipotentRx Cell Therapy Private Limited.
The closure of the Indian Sub will be effective immediately.
Currently, there are minimal activities in the Indian Sub and the
closure will not impact the Company's key business operation.
About ThermoGenesis
ThermoGenesis Holdings, Inc. develops and commercializes a range of
automated technologies for cell-banking, cell-processing, and
cell-based therapeutics. Since the 1990s, ThermoGenesis Holdings
has been a pioneer in, and a leading provider of, automated systems
that isolate, purify, and cryogenically store units of
hematopoietic stem and progenitor cells for the cord blood banking
industry. The Company was founded in 1986 and is incorporated in
the State of Delaware and headquartered in Rancho Cordova, Calif.
As of March 31, 2024, the Company had $10.09 million in total
assets, $11.17 million in total liabilities, and a total deficit of
$1.09 million.
New York, N.Y.-based Marcum LLP, the Company's auditor since 2015,
issued a "going concern" qualification in its report dated April
15, 2024, citing that the Company has a significant working capital
deficiency, has incurred significant losses, and needs to raise
additional capital to grow its business, fund operating expenses,
and make interest payments. These conditions raise substantial
doubt about the Company's ability to continue as a going concern.
THREE SEAS: Unsecureds Will Get 4.9% of Claims over 3 Years
-----------------------------------------------------------
Three Seas Atlanta, LLC filed with the U.S. Bankruptcy Court for
the Western District of North Carolina a Plan of Reorganization
dated January 6, 2025.
The Debtor, formed on March 24, 2022, is a North Carolina limited
liability company that is headquartered out of North Carolina and
operates out of Georgia one storefront and as a food truck
operation for Cousins Maine Lobster.
The Debtor holds certain franchise rights for said territories. The
Debtor has one member Chris Papp. The Debtor acquired this
territory from a prior existing franchise owner.
The Plan of Reorganization proposes to pay creditors of the Debtor
from the ongoing operations of the Debtor's business for a
three-year period.
The Plan Proponent is committing all disposable income from
operations which will pay the priority scheme. The Debtor is
projecting $1,318.44 in monthly disposable income.
Class 3 consists of all Allowed General Unsecured Claims. The
Debtor estimates that the amount of the Class 3 Claims is
$961,952.49. After the satisfaction of or provision for payment in
full of Allowed Administrative Expense Claims and the Claims
Deadline, the holders of the Allowed Class 3 Claims will receive
distributions in an amount equal to their pro rata share estimated
to be 4.9% in the unsecured creditor pool amount of $961,952.49.
The projected monthly payment once Allowed Administrative Expense
Claims are satisfied is $1,318.44, provided however, should the
Debtor have no liability associated with the IRS claim, the
projected monthly payment in the amount of $274.62, shall go to all
Allowed Class 3 claims. Moreover, should the Debtor receive any
funds from the pursuit of litigation with any merchant cash advance
lender, after administrative expense claims, said recovery will
first accelerate payment to Allowed Class 1 Claims and then to
Allowed Class 3 Claims.
Class 3 is impaired by the Plan. The holders of Class 3 Claims are
entitled to vote on the Plan.
The Equity Interests in the Debtor shall remain with the Debtor's
insider. Equity Interest Holder Chris Papp shall continue to be the
licensed qualifier for the Debtor for a period of three years from
the petition date. No equity distribution shall be made to the
holder of Equity Interests, unless and until all Allowed Claims
have been paid in full.
Distributions to holders of Allowed Claims will be made from
available cash, funded by the revenue generated through the
Substantively Consolidated Debtor's operations.
A full-text copy of the Plan of Reorganization dated January 6,
2025 is available at https://urlcurt.com/u?l=SBFLBS from
PacerMonitor.com at no charge.
Counsel for the Debtor:
John C. Woodman, Esq.
ESSEX RICHARDS PA
1701 South Boulevard
Charlotte, NC 28203
Tel: (704) 377-4300
Fax: (704) 372-1357
Email: jwoodman@essexrichards.com
About Three Seas Atlanta
Three Seas Atlanta, LLC filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. W.D. N.C. Case No.
24-30881) on October 8, 2024, listing up to $50,000 in assets and
up to $1 million in liabilities.
Judge Ashley Austin Edwards presides over the case.
John C. Woodman, Esq., at Essex Richards represents the Debtor as
legal counsel.
TIMELINE CONSTRUCTION: Seeks Chapter 11 Bankruptcy Protection
-------------------------------------------------------------
On January 10, 2025, Timeline Construction LLC filed 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 Timeline Construction LLC
Timeline Construction LLC operates as a full-service construction
company based in Houston, Texas, specializing in high-end
residential and commercial construction, build-outs, remodeling,
and renovations.
Timeline Construction LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-30212) on
January 10, 2025. In its petition, the Debtor reports estimated
assets and liabilities between $10 million and $50 million each.
Thomas F. Jones, III, Esq., at Law Office of Thomas F Jones III
represents the Debtor as counsel.
TOS WHEELS: Continued Operations to Fund Plan Payments
------------------------------------------------------
TOS Wheels & Tires, LLC filed with the U.S. Bankruptcy Court for
the Western District of Washington a Plan of Reorganization dated
January 6, 2025.
The Debtor sells wheels and tires and provides vehicle repair
services related to alignment and brakes. The business began in
January, 2015 with the Bothell, Washington location.
A second location in Marysville, Washington was opened early in
2020. Both businesses have been able to meet their obligations
until sales began to decline for both stores in March, 2023. The
businesses obtained credit to help pay the monthly expenses in
hopes that sales would increase.
By October, 2023 sales continued to decline and the businesses were
both struggling to service the debt acquired and stay current on
tax obligations. At that time a difficult decision was made to lay
off employees at both locations in an effort to reduce costs in
hopes that the sales would begin to increase. Facing mounting
collection pressure, a petition was filed under Chapter 11,
Subchapter V on October 6, 2024 for both TOS Wheels & Tires, LLC
and TOS Wheels & Tires Marysville, LLC in an effort to reorganize.
This Plan provides for unclassified administrative claims, three
classes of secured claims, one class of unsecured claims, and one
class of equity security holders.
Class 4 consists of Non-Priority Unsecured Creditors. The allowed
unsecured claims total $230,446.20. This Class shall receive a
monthly payment of $158.00 for a total amount to be paid of
$9,458.15. Payment will begin May 5, 2025. This Class is impaired.
The Plan will be funded with revenue from the Debtor's operation.
It is anticipated he Debtor's fixed expenses will remain relatively
constant moving forward with variable expenses increasing
proportionately with revenue.
A full-text copy of the Plan of Reorganization dated January 6,
2025 is available at https://urlcurt.com/u?l=16NTiJ from
PacerMonitor.com at no charge.
Counsel to the Debtor:
Jennifer L. Neeleman, Esq.
Neeleman Law Group
1403 8th Street
Marysville, WA 98270
Tel: (425) 212-4800
Fax: (425) 212-4802
E-mail: jennifer@neelemanlaw.com
About TOS Wheels & Tires
TOS Wheels & Tires, LLC specializes in the sale and distribution of
wheels and tires for various vehicles. It offers a wide range of
products, including performance tires, off-road tires, and custom
wheel options, catering to both retail customers and automotive
businesses.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Wash. Case No. 24-12549) on October
14, 2024, with $100,001 to $500,000 in both assets and
liabilities.
Judge Christopher M. Alston oversees the case.
The Debtor is represented by Jennifer L Neeleman, Esq. at Neeleman
Law Group, P.C.
TRI-MAXX INDUSTRIES: Taps Crokern Crews Guillet as Special Counsel
------------------------------------------------------------------
Tri-Maxx Industries LLC seeks approval from the U.S. Bankruptcy
Court for the Western District of Louisiana to hire J. Chris
Guillet, Esq. of Crokern, Crews, Guillet & Johnson as special
counsel.
The firm will investigate and litigate former employee's claims
against the Debtor for alleged fraud, theft, conversion and/or
embezzlement.
Mr. Guillet, a partner of Crokern, Crews, Guillet & Johnson,
assured the court that his firm is a "disinterested person" within
the meaning 11 U.S.C. 101(14).
The firm can be reached through:
J. Chris Guillet, Esq.
Crokern, Crews, Guillet & Johnson
616 Front Street
Natchitoches, LA 71457
Phone: (318) 352-2302
Fax: (318) 352-7548
Email: tbcoffey@ccglawfirm.com
About Tri-Maxx Industries
Tri-Maxx Industries LLC -- https://www.trimaxxusa.com -- sought
relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code
(Bankr. W.D. La. Case No. 24-80594) on September 27, 2024, with up
to $50,000 in assets and up to $1 million in liabilities. Rebekah
French, managing member, signed the petition.
Judge Stephen D. Wheelis handles the case.
The Debtor is represented by L. Laramie Henry, Esq.
TRI-MAXX INDUSTRIES: Taps Joshua C Manuel CPA LLC as Accountant
---------------------------------------------------------------
Tri-Maxx Industries LLC seeks approval from the U.S. Bankruptcy
Court for the Western District of Louisiana to hire Joshua C Manuel
CPA LLC as accountant.
The accountant will prepare federal and state tax returns as well
as provide general accounting services.
The firm will charge $150 per hour or less for accountant services,
plus out-of-pocket expenses.
Joshua C Manuel CPA LLC does not represent an adverse interest to
the estate, as disclosed in the court filings.
The accountant can be reached through:
Joshua C. Manuel, CPA
Joshua C Manuel, CPA, LLC
355 Riverside Lane
Natchez, LA 71456
About Tri-Maxx Industries
Tri-Maxx Industries LLC -- https://www.trimaxxusa.com -- sought
relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code
(Bankr. W.D. La. Case No. 24-80594) on September 27, 2024, with up
to $50,000 in assets and up to $1 million in liabilities. Rebekah
French, managing member, signed the petition.
Judge Stephen D. Wheelis handles the case.
The Debtor is represented by L. Laramie Henry, Esq.
ULTRA SAFE: Governmental Bar Date Set for April 28, 2025
--------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware set April
28, 2025, at 5:00 p.m. (Prevailing Eastern Time) as the last date
and time for all governmental units to file their proofs of claim
against Ultra Safe Nuclear Corporation and its debtor-affiliates.
The general bar date for creditors to file their claims against the
Debtors was on Jan. 2, 2025.
All claimants must submit (by overnight mail, courier service, hand
delivery, regular mail, or in person) an original, written Proof
of Claim that substantially conforms to the Proof of Claim Form so
as to be actually received by Stretto, the Debtors' claims and
notice agent, by no later than 5:00 p.m. (prevailing Eastern Time)
on or before the applicable Bar Date at the following addresses:
If by First-Class Mail:
Ultra Safe Nuclear Corporation
Claims Processing Center
c/o Stretto, Inc.
410 Exchange, Suite 100,
Irvine, CA 92602
If by Hand Delivery or Overnight Mail:
Ultra Safe Nuclear Corporation
Claims Processing Center
c/o Stretto, Inc.
410 Exchange, Suite 100,
Irvine, CA 92602
Alternatively, Claimants may submit a Proof of Claim electronically
by completing the Proof of Claim Form that can be accessed at
Stretto’s website, https://cases.stretto.com/usnc.
About Ultra Safe Nuclear Corporation
Ultra Safe Nuclear Corp. -- https://www.usnc.com/ -- is a
privately-owned provider of nuclear fuel and reactor components.
Ultra Safe Nuclear and its affiliates filed Chapter 11 petitions
(Bankr. D. Del. Lead Case No. 24-12443) on Oct. 29, 2024, with $10
million to $50 million in assets and $50 million to $100 million in
liabilities. Kurt A. Terrani, the interim chief executive officer,
signed the petition.
The Debtors are represented by Elizabeth Soper Justison, Esq., at
Young Conaway Stargatt & Taylor, LLP.
V1 TECH: Seeks to Hire DeMarco-Mitchell as Bankruptcy Counsel
-------------------------------------------------------------
V1 Tech LLC seeks approval from the U.S. Bankruptcy Court for the
Northern District of Texas to hire DeMarco-Mitchell, PLLC as
counsel.
The firm will provide these services:
(a) take all necessary action to protect and preserve the
estate;
(b) prepare on behalf of the Debtor all necessary legal papers
in connection with the administration of the estate herein;
(c) formulate, negotiate, and propose a plan of
reorganization; and
(d) perform all other necessary legal services in connection
with these proceedings.
The firm will be paid at these hourly rates:
Robert DeMarco, Esq. $400
Michael Mitchell, Esq. $300
Barbara Drake, Paralegal $125
The firm received a retainer in the amount of $7,500.
`
In addition, the firm will seek reimbursement for expenses
incurred.
Mr. DeMarco disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Robert T. DeMarco, Esq.
DeMarco-Mitchell, PLLC
12770 Coit Road, Suite 850
Dallas, TX 75251
Telephone: (972) 991-5591
Facsimile: (972) 346-6791
Email: mike@demarcomitchell.com
About V1 Tech LLC
V1 Tech LLC offers RGB frame, wall art, mouse pads, GPU backplates,
GPU support brackets, RGB fans, and phone cases.
V1 Tech LLC sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. N.D. Tex. Case No.: 24-44509) on December 3, 2024. In
the petition filed by Hassan Alaw, as owner, the Debtor reports
estimated assets between $100,000 and $500,000 and estimated
liabilities between $1 million and $10 million.
The Debtor is represented by Robert T. DeMarco, Esq. at DEMARCO
MITCHELL, PLLC.
VALENCIA HOSPITALITY: Disposable Income to Fund Plan Payments
-------------------------------------------------------------
Valencia Hospitality Group, LLC filed with the U.S. Bankruptcy
Court for the Southern District of Texas a Plan of Reorganization
for Small Business under Subchapter V dated January 6, 2025.
Valencia's Tex-Mex Garage opened for business on Nov. 1, 2020, in
the Oak Forest neighborhood of Houston, Texas. The restaurant was
new construction that took approximately five months to build.
The restaurant operates as a Tex-Mex restaurant. The restaurant
business rebounded slowly after the pandemic. 2024 has been
extremely challenging and restaurant business overall has declined
significantly. The Debtor have taken immediate action to reduce
costs and increase marketing to reach positive goals that will
allow it to make the payments required under this Plan.
The immediate reason for the bankruptcy filing was the State of
Texas' Comptroller's office seizure of certain of the Debtor's
assets on October 4, 2024. The Debtor has reached an agreement with
the Comptroller's office concerning the repayment of pre petition
obligations, which agreement is reflected in this Plan.
The Debtor's financial projections show that the Debtor will have
sufficient income to operate its business without further
reorganization. Although the Debtor's projected Disposable Income
is not sufficient to pay expected Allowed Claims under Class 3 in
full, the Debtor shall distribute under this Plan property with a
value that is not less than the Debtor's projected Disposable
Income for the five-year period from and after the Effective Date
of this Plan in compliance with Section 1191(c)(2)(B) of the Code.
This Plan of Reorganization proposes to pay creditors of the Debtor
from future income.
Non-priority unsecured creditors with Allowed Claims will receive
pro-rata distributions of Debtor's Disposable Income after the
Class 1 Required Payments. This Plan provides for the full payment
of priority claims and secured claims (Classes 1 and 2).
Class 3 consists of all non-priority unsecured claims. All non
priority unsecured claims under Section 502 of the Code that are
Allowed Claims shall be paid quarterly through pro-rata share of
distributions of Disposable Income less the amounts paid to Class 1
and Class 2 Claimants for the applicable quarter.
Class 4 Equity Holder shall retain their ownership interests in the
Debtor's Business Enterprise.
The Debtor shall remit to the Subchapter V Trustee its Net
Disposable Income on a quarterly basis. The Debtor shall make the
Required Payments to holders of claim in Class 1 on a monthly
basis.
"Disposable Income" includes income that is received by the Debtor
from its business operations that is not reasonably necessary to be
expended for the payment of its expenditures necessary for the
continuation, preservation, or operation of the Debtor's business.
A full-text copy of the Plan of Reorganization dated January 6,
2025 is available at https://urlcurt.com/u?l=FfnG8q from
PacerMonitor.com at no charge.
Counsel to the Debtor:
Walter J. Cicack, Esq.
William R. Liles, Esq.
Hawash Cicack & Gaston LLP
711 W. Alabama, Suite 200
Houston, TX 77006
Telephone: (713) 658-9015
Facsimile: (713) 658-9015
Email: wcicack@hcgllp.com
About Valencia Hospitality Group
Valencia Hospitality Group, LLC operates as a Tex-Mex restaurant.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Texas Case No. 24-34705) on October 6,
2024, with $100,001 to $500,000 in assets and $500,001 to $1
million in liabilities.
Judge Stephen L. Johnson oversees the case.
Walter J. Cicack, Esq., at Hawash Cicack & Gaston, LLP, is the
Debtor's legal counsel.
WANDERLY LLC: Hires Kelley Kaplan & Eller as General Counsel
------------------------------------------------------------
Wanderly, LLC seeks approval from the U.S. Bankruptcy Court for the
Southern District of Florida to hire Kelley Kaplan & Eller, PLLC as
general counsel.
Kelley Kaplan & Eller will provide these services:
(a) advise the Debtor with respect to its powers and duties;
(b) advise the Debtor with respect to its responsibilities in
complying with the U.S. Trustee's Operating Guidelines and
Reporting Requirements and with the rules of the court;
(c) prepare legal documents necessary in the administration of
the case;
(d) protect the interest of the Debtor in all matters pending
before the court;
(e) represent the Debtor in negotiation with its creditors in
the preparation of a plan.
The firm will be paid at these hourly rates:
Attorneys $525
Paralegals $155
In addition, the firm will seek reimbursement for expenses
incurred.
Prior to the petition date, the firm received a retainer of $27,500
from the Debtor.
Craig Kelley, Esq., an attorney at Kelley Kaplan & Eller, disclosed
in a court filing that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Craig I. Kelley, Esq.
Kelley Kaplan & Eller, PLLC
1665 Palm Beach Lakes Blvd., Suite 1000
West Palm Beach, FL 33401
Telephone: (561) 491-1200
Facsimile: (561) 684-3773
Email: bankruptcy@kelleylawoffice.com
About Wanderly LLC
Wanderly, LLC is a technology marketplace platform created for
traveling healthcare professionals and healthcare staffing
companies.
Wanderly sought relief under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. S.D. Fla. Case No. 24-23477) on December 26, 2024. In its
petition, the Debtor reported assets between $100,000 and $500,000
and liabilities between $1 million and $10 million.
Judge Erik P. Kimball handles the case.
The Debtor is represented by Dana L. Kaplan, Esq.
WELLPATH HOLDINGS: Pending Motions in Simpson Suit Denied as Moot
-----------------------------------------------------------------
Magistrate Judge Anthony P. Patti of the United States District
Court for the Eastern District of Michigan denied as moot the
plaintiff's three pending motions in the case captioned as JIMMIE
LEE SIMPSON, Plaintiff, v. CORIZON HEALTH, INC., et al.,
Defendants, Case No. 1:24-cv-10996 (E.D. Mich.).
Plaintiff filed three motions:
(1) a May 9, 2024 motion related to discovery requests and
service of process;
(2) a June 21, 2024 motion for clarification/guidance,
concerning docket discrepancies; and,
(3) a July 9, 2024 motion for clarification/guidance, concerning
mail he attempted to send on June 20, 2024 but which was returned
to him on July 1, 2024.
Jimmie Lee Simpson is currently incarcerated in the Michigan
Department of Corrections Carson City Correctional Facility. In
April 2024, while located at DRF, Plaintiff filed this prisoner
civil rights lawsuit in pro per against fifteen Defendants -- six
contract Defendants (Corizon Health, Inc., Wellpath Health, Inc.,
Coleman, Tran, Couturier, and Massey) and nine MDOC Defendants.
Plaintiff is proceeding in forma pauperis, and the Court and U.S.
Marshal Service have facilitated service of process.
As a preliminary matter, the Court finds that resolution of
Plaintiff's pending motions is not barred by the underlying
bankruptcy. On November 11, 2024, Wellpath Holdings, Inc. filed a
Chapter 11 voluntary petition for bankruptcy, and an amended
interim order enforcing the automatic stay was entered on November
12, 2024. On November 18, 2024, the contract Defendants in this
matter filed a suggestion of bankruptcy and notice of stay as to
all parties in this action. Further, on January 2, 2025,
Defendants filed a motion to extend the stay.
The Court has not yet ruled on the suggestion or the motion to
extend the stay to determine whether the stay applies in the manner
suggested by Defendants. Nonetheless, even if the stay applied, it
would not prohibit the denial of Plaintiff's pending motions.
Plaintiff's three motions are now demonstrably moot in light of the
current stage of this litigation and/or were premature when filed.
Relevant to this proceeding any stay operates at most to prohibit
the "continuation" of a "judicial, administrative, or other action
or proceeding against the debtor" or to "recover a claim against
the debtor that arose before the commencement" of the bankruptcy.
Judge Patti says there is nothing in the statutory language that
would prohibit the denial of motions that are now moot for reasons
unrelated to the bankruptcy. Accordingly, the Court will deny the
motions without regard to the suggestion of bankruptcy or the
motion to extend the stay.
A copy of the Court's decision dated Jan. 6, 2025, is available at
https://urlcurt.com/u?l=H5raZ0 from PacerMonitor.com.
About Wellpath Holdings, Inc.
Wellpath Holdings, Inc. f/k/a CCS-CMGC Holdings, Inc., is a
provider of medical and mental healthcare in jails, prisons, and
inpatient and residential treatment facilities.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 24-90533) on
November 11, 2024, with $1 billion to $10 billion in assets and
liabilities. Timothy Dragelin, chief restructuring officer and
chief financial officer, signed the petitions.
The Debtor tapped Marcus A. Helt, Esq. at McDERMOTT WILL & EMERY
LLP as bankruptcy counsel; FTI CONSULTING, INC. as financial
advisor; and LAZARD FRERES & CO. LLC and MTS PARTNERS, LP as
investment bankers.
WHITE WINE: 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 White Wine & Butter Catering, LLC.
About White Wine & Butter Catering
White Wine & Butter Catering, LLC filed Chapter 11 petition (Bankr.
D. S.C. Case No. 25-00014) on January 3, 2025, with up to $50,000
in assets and up to $500,000 in liabilities.
Judge Elisabetta Gm Gasparini oversees the case.
The Debtor is represented by:
Robert Pohl, Esq.
Pohl Bankruptcy, LLC
8 West McBee Avenue, Suite 215
Greenville, SC 29601
Phone: 864-233-6294
Email: Robert@POHLPA.com
WYNNE TRANSPORTATION: Seeks Bankruptcy Protection in Delaware
-------------------------------------------------------------
On January 11, 2025, Wynne Transportation Holdings LLC filed
Chapter 11 protection in the U.S. Bankruptcy Court for
the District of Delaware.
According to court filing, the Debtor reports between $10 million
and $50 million in debt owed to 1,000 and 5,000 creditors. The
petition states funds will be available to unsecured creditors.
About Wynne Transportation Holdings LLC
Wynne Transportation Holdings LLC operating as U.S. Crew Change
from its Dallas headquarters, provides specialized transportation
services for industrial and emergency sectors, focusing on LNG,
petrochemical, mining, oil and gas, and construction industries.
Wynne Transportation Holdings LLC sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D. Del.Case No. 25-10027) on
January 11, 2025. In its petition, the Debtor reports estimated
assets and liabilities between $10 million and $50 million each.
Matthew B. McGuire, Esq., at Landis Rath & Cobb LLP, represents the
Debtor as counsel.
WYTEC INTERNATIONAL: Extends Note Maturity, Modifies Warrants
-------------------------------------------------------------
Wytec International, Inc. disclosed in a Form 8-K filed with the
Securities and Exchange Commission that on or about Dec. 31, 2024,
the Company and Mr. Christopher Stuart, a member of the Company's
board of directors, entered into an amendment to that certain
unsecured promissory note, dated Feb. 25, 2020, as amended on Aug.
13, 2022 and on Feb. 5, 2024, in the original principal amount of
$625,000. The amendment would permit Wytec to extend the maturity
date of the Note by nine additional six month periods instead of
seven additional six month periods in exchange for extending the
expiration date of certain stock purchase warrants owned by Mr.
Stuart, from Dec. 31, 2024 to Dec. 31, 2025. These include 20,640
warrants issued on Dec. 11, 2023, 85,784 warrants issued on Dec.
11, 2023, and 17,500 warrants issued on Feb. 17, 2022.
About Wytec International
San Antonio, Texas-based Wytec International, Inc., a Nevada
corporation, is a designer and developer of small cell technology
and wide area networks designed to support 5G network deployments
across the United States. Currently, the Company offers
in-building cellular (known as a distributed antenna system, "DAS")
and private Long-term Evolution "private LTE" solutions utilizing
multiple vendors through a channel agreement with Synnex
Corporation, a leading distributor and solutions aggregator hosting
more than 22,000 technology vendors across the world.
Concurrently, Wytec is the owner of patented small cell technology,
which is called the "LPN-16," designed to support dense citywide 5G
network coverage.
Ridgeland, Miss.-based Horne LLP, the Company's auditor since 2023,
issued a "going concern" qualification in its report dated March 8,
2024, citing that the Company has suffered recurring losses from
operations and its total liabilities exceed its total assets. This
raises substantial doubt about the Company's ability to continue as
a going concern.
YOGI INTERNATIONAL: Case Summary & Three Unsecured Creditors
------------------------------------------------------------
Debtor: Yogi International, LLC
2950 Preston Ave
Pasadena, TX 77503-3824
Chapter 11 Petition Date: January 12, 2025
Court: United States Bankruptcy Court
Southern District of Texas
Case No.: 25-30233
Judge: Hon. Alfredo R Perez
Debtor's Counsel: Susan Tran Adams, Esq.
TRAN SINGH, LLP
2502 La Branch St.
Houston TX 77004
E-mail: stran@ts-llp.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Kirpal Singh as 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/ZOBAVBA/Yogi_International_LLC__txsbke-25-30233__0001.0.pdf?mcid=tGE4TAMA
ZACHRY HOLDINGS: FLNG's Claim for Consequential Damages Tossed
--------------------------------------------------------------
In the case captioned as FLNG LIQUEFACTION LLC, et al., Plaintiffs,
VS. CB&I INC, et al., Defendants, ADVERSARY NO. 24-3195 (Bankr.
S.D. Tex.), Judge Marvin Isgur of the United States Bankruptcy
Court for the Southern District of Texas dismissed FLNG's claim for
consequential damages with prejudice.
FLNG Liquefaction, LLC, FLNG Liquefaction 2, LLC, and FLNG
Liquefaction 3, LLC commenced this adversary proceeding against
CB&I Inc., Zachry Industrial, Inc, and Chiyoda International
Corporation seeking damages arising from the alleged breach of
engineering, procurement, and construction contracts. The contracts
concerned the construction of a natural gas liquefaction and
liquified natural gas export facility on Quintana Island near
Freeport, Texas. FLNG discovered assembly defects in three 75 MW
motors after one motor tripped and remained offline.
In this removed action, FLNG asserts damages for repair costs, shut
down of operations, and lost profits. Zachry seeks partial
dismissal of the claims for consequential damages and lost profits.
FLNG was granted leave to amend its complaint to plead gross
negligence.
According to the Court, the present case cannot sustain a finding
of gross negligence under Texas law. FLNG alleges that a large
motor inherently involves an extreme degree of risk . The Court
assumes that FLNG will have evidence at trial to support that
allegation. But the fact that a refinery or a large motor has
inherent dangers is inadequate to satisfy the state of mind
requirement under Texas law, the Court notes. That inherent
dangerousness does not eliminate the requirement for subjective
awareness of a specific risk. FLNG's allegation that an awareness
of potential for problems due to the size of the motor is not
enough for an actual subjective awareness of an extreme risk, the
Court finds.
Judge Isgur concludes that there must be enough facts to state a
claim for relief that is plausible on its face. The problem is that
the facts accepting all of FLNG's allegations as true, do not
demonstrate gross negligence. Questions of fact are matters for
trial, but there is no factual dispute here. The Court finds no
plausible basis on which FLNG can satisfy the Texas gross
negligence standard based on the facts that are pled.
A copy of the Court's decision dated Jan. 7, 2025, is available at
https://urlcurt.com/u?l=ygOILt from PacerMonitor.com.
About Zachry Holdings
Zachry Holdings, Inc., is the engineering, construction,
maintenance, turnaround and fabrication services offshoot of the
storied family-owned business that began as H.B. Zachry Company one
hundred years ago. The other offshoot, Zachry Construction, has
operated separately from Zachry Industrial since the two businesses
branched off from their common roots in 2008. The Zachry Group
provides engineering and construction services to clients in the
energy, chemicals, power, manufacturing, and industrial sectors
across North America.
None of the entities affiliated with Zachry Construction are
Debtors in the chapter 11 cases.
Zachry Holdings and its subsidiaries sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case
No. 24-90377) on May 21, 2024, with $1 billion to $10 billion in
assets and liabilities.
James R. Old, general counsel, signed the petitions.
Judge Marvin Isgur presides over the case.
The Debtors tapped White & Case LLP as general bankruptcy counsel;
Susman Godfrey L.L.P. and Hicks Thomas, LLP as special litigation
counsel; and Kurtzman Carson Consultants as notice & claims agent.
ZURVITA HOLDINGS: Seeks to Hire SC&H Group as Investment Banker
---------------------------------------------------------------
Zurvita Holdings Inc. seeks approval from the U.S. Bankruptcy Court
for the District of Delaware to hire SC&H Group, Inc. as investment
banker.
The firm will render these services:
(i) Familiarize itself with the business, operations, assets,
financial condition, and prospects of the Company.
(ii) Advise the Debtors in analyzing its strategic alternatives
and structuring and effecting the financial aspects of any sale,
financing, or restructuring (each, a "Transaction").
(iii) Design the appropriate process to effect and initiate any
Transaction, including any analysis of the various alternatives
and, if appropriate, the potential Counterparties to be contacted
for the Transaction.
(iv) Prepare an information memorandum or other materials about
the Debtors and their businesses for consideration by potential
Counterparties.
(v) Assist with preparing a DIP budget and updating the
rolling periods.
(vi) Contact potential Counterparties in connection with a
Transaction and require potential Counterparties to execute
Confidentiality Agreements in favor of the Debtors, unless
instructed to do otherwise.
(vii) Facilitate the development of a Virtual Data Room ("VDR")
with appropriate diligence materials for review by potential
Counterparties.
(viii) Circulate any information memorandum and marketing
materials, provide access to the VDR, or send materials to
potential Counterparties, after completing confidentiality
documents.
(ix) Coordinate diligence with potential Counterparties and
negotiate with and solicit offers from potential Counterparties.
Advise the Debtors in structuring a Transaction and make
recommendations as to whether or not a particular Transaction offer
should be accepted.
(x) In connection with a bankruptcy proceeding governing a
potential Transaction, provide any relevant testimony and, if
necessary, provide assistance with the submission of bid procedures
to the Court and conduct any auction that may result therefrom.
(xi) If requested by Debtors, negotiate with various
stakeholders of the Debtors, including but not limited to, secured
and unsecured creditors and equity shareholders regarding the
possible financial restructuring of the existing claims of the
creditors and/or equity stakeholders of the Debtors.
(xii) Coordinate with the Debtors' legal counsel regarding
matters related to the closing of a Transaction.
The firm will be compensated as follows:
(a) Monthly Advisory Fees. During the term of the Engagement
Agreement, beginning on the first day of the term and continuing on
the first day of every month thereafter during the term of the
Engagement Agreement, the Debtors shall pay SC&H, without notice or
invoice, a nonrefundable cash fee of $30,000, payable in advance,
on the first day of such 30-day period (each, a "Monthly Fee").
Each Monthly Fee shall be earned upon the start of the related
30-day period in consideration of SC&H accepting the engagement and
performing services as described in the Engagement Agreement.
(b) Sale Transaction Fee. At the closing of a Transaction, the
Debtors will pay SC&H a transaction fee (the "Transaction Fee")
based on the Total Consideration. The Transaction Fee shall be
equal to the greater of (i) the Minimum Transaction Fee or (ii) the
amount resulting from applying the "Transaction Fee Formula"
(below) to the Total Consideration:
(i) The Minimum Transaction Fee under the Engagement
Agreement shall be $400,000, subject to the limitation in section
(iii) regarding the Potential Stalking Horse Bidder, which could
reduce this amount to $300,000.
(ii) Transaction Fee Formula:
For that portion of Total Consideration:
Up to and including $10,000,000 $400,000, plus
Greater than $10,000,000
but less than $15,000,000 2%, plus
Greater than $15,000,000 3%
(iii) Notwithstanding anything to the contrary, the
Transaction Fee shall be $300,000 for any Transaction with the
Potential Stalking Horse Bidder if the Potential Stalking Horse
Bidder makes an offer to purchase substantially all of the Debtors'
assets within 30 days of the date of the Engagement
Agreement, and said group closes on that offer at the same price
and terms as originally set forth in the offer. For clarity, if the
Potential Stalking Horse Bidder participates in overbidding any
other bidder, the discount shall not apply.
(c) Expenses. Whether or not any Transaction is consummated,
the Debtors will pay all of SC&H's reasonable out-of-pocket
expenses (including document and presentation material expenses,
travel and lodging, telecommunications, outside research and
database charges, delivery charges, and other such out-of-pocket
expenses) incurred in connection with the engagement.
Matt LoCascio, a principal at SC&H Group, disclosed in a court
filing that his firm is a "disinterested person" pursuant to
Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Matt LoCascio
SC&H Group, Inc.
910 Ridgebrook Rd.
Sparks, MD 21152
Tel: (410) 403-1500
Email: mlocascio@schgroup.com
About Zurvita Holdings Inc.
Zurvita Holdings Inc. is a direct sales company which is focused on
health and wellness. Its signature product, Zeal, is an all-in-one
nutritional drink mix to enjoy the benefits of essential nutrients
and superfoods in one simple solution to help modern families
achieve their health goals deliciously and affordably.
Zurvita Holdings Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-12823) on December
20, 2024. In the petition filed by Shadron L. Stastney, as
director, the Debtor reports estimated assets between $1 million
and $10 million and estimated liabilities between $10 million and
$50 million.
Honorable Bankruptcy Judge Mary F. Walrath handles the case.
Aaron H. Stulman, Esq. at POTTER ANDERSON & CORROON LLP represents
the Debtor as counsel.
ZURVITA HOLDINGS: Taps Potter Anderson & Corroon LLP as Counsel
---------------------------------------------------------------
Zurvita Holdings Inc. seeks approval from the U.S. Bankruptcy Court
for the District of Delaware to hire Potter Anderson & Corroon LLP
as counsel.
The firm's services include:
(a) advise the Debtors of their rights, powers, and duties
under Chapter 11 of the Bankruptcy Code;
(b) take action to protect and preserve the Debtors' estates;
(c) appear in court and at any meeting required by the U.S.
Trustee and any meeting of creditors at any given time on behalf of
the Debtors as their counsel;
(d) assist with any disposition of the Debtors' assets by sale
or otherwise;
(e) prepare legal papers in connection with the administration
of the Debtors' estates;
(f) prepare the plan of reorganization;
(g) prepare the disclosure statement and any related documents
and pleadings necessary to solicit votes on the plan of
reorganization;
(h) prosecute on behalf of the Debtors any proposed plan and
seek approval of all transactions contemplated therein and, in any
amendments, thereto; and
(i) perform all other services assigned by the Debtors to
Potter Anderson.
The hourly rates of the firm's counsel and staff are as follows:
Partner $850 to $1,075
Associates $495 to $680
Paraprofessionals $390
In addition, the firm will seek reimbursement for expenses
incurred.
As of June 10, 2024, the firm holds a retainer balance of
$400,000.
Aaron Stulman, Esq., a partner at Potter Anderson & Corroon,
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:
Aaron H. Stulman, Esq.
Potter Anderson & Corroon LLP
1313 N. Market Street, 6th Floor
Wilmington, DL 19801
Telephone: (302) 984-6000
Facsimile: (302) 658-1192
Email: astulman@potteranderson.com
About Zurvita Holdings Inc.
Zurvita Holdings Inc. is a direct sales company which is focused on
health and wellness. Its signature product, Zeal, is an all-in-one
nutritional drink mix to enjoy the benefits of essential nutrients
and superfoods in one simple solution to help modern families
achieve their health goals deliciously and affordably.
Zurvita Holdings Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-12823) on December
20, 2024. In the petition filed by Shadron L. Stastney, as
director, the Debtor reports estimated assets between $1 million
and $10 million and estimated liabilities between $10 million and
$50 million.
Honorable Bankruptcy Judge Mary F. Walrath handles the case.
Aaron H. Stulman, Esq. at POTTER ANDERSON & CORROON LLP represents
the Debtor as counsel.
[*] 5 U.S. Steakhouses at Risk of Closing Due to Declining Sales
----------------------------------------------------------------
Ferozan Mast of Eat This, Not That! reports that fast-casual
sit-down restaurant chains are facing tough times. Iconic brands
like Red Lobster, Buca di Beppo, Hooters, TGI Fridays, and Denny's
have been forced to downsize or shut their doors entirely.
Steakhouse chains are no exception to the financial struggles
plaguing the industry. Analysts report a 17% drop in customer
traffic compared to 2019. "Many companies are finding their sales
weaker than anticipated," says Jim Sanderson, a restaurant industry
analyst at Northcoast Research, in an interview with TIME Magazine.
Here are five American steakhouses at risk of closure due to
declining sales.
* Black Angus Steakhouse
Black Angus Steakhouse has faced a sharp 29% decline in sales
between 2018 and 2023, according to Technomic. John Bringardner,
executive editor of Debtwire, described the situation to Restaurant
Business, noting that the chain's debt is trading at pennies on the
dollar. "It's a dire situation," Bringardner explained,
highlighting the slim prospects for recovery. Despite the
challenges, Black Angus remains confident about avoiding
bankruptcy. "In today's restaurant climate, it's a reasonable
concern, but thankfully, it doesn't apply to us," said Deborah
Shapiro, VP of Growth, in an interview with Restaurant Business.
* Outback Steakhouse
Outback Steakhouse is addressing declining sales by enhancing its
value offerings to bring customers back. The chain has launched
$14.99 three-course meals and is prioritizing "value and abundance"
in its strategy. "This will likely result in a more streamlined
menu at Outback with fewer items and increased value," said Dave
Deno, CEO of Bloomin' Brands, in an interview with Restaurant
Business.
* Sizzler
After filing for bankruptcy in 2020, Sizzler is striving to
revitalize its business. Once a West Coast favorite with 270
locations, the chain now operates just 77. "If you grew up in
Southern California, two things are true: You avoid the 405," said
company president Chris Perkins in an interview with SFGate. "And
you grew up eating at Sizzler. Southern California and Los Angeles
remain the core of our brand."
* York Steak House
The last surviving York Steak House remains open in Columbus, Ohio
-- at least for now. The chain, which began in 1966, had nearly 180
locations by 1976, according to WCMH. In 2024, the owner sold the
Columbus branch after an impressive 45 years of operation. "After
45 years, Jay is ready to retire, and the business is officially
FOR SALE," a social media post announced. "The restaurant continues
to thrive and presents a great opportunity for a new owner." The
restaurant has been sold and remains popular--let's hope it stays
that way.
* Western Sizzlin'
Founded in 1962 in Augusta, GA, Western Sizzlin' became famous for
its "FlameKist steaks." Today, only 33 locations remain in the
U.S., a sharp decline from over 600 at its peak. After filing for
bankruptcy in 1992, the chain never fully bounced back. "The
restaurant business is extremely challenging and demanding,
especially if you aim to do it properly. It takes up so much of
your time, and I've got grandkids and kids. I never got to spend a
Mother's Day with my mom," James Cooper, the former long-time owner
of the Western Sizzlin' in Opelika, Alabama, told WRBL News 3.
[^] Large Companies with Insolvent Balance Sheet
------------------------------------------------
Total
Share- Total
Total Holders' Working
Assets Equity Capital
Company Ticker ($MM) ($MM) ($MM)
------- ------ ------ -------- -------
ACADIAN ASSET MA AAMI US 555.2 (3.8) -
AIRSHIP AI HOLDI AISP US 9.1 (12.9) 0.0
ALTRIA GROUP INC MO US 34,167.0 (3,418.0) (4,497.0)
AMC ENTERTAINMEN AMC US 8,324.1 (1,685.3) (789.8)
AMERICAN AIRLINE AAL US 63,528.0 (4,854.0) (11,076.0)
AMNEAL PHARM INC AMRX US 3,461.0 (33.7) 418.1
APPIAN CORP-A APPN US 549.9 (49.8) 62.0
AQUESTIVE THERAP AQST US 110.0 (45.4) 81.4
AUTOZONE INC AZO US 17,465.8 (4,672.9) (1,468.0)
AVEANNA HEALTHCA AVAH US 1,644.2 (156.4) (24.7)
AVIS BUDGET GROU CAR US 32,749.0 (229.0) (1,007.0)
BATH & BODY WORK BBWI US 4,984.0 (1,748.0) 145.0
BAUSCH HEALTH CO BHC CN 26,540.0 (242.0) 845.0
BAUSCH HEALTH CO BHC US 26,540.0 (242.0) 845.0
BELLRING BRANDS BRBR US 837.0 (205.9) 389.0
BEYOND MEAT INC BYND US 692.9 (611.9) 210.8
BIGBEAR.AI HOLDI BBAI US 354.1 98.4 53.6
BIOAGE LABS INC BIOA US 337.4 313.7 317.4
BIOCRYST PHARM BCRX US 491.3 (468.6) 295.2
BIOTE CORP-A BTMD US 101.3 (126.8) 23.5
BLEICHROEDER ACQ BACQU US 0.3 (0.1) (0.3)
BLEICHROEDER ACQ BACQ US 0.3 (0.1) (0.3)
BOEING CO/THE BA US 137,695.0 (23,562.0) 12,136.0
BOLD EAGLE ACQ-A BEAG US 0.9 (0.1) (0.0)
BOLD EAGLE ACQUI BEAGU US 0.9 (0.1) (0.0)
BOMBARDIER INC-A BDRAF US 12,670.0 (1,996.0) 328.0
BOMBARDIER INC-A BBD/A CN 12,670.0 (1,996.0) 328.0
BOMBARDIER INC-B BDRBF US 12,670.0 (1,996.0) 328.0
BOMBARDIER INC-B BBD/B CN 12,670.0 (1,996.0) 328.0
BOOKING HOLDINGS BKNG US 27,978.0 (3,653.0) 3,851.0
BRIDGEBIO PHARMA BBIO US 665.0 (1,218.4) 305.4
BRIDGEMARQ REAL BRE CN 163.4 (68.9) (86.7)
BTQ TECHNOLOGIES BTQ CN 1.8 (1.3) (1.1)
CALUMET INC CLMT US 2,640.1 (426.6) (464.6)
CANTOR PA CEP US 101.5 100.9 (0.1)
CARDINAL HEALTH CAH US 43,059.0 (3,276.0) (1,773.0)
CHARLTON ARIA AC CHARU US 0.2 (0.1) (0.3)
CHARLTON ARIA-A CHAR US 0.2 (0.1) (0.3)
CHECKPOINT THERA CKPT US 5.2 (12.6) (12.6)
CHENIERE ENERGY CQP US 17,385.0 (626.0) (543.0)
CHILDREN'S PLACE PLCE US 888.8 (49.6) (46.3)
CHOICE HOTELS CHH US 2,544.0 (96.2) (140.2)
CINEPLEX INC CGX CN 2,209.3 (39.7) (310.5)
CINEPLEX INC CPXGF US 2,209.3 (39.7) (310.5)
CLIPPER REALTY I CLPR US 1,287.0 (9.5) -
COHEN CIRCLE ACQ CCIRU US 0.2 (0.5) (0.7)
COHEN CIRCLE ACQ CCIR US 0.2 (0.5) (0.7)
COMMSCOPE HOLDIN COMM US 8,810.7 (2,111.8) 973.2
COMPOSECURE IN-A CMPO US 435.4 (285.0) 92.2
CONSENSUS CLOUD CCSI US 622.5 (93.2) 4.5
CONTANGO ORE INC CTGO US 158.3 (10.2) (43.0)
COOPER-STANDARD CPS US 1,797.5 (163.1) 223.8
CORE SCIENTIFIC CORZ US 921.9 (729.4) 201.3
CPI CARD GROUP I PMTS US 342.3 (42.8) 123.7
CROSSAMERICA PAR CAPL US 1,130.1 (30.7) (47.1)
CYTOKINETICS INC CYTK US 1,436.1 (13.9) 908.8
D-WAVE QUANTUM I QBTS US 49.6 (16.9) 9.3
DAVE INC DAVE US 272.2 (169.3) 217.3
DELEK LOGISTICS DKL US 1,960.7 (45.1) 16.4
DELL TECHN-C DELL US 81,951.0 (2,190.0) (11,465.0)
DENNY'S CORP DENN US 461.6 (54.5) (53.8)
DIGITALOCEAN HOL DOCN US 1,526.5 (211.7) 376.0
DINE BRANDS GLOB DIN US 1,699.5 (216.7) (55.4)
DOMINO'S PIZZA DPZ US 1,775.1 (3,976.6) 361.7
DOMO INC- CL B DOMO US 190.2 (171.2) (105.7)
DROPBOX INC-A DBX US 2,576.7 (546.1) (156.6)
ELUTIA INC ELUT US 48.4 (40.2) (2.4)
EMBECTA CORP EMBC US 1,285.3 (738.3) 387.0
EOS ENERGY ENTER EOSE US 216.8 (417.7) 74.1
ETSY INC ETSY US 2,442.2 (624.3) 767.7
EXCO RESOURCES EXCE US 1,032.7 (1,026.5) (421.2)
FAIR ISAAC CORP FICO US 1,717.9 (962.7) 237.1
FENNEC PHARMACEU FENC US 58.9 (5.2) 50.5
FENNEC PHARMACEU FRX CN 58.9 (5.2) 50.5
FERRELLGAS PAR-B FGPRB US 1,413.7 (457.2) (18.4)
FERRELLGAS-LP FGPR US 1,413.7 (457.2) (18.4)
FOGHORN THERAPEU FHTX US 308.4 (28.3) 214.4
FREIGHTCAR AMERI RAIL US 245.9 (72.4) 63.3
GCM GROSVENOR-A GCMG US 575.0 (113.0) 152.8
GOAL ACQUISITION PUCKU US 3.6 (12.2) (13.6)
GRINDR INC GRND US 456.3 (13.4) 29.3
GUARDANT HEALTH GH US 1,538.7 (60.1) 1,029.4
H&R BLOCK INC HRB US 2,550.0 (368.1) (184.3)
HERBALIFE LTD HLF US 2,653.5 (954.2) (40.4)
HILTON WORLDWIDE HLT US 16,689.0 (3,430.0) (918.0)
HP INC HPQ US 39,909.0 (1,323.0) (7,927.0)
HUMACYTE INC HUMA US 114.8 (63.7) 2.1
INSEEGO CORP INSG US 113.4 (85.1) (103.8)
INSPIRED ENTERTA INSE US 388.6 (78.3) 56.1
INTUITIVE MACHIN LUNR US 224.8 (4.5) 73.0
IRON MOUNTAIN IRM US 18,469.6 (31.9) (587.2)
IRONWOOD PHARMAC IRWD US 389.5 (311.3) 129.2
JACK IN THE BOX JACK US 2,735.6 (851.8) (253.0)
JUPITER NEUROSCI JUNS US 0.1 (5.8) (5.7)
LAUNCH ONE ACQUI LPAAU US 234.0 (9.8) -
LAUNCH ONE ACQUI LPAA US 234.0 (9.8) -
LIFEMD INC LFMD US 72.6 (6.0) (10.3)
LINDBLAD EXPEDIT LIND US 889.8 (122.4) (98.3)
LIONS GATE ENT-B LGF/B US 7,146.8 (124.9) (2,637.3)
LIONS GATE-A LGF/A US 7,146.8 (124.9) (2,637.3)
LIONSGATE STUDIO LION US 5,261.4 (938.9) (2,312.9)
LOWE'S COS INC LOW US 44,743.0 (13,419.0) 2,530.0
LUCKY STRIKE ENT LUCK US 3,092.4 (40.4) (104.2)
LUMINAR TECHNOLO LAZR US 403.4 (258.0) 176.2
MADISON SQUARE G MSGS US 1,373.3 (277.5) (338.9)
MADISON SQUARE G MSGE US 1,610.3 (48.7) (260.8)
MANNKIND CORP MNKD US 464.2 (209.9) 255.6
MARBLEGATE ACQ-A GATE US 4.2 (19.4) (0.4)
MARBLEGATE ACQUI GATEU US 4.2 (19.4) (0.4)
MARRIOTT INTL-A MAR US 26,209.0 (2,421.0) (4,945.0)
MARTIN MIDSTREAM MMLP US 554.8 (61.3) 53.9
MATCH GROUP INC MTCH US 4,425.8 (88.5) 792.4
MBIA INC MBI US 2,230.0 (1,988.0) -
MCDONALDS CORP MCD US 56,172.0 (5,177.0) (1,396.0)
MCKESSON CORP MCK US 72,429.0 (2,642.0) (5,430.0)
MEDIAALPHA INC-A MAX US 236.1 (59.6) 29.4
METTLER-TOLEDO MTD US 3,319.8 (154.4) 13.3
MSCI INC MSCI US 5,408.9 (751.0) (92.1)
NATHANS FAMOUS NATH US 57.7 (21.3) 32.6
NEW ENG RLTY-LP NEN US 387.4 (65.5) -
NEXT-CHEMX CORP CHMX US 3.9 (1.8) (3.8)
NOVAGOLD RES NG CN 114.7 (37.8) 103.5
NOVAGOLD RES NG US 114.7 (37.8) 103.5
NOVAVAX INC NVAX US 1,712.5 (526.4) (77.3)
NUTANIX INC - A NTNX US 2,181.4 (685.3) 302.9
O'REILLY AUTOMOT ORLY US 14,577.5 (1,439.1) (2,486.9)
OAKTREE ACQUIS-A OACC US 0.6 (0.0) -
OAKTREE ACQUISIT OACCU US 0.6 (0.0) -
OMEROS CORP OMER US 313.3 (154.2) 109.3
OS THERAPIES INC OSTX US 2.0 (0.7) (0.6)
OTIS WORLDWI OTIS US 10,261.0 (4,780.0) (1,602.0)
PAPA JOHN'S INTL PZZA US 860.9 (414.7) (54.7)
PELOTON INTERA-A PTON US 2,157.1 (480.3) 644.9
PHATHOM PHARMACE PHAT US 387.0 (187.1) 308.5
PHILIP MORRIS IN PM US 66,892.0 (7,713.0) (2,570.0)
PITNEY BOWES INC PBI US 3,647.7 (518.9) (198.4)
PLANET FITNESS-A PLNT US 3,048.2 (267.1) 270.2
PORCH GROUP INC PRCH US 867.3 (77.0) (84.6)
PRIORITY TECHNOL PRTHU US 1,759.7 (58.9) 37.7
PRIORITY TECHNOL PRTH US 1,759.7 (58.9) 37.7
PROS HOLDINGS IN PRO US 384.2 (75.2) 44.2
PTC THERAPEUTICS PTCT US 1,842.2 (1,054.4) 670.8
QUANTUM CORP QMCO US 163.1 (153.4) (25.7)
RAPID7 INC RPD US 1,574.5 (6.3) 99.0
RE/MAX HOLDINGS RMAX US 578.6 (61.8) 54.2
REALREAL INC/THE REAL US 406.3 (345.4) (14.0)
REDFIN CORP RDFN US 1,151.1 (25.2) 167.3
REVANCE THERAPEU RVNC US 461.6 (163.0) 249.6
RH RH US 4,464.2 (183.0) 381.5
RIGEL PHARMACEUT RIGL US 139.4 (14.6) 52.2
RINGCENTRAL IN-A RNG US 1,818.4 (345.9) 94.2
RUBRIK INC-A RBRK US 1,268.7 (521.1) 127.1
SABRE CORP SABR US 4,693.2 (1,530.1) 22.9
SANUWAVE HEALTH SNWV US 21.8 (60.3) (71.6)
SBA COMM CORP SBAC US 10,201.7 (5,125.8) (217.6)
SCOTTS MIRACLE SMG US 2,871.9 (390.6) 230.1
SEAGATE TECHNOLO STX US 7,972.0 (1,300.0) 447.0
SEMTECH CORP SMTC US 1,379.0 (139.7) 322.3
SHOULDERUP TEC-A SUAC US 9.6 (3.8) (4.8)
SLEEP NUMBER COR SNBR US 864.7 (448.8) (723.8)
SPACKMAN EQUITIE SQG CN 0.1 (1.8) (0.4)
SPECTRAL CAPITAL FCCN US 0.3 (0.1) (0.2)
SPIRIT AEROSYS-A SPR US 7,049.2 (1,936.5) 501.5
STARBUCKS CORP SBUX US 31,339.3 (7,441.6) (2,222.6)
STARDUST POWER I SDST US 5.4 (13.3) (7.7)
TORRID HOLDINGS CURV US 493.0 (189.3) (28.4)
TOWNSQUARE MED-A TSQ US 565.4 (52.5) 25.3
TRANSDIGM GROUP TDG US 25,586.0 (6,283.0) 3,690.0
TRAVEL + LEISURE TNL US 6,698.0 (861.0) 658.0
TRAVERE THERAPEU TVTX US 504.4 (30.5) 134.7
TRINSEO PLC TSE US 2,882.8 (480.0) 305.5
TRISALUS LIFE SC TLSI US 27.5 (20.4) 13.9
TRIUMPH GROUP TGI US 1,511.5 (95.2) 453.7
TUCOWS INC-A TC CN 799.0 (53.1) 22.7
TUCOWS INC-A TCX US 799.0 (53.1) 22.7
UNISYS CORP UIS US 1,861.6 (187.9) 361.8
UNITED PARKS & R PRKS US 2,579.6 (455.9) (142.3)
UNITI GROUP INC UNIT US 5,098.7 (2,476.3) -
VERISIGN INC VRSN US 1,462.0 (1,900.6) (808.8)
VOYAGER ACQ CORP VACHU US 256.9 (11.3) 0.8
VOYAGER ACQUISIT VACH US 256.9 (11.3) 0.8
WAYFAIR INC- A W US 3,414.0 (2,733.0) (357.0)
WILLOW LANE ACQU WLACU US 0.1 (0.0) (0.1)
WILLOW LANE ACQU WLAC US 0.1 (0.0) (0.1)
WINGSTOP INC WING US 484.8 (447.5) 47.3
WINMARK CORP WINA US 52.0 (33.7) 30.0
WORKIVA INC WK US 1,302.1 (50.8) 449.5
WYNN RESORTS LTD WYNN US 14,111.4 (1,065.5) 1,447.4
XERIS BIOPHARMA XERS US 321.1 (28.3) 71.8
XPONENTIAL FIT-A XPOF US 472.2 (123.3) 1.4
YUM! BRANDS INC YUM US 6,461.0 (7,674.0) 439.0
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts. The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
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 ***